UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES |
| Investment Company Act file number: | | 811-04571 | | |
Name of Registrant: | | Vanguard Pennsylvania Tax-Free Funds |
Address of Registrant: | | P. O. Box 2600 |
| | | Valley Forge, PA 19482 |
Name and address of agent for service: | | Anne E. Robinson, Esquire |
| | | P. O. Box 876 |
| | | Valley Forge, PA 19482 |
Registrant s telephone number, including area code: (610) 669-1000 |
Date of fiscal year end: November 30 |
Date of reporting period: December 31, 2016 November 30, 2017 |
Item 1: Reports to Shareholders |
Annual Report | November 30, 2017
Vanguard Pennsylvania Tax-Exempt Funds
Vanguard Pennsylvania Municipal 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 Performance at a Glance. | 1 |
| Chairman’s Perspective. | 3 |
| Advisor’s Report. | 7 |
| Results of Proxy Voting. | 11 |
| Pennsylvania Municipal Money Market Fund. | 13 |
| Pennsylvania Long-Term Tax-Exempt Fund. | 30 |
| About Your Fund’s Expenses. | 74 |
| Glossary. | 76 |
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: Nautical images have been part of Vanguard’s rich heritage since its start in 1975. For an incoming ship, a lighthouse offers a beacon and safe path to shore. You can similarly depend on Vanguard to put you first––and light the way––as you strive to meet your financial goals. Our client focus and low costs, stemming from our unique ownership structure, assure that your interests are paramount.
Your Fund’s Performance at a Glance
• For the 12 months ended November 30, 2017, Vanguard Pennsylvania Long-Term Tax-Exempt Fund returned 6.77% for Investor Shares and 6.88% for Admiral Shares. Those results exceeded the 6.20% return of the benchmark index and the 4.20% average return of peer funds.
• Vanguard Pennsylvania Municipal Money Market Fund returned 0.63%, surpassing the 0.33% average return of its peers.
• Municipal bonds quickly recovered from a postelection sell-off. Overall, credit quality in the municipal bond market remained solid, although a few states were hampered by details such as fiscal woes or underfunded pensions.
• The Long-Term Fund’s performance drivers included exposure to bonds with medium-and long-term maturities that spanned the investment-grade credit-quality spectrum. A-rated bonds performed particularly well.
• Please note that the Long-Term Fund will adjust its security selection parameters at the end of March. This change is addressed in the Advisor’s Report on page 7.
| | | | | |
| Total Returns: Fiscal Year Ended November 30, 2017 | | | | |
| | | Taxable- | | | |
| | SEC | Equivalent | Income | Capital | Total |
| | Yield | Yield | Returns | Returns | Returns |
| Vanguard Pennsylvania Municipal Money Market | 0.80% | 1.46% | 0.63% | 0.00% | 0.63% |
| Other States Tax-Exempt Money Market Funds | | | | | |
| Average | | | | | 0.33 |
| 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 | 2.51% | 4.58% | 3.61% | 3.16% | 6.77% |
| Admiral™ Shares | 2.61 | 4.76 | 3.72 | 3.16 | 6.88 |
| Bloomberg Barclays PA Municipal Bond Index | | | | | 6.20 |
| Pennsylvania Municipal Debt Funds Average | | | | | 4.20 |
Pennsylvania Municipal Debt Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
7-day SEC yield for the Pennsylvania Municipal 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 2017 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.
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| |
| Total Returns: Ten Years Ended November 30, 2017 | |
| | Average |
| | Annual Return |
| Pennsylvania Municipal Money Market Fund | 0.40% |
| Spliced Pennsylvania Tax-Exempt Money Market Funds Average | 0.26 |
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.
| |
| Pennsylvania Long-Term Tax-Exempt Fund Investor Shares | 4.38% |
| Bloomberg Barclays PA Municipal Bond Index | 4.58 |
| Pennsylvania Municipal Debt Funds Average | 3.72 |
| Pennsylvania Municipal Debt Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
The figures shown represent past performance, which is not a guarantee of future results. (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.
| | | |
| Expense Ratios | | | |
| Your Fund Compared With Its Peer Group | | | |
| | Investor | Admiral | Peer Group |
| | Shares | Shares | Average |
| Pennsylvania Municipal Money Market Fund | 0.16% | — | 0.21% |
| Pennsylvania Long-Term Tax-Exempt Fund | 0.19 | 0.09% | 1.01 |
The fund expense ratios shown are from the prospectus dated March 28, 2017, and represent estimated costs for the current fiscal year. For the fiscal year ended November 30, 2017, the funds’ expense ratios were: for the Pennsylvania Municipal Money Market Fund, 0.16%; and for the Pennsylvania Long-Term Tax-Exempt Fund, 0.19% for Investor Shares and 0.09% for Admiral Shares. Peer-group expense ratios are derived from data provided by Lipper, a Thomson Reuters Company, and capture information through year-end 2016.
Peer groups: For the Pennsylvania Municipal 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 money market peer group are based on net operating expenses after reimbursement and/or fee waivers by fund sponsors. In contrast, the Vanguard money market fund’s expense ratio in the table above does not reflect expense reductions.
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Chairman’s Perspective
Bill McNabb
Chairman and Chief Executive Officer
Dear Shareholder,
In my more than 30 years at Vanguard, I’ve seen both the best and worst that the markets have to offer.
A bullish start
The first part of my tenure, from 1986 through 1999, coincided with one of the greatest bull markets in stocks and bonds. To be sure, there were disruptions along the way, including the 1987 stock market crash and the 1997 Asian financial crisis. But the overall experience was that of a seemingly tireless bull, with investors earning robust returns.
U.S. stocks climbed an average of about 19% a year during that period, and U.S. bonds rose almost 9%.1
Of course, I paid close attention to such sound investing practices as choosing the right asset allocation, rebalancing in a disciplined fashion, thinking long-term, and—especially important—keeping costs low. But even investors who didn’t focus on these were doing well. It seemed hard to go wrong when everything was going right.
A tough second half
During the second part of my tenure, the markets have been more challenging. We’ve seen two severe corrections: the 2001–2002 dot-com bust and the brutal 2008–2009 Global Financial Crisis.
1 For calendar years 1986 through 1999, as measured by the Standard & Poor’s 500 Index and the Bloomberg Barclays U.S. Aggregate Bond Index.
Markets have clearly performed well over the years since the crisis, but they’ve done so against a backdrop of heightened uncertainty fueled by postcrisis regulatory changes and unprecedented monetary policy stimulus—not to mention stubbornly low economic growth, wage increases, and inflation.
Those factors are reflected in the far more modest market returns from 2000 through 2016: U.S. stocks gained an average of about 6% a year and U.S. bonds about 5%.2
In this more volatile, lower-return environment, those sound investing practices that may not have mattered to some investors in the earlier period actually mattered an awful lot.
What might the future hold?
No one can say for certain what lies ahead for the markets. However—and I realize this isn’t necessarily what investors want to hear—there are signs pointing to an increasingly challenging environment for both stocks and bonds.
| | | |
| Market Barometer | | | |
| | Average Annual Total Returns |
| | Periods Ended November 30, 2017 |
| | One Year | Three Years | Five Years |
| Stocks | | | |
| Russell 1000 Index (Large-caps) | 22.61% | 10.73% | 15.69% |
| Russell 2000 Index (Small-caps) | 18.34 | 11.14 | 15.02 |
| Russell 3000 Index (Broad U.S. market) | 22.27 | 10.75 | 15.63 |
| FTSE All-World ex US Index (International) | 27.59 | 6.18 | 7.46 |
| |
| Bonds | | | |
| Bloomberg Barclays U.S. Aggregate Bond Index | | | |
| (Broad taxable market) | 3.21% | 2.11% | 1.98% |
| Bloomberg Barclays Municipal Bond Index | | | |
| (Broad tax-exempt market) | 5.58 | 2.79 | 2.55 |
| Citigroup Three-Month U.S. Treasury Bill Index | 0.77 | 0.34 | 0.21 |
| |
| CPI | | | |
| Consumer Price Index | 2.20% | 1.46% | 1.39% |
2 For calendar years 2000 through 2016, as measured by the S&P 500 Index and the Bloomberg Barclays U.S. Aggregate Bond Index.
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Our economists recently issued Vanguard’s economic and market outlook for 2018. The report is packed with valuable insights about the global economy, inflation, interest rates, monetary policy, stock valuations, and bond yields. (You can read it at vanguard.com/research.)
A key takeaway is that investors should anticipate more “muted”—that’s economist-speak for “lower”—portfolio returns over the next ten years.
Given that outlook, the sound investing practices we’ve long promoted—diversification, rebalancing, discipline, and minimizing of costs—will be even more important for investment success. That’s true whether you’re an individual investor, an institutional investor, or an advisor working with clients.
Expectations for market returns
To develop Vanguard’s outlook, our economists use a proprietary statistical model that looks at a variety of inputs—valuations in particular—to run simulations over extended periods.* The output from the model includes ranges of potential returns from various asset classes and the probabilities of those outcomes.
For global stocks, the model projects that average annual returns over the next ten years could fall anywhere between roughly 0% and more than 10%, with the most likely outcome being 4.5%–6.5%. That range is far from a certainty, but for planning purposes, it’s a solid starting point. And it’s significantly lower than stocks’ long-term historical return of about 10% per year. Largely because of elevated valuations, the projected return range for U.S. stocks over the next ten years is even lower, at 3%–5%.
As for bonds, we expect action by the Federal Reserve and other major central banks to push yields a little higher, especially for shorter-term bonds. That upward movement would weigh on bond prices. Investors, though, would end up earning a little more income, which over time should more than offset any price declines.
The most likely range of average annual returns for global bonds over the next ten years is 2%–3%, according to our model. That’s also significantly lower than the long-term annual historical return of more than 5%.
* IMPORTANT: The projections and other information generated by the Vanguard Capital Markets Model regarding the
likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are
not guarantees of future results. VCMM results will vary with each use and over time. For more information, see the
next page.
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Being a silent partner isn’t enough
One of our senior investment strategists, Fran Kinniry, likes to say that investing is a partnership between you and the markets. Over the last 30 years, the markets have done much of the work for us. But if our outlook for muted returns is borne out, investors will likely have to do more of the heavy lifting. To stretch the analogy, you’ll need to become the majority partner.
I know that’s easier said than done. But boosting savings—putting an extra percent or two away each year for retirement, or, if you’ve already retired, drawing down savings a little more slowly—is within
your control. These sacrifices can help offset slimmer returns and pay off for you in greater long-term financial security.
As always, thank you for investing with Vanguard.
F. William McNabb III
Chairman and Chief Executive Officer
December 14, 2017
IMPORTANT: The projections and other information generated by the Vanguard Capital Markets Model regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. VCMM results will vary with each use and over time.
The VCMM projections are based on a statistical analysis of historical data. Future returns may behave differently from the historical patterns captured in the VCMM. More important, the VCMM may be underestimating extreme negative scenarios unobserved in the historical period on which the model estimation is based.
The VCMM is a proprietary financial simulation tool developed and maintained by Vanguard’s Investment Strategy Group. The model forecasts distributions of future returns for a wide array of broad asset classes. Those asset classes include U.S. and international equity markets, several maturities of the U.S. Treasury and corporate fixed income markets, international fixed income markets, U.S. money markets, commodities, and certain alternative investment strategies. The theoretical and empirical foundation for the Vanguard Capital Markets Model is that the returns of various asset classes reflect the compensation investors require for bearing different types of systematic risk (beta). At the core of the model are estimates of the dynamic statistical relationship between risk factors and asset returns, obtained from statistical analysis based on available monthly financial and economic data. Using a system of estimated equations, the model then applies a Monte Carlo simulation method to project the estimated interrelationships among risk factors and asset classes as well as uncertainty and randomness over time. The model generates a large set of simulated outcomes for each asset class over several time horizons. Forecasts are obtained by computing measures of central tendency in these simulations. Results produced by the tool will vary with each use and over time.
6
Advisor’s Report
For the 12 months ended November 30, 2017, Vanguard Pennsylvania Long-Term Tax-Exempt Fund returned 6.77% for Investor Shares and 6.88% for Admiral Shares. The fund outpaced its benchmark, the Bloomberg Barclays Pennsylvania Municipal Bond Index, which returned 6.20%, and the average 4.20% return of its peers. Vanguard Pennsylvania Municipal Money Market Fund returned 0.63%, exceeding the 0.33% average return of peer-group funds.
Price appreciation and interest income contributed solidly to results. For both Investor and Admiral Shares, the capital return was 3.16%. Return from income was 3.61% for Investor Shares and 3.72% for Admiral Shares.
The Long-Term Fund’s yield was relatively flat as municipal bond prices recovered from a sell-off at the beginning of the period. The fund’s 30-day SEC yield decreased to 2.51% from 2.55% for
Investor Shares and to 2.61% from 2.67% for Admiral Shares. The 7-day yield of the Money Market Fund, which owns bonds that are sensitive to monetary policy, jumped to 0.80% from 0.42% as the Federal Reserve raised rates three times during the year.
The funds are permitted to invest in securities that generate income distributions subject to the alternative minimum tax (AMT). During the fiscal year, however, only the Money Market Fund owned such securities.
Please note that Vanguard is planning to adjust the security selection parameters for the Long-Term Fund’s investable universe at the end of March. We are making this change across our state municipal bond fund lineup. Under the new parameters, we will seek to maintain at least 80% of the fund’s assets in investment-grade securities and no more than 20% in non-investment-grade
| | |
| Yields of Municipal Securities | | |
| (AAA-Rated General Obligation Issues) | | |
| | November 30, | November 30, |
| Maturity | 2016 | 2017 |
| 2 years | 1.16% | 1.57 |
| 5 years | 1.85 | 1.76 |
| 10 years | 2.52 | 2.15 |
| 30 years | 3.26 | 2.79 |
| Source: Vanguard. |
7
securities at the time of purchase. The previous security selection policy required 75% in A-rated or better securities, up to 20% in BBB-rated, and only 5% in non-investment-grade securities. The new parameters provide greater flexibility with respect to investment selection and may result in a higher risk profile for the fund.
The investment environment
The period began with a surge in optimism after the U.S. presidential election. The new administration focused its policy agenda on tax reform, infrastructure spending, and greater deregulation—all designed to spark economic growth.
The Federal Reserve also was enthusiastic about the health of the U.S. economy. In December, it raised the federal funds rate by a quarter of a percentage point—only the second increase in a decade—even though inflation was still running below the Fed’s 2% target. The outlook for stronger growth and higher inflation led investors to turn toward riskier assets, causing bond prices to slump while many stock market indexes soared to record highs.
The outlook dimmed a little in the new year, however, as it became clear that the slate of policy initiatives could prove harder to implement than anticipated. Moreover, inflation continued to disappoint, with weak readings proving less transient than expected and wage gains remaining modest despite a strong labor market. Some wary investors hedged their bets by edging back into bonds, lending support to prices.
The macroeconomic backdrop nevertheless stayed positive. Economic growth was in line with recent trends, oscillating around 2%–2.5%. Employment gains were relatively strong, averaging more than 160,000 jobs per month. That helped keep unemployment on a downward trajectory—over the period, it fell from 4.8% to a 17-year low of 4.1%. The housing and manufacturing sectors recorded decent growth as well.
Those developments likely played a part in the Fed’s decisions to raise rates again in March and June, pushing its target range up to 1%–1.25%, and to kick off the reduction of its $4.5 trillion balance sheet in October. All of those developments took the Fed further down the road of monetary policy normalization after its emergency intervention in the wake of the global financial crisis. (Right after the fiscal year closed, the Fed raised rates another 25 basis points.)
Demand for muni bonds proved uneven. Prices dropped in November and December as investors exited the market. Most of those losses were erased over the remainder of the period.
Comparatively low yields in many developed markets helped U.S. bonds stay attractive to international investors. Supply was supportive of prices as well. New issuance was more or less flat compared with a year earlier, but refunding fell off as interest rates climbed higher.
8
Credit quality in the municipal market was solid overall. There were some problem areas, many related to pensions, other retirement benefits, and overall debt levels, but prudence and our extensive credit analysis helped us steer clear of them.
In Pennsylvania, the unemployment rate dropped to 4.7% from 5.5% at the beginning of the fiscal year. The commonwealth’s economy grew at a slightly faster pace than that of the United States as a whole, according to a gauge of current economic conditions published by the Federal Reserve Bank of Philadelphia. For the 12 months ended October 2017, the bank’s index for Pennsylvania increased by 3.2%, while the national index rose 2.8%.
In June, legislators passed a bipartisan pension reform law that will move all new state employees to either a 401(k)-style plan or a hybrid 401(k)-defined benefit plan. The law did not address the existing unfunded liability of more than $70 billion, but it is a step in the right direction.
Legislators also managed to put aside political gridlock to pass a fiscal 2018 budget as the period came to an end. Lawmakers made up a potential $2 billion deficit by expanding legal gambling to areas such as airports and truck stops, borrowing against future tobacco settlement revenues, and implementing several one-time revenue measures. They resisted raising individual taxes or enacting a tax on natural gas extraction.
The commonwealth continued to enjoy low fixed costs from debt service, a growing health industry, and significant flexibility to raise taxes. But these positives were counterbalanced by political gridlock, primary revenue sources (income and wage tax) that can be volatile in a recession, and underfunded pension plans. Without the political will to raise taxes and with its reliance on one-time revenue measures, Pennsylvania’s credit profile could erode. During the fiscal year, S&P downgraded the state to A+ from AA-, and Fitch put its rating on watch. Both mentioned political gridlock, reliance on one-time revenue fixes, and deficit borrowings as potential negatives.
Management of the funds
We strive to add value through a diversified mix of strategies that include duration, yield-curve positioning, credit-quality decisions, and security selection. Vanguard’s experienced team of credit analysts performs objective and independent bond analysis. Our investment process relies on robust risk management that monitors the funds’ positioning.
The Long-Term Fund had an overweighted exposure to A-rated bonds that we felt had an attractive risk/return profile under the current market conditions. These securities, especially those with maturities between 10–20 years in the hospital and university revenue sectors, were some of the fund’s top performers. Premium callable bonds also helped drive performance.
9
Bonds with shorter maturities that were more susceptible to interest rate hikes, including some state general obligation bonds, were among the detractors.
A look ahead
In spite of long-term structural challenges including slowing productivity growth and demographic headwinds, the U.S. economy should break above its long-term potential growth rate of about 2% in 2018.
The unemployment rate has fallen to its lowest level since 2000 and is likely to move even lower. A reemergence of upward pressure on wages along with stable and broader global growth and some recovery in commodity prices may lead to stronger inflation than currently anticipated by financial markets. Our long-term inflation outlook, however, remains unchanged.
That backdrop should justify the Federal Reserve in raising rates to at least 2% by the end of 2018. The Fed will likely want to stick to the framework and timetable it has laid out for its balance sheet barring unexpected economic data or unintended consequences of tapering in the bond market.
We have been closely monitoring developments in Washington that could affect municipal bonds. The new tax law contains provisions that will marginally affect the municipal bond market. The largest change is the elimination of issuers’ ability to issue advance refunding bonds (bonds issued to effectively repay existing debt at lower rates). This change is expected to modestly reduce municipal supply in 2018, but the reduction should be offset by the reduced demand from the lowering of personal and corporate tax rates. So, we do not expect large changes to the municipal bond market as a result of the tax law changes.
Volatility could well pick up from the very low levels we’ve been experiencing. The list of potential catalysts for that is long and includes an inflation surprise, the federal government debt ceiling, trade negotiations, and geopolitical tensions.
We nevertheless expect munis to offer relative stability and a steady stream of income. Whatever the markets may bring, our experienced team of portfolio managers, traders, and credit analysts will continue to seek out opportunities to add to the funds’ performance.
Christopher W. Alwine, CFA, Principal, Head of Municipal Group James M. D’Arcy, CFA, Portfolio Manager John M. Carbone, Principal, Portfolio Manager December 22, 2017
10
Results of Proxy Voting
At a special meeting of shareholders on November 15, 2017, fund shareholders approved the following proposals:
Proposal 1—Elect trustees for the fund.*
The individuals listed in the table below were elected as trustees for the fund. All trustees with the exception of Ms. Mulligan, Ms. Raskin, and Mr. Buckley (each of whom already serves as a director of The Vanguard Group, Inc.) served as trustees to the funds prior to the shareholder meeting.
| | | |
| Trustee | For | Withheld | For |
| Mortimer J. Buckley | 1,512,993,698 | 60,539,913 | 96.2% |
| Emerson U. Fullwood | 1,508,684,956 | 64,848,655 | 95.9% |
| Amy Gutmann | 1,486,194,108 | 87,339,502 | 94.4% |
| JoAnn Heffernan Heisen | 1,509,588,469 | 63,945,141 | 95.9% |
| F. Joseph Loughrey | 1,510,149,901 | 63,383,709 | 96.0% |
| Mark Loughridge | 1,510,265,117 | 63,268,494 | 96.0% |
| Scott C. Malpass | 1,505,071,365 | 68,462,245 | 95.6% |
| F. William McNabb III | 1,507,336,644 | 66,196,966 | 95.8% |
| Deanna Mulligan | 1,513,016,050 | 60,517,560 | 96.2% |
| André F. Perold | 1,496,346,514 | 77,187,097 | 95.1% |
| Sarah Bloom Raskin | 1,507,223,265 | 66,310,345 | 95.8% |
| Peter F. Volanakis | 1,510,365,775 | 63,167,835 | 96.0% |
| *Results are for all funds within the same trust. |
Proposal 2—Approve a manager-of-managers arrangement with third-party investment advisors.
This arrangement enables the fund to enter into and materially amend investment advisory arrangements with third-party investment advisors, subject to the approval of the fund’s board of trustees and certain conditions imposed by the Securities and Exchange Commission (SEC), while avoiding the costs and delays associated with obtaining future shareholder approval.
| | | | | |
| | | | | Broker | Percentage |
| Vanguard Fund | For | Abstain | Against | Non-Votes | For |
| Pennsylvania Long-Term | | | | | |
| Tax-Exempt Fund | 185,581,618 | 6,356,969 | 8,248,134 | 29,462,329 | 80.8% |
| Pennsylvania Municipal | | | | | |
| Money Market Fund | 1,081,971,290 | 41,239,537 | 85,664,232 | 135,009,502 | 80.5% |
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Proposal 3—Approve a manager-of-managers arrangement with wholly owned subsidiaries of Vanguard.
This arrangement enables Vanguard or the fund to enter into and materially amend investment advisory arrangements with wholly owned subsidiaries of Vanguard, subject to the approval of the fund’s board of trustees and any conditions imposed by the SEC, while avoiding the costs and delays associated with obtaining future shareholder approval. The ability of the fund to operate in this manner is contingent upon the SEC’s approval of a pending application for an order of exemption.
| | | | | |
| | | | | Broker | Percentage |
| Vanguard Fund | For | Abstain | Against | Non-Votes | For |
| Pennsylvania Long-Term | | | | | |
| Tax-Exempt Fund | 186,535,796 | 6,222,084 | 7,428,841 | 29,462,329 | 81.2% |
| Pennsylvania Municipal | | | | | |
| Money Market Fund | 1,113,433,534 | 39,200,931 | 56,240,593 | 135,009,502 | 82.9% |
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Pennsylvania Municipal Money Market Fund
Fund Profile
As of November 30, 2017
| |
| Financial Attributes | |
| Ticker Symbol | VPTXX |
| Expense Ratio1 | 0.16% |
| 7-Day SEC Yield | 0.80% |
| Average Weighted | |
| Maturity | 22 days |
1 The expense ratio shown is from the prospectus dated March 28, 2017, and represents estimated costs for the current fiscal year. For the fiscal year ended November 30, 2017, the expense ratio was 0.16%.
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Pennsylvania Municipal 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. The fund is only available to retail investors (natural persons). You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1 per share, it cannot guarantee it will do so. The fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The fund’s 7-day SEC yield reflects its current earnings more closely than do the average annual returns.
Cumulative Performance: November 30, 2007, Through November 30, 2017
Initial Investment of $10,000
| | | | |
| | Average Annual Total Returns | |
| | Periods Ended November 30, 2017 | |
| |
| | | | | Final Value |
| | One | Five | Ten | of a $10,000 |
| | Year | Years | Years | Investment |
| |
| Pennsylvania Municipal Money Market | | | | |
| Fund | 0.63% | 0.18% | 0.40% | $10,409 |
| Spliced Pennsylvania Tax-Exempt | | | | |
| • • • • • • • • | | | | |
| Money Market Funds Average | 0.33 | 0.08 | 0.26 | 10,259 |
| 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. |
See Financial Highlights for dividend information.
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Pennsylvania Municipal Money Market Fund
| | |
| Fiscal-Year Total Returns (%): November 30, 2007, Through November 30, 2017 | |
| | | Spliced PA |
| | | Tax-Exempt |
| | | Money Mkt |
| | | Funds Avg. |
| Fiscal Year | Total Returns | Total Returns |
| 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 | 0.25 | 0.08 |
| 2017 | 0.63 | 0.33 |
| 7-day SEC yield (11/30/2017): 0.80% |
| 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. |
Average Annual Total Returns: Periods Ended September 30, 2017
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 Date | One Year | Five Years | Ten Years |
| Pennsylvania Municipal | | | | |
| Money Market Fund | 6/13/1988 | 0.59% | 0.16% | 0.45% |
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Pennsylvania Municipal Money Market Fund
Financial Statements
Statement of Net Assets
As of November 30, 2017
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 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 (99.7%) | | | | |
| Pennsylvania (99.7%) | | | | |
| | Abington PA School District GO | 5.000% | 10/1/18 | 1,010 | 1,043 |
| | Allegheny County PA GO VRDO | 0.960% | 12/7/17 LOC | 3,500 | 3,500 |
| | Allegheny County PA Higher Education | | | | |
| | Building Authority University Revenue | | | | |
| | (Carnegie Mellon University) VRDO | 0.940% | 12/1/17 | 67,645 | 67,645 |
| | Allegheny County PA Higher Education | | | | |
| | Building Authority University Revenue | | | | |
| | (Duquesne University) | 5.000% | 3/1/18 (Prere.) | 3,000 | 3,029 |
| | Allegheny County PA Hospital Development | | | | |
| | Authority Revenue (Concordia Lutheran) | | | | |
| | VRDO | 0.990% | 12/7/17 LOC | 39,680 | 39,680 |
| | Allegheny County PA Hospital Development | | | | |
| | Authority Revenue (Jefferson Regional | | | | |
| | Medical Center) VRDO | 0.970% | 12/7/17 LOC | 22,000 | 22,000 |
| | Allegheny County PA Hospital Development | | | | |
| | Authority Revenue (Jefferson Regional | | | | |
| | Medical Center) VRDO | 0.970% | 12/7/17 LOC | 14,800 | 14,800 |
| 1,2 | Allegheny County PA Hospital Development | | | | |
| | Authority Revenue (University of Pittsburgh | | | | |
| | Medical Center) TOB PUT | 1.140% | 12/1/17 LOC | 20,000 | 20,000 |
| 2 | Allegheny County PA Hospital Development | | | | |
| | Authority Revenue (University of Pittsburgh | | | | |
| | Medical Center) TOB VRDO | 0.980% | 12/1/17 LOC | 40,000 | 40,000 |
| | Allegheny County PA Industrial Development | | | | |
| | Authority Revenue (Western Pennsylvania | | | | |
| | School for Blind Children) VRDO | 0.960% | 12/7/17 | 11,600 | 11,600 |
| | Bucks County PA Industrial Development | | | | |
| | Authority Hospital Revenue (Grand View | | | | |
| | Hospital) VRDO | 0.950% | 12/7/17 LOC | 22,130 | 22,130 |
| | Bucks County PA Industrial Development | | | | |
| | Authority Hospital Revenue (Grand View | | | | |
| | Hospital) VRDO | 0.960% | 12/7/17 LOC | 10,575 | 10,575 |
16
| | | | |
| Pennsylvania Municipal Money Market Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value • |
| | Coupon | Date | ($000) | ($000) |
| Butler County PA General Authority | | | | |
| Revenue (Erie School District Project) | | | | |
| VRDO | 0.970% | 12/7/17 LOC | 16,270 | 16,270 |
| Butler County PA General Authority | | | | |
| Revenue (North Allegheny School | | | | |
| District Project) VRDO | 0.960% | 12/7/17 | 25,810 | 25,810 |
| Butler County PA Hospital Authority | | | | |
| Revenue (Concordia Lutheran | | | | |
| Obligated Group) VRDO | 0.990% | 12/7/17 LOC | 8,645 | 8,645 |
| Butler County PA Hospital Authority | | | | |
| Revenue (Concordia Lutheran | | | | |
| Obligated Group) VRDO | 0.990% | 12/7/17 LOC | 11,110 | 11,110 |
| Chambersburg PA Authority Revenue | | | | |
| (Wilson College Project) VRDO | 1.040% | 12/7/17 LOC | 10,500 | 10,500 |
| Crawford County PA Industrial | | | | |
| Development Authority College | | | | |
| Revenue (Allegheny College) VRDO | 0.980% | 12/7/17 LOC | 2,150 | 2,150 |
| Delaware County PA Industrial | | | | |
| Development Authority Airport | | | | |
| Facilities Revenue (United Parcel | | | | |
| Service Inc.) VRDO | 0.950% | 12/1/17 | 56,700 | 56,700 |
| Delaware County PA Industrial | | | | |
| Development Authority Solid | | | | |
| Waste Revenue (Scott Paper Co.) | | | | |
| VRDO | 0.990% | 12/7/17 | 13,500 | 13,500 |
| Delaware County PA Industrial | | | | |
| Development Authority Solid | | | | |
| Waste Revenue (Scott Paper Co.) | | | | |
| VRDO | 0.990% | 12/7/17 | 12,000 | 12,000 |
| Delaware County PA Industrial | | | | |
| Development Authority Solid Waste | | | | |
| Revenue (Scott Paper Co.) VRDO | 0.990% | 12/7/17 | 2,100 | 2,100 |
| Delaware River Port Authority | | | | |
| Pennsylvania & New Jersey | | | | |
| Revenue VRDO | 0.950% | 12/7/17 LOC | 15,965 | 15,965 |
| Emmaus PA General Authority | | | | |
| Revenue VRDO | 0.970% | 12/7/17 LOC | 5,700 | 5,700 |
| Emmaus PA General Authority | | | | |
| Revenue VRDO | 0.970% | 12/7/17 LOC | 13,900 | 13,900 |
| Emmaus PA General Authority | | | | |
| Revenue VRDO | 0.970% | 12/7/17 LOC | 1,200 | 1,200 |
| Emmaus PA General Authority | | | | |
| Revenue VRDO | 0.970% | 12/7/17 LOC | 1,100 | 1,100 |
| Emmaus PA General Authority | | | | |
| Revenue VRDO | 0.970% | 12/7/17 LOC | 11,900 | 11,900 |
| Emmaus PA General Authority | | | | |
| Revenue VRDO | 0.970% | 12/7/17 LOC | 10,000 | 10,000 |
| Emmaus PA General Authority | | | | |
| Revenue VRDO | 0.970% | 12/7/17 LOC | 18,600 | 18,600 |
| Emmaus PA General Authority | | | | |
| Revenue VRDO | 0.970% | 12/7/17 LOC | 4,700 | 4,700 |
| Emmaus PA General Authority | | | | |
| Revenue VRDO | 0.970% | 12/7/17 LOC | 600 | 600 |
17
| | | | |
| Pennsylvania Municipal Money Market Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value • |
| | Coupon | Date | ($000) | ($000) |
| Emmaus PA General Authority | | | | |
| Revenue VRDO | 0.970% | 12/7/17 LOC | 15,200 | 15,200 |
| Emmaus PA General Authority | | | | |
| Revenue VRDO | 0.970% | 12/7/17 LOC | 500 | 500 |
| Emmaus PA General Authority | | | | |
| Revenue VRDO | 0.970% | 12/7/17 LOC | 5,500 | 5,500 |
| Emmaus PA General Authority | | | | |
| Revenue VRDO | 0.970% | 12/7/17 LOC | 3,600 | 3,600 |
| Emmaus PA General Authority | | | | |
| Revenue VRDO | 0.970% | 12/7/17 LOC | 500 | 500 |
| Emmaus PA General Authority | | | | |
| Revenue VRDO | 0.970% | 12/7/17 LOC | 2,200 | 2,200 |
| Emmaus PA General Authority | | | | |
| Revenue VRDO | 0.970% | 12/7/17 LOC | 1,500 | 1,500 |
| Emmaus PA General Authority | | | | |
| Revenue VRDO | 0.970% | 12/7/17 LOC | 36,485 | 36,485 |
| 2 Geisinger Authority Health System | | | | |
| Pennsylvania Revenue (Geisinger | | | | |
| Health System) TOB VRDO | 0.990% | 12/7/17 (Prere.) | 5,230 | 5,230 |
| 2 Geisinger Authority Health System | | | | |
| Pennsylvania Revenue (Geisinger | | | | |
| Health System) TOB VRDO | 0.990% | 12/7/17 | 5,000 | 5,000 |
| 2 Geisinger Authority Health System | | | | |
| Pennsylvania Revenue (Geisinger | | | | |
| Health System) TOB VRDO | 0.990% | 12/7/17 | 2,785 | 2,785 |
| 2 Geisinger Authority Health System | | | | |
| Pennsylvania Revenue (Geisinger | | | | |
| Health System) TOB VRDO | 1.000% | 12/7/17 | 11,935 | 11,935 |
| Geisinger Authority Health System | | | | |
| Pennsylvania Revenue (Geisinger | | | | |
| Health System) VRDO | 0.920% | 12/1/17 | 2,100 | 2,100 |
| Harveys Lake PA General Municipal | | | | |
| Authority University Revenue | | | | |
| (Misericordia University Project) | | | | |
| VRDO | 0.970% | 12/7/17 LOC | 800 | 800 |
| Haverford Township PA School | | | | |
| District GO VRDO | 0.980% | 12/7/17 LOC | 20,760 | 20,760 |
| Lancaster County PA Hospital | | | | |
| Authority Health Center Revenue | | | | |
| (Masonic Homes Project) VRDO | 0.930% | 12/1/17 LOC | 5,420 | 5,420 |
| 2 Lancaster County PA Hospital | | | | |
| Authority Health System Revenue | | | | |
| (Lancaster General Hospital Project) | | | | |
| TOB VRDO | 0.990% | 12/7/17 (Prere.) | 6,765 | 6,765 |
| 2 Lancaster County PA Hospital | | | | |
| Authority Health System Revenue | | | | |
| (Lancaster General Hospital Project) | | | | |
| TOB VRDO | 0.990% | 12/7/17 (Prere.) | 3,410 | 3,410 |
| 2 Lancaster County PA Hospital | | | | |
| Authority Revenue (University of | | | | |
| Pennsylvania Health System) | | | | |
| TOB VRDO | 1.010% | 12/7/17 | 3,750 | 3,750 |
| | | | |
| Pennsylvania Municipal Money Market Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value • |
| | Coupon | Date | ($000) | ($000) |
| Lehigh County PA General Purpose | | | | |
| Hospital Authority Revenue | | | | |
| (Lehigh Valley Health Network) | 5.000% | 7/1/18 (Prere.) | 7,995 | 8,167 |
| Lower Merion PA School District | | | | |
| GO VRDO | 0.960% | 12/7/17 LOC | 23,965 | 23,965 |
| Lower Merion PA School District | | | | |
| GO VRDO | 0.960% | 12/7/17 LOC | 33,030 | 33,030 |
| 1 Manheim Township PA School | | | | |
| District GO | 1.015% | 5/1/18 | 1,200 | 1,200 |
| Montgomery County PA Higher | | | | |
| Education & Health Authority | | | | |
| Revenue (Gwynedd Mercy | | | | |
| University Project) VRDO | 0.960% | 12/7/17 LOC | 19,000 | 19,000 |
| Montgomery County PA | | | | |
| Redevelopment Authority | | | | |
| Revenue (Forge Gate Apartments | | | | |
| Project) VRDO | 1.000% | 12/7/17 LOC | 9,765 | 9,765 |
| Northampton County PA General | | | | |
| Purpose Authority University | | | | |
| Revenue (Lafayette College) VRDO | 1.000% | 12/7/17 | 22,290 | 22,290 |
| Northampton County PA General | | | | |
| Purpose Authority University | | | | |
| Revenue (Lafayette College) VRDO | 1.000% | 12/7/17 | 5,090 | 5,090 |
| Northampton County PA General | | | | |
| Purpose Authority University | | | | |
| Revenue (Lafayette College) VRDO | 1.000% | 12/7/17 | 5,500 | 5,500 |
| Northampton County PA General | | | | |
| Purpose Authority University | | | | |
| Revenue (Lehigh University) VRDO | 0.940% | 12/7/17 | 7,210 | 7,210 |
| Northampton County PA General | | | | |
| Purpose Authority University | | | | |
| Revenue (Lehigh University) VRDO | 0.990% | 12/7/17 | 4,520 | 4,520 |
| Northampton County PA General | | | | |
| Purpose Authority University | | | | |
| Revenue (Lehigh University) VRDO | 0.990% | 12/7/17 | 14,375 | 14,375 |
| Pennsylvania Economic Development | | | | |
| Financing Authority Exempt Facilities | | | | |
| Revenue (York Water Co. Project) VRDO | 1.020% | 12/7/17 LOC | 12,000 | 12,000 |
| Pennsylvania Economic Development | | | | |
| Financing Authority Solid Waste | | | | |
| Disposal Revenue (IESI PA Corporation | | | | |
| Project) VRDO | 1.020% | 12/7/17 LOC | 14,000 | 14,000 |
| 2 Pennsylvania Economic Development | | | | |
| Financing Authority Water Facilities | | | | |
| Revenue (Aqua Pennsylvania Inc. | | | | |
| Project) TOB VRDO | 1.000% | 12/7/17 (13) | 9,900 | 9,900 |
| Pennsylvania GO | 5.000% | 2/15/18 | 10,000 | 10,084 |
| Pennsylvania GO | 5.000% | 7/1/18 | 1,780 | 1,822 |
| Pennsylvania GO | 5.000% | 9/15/18 | 4,000 | 4,123 |
| Pennsylvania GO | 5.000% | 9/15/18 | 1,320 | 1,360 |
| Pennsylvania GO | 5.000% | 10/15/18 | 2,500 | 2,582 |
| 2 Pennsylvania GO TOB VRDO | 0.990% | 12/7/17 (Prere.) | 5,445 | 5,445 |
| 2 Pennsylvania GO TOB VRDO | 1.000% | 12/7/17 | 13,500 | 13,500 |
| 2 Pennsylvania GO TOB VRDO | 1.000% | 12/7/17 | 8,000 | 8,000 |
19
| | | | |
| Pennsylvania Municipal Money Market Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value • |
| | Coupon | Date | ($000) | ($000) |
| 2 Pennsylvania GO TOB VRDO | 1.000% | 12/7/17 | 10,400 | 10,400 |
| 2 Pennsylvania GO TOB VRDO | 1.010% | 12/7/17 | 2,000 | 2,000 |
| Pennsylvania Higher Educational | | | | |
| Facilities Authority Revenue | | | | |
| (Drexel University) VRDO | 0.960% | 12/7/17 LOC | 24,890 | 24,890 |
| Pennsylvania Higher Educational | | | | |
| Facilities Authority Revenue | | | | |
| (Drexel University) VRDO | 0.960% | 12/7/17 LOC | 38,205 | 38,205 |
| Pennsylvania Higher Educational | | | | |
| Facilities Authority Revenue | | | | |
| (Drexel University) VRDO | 0.960% | 12/7/17 LOC | 1,685 | 1,685 |
| Pennsylvania Higher Educational | | | | |
| Facilities Authority Revenue | | | | |
| (Susquehanna University) VRDO | 0.980% | 12/7/17 LOC | 3,900 | 3,900 |
| 2 Pennsylvania Higher Educational | | | | |
| Facilities Authority Revenue | | | | |
| (Trustees of the University of | | | | |
| Pennsylvania) TOB VRDO | 1.000% | 12/7/17 | 6,665 | 6,665 |
| 2 Pennsylvania Higher Educational | | | | |
| Facilities Authority Revenue | | | | |
| (University of Pennsylvania | | | | |
| Health System) TOB VRDO | 1.000% | 12/7/17 | 5,865 | 5,865 |
| 2 Pennsylvania Higher Educational | | | | |
| Facilities Authority Revenue | | | | |
| (University of Pennsylvania Health | | | | |
| System) TOB VRDO | 1.010% | 12/7/17 | 4,095 | 4,095 |
| Pennsylvania Higher Educational | | | | |
| Facilities Authority Revenue | | | | |
| (University of Pennsylvania Health | | | | |
| System) VRDO | 0.930% | 12/7/17 LOC | 59,695 | 59,695 |
| Pennsylvania Housing Finance | | | | |
| Agency Multifamily Housing | | | | |
| Revenue VRDO | 1.000% | 12/7/17 LOC | 4,950 | 4,950 |
| Pennsylvania Housing Finance | | | | |
| Agency Single Family Mortgage | | | | |
| Revenue | 4.000% | 10/1/18 | 2,355 | 2,410 |
| 2 Pennsylvania Housing Finance | | | | |
| Agency Single Family Mortgage | | | | |
| Revenue TOB VRDO | 0.990% | 12/7/17 | 15,300 | 15,300 |
| 2 Pennsylvania Housing Finance | | | | |
| Agency Single Family Mortgage | | | | |
| Revenue TOB VRDO | 0.990% | 12/7/17 | 6,255 | 6,255 |
| 2 Pennsylvania Housing Finance | | | | |
| Agency Single Family Mortgage | | | | |
| Revenue TOB VRDO | 1.000% | 12/7/17 | 3,270 | 3,270 |
| 2 Pennsylvania Housing Finance | | | | |
| Agency Single Family Mortgage | | | | |
| Revenue TOB VRDO | 1.030% | 12/7/17 | 2,155 | 2,155 |
| Pennsylvania Housing Finance | | | | |
| Agency Single Family Mortgage | | | | |
| Revenue VRDO | 0.980% | 12/7/17 | 11,715 | 11,715 |
| Pennsylvania Housing Finance Agency | | | | |
| Single Family Mortgage Revenue VRDO | 0.990% | 12/7/17 | 810 | 810 |
20
| | | | |
| Pennsylvania Municipal Money Market Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value • |
| | Coupon | Date | ($000) | ($000) |
| Pennsylvania Housing Finance Agency | | | | |
| Single Family Mortgage Revenue VRDO | 0.990% | 12/7/17 | 16,365 | 16,365 |
| Pennsylvania Housing Finance Agency | | | | |
| Single Family Mortgage Revenue VRDO | 0.990% | 12/7/17 | 5,800 | 5,800 |
| Pennsylvania Housing Finance Agency | | | | |
| Single Family Mortgage Revenue VRDO | 1.000% | 12/7/17 | 6,535 | 6,535 |
| Pennsylvania Housing Finance Agency | | | | |
| Single Family Mortgage Revenue VRDO | 1.000% | 12/7/17 | 800 | 800 |
| Pennsylvania Housing Finance Agency | | | | |
| Single Family Mortgage Revenue VRDO | 1.000% | 12/7/17 | 16,200 | 16,200 |
| Pennsylvania Housing Finance Agency | | | | |
| Single Family Mortgage Revenue VRDO | 1.000% | 12/7/17 | 4,480 | 4,480 |
| Pennsylvania Housing Finance Agency | | | | |
| Single Family Mortgage Revenue VRDO | 1.000% | 12/7/17 | 14,395 | 14,395 |
| Pennsylvania Housing Finance Agency | | | | |
| Single Family Mortgage Revenue VRDO | 1.000% | 12/7/17 | 19,900 | 19,900 |
| Pennsylvania Industrial Development | | | | |
| Authority Economic Development | | | | |
| Revenue | 5.500% | 7/1/18 (Prere.) | 4,385 | 4,500 |
| Pennsylvania Infrastructure & Investment | | | | |
| Authority Revenue CP | 0.930% | 12/4/17 | 1,000 | 1,000 |
| Pennsylvania Infrastructure & Investment | | | | |
| Authority Revenue CP | 1.000% | 1/3/18 | 5,047 | 5,047 |
| Pennsylvania Infrastructure & Investment | | | | |
| Authority Revenue CP | 0.980% | 2/6/18 | 6,006 | 6,006 |
| Pennsylvania State University Revenue PUT | 1.050% | 6/1/18 | 52,435 | 52,440 |
| 2 Pennsylvania Turnpike Commission Oil | | | | |
| Franchise Tax Revenue TOB VRDO | 0.990% | 12/7/17 (Prere.) | 10,500 | 10,500 |
| Pennsylvania Turnpike Commission | | | | |
| Revenue | 5.500% | 6/1/18 (Prere.) | 28,945 | 29,590 |
| 2 Pennsylvania Turnpike Commission | | | | |
| Revenue TOB VRDO | 1.000% | 12/7/17 LOC | 60,000 | 60,000 |
| 2 Pennsylvania Turnpike Commission | | | | |
| Revenue TOB VRDO | 1.050% | 12/7/17 (Prere.) | 4,670 | 4,670 |
| Philadelphia Airport CP | 1.030% | 1/30/18 LOC | 6,000 | 6,000 |
| Philadelphia Airport CP | 1.030% | 1/30/18 LOC | 3,000 | 3,000 |
| Philadelphia Airport CP | 0.980% | 2/13/18 LOC | 12,000 | 12,000 |
| Philadelphia Airport CP B-1 | 1.000% | 1/4/18 LOC | 3,000 | 3,000 |
| Philadelphia Authority for Industrial | | | | |
| Development Revenue (Gift of Life | | | | |
| Donor Program) VRDO | 0.950% | 12/7/17 LOC | 9,610 | 9,610 |
| Philadelphia PA Airport Revenue VRDO | 0.980% | 12/7/17 LOC | 17,505 | 17,505 |
| Philadelphia PA Airport Revenue VRDO | 1.000% | 12/7/17 LOC | 28,790 | 28,790 |
| 2 Philadelphia PA Authority for Industrial | | | | |
| Development Revenue (Children’s Hospital | | | | |
| of Philadelphia Project) TOB VRDO | 0.990% | 12/7/17 | 7,500 | 7,500 |
| 2 Philadelphia PA Authority for Industrial | | | | |
| Development Revenue (Children’s Hospital | | | | |
| of Philadelphia Project) TOB VRDO | 0.990% | 12/7/17 | 7,500 | 7,500 |
| Philadelphia PA Authority for Industrial | | | | |
| Development Revenue (Franklin Institute) | | | | |
| VRDO | 1.020% | 12/7/17 LOC | 5,680 | 5,680 |
| Philadelphia PA Gas Works Revenue VRDO | 0.950% | 12/7/17 LOC | 30,000 | 30,000 |
| Philadelphia PA Gas Works Revenue VRDO | 0.960% | 12/7/17 LOC | 25,225 | 25,225 |
21
| | | | |
| Pennsylvania Municipal Money Market Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value • |
| | Coupon | Date | ($000) | ($000) |
| Philadelphia PA Gas Works Revenue VRDO | 0.960% | 12/7/17 LOC | 5,545 | 5,545 |
| Philadelphia PA Gas Works Revenue VRDO | 0.980% | 12/7/17 LOC | 21,125 | 21,125 |
| Philadelphia PA GO VRDO | 0.960% | 12/7/17 LOC | 19,315 | 19,315 |
| 2 Philadelphia PA Hospitals & Higher | | | | |
| Education Facilities Authority Hospital | | | | |
| Revenue (Children’s Hospital of | | | | |
| Philadelphia Project) TOB VRDO | 0.990% | 12/7/17 | 4,765 | 4,765 |
| Philadelphia PA Hospitals & Higher | | | | |
| Education Facilities Authority Hospital | | | | |
| Revenue (Children’s Hospital of | | | | |
| Philadelphia Project) VRDO | 0.920% | 12/1/17 | 14,620 | 14,620 |
| Philadelphia PA Hospitals & Higher | | | | |
| Education Facilities Authority Hospital | | | | |
| Revenue (Children’s Hospital of | | | | |
| Philadelphia Project) VRDO | 0.920% | 12/1/17 | 25,700 | 25,700 |
| Philadelphia PA Industrial Development | | | | |
| Authority Lease Revenue VRDO | 0.950% | 12/7/17 LOC | 40,150 | 40,150 |
| Philadelphia PA Revenue | 2.000% | 6/29/18 | 25,000 | 25,095 |
| Philadelphia PA School District GO | 6.000% | 9/1/18 (Prere.) | 3,330 | 3,446 |
| Philadelphia PA Water & Waste Water | | | | |
| Revenue VRDO | 0.940% | 12/7/17 LOC | 31,730 | 31,730 |
| Pittsburgh PA Water & Sewer Authority | | | | |
| Revenue VRDO | 0.960% | 12/7/17 LOC | 2,600 | 2,600 |
| Pittsburgh PA Water & Sewer Authority | | | | |
| Revenue VRDO | 0.960% | 12/7/17 LOC | 66,600 | 66,600 |
| Ridley PA School District GO VRDO | 0.980% | 12/7/17 LOC | 15,840 | 15,840 |
| 2 Southcentral Pennsylvania General | | | | |
| Authority Revenue (WellSpan Health | | | | |
| Obligated Group) TOB VRDO | 1.000% | 12/7/17 | 3,000 | 3,000 |
| 2 Southcentral Pennsylvania General | | | | |
| Authority Revenue (WellSpan Health | | | | |
| Obligated Group) TOB VRDO | 1.000% | 12/7/17 | 10,000 | 10,000 |
| 2 Southcentral Pennsylvania General | | | | |
| Authority Revenue (WellSpan Health | | | | |
| Obligated Group) TOB VRDO | 1.000% | 12/7/17 | 9,710 | 9,710 |
| 2 Southcentral Pennsylvania General | | | | |
| Authority Revenue (WellSpan Health | | | | |
| Obligated Group) TOB VRDO | 1.000% | 12/7/17 | 6,670 | 6,670 |
| St. Mary Hospital Authority Pennsylvania | | | | |
| Health System Revenue (Catholic Health | | | | |
| Initiatives) VRDO | 0.930% | 12/7/17 | 55,735 | 55,735 |
| State Public School Building Authority | | | | |
| Pennsylvania School Revenue (North | | | | |
| Allegheny School District Project) VRDO | 0.960% | 12/7/17 | 18,105 | 18,105 |
| Union County PA Higher Educational | | | | |
| Facilities Financing Authority University | | | | |
| Revenue (Bucknell University) VRDO | 1.040% | 12/7/17 | 2,525 | 2,525 |
| University of Pittsburgh PA Revenue CP | 0.950% | 12/13/17 | 13,000 | 13,000 |
| University of Pittsburgh PA Revenue CP | 0.940% | 12/14/17 | 17,000 | 17,000 |
| Total Tax-Exempt Municipal Bonds (Cost $1,899,399) | | | 1,899,399 |
22
| |
| Pennsylvania Municipal Money Market Fund | |
| |
| |
| |
| |
| | Amount |
| | ($000) |
| Other Assets and Liabilities (0.3%) | |
| Other Assets | |
| Investment in Vanguard | 116 |
| Receivables for Investment Securities Sold | 26,920 |
| Receivables for Accrued Income | 3,640 |
| Receivables for Capital Shares Issued | 6,871 |
| Other Assets | 5,688 |
| Total Other Assets | 43,235 |
| Liabilities | |
| Payables for Investment Securities Purchased | (33,262) |
| Payables for Capital Shares Redeemed | (3,731) |
| Payables for Distributions | (66) |
| Payables to Vanguard | (142) |
| Other Liabilities | (172) |
| Total Liabilities | (37,373) |
| Net Assets (100%) | |
| Applicable to 1,905,153,855 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 1,905,261 |
| Net Asset Value Per Share | $1.00 |
| |
| At November 30, 2017, net assets consisted of: | |
| | Amount |
| | ($000) |
| Paid-in Capital | 1,905,258 |
| Undistributed Net Investment Income | 3 |
| Accumulated Net Realized Gains | — |
| Net Assets | 1,905,261 |
• See Note A in Notes to Financial Statements.
1 Adjustable-rate security based upon SIFMA Municipal Swap Index Yield plus spread.
2 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 November 30, 2017, the aggregate value of these securities
was $316,040,000, representing 16.6% 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.
23
Pennsylvania Municipal 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.).
(18) SBLF (Michigan School Bond Loan Fund).
(19) TPSF (Texas Permanent School Fund).
The insurance does not guarantee the market value of the municipal bonds.
LOC—Scheduled principal and interest payments are guaranteed by bank letter of credit.
24
Pennsylvania Municipal Money Market Fund
Statement of Operations
| |
| | Year Ended |
| | November30,2017 |
| | ($000) |
| Investment Income | |
| Income | |
| Interest | 15,383 |
| Total Income | 15,383 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 526 |
| Management and Administrative | 2,080 |
| Marketing and Distribution | 412 |
| Custodian Fees | 23 |
| Auditing Fees | 30 |
| Shareholders’ Reports and Proxy | 41 |
| Trustees’ Fees and Expenses | 1 |
| Total Expenses | 3,113 |
| Net Investment Income | 12,270 |
| Realized Net Gain (Loss) on Investment Securities Sold | 2 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 12,272 |
See accompanying Notes, which are an integral part of the Financial Statements.
25
Pennsylvania Municipal Money Market Fund
Statement of Changes in Net Assets
| | |
| | Year Ended November 30, |
| | 2017 | 2016 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 12,270 | 4,668 |
| Realized Net Gain (Loss) | 2 | 8 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 12,272 | 4,676 |
| Distributions | | |
| Net Investment Income | (12,272) | (4,663) |
| Realized Capital Gain | — | — |
| Total Distributions | (12,272) | (4,663) |
| Capital Share Transactions (at $1.00 per share) | | |
| Issued | 1,082,461 | 1,242,404 |
| Issued in Lieu of Cash Distributions | 11,650 | 4,476 |
| Redeemed | (1,059,856) | (1,435,183) |
| Net Increase (Decrease) from Capital Share Transactions | 34,255 | (188,303) |
| Total Increase (Decrease) | 34,255 | (188,290) |
| Net Assets | | |
| Beginning of Period | 1,871,006 | 2,059,296 |
| End of Period1 | 1,905,261 | 1,871,006 |
| 1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $3,000 and $5,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
26
Pennsylvania Municipal Money Market Fund
Financial Highlights
| | | | | |
| For a Share Outstanding | Year Ended November 30, |
| Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
| Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Investment Operations | | | | | |
| Net Investment Income | . 0061 | .002 | .0001 | .0001 | .0001 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | — | — | — | — | — |
| Total from Investment Operations | .006 | .002 | .0001 | .0001 | .0001 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (.006) | (.002) | (.0001) | (.0001) | (.0001) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.006) | (.002) | (.0001) | (.0001) | (.0001) |
| Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| |
| Total Return2 | 0.63% | 0.25% | 0.01% | 0.01% | 0.01% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $1,905 | $1,871 | $2,059 | $2,225 | $2,455 |
| Ratio of Expenses to Average Net Assets | 0.16% | 0.13%3 | 0.05%3 | 0.06%3 | 0.10%3 |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 0.63% | 0.24% | 0.01% | 0.01% | 0.01% |
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information
about any applicable account service fees.
3 The ratio of total expenses to average net assets before an expense reduction was 0.16% for 2016, 0.16% for 2015, 0.16% for 2014,
and 0.16% for 2013. See Note B in Notes to Financial Statements.
See accompanying Notes, which are an integral part of the Financial Statements.
27
Pennsylvania Municipal Money Market Fund
Notes to Financial Statements
Vanguard Pennsylvania Municipal Money Market Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state. The fund changed its name from Pennsylvania Tax-Exempt Money Market Fund to Pennsylvania Municipal Money Market Fund in March 2017.
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, 2014–2017), 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 November 30, 2017, 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
28
Pennsylvania Municipal Money Market Fund
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 November 30, 2017, the fund had contributed to Vanguard capital in the amount of $116,000, representing 0.01% of the fund’s net assets and 0.05% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
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. The fund is not obligated to repay this amount to Vanguard. For the year ended November 30, 2017, the fund did not receive an expense reduction from Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are
noted on the Statement of Net Assets.
At November 30, 2017, 100% of the market value of the fund’s investments was determined using amortized cost, in accordance with rules under the Investment Company Act of 1940. Amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, securities valued at amortized cost are considered to be valued using Level 2 inputs.
D. The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended November 30, 2017, such purchases and sales were $575,002,000 and $259,220,000, respectively.
E. Management has determined that no material events or transactions occurred subsequent to November 30, 2017, that would require recognition or disclosure in these financial statements.
29
Pennsylvania Long-Term Tax-Exempt Fund
Fund Profile
As of November 30, 2017
| | |
| Share-Class Characteristics | |
| | Investor | Admiral |
| | Shares | Shares |
| Ticker Symbol | VPAIX | VPALX |
| Expense Ratio1 | 0.19% | 0.09% |
| 30-Day SEC Yield | 2.51% | 2.61% |
| | | |
| Financial Attributes | | |
| |
| | | Bloomberg | Bloomberg |
| | | Barclays | Barclays |
| | | PA | Municipal |
| | | Muni Bond | Bond |
| | Fund | Index | Index |
| |
| Number of Bonds | 743 | 1,826 | 50,546 |
| |
| Yield to Maturity | | | |
| (before expenses) | 2.8% | 2.7% | 2.5% |
| |
| Average Coupon | 4.7% | 4.8% | 4.7% |
| |
| Average Duration | 7.0 years | 6.4 years | 5.9 years |
| |
| Average Stated | | | |
| Maturity | 16.2 years | 13.4 years | 13.0 years |
| |
| Short-Term | | | |
| Reserves | 3.4% | — | — |
| | |
| Volatility Measures | | |
| | Bloomberg | Bloomberg |
| | Barclays PA | Barclays |
| | Muni Bond | Municipal |
| | Index | Bond Index |
| R-Squared | 0.98 | 0.97 |
| Beta | 1.03 | 1.05 |
| 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 | 4.0% |
| 1 - 3 Years | 5.1 |
| 3 - 5 Years | 3.7 |
| 5 - 10 Years | 6.2 |
| 10 - 20 Years | 46.5 |
| 20 - 30 Years | 32.6 |
| Over 30 Years | 1.9 |
| |
| Distribution by Credit Quality (% of portfolio) |
| AAA | 0.1% |
| AA | 39.1 |
| A | 50.4 |
| BBB | 8.2 |
| BB | 0.3 |
| Not Rated | 1.9 |
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.
Investment Focus
1 The expense ratios shown are from the prospectus dated March 28, 2017, and represent estimated costs for the current fiscal year. For
the fiscal year ended November 30, 2017, the expense ratios were 0.19% for Investor Shares and 0.09% for Admiral Shares.
30
Pennsylvania Long-Term Tax-Exempt Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: November 30, 2007, Through November 30, 2017
Initial Investment of $10,000
| | | | | |
| | | Average Annual Total Returns | |
| | | Periods Ended November 30, 2017 | |
| |
| | | | | | Final Value |
| | | One | Five | Ten | of a $10,000 |
| | | Year | Years | Years | Investment |
| | Pennsylvania Long-Term Tax-Exempt | | | | |
| | Fund Investor Shares | 6.77% | 3.21% | 4.38% | $15,349 |
| | Bloomberg Barclays PA Municipal Bond | | | | |
| • • • • • • • • | | | | | |
| | Index | 6.20 | 2.85 | 4.58 | 15,646 |
| |
| – – – – | Pennsylvania Municipal Debt Funds | | | | |
| | Average | 4.20 | 2.01 | 3.72 | 14,408 |
| | Bloomberg Barclays Municipal Bond | | | | |
| | Index | 5.58 | 2.55 | 4.38 | 15,347 |
| Pennsylvania Municipal Debt Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
| | | | |
| | | | | Final Value |
| | One | Five | Ten | of a $50,000 |
| | Year | Years | Years | Investment |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| Admiral Shares | 6.88% | 3.30% | 4.46% | $77,383 |
| Bloomberg Barclays PA Municipal Bond | | | | |
| Index | 6.20 | 2.85 | 4.58 | 78,230 |
| |
| Bloomberg Barclays Municipal Bond Index | 5.58 | 2.55 | 4.38 | 76,734 |
See Financial Highlights for dividend and capital gains information.
31
Pennsylvania Long-Term Tax-Exempt Fund
| | | | |
| Fiscal-Year Total Returns (%): November 30, 2007, Through November 30, 2017 | |
| | | | | Bloomberg |
| | | | | Barclays PA |
| | | | | Muni Bond |
| | | | Investor Shares | Index |
| Fiscal Year | Income Returns | Capital Returns | Total Returns | Total Returns |
| 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 | 3.42 | -3.20 | 0.22 | -0.31 |
| 2017 | 3.61 | 3.16 | 6.77 | 6.20 |
Average Annual Total Returns: Periods Ended September 30, 2017
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 | 1.32% | 3.64% | 3.94% | 0.53% | 4.47% |
| Admiral Shares | 5/14/2001 | 1.42 | 3.73 | 4.03 | 0.53 | 4.56 |
32
Pennsylvania Long-Term Tax-Exempt Fund
Financial Statements
Statement of Net Assets
As of November 30, 2017
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 (100.3%) | | | | |
| Pennsylvania (100.1%) | | | | |
| Allegheny County PA GO | 5.000% | 11/1/27 | 2,575 | 2,854 |
| Allegheny County PA GO | 5.000% | 11/1/29 | 4,000 | 4,703 |
| Allegheny County PA GO | 4.000% | 11/1/30 | 3,000 | 3,216 |
| Allegheny County PA GO | 5.000% | 12/1/30 | 1,365 | 1,555 |
| Allegheny County PA GO | 5.250% | 12/1/32 | 1,000 | 1,147 |
| Allegheny County PA GO | 5.250% | 12/1/33 | 1,000 | 1,143 |
| Allegheny County PA GO | 5.000% | 12/1/34 | 3,600 | 4,009 |
| Allegheny County PA GO | 5.000% | 12/1/34 | 1,695 | 1,912 |
| Allegheny County PA GO | 5.000% | 12/1/37 (4) | 10,000 | 11,102 |
| Allegheny County PA GO | 5.000% | 12/1/37 | 10,000 | 11,077 |
| Allegheny County PA GO | 5.000% | 11/1/41 | 10,450 | 11,994 |
| Allegheny County PA Higher Education | | | | |
| Building Authority University Revenue | | | | |
| (Carnegie Mellon University) VRDO | 0.940% | 12/1/17 | 12,200 | 12,200 |
| Allegheny County PA Higher Education | | | | |
| Building Authority University Revenue | | | | |
| (Chatham University) | 5.000% | 9/1/30 | 2,545 | 2,775 |
| Allegheny County PA Higher Education | | | | |
| Building Authority University Revenue | | | | |
| (Duquesne University) | 5.000% | 3/1/28 | 1,950 | 2,265 |
| Allegheny County PA Higher Education | | | | |
| Building Authority University Revenue | | | | |
| (Duquesne University) | 4.000% | 3/1/30 | 2,375 | 2,531 |
| Allegheny County PA Higher Education | | | | |
| Building Authority University Revenue | | | | |
| (Duquesne University) | 5.000% | 3/1/30 | 1,180 | 1,341 |
| Allegheny County PA Higher Education | | | | |
| Building Authority University Revenue | | | | |
| (Duquesne University) | 4.000% | 3/1/31 | 1,550 | 1,646 |
| Allegheny County PA Higher Education | | | | |
| Building Authority University Revenue | | | | |
| (Duquesne University) | 4.000% | 3/1/33 | 2,045 | 2,157 |
| Allegheny County PA Higher Education | | | | |
| Building Authority University Revenue | | | | |
| (Duquesne University) | 5.000% | 3/1/33 | 1,375 | 1,513 |
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value • |
| | Coupon | Date | ($000) | ($000) |
| Allegheny County PA Higher Education | | | | |
| Building Authority University Revenue | | | | |
| (Robert Morris University) | 5.000% | 10/15/37 | 1,000 | 1,123 |
| Allegheny County PA Hospital Development | | | | |
| Authority Revenue (University of | | | | |
| Pittsburgh Medical Center) | 5.375% | 8/15/29 | 4,020 | 4,264 |
| Allegheny County PA Hospital Development | | | | |
| Authority Revenue (University of | | | | |
| Pittsburgh Medical Center) | 1.742% | 2/1/37 | 3,000 | 2,824 |
| 1 Allegheny County PA Hospital Development | | | | |
| Authority Revenue (University of | | | | |
| Pittsburgh Medical Center) TOB VRDO | 0.980% | 12/1/17 LOC | 4,000 | 4,000 |
| Allegheny County PA Port Authority Revenue | 5.750% | 3/1/29 | 7,500 | 8,418 |
| Allegheny County PA Sanitary Authority | | | | |
| Sewer Revenue | 5.000% | 12/1/27 (15) | 5,300 | 6,280 |
| Allegheny County PA Sanitary Authority | | | | |
| Sewer Revenue | 5.000% | 6/1/30 (4) | 3,500 | 3,817 |
| Allegheny County PA Sanitary Authority | | | | |
| Sewer Revenue | 5.000% | 12/1/30 (15) | 3,400 | 3,983 |
| Allegheny County PA Sanitary Authority | | | | |
| Sewer Revenue | 5.000% | 12/1/35 | 6,000 | 6,838 |
| Allegheny County PA Sanitary Authority | | | | |
| Sewer Revenue | 5.000% | 12/1/40 | 4,250 | 4,808 |
| Allegheny County PA Sanitary Authority | | | | |
| Sewer Revenue | 5.250% | 12/1/41 (15) | 3,500 | 3,970 |
| Allegheny County PA Sanitary Authority | | | | |
| Sewer Revenue | 5.250% | 12/1/44 (15) | 6,210 | 7,026 |
| Allegheny County PA Sanitary Authority | | | | |
| Sewer Revenue | 5.000% | 12/1/45 | 4,620 | 5,206 |
| Allentown PA Neighborhood Improvement | | | | |
| Zone Development Authority Tax Revenue | 5.000% | 5/1/26 | 1,180 | 1,271 |
| Allentown PA Neighborhood Improvement | | | | |
| Zone Development Authority Tax Revenue | 5.000% | 5/1/29 | 250 | 267 |
| Allentown PA Neighborhood Improvement | | | | |
| Zone Development Authority Tax Revenue | 5.000% | 5/1/35 | 11,530 | 12,115 |
| Allentown PA Neighborhood Improvement | | | | |
| Zone Development Authority Tax Revenue | 5.000% | 5/1/42 | 15,595 | 16,264 |
| Allentown PA Neighborhood Improvement | | | | |
| Zone Development Authority Tax Revenue | 5.000% | 5/1/42 | 1,400 | 1,496 |
| Beaver County PA GO | 4.000% | 4/15/29 (15) | 2,505 | 2,697 |
| Beaver County PA Hospital Authority Revenue | | | | |
| (Heritage Valley Health System Inc.) | 5.000% | 5/15/25 | 1,620 | 1,774 |
| Beaver County PA Hospital Authority Revenue | | | | |
| (Heritage Valley Health System Inc.) | 5.000% | 5/15/28 | 2,000 | 2,172 |
| Berks County PA Industrial Development | | | | |
| Authority Health System Revenue (Tower | | | | |
| Health Project) | 4.000% | 11/1/33 | 2,000 | 2,076 |
| Berks County PA Industrial Development | | | | |
| Authority Health System Revenue (Tower | | | | |
| Health Project) | 5.000% | 11/1/35 | 3,350 | 3,807 |
| Berks County PA Industrial Development | | | | |
| Authority Health System Revenue (Tower | | | | |
| Health Project) | 4.000% | 11/1/47 | 10,000 | 10,098 |
34
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value • |
| | Coupon | Date | ($000) | ($000) |
| Berks County PA Industrial Development | | | | |
| Authority Health System Revenue (Tower | | | | |
| Health Project) | 5.000% | 11/1/47 | 20,950 | 23,431 |
| Berks County PA Industrial Development | | | | |
| Authority Health System Revenue (Tower | | | | |
| Health Project) | 5.000% | 11/1/50 | 31,000 | 34,425 |
| Berks County PA Industrial Development | | | | |
| Authority Healthcare Facilities Revenue | | | | |
| (Highlands at Wyomissing) | 5.000% | 5/15/37 | 375 | 416 |
| Berks County PA Industrial Development | | | | |
| Authority Healthcare Facilities Revenue | | | | |
| (Highlands at Wyomissing) | 5.000% | 5/15/47 | 600 | 657 |
| Berks County PA Municipal Authority Revenue | | | | |
| (Reading Hospital & Medical Center Project) | 5.500% | 11/1/19 (Prere.) | 1,750 | 1,876 |
| Berks County PA Municipal Authority Revenue | | | | |
| (Reading Hospital & Medical Center Project) | 5.750% | 11/1/19 (Prere.) | 2,305 | 2,482 |
| Berks County PA Municipal Authority Revenue | | | | |
| (Reading Hospital & Medical Center Project) | 5.500% | 11/1/31 | 1,750 | 1,875 |
| Berks County PA Municipal Authority Revenue | | | | |
| (Reading Hospital & Medical Center Project) | 5.750% | 11/1/39 | 2,310 | 2,486 |
| Berks County PA Municipal Authority Revenue | | | | |
| (Reading Hospital & Medical Center Project) | 5.000% | 11/1/40 | 6,935 | 7,490 |
| Bethel Park PA School District GO | 4.000% | 8/1/31 | 2,500 | 2,693 |
| Bristol Township PA School District GO | 5.250% | 6/1/37 | 3,000 | 3,386 |
| 1 Bristol Township PA School District GO | | | | |
| TOB VRDO | 1.170% | 12/7/17 | 12,675 | 12,675 |
| Bucks County PA Water & Sewer Authority | | | | |
| Water System Revenue | 5.000% | 12/1/29 (4) | 2,000 | 2,210 |
| Bucks County PA Water & Sewer Authority | | | | |
| Water System Revenue | 5.000% | 12/1/33 (4) | 2,000 | 2,187 |
| Bucks County PA Water & Sewer Authority | | | | |
| Water System Revenue | 5.000% | 12/1/37 (4) | 3,500 | 3,817 |
| Bucks County PA Water & Sewer Authority | | | | |
| Water System Revenue | 5.000% | 12/1/40 (4) | 1,000 | 1,152 |
| Butler County PA Hospital Authority Revenue | | | | |
| (Butler Health System Project) | 7.250% | 7/1/19 (Prere.) | 310 | 336 |
| Butler County PA Hospital Authority Revenue | | | | |
| (Butler Health System Project) | 5.000% | 7/1/26 | 500 | 571 |
| Butler County PA Hospital Authority Revenue | | | | |
| (Butler Health System Project) | 5.000% | 7/1/27 | 490 | 557 |
| Butler County PA Hospital Authority Revenue | | | | |
| (Butler Health System Project) | 5.000% | 7/1/28 | 540 | 613 |
| Butler County PA Hospital Authority Revenue | | | | |
| (Butler Health System Project) | 5.000% | 7/1/29 | 1,670 | 1,892 |
| Butler County PA Hospital Authority Revenue | | | | |
| (Butler Health System Project) | 5.000% | 7/1/30 | 1,370 | 1,547 |
| Butler County PA Hospital Authority Revenue | | | | |
| (Butler Health System Project) | 5.000% | 7/1/35 | 4,430 | 4,916 |
| Butler County PA Hospital Authority Revenue | | | | |
| (Butler Health System Project) | 5.000% | 7/1/39 | 3,250 | 3,583 |
| Cambria County PA GO | 5.000% | 8/1/23 (15)(ETM) | 245 | 286 |
| Cambria County PA GO | 5.000% | 8/1/23 (15) | 1,255 | 1,412 |
| Canon-McMillan PA School District GO | 5.000% | 12/15/37 (15) | 3,000 | 3,468 |
| Canon-McMillan PA School District GO | 5.000% | 12/1/41 (4) | 6,230 | 7,131 |
35
| | | | |
| 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 | 1,764 |
| Canonsburg-Houston PA Joint Authority | | | | |
| Sewer Revenue | 5.000% | 12/1/28 | 1,605 | 1,844 |
| Canonsburg-Houston PA Joint Authority | | | | |
| Sewer Revenue | 5.000% | 12/1/30 | 1,135 | 1,291 |
| Canonsburg-Houston PA Joint Authority | | | | |
| Sewer Revenue | 5.000% | 12/1/40 | 4,000 | 4,477 |
| Capital Region Water Pennsylvania Sewer | | | | |
| System Revenue | 5.000% | 7/15/31 | 1,240 | 1,455 |
| Capital Region Water Pennsylvania Sewer | | | | |
| System Revenue | 5.000% | 7/15/32 | 500 | 584 |
| Capital Region Water Pennsylvania Sewer | | | | |
| System Revenue | 5.000% | 7/15/33 | 1,370 | 1,595 |
| Capital Region Water Pennsylvania Sewer | | | | |
| System Revenue | 5.000% | 7/15/34 | 1,000 | 1,160 |
| Capital Region Water Pennsylvania Sewer | | | | |
| System Revenue | 5.000% | 7/15/37 | 1,815 | 2,087 |
| Capital Region Water Pennsylvania Sewer | | | | |
| System Revenue | 5.000% | 7/15/42 | 2,665 | 3,045 |
| Central Bradford PA Progress Authority | | | | |
| Revenue (Guthrie Healthcare System) | 5.500% | 12/1/31 | 7,125 | 8,051 |
| Central Bradford PA Progress Authority | | | | |
| Revenue (Guthrie Healthcare System) | 5.375% | 12/1/41 | 3,000 | 3,334 |
| Centre County PA Hospital Authority Revenue | | | | |
| (Mount Nittany Medical Center Project) | 7.000% | 11/15/21 (Prere.) | 6,930 | 8,315 |
| Centre County PA Hospital Authority Revenue | | | | |
| (Mount Nittany Medical Center Project) | 5.000% | 11/15/32 | 6,280 | 6,940 |
| Centre County PA Hospital Authority Revenue | | | | |
| (Mount Nittany Medical Center Project) | 5.000% | 11/15/36 | 5,000 | 5,482 |
| Centre County PA Hospital Authority Revenue | | | | |
| (Mount Nittany Medical Center Project) | 5.000% | 11/15/44 | 3,000 | 3,269 |
| Chartiers Valley PA School District GO | 5.000% | 10/15/35 | 1,135 | 1,299 |
| Chartiers Valley PA School District GO | 5.000% | 10/15/40 | 2,750 | 3,128 |
| Cheltenham Township PA School District GO | 5.000% | 3/15/38 | 4,210 | 4,789 |
| Cheltenham Township PA School District GO | 5.000% | 2/15/40 | 1,675 | 1,919 |
| Chester County PA GO | 5.000% | 11/15/31 | 3,000 | 3,428 |
| Chester County PA Health & Education | | | | |
| Facilities Authority Revenue (Main Line | | | | |
| Health System Inc. Obligated Group) | 5.000% | 5/15/20 (Prere.) | 17,490 | 18,903 |
| Chester County PA Health & Education | | | | |
| Facilities Authority Revenue (Main Line | | | | |
| Health System Inc. Obligated Group) | 5.000% | 5/15/31 | 715 | 775 |
| Chester County PA Health & Education | | | | |
| Facilities Authority Revenue (Main Line | | | | |
| Health System Inc. Obligated Group) | 5.000% | 10/1/33 | 2,300 | 2,700 |
| Chester County PA Health & Education | | | | |
| Facilities Authority Revenue (Main Line | | | | |
| Health System Inc. Obligated Group) | 5.000% | 10/1/34 | 2,675 | 3,130 |
| Chester County PA Health & Education | | | | |
| Facilities Authority Revenue (Main Line | | | | |
| Health System Inc. Obligated Group) | 5.000% | 10/1/35 | 3,000 | 3,500 |
36
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value • |
| | Coupon | Date | ($000) | ($000) |
| Chester County PA Health & Education | | | | |
| Facilities Authority Revenue (Main Line | | | | |
| Health System Inc. Obligated Group) | 5.000% | 5/15/40 | 7,995 | 8,644 |
| Chester County PA Health & Education | | | | |
| Facilities Authority Revenue (Main Line | | | | |
| Health System Inc. Obligated Group) | 4.000% | 10/1/42 | 2,000 | 2,082 |
| Chester County PA Health & Education | | | | |
| Facilities Authority Revenue (Main Line | | | | |
| Health System Inc. Obligated Group) | 4.000% | 10/1/47 | 4,000 | 4,148 |
| Chester County PA Health & Education | | | | |
| Facilities Authority Revenue (Main Line | | | | |
| Health System Inc. Obligated Group) | 5.000% | 10/1/52 | 2,500 | 2,832 |
| Chester County PA Industrial Development | | | | |
| Authority Student Housing Revenue | | | | |
| (University Student Housing LLC Project) | 5.000% | 8/1/30 | 1,100 | 1,202 |
| Chester County PA Industrial Development | | | | |
| Authority Student Housing Revenue | | | | |
| (University Student Housing LLC Project) | 5.000% | 8/1/35 | 785 | 842 |
| Chester County PA Industrial Development | | | | |
| Authority Student Housing Revenue | | | | |
| (University Student Housing LLC Project) | 5.000% | 8/1/45 | 2,990 | 3,160 |
| Clarion County PA Industrial Development | | | | |
| Authority Revenue (Clarion University | | | | |
| Foundation Inc. Student Housing Project) | 5.000% | 7/1/29 | 2,000 | 2,141 |
| Clarion County PA Industrial Development | | | | |
| Authority Revenue (Clarion University | | | | |
| Foundation Inc. Student Housing Project) | 5.000% | 7/1/32 (10) | 4,980 | 4,989 |
| Clarion County PA Industrial Development | | | | |
| Authority Revenue (Clarion University | | | | |
| Foundation Inc. Student Housing Project) | 5.000% | 7/1/33 | 3,000 | 3,186 |
| Clarion County PA Industrial Development | | | | |
| Authority Revenue (Clarion University | | | | |
| Foundation Inc. Student Housing Project) | 5.000% | 7/1/37 (10) | 6,360 | 6,368 |
| Clarion County PA Industrial Development | | | | |
| Authority Revenue (Clarion University | | | | |
| Foundation Inc. Student Housing Project) | 5.000% | 7/1/45 | 2,000 | 2,055 |
| Commonwealth Financing Authority | | | | |
| Pennsylvania Revenue | 5.000% | 6/1/28 | 1,365 | 1,507 |
| Commonwealth Financing Authority | | | | |
| Pennsylvania Revenue | 5.000% | 6/1/31 | 5,000 | 5,495 |
| Commonwealth Financing Authority | | | | |
| Pennsylvania Revenue | 5.000% | 6/1/33 | 7,760 | 8,510 |
| Cumberland County PA Municipal Authority | | | | |
| Revenue (Diakon Lutheran Social Ministries | | | | |
| Project) | 6.375% | 1/1/19 (Prere.) | 1,800 | 1,891 |
| Cumberland County PA Municipal Authority | | | | |
| Revenue (Diakon Lutheran Social Ministries | | | | |
| Project) | 6.375% | 1/1/39 | 200 | 208 |
| Cumberland County PA Municipal Authority | | | | |
| Revenue (Dickinson College Project) | 5.000% | 5/1/30 | 1,000 | 1,160 |
| Cumberland County PA Municipal Authority | | | | |
| Revenue (Dickinson College Project) | 5.000% | 5/1/31 | 750 | 866 |
| Cumberland County PA Municipal Authority | | | | |
| Revenue (Dickinson College Project) | 5.000% | 5/1/32 | 800 | 921 |
37
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value • |
| | Coupon | Date | ($000) | ($000) |
| Cumberland County PA Municipal Authority | | | | |
| Revenue (Dickinson College Project) | 5.000% | 11/1/32 | 2,225 | 2,474 |
| Cumberland County PA Municipal Authority | | | | |
| Revenue (Dickinson College Project) | 5.000% | 5/1/34 | 1,420 | 1,622 |
| Cumberland County PA Municipal Authority | | | | |
| Revenue (Dickinson College Project) | 5.000% | 11/1/37 | 2,000 | 2,213 |
| Cumberland County PA Municipal Authority | | | | |
| Revenue (Dickinson College Project) | 5.000% | 11/1/42 | 3,605 | 3,958 |
| Dallas PA Area Muni Authority University | | | | |
| Revenue (Misericordia University Project) | 5.000% | 5/1/37 | 2,500 | 2,699 |
| Dauphin County PA General Authority | | | | |
| Health System Revenue (Pinnacle Health | | | | |
| System Project) | 6.000% | 6/1/19 (Prere.) | 125 | 133 |
| Dauphin County PA General Authority | | | | |
| Health System Revenue (Pinnacle Health | | | | |
| System Project) | 6.000% | 6/1/19 (Prere.) | 12,845 | 13,679 |
| Dauphin County PA General Authority | | | | |
| Health System Revenue (Pinnacle Health | | | | |
| System Project) | 6.000% | 6/1/29 | 135 | 144 |
| Dauphin County PA General Authority | | | | |
| Health System Revenue (Pinnacle Health | | | | |
| System Project) | 4.000% | 6/1/30 | 3,745 | 3,966 |
| Dauphin County PA General Authority | | | | |
| Health System Revenue (Pinnacle Health | | | | |
| System Project) | 4.000% | 6/1/31 | 2,190 | 2,310 |
| Dauphin County PA General Authority | | | | |
| Health System Revenue (Pinnacle Health | | | | |
| System Project) | 4.000% | 6/1/32 | 2,000 | 2,102 |
| Dauphin County PA General Authority | | | | |
| Health System Revenue (Pinnacle Health | | | | |
| System Project) | 5.000% | 6/1/35 | 3,450 | 3,944 |
| Dauphin County PA General Authority | | | | |
| Health System Revenue (Pinnacle Health | | | | |
| System Project) | 6.000% | 6/1/36 | 2,320 | 2,477 |
| Dauphin County PA General Authority | | | | |
| Health System Revenue (Pinnacle Health | | | | |
| System Project) | 5.000% | 6/1/42 | 21,040 | 23,309 |
| Delaware County PA Authority Revenue | | | | |
| (Haverford College) | 5.000% | 10/1/34 | 1,195 | 1,403 |
| Delaware County PA Authority Revenue | | | | |
| (Haverford College) | 5.000% | 10/1/35 | 765 | 895 |
| Delaware County PA Authority Revenue | | | | |
| (Haverford College) | 5.000% | 10/1/42 | 9,075 | 10,501 |
| Delaware County PA Authority Revenue | | | | |
| (Haverford College) | 5.000% | 10/1/46 | 4,970 | 5,712 |
| Delaware County PA Authority University | | | | |
| Revenue (Villanova University) | 5.000% | 8/1/40 | 2,500 | 2,853 |
| Delaware County PA Authority University | | | | |
| Revenue (Villanova University) | 5.000% | 8/1/45 | 1,500 | 1,706 |
| Delaware County PA Industrial Development | | | | |
| Authority Airport Facilities Revenue | | | | |
| (United Parcel Service Inc.) VRDO | 0.950% | 12/1/17 | 6,800 | 6,800 |
| Delaware County PA Regional Water Quality | | | | |
| Control Authority Revenue | 5.000% | 5/1/40 | 1,500 | 1,708 |
38
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value • |
| | Coupon | Date | ($000) | ($000) |
| Delaware County PA Vocational-Technical | | | | |
| School Authority Lease Revenue (Delaware | | | | |
| County Intermediate Unit No. 25 Project) | 5.000% | 11/1/38 (15) | 1,250 | 1,360 |
| Delaware River Joint Toll Bridge Commission | | | | |
| Pennsylvania & New Jersey Revenue | 5.000% | 7/1/30 | 500 | 583 |
| Delaware River Joint Toll Bridge Commission | | | | |
| Pennsylvania & New Jersey Revenue | 5.000% | 7/1/32 | 3,050 | 3,619 |
| Delaware River Joint Toll Bridge Commission | | | | |
| Pennsylvania & New Jersey Revenue | 4.000% | 7/1/33 (15) | 4,000 | 4,264 |
| Delaware River Joint Toll Bridge Commission | | | | |
| Pennsylvania & New Jersey Revenue | 5.000% | 7/1/34 | 3,250 | 3,826 |
| Delaware River Joint Toll Bridge Commission | | | | |
| Pennsylvania & New Jersey Revenue | 5.000% | 7/1/36 | 3,500 | 4,079 |
| Delaware River Joint Toll Bridge Commission | | | | |
| Pennsylvania & New Jersey Revenue | 5.000% | 7/1/42 | 18,930 | 21,873 |
| Delaware River Joint Toll Bridge Commission | | | | |
| Pennsylvania & New Jersey Revenue | 5.000% | 7/1/47 | 16,500 | 18,991 |
| Delaware River Port Authority | 5.000% | 1/1/30 | 4,360 | 5,026 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue | 5.000% | 1/1/23 | 2,425 | 2,717 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue | 5.000% | 1/1/24 | 3,220 | 3,575 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue | 5.000% | 1/1/25 | 2,715 | 2,997 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue | 5.000% | 1/1/26 | 3,000 | 3,297 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue | 5.000% | 1/1/27 | 1,000 | 1,093 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue | 5.000% | 1/1/31 | 3,500 | 4,029 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue | 5.000% | 1/1/34 | 3,500 | 4,011 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue | 5.000% | 1/1/35 | 10,000 | 10,602 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue | 5.000% | 1/1/37 | 12,000 | 13,674 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue | 5.000% | 1/1/40 | 10,000 | 11,383 |
| Delaware River Port Authority Pennsylvania | | | | |
| & New Jersey Revenue | 5.000% | 1/1/40 | 25 | 26 |
| Delaware Valley PA Regional Finance | | | | |
| Authority Revenue | 7.750% | 7/1/27 (2) | 130 | 180 |
| Delaware Valley PA Regional Finance | | | | |
| Authority Revenue | 5.500% | 8/1/28 (2) | 8,955 | 10,829 |
| Delaware Valley PA Regional Finance | | | | |
| Authority Revenue | 5.750% | 7/1/32 | 5,975 | 7,539 |
| Doylestown PA Hospital Authority Revenue | 5.000% | 7/1/25 | 3,730 | 4,080 |
| Doylestown PA Hospital Authority Revenue | 5.000% | 7/1/26 | 4,445 | 4,843 |
| Doylestown PA Hospital Authority Revenue | 5.000% | 7/1/27 | 1,170 | 1,272 |
| Doylestown PA Hospital Authority Revenue | 5.000% | 7/1/28 | 1,000 | 1,082 |
| Doylestown PA Hospital Authority Revenue | 5.000% | 7/1/29 | 865 | 934 |
| Doylestown PA Hospital Authority Revenue | 5.000% | 7/1/46 | 8,000 | 8,594 |
39
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value • |
| | Coupon | Date | ($000) | ($000) |
| East Hempfield Township PA Industrial | | | | |
| Development Authority Revenue | | | | |
| (Millersville University Student Housing | | | | |
| Project) | 5.000% | 7/1/30 | 1,280 | 1,402 |
| East Hempfield Township PA Industrial | | | | |
| Development Authority Revenue | | | | |
| (Millersville University Student Housing | | | | |
| Project) | 5.000% | 7/1/30 | 825 | 914 |
| East Hempfield Township PA Industrial | | | | |
| Development Authority Revenue | | | | |
| (Millersville University Student Housing | | | | |
| Project) | 5.000% | 7/1/34 | 1,000 | 1,080 |
| East Hempfield Township PA Industrial | | | | |
| Development Authority Revenue | | | | |
| (Millersville University Student Housing | | | | |
| Project) | 5.000% | 7/1/35 | 1,250 | 1,346 |
| East Hempfield Township PA Industrial | | | | |
| Development Authority Revenue | | | | |
| (Millersville University Student Housing | | | | |
| Project) | 5.000% | 7/1/45 | 4,250 | 4,515 |
| East Hempfield Township PA Industrial | | | | |
| Development Authority Revenue | | | | |
| (Millersville University Student Housing | | | | |
| Project) | 5.000% | 7/1/47 | 3,750 | 4,008 |
| East Norriton-Plymouth-Whitpain PA Joint | | | | |
| Sewer Authority Revenue | 5.000% | 8/1/38 | 2,500 | 2,780 |
| East Norriton-Plymouth-Whitpain PA Joint | | | | |
| Sewer Authority Revenue | 5.000% | 8/1/41 | 2,100 | 2,322 |
| Easton PA Area Joint Sewer Authority Revenue | 5.000% | 12/1/27 (15) | 250 | 283 |
| Easton PA Area Joint Sewer Authority Revenue | 5.000% | 12/1/28 (15) | 250 | 283 |
| Erie City PA Water Authority Revenue | 5.000% | 12/1/49 (4) | 5,000 | 5,732 |
| Erie PA Higher Education Building Authority | | | | |
| Revenue (Gannon University) | 5.000% | 5/1/32 | 1,325 | 1,481 |
| Erie PA Higher Education Building Authority | | | | |
| Revenue (Gannon University) | 5.000% | 5/1/33 | 1,395 | 1,558 |
| Fox Chapel PA Area School District | 5.000% | 2/1/36 | 2,000 | 2,341 |
| Fox Chapel PA Area School District GO | 5.000% | 8/1/31 | 3,000 | 3,389 |
| Franklin County PA Industrial Development | | | | |
| Authority Revenue (Chambersburg | | | | |
| Hospital Project) | 5.375% | 7/1/42 | 17,075 | 18,369 |
| Geisinger Authority Health System | | | | |
| Pennsylvania Revenue (Geisinger Health | | | | |
| System) | 5.250% | 6/1/19 (Prere.) | 20,735 | 21,852 |
| Geisinger Authority Health System | | | | |
| Pennsylvania Revenue (Geisinger Health | | | | |
| System) | 5.000% | 2/15/34 | 4,210 | 4,886 |
| Geisinger Authority Health System | | �� | | |
| Pennsylvania Revenue (Geisinger Health | | | | |
| System) | 5.000% | 2/15/39 | 4,400 | 5,050 |
| Geisinger Authority Health System | | | | |
| Pennsylvania Revenue (Geisinger Health | | | | |
| System) | 5.000% | 6/1/41 | 5,000 | 5,546 |
40
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value • |
| | Coupon | Date | ($000) | ($000) |
| Geisinger Authority Health System | | | | |
| Pennsylvania Revenue (Geisinger Health | | | | |
| System) | 5.000% | 2/15/45 | 13,000 | 14,842 |
| Geisinger Authority Health System | | | | |
| Pennsylvania Revenue (Geisinger Health | | | | |
| System) | 4.000% | 2/15/47 | 25,000 | 25,777 |
| Geisinger Authority Health System | | | | |
| Pennsylvania Revenue (Geisinger Health | | | | |
| System) VRDO | 0.920% | 12/1/17 | 2,600 | 2,600 |
| Geisinger Authority Health System | | | | |
| Pennsylvania Revenue (Geisinger Health | | | | |
| System) VRDO | 0.940% | 12/1/17 | 9,400 | 9,400 |
| Geisinger Authority Health System | | | | |
| Pennsylvania Revenue (Geisinger Health | | | | |
| System) VRDO | 0.940% | 12/1/17 | 1,500 | 1,500 |
| Hampden Township PA GO | 5.000% | 11/15/20 (Prere.) | 180 | 197 |
| Hampden Township PA GO | 5.000% | 5/15/31 | 880 | 958 |
| Hempfield PA School District GO | 5.000% | 10/15/30 | 2,920 | 3,131 |
| Huntingdon County PA General Authority | | | | |
| Revenue | 5.000% | 5/1/46 | 7,465 | 8,104 |
| Lackawanna County PA Industrial | | | | |
| Development Authority Revenue | | | | |
| (University of Scranton) | 4.000% | 11/1/35 | 500 | 512 |
| Lackawanna County PA Industrial | | | | |
| Development Authority Revenue | | | | |
| (University of Scranton) | 4.000% | 11/1/36 | 600 | 612 |
| Lackawanna County PA Industrial | | | | |
| Development Authority Revenue | | | | |
| (University of Scranton) | 4.000% | 11/1/37 | 1,000 | 1,016 |
| Lackawanna County PA Industrial | | | | |
| Development Authority Revenue | | | | |
| (University of Scranton) | 4.000% | 11/1/40 | 4,000 | 4,046 |
| Lake Lehman PA School District GO | 0.000% | 4/1/18 (14) | 1,000 | 995 |
| Lancaster County PA GO | 5.000% | 11/1/20 (Prere.)(4) | 5,000 | 5,474 |
| Lancaster County PA Hospital Authority | | | | |
| Health Center Revenue (Masonic Homes | | | | |
| Project) VRDO | 0.930% | 12/1/17 LOC | 900 | 900 |
| Lancaster County PA Hospital Authority | | | | |
| Revenue (Brethren Village Project) | 5.000% | 7/1/25 | 715 | 799 |
| Lancaster County PA Hospital Authority | | | | |
| Revenue (Brethren Village Project) | 5.000% | 7/1/30 | 750 | 831 |
| Lancaster County PA Hospital Authority | | | | |
| Revenue (Brethren Village Project) | 5.000% | 7/1/31 | 1,300 | 1,432 |
| Lancaster County PA Hospital Authority | | | | |
| Revenue (Brethren Village Project) | 5.000% | 7/1/32 | 725 | 795 |
| Lancaster County PA Hospital Authority | | | | |
| Revenue (University of Pennsylvania Health | | | | |
| System) | 5.000% | 8/15/42 | 8,825 | 10,065 |
| Lancaster County PA Solid Waste | | | | |
| Management Authority Solid Waste | | | | |
| Disposal System Revenue | 5.250% | 12/15/30 | 3,000 | 3,391 |
| Lancaster County PA Solid Waste | | | | |
| Management Authority Solid Waste | | | | |
| Disposal System Revenue | 5.250% | 12/15/31 | 4,235 | 4,774 |
41
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value • |
| | Coupon | Date | ($000) | ($000) |
| Lancaster County PA Solid Waste | | | | |
| Management Authority Solid Waste | | | | |
| Disposal System Revenue | 5.250% | 12/15/32 | 2,600 | 2,924 |
| Lancaster County PA Solid Waste | | | | |
| Management Authority Solid Waste | | | | |
| Disposal System Revenue | 5.000% | 12/15/33 | 7,000 | 7,966 |
| Lancaster PA Industrial Development | | | | |
| Authority Revenue (Garden Spot Village | | | | |
| Project) | 5.000% | 5/1/21 | 500 | 544 |
| Lancaster PA Industrial Development | | | | |
| Authority Revenue (Garden Spot Village | | | | |
| Project) | 5.375% | 5/1/28 | 1,250 | 1,397 |
| Lancaster PA Industrial Development | | | | |
| Authority Revenue (Garden Spot Village | | | | |
| Project) | 5.750% | 5/1/35 | 2,200 | 2,475 |
| Lehigh County PA Authority Water & Sewer | | | | |
| Revenue | 0.000% | 12/1/24 | 1,695 | 1,367 |
| Lehigh County PA Authority Water & Sewer | | | | |
| Revenue | 5.000% | 12/1/43 | 14,305 | 15,955 |
| Lehigh County PA Authority Water & Sewer | | | | |
| Revenue | 5.125% | 12/1/47 | 3,000 | 3,368 |
| Lehigh County PA General Purpose Authority | | | | |
| Revenue (Good Shepherd Obligated Group) | 4.000% | 11/1/46 | 3,485 | 3,557 |
| Lehigh County PA General Purpose Hospital | | | | |
| Authority Revenue (Lehigh Valley Health | | | | |
| Network) | 4.000% | 7/1/33 | 5,000 | 5,178 |
| Lehigh County PA General Purpose Hospital | | | | |
| Authority Revenue (Lehigh Valley Health | | | | |
| Network) | 4.000% | 7/1/35 | 14,000 | 14,473 |
| Luzerne County PA GO | 5.250% | 12/15/21 (14) | 5,320 | 5,604 |
| Luzerne County PA GO | 5.000% | 11/15/29 (4) | 2,500 | 2,851 |
| Luzerne County PA Industrial Development | | | | |
| Authority Water Facility Revenue | | | | |
| (Pennsylvania-American Water Co.) | 5.500% | 12/1/39 | 10,000 | 10,684 |
| Lycoming County PA Authority College | | | | |
| Revenue (Pennsylvania College of | | | | |
| Technology) | 5.000% | 5/1/26 | 2,000 | 2,186 |
| Lycoming County PA Authority College | | | | |
| Revenue (Pennsylvania College of | | | | |
| Technology) | 5.000% | 7/1/30 | 5,565 | 6,002 |
| Lycoming County PA Authority Health | | | | |
| System Revenue (Susquehanna Health | | | | |
| System Project) | 5.500% | 7/1/28 | 35 | 37 |
| Lycoming County PA Authority Revenue | | | | |
| (Lycoming College) | 5.500% | 11/1/33 | 2,935 | 3,374 |
| McKeesport PA Area School District GO | 0.000% | 10/1/18 (2) | 2,650 | 2,611 |
| Middletown PA School District GO | 5.000% | 3/1/29 | 1,660 | 1,834 |
| Middletown PA School District GO | 5.000% | 3/1/30 | 2,865 | 3,162 |
| Monroe County PA Hospital Authority Revenue | | | | |
| (Pocono Medical Center) | 5.000% | 7/1/41 | 3,660 | 4,113 |
| Monroeville PA Finance Authority Revenue | | | | |
| (UPMC Health System) | 5.000% | 2/15/29 | 1,500 | 1,682 |
| Monroeville PA Finance Authority Revenue | | | | |
| (UPMC Health System) | 5.000% | 2/15/30 | 4,900 | 5,477 |
42
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value • |
| | Coupon | Date | ($000) | ($000) |
| Monroeville PA Finance Authority Revenue | | | | |
| (UPMC Health System) | 5.000% | 2/15/42 | 10,865 | 12,036 |
| Montgomery County PA GO | 4.000% | 4/1/29 | 3,080 | 3,354 |
| Montgomery County PA Higher Education & | | | | |
| Health Authority Hospital Revenue | | | | |
| (Abington Memorial Hospital) | 5.125% | 6/1/19 (Prere.) | 13,545 | 14,250 |
| Montgomery County PA Higher Education & | | | | |
| Health Authority Hospital Revenue | | | | |
| (Abington Memorial Hospital) | 5.000% | 6/1/31 | 14,705 | 16,079 |
| Montgomery County PA Higher Education & | | | | |
| Health Authority Revenue (Arcadia | | | | |
| University) | 5.000% | 4/1/29 | 2,580 | 2,883 |
| Montgomery County PA Higher Education & | | | | |
| Health Authority Revenue (Arcadia | | | | |
| University) | 5.000% | 4/1/30 | 1,000 | 1,109 |
| Montgomery County PA Higher Education & | | | | |
| Health Authority Revenue (Arcadia | | | | |
| University) | 5.750% | 4/1/40 | 3,000 | 3,343 |
| Montgomery County PA Higher Education & | | | | |
| Health Authority Revenue (Holy Redeemer | | | | |
| Health System) | 5.000% | 10/1/24 | 1,165 | 1,326 |
| Montgomery County PA Higher Education & | | | | |
| Health Authority Revenue (Holy Redeemer | | | | |
| Health System) | 5.000% | 10/1/25 | 1,200 | 1,345 |
| Montgomery County PA Higher Education & | | | | |
| Health Authority Revenue (Holy Redeemer | | | | |
| Health System) | 5.000% | 10/1/26 | 1,000 | 1,113 |
| Montgomery County PA Higher Education & | | | | |
| Health Authority Revenue (Holy Redeemer | | | | |
| Health System) | 5.000% | 10/1/27 | 1,000 | 1,106 |
| Montgomery County PA Higher Education & | | | | |
| Health Authority Revenue (Holy Redeemer | | | | |
| Health System) | 5.000% | 10/1/40 | 12,000 | 13,033 |
| Montgomery County PA Higher Education & | | | | |
| Health Authority Revenue (Ursinus College) | 5.250% | 11/1/42 | 4,000 | 4,370 |
| Montgomery County PA Industrial | | | | |
| Development Authority Health Services | | | | |
| Revenue (Albert Einstein Healthcare | | | | |
| Network) | 5.250% | 1/15/28 | 3,795 | 4,250 |
| Montgomery County PA Industrial | | | | |
| Development Authority Health Services | | | | |
| Revenue (Albert Einstein Healthcare | | | | |
| Network) | 5.250% | 1/15/30 | 5,000 | 5,547 |
| Montgomery County PA Industrial | | | | |
| Development Authority Health Services | | | | |
| Revenue (Albert Einstein Healthcare | | | | |
| Network) | 5.250% | 1/15/36 | 11,250 | 12,236 |
| Montgomery County PA Industrial | | | | |
| Development Authority Health Services | | | | |
| Revenue (Albert Einstein Healthcare | | | | |
| Network) | 5.250% | 1/15/45 | 18,500 | 19,989 |
43
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value • |
| | Coupon | Date | ($000) | ($000) |
| Montgomery County PA Industrial | | | | |
| Development Authority Health Services | | | | |
| Revenue (Albert Einstein Healthcare | | | | |
| Network) | 5.250% | 1/15/46 | 3,300 | 3,564 |
| Montgomery County PA Industrial | | | | |
| Development Authority Health Services | | | | |
| Revenue (Jefferson Health System) | 5.000% | 10/1/41 | 4,110 | 4,435 |
| Montgomery County PA Industrial | | | | |
| Development Authority Revenue | | | | |
| (Foulkeways at Gwynedd) | 5.000% | 12/1/30 | 775 | 854 |
| Montgomery County PA Industrial | | | | |
| Development Authority Revenue | | | | |
| (Foulkeways at Gwynedd) | 5.000% | 12/1/46 | 3,730 | 3,988 |
| Montgomery County PA Industrial | | | | |
| Development Authority Revenue (Philadelphia | | | | |
| Presbyterian Homes Inc. Project) | 6.625% | 12/1/21 (Prere.) | 1,565 | 1,855 |
| Montgomery County PA Industrial | | | | |
| Development Authority Revenue (Philadelphia | | | | |
| Presbyterian Homes Inc. Project) | 5.000% | 12/1/27 | 2,250 | 2,576 |
| Montgomery County PA Industrial | | | | |
| Development Authority Revenue (Philadelphia | | | | |
| Presbyterian Homes Inc. Project) | 5.000% | 12/1/47 | 2,000 | 2,196 |
| Montgomery County PA Industrial | | | | |
| Development Authority Revenue (Philadelphia | | | | |
| Presbyterian Homes Inc. Project) | 4.000% | 12/1/48 | 3,800 | 3,747 |
| Montgomery County PA Industrial | | | | |
| Development Authority Revenue (Whitemarsh | | | | |
| Continuing Care Retirement Community Inc.) | 5.000% | 1/1/30 | 1,575 | 1,618 |
| Montgomery County PA Industrial | | | | |
| Development Authority Revenue (Whitemarsh | | | | |
| Continuing Care Retirement Community Inc.) | 5.250% | 1/1/40 | 4,750 | 4,843 |
| Montour PA School District GO | 5.000% | 4/1/40 (4) | 3,170 | 3,631 |
| Moon Industrial Development Authority | | | | |
| Pennsylvania Revenue (Baptist Home Society | | | | |
| Obligated Group) | 5.625% | 7/1/30 | 1,000 | 1,088 |
| Moon Industrial Development Authority | | | | |
| Pennsylvania Revenue (Baptist Home | | | | |
| Society Obligated Group) | 6.000% | 7/1/45 | 3,500 | 3,771 |
| Mount Lebanon PA Hospital Authority | | | | |
| Revenue (St. Clair Memorial Hospital Project) | 5.000% | 7/1/31 | 6,270 | 6,745 |
| Northampton County PA General Purpose | | | | |
| Authority College Revenue (Lafayette College) | 5.000% | 11/1/34 | 2,500 | 2,935 |
| Northampton County PA General Purpose | | | | |
| Authority College Revenue (Lafayette College) | 5.000% | 11/1/47 | 2,750 | 3,167 |
| Northampton County PA General Purpose | | | | |
| Authority College Revenue (Moravian College) | 5.000% | 10/1/40 | 1,125 | 1,243 |
| Northampton County PA General Purpose | | | | |
| Authority Hospital Revenue (St. Luke’s | | | | |
| Hospital Project) | 5.500% | 8/15/18 (Prere.) | 45 | 46 |
| Northampton County PA General Purpose | | | | |
| Authority Hospital Revenue (St. Luke’s | | | | |
| Hospital Project) | 5.500% | 8/15/18 (Prere.) | 5,100 | 5,247 |
44
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value • |
| | Coupon | Date | ($000) | ($000) |
| Northampton County PA General Purpose | | | | |
| Authority Hospital Revenue (St. Luke’s | | | | |
| Hospital Project) | 5.000% | 8/15/28 | 3,975 | 4,606 |
| Northampton County PA General Purpose | | | | |
| Authority Hospital Revenue (St. Luke’s | | | | |
| Hospital Project) | 5.000% | 8/15/29 | 2,000 | 2,296 |
| Northampton County PA General Purpose | | | | |
| Authority Hospital Revenue (St. Luke’s | | | | |
| Hospital Project) | 5.000% | 8/15/33 | 9,855 | 10,736 |
| Northampton County PA General Purpose | | | | |
| Authority Hospital Revenue (St. Luke’s | | | | |
| Hospital Project) | 5.000% | 8/15/46 | 1,795 | 1,974 |
| Northampton County PA General Purpose | | | | |
| Authority University Revenue (Lafayette | | | | |
| College) | 5.000% | 11/1/32 | 4,000 | 4,551 |
| Northampton County PA General Purpose | | | | |
| Authority University Revenue (Lehigh | | | | |
| University) | 4.000% | 11/15/34 | 7,535 | 8,025 |
| Northampton County PA General Purpose | | | | |
| Authority University Revenue (Lehigh | | | | |
| University) | 4.000% | 11/15/35 | 4,090 | 4,343 |
| Northampton County PA General Purpose | | | | |
| Authority University Revenue (Lehigh | | | | |
| University) | 4.000% | 11/15/36 | 6,000 | 6,347 |
| Northampton County PA Industrial | | | | |
| Development Authority Revenue | | | | |
| (Morningstar Senior Living, Inc. Project) | 5.000% | 7/1/32 | 1,775 | 1,831 |
| Northampton County PA Industrial | | | | |
| Development Authority Revenue | | | | |
| (Morningstar Senior Living, Inc. Project) | 5.000% | 7/1/36 | 1,000 | 1,025 |
| Northeastern Pennsylvania Hospital & | | | | |
| Education Authority Revenue (Wilkes | | | | |
| University Project) | 5.000% | 3/1/25 | 1,125 | 1,309 |
| Northeastern Pennsylvania Hospital & | | | | |
| Education Authority Revenue (Wilkes | | | | |
| University Project) | 5.000% | 3/1/29 | 1,250 | 1,428 |
| Northeastern Pennsylvania Hospital & | | | | |
| Educational Authority Revenue (Wilkes | | | | |
| University Project) | 5.250% | 3/1/31 | 1,140 | 1,324 |
| Northeastern Pennsylvania Hospital & | | | | |
| Educational Authority Revenue (Wilkes | | | | |
| University Project) | 5.000% | 3/1/37 | 3,640 | 4,053 |
| Northeastern Pennsylvania Hospital & | | | | |
| Educational Authority Revenue (Wilkes | | | | |
| University Project) | 5.250% | 3/1/37 | 3,000 | 3,421 |
| Northern Tioga School District Pennsylvania | | | | |
| GO | 5.000% | 4/1/29 (15) | 500 | 592 |
| Northern Tioga School District Pennsylvania | | | | |
| GO | 5.000% | 4/1/31 (15) | 700 | 820 |
| Northern Tioga School District Pennsylvania | | | | |
| GO | 4.000% | 4/1/33 (15) | 500 | 529 |
| Owen J. Roberts Pennsylvania School | | | | |
| District GO | 4.000% | 5/15/29 | 1,200 | 1,277 |
45
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value • |
| | Coupon | Date | ($000) | ($000) |
| Owen J. Roberts Pennsylvania School | | | | |
| District GO | 4.000% | 5/15/30 | 1,900 | 2,012 |
| Palmer Township PA GO | 4.000% | 5/15/29 | 1,435 | 1,535 |
| Palmer Township PA GO | 4.000% | 5/15/30 | 1,495 | 1,590 |
| Pennsylvania Economic Development | | | | |
| Financing Authority Health System Revenue | | | | |
| (Albert Einstein Healthcare Network) | 6.250% | 10/15/19 (Prere.) | 7,110 | 7,617 |
| Pennsylvania Economic Development | | | | |
| Financing Authority Parking System Revenue | | | | |
| (Capitol Region Parking System) | 0.000% | 1/1/29 (4) | 2,000 | 1,314 |
| Pennsylvania Economic Development | | | | |
| Financing Authority Parking System Revenue | | | | |
| (Capitol Region Parking System) | 0.000% | 1/1/30 (4) | 3,710 | 2,319 |
| Pennsylvania Economic Development | | | | |
| Financing Authority Parking System Revenue | | | | |
| (Capitol Region Parking System) | 5.500% | 1/1/31 (4) | 3,000 | 3,439 |
| Pennsylvania Economic Development | | | | |
| Financing Authority Parking System Revenue | | | | |
| (Capitol Region Parking System) | 0.000% | 1/1/36 (4) | 6,045 | 2,867 |
| Pennsylvania Economic Development | | | | |
| Financing Authority Parking System Revenue | | | | |
| (Capitol Region Parking System) | 0.000% | 1/1/38 (4) | 5,525 | 2,380 |
| Pennsylvania Economic Development | | | | |
| Financing Authority Parking System Revenue | | | | |
| (Capitol Region Parking System) | 5.250% | 1/1/44 (4) | 6,500 | 7,144 |
| Pennsylvania Economic Development | | | | |
| Financing Authority Revenue (UPMC | | | | |
| Obligated Group) | 5.000% | 2/1/28 | 3,000 | 3,461 |
| Pennsylvania Economic Development | | | | |
| Financing Authority Revenue (UPMC | | | | |
| Obligated Group) | 5.000% | 2/1/31 | 5,000 | 5,691 |
| Pennsylvania Economic Development | | | | |
| Financing Authority Revenue (UPMC | | | | |
| Obligated Group) | 5.000% | 2/1/32 | 10,000 | 11,343 |
| Pennsylvania Economic Development | | | | |
| Financing Authority Revenue (UPMC | | | | |
| Obligated Group) | 4.000% | 3/15/32 | 2,500 | 2,638 |
| Pennsylvania Economic Development | | | | |
| Financing Authority Revenue (UPMC | | | | |
| Obligated Group) | 5.000% | 7/1/33 | 11,405 | 12,657 |
| Pennsylvania Economic Development | | | | |
| Financing Authority Revenue (UPMC | | | | |
| Obligated Group) | 4.000% | 3/15/35 | 4,000 | 4,175 |
| Pennsylvania Economic Development | | | | |
| Financing Authority Revenue (UPMC | | | | |
| Obligated Group) | 4.000% | 3/15/40 | 6,000 | 6,186 |
| Pennsylvania Economic Development | | | | |
| Financing Authority Revenue (UPMC | | | | |
| Obligated Group) | 5.000% | 7/1/43 | 4,500 | 4,923 |
| Pennsylvania Economic Development | | | | |
| Financing Authority Revenue (UPMC | | | | |
| Obligated Group) | 5.000% | 2/1/45 | 5,000 | 5,575 |
46
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value • |
| | Coupon | Date | ($000) | ($000) |
| Pennsylvania Economic Development | | | | |
| Financing Authority Revenue (UPMC | | | | |
| Obligated Group) | 4.000% | 3/15/45 | 4,000 | 4,110 |
| Pennsylvania Economic Development | | | | |
| Financing Authority Revenue (UPMC | | | | |
| Obligated Group) | 4.000% | 11/15/47 | 10,000 | 10,256 |
| 1 Pennsylvania Economic Development | | | | |
| Financing Authority Revenue (UPMC | | | | |
| Obligated Group) TOB VRDO | 1.020% | 12/7/17 | 3,610 | 3,610 |
| 1 Pennsylvania Economic Development | | | | |
| Financing Authority Revenue (UPMC | | | | |
| Obligated Group) TOB VRDO | 1.070% | 12/7/17 | 1,670 | 1,670 |
| Pennsylvania Economic Development | | | | |
| Financing Authority Water Facilities Revenue | | | | |
| (American Water Co. Project) | 6.200% | 4/1/39 | 5,000 | 5,276 |
| Pennsylvania Economic Development | | | | |
| Financing Authority Water Facilities Revenue | | | | |
| (Aqua Pennsylvania Inc. Project) | 5.000% | 10/1/39 | 5,500 | 5,787 |
| Pennsylvania Economic Development | | | | |
| Financing Authority Water Facilities Revenue | | | | |
| (Aqua Pennsylvania Inc. Project) | 4.750% | 11/15/40 | 2,500 | 2,619 |
| Pennsylvania Economic Development | | | | |
| Financing Authority Water Facilities Revenue | | | | |
| (Aqua Pennsylvania Inc. Project) | 5.000% | 11/15/40 | 4,075 | 4,299 |
| Pennsylvania Economic Development | | | | |
| Financing Authority Water Facilities Revenue | | | | |
| (Aqua Pennsylvania Inc. Project) | 5.000% | 12/1/43 | 10,000 | 10,791 |
| Pennsylvania GO | 5.000% | 7/1/20 | 7,300 | 7,866 |
| Pennsylvania GO | 5.000% | 11/15/20 | 8,740 | 9,508 |
| Pennsylvania GO | 5.375% | 7/1/21 | 16,000 | 17,877 |
| Pennsylvania GO | 5.000% | 11/15/21 (Prere.) | 5,000 | 5,599 |
| Pennsylvania GO | 5.000% | 11/15/21 (Prere.) | 6,705 | 7,508 |
| Pennsylvania GO | 5.000% | 11/15/21 (Prere.) | 10,000 | 11,198 |
| Pennsylvania GO | 5.000% | 11/15/21 (Prere.) | 10,000 | 11,198 |
| Pennsylvania GO | 5.000% | 6/1/22 (Prere.) | 10,000 | 11,389 |
| Pennsylvania GO | 5.000% | 6/1/22 (Prere.) | 5,000 | 5,694 |
| Pennsylvania GO | 5.000% | 7/1/22 | 10,000 | 11,286 |
| Pennsylvania GO | 5.000% | 4/1/23 (Prere.) | 10,000 | 11,601 |
| Pennsylvania GO | 4.000% | 7/1/23 | 4,000 | 4,371 |
| Pennsylvania GO | 5.000% | 8/15/24 | 5,000 | 5,803 |
| Pennsylvania GO | 5.000% | 2/1/26 | 8,355 | 9,861 |
| Pennsylvania GO | 5.000% | 9/15/27 | 20,000 | 23,798 |
| Pennsylvania GO | 5.000% | 9/15/27 | 15,000 | 17,848 |
| Pennsylvania GO | 5.000% | 1/15/28 | 5,000 | 5,964 |
| Pennsylvania GO | 5.000% | 3/15/28 | 18,550 | 21,565 |
| Pennsylvania GO | 4.000% | 8/15/28 (4) | 10,010 | 10,996 |
| Pennsylvania GO | 5.000% | 9/15/28 | 10,350 | 12,253 |
| Pennsylvania GO | 4.000% | 10/15/28 | 10,000 | 10,762 |
| Pennsylvania GO | 4.000% | 4/1/29 | 10,000 | 10,651 |
| Pennsylvania GO | 4.000% | 8/15/29 (4) | 6,290 | 6,850 |
| Pennsylvania GO | 4.000% | 4/1/30 | 10,000 | 10,605 |
| Pennsylvania GO | 4.000% | 6/15/30 | 10,000 | 10,718 |
| 2 Pennsylvania GO | 4.000% | 8/15/30 (4) | 7,640 | 8,271 |
| Pennsylvania GO | 5.000% | 10/15/30 | 6,650 | 7,547 |
47
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value • |
| | Coupon | Date | ($000) | ($000) |
| Pennsylvania GO | 4.000% | 2/1/31 | 17,875 | 19,119 |
| Pennsylvania GO | 5.000% | 10/15/31 | 14,955 | 16,930 |
| Pennsylvania GO | 4.000% | 2/1/32 | 18,870 | 20,113 |
| Pennsylvania GO | 5.000% | 6/1/32 | 8,115 | 8,910 |
| Pennsylvania GO | 5.000% | 8/1/32 | 4,000 | 4,582 |
| Pennsylvania GO | 5.000% | 8/15/32 | 8,000 | 9,181 |
| 2 Pennsylvania GO | 5.000% | 10/15/32 | 15,000 | 16,937 |
| Pennsylvania GO | 4.000% | 2/1/33 | 5,585 | 5,932 |
| Pennsylvania GO | 5.000% | 8/1/33 | 4,000 | 4,567 |
| Pennsylvania GO | 4.000% | 9/15/34 | 10,000 | 10,623 |
| 1 Pennsylvania GO TOB VRDO | 1.010% | 12/7/17 | 2,000 | 2,000 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue | 4.000% | 6/15/32 | 3,330 | 3,551 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue | 4.000% | 6/15/33 | 2,310 | 2,454 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (AICUP Financing | | | | |
| Program - Delaware Valley College Project) | 5.000% | 11/1/20 | 595 | 616 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (AICUP Financing | | | | |
| Program - Delaware Valley College Project) | 5.000% | 11/1/21 | 1,245 | 1,302 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (AICUP Financing | | | | |
| Program - Delaware Valley College Project) | 5.000% | 11/1/27 | 1,250 | 1,289 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (AICUP Financing | | | | |
| Program - Delaware Valley College Project) | 5.000% | 11/1/42 | 535 | 519 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Drexel University) | 5.000% | 5/1/28 | 1,450 | 1,612 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Drexel University) | 5.000% | 5/1/29 | 1,260 | 1,397 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Drexel University) | 5.000% | 5/1/30 | 1,205 | 1,335 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Drexel University) | 5.000% | 5/1/31 | 1,085 | 1,199 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Drexel University) | 5.000% | 5/1/32 | 1,750 | 2,000 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Drexel University) | 5.000% | 5/1/32 | 1,000 | 1,104 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Drexel University) | 5.000% | 5/1/33 | 3,320 | 3,781 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Drexel University) | 5.000% | 5/1/34 | 3,000 | 3,405 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Drexel University) | 5.000% | 5/1/35 | 2,600 | 2,940 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Foundation for Indiana | | | | |
| University of Pennsylvania Student Housing) | 5.000% | 7/1/22 (Prere.) | 500 | 569 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Higher Education System) | 5.000% | 6/15/29 | 4,000 | 4,421 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Higher Education System) | 4.000% | 6/15/30 | 3,895 | 4,212 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Higher Education System) | 4.000% | 6/15/30 | 2,125 | 2,298 |
48
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value • |
| | Coupon | Date | ($000) | ($000) |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Higher Education System) | 5.000% | 6/15/30 | 3,615 | 3,988 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Higher Education System) | 5.000% | 6/15/34 | 5,535 | 5,799 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (La Salle University) | 5.000% | 5/1/37 | 5,800 | 6,165 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Lock Haven University | | | | |
| Foundation Student Housing Project) | 4.000% | 7/1/28 | 3,500 | 3,528 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Philadelphia University) | 5.000% | 6/1/24 | 1,055 | 1,158 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Philadelphia University) | 5.000% | 6/1/27 | 1,175 | 1,289 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Philadelphia University) | 5.000% | 6/1/28 | 1,250 | 1,372 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Philadelphia University) | 5.000% | 6/1/32 | 2,025 | 2,218 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Shippensburg University) | 5.000% | 10/1/30 | 2,000 | 2,124 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Shippensburg University) | 5.000% | 10/1/35 | 1,400 | 1,468 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Shippensburg University) | 5.000% | 10/1/44 | 4,940 | 5,172 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (St. Joseph’s University) | 5.000% | 11/1/33 | 1,265 | 1,401 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (St. Joseph’s University) | 5.000% | 11/1/34 | 4,000 | 4,290 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (St. Joseph’s University) | 5.000% | 11/1/40 | 10,090 | 10,823 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Temple University) | 5.000% | 4/1/35 | 7,755 | 8,495 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Temple University) | 5.000% | 4/1/42 | 11,120 | 12,077 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Thomas Jefferson | | | | |
| University) | 5.000% | 9/1/32 | 3,965 | 4,486 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Thomas Jefferson | | | | |
| University) | 5.000% | 9/1/39 | 7,000 | 7,823 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Thomas Jefferson | | | | |
| University) | 5.000% | 9/1/45 | 17,800 | 19,868 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Thomas Jefferson | | | | |
| University) | 5.250% | 9/1/50 | 10,000 | 11,288 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Trustees of the University | | | | |
| of Pennsylvania) | 4.000% | 8/15/31 | 4,000 | 4,368 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Trustees of the University | | | | |
| of Pennsylvania) | 4.000% | 8/15/34 | 2,200 | 2,367 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Trustees of the University | | | | |
| of Pennsylvania) | 4.000% | 8/15/35 | 2,275 | 2,439 |
49
| | | | |
| 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) | 4.000% | 8/15/36 | 1,400 | 1,498 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (Trustees of the | | | | |
| University of Pennsylvania) | 5.000% | 8/15/46 | 5,000 | 5,842 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of | | | | |
| Pennsylvania Health System) | 5.000% | 8/15/29 | 500 | 584 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of | | | | |
| Pennsylvania Health System) | 5.000% | 8/15/30 | 3,055 | 3,367 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of | | | | |
| Pennsylvania Health System) | 5.000% | 8/15/31 | 750 | 871 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of | | | | |
| Pennsylvania Health System) | 5.000% | 8/15/31 | 3,860 | 4,247 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of | | | | |
| Pennsylvania Health System) | 5.000% | 8/15/32 | 2,000 | 2,195 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of | | | | |
| Pennsylvania Health System) | 5.000% | 8/15/33 | 1,180 | 1,360 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of | | | | |
| Pennsylvania Health System) | 5.000% | 8/15/34 | 2,695 | 3,097 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of | | | | |
| Pennsylvania Health System) | 5.000% | 8/15/35 | 2,420 | 2,774 |
| 3 Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of | | | | |
| Pennsylvania Health System) | 4.000% | 8/15/35 | 3,135 | 3,270 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of | | | | |
| Pennsylvania Health System) | 5.000% | 8/15/40 | 11,000 | 12,520 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of | | | | |
| Pennsylvania Health System) | 4.000% | 8/15/41 | 6,000 | 6,205 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of | | | | |
| Pennsylvania Health System) | 5.000% | 8/15/42 | 16,260 | 17,678 |
| 3 Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of | | | | |
| Pennsylvania Health System) | 4.000% | 8/15/42 | 6,675 | 6,864 |
| 3 Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of | | | | |
| Pennsylvania Health System) | 5.000% | 8/15/47 | 10,000 | 11,406 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of the | | | | |
| Sciences) | 5.000% | 11/1/30 | 940 | 1,058 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of the | | | | |
| Sciences) | 5.000% | 11/1/31 | 1,870 | 2,098 |
50
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value • |
| | Coupon | Date | ($000) | ($000) |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of the | | | | |
| Sciences) | 5.000% | 11/1/36 | 7,265 | 8,012 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Revenue (University of the | | | | |
| Sciences) | 5.000% | 11/1/42 | 4,700 | 5,077 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Student Housing Revenue | | | | |
| (University Properties Inc.) | 5.000% | 7/1/42 | 2,500 | 2,590 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Student Housing Revenue | | | | |
| (University Properties Inc.) | 6.000% | 7/1/21 | 2,125 | 2,305 |
| Pennsylvania Higher Educational Facilities | | | | |
| Authority Student Housing Revenue | | | | |
| (University Properties Inc.) | 5.000% | 7/1/31 | 4,000 | 4,211 |
| Pennsylvania Housing Finance Agency Single | | | | |
| Family Mortgage Revenue | 4.125% | 10/1/25 | 980 | 1,010 |
| Pennsylvania Housing Finance Agency Single | | | | |
| Family Mortgage Revenue | 3.200% | 10/1/31 | 2,500 | 2,497 |
| Pennsylvania Housing Finance Agency Single | | | | |
| Family Mortgage Revenue | 3.100% | 10/1/36 | 3,000 | 2,929 |
| Pennsylvania Housing Finance Agency Single | | | | |
| Family Mortgage Revenue | 3.500% | 10/1/36 | 4,500 | 4,561 |
| Pennsylvania Housing Finance Agency Single | | | | |
| Family Mortgage Revenue | 3.900% | 10/1/36 | 8,500 | 8,746 |
| Pennsylvania Housing Finance Agency Single | | | | |
| Family Mortgage Revenue | 3.900% | 10/1/37 | 8,000 | 8,240 |
| Pennsylvania Housing Finance Agency Single | | | | |
| Family Mortgage Revenue | 4.050% | 10/1/40 | 1,525 | 1,563 |
| Pennsylvania Housing Finance Agency Single | | | | |
| Family Mortgage Revenue | 4.050% | 10/1/40 | 2,000 | 2,064 |
| Pennsylvania Housing Finance Agency Single | | | | |
| Family Mortgage Revenue | 3.200% | 10/1/41 | 4,000 | 3,807 |
| Pennsylvania Housing Finance Agency Single | | | | |
| Family Mortgage Revenue | 3.650% | 10/1/42 | 7,500 | 7,456 |
| Pennsylvania Housing Finance Agency Single | | | | |
| Family Mortgage Revenue | 4.100% | 10/1/45 | 3,845 | 3,965 |
| Pennsylvania Housing Finance Agency Single | | | | |
| Family Mortgage Revenue | 4.150% | 10/1/45 | 1,370 | 1,406 |
| Pennsylvania Housing Finance Agency Single | | | | |
| Family Mortgage Revenue | 3.500% | 10/1/46 | 2,770 | 2,887 |
| Pennsylvania Public School Building Authority | | | | |
| Lease Revenue (School District of | | | | |
| Philadelphia) | 5.000% | 6/1/24 | 2,000 | 2,268 |
| Pennsylvania Public School Building Authority | | | | |
| Lease Revenue (School District of | | | | |
| Philadelphia) | 5.000% | 6/1/25 | 1,610 | 1,841 |
| Pennsylvania Public School Building Authority | | | | |
| Revenue (Harrisburg School District) | 5.000% | 12/1/30 (4) | 3,500 | 4,075 |
| Pennsylvania Public School Building Authority | | | | |
| Revenue (Harrisburg School District) | 5.000% | 12/1/32 (4) | 2,750 | 3,178 |
| Pennsylvania Public School Building Authority | | | | |
| Revenue (Harrisburg School District) | 5.000% | 12/1/33 (4) | 2,000 | 2,303 |
| Pennsylvania State University Revenue | 5.000% | 9/1/27 | 2,205 | 2,644 |
51
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value • |
| | Coupon | Date | ($000) | ($000) |
| Pennsylvania State University Revenue | 5.000% | 9/1/29 | 1,170 | 1,388 |
| Pennsylvania State University Revenue | 5.000% | 9/1/29 | 4,565 | 5,417 |
| Pennsylvania State University Revenue | 5.000% | 9/1/30 | 1,100 | 1,300 |
| Pennsylvania State University Revenue | 5.000% | 9/1/30 | 6,900 | 8,155 |
| Pennsylvania State University Revenue | 5.000% | 9/1/31 | 1,500 | 1,809 |
| Pennsylvania State University Revenue | 5.000% | 9/1/32 | 1,350 | 1,622 |
| Pennsylvania State University Revenue | 5.000% | 9/1/33 | 5,000 | 5,911 |
| Pennsylvania State University Revenue | 5.000% | 9/1/33 | 4,820 | 5,768 |
| Pennsylvania State University Revenue | 5.000% | 9/1/36 | 4,650 | 5,508 |
| Pennsylvania State University Revenue | 5.000% | 9/1/42 | 4,430 | 5,202 |
| Pennsylvania State University Revenue | 5.000% | 9/1/47 | 3,000 | 3,509 |
| Pennsylvania Turnpike Commission Motor | | | | |
| License Fund Revenue | 5.500% | 12/1/20 (Prere.) | 7,000 | 7,762 |
| Pennsylvania Turnpike Commission Motor | | | | |
| License Fund Revenue | 5.000% | 12/1/22 (Prere.) | 2,540 | 2,925 |
| Pennsylvania Turnpike Commission Motor | | | | |
| License Fund Revenue | 5.000% | 12/1/29 | 2,925 | 3,294 |
| Pennsylvania Turnpike Commission Motor | | | | |
| License Fund Revenue | 5.000% | 12/1/32 | 5,000 | 5,848 |
| Pennsylvania Turnpike Commission Motor | | | | |
| License Fund Revenue | 5.000% | 12/1/34 | 6,000 | 6,962 |
| Pennsylvania Turnpike Commission Motor | | | | |
| License Fund Revenue | 5.000% | 12/1/35 | 4,390 | 5,033 |
| Pennsylvania Turnpike Commission Motor | | | | |
| License Fund Revenue | 5.000% | 12/1/35 | 5,500 | 6,356 |
| Pennsylvania Turnpike Commission Motor | | | | |
| License Fund Revenue | 5.000% | 12/1/37 | 4,000 | 4,449 |
| Pennsylvania Turnpike Commission Motor | | | | |
| License Fund Revenue | 5.000% | 12/1/41 | 2,720 | 2,961 |
| Pennsylvania Turnpike Commission Motor | | | | |
| License Fund Revenue | 5.000% | 12/1/41 | 3,000 | 3,431 |
| Pennsylvania Turnpike Commission Motor | | | | |
| License Fund Revenue | 5.000% | 12/1/43 | 5,430 | 5,938 |
| Pennsylvania Turnpike Commission Oil | | | | |
| Franchise Tax Revenue | 5.000% | 12/1/28 | 4,015 | 4,709 |
| Pennsylvania Turnpike Commission Oil | | | | |
| Franchise Tax Revenue | 5.000% | 12/1/29 | 3,040 | 3,545 |
| Pennsylvania Turnpike Commission Oil | | | | |
| Franchise Tax Revenue | 5.000% | 12/1/30 | 6,970 | 8,091 |
| Pennsylvania Turnpike Commission Oil | | | | |
| Franchise Tax Revenue | 0.000% | 12/1/37 | 2,000 | 957 |
| Pennsylvania Turnpike Commission Revenue | 6.250% | 6/1/18 (Prere.) | 21,595 | 22,117 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/19 (Prere.) | 4,610 | 4,842 |
| Pennsylvania Turnpike Commission Revenue | 5.750% | 6/1/19 (Prere.) | 13,000 | 13,786 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/19 (Prere.) | 7,500 | 7,998 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/19 (Prere.) | 9,650 | 10,291 |
| Pennsylvania Turnpike Commission Revenue | 5.125% | 12/1/19 (Prere.) | 20 | 21 |
| Pennsylvania Turnpike Commission Revenue | 6.500% | 12/1/20 (Prere.) | 3,000 | 3,414 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/21 (Prere.) | 4,600 | 5,176 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/25 | 5,000 | 5,314 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/28 | 2,305 | 2,671 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/28 | 7,000 | 8,111 |
| Pennsylvania Turnpike Commission Revenue | 5.250% | 7/15/28 (4) | 6,875 | 8,335 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/29 | 8,375 | 9,660 |
52
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value • |
| | Coupon | Date | ($000) | ($000) |
| Pennsylvania Turnpike Commission Revenue | 5.500% | 12/1/29 | 2,525 | 2,943 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/30 | 3,400 | 3,730 |
| Pennsylvania Turnpike Commission Revenue | 5.500% | 12/1/30 | 2,500 | 2,912 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/31 | 9,525 | 11,011 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/32 | 7,090 | 8,010 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/32 | 10,000 | 11,539 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/33 | 5,410 | 6,138 |
| Pennsylvania Turnpike Commission Revenue | 0.000% | 12/1/33 | 1,250 | 1,369 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/33 | 2,000 | 2,235 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/33 | 9,800 | 11,281 |
| Pennsylvania Turnpike Commission Revenue | 5.250% | 12/1/33 | 2,560 | 2,957 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/34 | 500 | 560 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/34 (4) | 2,000 | 2,325 |
| Pennsylvania Turnpike Commission Revenue | 4.000% | 12/1/34 | 10,000 | 10,430 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/34 | 2,000 | 2,228 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/34 | 10,000 | 11,477 |
| Pennsylvania Turnpike Commission Revenue | 5.250% | 12/1/34 | 4,410 | 5,080 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/35 | 3,000 | 3,415 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/36 | 10,000 | 11,305 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/36 | 2,800 | 3,241 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/36 | 3,790 | 4,324 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/37 | 7,615 | 8,304 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/37 | 1,250 | 1,443 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/37 | 2,500 | 2,846 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/38 | 8,145 | 9,068 |
| Pennsylvania Turnpike Commission Revenue | 0.000% | 12/1/38 | 2,500 | 2,695 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/39 | 19,700 | 22,070 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/39 | 2,000 | 2,275 |
| Pennsylvania Turnpike Commission Revenue | 5.250% | 12/1/39 | 2,000 | 2,251 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/40 | 7,200 | 8,144 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/40 | 7,500 | 8,022 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/40 | 5,400 | 5,776 |
| Pennsylvania Turnpike Commission Revenue | 0.000% | 12/1/41 | 9,365 | 7,154 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/42 | 14,500 | 16,318 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/42 | 9,500 | 10,337 |
| Pennsylvania Turnpike Commission Revenue | 5.500% | 12/1/42 | 2,950 | 3,474 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/43 | 5,300 | 5,899 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/44 | 6,900 | 7,820 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/44 | 6,000 | 6,800 |
| Pennsylvania Turnpike Commission Revenue | 5.250% | 12/1/44 | 2,640 | 2,956 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/45 | 14,960 | 16,590 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/45 | 4,700 | 5,331 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/46 | 16,000 | 18,127 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/46 | 4,095 | 4,538 |
| Pennsylvania Turnpike Commission Revenue | 5.500% | 12/1/46 | 7,000 | 8,219 |
| Pennsylvania Turnpike Commission Revenue | 5.250% | 6/1/47 | 10,000 | 11,481 |
| 1 Pennsylvania Turnpike Commission Revenue | | | | |
| TOB VRDO | 1.200% | 12/7/17 | 13,820 | 13,820 |
| 1 Pennsylvania Turnpike Commission Revenue | | | | |
| TOB VRDO | 1.200% | 12/7/17 | 6,400 | 6,400 |
| Philadelphia PA Airport Parking Authority | | | | |
| Revenue | 5.125% | 2/15/24 (2) | 1,045 | 1,048 |
| Philadelphia PA Airport Parking Authority | | | | |
| Revenue | 5.250% | 9/1/24 | 4,025 | 4,358 |
53
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value • |
| | Coupon | Date | ($000) | ($000) |
| Philadelphia PA Airport Parking Authority | | | | |
| Revenue | 5.125% | 9/1/29 | 5,975 | 6,426 |
| Philadelphia PA Airport Revenue | 5.000% | 6/15/23 | 3,000 | 3,231 |
| Philadelphia PA Airport Revenue | 5.000% | 6/15/24 | 5,000 | 5,384 |
| Philadelphia PA Airport Revenue | 5.000% | 6/15/25 | 8,505 | 9,156 |
| Philadelphia PA Airport Revenue | 5.250% | 6/15/30 | 6,890 | 7,456 |
| Philadelphia PA Authority for Industrial | | | | |
| Development Revenue (City of Philadelphia | | | | |
| Affordable Housing Preservation Programs | | | | |
| Project) | 5.000% | 12/1/37 | 3,250 | 3,644 |
| Philadelphia PA Authority for Industrial | | | | |
| Development Revenue (Cultural & | | | | |
| Commercial Corridors) | 5.000% | 12/1/27 | 960 | 1,097 |
| Philadelphia PA Authority for Industrial | | | | |
| Development Revenue (Cultural & | | | | |
| Commercial Corridors) | 5.000% | 12/1/28 | 3,885 | 4,422 |
| Philadelphia PA Authority for Industrial | | | | |
| Development Revenue (Cultural & | | | | |
| Commercial Corridors) | 5.000% | 12/1/31 | 1,130 | 1,275 |
| Philadelphia PA Authority for Industrial | | | | |
| Development Revenue (Temple University) | 5.000% | 4/1/28 | 1,500 | 1,755 |
| Philadelphia PA Authority for Industrial | | | | |
| Development Revenue (Temple University) | 5.000% | 4/1/29 | 3,500 | 4,080 |
| Philadelphia PA Authority for Industrial | | | | |
| Development Revenue (Temple University) | 5.000% | 4/1/33 | 8,075 | 9,284 |
| Philadelphia PA Authority for Industrial | | | | |
| Development Revenue (Temple University) | 5.000% | 4/1/36 | 4,750 | 5,424 |
| Philadelphia PA Authority for Industrial | | | | |
| Development Revenue (Temple University) | 5.000% | 4/1/40 | 7,430 | 8,447 |
| Philadelphia PA Authority for Industrial | | | | |
| Development Revenue (The Children’s | | | | |
| Hospital of Philadelphia Project) | 5.000% | 7/1/33 | 3,600 | 4,251 |
| Philadelphia PA Authority for Industrial | | | | |
| Development Revenue (The Children’s | | | | |
| Hospital of Philadelphia Project) | 5.000% | 7/1/34 | 2,180 | 2,562 |
| Philadelphia PA Authority for Industrial | | | | |
| Development Revenue (The Children’s | | | | |
| Hospital of Philadelphia Project) | 4.000% | 7/1/35 | 2,150 | 2,293 |
| Philadelphia PA Authority for Industrial | | | | |
| Development Revenue (The Children’s | | | | |
| Hospital of Philadelphia Project) | 4.000% | 7/1/36 | 3,780 | 4,015 |
| Philadelphia PA Authority for Industrial | | | | |
| Development Revenue (The Children’s | | | | |
| Hospital of Philadelphia Project) | 4.000% | 7/1/44 | 10,900 | 11,347 |
| Philadelphia PA Authority for Industrial | | | | |
| Development Revenue (Thomas Jefferson | | | | |
| University) | 5.000% | 9/1/35 | 2,425 | 2,755 |
| Philadelphia PA Authority for Industrial | | | | |
| Development Revenue (Thomas Jefferson | | | | |
| University) | 5.000% | 9/1/36 | 10,000 | 11,336 |
| Philadelphia PA Authority for Industrial | | | | |
| Development Revenue (Thomas Jefferson | | | | |
| University) | 5.000% | 9/1/47 | 16,135 | 18,072 |
| Philadelphia PA Gas Works Revenue | 5.000% | 7/1/18 (ETM) | 5 | 5 |
54
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value • |
| | Coupon | Date | ($000) | ($000) |
| Philadelphia PA Gas Works Revenue | 3.500% | 8/1/18 (4) | 75 | 76 |
| 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 | 16 |
| Philadelphia PA Gas Works Revenue | 5.000% | 8/1/20 (Prere.) | 25 | 27 |
| Philadelphia PA Gas Works Revenue | 5.250% | 8/1/20 (Prere.) | 40 | 44 |
| Philadelphia PA Gas Works Revenue | 5.250% | 8/1/20 (Prere.) | 55 | 60 |
| Philadelphia PA Gas Works Revenue | 5.000% | 7/1/22 (4) | 10 | 11 |
| Philadelphia PA Gas Works Revenue | 5.000% | 10/1/26 | 4,200 | 5,023 |
| Philadelphia PA Gas Works Revenue | 5.000% | 10/1/27 | 4,055 | 4,807 |
| Philadelphia PA Gas Works Revenue | 5.000% | 8/1/28 | 1,500 | 1,790 |
| Philadelphia PA Gas Works Revenue | 5.000% | 10/1/28 | 1,400 | 1,650 |
| Philadelphia PA Gas Works Revenue | 5.000% | 8/1/29 | 2,000 | 2,310 |
| Philadelphia PA Gas Works Revenue | 5.000% | 8/1/29 | 1,750 | 2,075 |
| Philadelphia PA Gas Works Revenue | 5.000% | 8/1/30 | 2,000 | 2,300 |
| Philadelphia PA Gas Works Revenue | 5.000% | 10/1/30 | 3,050 | 3,553 |
| Philadelphia PA Gas Works Revenue | 5.000% | 8/1/31 | 1,750 | 2,008 |
| Philadelphia PA Gas Works Revenue | 5.000% | 10/1/31 | 1,000 | 1,163 |
| Philadelphia PA Gas Works Revenue | 5.000% | 8/1/32 | 2,000 | 2,291 |
| Philadelphia PA Gas Works Revenue | 5.000% | 10/1/33 | 2,500 | 2,891 |
| Philadelphia PA Gas Works Revenue | 5.000% | 10/1/34 | 1,435 | 1,654 |
| Philadelphia PA Gas Works Revenue | 5.000% | 8/1/35 | 2,000 | 2,320 |
| Philadelphia PA Gas Works Revenue | 5.000% | 8/1/36 | 2,000 | 2,315 |
| Philadelphia PA Gas Works Revenue | 5.000% | 8/1/37 | 2,000 | 2,310 |
| Philadelphia PA Gas Works Revenue | 4.000% | 10/1/37 | 1,120 | 1,164 |
| Philadelphia PA Gas Works Revenue | 5.250% | 8/1/40 (4) | 65 | 70 |
| Philadelphia PA Gas Works Revenue | 5.250% | 8/1/40 | 90 | 97 |
| Philadelphia PA Gas Works Revenue | 5.000% | 8/1/42 | 5,000 | 5,738 |
| Philadelphia PA Gas Works Revenue | 5.000% | 8/1/47 | 6,800 | 7,773 |
| Philadelphia PA GO | 6.000% | 8/1/20 (Prere.) | 7,430 | 8,259 |
| Philadelphia PA GO | 6.500% | 8/1/20 (Prere.) | 3,785 | 4,256 |
| Philadelphia PA GO | 5.000% | 8/1/27 (4) | 4,160 | 5,020 |
| Philadelphia PA GO | 5.000% | 8/1/30 | 4,000 | 4,612 |
| Philadelphia PA GO | 5.000% | 8/1/30 (4) | 5,330 | 6,356 |
| Philadelphia PA GO | 5.000% | 8/1/31 | 2,000 | 2,348 |
| Philadelphia PA GO | 5.000% | 8/1/32 | 4,420 | 5,168 |
| Philadelphia PA GO | 5.000% | 8/1/32 | 3,000 | 3,508 |
| Philadelphia PA GO | 5.250% | 7/15/33 | 3,585 | 4,071 |
| Philadelphia PA GO | 5.000% | 8/1/35 (4) | 6,000 | 7,016 |
| Philadelphia PA GO VRDO | 0.960% | 12/7/17 LOC | 20,000 | 20,000 |
| Philadelphia PA Hospitals & Higher Education | | | | |
| Facilities Authority Hospital Revenue | | | | |
| (Children’s Hospital of Philadelphia Project) | 5.000% | 7/1/32 | 21,155 | 23,552 |
| Philadelphia PA Hospitals & Higher Education | | | | |
| Facilities Authority Hospital Revenue | | | | |
| (Children’s Hospital of Philadelphia Project) | 5.000% | 7/1/41 | 2,500 | 2,769 |
| Philadelphia PA Hospitals & Higher Education | | | | |
| Facilities Authority Hospital Revenue | | | | |
| (Children’s Hospital of Philadelphia Project) | | | | |
| VRDO | 0.920% | 12/1/17 | 5,225 | 5,225 |
| Philadelphia PA Hospitals & Higher Education | | | | |
| Facilities Authority Hospital Revenue | | | | |
| (Children’s Hospital of Philadelphia Project) | | | | |
| VRDO | 0.920% | 12/1/17 | 5,100 | 5,100 |
55
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value • |
| | Coupon | Date | ($000) | ($000) |
| Philadelphia PA Hospitals & Higher Education | | | | |
| Facilities Authority Hospital Revenue | | | | |
| (Children’s Hospital of Philadelphia Project) | | | | |
| VRDO | 0.920% | 12/1/17 | 2,600 | 2,600 |
| Philadelphia PA Hospitals & Higher Education | | | | |
| Facilities Authority Hospital Revenue | | | | |
| (Temple University Health System Obligated | | | | |
| Group) | 5.000% | 7/1/29 | 3,165 | 3,562 |
| Philadelphia PA Hospitals & Higher Education | | | | |
| Facilities Authority Hospital Revenue | | | | |
| (Temple University Health System Obligated | | | | |
| Group) | 5.625% | 7/1/42 | 3,850 | 4,235 |
| Philadelphia PA Municipal Authority Revenue | 6.500% | 4/1/19 (Prere.) | 9,500 | 10,110 |
| Philadelphia PA Municipal Authority Revenue | 6.500% | 4/1/19 (Prere.) | 3,250 | 3,459 |
| Philadelphia PA Redevelopment Authority | | | | |
| Revenue | 5.000% | 4/15/27 | 2,000 | 2,275 |
| Philadelphia PA Redevelopment Authority | | | | |
| Revenue | 5.000% | 4/15/28 | 3,000 | 3,396 |
| Philadelphia PA School District GO | 6.000% | 9/1/18 (Prere.) | 5 | 5 |
| Philadelphia PA School District GO | 6.000% | 9/1/18 (Prere.) | 19,645 | 20,319 |
| Philadelphia PA School District GO | 6.000% | 9/1/18 (Prere.) | 20 | 21 |
| Philadelphia PA School District GO | 6.000% | 9/1/18 (Prere.) | 20 | 21 |
| Philadelphia PA School District GO | 6.000% | 9/1/18 (Prere.) | 295 | 305 |
| Philadelphia PA School District GO | 6.000% | 9/1/18 (Prere.) | 10 | 10 |
| Philadelphia PA School District GO | 6.000% | 9/1/18 (Prere.) | 5 | 5 |
| Philadelphia PA School District GO | 5.250% | 9/1/22 | 7,500 | 8,022 |
| Philadelphia PA School District GO | 5.250% | 9/1/23 | 7,500 | 8,012 |
| Philadelphia PA School District GO | 5.000% | 6/1/26 (14) | 5,000 | 5,769 |
| Philadelphia PA School District GO | 5.000% | 9/1/27 | 2,415 | 2,732 |
| Philadelphia PA School District GO | 5.000% | 9/1/28 | 5,000 | 5,673 |
| Philadelphia PA School District GO | 5.000% | 9/1/29 | 5,000 | 5,625 |
| Philadelphia PA School District GO | 5.000% | 9/1/29 | 2,665 | 2,978 |
| Philadelphia PA School District GO | 5.000% | 9/1/31 | 2,000 | 2,215 |
| Philadelphia PA School District GO | 5.000% | 9/1/35 | 2,500 | 2,743 |
| Philadelphia PA School District GO | 5.000% | 9/1/36 | 2,000 | 2,189 |
| Philadelphia PA School District GO | 5.000% | 9/1/37 | 2,000 | 2,185 |
| Philadelphia PA School District GO | 5.000% | 9/1/38 | 2,000 | 2,182 |
| Philadelphia PA Water & Waste Water Revenue | 5.600% | 8/1/18 (ETM) | 925 | 946 |
| Philadelphia PA Water & Waste Water Revenue | 5.000% | 7/1/30 | 4,000 | 4,662 |
| Philadelphia PA Water & Waste Water Revenue | 4.000% | 10/1/31 | 6,210 | 6,678 |
| Philadelphia PA Water & Waste Water Revenue | 5.000% | 7/1/32 | 5,000 | 5,787 |
| Philadelphia PA Water & Waste Water Revenue | 4.000% | 10/1/32 | 6,440 | 6,895 |
| Philadelphia PA Water & Waste Water Revenue | 5.000% | 10/1/32 | 1,000 | 1,181 |
| Philadelphia PA Water & Waste Water Revenue | 5.000% | 11/1/33 | 1,765 | 2,079 |
| Philadelphia PA Water & Waste Water Revenue | 5.000% | 11/1/34 | 1,200 | 1,408 |
| Philadelphia PA Water & Waste Water Revenue | 5.000% | 8/1/35 (4) | 1,575 | 1,684 |
| Philadelphia PA Water & Waste Water Revenue | 5.000% | 1/1/36 | 10,500 | 11,317 |
| Philadelphia PA Water & Waste Water Revenue | 5.000% | 7/1/40 | 10,000 | 11,325 |
| Philadelphia PA Water & Waste Water Revenue | 5.000% | 8/1/40 (4) | 7,000 | 7,483 |
| Philadelphia PA Water & Waste Water Revenue | 5.000% | 1/1/41 | 7,210 | 7,749 |
| Philadelphia PA Water & Waste Water Revenue | 5.125% | 1/1/43 | 9,000 | 9,746 |
| Philadelphia PA Water & Waste Water Revenue | 5.000% | 10/1/52 | 4,000 | 4,541 |
| Philadelphia PA Water & Wastewater Revenue | 4.000% | 7/1/34 | 6,000 | 6,316 |
| Philadelphia PA Water & Wastewater Revenue | 5.000% | 10/1/34 | 2,000 | 2,344 |
56
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value • |
| | Coupon | Date | ($000) | ($000) |
| Philadelphia PA Water & Wastewater Revenue | 5.000% | 7/1/43 | 4,375 | 4,944 |
| Philadelphia PA Water & Wastewater Revenue | 5.000% | 7/1/45 | 19,600 | 22,123 |
| Pittsburgh & Allegheny County PA Sports & | | | | |
| Exhibition Authority Hotel Room Excise | | | | |
| Tax Revenue | 5.000% | 2/1/26 (4) | 3,030 | 3,365 |
| Pittsburgh & Allegheny County PA Sports & | | | | |
| Exhibition Authority Parking System Revenue | 5.000% | 12/15/31 | 1,000 | 1,166 |
| Pittsburgh & Allegheny County PA Sports & | | | | |
| Exhibition Authority Parking System Revenue | 5.000% | 12/15/32 | 500 | 580 |
| Pittsburgh & Allegheny County PA Sports & | | | | |
| Exhibition Authority Parking System Revenue | 5.000% | 12/15/34 | 1,000 | 1,152 |
| Pittsburgh & Allegheny County PA Sports & | | | | |
| Exhibition Authority Parking System Revenue | 5.000% | 12/15/36 | 500 | 573 |
| Pittsburgh & Allegheny County PA Sports & | | | | |
| Exhibition Authority Parking System Revenue | 5.000% | 12/15/37 | 500 | 572 |
| Pittsburgh PA GO | 5.000% | 9/1/28 (15) | 1,500 | 1,741 |
| Pittsburgh PA GO | 5.000% | 9/1/30 | 500 | 592 |
| Pittsburgh PA GO | 5.000% | 9/1/31 (15) | 1,120 | 1,288 |
| Pittsburgh PA GO | 5.000% | 9/1/34 | 550 | 641 |
| Pittsburgh PA GO | 5.000% | 9/1/35 | 600 | 697 |
| Pittsburgh PA GO | 5.000% | 9/1/36 | 700 | 811 |
| Pittsburgh PA Water & Sewer Authority | | | | |
| Revenue | 0.000% | 9/1/27 (14) | 10,830 | 8,103 |
| Pittsburgh PA Water & Sewer Authority | | | | |
| Revenue | 0.000% | 9/1/29 (14) | 10,000 | 6,928 |
| Pittsburgh PA Water & Sewer Authority | | | | |
| Revenue | 5.250% | 9/1/36 | 5,000 | 5,682 |
| Pittsburgh PA Water & Sewer Authority | | | | |
| Revenue | 5.250% | 9/1/40 | 5,000 | 5,645 |
| Pittsburgh PA Water & Sewer Authority | | | | |
| Revenue VRDO | 0.960% | 12/7/17 LOC | 4,100 | 4,100 |
| Plum Borough PA School District GO | 5.000% | 9/15/36 (15) | 4,920 | 5,508 |
| Pocono Mountains Industrial Park Authority | | | | |
| Pennsylvania Hospital Revenue (St. Luke’s | | | | |
| Hospital Obligated Group) | 5.000% | 8/15/40 | 3,750 | 4,096 |
| Pottsville PA Hospital Authority Revenue | | | | |
| (Lehigh Valley Health Network) | 5.000% | 7/1/41 | 6,275 | 7,039 |
| Pottsville PA Hospital Authority Revenue | | | | |
| (Lehigh Valley Health Network) | 5.000% | 7/1/45 | 14,405 | 16,098 |
| Reading PA Area Water Authority Revenue | 5.000% | 12/1/31 | 1,000 | 1,100 |
| Reading PA School District GO | 5.000% | 3/1/38 (4) | 1,750 | 1,987 |
| Scranton PA School District GO | 5.000% | 6/1/27 | 1,000 | 1,122 |
| Scranton-Lackawanna PA Health & Welfare | | | | |
| Authority Revenue (University of Scranton) | 5.000% | 11/1/37 | 2,500 | 2,765 |
| Snyder County PA Higher Education Authority | | | | |
| University Revenue (Susquehanna University | | | | |
| Project) | 5.000% | 1/1/27 | 1,765 | 2,034 |
| Snyder County PA Higher Education Authority | | | | |
| University Revenue (Susquehanna University | | | | |
| Project) | 5.000% | 1/1/28 | 1,865 | 2,141 |
| Snyder County PA Higher Education Authority | | | | |
| University Revenue (Susquehanna University | | | | |
| Project) | 5.000% | 1/1/28 | 1,190 | 1,388 |
57
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value • |
| | Coupon | Date | ($000) | ($000) |
| Snyder County PA Higher Education Authority | | | | |
| University Revenue (Susquehanna University | | | | |
| Project) | 5.000% | 1/1/29 | 1,335 | 1,523 |
| Snyder County PA Higher Education Authority | | | | |
| University Revenue (Susquehanna University | | | | |
| Project) | 5.000% | 1/1/30 | 1,180 | 1,342 |
| Snyder County PA Higher Education Authority | | | | |
| University Revenue (Susquehanna University | | | | |
| Project) | 5.000% | 1/1/30 | 1,285 | 1,478 |
| Snyder County PA Higher Education Authority | | | | |
| University Revenue (Susquehanna University | | | | |
| Project) | 5.000% | 1/1/31 | 1,250 | 1,416 |
| Snyder County PA Higher Education Authority | | | | |
| University Revenue (Susquehanna University | | | | |
| Project) | 5.000% | 1/1/31 | 600 | 687 |
| Snyder County PA Higher Education Authority | | | | |
| University Revenue (Susquehanna University | | | | |
| Project) | 5.000% | 1/1/32 | 1,695 | 1,913 |
| South Fork PA Hospital Authority Hospital | | | | |
| Revenue (Conemaugh Valley Memorial | | | | |
| Hospital Project) | 5.750% | 7/1/18 (ETM) | 1,055 | 1,081 |
| Southcentral Pennsylvania General Authority | | | | |
| Revenue (Hanover Hospital Inc.) | 5.000% | 12/1/27 | 1,480 | 1,672 |
| Southcentral Pennsylvania General Authority | | | | |
| Revenue (Hanover Hospital Inc.) | 5.000% | 12/1/29 | 1,090 | 1,222 |
| Southcentral Pennsylvania General Authority | | | | |
| Revenue (WellSpan Health Obligated Group) | 6.000% | 6/1/18 (Prere.) | 8,560 | 8,757 |
| Southcentral Pennsylvania General Authority | | | | |
| Revenue (WellSpan Health Obligated Group) | 5.000% | 6/1/28 | 2,775 | 3,173 |
| Southcentral Pennsylvania General Authority | | | | |
| Revenue (WellSpan Health Obligated Group) | 5.000% | 6/1/29 | 1,500 | 1,706 |
| Southcentral Pennsylvania General Authority | | | | |
| Revenue (WellSpan Health Obligated Group) | 5.000% | 6/1/34 | 1,130 | 1,265 |
| Southcentral Pennsylvania General Authority | | | | |
| Revenue (WellSpan Health Obligated Group) | 5.000% | 6/1/44 | 2,500 | 2,758 |
| State College PA Area School District GO | 5.000% | 3/15/34 | 2,000 | 2,291 |
| State College PA Area School District GO | 5.000% | 3/15/40 | 3,000 | 3,409 |
| State Public School Building Authority | | | | |
| Pennsylvania College Revenue (Community | | | | |
| College of Allegheny County Project) | 5.000% | 7/15/22 (4) | 1,100 | 1,208 |
| State Public School Building Authority | | | | |
| Pennsylvania College Revenue (Delaware | | | | |
| County Community College Project) | 5.000% | 10/1/29 (15) | 1,210 | 1,408 |
| State Public School Building Authority | | | | |
| Pennsylvania College Revenue (Delaware | | | | |
| County Community College Project) | 5.000% | 10/1/30 (15) | 1,035 | 1,200 |
| State Public School Building Authority | | | | |
| Pennsylvania College Revenue (Montgomery | | | | |
| County Community College) | 5.000% | 5/1/28 | 2,370 | 2,775 |
| State Public School Building Authority | | | | |
| Pennsylvania College Revenue (Montgomery | | | | |
| County Community College) | 5.000% | 5/1/33 | 1,025 | 1,180 |
58
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value • |
| | Coupon | Date | ($000) | ($000) |
| State Public School Building Authority | | | | |
| Pennsylvania College Revenue (Montgomery | | | | |
| County Community College) | 5.500% | 5/1/33 | 6,165 | 7,108 |
| State Public School Building Authority | | | | |
| Pennsylvania College Revenue (Montgomery | | | | |
| County Community College) | 5.000% | 5/1/34 | 2,125 | 2,439 |
| State Public School Building Authority | | | | |
| Pennsylvania College Revenue (Montgomery | | | | |
| County Community College) | 5.000% | 5/1/35 | 1,510 | 1,730 |
| State Public School Building Authority | | | | |
| Pennsylvania Lease Revenue (School District | | | | |
| of Philadelphia) | 5.000% | 4/1/22 | 1,250 | 1,378 |
| State Public School Building Authority | | | | |
| Pennsylvania Lease Revenue (School District | | | | |
| of Philadelphia) | 5.000% | 6/1/28 | 11,385 | 12,956 |
| State Public School Building Authority | | | | |
| Pennsylvania Lease Revenue (School District | | | | |
| of Philadelphia) | 5.000% | 6/1/30 (4) | 16,480 | 18,672 |
| State Public School Building Authority | | | | |
| Pennsylvania Lease Revenue (School District | | | | |
| of Philadelphia) | 5.000% | 6/1/32 (4) | 3,655 | 4,108 |
| State Public School Building Authority | | | | |
| Pennsylvania Lease Revenue (School District | | | | |
| of Philadelphia) | 5.000% | 6/1/33 (4) | 3,155 | 3,533 |
| State Public School Building Authority | | | | |
| Pennsylvania Lease Revenue (School District | | | | |
| of Philadelphia) | 5.000% | 6/1/34 | 6,000 | 6,621 |
| State Public School Building Authority | | | | |
| Pennsylvania School Revenue (Chester | | | | |
| Upland School District Project) | 5.250% | 9/15/30 | 3,545 | 4,090 |
| Susquehanna PA Area Regional Airport Authority | | | | |
| System Revenue | 4.000% | 1/1/33 | 5,000 | 5,136 |
| 3 Trinity PA Area School District GO | 4.000% | 1/15/35 (15) | 3,000 | 3,095 |
| 3 Trinity PA Area School District GO | 4.000% | 1/15/36 (15) | 3,000 | 3,088 |
| 3 Trinity PA Area School District GO | 4.000% | 1/15/38 (15) | 3,700 | 3,792 |
| Union County PA Higher Educational Facilities | | | | |
| Financing Authority University Revenue | | | | |
| (Bucknell University) | 5.000% | 4/1/32 | 1,000 | 1,159 |
| Union County PA Higher Educational Facilities | | | | |
| Financing Authority University Revenue | | | | |
| (Bucknell University) | 5.000% | 4/1/37 | 2,000 | 2,222 |
| Union County PA Higher Educational Facilities | | | | |
| Financing Authority University Revenue | | | | |
| (Bucknell University) | 5.000% | 4/1/42 | 2,000 | 2,213 |
| Unionville-Chadds Ford PA School District GO | 5.000% | 6/1/30 | 1,575 | 1,885 |
| Unionville-Chadds Ford PA School District GO | 4.000% | 6/1/31 | 1,500 | 1,640 |
| Upper Merion PA Area School District GO | 5.000% | 1/15/31 | 600 | 707 |
| Upper Merion PA Area School District GO | 5.000% | 1/15/33 | 650 | 760 |
| Upper Merion PA Area School District GO | 5.000% | 1/15/34 | 1,300 | 1,497 |
| Upper Merion PA Area School District GO | 5.000% | 1/15/34 | 500 | 583 |
| Upper Merion PA Area School District GO | 5.000% | 1/15/35 | 500 | 581 |
| Upper Merion PA Area School District GO | 5.000% | 1/15/36 | 1,620 | 1,856 |
59
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value • |
| | Coupon | Date | ($000) | ($000) |
| West Shore PA Area Authority Hospital | | | | |
| Revenue (Holy Spirit Hospital of the Sisters | | | | |
| of Christian Charity Project) | 6.000% | 1/1/21 (Prere.) | 330 | 372 |
| West Shore PA Area Authority Hospital | | | | |
| Revenue (Holy Spirit Hospital of the Sisters | | | | |
| of Christian Charity Project) | 5.625% | 1/1/32 | 5,600 | 6,417 |
| West Shore PA Area Authority Revenue | | | | |
| (Messiah Lifeways Obligated Group) | 5.000% | 7/1/22 | 1,000 | 1,106 |
| West Shore PA Area Authority Revenue | | | | |
| (Messiah Lifeways Obligated Group) | 5.000% | 7/1/25 | 1,605 | 1,811 |
| West Shore PA Area Authority Revenue | | | | |
| (Messiah Lifeways Obligated Group) | 5.000% | 7/1/30 | 1,500 | 1,623 |
| West Shore PA Area Authority Revenue | | | | |
| (Messiah Lifeways Obligated Group) | 5.000% | 7/1/35 | 1,750 | 1,855 |
| West View PA Municipal Authority Water | | | | |
| Revenue | 5.000% | 11/15/33 | 1,500 | 1,747 |
| West View PA Municipal Authority Water | | | | |
| Revenue | 5.000% | 11/15/34 | 1,500 | 1,743 |
| West York PA Area School District GO | 5.000% | 4/1/33 | 4,245 | 4,724 |
| 1 Westmoreland County PA Industrial | | | | |
| Development Authority Revenue | 4.720% | 7/1/35 | 6,650 | 6,885 |
| Westmoreland County PA Industrial | | | | |
| Development Authority Revenue (Excela | | | | |
| Health Project) | 5.125% | 7/1/30 | 1,500 | 1,588 |
| Westmoreland County PA Municipal | | | | |
| Authority Revenue | 5.000% | 8/15/33 | 9,465 | 10,581 |
| Westmoreland County PA Municipal | | | | |
| Authority Revenue | 5.000% | 8/15/37 | 7,895 | 8,795 |
| Westmoreland County PA Municipal | | | | |
| Authority Revenue | 5.000% | 8/15/42 (15) | 2,750 | 3,146 |
| 1 Westmoreland County PA Municipal | | | | |
| Authority Revenue TOB VRDO | 1.080% | 12/7/17 | 5,770 | 5,770 |
| 1 Westmoreland County PA Municipal | | | | |
| Authority Revenue TOB VRDO | 1.120% | 12/7/17 (15) | 5,665 | 5,665 |
| 1 Westmoreland County PA Municipal | | | | |
| Authority Revenue TOB VRDO | 1.120% | 12/7/17 (15) | 3,685 | 3,685 |
| Westmoreland County PA Municipal | | | | |
| Authority Service Water Revenue | 0.000% | 8/15/23 (14) | 5,000 | 4,335 |
| Wilkes-Barre PA Area School District GO | 5.000% | 8/1/27 (15) | 1,240 | 1,435 |
| Wilkes-Barre PA Area School District GO | 5.000% | 8/1/28 (15) | 1,540 | 1,772 |
| Wilkes-Barre PA Area School District GO | 5.000% | 8/1/29 (15) | 1,860 | 2,127 |
| Wilkes-Barre PA Finance Authority Revenue | | | | |
| (University of Scranton Project) | 5.000% | 11/1/20 (Prere.) | 4,990 | 5,455 |
| Wilkes-Barre PA Finance Authority Revenue | | | | |
| (University of Scranton Project) | 5.000% | 11/1/20 (Prere.) | 4,110 | 4,493 |
| Wilkes-Barre PA Finance Authority Revenue | | | | |
| (University of Scranton Project) | 5.000% | 11/1/30 | 2,315 | 2,628 |
| Wilkes-Barre PA Finance Authority Revenue | | | | |
| (University of Scranton Project) | 5.000% | 11/1/31 | 2,430 | 2,748 |
| Wilkes-Barre PA Finance Authority Revenue | | | | |
| (University of Scranton Project) | 5.000% | 11/1/34 | 1,000 | 1,120 |
| York County PA GO | 5.000% | 6/1/38 | 5,000 | 5,613 |
| | | | | 3,562,125 |
60
| | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| |
| |
| |
| | | | Face | Market |
| | | Maturity | Amount | Value • |
| | Coupon | Date | ($000) | ($000) |
| Guam (0.2%) | | | | |
| Guam Government Business Privilege Tax | | | | |
| Revenue | 5.000% | 11/15/39 | 4,900 | 5,308 |
| Guam Power Authority Revenue | 5.000% | 10/1/27 | 1,000 | 1,107 |
| | | | | 6,415 |
| 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 $3,440,006) | | | 3,568,552 |
| |
| | | | | Amount |
| | | | | ($000) |
| Other Assets and Liabilities (-0.3%) | | | | |
| Other Assets | | | | |
| Investment in Vanguard | | | | 213 |
| Receivables for Investment Securities Sold | | | | 40 |
| Receivables for Accrued Income | | | | 48,260 |
| Receivables for Capital Shares Issued | | | | 2,475 |
| Variation Margin Receivable-Futures Contracts | | | | 202 |
| Other Assets | | | | 787 |
| Total Other Assets | | | | 51,977 |
| Liabilities | | | | |
| Payables for Investment Securities Purchased | | | | (51,460) |
| Payables for Capital Shares Redeemed | | | | (3,027) |
| Payables for Distributions | | | | (3,552) |
| Payables to Vanguard | | | | (3,348) |
| Variation Margin Payable-Futures Contracts | | | | (440) |
| Total Liabilities | | | | (61,827) |
| Net Assets (100%) | | | | 3,558,702 |
| |
| |
| At November 30, 2017, net assets consisted of: | | | | |
| | | | | Amount |
| | | | | ($000) |
| Paid-in Capital | | | | 3,412,666 |
| Overdistributed Net Investment Income | | | | (19) |
| Accumulated Net Realized Gains | | | | 17,800 |
| Unrealized Appreciation (Depreciation) | | | | |
| Investment Securities | | | | 128,546 |
| Futures Contracts | | | | (291) |
| Net Assets | | | | 3,558,702 |
| |
| |
| Investor Shares—Net Assets | | | | |
| Applicable to 27,961,329 outstanding $.001 par value shares of | | |
| beneficial interest (unlimited authorization) | | | | 323,118 |
| Net Asset Value Per Share—Investor Shares | | | | $11.56 |
61
Pennsylvania Long-Term Tax-Exempt Fund
| |
| | Amount |
| | ($000) |
| Admiral Shares—Net Assets | |
| Applicable to 279,994,078 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 3,235,584 |
| Net Asset Value Per Share—Admiral Shares | $11.56 |
• 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 November 30, 2017, the aggregate value of these securities
was $66,180,000, representing 1.9% of net assets.
2 Securities with a value of $1,106,000 have been segregated as initial margin for open futures contracts.
3 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of November 30, 2017.
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.
62
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.).
(18) SBLF (Michigan School Bond Loan Fund).
(19) TPSF (Texas Permanent School Fund).
The insurance does not guarantee the market value of the municipal bonds.
LOC—Scheduled principal and interest payments are guaranteed by bank letter of credit.
63
Pennsylvania Long-Term Tax-Exempt Fund
| | | | |
| Derivative Financial Instruments Outstanding as of Period End | | |
| Futures Contracts | | | | |
| | | | ($000) |
| | | | | Value and |
| | | Number of | | Unrealized |
| | | Long (Short) | Notional | Appreciation |
| | Expiration | Contracts | Amount | (Depreciation) |
| Long Futures Contracts | | | | |
| 5-Year U.S. Treasury Note | March 2018 | 786 | 91,446 | (253) |
| 2-Year U.S. Treasury Note | March 2018 | 173 | 37,092 | (23) |
| 10-Year U.S. Treasury Note | March 2018 | 288 | 35,726 | (254) |
| Ultra Long U. S. Treasury Bond | March 2018 | 31 | 5,111 | (57) |
| 30-Year U.S. Treasury Bond | March 2018 | 29 | 4,400 | (1) |
| | | | | (588) |
| |
| Short Futures Contracts | | | | |
| Ultra 10-Year U.S. Treasury Note | March 2018 | (299) | (39,818) | 297 |
| | | | | (291) |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
64
| |
| Pennsylvania Long-Term Tax-Exempt Fund | |
| |
| |
| Statement of Operations | |
| |
| | Year Ended |
| | November30,2017 |
| | ($000) |
| Investment Income | |
| Income | |
| Interest | 125,462 |
| Total Income | 125,462 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 466 |
| Management and Administrative—Investor Shares | 466 |
| Management and Administrative—Admiral Shares | 2,088 |
| Marketing and Distribution—Investor Shares | 62 |
| Marketing and Distribution—Admiral Shares | 196 |
| Custodian Fees | 37 |
| Auditing Fees | 36 |
| Shareholders’ Reports and Proxy—Investor Shares | 35 |
| Shareholders’ Reports and Proxy—Admiral Shares | 43 |
| Trustees’ Fees and Expenses | 3 |
| Total Expenses | 3,432 |
| Net Investment Income | 122,030 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | 21,536 |
| Futures Contracts | (1,132) |
| Realized Net Gain (Loss) | 20,404 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | 82,860 |
| Futures Contracts | (235) |
| Change in Unrealized Appreciation (Depreciation) | 82,625 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 225,059 |
See accompanying Notes, which are an integral part of the Financial Statements.
65
| | |
| Pennsylvania Long-Term Tax-Exempt Fund | | |
| |
| |
| Statement of Changes in Net Assets | | |
| |
| | Year Ended November 30, |
| | 2017 | 2016 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 122,030 | 123,753 |
| Realized Net Gain (Loss) | 20,404 | 18,844 |
| Change in Unrealized Appreciation (Depreciation) | 82,625 | (135,179) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 225,059 | 7,418 |
| Distributions | | |
| Net Investment Income | | |
| Investor Shares | (11,055) | (12,145) |
| Admiral Shares | (110,941) | (111,612) |
| Realized Capital Gain1 | | |
| Investor Shares | (1,521) | (1,161) |
| Admiral Shares | (14,781) | (9,594) |
| Total Distributions | (138,298) | (134,512) |
| Capital Share Transactions | | |
| Investor Shares | 933 | (21,169) |
| Admiral Shares | 81,401 | 267,730 |
| Net Increase (Decrease) from Capital Share Transactions | 82,334 | 246,561 |
| Total Increase (Decrease) | 169,095 | 119,467 |
| Net Assets | | |
| Beginning of Period | 3,389,607 | 3,270,140 |
| End of Period2 | 3,558,702 | 3,389,607 |
1 Includes fiscal 2017 and 2016 short-term gain distributions totaling $296,000 and $197,000, 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 ($19,000) and ($1,000).
See accompanying Notes, which are an integral part of the Financial Statements.
66
| | | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| Investor Shares | | | | | |
| |
| For a Share Outstanding | Year Ended November 30, |
| Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
| Net Asset Value, Beginning of Period | $11.26 | $11.67 | $11.69 | $11.04 | $11.93 |
| Investment Operations | | | | | |
| Net Investment Income | . 3961 | .411 | .421 | .427 | .422 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | .355 | (.371) | .003 | .650 | (.890) |
| Total from Investment Operations | .751 | .040 | .424 | 1.077 | (.468) |
| Distributions | | | | | |
| Dividends from Net Investment Income | (. 396) | (. 411) | (. 421) | (. 427) | (. 422) |
| Distributions from Realized Capital Gains | (.055) | (.039) | (.023) | — | — |
| Total Distributions | (. 451) | (. 450) | (. 444) | (. 427) | (. 422) |
| Net Asset Value, End of Period | $11.56 | $11.26 | $11.67 | $11.69 | $11.04 |
| |
| Total Return2 | 6.77% | 0.22% | 3.70% | 9.90% | -3.96% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $323 | $314 | $346 | $351 | $381 |
| Ratio of Total Expenses to Average Net Assets | 0.19% | 0.19% | 0.20% | 0.20% | 0.20% |
| Ratio of Net Investment Income to | | | | | |
| Average Net Assets | 3.44% | 3.47% | 3.62% | 3.73% | 3.70% |
| Portfolio Turnover Rate | 22% | 19% | 16% | 16% | 17% |
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information
about any applicable account service fees.
See accompanying Notes, which are an integral part of the Financial Statements.
67
| | | | | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | | |
| |
| |
| Financial Highlights | | | | | |
| |
| |
| Admiral Shares | | | | | |
| |
| For a Share Outstanding | Year Ended November 30, |
| Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
| Net Asset Value, Beginning of Period | $11.26 | $11.67 | $11.69 | $11.04 | $11.93 |
| Investment Operations | | | | | |
| Net Investment Income | . 4081 | .423 | .431 | .436 | .431 |
| Net Realized and Unrealized Gain (Loss) | | | | | |
| on Investments | .354 | (.371) | .003 | .650 | (.890) |
| Total from Investment Operations | .762 | .052 | .434 | 1.086 | (.459) |
| Distributions | | | | | |
| Dividends from Net Investment Income | (. 407) | (. 423) | (. 431) | (. 436) | (. 431) |
| Distributions from Realized Capital Gains | (.055) | (.039) | (.023) | — | — |
| Total Distributions | (. 462) | (. 462) | (. 454) | (. 436) | (. 431) |
| Net Asset Value, End of Period | $11.56 | $11.26 | $11.67 | $11.69 | $11.04 |
| |
| Total Return2 | 6.88% | 0.32% | 3.79% | 9.99% | -3.89% |
| |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $3,236 | $3,076 | $2,924 | $2,780 | $2,492 |
| Ratio of Total Expenses to Average Net Assets | 0.09% | 0.09% | 0.12% | 0.12% | 0.12% |
| Ratio of Net Investment Income | | | | | |
| to Average Net Assets | 3.54% | 3.57% | 3.70% | 3.81% | 3.78% |
| Portfolio Turnover Rate | 22% | 19% | 16% | 16% | 17% |
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information
about any applicable account service fees.
See accompanying Notes, which are an integral part of the Financial Statements.
68
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 are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value.
2. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the year ended November 30, 2017, the fund’s average investments in long and short futures contracts represented 3% and 1% of net assets respectively, based on the average of the notional amounts at each quarter-end during the period.
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (November 30, 2014–2017), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
69
Pennsylvania Long-Term Tax-Exempt Fund
4. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date.
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 November 30, 2017, 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), shareholder reporting, and the proxy. 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 November 30, 2017, the fund had contributed to Vanguard capital in the amount of $213,000, representing 0.01% of the fund’s net assets and 0.09% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
70
Pennsylvania Long-Term Tax-Exempt Fund
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine
the fair value of investments). Any investments valued with significant unobservable inputs are
noted on the Statement of Net Assets.
The following table summarizes the market value of the fund’s investments as of November 30, 2017, based on the inputs used to value them:
| | | |
| | Level 1 | Level 2 | Level 3 |
| Investments | ($000) | ($000) | ($000) |
| Tax-Exempt Municipal Bonds | — | 3,568,552 | — |
| Futures Contracts—Assets1 | 202 | — | — |
| Futures Contracts—Liabilities1 | (440) | — | — |
| Total | (238) | 3,568,552 | — |
| 1 Represents variation margin on the last day of the reporting period for recently closed futures contracts. |
D. 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. 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.
For tax purposes, at November 30, 2017, the fund had short-term and long-term capital gains of $52,000 and $18,162,000, respectively, available for distribution. Short-term gain distributions are treated as ordinary income dividends for tax purposes.
At November 30, 2017, the cost of investment securities for tax purposes was $3,440,711,000. Net unrealized appreciation of investment securities for tax purposes was $127,841,000, consisting of unrealized gains of $138,236,000 on securities that had risen in value since their purchase and $10,395,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the year ended November 30, 2017, the fund purchased $795,395,000 of investment securities and sold $740,944,000 of investment securities, other than temporary cash investments.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended November 30, 2017, such purchases and sales were $251,710,000 and $498,130,000, respectively; these amounts are included in the purchases and sales of investment securities noted above.
71
Pennsylvania Long-Term Tax-Exempt Fund
F. Capital share transactions for each class of shares were:
| | | | |
| | Year Ended November 30, |
| | 2017 | 2016 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| Investor Shares | | | | |
| Issued | 77,214 | 6,714 | 111,334 | 9,414 |
| Issued in Lieu of Cash Distributions | 10,317 | 899 | 10,952 | 927 |
| Redeemed | (86,598) | (7,535) | (143,455) | (12,126) |
| Net Increase (Decrease)—Investor Shares | 933 | 78 | (21,169) | (1,785) |
| Admiral Shares | | | | |
| Issued | 428,860 | 37,272 | 496,637 | 41,918 |
| Issued in Lieu of Cash Distributions | 81,647 | 7,115 | 78,480 | 6,645 |
| Redeemed | (429,106) | (37,464) | (307,387) | (26,068) |
| Net Increase (Decrease)—Admiral Shares | 81,401 | 6,923 | 267,730 | 22,495 |
G. Management has determined that no material events or transactions occurred subsequent to November 30, 2017, that would require recognition or disclosure in these financial statements.
72
Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of Vanguard Pennsylvania Tax-Free Funds and the Shareholders of Vanguard Pennsylvania Municipal Money Market Fund and Vanguard Pennsylvania Long-Term Tax-Exempt Fund
In our opinion, the accompanying statements of net assets and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Vanguard Pennsylvania Municipal Money Market Fund and Vanguard Pennsylvania Long-Term Tax-Exempt Fund (constituting Vanguard Pennsylvania Tax-Free Funds, hereafter referred to as the “Funds”) as of November 30, 2017, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of November 30, 2017 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
January 16, 2018
Special 2017 tax information (unaudited) for Vanguard Pennsylvania Tax-Exempt Funds
This information for the fiscal year ended November 30, 2017, is included pursuant to provisions
of the Internal Revenue Code.
Each fund designates 100% of its income dividends as exempt-interest dividends.
The Long-Term Tax-Exempt Fund distributed $16,944,000 as capital gain dividends (20% rate
gain distributions) to shareholders during the fiscal year.
For nonresident alien shareholders, 100% of short-term capital gain dividends distributed by the
funds are qualified short-term capital gains.
73
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.
74
| | | |
| Six Months Ended November 30, 2017 | | | |
| | Beginning | Ending | Expenses |
| | Account Value | Account Value | Paid During |
| | 5/31/2017 | 11/30/2017 | Period |
| Based on Actual Fund Return | | | |
| Pennsylvania Municipal Money Market Fund | $1,000.00 | $1,003.48 | $0.80 |
| Pennsylvania Long-Term Tax-Exempt Fund | | | |
| Investor Shares | $1,000.00 | $1,012.76 | $0.96 |
| Admiral Shares | 1,000.00 | 1,013.27 | 0.45 |
| Based on Hypothetical 5% Yearly Return | | | |
| Pennsylvania Municipal Money Market Fund | $1,000.00 | $1,024.27 | $0.81 |
| Pennsylvania Long-Term Tax-Exempt Fund | | | |
| Investor Shares | $1,000.00 | $1,024.12 | $0.96 |
| Admiral Shares | 1,000.00 | 1,024.62 | 0.46 |
The calculations are based on expenses incurred in the most recent six-month period. The funds’ annualized six-month expense ratios for
that period are: for the Pennsylvania Municipal Money Market Fund, 0.16%; and for the Pennsylvania Long-Term Tax-Exempt Fund, 0.19%
for Investor Shares and 0.09% for Admiral Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense
ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then
divided by the number of days in the most recent 12-month period (183/365).
75
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.
Credit Quality. 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.
76
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.
77
BLOOMBERG is a trademark and service mark of Bloomberg Finance L.P. BARCLAYS is a trademark and service mark of
Barclays Bank Plc, used under license. Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited
(BISL) (collectively, Bloomberg), or Bloomberg’s licensors, own all proprietary rights in the Bloomberg Barclays PA Municipal
Bond Index (Index or Bloomberg Barclays Index).
Neither Barclays Bank Plc, Barclays Capital Inc., or any affiliate (collectively Barclays) or Bloomberg is the issuer or
producer of the Pennsylvania Long-Term Tax-Exempt Fund and neither Bloomberg nor Barclays has any responsibilities,
obligations or duties to investors in the Pennsylvania Long-Term Tax-Exempt Fund. The Index is licensed for use by The
Vanguard Group, Inc. (Vanguard) as the sponsor of the Pennsylvania Long-Term Tax-Exempt Fund. Bloomberg and Barclays’
only relationship with Vanguard in respect of the Index is the licensing of the Index, which is determined, composed and
calculated by BISL, or any successor thereto, without regard to the Issuer or the Pennsylvania Long-Term Tax-Exempt Fund
or the owners of the Pennsylvania Long-Term Tax-Exempt Fund.
Additionally, Vanguard may for itself execute transaction(s) with Barclays in or relating to the Index in connection with
the Pennsylvania Long-Term Tax-Exempt Fund. Investors acquire the Pennsylvania Long-Term Tax-Exempt Fund from
Vanguard and investors neither acquire any interest in the Index nor enter into any relationship of any kind whatsoever
with Bloomberg or Barclays upon making an investment in the Pennsylvania Long-Term Tax-Exempt Fund. The Pennsylvania
Long-Term Tax-Exempt Fund is not sponsored, endorsed, sold or promoted by Bloomberg or Barclays. Neither Bloomberg
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suitability of the Pennsylvania Long-Term Tax-Exempt Fund with respect to any person or entity. Neither Bloomberg nor
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or liability in connection with administration, marketing or trading of the Pennsylvania Long-Term Tax-Exempt Fund.
78
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for the benefit of the owners of the Pennsylvania Long-Term Tax-Exempt Fund, investors or other third parties.
NEITHER BLOOMBERG NOR BARCLAYS SHALL HAVE ANY LIABILITY TO THE ISSUER, INVESTORS OR TO OTHER THIRD
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OR CONSEQUENTIAL DAMAGES, OR ANY LOST PROFITS AND EVEN IF ADVISED OF THE POSSIBLITY OF SUCH,
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RESPECT TO THE PENNSYLVANIA LONG-TERM TAX-EXEMPT FUND.
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© 2017 Bloomberg. Used with Permission.
Source: Bloomberg Index Services Limited. Copyright 2017, Bloomberg. All rights reserved.
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The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them 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 201 Vanguard funds.
Information for each trustee and executive officer of the fund appears below. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
Interested Trustee1
F. William McNabb III
Born 1957. Trustee Since July 2009. Chairman of the Board. Principal Occupation(s) During the Past Five Years and Other Experience: Chairman of the Board of The Vanguard Group, Inc., and of each of the investment companies served by The Vanguard Group, since January 2010; Chief Executive Officer and Director of The Vanguard Group and President and Chief Executive Officer of each of the investment companies served by The Vanguard Group, since 2008; Director of Vanguard Marketing Corporation; President of The Vanguard Group (2008–2017); Managing Director of The Vanguard Group (1995–2008).
Independent Trustees
Emerson U. Fullwood
Born 1948. Trustee Since January 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Executive Chief Staff and Marketing Officer for North America and Corporate Vice President (retired 2008) of Xerox Corporation (document management products and services);
Executive in Residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology; Lead Director of SPX FLOW, Inc. (multi-industry manufacturing); Director of the United Way of Rochester, the University of Rochester Medical Center, Monroe Community College Foundation, North Carolina A&T University, and Roberts Wesleyan College; Trustee of the University of Rochester.
Rajiv L. Gupta
Born 1945. Trustee Since December 2001.2 Principal Occupation(s) During the Past Five Years and Other Experience: Chairman and Chief Executive Officer (retired 2009) and President (2006–2008) of Rohm and Haas Co. (chemicals); Director of Arconic Inc. (diversified manufacturer), HP Inc. (printer and personal computer manufacturing), and Delphi Automotive plc (automotive components); Senior Advisor at New Mountain Capital.
Amy Gutmann
Born 1949. Trustee Since June 2006. Principal Occupation(s) During the Past Five Years and Other Experience: President of the University of Pennsylvania; Christopher H. Browne
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.
Distinguished Professor of Political Science, School of Arts and Sciences, and Professor of Communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania; Trustee of the National Constitution Center.
JoAnn Heffernan Heisen
Born 1950. Trustee Since July 1998. Principal Occupation(s) During the Past Five Years and Other Experience: Corporate Vice President and Member of the Executive Committee (1997–2008), Chief Global Diversity Officer (retired 2008), Vice President and Chief Information Officer (1997–2006), Controller (1995–1997), Treasurer (1991–1995), and Assistant Treasurer (1989–1991) 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
Born 1949. Trustee Since October 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2009) of Cummins Inc. (industrial machinery); Chairman of the Board of Hillenbrand, Inc. (specialized consumer services), Oxfam America, and the Lumina Foundation for Education; Director of the V Foundation for Cancer Research; Member of the Advisory Council for the College of Arts and Letters and Chair of the Advisory Board to the Kellogg Institute for International Studies, both at the University of Notre Dame.
Mark Loughridge
Born 1953. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Senior Vice President and Chief Financial Officer (retired 2013) at IBM (information technology services); Fiduciary Member of IBM’s Retirement Plan Committee (2004–2013); Member of the Council on Chicago Booth.
Scott C. Malpass
Born 1962. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Chief Investment Officer and Vice President at the University of Notre Dame; Assistant Professor of Finance at the Mendoza College of Business at Notre Dame; Member of the Notre Dame 403(b) Investment Committee, the Board of Advisors for Spruceview Capital Partners, the Board of Catholic Investment Services, Inc. (investment advisor), and the Board of Superintendence of the Institute for the Works of Religion; Chairman of the Board of TIFF Advisory Services, Inc. (investment advisor).
André F. Perold
Born 1952. Trustee Since December 2004. Principal Occupation(s) During the Past Five Years and Other Experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011); Chief Investment Officer and Co-Managing Partner of HighVista Strategies LLC (private investment firm); Overseer of the Museum of Fine Arts Boston.
Peter F. Volanakis
Born 1955. Trustee Since July 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2010) of Corning Incorporated (communications equipment); Chairman of the Board of Trustees of Colby-Sawyer College; Member of the Board of Hypertherm, Inc. (industrial cutting systems, software, and consumables).
Executive Officers
Glenn Booraem
Born 1967. Investment Stewardship Officer Since February 2017. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Treasurer (2015–2017), Controller (2010–2015), and Assistant Controller (2001–2010) of each of the investment companies served by The Vanguard Group.
Christine M. Buchanan
Born 1970. Treasurer Since November 2017. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Treasurer of each of the investment companies served by The Vanguard Group; Global Head of Vanguard Fund Administration at The Vanguard Group; Partner at KPMG LLP (2005–2017).
Thomas J. Higgins
Born 1957. Chief Financial Officer Since September 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Chief Financial Officer of each of the investment companies served by The Vanguard Group; Treasurer of each of the investment companies served by The Vanguard Group (1998–2008).
Peter Mahoney
Born 1974. Controller Since May 2015. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Controller of each of the investment companies served by The Vanguard Group; Head of International Fund Services at The Vanguard Group (2008–2014).
Anne E. Robinson
Born 1970. Secretary Since September 2016. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; General Counsel of The Vanguard Group; Secretary of The Vanguard Group and of each of the investment companies served by The Vanguard Group; Director and Senior Vice President of Vanguard Marketing Corporation; Managing Director and General Counsel of Global Cards and Consumer Services at Citigroup (2014–2016); Counsel at American Express (2003–2014).
Michael Rollings
Born 1963. Finance Director Since November 2017. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; Director of Vanguard Marketing Corporation; Treasurer of each of the investment companies served by The Vanguard Group (February 2017–November 2017); Executive Vice President and Chief Financial Officer of MassMutual Financial Group (2006–2016).
| |
| Vanguard Senior Management Team |
| |
| Mortimer J. Buckley | Chris D. McIsaac |
| Gregory Davis | James M. Norris |
| John James | Thomas M. Rampulla |
| Martha G. King | Karin A. Risi |
| John T. Marcante | |
| |
| |
| Chairman Emeritus and Senior Advisor |
| |
| John J. Brennan | |
| Chairman, 1996–2009 | |
| Chief Executive Officer and President, 1996–2008 |
| |
| |
| Founder | |
| |
| John C. Bogle | |
| Chairman and Chief Executive Officer, 1974–1996 |
|  |
| | 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. |
| | © 2018 The Vanguard Group, Inc. |
| | All rights reserved. |
| | Vanguard Marketing Corporation, Distributor. |
| |
| | Q770 012018 |
Item 2 : Code of Ethics. The Registrant has adopted a code of ethics that applies to the Registrant s
principal executive officer, principal financial officer, principal accounting officer or controller or
persons performing similar functions. The Code of Ethics was amended during the reporting
period covered by this report to make certain technical, non-material changes.
Item 3 : Audit Committee Financial Expert. All members of the Audit Committee have been
determined by the Registrant s Board of Trustees to be Audit Committee Financial Experts and to
be independent: Rajiv L. Gupta, JoAnn Heffernan Heisen, F. Joseph Loughrey, Mark Loughridge,
and Peter F. Volanakis. |
Item 4 : Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant
Fiscal Year Ended November 30, 2017: $66,000
Fiscal Year Ended November 30, 2016: $66,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended November 30, 2017: $8,424,459
Fiscal Year Ended November 30, 2016: $9,629,849 |
Includes fees billed in connection with audits of the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc. and Vanguard Marketing Corporation.
(b) Audit-Related Fees.
Fiscal Year Ended November 30, 2017: $3,194,093
Fiscal Year Ended November 30, 2016: $2,717,627 |
Includes fees billed in connection with assurance and related services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(c) Tax Fees.
Fiscal Year Ended November 30, 2017: $274,313
Fiscal Year Ended November 30, 2016: $254,050 |
Includes fees billed in connection with tax compliance, planning, and advice services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(d) All Other Fees.
Fiscal Year Ended November 30, 2017: $0
Fiscal Year Ended November 30, 2016: $214,225 |
Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(e) (1) Pre-Approval Policies. The policy of the Registrant s Audit Committee is to consider and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant s independence.
In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant s independence.
The Registrant s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.
(2) No percentage of the principal accountant s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Fiscal Year Ended November 30, 2017: $274,313
Fiscal Year Ended November 30, 2016: $468,275 |
Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant s independence.
Item 5 : Audit Committee of Listed Registrants.
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 : Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies.
Not Applicable.
Item 13 : Exhibits.
(a) Code of Ethics.
(b) Certifications. |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | VANGUARD PENNSYLVANIA TAX-FREE FUNDS |
| |
| |
| BY: | | /s/ MORTIMER J. BUCKLEY* |
| | | MORTIMER J. BUCKLEY |
| | | CHIEF EXECUTIVE OFFICER |
| |
| Date: January 22, 2018 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | VANGUARD PENNSYLVANIA TAX-FREE FUNDS |
| |
| BY: | | /s/ MORTIMER J. BUCKLEY * |
| | | MORTIMER J. BUCKLEY |
| | | CHIEF EXECUTIVE OFFICER |
| Date: January 22, 2018 |
| | | VANGUARD PENNSYLVANIA TAX-FREE FUNDS |
| |
| BY: | | /s/ THOMAS J. HIGGINS* |
| | | THOMAS J. HIGGINS |
| | | CHIEF FINANCIAL OFFICER |
| Date: January 22, 2018 |
* By: /s/ Anne E. Robinson
Anne E. Robinson, pursuant to a Power of Attorney filed on January 18, 2018 see file
Number 33-32216, Incorporated by Reference. |
