UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-04571
Name of Registrant: | | Vanguard Pennsylvania Tax-Free Funds |
Address of Registrant: | | P.O. Box 2600 |
| | Valley Forge, PA 19482 |
| | |
Name and address of agent for service: | | Anne E. Robinson, Esquire |
| | P.O. Box 876 |
| | Valley Forge, PA 19482 |
Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: November 30
Date of reporting period: December 1, 2017—November 30, 2018
Item 1: Reports to Shareholders
Annual Report | November 30, 2018 Vanguard Pennsylvania Tax-Exempt Funds |
Vanguard Pennsylvania Municipal Money Market Fund Vanguard Pennsylvania Long-Term Tax-Exempt Fund See the inside front cover for important information about access to your fund’s annual and semiannual shareholder reports. |
Important information about access to shareholder reports
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your fund’s annual and semiannual shareholder reports will no longer be sent to you by mail, unless you specifically request them. Instead, you will be notified by mail each time a report is posted on the website and will be provided with a link to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on to vanguard.com.
You may elect to receive paper copies of all future shareholder reports free of charge. If you invest through a financial intermediary, you can contact the intermediary to request that you continue to receive paper copies. If you invest directly with the fund, you can call Vanguard at one of the phone numbers on the back cover of this report or log on to vanguard.com. Your election to receive paper copies will apply to all the funds you hold through an intermediary or directly with Vanguard.
Contents
A Note From Our CEO | 1 |
Your Fund’s Performance at a Glance | 2 |
Advisor’s Report | 3 |
About Your Fund’s Expenses | 7 |
Pennsylvania Municipal Money Market Fund | 9 |
Pennsylvania Long-Term Tax-Exempt Fund | 28 |
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
A Note From Our CEO
Tim Buckley
President and Chief Executive Officer
Dear Shareholder,
Over the years, I’ve found that prudent investors exhibit a common trait: discipline. No matter how the markets move or what new investing fad hits the headlines, those who stay focused on their goals and tune out the noise are set up for long-term success.
The prime gateway to investing is saving, and you don’t usually become a saver without a healthy dose of discipline. Savers make the decision to sock away part of their income, which means spending less and delaying gratification, no matter how difficult that may be.
Of course, disciplined investing extends beyond diligent saving. The financial markets, in the short term especially, are unpredictable; I have yet to meet the investor who can time them perfectly. It takes discipline to resist the urge to go all-in when markets are frothy or to retreat when things look bleak.
Staying put with your investments is one strategy for handling volatility. Another, rebalancing, requires even more discipline because it means steering your money away from strong performers and toward poorer performers.
Patience—a form of discipline—is also the friend of long-term investors. Higher returns are the potential reward for weathering the market’s turbulence and uncertainty.
It’s important to be prepared for that turbulence, whenever it appears. Don’t panic. Don’t chase returns or look for answers outside the asset classes you trust. And be sure to rebalance periodically, even when there’s turmoil.
Whether you’re a master of self-control, get a boost from technology, or work with a professional advisor, know that discipline is necessary to get the most out of your investment portfolio. And know that Vanguard is with you for the entire ride.
Thank you for your continued loyalty.
Sincerely,
Mortimer J. Buckley
President and Chief Executive Officer
December 18, 2018
1
Your Fund’s Performance at a Glance
· For the 12 months ended November 30, 2018, Vanguard Pennsylvania Long-Term Tax-Exempt Fund returned 0.91% for Investor Shares and 0.99% for Admiral™ Shares. Its benchmark returned 1.18%.
· Vanguard Pennsylvania Municipal Money Market Fund returned 1.22%, surpassing the 0.94% average return of its peers.
· Although fundamentals remained solid, municipal bonds went through a bumpy patch as federal tax legislation passed in December affected both supply and demand. With yields rising, prices of municipal bonds finished down across the maturity spectrum, particularly toward the intermediate and long end.
· The Long-Term Fund benefited from an underweight to state general obligation bonds, while an overweight to hospital revenue bonds hurt relative performance. In general, the fund’s positions in higher-quality and shorter-maturity bonds added value.
Market Barometer
| Average Annual Total Returns |
| Periods Ended November 30, 2018 |
| One Year | Three Years | Five Years |
Stocks | | | |
Russell 1000 Index (Large-caps) | 5.92% | 11.94% | 10.89% |
Russell 2000 Index (Small-caps) | 0.57 | 10.08 | 7.50 |
Russell 3000 Index (Broad U.S. market) | 5.53 | 11.80 | 10.62 |
FTSE All-World ex US Index (International) | -7.98 | 5.59 | 2.17 |
| | | |
Bonds | | | |
Bloomberg Barclays U.S. Aggregate Bond Index | | | |
(Broad taxable market) | -1.34% | 1.33% | 2.03% |
Bloomberg Barclays Municipal Bond Index | | | |
(Broad tax-exempt market) | 1.13 | 2.13 | 3.52 |
FTSE Three-Month U.S. Treasury Bill Index | 1.76 | 0.92 | 0.55 |
| | | |
CPI | | | |
Consumer Price Index | 2.18% | 2.02% | 1.58% |
2
Advisor’s Report
For the 12 months ended November 30, 2018, Vanguard Pennsylvania Long-Term Tax-Exempt Fund returned 0.91% for Investor Shares and 0.99% for Admiral Shares. The fund lagged its benchmark, the Bloomberg Barclays Pennsylvania Municipal Bond Index, which returned 1.18%.
For both Investor and Admiral Shares, the capital return was –2.53%. Return from income was 3.44% for Investor Shares and 3.52% for Admiral Shares. The fund’s 30-day SEC yield rose to 3.35% from 2.51% for Investor Shares and to 3.41% from 2.61% for Admiral Shares.
Vanguard Pennsylvania Municipal Money Market Fund returned 1.22%, exceeding the average return of its peers. Yields for tax-exempt money market instruments also moved higher, and the fund’s 7-day SEC yield rose to 1.54% from 0.80%.
The funds are permitted to invest in securities that can generate income distributions subject to the alternative minimum tax (AMT). During the fiscal half year, however, only the Money Market Fund owned such securities.
The investment environment
Macroeconomic fundamentals remained supportive throughout the 12 months. The U.S. economy continued to expand at a robust pace, boosted by tax cuts and more government spending. The unemployment rate dropped to 3.7%, an almost 50-year low, and inflation moved up to hover near the Federal Reserve’s target of 2%.
Given the strength of the economy, the Fed continued to normalize monetary policy through further cuts to its balance sheet and four additional increases to
Yields of Tax-Exempt Municipal Securities
(National Averages, AAA-Rated General Obligation Issues)
| November 30, | November 30, |
Maturity | 2017 | 2018 |
2 years | 1.57% | 1.98% |
5 years | 1.76 | 2.16 |
10 years | 2.15 | 2.55 |
30 years | 2.79 | 3.27 |
Source: Vanguard.
3
the federal funds target rate, putting it at 2%–2.25%. (The Fed made another quarter-percentage-point hike just after the close of the period under review.)
Despite the robust backdrop, the markets experienced some volatility. They swooned in late January on concerns that wage gains might push inflation higher and lead the Fed to raise rates more aggressively. October was another rough patch amid an intensification of trade tensions with China and comments from Fed Chairman Jerome Powell on how much higher rates might go, although he tamped down expectations in late November.
The muni market also had to contend with federal tax legislation that was passed in December 2017. The tax package had a significant effect on the supply of municipal bonds. One change is that municipalities can no longer issue bonds to advance-refund outstanding tax-exempt debt. The tax bill also included a provision—that was dropped just before passage—to eliminate tax exemption for private activity bonds issued for airports and not-for-profit hospitals and colleges. Still, the uncertainty resulted in a surge of private activity bond issuance at year-end.
The reduction in the statutory federal corporate tax rate to 21% also affected demand for munis. This change made muni tax-equivalent yields a little less attractive to nontraditional buyers, a fairly narrow segment of the market that includes banks and insurance companies. Municipalities responded by structuring issuance more for traditional buyers, which boosted usable supply for retail investors and mutual funds. In addition, a cap on deductions for state and local taxes and mortgage interest payments has made muni bonds more attractive for residents of states with high property or local taxes.
Bouts of volatility aside, muni bond yields largely took their cues from the Treasury market, where yields across the maturity spectrum ended the period higher.
The unemployment rate in Pennsylvania decreased from 4.8% at the start of the fiscal year to 4.1% in October 2018. The commonwealth’s economy grew at a faster rate than that of the United States as a whole, according to a gauge of current economic conditions published monthly by the Federal Reserve Bank of Philadelphia. The bank’s index for Pennsylvania increased about 3.3% between November 2017 and October 2018, while the national index rose about 2.6%. (Each state’s index incorporates data on nonfarm payroll employment, the jobless rate, average hours worked in manufacturing, and inflation-adjusted wage and salary payments.)
Overall credit trends for the commonwealth and its largest city, Philadelphia, have been improving. In June, Governor Tom Wolf signed a $32.7 billion budget, a 2.2% increase from the previous year. The budget was adopted on time,
4
preventing the stalemates and impasses that have plagued the commonwealth in years past. The Pennsylvania Department of Revenue has reported that current revenue collections are on pace to exceed forecasted levels by 2.8%.
Although the commonwealth is benefiting from a strong economic environment, it must continue to address long-term expenditures, principally pension funding and health care spending. The commonwealth issued approximately $1.5 billion in debt to fill a portion of its budget deficit from fiscal year 2017. The bonds are secured by tobacco settlement proceeds; this issue represents the first time Pennsylvania has borrowed against these tobacco revenues. The bonds also have a subordinate pledge of commonwealth sales tax revenues.
In March, Standard & Poor’s downgraded the City of Philadelphia general obligation rating to A from A+, citing pension stress and ongoing school funding needs as primary drivers. But in June, Philadelphia adopted its 2018–2019 budget, which includes $4.7 billion in spending, a 6% increase. The spending plan was bolstered by a higher-than-expected surplus from the prior fiscal year.
Moody’s has since revised its outlook on the city’s credit to stable from negative. The general obligation and tax-supported debt rating remains A2.
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 analyses. Our investment process relies on robust risk management to monitor the funds’ positioning.
Our exposure to bonds with maturities longer than 20 years hurt our performance during the past year, as they underperformed the broader index. An overweight to hospital revenue and university bonds also detracted on a relative basis.
The fund benefited from an underweight to state general obligation bonds. Other top-performing sectors included prerefunded and tax revenue bonds. University revenue detracted.
Although there were no significant changes to our credit-quality positioning, we made several modest changes to our portfolio allocations during the period based on the relative attractiveness of sectors, duration, and credit quality. These changes included:
· A reduction in exposure to bonds with maturities of less than 10 years and increased exposure to bonds with maturities longer than 20 years.
· An increase in tax-backed debt as well as water and sewer-backed projects.
5
· A reduction in our exposure to prerefunded and higher-education securities.
· An increase in 4% coupon bonds, which have become an increasing part of the investment universe in Pennsylvania.
A look ahead
Absent any external shocks, the U.S. economy is on pace to break above its long-term potential growth rate in 2018 and 2019, given the front-loaded effects of tax cuts and increased government spending, plus solid fundamentals. Growth is then expected to drop back toward 2%. That growth, along with some upward pressure on wages reflecting the tight labor market, may push up the U.S. Core Personal Consumption Expenditures Price Index through the first part of 2019. Against this backdrop, the Fed is likely to keep raising rates and trimming the amount of Treasuries and mortgage-backed securities on its balance sheet into 2019.
We see this bounce as cyclical, however. We still expect long-term structural pressures from an aging population, global sourcing of goods and labor, and technological disruptions to result in moderate long-run growth and inflation.
We may continue to see bouts of volatility in the bond market related to shifting expectations for inflation and interest rates. Other potential volatility triggers include an intensification of trade disputes, flare-ups in geopolitical tensions, uncertainty over Brexit, and government spending in Italy.
We anticipate a convergence in global monetary policy, with central banks in developed countries adopting less accommodative stances—some raising rates, some planning to do so, and some reducing quantitative easing. Withdrawing that accommodation unexpectedly or too quickly could rattle the markets.
As always, our experienced team of portfolio managers, credit analysts, and traders will continue to seek out opportunities to add to the funds’ performance, whatever the markets may bring.
Paul M. Malloy, CFA, Principal,
Head of Municipal Bond Group
James M. D’Arcy, CFA,
Portfolio Manager
John M. Carbone, Principal,
Portfolio Manager
December 17, 2018
6
About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
· Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading “Expenses Paid During Period.”
· Based on hypothetical 5% yearly return. This section is intended to help you compare your fund’s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
7
Six Months Ended November 30, 2018
| | Beginning
Account Value
5/31/2018 | | Ending
Account Value
11/30/2018 | | Expenses
Paid During
Period |
Based on Actual Fund Return | | | | | | |
Pennsylvania Municipal Money Market Fund | | $1,000.00 | | $1,006.44 | | $0.80 |
Pennsylvania Long-Term Tax-Exempt Fund | | | | | | |
Investor Shares | | $1,000.00 | | $1,000.66 | | $0.80 |
Admiral Shares | | 1,000.00 | | 1,000.99 | | 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 | | $1,024.27 | | $0.81 |
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, 0.16% for Investor Shares and 0.09% for Admiral Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (183/365).
8
Pennsylvania Municipal Money Market Fund
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, 2008, Through November 30, 2018
Initial Investment of $10,000
| | Average Annual Total Returns
Periods Ended November 30, 2018 | | Final Value
of a $10,000 Investment | |
| | One
Year | Five
Years |
Ten
Years
| |
| Pennsylvania Municipal Money Market Fund | | 1.22% | 0.42% | 0.28% | | $10,287 | |
| Spliced Pennsylvania Tax-Exempt Money Market Funds Average | | 0.94 | 0.27 | 0.16 | | 10,160 | |
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. Derived from data provided by Lipper, a Thomson Reuters Company.
See Financial Highlights for dividend information.
9
Pennsylvania Municipal Money Market Fund
Average Annual Total Returns: Periods Ended September 30, 2018
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 | 1.10% | 0.37% | 0.30% |
10
Pennsylvania Municipal Money Market Fund
Distribution by Issuer
As of November 30, 2018
Tax-Exempt Securities | 100% |
11
Pennsylvania Municipal Money Market Fund
Financial Statements
Statement of Net Assets
As of November 30, 2018
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.
| | | | | | | | Face | | Market | |
| | | | | Maturity | | | Amount | | Value· | |
| | | Coupon | | Date | | | ($000 | ) | ($000 | ) |
Tax-Exempt Municipal Bonds (98.6%) | | | | | | | | | | |
Pennsylvania (98.6%) | | | | | | | | | | |
| Allegheny County PA GO | | 5.000% | | 12/1/18 | (Prere.) | | 5,000 | | 5,000 | |
| Allegheny County PA GO | | 5.000% | | 5/1/19 | | | 1,100 | | 1,116 | |
| Allegheny County PA GO VRDO | | 1.670% | | 12/7/18 | LOC | | 3,500 | | 3,500 | |
| Allegheny County PA Higher Education Building Authority University Revenue (Carnegie Mellon University) VRDO | | 1.710% | | 12/3/18 | | | 36,600 | | 36,600 | |
| Allegheny County PA Hospital Development Authority Revenue (Children’s Hospital of Pittsburgh Project) VRDO | | 1.670% | | 12/7/18 | LOC | | 3,480 | | 3,480 | |
| Allegheny County PA Hospital Development Authority Revenue (Children’s Hospital of Pittsburgh Project) VRDO | | 1.670% | | 12/7/18 | LOC | | 2,330 | | 2,330 | |
| Allegheny County PA Hospital Development Authority Revenue (Concordia Lutheran) VRDO | | 1.710% | | 12/7/18 | LOC | | 38,240 | | 38,240 | |
1,2 | Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) TOB PUT | | 1.860% | | 12/3/18 | LOC | | 20,000 | | 20,000 | |
2 | Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) TOB VRDO | | 1.780% | | 12/3/18 | LOC | | 24,100 | | 24,100 | |
2 | Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) TOB VRDO | | 1.780% | | 12/3/18 | LOC | | 1,400 | | 1,400 | |
2 | Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) TOB VRDO | | 1.780% | | 12/3/18 | LOC | | 21,500 | | 21,500 | |
2 | Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) TOB VRDO | | 1.720% | | 12/7/18 | LOC | | 4,000 | | 4,000 | |
| Allegheny County PA Industrial Development Authority Revenue (Western Pennsylvania School for Blind Children) VRDO | | 1.680% | | 12/7/18 | | | 12,100 | | 12,100 | |
12
Pennsylvania Municipal Money Market Fund
| | | | | | | | Face | | Market | |
| | | | | Maturity | | | Amount | | Value· | |
| | | Coupon | | Date | | | ($000 | ) | ($000 | ) |
| Beaver PA Industrial Development Authority Revenue (Concordia Lutheran Ministries) VRDO | | 1.730% | | 12/7/18 | LOC | | 3,610 | | 3,610 | |
| Bucks County PA Industrial Development Authority Hospital Revenue (Grand View Hospital) VRDO | | 1.670% | | 12/7/18 | LOC | | 7,275 | | 7,275 | |
2 | Bucks County Water & Sewer Authority Revenue TOB VRDO | | 1.790% | | 12/7/18 | (4)(Prere.) | | 5,335 | | 5,335 | |
| Butler County PA General Authority Revenue (Erie School District Project) VRDO | | 1.670% | | 12/7/18 | LOC | | 35,980 | | 35,980 | |
| Butler County PA General Authority Revenue (North Allegheny School District Project) VRDO | | 1.680% | | 12/7/18 | | | 28,320 | | 28,320 | |
| Butler County PA Hospital Authority Revenue (Butler Health System Project) | | 7.250% | | 7/1/19 | (Prere.) | | 8,130 | | 8,379 | |
| Butler County PA Hospital Authority Revenue (Concordia Lutheran Obligated Group) VRDO | | 1.710% | | 12/7/18 | LOC | | 11,810 | | 11,810 | |
| Butler County PA Hospital Authority Revenue (Concordia Lutheran Obligated Group) VRDO | | 1.710% | | 12/7/18 | LOC | | 8,645 | | 8,645 | |
| Centennial PA School District Bucks County GO | | 5.250% | | 12/15/18 | (Prere.) | | 13,655 | | 13,673 | |
2 | Commonwealth Financing Authority Pennsylvania Revenue TOB VRDO | | 1.690% | | 12/7/18 | (4) | | 13,695 | | 13,695 | |
2 | County of Allegheny PA GO TOB VRDO | | 1.680% | | 12/7/18 | | | 5,340 | | 5,340 | |
| County of Chester PA GO | | 5.000% | | 7/15/19 | (Prere.) | | 7,090 | | 7,224 | |
| Cumberland County PA Municipal Authority Revenue (Diakon Lutheran Social Ministries Project) | | 6.375% | | 1/1/19 | (Prere.) | | 3,600 | | 3,614 | |
| Delaware County PA Industrial Development Authority Airport Facilities Revenue (United Parcel Service Inc.) VRDO | | 1.720% | | 12/3/18 | | | 81,485 | | 81,485 | |
| Delaware River Port Authority Pennsylvania & New Jersey Revenue VRDO | | 1.690% | | 12/7/18 | LOC | | 100 | | 100 | |
3 | Downingtown PA Area School District GO | | 2.000% | | 2/1/19 | | | 400 | | 400 | |
3 | Downingtown PA Area School District GO | | 3.000% | | 8/1/19 | | | 710 | | 715 | |
3 | Downingtown PA Area School District GO | | 4.000% | | 8/1/19 | | | 3,740 | | 3,788 | |
| Emmaus PA General Authority Revenue VRDO | | 1.680% | | 12/7/18 | LOC | | 54,340 | | 54,340 | |
| Emmaus PA General Authority Revenue VRDO | | 1.710% | | 12/7/18 | LOC | | 4,700 | | 4,700 | |
| Emmaus PA General Authority Revenue VRDO | | 1.710% | | 12/7/18 | LOC | | 4,900 | | 4,900 | |
| Emmaus PA General Authority Revenue VRDO | | 1.710% | | 12/7/18 | LOC | | 500 | | 500 | |
| Emmaus PA General Authority Revenue VRDO | | 1.710% | | 12/7/18 | LOC | | 1,500 | | 1,500 | |
| Emmaus PA General Authority Revenue VRDO | | 1.710% | | 12/7/18 | LOC | | 100 | | 100 | |
| Emmaus PA General Authority Revenue VRDO | | 1.710% | | 12/7/18 | LOC | | 12,000 | | 12,000 | |
| Emmaus PA General Authority Revenue VRDO | | 1.710% | | 12/7/18 | LOC | | 10,000 | | 10,000 | |
| Emmaus PA General Authority Revenue VRDO | | 1.710% | | 12/7/18 | LOC | | 2,500 | | 2,500 | |
| Emmaus PA General Authority Revenue VRDO | | 1.710% | | 12/7/18 | LOC | | 500 | | 500 | |
| Emmaus PA General Authority Revenue VRDO | | 1.710% | | 12/7/18 | LOC | | 2,200 | | 2,200 | |
| Emmaus PA General Authority Revenue VRDO | | 1.710% | | 12/7/18 | LOC | | 11,800 | | 11,800 | |
| Emmaus PA General Authority Revenue VRDO | | 1.710% | | 12/7/18 | LOC | | 1,200 | | 1,200 | |
| Emmaus PA General Authority Revenue VRDO | | 1.710% | | 12/7/18 | LOC | | 15,200 | | 15,200 | |
| Fayette County PA Hospital Authority Revenue (Fayette Regional Health System) VRDO | | 1.670% | | 12/7/18 | LOC | | 4,500 | | 4,500 | |
13
Pennsylvania Municipal Money Market Fund
| | | | | | | | Face | | Market | |
| | | | | Maturity | | | Amount | | Value· | |
| | | Coupon | | Date | | | ($000 | ) | ($000 | ) |
2 | Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) TOB VRDO | | 1.720% | | 12/7/18 | | | 4,330 | | 4,330 | |
2 | Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) TOB VRDO | | 1.720% | | 12/7/18 | | | 11,935 | | 11,935 | |
2 | Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) TOB VRDO | | 1.720% | | 12/7/18 | | | 7,500 | | 7,500 | |
2 | Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) TOB VRDO | | 1.720% | | 12/7/18 | (Prere.) | | 4,980 | | 4,980 | |
2 | Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) TOB VRDO | | 1.720% | | 12/7/18 | | | 2,785 | | 2,785 | |
2 | Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) TOB VRDO | | 1.720% | | 12/7/18 | | | 4,785 | | 4,785 | |
| Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) VRDO | | 1.680% | | 12/3/18 | | | 7,205 | | 7,205 | |
| Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) VRDO | | 1.680% | | 12/3/18 | | | 612 | | 612 | |
| Harveys Lake PA General Municipal Authority University Revenue (Misericordia University Project) VRDO | | 1.670% | | 12/7/18 | LOC | | 6,595 | | 6,595 | |
| Haverford Township PA GO | | 3.000% | | 6/1/19 | | | 1,270 | | 1,278 | |
| Haverford Township PA School District GO VRDO | | 1.690% | | 12/7/18 | LOC | | 20,585 | | 20,585 | |
| Jackson PA Authority for Industrial Development Revenue (StoneRidge Retirement Living) VRDO | | 1.670% | | 12/7/18 | LOC | | 7,550 | | 7,550 | |
2 | Lancaster County PA Hospital Authority Health System Revenue (Lancaster General Hospital Project) TOB VRDO | | 1.720% | | 12/7/18 | (Prere.) | | 3,410 | | 3,410 | |
2 | Lancaster County PA Hospital Authority Health System Revenue (Lancaster General Hospital Project) TOB VRDO | | 1.720% | | 12/7/18 | (Prere.) | | 6,765 | | 6,765 | |
2 | Lancaster County PA Hospital Authority Revenue (University of Pennsylvania Health System) TOB VRDO | | 1.730% | | 12/7/18 | | | 3,750 | | 3,750 | |
| Lower Merion PA School District GO VRDO | | 1.680% | | 12/7/18 | LOC | | 22,115 | | 22,115 | |
| Lower Merion PA School District GO VRDO | | 1.680% | | 12/7/18 | LOC | | 7,650 | | 7,650 | |
| Marple Newtown PA School District GO | | 5.000% | | 6/1/19 | (Prere.) | | 6,225 | | 6,320 | |
| Montgomery County PA Higher Education & Health Authority Revenue (Gwynedd Mercy University Project) VRDO | | 1.670% | | 12/7/18 | LOC | | 14,840 | | 14,840 | |
| Montgomery County PA Redevelopment Authority Revenue (Forge Gate Apartments Project) VRDO | | 1.690% | | 12/7/18 | LOC | | 9,665 | | 9,665 | |
| Northampton County PA General Purpose Authority University Revenue (Lafayette College) VRDO | | 1.730% | | 12/7/18 | | | 18,290 | | 18,290 | |
14
Pennsylvania Municipal Money Market Fund
| | | | | | | | Face | | Market | |
| | | | | Maturity | | | Amount | | Value· | |
| | | Coupon | | Date | | | ($000 | ) | ($000 | ) |
| Northampton County PA General Purpose Authority University Revenue (Lafayette College) VRDO | | 1.730% | | 12/7/18 | | | 10,750 | | 10,750 | |
| Northampton County PA General Purpose Authority University Revenue (Lafayette College) VRDO | | 1.730% | | 12/7/18 | | | 9,940 | | 9,940 | |
| Northampton County PA General Purpose Authority University Revenue (Lehigh University) VRDO | | 1.580% | | 12/7/18 | | | 5,505 | | 5,505 | |
| Northampton County PA General Purpose Authority University Revenue (Lehigh University) VRDO | | 1.640% | | 12/7/18 | | | 500 | | 500 | |
2 | PA Higher Educational Facilities Authority Revenue (Trustees of the University of Pennsylvania) TOB VRDO | | 1.670% | | 12/7/18 | | | 2,000 | | 2,000 | |
| Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue (PSEG Power LLC Project) VRDO | | 1.640% | | 12/7/18 | LOC | | 1,000 | | 1,000 | |
| Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue (York Water Co. Project) VRDO | | 1.710% | | 12/7/18 | LOC | | 12,000 | | 12,000 | |
| Pennsylvania Economic Development Financing Authority Unemployment Compensation Revenue | | 5.000% | | 1/1/19 | | | 7,510 | | 7,531 | |
| Pennsylvania Economic Development Financing Authority Unemployment Compensation Revenue | | 5.000% | | 7/1/19 | | | 43,020 | | 43,814 | |
2 | Pennsylvania Economic Development Financing Authority Water Facilities Revenue (Aqua Pennsylvania Inc. Project) TOB VRDO | | 1.720% | | 12/7/18 | (13) | | 9,900 | | 9,900 | |
| Pennsylvania GO | | 5.000% | | 2/1/19 | | | 3,045 | | 3,061 | |
| Pennsylvania GO | | 5.000% | | 2/15/19 | (Prere.) | | 2,350 | | 2,365 | |
| Pennsylvania GO | | 5.000% | | 4/15/19 | (Prere.) | | 6,025 | | 6,098 | |
| Pennsylvania GO | | 5.000% | | 4/15/19 | | | 1,690 | | 1,709 | |
| Pennsylvania GO | | 5.000% | | 5/1/19 | | | 1,425 | | 1,444 | |
| Pennsylvania GO | | 5.000% | | 6/1/19 | | | 4,650 | | 4,730 | |
| Pennsylvania GO | | 5.000% | | 6/15/19 | | | 3,055 | | 3,107 | |
| Pennsylvania GO | | 5.000% | | 7/1/19 | | | 4,250 | | 4,335 | |
| Pennsylvania GO | | 5.000% | | 7/1/19 | | | 20,295 | | 20,688 | |
| Pennsylvania GO | | 5.000% | | 9/15/19 | | | 9,575 | | 9,818 | |
| Pennsylvania GO | | 5.000% | | 10/15/19 | | | 6,870 | | 7,052 | |
2 | Pennsylvania GO TOB VRDO | | 1.690% | | 12/7/18 | | | 4,000 | | 4,000 | |
2 | Pennsylvania GO TOB VRDO | | 1.690% | | 12/7/18 | | | 3,335 | | 3,335 | |
2 | Pennsylvania GO TOB VRDO | | 1.690% | | 12/7/18 | | | 10,400 | | 10,400 | |
2 | Pennsylvania GO TOB VRDO | | 1.720% | | 12/7/18 | | | 14,300 | | 14,300 | |
2 | Pennsylvania GO TOB VRDO | | 1.720% | | 12/7/18 | (Prere.) | | 11,250 | | 11,250 | |
2 | Pennsylvania GO TOB VRDO | | 1.720% | | 12/7/18 | (Prere.) | | 5,445 | | 5,445 | |
| Pennsylvania Higher Educational Facilities Authority Revenue | | 5.000% | | 6/15/19 | | | 5,845 | | 5,944 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) VRDO | | 1.700% | | 12/3/18 | LOC | | 550 | | 550 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) VRDO | | 1.670% | | 12/7/18 | LOC | | 24,110 | | 24,110 | |
15
Pennsylvania Municipal Money Market Fund
| | | | | | | | Face | | Market | |
| | | | | Maturity | | | Amount | | Value· | |
| | | Coupon | | Date | | | ($000 | ) | ($000 | ) |
| Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) VRDO | | 1.670% | | 12/7/18 | LOC | | 22,495 | | 22,495 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (Susquehanna University) VRDO | | 1.680% | | 12/7/18 | LOC | | 1,300 | | 1,300 | |
2 | Pennsylvania Higher Educational Facilities Authority Revenue (Trustees of the University of Pennsylvania) TOB VRDO | | 1.720% | | 12/7/18 | | | 6,665 | | 6,665 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | | 5.000% | | 9/1/19 | (ETM) | | 6,500 | | 6,648 | |
2 | Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) TOB VRDO | | 1.680% | | 12/7/18 | | | 8,190 | | 8,190 | |
2 | Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) TOB VRDO | | 1.700% | | 12/7/18 | | | 2,740 | | 2,740 | |
2 | Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) TOB VRDO | | 1.720% | | 12/7/18 | | | 5,865 | | 5,865 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) VRDO | | 1.640% | | 12/7/18 | LOC | | 64,745 | | 64,745 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (York College) PUT | | 2.230% | | 5/1/19 | | | 1,815 | | 1,815 | |
| Pennsylvania Housing Finance Agency Multifamily Housing Revenue VRDO | | 1.690% | | 12/7/18 | LOC | | 4,950 | | 4,950 | |
2 | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue TOB VRDO | | 1.710% | | 12/7/18 | | | 24,610 | | 24,610 | |
2 | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue TOB VRDO | | 1.710% | | 12/7/18 | | | 6,185 | | 6,185 | |
2 | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue TOB VRDO | | 1.710% | | 12/7/18 | | | 5,000 | | 5,000 | |
2 | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue TOB VRDO | | 1.710% | | 12/7/18 | | | 15,300 | | 15,300 | |
2 | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue TOB VRDO | | 1.720% | | 12/7/18 | | | 3,270 | | 3,270 | |
2 | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue TOB VRDO | | 1.720% | | 12/7/18 | | | 7,500 | | 7,500 | |
2 | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue TOB VRDO | | 1.750% | | 12/7/18 | | | 5,300 | | 5,300 | |
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue VRDO | | 1.690% | | 12/7/18 | | | 20,645 | | 20,645 | |
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue VRDO | | 1.690% | | 12/7/18 | | | 11,890 | | 11,890 | |
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue VRDO | | 1.690% | | 12/7/18 | | | 5,600 | | 5,600 | |
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue VRDO | | 1.700% | | 12/7/18 | | | 19,100 | | 19,100 | |
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue VRDO | | 1.700% | | 12/7/18 | | | 6,535 | | 6,535 | |
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue VRDO | | 1.740% | | 12/7/18 | | | 650 | | 650 | |
16
Pennsylvania Municipal Money Market Fund
| | | | | | | | Face | | Market | |
| | | | | Maturity | | | Amount | | Value· | |
| | | Coupon | | Date | | | ($000 | ) | ($000 | ) |
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue VRDO | | 1.740% | | 12/7/18 | | | 13,000 | | 13,000 | |
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue VRDO | | 1.740% | | 12/7/18 | | | 4,800 | | 4,800 | |
2 | Pennsylvania Housing Finance Agency TOB VRDO | | 1.720% | | 12/7/18 | | | 7,000 | | 7,000 | |
| Pennsylvania Infrastructure Investment Authority Revenue | | 5.000% | | 1/15/19 | | | 1,780 | | 1,787 | |
| Pennsylvania Infrastructure Investment Authority Revenue | | 5.000% | | 6/15/19 | | | 2,000 | | 2,033 | |
2 | Pennsylvania Intergovernmental Cooperation Authority Special Tax Revenue (Philadelphia Funding Program) TOB VRDO | | 1.720% | | 12/7/18 | | | 6,315 | | 6,315 | |
| Pennsylvania Public School Building Authority Revenue (Community College of Philadelphia) | | 6.000% | | 12/15/18 | (Prere.) | | 3,500 | | 3,506 | |
| Pennsylvania State University Revenue PUT | | 1.730% | | 6/1/19 | | | 51,675 | | 51,682 | |
2 | Pennsylvania TOB VRDO | | 1.690% | | 12/7/18 | | | 10,000 | | 10,000 | |
2 | Pennsylvania TOB VRDO | | 1.690% | | 12/7/18 | | | 8,750 | | 8,750 | |
2 | Pennsylvania TOB VRDO | | 1.690% | | 12/7/18 | | | 3,600 | | 3,600 | |
2 | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue TOB VRDO | | 1.680% | | 12/7/18 | | | 5,600 | | 5,600 | |
2 | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue TOB VRDO | | 1.720% | | 12/7/18 | (Prere.) | | 10,500 | | 10,500 | |
| Pennsylvania Turnpike Commission Revenue | | 5.250% | | 6/1/19 | (Prere.) | | 12,420 | | 12,633 | |
| Pennsylvania Turnpike Commission Revenue | | 5.750% | | 6/1/19 | (Prere.) | | 17,000 | | 17,331 | |
1,2 | Pennsylvania Turnpike Commission Revenue PUT | | 1.890% | | 12/3/18 | LOC | | 5,000 | | 5,000 | |
2 | Pennsylvania Turnpike Commission Revenue TOB VRDO | | 1.720% | | 12/7/18 | LOC | | 60,000 | | 60,000 | |
2 | Peters Township PA School District Washington County GO TOB VRDO | | 1.680% | | 12/7/18 | | | 4,780 | | 4,780 | |
| Philadelphia Airport CP | | 1.800% | | 12/19/18 | LOC | | 900 | | 900 | |
| Philadelphia Authority for Industrial Development Revenue (Gift of Life Donor Program) VRDO | | 1.660% | | 12/7/18 | LOC | | 9,130 | | 9,130 | |
| Philadelphia PA Airport Revenue VRDO | | 1.690% | | 12/7/18 | LOC | | 22,970 | | 22,970 | |
| Philadelphia PA Airport Revenue VRDO | | 1.710% | | 12/7/18 | LOC | | 25,890 | | 25,890 | |
2 | Philadelphia PA Authority for Industrial Development Revenue (Children’s Hospital of Philadelphia Project) TOB VRDO | | 1.720% | | 12/7/18 | | | 3,275 | | 3,275 | |
2 | Philadelphia PA Authority for Industrial Development Revenue (Children’s Hospital of Philadelphia Project) TOB VRDO | | 1.720% | | 12/7/18 | | | 7,500 | | 7,500 | |
2 | Philadelphia PA Authority for Industrial Development Revenue (Children’s Hospital of Philadelphia Project) TOB VRDO | | 1.720% | | 12/7/18 | | | 7,500 | | 7,500 | |
| Philadelphia PA Authority for Industrial Development Revenue (Franklin Institute) VRDO | | 1.930% | | 12/7/18 | LOC | | 5,190 | | 5,190 | |
2 | Philadelphia PA Authority for Industrial Development Revenue (Philadelphia College of Osteopathic Medicine Obligated Group) TOB VRDO | | 1.730% | | 12/7/18 | | | 2,850 | | 2,850 | |
| Philadelphia PA Gas Works Revenue VRDO | | 1.650% | | 12/7/18 | LOC | | 12,600 | | 12,600 | |
17
Pennsylvania Municipal Money Market Fund
| | | | | | | | Face | | Market | |
| | | | | Maturity | | | Amount | | Value· | |
| | | Coupon | | Date | | | ($000 | ) | ($000 | ) |
| Philadelphia PA Gas Works Revenue VRDO | | 1.670% | | 12/7/18 | LOC | | 7,225 | | 7,225 | |
| Philadelphia PA Gas Works Revenue VRDO | | 1.690% | | 12/7/18 | LOC | | 8,975 | | 8,975 | |
| Philadelphia PA Gas Works Revenue VRDO | | 1.690% | | 12/7/18 | LOC | | 5,545 | | 5,545 | |
| Philadelphia PA GO VRDO | | 1.670% | | 12/7/18 | LOC | | 11,675 | | 11,675 | |
2 | Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Children’s Hospital of Philadelphia Project) TOB VRDO | | 1.720% | | 12/7/18 | | | 4,765 | | 4,765 | |
| Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Children’s Hospital of Philadelphia Project) VRDO | | 1.720% | | 12/3/18 | | | 39,700 | | 39,700 | |
| Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Children’s Hospital of Philadelphia Project) VRDO | | 1.720% | | 12/3/18 | | | 29,460 | | 29,460 | |
| Philadelphia PA Industrial Development Authority Lease Revenue VRDO | | 1.650% | | 12/7/18 | LOC | | 51,150 | | 51,150 | |
| Philadelphia PA Water & Waste Water Revenue | | 5.000% | | 1/1/19 | (Prere.) | | 1,750 | | 1,755 | |
| Philadelphia PA Water & Waste Water Revenue | | 5.000% | | 1/1/19 | (Prere.) | | 5,000 | | 5,014 | |
| Philadelphia PA Water & Waste Water Revenue | | 5.250% | | 1/1/19 | (Prere.) | | 1,000 | | 1,003 | |
| Philadelphia PA Water & Waste Water Revenue | | 5.250% | | 1/1/19 | (Prere.) | | 2,540 | | 2,547 | |
| Philadelphia PA Water & Waste Water Revenue | | 5.250% | | 1/1/19 | (Prere.) | | 5,000 | | 5,014 | |
| Philadelphia PA Water & Waste Water Revenue | | 5.000% | | 10/1/19 | | | 1,750 | | 1,793 | |
| Philadelphia PA Water & Waste Water Revenue VRDO | | 1.640% | | 12/7/18 | LOC | | 9,450 | | 9,450 | |
2 | Philadelphia PA Water & Wastewater Revenue TOB VRDO | | 1.720% | | 12/7/18 | | | 5,000 | | 5,000 | |
2 | Pittsburgh PA Water & Sewer Authority Revenue VRDO | | 1.780% | | 12/3/18 | LOC | | 15,300 | | 15,300 | |
| Ridley PA School District GO VRDO | | 1.690% | | 12/7/18 | LOC | | 14,950 | | 14,950 | |
2 | Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) TOB VRDO | | 1.720% | | 12/7/18 | | | 3,000 | | 3,000 | |
2 | Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) TOB VRDO | | 1.720% | | 12/7/18 | | | 6,670 | | 6,670 | |
2 | Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) TOB VRDO | | 1.720% | | 12/7/18 | | | 9,710 | | 9,710 | |
2 | State College PA Area School District GO TOB VRDO | | 1.680% | | 12/7/18 | | | 5,400 | | 5,400 | |
| State Public School Building Authority Pennsylvania School Revenue (Harrisburg School District) | | 5.000% | | 5/15/19 | (Prere.) | | 3,335 | | 3,382 | |
18
Pennsylvania Municipal Money Market Fund
| | | | | | | | Face | | Market | |
| | | | | Maturity | | | Amount | | Value· | |
| | | Coupon | | Date | | | ($000 | ) | ($000 | ) |
| State Public School Building Authority Pennsylvania School Revenue (North Allegheny School District Project) VRDO | | 1.680% | | 12/7/18 | | | 18,100 | | 18,100 | |
2 | Swarthmore College TOB VRDO | | 1.680% | | 12/7/18 | | | 4,420 | | 4,420 | |
| University of Pittsburgh of the Commonwealth System of Higher Education Pennsylvania Revenue (University Capital Project) | | 5.000% | | 9/15/19 | (Prere.) | | 5,000 | | 5,121 | |
| University of Pittsburgh of the Commonwealth System of Higher Education Pennsylvania Revenue (University Capital Project) | | 5.250% | | 9/15/19 | (Prere.) | | 1,000 | | 1,026 | |
| University of Pittsburgh of the Commonwealth System of Higher Education Pennsylvania Revenue (University Capital Project) | | 5.250% | | 9/15/19 | (Prere.) | | 3,000 | | 3,079 | |
| University of Pittsburgh of the Commonwealth System of Higher Education Pennsylvania Revenue (University Capital Project) | | 5.250% | | 9/15/19 | (Prere.) | | 7,250 | | 7,440 | |
| University of Pittsburgh of the Commonwealth System of Higher Education Pennsylvania Revenue (University Capital Project) | | 5.250% | | 9/15/19 | (Prere.) | | 9,100 | | 9,334 | |
| University of Pittsburgh of the Commonwealth System of Higher Education Pennsylvania Revenue (University Capital Project) | | 5.250% | | 9/15/19 | (Prere.) | | 5,500 | | 5,643 | |
| University of Pittsburgh PA Revenue CP | | 1.740% | | 12/17/18 | | | 23,000 | | 23,000 | |
| University of Pittsburgh PA Revenue CP | | 1.740% | | 12/17/18 | | | 23,000 | | 23,000 | |
2 | University of Pittsburgh PA Revenue TOB VRDO | | 1.720% | | 12/7/18 | (Prere.) | | 7,500 | | 7,500 | |
2 | University of Pittsburgh-of the Commonwealth System of Higher Education TOB VRDO | | 1.720% | | 12/7/18 | (Prere.) | | 4,430 | | 4,430 | |
| Washington County PA Hospital Authority Revenue (University of Pennsylvania) VRDO | | 1.200% | | 12/7/18 | | | 25,035 | | 25,035 | |
| Washington County PA Hospital Authority Revenue (Washington Hospital Project) VRDO | | 1.690% | | 12/7/18 | LOC | | 11,775 | | 11,775 | |
Total Tax-Exempt Municipal Bonds (Cost $1,938,826) | | | | | | | 1,938,826 | |
19
Pennsylvania Municipal Money Market Fund
| | Amount | |
| | ($000 | ) |
Other Assets and Liabilities (1.4%) | | | |
Other Assets | | | |
Investment in Vanguard | | 104 | |
Receivables for Investment Securities Sold | | 15,880 | |
Receivables for Accrued Income | | 8,686 | |
Receivables for Capital Shares Issued | | 4,369 | |
Other Assets | | 6,811 | |
Total Other Assets | | 35,850 | |
Liabilities | | | |
Payables for Investment Securities Purchased | | (4,903 | ) |
Payables for Capital Shares Redeemed | | (2,865 | ) |
Payables for Distributions | | (152 | ) |
Payables to Vanguard | | (146 | ) |
Total Liabilities | | (8,066 | ) |
Net Assets (100%) | | | |
Applicable to 1,966,510,756 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,966,610 | |
Net Asset Value Per Share | | $1.00 | |
| | | |
| | | |
At November 30, 2018, net assets consisted of: | | | |
| | Amount | |
| | ($000 | ) |
Paid-in Capital | | 1,966,616 | |
Total Distributable Earnings (Loss) | | (6 | ) |
Net Assets | | 1,966,610 | |
· 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, 2018, the aggregate value of these securities was $505,730,000, representing 25.7% of net assets.
3 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of November 30, 2018. A key to abbreviations and other references follows the Statement of Net Assets.
See accompanying Notes, which are an integral part of the Financial Statements.
20
Pennsylvania 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.
21
Pennsylvania Municipal Money Market Fund
Statement of Operations
| | Year Ended | |
| | November 30, 2018 | |
| | ($000 | ) |
Investment Income | | | |
Income | | | |
Interest | | 26,637 | |
Total Income | | 26,637 | |
Expenses | | | |
The Vanguard Group—Note B | | | |
Investment Advisory Services | | 493 | |
Management and Administrative | | 2,150 | |
Marketing and Distribution | | 411 | |
Custodian Fees | | 10 | |
Auditing Fees | | 29 | |
Shareholders’ Reports and Proxy | | 13 | |
Trustees’ Fees and Expenses | | 1 | |
Total Expenses | | 3,107 | |
Net Investment Income | | 23,530 | |
Realized Net Gain (Loss) on Investment Securities Sold | | (8 | ) |
Net Increase (Decrease) in Net Assets Resulting from Operations | | 23,522 | |
See accompanying Notes, which are an integral part of the Financial Statements.
22
Pennsylvania Municipal Money Market Fund
Statement of Changes in Net Assets
| | Year Ended November 30, | |
| | 2018 | | 2017 | |
| | ($000 | ) | ($000 | ) |
Increase (Decrease) in Net Assets | | | | | |
Operations | | | | | |
Net Investment Income | | 23,530 | | 12,270 | |
Realized Net Gain (Loss) | | (8 | ) | 2 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | 23,522 | | 12,272 | |
Distributions | | | | | |
Net Investment Income | | (23,531 | ) | (12,272 | ) |
Realized Capital Gain | | — | | — | |
Total Distributions | | (23,531 | ) | (12,272 | ) |
Capital Share Transactions (at $1.00 per share) | | | | | |
Issued | | 1,151,271 | | 1,082,461 | |
Issued in Lieu of Cash Distributions | | 22,043 | | 11,650 | |
Redeemed | | (1,111,956 | ) | (1,059,856 | ) |
Net Increase (Decrease) from Capital Share Transactions | | 61,358 | | 34,255 | |
Total Increase (Decrease) | | 61,349 | | 34,255 | |
Net Assets | | | | | |
Beginning of Period | | 1,905,261 | | 1,871,006 | |
End of Period | | 1,966,610 | | 1,905,261 | |
See accompanying Notes, which are an integral part of the Financial Statements.
23
Pennsylvania Municipal Money Market Fund
Financial Highlights
For a Share Outstanding Throughout Each Period | | | | | | Year Ended November 30, | |
| 2018 | | 2017 | | 2016 | | 2015 | | 2014 | |
Net Asset Value, Beginning of Period | | $1.00 | | $1.00 | | $1.00 | | $1.00 | | $1.00 | |
Investment Operations | | | | | | | | | | | |
Net Investment Income | | .012 | 1 | .006 | 1 | .002 | | .0001 | | .0001 | |
Net Realized and Unrealized Gain (Loss) on Investments | | — | | — | | — | | — | | — | |
Total from Investment Operations | | .012 | | .006 | | .002 | | .0001 | | .0001 | |
Distributions | | | | | | | | | | | |
Dividends from Net Investment Income | | (.012 | ) | (.006 | ) | (.002 | ) | (.0001 | ) | (.0001 | ) |
Distributions from Realized Capital Gains | | — | | — | | — | | — | | — | |
Total Distributions | | (.012 | ) | (.006 | ) | (.002 | ) | (.0001 | ) | (.0001 | ) |
Net Asset Value, End of Period | | $1.00 | | $1.00 | | $1.00 | | $1.00 | | $1.00 | |
| | | | | | | | | | | |
Total Return2 | | 1.22% | | 0.63% | | 0.25% | | 0.01% | | 0.01% | |
| | | | | | | | | | | |
Ratios/Supplemental Data | | | | | | | | | | | |
Net Assets, End of Period (Millions) | | $1,967 | | $1,905 | | $1,871 | | $2,059 | | $2,225 | |
Ratio of Expenses to Average Net Assets | | 0.16% | | 0.16% | | 0.13%3 | | 0.05%3 | | 0.06%3 | |
Ratio of Net Investment Income to Average Net Assets | | 1.21% | | 0.63% | | 0.24% | | 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, and 0.16% for 2014. Vanguard and the board of trustees agreed to temporarily limit certain net operating expenses in excess of the fund’s daily yield in order to maintain a zero or positive yield for the fund. The fund is not obligated to repay this amount to Vanguard.
See accompanying Notes, which are an integral part of the Financial Statements.
24
Pennsylvania Municipal Money Market Fund
Notes to Financial Statements
Vanguard Pennsylvania Municipal Money Market Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Securities are valued at amortized cost, which approximates market value.
2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (November 30, 2015–2018), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
3. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.
4. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $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, 2018, or at any time during the period then ended.
5. Other: Interest income is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs);
25
Pennsylvania Municipal Money Market Fund
the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At November 30, 2018, the fund had contributed to Vanguard capital in the amount of $104,000, representing 0.01% of the fund’s net assets and 0.04% 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.
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, 2018, 100% of the market value of the fund’s investments was determined using amortized cost, in accordance with rules under the Investment Company Act of 1940. Amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, securities valued at amortized cost are considered to be valued using Level 2 inputs.
D. Permanent differences between book-basis and tax-basis components of net assets, if any, are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share.
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the tax deferral of losses on wash sales and payables for distributions. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
| | Amount | |
| | ($000 | ) |
Undistributed Ordinary Income | �� | — | |
Undistributed Tax-Exempt Income | | 155 | |
Undistributed Long-Term Gains | | — | |
Capital Loss Carryforwards (Non-expiring) | | (8 | ) |
Net Unrealized Gains (Losses) | | — | |
26
Pennsylvania Municipal Money Market Fund
As of November 30, 2018, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:
| | Amount | |
| | ($000 | ) |
Tax Cost | | 1,938,826 | |
Gross Unrealized Appreciation | | — | |
Gross Unrealized Depreciation | | — | |
Net Unrealized Appreciation (Depreciation) | | — | |
E. The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended November 30, 2018, such purchases and sales were $640,234,000 and $462,650,000, respectively.
F. Management has determined that no events or transactions occurred subsequent to November 30, 2018, that would require recognition or disclosure in these financial statements.
27
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, 2008, Through November 30, 2018
Initial Investment of $10,000
| | | Average Annual Total Returns | | | |
| | | Periods Ended November 30, 2018 | | | |
| | | | | | | | | Final Value | |
| | | One | | Five | | Ten | | of a $10,000 | |
| | | Year | | Years | | Years | | Investment | |
| Pennsylvania Long-Term Tax-Exempt Fund Investor Shares | | 0.91% | | 4.24% | | 4.95% | | $16,215 | |
| Bloomberg Barclays PA Municipal Bond Index | | 1.18 | | 3.70 | | 4.89 | | 16,123 | |
| Bloomberg Barclays Municipal Bond Index | | 1.13 | | 3.52 | | 4.88 | | 16,101 | |
| | | | | | | | | | |
| | | | | | | | | Final Value | |
| | | One | | Five | | Ten | | of a $50,000 | |
| | | Year | | Years | | Years | | Investment | |
Pennsylvania Long-Term Tax-Exempt Fund Admiral Shares | | 0.99% | | 4.33% | | 5.04% | | $81,758 | |
Bloomberg Barclays PA Municipal Bond Index | | 1.18 | | 3.70 | | 4.89 | | 80,614 | |
Bloomberg Barclays Municipal Bond Index | | 1.13 | | 3.52 | | 4.88 | | 80,506 | |
See Financial Highlights for dividend and capital gains information.
28
Pennsylvania Long-Term Tax-Exempt Fund
Average Annual Total Returns: Periods Ended September 30, 2018
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 | | 0.81% | | 4.32% | | 3.86% | | 0.95% | | 4.81% | |
Admiral Shares | | 5/14/2001 | | 0.90 | | 4.42 | | 3.94 | | 0.95 | | 4.89 | |
29
Pennsylvania Long-Term Tax-Exempt Fund
Distribution by Stated Maturity
As of November 30, 2018
Under 1 Year | | 5.1 | % |
1 - 3 Years | | 2.8 | |
3 - 5 Years | | 1.7 | |
5 - 10 Years | | 8.2 | |
10 - 20 Years | | 46.3 | |
20 - 30 Years | | 32.6 | |
Over 30 Years | | 3.3 | |
30
Pennsylvania Long-Term Tax-Exempt Fund
Financial Statements
Statement of Net Assets
As of November 30, 2018
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.
| | | | | | | | Face | | Market | |
| | | | | Maturity | | | Amount | | Value· | |
| | | Coupon | | Date | | | ($000 | ) | ($000 | ) |
Tax-Exempt Municipal Bonds (99.0%) | | | | | | | | | | |
Pennsylvania (99.0%) | | | | | | | | | | |
| Allegheny County PA GO | | 4.000% | | 11/1/30 | | | 3,000 | | 3,166 | |
| Allegheny County PA GO | | 5.000% | | 12/1/30 | | | 1,365 | | 1,530 | |
| Allegheny County PA GO | | 5.250% | | 12/1/32 | | | 1,000 | | 1,114 | |
| Allegheny County PA GO | | 4.000% | | 11/1/33 | | | 300 | | 314 | |
| Allegheny County PA GO | | 5.250% | | 12/1/33 | | | 1,000 | | 1,114 | |
| Allegheny County PA GO | | 4.000% | | 11/1/34 | | | 900 | | 936 | |
| Allegheny County PA GO | | 5.000% | | 12/1/34 | | | 1,695 | | 1,881 | |
| Allegheny County PA GO | | 5.000% | | 12/1/34 | | | 3,600 | | 3,904 | |
| Allegheny County PA GO | | 4.000% | | 11/1/35 | | | 1,225 | | 1,264 | |
| Allegheny County PA GO | | 4.000% | | 11/1/36 | | | 2,500 | | 2,562 | |
| Allegheny County PA GO | | 5.000% | | 12/1/37 | (4) | | 10,000 | | 10,810 | |
| Allegheny County PA GO | | 5.000% | | 12/1/37 | | | 10,000 | | 10,810 | |
| Allegheny County PA GO | | 5.000% | | 11/1/41 | | | 5,000 | | 5,536 | |
| Allegheny County PA Higher Education Building Authority University Revenue (Carnegie Mellon University) VRDO | | 1.710% | | 12/3/18 | | | 9,300 | | 9,300 | |
| Allegheny County PA Higher Education Building Authority University Revenue (Chatham University) | | 5.000% | | 9/1/30 | | | 2,320 | | 2,404 | |
| Allegheny County PA Higher Education Building Authority University Revenue (Duquesne University) | | 4.000% | | 3/1/30 | | | 2,385 | | 2,473 | |
| Allegheny County PA Higher Education Building Authority University Revenue (Duquesne University) | | 5.000% | | 3/1/30 | | | 1,180 | | 1,314 | |
| Allegheny County PA Higher Education Building Authority University Revenue (Duquesne University) | | 4.000% | | 3/1/31 | | | 1,550 | | 1,604 | |
| Allegheny County PA Higher Education Building Authority University Revenue (Duquesne University) | | 4.000% | | 3/1/33 | | | 2,045 | | 2,102 | |
| Allegheny County PA Higher Education Building Authority University Revenue (Robert Morris University) | | 5.000% | | 10/15/37 | | | 1,000 | | 1,058 | |
| Allegheny County PA Hospital Development Authority Revenue | | 5.000% | | 4/1/29 | | | 2,500 | | 2,830 | |
| Allegheny County PA Hospital Development Authority Revenue | | 5.000% | | 4/1/32 | | | 3,000 | | 3,338 | |
31
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | | | Face | | Market | |
| | | | | Maturity | | | Amount | | Value· | |
| | | Coupon | | Date | | | ($000 | ) | ($000 | ) |
| Allegheny County PA Hospital Development Authority Revenue | | 5.000% | | 4/1/33 | | | 3,000 | | 3,319 | |
| Allegheny County PA Hospital Development Authority Revenue | | 5.000% | | 4/1/34 | | | 4,750 | | 5,225 | |
| Allegheny County PA Hospital Development Authority Revenue | | 5.000% | | 4/1/35 | | | 5,500 | | 6,019 | |
| Allegheny County PA Hospital Development Authority Revenue | | 5.000% | | 4/1/36 | | | 5,250 | | 5,716 | |
| Allegheny County PA Hospital Development Authority Revenue | | 4.000% | | 4/1/38 | | | 5,000 | | 4,873 | |
| Allegheny County PA Hospital Development Authority Revenue | | 4.000% | | 4/1/44 | | | 30,000 | | 28,523 | |
| Allegheny County PA Hospital Development Authority Revenue | | 5.000% | | 4/1/47 | | | 19,000 | | 20,303 | |
1 | Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) TOB VRDO | | 1.780% | | 12/3/18 | LOC | | 7,800 | | 7,800 | |
1 | Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) TOB VRDO | | 1.780% | | 12/3/18 | LOC | | 5,235 | | 5,235 | |
| Allegheny County PA Industrial Development Authority Revenue (Western Pennsylvania School for Blind Children) VRDO | | 1.680% | | 12/7/18 | | | 800 | | 800 | |
| Allegheny County PA Port Authority Revenue | | 5.750% | | 3/1/29 | | | 6,000 | | 6,458 | |
| Allegheny County PA Sanitary Authority Sewer Revenue | | 5.000% | | 12/1/30 | (15) | | 3,400 | | 3,833 | |
| Allegheny County PA Sanitary Authority Sewer Revenue | | 4.000% | | 12/1/31 | (4) | | 805 | | 839 | |
| Allegheny County PA Sanitary Authority Sewer Revenue | | 4.000% | | 6/1/35 | | | 1,100 | | 1,121 | |
| Allegheny County PA Sanitary Authority Sewer Revenue | | 4.000% | | 12/1/35 | (4) | | 2,650 | | 2,721 | |
| Allegheny County PA Sanitary Authority Sewer Revenue | | 5.000% | | 12/1/35 | | | 6,000 | | 6,636 | |
| Allegheny County PA Sanitary Authority Sewer Revenue | | 4.000% | | 6/1/36 | | | 1,500 | | 1,521 | |
| Allegheny County PA Sanitary Authority Sewer Revenue | | 5.000% | | 12/1/40 | | | 4,250 | | 4,642 | |
| Allegheny County PA Sanitary Authority Sewer Revenue | | 5.250% | | 12/1/41 | (15) | | 3,500 | | 3,880 | |
| Allegheny County PA Sanitary Authority Sewer Revenue | | 5.000% | | 6/1/43 | | | 3,000 | | 3,320 | |
| Allegheny County PA Sanitary Authority Sewer Revenue | | 5.000% | | 6/1/45 | | | 2,500 | | 2,760 | |
| Allegheny County PA Sanitary Authority Sewer Revenue | | 5.000% | | 12/1/45 | | | 4,620 | | 5,026 | |
| Allegheny County PA Sanitary Authority Sewer Revenue | | 4.000% | | 6/1/48 | | | 7,485 | | 7,395 | |
| Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | | 5.000% | | 5/1/26 | | | 1,180 | | 1,248 | |
| Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | | 5.000% | | 5/1/29 | | | 250 | | 262 | |
| Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | | 5.000% | | 5/1/35 | | | 11,530 | | 11,905 | |
32
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | | | Face | | Market | |
| | | | | Maturity | | | Amount | | Value· | |
| | | Coupon | | Date | | | ($000 | ) | ($000 | ) |
| Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | | 5.000% | | 5/1/42 | | | 15,595 | | 15,972 | |
| Allentown PA School District GO | | 5.000% | | 6/1/32 | (15) | | 1,465 | | 1,615 | |
| Allentown PA School District GO | | 5.000% | | 6/1/35 | (15) | | 2,000 | | 2,181 | |
| Allentown PA School District GO | | 5.000% | | 6/1/36 | (15) | | 1,500 | | 1,630 | |
| Altoona PA Area School District PA GO | | 5.000% | | 12/1/48 | (15) | | 1,500 | | 1,615 | |
2 | Altoona PA Area School District PA GO | | 4.250% | | 12/1/49 | (4) | | 3,500 | | 3,523 | |
| Beaver County PA GO | | 4.000% | | 4/15/29 | (15) | | 3,505 | | 3,736 | |
| Beaver County PA GO | | 4.000% | | 4/15/30 | (15) | | 500 | | 530 | |
| Berks County PA Industrial Development Authority Health System Revenue (Tower Health Project) | | 4.000% | | 11/1/33 | | | 2,000 | | 2,029 | |
| Berks County PA Industrial Development Authority Health System Revenue (Tower Health Project) | | 5.000% | | 11/1/35 | | | 3,350 | | 3,671 | |
| Berks County PA Industrial Development Authority Health System Revenue (Tower Health Project) | | 4.000% | | 11/1/47 | | | 5,000 | | 4,784 | |
| Berks County PA Industrial Development Authority Health System Revenue (Tower Health Project) | | 5.000% | | 11/1/47 | | | 15,950 | | 17,085 | |
| Berks County PA Industrial Development Authority Health System Revenue (Tower Health Project) | | 5.000% | | 11/1/50 | | | 26,000 | | 27,820 | |
| Berks County PA Industrial Development Authority Healthcare Facilities Revenue (Highlands at Wyomissing) | | 5.000% | | 5/15/33 | | | 500 | | 532 | |
| Berks County PA Industrial Development Authority Healthcare Facilities Revenue (Highlands at Wyomissing) | | 5.000% | | 5/15/37 | | | 2,500 | | 2,645 | |
| Berks County PA Industrial Development Authority Healthcare Facilities Revenue (Highlands at Wyomissing) | | 5.000% | | 5/15/37 | | | 375 | | 393 | |
| Berks County PA Industrial Development Authority Healthcare Facilities Revenue (Highlands at Wyomissing) | | 5.000% | | 5/15/38 | | | 420 | | 441 | |
| Berks County PA Industrial Development Authority Healthcare Facilities Revenue (Highlands at Wyomissing) | | 5.000% | | 5/15/43 | | | 500 | | 522 | |
| Berks County PA Industrial Development Authority Healthcare Facilities Revenue (Highlands at Wyomissing) | | 5.000% | | 5/15/47 | | | 2,435 | | 2,553 | |
| Berks County PA Industrial Development Authority Healthcare Facilities Revenue (Highlands at Wyomissing) | | 5.000% | | 5/15/47 | | | 830 | | 858 | |
| Berks County PA Industrial Development Authority Healthcare Facilities Revenue (Highlands at Wyomissing) | | 5.000% | | 5/15/48 | | | 1,500 | | 1,554 | |
| Berks County PA Municipal Authority Revenue (Reading Hospital & Medical Center Project) | | 5.500% | | 11/1/19 | (Prere.) | | 1,750 | | 1,805 | |
| Berks County PA Municipal Authority Revenue (Reading Hospital & Medical Center Project) | | 5.750% | | 11/1/19 | (Prere.) | | 2,305 | | 2,382 | |
| Berks County PA Municipal Authority Revenue (Reading Hospital & Medical Center Project) | | 5.750% | | 11/1/39 | | | 2,310 | | 2,386 | |
33
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | | | Face | | Market | |
| | | | | Maturity | | | Amount | | Value· | |
| | | Coupon | | Date | | | ($000 | ) | ($000 | ) |
| Berks County PA Municipal Authority Revenue (Reading Hospital & Medical Center Project) | | 5.000% | | 11/1/40 | | | 6,955 | | 7,349 | |
| Bethel Park PA School District GO | | 4.000% | | 8/1/31 | | | 2,500 | | 2,616 | |
| Bristol Township PA School District GO | | 5.250% | | 6/1/37 | | | 3,000 | | 3,265 | |
| Bucks County PA Industrial Development Authority Hospital Revenue (Grand View Hospital) VRDO | | 1.670% | | 12/7/18 | LOC | | 700 | | 700 | |
| Bucks County PA Water & Sewer Authority Water System Revenue | | 5.000% | | 12/1/21 | (Prere.) | | 2,000 | | 2,171 | |
| Butler County PA General Authority Revenue (South Park School District Project) VRDO | | 1.680% | | 12/7/18 | (4) | | 3,485 | | 3,485 | |
| Butler County PA Hospital Authority Revenue (Butler Health System Project) | | 7.250% | | 7/1/19 | (Prere.) | | 310 | | 320 | |
| Butler County PA Hospital Authority Revenue (Butler Health System Project) | | 5.000% | | 7/1/26 | | | 525 | | 582 | |
| Butler County PA Hospital Authority Revenue (Butler Health System Project) | | 5.000% | | 7/1/27 | | | 490 | | 541 | |
| Butler County PA Hospital Authority Revenue (Butler Health System Project) | | 5.000% | | 7/1/28 | | | 540 | | 596 | |
| Butler County PA Hospital Authority Revenue (Butler Health System Project) | | 5.000% | | 7/1/29 | | | 1,670 | | 1,840 | |
| Butler County PA Hospital Authority Revenue (Butler Health System Project) | | 5.000% | | 7/1/30 | | | 1,370 | | 1,504 | |
| Butler County PA Hospital Authority Revenue (Butler Health System Project) | | 5.000% | | 7/1/35 | | | 4,430 | | 4,790 | |
| Butler County PA Hospital Authority Revenue (Butler Health System Project) | | 5.000% | | 7/1/39 | | | 3,250 | | 3,477 | |
| Canon-McMillan PA School District GO | | 5.000% | | 12/15/37 | (15) | | 3,000 | | 3,308 | |
| Canon-McMillan PA School District GO | | 5.000% | | 12/1/41 | (4) | | 3,000 | | 3,314 | |
| Canonsburg-Houston PA Joint Authority Sewer Revenue | | 5.000% | | 12/1/27 | | | 1,530 | | 1,719 | |
| Canonsburg-Houston PA Joint Authority Sewer Revenue | | 5.000% | | 12/1/28 | | | 1,605 | | 1,799 | |
| Canonsburg-Houston PA Joint Authority Sewer Revenue | | 5.000% | | 12/1/30 | | | 1,135 | | 1,262 | |
| Canonsburg-Houston PA Joint Authority Sewer Revenue | | 5.000% | | 12/1/40 | | | 4,000 | | 4,333 | |
| Capital Region Water Pennsylvania Sewer System Revenue | | 5.000% | | 7/15/31 | | | 1,535 | | 1,752 | |
| Capital Region Water Pennsylvania Sewer System Revenue | | 5.000% | | 7/15/31 | | | 1,240 | | 1,402 | |
| Capital Region Water Pennsylvania Sewer System Revenue | | 5.000% | | 7/15/32 | | | 1,100 | | 1,252 | |
| Capital Region Water Pennsylvania Sewer System Revenue | | 5.000% | | 7/15/32 | | | 500 | | 564 | |
| Capital Region Water Pennsylvania Sewer System Revenue | | 5.000% | | 7/15/33 | | | 1,370 | | 1,540 | |
| Capital Region Water Pennsylvania Sewer System Revenue | | 5.000% | | 7/15/34 | | | 1,000 | | 1,121 | |
| Capital Region Water Pennsylvania Sewer System Revenue | | 5.000% | | 7/15/35 | | | 500 | | 562 | |
| Capital Region Water Pennsylvania Sewer System Revenue | | 5.000% | | 7/15/37 | | | 1,815 | | 2,010 | |
34
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | | | Face | | Market | |
| | | | | Maturity | | | Amount | | Value· | |
| | | Coupon | | Date | | | ($000 | ) | ($000 | ) |
| Capital Region Water Pennsylvania Sewer System Revenue | | 5.000% | | 7/15/38 | | | 1,000 | | 1,111 | |
| Capital Region Water Pennsylvania Sewer System Revenue | | 5.000% | | 7/15/42 | | | 2,665 | | 2,918 | |
| Central Bradford PA Progress Authority Revenue (Guthrie Healthcare System) | | 5.500% | | 12/1/31 | | | 5,000 | | 5,410 | |
| Central Bradford PA Progress Authority Revenue (Guthrie Healthcare System) | | 5.375% | | 12/1/41 | | | 3,000 | | 3,209 | |
| Central Dauphin PA School District GO | | 4.000% | | 5/15/37 | | | 1,000 | | 1,025 | |
| Central Dauphin School District PA GO | | 4.000% | | 5/15/32 | | | 1,000 | | 1,047 | |
| Central Dauphin School District PA GO | | 4.000% | | 5/15/34 | | | 1,985 | | 2,055 | |
| Central Dauphin School District PA GO | | 4.000% | | 5/15/35 | | | 2,325 | | 2,399 | |
| Centre County PA Hospital Authority Revenue (Mount Nittany Medical Center Project) | | 7.000% | | 11/15/21 | (Prere.) | | 6,930 | | 7,876 | |
| Centre County PA Hospital Authority Revenue (Mount Nittany Medical Center Project) | | 5.000% | | 11/15/32 | | | 6,280 | | 6,760 | |
| Centre County PA Hospital Authority Revenue (Mount Nittany Medical Center Project) | | 5.000% | | 11/15/42 | | | 1,500 | | 1,640 | |
| Centre County PA Hospital Authority Revenue (Mount Nittany Medical Center Project) | | 5.000% | | 11/15/44 | | | 3,000 | | 3,183 | |
| Centre County PA Hospital Authority Revenue (Mount Nittany Medical Center Project) | | 4.000% | | 11/15/47 | | | 2,100 | | 2,026 | |
| Chartiers Valley PA School District GO | | 5.000% | | 10/15/35 | | | 1,135 | | 1,257 | |
| Chartiers Valley PA School District GO | | 5.000% | | 10/15/40 | | | 2,750 | | 3,013 | |
| Cheltenham Township PA School District GO | | 5.000% | | 3/15/38 | | | 4,210 | | 4,623 | |
| Chester County PA GO | | 4.000% | | 11/15/32 | | | 5,500 | | 5,906 | |
| Chester County PA Health & Education Facilities Authority Revenue (Main Line Health System Inc. Obligated Group) | | 5.000% | | 5/15/20 | (Prere.) | | 17,490 | | 18,227 | |
| Chester County PA Health & Education Facilities Authority Revenue (Main Line Health System Inc. Obligated Group) | | 5.000% | | 10/1/34 | | | 2,675 | | 3,026 | |
| Chester County PA Health & Education Facilities Authority Revenue (Main Line Health System Inc. Obligated Group) | | 5.000% | | 5/15/40 | | | 5,000 | | 5,160 | |
| Chester County PA Health & Education Facilities Authority Revenue (Main Line Health System Inc. Obligated Group) | | 4.000% | | 10/1/42 | | | 2,000 | | 2,008 | |
| Chester County PA Health & Education Facilities Authority Revenue (Main Line Health System Inc. Obligated Group) | | 4.000% | | 10/1/47 | | | 4,000 | | 3,993 | |
| Chester County PA Health & Education Facilities Authority Revenue (Main Line Health System Inc. Obligated Group) | | 5.000% | | 10/1/52 | | | 2,500 | | 2,721 | |
| Chester County PA Industrial Development Authority Student Housing Revenue (University Student Housing LLC Project) | | 5.000% | | 8/1/30 | | | 1,100 | | 1,151 | |
| Chester County PA Industrial Development Authority Student Housing Revenue (University Student Housing LLC Project) | | 5.000% | | 8/1/35 | | | 785 | | 813 | |
| Chester County PA Industrial Development Authority Student Housing Revenue (University Student Housing LLC Project) | | 5.000% | �� | 8/1/45 | | | 2,990 | | 3,065 | |
35
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | | | Face | | Market | |
| | | | | Maturity | | | Amount | | Value· | |
| | | Coupon | | Date | | | ($000 | ) | ($000 | ) |
| Clarion County PA Industrial Development Authority Revenue (Clarion University Foundation Inc. Student Housing Project) | | 5.000% | | 7/1/29 | | | 2,000 | | 2,079 | |
| Clarion County PA Industrial Development Authority Revenue (Clarion University Foundation Inc. Student Housing Project) | | 5.000% | | 7/1/33 | | | 3,000 | | 3,084 | |
| Clarion County PA Industrial Development Authority Revenue (Clarion University Foundation Inc. Student Housing Project) | | 5.000% | | 7/1/45 | | | 2,000 | | 1,974 | |
| Commonwealth Financing Authority Pennsylvania Revenue | | 5.000% | | 6/1/27 | | | 4,000 | | 4,544 | |
| Commonwealth Financing Authority Pennsylvania Revenue | | 5.000% | | 6/1/28 | | | 1,365 | | 1,467 | |
| Commonwealth Financing Authority Pennsylvania Revenue | | 5.000% | | 6/1/29 | | | 5,035 | | 5,697 | |
| Commonwealth Financing Authority Pennsylvania Revenue | | 5.000% | | 6/1/30 | | | 4,000 | | 4,491 | |
| Commonwealth Financing Authority Pennsylvania Revenue | | 5.000% | | 6/1/31 | | | 5,040 | | 5,642 | |
| Commonwealth Financing Authority Pennsylvania Revenue | | 5.000% | | 6/1/31 | | | 5,000 | | 5,351 | |
| Commonwealth Financing Authority Pennsylvania Revenue | | 5.000% | | 6/1/32 | | | 7,000 | | 7,818 | |
| Commonwealth Financing Authority Pennsylvania Revenue | | 5.000% | | 6/1/33 | | | 10,025 | | 11,136 | |
| Commonwealth Financing Authority Pennsylvania Revenue | | 5.000% | | 6/1/33 | | | 7,760 | | 8,284 | |
| Commonwealth Financing Authority Pennsylvania Revenue | | 4.000% | | 6/1/39 | (4) | | 36,425 | | 36,597 | |
| Council Rock PA School District GO | | 3.250% | | 11/15/39 | | | 5,010 | | 4,500 | |
| Cumberland County PA Municipal Authority Revenue (Diakon Lutheran Social Ministries Project) | | 6.375% | | 1/1/39 | | | 200 | | 201 | |
| Cumberland County PA Municipal Authority Revenue (Dickinson College Project) | | 5.000% | | 5/1/30 | | | 1,000 | | 1,130 | |
| Cumberland County PA Municipal Authority Revenue (Dickinson College Project) | | 5.000% | | 5/1/31 | | | 750 | | 845 | |
| Cumberland County PA Municipal Authority Revenue (Dickinson College Project) | | 5.000% | | 5/1/32 | | | 800 | | 899 | |
| Cumberland County PA Municipal Authority Revenue (Dickinson College Project) | | 5.000% | | 5/1/34 | | | 1,420 | | 1,584 | |
| Cumberland County PA Municipal Authority Revenue (Dickinson College Project) | | 5.000% | | 11/1/37 | | | 2,000 | | 2,143 | |
| Cumberland County PA Municipal Authority Revenue (Dickinson College Project) | | 5.000% | | 11/1/39 | | | 4,685 | | 5,163 | |
| Cumberland County PA Municipal Authority Revenue (Dickinson College Project) | | 5.000% | | 11/1/42 | | | 3,605 | | 3,848 | |
| Cumberland Valley PA School District GO | | 5.000% | | 12/1/30 | | | 500 | | 560 | |
| Cumberland Valley PA School District GO | | 5.000% | | 12/1/31 | | | 750 | | 837 | |
| Cumberland Valley PA School District GO | | 5.000% | | 12/1/33 | | | 1,005 | | 1,116 | |
| Cumberland Valley PA School District GO | | 5.000% | | 12/1/34 | | | 1,125 | | 1,246 | |
| Cumberland Valley PA School District GO | | 5.000% | | 12/1/35 | | | 1,000 | | 1,104 | |
| Dallas PA Area Muni Authority University Revenue (Misericordia University Project) | | 5.000% | | 5/1/37 | | | 2,500 | | 2,591 | |
36
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | | | Face | | Market | |
| | | | | Maturity | | | Amount | | Value· | |
| | | Coupon | | Date | | | ($000 | ) | ($000 | ) |
| Dauphin County PA General Authority Health System Revenue (Pinnacle Health System Project) | | 6.000% | | 6/1/19 | (Prere.) | | 125 | | 128 | |
| Dauphin County PA General Authority Health System Revenue (Pinnacle Health System Project) | | 6.000% | | 6/1/19 | (Prere.) | | 12,845 | | 13,106 | |
| Dauphin County PA General Authority Health System Revenue (Pinnacle Health System Project) | | 6.000% | | 6/1/29 | | | 135 | | 137 | |
| Dauphin County PA General Authority Health System Revenue (Pinnacle Health System Project) | | 4.000% | | 6/1/30 | | | 3,745 | | 3,863 | |
| Dauphin County PA General Authority Health System Revenue (Pinnacle Health System Project) | | 4.000% | | 6/1/31 | | | 2,190 | | 2,249 | |
| Dauphin County PA General Authority Health System Revenue (Pinnacle Health System Project) | | 4.000% | | 6/1/32 | | | 2,070 | | 2,122 | |
| Dauphin County PA General Authority Health System Revenue (Pinnacle Health System Project) | | 5.000% | | 6/1/35 | | | 3,450 | | 3,782 | |
| Dauphin County PA General Authority Health System Revenue (Pinnacle Health System Project) | | 6.000% | | 6/1/36 | | | 2,320 | | 2,358 | |
| Dauphin County PA General Authority Health System Revenue (Pinnacle Health System Project) | | 5.000% | | 6/1/42 | | | 21,040 | | 22,193 | |
| Delaware County PA Authority Revenue (Haverford College) | | 5.000% | | 10/1/34 | | | 1,220 | | 1,380 | |
| Delaware County PA Authority Revenue (Haverford College) | | 5.000% | | 10/1/35 | | | 800 | | 902 | |
| Delaware County PA Authority Revenue (Haverford College) | | 5.000% | | 10/1/42 | | | 5,000 | | 5,542 | |
| Delaware County PA Authority Revenue (Haverford College) | | 5.000% | | 10/1/46 | | | 4,970 | | 5,485 | |
| Delaware County PA Authority University Revenue (Villanova University) | | 5.000% | | 8/1/40 | | | 2,500 | | 2,779 | |
| Delaware County PA Industrial Development Authority Airport Facilities Revenue (United Parcel Service Inc.) VRDO | | 1.720% | | 12/3/18 | | | 1,000 | | 1,000 | |
| Delaware County PA Regional Water Quality Control Authority Revenue | | 5.000% | | 5/1/32 | | | 3,355 | | 3,848 | |
| Delaware County PA Regional Water Quality Control Authority Revenue | | 5.000% | | 5/1/40 | | | 1,500 | | 1,643 | |
| Delaware County PA Vocational-Technical School Authority Lease Revenue (Delaware County Intermediate Unit No. 25 Project) | | 5.000% | | 11/1/38 | (15) | | 1,250 | | 1,345 | |
| Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | | 5.000% | | 7/1/30 | | | 500 | | 565 | |
| Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | | 5.000% | | 7/1/32 | | | 3,050 | | 3,506 | |
| Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | | 4.000% | | 7/1/33 | (15) | | 4,000 | | 4,171 | |
37
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | | | Face | | Market | |
| | | | | Maturity | | | Amount | | Value· | |
| | | Coupon | | Date | | | ($000 | ) | ($000 | ) |
| Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | | 5.000% | | 7/1/34 | | | 3,250 | | 3,701 | |
| Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | | 5.000% | | 7/1/36 | | | 3,500 | | 3,958 | |
| Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | | 5.000% | | 7/1/42 | | | 18,930 | | 21,121 | |
| Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | | 5.000% | | 7/1/47 | | | 11,500 | | 12,777 | |
1 | Delaware River PA Joint Toll Bridge Commission Revenue TOB VRDO | | 1.840% | | 12/7/18 | | | 4,880 | | 4,880 | |
| Delaware River Port Authority Pennsylvania & New Jersey Revenue | | 5.000% | | 1/1/20 | (Prere.) | | 25 | | 26 | |
| Delaware River Port Authority Pennsylvania & New Jersey Revenue | | 5.000% | | 1/1/20 | (Prere.) | | 2,000 | | 2,065 | |
| Delaware River Port Authority Pennsylvania & New Jersey Revenue | | 5.000% | | 1/1/24 | | | 3,220 | | 3,517 | |
| Delaware River Port Authority Pennsylvania & New Jersey Revenue | | 5.000% | | 1/1/25 | | | 2,715 | | 2,953 | |
| Delaware River Port Authority Pennsylvania & New Jersey Revenue | | 5.000% | | 1/1/26 | | | 3,080 | | 3,337 | |
| Delaware River Port Authority Pennsylvania & New Jersey Revenue | | 5.000% | | 1/1/27 | | | 1,000 | | 1,079 | |
| Delaware River Port Authority Pennsylvania & New Jersey Revenue | | 5.000% | | 1/1/31 | | | 3,500 | | 3,846 | |
| Delaware River Port Authority Pennsylvania & New Jersey Revenue | | 5.000% | | 1/1/33 | | | 5,000 | | 5,472 | |
| Delaware River Port Authority Pennsylvania & New Jersey Revenue | | 5.000% | | 1/1/34 | | | 3,500 | | 3,822 | |
| Delaware River Port Authority Pennsylvania & New Jersey Revenue | | 5.000% | | 1/1/37 | | | 12,000 | | 13,022 | |
| Delaware River Port Authority Pennsylvania & New Jersey Revenue | | 5.000% | | 1/1/40 | | | 5,000 | | 5,404 | |
| Delaware Valley PA Regional Finance Authority Revenue | | 7.750% | | 7/1/27 | (2) | | 130 | | 174 | |
| Delaware Valley PA Regional Finance Authority Revenue | | 5.500% | | 8/1/28 | (2) | | 9,050 | | 10,742 | |
| Delaware Valley PA Regional Finance Authority Revenue | | 5.750% | | 7/1/32 | | | 6,070 | | 7,543 | |
| Doylestown PA Hospital Authority Revenue | | 5.000% | | 7/1/25 | | | 3,730 | | 4,003 | |
| Doylestown PA Hospital Authority Revenue | | 5.000% | | 7/1/26 | | | 4,445 | | 4,751 | |
| Doylestown PA Hospital Authority Revenue | | 5.000% | | 7/1/27 | | | 1,170 | | 1,246 | |
| Doylestown PA Hospital Authority Revenue | | 5.000% | | 7/1/28 | | | 1,000 | | 1,062 | |
| Doylestown PA Hospital Authority Revenue | | 5.000% | | 7/1/29 | | | 865 | | 915 | |
| Doylestown PA Hospital Authority Revenue | | 5.000% | | 7/1/46 | | | 8,000 | | 8,371 | |
| Dubois PA Hospital Authority Revenue (Penn Highlands Healthcare Obligated Group) | | 4.000% | | 7/15/48 | | | 7,405 | | 6,936 | |
| East Hempfield Township PA Industrial Development Authority Revenue (Millersville University Student Housing Project) | | 5.000% | | 7/1/30 | | | 825 | | 872 | |
| East Hempfield Township PA Industrial Development Authority Revenue (Millersville University Student Housing Project) | | 5.000% | | 7/1/30 | | | 1,280 | | 1,342 | |
38
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% | | 7/1/34 | | | 1,000 | | 1,041 | |
| East Hempfield Township PA Industrial Development Authority Revenue (Millersville University Student Housing Project) | | 5.000% | | 7/1/35 | | | 1,250 | | 1,298 | |
| East Hempfield Township PA Industrial Development Authority Revenue (Millersville University Student Housing Project) | | 5.000% | | 7/1/45 | | | 4,325 | | 4,455 | |
| East Hempfield Township PA Industrial Development Authority Revenue (Millersville University Student Housing Project) | | 5.000% | | 7/1/47 | | | 3,750 | | 3,864 | |
| East Norriton-Plymouth-Whitpain PA Joint Sewer Authority Revenue | | 5.000% | | 8/1/38 | | | 2,500 | | 2,718 | |
| East Norriton-Plymouth-Whitpain PA Joint Sewer Authority Revenue | | 5.000% | | 8/1/41 | | | 2,100 | | 2,281 | |
| Easton PA Area Joint Sewer Authority Revenue | | 5.000% | | 12/1/27 | (15) | | 250 | | 276 | |
| Easton PA Area Joint Sewer Authority Revenue | | 5.000% | | 12/1/28 | (15) | | 250 | | 276 | |
| Erie City PA Water Authority Revenue | | 5.000% | | 12/1/43 | (4) | | 1,500 | | 1,666 | |
| Erie PA Higher Education Building Authority Revenue (Gannon University) | | 5.000% | | 5/1/32 | | | 1,325 | | 1,425 | |
| Erie PA Higher Education Building Authority Revenue (Gannon University) | | 5.000% | | 5/1/33 | | | 1,395 | | 1,496 | |
2 | Erie PA Sewer Authority Revenue | | 4.000% | | 12/1/41 | (4) | | 3,500 | | 3,464 | |
| Fayette County PA Hospital Authority Revenue (Fayette Regional Health System) VRDO | | 1.670% | | 12/7/18 | LOC | | 790 | | 790 | |
| Fox Chapel PA Area School District | | 5.000% | | 2/1/36 | | | 2,000 | | 2,257 | |
| Franklin County PA Industrial Development Authority Revenue (Chambersburg Hospital Project) | | 5.375% | | 7/1/42 | | | 17,075 | | 17,813 | |
| Franklin County PA Industrial Development Authority Revenue (Menno-Haven Inc. Project) | | 5.000% | | 12/1/43 | | | 1,100 | | 1,104 | |
| Franklin County PA Industrial Development Authority Revenue (Menno-Haven Inc. Project) | | 5.000% | | 12/1/48 | | | 2,300 | | 2,300 | |
| Franklin County PA Industrial Development Authority Revenue (Menno-Haven Inc. Project) | | 5.000% | | 12/1/53 | | | 1,900 | | 1,884 | |
| Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) | | 5.250% | | 6/1/19 | (Prere.) | | 20,735 | | 21,075 | |
| Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) | | 5.000% | | 2/15/34 | | | 4,225 | | 4,739 | |
| Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) | | 5.000% | | 2/15/39 | | | 4,400 | | 4,858 | |
| Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) | | 5.000% | | 6/1/41 | | | 5,000 | | 5,403 | |
| Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) | | 5.000% | | 2/15/45 | | | 13,000 | | 14,209 | |
39
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | | | Face | | Market | |
| | | | | Maturity | | | Amount | | Value· | |
| | | Coupon | | Date | | | ($000 | ) | ($000 | ) |
| Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) | | 4.000% | | 2/15/47 | | | 30,030 | | 29,700 | |
| Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) VRDO | | 1.680% | | 12/3/18 | | | 1,500 | | 1,500 | |
| Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) VRDO | | 1.680% | | 12/3/18 | | | 7,000 | | 7,000 | |
| Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) VRDO | | 1.680% | | 12/3/18 | | | 1,000 | | 1,000 | |
| Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) VRDO | | 1.680% | | 12/3/18 | | | 3,588 | | 3,588 | |
| Hampden Township PA GO | | 5.000% | | 11/15/20 | (Prere.) | | 180 | | 190 | |
| Haverford PA GO | | 3.650% | | 6/1/48 | | | 935 | | 888 | |
| Huntingdon County PA General Authority Revenue | | 5.000% | | 5/1/46 | | | 6,690 | | 6,976 | |
| Lackawanna County PA Industrial Development Authority Revenue (University of Scranton) | | 4.000% | | 11/1/35 | | | 500 | | 504 | |
| Lackawanna County PA Industrial Development Authority Revenue (University of Scranton) | | 4.000% | | 11/1/36 | | | 600 | | 602 | |
| Lackawanna County PA Industrial Development Authority Revenue (University of Scranton) | | 4.000% | | 11/1/40 | | | 4,000 | | 3,917 | |
| Lancaster County PA Hospital Authority Revenue (Brethren Village Project) | | 5.000% | | 7/1/25 | | | 715 | | 761 | |
| Lancaster County PA Hospital Authority Revenue (Brethren Village Project) | | 5.000% | | 7/1/30 | | | 750 | | 782 | |
| Lancaster County PA Hospital Authority Revenue (Brethren Village Project) | | 5.000% | | 7/1/31 | | | 1,300 | | 1,351 | |
| Lancaster County PA Hospital Authority Revenue (Brethren Village Project) | | 5.000% | | 7/1/32 | | | 725 | | 751 | |
| Lancaster County PA Hospital Authority Revenue (University of Pennsylvania Health System) | | 5.000% | | 8/15/42 | | | 8,825 | | 9,590 | |
| Lancaster County PA Solid Waste Management Authority Solid Waste Disposal System Revenue | | 5.250% | | 12/15/30 | | | 3,000 | | 3,284 | |
| Lancaster County PA Solid Waste Management Authority Solid Waste Disposal System Revenue | | 5.250% | | 12/15/31 | | | 4,235 | | 4,625 | |
| Lancaster County PA Solid Waste Management Authority Solid Waste Disposal System Revenue | | 5.250% | | 12/15/32 | | | 2,600 | | 2,833 | |
| Lancaster County PA Solid Waste Management Authority Solid Waste Disposal System Revenue | | 5.000% | | 12/15/33 | | | 5,000 | | 5,478 | |
| Lancaster PA GO | | 4.000% | | 11/1/31 | (15) | | 1,400 | | 1,467 | |
| Lancaster PA GO | | 4.000% | | 11/1/32 | (15) | | 2,445 | | 2,555 | |
| Lancaster PA GO | | 4.000% | | 11/1/33 | (15) | | 2,545 | | 2,646 | |
40
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | | | Face | | Market | |
| | | | | Maturity | | | Amount | | Value· | |
| | | Coupon | | Date | | | ($000 | ) | ($000 | ) |
| Lancaster PA GO | | 4.000% | | 11/1/34 | (15) | | 2,660 | | 2,750 | |
| Lancaster PA GO | | 4.000% | | 11/1/35 | (15) | | 2,355 | | 2,425 | |
| Lancaster PA Industrial Development Authority Revenue (Garden Spot Village Project) | | 5.375% | | 5/1/28 | | | 1,250 | | 1,341 | |
| Lancaster PA Industrial Development Authority Revenue (Garden Spot Village Project) | | 5.750% | | 5/1/35 | | | 2,200 | | 2,373 | |
| Lehigh County PA Authority Water & Sewer Revenue | | 0.000% | | 12/1/24 | | | 1,695 | | 1,386 | |
| Lehigh County PA Authority Water & Sewer Revenue | | 5.000% | | 12/1/43 | | | 14,305 | | 15,477 | |
| Lehigh County PA Authority Water & Sewer Revenue | | 5.125% | | 12/1/47 | | | 3,000 | | 3,264 | |
| Lehigh County PA General Purpose Authority Revenue (Good Shepherd Obligated Group) | | 4.000% | | 11/1/46 | | | 3,685 | | 3,539 | |
| Lehigh County PA General Purpose Hospital Authority Revenue (Lehigh Valley Health Network) | | 4.000% | | 7/1/33 | | | 5,000 | | 5,107 | |
| Luzerne County Convention Center Authority Revenue VRDO | | 1.670% | | 12/7/18 | LOC | | 4,580 | | 4,580 | |
| Luzerne County PA GO | | 5.250% | | 12/15/21 | (14) | | 3,930 | | 4,035 | |
| Luzerne County PA GO | | 5.000% | | 11/15/29 | (4) | | 2,500 | | 2,788 | |
| Luzerne County PA Industrial Development Authority Water Facility Revenue (Pennsylvania-American Water Co.) | | 5.500% | | 12/1/39 | | | 5,000 | | 5,150 | |
| Lycoming County PA Authority College Revenue (Pennsylvania College of Technology) | | 5.000% | | 5/1/26 | | | 2,000 | | 2,123 | |
| Lycoming County PA Authority College Revenue (Pennsylvania College of Technology) | | 5.000% | | 7/1/30 | | | 5,565 | | 5,836 | |
| Lycoming County PA Authority Health System Revenue (Susquehanna Health System Project) | | 5.500% | | 7/1/28 | | | 45 | | 46 | |
| Lycoming County PA Authority Revenue (Lycoming College) | | 5.500% | | 11/1/33 | | | 2,935 | | 3,279 | |
| Manheim Township PA School District GO | | 5.000% | | 2/1/30 | | | 2,010 | | 2,285 | |
| Manheim Township PA School District GO | | 5.000% | | 2/1/31 | | | 1,200 | | 1,359 | |
| Monroe County PA Hospital Authority Revenue (Pocono Medical Center) | | 5.000% | | 7/1/41 | | | 3,660 | | 3,956 | |
| Monroeville PA Finance Authority Revenue (UPMC Health System) | | 5.000% | | 2/15/42 | | | 10,875 | | 11,545 | |
| Montgomery County PA Higher Education & Health Authority Hospital Revenue (Abington Memorial Hospital) | | 5.125% | | 6/1/19 | (Prere.) | | 13,545 | | 13,756 | |
| Montgomery County PA Higher Education & Health Authority Revenue (Arcadia University) | | 5.000% | | 4/1/29 | | | 2,580 | | 2,796 | |
| Montgomery County PA Higher Education & Health Authority Revenue (Arcadia University) | | 5.000% | | 4/1/30 | | | 1,000 | | 1,079 | |
| Montgomery County PA Higher Education & Health Authority Revenue (Arcadia University) | | 5.750% | | 4/1/40 | | | 3,000 | | 3,221 | |
41
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | | | Face | | Market | |
| | | | | Maturity | | | Amount | | Value· | |
| | | Coupon | | Date | | | ($000 | ) | ($000 | ) |
| Montgomery County PA Higher Education & Health Authority Revenue (Gwynedd Mercy University Project) VRDO | | 1.670% | | 12/10/18 | LOC | | 3,900 | | 3,900 | |
| Montgomery County PA Higher Education & Health Authority Revenue (Hill School Project) | | 4.000% | | 8/15/50 | | | 5,655 | | 5,467 | |
| Montgomery County PA Higher Education & Health Authority Revenue (Holy Redeemer Health System) | | 5.000% | | 10/1/24 | | | 1,165 | | 1,283 | |
| Montgomery County PA Higher Education & Health Authority Revenue (Holy Redeemer Health System) | | 5.000% | | 10/1/25 | | | 1,200 | | 1,315 | |
| Montgomery County PA Higher Education & Health Authority Revenue (Holy Redeemer Health System) | | 5.000% | | 10/1/26 | | | 1,000 | | 1,090 | |
| Montgomery County PA Higher Education & Health Authority Revenue (Holy Redeemer Health System) | | 5.000% | | 10/1/27 | | | 1,000 | | 1,084 | |
| Montgomery County PA Higher Education & Health Authority Revenue (Holy Redeemer Health System) | | 5.000% | | 10/1/40 | | | 12,150 | | 12,864 | |
| Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | | 5.000% | | 9/1/31 | | | 1,750 | | 1,992 | |
| Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | | 5.000% | | 9/1/34 | | | 2,210 | | 2,474 | |
| Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | | 5.000% | | 9/1/35 | | | 2,780 | | 3,095 | |
| Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | | 5.000% | | 9/1/37 | | | 2,500 | | 2,766 | |
| Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | | 5.000% | | 9/1/43 | | | 5,750 | | 6,281 | |
| Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | | 5.000% | | 9/1/48 | | | 10,250 | | 11,134 | |
| Montgomery County PA Higher Education & Health Authority Revenue (Ursinus College) | | 5.250% | | 11/1/42 | | | 4,000 | | 4,263 | |
| Montgomery County PA Industrial Development Authority Health Services Revenue (Albert Einstein Healthcare Network) | | 5.250% | | 1/15/28 | | | 3,795 | | 4,167 | |
| Montgomery County PA Industrial Development Authority Health Services Revenue (Albert Einstein Healthcare Network) | | 5.250% | | 1/15/30 | | | 5,000 | | 5,451 | |
| Montgomery County PA Industrial Development Authority Health Services Revenue (Albert Einstein Healthcare Network) | | 5.250% | | 1/15/36 | | | 11,250 | | 12,039 | |
42
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% | | 1/15/45 | | | 8,500 | | 9,027 | |
| Montgomery County PA Industrial Development Authority Health Services Revenue (Albert Einstein Healthcare Network) | | 5.250% | | 1/15/46 | | | 3,300 | | 3,503 | |
| Montgomery County PA Industrial Development Authority Health Services Revenue (Jefferson Health System) | | 5.000% | | 10/1/41 | | | 4,110 | | 4,362 | |
| Montgomery County PA Industrial Development Authority Revenue (Foulkeways at Gwynedd) | | 5.000% | | 12/1/30 | | | 1,200 | | 1,270 | |
| Montgomery County PA Industrial Development Authority Revenue (Foulkeways at Gwynedd) | | 5.000% | | 12/1/46 | | | 3,730 | | 3,824 | |
| Montgomery County PA Industrial Development Authority Revenue (Meadowood Corp.) | | 5.000% | | 12/1/38 | | | 2,500 | | 2,614 | |
| Montgomery County PA Industrial Development Authority Revenue (Meadowood Corp.) | | 5.000% | | 12/1/48 | | | 6,500 | | 6,724 | |
| Montgomery County PA Industrial Development Authority Revenue (Philadelphia Presbyterian Homes Inc. Project) | | 6.625% | | 12/1/21 | (Prere.) | | 1,565 | | 1,767 | |
| Montgomery County PA Industrial Development Authority Revenue (Philadelphia Presbyterian Homes Inc. Project) | | 5.000% | | 12/1/27 | | | 2,250 | | 2,440 | |
| Montgomery County PA Industrial Development Authority Revenue (Philadelphia Presbyterian Homes Inc. Project) | | 5.000% | | 12/1/47 | | | 2,000 | | 2,082 | |
| Montgomery County PA Industrial Development Authority Revenue (Philadelphia Presbyterian Homes Inc. Project) | | 4.000% | | 12/1/48 | | | 3,000 | | 2,621 | |
| Montgomery County PA Industrial Development Authority Revenue (Whitemarsh Continuing Care Retirement Community Inc.) | | 5.000% | | 1/1/30 | | | 1,575 | | 1,562 | |
| Montgomery County PA Industrial Development Authority Revenue (Whitemarsh Continuing Care Retirement Community Inc.) | | 5.250% | | 1/1/40 | | | 4,750 | | 4,614 | |
| Montour PA School District GO | | 5.000% | | 4/1/40 | (4) | | 3,185 | | 3,467 | |
| Moon Industrial Development Authority Pennsylvania Revenue (Baptist Home Society Obligated Group) | | 5.625% | | 7/1/30 | | | 1,000 | | 1,045 | |
| Moon Industrial Development Authority Pennsylvania Revenue (Baptist Home Society Obligated Group) | | 6.000% | | 7/1/45 | | | 3,500 | | 3,650 | |
43
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | | | Face | | Market | |
| | | | | Maturity | | | Amount | | Value· | |
| | | Coupon | | Date | | | ($000 | ) | ($000 | ) |
| Mount Lebanon PA Hospital Authority Revenue (St. Clair Memorial Hospital Project) | | 5.000% | | 7/1/31 | | | 6,270 | | 6,776 | |
| Mount Lebanon PA Hospital Authority Revenue (St. Clair Memorial Hospital Project) | | 4.000% | | 7/1/48 | | | 6,000 | | 5,865 | |
| Northampton County PA General Purpose Authority College Revenue (Moravian College) | | 5.000% | | 10/1/40 | | | 1,760 | | 1,865 | |
| Northampton County PA General Purpose Authority Hospital Revenue (St. Luke’s Hospital Project) | | 5.000% | | 8/15/28 | | | 3,975 | | 4,474 | |
| Northampton County PA General Purpose Authority Hospital Revenue (St. Luke’s Hospital Project) | | 5.000% | | 8/15/29 | | | 2,000 | | 2,241 | |
| Northampton County PA General Purpose Authority Hospital Revenue (St. Luke’s Hospital Project) | | 5.000% | | 8/15/33 | | | 9,555 | | 10,172 | |
| Northampton County PA General Purpose Authority Hospital Revenue (St. Luke’s Hospital Project) | | 5.000% | | 8/15/36 | | | 6,790 | | 7,417 | |
| Northampton County PA General Purpose Authority Hospital Revenue (St. Luke’s Hospital Project) | | 5.000% | | 8/15/43 | | | 3,000 | | 3,271 | |
| Northampton County PA General Purpose Authority Hospital Revenue (St. Luke’s Hospital Project) | | 5.000% | | 8/15/46 | | | 1,795 | | 1,934 | |
| Northampton County PA General Purpose Authority Hospital Revenue (St. Luke’s Hospital Project) | | 4.000% | | 8/15/48 | | | 3,895 | | 3,773 | |
| Northampton County PA General Purpose Authority University Revenue (Lafayette College) | | 5.000% | | 11/1/32 | | | 4,000 | | 4,401 | |
| Northampton County PA General Purpose Authority University Revenue (Lehigh University) | | 4.000% | | 11/15/34 | | | 7,535 | | 7,852 | |
| Northampton County PA General Purpose Authority University Revenue (Lehigh University) VRDO | | 1.640% | | 12/7/18 | | | 6,800 | | 6,800 | |
| Northampton County PA Industrial Development Authority Revenue (Morningstar Senior Living, Inc. Project) | | 5.000% | | 7/1/32 | | | 1,775 | | 1,795 | |
| Northampton County PA Industrial Development Authority Revenue (Morningstar Senior Living, Inc. Project) | | 5.000% | | 7/1/36 | | | 1,000 | | 1,006 | |
| Northampton PA GO | | 3.625% | | 5/15/39 | | | 2,145 | | 2,062 | |
| Northeastern Pennsylvania Hospital & Education Authority Revenue (Wilkes University Project) | | 5.000% | | 3/1/25 | | | 1,125 | | 1,231 | |
| Northeastern Pennsylvania Hospital & Education Authority Revenue (Wilkes University Project) | | 5.000% | | 3/1/29 | | | 1,250 | | 1,352 | |
| Northeastern Pennsylvania Hospital & Educational Authority Revenue (Wilkes University Project) | | 5.250% | | 3/1/31 | | | 1,140 | | 1,251 | |
44
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | | | Face | | Market | |
| | | | | Maturity | | | Amount | | Value· | |
| | | Coupon | | Date | | | ($000 | ) | ($000 | ) |
| Northeastern Pennsylvania Hospital & Educational Authority Revenue (Wilkes University Project) | | 5.000% | | 3/1/37 | | | 3,740 | | 3,949 | |
| Northeastern Pennsylvania Hospital & Educational Authority Revenue (Wilkes University Project) | | 5.250% | | 3/1/37 | | | 3,000 | | 3,227 | |
| Northern Tioga School District Pennsylvania GO | | 5.000% | | 4/1/29 | (15) | | 500 | | 570 | |
| Northern Tioga School District Pennsylvania GO | | 5.000% | | 4/1/31 | (15) | | 700 | | 793 | |
| Northern Tioga School District Pennsylvania GO | | 4.000% | | 4/1/33 | (15) | | 500 | | 515 | |
| Owen J. Roberts Pennsylvania School District GO | | 4.000% | | 5/15/30 | | | 1,900 | | 1,998 | |
| Palmer Township PA GO | | 4.000% | | 5/15/30 | | | 1,495 | | 1,569 | |
| Penn Manor PA School District Revenue | | 5.000% | | 3/1/30 | | | 1,000 | | 1,141 | |
| Penn Manor PA School District Revenue | | 5.000% | | 3/1/32 | | | 1,000 | | 1,133 | |
| Penn Manor PA School District Revenue | | 5.000% | | 3/1/35 | | | 800 | | 896 | |
| Penn Manor PA School District Revenue | | 5.000% | | 3/1/36 | | | 1,700 | | 1,897 | |
| Penn Manor PA School District Revenue | | 5.000% | | 3/1/38 | | | 1,250 | | 1,388 | |
| Pennsylvania COP | | 5.000% | | 7/1/29 | | | 300 | | 339 | |
| Pennsylvania COP | | 5.000% | | 7/1/30 | | | 375 | | 422 | |
| Pennsylvania COP | | 5.000% | | 7/1/31 | | | 425 | | 477 | |
| Pennsylvania COP | | 5.000% | | 7/1/34 | | | 475 | | 526 | |
| Pennsylvania COP | | 5.000% | | 7/1/35 | | | 845 | | 933 | |
| Pennsylvania COP | | 5.000% | | 7/1/36 | | | 1,000 | | 1,099 | |
| Pennsylvania COP | | 5.000% | | 7/1/37 | | | 875 | | 959 | |
| Pennsylvania COP | | 5.000% | | 7/1/38 | | | 1,000 | | 1,093 | |
| Pennsylvania COP | | 5.000% | | 7/1/43 | | | 4,000 | | 4,333 | |
| Pennsylvania Economic Development Financing Authority Health System Revenue (Albert Einstein Healthcare Network) | | 6.250% | | 10/15/19 | (Prere.) | | 6,075 | | 6,290 | |
| Pennsylvania Economic Development Financing Authority Parking System Revenue (Capitol Region Parking System) | | 0.000% | | 1/1/29 | (4) | | 2,000 | | 1,339 | |
| Pennsylvania Economic Development Financing Authority Parking System Revenue (Capitol Region Parking System) | | 0.000% | | 1/1/30 | (4) | | 3,710 | | 2,367 | |
| Pennsylvania Economic Development Financing Authority Parking System Revenue (Capitol Region Parking System) | | 5.500% | | 1/1/31 | (4) | | 3,000 | | 3,325 | |
| Pennsylvania Economic Development Financing Authority Parking System Revenue (Capitol Region Parking System) | | 0.000% | | 1/1/36 | (4) | | 6,045 | | 2,919 | |
| Pennsylvania Economic Development Financing Authority Parking System Revenue (Capitol Region Parking System) | | 0.000% | | 1/1/38 | (4) | | 5,525 | | 2,409 | |
| Pennsylvania Economic Development Financing Authority Parking System Revenue (Capitol Region Parking System) | | 5.250% | | 1/1/44 | (4) | | 6,500 | | 6,953 | |
| Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | | 5.000% | | 2/1/31 | | | 5,000 | | 5,514 | |
45
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | | | Face | | Market | |
| | | | | Maturity | | | Amount | | Value· | |
| | | Coupon | | Date | | | ($000 | ) | ($000 | ) |
| Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | | 5.000% | | 2/1/32 | | | 10,000 | | 10,997 | |
| Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | | 4.000% | | 3/15/32 | | | 2,500 | | 2,558 | |
| Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | | 5.000% | | 7/1/33 | | | 11,405 | | 12,384 | |
| Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | | 5.000% | | 7/1/43 | | | 4,500 | | 4,814 | |
| Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | | 5.000% | | 2/1/45 | | | 5,000 | | 5,370 | |
| Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | | 4.000% | | 3/15/45 | | | 4,000 | | 3,913 | |
| Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | | 4.000% | | 11/15/47 | | | 10,000 | | 9,714 | |
| Pennsylvania Economic Development Financing Authority Water Facilities Revenue (American Water Co. Project) | | 6.200% | | 4/1/39 | | | 5,000 | | 5,063 | |
| Pennsylvania Economic Development Financing Authority Water Facilities Revenue (Aqua Pennsylvania Inc. Project) | | 4.750% | | 11/15/40 | | | 2,500 | | 2,547 | |
| Pennsylvania Economic Development Financing Authority Water Facilities Revenue (Aqua Pennsylvania Inc. Project) | | 5.000% | | 12/1/43 | | | 4,500 | | 4,701 | |
| Pennsylvania GO | | 5.000% | | 11/15/20 | | | 8,740 | | 9,228 | |
| Pennsylvania GO | | 5.375% | | 7/1/21 | | | 16,000 | | 17,256 | |
| Pennsylvania GO | | 5.000% | | 3/1/22 | | | 10,000 | | 10,842 | |
| Pennsylvania GO | | 4.000% | | 7/1/23 | | | 4,000 | | 4,269 | |
| Pennsylvania GO | | 5.000% | | 8/15/24 | | | 5,000 | | 5,654 | |
| Pennsylvania GO | | 5.000% | | 10/15/25 | | | 10,000 | | 11,056 | |
| Pennsylvania GO | | 5.000% | | 1/1/26 | | | 10,000 | | 11,417 | |
| Pennsylvania GO | | 5.000% | | 2/1/26 | | | 8,355 | | 9,545 | |
| Pennsylvania GO | | 5.000% | | 9/15/27 | | | 10,000 | | 11,415 | |
| Pennsylvania GO | | 5.000% | | 9/15/27 | | | 5,000 | | 5,708 | |
| Pennsylvania GO | | 5.000% | | 1/15/28 | | | 5,000 | | 5,708 | |
| Pennsylvania GO | | 5.000% | | 3/15/28 | | | 18,550 | | 20,782 | |
| Pennsylvania GO | | 4.000% | | 8/15/28 | (4) | | 10,010 | | 10,607 | |
| Pennsylvania GO | | 5.000% | | 9/15/28 | | | 10,350 | | 11,761 | |
| Pennsylvania GO | | 4.000% | | 10/15/28 | | | 10,000 | | 10,444 | |
| Pennsylvania GO | | 4.000% | | 4/1/29 | | | 10,000 | | 10,378 | |
| Pennsylvania GO | | 4.000% | | 8/15/29 | (4) | | 6,290 | | 6,645 | |
| Pennsylvania GO | | 4.000% | | 1/1/30 | | | 3,500 | | 3,652 | |
| Pennsylvania GO | | 4.000% | | 4/1/30 | | | 10,000 | | 10,341 | |
| Pennsylvania GO | | 4.000% | | 6/15/30 | | | 10,000 | | 10,402 | |
3 | Pennsylvania GO | | 4.000% | | 8/15/30 | (4) | | 7,640 | | 8,029 | |
| Pennsylvania GO | | 5.000% | | 10/15/30 | | | 6,650 | | 7,289 | |
| Pennsylvania GO | | 4.000% | | 2/1/31 | | | 17,875 | | 18,516 | |
| Pennsylvania GO | | 5.000% | | 10/15/31 | | | 14,955 | | 16,363 | |
46
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | | | Face | | Market | |
| | | | | Maturity | | | Amount | | Value· | |
| | | Coupon | | Date | | | ($000 | ) | ($000 | ) |
| Pennsylvania GO | | 4.000% | | 2/1/32 | | | 18,870 | | 19,438 | |
| Pennsylvania GO | | 5.000% | | 3/1/32 | | | 11,225 | | 12,705 | |
| Pennsylvania GO | | 5.000% | | 6/1/32 | | | 8,115 | | 8,674 | |
| Pennsylvania GO | | 5.000% | | 8/1/32 | | | 4,000 | | 4,406 | |
| Pennsylvania GO | | 5.000% | | 8/15/32 | | | 8,000 | | 8,897 | |
| Pennsylvania GO | | 5.000% | | 10/15/32 | | | 15,000 | | 16,390 | |
| Pennsylvania GO | | 4.000% | | 2/1/33 | | | 5,585 | | 5,714 | |
| Pennsylvania GO | | 4.000% | | 3/1/33 | (4) | | 20,000 | | 20,703 | |
| Pennsylvania GO | | 5.000% | | 8/1/33 | | | 4,000 | | 4,391 | |
| Pennsylvania GO | | 4.000% | | 3/1/34 | (4) | | 20,000 | | 20,607 | |
| Pennsylvania GO | | 4.000% | | 9/15/34 | | | 10,000 | | 10,262 | |
| Pennsylvania GO | | 4.000% | | 3/1/35 | (15) | | 15,000 | | 15,396 | |
| Pennsylvania GO | | 4.000% | | 3/1/36 | | | 5,000 | | 5,069 | |
| Pennsylvania GO | | 4.000% | | 3/1/37 | | | 10,000 | | 10,115 | |
| Pennsylvania GO | | 4.000% | | 3/1/37 | (15) | | 10,000 | | 10,193 | |
| Pennsylvania GO | | 4.000% | | 3/1/38 | | | 2,820 | | 2,844 | |
| Pennsylvania Higher Educational Facilities Authority Revenue | | 4.000% | | 6/15/32 | | | 3,330 | | 3,442 | |
| Pennsylvania Higher Educational Facilities Authority Revenue | | 4.000% | | 6/15/33 | | | 2,310 | | 2,376 | |
| Pennsylvania Higher Educational Facilities Authority Revenue | | 4.000% | | 6/15/34 | | | 2,940 | | 3,020 | |
| Pennsylvania Higher Educational Facilities Authority Revenue | | 4.000% | | 2/15/43 | | | 7,000 | | 7,105 | |
| Pennsylvania Higher Educational Facilities Authority Revenue | | 3.000% | | 6/15/45 | | | 1,405 | | 1,162 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (AICUP Financing Program - Delaware Valley College Project) | | 5.000% | | 11/1/20 | | | 595 | | 607 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (AICUP Financing Program - Delaware Valley College Project) | | 5.000% | | 11/1/21 | | | 1,245 | | 1,275 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (AICUP Financing Program - Delaware Valley College Project) | | 5.000% | | 11/1/27 | | | 1,250 | | 1,260 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (AICUP Financing Program - Delaware Valley College Project) | | 5.000% | | 11/1/42 | | | 535 | | 503 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) | | 5.000% | | 5/1/28 | | | 1,855 | | 2,130 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) | | 5.000% | | 5/1/29 | | | 1,260 | | 1,360 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) | | 5.000% | | 5/1/29 | | | 1,640 | | 1,873 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) | | 5.000% | | 5/1/32 | | | 1,750 | | 1,938 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) | | 5.000% | | 5/1/33 | | | 3,320 | | 3,665 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) | | 4.000% | | 5/1/34 | | | 2,575 | | 2,607 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) | | 5.000% | | 5/1/34 | | | 3,000 | | 3,297 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) | | 5.000% | | 5/1/35 | | | 1,870 | | 2,075 | |
47
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | | | Face | | Market | |
| | | | | Maturity | | | Amount | | Value· | |
| | | Coupon | | Date | | | ($000 | ) | ($000 | ) |
| Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) | | 4.000% | | 5/1/36 | | | 2,305 | | 2,307 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) | | 5.000% | | 5/1/41 | | | 5,000 | | 5,450 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) VRDO | | 1.700% | | 12/3/18 | LOC | | 6,925 | | 6,925 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (Foundation for Indiana University of Pennsylvania Student Housing) | | 5.000% | | 7/1/22 | (Prere.) | | 500 | | 548 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (Higher Education System) | | 4.000% | | 6/15/30 | | | 3,895 | | 4,069 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (Higher Education System) | | 4.000% | | 6/15/30 | | | 2,125 | | 2,220 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (La Salle University) | | 5.000% | | 5/1/37 | | | 5,865 | | 5,965 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (Lock Haven University Foundation Student Housing Project) | | 4.000% | | 7/1/28 | | | 3,500 | | 3,421 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (Philadelphia University) | | 5.000% | | 6/1/23 | (Prere.) | | 2,025 | | 2,268 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (Shippensburg University) | | 5.000% | | 10/1/22 | (Prere.) | | 4,940 | | 5,445 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (Shippensburg University) | | 5.000% | | 10/1/22 | (Prere.) | | 1,400 | | 1,543 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (Shippensburg University) | | 5.000% | | 10/1/22 | (Prere.) | | 2,000 | | 2,204 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (St. Joseph’s University) | | 5.000% | | 11/1/33 | | | 1,265 | | 1,370 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (St. Joseph’s University) | | 5.000% | | 11/1/40 | | | 7,000 | | 7,264 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (Temple University) | | 5.000% | | 4/1/35 | | | 7,755 | | 8,277 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (Temple University) | | 5.000% | | 4/1/42 | | | 11,120 | | 11,799 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (Thomas Jefferson University) | | 5.000% | | 9/1/32 | | | 3,965 | | 4,396 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (Thomas Jefferson University) | | 5.000% | | 9/1/39 | | | 7,000 | | 7,648 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (Thomas Jefferson University) | | 5.000% | | 9/1/45 | | | 17,800 | | 19,385 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (Thomas Jefferson University) | | 5.250% | | 9/1/50 | | | 10,000 | | 11,000 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (Trustees of the University of Pennsylvania) | | 4.000% | | 8/15/31 | | | 4,000 | | 4,241 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (Trustees of the University of Pennsylvania) | | 4.000% | | 8/15/34 | | | 2,200 | | 2,300 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (Trustees of the University of Pennsylvania) | | 4.000% | | 8/15/35 | | | 2,275 | | 2,367 | |
48
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 | | 1,452 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (Trustees of the University of Pennsylvania) | | 5.000% | | 8/15/46 | | | 5,000 | | 5,599 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | | 5.000% | | 8/15/29 | | | 500 | | 570 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | | 5.000% | | 8/15/31 | | | 750 | | 848 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | | 5.000% | | 8/15/33 | | | 1,180 | | 1,327 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | | 5.000% | | 8/15/34 | | | 2,695 | | 3,037 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | | 4.000% | | 8/15/35 | | | 3,135 | | 3,210 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | | 5.000% | | 8/15/35 | | | 2,420 | | 2,704 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | | 5.000% | | 8/15/40 | | | 11,000 | | 12,053 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | | 4.000% | | 8/15/41 | | | 6,000 | | 6,033 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | | 4.000% | | 8/15/42 | | | 6,675 | | 6,711 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | | 5.000% | | 8/15/42 | | | 6,130 | | 6,486 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | | 5.000% | | 8/15/47 | | | 10,000 | | 10,874 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (University of the Sciences) | | 5.000% | | 11/1/30 | | | 940 | | 1,038 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (University of the Sciences) | | 5.000% | | 11/1/31 | | | 1,870 | | 2,057 | |
| Pennsylvania Higher Educational Facilities Authority Revenue (University of the Sciences) | | 5.000% | | 11/1/42 | | | 4,700 | | 5,028 | |
| Pennsylvania Higher Educational Facilities Authority Student Housing Revenue (University Properties Inc.) | | 6.000% | | 7/1/21 | | | 2,125 | | 2,214 | |
| Pennsylvania Higher Educational Facilities Authority Student Housing Revenue (University Properties Inc.) | | 5.000% | | 7/1/31 | | | 4,000 | | 4,057 | |
49
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | | | Face | | Market | |
| | | | | Maturity | | | Amount | | Value· | |
| | | Coupon | | Date | | | ($000 | ) | ($000 | ) |
| Pennsylvania Higher Educational Facilities Authority Student Housing Revenue (University Properties Inc.) | | 5.000% | | 7/1/42 | | | 2,500 | | 2,518 | |
| Pennsylvania Housing Finance Agency Multi-Family Housing Revenue (Country Commons Apartments) | | 3.600% | | 8/1/35 | LOC | | 7,991 | | 7,789 | |
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | | 4.125% | | 10/1/25 | | | 980 | | 991 | |
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | | 3.200% | | 10/1/31 | | | 2,500 | | 2,403 | |
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | | 3.700% | | 10/1/33 | | | 5,000 | | 5,007 | |
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | | 3.100% | | 10/1/36 | | | 3,000 | | 2,748 | |
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | | 3.500% | | 10/1/36 | | | 4,500 | | 4,270 | |
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | | 3.900% | | 10/1/36 | | | 8,500 | | 8,554 | |
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | | 3.900% | | 10/1/37 | | | 8,000 | | 8,037 | |
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | | 3.875% | | 10/1/38 | | | 6,000 | | 6,002 | |
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | | 4.050% | | 10/1/40 | | | 1,525 | | 1,530 | |
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | | 4.050% | | 10/1/40 | | | 2,000 | | 2,008 | |
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | | 3.200% | | 10/1/41 | | | 4,000 | | 3,574 | |
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | | 3.950% | | 4/1/42 | | | 4,000 | | 3,964 | |
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | | 3.650% | | 10/1/42 | | | 6,890 | | 6,573 | |
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | | 4.100% | | 10/1/45 | | | 3,845 | | 3,855 | |
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | | 4.150% | | 10/1/45 | | | 1,370 | | 1,372 | |
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | | 3.700% | | 10/1/47 | | | 17,000 | | 16,187 | |
| Pennsylvania Public School Building Authority Lease Revenue (School District of Philadelphia) | | 5.000% | | 6/1/24 | | | 2,000 | | 2,214 | |
| Pennsylvania Public School Building Authority Lease Revenue (School District of Philadelphia) | | 5.000% | | 6/1/25 | | | 1,610 | | 1,801 | |
| Pennsylvania Public School Building Authority Revenue (Harrisburg School District) | | 5.000% | | 12/1/30 | (4) | | 3,500 | | 3,944 | |
| Pennsylvania Public School Building Authority Revenue (Harrisburg School District) | | 5.000% | | 12/1/32 | (4) | | 2,750 | | 3,078 | |
| Pennsylvania Public School Building Authority Revenue (Harrisburg School District) | | 5.000% | | 12/1/33 | (4) | | 2,000 | | 2,230 | |
| Pennsylvania State University Revenue | | 5.000% | | 9/1/29 | | | 1,170 | | 1,345 | |
| Pennsylvania State University Revenue | | 5.000% | | 9/1/30 | | | 6,900 | | 7,916 | |
| Pennsylvania State University Revenue | | 5.000% | | 9/1/32 | | | 1,350 | | 1,576 | |
| Pennsylvania State University Revenue | | 5.000% | | 9/1/33 | | | 5,000 | | 5,731 | |
50
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | | | Face | | Market | |
| | | | | Maturity | | | Amount | | Value· | |
| | | Coupon | | Date | | | ($000 | ) | ($000 | ) |
| Pennsylvania State University Revenue | | 5.000% | | 9/1/36 | | | 4,650 | | 5,343 | |
| Pennsylvania State University Revenue | | 5.000% | | 9/1/47 | | | 3,000 | | 3,389 | |
1 | Pennsylvania State University TOB VRDO | | 1.680% | | 12/7/18 | | | 5,600 | | 5,600 | |
| Pennsylvania Turnpike Commission Motor License Fund Revenue | | 5.000% | | 12/1/34 | | | 6,000 | | 6,655 | |
| Pennsylvania Turnpike Commission Motor License Fund Revenue | | 5.000% | | 12/1/35 | | | 5,500 | | 6,078 | |
| Pennsylvania Turnpike Commission Motor License Fund Revenue | | 5.000% | | 12/1/35 | | | 4,390 | | 4,817 | |
| Pennsylvania Turnpike Commission Motor License Fund Revenue | | 5.000% | | 12/1/37 | | | 4,000 | | 4,222 | |
| Pennsylvania Turnpike Commission Motor License Fund Revenue | | 5.000% | | 12/1/41 | | | 3,000 | | 3,260 | |
| Pennsylvania Turnpike Commission Motor License Fund Revenue | | 5.000% | | 12/1/41 | | | 1,315 | | 1,375 | |
| Pennsylvania Turnpike Commission Motor License Fund Revenue | | 5.000% | | 12/1/43 | | | 5,430 | | 5,679 | |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | | 5.000% | | 12/1/28 | | | 4,025 | | 4,578 | |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | | 5.000% | | 12/1/29 | | | 3,040 | | 3,441 | |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | | 5.000% | | 12/1/30 | | | 6,970 | | 7,854 | |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | | 0.000% | | 12/1/37 | | | 2,000 | | 908 | |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | | 5.000% | | 12/1/38 | | | 3,000 | | 3,318 | |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | | 5.000% | | 12/1/39 | | | 3,535 | | 3,900 | |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | | 5.000% | | 12/1/43 | | | 15,205 | | 16,657 | |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | | 5.000% | | 12/1/48 | | | 14,345 | | 15,640 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 12/1/19 | (Prere.) | | 5,000 | | 5,151 | |
| Pennsylvania Turnpike Commission Revenue | | 5.125% | | 12/1/19 | (Prere.) | | 20 | | 21 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 12/1/20 | (Prere.) | | 7,500 | | 7,936 | |
| Pennsylvania Turnpike Commission Revenue | | 6.500% | | 12/1/20 | (Prere.) | | 3,000 | | 3,261 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 12/1/21 | (Prere.) | | 4,600 | | 4,965 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 6/1/28 | | | 2,305 | | 2,557 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 6/1/28 | | | 7,050 | | 7,820 | |
| Pennsylvania Turnpike Commission Revenue | | 5.250% | | 7/15/28 | (4) | | 6,875 | | 8,190 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 6/1/29 | | | 8,375 | | 9,235 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 12/1/30 | | | 2,500 | | 2,857 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 12/1/31 | | | 9,775 | | 10,789 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 6/1/32 | | | 7,090 | | 7,731 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 12/1/32 | | | 10,000 | | 11,009 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 12/1/32 | | | 9,325 | | 10,434 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 6/1/33 | | | 5,410 | | 5,896 | |
4 | Pennsylvania Turnpike Commission Revenue | | 0.000% | | 12/1/33 | | | 1,250 | | 1,396 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 12/1/33 | | | 9,800 | | 10,760 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 12/1/33 | | | 2,000 | | 2,173 | |
| Pennsylvania Turnpike Commission Revenue | | 5.250% | | 12/1/33 | | | 2,560 | | 2,876 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 6/1/34 | | | 545 | | 590 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 6/1/34 | (4) | | 2,000 | | 2,200 | |
51
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | | | Face | | Market | |
| | | | | Maturity | | | Amount | | Value· | |
| | | Coupon | | Date | | | ($000 | ) | ($000 | ) |
5 | Pennsylvania Turnpike Commission Revenue | | 0.000% | | 12/1/34 | | | 3,260 | | 3,054 | |
| Pennsylvania Turnpike Commission Revenue | | 4.000% | | 12/1/34 | | | 10,000 | | 9,976 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 12/1/34 | | | 10,000 | | 10,951 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 12/1/34 | | | 2,000 | | 2,168 | |
| Pennsylvania Turnpike Commission Revenue | | 5.250% | | 12/1/34 | | | 4,410 | | 4,940 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 6/1/35 | | | 3,000 | | 3,243 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 12/1/35 | | | 5,000 | | 5,422 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 12/1/36 | | | 9,790 | | 10,562 | |
6 | Pennsylvania Turnpike Commission Revenue | | 0.000% | | 12/1/37 | | | 4,000 | | 3,738 | |
| Pennsylvania Turnpike Commission Revenue | | 4.000% | | 12/1/37 | | | 6,585 | | 6,448 | |
| Pennsylvania Turnpike Commission Revenue | | 4.000% | | 12/1/37 | | | 4,000 | | 3,995 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 12/1/37 | | | 1,290 | | 1,421 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 12/1/37 | | | 6,400 | | 6,884 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 6/1/38 | | | 8,145 | | 8,653 | |
4 | Pennsylvania Turnpike Commission Revenue | | 0.000% | | 12/1/38 | | | 2,500 | | 2,739 | |
| Pennsylvania Turnpike Commission Revenue | | 4.000% | | 12/1/38 | | | 3,500 | | 3,476 | |
| Pennsylvania Turnpike Commission Revenue | | 6.375% | | 12/1/38 | | | 5,070 | | 6,160 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 6/1/39 | | | 19,700 | | 21,030 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 12/1/39 | | | 2,000 | | 2,161 | |
| Pennsylvania Turnpike Commission Revenue | | 5.250% | | 12/1/39 | | | 2,010 | | 2,193 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 12/1/40 | | | 7,200 | | 7,766 | |
7 | Pennsylvania Turnpike Commission Revenue | | 0.000% | | 12/1/41 | | | 9,365 | | 6,920 | |
| Pennsylvania Turnpike Commission Revenue | | 0.000% | | 12/1/41 | | | 9,900 | | 3,567 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 6/1/42 | | | 14,500 | | 15,428 | |
| Pennsylvania Turnpike Commission Revenue | | 5.500% | | 12/1/42 | | | 2,950 | | 3,336 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 12/1/43 | | | 5,300 | | 5,611 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 12/1/44 | | | 6,900 | | 7,355 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 12/1/44 | | | 6,000 | | 6,396 | |
| Pennsylvania Turnpike Commission Revenue | | 5.250% | | 12/1/44 | | | 2,640 | | 2,849 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 12/1/45 | | | 4,700 | | 5,052 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 12/1/45 | | | 14,960 | | 15,762 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 12/1/46 | | | 16,000 | | 17,263 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 12/1/46 | | | 4,095 | | 4,312 | |
| Pennsylvania Turnpike Commission Revenue | | 5.500% | | 12/1/46 | | | 7,000 | | 7,891 | |
| Pennsylvania Turnpike Commission Revenue | | 5.250% | | 6/1/47 | | | 10,000 | | 10,803 | |
| Pennsylvania Turnpike Commission Revenue | | 5.000% | | 12/1/48 | | | 13,750 | | 15,004 | |
1 | Pennsylvania Turnpike Commission Revenue TOB VRDO | | 1.790% | | 12/7/18 | (Prere.) | | 3,420 | | 3,420 | |
1 | Pennsylvania Turnpike Commission Revenue TOB VRDO | | 1.890% | | 12/7/18 | | | 6,400 | | 6,400 | |
1 | Pennsylvania Turnpike Commission Revenue TOB VRDO | | 1.890% | | 12/7/18 | | | 13,820 | | 13,820 | |
| Peters Township PA School District (Washington County) GO | | 5.000% | | 9/1/37 | | | 3,000 | | 3,384 | |
| Peters Township PA School District (Washington County) GO | | 5.000% | | 9/1/38 | | | 7,555 | | 8,490 | |
| Philadelphia PA Airport Parking Authority Revenue | | 5.125% | | 2/15/24 | (2) | | 1,045 | | 1,048 | |
| Philadelphia PA Airport Parking Authority Revenue | | 5.125% | | 9/1/29 | | | 5,975 | | 6,249 | |
| Philadelphia PA Airport Revenue | | 5.000% | | 7/1/29 | | | 590 | | 678 | |
| Philadelphia PA Airport Revenue | | 5.000% | | 7/1/30 | | | 1,020 | | 1,165 | |
| Philadelphia PA Airport Revenue | | 5.000% | | 7/1/31 | | | 1,300 | | 1,480 | |
| Philadelphia PA Airport Revenue | | 5.000% | | 7/1/32 | | | 750 | | 850 | |
52
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | | | Face | | Market | |
| | | | | Maturity | | | Amount | | Value· | |
| | | Coupon | | Date | | | ($000 | ) | ($000 | ) |
| Philadelphia PA Airport Revenue | | 5.000% | | 7/1/33 | | | 750 | | 847 | |
| Philadelphia PA Airport Revenue | | 5.000% | | 7/1/42 | | | 5,000 | | 5,511 | |
| Philadelphia PA Airport Revenue | | 5.000% | | 7/1/47 | | | 3,750 | | 4,117 | |
| Philadelphia PA Authority for Industrial Development Revenue (City of Philadelphia Affordable Housing Preservation Programs Project) | | 5.000% | | 12/1/37 | | | 3,250 | | 3,546 | |
| Philadelphia PA Authority for Industrial Development Revenue (Cultural & Commercial Corridors) | | 5.000% | | 12/1/27 | | | 960 | | 1,081 | |
| Philadelphia PA Authority for Industrial Development Revenue (Cultural & Commercial Corridors) | | 5.000% | | 12/1/28 | | | 3,885 | | 4,354 | |
| Philadelphia PA Authority for Industrial Development Revenue (Cultural & Commercial Corridors) | | 5.000% | | 12/1/31 | | | 1,130 | | 1,252 | |
| Philadelphia PA Authority for Industrial Development Revenue (Temple University) | | 5.000% | | 4/1/28 | | | 1,585 | | 1,782 | |
| Philadelphia PA Authority for Industrial Development Revenue (Temple University) | | 5.000% | | 4/1/29 | | | 3,500 | | 3,916 | |
| Philadelphia PA Authority for Industrial Development Revenue (Temple University) | | 5.000% | | 4/1/36 | | | 4,750 | | 5,259 | |
| Philadelphia PA Authority for Industrial Development Revenue (Temple University) | | 5.000% | | 4/1/40 | | | 7,430 | | 8,062 | |
| Philadelphia PA Authority for Industrial Development Revenue (The Children’s Hospital of Philadelphia Project) | | 5.000% | | 7/1/33 | | | 3,600 | | 4,100 | |
| Philadelphia PA Authority for Industrial Development Revenue (The Children’s Hospital of Philadelphia Project) | | 5.000% | | 7/1/34 | | | 2,180 | | 2,468 | |
| Philadelphia PA Authority for Industrial Development Revenue (The Children’s Hospital of Philadelphia Project) | | 4.000% | | 7/1/35 | | | 2,150 | | 2,208 | |
| Philadelphia PA Authority for Industrial Development Revenue (The Children’s Hospital of Philadelphia Project) | | 4.000% | | 7/1/36 | | | 3,780 | | 3,860 | |
| Philadelphia PA Authority for Industrial Development Revenue (The Children’s Hospital of Philadelphia Project) | | 4.000% | | 7/1/44 | | | 3,000 | | 3,001 | |
| Philadelphia PA Authority for Industrial Development Revenue (Thomas Jefferson University) | | 5.000% | | 9/1/35 | | | 2,425 | | 2,665 | |
| Philadelphia PA Authority for Industrial Development Revenue (Thomas Jefferson University) | | 5.000% | | 9/1/36 | | | 10,000 | | 10,956 | |
| Philadelphia PA Authority for Industrial Development Revenue (Thomas Jefferson University) | | 5.000% | | 9/1/47 | | | 12,000 | | 12,923 |
| Philadelphia PA Gas Works Revenue | | 5.000% | | 8/1/19 | (4) | | 10 | | 10 | |
| 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 | | 26 | |
| Philadelphia PA Gas Works Revenue | | 5.250% | | 8/1/20 | (Prere.) | | 40 | | 42 | |
| Philadelphia PA Gas Works Revenue | | 5.250% | | 8/1/20 | (Prere.) | | 55 | | 58 | |
| Philadelphia PA Gas Works Revenue | | 5.000% | | 7/1/22 | (4) | | 10 | | 11 | |
53
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | | | Face | | Market | |
| | | | | Maturity | | | Amount | | Value· | |
| | | Coupon | | Date | | | ($000 | ) | ($000 | ) |
| Philadelphia PA Gas Works Revenue | | 5.000% | | 8/1/28 | | | 1,500 | | 1,709 | |
| Philadelphia PA Gas Works Revenue | | 5.000% | | 10/1/28 | | | 1,400 | | 1,584 | |
| Philadelphia PA Gas Works Revenue | | 5.000% | | 8/1/29 | | | 1,750 | | 1,984 | |
| Philadelphia PA Gas Works Revenue | | 5.000% | | 8/1/30 | | | 2,000 | | 2,227 | |
| Philadelphia PA Gas Works Revenue | | 5.000% | | 10/1/30 | | | 3,050 | | 3,416 | |
| Philadelphia PA Gas Works Revenue | | 5.000% | | 8/1/31 | | | 1,750 | | 1,943 | |
| Philadelphia PA Gas Works Revenue | | 5.000% | | 10/1/31 | | | 3,255 | | 3,634 | |
| Philadelphia PA Gas Works Revenue | | 5.000% | | 8/1/32 | | | 2,000 | | 2,216 | |
| Philadelphia PA Gas Works Revenue | | 5.000% | | 10/1/33 | | | 2,500 | | 2,773 | |
| Philadelphia PA Gas Works Revenue | | 5.000% | | 10/1/34 | | | 4,175 | | 4,612 | |
| Philadelphia PA Gas Works Revenue | | 5.000% | | 8/1/35 | | | 2,000 | | 2,213 | |
| Philadelphia PA Gas Works Revenue | | 5.000% | | 8/1/36 | | | 2,000 | | 2,203 | |
| Philadelphia PA Gas Works Revenue | | 5.000% | | 8/1/37 | | | 2,000 | | 2,197 | |
| Philadelphia PA Gas Works Revenue | | 4.000% | | 10/1/37 | | | 1,120 | | 1,127 | |
| Philadelphia PA Gas Works Revenue | | 5.250% | | 8/1/40 | (4) | | 65 | | 68 | |
| Philadelphia PA Gas Works Revenue | | 5.250% | | 8/1/40 | | | 115 | | 120 | |
| Philadelphia PA Gas Works Revenue | | 5.000% | | 8/1/42 | | | 5,000 | | 5,439 | |
| Philadelphia PA Gas Works Revenue | | 5.000% | | 8/1/47 | | | 11,800 | | 12,790 | |
| Philadelphia PA Gas Works Revenue VRDO | | 1.670% | | 12/7/18 | LOC | | 850 | | 850 | |
| Philadelphia PA Gas Works Revenue VRDO | | 1.690% | | 12/7/18 | LOC | | 5,000 | | 5,000 | |
| Philadelphia PA GO | | 6.000% | | 8/1/20 | (Prere.) | | 7,430 | | 7,920 | |
| Philadelphia PA GO | | 6.500% | | 8/1/20 | (Prere.) | | 3,785 | | 4,065 | |
| Philadelphia PA GO | | 5.000% | | 8/1/27 | (4) | | 4,160 | | 4,787 | |
| Philadelphia PA GO | | 5.000% | | 8/1/30 | | | 4,000 | | 4,426 | |
| Philadelphia PA GO | | 5.000% | | 8/1/30 | (4) | | 5,330 | | 6,042 | |
| Philadelphia PA GO | | 5.000% | | 8/1/31 | | | 2,000 | | 2,237 | |
| Philadelphia PA GO | | 5.000% | | 8/1/32 | | | 4,420 | | 4,922 | |
| Philadelphia PA GO | | 5.000% | | 8/1/32 | | | 3,000 | | 3,341 | |
| Philadelphia PA GO | | 5.250% | | 7/15/33 | | | 3,585 | | 3,941 | |
| Philadelphia PA GO | | 5.000% | | 8/1/35 | (4) | | 6,000 | | 6,676 | |
| Philadelphia PA GO VRDO | | 1.670% | | 12/7/18 | LOC | | 2,100 | | 2,100 | |
| Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Children’s Hospital of Philadelphia Project) | | 5.000% | | 7/1/32 | | | 10,000 | | 10,638 | |
| Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Children’s Hospital of Philadelphia Project) VRDO | | 1.720% | | 12/3/18 | | | 1,500 | | 1,500 | |
| Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Temple University Health System Obligated Group) | | 5.000% | | 7/1/29 | | | 3,165 | | 3,437 | |
| Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Temple University Health System Obligated Group) | | 5.000% | | 7/1/34 | | | 1,000 | | 1,061 | |
| Philadelphia PA Hospitals & Higher Education | | | | | | | | | | |
| Facilities Authority Hospital Revenue (Temple | | | | | | | | | | |
| University Health System Obligated Group) | | 5.625% | | 7/1/42 | | | 3,850 | | 4,064 | |
| Philadelphia PA Municipal Authority Revenue | | 6.500% | | 4/1/19 | (Prere.) | | 9,500 | | 9,645 | |
| Philadelphia PA Municipal Authority Revenue | | 6.500% | | 4/1/19 | (Prere.) | | 3,250 | | 3,299 | |
| Philadelphia PA Redevelopment Authority Revenue | | 5.000% | | 4/15/27 | | | 2,000 | | 2,194 | |
| Philadelphia PA Redevelopment Authority Revenue | | 5.000% | | 4/15/28 | | | 3,000 | | 3,278 | |
| Philadelphia PA School District GO | | 5.250% | | 9/1/22 | | | 7,500 | | 7,840 | |
54
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | | | Face | | Market | |
| | | | | Maturity | | | Amount | | Value· | |
| | | Coupon | | Date | | | ($000 | ) | ($000 | ) |
| Philadelphia PA School District GO | | 5.250% | | 9/1/23 | | | 7,525 | | 7,859 | |
| Philadelphia PA School District GO | | 5.000% | | 6/1/26 | (14) | | 5,000 | | 5,641 | |
| Philadelphia PA School District GO | | 5.000% | | 9/1/27 | | | 2,415 | | 2,697 | |
| Philadelphia PA School District GO | | 5.000% | | 9/1/28 | | | 5,000 | | 5,602 | |
| Philadelphia PA School District GO | | 5.000% | | 9/1/29 | | | 2,665 | | 2,957 | |
| Philadelphia PA School District GO | | 5.000% | | 9/1/29 | | | 5,035 | | 5,615 | |
| Philadelphia PA School District GO | | 5.000% | | 9/1/31 | | | 2,000 | | 2,203 | |
| Philadelphia PA School District GO | | 5.000% | | 9/1/33 | | | 1,000 | | 1,112 | |
| Philadelphia PA School District GO | | 5.000% | | 9/1/35 | | | 3,240 | | 3,573 | |
| Philadelphia PA School District GO | | 5.000% | | 9/1/35 | | | 2,500 | | 2,727 | |
| Philadelphia PA School District GO | | 5.000% | | 9/1/36 | | | 2,015 | | 2,190 | |
| Philadelphia PA School District GO | | 5.000% | | 9/1/37 | | | 2,000 | | 2,169 | |
| Philadelphia PA School District GO | | 5.000% | | 9/1/37 | | | 3,825 | | 4,189 | |
| Philadelphia PA School District GO | | 5.000% | | 9/1/38 | | | 2,000 | | 2,164 | |
| Philadelphia PA School District GO | | 4.000% | | 9/1/43 | (4) | | 3,160 | | 3,126 | |
| Philadelphia PA Water & Waste Water Revenue | | 4.000% | | 10/1/31 | | | 6,210 | | 6,468 | |
| Philadelphia PA Water & Waste Water Revenue | | 5.000% | | 10/1/32 | | | 1,000 | | 1,143 | |
| Philadelphia PA Water & Waste Water Revenue | | 5.000% | | 11/1/34 | | | 1,200 | | 1,360 | |
| Philadelphia PA Water & Waste Water Revenue | | 5.000% | | 7/1/40 | | | 10,000 | | 10,848 | |
| Philadelphia PA Water & Waste Water Revenue | | 5.000% | | 8/1/40 | (4) | | 3,500 | | 3,634 | |
| Philadelphia PA Water & Waste Water Revenue | | 5.000% | | 1/1/41 | | | 3,000 | | 3,122 | |
| Philadelphia PA Water & Waste Water Revenue | | 5.125% | | 1/1/43 | | | 9,000 | | 9,522 | |
| Philadelphia PA Water & Waste Water Revenue | | 5.000% | | 10/1/48 | | | 2,000 | | 2,199 | |
| Philadelphia PA Water & Waste Water Revenue | | 5.000% | | 10/1/52 | | | 4,000 | | 4,344 | |
| Philadelphia PA Water & Waste Water Revenue | | 5.000% | | 10/1/53 | | | 10,000 | | 10,916 | |
| Philadelphia PA Water & Wastewater Revenue | | 5.000% | | 7/1/30 | | | 4,000 | | 4,492 | |
| Philadelphia PA Water & Wastewater Revenue | | 4.000% | | 10/1/32 | | | 6,440 | | 6,690 | |
| Philadelphia PA Water & Wastewater Revenue | | 5.000% | | 11/1/33 | | | 1,765 | | 2,011 | |
| Philadelphia PA Water & Wastewater Revenue | | 4.000% | | 7/1/34 | | | 6,000 | | 6,178 | |
| Philadelphia PA Water & Wastewater Revenue | | 5.000% | | 10/1/34 | | | 2,000 | | 2,265 | |
| Philadelphia PA Water & Wastewater Revenue | | 5.000% | | 1/1/36 | | | 10,500 | | 10,960 | |
| Philadelphia PA Water & Wastewater Revenue | | 5.000% | | 7/1/43 | | | 4,375 | | 4,735 | |
| Philadelphia PA Water & Wastewater Revenue | | 5.000% | | 7/1/45 | | | 14,000 | | 15,129 | |
| Pittsburgh & Allegheny County PA Sports & Exhibition Authority Lease Revenue VRDO | | 1.680% | | 12/7/18 | (4) | | 660 | | 660 | |
| Pittsburgh & Allegheny County PA Sports & Exhibition Authority Parking System Revenue | | 5.000% | | 12/15/31 | | | 1,000 | | 1,117 | |
| Pittsburgh & Allegheny County PA Sports & Exhibition Authority Parking System Revenue | | 5.000% | | 12/15/32 | | | 500 | | 557 | |
| Pittsburgh & Allegheny County PA Sports & Exhibition Authority Parking System Revenue | | 5.000% | | 12/15/34 | | | 1,000 | | 1,105 | |
| Pittsburgh & Allegheny County PA Sports & Exhibition Authority Parking System Revenue | | 5.000% | | 12/15/36 | | | 500 | | 548 | |
55
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | | | Face | | Market | |
| | | | | Maturity | | | Amount | | Value· | |
| | | Coupon | | Date | | | ($000 | ) | ($000 | ) |
| Pittsburgh & Allegheny County PA Sports & Exhibition Authority Parking System Revenue | | 5.000% | | 12/15/37 | | | 500 | | 547 | |
| Pittsburgh PA GO | | 5.000% | | 9/1/28 | (15) | | 1,500 | | 1,675 | |
| Pittsburgh PA GO | | 5.000% | | 9/1/30 | | | 500 | | 572 | |
| Pittsburgh PA GO | | 5.000% | | 9/1/31 | (15) | | 1,150 | | 1,272 | |
| Pittsburgh PA GO | | 5.000% | | 9/1/34 | | | 50 | | 56 | |
| Pittsburgh PA GO | | 5.000% | | 9/1/35 | | | 600 | | 675 | |
| Pittsburgh PA GO | | 5.000% | | 9/1/36 | | | 700 | | 785 | |
| Pittsburgh PA Water & Sewer Authority Revenue | | 0.000% | | 9/1/27 | (14) | | 10,830 | | 8,184 | |
| Pittsburgh PA Water & Sewer Authority Revenue | | 0.000% | | 9/1/29 | (14) | | 10,000 | | 6,947 | |
| Pittsburgh PA Water & Sewer Authority Revenue | | 5.250% | | 9/1/36 | | | 5,000 | | 5,519 | |
| Pittsburgh PA Water & Sewer Authority Revenue | | 5.250% | | 9/1/40 | | | 5,000 | | 5,489 | |
| Plum Borough PA School District GO | | 5.000% | | 9/15/36 | (15) | | 4,920 | | 5,339 | |
| Pocono Mountains Industrial Park Authority Pennsylvania Hospital Revenue (St. Luke’s Hospital Obligated Group) | | 5.000% | | 8/15/40 | | | 3,750 | | 4,005 | |
| Pottsville PA Hospital Authority Revenue (Lehigh Valley Health Network) | | 5.000% | | 7/1/41 | | | 6,275 | | 6,797 | |
| Pottsville PA Hospital Authority Revenue (Lehigh Valley Health Network) | | 5.000% | | 7/1/45 | | | 14,405 | | 15,555 | |
| Reading PA Area Water Authority Revenue | | 5.000% | | 12/1/31 | | | 1,000 | | 1,068 | |
| Reading PA School District GO | | 5.000% | | 3/1/38 | (4) | | 1,750 | | 1,932 | |
| Saint Mary PA Hospital Authority Health System Revenue (Trinity Health Corp Obligated Group) | | 5.000% | | 11/15/28 | | | 1,750 | | 2,035 | |
| 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 | | 2,681 | |
| Snyder County PA Higher Education Authority University Revenue (Susquehanna University Project) | | 5.000% | | 1/1/27 | | | 1,765 | | 1,983 | |
| Snyder County PA Higher Education Authority University Revenue (Susquehanna University Project) | | 5.000% | | 1/1/28 | | | 1,190 | | 1,339 | |
| Snyder County PA Higher Education Authority University Revenue (Susquehanna University Project) | | 5.000% | | 1/1/28 | | | 1,865 | | 2,093 | |
| Snyder County PA Higher Education Authority University Revenue (Susquehanna University Project) | | 5.000% | | 1/1/29 | | | 1,335 | | 1,496 | |
| Snyder County PA Higher Education Authority University Revenue (Susquehanna University Project) | | 5.000% | | 1/1/30 | | | 1,285 | | 1,432 | |
| Snyder County PA Higher Education Authority University Revenue (Susquehanna University Project) | | 5.000% | | 1/1/30 | | | 1,180 | | 1,320 | |
| Snyder County PA Higher Education Authority University Revenue (Susquehanna University Project) | | 5.000% | | 1/1/31 | | | 600 | | 665 | |
56
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% | | 1/1/31 | | | 1,250 | | 1,395 | |
| Snyder County PA Higher Education Authority University Revenue (Susquehanna University Project) | | 5.000% | | 1/1/32 | | | 1,695 | | 1,885 | |
| 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 | | 1,217 | |
| Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) | | 5.000% | | 6/1/29 | | | 1,500 | | 1,648 | |
| Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) | | 5.000% | | 6/1/34 | | | 1,130 | | 1,223 | |
| Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) | | 5.000% | | 6/1/44 | | | 2,500 | | 2,666 | |
| State College PA Area School District GO | | 5.000% | | 5/15/36 | | | 375 | | 429 | |
| State College PA Area School District GO | | 5.000% | | 5/15/37 | | | 680 | | 776 | |
| State College PA Area School District GO | | 5.000% | | 5/15/38 | | | 400 | | 455 | |
| State College PA Area School District GO | | 5.000% | | 3/15/40 | | | 3,000 | | 3,303 | |
| State Public School Building Authority Pennsylvania College Revenue (Community College of Allegheny County Project) | | 4.000% | | 6/15/33 | (15) | | 1,000 | | 1,032 | |
| State Public School Building Authority Pennsylvania College Revenue (Delaware County Community College Project) | | 5.000% | | 10/1/29 | (15) | | 1,210 | | 1,359 | |
| State Public School Building Authority Pennsylvania College Revenue (Delaware County Community College Project) | | 5.000% | | 10/1/30 | (15) | | 1,055 | | 1,182 | |
| State Public School Building Authority Pennsylvania College Revenue (Montgomery County Community College) | | 5.000% | | 5/1/33 | | | 1,025 | | 1,137 | |
| State Public School Building Authority Pennsylvania College Revenue (Montgomery County Community College) | | 5.500% | | 5/1/33 | | | 6,165 | | 6,845 | |
| State Public School Building Authority Pennsylvania College Revenue (Montgomery County Community College) | | 5.000% | | 5/1/34 | | | 2,125 | | 2,351 | |
| State Public School Building Authority Pennsylvania College Revenue (Montgomery County Community College) | | 5.000% | | 5/1/35 | | | 1,510 | | 1,668 | |
| State Public School Building Authority Pennsylvania Lease Revenue (School District of Philadelphia) | | 5.000% | | 6/1/28 | | | 11,385 | | 12,752 | |
| State Public School Building Authority Pennsylvania Lease Revenue (School District of Philadelphia) | | 5.000% | | 6/1/30 | (4) | | 16,480 | | 18,348 | |
| State Public School Building Authority Pennsylvania Lease Revenue (School District of Philadelphia) | | 5.000% | | 6/1/32 | (4) | | 3,655 | | 4,045 | |
| State Public School Building Authority Pennsylvania Lease Revenue (School District of Philadelphia) | | 5.000% | | 6/1/33 | (4) | | 3,155 | | 3,478 | |
57
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | | | Face | | Market | |
| | | | | Maturity | | | Amount | | Value· | |
| | | Coupon | | Date | | | ($000 | ) | ($000 | ) |
| State Public School Building Authority Pennsylvania Lease Revenue (School District of Philadelphia) | | 5.000% | | 6/1/34 | | | 6,000 | | 6,566 | |
| State Public School Building Authority Pennsylvania School Revenue (Chester Upland School District Project) | | 5.250% | | 9/15/30 | | | 3,545 | | 3,959 | |
| Susquehanna PA Area Regional Airport Authority System Revenue | | 4.000% | | 1/1/33 | (15) | | 5,000 | | 5,037 | |
| Trinity PA Area School District GO | | 4.000% | | 1/15/35 | (15) | | 3,000 | | 3,053 | |
| Trinity PA Area School District GO | | 4.000% | | 1/15/36 | (15) | | 3,000 | | 3,027 | |
| Trinity PA Area School District GO | | 4.000% | | 1/15/38 | (15) | | 3,700 | | 3,703 | |
| Union County PA Higher Educational Facilities Financing Authority University Revenue (Bucknell University) | | 5.000% | | 4/1/32 | | | 1,000 | | 1,133 | |
| Union County PA Hospital Authority Revenue (Evangelical Community Hospital) | | 5.000% | | 8/1/48 | | | 3,000 | | 3,262 | |
| Unionville-Chadds Ford PA School District GO | | 4.000% | | 6/1/31 | | | 1,500 | | 1,595 | |
| Upper Merion PA Area School District GO | | 5.000% | | 1/15/33 | | | 650 | | 736 | |
| Upper Merion PA Area School District GO | | 5.000% | | 1/15/34 | | | 500 | | 564 | |
| Upper Merion PA Area School District GO | | 5.000% | | 1/15/34 | | | 1,300 | | 1,450 | |
| Upper Merion PA Area School District GO | | 5.000% | | 1/15/36 | | | 1,620 | | 1,796 | |
| Washington County PA Industrial Development Authority Revenue (Washington & Jefferson College Project) | | 4.000% | | 11/1/31 | | | 3,440 | | 3,527 | |
| Washington County PA Industrial Development Authority Revenue (Washington & Jefferson College Project) | | 4.000% | | 11/1/32 | | | 3,110 | | 3,182 | |
| West Cornwall PA Healthcare Facilities Revenue (Pleasant View Retirement Community Obligated Group) | | 5.000% | | 12/15/48 | | | 2,750 | | 2,851 | |
| West Shore PA Area Authority Hospital Revenue (Holy Spirit Hospital of the Sisters of Christian Charity Project) | | 6.000% | | 1/1/21 | (Prere.) | | 330 | | 356 | |
| West Shore PA Area Authority Revenue (Messiah Lifeways Obligated Group) | | 5.000% | | 7/1/22 | | | 1,000 | | 1,059 | |
| West Shore PA Area Authority Revenue (Messiah Lifeways Obligated Group) | | 5.000% | | 7/1/25 | | | 1,605 | | 1,739 | |
| West Shore PA Area Authority Revenue (Messiah Lifeways Obligated Group) | | 5.000% | | 7/1/30 | | | 1,500 | | 1,575 | |
| West Shore PA Area Authority Revenue (Messiah Lifeways Obligated Group) | | 5.000% | | 7/1/35 | | | 1,750 | | 1,812 | |
| West View PA Water Authority Revenue | | 4.000% | | 11/15/32 | | | 1,025 | | 1,071 | |
| West View PA Water Authority Revenue | | 4.000% | | 11/15/33 | | | 1,000 | | 1,040 | |
| West View PA Water Authority Revenue | | 4.000% | | 11/15/34 | | | 1,000 | | 1,037 | |
| West View PA Water Authority Revenue | | 4.000% | | 11/15/35 | | | 1,200 | | 1,239 | |
| West View PA Water Authority Revenue | | 4.000% | | 11/15/36 | | | 2,300 | | 2,364 | |
| West View PA Water Authority Revenue | | 4.000% | | 11/15/37 | | | 2,400 | | 2,462 | |
| West View PA Water Authority Revenue | | 4.000% | | 11/15/38 | | | 1,625 | | 1,661 | |
| West View PA Water Authority Revenue | | 4.000% | | 11/15/39 | | | 1,400 | | 1,429 | |
| West York PA Area School District GO | | 5.000% | | 4/1/33 | | | 4,265 | | 4,639 | |
1 | Westmoreland County PA Industrial Development Authority Revenue | | 4.720% | | 7/1/35 | | | 6,650 | | 6,754 | |
58
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | | | Face | | Market | |
| | | | | Maturity | | | Amount | | Value· | |
| | | Coupon | | Date | | | ($000 | ) | ($000 | ) |
| Westmoreland County PA Industrial Development Authority Revenue (Excela Health Project) | | 5.125% | | 7/1/30 | | | 1,500 | | 1,551 | |
| Westmoreland County PA Municipal Authority Revenue | | 4.000% | | 8/15/34 | (15) | | 8,000 | | 8,219 | |
| Westmoreland County PA Municipal Authority Revenue | | 4.000% | | 8/15/35 | (15) | | 8,000 | | 8,183 | |
| Westmoreland County PA Municipal Authority Revenue | | 5.000% | | 8/15/42 | (15) | | 2,750 | | 2,982 | |
| Wilkes-Barre PA Area School District GO | | 5.000% | | 8/1/27 | (15) | | 1,240 | | 1,412 | |
| Wilkes-Barre PA Area School District GO | | 5.000% | | 8/1/28 | (15) | | 1,540 | | 1,739 | |
| Wilkes-Barre PA Area School District GO | | 5.000% | | 8/1/29 | (15) | | 1,860 | | 2,090 | |
| Wilkes-Barre PA Finance Authority Revenue (University of Scranton Project) | | 5.000% | | 11/1/20 | (Prere.) | | 4,990 | | 5,274 | |
| Wilkes-Barre PA Finance Authority Revenue (University of Scranton Project) | | 5.000% | | 11/1/20 | (Prere.) | | 4,110 | | 4,336 | |
| Wilkes-Barre PA Finance Authority Revenue (University of Scranton Project) | | 5.000% | | 11/1/30 | | | 2,315 | | 2,587 | |
| Wilkes-Barre PA Finance Authority Revenue (University of Scranton Project) | | 5.000% | | 11/1/31 | | | 2,430 | | 2,706 | |
| Wilkes-Barre PA Finance Authority Revenue (University of Scranton Project) | | 5.000% | | 11/1/34 | | | 1,000 | | 1,107 | |
| York County PA GO | | 4.000% | | 3/1/34 | | | 3,000 | | 3,108 | |
| York County PA GO | | 5.000% | | 6/1/38 | | | 5,000 | | 5,470 | |
| | | | | | | | | | 3,439,273 | |
Guam (0.0%) | | | | | | | | | | |
| Guam Power Authority Revenue | | 5.000% | | 10/1/27 | | | 1,000 | | 1,078 | |
Total Tax-Exempt Municipal Bonds (Cost $3,416,915) | | | | | | | 3,440,351 | |
| | Amount | |
| | ($000 | ) |
Other Assets and Liabilities (1.0%) | | | |
Other Assets | | | |
Investment in Vanguard | | 183 | |
Receivables for Investment Securities Sold | | 1,624 | |
Receivables for Accrued Income | | 47,551 | |
Receivables for Capital Shares Issued | | 838 | |
Variation Margin Receivable—Futures Contracts | | 21 | |
Other Assets | | 846 | |
Total Other Assets | | 51,063 | |
Liabilities | | | |
Payables for Investment Securities Purchased | | (6,852 | ) |
Payables for Capital Shares Redeemed | | (2,748 | ) |
Payables for Distributions | | (3,511 | ) |
Payables to Vanguard | | (2,604 | ) |
Variation Margin Payable—Futures Contracts | | (91 | ) |
Total Liabilities | | (15,806 | ) |
Net Assets (100%) | | 3,475,608 | |
59
Pennsylvania Long-Term Tax-Exempt Fund
At November 30, 2018, net assets consisted of:
| | Amount | |
| | ($000 | ) |
Paid-in Capital | | 3,438,026 | |
Total Distributable Earnings (Loss) | | 37,582 | |
Net Assets | | 3,475,608 | |
| | | |
Investor Shares—Net Assets | | | |
Applicable to 27,503,213 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 308,448 | |
Net Asset Value Per Share—Investor Shares | | $11.21 | |
| | | |
Admiral Shares—Net Assets | | | |
Applicable to 282,405,609 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,167,160 | |
Net Asset Value Per Share—Admiral Shares | | $11.21 | |
· 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, 2018, the aggregate value of these securities was $53,909,000, representing 1.6% of net assets.
2 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of November 30, 2018.
3 Securities with a value of $582,000 have been segregated as initial margin for open futures contracts.
4 5.000% coupon rate will be effective December 2018.
5 4.500% coupon rate will be effective December 2021.
6 4.750% coupon rate will be effective December 2021.
7 6.100% coupon rate will be effective December 2028.
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.
60
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.
61
Pennsylvania Long-Term Tax-Exempt Fund
Derivative Financial Instruments Outstanding as of Period End |
Futures Contracts |
| | | | | | | | ($000 | ) |
| | | | | | | | Value and | |
| | | | Number of | | | | Unrealized | |
| | | | Long (Short | ) | Notional | | Appreciation | |
| | Expiration | | Contracts | | Amount | | (Depreciation | ) |
Long Futures Contracts | | | | | | | | | |
2-Year U.S. Treasury Note | | March 2019 | | 350 | | 73,844 | | 45 | |
5-Year U.S. Treasury Note | | March 2019 | | 494 | | 55,803 | | 81 | |
10-Year U.S. Treasury Note | | March 2019 | | 71 | | 8,481 | | (2 | ) |
| | | | | | | | 124 | |
| | | | | | | | | |
Short Futures Contracts | | | | | | | | | |
Ultra Long U.S. Treasury Bond | | March 2019 | | (185 | ) | (28,195 | ) | (50 | ) |
30-Year U.S. Treasury Bond | | March 2019 | | (75 | ) | (10,493 | ) | (30 | ) |
| | | | | | | | (80 | ) |
| | | | | | | | 44 | |
See accompanying Notes, which are an integral part of the Financial Statements.
62
Pennsylvania Long-Term Tax-Exempt Fund
Statement of Operations
| | Year Ended | |
| | November 30, 2018 | |
| | ($000 | ) |
Investment Income | | | |
Income | | | |
Interest | | 128,881 | |
Total Income | | 128,881 | |
Expenses | | | |
The Vanguard Group—Note B | | | |
Investment Advisory Services | | 448 | |
Management and Administrative—Investor Shares | | 426 | |
Management and Administrative—Admiral Shares | | 2,242 | |
Marketing and Distribution—Investor Shares | | 57 | |
Marketing and Distribution—Admiral Shares | | 179 | |
Custodian Fees | | 22 | |
Auditing Fees | | 35 | |
Shareholders’ Reports and Proxy—Investor Shares | | 10 | |
Shareholders’ Reports and Proxy—Admiral Shares | | 14 | |
Trustees’ Fees and Expenses | | 2 | |
Total Expenses | | 3,435 | |
Net Investment Income | | 125,446 | |
Realized Net Gain (Loss) | | | |
Investment Securities Sold | | 17,297 | |
Futures Contracts | | (1,615 | ) |
Realized Net Gain (Loss) | | 15,682 | |
Change in Unrealized Appreciation (Depreciation) | | | |
Investment Securities | | (105,110 | ) |
Futures Contracts | | 335 | |
Change in Unrealized Appreciation (Depreciation) | | (104,775 | ) |
Net Increase (Decrease) in Net Assets Resulting from Operations | | 36,353 | |
See accompanying Notes, which are an integral part of the Financial Statements.
63
Pennsylvania Long-Term Tax-Exempt Fund
Statement of Changes in Net Assets
| | Year Ended November 30, | |
| | 2018
($000 | ) | 2017
($000 | ) |
Increase (Decrease) in Net Assets | | | | | |
Operations | | | | | |
Net Investment Income | | 125,446 | | 122,030 | |
Realized Net Gain (Loss) | | 15,682 | | 20,404 | |
Change in Unrealized Appreciation (Depreciation) | | (104,775 | ) | 82,625 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | 36,353 | | 225,059 | |
Distributions | | | | | |
Net Investment Income | | | | | |
Investor Shares | | (10,979 | ) | (11,055 | ) |
Admiral Shares | | (114,293 | ) | (110,941 | ) |
Realized Capital Gain1 | | | | | |
Investor Shares | | (1,655 | ) | (1,521 | ) |
Admiral Shares | | (16,581 | ) | (14,781 | ) |
Total Distributions | | (143,508 | ) | (138,298 | ) |
Capital Share Transactions | | | | | |
Investor Shares | | (5,112 | ) | 933 | |
Admiral Shares | | 29,173 | | 81,401 | |
Net Increase (Decrease) from Capital Share Transactions | | 24,061 | | 82,334 | |
Total Increase (Decrease) | | (83,094 | ) | 169,095 | |
Net Assets | | | | | |
Beginning of Period | | 3,558,702 | | 3,389,607 | |
End of Period | | 3,475,608 | | 3,558,702 | |
1 Includes fiscal 2018 and 2017 short-term gain distributions totaling $62,000 and $296,000, respectively. Short-term gain distributions are treated as ordinary income dividends for tax purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
64
Pennsylvania Long-Term Tax-Exempt Fund
Financial Highlights
Investor Shares
For a Share Outstanding
Throughout Each Period | | Year Ended November 30, | |
| 2018 | | 2017 | | 2016 | | 2015 | | 2014 | |
Net Asset Value, Beginning of Period | | $11.56 | | $11.26 | | $11.67 | | $11.69 | | $11.04 | |
Investment Operations | | | | | | | | | | | |
Net Investment Income | | .394 | 1 | .396 | 1 | .411 | | .421 | | .427 | |
Net Realized and Unrealized Gain (Loss) on Investments | | (.291 | ) | .355 | | (.371 | ) | .003 | | .650 | |
Total from Investment Operations | | .103 | | .751 | | .040 | | .424 | | 1.077 | |
Distributions | | | | | | | | | | | |
Dividends from Net Investment Income | | (.394 | ) | (.396 | ) | (.411 | ) | (.421 | ) | (.427 | ) |
Distributions from Realized Capital Gains | | (.059 | ) | (.055 | ) | (.039 | ) | (.023 | ) | — | |
Total Distributions | | (.453 | ) | (.451 | ) | (.450 | ) | (.444 | ) | (.427 | ) |
Net Asset Value, End of Period | | $11.21 | | $11.56 | | $11.26 | | $11.67 | | $11.69 | |
| | | | | | | | | | | |
Total Return2 | | 0.91% | | 6.77% | | 0.22% | | 3.70% | | 9.90% | |
| | | | | | | | | | | |
Ratios/Supplemental Data | | | | | | | | | | | |
Net Assets, End of Period (Millions) | | $308 | | $323 | | $314 | | $346 | | $351 | |
Ratio of Total Expenses to Average Net Assets | | 0.17% | | 0.19% | | 0.19% | | 0.20% | | 0.20% | |
Ratio of Net Investment Income to Average Net Assets | | 3.48% | | 3.44% | | 3.47% | | 3.62% | | 3.73% | |
Portfolio Turnover Rate | | 26% | | 22% | | 19% | | 16% | | 16% | |
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.
65
Pennsylvania Long-Term Tax-Exempt Fund
Financial Highlights
Admiral Shares
For a Share Outstanding
Throughout Each Period | | Year Ended November 30, | |
| 2018 | | 2017 | | 2016 | | 2015 | | 2014 | |
Net Asset Value, Beginning of Period | | $11.56 | | $11.26 | | $11.67 | | $11.69 | | $11.04 | |
Investment Operations | | | | | | | | | | | |
Net Investment Income | | .403 | 1 | .408 | 1 | .423 | | .431 | | .436 | |
Net Realized and Unrealized Gain (Loss) on Investments | | (.291 | ) | .354 | | (.371 | ) | .003 | | .650 | |
Total from Investment Operations | | .112 | | .762 | | .052 | | .434 | | 1.086 | |
Distributions | | | | | | | | | | | |
Dividends from Net Investment Income | | (.403 | ) | (.407 | ) | (.423 | ) | (.431 | ) | (.436 | ) |
Distributions from Realized Capital Gains | | (.059 | ) | (.055 | ) | (.039 | ) | (.023 | ) | — | |
Total Distributions | | (.462 | ) | (.462 | ) | (.462 | ) | (.454 | ) | (.436 | ) |
Net Asset Value, End of Period | | $11.21 | | $11.56 | | $11.26 | | $11.67 | | $11.69 | |
| | | | | | | | | | | |
Total Return2 | | 0.99% | | 6.88% | | 0.32% | | 3.79% | | 9.99% | |
| | | | | | | | | | | |
Ratios/Supplemental Data | | | | | | | | | | | |
Net Assets, End of Period (Millions) | | $3,167 | | $3,236 | | $3,076 | | $2,924 | | $2,780 | |
Ratio of Total Expenses to Average Net Assets | | 0.09% | | 0.09% | | 0.09% | | 0.12% | | 0.12% | |
Ratio of Net Investment Income to Average Net Assets | | 3.56% | | 3.54% | | 3.57% | | 3.70% | | 3.81% | |
Portfolio Turnover Rate | | 26% | | 22% | | 19% | | 16% | | 16% | |
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.
66
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. Any assets pledged as initial margin for open contracts are noted in the Statement of Net Assets.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the year ended November 30, 2018, 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 taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (November 30, 2015–2018), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
67
Pennsylvania Long-Term Tax-Exempt Fund
4. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $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, 2018, 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. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At November 30, 2018, the fund had contributed to Vanguard capital in the amount of $183,000, representing 0.01% of the fund’s net assets and 0.07% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
68
Pennsylvania Long-Term Tax-Exempt Fund
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). 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, 2018, based on the inputs used to value them:
Investments | | Level 1
($000 | ) | Level 2
($000 | ) | Level 3
($000 | ) |
Tax-Exempt Municipal Bonds | | — | | 3,440,351 | | — | |
Futures Contracts—Assets1 | | 21 | | — | | — | |
Futures Contracts—Liabilities1 | | (91 | ) | — | | — | |
Total | | (70 | ) | 3,440,351 | | — | |
1 Represents variation margin on the last day of the reporting period for recently closed futures contracts.
D. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for distributions in connection with fund share redemptions were reclassified between the following accounts:
| | Amount
($000 | ) |
Paid-in Capital | | 1,299 | |
Total Distributable Earnings (Loss) | | (1,299 | ) |
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the tax deferral of losses on wash sales and straddles, the realization of unrealized gains or losses on certain futures contracts, and payables for distributions. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
| | Amount
($000 | ) |
Undistributed Ordinary Income | | 155 | |
Undistributed Tax-Exempt Income | | 5,954 | |
Undistributed Long-Term Gains | | 14,229 | |
Capital Loss Carryforwards (Non-expiring) | | — | |
Net Unrealized Gains (Losses) | | 23,208 | |
69
Pennsylvania Long-Term Tax-Exempt Fund
As of November 30, 2018, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
| | Amount
($000 | ) |
Tax Cost | | 3,417,143 | |
Gross Unrealized Appreciation | | 61,600 | |
Gross Unrealized Depreciation | | (38,392 | ) |
Net Unrealized Appreciation (Depreciation) | | 23,208 | |
E. During the year ended November 30, 2018, the fund purchased $890,487,000 of investment securities and sold $886,201,000 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, 2018, such purchases and sales were $ 417,682,000 and $515,538,000, respectively; these amounts are included in the purchases and sales of investment securities noted above.
F. Capital shares issued and redeemed were:
| | Year Ended November 30, | |
| | | | 2018 | | | | 2017 | |
| | Amount
($000 | ) | Shares
(000 | ) | Amount
($000 | ) | Shares
(000 | ) |
Investor Shares | | | | | | | | | |
Issued | | 60,579 | | 5,342 | | 77,214 | | 6,714 | |
Issued in Lieu of Cash Distributions | | 10,338 | | 909 | | 10,317 | | 899 | |
Redeemed | | (76,029 | ) | (6,709 | ) | (86,598 | ) | (7,535 | ) |
Net Increase (Decrease)—Investor Shares | | (5,112 | ) | (458 | ) | 933 | | 78 | |
Admiral Shares | | | | | | | | | |
Issued | | 441,069 | | 38,891 | | 428,860 | | 37,272 | |
Issued in Lieu of Cash Distributions | | 84,301 | | 7,413 | | 81,647 | | 7,115 | |
Redeemed | | (496,197 | ) | (43,892 | ) | (429,106 | ) | (37,464 | ) |
Net Increase (Decrease)—Admiral Shares | | 29,173 | | 2,412 | | 81,401 | | 6,923 | |
G. Management has determined that no events or transactions occurred subsequent to November 30, 2018, that would require recognition or disclosure in these financial statements.
70
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard Pennsylvania Tax-Free Funds and Shareholders of Vanguard Pennsylvania Municipal Money Market Fund and Vanguard Pennsylvania Long-Term Tax-Exempt Fund
Opinions on the Financial Statements
We have audited the accompanying statements of net assets of Vanguard Pennsylvania Municipal Money Market Fund and Vanguard Pennsylvania Long-Term Tax-Exempt Fund (constituting Vanguard Pennsylvania Tax-Free Funds, hereafter collectively referred to as the “Funds”) as of November 30, 2018, the related statements of operations for the year ended November 30, 2018, the statements of changes in net assets for each of the two years in the period ended November 30, 2018, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2018, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended November 30, 2018 and each of the financial highlights for each of the five years in the period ended November 30, 2018 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2018 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
January 17, 2019
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
71
Special 2018 tax information (unaudited) for Vanguard Pennsylvania Tax-Exempt Funds
This information for the fiscal year ended November 30, 2018, 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 $19,473,000 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.
72
BLOOMBERG is a trademark and service mark of Bloomberg Finance L.P. BARCLAYS is a trademark and service mark of Barclays Bank Plc, used under license. Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (BISL) (collectively, Bloomberg), or Bloomberg’s licensors, own all proprietary rights in the Bloomberg Barclays PA Municipal Bond Index (Index or Bloomberg Barclays Index).
Neither Barclays Bank Plc, Barclays Capital Inc., or any affiliate (collectively Barclays) or Bloomberg is the issuer or producer of the Pennsylvania Long-Term Tax-Exempt Fund and neither Bloomberg nor Barclays has any responsibilities, obligations or duties to investors in the Pennsylvania Long-Term Tax-Exempt Fund. The Index is licensed for use by The Vanguard Group, Inc. (Vanguard) as the sponsor of the Pennsylvania Long-Term Tax-Exempt Fund. Bloomberg and Barclays’ only relationship with Vanguard in respect of the Index is the licensing of the Index, which is determined, composed and calculated by BISL, or any successor thereto, without regard to the Issuer or the Pennsylvania Long-Term Tax-Exempt Fund or the owners of the Pennsylvania Long-Term Tax-Exempt Fund.
Additionally, Vanguard may for itself execute transaction(s) with Barclays in or relating to the Index in connection with the Pennsylvania Long-Term Tax-Exempt Fund. Investors acquire the Pennsylvania Long-Term Tax-Exempt Fund from Vanguard and investors neither acquire any interest in the Index nor enter into any relationship of any kind whatsoever with Bloomberg or Barclays upon making an investment in the Pennsylvania Long-Term Tax-Exempt Fund. The Pennsylvania Long-Term Tax-Exempt Fund is not sponsored, endorsed, sold or promoted by Bloomberg or Barclays. Neither Bloomberg nor Barclays makes any representation or warranty, express or implied regarding the advisability of investing in the Pennsylvania Long-Term Tax-Exempt Fund or the advisability of investing in securities generally or the ability of the Index to track corresponding or relative market performance. Neither Bloomberg nor Barclays has passed on the legality or suitability of the Pennsylvania Long-Term Tax-Exempt Fund with respect to any person or entity. Neither Bloomberg nor Barclays is responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Pennsylvania Long-Term Tax-Exempt Fund to be issued. Neither Bloomberg nor Barclays has any obligation to take the needs of the Issuer or the owners of the Pennsylvania Long-Term Tax-Exempt Fund or any other third party into consideration in determining, composing or calculating the Index. Neither Bloomberg nor Barclays has any obligation or liability in connection with administration, marketing or trading of the Pennsylvania Long-Term Tax-Exempt Fund.
73
The licensing agreement between Bloomberg and Barclays is solely for the benefit of Bloomberg and Barclays and not for the benefit of the owners of the Pennsylvania Long-Term Tax-Exempt Fund, investors or other third parties. In addition, the licensing agreement between Vanguard and Bloomberg is solely for the benefit of Vanguard and Bloomberg and not for the benefit of the owners of the Pennsylvania Long-Term Tax-Exempt Fund, investors or other third parties.
NEITHER BLOOMBERG NOR BARCLAYS SHALL HAVE ANY LIABILITY TO THE ISSUER, INVESTORS OR TO OTHER THIRD PARTIES FOR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE BLOOMBERG BARCLAYS INDEX. NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER, THE INVESTORS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN. NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EACH HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN. BLOOMBERG RESERVES THE RIGHT TO CHANGE THE METHODS OF CALCULATION OR PUBLICATION, OR TO CEASE THE CALCULATION OR PUBLICATION OF THE BLOOMBERG BARCLAYS INDEX, AND NEITHER BLOOMBERG NOR BARCLAYS SHALL BE LIABLE FOR ANY MISCALCULATION OF OR ANY INCORRECT, DELAYED OR INTERRUPTED PUBLICATION WITH RESPECT TO ANY OF THE BLOOMBERG BARCLAYS INDEX. NEITHER BLOOMBERG NOR BARCLAYS SHALL BE LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR ANY LOST PROFITS AND EVEN IF ADVISED OF THE POSSIBILITY OF SUCH, RESULTING FROM THE USE OF THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN OR WITH RESPECT TO THE PENNSYLVANIA LONG-TERM TAX-EXEMPT FUND.
None of the information supplied by Bloomberg or Barclays and used in this publication may be reproduced in any manner without the prior written permission of both Bloomberg and Barclays Capital, the investment banking division of Barclays Bank Plc. Barclays Bank Plc is registered in England No. 1026167. Registered office 1 Churchill Place London E14 5HP.
© 2019 Bloomberg. Used with Permission.
Source: Bloomberg Index Services Limited. Copyright 2019, Bloomberg. All rights reserved.
74
The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them.
A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 212 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 Trustees1
F. William McNabb III
Born in 1957. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: chairman of the board (January 2010–present) of Vanguard and of each of the investment companies served by Vanguard, trustee (2009–present) of each of the investment companies served by Vanguard, and director (2008–present) of Vanguard. Chief executive officer and president (2008–2017) of Vanguard and each of the investment companies served by Vanguard, managing director (1995–2008) of Vanguard, and director (1997–2018) of Vanguard Marketing Corporation. Director (2018–present) of UnitedHealth Group.
Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chief executive officer (January 2018–present) of Vanguard; chief executive officer, president, and trustee (January 2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (February 2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Chairman of the board (2011–2017) of the Children’s Hospital of Philadelphia.
Independent Trustees
Emerson U. Fullwood
Born in 1948. Trustee since January 2008. Principal occupation(s) during the past five years and other experience: executive chief staff and marketing officer for North America and corporate vice president (retired 2008) of Xerox Corporation (document management products and services). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive in residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology. Lead director of SPX FLOW, Inc. (multi-industry manufacturing). Director of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, and Roberts Wesleyan College. Trustee of the University of Rochester.
Amy Gutmann
Born in 1949. Trustee since June 2006. Principal occupation(s) during the past five years and other experience: president (2004–present) of the University of Pennsylvania. Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and professor of communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania. Trustee of the National Constitution Center.
1 Mr. McNabb and Mr. Buckley are considered “interested persons,” as defined in the Investment Company Act of 1940, because they are officers of the Vanguard funds.
JoAnn Heffernan Heisen
Born in 1950. Trustee since July 1998. Principal occupation(s) during the past five years and other experience: corporate vice president of Johnson & Johnson (pharmaceuticals/medical devices/consumer products) and member of its 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. 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 in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) of Cummins Inc. (industrial machinery). Chairman of the board of Hillenbrand, Inc. (specialized consumer services), 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 in 1953. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: senior vice president and chief financial officer (retired 2013) of IBM (information technology services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.
Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer (1989–present) and vice president (1996–present) of the University of Notre Dame. Assistant professor of finance at the Mendoza College of Business, University of Notre Dame, and member of the Notre Dame 403(b) Investment Committee. Chairman of the board of TIFF Advisory Services, Inc. Member of the board of Catholic Investment Services, Inc. (investment advisors), the board of advisors for Spruceview Capital Partners, and the board of superintendence of the Institute for the Works of Religion.
Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: president (2010–present) and chief executive officer (2011–present) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of The Guardian Life Insurance Company of America. Member of the board of The Guardian Life Insurance Company of America, the American Council of Life Insurers, the Partnership for New York City (business leadership), and the Committee Encouraging Corporate Philanthropy. Trustee of the Economic Club of New York and the Bruce Museum (arts and science). Member of the Advisory Council for the Stanford Graduate School of Business.
André F. Perold
Born in 1952. Trustee since December 2004. Principal occupation(s) during the past five years and other experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011). Chief investment officer and co-managing partner of HighVista Strategies LLC (private investment firm). Overseer of the Museum of Fine Arts Boston.
Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Member of the board of directors (2012–2014) of Neighborhood Reinvestment Corporation. Director of i(x) Investments, LLC.
Peter F. Volanakis
Born in 1955. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2010) of Corning Incorporated (communications equipment) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). Chairman of the board of trustees of Colby-Sawyer College. Member of the Board of Hypertherm Inc. (industrial cutting systems, software, and consumables).
Executive Officers
Glenn Booraem
Born in 1967. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (2017–present), treasurer (2015–2017), controller (2010–2015), and assistant controller (2001–2010) of each of the investment companies served by Vanguard.
Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard and global head of Fund Administration at Vanguard. Treasurer (2017–present) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG LLP (audit, tax, and advisory services).
Brian Dvorak
Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (2017–present) of Vanguard and each of the investment companies served by Vanguard. Assistant vice president (2017–present) of Vanguard Marketing Corporation. Vice president and director of Enterprise Risk Management (2011–2013) at Oppenheimer Funds, Inc.
Thomas J. Higgins
Born in 1957. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2008–present) and treasurer (1998–2008) of each of the investment companies served by Vanguard.
Peter Mahoney
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.
Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Director and senior vice president (2016–2018) of Vanguard Marketing Corporation. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express.
Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.
Vanguard Senior Management Team
Joseph Brennan | | Chris D. McIsaac |
Mortimer J. Buckley | | James M. Norris |
Gregory Davis | | Thomas M. Rampulla |
John James | | Karin A. Risi |
Martha G. King | | Anne E. Robinson |
John T. Marcante | | Michael Rollings |
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
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 information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov.
CFA® is a registered trademark owned by CFA Institute.
| © 2019 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.
Q770 012019 |
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: JoAnn Heffernan Heisen, F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant.
Fiscal Year Ended November 30, 2018: $64,000
Fiscal Year Ended November 30, 2017: $66,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended November 30, 2018: $9,734,277
Fiscal Year Ended November 30, 2017: $8,424,459
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, 2018: $5,581,336
Fiscal Year Ended November 30, 2017: $3,194,093
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, 2018: $347,985
Fiscal Year Ended November 30, 2017: $274,313
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, 2018: $0
Fiscal Year Ended November 30, 2017: $0
Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(e) (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.
In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.
(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Fiscal Year Ended November 30, 2018: $347,985
Fiscal Year Ended November 30, 2017: $274,313
Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.
Item 5: Audit Committee of Listed Registrants.
The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are: JoAnn Heffernan Heisen, F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 6: Investments.
Not Applicable.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not Applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not Applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not Applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not Applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not Applicable.
Item 13: Exhibits.
(a) Code of Ethics.
(b) Certifications.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| VANGUARD PENNSYLVANIA TAX-FREE FUNDS |
| |
BY: | /s/ MORTIMER J. BUCKLEY* | |
| | |
| MORTIMER J. BUCKLEY | |
| CHIEF EXECUTIVE OFFICER | |
Date: January 22, 2019
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, 2019 |
|
| VANGUARD PENNSYLVANIA TAX-FREE FUNDS |
| |
BY: | /s/ THOMAS J. HIGGINS* | |
| | |
| THOMAS J. HIGGINS | |
| CHIEF FINANCIAL OFFICER | |
| |
Date: January 22, 2019 | |
* 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.
