UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-04571
| Name of Registrant: | Vanguard Pennsylvania Tax-Free Funds |
| Address of Registrant: | P.O. Box 2600 Valley Forge, PA 19482 |
| Name and address of agent for service: | Anne E. Robinson, Esquire P.O. Box 876 Valley Forge, PA 19482 |
Registrant’s telephone number, including area code:(610) 669-1000
Date of fiscal year end: November 30
Date of reporting period: December 1, 2018—November 30, 2019
Item 1:Reports to Shareholders
| Annual Report|November 30, 2019 |
| Vanguard Pennsylvania Tax-Exempt Funds |
| Vanguard Pennsylvania Municipal Money Market Fund |
| Vanguard Pennsylvania Long-Term Tax-Exempt Fund |
| See the inside front cover for important information about access to your fund’s annual and semiannual shareholder reports. |
Important information about access to shareholder reports
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your fund’s annual and semiannual shareholder reports will no longer be sent to you by mail, unless you specifically request them. Instead, you will be notified by mail each time a report is posted on the website and will be provided with a link to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on to vanguard.com.
You may elect to receive paper copies of all future shareholder reports free of charge. If you invest through a financial intermediary, you can contact the intermediary to request that you continue to receive paper copies. If you invest directly with the fund, you can call Vanguard at one of the phone numbers on the back cover of this report or log on to vanguard.com. Your election to receive paper copies will apply to all the funds you hold through an intermediary or directly with Vanguard.
| Contents | |
| A Note From Our Chairman | 1 |
| Your Fund’s Performance at a Glance | 2 |
| Advisor’s Report | 3 |
| About Your Fund’s Expenses | 7 |
| Pennsylvania Municipal Money Market Fund | 9 |
| Pennsylvania Long-Term Tax-Exempt Fund | 26 |
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
A Note From Our Chairman
Tim Buckley
Chairman and Chief Executive Officer
Dear Shareholder,
Recent volatility in financial markets—affecting stocks, bonds, and commodities—has been a good reminder of the wise old adage, “Never keep all your eggs in one basket.” Maintaining balance and diversification in your investment portfolio can help to both limit risk and set you up for long-term success.
It’s understandable why some investors might become complacent after a long market run-up like the one that lifted stock prices, especially U.S. stock prices, in the years following the global financial crisis. But failing to rebalance regularly can leave a portfolio with a much different mix of assets than intended and, often, more risk than intended.
Balance across and diversification within asset classes are powerful tools for managing risk and achieving your investment goals. A portfolio’s allocation will determine a large portion of its long-term return and also the majority of its volatility risk. A well-diversified portfolio is less vulnerable to significant swings in the performance of any one segment of the asset classes in which it invests.
Balance and diversification will never eliminate the risk of loss, nor will they guarantee positive returns in a declining market. But they may reduce the chance that you’ll suffer disproportionate losses in one particular high-flying asset class or sector when it comes back to earth. And exposure to all key market components should give you at least some participation in the sectors that are performing best at any given time.
Vanguard is committed to helping you achieve balance and diversification in your portfolios to help meet your investment goals. We thank you for your continued loyalty.
Sincerely,
Mortimer J. Buckley
Chairman and Chief Executive Officer
December 17, 2019
1
Your Fund’s Performance at a Glance
· For the 12 months ended November 30, 2019, Vanguard Pennsylvania Long-Term Tax-Exempt Fund returned 9.99% for Investor Shares and 10.08% for Admiral Shares. The fund outperformed its benchmark, the Bloomberg Barclays PA Municipal Bond Index, which returned 9.33%.
· Vanguard Pennsylvania Municipal Money Market Fund gained 1.36%.
· Global monetary policy shifted markedly during the fiscal year. Faced with slowing global growth and intensifying trade disputes, many central banks turned more accommodative. The U.S. Federal Reserve, after raising its target for short-term interest rates four times in 2018, cut rates three times in 2019 and ended its balance-sheet tapering. Bonds, including municipal issues, saw their yields fall and prices rise.
· The Long-Term Fund’s average duration (a measure of the price sensitivity of the fund’s holdings to movements in interest rates) was longer than that of its benchmark. That stance accounted for much of the fund’s relative outperformance.
· The advisor continued to favor intermediate-term and long-term maturities, which boosted performance. A tilt toward lower-quality investment-grade bonds compared with the benchmark index also proved beneficial as recession fears went unrealized.
Market Barometer
| Average Annual Total Returns | |||
| Periods Ended November 30, 2019 | |||
| One Year | Three Years | Five Years | |
| Stocks | |||
| Russell 1000 Index (Large-caps) | 16.10% | 14.67% | 10.80% |
| Russell 2000 Index (Small-caps) | 7.51 | 8.57 | 8.22 |
| Russell 3000 Index (Broad U.S. market) | 15.49 | 14.22 | 10.61 |
| FTSE All-World ex US Index (International) | 11.50 | 9.39 | 4.20 |
| Bonds | |||
| Bloomberg Barclays U.S. Aggregate Bond Index (Broad taxable market) | 10.79% | 4.10% | 3.08% |
| Bloomberg Barclays Municipal Bond Index (Broad tax-exempt market) | 8.49 | 5.02 | 3.57 |
| FTSE Three-Month U.S. Treasury Bill Index | 2.31 | 1.61 | 1.01 |
| CPI | |||
| Consumer Price Index | 2.05% | 2.14% | 1.72% |
2
Advisor’s Report
For the 12 months ended November 30, 2019, Vanguard Pennsylvania Long-Term Tax-Exempt Fund returned 9.99% for Investor Shares and 10.08% for Admiral Shares. Those results exceeded the 9.33% return of its benchmark, the Bloomberg Barclays PA Municipal Bond Index.
Municipal bond yields declined across the board; prices increased most at the long end. For both Investor and Admiral Shares, the capital return was 6.50%. Return from income was 3.49% for Investor Shares and 3.58% for Admiral Shares. The Long-Term Fund’s 30-day SEC yield fell 128 basis points to 2.07% for Investor Shares and 126 basis points to 2.15% for Admiral Shares. (A basis point is one-hundredth of a percentage point.)
Vanguard Pennsylvania Municipal Money Market Fund returned 1.36%. The fund’s 7-day SEC yield fell 58 basis points to 0.96%.
Please note that the funds are permitted to invest in securities that can generate income distributions subject to the alternative minimum tax (AMT). At the end of the fiscal year, only the Money Market Fund owned such securities.
The investment environment
The financial markets were driven largely by shifts in the outlook for global growth and monetary policy during the 12 months.
Further signs of a global slowdown and tepid inflation at the start of 2019 led to a pivot in monetary policy across much of the world as major central banks took a more accommodative stance. The U.S. labor market remained robust even as the pace of job creation eased a little. The unemployment rate continued to trend lower, falling to 3.5% by the end of the 12 months; this helped keep consumers spending.
Although gross domestic product, the broadest measure of economic activity, expanded in the first quarter of 2019 at
Yields of Tax-Exempt Municipal Securities
(National Averages, AAA-Rated General Obligation Issues)
| November 30, | November 30, | |
| Maturity | 2018 | 2019 |
| 2 years | 1.98% | 1.10% |
| 5 years | 2.16 | 1.17 |
| 10 years | 2.55 | 1.50 |
| 30 years | 3.27 | 2.13 |
Source: Vanguard.
3
an annual rate of about 3% after adjusting for inflation, its growth then slowed amid fading effects from tax cuts, weaker business confidence, and trade disputes. Inflation remained tame.
After raising rates in December 2018, the Federal Reserve began to reverse gears with an announcement in March that it would end its balance-sheet tapering. It went on to lower the federal funds rate in August, September, and October. Those cuts, the first in more than a decade, were justified by policymakers as “insurance” meant to cushion the effects of trade policies and prolong an economic expansion already in its eleventh year.
Although international developments typically have little effect on municipal bonds, the bonds largely took their cues from Treasuries, whose yields fell across the maturity spectrum. The average yield of 2-year AAA-rated general obligation issues slipped 88 basis points to 1.10% by the end of the period. The comparable 10-year yield dropped 105 basis points to 1.50%.
Demand for muni bonds was strong through much of the fiscal year. That supported prices, as did supply in recent months. We expected that the prerefunding of tax-exempt securities would come to an end after 2017 federal tax legislation made tax-exempt interest on advance refunding bonds taxable. With rates falling so low, however, municipalities have been prerefunding tax-exempt securities by issuing taxable securities, thereby shrinking the supply of longer-dated tax-exempt munis.
Credit quality in the municipal market remained solid overall as revenue collections were supported by the strong economy.
In Pennsylvania, credit trends for the commonwealth and its largest city, Philadelphia, improved. Governor Tom Wolf signed a $33.9 billion fiscal 2020 budget in June, a 2.7% increase from the previous year. The budget was signed before the end of the fiscal year, marking the second consecutive year of smooth budget passage in Pennsylvania. The commonwealth finished fiscal 2019 with a reported $34.9 billion in general fund collections, 2.6% above estimates.
Philadelphia’s fiscal 2020 budget includes $5 billion in spending, a 3.98% increase from the previous year. Its unaudited fiscal 2019 general fund revenues totaled $4.26 billion, a 5.1% increase.
Fitch revised its outlook for the commonwealth to stable from negative. The rating remains AA–. The report said Pennsylvania’s budget had made progress toward structural balance and building a rainy day fund.
4
For Philadelphia, Standard & Poor’s revised its outlook to positive from stable in November 2019, keeping the rating at A. S&P said strong revenue growth had helped the city’s financial position. It also noted the city had created an economic cushion for itself, particularly by focusing on pension funding, school district support, general fund reserves, and its rainy day fund. In April 2019, Fitch revised its outlook for Philadelphia to positive from stable, citing gains in the city’s operating performance and “overall flexibility.” The rating remains A–.
Although the commonwealth is benefiting from a strong economic environment, it still must continue to address long-term expenditures, principally pension funding and health care spending.
Management of the funds
The Long-Term Fund’s average duration—a measure, expressed in years, of a portfolio’s sensitivity to changes in interest rates—was longer than that of its benchmark, boosting the fund’s relative performance.
We maintained a tilt toward longer-term maturities, which helped as yields fell. For the 12 months, the average return for municipal bonds with a 3-year maturity was 4.15%, compared with 8.75% for 10-year bonds and 10.50% for 20-year bonds, as measured by the Bloomberg Barclays Municipal Bond Index.
A modest overweight to muni bonds on the lower rungs of the investment-grade credit ladder was intended principally to capture the additional yield they produce, especially as credit spreads versus Treasuries were fairly tight. For the 12 months, lower-rung Pennsylvania munis performed better than their higher-quality counterparts as credit spreads compressed. As measured by the Bloomberg Barclays PA Municipal Bond Index, A-rated Pennsylvania munis returned 9.95%, compared with 8.71% for their AA-rated counterparts.
Outlook
Global growth is expected to keep softening, owing in part to trade tensions and policy uncertainty. U.S. growth may slow to a pace of around 1% in 2020 after adjusting for inflation, below its normal trend growth of around 2%.
Other major economies are likely to see a deceleration as well. Growth in China, the world’s second-largest economy, is likely to slow at a below-trend pace of around 5.8% in 2020—but that figure could be markedly lower without further stimulus. Likewise, in the euro area, growth may stay below trend, at about 1%, given recent indications that manufacturing weakness is spilling over into supply chains and the services sector.
This backdrop, along with modest wage gains and structural factors such as technology advancements and globalization, is unlikely to fuel a surge in consumer prices.
5
We expect to see periods of turbulence in the global economy in the year ahead. Based on that outlook and the fact that rates are low and credit spreads are tight, we are positioned going into the new fiscal year with plenty of dry powder on hand, which will allow us to take advantage of price dislocations as they arise.
Whatever the markets may bring, our experienced team of portfolio managers, traders, and credit analysts will continue to navigate this large, fragmented market to seek attractive investment opportunities that will add to the funds’ performance.
Paul M. Malloy, CFA, Principal,
Head of Municipal Bond Group
James M. D’Arcy, CFA,
Portfolio Manager
John M. Carbone, Principal,
Portfolio Manager
Vanguard Fixed Income Group
December 17, 2019
6
About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
· Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading “Expenses Paid During Period.”
· Based on hypothetical 5% yearly return. This section is intended to help you compare your fund’s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compareongoingcosts only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
7
Six Months Ended November 30, 2019
| Beginning | Ending | Expenses | |
| Account Value | Account Value | Paid During | |
| 5/31/2019 | 11/30/2019 | Period | |
| Based on Actual Fund Return | |||
| Pennsylvania Municipal Money Market Fund | $1,000.00 | $1,006.22 | $0.80 |
| Pennsylvania Long-Term Tax-Exempt Fund | |||
| Investor Shares | $1,000.00 | $1,026.77 | $0.86 |
| Admiral™ Shares | 1,000.00 | 1,027.18 | 0.46 |
| Based on Hypothetical 5% Yearly Return | |||
| Pennsylvania Municipal Money Market Fund | $1,000.00 | $1,024.27 | $0.81 |
| Pennsylvania Long-Term Tax-Exempt Fund | |||
| Investor Shares | $1,000.00 | $1,024.22 | $0.86 |
| Admiral Shares | 1,000.00 | 1,024.62 | 0.46 |
The calculations are based on expenses incurred in the most recent six-month period. The funds’ annualized six-month expense ratios for that period are: for the Pennsylvania Municipal Money Market Fund, 0.16%; and for the Pennsylvania Long-Term Tax-Exempt Fund, 0.17% for Investor Shares and 0.09% for Admiral Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (183/365).
8
Pennsylvania Municipal Money Market Fund
Distribution by Issuer
As of November 30, 2019
| Tax-Exempt Securities | 100.0% |
9
Pennsylvania Municipal Money Market Fund
Financial Statements
Statement of Net Assets
As of November 30, 2019
The fund publishes its holdings on a monthly basis on Vanguard’s website and files them with the Securities and Exchange Commission (SEC) on Form N-MFP. The fund’s Form N-MFP filings may be viewed via a link on the “Portfolio Holdings” page at www.vanguard.com or on the SEC’s website at www.sec.gov.
| Face | Market | ||||||||||
| Maturity | Amount | Value· | |||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | ||||||
| Tax-Exempt Municipal Bonds (98.8%) | |||||||||||
| Pennsylvania (98.5%) | |||||||||||
| Allegheny County PA GO | 5.000% | 12/1/19 | 5,500 | 5,500 | |||||||
| Allegheny County PA GO VRDO | 1.080% | 12/6/19 | LOC | 3,500 | 3,500 | ||||||
| Allegheny County PA GO VRDO | 1.080% | 12/6/19 | LOC | 940 | 940 | ||||||
| Allegheny County PA Higher Education Building Authority University Revenue (Carnegie Mellon University) VRDO | 1.140% | 12/2/19 | 91,410 | 91,410 | |||||||
| Allegheny County PA Hospital Development Authority Revenue (Children’s Hospital of Pittsburgh Project) VRDO | 1.080% | 12/6/19 | LOC | 5,205 | 5,205 | ||||||
| Allegheny County PA Hospital Development Authority Revenue (Children’s Hospital of Pittsburgh Project) VRDO | 1.080% | 12/6/19 | LOC | 2,965 | 2,965 | ||||||
| Allegheny County PA Hospital Development Authority Revenue (Concordia Lutheran) VRDO | 1.100% | 12/6/19 | LOC | 36,750 | 36,750 | ||||||
| 1,2 | Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) TOB PUT, SIFMA Municipal Swap Index Yield + 0.170% | 1.270% | 12/2/19 | LOC | 20,000 | 20,000 | |||||
| 1 | Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) TOB VRDO | 1.200% | 12/2/19 | LOC | 28,600 | 28,600 | |||||
| 1 | Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) TOB VRDO | 1.200% | 12/2/19 | LOC | 45,045 | 45,045 | |||||
| 2 | Allegheny County PA Industrial Development Authority Revenue (Education Center Watson) PUT | 1.080% | 12/6/19 | LOC | 2,000 | 2,000 | |||||
| Beaver PA Industrial Development Authority Revenue (Concordia Lutheran Ministries) VRDO | 1.100% | 12/6/19 | LOC | 4,650 | 4,650 | ||||||
| 1 | Berks County PA Industrial Development Authority Health System Revenue (Tower Health Project) TOB VRDO | 1.100% | 12/6/19 | LOC | 3,075 | 3,075 | |||||
| 1 | BlackRock MuniYield Pennsylvania Quality Fund VRDP VRDO | 1.210% | 12/6/19 | 69,100 | 69,100 | ||||||
| Bucks County PA Industrial Development Authority Hospital Revenue (Grand View Hospital) VRDO | 1.120% | 12/6/19 | LOC | 6,975 | 6,975 | ||||||
10
Pennsylvania Municipal Money Market Fund
| Face | Market | ||||||||||
| Maturity | Amount | Value· | |||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | ||||||
| 1 | Bucks County Water & Sewer Authority Revenue TOB VRDO | 1.200% | 12/6/19 | (Prere.) | 5,335 | 5,335 | |||||
| Butler County PA General Authority Revenue (North Allegheny School District Project) VRDO | 1.110% | 12/6/19 | 30,865 | 30,865 | |||||||
| Butler County PA General Authority Revenue (North Allegheny School District Project) VRDO | 1.110% | 12/6/19 | 8,620 | 8,620 | |||||||
| Butler County PA General Authority Revenue (North Allegheny School District Project) VRDO | 1.110% | 12/6/19 | 9,565 | 9,565 | |||||||
| Butler County PA Hospital Authority Revenue (Concordia Lutheran Obligated Group) VRDO | 1.100% | 12/6/19 | LOC | 11,810 | 11,810 | ||||||
| Butler County PA Hospital Authority Revenue (Concordia Lutheran Obligated Group) VRDO | 1.100% | 12/6/19 | LOC | 8,645 | 8,645 | ||||||
| Centre County PA GO | 4.000% | 7/1/20 | (Prere.) | 1,080 | 1,098 | ||||||
| 1 | Commonwealth Financing Authority Pennsylvania Revenue TOB VRDO | 1.100% | 12/6/19 | (4)LOC | 13,695 | 13,695 | |||||
| 1 | County of Allegheny PA GO TOB VRDO | 1.090% | 12/6/19 | 5,340 | 5,340 | ||||||
| Delaware County PA Industrial Development Authority Airport Facilities Revenue (United Parcel Service Inc.) VRDO | 1.290% | 12/2/19 | 30,465 | 30,465 | |||||||
| Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/20 | (Prere.) | 2,600 | 2,608 | ||||||
| Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/20 | (Prere.) | 9,728 | 9,759 | ||||||
| Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/20 | (Prere.) | 2,095 | 2,102 | ||||||
| Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/20 | 17,470 | 17,515 | |||||||
| Delaware Valley PA Regional Finance Authority Revenue VRDO | 1.080% | 12/6/19 | LOC | 11,795 | 11,795 | ||||||
| 2 | Derry PA Industrial & Commercial Development Authority Revenue | 1.080% | 12/6/19 | LOC | 1,275 | 1,275 | |||||
| Downingtown PA Area School District GO | 4.000% | 8/1/20 | 4,320 | 4,401 | |||||||
| 1 | Dubois PA Hospital Authority Revenue (Penn Highlands Healthcare Obligated Group) TOB VRDO | 1.150% | 12/6/19 | LOC | 2,250 | 2,250 | |||||
| Emmaus PA General Authority Revenue VRDO | 1.020% | 12/6/19 | LOC | 1,900 | 1,900 | ||||||
| Emmaus PA General Authority Revenue VRDO | 1.020% | 12/6/19 | LOC | 400 | 400 | ||||||
| Emmaus PA General Authority Revenue VRDO | 1.020% | 12/6/19 | LOC | 200 | 200 | ||||||
| Emmaus PA General Authority Revenue VRDO | 1.020% | 12/6/19 | LOC | 10,000 | 10,000 | ||||||
| Emmaus PA General Authority Revenue VRDO | 1.020% | 12/6/19 | LOC | 3,800 | 3,800 | ||||||
| Emmaus PA General Authority Revenue VRDO | 1.020% | 12/6/19 | LOC | 9,600 | 9,600 | ||||||
| Emmaus PA General Authority Revenue VRDO | 1.020% | 12/6/19 | LOC | 4,000 | 4,000 | ||||||
| Emmaus PA General Authority Revenue VRDO | 1.020% | 12/6/19 | LOC | 400 | 400 | ||||||
| Emmaus PA General Authority Revenue VRDO | 1.020% | 12/6/19 | LOC | 600 | 600 | ||||||
| Emmaus PA General Authority Revenue VRDO | 1.020% | 12/6/19 | LOC | 900 | 900 | ||||||
| Emmaus PA General Authority Revenue VRDO | 1.060% | 12/6/19 | LOC | 28,095 | 28,095 | ||||||
| Fayette County PA Hospital Authority Revenue (Fayette Regional Health System) VRDO | 1.080% | 12/6/19 | LOC | 1,250 | 1,250 |
11
Pennsylvania Municipal Money Market Fund
| Face | Market | ||||||||||
| Maturity | Amount | Value· | |||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | ||||||
| Fayette County PA Hospital Authority Revenue (Fayette Regional Health System) VRDO | 1.080% | 12/6/19 | LOC | 5,090 | 5,090 | ||||||
| Franklin County PA Industrial Development Authority Revenue (Chambersburg Hospital Project) | 5.375% | 7/1/20 | (Prere.) | 5,980 | 6,126 | ||||||
| 1 | Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) TOB VRDO | 1.130% | 12/1/19 | 2,785 | 2,785 | ||||||
| 1 | Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) TOB VRDO | 1.130% | 12/6/19 | 7,500 | 7,500 | ||||||
| 1 | Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) TOB VRDO | 1.130% | 12/6/19 | 11,935 | 11,935 | ||||||
| 1 | Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) TOB VRDO | 1.130% | 12/6/19 | 4,785 | 4,785 | ||||||
| 1 | Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) TOB VRDO | 1.130% | 12/6/19 | 6,955 | 6,955 | ||||||
| Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) VRDO | 1.080% | 12/2/19 | 48,500 | 48,500 | |||||||
| Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) VRDO | 1.080% | 12/2/19 | 24,820 | 24,820 | |||||||
| Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) VRDO | 1.120% | 12/2/19 | 300 | 300 | |||||||
| 3 | Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) VRDO | 1.120% | 12/2/19 | 16,310 | 16,310 | ||||||
| Haverford Township PA School District GO VRDO | 1.100% | 12/6/19 | LOC | 17,290 | 17,290 | ||||||
| Lancaster County PA Hospital Authority Health Center Revenue (Masonic Homes Project) VRDO | 1.130% | 12/2/19 | LOC | 3,520 | 3,520 | ||||||
| 1 | Lancaster County PA Hospital Authority Health System Revenue (Lancaster General Hospital Project) TOB VRDO | 1.130% | 12/6/19 | (Prere.) | 3,410 | 3,410 | |||||
| 1 | Lancaster County PA Hospital Authority Health System Revenue (Lancaster General Hospital Project) TOB VRDO | 1.130% | 12/6/19 | (Prere.) | 6,765 | 6,765 | |||||
| 1 | Lancaster County PA Hospital Authority Revenue (University of Pennsylvania Health System) TOB VRDO | 1.140% | 12/6/19 | 3,750 | 3,750 | ||||||
| Lancaster PA Industrial Development Authority Revenue (Willow Valley Communities) VRDO | 1.080% | 12/6/19 | LOC | 3,120 | 3,120 | ||||||
| Lancaster PA Industrial Development Authority Revenue (Willow Valley Communities) VRDO | 1.080% | 12/6/19 | LOC | 3,800 | 3,800 |
12
Pennsylvania Municipal Money Market Fund
| Face | Market | ||||||||||
| Maturity | Amount | Value· | |||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | ||||||
| Lancaster PA Industrial Development Authority Revenue (Willow Valley Communities) VRDO | 1.080% | 12/6/19 | LOC | 1,000 | 1,000 | ||||||
| 1 | Lehigh County PA General Purpose Authority Revenue (Good Shepherd Obligated Group) TOB VRDO | 1.100% | 12/6/19 | LOC | 5,850 | 5,850 | |||||
| 1 | Lehigh County PA General Purpose Hospital Authority Revenue (Lehigh Valley Health Network) TOB VRDO | 1.140% | 12/6/19 | LOC | 2,395 | 2,395 | |||||
| 1 | Lehigh County PA General Purpose Hospital Authority Revenue (Lehigh Valley Health Network) TOB VRDO | 1.140% | 12/6/19 | LOC | 3,900 | 3,900 | |||||
| 3 | Lower Merion PA School District GO | 3.000% | 4/1/20 | 1,970 | 1,982 | ||||||
| Montgomery County PA GO | 5.000% | 8/15/20 | 3,045 | 3,128 | |||||||
| 1 | Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) TOB VRDO | 1.150% | 12/6/19 | LOC | 18,160 | 18,160 | |||||
| 1 | Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) TOB VRDO | 1.150% | 12/6/19 | LOC | 2,660 | 2,660 | |||||
| Montgomery County PA Industrial Development Authority Revenue (Einstein Medical Center Montgomery) | 5.000% | 8/1/20 | (Prere.) | 1,925 | 1,975 | ||||||
| Montgomery County PA Redevelopment Authority Revenue (Forge Gate Apartments Project) VRDO | 1.100% | 12/6/19 | LOC | 9,665 | 9,665 | ||||||
| 1 | Northampton County PA General Purpose Authority College Revenue (Lafayette College) TOB VRDO | 1.120% | 12/6/19 | 9,685 | 9,685 | ||||||
| Northampton County PA General Purpose Authority University Revenue (Lafayette College) VRDO | 1.060% | 12/6/19 | 5,750 | 5,750 | |||||||
| Northampton County PA General Purpose Authority University Revenue (Lafayette College) VRDO | 1.060% | 12/6/19 | 9,940 | 9,940 | |||||||
| Northampton County PA General Purpose Authority University Revenue (Lehigh University) VRDO | 1.000% | 12/6/19 | 3,735 | 3,735 | |||||||
| Northampton County PA General Purpose Authority University Revenue (Lehigh University) VRDO | 1.050% | 12/6/19 | 6,895 | 6,895 | |||||||
| 1 | PA Higher Educational Facilities Authority Revenue (Trustees of the University of Pennsylvania) TOB VRDO | 1.120% | 12/6/19 | 2,000 | 2,000 | ||||||
| Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue (Pittsburgh Allegheny County Thermal Ltd.) VRDO | 1.080% | 12/6/19 | LOC | 300 | 300 | ||||||
| Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue (PSEG Power LLC Project) VRDO | 1.100% | 12/6/19 | LOC | 29,000 | 29,000 | ||||||
| Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue (York Water Co. Project) VRDO | 1.110% | 12/6/19 | LOC | 12,000 | 12,000 |
13
Pennsylvania Municipal Money Market Fund
| Face | Market | ||||||||||
| Maturity | Amount | Value· | |||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | ||||||
| Pennsylvania Economic Development Financing Authority Revenue (Montessori Academy Inc.) VRDO | 1.080% | 12/6/19 | LOC | 1,200 | 1,200 | ||||||
| Pennsylvania Economic Development Financing Authority Revenue (PMF Industries Inc.) VRDO | 1.300% | 12/6/19 | LOC | 575 | 575 | ||||||
| Pennsylvania GO | 5.000% | 3/1/20 | 37,710 | 38,058 | |||||||
| Pennsylvania GO | 5.000% | 3/15/20 | 5,380 | 5,438 | |||||||
| Pennsylvania GO | 5.000% | 4/1/20 | 7,450 | 7,543 | |||||||
| Pennsylvania GO | 5.000% | 5/1/20 | 2,210 | 2,246 | |||||||
| Pennsylvania GO | 5.000% | 6/15/20 | 21,120 | 21,545 | |||||||
| Pennsylvania GO | 5.000% | 7/1/20 | 1,600 | 1,634 | |||||||
| Pennsylvania GO | 5.000% | 7/15/20 | 3,315 | 3,391 | |||||||
| 1 | Pennsylvania GO TOB VRDO | 1.100% | 12/6/19 | 4,000 | 4,000 | ||||||
| 1 | Pennsylvania GO TOB VRDO | 1.130% | 12/6/19 | 14,300 | 14,300 | ||||||
| 1 | Pennsylvania GO TOB VRDO | 1.130% | 12/6/19 | 10,400 | 10,400 | ||||||
| 1 | Pennsylvania GO TOB VRDO | 1.130% | 12/6/19 | (Prere.) | 11,250 | 11,250 | |||||
| 1 | Pennsylvania GO TOB VRDO | 1.130% | 12/6/19 | 3,335 | 3,335 | ||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) VRDO | 1.090% | 12/2/19 | LOC | 1,235 | 1,235 | ||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) VRDO | 1.080% | 12/6/19 | LOC | 33,890 | 33,890 | ||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) VRDO | 1.100% | 12/6/19 | LOC | 17,295 | 17,295 | ||||||
| 1 | Pennsylvania Higher Educational Facilities Authority Revenue (Moore College of Art & Design) VRDO | 1.080% | 12/6/19 | LOC | 300 | 300 | |||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Susquehanna University) VRDO | 1.080% | 12/6/19 | LOC | 1,300 | 1,300 | ||||||
| 1 | Pennsylvania Higher Educational Facilities Authority Revenue (Thomas Jefferson University) TOB VRDO | 1.100% | 12/6/19 | LOC | 5,340 | 5,340 | |||||
| 1 | Pennsylvania Higher Educational Facilities Authority Revenue (Trustees of the University of Pennsylvania) TOB VRDO | 1.130% | 12/6/19 | 6,665 | 6,665 | ||||||
| 1 | Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) TOB VRDO | 1.100% | 12/6/19 | 5,480 | 5,480 | ||||||
| 1 | Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) TOB VRDO | 1.120% | 12/6/19 | 5,865 | 5,865 | ||||||
| 1 | Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) TOB VRDO | 1.120% | 12/6/19 | 9,690 | 9,690 | ||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) VRDO | 1.040% | 12/6/19 | LOC | 13,115 | 13,115 | ||||||
| Pennsylvania Housing Finance Agency Multifamily Housing Revenue VRDO | 1.100% | 12/6/19 | LOC | 4,950 | 4,950 | ||||||
| 1 | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue TOB VRDO | 1.100% | 12/6/19 | 10,625 | 10,625 | ||||||
| 1 | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue TOB VRDO | 1.130% | 12/6/19 | 3,825 | 3,825 |
14
Pennsylvania Municipal Money Market Fund
| Face | Market | ||||||||||
| Maturity | Amount | Value· | |||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | ||||||
| 1 | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue TOB VRDO | 1.130% | 12/6/19 | 15,300 | 15,300 | ||||||
| 1 | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue TOB VRDO | 1.130% | 12/6/19 | 7,500 | 7,500 | ||||||
| 1 | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue TOB VRDO | 1.130% | 12/6/19 | 19,740 | 19,740 | ||||||
| 1 | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue TOB VRDO | 1.130% | 12/6/19 | 7,500 | 7,500 | ||||||
| 1 | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue TOB VRDO | 1.150% | 12/6/19 | 7,315 | 7,315 | ||||||
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue VRDO | 1.140% | 12/6/19 | 8,990 | 8,990 | |||||||
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue VRDO | 1.140% | 12/6/19 | 10,200 | 10,200 | |||||||
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue VRDO | 1.140% | 12/6/19 | 12,110 | 12,110 | |||||||
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue VRDO | 1.160% | 12/6/19 | 12,585 | 12,585 | |||||||
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue VRDO | 1.160% | 12/6/19 | 7,890 | 7,890 | |||||||
| 1 | Pennsylvania Housing Finance Agency TOB VRDO | 1.130% | 12/6/19 | 7,000 | 7,000 | ||||||
| Pennsylvania Infrastructure & Investment Authority Revenue CP | 1.260% | 1/15/20 | 27,356 | 27,356 | |||||||
| 1 | Pennsylvania Intergovernmental Cooperation Authority Special Tax Revenue (Philadelphia Funding Program) TOB VRDO | 1.130% | 12/6/19 | 6,315 | 6,315 | ||||||
| 2 | Pennsylvania State University Revenue PUT | 1.580% | 6/1/20 | 19,135 | 19,135 | ||||||
| 1 | Pennsylvania State University TOB VRDO | 1.070% | 12/6/19 | 12,420 | 12,420 | ||||||
| 1 | Pennsylvania State University TOB VRDO | 1.080% | 12/6/19 | 5,600 | 5,600 | ||||||
| 1 | Pennsylvania TOB VRDO | 1.130% | 12/6/19 | 10,000 | 10,000 | ||||||
| 1 | Pennsylvania TOB VRDO | 1.130% | 12/6/19 | 8,750 | 8,750 | ||||||
| 1 | Pennsylvania TOB VRDO | 1.130% | 12/6/19 | 3,600 | 3,600 | ||||||
| 1 | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue TOB VRDO | 1.090% | 12/6/19 | 5,600 | 5,600 | ||||||
| 1,2 | Pennsylvania Turnpike Commission Revenue TOB PUT | 1.210% | 12/2/19 | (4)LOC | 29,400 | 29,400 | |||||
| 1,2 | Pennsylvania Turnpike Commission Revenue TOB PUT | 1.210% | 12/2/19 | (4)LOC | 8,295 | 8,295 | |||||
| 1,2 | Pennsylvania Turnpike Commission Revenue TOB PUT | 1.210% | 12/2/19 | (4)LOC | 4,790 | 4,790 | |||||
| 1,2 | Pennsylvania Turnpike Commission Revenue TOB PUT, SIFMA Municipal Swap Index Yield + 0.200% | 1.300% | 12/2/19 | LOC | 5,000 | 5,000 | |||||
| 1 | Pennsylvania Turnpike Commission Revenue TOB VRDO | 1.100% | 12/6/19 | LOC | 7,850 | 7,850 | |||||
| 1 | Pennsylvania Turnpike Commission Revenue TOB VRDO | 1.130% | 12/6/19 | LOC | 60,300 | 60,300 | |||||
| Pennsylvania Turnpike Commission Revenue VRDO | 1.120% | 12/6/19 | LOC | 7,200 | 7,200 | ||||||
| 1 | Peters Township PA School District Washington County GO TOB VRDO | 1.090% | 12/6/19 | 4,780 | 4,780 | ||||||
| Philadelphia Airport CP | 1.500% | 12/20/19 | LOC | 8,000 | 8,000 | ||||||
| 1 | Philadelphia PA Airport Revenue TOB VRDO | 1.180% | 12/6/19 | LOC | 12,070 | 12,070 |
15
Pennsylvania Municipal Money Market Fund
| Face | Market | ||||||||||
| Maturity | Amount | Value· | |||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | ||||||
| Philadelp hia PA Airport Revenue VRDO | 1.100% | 12/6/19 | LOC | 43,550 | 43,550 | ||||||
| Philadelphia PA Airport Revenue VRDO | 1.100% | 12/6/19 | LOC | 43,550 | 43,550 | ||||||
| 1 | Philadelphia PA Authority for Industrial Development Revenue (Children’s Hospital of Philadelphia Project) TOB VRDO | 1.130% | 12/6/19 | 3,275 | 3,275 | ||||||
| Philadelphia PA Authority for Industrial Development Revenue (Franklin Institute) VRDO | 1.110% | 12/6/19 | LOC | 5,270 | 5,270 | ||||||
| 1 | Philadelphia PA Authority for Industrial Development Revenue (Philadelphia College of Osteopathic Medicine Obligated Group) TOB VRDO | 1.120% | 12/6/19 | 5,695 | 5,695 | ||||||
| Philadelphia PA Gas Works Revenue VRDO | 1.090% | 12/6/19 | LOC | 13,300 | 13,300 | ||||||
| Philadelphia PA Gas Works Revenue VRDO | 1.120% | 12/6/19 | LOC | 8,755 | 8,755 | ||||||
| Philadelphia PA Gas Works Revenue VRDO | 1.120% | 12/6/19 | LOC | 6,700 | 6,700 | ||||||
| Philadelphia PA Gas Works Revenue VRDO | 1.120% | 12/6/19 | LOC | 2,600 | 2,600 | ||||||
| Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Children’s Hospital of Philadelphia Project) VRDO | 1.150% | 12/2/19 | 36,420 | 36,420 | |||||||
| Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Children’s Hospital of Philadelphia Project) VRDO | 1.150% | 12/2/19 | 1,500 | 1,500 | |||||||
| Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Children’s Hospital of Philadelphia Project) VRDO | 1.150% | 12/2/19 | 6,270 | 6,270 | |||||||
| Philadelphia PA Industrial Development Authority Lease Revenue VRDO | 1.120% | 12/6/19 | LOC | 40,160 | 40,160 | ||||||
| 1 | Philadelphia PA Water & Wastewater Revenue TOB VRDO | 1.130% | 12/6/19 | LOC | 5,000 | 5,000 | |||||
| Philadelphia PA Water & Wastewater Revenue VRDO | 1.100% | 12/6/19 | LOC | 15,605 | 15,605 | ||||||
| Ridley PA School District GO VRDO | 1.080% | 12/6/19 | LOC | 15,120 | 15,120 | ||||||
| 2 | Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) PUT | 1.150% | 12/2/19 | 12,085 | 12,085 | ||||||
| 2 | Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) PUT | 1.110% | 12/6/19 | 9,500 | 9,500 | ||||||
| 2 | Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) PUT | 1.110% | 12/6/19 | 23,000 | 23,000 | ||||||
| 1 | Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) TOB VRDO | 1.130% | 12/6/19 | 3,000 | 3,000 | ||||||
| 1 | Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) TOB VRDO | 1.130% | 12/6/19 | 6,670 | 6,670 | ||||||
| 1 | Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) TOB VRDO | 1.130% | 12/6/19 | 22,965 | 22,965 |
16
Pennsylvania Municipal Money Market Fund
| Face | Market | ||||||||||
| Maturity | Amount | Value· | |||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | ||||||
| 1 | Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) TOB VRDO | 1.130% | 12/6/19 | 9,600 | 9,600 | ||||||
| St. Mary Hospital Authority Pennsylvania Health System Revenue (Catholic Health Initiatives) | 5.000% | 5/15/20 | (Prere.) | 3,000 | 3,052 | ||||||
| 1 | State College PA Area School District GO TOB VRDO | 1.090% | 12/6/19 | 5,400 | 5,400 | ||||||
| State Public School Building Authority Pennsylvania School Revenue (North Allegheny School District Project) VRDO | 1.110% | 12/6/19 | 10,720 | 10,720 | |||||||
| State Public School Building Authority Pennsylvania School Revenue (South Park School District) VRDO | 1.080% | 12/6/19 | LOC | 4,250 | 4,250 | ||||||
| 1 | Swarthmore College TOB VRDO | 1.090% | 12/6/19 | 4,420 | 4,420 | ||||||
| University of Pittsburgh PA Revenue CP | 1.170% | 2/4/20 | 23,000 | 23,000 | |||||||
| University of Pittsburgh PA Revenue CP | 1.250% | 2/4/20 | 23,000 | 23,000 | |||||||
| Washington County PA Hospital Authority Revenue (University of Pennsylvania) VRDO | 0.700% | 12/6/19 | 39,725 | 39,725 | |||||||
| Washington County PA Hospital Authority Revenue (Washington Hospital Project) VRDO | 1.080% | 12/6/19 | LOC | 14,255 | 14,255 | ||||||
| West Cornwall PA Municipal Authority Revenue (Lebanon Valley Brethren Home) VRDO | 1.100% | 12/6/19 | LOC | 6,000 | 6,000 | ||||||
| Westmoreland County PA Industrial Development Authority Revenue (Excela Health Project) VRDO | 1.080% | 12/6/19 | LOC | 3,880 | 3,880 | ||||||
| 1 | Wilkes-Barre PA Area School District GO TOB VRDO | 1.170% | 12/6/19 | (15)LOC | 2,280 | 2,280 | |||||
| 1,957,437 | |||||||||||
| Guam (0.3%) | |||||||||||
| Guam Government Limited Obligation Revenue | 5.625% | 12/1/19 | (Prere.) | 1,500 | 1,500 | ||||||
| Guam Government Limited Obligation Revenue | 5.750% | 12/1/19 | (Prere.) | 600 | 600 | ||||||
| Guam Government Waterworks Authority Water & Wastewater System Revenue | 5.625% | 7/1/20 | (Prere.) | 4,350 | 4,461 | ||||||
| 6,561 | |||||||||||
| Total Tax-Exempt Municipal Bonds (Cost $1,963,998) | 1,963,998 | ||||||||||
17
Pennsylvania Municipal Money Market Fund
| Amount | ||
| ($000 | ) | |
| Other Assets and Liabilities (1.2%) | ||
| Other Assets | ||
| Investment in Vanguard | 92 | |
| Receivables for Investment Securities Sold | 25,210 | |
| Receivables for Accrued Income | 5,630 | |
| Receivables for Capital Shares Issued | 2,624 | |
| Other Assets | 3,284 | |
| Total Other Assets | 36,840 | |
| Liabilities | ||
| Payables for Investment Securities Purchased | (10,233 | ) |
| Payables for Capital Shares Redeemed | (1,904 | ) |
| Payables for Distributions | (115 | ) |
| Payables to Vanguard | (148 | ) |
| Total Liabilities | (12,400 | ) |
| Net Assets (100%) | ||
| Applicable to 1,988,307,663 outstanding $.001 par value shares ofbeneficial interest (unlimited authorization) | 1,988,438 | |
| Net Asset Value Per Share | $1.00 | |
| At November 30, 2019, net assets consisted of: | ||
| Amount | ||
| ($000 | ) | |
| Paid-in Capital | 1,988,432 | |
| Total Distributable Earnings (Loss) | 6 | |
| Net Assets | 1,988,438 |
| · | See Note A in Notes to Financial Statements. |
| 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, 2019, the aggregate value of these securities was $693,480,000, representing 34.9% of net assets. |
| 2 | Adjustable-rate security; rate shown is effective rate at period end. Certain adjustable-rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions. |
| 3 | Security purchased on a when-issued ordelayed-delivery basis for which the fund has not taken delivery as of November 30, 2019. |
A key to abbreviations and other references follows the Statement of Net Assets.
See accompanying Notes, which are an integral part of the Financial Statements.
18
Pennsylvania Municipal Money Market Fund
Key to Abbreviations
ARS—Auction Rate Security.
BAN—Bond Anticipation Note.
CMT—Constant Maturing Treasury Rate.
COP—Certificate of Participation.
CP—Commercial Paper.
FR—Floating Rate.
GAN—Grant Anticipation Note.
GO—General Obligation Bond.
LIBOR—London Interbank Offered Rate.
PILOT—Payments in Lieu of Taxes.
PUT—Put Option Obligation.
RAN—Revenue Anticipation Note.
SIFMA—Securities Industry and Financial Markets Association.
SOFR—Secured Overnight Financing Rate.
TAN—Tax Anticipation Note.
TOB—Tender Option Bond.
TRAN—Tax Revenue Anticipation Note.
VRDO—Variable Rate Demand Obligation.
VRDP—Variable Rate Demand Preferred.
(ETM)—Escrowed to Maturity.
(Prere.)—Prerefunded.
Scheduled principal and interest payments are guaranteed by:
(1) MBIA (Municipal Bond Investors Assurance).
(2) AMBAC (Ambac Assurance Corporation).
(3) FGIC (Financial Guaranty Insurance Company).
(4) AGM (Assured Guaranty Municipal Corporation).
(5) BIGI (Bond Investors Guaranty Insurance).
(6) Connie Lee Inc.
(7) FHA (Federal Housing Authority).
(8) CapMAC (Capital Markets Assurance Corporation).
(9) American Capital Access Financial Guaranty Corporation.
(10) XL Capital Assurance Inc.
(11) CIFG (CDC IXIS Financial Guaranty).
(12) AGC (Assured Guaranty Corporation).
(13) BHAC (Berkshire Hathaway Assurance Corporation).
(14) NPFG (National Public Finance Guarantee Corporation).
(15) BAM (Build America Mutual Assurance Company).
(16) MAC (Municipal Assurance Corporation).
(17) RAA (Radian Asset Assurance Inc.).
(18) SBLF (Michigan School Bond Loan Fund).
(19)TPSF (Texas Permanent School Fund).
The insurance does not guarantee the market value of the municipal bonds.
LOC—Scheduled principal and interest payments are guaranteed by bank letter of credit.
19
Pennsylvania Municipal Money Market Fund
Statement of Operations
| Year Ended | ||
| November 30, 2019 | ||
| ($000 | ) | |
| Investment Income | ||
| Income | ||
| Interest | 30,094 | |
| Total Income | 30,094 | |
| Expenses | ||
| The Vanguard Group—Note B | ||
| Investment Advisory Services | 554 | |
| Management and Administrative | 2,311 | |
| Marketing and Distribution | 281 | |
| Custodian Fees | 2 | |
| Auditing Fees | 28 | |
| Shareholders’ Reports | 10 | |
| Trustees’ Fees and Expenses | 1 | |
| Total Expenses | 3,187 | |
| Net Investment Income | 26,907 | |
| Realized Net Gain (Loss) on Investment Securities Sold | 35 | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 26,942 |
See accompanying Notes, which are an integral part of the Financial Statements.
20
Pennsylvania Municipal Money Market Fund
Statement of Changes in Net Assets
| Year Ended November 30, | ||||
| 2019 | 2018 | |||
| ($000 | ) | ($000 | ) | |
| Increase (Decrease) in Net Assets | ||||
| Operations | ||||
| Net Investment Income | 26,907 | 23,530 | ||
| Realized Net Gain (Loss) | 35 | (8 | ) | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 26,942 | 23,522 | ||
| Distributions | ||||
| Net Investment Income | (26,909 | ) | (23,531 | ) |
| Realized Capital Gain | — | — | ||
| Total Distributions | (26,909 | ) | (23,531 | ) |
| Capital Share Transactions (at $1.00 per share) | ||||
| Issued | 970,422 | 1,151,271 | ||
| Issued in Lieu of Cash Distributions | 24,951 | 22,043 | ||
| Redeemed | (973,578 | ) | (1,111,956 | ) |
| Net Increase (Decrease) from Capital Share Transactions | 21,795 | 61,358 | ||
| Total Increase (Decrease) | 21,828 | 61,349 | ||
| Net Assets | ||||
| Beginning of Period | 1,966,610 | 1,905,261 | ||
| End of Period | 1,988,438 | 1,966,610 | ||
See accompanying Notes, which are an integral part of the Financial Statements.
21
Pennsylvania Municipal Money Market Fund
Financial Highlights
| For a Share Outstanding | Year Ended November 30, | |||||||||
| Throughout Each Period | 2019 | 2018 | 2017 | 2016 | 2015 | |||||
| Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | |||||
| Investment Operations | ||||||||||
| Net Investment Income | .014 | 1 | .012 | 1 | .006 | 1 | .002 | .0001 | ||
| Net Realized and Unrealized Gain (Loss)on Investments | — | — | — | — | — | |||||
| Total from Investment Operations | .014 | .012 | .006 | .002 | .0001 | |||||
| Distributions | ||||||||||
| Dividends from Net Investment Income | (.014 | ) | (.012 | ) | (.006) | (.002 | ) | (.0001 | ) | |
| Distributions from Realized Capital Gains | — | — | — | — | — | |||||
| Total Distributions | (.014 | ) | (.012 | ) | (.006 | ) | (.002 | ) | (.0001 | ) |
| Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | |||||
| Total Return2 | 1.36% | 1.22% | 0.63% | 0.25% | 0.01% | |||||
| Ratios/Supplemental Data | ||||||||||
| Net Assets, End of Period (Millions) | $1,988 | $1,967 | $1,905 | $1,871 | $2,059 | |||||
| Ratio of Expenses to Average Net Assets | 0.16% | 0.16% | 0.16% | 0.13% | 3 | 0.05% | 3 | |||
| Ratio of Net Investment Income toAverage Net Assets | 1.35% | 1.21% | 0.63% | 0.24% | 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 and 0.16% for 2015. Vanguard and the board of trustees agreed to temporarily limit certain net operating expenses in excess of the fund’s daily yield in order to maintain a zero or positive yield for the fund. The fund is not obligated to repay this amount to Vanguard. |
See accompanying Notes, which are an integral part of the Financial Statements.
22
Pennsylvania Municipal Money Market Fund
Notes to Financial Statements
Vanguard Pennsylvania Municipal Money Market Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Securities are valued at amortized cost, which approximates market value.
2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (November 30, 2016–2019), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
3. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.
4. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at November 30, 2019, or at any time during the period then ended.
5. Other: Interest income is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees, and are generally settled twice a month.
23
Pennsylvania Municipal Money Market Fund
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At November 30, 2019, the fund had contributed to Vanguard capital in the amount of $92,000, representing less than 0.01% of the fund’s net assets and 0.04% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Statement of Net Assets.
At November 30, 2019, 100% of the market value of the fund’s investments was determined using amortized cost, in accordance with rules under the Investment Company Act of 1940. Amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, securities valued at amortized cost are considered to be valued using Level 2 inputs.
D. Permanent differences between book-basis and tax-basis components of net assets, if any, are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share.
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to payables for distributions. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
| Amount ($000 | ) | |
| Undistributed Ordinary Income | — | |
| Undistributed Tax-Exempt Income | 115 | |
| Undistributed Long-Term Gains | — | |
| Capital Loss Carryforwards (Non-expiring)* | — | |
| Net Unrealized Gains (Losses) | — |
* The fund used capital loss carryforwards of $8,000 to offset taxable capital gains realized during the year ended November 30, 2019.
24
Pennsylvania Municipal Money Market Fund
As of November 30, 2019, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:
| Amount ($000 | ) | |
| Tax Cost | 1,963,998 | |
| Gross Unrealized Appreciation | — | |
| Gross Unrealized Depreciation | — | |
| Net Unrealized Appreciation (Depreciation) | — |
E. The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended November 30, 2019, such purchases and sales were $743,032,000 and $456,270,000, respectively.
F. Management has determined that no events or transactions occurred subsequent to November 30, 2019, that would require recognition or disclosure in these financial statements.
25
Pennsylvania Long-Term Tax-Exempt Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: November 30, 2009, Through November 30, 2019
Initial Investment of $10,000
| Average Annual Total Returns | |||||
| Periods Ended November 30, 2019 | |||||
| Final Value | |||||
| One | Five | Ten | of a $10,000 | ||
| Year | Years | Years | Investment | ||
 | Pennsylvania Long-Term Tax-Exempt Fund Investor Shares | 9.99% | 4.26% | 4.73% | $15,879 |
 | Bloomberg Barclays PA Municipal Bond Index | 9.33 | 3.89 | 4.54 | 15,587 |
 | Bloomberg Barclays Municipal Bond Index | 8.49 | 3.57 | 4.34 | 15,300 |
| Final Value | |||||
| One | Five | Ten | of a $50,000 | ||
| Year | Years | Years | Investment | ||
| Pennsylvania Long-Term Tax-Exempt Fund Admiral Shares | 10.08% | 4.35% | 4.82% | $80,065 | |
| Bloomberg Barclays PA Municipal Bond Index | 9.33 | 3.89 | 4.54 | 77,937 | |
| Bloomberg Barclays Municipal Bond Index | 8.49 | 3.57 | 4.34 | 76,500 | |
See Financial Highlights for dividend and capital gains information.
26
Pennsylvania Long-Term Tax-Exempt Fund
Distribution by Stated Maturity
As of November 30, 2019
| Under 1 Year | 2.8% |
| 1 - 3 Years | 2.4 |
| 3 - 5 Years | 3.1 |
| 5 - 10 Years | 10.6 |
| 10 - 20 Years | 47.1 |
| 20 - 30 Years | 31.5 |
| Over 30 Years | 2.5 |
27
Pennsylvania Long-Term Tax-Exempt Fund
Financial Statements
Statement of Net Assets
As of November 30, 2019
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
| Face | Market | |||||||||
| Maturity | Amount | Value• | ||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | |||||
| Tax-Exempt Municipal Bonds (100.4%) | ||||||||||
| Pennsylvania (100.2%) | ||||||||||
| Allegheny County PA GO | 5.000% | 11/1/26 | 2,540 | 3,142 | ||||||
| Allegheny County PA GO | 4.000% | 11/1/30 | 3,000 | 3,389 | ||||||
| Allegheny County PA GO | 5.000% | 12/1/30 | 1,365 | 1,582 | ||||||
| Allegheny County PA GO | 5.250% | 12/1/32 | 1,000 | 1,142 | ||||||
| Allegheny County PA GO | 4.000% | 11/1/33 | 300 | 344 | ||||||
| Allegheny County PA GO | 5.250% | 12/1/33 | 1,000 | 1,142 | ||||||
| Allegheny County PA GO | 4.000% | 11/1/34 | 915 | 1,048 | ||||||
| Allegheny County PA GO | 5.000% | 12/1/34 | 3,600 | 3,955 | ||||||
| Allegheny County PA GO | 5.000% | 12/1/34 | 1,695 | 1,954 | ||||||
| Allegheny County PA GO | 4.000% | 11/1/35 | 1,225 | 1,399 | ||||||
| Allegheny County PA GO | 4.000% | 11/1/36 | 2,500 | 2,847 | ||||||
| Allegheny County PA GO | 5.000% | 12/1/37 | 6,000 | 6,574 | ||||||
| Allegheny County PA GO | 5.000% | 12/1/37 | (4) | 10,000 | 10,985 | |||||
| Allegheny County PA GO | 5.000% | 11/1/41 | 5,015 | 5,878 | ||||||
| Allegheny County PA Higher Education Building Authority University Revenue (Duquesne University) | 5.000% | 3/1/25 | (Prere.) | 25 | 30 | |||||
| Allegheny County PA Higher Education Building Authority University Revenue (Duquesne University) | 4.000% | 3/1/26 | (Prere.) | 10 | 12 | |||||
| Allegheny County PA Higher Education Building Authority University Revenue (Duquesne University) | 4.000% | 3/1/30 | 2,385 | 2,646 | ||||||
| Allegheny County PA Higher Education Building Authority University Revenue (Duquesne University) | 5.000% | 3/1/30 | 1,155 | 1,333 | ||||||
| Allegheny County PA Higher Education Building Authority University Revenue (Duquesne University) | 4.000% | 3/1/31 | 1,550 | 1,714 | ||||||
| Allegheny County PA Higher Education Building Authority University Revenue (Duquesne University) | 4.000% | 3/1/33 | 2,035 | 2,240 | ||||||
| Allegheny County PA Hospital Development Authority Revenue | 5.000% | 4/1/32 | 3,000 | 3,641 | ||||||
| Allegheny County PA Hospital Development Authority Revenue | 5.000% | 4/1/33 | 3,000 | 3,626 | ||||||
| Allegheny County PA Hospital Development Authority Revenue | 5.000% | 4/1/34 | 4,750 | 5,721 | ||||||
| Allegheny County PA Hospital Development Authority Revenue | 5.000% | 4/1/35 | 5,500 | 6,600 | ||||||
28
Pennsylvania Long-Term Tax-Exempt Fund
| Face | Market | |||||||||
| Maturity | Amount | Value• | ||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | |||||
| Allegheny County PA Hospital Development Authority Revenue | 5.000% | 4/1/36 | 5,250 | 6,275 | ||||||
| Allegheny County PA Hospital Development Authority Revenue | 4.000% | 4/1/38 | 5,000 | 5,444 | ||||||
| Allegheny County PA Hospital Development Authority Revenue | 4.000% | 4/1/44 | 30,000 | 32,144 | ||||||
| Allegheny County PA Hospital Development Authority Revenue | 5.000% | 4/1/47 | 19,000 | 22,244 | ||||||
| Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) | 5.000% | 7/15/21 | 2,750 | 2,915 | ||||||
| Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) | 5.000% | 7/15/24 | 2,400 | 2,789 | ||||||
| Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) | 5.000% | 7/15/33 | 3,200 | 4,005 | ||||||
| Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) | 4.000% | 7/15/35 | 2,530 | 2,868 | ||||||
| Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) | 4.000% | 7/15/36 | 3,125 | 3,518 | ||||||
| Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) | 4.000% | 7/15/37 | 7,250 | 8,117 | ||||||
| Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) | 4.000% | 7/15/39 | 1,000 | 1,109 | ||||||
| Allegheny County PA Port Authority Revenue | 5.750% | 3/1/29 | 6,000 | 6,331 | ||||||
| Allegheny County PA Sanitary Authority Sewer Revenue | 5.000% | 12/1/30 | (15) | 3,400 | 4,013 | |||||
| Allegheny County PA Sanitary Authority Sewer Revenue | 4.000% | 12/1/31 | (4) | 805 | 909 | |||||
| Allegheny County PA Sanitary Authority Sewer Revenue | 4.000% | 6/1/35 | 1,100 | 1,244 | ||||||
| Allegheny County PA Sanitary Authority Sewer Revenue | 4.000% | 12/1/35 | (4) | 2,650 | 2,965 | |||||
| Allegheny County PA Sanitary Authority Sewer Revenue | 5.000% | 12/1/35 | 6,000 | 7,002 | ||||||
| Allegheny County PA Sanitary Authority Sewer Revenue | 4.000% | 6/1/36 | 1,500 | 1,691 | ||||||
| Allegheny County PA Sanitary Authority Sewer Revenue | 5.000% | 12/1/40 | 4,250 | 4,911 | ||||||
| Allegheny County PA Sanitary Authority Sewer Revenue | 5.250% | 12/1/41 | (15) | 3,500 | 3,978 | |||||
| Allegheny County PA Sanitary Authority Sewer Revenue | 5.000% | 6/1/43 | 3,000 | 3,616 | ||||||
| Allegheny County PA Sanitary Authority Sewer Revenue | 5.000% | 6/1/45 | 2,500 | 3,005 | ||||||
| Allegheny County PA Sanitary Authority Sewer Revenue | 4.000% | 6/1/48 | 7,485 | 8,245 | ||||||
| Allentown PA City School District GO | 4.000% | 2/15/21 | (4) | 480 | 495 | |||||
| Allentown PA City School District GO | 4.000% | 2/15/22 | (4) | 2,835 | 2,983 | |||||
| Allentown PA City School District GO | 4.000% | 2/15/23 | (4) | 340 | 365 |
29
Pennsylvania Long-Term Tax-Exempt Fund
| Face | Market | |||||||||
| Maturity | Amount | Value• | ||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | |||||
| Allentown PA City School District GO | 4.000% | 2/15/24 | (4) | 550 | 600 | |||||
| Allentown PA City School District GO | 5.000% | 2/1/31 | (15) | 4,000 | 4,983 | |||||
| Allentown PA City School District GO | 5.000% | 2/1/32 | (15) | 3,075 | 3,819 | |||||
| Allentown PA City School District GO | 4.000% | 2/1/34 | (15) | 1,500 | 1,689 | |||||
| Allentown PA City School District GO | 5.000% | 2/1/34 | (15) | 1,300 | 1,603 | |||||
| Allentown PA City School District GO | 4.000% | 2/1/35 | (15) | 1,175 | 1,319 | |||||
| Allentown PA City School District GO | 4.000% | 2/1/36 | (15) | 1,100 | 1,231 | |||||
| Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | 5.000% | 5/1/26 | 1,180 | 1,258 | ||||||
| Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | 5.000% | 5/1/29 | 250 | 265 | ||||||
| Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | 5.125% | 5/1/32 | 1,000 | 1,117 | ||||||
| Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | 5.000% | 5/1/35 | 11,530 | 12,151 | ||||||
| Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | 5.000% | 5/1/42 | 15,595 | 16,323 | ||||||
| Allentown PA School District GO | 5.000% | 6/1/32 | (15) | 1,465 | 1,717 | |||||
| Allentown PA School District GO | 5.000% | 6/1/35 | (15) | 2,000 | 2,331 | |||||
| Allentown PA School District GO | 5.000% | 6/1/36 | (15) | 1,500 | 1,744 | |||||
| Altoona PA Area School District PA GO | 5.000% | 12/1/48 | (15) | 1,500 | 1,707 | |||||
| Altoona PA Area School District PA GO | 4.250% | 12/1/49 | (4) | 3,500 | 3,758 | |||||
| Altoona PA Sewer Revenue | 3.000% | 12/1/35 | (4) | 3,165 | 3,261 | |||||
| Armstrong PA School District GO | 5.000% | 3/15/31 | (15) | 1,800 | 2,245 | |||||
| Armstrong PA School District GO | 3.000% | 3/15/32 | (15) | 4,385 | 4,544 | |||||
| Armstrong PA School District GO | 3.000% | 3/15/33 | (15) | 5,495 | 5,644 | |||||
| Armstrong PA School District GO | 3.000% | 3/15/34 | (15) | 5,605 | 5,743 | |||||
| Armstrong PA School District GO | 4.000% | 3/15/41 | (15) | 1,200 | 1,336 | |||||
| Beaver County PA GO | 4.000% | 4/15/29 | (15) | 3,505 | 4,053 | |||||
| Beaver County PA GO | 4.000% | 4/15/30 | (15) | 500 | 575 | |||||
| Berks County PA GO | 5.000% | 11/15/23 | 1,880 | 2,157 | ||||||
| Berks County PA GO | 4.000% | 11/15/24 | 600 | 680 | ||||||
| Berks County PA GO | 5.000% | 11/15/24 | 500 | 591 | ||||||
| Berks County PA GO | 5.000% | 11/15/25 | 1,545 | 1,876 | ||||||
| Berks County PA Industrial Development Authority Health System Revenue (Tower Health Project) | 5.000% | 11/1/23 | 600 | 677 | ||||||
| Berks County PA Industrial Development Authority Health System Revenue (Tower Health Project) | 4.000% | 11/1/33 | 2,000 | 2,143 | ||||||
| Berks County PA Industrial Development Authority Health System Revenue (Tower Health Project) | 5.000% | 11/1/35 | 3,350 | 3,907 | ||||||
| Berks County PA Industrial Development Authority Health System Revenue (Tower Health Project) | 4.000% | 11/1/47 | 5,000 | 5,207 | ||||||
| Berks County PA Industrial Development Authority Health System Revenue (Tower Health Project) | 5.000% | 11/1/47 | 15,950 | 18,110 | ||||||
| Berks County PA Industrial Development Authority Health System Revenue (Tower Health Project) | 5.000% | 11/1/50 | 15,500 | 17,553 | ||||||
| 1 | Berks County PA Industrial Development Authority Health System Revenue (Tower Health Project) TOB VRDO | 1.300% | 12/6/19 | LOC | 10,425 | 10,425 |
30
Pennsylvania Long-Term Tax-Exempt Fund
| Face | Market | |||||||||
| Maturity | Amount | Value• | ||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | |||||
| Berks County PA Industrial Development Authority Healthcare Facilities Revenue (Highlands at Wyomissing) | 5.000% | 5/15/33 | 500 | 567 | ||||||
| Berks County PA Industrial Development Authority Healthcare Facilities Revenue (Highlands at Wyomissing) | 5.000% | 5/15/37 | 375 | 430 | ||||||
| Berks County PA Industrial Development Authority Healthcare Facilities Revenue (Highlands at Wyomissing) | 5.000% | 5/15/37 | 2,500 | 2,801 | ||||||
| Berks County PA Industrial Development Authority Healthcare Facilities Revenue (Highlands at Wyomissing) | 5.000% | 5/15/38 | 420 | 474 | ||||||
| Berks County PA Industrial Development Authority Healthcare Facilities Revenue (Highlands at Wyomissing) | 5.000% | 5/15/43 | 500 | 559 | ||||||
| Berks County PA Industrial Development Authority Healthcare Facilities Revenue (Highlands at Wyomissing) | 5.000% | 5/15/47 | 830 | 934 | ||||||
| Berks County PA Industrial Development Authority Healthcare Facilities Revenue (Highlands at Wyomissing) | 5.000% | 5/15/47 | 2,435 | 2,694 | ||||||
| Berks County PA Industrial Development Authority Healthcare Facilities Revenue (Highlands at Wyomissing) | 5.000% | 5/15/48 | 1,500 | 1,667 | ||||||
| Berks County PA Municipal Authority Revenue (Reading Hospital & Medical Center Project) | 5.750% | 11/1/39 | 2,310 | 2,318 | ||||||
| Berks County PA Municipal Authority Revenue (Reading Hospital & Medical Center Project) | 5.000% | 11/1/40 | 6,955 | 7,362 | ||||||
| Bermudian Springs PA School District GO | 5.000% | 5/1/30 | (4) | 1,370 | 1,667 | |||||
| Bethel Park PA School District GO | 4.000% | 8/1/31 | 2,500 | 2,830 | ||||||
| Blue Mountain PA School District GO | 4.000% | 8/1/22 | (4) | 235 | 251 | |||||
| Blue Mountain PA School District GO | 4.000% | 8/1/23 | (4) | 470 | 512 | |||||
| Blue Mountain PA School District GO | 4.000% | 8/1/24 | (4) | 500 | 555 | |||||
| Blue Mountain PA School District GO | 4.000% | 8/1/25 | (4) | 460 | 519 | |||||
| Bristol Township PA School District GO | 5.250% | 6/1/37 | 3,000 | 3,320 | ||||||
| Bucks County PA Industrial Development Authority Hospital Revenue (St. Luke’s University Health Network Project) | 4.000% | 8/15/35 | 550 | 609 | ||||||
| Bucks County PA Industrial Development Authority Hospital Revenue (St. Luke’s University Health Network Project) | 4.000% | 8/15/36 | 900 | 994 | ||||||
| Bucks County PA Industrial Development Authority Hospital Revenue (St. Luke’s University Health Network Project) | 3.000% | 8/15/50 | 3,000 | 2,885 | ||||||
| Bucks County PA Industrial Development Authority Hospital Revenue (St. Luke’s University Health Network Project) | 4.000% | 8/15/50 | 2,000 | 2,135 | ||||||
| Bucks County PA Industrial Development Authority Revenue (George School) | 5.000% | 9/15/44 | 4,965 | 6,109 | ||||||
| Bucks County PA Water & Sewer Authority Water System Revenue | 5.000% | 12/1/21 | (Prere.) | 2,000 | 2,154 | |||||
| Butler County PA Hospital Authority Revenue (Butler Health System Project) | 5.000% | 7/1/26 | 525 | 608 |
31
Pennsylvania Long-Term Tax-Exempt Fund
| Face | Market | |||||||||
| Maturity | Amount | Value• | ||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | |||||
| Butler County PA Hospital Authority Revenue (Butler Health System Project) | 5.000% | 7/1/27 | 490 | 566 | ||||||
| Butler County PA Hospital Authority Revenue (Butler Health System Project) | 5.000% | 7/1/28 | 540 | 624 | ||||||
| Butler County PA Hospital Authority Revenue (Butler Health System Project) | 5.000% | 7/1/29 | 1,670 | 1,932 | ||||||
| Butler County PA Hospital Authority Revenue (Butler Health System Project) | 5.000% | 7/1/30 | 1,370 | 1,579 | ||||||
| Butler County PA Hospital Authority Revenue (Butler Health System Project) | 5.000% | 7/1/35 | 4,430 | 5,045 | ||||||
| Butler County PA Hospital Authority Revenue (Butler Health System Project) | 5.000% | 7/1/39 | 3,250 | 3,667 | ||||||
| Canon-McMillan PA School District GO | 5.000% | 12/15/37 | (15) | 3,000 | 3,445 | |||||
| Canon-McMillan PA School District GO | 5.000% | 12/1/41 | (4) | 3,000 | 3,549 | |||||
| Canonsburg-Houston PA Joint Authority Sewer Revenue | 5.000% | 12/1/27 | 1,530 | 1,797 | ||||||
| Canonsburg-Houston PA Joint Authority Sewer Revenue | 5.000% | 12/1/28 | 1,605 | 1,882 | ||||||
| Canonsburg-Houston PA Joint Authority Sewer Revenue | 5.000% | 12/1/30 | 1,135 | 1,326 | ||||||
| Canonsburg-Houston PA Joint Authority Sewer Revenue | 5.000% | 12/1/40 | 4,000 | 4,584 | ||||||
| Capital Region Water Pennsylvania Sewer System Revenue | 5.000% | 7/15/31 | 1,240 | 1,500 | ||||||
| Capital Region Water Pennsylvania Sewer System Revenue | 5.000% | 7/15/31 | 1,535 | 1,897 | ||||||
| Capital Region Water Pennsylvania Sewer System Revenue | 5.000% | 7/15/32 | 500 | 602 | ||||||
| Capital Region Water Pennsylvania Sewer System Revenue | 5.000% | 7/15/32 | 1,100 | 1,353 | ||||||
| Capital Region Water Pennsylvania Sewer System Revenue | 5.000% | 7/15/33 | 1,370 | 1,644 | ||||||
| Capital Region Water Pennsylvania Sewer System Revenue | 5.000% | 7/15/34 | 1,000 | 1,199 | ||||||
| Capital Region Water Pennsylvania Sewer System Revenue | 5.000% | 7/15/35 | 500 | 609 | ||||||
| Capital Region Water Pennsylvania Sewer System Revenue | 5.000% | 7/15/37 | 1,815 | 2,164 | ||||||
| Capital Region Water Pennsylvania Sewer System Revenue | 5.000% | 7/15/38 | 1,000 | 1,205 | ||||||
| Capital Region Water Pennsylvania Sewer System Revenue | 5.000% | 7/15/42 | 2,665 | 3,144 | ||||||
| 2 | Centennial PA School District Bucks County GO | 5.000% | 12/15/33 | 1,000 | 1,207 | |||||
| 2 | Centennial PA School District Bucks County GO | 5.000% | 12/15/34 | 1,000 | 1,203 | |||||
| Central Bradford PA Progress Authority Revenue (Guthrie Healthcare System) | 5.375% | 12/1/21 | (Prere.) | 3,000 | 3,244 | |||||
| Central Bradford PA Progress Authority Revenue (Guthrie Healthcare System) | 5.500% | 12/1/21 | (Prere.) | 5,000 | 5,419 | |||||
| Central Dauphin PA School District GO | 4.000% | 5/15/37 | 1,000 | 1,097 | ||||||
| Central Dauphin School District PA GO | 4.000% | 5/15/32 | 1,000 | 1,114 | ||||||
| Central Dauphin School District PA GO | 4.000% | 5/15/34 | 1,985 | 2,193 | ||||||
| Central Dauphin School District PA GO | 4.000% | 5/15/35 | 2,325 | 2,565 |
32
Pennsylvania Long-Term Tax-Exempt Fund
| Face | Market | ||||||||||
| Maturity | Amount | Value· | |||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | ||||||
| Centre County PA Hospital Authority Revenue (Mount Nittany Medical Center Project) | 7.000% | 11/15/21 | (Prere.) | 6,930 | 7,697 | ||||||
| Centre County PA Hospital Authority Revenue (Mount Nittany Medical Center Project) | 5.000% | 11/15/32 | 6,280 | 6,843 | |||||||
| Centre County PA Hospital Authority Revenue (Mount Nittany Medical Center Project) | 5.000% | 11/15/42 | 1,500 | 1,771 | |||||||
| Centre County PA Hospital Authority Revenue (Mount Nittany Medical Center Project) | 5.000% | 11/15/44 | 3,000 | 3,209 | |||||||
| Centre County PA Hospital Authority Revenue (Mount Nittany Medical Center Project) | 4.000% | 11/15/47 | 2,100 | 2,260 | |||||||
| Chartiers Valley PA School District GO | 5.000% | 10/15/35 | 1,135 | 1,315 | |||||||
| Chartiers Valley PA School District GO | 5.000% | 10/15/40 | 2,750 | 3,156 | |||||||
| Cheltenham Township PA School District GO | 5.000% | 3/15/38 | 4,210 | 4,832 | |||||||
| Chester County PA Health & Education Facilities Authority Revenue (Main Line Health System Inc. Obligated Group) | 5.000% | 5/15/20 | (Prere.) | 17,490 | 17,791 | ||||||
| Chester County PA Health & Education Facilities Authority Revenue (Main Line Health System Inc. Obligated Group) | 5.000% | 5/15/20 | (Prere.) | 5,000 | 5,087 | ||||||
| Chester County PA Health & Education Facilities Authority Revenue (Main Line Health System Inc. Obligated Group) | 5.000% | 10/1/34 | 2,675 | 3,255 | |||||||
| Chester County PA Health & Education Facilities Authority Revenue (Main Line Health System Inc. Obligated Group) | 4.000% | 10/1/42 | 2,000 | 2,195 | |||||||
| Chester County PA Health & Education Facilities Authority Revenue (Main Line Health System Inc. Obligated Group) | 4.000% | 10/1/47 | 4,000 | 4,356 | |||||||
| Chester County PA Health & Education Facilities Authority Revenue (Main Line Health System Inc. Obligated Group) | 5.000% | 10/1/52 | 2,500 | 2,913 | |||||||
| 2 | Chester County PA Industrial Development Authority Revenue (Longwood Gardens Project) | 4.000% | 12/1/49 | 3,750 | 4,168 | ||||||
| Chester County PA Industrial Development Authority Student Housing Revenue (University Student Housing LLC Project) | 5.000% | 8/1/30 | 1,100 | 1,195 | |||||||
| Chester County PA Industrial Development Authority Student Housing Revenue (University Student Housing LLC Project) | 5.000% | 8/1/35 | 785 | 848 | |||||||
| Chester County PA Industrial Development Authority Student Housing Revenue (University Student Housing LLC Project) | 5.000% | 8/1/45 | 2,990 | 3,194 | |||||||
| Clarion County PA Industrial Development Authority Revenue (Clarion University Foundation Inc. Student Housing Project) | 5.000% | 7/1/29 | 2,000 | 2,152 | |||||||
| Clarion County PA Industrial Development Authority Revenue (Clarion University Foundation Inc. Student Housing Project) | 5.000% | 7/1/33 | 3,000 | 3,201 | |||||||
| Clarion County PA Industrial Development Authority Revenue (Clarion University Foundation Inc. Student Housing Project) | 5.000% | 7/1/45 | 2,000 | 2,087 | |||||||
| Commonwealth Financing Authority Pennsylvania Revenue | 5.000% | 6/1/24 | 250 | 286 |
33
Pennsylvania Long-Term Tax-Exempt Fund
| Face | Market | ||||||||||
| Maturity | Amount | Value· | |||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | ||||||
| 2 | Commonwealth Financing Authority Pennsylvania Revenue | 5.000% | 6/1/24 | 1,000 | 1,135 | ||||||
| Commonwealth Financing Authority Pennsylvania Revenue | 5.000% | 6/1/27 | 4,000 | 4,903 | |||||||
| Commonwealth Financing Authority Pennsylvania Revenue | 5.000% | 6/1/28 | 1,365 | 1,475 | |||||||
| Commonwealth Financing Authority Pennsylvania Revenue | 5.000% | 6/1/29 | 5,115 | 6,334 | |||||||
| Commonwealth Financing Authority Pennsylvania Revenue | 5.000% | 6/1/30 | 4,045 | 4,976 | |||||||
| Commonwealth Financing Authority Pennsylvania Revenue | 5.000% | 6/1/30 | 1,000 | 1,274 | |||||||
| 2 | Commonwealth Financing Authority Pennsylvania Revenue | 5.000% | 6/1/30 | 1,750 | 2,218 | ||||||
| Commonwealth Financing Authority Pennsylvania Revenue | 5.000% | 6/1/31 | 5,000 | 5,396 | |||||||
| Commonwealth Financing Authority Pennsylvania Revenue | 5.000% | 6/1/31 | 5,100 | 6,250 | |||||||
| Commonwealth Financing Authority Pennsylvania Revenue | 5.000% | 6/1/31 | 1,000 | 1,290 | |||||||
| Commonwealth Financing Authority Pennsylvania Revenue | 5.000% | 6/1/32 | 8,115 | 8,752 | |||||||
| Commonwealth Financing Authority Pennsylvania Revenue | 5.000% | 6/1/32 | 7,000 | 8,554 | |||||||
| Commonwealth Financing Authority Pennsylvania Revenue | 5.000% | 6/1/33 | 7,760 | 8,364 | |||||||
| Commonwealth Financing Authority Pennsylvania Revenue | 5.000% | 6/1/33 | 10,025 | 12,220 | |||||||
| Commonwealth Financing Authority Pennsylvania Revenue | 4.000% | 6/1/39 | (4) | 36,550 | 40,382 | ||||||
| Conestoga Valley PA School District GO | 3.000% | 2/1/33 | 1,000 | 1,030 | |||||||
| Conestoga Valley PA School District GO | 3.000% | 2/1/37 | 1,240 | 1,265 | |||||||
| Conestoga Valley PA School District GO | 3.000% | 2/1/38 | 850 | 864 | |||||||
| Conestoga Valley PA School District GO | 3.000% | 2/1/39 | 1,000 | 1,015 | |||||||
| Conestoga Valley PA School District GO | 3.000% | 2/1/44 | 3,055 | 3,070 | |||||||
| Connellsville PA Area School District GO | 4.000% | 8/15/25 | (15) | 500 | 565 | ||||||
| Connellsville PA Area School District GO | 4.000% | 8/15/26 | (15) | 1,685 | 1,930 | ||||||
| Connellsville PA Area School District GO | 4.000% | 8/15/27 | (15) | 2,070 | 2,353 | ||||||
| Council Rock PA School District GO | 3.250% | 11/15/39 | 5,010 | 5,190 | |||||||
| Cumberland County PA Municipal Authority Revenue (Dickinson College Project) | 5.000% | 5/1/30 | 1,000 | 1,192 | |||||||
| Cumberland County PA Municipal Authority Revenue (Dickinson College Project) | 5.000% | 5/1/31 | 750 | 888 | |||||||
| Cumberland County PA Municipal Authority Revenue (Dickinson College Project) | 5.000% | 5/1/32 | 800 | 943 | |||||||
| Cumberland County PA Municipal Authority Revenue (Dickinson College Project) | 5.000% | 5/1/34 | 1,420 | 1,668 | |||||||
| Cumberland County PA Municipal Authority Revenue (Dickinson College Project) | 5.000% | 11/1/37 | 2,000 | 2,179 | |||||||
| Cumberland County PA Municipal Authority Revenue (Dickinson College Project) | 5.000% | 11/1/39 | 4,685 | 5,562 | |||||||
| Cumberland County PA Municipal Authority Revenue (Dickinson College Project) | 5.000% | 11/1/42 | 3,605 | 3,914 |
34
Pennsylvania Long-Term Tax-Exempt Fund
| Face | Market | ||||||||||
| Maturity | Amount | Value· | |||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | ||||||
| Cumberland County PA Municipal Authority Revenue (Penn State Health Obligated Group) | 4.000% | 11/1/36 | 1,400 | 1,575 | |||||||
| Cumberland County PA Municipal Authority Revenue (Penn State Health Obligated Group) | 4.000% | 11/1/44 | 5,000 | 5,492 | |||||||
| Cumberland County PA Municipal Authority Revenue (Penn State Health Obligated Group) | 4.000% | 11/1/49 | 7,500 | 8,207 | |||||||
| Cumberland Valley PA School District GO | 5.000% | 12/1/30 | 500 | 583 | |||||||
| Cumberland Valley PA School District GO | 5.000% | 12/1/31 | 750 | 873 | |||||||
| Cumberland Valley PA School District GO | 5.000% | 12/1/33 | 1,005 | 1,166 | |||||||
| Cumberland Valley PA School District GO | 5.000% | 12/1/34 | 1,125 | 1,304 | |||||||
| Cumberland Valley PA School District GO | 5.000% | 12/1/35 | 1,000 | 1,157 | |||||||
| Dauphin County PA General Authority Health System Revenue (Pinnacle Health System Project) | 4.000% | 6/1/30 | 3,745 | 4,152 | |||||||
| Dauphin County PA General Authority Health System Revenue (Pinnacle Health System Project) | 4.000% | 6/1/31 | 2,190 | 2,421 | |||||||
| Dauphin County PA General Authority Health System Revenue (Pinnacle Health System Project) | 4.000% | 6/1/32 | 2,070 | 2,283 | |||||||
| Dauphin County PA General Authority Health System Revenue (Pinnacle Health System Project) | 5.000% | 6/1/35 | 3,450 | 4,050 | |||||||
| Dauphin County PA General Authority Health System Revenue (Pinnacle Health System Project) | 5.000% | 6/1/42 | 21,040 | 22,512 | |||||||
| Delaware County PA Authority Revenue (Haverford College) | 5.000% | 10/1/34 | 1,220 | 1,479 | |||||||
| Delaware County PA Authority Revenue (Haverford College) | 5.000% | 10/1/35 | 800 | 968 | |||||||
| Delaware County PA Authority Revenue (Haverford College) | 5.000% | 10/1/42 | 5,030 | 5,972 | |||||||
| Delaware County PA Authority Revenue (Haverford College) | 5.000% | 10/1/46 | 4,970 | 5,888 | |||||||
| Delaware County PA Authority University Revenue (Villanova University) | 5.000% | 8/1/40 | 2,500 | 2,915 | |||||||
| Delaware County PA Industrial Development Authority Airport Facilities Revenue (United Parcel Service Inc.) VRDO | 1.290% | 12/2/19 | 7,500 | 7,500 | |||||||
| Delaware County PA Regional Water Quality Control Authority Revenue | 5.000% | 5/1/32 | 3,355 | 4,090 | |||||||
| Delaware County PA Regional Water Quality Control Authority Revenue | 5.000% | 5/1/40 | 1,500 | 1,723 | |||||||
| Delaware County PA Vocational-Technical School Authority Lease Revenue (Delaware County Intermediate Unit No. 25 Project) | 5.000% | 11/1/38 | (15) | 1,250 | 1,385 | ||||||
| Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | 5.000% | 7/1/25 | (Prere.) | 500 | 599 | ||||||
| Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | 5.000% | 7/1/32 | 3,070 | 3,772 |
35
Pennsylvania Long-Term Tax-Exempt Fund
| Face | Market | ||||||||||
| Maturity | Amount | Value· | |||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | ||||||
| Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | 4.000% | 7/1/33 | (15) | 4,000 | 4,401 | ||||||
| Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | 5.000% | 7/1/34 | 3,250 | 3,977 | |||||||
| Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | 5.000% | 7/1/36 | 3,500 | 4,263 | |||||||
| Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | 5.000% | 7/1/42 | 18,930 | 22,741 | |||||||
| Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | 5.000% | 7/1/44 | 755 | 931 | |||||||
| Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | 5.000% | 7/1/47 | 11,500 | 13,711 | |||||||
| 1 | Delaware River PA Joint Toll Bridge Commission Revenue TOB VRDO | 1.250% | 12/6/19 | 4,880 | 4,880 | ||||||
| Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/20 | (Prere.) | 2,000 | 2,006 | ||||||
| Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/20 | (Prere.) | 25 | 25 | ||||||
| Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/24 | 3,640 | 4,008 | |||||||
| Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/25 | 2,715 | 2,987 | |||||||
| Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/26 | 3,205 | 3,518 | |||||||
| Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/27 | 1,000 | 1,095 | |||||||
| Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/30 | 3,000 | 3,834 | |||||||
| Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/31 | 3,500 | 3,987 | |||||||
| Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/32 | 2,750 | 3,481 | |||||||
| Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/33 | 5,000 | 5,662 | |||||||
| Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/34 | 3,500 | 3,956 | |||||||
| Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/36 | 2,000 | 2,501 | |||||||
| Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/37 | 12,000 | 13,499 | |||||||
| Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/37 | 2,500 | 3,118 | |||||||
| Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/40 | 5,000 | 5,600 | |||||||
| Delaware Valley PA Regional Finance Authority Revenue | 7.750% | 7/1/27 | (2) | 130 | 184 | ||||||
| Delaware Valley PA Regional Finance Authority Revenue | 5.750% | 7/1/32 | 6,860 | 9,439 | |||||||
| Doylestown PA Hospital Authority Revenue | 5.000% | 7/1/25 | 3,730 | 4,109 | |||||||
| Doylestown PA Hospital Authority Revenue | 5.000% | 7/1/26 | 4,445 | 4,887 | |||||||
| Doylestown PA Hospital Authority Revenue | 5.000% | 7/1/27 | 1,170 | 1,284 | |||||||
| Doylestown PA Hospital Authority Revenue | 5.000% | 7/1/28 | 1,000 | 1,095 | |||||||
| Doylestown PA Hospital Authority Revenue | 5.000% | 7/1/29 | 865 | 945 | |||||||
| Doylestown PA Hospital Authority Revenue | 5.000% | 7/1/46 | 4,000 | 4,480 |
36
Pennsylvania Long-Term Tax-Exempt Fund
| Face | Market | ||||||||||
| Maturity | Amount | Value· | |||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | ||||||
| Dubois PA Hospital Authority Revenue (Penn Highlands Healthcare Obligated Group) | 4.000% | 7/15/48 | 7,405 | 7,896 | |||||||
| East Hempfield Township PA Industrial Development Authority Revenue (Millersville University Student Housing Project) | 5.000% | 7/1/30 | 1,280 | 1,386 | |||||||
| East Hempfield Township PA Industrial Development Authority Revenue (Millersville University Student Housing Project) | 5.000% | 7/1/30 | 825 | 927 | |||||||
| East Hempfield Township PA Industrial Development Authority Revenue (Millersville University Student Housing Project) | 5.000% | 7/1/34 | 1,000 | 1,094 | |||||||
| East Hempfield Township PA Industrial Development Authority Revenue (Millersville University Student Housing Project) | 5.000% | 7/1/35 | 1,250 | 1,341 | |||||||
| East Hempfield Township PA Industrial Development Authority Revenue (Millersville University Student Housing Project) | 5.000% | 7/1/45 | 4,325 | 4,591 | |||||||
| East Hempfield Township PA Industrial Development Authority Revenue (Millersville University Student Housing Project) | 5.000% | 7/1/47 | 3,750 | 4,095 | |||||||
| East Norriton-Plymouth-Whitpain PA Joint Sewer Authority Revenue | 5.000% | 8/1/38 | 2,500 | 2,783 | |||||||
| East Norriton-Plymouth-Whitpain PA Joint Sewer Authority Revenue | 5.000% | 8/1/41 | 2,100 | 2,335 | |||||||
| Easton PA Area Joint Sewer Authority Revenue | 5.000% | 12/1/27 | (15) | 250 | 282 | ||||||
| Easton PA Area Joint Sewer Authority Revenue | 5.000% | 12/1/28 | (15) | 250 | 282 | ||||||
| Emmaus PA General Authority Revenue VRDO | 1.020% | 12/6/19 | LOC | 100 | 100 | ||||||
| Erie City PA Water Authority Revenue | 5.000% | 12/1/43 | (4) | 1,500 | 1,822 | ||||||
| Erie City PA Water Authority Revenue | 4.000% | 12/1/44 | (15) | 2,175 | 2,469 | ||||||
| Erie PA City School District GO | 5.000% | 4/1/27 | (4) | 150 | 183 | ||||||
| Erie PA City School District GO | 3.000% | 4/1/32 | (4) | 3,360 | 3,496 | ||||||
| Erie PA Higher Education Building Authority Revenue (Gannon University) | 5.000% | 5/1/32 | 1,325 | 1,505 | |||||||
| Erie PA Higher Education Building Authority Revenue (Gannon University) | 5.000% | 5/1/33 | 1,395 | 1,582 | |||||||
| Erie PA Sewer Authority Revenue | 4.000% | 12/1/41 | (4) | 3,500 | 3,836 | ||||||
| Fox Chapel PA Area School District | 5.000% | 2/1/36 | 2,000 | 2,407 | |||||||
| Franklin County PA Industrial Development Authority Revenue (Chambersburg Hospital Project) | 5.375% | 7/1/20 | (Prere.) | 17,075 | 17,489 | ||||||
| Franklin County PA Industrial Development Authority Revenue (Menno-Haven Inc. Project) | 5.000% | 12/1/43 | 1,100 | 1,200 | |||||||
| Franklin County PA Industrial Development Authority Revenue (Menno-Haven Inc. Project) | 5.000% | 12/1/48 | 2,300 | 2,503 | |||||||
| Franklin County PA Industrial Development Authority Revenue (Menno-Haven Inc. Project) | 5.000% | 12/1/53 | 1,900 | 2,060 | |||||||
| Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) | 5.000% | 2/15/34 | 4,250 | 5,096 |
37
Pennsylvania Long-Term Tax-Exempt Fund
| Face | Market | ||||||||||
| Maturity | Amount | Value· | |||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | ||||||
| Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) | 5.000% | 2/15/39 | 4,400 | 5,214 | |||||||
| Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) | 5.000% | 6/1/41 | 5,000 | 5,610 | |||||||
| Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) | 5.000% | 2/15/45 | 13,000 | 15,243 | |||||||
| Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) | 4.000% | 2/15/47 | 30,030 | 32,453 | |||||||
| 1 | Geisinger PA Authority Health System Revenue TOB VRDO | 1.130% | 12/6/19 | 1,700 | 1,700 | ||||||
| Hamburg PA Area School District GO | 5.000% | 4/1/21 | 300 | 315 | |||||||
| Hamburg PA Area School District GO | 5.000% | 4/1/22 | 300 | 326 | |||||||
| Hamburg PA Area School District GO | 5.000% | 4/1/23 | 335 | 375 | |||||||
| Hampden Township PA GO | 5.000% | 11/15/20 | (Prere.) | 180 | 186 | ||||||
| Haverford PA GO | 3.650% | 6/1/48 | 935 | 992 | |||||||
| 2 | Haverford Township PA School District GO | 3.000% | 3/1/31 | 3,920 | 4,145 | ||||||
| 2 | Haverford Township PA School District GO | 3.000% | 3/1/32 | 4,050 | 4,253 | ||||||
| 2 | Haverford Township PA School District GO | 3.000% | 3/1/33 | 4,170 | 4,343 | ||||||
| 2 | Haverford Township PA School District GO | 3.000% | 3/1/34 | 4,295 | 4,443 | ||||||
| Huntingdon County PA General Authority Revenue | 5.000% | 5/1/46 | 5,595 | 6,153 | |||||||
| Lackawanna County PA Industrial Development Authority Revenue (University of Scranton) | 4.000% | 11/1/35 | 500 | 541 | |||||||
| Lackawanna County PA Industrial Development Authority Revenue (University of Scranton) | 4.000% | 11/1/36 | 625 | 675 | |||||||
| Lackawanna County PA Industrial Development Authority Revenue (University of Scranton) | 4.000% | 11/1/40 | 4,000 | 4,268 | |||||||
| Lancaster County PA Hospital Authority Revenue (Brethren Village Project) | 5.000% | 7/1/25 | 715 | 790 | |||||||
| Lancaster County PA Hospital Authority Revenue (Brethren Village Project) | 5.000% | 7/1/30 | 750 | 828 | |||||||
| Lancaster County PA Hospital Authority Revenue (Brethren Village Project) | 5.000% | 7/1/31 | 1,300 | 1,432 | |||||||
| Lancaster County PA Hospital Authority Revenue (Brethren Village Project) | 5.000% | 7/1/32 | 725 | 796 | |||||||
| Lancaster County PA Hospital Authority Revenue (University of Pennsylvania Health System) | 5.000% | 8/15/42 | 8,825 | 10,378 | |||||||
| Lancaster County PA Solid Waste Management Authority Solid Waste Disposal System Revenue | 5.250% | 12/15/30 | 3,000 | 3,417 | |||||||
| Lancaster County PA Solid Waste Management Authority Solid Waste Disposal System Revenue | 5.250% | 12/15/31 | 4,235 | 4,821 | |||||||
| Lancaster County PA Solid Waste Management Authority Solid Waste Disposal System Revenue | 5.250% | 12/15/32 | 2,600 | 2,957 |
38
Pennsylvania Long-Term Tax-Exempt Fund
| Face | Market | |||||||||
| Maturity | Amount | Value• | ||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | |||||
| Lancaster County PA Solid Waste Management Authority Solid Waste Disposal System Revenue | 5.000% | 12/15/33 | 5,000 | 5,626 | ||||||
| Lancaster PA GO | 4.000% | 11/1/31 | (15) | 1,400 | 1,593 | |||||
| Lancaster PA GO | 4.000% | 11/1/32 | (15) | 2,445 | 2,772 | |||||
| Lancaster PA GO | 4.000% | 11/1/33 | (15) | 2,545 | 2,875 | |||||
| Lancaster PA GO | 4.000% | 11/1/34 | (15) | 2,660 | 2,998 | |||||
| Lancaster PA GO | 4.000% | 11/1/35 | (15) | 2,355 | 2,647 | |||||
| Lancaster PA Industrial Development Authority Revenue (Garden Spot Village Project) | 5.375% | 5/1/23 | (Prere.) | 1,250 | 1,421 | |||||
| Lancaster PA Industrial Development Authority Revenue (Garden Spot Village Project) | 5.750% | 5/1/23 | (Prere.) | 2,200 | 2,529 | |||||
| Lehigh County PA Authority Water & Sewer Revenue | 0.000% | 12/1/24 | 1,695 | 1,532 | ||||||
| Lehigh County PA Authority Water & Sewer Revenue | 5.000% | 12/1/43 | �� | 14,305 | 15,935 | |||||
| Lehigh County PA Authority Water & Sewer Revenue | 5.125% | 12/1/47 | 3,000 | 3,357 | ||||||
| Lehigh County PA General Purpose Authority Revenue (Good Shepherd Obligated Group) | 4.000% | 11/1/46 | 3,685 | 3,869 | ||||||
| Lehigh County PA General Purpose Hospital Authority Revenue (Lehigh Valley Health Network) | 4.000% | 7/1/33 | 5,000 | 5,227 | ||||||
| Lehigh County PA General Purpose Hospital Authority Revenue (Lehigh Valley Health Network) | 5.000% | 7/1/44 | 7,000 | 8,372 | ||||||
| Lehigh County PA General Purpose Hospital Authority Revenue (Lehigh Valley Health Network) | 4.000% | 7/1/49 | 20,000 | 21,665 | ||||||
| 1 | Lehigh Valley Health Network Obligated Group TOB VDRO | 1.250% | 12/6/19 | 5,000 | 5,000 | |||||
| Luzerne County PA GO | 5.250% | 12/15/21 | (14) | 2,450 | 2,513 | |||||
| Luzerne County PA GO | 5.000% | 11/15/29 | (4) | 2,500 | 2,925 | |||||
| Luzerne County PA Industrial Development Authority Water Facility Revenue (Pennsylvania-American Water Co.) | 5.500% | 12/1/39 | 5,000 | 5,005 | ||||||
| Lycoming County PA Authority College Revenue (Pennsylvania College of Technology) | 5.000% | 5/1/26 | 2,000 | 2,136 | ||||||
| Lycoming County PA Authority College Revenue (Pennsylvania College of Technology) | 5.000% | 7/1/30 | 5,565 | 5,820 | ||||||
| Lycoming County PA Authority Revenue (Lycoming College) | 4.000% | 11/1/24 | 435 | 478 | ||||||
| Lycoming County PA Authority Revenue (Lycoming College) | 5.500% | 11/1/33 | 2,935 | 3,347 | ||||||
| Manheim Township PA School District GO | 5.000% | 2/1/31 | 1,200 | 1,412 | ||||||
| Marple Newtown PA School District GO | 3.000% | 6/1/40 | 3,745 | 3,811 | ||||||
| Marple Newtown PA School District GO | 3.000% | 6/1/44 | 2,000 | 2,016 | ||||||
| Mechanicsburg PA Area School District GO | 4.000% | 3/1/32 | 1,580 | 1,797 | ||||||
| Mechanicsburg PA Area School District GO | 4.000% | 3/1/33 | 1,645 | 1,861 | ||||||
| Monroe County PA Hospital Authority Revenue (Pocono Medical Center) | 5.000% | 7/1/41 | 3,660 | 4,228 |
39
Pennsylvania Long-Term Tax-Exempt Fund
| Face | Market | |||||||||
| Maturity | Amount | Value• | ||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | |||||
| Monroeville PA Finance Authority Revenue (UPMC Health System) | 5.000% | 2/15/42 | 10,875 | 11,761 | ||||||
| Montgomery County PA Higher Education & Health Authority Revenue (Arcadia University) | 5.000% | 4/1/29 | 2,580 | 2,913 | ||||||
| Montgomery County PA Higher Education & Health Authority Revenue (Arcadia University) | 5.000% | 4/1/30 | 1,000 | 1,124 | ||||||
| Montgomery County PA Higher Education & Health Authority Revenue (Arcadia University) | 5.750% | 4/1/40 | 3,000 | 3,303 | ||||||
| Montgomery County PA Higher Education & Health Authority Revenue (Gwynedd Mercy University Project)PUT | 3.000% | 5/1/21 | 1,100 | 1,115 | ||||||
| Montgomery County PA Higher Education & Health Authority Revenue (Gwynedd Mercy University Project) PUT | 4.000% | 5/1/23 | 1,180 | 1,252 | ||||||
| Montgomery County PA Higher Education & Health Authority Revenue (Hill School Project) | 4.000% | 8/15/50 | 5,730 | 6,250 | ||||||
| Montgomery County PA Higher Education & Health Authority Revenue (Holy Redeemer Health System) | 5.000% | 10/1/24 | 1,165 | 1,309 | ||||||
| Montgomery County PA Higher Education & Health Authority Revenue (Holy Redeemer Health System) | 5.000% | 10/1/25 | 1,200 | 1,348 | ||||||
| Montgomery County PA Higher Education & Health Authority Revenue (Holy Redeemer Health System) | 5.000% | 10/1/26 | 1,000 | 1,120 | ||||||
| Montgomery County PA Higher Education & Health Authority Revenue (Holy Redeemer Health System) | 5.000% | 10/1/27 | 1,000 | 1,117 | ||||||
| Montgomery County PA Higher Education & Health Authority Revenue (Holy Redeemer Health System) | 5.000% | 10/1/40 | 6,150 | 6,821 | ||||||
| Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | 5.000% | 9/1/31 | 1,750 | 2,135 | ||||||
| Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | 5.000% | 9/1/33 | 1,000 | 1,235 | ||||||
| Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | 5.000% | 9/1/34 | 2,210 | 2,676 | ||||||
| Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | 5.000% | 9/1/35 | 2,780 | 3,357 | ||||||
| Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | 4.000% | 9/1/37 | 1,435 | 1,593 | ||||||
| Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | 5.000% | 9/1/37 | 2,500 | 3,000 | ||||||
| Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | 5.000% | 9/1/43 | 5,750 | 6,808 |
40
Pennsylvania Long-Term Tax-Exempt Fund
| Face | Market | |||||||||
| Maturity | Amount | Value• | ||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | |||||
| Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | 4.000% | 9/1/44 | 4,300 | 4,680 | ||||||
| Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | 5.000% | 9/1/48 | 10,250 | 12,065 | ||||||
| Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | 4.000% | 9/1/49 | 7,950 | 8,592 | ||||||
| Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | 5.000% | 9/1/51 | 870 | 1,032 | ||||||
| Montgomery County PA Higher Education & Health Authority Revenue (Ursinus College) | 5.250% | 11/1/42 | 4,000 | 4,466 | ||||||
| Montgomery County PA Industrial Development Authority Health Services Revenue (Albert Einstein Healthcare Network) | 5.250% | 1/15/28 | 3,795 | 4,344 | ||||||
| Montgomery County PA Industrial Development Authority Health Services Revenue (Albert Einstein Healthcare Network) | 5.250% | 1/15/30 | 5,000 | 5,691 | ||||||
| Montgomery County PA Industrial Development Authority Health Services Revenue (Albert Einstein Healthcare Network) | 5.250% | 1/15/36 | 11,250 | 12,702 | ||||||
| Montgomery County PA Industrial Development Authority Health Services Revenue (Albert Einstein Healthcare Network) | 5.250% | 1/15/45 | 8,500 | 9,496 | ||||||
| Montgomery County PA Industrial Development Authority Health Services Revenue (Albert Einstein Healthcare Network) | 5.250% | 1/15/46 | 3,300 | 3,684 | ||||||
| Montgomery County PA Industrial Development Authority Health Services Revenue (Jefferson Health System) | 5.000% | 10/1/41 | 4,110 | 4,364 | ||||||
| Montgomery County PA Industrial Development Authority Revenue (Foulkeways at Gwynedd) | 5.000% | 12/1/30 | 1,200 | 1,368 | ||||||
| Montgomery County PA Industrial Development Authority Revenue (Foulkeways at Gwynedd) | 5.000% | 12/1/46 | 3,730 | 4,120 | ||||||
| Montgomery County PA Industrial Development Authority Revenue (Haverford School Project) | 3.000% | 3/1/49 | 3,760 | 3,696 | ||||||
| Montgomery County PA Industrial Development Authority Revenue (Meadowood Corp.) | 5.000% | 12/1/38 | 2,500 | 2,831 | ||||||
| Montgomery County PA Industrial Development Authority Revenue (Meadowood Corp.) | 5.000% | 12/1/48 | 6,500 | 7,258 | ||||||
| Montgomery County PA Industrial Development Authority Revenue (Philadelphia Presbyterian Homes Inc. Project) | 6.625% | 12/1/21 | (Prere.) | 1,565 | 1,732 | |||||
| Montgomery County PA Industrial Development Authority Revenue (Philadelphia Presbyterian Homes Inc. Project) | 5.000% | 12/1/27 | 2,250 | 2,537 |
41
Pennsylvania Long-Term Tax-Exempt Fund
| Face | Market | |||||||||
| Maturity | Amount | Value• | ||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | |||||
| Montgomery County PA Industrial Development Authority Revenue (Philadelphia Presbyterian Homes Inc. Project) | 5.000% | 12/1/47 | 2,000 | 2,190 | ||||||
| Montgomery County PA Industrial Development Authority Revenue (Philadelphia Presbyterian Homes Inc. Project) | 4.000% | 12/1/48 | 3,000 | 3,067 | ||||||
| Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/20 | 225 | 231 | ||||||
| Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/21 | 100 | 105 | ||||||
| Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/22 | 100 | 107 | ||||||
| Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/23 | 125 | 136 | ||||||
| Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/24 | 200 | 222 | ||||||
| Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/25 | 250 | 281 | ||||||
| Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/26 | 350 | 397 | ||||||
| Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/27 | 150 | 171 | ||||||
| Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/28 | 200 | 226 | ||||||
| Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/29 | 100 | 113 | ||||||
| Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/30 | 210 | 235 | ||||||
| Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/31 | 225 | 251 | ||||||
| Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/32 | 100 | 111 | ||||||
| Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/33 | 200 | 222 | ||||||
| Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/34 | 200 | 221 |
42
Pennsylvania Long-Term Tax-Exempt Fund
| Face | Market | ||||||||||
| Maturity | Amount | Value· | |||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | ||||||
| Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/35 | 395 | 435 | |||||||
| Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/36 | 650 | 714 | |||||||
| Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/37 | 605 | 663 | |||||||
| Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/38 | 300 | 328 | |||||||
| Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 5.000% | 12/1/44 | 1,000 | 1,155 | |||||||
| Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 5.000% | 12/1/49 | 1,000 | 1,148 | |||||||
| Montgomery County PA Industrial Development Authority Revenue (Whitemarsh Continuing Care Retirement Community Inc.) | 5.000% | 1/1/30 | 1,575 | 1,665 | |||||||
| Montgomery County PA Industrial Development Authority Revenue (Whitemarsh Continuing Care Retirement Community Inc.) | 5.250% | 1/1/40 | 4,750 | 4,994 | |||||||
| Montour PA School District GO | 5.000% | 4/1/40 | (4) | 3,185 | 3,672 | ||||||
| Moon Area School District GO | 4.000% | 11/15/31 | (4) | 2,050 | 2,338 | ||||||
| Moon Area School District GO | 4.000% | 11/15/32 | (4) | 1,000 | 1,136 | ||||||
| Moon Industrial Development Authority Pennsylvania Revenue (Baptist Home Society Obligated Group) | 5.625% | 7/1/30 | 1,000 | 1,090 | |||||||
| Moon Industrial Development Authority Pennsylvania Revenue (Baptist Home Society Obligated Group) | 6.000% | 7/1/45 | 3,500 | 3,790 | |||||||
| Mount Lebanon PA Hospital Authority Revenue (St. Clair Memorial Hospital Project) | 5.000% | 7/1/31 | 6,270 | 6,802 | |||||||
| Mount Lebanon PA Hospital Authority Revenue (St. Clair Memorial Hospital Project) | 4.000% | 7/1/48 | 6,000 | 6,484 | |||||||
| Mount Union PA Area School District GO | 5.000% | 9/1/32 | (4) | 1,580 | 1,957 | ||||||
| Mount Union PA Area School District GO | 5.000% | 9/1/33 | (4) | 1,655 | 2,045 | ||||||
| Mount Union PA Area School District GO | 5.000% | 9/1/34 | (4) | 1,740 | 2,145 | ||||||
| Muhlenberg PA School District GO | 2.000% | 2/15/21 | 1,000 | 1,001 | |||||||
| New Kensington Arnold PA School District GO | 5.000% | 5/15/23 | (15) | 2,025 | 2,251 | ||||||
| New Kensington Arnold PA School District GO | 5.000% | 5/15/24 | (15) | 2,125 | 2,426 | ||||||
| Norristown PA Area School District GO | 4.000% | 9/1/30 | 1,000 | 1,112 | |||||||
| North Allegheny PA School District GO | 3.000% | 5/1/32 | 2,590 | 2,744 | |||||||
| North Allegheny PA School District GO | 3.000% | 5/1/33 | 2,780 | 2,929 | |||||||
| North Allegheny PA School District GO | 4.000% | 5/1/38 | 2,335 | 2,652 | |||||||
| North Allegheny PA School District GO | 4.000% | 5/1/44 | 1,750 | 1,961 | |||||||
| Northampton County PA General Purpose Authority College Revenue (Moravian College) | 5.000% | 10/1/40 | 1,760 | 1,997 |
43
Pennsylvania Long-Term Tax-Exempt Fund
| Face | Market | ||||||||||
| Maturity | Amount | Value· | |||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | ||||||
| Northampton County PA General Purpose Authority Hospital Revenue (St. Luke’s Hospital Project) | 5.000% | 8/15/28 | 3,975 | 4,739 | |||||||
| Northampton County PA General Purpose Authority Hospital Revenue (St. Luke’s Hospital Project) | 5.000% | 8/15/29 | 2,000 | 2,375 | |||||||
| Northampton County PA General Purpose Authority Hospital Revenue (St. Luke’s Hospital Project) | 5.000% | 8/15/33 | 9,555 | 10,420 | |||||||
| Northampton County PA General Purpose Authority Hospital Revenue (St. Luke’s Hospital Project) | 5.000% | 8/15/36 | 6,790 | 7,907 | |||||||
| Northampton County PA General Purpose Authority Hospital Revenue (St. Luke’s Hospital Project) | 5.000% | 8/15/43 | 3,000 | 3,545 | |||||||
| Northampton County PA General Purpose Authority Hospital Revenue (St. Luke’s Hospital Project) | 5.000% | 8/15/46 | 1,795 | 2,081 | |||||||
| Northampton County PA General Purpose Authority Hospital Revenue (St. Luke’s Hospital Project) | 4.000% | 8/15/48 | 3,895 | 4,154 | |||||||
| Northampton County PA General Purpose Authority University Revenue (Lafayette College) | 5.000% | 11/1/32 | 4,000 | 4,477 | |||||||
| Northampton County PA General Purpose Authority University Revenue (Lehigh University) | 4.000% | 11/15/34 | 7,535 | 8,467 | |||||||
| Northampton County PA General Purpose Authority University Revenue (Lehigh University) VRDO | 1.050% | 12/6/19 | 100 | 100 | |||||||
| Northampton County PA Industrial Development Authority Revenue (Morningstar Senior Living, Inc. Project) | 5.000% | 7/1/32 | 1,775 | 1,864 | |||||||
| Northampton County PA Industrial Development Authority Revenue (Morningstar Senior Living, Inc. Project) | 5.000% | 7/1/36 | 1,000 | 1,046 | |||||||
| Northampton County PA Industrial Development Authority Revenue (Morningstar Senior Living, Inc. Project) | 5.000% | 11/1/44 | 1,900 | 2,100 | |||||||
| Northampton PA GO | 3.625% | 5/15/39 | 2,145 | 2,254 | |||||||
| Northeastern Pennsylvania Hospital & Education Authority Revenue (Kings College Project) | 5.000% | 5/1/44 | 1,000 | 1,176 | |||||||
| Northeastern Pennsylvania Hospital & Education Authority Revenue (Kings College Project) | 5.000% | 5/1/49 | 1,350 | 1,583 | |||||||
| Northeastern Pennsylvania Hospital & Education Authority Revenue (Wilkes University Project) | 5.000% | 3/1/25 | 1,125 | 1,261 | |||||||
| Northeastern Pennsylvania Hospital & Education Authority Revenue (Wilkes University Project) | 5.000% | 3/1/29 | 1,250 | 1,406 | |||||||
| Northeastern Pennsylvania Hospital & Educational Authority Revenue (Wilkes University Project) | 5.250% | 3/1/31 | 1,140 | 1,302 |
44
Pennsylvania Long-Term Tax-Exempt Fund
| Face | Market | ||||||||||
| Maturity | Amount | Value· | |||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | ||||||
| Northeastern Pennsylvania Hospital & Educational Authority Revenue (Wilkes University Project) | 5.000% | 3/1/37 | 3,740 | 4,132 | |||||||
| Northeastern Pennsylvania Hospital & Educational Authority Revenue (Wilkes University Project) | 5.250% | 3/1/37 | 3,000 | 3,382 | |||||||
| Northern Tioga School District Pennsylvania GO | 5.000% | 4/1/29 | (15) | 500 | 607 | ||||||
| Northern Tioga School District Pennsylvania GO | 5.000% | 4/1/31 | (15) | 700 | 843 | ||||||
| Northern Tioga School District Pennsylvania GO | 4.000% | 4/1/33 | (15) | 500 | 553 | ||||||
| Norwin PA School District GO | 5.000% | 4/1/25 | (4) | 2,470 | 2,591 | ||||||
| Norwin PA School District GO | 5.000% | 4/1/26 | (4) | 2,595 | 2,722 | ||||||
| Owen J. Roberts Pennsylvania School District GO | 4.000% | 5/15/30 | 1,900 | 2,056 | |||||||
| Palmer Township PA GO | 4.000% | 5/15/30 | 1,495 | 1,635 | |||||||
| Penn Manor PA School District Revenue | 5.000% | 3/1/32 | 1,000 | 1,203 | |||||||
| Penn Manor PA School District Revenue | 5.000% | 3/1/35 | 800 | 957 | |||||||
| Penn Manor PA School District Revenue | 5.000% | 3/1/36 | 1,700 | 2,028 | |||||||
| Penn Manor PA School District Revenue | 5.000% | 3/1/38 | 1,250 | 1,482 | |||||||
| Pennsylvania COP | 5.000% | 7/1/29 | 300 | 371 | |||||||
| Pennsylvania COP | 5.000% | 7/1/30 | 375 | 461 | |||||||
| Pennsylvania COP | 5.000% | 7/1/31 | 425 | 521 | |||||||
| Pennsylvania COP | 5.000% | 7/1/34 | 475 | 578 | |||||||
| Pennsylvania COP | 5.000% | 7/1/35 | 845 | 1,026 | |||||||
| Pennsylvania COP | 5.000% | 7/1/36 | 1,000 | 1,211 | |||||||
| Pennsylvania COP | 5.000% | 7/1/37 | 875 | 1,055 | |||||||
| Pennsylvania COP | 5.000% | 7/1/38 | 1,000 | 1,201 | |||||||
| Pennsylvania COP | 5.000% | 7/1/43 | 4,000 | 4,742 | |||||||
| Pennsylvania Economic Development Financing Authority Parking System Revenue (Capitol Region Parking System) | 0.000% | 1/1/29 | (4) | 2,000 | 1,571 | ||||||
| Pennsylvania Economic Development Financing Authority Parking System Revenue (Capitol Region Parking System) | 0.000% | 1/1/30 | (4) | 3,710 | 2,808 | ||||||
| Pennsylvania Economic Development Financing Authority Parking System Revenue (Capitol Region Parking System) | 5.500% | 1/1/31 | (4) | 3,000 | 3,415 | ||||||
| Pennsylvania Economic Development Financing Authority Parking System Revenue (Capitol Region Parking System) | 0.000% | 1/1/36 | (4) | 6,045 | 3,822 | ||||||
| Pennsylvania Economic Development Financing Authority Parking System Revenue (Capitol Region Parking System) | 0.000% | 1/1/38 | (4) | 5,525 | 3,231 | ||||||
| Pennsylvania Economic Development Financing Authority Parking System Revenue (Capitol Region Parking System) | 5.250% | 1/1/44 | (4) | 6,500 | 7,216 | ||||||
| Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | 5.000% | 2/1/31 | 5,000 | 5,754 | |||||||
| Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | 5.000% | 2/1/32 | 8,000 | 9,192 |
45
Pennsylvania Long-Term Tax-Exempt Fund
| Face | Market | ||||||||||
| Maturity | Amount | Value· | |||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | ||||||
| Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | 4.000% | 3/15/32 | 2,500 | 2,777 | |||||||
| Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | 5.000% | 7/1/33 | 11,405 | 12,700 | |||||||
| Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | 5.000% | 7/1/43 | 4,500 | 4,942 | |||||||
| Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | 5.000% | 2/1/45 | 5,000 | 5,601 | |||||||
| Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | 4.000% | 3/15/45 | 4,000 | 4,286 | |||||||
| Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | 4.000% | 11/15/47 | 10,000 | 10,843 | |||||||
| Pennsylvania Economic Development Financing Authority Water Facilities Revenue (Aqua Pennsylvania Inc. Project) | 5.000% | 12/1/43 | 4,500 | 4,645 | |||||||
| Pennsylvania GO | 5.000% | 1/15/21 | 100 | 104 | |||||||
| Pennsylvania GO | 5.000% | 7/1/21 | 120 | 127 | |||||||
| Pennsylvania GO | 5.000% | 7/1/21 | 250 | 265 | |||||||
| Pennsylvania GO | 5.375% | 7/1/21 | 16,000 | 17,056 | |||||||
| Pennsylvania GO | 5.000% | 8/15/21 | 3,440 | 3,663 | |||||||
| Pennsylvania GO | 5.000% | 3/1/22 | 10,000 | 10,838 | |||||||
| Pennsylvania GO | 5.000% | 7/1/22 | 230 | 252 | |||||||
| Pennsylvania GO | 5.000% | 1/1/23 | 175 | 195 | |||||||
| Pennsylvania GO | 4.000% | 7/1/23 | 4,000 | 4,382 | |||||||
| Pennsylvania GO | 5.000% | 7/15/23 | 20,000 | 22,633 | |||||||
| Pennsylvania GO | 5.000% | 10/15/23 | 215 | 245 | |||||||
| Pennsylvania GO | 5.000% | 1/1/24 | 10 | 11 | |||||||
| Pennsylvania GO | 5.000% | 1/15/24 | 55 | 63 | |||||||
| Pennsylvania GO | 5.000% | 3/15/24 | 15 | 17 | |||||||
| Pennsylvania GO | 5.000% | 7/15/24 | 20,000 | 23,304 | |||||||
| Pennsylvania GO | 5.000% | 8/15/24 | 5,020 | 5,863 | |||||||
| Pennsylvania GO | 5.000% | 9/15/24 | 9,875 | 11,566 | |||||||
| Pennsylvania GO | 5.000% | 7/15/25 | 15,000 | 17,894 | |||||||
| Pennsylvania GO | 5.000% | 8/15/25 | 1,420 | 1,698 | |||||||
| Pennsylvania GO | 5.000% | 9/15/25 | (4) | 2,275 | 2,745 | ||||||
| Pennsylvania GO | 5.000% | 9/15/25 | 6,240 | 7,476 | |||||||
| Pennsylvania GO | 5.000% | 10/15/25 | 10,000 | 11,418 | |||||||
| Pennsylvania GO | 5.000% | 1/1/26 | 10,000 | 12,062 | |||||||
| Pennsylvania GO | 5.000% | 2/1/26 | 8,355 | 10,097 | |||||||
| Pennsylvania GO | 5.000% | 7/15/26 | 5,000 | 6,105 | |||||||
| Pennsylvania GO | 5.000% | 9/15/26 | 525 | 641 | |||||||
| Pennsylvania GO | 5.000% | 9/15/26 | (4) | 9,050 | 11,130 | ||||||
| Pennsylvania GO | 5.000% | 7/15/27 | 3,000 | 3,712 | |||||||
| 3 | Pennsylvania GO | 5.000% | 9/15/27 | 10,000 | 12,164 | ||||||
| Pennsylvania GO | 5.000% | 9/15/27 | 5,000 | 6,082 | |||||||
| Pennsylvania GO | 5.000% | 1/15/28 | 5,000 | 6,113 | |||||||
| Pennsylvania GO | 5.000% | 3/15/28 | 8,550 | 10,035 | |||||||
| Pennsylvania GO | 5.000% | 7/15/28 | 5,000 | 6,302 | |||||||
| Pennsylvania GO | 4.000% | 10/15/28 | 10,000 | 10,869 |
46
Pennsylvania Long-Term Tax-Exempt Fund
| Face | Market | ||||||||||
| Maturity | Amount | Value· | |||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | ||||||
| Pennsylvania GO | 4.000% | 1/1/29 | 10,350 | 11,743 | |||||||
| Pennsylvania GO | 4.000% | 4/1/29 | 10,000 | 10,730 | |||||||
| Pennsylvania GO | 4.000% | 8/15/29 | (4) | 6,290 | 7,062 | ||||||
| Pennsylvania GO | 5.000% | 10/15/29 | 1,000 | 1,130 | |||||||
| Pennsylvania GO | 4.000% | 1/1/30 | 3,500 | 3,954 | |||||||
| Pennsylvania GO | 5.000% | 2/1/30 | 2,500 | 3,176 | |||||||
| Pennsylvania GO | 4.000% | 4/1/30 | 10,000 | 10,673 | |||||||
| Pennsylvania GO | 4.000% | 6/15/30 | 10,000 | 10,882 | |||||||
| Pennsylvania GO | 4.000% | 8/15/30 | (4) | 7,640 | 8,547 | ||||||
| Pennsylvania GO | 5.000% | 10/15/30 | 6,650 | 7,497 | |||||||
| Pennsylvania GO | 4.000% | 2/1/31 | 17,875 | 19,842 | |||||||
| Pennsylvania GO | 5.000% | 2/1/31 | 2,500 | 3,142 | |||||||
| Pennsylvania GO | 4.000% | 9/15/31 | 2,500 | 2,807 | |||||||
| Pennsylvania GO | 5.000% | 10/15/31 | 14,955 | 16,829 | |||||||
| Pennsylvania GO | 4.000% | 2/1/32 | 18,870 | 20,869 | |||||||
| Pennsylvania GO | 5.000% | 3/1/32 | 11,225 | 13,880 | |||||||
| Pennsylvania GO | 5.000% | 8/1/32 | 4,000 | 4,647 | |||||||
| Pennsylvania GO | 5.000% | 8/15/32 | 8,000 | 9,349 | |||||||
| Pennsylvania GO | 5.000% | 10/15/32 | 15,000 | 16,866 | |||||||
| Pennsylvania GO | 4.000% | 2/1/33 | 5,585 | 6,146 | |||||||
| Pennsylvania GO | 4.000% | 3/1/33 | (4) | 20,000 | 22,737 | ||||||
| Pennsylvania GO | 5.000% | 8/1/33 | 4,000 | 4,628 | |||||||
| Pennsylvania GO | 4.000% | 3/1/34 | (4) | 20,000 | 22,690 | ||||||
| Pennsylvania GO | 4.000% | 9/15/34 | 10,000 | 11,106 | |||||||
| Pennsylvania GO | 4.000% | 3/1/35 | (15) | 15,000 | 16,977 | ||||||
| Pennsylvania GO | 4.000% | 3/1/36 | 5,000 | 5,608 | |||||||
| Pennsylvania GO | 3.000% | 9/15/36 | 745 | 767 | |||||||
| Pennsylvania GO | 5.000% | 2/1/37 | 3,500 | 4,327 | |||||||
| Pennsylvania GO | 4.000% | 3/1/37 | (15) | 10,000 | 11,256 | ||||||
| Pennsylvania GO | 4.000% | 3/1/37 | 10,000 | 11,184 | |||||||
| Pennsylvania GO | 5.000% | 2/1/38 | 3,310 | 4,073 | |||||||
| Pennsylvania GO | 4.000% | 3/1/38 | 2,820 | 3,143 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue | 4.000% | 6/15/32 | 3,330 | 3,682 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue | 4.000% | 6/15/33 | 2,310 | 2,549 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue | 4.000% | 6/15/34 | 2,940 | 3,321 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue | 4.000% | 2/15/43 | 7,000 | 7,814 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue | 3.000% | 6/15/45 | 1,405 | 1,417 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (AICUP Financing Program - Delaware Valley College Project) | 5.000% | 11/1/20 | 595 | 604 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (AICUP Financing Program - Delaware Valley College Project) | 5.000% | 11/1/21 | 1,245 | 1,281 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (AICUP Financing Program - Delaware Valley College Project) | 5.000% | 11/1/27 | 1,250 | 1,300 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (AICUP Financing Program - Delaware Valley College Project) | 5.000% | 11/1/42 | 535 | 546 |
47
Pennsylvania Long-Term Tax-Exempt Fund
| Face | Market | ||||||||||
| Maturity | Amount | Value· | |||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | ||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Bryn Mawr College) | 5.000% | 12/1/30 | 200 | 258 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Bryn Mawr College) | 5.000% | 12/1/31 | 295 | 379 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Bryn Mawr College) | 5.000% | 12/1/32 | 230 | 294 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Bryn Mawr College) | 4.000% | 12/1/44 | 1,000 | 1,120 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Bryn Mawr College) | 4.000% | 12/1/48 | 2,500 | 2,792 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) | 5.000% | 5/1/29 | 1,260 | 1,372 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) | 5.000% | 5/1/29 | 1,655 | 2,022 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) | 5.000% | 5/1/32 | 1,750 | 2,049 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) | 5.000% | 5/1/33 | 3,520 | 4,110 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) | 4.000% | 5/1/34 | 2,575 | 2,829 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) | 5.000% | 5/1/34 | 3,000 | 3,495 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) | 5.000% | 5/1/35 | 1,870 | 2,234 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) | 4.000% | 5/1/36 | 2,305 | 2,511 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) | 5.000% | 5/1/41 | 5,000 | 5,885 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Foundation for Indiana University of Pennsylvania Student Housing) | 5.000% | 7/1/22 | (Prere.) | 500 | 549 | ||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Higher Education System) | 4.000% | 6/15/30 | 3,895 | 4,394 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Higher Education System) | 4.000% | 6/15/30 | 2,125 | 2,396 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (La Salle University) | 5.000% | 5/1/37 | 5,865 | 6,157 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Lock Haven University Foundation Student Housing Project) | 4.000% | 7/1/28 | 3,500 | 3,588 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Philadelphia University) | 5.000% | 6/1/23 | (Prere.) | 2,025 | 2,291 | ||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Shippensburg University) | 5.000% | 10/1/22 | (Prere.) | 2,000 | 2,214 | ||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Shippensburg University) | 5.000% | 10/1/22 | (Prere.) | 1,400 | 1,550 | ||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (St. Joseph’s University) | 5.000% | 11/1/33 | 1,265 | 1,400 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (St. Joseph’s University) | 5.000% | 11/1/40 | 7,000 | 7,183 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Temple University) | 5.000% | 4/1/35 | 7,755 | 8,299 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Temple University) | 5.000% | 4/1/42 | 11,120 | 11,848 |
48
Pennsylvania Long-Term Tax-Exempt Fund
| Face | Market | ||||||||||
| Maturity | Amount | Value· | |||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | ||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Thomas Jefferson University) | 5.000% | 9/1/32 | 3,965 | 4,540 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Thomas Jefferson University) | 5.000% | 9/1/39 | 5,000 | 5,657 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Thomas Jefferson University) | 5.000% | 9/1/45 | 17,800 | 19,994 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Thomas Jefferson University) | 5.250% | 9/1/50 | 10,000 | 11,424 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Trustees of the University of Pennsylvania) | 4.000% | 8/15/31 | 4,000 | 4,516 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Trustees of the University of Pennsylvania) | 4.000% | 8/15/34 | 2,200 | 2,464 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Trustees of the University of Pennsylvania) | 4.000% | 8/15/35 | 2,275 | 2,543 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Trustees of the University of Pennsylvania) | 4.000% | 8/15/36 | 1,400 | 1,561 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (Trustees of the University of Pennsylvania) | 5.000% | 8/15/46 | 5,010 | 5,980 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | 5.000% | 8/15/31 | 750 | 885 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | 5.000% | 8/15/33 | 1,180 | 1,386 | |||||||
| 2 | Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | 4.000% | 8/15/34 | 750 | 852 | ||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | 5.000% | 8/15/34 | 2,695 | 3,162 | |||||||
| 2 | Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | 4.000% | 8/15/35 | 785 | 890 | ||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | 4.000% | 8/15/35 | 3,135 | 3,512 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | 5.000% | 8/15/40 | 11,000 | 12,786 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | 4.000% | 8/15/41 | 6,000 | 6,518 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | 4.000% | 8/15/42 | 6,675 | 7,307 |
49
Pennsylvania Long-Term Tax-Exempt Fund
| Face | Market | ||||||||||
| Maturity | Amount | Value· | |||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | ||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | 5.000% | 8/15/42 | 6,130 | 6,609 | |||||||
| 2 | Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | 3.000% | 8/15/47 | 7,345 | 7,211 | ||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | 5.000% | 8/15/47 | 10,000 | 11,857 | |||||||
| 2 | Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | 4.000% | 8/15/49 | 6,000 | 6,610 | ||||||
| 2 | Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | 5.000% | 8/15/49 | 12,000 | 14,528 | ||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (University of the Sciences) | 5.000% | 11/1/30 | 940 | 1,054 | |||||||
| Pennsylvania Higher Educational Facilities Authority Revenue (University of the Sciences) | 5.000% | 11/1/31 | 1,870 | 2,093 | |||||||
| Pennsylvania Higher Educational Facilities Authority Student Housing Revenue (University Properties Inc.) | 6.000% | 7/1/21 | 2,125 | 2,176 | |||||||
| Pennsylvania Higher Educational Facilities Authority Student Housing Revenue (University Properties Inc.) | 5.000% | 7/1/31 | 4,000 | 4,063 | |||||||
| Pennsylvania Higher Educational Facilities Authority Student Housing Revenue (University Properties Inc.) | 5.000% | 7/1/42 | 2,500 | 2,534 | |||||||
| Pennsylvania Housing Finance Agency Multi-Family Housing Revenue (Country Commons Apartments) | 3.600% | 8/1/35 | LOC | 7,894 | 8,751 | ||||||
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | 3.200% | 10/1/31 | 2,500 | 2,598 | |||||||
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | 3.700% | 10/1/33 | 5,000 | 5,343 | |||||||
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | 2.950% | 10/1/34 | 3,000 | 3,086 | |||||||
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | 3.500% | 10/1/34 | 1,000 | 1,067 | |||||||
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | 3.500% | 10/1/36 | 4,500 | 4,696 | |||||||
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | 3.900% | 10/1/36 | 8,500 | 9,055 | |||||||
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | 3.900% | 10/1/37 | 8,000 | 8,560 | |||||||
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | 3.850% | 4/1/38 | 2,500 | 2,686 | |||||||
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | 3.875% | 10/1/38 | 6,000 | 6,423 | |||||||
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | 4.050% | 10/1/40 | 535 | 563 | |||||||
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | 4.050% | 10/1/40 | 705 | 746 |
50
Pennsylvania Long-Term Tax-Exempt Fund
| Face | Market | ||||||||||
| Maturity | Amount | Value· | |||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | ||||||
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | 3.200% | 10/1/41 | 4,000 | 4,064 | |||||||
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | 3.950% | 4/1/42 | 3,945 | 4,154 | |||||||
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | 3.650% | 10/1/42 | 6,890 | 7,174 | |||||||
| 2 | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | 3.100% | 10/1/44 | 6,000 | 6,043 | ||||||
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | 3.000% | 10/1/46 | 3,000 | 3,009 | |||||||
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | 3.700% | 10/1/47 | 17,000 | 17,699 | |||||||
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | 4.000% | 10/1/47 | 3,390 | 3,610 | |||||||
| 1 | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue TOB VRDO | 1.130% | 12/6/19 | 1,900 | 1,900 | ||||||
| Pennsylvania Public School Building Authority Lease Revenue (School District of Philadelphia) | 5.000% | 6/1/24 | 2,000 | 2,298 | |||||||
| Pennsylvania Public School Building Authority Lease Revenue (School District of Philadelphia) | 5.000% | 6/1/25 | 2,940 | 3,459 | |||||||
| Pennsylvania Public School Building Authority Revenue (Harrisburg School District) | 5.000% | 12/1/30 | (4) | 3,500 | 4,122 | ||||||
| Pennsylvania Public School Building Authority Revenue (Harrisburg School District) | 5.000% | 12/1/32 | (4) | 2,750 | 3,223 | ||||||
| Pennsylvania Public School Building Authority Revenue (Harrisburg School District) | 5.000% | 12/1/33 | (4) | 2,000 | 2,340 | ||||||
| Pennsylvania State University Revenue | 4.000% | 9/1/27 | 7,000 | 8,116 | |||||||
| Pennsylvania State University Revenue | 5.000% | 9/1/30 | 6,900 | 8,190 | |||||||
| Pennsylvania State University Revenue | 5.000% | 9/1/33 | 5,000 | 6,057 | |||||||
| Pennsylvania State University Revenue | 5.000% | 9/1/36 | 4,650 | 5,712 | |||||||
| Pennsylvania State University Revenue | 5.000% | 9/1/47 | 3,000 | 3,610 | |||||||
| Pennsylvania Turnpike Commission Motor License Fund Revenue | 5.000% | 12/1/22 | (Prere.) | 1,860 | 2,068 | ||||||
| Pennsylvania Turnpike Commission Motor License Fund Revenue | 5.000% | 12/1/37 | 2,140 | 2,318 | |||||||
| Pennsylvania Turnpike Commission Motor License Fund Revenue | 5.000% | 12/1/22 | (Prere.) | 7,930 | 8,829 | ||||||
| Pennsylvania Turnpike Commission Motor License Fund Revenue | 5.000% | 12/1/34 | 6,000 | 7,255 | |||||||
| Pennsylvania Turnpike Commission Motor License Fund Revenue | 5.000% | 12/1/35 | 4,390 | 5,205 | |||||||
| Pennsylvania Turnpike Commission Motor License Fund Revenue | 5.000% | 12/1/35 | 5,500 | 6,633 | |||||||
| Pennsylvania Turnpike Commission Motor License Fund Revenue | 5.000% | 12/1/41 | 3,035 | 3,604 | |||||||
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 5.000% | 12/1/29 | 3,040 | 3,670 | |||||||
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 5.000% | 12/1/30 | 6,970 | 8,379 | |||||||
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 0.000% | 12/1/37 | 2,000 | 1,188 | |||||||
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 5.000% | 12/1/38 | 3,000 | 3,647 |
51
Pennsylvania Long-Term Tax-Exempt Fund
| Face | Market | ||||||||||
| Maturity | Amount | Value· | |||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | ||||||
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 5.000% | 12/1/39 | 3,535 | 4,277 | |||||||
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 5.000% | 12/1/43 | 15,205 | 18,201 | |||||||
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 5.000% | 12/1/48 | 14,345 | 17,134 | |||||||
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 5.000% | 12/1/48 | 8,000 | 9,605 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/19 | (Prere.) | 5,000 | 5,000 | ||||||
| Pennsylvania Turnpike Commission Revenue | 5.125% | 12/1/19 | (Prere.) | 20 | 20 | ||||||
| Pennsylvania Turnpike Commission Revenue | 6.500% | 12/1/20 | (Prere.) | 3,000 | 3,158 | ||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/21 | (Prere.) | 4,600 | 4,955 | ||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/28 | 2,305 | 2,753 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/28 | 7,060 | 8,432 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/29 | 8,375 | 9,889 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/30 | 2,500 | 3,150 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/31 | 9,775 | 11,310 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/32 | 7,090 | 8,300 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/32 | 10,000 | 11,542 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/32 | 9,325 | 11,321 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/33 | 5,410 | 6,360 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/33 | 1,250 | 1,534 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/33 | 2,000 | 2,283 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/33 | 9,800 | 11,287 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/33 | 500 | 625 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.250% | 12/1/33 | 2,560 | 3,025 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/34 | 545 | 636 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/34 | (4) | 1,325 | 1,602 | ||||||
| Pennsylvania Turnpike Commission Revenue | 4.000% | 12/1/34 | 10,000 | 10,937 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/34 | 2,000 | 2,280 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/34 | 10,000 | 11,501 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.250% | 12/1/34 | 4,410 | 5,202 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/35 | 3,000 | 3,587 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/35 | 5,000 | 6,030 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/36 | 9,790 | 11,779 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/36 | 1,000 | 1,235 | |||||||
| Pennsylvania Turnpike Commission Revenue | 4.000% | 12/1/37 | 6,610 | 7,246 | |||||||
| Pennsylvania Turnpike Commission Revenue | 4.000% | 12/1/37 | 4,000 | 4,412 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/37 | 1,315 | 1,587 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/37 | 6,535 | 7,834 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/37 | 1,360 | 1,666 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/38 | 8,145 | 9,423 | |||||||
| Pennsylvania Turnpike Commission Revenue | 4.000% | 12/1/38 | 3,500 | 3,852 | |||||||
| Pennsylvania Turnpike Commission Revenue | 6.375% | 12/1/38 | 5,330 | 6,917 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/39 | 19,950 | 23,162 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/39 | 2,000 | 2,281 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.250% | 12/1/39 | 2,010 | 2,295 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/40 | 7,200 | 8,269 | |||||||
| Pennsylvania Turnpike Commission Revenue | 0.000% | 12/1/41 | 10,815 | 5,268 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/42 | 14,500 | 17,062 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.500% | 12/1/42 | 2,950 | 3,542 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/43 | 5,300 | 5,897 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/44 | 6,400 | 7,252 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/44 | 6,000 | 6,798 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/44 | 1,890 | 2,270 |
52
Pennsylvania Long-Term Tax-Exempt Fund
| Face | Market | ||||||||||
| Maturity | Amount | Value· | |||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | ||||||
| Pennsylvania Turnpike Commission Revenue | 5.250% | 12/1/44 | 2,640 | 2,997 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/45 | 14,960 | 17,126 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/45 | 4,700 | 5,412 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.250% | 12/1/45 | 5,000 | 5,793 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/46 | 4,095 | 4,682 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/46 | 16,000 | 18,514 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.500% | 12/1/46 | 7,000 | 8,362 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.250% | 6/1/47 | 12,500 | 14,829 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/48 | 13,750 | 16,583 | |||||||
| Pennsylvania Turnpike Commission Revenue | 4.000% | 12/1/49 | 5,380 | 5,866 | |||||||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/49 | 5,000 | 6,129 | |||||||
| 1 | Pennsylvania Turnpike Commission Revenue PUT | 1.210% | 12/2/19 | (4)LOC | 400 | 400 | |||||
| 1 | Pennsylvania Turnpike Commission Revenue TOB VRDO | 1.200% | 12/6/19 | (Prere.) | 8,250 | 8,250 | |||||
| 1 | Pennsylvania Turnpike Commission Revenue TOB VRDO | 1.280% | 12/6/19 | 13,820 | 13,820 | ||||||
| 1 | Pennsylvania Turnpike Commission Revenue TOB VRDO | 1.280% | 12/6/19 | 6,400 | 6,400 | ||||||
| 1 | Pennsylvania Turnpike Commission Revenue TOB VRDO | 1.280% | 12/6/19 | (4) | 3,860 | 3,860 | |||||
| 1 | Pennsylvania Turnpike Commission Revenue TOB VRDO | 1.350% | 12/6/19 | LOC | 6,310 | 6,310 | |||||
| 4 | Pennsylvania Turnpike Commission Revenue, 4.500% coupon rate effective 12/1/2021 | 0.000% | 12/1/34 | 3,855 | 4,027 | ||||||
| 4 | Pennsylvania Turnpike Commission Revenue, 4.750% coupon rate effective 12/1/2021 | 0.000% | 12/1/37 | 4,060 | 4,249 | ||||||
| 4 | Pennsylvania Turnpike Commission Revenue, 6.100% coupon rate effective 12/1/2028 | 0.000% | 12/1/41 | 9,525 | 8,968 | ||||||
| Peters Township PA School District (Washington County) GO | 5.000% | 9/1/37 | 3,000 | 3,720 | |||||||
| Peters Township PA School District (Washington County) GO | 5.000% | 9/1/38 | 7,555 | 9,343 | |||||||
| Philadelphia PA Airport Parking Authority Revenue | 5.125% | 2/15/24 | (2) | 890 | 893 | ||||||
| Philadelphia PA Airport Parking Authority Revenue | 5.125% | 9/1/29 | 5,975 | 6,138 | |||||||
| Philadelphia PA Airport Revenue | 5.000% | 7/1/29 | 590 | 727 | |||||||
| Philadelphia PA Airport Revenue | 5.000% | 7/1/30 | 1,020 | 1,251 | |||||||
| Philadelphia PA Airport Revenue | 5.000% | 7/1/31 | 1,300 | 1,588 | |||||||
| Philadelphia PA Airport Revenue | 5.000% | 7/1/32 | 750 | 914 | |||||||
| Philadelphia PA Airport Revenue | 5.000% | 7/1/33 | 750 | 912 | |||||||
| Philadelphia PA Airport Revenue | 5.000% | 7/1/42 | 5,000 | 5,956 | |||||||
| Philadelphia PA Authority for Industrial Development Revenue (City of Philadelphia Affordable Housing Preservation Programs Project) | 5.000% | 12/1/37 | 3,250 | 3,810 | |||||||
| Philadelphia PA Authority for Industrial Development Revenue (Cultural & Commercial Corridors) | 5.000% | 12/1/27 | 960 | 1,137 | |||||||
| Philadelphia PA Authority for Industrial Development Revenue (Cultural & Commercial Corridors) | 5.000% | 12/1/28 | 3,885 | 4,586 |
53
Pennsylvania Long-Term Tax-Exempt Fund
| Face | Market | ||||||||||
| Maturity | Amount | Value· | |||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | ||||||
| Philadelphia PA Authority for Industrial Development Revenue (Cultural & Commercial Corridors) | 5.000% | 12/1/31 | 1,130 | 1,322 | |||||||
| Philadelphia PA Authority for Industrial Development Revenue (Temple University) | 5.000% | 4/1/29 | 3,500 | 4,074 | |||||||
| Philadelphia PA Authority for Industrial Development Revenue (Temple University) | 5.000% | 4/1/36 | 4,750 | 5,430 | |||||||
| Philadelphia PA Authority for Industrial Development Revenue (Temple University) | 5.000% | 4/1/40 | 7,430 | 8,433 | |||||||
| Philadelphia PA Authority for Industrial Development Revenue (The Children’s Hospital of Philadelphia Project) | 5.000% | 7/1/33 | 3,600 | 4,385 | |||||||
| Philadelphia PA Authority for Industrial Development Revenue (The Children’s Hospital of Philadelphia Project) | 5.000% | 7/1/34 | 2,180 | 2,647 | |||||||
| Philadelphia PA Authority for IndustrialDevelopment Revenue (The Children’s Hospital of Philadelphia Project) | 4.000% | 7/1/35 | 2,150 | 2,426 | |||||||
| Philadelphia PA Authority for Industrial Development Revenue (The Children’s Hospital of Philadelphia Project) | 4.000% | 7/1/36 | 3,780 | 4,256 | |||||||
| Philadelphia PA Authority for Industrial Development Revenue (Thomas Jefferson University) | 5.000% | 9/1/35 | 2,425 | 2,846 | |||||||
| Philadelphia PA Authority for Industrial Development Revenue (Thomas Jefferson University) | 5.000% | 9/1/36 | 10,000 | 11,708 | |||||||
| Philadelphia PA Authority for Industrial Development Revenue (Thomas Jefferson University) | 5.000% | 9/1/47 | 12,000 | 13,789 | |||||||
| Philadelphia PA Gas Works Revenue | 5.000% | 7/1/20 | (4) | 15 | 15 | ||||||
| Philadelphia PA Gas Works Revenue | 5.000% | 8/1/20 | (Prere.) | 25 | 26 | ||||||
| Philadelphia PA Gas Works Revenue | 5.250% | 8/1/20 | (Prere.) | 40 | 41 | ||||||
| Philadelphia PA Gas Works Revenue | 5.250% | 8/1/20 | (Prere.) | 55 | 56 | ||||||
| Philadelphia PA Gas Works Revenue | 5.000% | 7/1/22 | (4) | 10 | 11 | ||||||
| Philadelphia PA Gas Works Revenue | 5.000% | 10/1/22 | 1,375 | 1,515 | |||||||
| Philadelphia PA Gas Works Revenue | 5.000% | 10/1/28 | 1,400 | 1,688 | |||||||
| Philadelphia PA Gas Works Revenue | 5.000% | 8/1/29 | 1,750 | 2,126 | |||||||
| Philadelphia PA Gas Works Revenue | 5.000% | 8/1/30 | 2,000 | 2,333 | |||||||
| Philadelphia PA Gas Works Revenue | 5.000% | 10/1/30 | 3,050 | 3,647 | |||||||
| Philadelphia PA Gas Works Revenue | 5.000% | 8/1/31 | 1,750 | 2,036 | |||||||
| Philadelphia PA Gas Works Revenue | 5.000% | 10/1/31 | 3,270 | 3,900 | |||||||
| Philadelphia PA Gas Works Revenue | 5.000% | 8/1/32 | 2,000 | 2,322 | |||||||
| Philadelphia PA Gas Works Revenue | 5.000% | 10/1/33 | 2,500 | 2,969 | |||||||
| Philadelphia PA Gas Works Revenue | 5.000% | 10/1/34 | 4,175 | 4,943 | |||||||
| Philadelphia PA Gas Works Revenue | 5.000% | 8/1/35 | 4,000 | 4,793 | |||||||
| Philadelphia PA Gas Works Revenue | 5.000% | 8/1/36 | 2,000 | 2,391 | |||||||
| Philadelphia PA Gas Works Revenue | 5.000% | 8/1/37 | 2,000 | 2,380 | |||||||
| Philadelphia PA Gas Works Revenue | 4.000% | 10/1/37 | 1,120 | 1,210 | |||||||
| Philadelphia PA Gas Works Revenue | 5.250% | 8/1/40 | (4) | 65 | 67 | ||||||
| Philadelphia PA Gas Works Revenue | 5.250% | 8/1/40 | 115 | 118 | |||||||
| Philadelphia PA Gas Works Revenue | 5.000% | 8/1/42 | 5,000 | 5,877 | |||||||
| Philadelphia PA Gas Works Revenue | 5.000% | 8/1/47 | 11,800 | 13,784 | |||||||
| Philadelphia PA Gas Works Revenue VRDO | 1.110% | 12/6/19 | LOC | 200 | 200 | ||||||
| Philadelphia PA GO | 6.000% | 8/1/20 | (Prere.) | 7,430 | 7,668 |
54
Pennsylvania Long-Term Tax-Exempt Fund
| Face | Market | ||||||||||
| Maturity | Amount | Value· | |||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | ||||||
| Philadelphia PA GO | 6.500% | 8/1/20 | (Prere.) | 3,785 | 3,917 | ||||||
| Philadelphia PA GO | 5.000% | 8/1/23 | 3,800 | 4,294 | |||||||
| Philadelphia PA GO | 5.000% | 8/1/26 | 4,125 | 5,030 | |||||||
| Philadelphia PA GO | 5.000% | 8/1/30 | 4,000 | 4,668 | |||||||
| Philadelphia PA GO | 5.000% | 8/1/30 | (4) | 5,330 | 6,534 | ||||||
| Philadelphia PA GO | 5.000% | 8/1/31 | 2,000 | 2,430 | |||||||
| Philadelphia PA GO | 5.000% | 8/1/32 | 3,000 | 3,632 | |||||||
| Philadelphia PA GO | 5.000% | 8/1/32 | 4,420 | 5,352 | |||||||
| Philadelphia PA GO | 5.250% | 7/15/33 | 3,585 | 4,047 | |||||||
| Philadelphia PA GO | 5.000% | 8/1/35 | (4) | 6,000 | 7,265 | ||||||
| Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Children’s Hospital of Philadelphia Project) VRDO | 1.150% | 12/2/19 | 8,500 | 8,500 | |||||||
| 2 | Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Children’s Hospital of Philadelphia Project) VRDO | 1.150% | 12/2/19 | 2,275 | 2,275 | ||||||
| 2 | Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Children’s Hospital of Philadelphia Project) VRDO | 1.150% | 12/2/19 | 8,585 | 8,585 | ||||||
| 2 | Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Children’s Hospital of Philadelphia Project) VRDO | 1.150% | 12/2/19 | 2,140 | 2,140 | ||||||
| Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Temple University Health System Obligated Group) | 5.000% | 7/1/34 | 1,000 | 1,161 | |||||||
| Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Temple University Health System Obligated Group) | 5.625% | 7/1/42 | 3,850 | 4,164 | |||||||
| Philadelphia PA Redevelopment Authority Revenue | 5.000% | 4/15/27 | 2,000 | 2,337 | |||||||
| Philadelphia PA Redevelopment Authority Revenue | 5.000% | 4/15/28 | 3,000 | 3,495 | |||||||
| Philadelphia PA School District GO | 4.000% | 9/1/22 | 125 | 128 | |||||||
| Philadelphia PA School District GO | 5.250% | 9/1/22 | 7,500 | 7,724 | |||||||
| Philadelphia PA School District GO | 5.250% | 9/1/23 | 7,525 | 7,749 | |||||||
| Philadelphia PA School District GO | 5.000% | 6/1/26 | (14) | 5,000 | 5,996 | ||||||
| Philadelphia PA School District GO | 5.000% | 9/1/27 | 2,415 | 2,836 | |||||||
| Philadelphia PA School District GO | 5.000% | 9/1/28 | 5,000 | 5,962 | |||||||
| Philadelphia PA School District GO | 5.000% | 9/1/29 | 2,665 | 3,108 | |||||||
| Philadelphia PA School District GO | 5.000% | 9/1/29 | 5,135 | 6,098 | |||||||
| Philadelphia PA School District GO | 5.000% | 9/1/31 | 2,000 | 2,318 | |||||||
| Philadelphia PA School District GO | 5.000% | 9/1/33 | 1,045 | 1,269 | |||||||
| Philadelphia PA School District GO | 5.000% | 9/1/35 | 2,500 | 2,925 | |||||||
| Philadelphia PA School District GO | 5.000% | 9/1/35 | 4,240 | 5,124 | |||||||
| Philadelphia PA School District GO | 5.000% | 9/1/36 | 2,015 | 2,352 | |||||||
| Philadelphia PA School District GO | 4.000% | 9/1/37 | 2,300 | 2,548 | |||||||
| Philadelphia PA School District GO | 5.000% | 9/1/37 | 2,015 | 2,346 | |||||||
| Philadelphia PA School District GO | 5.000% | 9/1/37 | 3,825 | 4,594 | |||||||
| Philadelphia PA School District GO | 4.000% | 9/1/38 | 2,300 | 2,540 |
55
Pennsylvania Long-Term Tax-Exempt Fund
| Face | Market | ||||||||||
| Maturity | Amount | Value· | |||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | ||||||
| Philadelphia PA School District GO | 5.000% | 9/1/38 | 2,000 | 2,323 | |||||||
| Philadelphia PA School District GO | 4.000% | 9/1/43 | (4) | 3,160 | 3,483 | ||||||
| Philadelphia PA School District GO | 5.000% | 9/1/44 | 10,165 | 12,118 | |||||||
| Philadelphia PA Water & Wastewater Revenue | 5.000% | 7/1/30 | 4,000 | 4,692 | |||||||
| Philadelphia PA Water & Wastewater Revenue | 4.000% | 10/1/31 | 6,210 | 6,927 | |||||||
| Philadelphia PA Water & Wastewater Revenue | 4.000% | 10/1/32 | 6,440 | 7,165 | |||||||
| Philadelphia PA Water & Wastewater Revenue | 5.000% | 10/1/32 | 1,000 | 1,222 | |||||||
| Philadelphia PA Water & Wastewater Revenue | 5.000% | 11/1/33 | 1,765 | 2,156 | |||||||
| Philadelphia PA Water & Wastewater Revenue | 4.000% | 7/1/34 | 6,000 | 6,539 | |||||||
| Philadelphia PA Water & Wastewater Revenue | 5.000% | 10/1/34 | 2,000 | 2,433 | |||||||
| Philadelphia PA Water & Wastewater Revenue | 5.000% | 11/1/34 | 1,200 | 1,462 | |||||||
| Philadelphia PA Water & Wastewater Revenue | 5.000% | 1/1/36 | 10,500 | 10,860 | |||||||
| Philadelphia PA Water & Wastewater Revenue | 5.000% | 7/1/40 | 10,000 | 11,264 | |||||||
| Philadelphia PA Water & Wastewater Revenue | 5.000% | 1/1/41 | 3,000 | 3,099 | |||||||
| Philadelphia PA Water & Wastewater Revenue | 5.125% | 1/1/43 | 9,000 | 9,575 | |||||||
| Philadelphia PA Water & Wastewater Revenue | 5.000% | 7/1/43 | 4,375 | 4,915 | |||||||
| Philadelphia PA Water & Wastewater Revenue | 5.000% | 11/1/44 | 4,000 | 4,931 | |||||||
| Philadelphia PA Water & Wastewater Revenue | 5.000% | 7/1/45 | 14,000 | 15,714 | |||||||
| Philadelphia PA Water & Wastewater Revenue | 5.000% | 10/1/48 | 2,000 | 2,414 | |||||||
| Philadelphia PA Water & Wastewater Revenue | 5.000% | 10/1/52 | 4,000 | 4,729 | |||||||
| Philadelphia PA Water & Wastewater Revenue | 5.000% | 10/1/53 | 10,000 | 12,024 | |||||||
| Philadelphia PA Water & Wastewater Revenue | 5.000% | 11/1/54 | 8,000 | 9,684 | |||||||
| Pittsburgh & Allegheny County PA Sports & Exhibition Authority Lease Revenue VRDO | 1.110% | 12/6/19 | (4) | 2,965 | 2,965 | ||||||
| Pittsburgh & Allegheny County PA Sports & Exhibition Authority Parking System Revenue | 5.000% | 12/15/31 | 1,000 | 1,198 | |||||||
| Pittsburgh & Allegheny County PA Sports & Exhibition Authority Parking System Revenue | 5.000% | 12/15/32 | 500 | 596 | |||||||
| Pittsburgh & Allegheny County PA Sports & Exhibition Authority Parking System Revenue | 5.000% | 12/15/34 | 1,000 | 1,189 | |||||||
| Pittsburgh & Allegheny County PA Sports & Exhibition Authority Parking System Revenue | 5.000% | 12/15/36 | 500 | 592 | |||||||
| Pittsburgh & Allegheny County PA Sports & Exhibition Authority Parking System Revenue | 5.000% | 12/15/37 | 500 | 589 | |||||||
| Pittsburgh PA GO | 5.000% | 9/1/30 | 500 | 613 | |||||||
| Pittsburgh PA GO | 5.000% | 9/1/31 | (15) | 1,150 | 1,320 | ||||||
| Pittsburgh PA GO | 5.000% | 9/1/34 | 50 | 61 | |||||||
| Pittsburgh PA GO | 5.000% | 9/1/35 | 600 | 726 | |||||||
| Pittsburgh PA GO | 5.000% | 9/1/36 | 700 | 845 | |||||||
| Pittsburgh PA School District GO | 4.000% | 9/1/33 | 1,030 | 1,171 | |||||||
| Pittsburgh PA School District GO | 4.000% | 9/1/34 | 1,710 | 1,936 | |||||||
| Pittsburgh PA School District GO | 4.000% | 9/1/35 | 1,670 | 1,884 | |||||||
| Pittsburgh PA School District GO | 4.000% | 9/1/35 | 1,095 | 1,237 | |||||||
| Pittsburgh PA School District GO | 4.000% | 9/1/36 | 1,220 | 1,375 | |||||||
| Pittsburgh PA School District GO | 4.000% | 9/1/37 | 1,180 | 1,325 | |||||||
| Pittsburgh PA School District GO | 4.000% | 9/1/38 | 1,740 | 1,950 | |||||||
| Pittsburgh PA Water & Sewer Authority Revenue | 0.000% | 9/1/27 | (14) | 10,830 | 9,265 | ||||||
| Pittsburgh PA Water & Sewer Authority Revenue | 0.000% | 9/1/29 | (14) | 10,000 | 8,040 | ||||||
| Pittsburgh PA Water & Sewer Authority Revenue | 5.000% | 9/1/30 | (4) | 1,240 | 1,599 | ||||||
| Pittsburgh PA Water & Sewer Authority Revenue | 5.000% | 9/1/31 | (4) | 4,500 | 5,886 |
56
Pennsylvania Long-Term Tax-Exempt Fund
| Face | Market | ||||||||||
| Maturity | Amount | Value· | |||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | ||||||
| Pittsburgh PA Water & Sewer Authority Revenue | 5.000% | 9/1/32 | (4) | 2,850 | 3,778 | ||||||
| Pittsburgh PA Water & Sewer Authority Revenue | 5.000% | 9/1/34 | (4) | 1,085 | 1,366 | ||||||
| Pittsburgh PA Water & Sewer Authority Revenue | 5.250% | 9/1/36 | 5,000 | 5,665 | |||||||
| Pittsburgh PA Water & Sewer Authority Revenue | 5.250% | 9/1/40 | 5,000 | 5,656 | |||||||
| Plum Borough PA School District GO | 5.000% | 9/15/36 | (15) | 4,920 | 5,477 | ||||||
| Pocono Mountains Industrial Park Authority Pennsylvania Hospital Revenue (St. Luke’s Hospital Obligated Group) | 5.000% | 8/15/40 | 3,750 | 4,231 | |||||||
| Pottsville PA Hospital Authority Revenue (Lehigh Valley Health Network) | 5.000% | 7/1/41 | 6,275 | 7,290 | |||||||
| Pottsville PA Hospital Authority Revenue (Lehigh Valley Health Network) | 5.000% | 7/1/45 | 14,405 | 16,642 | |||||||
| Reading PA Area Water Authority Revenue | 5.000% | 12/1/21 | (4) | 500 | 538 | ||||||
| Reading PA School District GO | 5.000% | 3/1/38 | (4) | 1,750 | 2,049 | ||||||
| Reading PA School District GO | 4.000% | 4/1/44 | (15) | 1,000 | 1,114 | ||||||
| Saint Mary PA Hospital Authority Health System Revenue (Trinity Health Corp. Obligated Group) | 5.000% | 11/15/26 | 1,000 | 1,231 | |||||||
| Scranton PA School District GO | 5.000% | 6/1/27 | 1,000 | 1,158 | |||||||
| Scranton-Lackawanna PA Health & Welfare Authority Revenue (University of Scranton) | 5.000% | 11/1/37 | 2,500 | 2,847 | |||||||
| Snyder County PA Higher Education Authority University Revenue (Susquehanna University Project) | 5.000% | 1/1/29 | 1,335 | 1,536 | |||||||
| Snyder County PA Higher Education Authority University Revenue (Susquehanna University Project) | 5.000% | 1/1/30 | 1,180 | 1,356 | |||||||
| Snyder County PA Higher Education Authority University Revenue (Susquehanna University Project) | 5.000% | 1/1/30 | 1,285 | 1,532 | |||||||
| Snyder County PA Higher Education Authority University Revenue (Susquehanna University Project) | 5.000% | 1/1/31 | 1,250 | 1,435 | |||||||
| Snyder County PA Higher Education Authority University Revenue (Susquehanna University Project) | 5.000% | 1/1/31 | 600 | 711 | |||||||
| Snyder County PA Higher Education Authority University Revenue (Susquehanna University Project) | 5.000% | 1/1/32 | 1,695 | 1,942 | |||||||
| Southcentral Pennsylvania General Authority Revenue (Hanover Hospital Inc.) | 5.000% | 12/1/27 | 1,480 | 1,753 | |||||||
| Southcentral Pennsylvania General Authority Revenue (Hanover Hospital Inc.) | 5.000% | 12/1/29 | 1,090 | 1,278 | |||||||
| Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) | 5.000% | 6/1/29 | 1,500 | 1,710 | |||||||
| Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) | 5.000% | 6/1/34 | 1,130 | 1,275 | |||||||
| Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) | 5.000% | 6/1/44 | 2,500 | 2,776 | |||||||
| Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) | 5.000% | 6/1/44 | 5,000 | 6,086 |
57
Pennsylvania Long-Term Tax-Exempt Fund
| Face | Market | ||||||||||
| Maturity | Amount | Value· | |||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | ||||||
| Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) | 4.000% | 6/1/49 | 11,500 | 12,722 | |||||||
| 2 | Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) PUT | 1.150% | 12/2/19 | 16,680 | 16,680 | ||||||
| State College PA Area School District GO | 5.000% | 5/15/36 | 375 | 467 | |||||||
| State College PA Area School District GO | 5.000% | 5/15/37 | 680 | 839 | |||||||
| State College PA Area School District GO | 5.000% | 5/15/38 | 400 | 492 | |||||||
| State College PA Area School District GO | 5.000% | 3/15/40 | 3,000 | 3,454 | |||||||
| State Public School Building Authority Pennsylvania College Revenue (Community College of Allegheny County Project) | 4.000% | 6/15/33 | (15) | 1,000 | 1,101 | ||||||
| State Public School Building Authority Pennsylvania College Revenue (Delaware County Community College Project) | 5.000% | 10/1/29 | (15) | 1,210 | 1,401 | ||||||
| State Public School Building Authority Pennsylvania College Revenue (Delaware County Community College Project) | 5.000% | 10/1/30 | (15) | 1,055 | 1,220 | ||||||
| State Public School Building Authority Pennsylvania College Revenue (Montgomery County Community College) | 5.000% | 5/1/33 | 1,025 | 1,180 | |||||||
| State Public School Building Authority Pennsylvania College Revenue (Montgomery County Community College) | 5.500% | 5/1/33 | 6,165 | 6,935 | |||||||
| State Public School Building Authority Pennsylvania College Revenue (Montgomery County Community College) | 5.000% | 5/1/34 | 2,125 | 2,442 | |||||||
| State Public School Building Authority Pennsylvania College Revenue (Montgomery County Community College) | 5.000% | 5/1/35 | 1,510 | 1,732 | |||||||
| State Public School Building Authority Pennsylvania Lease Revenue (School District of Philadelphia) | 5.000% | 6/1/28 | 11,410 | 13,696 | |||||||
| State Public School Building Authority Pennsylvania Lease Revenue (School District of Philadelphia) | 5.000% | 6/1/30 | (4) | 16,480 | 19,486 | ||||||
| State Public School Building Authority Pennsylvania Lease Revenue (School District of Philadelphia) | 5.000% | 6/1/32 | (4) | 3,655 | 4,292 | ||||||
| State Public School Building Authority Pennsylvania Lease Revenue (School District of Philadelphia) | 5.000% | 6/1/33 | (4) | 3,240 | 3,801 | ||||||
| State Public School Building Authority Pennsylvania Lease Revenue (School District of Philadelphia) | 5.000% | 6/1/34 | 6,000 | 7,010 | |||||||
| State Public School Building Authority Pennsylvania School Revenue (Chester Upland School District Project) | 5.250% | 9/15/30 | 3,545 | 4,336 | |||||||
| Susquehanna PA Area Regional Airport Authority System Revenue | 4.000% | 1/1/33 | (15) | 5,000 | 5,196 | ||||||
| 2 | Susquehanna Township PA School District GO | 3.000% | 5/15/33 | 3,315 | 3,449 | ||||||
| Trinity PA Area School District GO | 4.000% | 1/15/35 | (15) | 3,000 | 3,320 | ||||||
| Trinity PA Area School District GO | 4.000% | 1/15/36 | (15) | 3,000 | 3,300 | ||||||
| Trinity PA Area School District GO | 4.000% | 1/15/38 | (15) | 3,700 | 4,031 |
58
Pennsylvania Long-Term Tax-Exempt Fund
| Face | Market | ||||||||||
| Maturity | Amount | Value· | |||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | ||||||
| Union County PA Higher Educational Facilities Financing Authority University Revenue (Bucknell University) VRDO | 1.100% | 12/6/19 | 370 | 370 | |||||||
| Union County PA Hospital Authority Revenue (Evangelical Community Hospital) | 5.000% | 8/1/43 | 2,945 | 3,388 | |||||||
| Union County PA Hospital Authority Revenue (Evangelical Community Hospital) | 5.000% | 8/1/48 | 3,000 | 3,434 | |||||||
| Unionville-Chadds Ford PA School District GO | 4.000% | 6/1/31 | 4,400 | 5,006 | |||||||
| Upper Allegheny PA Joint Sanitary Authority Revenue | 3.000% | 9/1/39 | (4) | 1,000 | 1,009 | ||||||
| Upper Merion PA Area School District GO | 5.000% | 1/15/34 | 500 | 593 | |||||||
| Upper Merion PA Area School District GO | 5.000% | 1/15/36 | 1,620 | 1,874 | |||||||
| Upper St. Clair Township PA School District GO | 3.500% | 10/1/37 | 7,240 | 7,595 | |||||||
| Upper St. Clair Township PA School District GO | 3.625% | 10/1/39 | 5,000 | 5,262 | |||||||
| Washington County PA Hospital Authority Revenue (Washington Hospital Project) VRDO | 1.080% | 12/6/19 | LOC | 770 | 770 | ||||||
| Washington County PA Industrial Development Authority Revenue (Washington & Jefferson College Project) | 4.000% | 11/1/31 | 3,440 | 3,802 | |||||||
| Washington County PA Industrial Development Authority Revenue (Washington & Jefferson College Project) | 4.000% | 11/1/32 | 3,110 | 3,413 | |||||||
| West Chester PA Area School District GO | 5.000% | 5/15/27 | 1,380 | 1,626 | |||||||
| West Cornwall PA Healthcare Facilities Revenue (Pleasant View Retirement Community Obligated Group) | 5.000% | 12/15/48 | 2,750 | 3,016 | |||||||
| West Mifflin School District GO | 3.000% | 4/1/34 | (15) | 1,300 | 1,339 | ||||||
| West Mifflin School District GO | 3.000% | 4/1/38 | (15) | 5,920 | 6,017 | ||||||
| West Shore PA Area Authority Hospital Revenue (Holy Spirit Hospital of the Sisters of Christian Charity Project) | 6.000% | 1/1/21 | (Prere.) | 330 | 347 | ||||||
| West Shore PA Area Authority Revenue (Messiah Lifeways Obligated Group) | 5.000% | 7/1/22 | 1,000 | 1,063 | |||||||
| West Shore PA Area Authority Revenue (Messiah Lifeways Obligated Group) | 5.000% | 7/1/25 | 1,605 | 1,793 | |||||||
| West Shore PA Area Authority Revenue (Messiah Lifeways Obligated Group) | 5.000% | 7/1/30 | 1,500 | 1,634 | |||||||
| West Shore PA Area Authority Revenue (Messiah Lifeways Obligated Group) | 5.000% | 7/1/35 | 1,750 | 1,883 | |||||||
| West View PA Water Authority Revenue | 4.000% | 11/15/32 | 1,050 | 1,184 | |||||||
| West View PA Water Authority Revenue | 4.000% | 11/15/33 | 1,000 | 1,125 | |||||||
| West View PA Water Authority Revenue | 4.000% | 11/15/34 | 1,000 | 1,124 | |||||||
| West View PA Water Authority Revenue | 4.000% | 11/15/35 | 1,200 | 1,346 | |||||||
| West View PA Water Authority Revenue | 4.000% | 11/15/36 | 2,300 | 2,573 | |||||||
| West View PA Water Authority Revenue | 4.000% | 11/15/37 | 2,415 | 2,689 | |||||||
| West View PA Water Authority Revenue | 4.000% | 11/15/38 | 1,625 | 1,804 | |||||||
| West View PA Water Authority Revenue | 4.000% | 11/15/39 | 1,400 | 1,553 | |||||||
| West York PA Area School District GO | 5.000% | 4/1/33 | 4,265 | 4,716 | |||||||
| 1 | Westmoreland County PA Industrial Development Authority Revenue | 4.720% | 7/1/35 | 6,650 | 7,172 | ||||||
| Westmoreland County PA Industrial Development Authority Revenue (Excela Health Project) | 5.125% | 7/1/30 | 1,500 | 1,526 |
59
Pennsylvania Long-Term Tax-Exempt Fund
| Face | Market | ||||||||||
| Maturity | Amount | Value· | |||||||||
| Coupon | Date | ($000 | ) | ($000 | ) | ||||||
| Westmoreland County PA Municipal Authority Revenue | 4.000% | 8/15/34 | (15) | 8,000 | 8,870 | ||||||
| Westmoreland County PA Municipal Authority Revenue | 4.000% | 8/15/35 | (15) | 8,000 | 8,843 | ||||||
| Westmoreland County PA Municipal Authority Revenue | 5.000% | 8/15/42 | (15) | 2,750 | 3,176 | ||||||
| Wilkes-Barre PA Area School District GO | 5.000% | 8/1/27 | (15) | 1,240 | 1,500 | ||||||
| Wilkes-Barre PA Area School District GO | 5.000% | 8/1/29 | (15) | 1,860 | 2,231 | ||||||
| Wilkes-Barre PA Area School District GO | 4.000% | 4/15/49 | (15) | 2,250 | 2,479 | ||||||
| Wilkes-Barre PA Area School District GO | 4.000% | 4/15/54 | (15) | 2,800 | 3,060 | ||||||
| Wilkes-Barre PA Area School District GO | 5.000% | 4/15/59 | (15) | 2,380 | 2,814 | ||||||
| Wilkes-Barre PA Finance Authority Revenue (University of Scranton Project) | 5.000% | 11/1/20 | (Prere.) | 4,110 | 4,252 | ||||||
| Wilkes-Barre PA Finance Authority Revenue (University of Scranton Project) | 5.000% | 11/1/30 | 2,315 | 2,697 | |||||||
| Wilkes-Barre PA Finance Authority Revenue (University of Scranton Project) | 5.000% | 11/1/31 | 2,430 | 2,827 | |||||||
| Wilkes-Barre PA Finance Authority Revenue (University of Scranton Project) | 5.000% | 11/1/34 | 1,000 | 1,159 | |||||||
| 2 | William Penn School District GO | 3.000% | 11/15/34 | (15) | 2,595 | 2,589 | |||||
| York County PA GO | 5.000% | 6/1/32 | 2,875 | 3,347 | |||||||
| York County PA GO | 5.000% | 6/1/33 | 1,020 | 1,185 | |||||||
| York County PA GO | 4.000% | 3/1/34 | 3,000 | 3,375 | |||||||
| York County PA GO | 5.000% | 6/1/38 | 5,000 | 5,568 | |||||||
| 4,008,343 | |||||||||||
| Puerto Rico (0.2%) | |||||||||||
| Puerto Rico Sales Tax Financing Corp. Revenue | 0.000% | 7/1/24 | 831 | 728 | |||||||
| Puerto Rico Sales Tax Financing Corp. Revenue | 0.000% | 7/1/27 | 1,269 | 1,009 | |||||||
| Puerto Rico Sales Tax Financing Corp. Revenue | 0.000% | 7/1/29 | 921 | 681 | |||||||
| Puerto Rico Sales Tax Financing Corp. Revenue | 4.329% | 7/1/40 | 3,500 | 3,548 | |||||||
| Puerto Rico Sales Tax Financing Corp. Revenue | 5.000% | 7/1/58 | 350 | 367 | |||||||
| 6,333 | |||||||||||
| Guam (0.0%) | |||||||||||
| Guam Power Authority Revenue | 5.000% | 10/1/27 | 1,000 | 1,121 | |||||||
| Total Tax-Exempt Municipal Bonds (Cost $3,774,385) | 4,015,797 | ||||||||||
60
Pennsylvania Long-Term Tax-Exempt Fund
| Amount | ||
| ($000 | ) | |
| Other Assets and Liabilities (-0.4%) | ||
| Other Assets | ||
| Investment in Vanguard | 184 | |
| Receivables for Investment Securities Sold | 15,694 | |
| Receivables for Accrued Income | 50,744 | |
| Receivables for Capital Shares Issued | 1,201 | |
| Variation Margin Receivable—Futures Contracts | 113 | |
| Other Assets | 326 | |
| Total Other Assets | 68,262 | |
| Liabilities | ||
| Payables for Investment Securities Purchased | (77,723 | ) |
| Payables for Capital Shares Redeemed | (810 | ) |
| Payables for Distributions | (3,495 | ) |
| Payables to Vanguard | (1,876 | ) |
| Variation Margin Payable—Futures Contracts | (4 | ) |
| Other Liabilities | (21 | ) |
| Total Liabilities | (83,929 | ) |
| Net Assets (100%) | 4,000,130 |
At November 30, 2019, net assets consisted of:
| Amount | ||
| ($000 | ) | |
| Paid-in Capital | 3,748,804 | |
| Total Distributable Earnings (Loss) | 251,326 | |
| Net Assets | 4,000,130 | |
| Investor Shares—Net Assets | ||
| Applicable to 30,936,272 outstanding $.001 par value shares ofbeneficial interest (unlimited authorization) | 367,797 | |
| Net Asset Value Per Share—Investor Shares | $11.89 | |
| Admiral Shares—Net Assets | ||
| Applicable to 305,524,305 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,632,333 | |
| Net Asset Value Per Share—Admiral Shares | $11.89 |
| · | See Note A in Notes to Financial Statements. | |
| 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, 2019, the aggregate value of these securities was $70,117,000, representing 1.8% of net assets. | |
| 2 | Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of November 30, 2019. | |
| 3 | Securities with a value of $608,000 have been segregated as initial margin for open futures contracts. | |
| 4 | Step bond. |
A key to abbreviations and other references follows the Statement of Net Assets.
See accompanying Notes, which are an integral part of the Financial Statements.
61
Pennsylvania Long-Term Tax-Exempt Fund
Key to Abbreviations
ARS—Auction Rate Security.
BAN—Bond Anticipation Note.
CMT—Constant Maturing Treasury Rate.
COP—Certificate of Participation.
CP—Commercial Paper.
FR—Floating Rate.
GAN—Grant Anticipation Note.
GO—General Obligation Bond.
LIBOR—London Interbank Offered Rate.
PILOT—Payments in Lieu of Taxes.
PUT—Put Option Obligation.
RAN—Revenue Anticipation Note.
SIFMA—Securities Industry and Financial Markets Association.
SOFR—Secured Overnight Financing Rate.
TAN—Tax Anticipation Note.
TOB—Tender Option Bond.
TRAN—Tax Revenue Anticipation Note.
VRDO—Variable Rate Demand Obligation.
VRDP—Variable Rate Demand Preferred.
(ETM)—Escrowed to Maturity.
(Prere.)—Prerefunded.
Scheduled principal and interest payments are guaranteed by:
(1) MBIA (Municipal Bond Investors Assurance).
(2) AMBAC (Ambac Assurance Corporation).
(3) FGIC (Financial Guaranty Insurance Company).
(4) AGM (Assured Guaranty Municipal Corporation).
(5) BIGI (Bond Investors Guaranty Insurance).
(6) Connie Lee Inc.
(7) FHA (Federal Housing Authority).
(8) CapMAC (Capital Markets Assurance Corporation).
(9) American Capital Access Financial Guaranty Corporation.
(10) XL Capital Assurance Inc.
(11) CIFG (CDC IXIS Financial Guaranty).
(12) AGC (Assured Guaranty Corporation).
(13) BHAC (Berkshire Hathaway Assurance Corporation).
(14) NPFG (National Public Finance Guarantee Corporation).
(15) BAM (Build America Mutual Assurance Company).
(16) MAC (Municipal Assurance Corporation).
(17) RAA (Radian Asset Assurance Inc.).
(18) SBLF (Michigan School Bond Loan Fund).
(19) TPSF (Texas Permanent School Fund).
The insurance does not guarantee the market value of the municipal bonds.
LOC—Scheduled principal and interest payments are guaranteed by bank letter of credit.
62
Pennsylvania Long-Term Tax-Exempt Fund
| Derivative Financial Instruments Outstanding as of Period End | ||||||||
| Futures Contracts | ||||||||
| ($000 | ) | |||||||
| Value and | ||||||||
| Number of | Unrealized | |||||||
| Long (Short | ) | Notional | Appreciation | |||||
| Expiration | Contracts | Amount | (Depreciation | ) | ||||
| Long Futures Contracts | ||||||||
| 2-Year U.S. Treasury Note | March 2020 | 443 | 95,505 | (50 | ) | |||
| 5-Year U.S. Treasury Note | March 2020 | 77 | 9,161 | (11 | ) | |||
| (61 | ) | |||||||
| Short Futures Contracts | ||||||||
| Ultra 10-Year U.S. Treasury Note | March 2020 | (156 | ) | (22,186 | ) | 57 | ||
| 10-Year U.S. Treasury Note | March 2020 | (44 | ) | (5,692 | ) | 7 | ||
| Ultra Long U.S. Treasury Bond | March 2020 | (30 | ) | (5,632 | ) | 2 | ||
| 66 | ||||||||
| 5 | ||||||||
See accompanying Notes, which are an integral part of the Financial Statements.
63
Pennsylvania Long-Term Tax-Exempt Fund
Statement of Operations
| Year Ended | |||
| November 30, 2019 | |||
| ($000 | ) | ||
| Investment Income | |||
| Income | |||
| Interest | 127,863 | ||
| Total Income | 127,863 | ||
| Expenses | |||
| The Vanguard Group—Note B | |||
| Investment Advisory Services | 524 | ||
| Management and Administrative—Investor Shares | 476 | ||
| Management and Administrative—Admiral Shares | 2,380 | ||
| Marketing and Distribution—Investor Shares | 39 | ||
| Marketing and Distribution—Admiral Shares | 159 | ||
| Custodian Fees | 19 | ||
| Auditing Fees | 34 | ||
| Shareholders’ Reports—Investor Shares | 8 | ||
| Shareholders’ Reports—Admiral Shares | 16 | ||
| Trustees’ Fees and Expenses | 2 | ||
| Total Expenses | 3,657 | ||
| Net Investment Income | 124,206 | ||
| Realized Net Gain (Loss) | |||
| Investment Securities Sold | 12,175 | ||
| Futures Contracts | (1,806 | ) | |
| Realized Net Gain (Loss) | 10,369 | ||
| Change in Unrealized Appreciation (Depreciation) | |||
| Investment Securities | 217,976 | ||
| Futures Contracts | (39 | ) | |
| Change in Unrealized Appreciation (Depreciation) | 217,937 | ||
| Net Increase (Decrease) in Net Assets Resulting from Operations | 352,512 |
See accompanying Notes, which are an integral part of the Financial Statements.
64
Pennsylvania Long-Term Tax-Exempt Fund
Statement of Changes in Net Assets
| Year Ended November 30, | ||||||
| 2019 | 2018 | |||||
| ($000 | ) | ($000 | ) | |||
| Increase (Decrease) in Net Assets | ||||||
| Operations | ||||||
| Net Investment Income | 124,206 | 125,446 | ||||
| Realized Net Gain (Loss) | 10,369 | 15,682 | ||||
| Change in Unrealized Appreciation (Depreciation) | 217,937 | (104,775 | ) | |||
| Net Increase (Decrease) in Net Assets Resulting from Operations | 352,512 | 36,353 | ||||
| Distributions | ||||||
| Net Investment Income | ||||||
| Investor Shares | (10,929 | ) | (10,979 | ) | ||
| Admiral Shares | (113,268 | ) | (114,293 | ) | ||
| Realized Capital Gain1 | ||||||
| Investor Shares | (1,279 | ) | (1,655 | ) | ||
| Admiral Shares | (13,066 | ) | (16,581 | ) | ||
| Total Distributions | (138,542 | ) | (143,508 | ) | ||
| Capital Share Transactions | ||||||
| Investor Shares | 40,203 | (5,112 | ) | |||
| Admiral Shares | 270,349 | 29,173 | ||||
| Net Increase (Decrease) from Capital Share Transactions | 310,552 | 24,061 | ||||
| Total Increase (Decrease) | 524,522 | (83,094 | ) | |||
| Net Assets | ||||||
| Beginning of Period | 3,475,608 | 3,558,702 | ||||
| End of Period | 4,000,130 | 3,475,608 | ||||
| 1 | Includes fiscal 2019 and 2018 short-term gain distributions totaling $154,000 and $62,000, respectively. Short-term gain distributions are treated as ordinary income dividends for tax purposes. |
See accompanying Notes, which are an integral part of the Financial Statements.
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Pennsylvania Long-Term Tax-Exempt Fund
Financial Highlights
Investor Shares
| For a Share Outstanding | Year Ended November 30, | |||||||||
| Throughout Each Period | 2019 | 2018 | 2017 | 2016 | 2015 | |||||
| Net Asset Value, Beginning of Period | $11.21 | $11.56 | $11.26 | $11.67 | $11.69 | |||||
| Investment Operations | ||||||||||
| Net Investment Income | .377 | 1 | .394 | 1 | .396 | 1 | .411 | .421 | ||
| Net Realized and Unrealized Gain (Loss) on Investments | .727 | (.291 | ) | .355 | (.371 | ) | .003 | |||
| Total from Investment Operations | 1.104 | .103 | .751 | .040 | .424 | |||||
| Distributions | ||||||||||
| Dividends from Net Investment Income | (.377 | ) | (.394 | ) | (.396 | ) | (.411 | ) | (.421 | ) |
| Distributions from Realized Capital Gains | (.047 | ) | (.059 | ) | (.055 | ) | (.039 | ) | (.023 | ) |
| Total Distributions | (.424 | ) | (.453 | ) | (.451 | ) | (.450 | ) | (.444 | ) |
| Net Asset Value, End of Period | $11.89 | $11.21 | $11.56 | $11.26 | $11.67 | |||||
| Total Return2 | 9.99% | 0.91% | 6.77% | 0.22% | 3.70% | |||||
| Ratios/Supplemental Data | ||||||||||
| Net Assets, End of Period (Millions) | $368 | $308 | $323 | $314 | $346 | |||||
| Ratio of Total Expenses to Average Net Assets | 0.17% | 0.17% | 0.19% | 0.19% | 0.20% | |||||
| Ratio of Net Investment Income to Average Net Assets | 3.23% | 3.48% | 3.44% | 3.47% | 3.62% | |||||
| Portfolio Turnover Rate | 9% | 26% | 22% | 19% | 16% | |||||
| 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.
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Pennsylvania Long-Term Tax-Exempt Fund
Financial Highlights
Admiral Shares
| For a Share Outstanding | Year Ended November 30, | |||||||||
| Throughout Each Period | 2019 | 2018 | 2017 | 2016 | 2015 | |||||
| Net Asset Value, Beginning of Period | $11.21 | $11.56 | $11.26 | $11.67 | $11.69 | |||||
| Investment Operations | ||||||||||
| Net Investment Income | .386 | 1 | .403 | 1 | .408 | 1 | .423 | .431 | ||
| Net Realized and Unrealized Gain (Loss) on Investments | .728 | (.291 | ) | .354 | (.371 | ) | .003 | |||
| Total from Investment Operations | 1.114 | .112 | .762 | .052 | .434 | |||||
| Distributions | ||||||||||
| Dividends from Net Investment Income | (.387 | ) | (.403 | ) | (.407 | ) | (.423 | ) | (.431 | ) |
| Distributions from Realized Capital Gains | (.047 | ) | (.059 | ) | (.055 | ) | (.039 | ) | (.023 | ) |
| Total Distributions | (.434 | ) | (.462 | ) | (.462 | ) | (.462 | ) | (.454 | ) |
| Net Asset Value, End of Period | $11.89 | $11.21 | $11.56 | $11.26 | $11.67 | |||||
| Total Return2 | 10.08% | 0.99% | 6.88% | 0.32% | 3.79% | |||||
| Ratios/Supplemental Data | ||||||||||
| Net Assets, End of Period (Millions) | $3,632 | $3,167 | $3,236 | $3,076 | $2,924 | |||||
| Ratio of Total Expenses to Average Net Assets | 0.09% | 0.09% | 0.09% | 0.09% | 0.12% | |||||
| Ratio of Net Investment Income to Average Net Assets | 3.31% | 3.56% | 3.54% | 3.57% | 3.70% | |||||
| Portfolio Turnover Rate | 9% | 26% | 22% | 19% | 16% | |||||
| 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.
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Pennsylvania Long-Term Tax-Exempt Fund
Notes to Financial Statements
Vanguard Pennsylvania Long-Term Tax-Exempt Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state. The fund offers two classes of shares: Investor Shares and Admiral Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds and temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value.
2. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any assets pledged as initial margin for open contracts are noted in the Statement of Net Assets.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the year ended November 30, 2019, the fund’s average investments in long and short futures contracts represented 6% and 2% of net assets, based on the average of the notional amounts at each quarter-end during the period.
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (November 30, 2016–2019), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
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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 $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at November 30, 2019, or at any time during the period then ended.
6. Other: Interest income is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets. All other costs of operations payable to Vanguard are generally settled twice a month.
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Pennsylvania Long-Term Tax-Exempt Fund
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At November 30, 2019, the fund had contributed to Vanguard capital in the amount of $184,000, representing less than 0.01% of the fund’s net assets and 0.07% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Statement of Net Assets.
The following table summarizes the market value of the fund’s investments and derivatives as of November 30, 2019, based on the inputs used to value them:
| Level 1 | Level 2 | Level 3 | ||||
| Investments | ($000 | ) | ($000 | ) | ($000 | ) |
| Tax-Exempt Municipal Bonds | — | 4,015,797 | — | |||
| Futures Contracts—Assets1 | 113 | — | — | |||
| Futures Contracts—Liabilities1 | (4 | ) | — | — | ||
| Total | 109 | 4,015,797 | — |
1 Represents variation margin on the last day of the reporting period for recently closed futures contracts.
D. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for distributions in connection with fund share redemptions were reclassified between the following accounts:
| Amount | ||
| ($000 | ) | |
| Paid-in Capital | 226 | |
| Total Distributable Earnings (Loss) | (226 | ) |
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Pennsylvania Long-Term Tax-Exempt Fund
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the tax deferral of losses on wash sales and straddles; the realization of unrealized gains or losses on certain futures contracts; and payables for distributions. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
| Amount | ||
| ($000 | ) | |
| Undistributed Ordinary Income | 1,097 | |
| Undistributed Tax-Exempt Income | 5,190 | |
| Undistributed Long-Term Gains | 10,316 | |
| Capital Loss Carryforwards (Non-expiring) | — | |
| Net Unrealized Gains (Losses) | 239,914 |
As of November 30, 2019, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
| Amount | ||
| ($000 | ) | |
| Tax Cost | 3,775,883 | |
| Gross Unrealized Appreciation | 240,578 | |
| Gross Unrealized Depreciation | (664 | ) |
| Net Unrealized Appreciation (Depreciation) | 239,914 |
E. During the year ended November 30, 2019, the fund purchased $688,901,000 of investment securities and sold $328,492,000 of investment securities, other than temporary cash investments.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended November 30, 2019, such purchases and sales were $273,905,000 and $485,842,000, respectively; these amounts are included in the purchases and sales of investment securities noted above.
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Pennsylvania Long-Term Tax-Exempt Fund
F. Capital share transactions for each class of shares were:
| Year Ended November 30, | ||||||||
| 2019 | 2018 | |||||||
| Amount | Shares | Amount | Shares | |||||
| ($000 | ) | (000) | ($000 | ) | (000 | ) | ||
| Investor Shares | ||||||||
| Issued | 95,429 | 8,172 | 60,579 | 5,342 | ||||
| Issued in Lieu of Cash Distributions | 9,916 | 851 | 10,338 | 909 | ||||
| Redeemed | (65,142 | ) | (5,590) | (76,029 | ) | (6,709 | ) | |
| Net Increase (Decrease)—Investor Shares | 40,203 | 3,433 | (5,112 | ) | (458 | ) | ||
| Admiral Shares | ||||||||
| Issued | 530,940 | 45,676 | 441,069 | 38,891 | ||||
| Issued in Lieu of Cash Distributions | 81,820 | 7,028 | 84,301 | 7,413 | ||||
| Redeemed | (342,411 | ) | (29,585) | (496,197 | ) | (43,892 | ) | |
| Net Increase (Decrease)—Admiral Shares | 270,349 | 23,119 | 29,173 | 2,412 | ||||
G. Management has determined that no events or transactions occurred subsequent to November 30, 2019, that would require recognition or disclosure in these financial statements.
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Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard Pennsylvania Tax-Free Funds and Shareholders of Vanguard Pennsylvania Municipal Money Market Fund and Vanguard Pennsylvania Long-Term Tax-Exempt Fund
Opinions on the Financial Statements
We have audited the accompanying statements of net assets of Vanguard Pennsylvania Municipal Money Market Fund and Vanguard Pennsylvania Long-Term Tax-Exempt Fund (constituting Vanguard Pennsylvania Tax-Free Funds, hereafter collectively referred to as the “Funds”) as of November 30, 2019, the related statements of operations for the year ended November 30, 2019, the statements of changes in net assets for each of the two years in the period ended November 30, 2019, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended November 30, 2019 and each of the financial highlights for each of the five years in the period ended November 30, 2019 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
January 16, 2020
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
73
Special 2019 tax information (unaudited) for Vanguard Pennsylvania Tax-Exempt Funds
This information for the fiscal year ended November 30, 2019, is included pursuant to provisions of the Internal Revenue Code.
Each fund designates 100% of its income dividends as exempt-interest dividends.
The Long-Term Tax-Exempt Fund distributed $14,358,000 as capital gain dividends (20% rate gain distributions) to shareholders during the fiscal year.
For nonresident alien shareholders, 100% of short-term capital gain dividends distributed by the funds are qualified short-term capital gains.
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BLOOMBERG is a trademark and service mark of Bloomberg Finance L.P. BARCLAYS is a trademark and service mark of Barclays Bank Plc, used under license. Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (BISL) (collectively, Bloomberg), or Bloomberg’s licensors, own all proprietary rights in the Bloomberg Barclays PA Municipal Bond Index (Index or Bloomberg Barclays Index).
Neither Barclays Bank Plc, Barclays Capital Inc., or any affiliate (collectively Barclays) or Bloomberg is the issuer or producer of the Pennsylvania Long-Term Tax-Exempt Fund and neither Bloomberg nor Barclays has any responsibilities, obligations or duties to investors in the Pennsylvania Long-Term Tax-Exempt Fund. The Index is licensed for use by The Vanguard Group, Inc. (Vanguard) as the sponsor of the Pennsylvania Long-Term Tax-Exempt Fund. Bloomberg and Barclays’ only relationship with Vanguard in respect of the Index is the licensing of the Index, which is determined, composed and calculated by BISL, or any successor thereto, without regard to the Issuer or the Pennsylvania Long-Term Tax-Exempt Fund or the owners of the Pennsylvania Long-Term Tax-Exempt Fund.
Additionally, Vanguard may for itself execute transaction(s) with Barclays in or relating to the Index in connection with the Pennsylvania Long-Term Tax-Exempt Fund. Investors acquire the Pennsylvania Long-Term Tax-Exempt Fund from Vanguard and investors neither acquire any interest in the Index nor enter into any relationship of any kind whatsoever with Bloomberg or Barclays upon making an investment in the Pennsylvania Long-Term Tax-Exempt Fund. The Pennsylvania Long-Term Tax-Exempt Fund is not sponsored, endorsed, sold or promoted by Bloomberg or Barclays. Neither Bloomberg nor Barclays makes any representation or warranty, express or implied regarding the advisability of investing in the Pennsylvania Long-Term Tax-Exempt Fund or the advisability of investing in securities generally or the ability of the Index to track corresponding or relative market performance. Neither Bloomberg nor Barclays has passed on the legality or suitability of the Pennsylvania Long-Term Tax-Exempt Fund with respect to any person or entity. Neither Bloomberg nor Barclays is responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Pennsylvania Long-Term Tax-Exempt Fund to be issued. Neither Bloomberg nor Barclays has any obligation to take the needs of the Issuer or the owners of the Pennsylvania Long-Term Tax-Exempt Fund or any other third party into consideration in determining, composing or calculating the Index. Neither Bloomberg nor Barclays has any obligation or liability in connection with administration, marketing or trading of the Pennsylvania Long-Term Tax-Exempt Fund.
75
The licensing agreement between Bloomberg and Barclays is solely for the benefit of Bloomberg and Barclays and not for the benefit of the owners of the Pennsylvania Long-Term Tax-Exempt Fund, investors or other third parties. In addition, the licensing agreement between Vanguard and Bloomberg is solely for the benefit of Vanguard and Bloomberg and not for the benefit of the owners of the Pennsylvania Long-Term Tax-Exempt Fund, investors or other third parties.
NEITHER BLOOMBERG NOR BARCLAYS SHALL HAVE ANY LIABILITY TO THE ISSUER, INVESTORS OR TO OTHER THIRD PARTIES FOR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE BLOOMBERG BARCLAYS INDEX. NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER, THE INVESTORS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN. NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EACH HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN. BLOOMBERG RESERVES THE RIGHT TO CHANGE THE METHODS OF CALCULATION OR PUBLICATION, OR TO CEASE THE CALCULATION OR PUBLICATION OF THE BLOOMBERG BARCLAYS INDEX, AND NEITHER BLOOMBERG NOR BARCLAYS SHALL BE LIABLE FOR ANY MISCALCULATION OF OR ANY INCORRECT, DELAYED OR INTERRUPTED PUBLICATION WITH RESPECT TO ANY OF THE BLOOMBERG BARCLAYS INDEX. NEITHER BLOOMBERG NOR BARCLAYS SHALL BE LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR ANY LOST PROFITS AND EVEN IF ADVISED OF THE POSSIBILITY OF SUCH, RESULTING FROM THE USE OF THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN OR WITH RESPECT TO THE PENNSYLVANIA LONG-TERM TAX-EXEMPT FUND.
None of the information supplied by Bloomberg or Barclays and used in this publication may be reproduced in any manner without the prior written permission of both Bloomberg and Barclays Capital, the investment banking division of Barclays Bank Plc. Barclays Bank Plc is registered in England No. 1026167. Registered office 1 Churchill Place London E14 5HP.
© 2020 Bloomberg. Used with Permission.
Source: Bloomberg Index Services Limited. Copyright 2020, Bloomberg. All rights reserved.
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The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them.
A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 213 Vanguard funds.
Information for each trustee and executive officer of the fund appears below. That information, as well as the Vanguard fund count, is as of the date on the cover of this fund report. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. More information about the trustees is in theStatement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
Interested Trustee1
Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chairman of the board (January 2019– present) of Vanguard and of each of the investment companies served by Vanguard; chief executive officer (January 2018–present) of Vanguard; chief executive officer, president, and trustee (January 2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (February 2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Chairman of the board (2011–2017) and trustee (2009–2017) of the Children’s Hospital of Philadelphia; trustee (2018–present) of The Shipley School.
Independent Trustees
Emerson U. Fullwood
Born in 1948. Trustee since January 2008. Principal occupation(s) during the past five years and other experience: executive chief staff and marketing officer for North America and corporate vice president (retired 2008) of Xerox Corporation (document management products and services). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive in residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology. Director of SPX FLOW, Inc. (multi-industry manufacturing). Director of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, and Roberts Wesleyan College. Trustee of the University of Rochester.
Amy Gutmann
Born in 1949. Trustee since June 2006. Principal occupation(s) during the past five years and other experience: president (2004–present) of the University of Pennsylvania. Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and professor of communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania. Trustee of the National Constitution Center.
F. Joseph Loughrey
Born in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) of Cummins Inc. (industrial machinery). Chairman of the board of Hillenbrand, Inc. (specialized consumer services), and the Lumina Foundation.
| 1 | Mr. Buckley is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds. |
Director of the V Foundation and Oxfam America. Member of the advisory council for the College of Arts and Letters and chair of the advisory board to the Kellogg Institute for International Studies, both at the University of Notre Dame.
Mark Loughridge
Born in 1953. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: senior vice president and chief financial officer (retired 2013) of IBM (information technology services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.
Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer (1989–present) and vice president (1996–present) of the University of Notre Dame. Assistant professor of finance at the Mendoza College of Business, University of Notre Dame, and member of the Notre Dame 403(b) Investment Committee. Chairman of the board of TIFF Advisory Services, Inc. Member of the board of Catholic Investment Services, Inc. (investment advisors) and the board of superintendence of the Institute for the Works of Religion.
Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: president (2010–present) and chief executive officer (2011–present) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of The Guardian Life Insurance Company of America. Member of the board of The Guardian Life Insurance Company of America, the American Council of Life Insurers, the Partnership for New York City (business leadership), and the Committee Encouraging Corporate Philanthropy. Trustee of the Economic Club of New York and the Bruce Museum (arts and science). Member of the Advisory Council for the Stanford Graduate School of Business.
André F. Perold
Born in 1952. Trustee since December 2004. Principal occupation(s) during the past five years and other experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011). Chief investment officer and co-managing partner of HighVista Strategies (private investment firm). Board of advisors and investment committee member of the Museum of Fine Arts Boston. Board member (2018–present) of RIT Capital Partners (investment firm); investment committee member of Partners Health Care System.
Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Member of the board of directors (2012–2014) of Neighborhood Reinvestment Corporation. Director (2017–present) of i(x) Investments; director (2017–present) of Reserve Trust. Rubinstein Fellow (2017–present) of Duke University; trustee (2017–present) of Amherst College.
Peter F. Volanakis
Born in 1955. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2010) of Corning Incorporated (communications equipment) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). Chairman of the board of trustees of Colby-Sawyer College. Member of the board of Hypertherm Inc. (industrial cutting systems, software, and consumables).
Executive Officers
John Bendl
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (October 2019–present) of each of the investment companies served by Vanguard. Chief accounting officer, treasurer, and controller of Vanguard (2017–present). Partner (2003–2016) at KPMG (audit, tax, and advisory services).
Glenn Booraem
Born in 1967. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (2017–present), treasurer (2015–2017), controller (2010–2015), and assistant controller (2001–2010) of each of the investment companies served by Vanguard.
Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Treasurer (2017–present) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG (audit, tax, and advisory services).
David Cermak
Born in 1960. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Finance director (October 2019–present) of each of the investment companies served by Vanguard. Managing director and head (2017–present) of Vanguard Investments Singapore. Managing director and head (2017–2019) of Vanguard Investments Hong Kong. Representative director and head (2014–2017) of Vanguard Investments Japan.
Thomas J. Higgins
Born in 1957. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Finance director (October 2019–present), chief financial officer (2008–2019), and treasurer (1998–2008) of each of the investment companies served by Vanguard.
Peter Mahoney
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.
Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express.
Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.
John E. Schadl
Born in 1972. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (2019–present) of Vanguard and of each of the investment companies served by Vanguard. Assistant vice president (May 2019–present) of Vanguard Marketing Corporation.
Vanguard Senior Management Team
| Joseph Brennan | Chris D. McIsaac |
| Mortimer J. Buckley | James M. Norris |
| Gregory Davis | Thomas M. Rampulla |
| John James | Karin A. Risi |
| Martha G. King | Anne E. Robinson |
| John T. Marcante | Michael Rollings |
 | |
| P.O. Box 2600 | |
| Valley Forge, PA 19482-2600 |
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All comparative mutual fund data are from Morningstar, Inc., unless otherwise noted.
You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.
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© 2020 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.
Q770 012020 |
Item 2: Code of Ethics. The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.
Item 3: Audit Committee Financial Expert. All members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts and to be independent: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant.
Fiscal Year Ended November 30, 2019: $62,000
Fiscal Year Ended November 30, 2018: $64,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended November 30, 2019: $9,568,215
Fiscal Year Ended November 30, 2018: $9,734,277
Includes fees billed in connection with audits of the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(b) Audit-Related Fees.
Fiscal Year Ended November 30, 2019: $3,012,031
Fiscal Year Ended November 30, 2018: $5,581,336
Includes fees billed in connection with assurance and related services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(c) Tax Fees.
Fiscal Year Ended November 30, 2019: $357,238
Fiscal Year Ended November 30, 2018: $347,985
Includes fees billed in connection with tax compliance, planning, and advice services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(d) All Other Fees.
Fiscal Year Ended November 30, 2019: $0
Fiscal Year Ended November 30, 2018: $0
Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(e) (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider, and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.
In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.
(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement werenot performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Fiscal Year Ended November 30, 2019: $357,238
Fiscal Year Ended November 30, 2018: $347,985
Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.
Item 5: Audit Committee of Listed Registrants.
The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 6: Investments.
Not applicable.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13: Exhibits.
| (a) | Code of Ethics. |
| (b) | Certifications. |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| VANGUARD PENNSYLVANIA TAX-FREE FUNDS | ||
| BY: | /s/ MORTIMER J. BUCKLEY* | |
| MORTIMER J. BUCKLEY | ||
| CHIEF EXECUTIVE OFFICER | ||
Date: January 21, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| VANGUARD PENNSYLVANIA TAX-FREE FUNDS | ||
| BY: | /s/ MORTIMER J. BUCKLEY* | |
| MORTIMER J. BUCKLEY | ||
| CHIEF EXECUTIVE OFFICER | ||
Date: January 21, 2020
| VANGUARD PENNSYLVANIA TAX-FREE FUNDS | ||
| BY: | /s/ JOHN BENDL* | |
| JOHN BENDL | ||
| CHIEF FINANCIAL OFFICER | ||
Date: January 21, 2020
* By: /s/ Anne E. Robinson
Anne E. Robinson, pursuant to a Power of Attorney filed on January 18, 2018 (see file Number 33-32216) and a Power of Attorney filed on October 30, 2019 (see file Number 811-02554), Incorporated by Reference.