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: | Heidi Stam, Esquire |
| | P.O. Box 876 |
| | Valley Forge, PA 19482 |
Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: November 30
Date of reporting period: December 1, 2015 – May 31, 2016
Item 1: Reports to Shareholders
Semiannual Report | May 31, 2016
Vanguard Pennsylvania Tax-Exempt Funds
Vanguard Pennsylvania Tax-Exempt Money Market Fund
Vanguard Pennsylvania Long-Term Tax-Exempt Fund
Vanguard’s Principles for Investing Success
We want to give you the best chance of investment success. These principles, grounded in Vanguard’s research and experience, can put you on the right path.
Goals. Create clear, appropriate investment goals.
Balance. Develop a suitable asset allocation using broadly diversified funds. Cost. Minimize cost.
Discipline. Maintain perspective and long-term discipline.
A single theme unites these principles: Focus on the things you can control.
We believe there is no wiser course for any investor.
| |
| Contents | |
| Your Fund’s Total Returns. | 1 |
| Chairman’s Letter. | 2 |
| Advisor’s Report. | 8 |
| Pennsylvania Tax-Exempt Money Market Fund. | 12 |
| Pennsylvania Long-Term Tax-Exempt Fund. | 27 |
| About Your Fund’s Expenses. | 65 |
| Trustees Approve Advisory Arrangements. | 67 |
| Glossary. | 68 |
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
See the Glossary for definitions of investment terms used in this report.
About the cover: Pictured is a sailing block on the Brilliant, a 1932 schooner docked in Mystic, Connecticut. A type of pulley, the sailing block helps coordinate the setting of the sails. At Vanguard, the intricate coordination of technology and people allows us to help millions of clients around the world reach their financial goals.
Your Fund’s Total Returns
| | | | | | |
| Six Months Ended May 31, 2016 | | | | | |
| | | Taxable- | | | |
| | SEC | Equivalent | Income | Capital | Total |
| | Yield | Yield | Returns | Returns | Returns |
| Vanguard Pennsylvania Tax-Exempt Money Market | | | | | |
| Fund | 0.24% | 0.44% | 0.04% | 0.00% | 0.04% |
| Other States Tax-Exempt Money Market Funds | | | | | |
| Average | | | | | 0.01 |
| Other States Tax-Exempt Money Market Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
| Vanguard Pennsylvania Long-Term Tax-Exempt Fund | | | | | |
| Investor Shares | 1.88% | 3.43% | 1.80% | 2.22% | 4.02% |
| Admiral™ Shares | 1.95 | 3.55 | 1.84 | 2.22 | 4.06 |
| Barclays PA Municipal Bond Index | | | | | 3.54 |
| Pennsylvania Municipal Debt Funds Average | | | | | 3.24 |
Pennsylvania Municipal Debt Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
7-day SEC yield for the Pennsylvania Tax-Exempt Money Market Fund; 30-day SEC yield for the Pennsylvania Long-Term Tax-Exempt Fund.
The calculation of taxable-equivalent yield assumes a typical itemized tax return and is based on the maximum federal tax rate of 43.4% and the maximum income tax rate for the state. Local taxes were not considered. Please see the prospectus for a detailed explanation of the calculation.
Admiral Shares carry lower expenses and are available to investors who meet certain account-balance requirements.
| | | | | |
| Your Fund’s Performance at a Glance | | | | |
| November 30, 2015, Through May 31, 2016 | | | | |
| | | | Distributions Per Share |
| | Starting | Ending | Income | Capital |
| | Share Price | Share Price | Dividends | Gains |
| Vanguard Pennsylvania Tax-Exempt Money Market | | | | |
| Fund | $1.00 | $1.00 | $0.000 | $0.000 |
| Vanguard Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| Investor Shares | $11.67 | $11.89 | $0.241 | $0.038 |
| Admiral Shares | 11.67 | 11.89 | 0.247 | 0.038 |
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Chairman’s Letter
Dear Shareholder,
Sustained demand helped the broad U.S. municipal bond market return well over 3% for the six months ended May 31, 2016, outpacing the broad taxable market.
For the six months, Vanguard Pennsylvania Long-Term Tax-Exempt Fund returned 4.02% for Investor Shares and 4.06% for Admiral Shares. These results exceeded the 3.54% return of the benchmark, the Barclays Pennsylvania Municipal Bond Index, and the 3.24% return of competing Pennsylvania tax-exempt funds. They also surpassed the 3.42% return for the broad muni bond market, as measured by the Barclays Municipal Bond Index.
Price appreciation and interest income made solid contributions to the results. For both Investor and Admiral Shares, the capital return was 2.22%. Return from income was 1.80% for Investor Shares and 1.84% for Admiral Shares.
The fund’s 30-day SEC yield for Investor Shares fell to 1.88% as of May 31 from 2.40% six months earlier. (Bond yields and prices move in opposite directions.)
Yields for tax-exempt money market instruments, however, moved higher. Vanguard Pennsylvania Tax-Exempt Money Market Fund’s 7-day SEC yield rose to 0.24% by the end of the period, a level not seen since 2009. Much lower yields early on, though, put the six-month return for the fund at 0.04%. The average return for its peers was 0.01%.
Please note that the funds are permitted to invest in securities whose income is subject to the alternative minimum tax (AMT). As of May 31, however, only the Money Market Fund owned securities that would generate income distributions subject to the AMT.
Before moving on to the markets, I wanted to give you a brief update on money market reforms. As we’ve mentioned before, the Securities and Exchange Commission has adopted reforms for money market funds, and key aspects of the new rules will come into effect in October 2016. Their impact on the Money Market Fund, to be designated a retail fund, will be minimal. The fund will continue to seek to maintain a stable share price of $1.
Bonds enjoyed a strong ride after some early weakness
The broad U.S. taxable bond market returned 3.12% for the half year. After dipping in December, bonds climbed. The yield of the 10-year U.S. Treasury note closed at 1.85% at the end of May, down from 2.22% six months earlier.
The period began with the Federal Reserve’s long-anticipated but small increase in short-term interest rates. Through the succeeding months, mixed signals from Fed officials—as well as from economic data—created uncertainty about when the next increase might occur.
| | | | |
| Market Barometer | | | |
| | | | Total Returns |
| | | Periods Ended May 31, 2016 |
| | Six | One | Five Years |
| | Months | Year | (Annualized) |
| Bonds | | | |
| Barclays U.S. Aggregate Bond Index (Broad taxable | | | |
| market) | 3.12% | 2.99% | 3.33% |
| Barclays Municipal Bond Index (Broad tax-exempt market) | 3.42 | 5.87 | 5.07 |
| Citigroup Three-Month U.S. Treasury Bill Index | 0.10 | 0.12 | 0.05 |
| |
| Stocks | | | |
| Russell 1000 Index (Large-caps) | 1.64% | 0.78% | 11.44% |
| Russell 2000 Index (Small-caps) | -2.86 | -5.97 | 7.86 |
| Russell 3000 Index (Broad U.S. market) | 1.29 | 0.22 | 11.15 |
| FTSE All-World ex US Index (International) | -1.14 | -10.87 | 0.52 |
| |
| CPI | | | |
| Consumer Price Index | 1.22% | 1.02% | 1.23% |
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Money market funds and savings accounts produced limited returns as the Fed’s target rate of 0.25%–0.5% remained historically low, despite the quarter-percentage-point rise in December.
International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned 9.17%. In a reversal from the trend of recent years, foreign currencies strengthened against the dollar, boosting international bonds. Even without this currency benefit, international bond returns were solidly positive.
In a tale of two halves, stocks fell and then rose
U.S. stocks advanced about 1% for the six months. Equities retreated over the period’s first half before rebounding, as a sharp recovery in oil prices seemed to alleviate fears of a global economic slowdown.
International stocks fared worse than their U.S. counterparts, returning about –1%. Emerging-market stocks rose a bit, while stocks from the developed markets of Europe and the Pacific region declined. European stocks lagged amid investor anxiety in the lead-up to the United Kingdom’s June vote on whether to remain in the European Union.
Longer-dated bonds boosted performance
Even with the Fed raising its target for overnight interest rates toward the close of 2015—the first hike in almost a decade—yields for all but the very
| | | | |
| Expense Ratios | | | |
| Your Fund Compared With Its Peer Group | | | |
| | Investor | Admiral | Peer Group |
| | Shares | Shares | Average |
| Pennsylvania Tax-Exempt Money Market | | | |
| Fund | 0.16% | — | 0.11% |
| Pennsylvania Long-Term Tax-Exempt Fund | 0.20 | 0.12% | 1.03 |
The fund expense ratios shown are from the prospectus dated March 29, 2016, and represent estimated costs for the current fiscal year. For the six months ended May 31, 2016, the funds’ annualized expense ratios were: for the Pennsylvania Tax-Exempt Money Market Fund, 0.09%; and for the Pennsylvania Long-Term Tax-Exempt Fund, 0.20% for Investor Shares and 0.12% for Admiral Shares. The six-month expense ratio for the Pennsylvania Tax-Exempt Money Market Fund reflects a temporary reduction in operating expenses (described in Note B of the Notes to Financial Statements). Before this reduction, the fund’s annualized six-month expense ratio was 0.16%. Peer-group expense ratios are derived from data provided by Lipper, a Thomson Reuters Company, and capture information through year-end 2015.
Peer groups: For the Pennsylvania Tax-Exempt Money Market Fund, Other States Tax-Exempt Money Market Funds; for the Pennsylvania Long-Term Tax-Exempt Fund, Pennsylvania Municipal Debt Funds. In most, if not all, cases, the expense ratios for funds in the peer groups are based on net operating expenses after reimbursement and/or fee waivers by fund sponsors. In contrast, the Vanguard money market funds’ expense ratios in the table above do not reflect expense reductions.
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shortest-dated munis moved lower. Demand for these securities was fueled in part by concerns about the fragile state of global growth. Other contributing factors included the subdued outlook for inflation (with oil prices volatile but still low) and, toward the end of the period, the Fed’s dampening of expectations for further rate hikes. And with many central banks abroad pursuing further monetary easing,
|
| The potential upside of rising rates |
| |
| Bond fund investors may wonder about the effect of rising interest rates on bond prices— |
| even though the Federal Reserve has raised rates more slowly than anticipated. |
| |
| Initially, as interest rates go up, the market value of bonds in a portfolio will decline, bringing |
| their yields closer to those of newer issues. However, the opportunity to reinvest cash flow |
| into higher-yielding bonds over time can benefit investors who can wait. |
| |
| Consider a hypothetical example of an intermediate-term investment-grade taxable bond fund |
| yielding 2.25%. Assume rates rise by a quarter of a percentage point every January and July |
| from 2016 through 2019, ending at 4.25%. Although the cumulative total return would decline |
| initially, by mid-2023, it would be higher than if rates hadn’t changed. The bond math would be |
| similar for municipal bonds. Of course, the pace and magnitude of rate increases would affect |
| the time until breakeven. |
| |
| The silver lining of higher yields |
| Cumulative rate of return |
| Notes: This hypothetical example shows the impact on a generic, taxable intermediate-term bond fund if the Federal Reserve raised |
| short-term interest rates by a quarter of a percentage point every January and July from 2016 through 2019. Intermediate-term rates |
| are assumed to rise by the same amount. The bond fund has a duration of 5.5 years. (Duration is a measure of the sensitivity of |
| bond—and bond mutual fund—prices to interest rate movements.) |
| Source: Vanguard. |
5
the yields on offer from U.S. bonds, including munis, continued to attract international buyers.
On the supply side, issuance across the nation was down compared with the comparable period a year earlier. Although state coffers continued to benefit from rising tax revenues, municipal issuers didn’t have much appetite for initiating new capital projects. In Pennsylvania, supply declined from a year ago but was slightly higher than in 2014 and 2013. In line with the national trend, most of this supply involved the refunding of outstanding debt rather than new capital. Demand, meanwhile, was up for hospital, university, water, and sewer debt, but down for general obligation issues.
The Pennsylvania Long-Term Tax-Exempt Fund benefited from the expertise and skill of its advisor, Vanguard Fixed Income Group. A higher allocation to maturities of ten years or more and to A-rated and BBB-rated securities boosted relative returns.
Vanguard Fixed Income Group also added value by favoring some of the best-performing sectors of the muni market. Hospital and university revenue bonds, for example, offset some of the weakness resulting from the fund’s lower-than-benchmark exposure to transportation revenue bonds.
For more information about the advisor’s approach and the fund’s positioning during the period, please see the Advisor’s Report that follows this letter.
Consider rebalancing to manage your risk
Let’s say you’ve taken the time to carefully create an appropriate asset allocation for your investment portfolio. Your efforts have produced a diversified mix of stock, bond, and money market funds tailored to your goals, time horizon, and risk tolerance.
But what should you do when your portfolio drifts from its original asset allocation as the financial markets rise or fall? Consider rebalancing to bring it back to the proper mix.
Just one year of outsized returns can throw your allocation out of whack. Take 2013 as an example. That year, the broad stock market (as measured by the Russell 3000 Index) returned 33.55%, and the broad taxable bond market (as measured by the Barclays U.S. Aggregate Bond Index) returned –2.02%. A hypothetical portfolio that tracked the broad domestic market indexes and started the year with 60% stocks and 40% bonds would have ended with a more aggressive mix of 67% stocks and 33% bonds.
Rebalancing to bring your portfolio back to its original targets would require you to shift assets away from areas that have
6
been performing well toward those that have been falling behind. That isn’t easy or intuitive, but it’s a way to minimize risk and to stick with your investment plan through different types of markets. (You can read more about our approach in Best Practices for Portfolio Rebalancing at vanguard.com/research.)
It’s not necessary to check your portfolio every day or every month, much less rebalance it that frequently. It may be more appropriate to monitor it annually or semiannually and rebalance when your allocation swings 5 percentage points or more from its target.
It’s important, of course, to be aware of the tax implications. You’ll want to consult with your tax advisor, but generally speaking, it may be a good idea to make any asset changes within a tax-advantaged retirement account or to direct new cash flows into the underweighted asset class.
However you go about it, keeping your asset allocation from drifting too far off target can help you stay on track with the investment plan you’ve crafted to meet your financial goals.
As always, thank you for investing with Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
June 13, 2016
Advisor’s Report
For the six months ended May 31, 2016, Vanguard Pennsylvania Long-Term Tax-Exempt Fund returned 4.02% for Investor Shares and 4.06% for Admiral Shares. The fund outpaced its benchmark, the Barclays Pennsylvania Municipal Bond Index, which returned 3.54%, and the 3.24% average return of its peers. Vanguard Pennsylvania Tax-Exempt Money Market Fund returned 0.04%, compared with the 0.01% average return of its peers.
The investment environment
The period began with market expectations firmly set that the Federal Reserve would start raising interest rates in December. The Fed did raise the federal funds target range by a quarter percentage point, to 0.25%–0.5%, citing considerable improvement in labor market conditions
and reasonable confidence that inflation would rise over the medium term to the Fed’s 2% objective. Future rate hikes were expected to be gradual, and the Fed reaffirmed its data-dependent stance.
A global growth scare and steep declines in commodity prices early in 2016, however, went against expectations and triggered a large risk-off move in global financial markets. The Fed began to sound less eager to raise rates as it looked at how deteriorating economic conditions abroad might impede the United States from reaching the central bank’s employment and inflation targets. Market expectations adjusted down from four rate hikes in 2016 to two.
| | | |
| Yields of Tax-Exempt Municipal Securities | | |
| (AAA-Rated General-Obligation Issues) | | |
| | November 30, | May 31, |
| Maturity | 2015 | 2016 |
| 2 years | 0.72% | 0.72% |
| 5 years | 1.26 | 1.09 |
| 10 years | 2.02 | 1.66 |
| 30 years | 2.96 | 2.45 |
| Source: Vanguard. | | |
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The U.S. economy showed signs of slowing, with GDP expanding by 1.4% in the fourth quarter of 2015, followed by only 0.8% in the first quarter of 2016. The strong dollar, combined with weaker global economic and financial conditions overall, is believed to be behind the slowdown; we expect growth to return to about 2% over the coming year.
Although employment gains were strong early in the six-month period, payrolls slumped in May, in part because of a strike by communications workers; that put the average monthly gain for the period at about 170,000. The unemployment rate sank to 4.7% by the end of May, reflecting job gains but also contraction in the labor force. Core inflation ticked up, from 2.1% in December to 2.2% in May, and headline inflation (including food and energy prices, which tend to be volatile) rose from 0.7% in December to 1.0% in May.
Pennsylvania’s economy has been growing at a slower pace than that of the United States as a whole, according to a gauge of current economic conditions published monthly by the Federal Reserve Bank of Philadelphia. From November 2015 to April 2016, the bank’s index for Pennsylvania rose by less than 1%, while at the national level, the index rose about 1%. From its low point in 2009 through April 2016, the bank’s index for Pennsylvania climbed about 19%, compared with about 21% for the U.S. index. (Each state’s index incorporates data on nonfarm payroll employment, the jobless rate, average hours worked in manufacturing, and inflation-adjusted wage and salary payments.)
In March, the Pennsylvania fiscal year 2016 budget was finally passed after a nine-month impasse. Absent compromise in Harrisburg, another stalemate is likely for fiscal year 2017. Pennsylvania remains burdened by a structural budget deficit in excess of $2 billion, a lack of reserves, mounting unfunded pension liabilities, and underfunded school districts.
Moody’s (Aa3), Standard & Poor’s (AA–), and Fitch (AA–) affirmed the commonwealth’s credit ratings, all of which had been downgraded since the summer of 2014. The agencies cited structural budget imbalance and increasing pension liabilities as factors, while also noting that Pennsylvania still benefits from a moderate overall debt structure, a diversifying economic base, and conservative financial planning and management on the part of the state government.
Going forward, Pennsylvania’s credit rating depends largely on the outcome of the 2017 budget negotiations, and we continue to characterize the trend as “developing.”
Management of the funds
We remained focused on driving value through strategic allocation positioning and security selection. Because municipal yields have fallen and bonds with the longest maturities have had the biggest yield drops (and the biggest subsequent
9
price increases), the Long-Term Fund has benefited from its overweighting of bonds with maturities beyond 10 years.
In terms of quality, being overweight in A-rated and BBB-rated bonds helped as investors continued to reach for yield. From a sector standpoint, greater allocation to hospital and university bonds lifted returns. As the state continued to struggle with passing a budget and addressing pension and budgetary concerns, having less exposure to general obligation bonds also served the Long-Term Fund well.
These strengths offset some weakness that arose from being underweight in the transportation sector. In order to maintain appropriate diversification, we had less exposure to bonds from the Pennsylvania Turnpike Commission, a very large issuer.
We continued to overweight premium callable bonds, which outperformed. They will remain a core strategy for us, as they would provide some protection to the funds if rates were to rise sharply. Tactical duration adjustments to take advantage of shorter-term technical conditions added value as well.
We collaborate closely with Vanguard’s experienced team of credit analysts, who perform an objective, thorough, and independent analysis of the overall creditworthiness of these bonds, and of every issuer whose bonds we own or are considering buying. The muni market is large, fragmented, and often inefficient, so our deep credit analysis bench strength is crucial as we identify bonds that appear mispriced in the marketplace.
A look ahead
Interest rates are likely to remain range- bound for some time, with the U.S. growth pace setting a floor on how low they can go and weakness in the global economy capping how high they can rise.
The Fed left rates unchanged at its May meeting and seems on track to continue tightening at a much slower pace than in previous cycles. That slower pace and possibly a lower terminal short-term interest rate would most likely keep municipal rates below what we’ve seen over the past ten to 15 years.
We are starting the second half of the fiscal year neutral on duration and yield-curve positioning but will make tactical adjustments as seasonal opportunities arise.
Higher-yielding segments of the muni market are expected to continue to produce modestly positive excess returns, with credit fundamentals improving and investors continuing to reach for yield.
Municipal defaults are likely to remain isolated events. That said, we will try to build an even greater bias in our portfolios toward liquid, favorably structured securities from issuers with solid credit fundamentals; this should provide some downside cushion if economic growth slackens.
With future Fed hikes remaining dependent on economic data, rate volatility is likely to stay elevated, and short periods of market dislocation are to be expected. The funds’
10
liquidity should position us to take advantage of any buying opportunities that arise from such dislocation.
On the money market front, as previously reported, we plan to designate the Pennsylvania Tax-Exempt Money Market Fund as a retail fund, along with all our national and state-specific tax-exempt money market funds—giving investors continued access to these stable-value offerings.
As always, our experienced team of portfolio managers, traders, and credit analysts will seek to add value to the portfolios through security selection by identifying bonds that are mispriced by the market.
Christopher W. Alwine, CFA, Principal,
Head of Municipal Group
James M. D’Arcy, CFA, Portfolio Manager
Justin A. Schwartz, CFA, Portfolio Manager,
Head of Municipal Money Market Funds
Vanguard Fixed Income Group
June 17, 2016
Pennsylvania Tax-Exempt Money Market Fund
Fund Profile
As of May 31, 2016
| |
| Financial Attributes | |
| Ticker Symbol | VPTXX |
| Expense Ratio1 | 0.16% |
| 7-Day SEC Yield | 0.24% |
| Average Weighted | |
| Maturity | 15 days |
| |
| Distribution by Credit Quality (% of portfolio) |
| First Tier | 100.0% |
A First Tier security is one that is eligible for money market funds and has been rated in the highest short-term rating category for debt obligations by nationally recognized statistical rating organizations. Credit-quality ratings are obtained from Moody's, Fitch, and S&P. For securities rated by all three agencies, where two of them are in agreement and assign the highest rating category, the highest rating applies. If a security is only rated by two agencies, and their ratings are in different categories, the lower of the ratings applies. An unrated security is First Tier if it represents quality comparable to that of a rated security, as determined in accordance with SEC Rule 2a-7. For more information about these ratings, see the Glossary entry for Credit Quality.
1 The expense ratio shown is from the prospectus dated March 29, 2016, and represents estimated costs for the current fiscal year. For the six months ended May 31, 2016, the annualized expense ratio was 0.09%, reflecting a temporary reduction in operating expenses (described in Note B of the Notes to Financial Statements). Before this reduction, the annualized expense ratio was 0.16%.
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Pennsylvania Tax-Exempt Money Market Fund
Performance Summary
Investment returns will fluctuate. All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) The returns shown do not reflect taxes that a shareholder would pay on fund distributions. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the fund. The fund’s 7-day SEC yield reflects its current earnings more closely than do the average annual returns.
| | | |
| Fiscal-Year Total Returns (%): November 30, 2005, Through May 31, 2016 | |
| | | Spliced PA |
| | | Tax-Exempt |
| | | Money Mkt |
| | | Funds Avg. |
| Fiscal Year | Total Returns | Total Returns |
| 2006 | 3.31% | 2.85% |
| 2007 | 3.64 | 3.14 |
| 2008 | 2.42 | 1.93 |
| 2009 | 0.50 | 0.22 |
| 2010 | 0.12 | 0.00 |
| 2011 | 0.06 | 0.00 |
| 2012 | 0.03 | 0.01 |
| 2013 | 0.01 | 0.00 |
| 2014 | 0.01 | 0.00 |
| 2015 | 0.01 | 0.01 |
| 2016 | 0.04 | 0.01 |
| 7-day SEC yield (5/31/2016): 0.24% | | |
| For a benchmark description, see the Glossary. | | |
| Spliced Pennsylvania Tax-Exempt Money Market Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
| Note: For 2016, performance data reflect the six months ended May 31, 2016. | |
Average Annual Total Returns: Periods Ended March 31, 2016
This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.
Securities and Exchange Commission rules require that we provide this information.
| | | | |
| | Inception | One | Five | Ten |
| | Date | Year | Years | Years |
| Pennsylvania Tax-Exempt Money | | | | |
| Market Fund | 6/13/1988 | 0.01% | 0.02% | 0.90% |
See Financial Highlights for dividend information.
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Pennsylvania Tax-Exempt Money Market Fund
Financial Statements (unaudited)
Statement of Net Assets
As of May 31, 2016
The fund reports a complete list of its holdings in various monthly and quarterly regulatory filings. The fund publishes its holdings on a monthly basis at vanguard.com and files them with the Securities and Exchange Commission on Form N-MFP. The fund’s Form N-MFP filings become public 60 days after the relevant month-end, and may be viewed at sec.gov or via a link on the “Portfolio Holdings” page on vanguard.com. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the SEC on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| Tax-Exempt Municipal Bonds (99.4%) | | | | |
| Pennsylvania (99.4%) | | | | |
| Allegheny County PA GO VRDO | 0.400% | 6/7/16 LOC | 3,500 | 3,500 |
| Allegheny County PA GO VRDO | 0.400% | 6/7/16 LOC | 3,455 | 3,455 |
| Allegheny County PA Higher Education Building | | | | |
| Authority University Revenue (Carnegie Mellon | | | | |
| University) VRDO | 0.360% | 6/1/16 | 84,520 | 84,520 |
| Allegheny County PA Hospital Development | | | | |
| Authority Revenue (Concordia Lutheran) VRDO | 0.380% | 6/7/16 LOC | 31,250 | 31,250 |
| Allegheny County PA Hospital Development | | | | |
| Authority Revenue (Jefferson Regional | | | | |
| Medical Center) VRDO | 0.410% | 6/7/16 LOC | 22,000 | 22,000 |
| 1 Allegheny County PA Hospital Development | | | | |
| Authority Revenue (University of Pittsburgh | | | | |
| Medical Center) TOB VRDO | 0.410% | 6/1/16 LOC | 12,000 | 12,000 |
| 1 Allegheny County PA Hospital Development | | | | |
| Authority Revenue (University of Pittsburgh | | | | |
| Medical Center) TOB VRDO | 0.410% | 6/7/16 LOC | 11,300 | 11,300 |
| Allegheny County PA Industrial Development | | | | |
| Authority Revenue (Western Pennsylvania | | | | |
| School for Blind Children) VRDO | 0.400% | 6/7/16 | 10,000 | 10,000 |
| Beaver County PA Industrial Development | | | | |
| Authority Pollution Control Revenue (FirstEnergy | | | | |
| Generation Project) VRDO | 0.380% | 6/1/16 LOC | 35,925 | 35,925 |
| Bucks County PA GO | 2.000% | 6/1/16 | 2,125 | 2,125 |
| Bucks County PA Industrial Development | | | | |
| Authority Hospital Revenue (Grand View | | | | |
| Hospital) VRDO | 0.370% | 6/7/16 LOC | 20,100 | 20,100 |
| Bucks County PA Industrial Development | | | | |
| Authority Hospital Revenue (Grand View | | | | |
| Hospital) VRDO | 0.400% | 6/7/16 LOC | 1,265 | 1,265 |
| Butler County PA General Authority Revenue | | | | |
| (Erie School District Project) VRDO | 0.410% | 6/7/16 LOC | 12,340 | 12,340 |
| Butler County PA General Authority Revenue | | | | |
| (North Allegheny School District Project) VRDO | 0.400% | 6/7/16 | 8,825 | 8,825 |
| Butler County PA Hospital Authority Revenue | | | | |
| (Concordia Lutheran Obligated Group) VRDO | 0.380% | 6/7/16 LOC | 1,600 | 1,600 |
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| | | | |
| Pennsylvania Tax-Exempt Money Market Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| 1 Central Bradford PA Progress Authority Revenue | | | | |
| (Robert Packer Hospital) TOB VRDO | 0.410% | 6/7/16 LOC | 27,965 | 27,965 |
| Chambersburg PA Authority Revenue (Wilson | | | | |
| College Project) VRDO | 0.430% | 6/7/16 LOC | 6,700 | 6,700 |
| 1 Chester County PA Industrial Development | | | | |
| Authority Water Facilities Revenue (Aqua | | | | |
| Pennsylvania Inc. Project) TOB VRDO | 0.430% | 6/7/16 (13) | 15,935 | 15,935 |
| Delaware County PA Authority Hospital Revenue | | | | |
| (Crozer-Chester Medical Center Obligated | | | | |
| Group) VRDO | 0.470% | 6/7/16 LOC | 2,115 | 2,115 |
| Delaware County PA Authority Revenue | | | | |
| (Haverford College) VRDO | 0.390% | 6/7/16 | 29,845 | 29,845 |
| Delaware County PA GO | 2.000% | 10/1/16 | 1,510 | 1,518 |
| Delaware County PA Industrial Development | | | | |
| Authority Airport Facilities Revenue (United | | | | |
| Parcel Service Inc.) VRDO | 0.370% | 6/1/16 | 40,800 | 40,800 |
| Delaware County PA Industrial Development | | | | |
| Authority Solid Waste Revenue (Scott Paper | | | | |
| Co.) VRDO | 0.430% | 6/7/16 | 8,500 | 8,500 |
| Delaware County PA Industrial Development | | | | |
| Authority Solid Waste Revenue (Scott Paper | | | | |
| Co.) VRDO | 0.430% | 6/7/16 | 12,000 | 12,000 |
| Delaware County PA Industrial Development | | | | |
| Authority Solid Waste Revenue (Scott Paper | | | | |
| Co.) VRDO | 0.430% | 6/7/16 | 13,490 | 13,490 |
| Delaware River Port Authority Pennsylvania & | | | | |
| New Jersey Revenue VRDO | 0.370% | 6/7/16 LOC | 12,710 | 12,710 |
| Delaware River Port Authority Pennsylvania & | | | | |
| New Jersey Revenue VRDO | 0.390% | 6/7/16 LOC | 3,100 | 3,100 |
| Delaware River Port Authority Pennsylvania & | | | | |
| New Jersey Revenue VRDO | 0.390% | 6/7/16 LOC | 24,425 | 24,425 |
| East Stroudsburg PA Area School District | 7.750% | 9/1/16 (Prere.) | 2,580 | 2,626 |
| Emmaus PA General Authority Revenue VRDO | 0.400% | 6/7/16 LOC | 36,110 | 36,110 |
| Emmaus PA General Authority Revenue VRDO | 0.400% | 6/7/16 LOC | 2,200 | 2,200 |
| Emmaus PA General Authority Revenue VRDO | 0.400% | 6/7/16 LOC | 1,200 | 1,200 |
| Emmaus PA General Authority Revenue VRDO | 0.400% | 6/7/16 LOC | 15,200 | 15,200 |
| Emmaus PA General Authority Revenue VRDO | 0.400% | 6/7/16 LOC | 7,700 | 7,700 |
| Emmaus PA General Authority Revenue VRDO | 0.400% | 6/7/16 LOC | 8,700 | 8,700 |
| Emmaus PA General Authority Revenue VRDO | 0.400% | 6/7/16 LOC | 6,700 | 6,700 |
| Emmaus PA General Authority Revenue VRDO | 0.400% | 6/7/16 LOC | 15,000 | 15,000 |
| Emmaus PA General Authority Revenue VRDO | 0.400% | 6/7/16 LOC | 10,000 | 10,000 |
| Emmaus PA General Authority Revenue VRDO | 0.400% | 6/7/16 LOC | 4,900 | 4,900 |
| Emmaus PA General Authority Revenue VRDO | 0.400% | 6/7/16 LOC | 11,700 | 11,700 |
| Emmaus PA General Authority Revenue VRDO | 0.400% | 6/7/16 LOC | 1,200 | 1,200 |
| Emmaus PA General Authority Revenue VRDO | 0.400% | 6/7/16 LOC | 7,100 | 7,100 |
| Emmaus PA General Authority Revenue VRDO | 0.400% | 6/7/16 LOC | 500 | 500 |
| Emmaus PA General Authority Revenue VRDO | 0.400% | 6/7/16 LOC | 8,000 | 8,000 |
| Emmaus PA General Authority Revenue VRDO | 0.400% | 6/7/16 LOC | 17,900 | 17,900 |
| Emmaus PA General Authority Revenue VRDO | 0.400% | 6/7/16 LOC | 6,000 | 6,000 |
| 1 Geisinger Authority Health System Pennsylvania | | | | |
| Revenue (Geisinger Health System) TOB VRDO | 0.430% | 6/7/16 | 5,000 | 5,000 |
| 1 Geisinger Authority Health System Pennsylvania | | | | |
| Revenue (Geisinger Health System) TOB VRDO | 0.430% | 6/7/16 | 5,230 | 5,230 |
15
| | | | |
| Pennsylvania Tax-Exempt Money Market Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| 1 Geisinger Authority Health System Pennsylvania | | | | |
| Revenue (Geisinger Health System) TOB VRDO | 0.430% | 6/7/16 | 2,785 | 2,785 |
| Geisinger Authority Health System Pennsylvania | | | | |
| Revenue (Geisinger Health System) VRDO | 0.330% | 6/1/16 | 47,600 | 47,600 |
| Geisinger Authority Health System Pennsylvania | | | | |
| Revenue (Geisinger Health System) VRDO | 0.330% | 6/1/16 | 1,000 | 1,000 |
| Geisinger Authority Health System Pennsylvania | | | | |
| Revenue (Geisinger Health System) VRDO | 0.330% | 6/1/16 | 1,900 | 1,900 |
| Geisinger Authority Health System Pennsylvania | | | | |
| Revenue (Geisinger Health System) VRDO | 0.330% | 6/1/16 | 23,300 | 23,300 |
| Geisinger Authority Health System Pennsylvania | | | | |
| Revenue (Geisinger Health System) VRDO | 0.330% | 6/1/16 | 1,000 | 1,000 |
| Haverford Township PA School District GO VRDO | 0.410% | 6/7/16 LOC | 5,000 | 5,000 |
| Lancaster County PA Hospital Authority Health | | | | |
| Center Revenue (Masonic Homes Project) | | | | |
| VRDO | 0.350% | 6/1/16 LOC | 17,570 | 17,570 |
| 1 Lancaster County PA Hospital Authority Health | | | | |
| System Revenue (Lancaster General Hospital | | | | |
| Project) TOB VRDO | 0.430% | 6/7/16 | 3,410 | 3,410 |
| 1 Lancaster County PA Hospital Authority Revenue | | | | |
| (University of Pennsylvania Health System) | | | | |
| TOB VRDO | 0.430% | 6/7/16 | 3,750 | 3,750 |
| Lower Merion PA School District GO VRDO | 0.390% | 6/7/16 LOC | 24,915 | 24,915 |
| Lower Merion PA School District GO VRDO | 0.390% | 6/7/16 LOC | 11,000 | 11,000 |
| Montgomery County PA GO VRDO | 0.360% | 6/1/16 | 11,660 | 11,660 |
| Montgomery County PA Industrial Development | | | | |
| Authority Revenue (Friends’ Central School | | | | |
| Project) VRDO | 0.370% | 6/7/16 LOC | 2,515 | 2,515 |
| Montgomery County PA Redevelopment | | | | |
| Authority Revenue (Forge Gate Apartments | | | | |
| Project) VRDO | 0.420% | 6/7/16 | 4,990 | 4,990 |
| Northampton County PA General Purpose | | | | |
| Authority University Revenue (Lafayette | | | | |
| College) VRDO | 0.400% | 6/7/16 | 22,290 | 22,290 |
| Northampton County PA General Purpose | | | | |
| Authority University Revenue (Lafayette | | | | |
| College) VRDO | 0.410% | 6/7/16 | 11,000 | 11,000 |
| Northampton County PA General Purpose | | | | |
| Authority University Revenue (Lafayette | | | | |
| College) VRDO | 0.410% | 6/7/16 | 9,990 | 9,990 |
| Northampton County PA General Purpose | | | | |
| Authority University Revenue (Lehigh | | | | |
| University) VRDO | 0.380% | 6/7/16 | 15,515 | 15,515 |
| Northampton County PA General Purpose | | | | |
| Authority University Revenue (Lehigh | | | | |
| University) VRDO | 0.380% | 6/7/16 | 9,895 | 9,895 |
| Northampton County PA General Purpose | | | | |
| Authority University Revenue (Lehigh | | | | |
| University) VRDO | 0.380% | 6/7/16 | 10,445 | 10,445 |
| Northeastern Pennsylvania Hospital & | | | | |
| Educational Authority Revenue (Commonwealth | | | | |
| Medical College Project) VRDO | 0.400% | 6/7/16 LOC | 4,835 | 4,835 |
| Nuveen Pennsylvania Investment Quality | | | | |
| Municipal Fund VRDP VRDO | 0.520% | 6/7/16 LOC | 50,500 | 50,500 |
16
| | | | |
| Pennsylvania Tax-Exempt Money Market Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| 1 Nuveen Pennsylvania Investment Quality | | | | |
| Municipal Fund VRDP VRDO | 0.520% | 6/7/16 LOC | 39,000 | 39,000 |
| Pennsylvania Economic Development Financing | | | | |
| Authority Exempt Facilities Revenue (York | | | | |
| Water Co. Project) VRDO | 0.450% | 6/7/16 LOC | 12,000 | 12,000 |
| Pennsylvania Economic Development Financing | | | | |
| Authority Unemployment Compensation | | | | |
| Revenue | 4.000% | 7/1/16 | 2,160 | 2,167 |
| Pennsylvania Economic Development Financing | | | | |
| Authority Unemployment Compensation | | | | |
| Revenue | 5.000% | 7/1/16 | 24,315 | 24,410 |
| Pennsylvania Economic Development Financing | | | | |
| Authority Unemployment Compensation | | | | |
| Revenue | 4.000% | 1/1/17 | 5,500 | 5,615 |
| 1 Pennsylvania Economic Development Financing | | | | |
| Authority Water Facilities Revenue (Aqua | | | | |
| Pennsylvania Inc. Project) TOB VRDO | 0.420% | 6/7/16 (13) | 9,900 | 9,900 |
| Pennsylvania GO | 5.000% | 6/15/16 | 17,375 | 17,406 |
| Pennsylvania GO | 5.000% | 7/1/16 | 4,040 | 4,056 |
| Pennsylvania GO | 5.000% | 3/1/17 | 16,540 | 17,076 |
| Pennsylvania GO | 5.000% | 3/15/17 | 1,330 | 1,375 |
| 1 Pennsylvania GO TOB VRDO | 0.400% | 6/7/16 | 10,400 | 10,400 |
| 1 Pennsylvania GO TOB VRDO | 0.430% | 6/7/16 | 19,325 | 19,325 |
| 1 Pennsylvania GO TOB VRDO | 0.440% | 6/7/16 | 5,000 | 5,000 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Drexel University) VRDO | 0.350% | 6/1/16 LOC | 3,550 | 3,550 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Drexel University) VRDO | 0.370% | 6/7/16 LOC | 24,570 | 24,570 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Drexel University) VRDO | 0.400% | 6/7/16 LOC | 8,245 | 8,245 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Gwynedd Mercy | | | | |
| College) VRDO | 0.370% | 6/7/16 LOC | 15,750 | 15,750 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Higher Education System) | 5.000% | 6/15/16 | 8,085 | 8,099 |
| 1 Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Presbyterian Medical | | | | |
| Center) TOB VRDO | 0.430% | 6/7/16 | 7,200 | 7,200 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Susquehanna University) | | | | |
| VRDO | 0.420% | 6/7/16 LOC | 4,100 | 4,100 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of Pennsylvania | | | | |
| Health System) | 3.000% | 8/15/16 | 4,725 | 4,751 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of Pennsylvania | | | | |
| Health System) VRDO | 0.380% | 6/7/16 | 68,495 | 68,495 |
| 1 Pennsylvania Housing Finance Agency Single | | | | |
| Family Mortgage Revenue TOB VRDO | 0.450% | 6/7/16 | 2,300 | 2,300 |
| Pennsylvania Housing Finance Agency Single | | | | |
| Family Mortgage Revenue VRDO | 0.430% | 6/7/16 | 5,000 | 5,000 |
| Pennsylvania Housing Finance Agency Single | | | | |
| Family Mortgage Revenue VRDO | 0.440% | 6/7/16 | 11,450 | 11,450 |
17
| | | | |
| Pennsylvania Tax-Exempt Money Market Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| Pennsylvania Housing Finance Agency Single | | | | |
| Family Mortgage Revenue VRDO | 0.440% | 6/7/16 | 27,270 | 27,270 |
| Pennsylvania Housing Finance Agency Single | | | | |
| Family Mortgage Revenue VRDO | 0.440% | 6/7/16 | 21,515 | 21,515 |
| Pennsylvania Housing Finance Agency Single | | | | |
| Family Mortgage Revenue VRDO | 0.440% | 6/7/16 | 15,750 | 15,750 |
| 1 Pennsylvania Intergovernmental Cooperation | | | | |
| Authority Special Tax Revenue (Philadelphia | | | | |
| Funding Program) TOB VRDO | 0.430% | 6/7/16 | 5,055 | 5,055 |
| Pennsylvania State University Revenue PUT | 0.290% | 6/1/16 | 29,500 | 29,500 |
| 1 Pennsylvania State University Revenue | | | | |
| TOB VRDO | 0.430% | 6/7/16 | 6,100 | 6,100 |
| 1 Pennsylvania Turnpike Commission Oil Franchise | | | | |
| Tax Revenue TOB VRDO | 0.430% | 6/7/16 | 10,500 | 10,500 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/16 (Prere.) | 7,695 | 7,695 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/16 (Prere.) | 1,900 | 1,900 |
| Pennsylvania Turnpike Commission Revenue | 5.250% | 7/15/16 | 1,625 | 1,634 |
| Philadelphia Airport CP | 0.600% | 8/10/16 LOC | 3,000 | 3,000 |
| Philadelphia Authority for Industrial Development | | | | |
| Revenue (Gift of Life Donor Program) VRDO | 0.370% | 6/7/16 LOC | 10,325 | 10,325 |
| Philadelphia PA Airport Revenue VRDO | 0.410% | 6/7/16 LOC | 19,190 | 19,190 |
| Philadelphia PA Airport Revenue VRDO | 0.420% | 6/7/16 LOC | 16,500 | 16,500 |
| 1 Philadelphia PA Authority for Industrial | | | | |
| Development Revenue (Children’s Hospital of | | | | |
| Philadelphia Project) TOB VRDO | 0.430% | 6/7/16 | 3,750 | 3,750 |
| 1 Philadelphia PA Authority for Industrial | | | | |
| Development Revenue (Children’s Hospital of | | | | |
| Philadelphia Project) TOB VRDO | 0.430% | 6/7/16 | 7,500 | 7,500 |
| Philadelphia PA Authority for Industrial | | | | |
| Development Revenue (Inglis House Project) | | | | |
| VRDO | 0.400% | 6/7/16 | 21,000 | 21,000 |
| Philadelphia PA Authority for Industrial | | | | |
| Development Revenue (New Courtland Elder | | | | |
| Services Project) VRDO | 0.410% | 6/7/16 LOC | 7,090 | 7,090 |
| Philadelphia PA Authority for Industrial | | | | |
| Development Revenue (Temple University) | 5.000% | 4/1/17 | 5,910 | 6,118 |
| Philadelphia PA Gas Works Revenue VRDO | 0.370% | 6/7/16 LOC | 10,530 | 10,530 |
| Philadelphia PA Gas Works Revenue VRDO | 0.400% | 6/7/16 LOC | 6,350 | 6,350 |
| Philadelphia PA Gas Works Revenue VRDO | 0.400% | 6/7/16 LOC | 25,600 | 25,600 |
| Philadelphia PA GO | 7.125% | 7/15/16 (Prere.) | 10,405 | 10,490 |
| 1 Philadelphia PA Hospitals & Higher Education | | | | |
| Facilities Authority Hospital Revenue (Children’s | | | | |
| Hospital of Philadelphia Project) TOB VRDO | 0.430% | 6/7/16 | 4,765 | 4,765 |
| Philadelphia PA Hospitals & Higher Education | | | | |
| Facilities Authority Hospital Revenue (Children’s | | | | |
| Hospital of Philadelphia Project) VRDO | 0.350% | 6/1/16 | 43,900 | 43,900 |
| Philadelphia PA Hospitals & Higher Education | | | | |
| Facilities Authority Hospital Revenue (Children’s | | | | |
| Hospital of Philadelphia Project) VRDO | 0.350% | 6/1/16 | 3,000 | 3,000 |
| Philadelphia PA Hospitals & Higher Education | | | | |
| Facilities Authority Hospital Revenue (Children’s | | | | |
| Hospital of Philadelphia Project) VRDO | 0.350% | 6/1/16 | 3,500 | 3,500 |
| Philadelphia PA Industrial Development Authority | | | | |
| Lease Revenue VRDO | 0.370% | 6/7/16 LOC | 7,050 | 7,050 |
18
| | | | |
| Pennsylvania Tax-Exempt Money Market Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| Philadelphia PA TRAN | 2.000% | 6/30/16 | 25,000 | 25,034 |
| Philadelphia PA Water & Waste Water Revenue | | | | |
| VRDO | 0.390% | 6/7/16 LOC | 41,990 | 41,990 |
| Pittsburgh PA GO | 5.250% | 9/1/16 (Prere.) | 1,405 | 1,422 |
| Pittsburgh PA Water & Sewer Authority Revenue | | | | |
| VRDO | 0.390% | 6/7/16 LOC | 50,750 | 50,750 |
| Pittsburgh PA Water & Sewer Authority Revenue | | | | |
| VRDO | 0.400% | 6/7/16 LOC | 6,100 | 6,100 |
| Ridley PA School District GO VRDO | 0.410% | 6/7/16 LOC | 8,505 | 8,505 |
| 1 Southcentral Pennsylvania General Authority | | | | |
| Revenue (WellSpan Health Obligated Group) | | | | |
| TOB VRDO | 0.440% | 6/7/16 | 6,670 | 6,670 |
| 1 Southcentral Pennsylvania General Authority | | | | |
| Revenue (WellSpan Health Obligated Group) | | | | |
| TOB VRDO | 0.440% | 6/7/16 | 3,000 | 3,000 |
| 1 Southcentral Pennsylvania General Authority | | | | |
| Revenue (WellSpan Health Obligated Group) | | | | |
| TOB VRDO | 0.440% | 6/7/16 | 10,000 | 10,000 |
| St. Mary Hospital Authority Pennsylvania Health | | | | |
| System Revenue (Catholic Health Initiatives) | | | | |
| VRDO | 0.360% | 6/7/16 | 17,050 | 17,050 |
| State Public School Building Authority | | | | |
| Pennsylvania School Revenue (North Allegheny | | | | |
| School District Project) VRDO | 0.400% | 6/7/16 | 18,110 | 18,110 |
| Union County PA Higher Educational Facilities | | | | |
| Financing Authority University Revenue | | | | |
| (Bucknell University) VRDO | 0.420% | 6/7/16 | 2,985 | 2,985 |
| University of Pittsburgh of the Commonwealth | | | | |
| System of Higher Education Pennsylvania | | | | |
| (University Capital Project) RAN | 2.000% | 8/2/16 | 35,000 | 35,100 |
| University of Pittsburgh PA Revenue CP | 0.110% | 6/1/16 | 7,500 | 7,500 |
| University of Pittsburgh PA Revenue CP | 0.110% | 6/1/16 | 7,500 | 7,500 |
| University of Pittsburgh PA Revenue CP | 0.130% | 6/1/16 | 19,000 | 19,000 |
| University of Pittsburgh PA Revenue CP | 0.590% | 7/5/16 | 20,000 | 20,000 |
| University of Pittsburgh PA Revenue CP | 0.600% | 7/6/16 | 20,000 | 20,000 |
| University of Pittsburgh PA Revenue CP | 0.500% | 8/1/16 | 10,000 | 10,000 |
| University of Pittsburgh PA Revenue CP | 0.500% | 8/1/16 | 20,000 | 20,000 |
| University of Pittsburgh PA Revenue CP | 0.500% | 8/2/16 | 13,821 | 13,821 |
| University of Pittsburgh PA Revenue CP | 0.500% | 8/16/16 | 3,750 | 3,750 |
| University of Pittsburgh PA Revenue CP | 0.500% | 8/16/16 | 5,000 | 5,000 |
| York County PA GO | 4.000% | 12/1/16 | 1,750 | 1,780 |
| York County PA Industrial Development | | | | |
| Authority Revenue (Crescent Industries Inc. | | | | |
| Project) VRDO | 0.470% | 6/7/16 LOC | 1,110 | 1,110 |
| Total Tax-Exempt Municipal Bonds (Cost $1,953,133) | | | 1,953,133 |
19
| |
| Pennsylvania Tax-Exempt Money Market Fund | |
| |
| |
| |
| |
| | Amount |
| | ($000) |
| Other Assets and Liabilities (0.6%) | |
| Other Assets | |
| Investment in Vanguard | 164 |
| Receivables for Investment Securities Sold | 4,745 |
| Receivables for Accrued Income | 3,747 |
| Receivables for Capital Shares Issued | 5,430 |
| Other Assets | 6,257 |
| Total Other Assets | 20,343 |
| Liabilities | |
| Payables for Capital Shares Redeemed | (4,390) |
| Payables for Distributions | (9) |
| Payables to Vanguard | (3,737) |
| Total Liabilities | (8,136) |
| Net Assets (100%) | |
| Applicable to 1,965,230,549 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 1,965,340 |
| Net Asset Value Per Share | $1.00 |
| |
| |
| At May 31, 2016, net assets consisted of: | |
| | Amount |
| | ($000) |
| Paid-in Capital | 1,965,325 |
| Undistributed Net Investment Income | — |
| Accumulated Net Realized Gains | 15 |
| Net Assets | 1,965,340 |
• 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, 2016, the aggregate value of these securities was $237,840,000, representing 12.1% of net assets.
A key to abbreviations and other references follows the Statement of Net Assets.
See accompanying Notes, which are an integral part of the Financial Statements.
20
Pennsylvania Tax-Exempt Money Market Fund
Key to Abbreviations
ARS—Auction Rate Security.
BAN—Bond Anticipation Note.
COP—Certificate of Participation.
CP—Commercial Paper.
FR—Floating Rate.
GAN—Grant Anticipation Note.
GO—General Obligation Bond.
PILOT—Payments in Lieu of Taxes.
PUT—Put Option Obligation.
RAN—Revenue Anticipation Note.
TAN—Tax Anticipation Note.
TOB—Tender Option Bond.
TRAN—Tax Revenue Anticipation Note.
VRDO—Variable Rate Demand Obligation.
VRDP—Variable Rate Demand Preferred.
(ETM)—Escrowed to Maturity.
(Prere.)—Prerefunded.
Scheduled principal and interest payments are guaranteed by:
(1) MBIA (Municipal Bond Investors Assurance).
(2) AMBAC (Ambac Assurance Corporation).
(3) FGIC (Financial Guaranty Insurance Company).
(4) AGM (Assured Guaranty Municipal Corporation).
(5) BIGI (Bond Investors Guaranty Insurance).
(6) Connie Lee Inc.
(7) FHA (Federal Housing Authority).
(8) CapMAC (Capital Markets Assurance Corporation).
(9) American Capital Access Financial Guaranty Corporation.
(10) XL Capital Assurance Inc.
(11) CIFG (CDC IXIS Financial Guaranty).
(12) AGC (Assured Guaranty Corporation).
(13) BHAC (Berkshire Hathaway Assurance Corporation).
(14) NPFG (National Public Finance Guarantee Corporation).
(15) BAM (Build America Mutual Assurance Company).
(16) MAC (Municipal Assurance Corporation).
(17) RAA (Radian Asset Assurance Inc.).
The insurance does not guarantee the market value of the municipal bonds.
LOC—Scheduled principal and interest payments are guaranteed by bank letter of credit.
21
Pennsylvania Tax-Exempt Money Market Fund
Statement of Operations
| |
| | Six Months Ended |
| | May 31, 2016 |
| | ($000) |
| Investment Income | |
| Income | |
| Interest | 1,818 |
| Total Income | 1,818 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 220 |
| Management and Administrative | 1,100 |
| Marketing and Distribution | 286 |
| Custodian Fees | 12 |
| Shareholders’ Reports | 4 |
| Trustees’ Fees and Expenses | 1 |
| Total Expenses | 1,623 |
| Expense Reduction—Note B | (662) |
| Net Expenses | 961 |
| Net Investment Income | 857 |
| Realized Net Gain (Loss) on Investment Securities Sold | 15 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 872 |
See accompanying Notes, which are an integral part of the Financial Statements.
22
Pennsylvania Tax-Exempt Money Market Fund
Statement of Changes in Net Assets
| | |
| | Six Months Ended | Year Ended |
| | May 31, | November 30, |
| | 2016 | 2015 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 857 | 216 |
| Realized Net Gain (Loss) | 15 | (13) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 872 | 203 |
| Distributions | | |
| Net Investment Income | (857) | (216) |
| Realized Capital Gain | — | — |
| Total Distributions | (857) | (216) |
| Capital Share Transactions (at $1.00 per share) | | |
| Issued | 665,922 | 1,368,356 |
| Issued in Lieu of Cash Distributions | 822 | 210 |
| Redeemed | (760,715) | (1,534,235) |
| Net Increase (Decrease) from Capital Share Transactions | (93,971) | (165,669) |
| Total Increase (Decrease) | (93,956) | (165,682) |
| Net Assets | | |
| Beginning of Period | 2,059,296 | 2,224,978 |
| End of Period1 | 1,965,340 | 2,059,296 |
| 1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $0 and $0. | |
See accompanying Notes, which are an integral part of the Financial Statements.
23
Pennsylvania Tax-Exempt Money Market Fund
Financial Highlights
| | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | May 31, | | | Year Ended November 30, |
| Throughout Each Period | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Investment Operations | | | | | | |
| Net Investment Income | .0004 | .0001 | .0001 | .0001 | .0003 | .001 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | — | — | — | — | — | — |
| Total from Investment Operations | .0004 | .0001 | .0001 | .0001 | .0003 | .001 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.0004) | (.0001) | (.0001) | (.0001) | (.0003) | (.001) |
| Distributions from Realized Capital Gains | — | — | — | — | — | — |
| Total Distributions | (.0004) | (.0001) | (.0001) | (.0001) | (.0003) | (.001) |
| Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| |
| Total Return1 | 0.04% | 0.01% | 0.01% | 0.01% | 0.03% | 0.06% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $1,965 | $2,059 | $2,225 | $2,455 | $2,474 | $2,649 |
| Ratio of Expenses to | | | | | | |
| Average Net Assets | 0.09%2 | 0.05%2 | 0.06%2 | 0.10%2 | 0.15%2 | 0.16%2 |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 0.08% | 0.01% | 0.01% | 0.01% | 0.03% | 0.06% |
| The expense ratio and net investment income ratio for the current period have been annualized. | | | |
1 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.
2 The ratio of total expenses to average net assets before an expense reduction was 0.16% for 2016, 0.16% for 2015, 0.16% for 2014, 0.16% for 2013, 0.16% for 2012, and 0.17% for 2011. See Note B in Notes to Financial Statements. |
|
|
|
See accompanying Notes, which are an integral part of the Financial Statements.
24
Pennsylvania Tax-Exempt Money Market Fund
Notes to Financial Statements
Vanguard Pennsylvania Tax-Exempt Money Market Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Securities are valued at amortized cost, which approximates market value.
2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (November 30, 2012–2015), and for the period ended May 31, 2016, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
3. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month.
4. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at May 31, 2016, or at any time during the period then ended.
5. Other: Interest income is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At May 31, 2016, the fund had contributed to Vanguard capital in the amount of $164,000, representing 0.01% of the fund’s net assets and 0.07% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
25
Pennsylvania Tax-Exempt Money Market Fund
Vanguard and the board of trustees have agreed to temporarily limit certain net operating expenses in excess of the fund’s daily yield in order to maintain a zero or positive yield for the fund. Vanguard and the board of trustees may terminate the temporary expense limitation at any time. For the period ended May 31, 2016, Vanguard’s expenses were reduced by $662,000 (an effective annual rate of 0.03% of the fund’s average net assets); the fund is not obligated to repay this amount to Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
At May 31, 2016, 100% of the market value of the fund’s investments was determined based on Level 2 inputs.
D. Management has determined that no material events or transactions occurred subsequent to May 31, 2016, that would require recognition or disclosure in these financial statements.
26
Pennsylvania Long-Term Tax-Exempt Fund
Fund Profile
As of May 31, 2016
| | | |
| Share-Class Characteristics | |
| | Investor | Admiral |
| | Shares | Shares |
| Ticker Symbol | VPAIX | VPALX |
| Expense Ratio1 | 0.20% | 0.12% |
| 30-Day SEC Yield | 1.88% | 1.95% |
| | | | |
| Financial Attributes | | |
| |
| |
| | | Barclays | |
| | | PA | Barclays |
| | | Muni | Municipal |
| | | Bond | Bond |
| | Fund | Index | Index |
| |
| Number of Bonds | 696 | 1,588 | 48,863 |
| |
| Yield to Maturity | | | |
| (before expenses) | 2.1% | 2.0% | 1.8% |
| |
| Average Coupon | 4.7% | 4.8% | 4.8% |
| |
| Average Duration | 5.7 years | 5.8 years | 5.8 years |
| |
| Average Stated | | | |
| Maturity | 15.6 years | 13.3 years | 13.0 years |
| |
| Short-Term | | | |
| Reserves | 5.1% | — | — |
| | | |
| Volatility Measures | | |
| | Barclays PA | Barclays |
| | Muni Bond | Municipal |
| | Index | Bond Index |
| R-Squared | 0.99 | 0.98 |
| Beta | 1.17 | 1.12 |
| These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months. |
|
| | |
| Distribution by Stated Maturity | |
| (% of portfolio) | |
| Under 1 Year | 6.3% |
| 1 - 3 Years | 6.6 |
| 3 - 5 Years | 3.1 |
| 5 - 10 Years | 8.7 |
| 10 - 20 Years | 41.6 |
| 20 - 30 Years | 32.8 |
| Over 30 Years | 0.9 |
| | |
| Distribution by Credit Quality (% of portfolio) |
| AAA | 0.8% |
| AA | 48.1 |
| A | 38.7 |
| BBB | 8.4 |
| BB | 1.6 |
| Not Rated | 2.4 |
Credit-quality ratings are obtained from Moody's and S&P, and the higher rating for each issue is shown. "Not Rated" is used to classify securities for which a rating is not available. Not rated securities include a fund's investment in Vanguard Market Liquidity Fund or Vanguard Municipal Cash Management Fund, each of which invests in high-quality money market instruments and may serve as a cash management vehicle for the Vanguard funds, trusts, and accounts. For more information about these ratings, see the Glossary entry for Credit Quality.
1 The expense ratios shown are from the prospectus dated March 29, 2016, and represent estimated costs for the current fiscal year. For the six months ended May 31, 2016, the annualized expense ratios were 0.20% for Investor Shares and 0.12% for Admiral Shares.
27
Pennsylvania Long-Term Tax-Exempt Fund
Investment Focus
28
Pennsylvania Long-Term Tax-Exempt Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Fiscal-Year Total Returns (%): November 30, 2005, Through May 31, 2016
| | | | |
| | | | | Barclays PA |
| | | | | Muni Bond |
| | | | Investor Shares | Index |
| Fiscal Year | Income Returns | Capital Returns | Total Returns | Total Returns |
| 2006 | 4.72% | 1.58% | 6.30% | 5.77% |
| 2007 | 4.50 | -2.20 | 2.30 | 3.40 |
| 2008 | 4.19 | -8.67 | -4.48 | -1.82 |
| 2009 | 4.67 | 7.65 | 12.32 | 13.08 |
| 2010 | 4.10 | 0.18 | 4.28 | 4.31 |
| 2011 | 4.16 | 1.91 | 6.07 | 6.47 |
| 2012 | 3.91 | 6.52 | 10.43 | 10.26 |
| 2013 | 3.50 | -7.46 | -3.96 | -2.90 |
| 2014 | 4.01 | 5.89 | 9.90 | 8.32 |
| 2015 | 3.67 | 0.03 | 3.70 | 3.35 |
| 2016 | 1.80 | 2.22 | 4.02 | 3.54 |
| Note: For 2016, performance data reflect the six months ended May 31, 2016. | | |
Average Annual Total Returns: Periods Ended March 31, 2016
This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.
Securities and Exchange Commission rules require that we provide this information.
| | | | | | |
| | | | | | | Ten Years |
| | Inception Date | One Year | Five Years | Income | Capital | Total |
| Investor Shares | 4/7/1986 | 4.45% | 5.98% | 4.12% | 0.60% | 4.72% |
| Admiral Shares | 5/14/2001 | 4.53 | 6.07 | 4.20 | 0.60 | 4.80 |
See Financial Highlights for dividend and capital gains information.
29
Pennsylvania Long-Term Tax-Exempt Fund
Financial Statements (unaudited)
Statement of Net Assets
As of May 31, 2016
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
| | | | |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| Tax-Exempt Municipal Bonds (99.5%) | | | | |
| Pennsylvania (99.2%) | | | | |
| Allegheny County PA GO | 5.000% | 11/1/27 | 2,575 | 2,987 |
| Allegheny County PA GO | 5.000% | 11/1/29 | 4,000 | 4,480 |
| Allegheny County PA GO | 5.000% | 12/1/30 | 1,365 | 1,629 |
| Allegheny County PA GO | 5.250% | 12/1/32 | 1,000 | 1,214 |
| Allegheny County PA GO | 5.250% | 12/1/33 | 1,000 | 1,211 |
| Allegheny County PA GO | 5.000% | 12/1/34 | 3,600 | 4,234 |
| Allegheny County PA GO | 5.000% | 12/1/34 | 1,695 | 2,001 |
| Allegheny County PA GO | 5.000% | 12/1/37 | 10,000 | 11,760 |
| Allegheny County PA GO | 5.000% | 12/1/37 (4) | 10,000 | 11,787 |
| Allegheny County PA GO VRDO | 0.400% | 6/7/16 LOC | 14,000 | 14,000 |
| Allegheny County PA Higher Education | | | | |
| Building Authority University Revenue | | | | |
| (Carnegie Mellon University) VRDO | 0.360% | 6/1/16 | 8,800 | 8,800 |
| Allegheny County PA Higher Education | | | | |
| Building Authority University Revenue | | | | |
| (Chatham University) | 5.000% | 9/1/30 | 2,545 | 2,887 |
| Allegheny County PA Higher Education | | | | |
| Building Authority University Revenue | | | | |
| (Duquesne University) | 5.250% | 3/1/21 (Prere.) | 4,005 | 4,744 |
| Allegheny County PA Higher Education | | | | |
| Building Authority University Revenue | | | | |
| (Duquesne University) | 5.500% | 3/1/21 (Prere.) | 1,700 | 2,033 |
| Allegheny County PA Higher Education | | | | |
| Building Authority University Revenue | | | | |
| (Duquesne University) | 5.500% | 3/1/21 (Prere.) | 1,940 | 2,320 |
| Allegheny County PA Higher Education | | | | |
| Building Authority University Revenue | | | | |
| (Duquesne University) | 5.500% | 3/1/21 (Prere.) | 770 | 921 |
| Allegheny County PA Higher Education | | | | |
| Building Authority University Revenue | | | | |
| (Duquesne University) | 5.000% | 3/1/28 | 1,950 | 2,400 |
| Allegheny County PA Higher Education | | | | |
| Building Authority University Revenue | | | | |
| (Duquesne University) | 5.000% | 3/1/29 | 1,500 | 1,839 |
| Allegheny County PA Higher Education | | | | |
| Building Authority University Revenue | | | | |
| (Duquesne University) | 4.000% | 3/1/30 | 2,375 | 2,646 |
30
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| Allegheny County PA Higher Education | | | | |
| Building Authority University Revenue | | | | |
| (Duquesne University) | 5.000% | 3/1/30 | 1,180 | 1,405 |
| Allegheny County PA Higher Education | | | | |
| Building Authority University Revenue | | | | |
| (Duquesne University) | 4.000% | 3/1/31 | 1,550 | 1,716 |
| Allegheny County PA Higher Education | | | | |
| Building Authority University Revenue | | | | |
| (Duquesne University) | 4.000% | 3/1/33 | 2,045 | 2,249 |
| Allegheny County PA Higher Education | | | | |
| Building Authority University Revenue | | | | |
| (Duquesne University) | 5.000% | 3/1/33 | 1,375 | 1,569 |
| Allegheny County PA Hospital Development | | | | |
| Authority Revenue (University of Pittsburgh | | | | |
| Medical Center) | 5.375% | 8/15/29 | 4,020 | 4,526 |
| Allegheny County PA Hospital Development | | | | |
| Authority Revenue (University of Pittsburgh | | | | |
| Medical Center) | 1.247% | 2/1/37 | 3,000 | 2,763 |
| Allegheny County PA Hospital Development | | | | |
| Authority Revenue (University of Pittsburgh | | | | |
| Medical Center) | 5.625% | 8/15/39 | 10,835 | 12,218 |
| Allegheny County PA Port Authority Revenue | 5.750% | 3/1/29 | 7,500 | 8,924 |
| Allegheny County PA Sanitary Authority | | | | |
| Sewer Revenue | 5.500% | 12/1/16 (ETM) | 11,295 | 11,535 |
| Allegheny County PA Sanitary Authority | | | | |
| Sewer Revenue | 5.000% | 6/1/26 (4) | 4,925 | 5,708 |
| Allegheny County PA Sanitary Authority | | | | |
| Sewer Revenue | 5.000% | 12/1/27 (15) | 5,300 | 6,578 |
| Allegheny County PA Sanitary Authority | | | | |
| Sewer Revenue | 5.000% | 6/1/30 (4) | 3,500 | 4,028 |
| Allegheny County PA Sanitary Authority | | | | |
| Sewer Revenue | 5.000% | 12/1/30 (15) | 3,400 | 4,160 |
| Allegheny County PA Sanitary Authority | | | | |
| Sewer Revenue | 5.000% | 12/1/32 (14) | 12,000 | 12,473 |
| Allegheny County PA Sanitary Authority | | | | |
| Sewer Revenue | 5.000% | 12/1/35 | 6,000 | 7,127 |
| Allegheny County PA Sanitary Authority | | | | |
| Sewer Revenue | 5.000% | 12/1/40 | 4,250 | 4,979 |
| Allegheny County PA Sanitary Authority | | | | |
| Sewer Revenue | 5.250% | 12/1/41 (15) | 3,500 | 4,128 |
| Allegheny County PA Sanitary Authority | | | | |
| Sewer Revenue | 5.250% | 12/1/44 (15) | 6,210 | 7,306 |
| Allegheny County PA Sanitary Authority | | | | |
| Sewer Revenue | 5.000% | 12/1/45 | 4,620 | 5,358 |
| Allentown PA Neighborhood Improvement | | | | |
| Zone Development Authority Tax Revenue | 5.000% | 5/1/26 | 400 | 449 |
| Allentown PA Neighborhood Improvement | | | | |
| Zone Development Authority Tax Revenue | 5.000% | 5/1/29 | 250 | 277 |
| Allentown PA Neighborhood Improvement | | | | |
| Zone Development Authority Tax Revenue | 5.000% | 5/1/35 | 11,530 | 12,511 |
| Allentown PA Neighborhood Improvement | | | | |
| Zone Development Authority Tax Revenue | 5.000% | 5/1/42 | 11,120 | 11,979 |
| Beaver County PA Hospital Authority Revenue | | | | |
| (Heritage Valley Health System Inc.) | 5.000% | 5/15/20 | 2,205 | 2,514 |
31
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| Beaver County PA Hospital Authority Revenue | | | | |
| (Heritage Valley Health System Inc.) | 5.000% | 5/15/22 | 1,240 | 1,451 |
| Beaver County PA Hospital Authority Revenue | | | | |
| (Heritage Valley Health System Inc.) | 5.000% | 5/15/25 | 1,620 | 1,867 |
| Beaver County PA Hospital Authority Revenue | | | | |
| (Heritage Valley Health System Inc.) | 5.000% | 5/15/28 | 2,000 | 2,275 |
| Bensalem Township PA School District GO | 5.250% | 6/15/17 (Prere.) | 3,700 | 3,875 |
| Berks County PA Municipal Authority Revenue | | | | |
| (Reading Hospital & Medical Center Project) | 5.500% | 11/1/31 | 3,500 | 3,979 |
| Berks County PA Municipal Authority Revenue | | | | |
| (Reading Hospital & Medical Center Project) | 5.750% | 11/1/39 | 4,615 | 5,261 |
| Berks County PA Municipal Authority Revenue | | | | |
| (Reading Hospital & Medical Center Project) | 5.000% | 11/1/40 | 6,935 | 7,761 |
| 1 Berks County PA Municipal Authority Revenue | | | | |
| (Reading Hospital & Medical Center Project) | | | | |
| TOB VRDO | 0.440% | 6/7/16 | 9,750 | 9,750 |
| 2 Bethel Park PA School District GO | 5.000% | 8/1/26 | 650 | 824 |
| 2 Bethel Park PA School District GO | 5.000% | 8/1/27 | 1,300 | 1,631 |
| 2 Bethel Park PA School District GO | 5.000% | 8/1/28 | 2,745 | 3,416 |
| 2 Bethel Park PA School District GO | 5.000% | 8/1/29 | 2,500 | 3,096 |
| 2 Bethel Park PA School District GO | 4.000% | 8/1/31 | 2,500 | 2,807 |
| Blair County PA Hospital Authority Hospital | | | | |
| Revenue (Altoona Hospital Project) | 5.500% | 7/1/16 (2) | 1,760 | 1,764 |
| Bristol Township PA School District GO | 5.250% | 6/1/37 | 5,000 | 5,826 |
| Bucks County PA Water & Sewer Authority | | | | |
| Water System Revenue | 5.000% | 12/1/29 (4) | 2,000 | 2,325 |
| Bucks County PA Water & Sewer Authority | | | | |
| Water System Revenue | 5.000% | 12/1/33 (4) | 2,000 | 2,286 |
| Bucks County PA Water & Sewer Authority | | | | |
| Water System Revenue | 5.000% | 12/1/37 (4) | 3,500 | 4,000 |
| Bucks County PA Water & Sewer Authority | | | | |
| Water System Revenue | 5.000% | 12/1/40 (4) | 1,000 | 1,174 |
| Butler County PA General Authority Revenue | | | | |
| (North Allegheny School District Project) VRDO | 0.400% | 6/7/16 | 4,985 | 4,985 |
| Butler County PA Hospital Authority Revenue | | | | |
| (Butler Health System Project) | 7.125% | 7/1/19 (Prere.) | 1,075 | 1,275 |
| Butler County PA Hospital Authority Revenue | | | | |
| (Butler Health System Project) | 7.250% | 7/1/19 (Prere.) | 310 | 369 |
| Butler County PA Hospital Authority Revenue | | | | |
| (Butler Health System Project) | 5.000% | 7/1/26 | 500 | 601 |
| Butler County PA Hospital Authority Revenue | | | | |
| (Butler Health System Project) | 5.000% | 7/1/27 | 490 | 580 |
| Butler County PA Hospital Authority Revenue | | | | |
| (Butler Health System Project) | 5.000% | 7/1/28 | 540 | 634 |
| Butler County PA Hospital Authority Revenue | | | | |
| (Butler Health System Project) | 5.000% | 7/1/29 | 1,670 | 1,951 |
| Butler County PA Hospital Authority Revenue | | | | |
| (Butler Health System Project) | 5.000% | 7/1/30 | 1,370 | 1,592 |
| Butler County PA Hospital Authority Revenue | | | | |
| (Butler Health System Project) | 5.000% | 7/1/35 | 4,430 | 5,065 |
| Butler County PA Hospital Authority Revenue | | | | |
| (Butler Health System Project) | 5.000% | 7/1/39 | 3,250 | 3,689 |
| Cambria County PA GO | 5.000% | 8/1/23 (15) | 1,500 | 1,765 |
| Canon-McMillan PA School District GO | 5.000% | 12/15/37 (15) | 3,000 | 3,533 |
32
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| Canonsburg-Houston PA Joint Authority Sewer | | | | |
| Revenue | 5.000% | 12/1/27 | 1,530 | 1,848 |
| Canonsburg-Houston PA Joint Authority Sewer | | | | |
| Revenue | 5.000% | 12/1/28 | 1,605 | 1,931 |
| Canonsburg-Houston PA Joint Authority Sewer | | | | |
| Revenue | 5.000% | 12/1/30 | 1,135 | 1,354 |
| Canonsburg-Houston PA Joint Authority Sewer | | | | |
| Revenue | 5.000% | 12/1/40 | 4,000 | 4,657 |
| Central Bradford PA Progress Authority Revenue | | | | |
| (Guthrie Healthcare System) | 5.500% | 12/1/31 | 7,125 | 8,430 |
| Central Bradford PA Progress Authority Revenue | | | | |
| (Guthrie Healthcare System) | 5.375% | 12/1/41 | 3,000 | 3,449 |
| Centre County PA Hospital Authority Revenue | | | | |
| (Mount Nittany Medical Center Project) | 6.250% | 11/15/21 (Prere.) | 4,465 | 5,623 |
| Centre County PA Hospital Authority Revenue | | | | |
| (Mount Nittany Medical Center Project) | 7.000% | 11/15/21 (Prere.) | 6,930 | 9,001 |
| Centre County PA Hospital Authority Revenue | | | | |
| (Mount Nittany Medical Center Project) | 5.000% | 11/15/32 | 6,280 | 7,247 |
| Centre County PA Hospital Authority Revenue | | | | |
| (Mount Nittany Medical Center Project) | 5.000% | 11/15/36 | 5,000 | 5,718 |
| Centre County PA Hospital Authority Revenue | | | | |
| (Mount Nittany Medical Center Project) | 5.000% | 11/15/44 | 3,000 | 3,420 |
| Chartiers Valley PA School District GO | 5.000% | 10/15/35 | 1,135 | 1,348 |
| Chartiers Valley PA School District GO | 5.000% | 10/15/40 | 2,750 | 3,234 |
| Cheltenham Township PA School District GO | 5.000% | 2/15/36 | 1,480 | 1,738 |
| Cheltenham Township PA School District GO | 5.000% | 2/15/38 | 1,530 | 1,792 |
| Cheltenham Township PA School District GO | 5.000% | 2/15/40 | 1,675 | 1,958 |
| Chester County PA GO | 5.000% | 7/15/17 (Prere.) | 5,000 | 5,239 |
| Chester County PA GO | 5.000% | 7/15/17 (Prere.) | 4,345 | 4,553 |
| Chester County PA GO | 5.000% | 11/15/30 | 3,740 | 4,458 |
| Chester County PA GO | 5.000% | 11/15/31 | 2,350 | 2,798 |
| Chester County PA GO | 5.000% | 11/15/31 | 3,000 | 3,613 |
| Chester County PA GO | 5.000% | 11/15/32 | 1,000 | 1,187 |
| Chester County PA Health & Education Facilities | | | | |
| Authority Revenue (Devereux Foundation) | 5.000% | 11/1/18 | 1,105 | 1,121 |
| Chester County PA Health & Education Facilities | | | | |
| Authority Revenue (Devereux Foundation) | 5.000% | 11/1/20 | 650 | 659 |
| Chester County PA Health & Education Facilities | | | | |
| Authority Revenue (Devereux Foundation) | 5.000% | 11/1/22 | 795 | 805 |
| Chester County PA Health & Education Facilities | | | | |
| Authority Revenue (Devereux Foundation) | 5.000% | 11/1/31 | 4,500 | 4,547 |
| Chester County PA Health & Education Facilities | | | | |
| Authority Revenue (Jefferson Health System) | 5.000% | 5/15/31 | 2,720 | 3,064 |
| Chester County PA Health & Education Facilities | | | | |
| Authority Revenue (Jefferson Health System) | 5.000% | 5/15/40 | 30,485 | 33,897 |
| Chester County PA Industrial Development | | | | |
| Authority Student Housing Revenue (University | | | | |
| Student Housing LLC Project) | 5.000% | 8/1/30 | 1,100 | 1,210 |
| Chester County PA Industrial Development | | | | |
| Authority Student Housing Revenue (University | | | | |
| Student Housing LLC Project) | 5.000% | 8/1/35 | 785 | 849 |
| Chester County PA Industrial Development | | | | |
| Authority Student Housing Revenue (University | | | | |
| Student Housing LLC Project) | 5.000% | 8/1/45 | 2,990 | 3,190 |
33
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| Clarion County PA Industrial Development | | | | |
| Authority Revenue (Clarion University | | | | |
| Foundation Inc. Student Housing Project) | 5.000% | 7/1/29 | 2,000 | 2,199 |
| Clarion County PA Industrial Development | | | | |
| Authority Revenue (Clarion University | | | | |
| Foundation Inc. Student Housing Project) | 5.000% | 7/1/32 (10) | 4,980 | 5,041 |
| Clarion County PA Industrial Development | | | | |
| Authority Revenue (Clarion University | | | | |
| Foundation Inc. Student Housing Project) | 5.000% | 7/1/33 | 3,000 | 3,259 |
| Clarion County PA Industrial Development | | | | |
| Authority Revenue (Clarion University | | | | |
| Foundation Inc. Student Housing Project) | 5.000% | 7/1/37 (10) | 6,360 | 6,425 |
| Clarion County PA Industrial Development | | | | |
| Authority Revenue (Clarion University | | | | |
| Foundation Inc. Student Housing Project) | 5.000% | 7/1/45 | 2,000 | 2,134 |
| Commonwealth Financing Authority | | | | |
| Pennsylvania Revenue | 5.000% | 6/1/28 | 1,365 | 1,595 |
| Commonwealth Financing Authority | | | | |
| Pennsylvania Revenue | 5.000% | 6/1/31 | 5,000 | 5,810 |
| Commonwealth Financing Authority | | | | |
| Pennsylvania Revenue | 5.000% | 6/1/33 | 7,760 | 8,970 |
| Cumberland County PA Municipal Authority | | | | |
| Revenue (Diakon Lutheran Social Ministries | | | | |
| Project) | 5.000% | 1/1/17 (Prere.) | 2,700 | 2,769 |
| Cumberland County PA Municipal Authority | | | | |
| Revenue (Diakon Lutheran Social Ministries | | | | |
| Project) | 6.375% | 1/1/19 (Prere.) | 1,800 | 2,045 |
| Cumberland County PA Municipal Authority | | | | |
| Revenue (Diakon Lutheran Social Ministries | | | | |
| Project) | 6.375% | 1/1/39 | 200 | 226 |
| Cumberland County PA Municipal Authority | | | | |
| Revenue (Dickinson College Project) | 5.000% | 5/1/30 | 1,000 | 1,224 |
| Cumberland County PA Municipal Authority | | | | |
| Revenue (Dickinson College Project) | 5.000% | 5/1/31 | 750 | 914 |
| Cumberland County PA Municipal Authority | | | | |
| Revenue (Dickinson College Project) | 5.000% | 5/1/32 | 800 | 970 |
| Cumberland County PA Municipal Authority | | | | |
| Revenue (Dickinson College Project) | 5.000% | 11/1/32 | 2,225 | 2,602 |
| Cumberland County PA Municipal Authority | | | | |
| Revenue (Dickinson College Project) | 5.000% | 5/1/34 | 1,420 | 1,708 |
| Cumberland County PA Municipal Authority | | | | |
| Revenue (Dickinson College Project) | 5.000% | 11/1/37 | 2,000 | 2,309 |
| Cumberland County PA Municipal Authority | | | | |
| Revenue (Dickinson College Project) | 5.000% | 11/1/42 | 3,605 | 4,138 |
| Dallas PA Area Muni Authority University | | | | |
| Revenue (Misericordia University Project) | 5.000% | 5/1/37 | 2,500 | 2,709 |
| Dallas PA School District GO | 5.000% | 4/1/17 (Prere.) | 5,385 | 5,580 |
| Dauphin County PA General Authority Health | | | | |
| System Revenue (Pinnacle Health System | | | | |
| Project) | 6.000% | 6/1/29 | 260 | 297 |
| Dauphin County PA General Authority Health | | | | |
| System Revenue (Pinnacle Health System | | | | |
| Project) | 6.000% | 6/1/36 | 15,165 | 17,236 |
34
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| Dauphin County PA General Authority Health | | | | |
| System Revenue (Pinnacle Health System | | | | |
| Project) | 5.000% | 6/1/42 | 21,040 | 23,741 |
| Delaware County PA Authority Hospital | | | | |
| Revenue (Crozer-Keystone Obligated Group) | 5.000% | 12/15/31 | 5,025 | 5,103 |
| Delaware County PA Authority University | | | | |
| Revenue (Villanova University) | 5.000% | 12/1/26 | 1,000 | 1,114 |
| Delaware County PA Authority University | | | | |
| Revenue (Villanova University) | 5.000% | 12/1/28 | 1,000 | 1,111 |
| Delaware County PA Authority University | | | | |
| Revenue (Villanova University) | 5.250% | 12/1/31 | 600 | 676 |
| Delaware County PA Authority University | | | | |
| Revenue (Villanova University) | 5.000% | 8/1/40 | 2,500 | 2,955 |
| Delaware County PA Authority University | | | | |
| Revenue (Villanova University) | 5.000% | 8/1/45 | 1,500 | 1,769 |
| Delaware County PA Industrial Development | | | | |
| Authority Solid Waste Revenue (Scott Paper | | | | |
| Co.) VRDO | 0.430% | 6/7/16 | 10,300 | 10,300 |
| Delaware County PA Industrial Development | | | | |
| Authority Solid Waste Revenue (Scott Paper | | | | |
| Co.) VRDO | 0.430% | 6/7/16 | 3,500 | 3,500 |
| Delaware County PA Regional Water Quality | | | | |
| Control Authority Revenue | 5.000% | 5/1/27 | 3,240 | 3,865 |
| Delaware County PA Regional Water Quality | | | | |
| Control Authority Revenue | 5.000% | 5/1/40 | 1,500 | 1,763 |
| Delaware County PA Vocational-Technical School | | | | |
| Authority Lease Revenue (Delaware County | | | | |
| Intermediate Unit No. 25 Project) | 5.000% | 11/1/38 (15) | 1,250 | 1,439 |
| Delaware River Joint Toll Bridge Commission | | | | |
| Pennsylvania & New Jersey Revenue | 5.000% | 7/1/25 | 1,100 | 1,307 |
| Delaware River Joint Toll Bridge Commission | | | | |
| Pennsylvania & New Jersey Revenue | 5.000% | 7/1/30 | 500 | 604 |
| Delaware River Joint Toll Bridge Commission | | | | |
| Pennsylvania & New Jersey Revenue | 4.000% | 7/1/33 (15) | 4,000 | 4,430 |
| Delaware River Port Authority Pennsylvania & | | | | |
| New Jersey Revenue | 5.000% | 1/1/23 | 2,425 | 2,805 |
| Delaware River Port Authority Pennsylvania & | | | | |
| New Jersey Revenue | 5.000% | 1/1/24 | 3,220 | 3,697 |
| Delaware River Port Authority Pennsylvania & | | | | |
| New Jersey Revenue | 5.000% | 1/1/25 | 2,715 | 3,112 |
| Delaware River Port Authority Pennsylvania & | | | | |
| New Jersey Revenue | 5.000% | 1/1/26 | 3,000 | 3,415 |
| Delaware River Port Authority Pennsylvania & | | | | |
| New Jersey Revenue | 5.000% | 1/1/27 | 1,000 | 1,135 |
| Delaware River Port Authority Pennsylvania & | | | | |
| New Jersey Revenue | 5.000% | 1/1/31 | 3,500 | 4,192 |
| Delaware River Port Authority Pennsylvania & | | | | |
| New Jersey Revenue | 5.000% | 1/1/34 | 3,500 | 4,151 |
| Delaware River Port Authority Pennsylvania & | | | | |
| New Jersey Revenue | 5.000% | 1/1/35 | 10,000 | 11,254 |
| Delaware River Port Authority Pennsylvania & | | | | |
| New Jersey Revenue | 5.000% | 1/1/37 | 12,000 | 14,124 |
| Delaware River Port Authority Pennsylvania & | | | | |
| New Jersey Revenue | 5.000% | 1/1/40 | 10,000 | 11,717 |
35
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| Delaware Valley PA Regional Finance Authority | | | | |
| Revenue | 7.750% | 7/1/27 (2) | 130 | 190 |
| Delaware Valley PA Regional Finance Authority | | | | |
| Revenue | 5.500% | 8/1/28 (2) | 4,580 | 5,753 |
| Delaware Valley PA Regional Finance Authority | | | | |
| Revenue | 5.750% | 7/1/32 | 2,125 | 2,796 |
| Doylestown PA Hospital Authority Revenue | 5.000% | 7/1/20 (12) | 5,060 | 5,433 |
| Doylestown PA Hospital Authority Revenue | 5.000% | 7/1/21 (12) | 3,000 | 3,245 |
| Doylestown PA Hospital Authority Revenue | 5.000% | 7/1/22 (12) | 3,455 | 3,727 |
| Doylestown PA Hospital Authority Revenue | 5.000% | 7/1/25 | 3,730 | 4,240 |
| Doylestown PA Hospital Authority Revenue | 5.000% | 7/1/26 | 4,445 | 4,996 |
| Doylestown PA Hospital Authority Revenue | 5.000% | 7/1/27 | 1,170 | 1,308 |
| Doylestown PA Hospital Authority Revenue | 5.000% | 7/1/28 | 1,000 | 1,118 |
| Doylestown PA Hospital Authority Revenue | 5.000% | 7/1/29 | 865 | 966 |
| East Hempfield Township PA Industrial | | | | |
| Development Authority Revenue (Millersville | | | | |
| University Student Housing Project) | 5.000% | 7/1/30 | 1,280 | 1,410 |
| East Hempfield Township PA Industrial | | | | |
| Development Authority Revenue (Millersville | | | | |
| University Student Housing Project) | 5.000% | 7/1/30 | 825 | 923 |
| East Hempfield Township PA Industrial | | | | |
| Development Authority Revenue (Millersville | | | | |
| University Student Housing Project) | 5.000% | 7/1/34 | 1,000 | 1,092 |
| East Hempfield Township PA Industrial | | | | |
| Development Authority Revenue (Millersville | | | | |
| University Student Housing Project) | 5.000% | 7/1/35 | 1,250 | 1,356 |
| East Hempfield Township PA Industrial | | | | |
| Development Authority Revenue (Millersville | | | | |
| University Student Housing Project) | 5.000% | 7/1/45 | 4,250 | 4,559 |
| East Hempfield Township PA Industrial | | | | |
| Development Authority Revenue (Millersville | | | | |
| University Student Housing Project) | 5.000% | 7/1/47 | 3,750 | 4,051 |
| East Norriton-Plymouth-Whitpain PA Joint | | | | |
| Sewer Authority Revenue | 5.000% | 8/1/38 | 2,500 | 2,829 |
| East Norriton-Plymouth-Whitpain PA Joint | | | | |
| Sewer Authority Revenue | 5.000% | 8/1/41 | 2,100 | 2,367 |
| Easton PA Area Joint Sewer Authority Revenue | 5.000% | 12/1/26 (15) | 200 | 240 |
| Easton PA Area Joint Sewer Authority Revenue | 5.000% | 12/1/27 (15) | 250 | 299 |
| Easton PA Area Joint Sewer Authority Revenue | 5.000% | 12/1/28 (15) | 250 | 297 |
| Emmaus PA General Authority Revenue VRDO | 0.400% | 6/7/16 LOC | 2,755 | 2,755 |
| Emmaus PA General Authority Revenue VRDO | 0.400% | 6/7/16 LOC | 1,300 | 1,300 |
| Erie City PA Water Authority Revenue | 5.000% | 12/1/49 (4) | 5,000 | 5,835 |
| Fox Chapel PA Area School District GO | 5.000% | 8/1/31 | 3,000 | 3,536 |
| Franklin County PA Industrial Development | | | | |
| Authority Revenue (Chambersburg Hospital | | | | |
| Project) | 5.375% | 7/1/42 | 17,075 | 19,381 |
| Geisinger Authority Health System Pennsylvania | | | | |
| Revenue (Geisinger Health System) | 5.125% | 6/1/34 | 5,000 | 5,494 |
| Geisinger Authority Health System Pennsylvania | | | | |
| Revenue (Geisinger Health System) | 5.250% | 6/1/39 | 20,735 | 22,815 |
| Geisinger Authority Health System Pennsylvania | | | | |
| Revenue (Geisinger Health System) | 5.000% | 6/1/41 | 5,000 | 5,780 |
| Geisinger Authority Health System Pennsylvania | | | | |
| Revenue (Geisinger Health System) VRDO | 0.330% | 6/1/16 | 1,900 | 1,900 |
36
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| Geisinger Authority Health System Pennsylvania | | | | |
| Revenue (Geisinger Health System) VRDO | 0.330% | 6/1/16 | 1,000 | 1,000 |
| Geisinger Authority Health System Pennsylvania | | | | |
| Revenue (Geisinger Health System) VRDO | 0.330% | 6/1/16 | 8,300 | 8,300 |
| Geisinger Authority Health System Pennsylvania | | | | |
| Revenue (Geisinger Health System) VRDO | 0.330% | 6/1/16 | 6,700 | 6,700 |
| Geisinger Authority Health System Pennsylvania | | | | |
| Revenue (Geisinger Health System) VRDO | 0.330% | 6/1/16 | 2,900 | 2,900 |
| Hampden Township PA GO | 5.000% | 5/15/31 | 1,060 | 1,225 |
| Hazleton PA Area School District GO | 0.000% | 3/1/17 (14) | 4,425 | 4,383 |
| Hempfield PA School District GO | 5.000% | 10/15/29 | 4,045 | 4,570 |
| Hempfield PA School District GO | 5.000% | 10/15/30 | 2,920 | 3,318 |
| Huntingdon County PA General Authority | | | | |
| Revenue | 5.000% | 5/1/46 | 3,750 | 4,279 |
| Jackson PA Authority for Industrial Development | | | | |
| Revenue (Stoneridge Retirement Living) VRDO | 0.410% | 6/7/16 LOC | 10,000 | 10,000 |
| Jim Thorpe PA Area School District GO | 5.000% | 3/15/25 (15) | 370 | 453 |
| Jim Thorpe PA Area School District GO | 5.000% | 3/15/27 (15) | 300 | 362 |
| Lackawanna County PA GO | 5.000% | 9/15/17 (Prere.) | 1,975 | 2,084 |
| Lackawanna County PA GO | 5.000% | 9/15/29 (4) | 3,745 | 3,914 |
| Lake Lehman PA School District GO | 0.000% | 4/1/17 (14) | 1,315 | 1,300 |
| Lake Lehman PA School District GO | 0.000% | 4/1/18 (14) | 1,000 | 973 |
| Lancaster County PA GO | 5.000% | 11/1/32 (4) | 5,000 | 5,595 |
| Lancaster County PA Hospital Authority Health | | | | |
| Center Revenue (Masonic Homes Project) | | | | |
| VRDO | 0.350% | 6/1/16 LOC | 2,300 | 2,300 |
| Lancaster County PA Hospital Authority Health | | | | |
| System Revenue (Lancaster General Hospital | | | | |
| Project) | 5.000% | 1/1/22 (Prere.) | 6,220 | 7,470 |
| 1 Lancaster County PA Hospital Authority Health | | | | |
| System Revenue (Lancaster General Hospital | | | | |
| Project) TOB VRDO | 0.430% | 6/7/16 | 6,765 | 6,765 |
| Lancaster County PA Hospital Authority Revenue | | | | |
| (University of Pennsylvania Health System) | 5.000% | 8/15/42 | 7,825 | 9,252 |
| Lancaster County PA Solid Waste Management | | | | |
| Authority Solid Waste Disposal System | | | | |
| Revenue | 5.250% | 12/15/30 | 3,000 | 3,573 |
| Lancaster County PA Solid Waste Management | | | | |
| Authority Solid Waste Disposal System | | | | |
| Revenue | 5.250% | 12/15/31 | 4,235 | 5,002 |
| Lancaster County PA Solid Waste Management | | | | |
| Authority Solid Waste Disposal System | | | | |
| Revenue | 5.250% | 12/15/32 | 2,600 | 3,061 |
| Lancaster County PA Solid Waste Management | | | | |
| Authority Solid Waste Disposal System | | | | |
| Revenue | 5.000% | 12/15/33 | 7,000 | 8,243 |
| Lancaster PA Higher Education Authority College | | | | |
| Revenue (Franklin & Marshall College) | 5.000% | 4/15/37 | 4,000 | 4,274 |
| Lancaster PA Industrial Development Authority | | | | |
| Revenue (Garden Spot Village Project) | 5.000% | 5/1/21 | 500 | 551 |
| Lancaster PA Industrial Development Authority | | | | |
| Revenue (Garden Spot Village Project) | 5.375% | 5/1/28 | 1,250 | 1,412 |
| Lancaster PA Industrial Development Authority | | | | |
| Revenue (Garden Spot Village Project) | 5.750% | 5/1/35 | 2,200 | 2,505 |
37
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| Lehigh County PA Authority Water & Sewer | | | | |
| Revenue | 0.000% | 12/1/24 | 1,695 | 1,349 |
| Lehigh County PA Authority Water & Sewer | | | | |
| Revenue | 5.000% | 12/1/43 | 14,305 | 16,494 |
| Lehigh County PA Authority Water & Sewer | | | | |
| Revenue | 5.125% | 12/1/47 | 3,000 | 3,476 |
| 2 Lehigh County PA General Purpose Authority | | | | |
| Revenue (Good Shepherd Obligated Group) | 4.000% | 11/1/46 | 3,485 | 3,698 |
| Lehigh County PA General Purpose Hospital | | | | |
| Authority Revenue (Lehigh Valley Health | | | | |
| Network) | 7.000% | 7/1/16 (14) | 765 | 768 |
| Lehigh County PA General Purpose Hospital | | | | |
| Authority Revenue (Lehigh Valley Health | | | | |
| Network) | 4.000% | 7/1/33 | 5,000 | 5,265 |
| Lehigh County PA General Purpose Hospital | | | | |
| Authority Revenue (Lehigh Valley Health | | | | |
| Network) | 5.000% | 7/1/35 (4) | 5,000 | 5,345 |
| Lower Merion PA School District GO | 5.000% | 9/1/17 (Prere.) | 5,000 | 5,268 |
| Lower Merion PA School District GO | 5.000% | 9/1/17 (Prere.) | 8,670 | 9,135 |
| Lower Merion PA School District GO | 5.000% | 9/1/17 (Prere.) | 5,885 | 6,200 |
| Lower Merion PA School District GO | 5.000% | 9/1/17 (Prere.) | 1,960 | 2,065 |
| Luzerne County PA GO | 5.250% | 12/15/21 (14) | 5,320 | 5,940 |
| Luzerne County PA GO | 5.000% | 11/15/29 (4) | 2,500 | 2,899 |
| Luzerne County PA Industrial Development | | | | |
| Authority Water Facility Revenue | | | | |
| (Pennsylvania-American Water Co.) | 5.500% | 12/1/39 | 10,000 | 11,282 |
| Lycoming County PA Authority College Revenue | | | | |
| (Pennsylvania College of Technology) | 5.000% | 5/1/26 | 2,000 | 2,316 |
| Lycoming County PA Authority College Revenue | | | | |
| (Pennsylvania College of Technology) | 5.250% | 10/1/27 (12) | 5,395 | 5,729 |
| Lycoming County PA Authority College Revenue | | | | |
| (Pennsylvania College of Technology) | 5.000% | 7/1/30 | 5,565 | 6,282 |
| Lycoming County PA Authority College Revenue | | | | |
| (Pennsylvania College of Technology) | 5.500% | 10/1/37 (12) | 6,650 | 7,128 |
| Lycoming County PA Authority Health System | | | | |
| Revenue (Susquehanna Health System Project) | 5.375% | 7/1/23 | 565 | 630 |
| Lycoming County PA Authority Health System | | | | |
| Revenue (Susquehanna Health System Project) | 5.500% | 7/1/28 | 35 | 39 |
| Lycoming County PA Authority Revenue | | | | |
| (Lycoming College) | 5.500% | 11/1/33 | 2,935 | 3,484 |
| McKeesport PA Area School District GO | 0.000% | 10/1/16 (14) | 4,655 | 4,637 |
| McKeesport PA Area School District GO | 0.000% | 10/1/18 (2) | 2,650 | 2,524 |
| Middletown PA School District GO | 5.000% | 3/1/29 | 1,660 | 1,921 |
| Middletown PA School District GO | 5.000% | 3/1/30 | 2,865 | 3,319 |
| Monroe County PA Hospital Authority Revenue | | | | |
| (Pocono Medical Center) | 5.000% | 1/1/27 | 2,000 | 2,044 |
| Monroe County PA Hospital Authority Revenue | | | | |
| (Pocono Medical Center) | 5.000% | 1/1/32 | 1,400 | 1,546 |
| Monroeville PA Finance Authority Revenue | | | | |
| (UPMC Health System) | 5.000% | 2/15/29 | 1,500 | 1,742 |
| Monroeville PA Finance Authority Revenue | | | | |
| (UPMC Health System) | 5.000% | 2/15/30 | 4,900 | 5,670 |
| Monroeville PA Finance Authority Revenue | | | | |
| (UPMC Health System) | 5.000% | 2/15/42 | 10,865 | 12,257 |
38
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| Montgomery County PA GO | 5.000% | 10/15/16 (Prere.) | 360 | 366 |
| Montgomery County PA GO | 5.000% | 10/15/16 (Prere.) | 90 | 91 |
| Montgomery County PA GO | 5.000% | 10/15/16 (Prere.) | 345 | 351 |
| Montgomery County PA GO | 4.000% | 4/1/29 | 3,080 | 3,462 |
| Montgomery County PA GO | 5.000% | 10/15/31 | 6,015 | 6,110 |
| Montgomery County PA GO VRDO | 0.360% | 6/1/16 | 14,525 | 14,525 |
| Montgomery County PA Higher Education & | | | | |
| Health Authority Hospital Revenue (Abington | | | | |
| Memorial Hospital) | 5.000% | 6/1/25 | 5,000 | 5,505 |
| Montgomery County PA Higher Education & | | | | |
| Health Authority Hospital Revenue (Abington | | | | |
| Memorial Hospital) | 5.000% | 6/1/31 | 14,705 | 16,759 |
| Montgomery County PA Higher Education & | | | | |
| Health Authority Hospital Revenue (Abington | | | | |
| Memorial Hospital) | 5.125% | 6/1/33 | 13,545 | 14,767 |
| Montgomery County PA Higher Education & | | | | |
| Health Authority Revenue (Arcadia University) | 5.000% | 4/1/29 | 2,580 | 2,952 |
| Montgomery County PA Higher Education & | | | | |
| Health Authority Revenue (Arcadia University) | 5.000% | 4/1/30 | 1,000 | 1,139 |
| Montgomery County PA Higher Education & | | | | |
| Health Authority Revenue (Arcadia University) | 5.750% | 4/1/40 | 3,000 | 3,394 |
| Montgomery County PA Higher Education & | | | | |
| Health Authority Revenue (Holy Redeemer | | | | |
| Health System) | 5.000% | 10/1/24 | 1,165 | 1,371 |
| Montgomery County PA Higher Education & | | | | |
| Health Authority Revenue (Holy Redeemer | | | | |
| Health System) | 5.000% | 10/1/25 | 1,200 | 1,394 |
| Montgomery County PA Higher Education & | | | | |
| Health Authority Revenue (Holy Redeemer | | | | |
| Health System) | 5.000% | 10/1/26 | 1,000 | 1,150 |
| Montgomery County PA Higher Education & | | | | |
| Health Authority Revenue (Holy Redeemer | | | | |
| Health System) | 5.000% | 10/1/27 | 1,000 | 1,133 |
| Montgomery County PA Higher Education & | | | | |
| Health Authority Revenue (Holy Redeemer | | | | |
| Health System) | 5.250% | 1/1/36 | 16,000 | 16,030 |
| Montgomery County PA Industrial Development | | | | |
| Authority Health Services Revenue (Albert | | | | |
| Einstein Healthcare Network) | 5.250% | 1/15/28 | 3,795 | 4,365 |
| Montgomery County PA Industrial Development | | | | |
| Authority Health Services Revenue (Albert | | | | |
| Einstein Healthcare Network) | 5.250% | 1/15/30 | 5,000 | 5,682 |
| Montgomery County PA Industrial Development | | | | |
| Authority Health Services Revenue (Albert | | | | |
| Einstein Healthcare Network) | 5.250% | 1/15/36 | 11,250 | 12,624 |
| Montgomery County PA Industrial Development | | | | |
| Authority Health Services Revenue (Albert | | | | |
| Einstein Healthcare Network) | 5.250% | 1/15/45 | 18,500 | 20,730 |
| Montgomery County PA Industrial Development | | | | |
| Authority Health Services Revenue (Albert | | | | |
| Einstein Healthcare Network) | 5.250% | 1/15/46 | 3,300 | 3,695 |
| Montgomery County PA Industrial Development | | | | |
| Authority Health Services Revenue (Jefferson | | | | |
| Health System) | 5.000% | 10/1/41 | 4,110 | 4,568 |
39
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| Montgomery County PA Industrial Development | | | | |
| Authority Retirement Community Revenue | | | | |
| (ACTS Retirement- Life Communities Obligated | | | | |
| Group) | 5.000% | 11/15/22 | 2,500 | 2,537 |
| 3 Montgomery County PA Industrial Development | | | | |
| Authority Revenue (New Regional Medical | | | | |
| Center Project) | 5.375% | 8/1/20 (Prere.) | 14,420 | 16,916 |
| Montgomery County PA Industrial Development | | | | |
| Authority Revenue (Philadelphia Presbyterian | | | | |
| Homes Inc. Project) | 6.625% | 12/1/30 | 1,565 | 1,822 |
| Montgomery County PA Industrial Development | | | | |
| Authority Revenue (Whitemarsh Continuing | | | | |
| Care Retirement Community Inc.) | 5.000% | 1/1/30 | 1,250 | 1,291 |
| Montgomery County PA Industrial Development | | | | |
| Authority Revenue (Whitemarsh Continuing | | | | |
| Care Retirement Community Inc.) | 5.250% | 1/1/40 | 4,000 | 4,068 |
| Montour PA School District GO | 5.000% | 4/1/36 (4) | 5,240 | 6,162 |
| Montour PA School District GO | 5.000% | 4/1/40 (4) | 3,170 | 3,705 |
| Moon Area School District PA GO | 5.000% | 11/15/28 | 2,970 | 3,597 |
| Moon Industrial Development Authority | | | | |
| Pennsylvania Revenue (Baptist Home Society | | | | |
| Obligated Group) | 6.000% | 7/1/45 | 3,500 | 3,899 |
| Mount Lebanon PA Hospital Authority Revenue | | | | |
| (St. Clair Memorial Hospital Project) | 5.000% | 7/1/31 | 6,270 | 7,059 |
| 2 Norristown PA School District GO | 4.000% | 9/1/33 (4) | 1,000 | 1,107 |
| Northampton County PA General Purpose | | | | |
| Authority College Revenue (Moravian College) | 5.000% | 10/1/40 | 1,125 | 1,288 |
| Northampton County PA General Purpose | | | | |
| Authority Hospital Revenue (St. Luke’s | | | | |
| Hospital Project) | 5.250% | 8/15/23 | 1,250 | 1,353 |
| Northampton County PA General Purpose | | | | |
| Authority Hospital Revenue (St. Luke’s | | | | |
| Hospital Project) | 5.250% | 8/15/24 | 1,295 | 1,399 |
| Northampton County PA General Purpose | | | | |
| Authority Hospital Revenue (St. Luke’s | | | | |
| Hospital Project) | 5.375% | 8/15/28 | 6,675 | 7,218 |
| Northampton County PA General Purpose | | | | |
| Authority Hospital Revenue (St. Luke’s | | | | |
| Hospital Project) | 5.000% | 8/15/33 | 10,000 | 11,170 |
| Northampton County PA General Purpose | | | | |
| Authority Hospital Revenue (St. Luke’s | | | | |
| Hospital Project) | 5.500% | 8/15/35 | 45 | 49 |
| Northampton County PA General Purpose | | | | |
| Authority Hospital Revenue (St. Luke’s | | | | |
| Hospital Project) | 5.500% | 8/15/40 | 5,100 | 5,489 |
| Northampton County PA General Purpose | | | | |
| Authority University Revenue (Lafayette | | | | |
| College) | 5.000% | 11/1/32 | 4,000 | 4,860 |
| Northampton County PA General Purpose | | | | |
| Authority University Revenue (Lehigh | | | | |
| University) | 5.000% | 11/15/39 | 2,595 | 2,860 |
| Northampton County PA Industrial Development | | | | |
| Authority Revenue (Morningstar Senior Living, | | | | |
| Inc. Project) | 5.000% | 7/1/32 | 1,775 | 1,858 |
40
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| Northampton County PA Industrial Development | | | | |
| Authority Revenue (Morningstar Senior Living, | | | | |
| Inc. Project) | 5.000% | 7/1/36 | 1,000 | 1,045 |
| Northeastern Pennsylvania Hospital & | | | | |
| Educational Authority Revenue (Wilkes | | | | |
| University Project) | 5.000% | 3/1/37 | 760 | 873 |
| Owen J. Roberts Pennsylvania School District GO | 5.000% | 5/15/27 | 500 | 607 |
| Owen J. Roberts Pennsylvania School District GO | 5.000% | 5/15/28 | 500 | 606 |
| Owen J. Roberts Pennsylvania School District GO | 4.000% | 5/15/29 | 1,200 | 1,329 |
| Owen J. Roberts Pennsylvania School District GO | 4.000% | 5/15/30 | 1,900 | 2,095 |
| Palmer Township PA GO | 4.000% | 5/15/29 | 1,435 | 1,598 |
| Palmer Township PA GO | 4.000% | 5/15/30 | 1,495 | 1,657 |
| Pennsylvania Economic Development Financing | | | | |
| Authority Health System Revenue (Albert | | | | |
| Einstein Healthcare Network) | 6.250% | 10/15/19 (Prere.) | 9,000 | 10,221 |
| Pennsylvania Economic Development Financing | | | | |
| Authority Parking System Revenue (Capitol | | | | |
| Region Parking System) | 0.000% | 1/1/29 (4) | 2,000 | 1,302 |
| Pennsylvania Economic Development Financing | | | | |
| Authority Parking System Revenue (Capitol | | | | |
| Region Parking System) | 0.000% | 1/1/30 (4) | 3,710 | 2,316 |
| Pennsylvania Economic Development Financing | | | | |
| Authority Parking System Revenue (Capitol | | | | |
| Region Parking System) | 5.500% | 1/1/31 (4) | 3,000 | 3,651 |
| Pennsylvania Economic Development Financing | | | | |
| Authority Parking System Revenue (Capitol | | | | |
| Region Parking System) | 0.000% | 1/1/36 (4) | 6,045 | 3,017 |
| Pennsylvania Economic Development Financing | | | | |
| Authority Parking System Revenue (Capitol | | | | |
| Region Parking System) | 0.000% | 1/1/38 (4) | 5,525 | 2,504 |
| Pennsylvania Economic Development Financing | | | | |
| Authority Parking System Revenue (Capitol | | | | |
| Region Parking System) | 5.250% | 1/1/44 (4) | 6,500 | 7,504 |
| Pennsylvania Economic Development Financing | | | | |
| Authority Revenue (UPMC Obligated Group) | 5.000% | 2/1/28 | 3,000 | 3,597 |
| Pennsylvania Economic Development Financing | | | | |
| Authority Revenue (UPMC Obligated Group) | 5.000% | 2/1/31 | 5,000 | 5,930 |
| Pennsylvania Economic Development Financing | | | | |
| Authority Revenue (UPMC Obligated Group) | 5.000% | 2/1/32 | 10,000 | 11,820 |
| Pennsylvania Economic Development Financing | | | | |
| Authority Revenue (UPMC Obligated Group) | 5.000% | 7/1/33 | 11,405 | 13,261 |
| Pennsylvania Economic Development Financing | | | | |
| Authority Revenue (UPMC Obligated Group) | 4.000% | 3/15/40 | 6,000 | 6,348 |
| Pennsylvania Economic Development Financing | | | | |
| Authority Revenue (UPMC Obligated Group) | 5.000% | 7/1/43 | 4,500 | 5,120 |
| Pennsylvania Economic Development Financing | | | | |
| Authority Revenue (UPMC Obligated Group) | 5.000% | 2/1/45 | 5,000 | 5,762 |
| Pennsylvania Economic Development Financing | | | | |
| Authority Revenue (UPMC Obligated Group) | 4.000% | 3/15/45 | 4,000 | 4,226 |
| 1 Pennsylvania Economic Development Financing | | | | |
| Authority Revenue (UPMC Obligated Group) | | | | |
| TOB VRDO | 0.500% | 6/7/16 | 1,670 | 1,670 |
41
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| Pennsylvania Economic Development Financing | | | | |
| Authority Water Facilities Revenue (American | | | | |
| Water Co. Project) | 6.200% | 4/1/39 | 5,000 | 5,657 |
| Pennsylvania Economic Development Financing | | | | |
| Authority Water Facilities Revenue (Aqua | | | | |
| Pennsylvania Inc. Project) | 5.000% | 10/1/39 | 5,500 | 6,110 |
| Pennsylvania Economic Development Financing | | | | |
| Authority Water Facilities Revenue (Aqua | | | | |
| Pennsylvania Inc. Project) | 4.750% | 11/15/40 | 2,500 | 2,773 |
| Pennsylvania Economic Development Financing | | | | |
| Authority Water Facilities Revenue (Aqua | | | | |
| Pennsylvania Inc. Project) | 5.000% | 11/15/40 | 4,075 | 4,538 |
| Pennsylvania Economic Development Financing | | | | |
| Authority Water Facilities Revenue (Aqua | | | | |
| Pennsylvania Inc. Project) | 5.000% | 12/1/43 | 10,000 | 11,429 |
| Pennsylvania GO | 5.000% | 7/1/17 | 16,000 | 16,746 |
| Pennsylvania GO | 5.000% | 8/1/17 | 10,000 | 10,494 |
| Pennsylvania GO | 5.000% | 2/15/18 | 12,745 | 13,617 |
| Pennsylvania GO | 5.000% | 5/1/18 | 15,000 | 16,150 |
| Pennsylvania GO | 5.000% | 5/1/19 | 5,000 | 5,543 |
| Pennsylvania GO | 5.000% | 7/1/19 | 15,000 | 16,710 |
| Pennsylvania GO | 5.000% | 7/1/20 | 7,300 | 8,302 |
| Pennsylvania GO | 5.000% | 11/15/20 | 8,740 | 10,027 |
| Pennsylvania GO | 5.375% | 7/1/21 | 16,000 | 18,894 |
| Pennsylvania GO | 5.000% | 7/1/22 | 10,000 | 11,861 |
| Pennsylvania GO | 4.000% | 7/1/23 | 4,000 | 4,488 |
| Pennsylvania GO | 5.000% | 8/15/24 | 5,000 | 6,122 |
| Pennsylvania GO | 5.000% | 11/15/24 | 10,000 | 11,810 |
| Pennsylvania GO | 5.000% | 3/15/25 | 11,795 | 14,480 |
| Pennsylvania GO | 5.000% | 6/1/25 | 10,000 | 11,701 |
| Pennsylvania GO | 5.000% | 11/15/25 | 10,000 | 11,771 |
| Pennsylvania GO | 5.000% | 6/1/26 | 10,000 | 11,621 |
| Pennsylvania GO | 5.000% | 11/15/26 | 6,705 | 7,869 |
| Pennsylvania GO | 5.000% | 6/1/27 | 10,000 | 11,558 |
| Pennsylvania GO | 5.000% | 3/15/28 | 18,550 | 22,360 |
| Pennsylvania GO | 5.000% | 4/1/28 | 10,000 | 11,785 |
| Pennsylvania GO | 5.000% | 6/1/28 | 5,000 | 5,753 |
| Pennsylvania GO | 4.000% | 8/15/28 (4) | 10,010 | 11,192 |
| Pennsylvania GO | 4.000% | 10/15/28 | 10,000 | 11,150 |
| Pennsylvania GO | 4.000% | 4/1/29 | 10,000 | 11,039 |
| Pennsylvania GO | 4.000% | 8/15/29 (4) | 6,290 | 7,000 |
| Pennsylvania GO | 5.000% | 11/15/29 | 5,000 | 5,845 |
| Pennsylvania GO | 4.000% | 4/1/30 | 10,000 | 10,983 |
| Pennsylvania GO | 4.000% | 6/15/30 | 10,000 | 11,025 |
| Pennsylvania GO | 4.000% | 8/15/30 (4) | 7,640 | 8,458 |
| Pennsylvania GO | 5.000% | 10/15/30 | 6,650 | 7,871 |
| Pennsylvania GO | 5.000% | 10/15/31 | 14,955 | 17,645 |
| Pennsylvania GO | 5.000% | 6/1/32 | 8,115 | 9,405 |
| Pennsylvania GO | 5.000% | 8/1/32 | 4,000 | 4,693 |
| Pennsylvania GO | 5.000% | 10/15/32 | 15,000 | 17,643 |
| Pennsylvania GO | 5.000% | 8/1/33 | 4,000 | 4,679 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (AICUP Financing Program - | | | | |
| Delaware Valley College Project) | 5.000% | 11/1/20 | 595 | 642 |
42
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (AICUP Financing Program - | | | | |
| Delaware Valley College Project) | 5.000% | 11/1/21 | 1,245 | 1,356 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (AICUP Financing Program - | | | | |
| Delaware Valley College Project) | 5.000% | 11/1/27 | 1,250 | 1,324 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (AICUP Financing Program - | | | | |
| Delaware Valley College Project) | 5.000% | 11/1/42 | 535 | 559 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Bryn Mawr College) | 5.000% | 12/1/26 | 900 | 1,120 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Drexel University) | 5.000% | 5/1/28 | 1,450 | 1,710 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Drexel University) | 5.000% | 5/1/29 | 1,260 | 1,482 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Drexel University) | 5.000% | 5/1/30 | 1,205 | 1,417 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Drexel University) | 5.000% | 5/1/31 | 1,085 | 1,272 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Drexel University) | 5.000% | 5/1/32 | 1,000 | 1,169 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Drexel University) | 5.000% | 5/1/32 (14) | 4,950 | 5,224 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Drexel University) | 5.000% | 5/1/37 (14) | 9,600 | 10,129 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Drexel University) VRDO | 0.350% | 6/1/16 LOC | 6,755 | 6,755 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Foundation for Indiana | | | | |
| University of Pennsylvania Student Housing) | 0.869% | 7/1/17 (10) | 1,020 | 1,021 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Foundation for Indiana | | | | |
| University of Pennsylvania Student Housing) | 5.125% | 7/1/39 (10) | 10,000 | 10,014 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Foundation for Indiana | | | | |
| University of Pennsylvania Student Housing) | 5.000% | 7/1/41 | 500 | 556 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Higher Education System) | 5.000% | 6/15/29 | 4,000 | 4,611 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Higher Education System) | 5.000% | 6/15/30 | 1,595 | 1,777 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Higher Education System) | 5.000% | 6/15/30 | 3,615 | 4,163 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Higher Education System) | 5.000% | 6/15/31 | 1,670 | 1,858 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Higher Education System) | 5.000% | 6/15/34 | 5,535 | 6,126 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (La Salle University) | 5.250% | 5/1/27 | 3,000 | 3,116 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (La Salle University) | 5.000% | 5/1/37 | 5,800 | 6,483 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Lock Haven University | | | | |
| Foundation Student Housing Project) | 4.000% | 7/1/28 | 3,500 | 3,567 |
43
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Philadelphia University) | 5.000% | 6/1/24 | 1,055 | 1,210 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Philadelphia University) | 5.000% | 6/1/27 | 1,175 | 1,316 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Philadelphia University) | 5.000% | 6/1/28 | 1,250 | 1,392 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Philadelphia University) | 5.000% | 6/1/32 | 2,000 | 2,197 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Shippensburg University) | 5.000% | 10/1/30 | 2,000 | 2,162 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Shippensburg University) | 5.000% | 10/1/35 | 1,400 | 1,498 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Shippensburg University) | 5.000% | 10/1/44 | 4,940 | 5,231 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Slippery Rock University | | | | |
| Foundation) | 5.000% | 7/1/17 (Prere.) | 5,000 | 5,231 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (St. Joseph’s University) | 5.000% | 11/1/33 | 1,265 | 1,431 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (St. Joseph’s University) | 5.000% | 11/1/34 | 4,000 | 4,483 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (St. Joseph’s University) | 5.000% | 11/1/40 | 9,920 | 11,245 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Temple University) | 5.000% | 4/1/35 | 7,755 | 8,956 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Temple University) | 5.000% | 4/1/42 | 11,120 | 12,743 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Thomas Jefferson | | | | |
| University) | 5.000% | 9/1/32 | 3,965 | 4,675 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Thomas Jefferson | | | | |
| University) | 5.000% | 9/1/39 (2) | 9,000 | 9,254 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Thomas Jefferson | | | | |
| University) | 5.000% | 9/1/39 | 7,000 | 8,111 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Thomas Jefferson | | | | |
| University) | 5.000% | 3/1/40 | 1,000 | 1,105 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Thomas Jefferson | | | | |
| University) | 5.000% | 9/1/45 | 17,800 | 20,551 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Thomas Jefferson | | | | |
| University) | 5.250% | 9/1/50 | 10,000 | 11,720 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Trustees of the University | | | | |
| of Pennsylvania) | 5.000% | 9/1/20 (Prere.) | 2,260 | 2,619 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Trustees of the University | | | | |
| of Pennsylvania) | 5.000% | 9/1/20 (Prere.) | 1,600 | 1,854 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Trustees of the University | | | | |
| of Pennsylvania) | 5.000% | 9/1/20 (Prere.) | 3,390 | 3,929 |
44
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Trustees of the University | | | | |
| of Pennsylvania) | 5.000% | 3/1/21 (Prere.) | 9,400 | 11,027 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Trustees of the University | | | | |
| of Pennsylvania) | 5.000% | 8/15/27 | 1,775 | 2,276 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Trustees of the University | | | | |
| of Pennsylvania) | 4.000% | 8/15/28 | 4,000 | 4,682 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Trustees of the University | | | | |
| of Pennsylvania) | 5.000% | 10/1/28 | 4,015 | 5,018 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Trustees of the University | | | | |
| of Pennsylvania) | 4.000% | 8/15/31 | 4,000 | 4,557 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Trustees of the University | | | | |
| of Pennsylvania) | 4.000% | 8/15/34 | 2,200 | 2,468 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Trustees of the University | | | | |
| of Pennsylvania) | 5.000% | 10/1/34 | 5,000 | 6,109 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Trustees of the University | | | | |
| of Pennsylvania) | 4.000% | 8/15/35 | 2,275 | 2,552 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Trustees of the University | | | | |
| of Pennsylvania) | 4.000% | 8/15/36 | 1,400 | 1,567 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of Pennsylvania | | | | |
| Health System) | 5.000% | 8/15/24 (Prere.) | 2,765 | 3,288 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of Pennsylvania | | | | |
| Health System) | 5.250% | 8/15/25 (Prere.) | 4,000 | 4,802 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of Pennsylvania | | | | |
| Health System) | 5.000% | 8/15/26 | 2,750 | 3,409 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of Pennsylvania | | | | |
| Health System) | 5.000% | 8/15/27 | 1,000 | 1,230 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of Pennsylvania | | | | |
| Health System) | 5.000% | 8/15/29 | 500 | 610 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of Pennsylvania | | | | |
| Health System) | 5.000% | 8/15/30 | 3,055 | 3,532 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of Pennsylvania | | | | |
| Health System) | 5.000% | 8/15/31 | 3,860 | 4,450 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of Pennsylvania | | | | |
| Health System) | 5.000% | 8/15/31 | 750 | 909 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of Pennsylvania | | | | |
| Health System) | 5.000% | 8/15/32 | 2,000 | 2,299 |
45
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of Pennsylvania | | | | |
| Health System) | 5.000% | 8/15/33 | 1,180 | 1,419 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of Pennsylvania | | | | |
| Health System) | 5.000% | 8/15/34 | 2,695 | 3,229 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of Pennsylvania | | | | |
| Health System) | 5.000% | 8/15/35 | 2,420 | 2,888 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of Pennsylvania | | | | |
| Health System) | 5.000% | 8/15/40 | 11,000 | 12,951 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of Pennsylvania | | | | |
| Health System) | 5.750% | 8/15/41 (Prere.) | 4,000 | 4,853 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of Pennsylvania | | | | |
| Health System) | 5.000% | 8/15/42 | 16,260 | 18,343 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of the Sciences) | 5.000% | 11/1/18 (Prere.) | 1,800 | 1,977 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of the Sciences) | 5.000% | 11/1/18 (Prere.) | 2,285 | 2,510 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of the Sciences) | 5.000% | 11/1/18 (Prere.) | 2,745 | 3,015 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of the Sciences) | 5.000% | 11/1/36 | 7,265 | 8,443 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of the Sciences) | 5.000% | 11/1/42 | 4,700 | 5,396 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Student Housing Revenue (University | | | | |
| Properties Inc.) | 6.000% | 7/1/21 | 2,125 | 2,386 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Student Housing Revenue (University | | | | |
| Properties Inc.) | 5.000% | 7/1/31 | 4,000 | 4,188 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Student Housing Revenue (University | | | | |
| Properties Inc.) | 5.000% | 7/1/42 | 2,500 | 2,588 |
| Pennsylvania Housing Finance Agency | | | | |
| Revenue VRDO | 0.420% | 6/7/16 | 1,000 | 1,000 |
| Pennsylvania Housing Finance Agency Single | | | | |
| Family Mortgage Revenue | 4.125% | 10/1/25 | 1,500 | 1,582 |
| Pennsylvania Housing Finance Agency Single | | | | |
| Family Mortgage Revenue | 4.500% | 10/1/30 | 1,500 | 1,577 |
| Pennsylvania Housing Finance Agency Single | | | | |
| Family Mortgage Revenue | 3.200% | 10/1/31 | 2,500 | 2,590 |
| Pennsylvania Housing Finance Agency Single | | | | |
| Family Mortgage Revenue | 3.500% | 10/1/36 | 4,500 | 4,603 |
| Pennsylvania Housing Finance Agency Single | | | | |
| Family Mortgage Revenue | 4.050% | 10/1/40 | 2,000 | 2,117 |
| Pennsylvania Housing Finance Agency Single | | | | |
| Family Mortgage Revenue | 4.050% | 10/1/40 | 1,525 | 1,590 |
| Pennsylvania Housing Finance Agency Single | | | | |
| Family Mortgage Revenue | 4.100% | 10/1/45 | 3,850 | 4,045 |
46
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| Pennsylvania Housing Finance Agency Single | | | | |
| Family Mortgage Revenue | 4.150% | 10/1/45 | 1,455 | 1,520 |
| Pennsylvania Industrial Development Authority | | | | |
| Economic Development Revenue | 5.500% | 7/1/18 (Prere.) | 17,530 | 19,221 |
| Pennsylvania Infrastructure Investment | | | | |
| Authority Revenue (PENNVEST Commonwealth | | | | |
| Funded Loan Pool Program) | 5.000% | 5/15/31 | 1,755 | 2,151 |
| Pennsylvania Intergovernmental Cooperation | | | | |
| Authority Special Tax Revenue (Philadelphia | | | | |
| Funding Program) | 5.000% | 6/15/22 | 3,230 | 3,711 |
| Pennsylvania Public School Building Authority | | | | |
| Lease Revenue (School District of Philadelphia) | 5.000% | 6/1/24 | 2,000 | 2,262 |
| Pennsylvania Public School Building Authority | | | | |
| Lease Revenue (School District of Philadelphia) | 5.000% | 6/1/25 | 1,610 | 1,840 |
| Pennsylvania Public School Building Authority | | | | |
| Lease Revenue (School District of Philadelphia) | 5.000% | 6/1/27 (4) | 12,880 | 13,159 |
| Pennsylvania Public School Building Authority | | | | |
| Lease Revenue (School District of Philadelphia) | 5.000% | 6/1/31 (4) | 18,305 | 18,695 |
| Pennsylvania State University Revenue | 5.000% | 8/15/19 | 920 | 982 |
| Pennsylvania State University Revenue | 5.000% | 3/1/22 | 1,250 | 1,378 |
| Pennsylvania State University Revenue | 5.000% | 3/1/23 | 2,020 | 2,221 |
| Pennsylvania State University Revenue | 5.000% | 8/15/24 | 2,000 | 2,132 |
| Pennsylvania State University Revenue | 5.000% | 3/1/26 | 4,800 | 5,271 |
| Pennsylvania State University Revenue | 5.000% | 9/1/27 | 2,205 | 2,753 |
| Pennsylvania State University Revenue | 5.000% | 9/1/27 | 4,810 | 6,004 |
| Pennsylvania State University Revenue | 5.000% | 3/1/28 | 1,000 | 1,096 |
| Pennsylvania State University Revenue | 5.000% | 9/1/29 | 1,170 | 1,449 |
| Pennsylvania State University Revenue | 5.000% | 9/1/29 | 4,565 | 5,654 |
| Pennsylvania State University Revenue | 5.000% | 9/1/30 | 1,100 | 1,358 |
| Pennsylvania State University Revenue | 5.000% | 9/1/30 | 6,900 | 8,515 |
| Pennsylvania Turnpike Commission Motor | | | | |
| License Fund Revenue | 5.000% | 12/1/27 | 2,540 | 3,007 |
| Pennsylvania Turnpike Commission Motor | | | | |
| License Fund Revenue | 5.000% | 12/1/29 | 2,925 | 3,435 |
| Pennsylvania Turnpike Commission Motor | | | | |
| License Fund Revenue | 5.000% | 12/1/37 | 4,000 | 4,625 |
| Pennsylvania Turnpike Commission Motor | | | | |
| License Fund Revenue | 5.000% | 12/1/41 | 2,720 | 3,070 |
| Pennsylvania Turnpike Commission Motor | | | | |
| License Fund Revenue | 5.500% | 12/1/41 | 7,000 | 8,014 |
| Pennsylvania Turnpike Commission Motor | | | | |
| License Fund Revenue | 5.000% | 12/1/43 | 5,430 | 6,236 |
| Pennsylvania Turnpike Commission Oil | | | | |
| Franchise Tax Revenue | 5.000% | 12/1/26 (2) | 4,000 | 4,082 |
| Pennsylvania Turnpike Commission Oil | | | | |
| Franchise Tax Revenue | 5.000% | 12/1/27 (2) | 3,000 | 3,058 |
| Pennsylvania Turnpike Commission Oil | | | | |
| Franchise Tax Revenue | 0.000% | 12/1/37 | 2,000 | 1,057 |
| Pennsylvania Turnpike Commission Revenue | 5.375% | 6/1/18 (Prere.) | 12,785 | 13,937 |
| Pennsylvania Turnpike Commission Revenue | 5.500% | 6/1/18 (Prere.) | 17,920 | 19,579 |
| Pennsylvania Turnpike Commission Revenue | 6.250% | 6/1/18 (Prere.) | 21,595 | 23,929 |
| 4 Pennsylvania Turnpike Commission Revenue | 1.080% | 12/1/18 | 1,000 | 997 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/24 | 1,000 | 1,191 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/25 | 16,665 | 18,795 |
47
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/28 | 2,305 | 2,775 |
| 2 Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/28 | 7,000 | 8,424 |
| Pennsylvania Turnpike Commission Revenue | 5.250% | 7/15/28 (4) | 6,875 | 8,774 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/29 | 8,375 | 9,982 |
| Pennsylvania Turnpike Commission Revenue | 5.500% | 12/1/29 | 2,525 | 3,120 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/30 | 4,600 | 5,317 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/30 | 3,400 | 3,937 |
| Pennsylvania Turnpike Commission Revenue | 5.500% | 12/1/30 | 2,500 | 3,085 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/31 | 9,500 | 11,478 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/32 | 7,090 | 8,357 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/32 | 10,000 | 12,048 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/33 | 5,410 | 6,380 |
| Pennsylvania Turnpike Commission Revenue | 0.000% | 12/1/33 | 1,250 | 1,388 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/33 | 2,000 | 2,341 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/33 | 9,800 | 11,765 |
| Pennsylvania Turnpike Commission Revenue | 5.250% | 12/1/33 | 2,560 | 3,063 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/34 | 2,000 | 2,334 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/34 | 10,000 | 11,963 |
| Pennsylvania Turnpike Commission Revenue | 5.250% | 12/1/34 | 4,410 | 5,265 |
| Pennsylvania Turnpike Commission Revenue | 5.250% | 6/1/36 | 12,435 | 13,505 |
| Pennsylvania Turnpike Commission Revenue | 6.000% | 12/1/36 | 2,500 | 2,946 |
| Pennsylvania Turnpike Commission Revenue | 6.500% | 12/1/36 | 3,000 | 3,702 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/37 | 9,650 | 10,644 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/37 | 7,615 | 8,676 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/38 | 8,145 | 9,432 |
| Pennsylvania Turnpike Commission Revenue | 0.000% | 12/1/38 | 2,500 | 2,708 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/38 | 7,500 | 8,356 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/39 (12) | 10,000 | 11,000 |
| 2 Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/39 | 10,500 | 12,163 |
| Pennsylvania Turnpike Commission Revenue | 5.250% | 6/1/39 | 30,895 | 34,098 |
| Pennsylvania Turnpike Commission Revenue | 5.750% | 6/1/39 | 23,000 | 25,784 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/39 | 2,000 | 2,364 |
| Pennsylvania Turnpike Commission Revenue | 5.250% | 12/1/39 | 2,000 | 2,344 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/40 | 7,500 | 8,419 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/40 | 5,400 | 6,062 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/40 | 7,200 | 8,390 |
| Pennsylvania Turnpike Commission Revenue | 5.125% | 12/1/40 | 20 | 22 |
| Pennsylvania Turnpike Commission Revenue | 0.000% | 12/1/41 | 9,365 | 6,816 |
| Pennsylvania Turnpike Commission Revenue | 5.300% | 12/1/41 | 22,000 | 24,489 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/42 | 9,500 | 10,719 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/43 | 5,300 | 6,123 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/44 | 6,900 | 8,041 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/44 | 6,000 | 6,992 |
| Pennsylvania Turnpike Commission Revenue | 5.250% | 12/1/44 | 2,640 | 3,055 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/45 | 10,000 | 11,482 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/45 | 4,700 | 5,480 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/46 | 1,485 | 1,696 |
| Philadelphia PA Airport Parking Authority | | | | |
| Revenue | 5.125% | 2/15/24 (2) | 1,045 | 1,049 |
| Philadelphia PA Airport Parking Authority | | | | |
| Revenue | 5.250% | 9/1/24 | 4,025 | 4,617 |
| Philadelphia PA Airport Parking Authority | | | | |
| Revenue | 5.125% | 9/1/29 | 5,975 | 6,715 |
| Philadelphia PA Airport Revenue | 5.000% | 6/15/23 | 3,000 | 3,367 |
48
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| Philadelphia PA Airport Revenue | 5.000% | 6/15/24 | 5,000 | 5,595 |
| Philadelphia PA Airport Revenue | 5.000% | 6/15/25 | 8,505 | 9,517 |
| Philadelphia PA Airport Revenue | 5.250% | 6/15/30 | 6,890 | 7,832 |
| Philadelphia PA Authority for Industrial | | | | |
| Development Revenue (Cultural & Commercial | | | | |
| Corridors) | 5.000% | 12/1/27 | 960 | 1,148 |
| Philadelphia PA Authority for Industrial | | | | |
| Development Revenue (Cultural & Commercial | | | | |
| Corridors) | 5.000% | 12/1/28 | 3,885 | 4,627 |
| Philadelphia PA Authority for Industrial | | | | |
| Development Revenue (Cultural & Commercial | | | | |
| Corridors) | 5.000% | 12/1/31 | 1,130 | 1,333 |
| Philadelphia PA Authority for Industrial | | | | |
| Development Revenue (Temple University) | 5.000% | 4/1/28 | 1,500 | 1,821 |
| Philadelphia PA Authority for Industrial | | | | |
| Development Revenue (Temple University) | 5.000% | 4/1/29 | 3,500 | 4,233 |
| Philadelphia PA Authority for Industrial | | | | |
| Development Revenue (Temple University) | 5.000% | 4/1/33 | 13,075 | 15,514 |
| Philadelphia PA Authority for Industrial | | | | |
| Development Revenue (Temple University) | 5.000% | 4/1/36 | 4,750 | 5,575 |
| Philadelphia PA Authority for Industrial | | | | |
| Development Revenue (Temple University) | 5.000% | 4/1/40 | 7,430 | 8,657 |
| Philadelphia PA Authority for Industrial | | | | |
| Development Revenue (The Children’s Hospital | | | | |
| of Philadelphia Project) | 4.000% | 7/1/44 | 10,900 | 11,621 |
| Philadelphia PA Gas Works Revenue | 3.000% | 8/1/16 (4) | 10 | 10 |
| Philadelphia PA Gas Works Revenue | 5.000% | 8/1/16 | 3,050 | 3,072 |
| Philadelphia PA Gas Works Revenue | 5.000% | 8/1/17 (4) | 25 | 26 |
| Philadelphia PA Gas Works Revenue | 5.250% | 8/1/17 | 2,000 | 2,102 |
| Philadelphia PA Gas Works Revenue | 5.000% | 10/1/17 (2) | 25 | 26 |
| Philadelphia PA Gas Works Revenue | 5.000% | 7/1/18 (4) | 5 | 5 |
| Philadelphia PA Gas Works Revenue | 5.375% | 7/1/18 (ETM) | 6,000 | 6,561 |
| Philadelphia PA Gas Works Revenue | 3.500% | 8/1/18 (4) | 75 | 79 |
| Philadelphia PA Gas Works Revenue | 5.000% | 8/1/19 (4) | 10 | 11 |
| Philadelphia PA Gas Works Revenue | 5.000% | 7/1/20 (4) | 15 | 17 |
| Philadelphia PA Gas Works Revenue | 5.000% | 7/1/22 (4) | 10 | 12 |
| Philadelphia PA Gas Works Revenue | 5.000% | 10/1/22 (2) | 5,730 | 6,011 |
| Philadelphia PA Gas Works Revenue | 5.000% | 10/1/27 (2) | 1,750 | 1,827 |
| Philadelphia PA Gas Works Revenue | 5.000% | 10/1/28 (2) | 75 | 78 |
| Philadelphia PA Gas Works Revenue | 5.000% | 8/1/29 | 2,000 | 2,390 |
| Philadelphia PA Gas Works Revenue | 5.000% | 8/1/30 (4) | 25 | 28 |
| Philadelphia PA Gas Works Revenue | 5.000% | 8/1/30 | 2,000 | 2,375 |
| Philadelphia PA Gas Works Revenue | 5.000% | 8/1/31 | 1,750 | 2,067 |
| Philadelphia PA Gas Works Revenue | 5.000% | 8/1/32 | 2,000 | 2,353 |
| Philadelphia PA Gas Works Revenue | 5.000% | 10/1/37 (2) | 3,000 | 3,143 |
| Philadelphia PA Gas Works Revenue | 5.250% | 8/1/40 (4) | 105 | 119 |
| Philadelphia PA Gas Works Revenue | 5.250% | 8/1/40 | 145 | 163 |
| Philadelphia PA Gas Works Revenue VRDO | 0.400% | 6/7/16 LOC | 4,000 | 4,000 |
| 3 Philadelphia PA GO | 7.125% | 7/15/16 (Prere.) | 3,500 | 3,528 |
| Philadelphia PA GO | 5.000% | 8/1/16 (Prere.) | 6,235 | 6,281 |
| Philadelphia PA GO | 5.000% | 8/1/16 (Prere.) | 8,005 | 8,064 |
| Philadelphia PA GO | 5.875% | 8/1/16 (Prere.) | 800 | 807 |
| Philadelphia PA GO | 5.000% | 8/1/28 | 4,000 | 4,766 |
| Philadelphia PA GO | 5.000% | 8/1/30 | 4,000 | 4,738 |
49
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| Philadelphia PA GO | 5.250% | 7/15/33 | 3,585 | 4,273 |
| Philadelphia PA GO | 6.000% | 8/1/36 | 7,430 | 8,805 |
| Philadelphia PA GO | 6.500% | 8/1/41 | 3,785 | 4,545 |
| Philadelphia PA Hospitals & Higher Education | | | | |
| Facilities Authority Hospital Revenue (Children’s | | | | |
| Hospital of Philadelphia Project) | 5.000% | 7/1/32 | 21,155 | 24,396 |
| Philadelphia PA Hospitals & Higher Education | | | | |
| Facilities Authority Hospital Revenue (Children’s | | | | |
| Hospital of Philadelphia Project) | 4.500% | 7/1/37 | 410 | 420 |
| Philadelphia PA Hospitals & Higher Education | | | | |
| Facilities Authority Hospital Revenue (Children’s | | | | |
| Hospital of Philadelphia Project) | 5.000% | 7/1/41 | 2,500 | 2,840 |
| Philadelphia PA Hospitals & Higher Education | | | | |
| Facilities Authority Hospital Revenue (Children’s | | | | |
| Hospital of Philadelphia Project) VRDO | 0.350% | 6/1/16 | 3,075 | 3,075 |
| Philadelphia PA Hospitals & Higher Education | | | | |
| Facilities Authority Hospital Revenue (Children’s | | | | |
| Hospital of Philadelphia Project) VRDO | 0.350% | 6/1/16 | 21,500 | 21,500 |
| Philadelphia PA Hospitals & Higher Education | | | | |
| Facilities Authority Hospital Revenue (Children’s | | | | |
| Hospital of Philadelphia Project) VRDO | 0.350% | 6/1/16 | 21,100 | 21,100 |
| Philadelphia PA Hospitals & Higher Education | | | | |
| Facilities Authority Hospital Revenue (Temple | | | | |
| University Health System Obligated Group) | 5.500% | 7/1/30 | 3,000 | 3,064 |
| Philadelphia PA Hospitals & Higher Education | | | | |
| Facilities Authority Hospital Revenue (Temple | | | | |
| University Health System Obligated Group) | 5.000% | 7/1/34 | 640 | 649 |
| Philadelphia PA Hospitals & Higher Education | | | | |
| Facilities Authority Hospital Revenue (Temple | | | | |
| University Health System Obligated Group) | 5.625% | 7/1/42 | 2,000 | 2,201 |
| Philadelphia PA Municipal Authority Revenue | 6.500% | 4/1/34 | 3,250 | 3,665 |
| Philadelphia PA Municipal Authority Revenue | 6.500% | 4/1/39 | 9,500 | 10,714 |
| Philadelphia PA Redevelopment Authority | | | | |
| Revenue | 5.000% | 4/15/27 | 2,000 | 2,358 |
| Philadelphia PA Redevelopment Authority | | | | |
| Revenue | 5.000% | 4/15/28 | 3,000 | 3,516 |
| Philadelphia PA School District GO | 6.000% | 9/1/18 (Prere.) | 295 | 329 |
| Philadelphia PA School District GO | 6.000% | 9/1/18 (Prere.) | 10 | 11 |
| Philadelphia PA School District GO | 6.000% | 9/1/18 (Prere.) | 20 | 22 |
| Philadelphia PA School District GO | 6.000% | 9/1/18 (Prere.) | 20 | 22 |
| Philadelphia PA School District GO | 6.000% | 9/1/18 (Prere.) | 5 | 6 |
| Philadelphia PA School District GO | 5.250% | 9/1/22 | 7,500 | 8,236 |
| Philadelphia PA School District GO | 5.250% | 9/1/23 | 7,500 | 8,201 |
| Philadelphia PA School District GO | 5.000% | 6/1/26 (14) | 5,000 | 5,821 |
| Philadelphia PA School District GO | 5.000% | 9/1/27 | 2,415 | 2,710 |
| Philadelphia PA School District GO | 5.000% | 9/1/29 | 2,665 | 2,959 |
| Philadelphia PA School District GO | 5.000% | 9/1/31 | 2,000 | 2,205 |
| Philadelphia PA School District GO | 6.000% | 9/1/38 | 19,650 | 20,847 |
| Philadelphia PA School District GO VRDO | 0.370% | 6/7/16 LOC | 2,500 | 2,500 |
| Philadelphia PA Water & Waste Water Revenue | 5.600% | 8/1/18 (ETM) | 925 | 1,009 |
| Philadelphia PA Water & Waste Water Revenue | 5.000% | 7/1/30 | 4,000 | 4,835 |
| Philadelphia PA Water & Waste Water Revenue | 5.250% | 1/1/32 | 5,000 | 5,469 |
| Philadelphia PA Water & Waste Water Revenue | 5.000% | 7/1/32 | 5,000 | 6,001 |
| Philadelphia PA Water & Waste Water Revenue | 4.000% | 7/1/34 | 6,000 | 6,499 |
| Philadelphia PA Water & Waste Water Revenue | 5.000% | 8/1/35 (4) | 7,000 | 7,913 |
| Philadelphia PA Water & Waste Water Revenue | 5.000% | 1/1/36 | 10,500 | 11,927 |
50
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| Philadelphia PA Water & Waste Water Revenue | 5.250% | 1/1/36 | 9,985 | 10,919 |
| Philadelphia PA Water & Waste Water Revenue | 5.000% | 7/1/40 | 10,000 | 11,700 |
| Philadelphia PA Water & Waste Water Revenue | 5.000% | 8/1/40 (4) | 7,000 | 7,913 |
| Philadelphia PA Water & Waste Water Revenue | 5.000% | 1/1/41 | 7,210 | 8,210 |
| Philadelphia PA Water & Waste Water Revenue | 5.125% | 1/1/43 | 9,000 | 10,274 |
| Philadelphia PA Water & Waste Water Revenue | 5.000% | 7/1/43 | 4,375 | 5,105 |
| Philadelphia PA Water & Waste Water Revenue | 5.000% | 7/1/45 | 19,600 | 22,838 |
| Pittsburgh & Allegheny County PA Sports & | | | | |
| Exhibition Authority Hotel Room Excise Tax | | | | |
| Revenue | 5.000% | 2/1/26 (4) | 3,030 | 3,526 |
| Pittsburgh PA GO | 5.000% | 9/1/28 (15) | 1,500 | 1,813 |
| Pittsburgh PA GO | 5.000% | 9/1/31 (15) | 1,120 | 1,340 |
| Pittsburgh PA GO | 5.000% | 9/1/32 (15) | 2,090 | 2,491 |
| Pittsburgh PA School District GO | 5.000% | 9/1/24 | 1,000 | 1,163 |
| Pittsburgh PA Water & Sewer Authority Revenue | 0.000% | 9/1/27 (14) | 10,830 | 7,918 |
| Pittsburgh PA Water & Sewer Authority Revenue | 0.000% | 9/1/29 (14) | 10,000 | 6,837 |
| Pittsburgh PA Water & Sewer Authority Revenue | 5.250% | 9/1/36 | 5,000 | 5,888 |
| Pittsburgh PA Water & Sewer Authority Revenue | 5.250% | 9/1/40 | 5,000 | 5,863 |
| Plum Borough PA School District GO | 5.000% | 9/15/36 (15) | 4,920 | 5,721 |
| Pocono Mountain PA School District GO | 5.000% | 3/1/17 (Prere.) | 1,005 | 1,038 |
| Pocono Mountain PA School District GO | 5.000% | 9/1/31 (4) | 1,995 | 2,050 |
| Pocono Mountains Industrial Park Authority | | | | |
| Pennsylvania Hospital Revenue (St. Luke’s | | | | |
| Hospital Obligated Group) | 5.000% | 8/15/40 | 3,750 | 4,268 |
| Reading PA Area Water Authority Revenue | 5.000% | 12/1/31 | 1,000 | 1,159 |
| Scranton PA School District GO | 5.250% | 6/15/16 (Prere.) | 2,375 | 2,379 |
| Scranton PA School District GO | 5.250% | 6/15/16 (Prere.) | 2,750 | 2,755 |
| Scranton-Lackawanna PA Health & Welfare | | | | |
| Authority Revenue (University of Scranton) | 5.000% | 11/1/32 (10) | 4,075 | 4,281 |
| Snyder County PA Higher Education Authority | | | | |
| University Revenue (Susquehanna University | | | | |
| Project) | 5.000% | 1/1/27 | 1,765 | 2,112 |
| Snyder County PA Higher Education Authority | | | | |
| University Revenue (Susquehanna University | | | | |
| Project) | 5.000% | 1/1/28 | 1,865 | 2,213 |
| Snyder County PA Higher Education Authority | | | | |
| University Revenue (Susquehanna University | | | | |
| Project) | 5.000% | 1/1/29 | 1,335 | 1,578 |
| Snyder County PA Higher Education Authority | | | | |
| University Revenue (Susquehanna University | | | | |
| Project) | 5.000% | 1/1/30 | 1,180 | 1,388 |
| Snyder County PA Higher Education Authority | | | | |
| University Revenue (Susquehanna University | | | | |
| Project) | 5.000% | 1/1/31 | 1,250 | 1,463 |
| Snyder County PA Higher Education Authority | | | | |
| University Revenue (Susquehanna University | | | | |
| Project) | 5.000% | 1/1/32 | 1,695 | 1,976 |
| South Fork PA Hospital Authority Hospital | | | | |
| Revenue (Conemaugh Valley Memorial Hospital | | | | |
| Project) | 5.750% | 7/1/18 (ETM) | 3,000 | 3,146 |
| Southcentral Pennsylvania General Authority | | | | |
| Revenue (Hanover Hospital Inc.) | 5.000% | 12/1/27 | 1,480 | 1,749 |
| Southcentral Pennsylvania General Authority | | | | |
| Revenue (Hanover Hospital Inc.) | 5.000% | 12/1/29 | 1,090 | 1,279 |
51
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| Southcentral Pennsylvania General Authority | | | | |
| Revenue (WellSpan Health Obligated Group) | 6.000% | 6/1/18 (Prere.) | 11,440 | 12,586 |
| Southcentral Pennsylvania General Authority | | | | |
| Revenue (WellSpan Health Obligated Group) | 6.000% | 6/1/25 | 8,560 | 9,205 |
| Southcentral Pennsylvania General Authority | | | | |
| Revenue (WellSpan Health Obligated Group) | 5.000% | 6/1/28 | 2,775 | 3,314 |
| Southcentral Pennsylvania General Authority | | | | |
| Revenue (WellSpan Health Obligated Group) | 5.000% | 6/1/29 | 1,500 | 1,786 |
| Southcentral Pennsylvania General Authority | | | | |
| Revenue (WellSpan Health Obligated Group) | 5.000% | 6/1/34 | 1,130 | 1,319 |
| Southcentral Pennsylvania General Authority | | | | |
| Revenue (WellSpan Health Obligated Group) | 5.000% | 6/1/44 | 2,500 | 2,874 |
| Southeastern Pennsylvania Transportation | | | | |
| Authority Revenue | 5.000% | 3/1/27 | 6,100 | 6,870 |
| Southeastern Pennsylvania Transportation | | | | |
| Authority Revenue | 5.000% | 3/1/28 | 5,000 | 5,597 |
| St. Mary Hospital Authority Pennsylvania Health | | | | |
| System Revenue (Catholic Health Initiatives) | 5.000% | 5/15/20 (Prere.) | 1,495 | 1,720 |
| St. Mary Hospital Authority Pennsylvania Health | | | | |
| System Revenue (Catholic Health Initiatives) | 5.000% | 11/15/26 | 5,000 | 5,683 |
| St. Mary Hospital Authority Pennsylvania Health | | | | |
| System Revenue (Catholic Health Initiatives) | 5.000% | 11/15/27 | 1,505 | 1,708 |
| State College PA Area School District GO | 5.000% | 3/15/34 | 2,000 | 2,391 |
| State College PA Area School District GO | 5.000% | 3/15/40 | 3,000 | 3,522 |
| State Public School Building Authority | | | | |
| Pennsylvania College Revenue (Community | | | | |
| College of Allegheny County Project) | 5.000% | 7/15/22 (4) | 1,100 | 1,269 |
| State Public School Building Authority | | | | |
| Pennsylvania College Revenue (Delaware | | | | |
| County Community College Project) | 5.000% | 10/1/29 (15) | 1,210 | 1,454 |
| State Public School Building Authority | | | | |
| Pennsylvania College Revenue (Delaware | | | | |
| County Community College Project) | 5.000% | 10/1/30 (15) | 1,035 | 1,238 |
| State Public School Building Authority | | | | |
| Pennsylvania College Revenue (Montgomery | | | | |
| County Community College) | 5.000% | 5/1/28 | 2,370 | 2,847 |
| State Public School Building Authority | | | | |
| Pennsylvania College Revenue (Montgomery | | | | |
| County Community College) | 5.000% | 5/1/33 | 1,025 | 1,207 |
| State Public School Building Authority | | | | |
| Pennsylvania College Revenue (Montgomery | | | | |
| County Community College) | 5.500% | 5/1/33 | 6,165 | 7,389 |
| State Public School Building Authority | | | | |
| Pennsylvania College Revenue (Montgomery | | | | |
| County Community College) | 5.000% | 5/1/34 | 2,125 | 2,493 |
| State Public School Building Authority | | | | |
| Pennsylvania College Revenue (Montgomery | | | | |
| County Community College) | 5.000% | 5/1/35 | 1,510 | 1,759 |
| State Public School Building Authority | | | | |
| Pennsylvania Lease Revenue (School District | | | | |
| of Philadelphia) | 5.000% | 4/1/22 | 1,250 | 1,403 |
| Susquehanna PA Area Regional Airport Authority | | | | |
| System Revenue | 4.000% | 1/1/33 | 5,000 | 5,056 |
| Swarthmore Borough PA Authority College | | | | |
| Revenue | 5.000% | 9/15/29 | 400 | 492 |
52
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| Swarthmore Borough PA Authority College | | | | |
| Revenue | 5.000% | 9/15/30 | 1,020 | 1,252 |
| Union County PA Higher Educational Facilities | | | | |
| Financing Authority University Revenue | | | | |
| (Bucknell University) | 5.000% | 4/1/29 | 1,055 | 1,295 |
| Union County PA Higher Educational Facilities | | | | |
| Financing Authority University Revenue | | | | |
| (Bucknell University) | 5.000% | 4/1/31 | 810 | 983 |
| Union County PA Higher Educational Facilities | | | | |
| Financing Authority University Revenue | | | | |
| (Bucknell University) | 5.000% | 4/1/32 | 1,000 | 1,209 |
| Union County PA Higher Educational Facilities | | | | |
| Financing Authority University Revenue | | | | |
| (Bucknell University) | 5.000% | 4/1/37 | 2,000 | 2,360 |
| Union County PA Higher Educational Facilities | | | | |
| Financing Authority University Revenue | | | | |
| (Bucknell University) | 5.000% | 4/1/42 | 2,000 | 2,360 |
| Unionville-Chadds Ford PA School District GO | 5.000% | 6/1/32 | 6,440 | 7,213 |
| University of Pittsburgh of the Commonwealth | | | | |
| System of Higher Education Pennsylvania | | | | |
| Revenue (University Capital Project) | 5.250% | 9/15/29 | 14,000 | 15,856 |
| 1 University of Pittsburgh PA Revenue TOB VRDO | 0.430% | 6/7/16 | 6,660 | 6,660 |
| West Shore PA Area Authority Hospital Revenue | | | | |
| (Holy Spirit Hospital of the Sisters of Christian | | | | |
| Charity Project) | 6.000% | 1/1/26 | 655 | 780 |
| West Shore PA Area Authority Hospital Revenue | | | | |
| (Holy Spirit Hospital of the Sisters of Christian | | | | |
| Charity Project) | 5.625% | 1/1/32 | 5,600 | 6,680 |
| West Shore PA Area Authority Revenue | | | | |
| (Messiah Lifeways Obligated Group) | 5.000% | 7/1/22 | 1,000 | 1,145 |
| West Shore PA Area Authority Revenue | | | | |
| (Messiah Lifeways Obligated Group) | 5.000% | 7/1/25 | 1,605 | 1,893 |
| West Shore PA Area Authority Revenue | | | | |
| (Messiah Lifeways Obligated Group) | 5.000% | 7/1/30 | 1,500 | 1,709 |
| West Shore PA Area Authority Revenue | | | | |
| (Messiah Lifeways Obligated Group) | 5.000% | 7/1/35 | 1,750 | 1,951 |
| West View PA Municipal Authority Water | | | | |
| Revenue | 5.000% | 11/15/33 | 1,500 | 1,821 |
| West View PA Municipal Authority Water | | | | |
| Revenue | 5.000% | 11/15/34 | 1,500 | 1,815 |
| West York PA Area School District GO | 5.000% | 4/1/33 | 4,245 | 4,913 |
| 1 Westmoreland County PA Industrial | | | | |
| Development Authority Revenue | 4.720% | 7/1/35 | 3,000 | 3,224 |
| Westmoreland County PA Industrial | | | | |
| Development Authority Revenue (Excela | | | | |
| Health Project) | 5.125% | 7/1/30 | 1,500 | 1,653 |
| Westmoreland County PA Municipal Authority | | | | |
| Revenue | 6.125% | 7/1/17 (ETM) | 2,775 | 2,820 |
| Westmoreland County PA Municipal Authority | | | | |
| Revenue | 5.000% | 8/15/33 | 9,465 | 11,043 |
| Westmoreland County PA Municipal Authority | | | | |
| Revenue | 5.000% | 8/15/37 | 7,895 | 9,099 |
| Westmoreland County PA Municipal Authority | | | | |
| Service Water Revenue | 0.000% | 8/15/23 (14) | 5,000 | 4,273 |
| Westmoreland County PA Municipal Authority | | | | |
| Service Water Revenue | 0.000% | 8/15/24 (14) | 4,000 | 3,326 |
53
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value• |
| | Coupon | Date | ($000) | ($000) |
| Wilkes-Barre PA Finance Authority Revenue | | | | |
| (University of Scranton Project) | 5.000% | 11/1/30 | 2,315 | 2,743 |
| Wilkes-Barre PA Finance Authority Revenue | | | | |
| (University of Scranton Project) | 5.000% | 11/1/31 | 2,430 | 2,872 |
| Wilkes-Barre PA Finance Authority Revenue | | | | |
| (University of Scranton Project) | 5.000% | 11/1/34 | 1,000 | 1,168 |
| Wilkes-Barre PA Finance Authority Revenue | | | | |
| (University of Scranton Project) | 5.000% | 11/1/35 | 4,110 | 4,659 |
| Wilkes-Barre PA Finance Authority Revenue | | | | |
| (University of Scranton Project) | 5.000% | 11/1/40 | 4,990 | 5,634 |
| Wilkes-Barre PA Finance Authority Revenue | | | | |
| (Wilkes University Project) | 5.000% | 3/1/17 (Prere.) | 1,315 | 1,358 |
| Wilkes-Barre PA Finance Authority Revenue | | | | |
| (Wilkes University Project) | 5.000% | 3/1/27 | 885 | 907 |
| York County PA GO | 5.000% | 6/1/31 | 2,180 | 2,668 |
| York County PA GO | 5.000% | 6/1/33 | 4,000 | 4,861 |
| York County PA GO | 5.000% | 6/1/38 | 5,000 | 5,954 |
| | | | | 3,480,432 |
| Guam (0.2%) | | | | |
| Guam Government Business Privilege Tax | | | | |
| Revenue | 5.000% | 11/15/39 | 4,900 | 5,662 |
| Guam Power Authority Revenue | 5.000% | 10/1/27 | 1,000 | 1,169 |
| | | | | 6,831 |
| Virgin Islands (0.1%) | | | | |
| Virgin Islands Public Finance Authority Revenue | 5.000% | 10/1/25 | 3,350 | 3,699 |
| |
| Puerto Rico (0.0%) | | | | |
| Puerto Rico Public Buildings Authority | | | | |
| Government Facilities Revenue | 5.750% | 7/1/22 (ETM) | 10 | 12 |
| Total Tax-Exempt Municipal Bonds (Cost $3,240,725) | | | 3,490,974 |
| |
| | | | | Amount |
| | | | | ($000) |
| Other Assets and Liabilities (0.5%) | | | | |
| Other Assets | | | | |
| Investment in Vanguard | | | | 288 |
| Receivables for Investment Securities Sold | | | | 15,975 |
| Receivables for Accrued Income | | | | 47,974 |
| Receivables for Capital Shares Issued | | | | 1,446 |
| Other Assets | | | | 1,049 |
| Total Other Assets | | | | 66,732 |
| Liabilities | | | | |
| Payables for Investment Securities Purchased | | | | (37,185) |
| Payables for Capital Shares Redeemed | | | | (2,657) |
| Payables for Distributions | | | | (3,470) |
| Payables to Vanguard | | | | (4,199) |
| Other Liabilities | | | | (90) |
| Total Liabilities | | | | (47,601) |
| Net Assets (100%) | | | | 3,510,105 |
54
| |
| Pennsylvania Long-Term Tax-Exempt Fund | |
| |
| |
| |
| At May 31, 2016, net assets consisted of: | |
| | Amount |
| | ($000) |
| Paid-in Capital | 3,258,986 |
| Overdistributed Net Investment Income | (2) |
| Accumulated Net Realized Gains | 778 |
| Unrealized Appreciation (Depreciation) | |
| Investment Securities | 250,249 |
| Futures Contracts | 94 |
| Net Assets | 3,510,105 |
| |
| Investor Shares—Net Assets | |
| Applicable to 29,005,760 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 344,774 |
| Net Asset Value Per Share—Investor Shares | $11.89 |
| |
| Admiral Shares—Net Assets | |
| Applicable to 266,299,669 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 3,165,331 |
| Net Asset Value Per Share—Admiral Shares | $11.89 |
• 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, 2016, the aggregate value of these securities was $28,069,000, representing 0.8% of net assets.
2 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of May 31, 2016.
3 Securities with a value of $2,047,000 have been segregated as initial margin for open futures contracts.
4 Adjustable-rate security.
A key to abbreviations and other references follows the Statement of Net Assets.
See accompanying Notes, which are an integral part of the Financial Statements.
55
Pennsylvania Long-Term Tax-Exempt Fund
Key to Abbreviations
ARS—Auction Rate Security.
BAN—Bond Anticipation Note.
COP—Certificate of Participation.
CP—Commercial Paper.
FR—Floating Rate.
GAN—Grant Anticipation Note.
GO—General Obligation Bond.
PILOT—Payments in Lieu of Taxes.
PUT—Put Option Obligation.
RAN—Revenue Anticipation Note.
TAN—Tax Anticipation Note.
TOB—Tender Option Bond.
TRAN—Tax Revenue Anticipation Note.
VRDO—Variable Rate Demand Obligation.
VRDP—Variable Rate Demand Preferred.
(ETM)—Escrowed to Maturity.
(Prere.)—Prerefunded.
Scheduled principal and interest payments are guaranteed by:
(1) MBIA (Municipal Bond Investors Assurance).
(2) AMBAC (Ambac Assurance Corporation).
(3) FGIC (Financial Guaranty Insurance Company).
(4) AGM (Assured Guaranty Municipal Corporation).
(5) BIGI (Bond Investors Guaranty Insurance).
(6) Connie Lee Inc.
(7) FHA (Federal Housing Authority).
(8) CapMAC (Capital Markets Assurance Corporation).
(9) American Capital Access Financial Guaranty Corporation.
(10) XL Capital Assurance Inc.
(11) CIFG (CDC IXIS Financial Guaranty).
(12) AGC (Assured Guaranty Corporation).
(13) BHAC (Berkshire Hathaway Assurance Corporation).
(14) NPFG (National Public Finance Guarantee Corporation).
(15) BAM (Build America Mutual Assurance Company).
(16) MAC (Municipal Assurance Corporation).
(17) RAA (Radian Asset Assurance Inc.).
The insurance does not guarantee the market value of the municipal bonds.
LOC—Scheduled principal and interest payments are guaranteed by bank letter of credit.
56
Pennsylvania Long-Term Tax-Exempt Fund
Statement of Operations
| |
| | Six Months Ended |
| | May 31, 2016 |
| | ($000) |
| Investment Income | |
| Income | |
| Interest | 62,862 |
| Total Income | 62,862 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 185 |
| Management and Administrative—Investor Shares | 290 |
| Management and Administrative—Admiral Shares | 1,519 |
| Marketing and Distribution—Investor Shares | 43 |
| Marketing and Distribution—Admiral Shares | 114 |
| Custodian Fees | 19 |
| Shareholders’ Reports—Investor Shares | 4 |
| Shareholders’ Reports—Admiral Shares | 4 |
| Trustees’ Fees and Expenses | 1 |
| Total Expenses | 2,179 |
| Net Investment Income | 60,683 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | 2,627 |
| Futures Contracts | 885 |
| Realized Net Gain (Loss) | 3,512 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | 69,443 |
| Futures Contracts | 91 |
| Change in Unrealized Appreciation (Depreciation) | 69,534 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 133,729 |
See accompanying Notes, which are an integral part of the Financial Statements.
57
Pennsylvania Long-Term Tax-Exempt Fund
Statement of Changes in Net Assets
| | |
| | Six Months Ended | Year Ended |
| | May 31, | November 30, |
| | 2016 | 2015 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 60,683 | 118,069 |
| Realized Net Gain (Loss) | 3,512 | 12,830 |
| Change in Unrealized Appreciation (Depreciation) | 69,534 | (12,339) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 133,729 | 118,560 |
| Distributions | | |
| Net Investment Income | | |
| Investor Shares | (6,340) | (12,707) |
| Admiral Shares | (54,348) | (105,287) |
| Realized Capital Gain1 | | |
| Investor Shares | (1,161) | (705) |
| Admiral Shares | (9,594) | (5,574) |
| Total Distributions | (71,443) | (124,273) |
| Capital Share Transactions | | |
| Investor Shares | (8,172) | (4,316) |
| Admiral Shares | 185,851 | 148,306 |
| Net Increase (Decrease) from Capital Share Transactions | 177,679 | 143,990 |
| Total Increase (Decrease) | 239,965 | 138,277 |
| Net Assets | | |
| Beginning of Period | 3,270,140 | 3,131,863 |
| End of Period2 | 3,510,105 | 3,270,140 |
1 Includes fiscal 2016 and 2015 short-term gain distributions totaling $197,000 and $724,000, respectively. Short-term gain distributions are treated as ordinary income dividends for tax purposes.
2 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($2,000) and $3,000. |
|
|
See accompanying Notes, which are an integral part of the Financial Statements.
58
Pennsylvania Long-Term Tax-Exempt Fund
Financial Highlights
| | | | | | | |
| Investor Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | May 31, | | | Year Ended November 30, |
| Throughout Each Period | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $11.67 | $11.69 | $11.04 | $11.93 | $11.20 | $10.99 |
| Investment Operations | | | | | | |
| Net Investment Income | .241 | .421 | .427 | .422 | .421 | .438 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | .258 | .003 | .650 | (.890) | .730 | .210 |
| Total from Investment Operations | .499 | .424 | 1.077 | (.468) | 1.151 | .648 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.241) | (.421) | (.427) | (.422) | (.421) | (.438) |
| Distributions from Realized Capital Gains | (.038) | (.023) | — | — | — | — |
| Total Distributions | (.279) | (.444) | (.427) | (.422) | (.421) | (.438) |
| Net Asset Value, End of Period | $11.89 | $11.67 | $11.69 | $11.04 | $11.93 | $11.20 |
| |
| Total Return1 | 4.02% | 3.70% | 9.90% | -3.96% | 10.43% | 6.07% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $345 | $346 | $351 | $381 | $490 | $470 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 3.50% | 3.62% | 3.73% | 3.70% | 3.62% | 4.00% |
| Portfolio Turnover Rate | 7% | 16% | 16% | 17% | 17% | 9% |
| The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized. | | |
| 1 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. |
|
See accompanying Notes, which are an integral part of the Financial Statements.
59
Pennsylvania Long-Term Tax-Exempt Fund
Financial Highlights
| | | | | | |
| Admiral Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | May 31, | | | Year Ended November 30, |
| Throughout Each Period | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $11.67 | $11.69 | $11.04 | $11.93 | $11.20 | $10.99 |
| Investment Operations | | | | | | |
| Net Investment Income | .247 | .431 | .436 | .431 | .430 | .447 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | .258 | .003 | .650 | (.890) | .730 | .210 |
| Total from Investment Operations | .505 | .434 | 1.086 | (.459) | 1.160 | .657 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.247) | (.431) | (.436) | (.431) | (.430) | (.447) |
| Distributions from Realized Capital Gains | (.038) | (.023) | — | — | — | — |
| Total Distributions | (.285) | (.454) | (.436) | (.431) | (.430) | (.447) |
| Net Asset Value, End of Period | $11.89 | $11.67 | $11.69 | $11.04 | $11.93 | $11.20 |
| |
| Total Return1 | 4.06% | 3.79% | 9.99% | -3.89% | 10.52% | 6.15% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $3,165 | $2,924 | $2,780 | $2,492 | $2,831 | $2,465 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 3.58% | 3.70% | 3.81% | 3.78% | 3.70% | 4.08% |
| Portfolio Turnover Rate | 7% | 16% | 16% | 17% | 17% | 9% |
| The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized. | | |
| 1 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. |
|
See accompanying Notes, which are an integral part of the Financial Statements.
60
Pennsylvania Long-Term Tax-Exempt Fund
Notes to Financial Statements
Vanguard Pennsylvania Long-Term Tax-Exempt Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state. The fund offers two classes of shares: Investor Shares and Admiral Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. Admiral Shares are designed for investors who meet certain administrative, service, and account-size criteria.
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 acquired over 60 days to maturity are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value.
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.
Futures contracts are valued at their quoted daily settlement prices. The aggregate settlement values of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the six months ended May 31, 2016, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of aggregate settlement values at each quarter-end during the period.
61
Pennsylvania Long-Term Tax-Exempt Fund
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (November 30, 2012–2015), and for the period ended May 31, 2016, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
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.
5. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at May 31, 2016, or at any time during the period then ended.
6. Other: Interest income is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At May 31, 2016, the fund had contributed to Vanguard capital in the amount of $288,000, representing 0.01% of the fund’s net assets and 0.12% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
62
Pennsylvania Long-Term Tax-Exempt Fund
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The following table summarizes the market value of the fund’s investments as of May 31, 2016, based on the inputs used to value them:
| | | |
| | Level 1 | Level 2 | Level 3 |
| Investments | ($000) | ($000) | ($000) |
| Tax-Exempt Municipal Bonds | — | 3,490,974 | — |
| Futures Contracts—Assets1 | 47 | — | — |
| Futures Contracts—Liabilities1 | (90) | — | — |
| Total | (43) | 3,490,974 | — |
| 1 Represents variation margin on the last day of the reporting period. | | | |
D. At May 31, 2016, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
| | | | |
| | | | | ($000) |
| | | | Aggregate | |
| | | Number of | Settlement | Unrealized |
| | | Long (Short) | Value | Appreciation |
| Futures Contracts | Expiration | Contracts | Long (Short) | (Depreciation) |
| Ultra 10-Year U.S. Treasury Note | September 2016 | 79 | 13,835 | 83 |
| 5-Year U.S. Treasury Note | September 2016 | 57 | 6,847 | 11 |
| | | | | 94 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
E. Capital gain distributions are determined on a tax basis and may differ from realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character.
63
Pennsylvania Long-Term Tax-Exempt Fund
Temporary differences arise when gains or losses are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year.
At May 31, 2016, the cost of investment securities for tax purposes was $3,243,438,000. Net unrealized appreciation of investment securities for tax purposes was $247,536,000, consisting of unrealized gains of $247,789,000 on securities that had risen in value since their purchase and $253,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the six months ended May 31, 2016, the fund purchased $239,801,000 of investment securities and sold $111,649,000 of investment securities, other than temporary cash investments.
G. Capital share transactions for each class of shares were:
| | | | |
| | Six Months Ended | | Year Ended |
| | | May 31, 2016 | November 30, 2015 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| Investor Shares | | | | |
| Issued | 69,812 | 5,921 | 76,951 | 6,593 |
| Issued in Lieu of Cash Distributions | 6,187 | 525 | 10,981 | 941 |
| Redeemed | (84,171) | (7,108) | (92,248) | (7,930) |
| Net Increase (Decrease)—Investor Shares | (8,172) | (662) | (4,316) | (396) |
| Admiral Shares | | | | |
| Issued | 269,732 | 22,830 | 359,005 | 30,785 |
| Issued in Lieu of Cash Distributions | 42,037 | 3,567 | 72,298 | 6,199 |
| Redeemed | (125,918) | (10,673) | (282,997) | (24,308) |
| Net Increase (Decrease)—Admiral Shares | 185,851 | 15,724 | 148,306 | 12,676 |
H. Management has determined that no material events or transactions occurred subsequent to May 31, 2016, that would require recognition or disclosure in these financial statements.
64
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.
65
| | | | |
| Six Months Ended May 31, 2016 | | | |
| | Beginning | Ending | Expenses |
| | Account Value | Account Value | Paid During |
| | 11/30/2015 | 5/31/2016 | Period |
| Based on Actual Fund Return | | | |
| Pennsylvania Tax-Exempt Money Market Fund | $1,000.00 | $1,000.43 | $0.45 |
| Pennsylvania Long-Term Tax-Exempt Fund | | | |
| Investor Shares | $1,000.00 | $1,040.23 | $1.02 |
| Admiral Shares | 1,000.00 | 1,040.63 | 0.61 |
| Based on Hypothetical 5% Yearly Return | | | |
| Pennsylvania Tax-Exempt Money Market Fund | $1,000.00 | $1,024.55 | $0.46 |
| Pennsylvania Long-Term Tax-Exempt Fund | | | |
| Investor Shares | $1,000.00 | $1,024.00 | $1.01 |
| Admiral Shares | 1,000.00 | 1,024.40 | 0.61 |
The calculations are based on expenses incurred in the most recent six-month period. The funds’ annualized six-month expense ratios for that period are: for the Pennsylvania Tax-Exempt Money Market Fund, 0.09%; and for the Pennsylvania Long-Term Tax-Exempt Fund, 0.20% for Investor Shares and 0.12% for Admiral Shares. (The six-month expense ratio for the Pennsylvania Tax-Exempt Money Market Fund reflects a temporary reduction in operating expenses, described in Note B of the Notes to Financial Statements. Before the reduction, the fund’s annualized six-month expense ratio was 0.16%.) The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (183/366).
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Trustees Approve Advisory Arrangements
The board of trustees of Vanguard Pennsylvania Tax-Exempt Money Market Fund and Vanguard Pennsylvania Long-Term Tax-Exempt Fund has renewed each fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard)—through its Fixed Income Group. The board determined that continuing the funds’ internalized management structure was in the best interests of each fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. The trustees 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 each 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 three 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 each advisory arrangement.
Investment performance
The board considered the short- and long-term performance of each fund, including any periods of outperformance or underperformance relative to a benchmark index (as applicable) and peer group. The board concluded that the performance was such that each advisory arrangement should continue. Information about the funds’ most recent performance can be found in the Performance Summary sections of this report.
Cost
The board concluded that each fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that each fund’s advisory fee rate was also well below its peer-group average. Information about the funds’ expenses appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements sections.
The board does not conduct a profitability analysis of Vanguard, because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees, and produces “profits” only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board concluded that each fund’s at-cost arrangement with Vanguard ensures that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangements again after a one-year period.
67
Glossary
7-Day SEC Yield and 30-Day SEC Yield. A money market fund’s 7-day SEC yield is calculated by annualizing its income distributions for the previous seven days, as required by the U.S. Securities and Exchange Commission. For other funds, 30-day SEC yield is derived using a formula specified by the commission. Under the formula, data related to the fund’s security holdings in the previous 30 days are used to calculate the fund’s hypothetical net income for that period, which is then annualized and divided by the fund’s estimated average net assets over the calculation period. For the purposes of this calculation, a security’s income is based on its current market yield to maturity (for bonds), its actual income (for asset-backed securities), or its projected dividend yield (for stocks). Because the SEC yield represents hypothetical annualized income, it will differ—at times significantly—from the fund’s actual experience. As a result, the fund’s income distributions may be higher or lower than implied by the SEC yield.
Average Coupon. The average interest rate paid on the fixed income securities held by a fund. It is expressed as a percentage of face value.
Average Duration. An estimate of how much the value of the bonds held by a fund will fluctuate in response to a change in interest rates. To see how the value could change, multiply the average duration by the change in rates. If interest rates rise by 1 percentage point, the value of the bonds in a fund with an average duration of five years would decline by about 5%. If rates decrease by a percentage point, the value would rise by 5%.
Average Stated Maturity. The average length of time until fixed income securities held by a fund reach maturity and are repaid using the maturity date of the security. The figure reflects the proportion of fund assets represented by each security; it also reflects any futures contracts held. In general, the longer the average stated maturity, the more a fund’s share price will fluctuate in response to changes in market interest rates.
Average Weighted Maturity. The average length of time until fixed income securities held by a fund reach maturity and are repaid. The figure reflects the proportion of fund assets represented by each security.
Beta. A measure of the magnitude of a fund’s past share-price fluctuations in relation to the ups and downs of a given market index. The index is assigned a beta of 1.00. Compared with a given index, a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the index rose or fell by 10%. For this report, beta is based on returns over the past 36 months for both the fund and the index. Note that a fund’s beta should be reviewed in conjunction with its R-squared (see definition). The lower the R-squared, the less correlation there is between the fund and the index, and the less reliable beta is as an indicator of volatility.
68
Credit Quality. For Vanguard money market funds, the Distribution by Credit Quality table includes tier ratings for consistency with SEC Rule 2a-7 under the Investment Company Act of 1940, which governs money market funds. A First Tier security is one that is eligible for money market funds and has been rated in the highest short-term rating category for debt obligations by the requisite nationally recognized statistical rating organizations. Credit-quality ratings are obtained from Moody’s, Fitch, and S&P. For securities rated by all three agencies, where two of them are in agreement and assign the highest rating category, the highest rating applies. If a security is only rated by two agencies, and their ratings are in different categories, the lower of the ratings applies. An unrated security is First Tier if it represents quality comparable to that of a rated security, as determined in accordance with SEC Rule 2a-7. A Second Tier security is one that is eligible for money market funds and is not a First Tier security. For Vanguard tax-exempt bond funds, credit-quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Credit-quality ratings are obtained from Moody’s and S&P, and the higher rating for each issue is used. ”Not Rated” is used to classify securities for which a rating is not available. Not rated securities include a fund’s investment in Vanguard Market Liquidity Fund or Vanguard Municipal Cash Management Fund, each of which invests in high-quality money market instruments and may serve as a cash management vehicle for the Vanguard funds, trusts, and accounts.
Expense Ratio. A fund’s total annual operating expenses expressed as a percentage of the fund’s average net assets. The expense ratio includes management and administrative expenses, but does not include the transaction costs of buying and selling portfolio securities.
Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.
R-Squared. A measure of how much of a fund’s past returns can be explained by the returns from the market in general, as measured by a given index. If a fund’s total returns were precisely synchronized with an index’s returns, its R-squared would be 1.00. If the fund’s returns bore no relationship to the index’s returns, its R-squared would be 0. For this report, R-squared is based on returns over the past 36 months for both the fund and the index.
Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.
Yield to Maturity. The rate of return an investor would receive if the fixed income securities held by a fund were held to their maturity dates.
Benchmark Information
Spliced Pennsylvania Tax-Exempt Money Market Funds Average: Pennsylvania Tax-Exempt Money Market Funds Average through August 31, 2013; Other States Tax-Exempt Money Market Funds Average thereafter.
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The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them on an at-cost basis.
A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 198 Vanguard funds.
The following table provides information for each trustee and executive officer of the fund. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
| |
| Interested Trustee1 | Rajiv L. Gupta |
| Born 1945. Trustee Since December 2001.2 Principal |
| F. William McNabb III | Occupation(s) During the Past Five Years and Other |
| Born 1957. Trustee Since July 2009. Chairman of | Experience: Chairman and Chief Executive Officer |
| the Board. Principal Occupation(s) During the Past | (retired 2009) and President (2006–2008) of |
| Five Years and Other Experience: Chairman of the | Rohm and Haas Co. (chemicals); Director of Tyco |
| Board of The Vanguard Group, Inc., and of each of | International plc (diversified manufacturing and |
| the investment companies served by The Vanguard | services), HP Inc. (printer and personal computer |
| Group, since January 2010; Director of The Vanguard | manufacturing), and Delphi Automotive plc |
| Group since 2008; Chief Executive Officer and | (automotive components); Senior Advisor at |
| President of The Vanguard Group, and of each of | New Mountain Capital. |
| the investment companies served by The Vanguard | |
| Group, since 2008; Director of Vanguard Marketing | Amy Gutmann |
| Corporation; Managing Director of The Vanguard | Born 1949. Trustee Since June 2006. Principal |
| Group (1995–2008). | Occupation(s) During the Past Five Years and |
| Other Experience: President of the University of |
| Independent Trustees | Pennsylvania; Christopher H. Browne Distinguished |
| Professor of Political Science, School of Arts and |
| Emerson U. Fullwood | Sciences, and Professor of Communication, Annenberg |
| Born 1948. Trustee Since January 2008. Principal | School for Communication, with secondary faculty |
| Occupation(s) During the Past Five Years and Other | appointments in the Department of Philosophy, School |
| Experience: Executive Chief Staff and Marketing | of Arts and Sciences, and at the Graduate School of |
| Officer for North America and Corporate Vice President | Education, University of Pennsylvania; Trustee of the |
| (retired 2008) of Xerox Corporation (document manage- | National Constitution Center; Chair of the Presidential |
| ment products and services); Executive in Residence | Commission for the Study of Bioethical Issues. |
| and 2009–2010 Distinguished Minett Professor at | |
| the Rochester Institute of Technology; Lead Director | JoAnn Heffernan Heisen |
| of SPX FLOW, Inc. (multi-industry manufacturing); | Born 1950. Trustee Since July 1998. Principal |
| Director of the United Way of Rochester, the University | Occupation(s) During the Past Five Years and |
| of Rochester Medical Center, Monroe Community | Other Experience: Corporate Vice President and |
| College Foundation, North Carolina A&T University, | Chief Global Diversity Officer (retired 2008) and |
| and Roberts Wesleyan College. | Member of the Executive Committee (1997–2008) |
| of Johnson & Johnson (pharmaceuticals/medical |
| devices/consumer products); Director of Skytop |
| Lodge Corporation (hotels) and the Robert Wood |
| Johnson Foundation; Member of the Advisory |
| Board of the Institute for Women’s Leadership |
| at Rutgers University. |
| | |
| F. Joseph Loughrey | Executive Officers | |
| Born 1949. Trustee Since October 2009. Principal | | |
| Occupation(s) During the Past Five Years and Other | Glenn Booraem | |
| Experience: President and Chief Operating Officer | Born 1967. Treasurer Since May 2015. Principal |
| (retired 2009) of Cummins Inc. (industrial machinery); | Occupation(s) During the Past Five Years and |
| Chairman of the Board of Hillenbrand, Inc. (specialized | Other Experience: Principal of The Vanguard Group, |
| consumer services), and of Oxfam America; Director | Inc.; Treasurer of each of the investment companies |
| of SKF AB (industrial machinery), Hyster-Yale Materials | served by The Vanguard Group; Controller of each of |
| Handling, Inc. (forklift trucks), the Lumina Foundation | the investment companies served by The Vanguard |
| for Education, and the V Foundation for Cancer | Group (2010–2015); Assistant Controller of each of |
| Research; Member of the Advisory Council for the | the investment companies served by The Vanguard |
| College of Arts and Letters and of the Advisory Board | Group (2001–2010). | |
| to the Kellogg Institute for International Studies, both | | |
| at the University of Notre Dame. | Thomas J. Higgins |
| Born 1957. Chief Financial Officer Since September |
| Mark Loughridge | 2008. Principal Occupation(s) During the Past Five |
| Born 1953. Trustee Since March 2012. Principal | Years and Other Experience: Principal of The Vanguard |
| Occupation(s) During the Past Five Years and Other | Group, Inc.; Chief Financial Officer of each of the |
| Experience: Senior Vice President and Chief Financial | investment companies served by The Vanguard Group; |
| Officer (retired 2013) at IBM (information technology | Treasurer of each of the investment companies served |
| services); Fiduciary Member of IBM’s Retirement Plan | by The Vanguard Group (1998–2008). |
| Committee (2004–2013); Director of the Dow Chemical | | |
| Company; Member of the Council on Chicago Booth. | Peter Mahoney |
| Born 1974. Controller Since May 2015. Principal |
| Scott C. Malpass | Occupation(s) During the Past Five Years and |
| Born 1962. Trustee Since March 2012. Principal | Other Experience: Head of Global Fund Accounting |
| Occupation(s) During the Past Five Years and Other | at The Vanguard Group, Inc.; Controller of each of the |
| Experience: Chief Investment Officer and Vice | investment companies served by The Vanguard Group; |
| President at the University of Notre Dame; Assistant | Head of International Fund Services at The Vanguard |
| Professor of Finance at the Mendoza College of | Group (2008–2014). | |
| Business at Notre Dame; Member of the Notre Dame | | |
| 403(b) Investment Committee, the Board of Advisors | Heidi Stam | |
| for Spruceview Capital Partners, and the Investment | Born 1956. Secretary Since July 2005. Principal |
| Advisory Committee of Major League Baseball; Board | Occupation(s) During the Past Five Years and Other |
| Member of TIFF Advisory Services, Inc., and Catholic | Experience: Managing Director of The Vanguard |
| Investment Services, Inc. (investment advisors). | Group, Inc.; General Counsel of The Vanguard Group; |
| Secretary of The Vanguard Group and of each of the |
| André F. Perold | investment companies served by The Vanguard Group; |
| Born 1952. Trustee Since December 2004. Principal | Director and Senior Vice President of Vanguard |
| Occupation(s) During the Past Five Years and Other | Marketing Corporation. | |
| Experience: George Gund Professor of Finance and | | |
| Banking, Emeritus at the Harvard Business School | Vanguard Senior Management Team |
| (retired 2011); Chief Investment Officer and Managing | |
| Partner of HighVista Strategies LLC (private investment | Mortimer J. Buckley | James M. Norris |
| firm); Director of Rand Merchant Bank; Overseer of | Kathleen C. Gubanich | Thomas M. Rampulla |
| the Museum of Fine Arts Boston. | Martha G. King | Glenn W. Reed |
| John T. Marcante | Karin A. Risi |
| Peter F. Volanakis | Chris D. McIsaac | |
| Born 1955. Trustee Since July 2009. Principal | | |
| Occupation(s) During the Past Five Years and Other | | |
| Experience: President and Chief Operating Officer | Chairman Emeritus and Senior Advisor |
| (retired 2010) of Corning Incorporated (communications | | |
| equipment); Trustee of Colby-Sawyer College and | John J. Brennan | |
| Chairman of its Finance and Enrollment Committee; | Chairman, 1996–2009 | |
| Member of the Advisory Board of the Norris Cotton | Chief Executive Officer and President, 1996–2008 |
| Cancer Center. | |
| | |
| Founder | |
| | |
| John C. Bogle | |
| Chairman and Chief Executive Officer, 1974–1996 |
1 Mr. McNabb is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.
2 December 2002 for Vanguard Equity Income Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
| |  |
| | | P.O. Box 2600 |
| | | Valley Forge, PA 19482-2600 |
| |
| |
| |
| Connect with Vanguard® > vanguard.com | |
| |
| |
| |
| Fund Information > 800-662-7447 | | CFA® is a registered trademark owned by CFA Institute. |
| Direct Investor Account Services > 800-662-2739 | |
| Institutional Investor Services > 800-523-1036 | |
| Text Telephone for People | | |
| Who Are Deaf or Hard of Hearing> 800-749-7273 | |
| |
| This material may be used in conjunction | |
| with the offering of shares of any Vanguard | |
| fund only if preceded or accompanied by | |
| the fund’s current prospectus. | |
| |
| All comparative mutual fund data are from Lipper, a | |
| Thomson Reuters Company, or Morningstar, Inc., unless | |
| otherwise noted. | | |
| |
| You can obtain a free copy of Vanguard’s proxy voting | |
| guidelines by visiting vanguard.com/proxyreporting or by | |
| calling Vanguard at 800-662-2739. The guidelines are | |
| also available from the SEC’s website, 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 sec.gov. | |
| |
| You can review and copy information about your fund at | |
| the SEC’s Public Reference Room in Washington, D.C. To | |
| find out more about this public service, call the SEC at | |
| 202-551-8090. Information about your fund is also | |
| available on the SEC’s website, and you can receive | |
| copies of this information, for a fee, by sending a | |
| request in either of two ways: via email addressed to | |
| publicinfo@sec.gov or via regular mail addressed to the | |
| Public Reference Section, Securities and Exchange | |
| Commission, Washington, DC 20549-1520. | |
| |
| | | © 2016 The Vanguard Group, Inc. |
| | | All rights reserved. |
| | | Vanguard Marketing Corporation, Distributor. |
| |
| | | Q772 072016 |
Item 2: Code of Ethics.
Not Applicable.
Item 3: Audit Committee Financial Expert.
Not Applicable.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Not Applicable.
Item 5: Audit Committee of Listed Registrants.
Not Applicable.
Item 6: Investments.
Not Applicable.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not Applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not Applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not Applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not Applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Exhibits.
(a) Certifications.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
| | VANGUARD PENNSYLVANIA TAX-FREE FUNDS |
| |
| |
| BY: | /s/ F. WILLIAM MCNABB III* |
| | F. WILLIAM MCNABB III |
| | CHIEF EXECUTIVE OFFICER |
| |
| Date: July 15, 2016 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| |
| | VANGUARD PENNSYLVANIA TAX-FREE FUNDS |
| |
| |
| BY: | /s/ F. WILLIAM MCNABB III* |
| | F. WILLIAM MCNABB III |
| | CHIEF EXECUTIVE OFFICER |
| |
| Date: July 15, 2016 |
| |
| | VANGUARD PENNSYLVANIA TAX-FREE FUNDS |
| |
| |
| BY: | /s/ THOMAS J. HIGGINS* |
| | THOMAS J. HIGGINS |
| | CHIEF FINANCIAL OFFICER |
| |
| Date: July 15, 2016 |
* By: /s/ Heidi Stam
Heidi Stam, pursuant to a Power of Attorney filed on April 22, 2014 see file Number
2-17620, Incorporated by Reference.
