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, 2019—May 31, 2020
Item 1: Reports to Shareholders
Semiannual Report | May 31, 2020 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
| About Your Fund’s Expenses | 1 |
| Pennsylvania Municipal Money Market Fund | 3 |
| Pennsylvania Long-Term Tax-Exempt Fund | 20 |
| Trustees Approve Advisory Arrangements | 65 |
| Liquidity Risk Management | 67 |
About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading “Expenses Paid During Period.”
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
Six Months Ended May 31, 2020
| | Beginning | Ending | Expenses |
| | Account Value | Account Value | Paid During |
| | 11/30/2019 | 5/31/2020 | Period |
| Based on Actual Fund Return | | | |
| Pennsylvania Municipal Money Market Fund | $1,000.00 | $1,005.04 | $0.80 |
| Pennsylvania Long-Term Tax-Exempt Fund | | | |
| Investor Shares | $1,000.00 | $1,015.59 | $0.86 |
| Admiral™ Shares | 1,000.00 | 1,015.99 | 0.45 |
| Based on Hypothetical 5% Yearly Return | | | |
| Pennsylvania Municipal Money Market Fund | $1,000.00 | $1,024.20 | $0.81 |
| Pennsylvania Long-Term Tax-Exempt Fund | | | |
| Investor Shares | $1,000.00 | $1,024.15 | $0.86 |
| Admiral Shares | 1,000.00 | 1,024.55 | 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 (183/366).
Pennsylvania Municipal Money Market Fund
Distribution by Effective Maturity1
As of May 31, 2020
| 1 - 7 Days | | 83.1 | % |
| 8 - 30 Days | | 1.9 | |
| 31 - 60 Days | | 2.3 | |
| 61 - 90 Days | | 4.4 | |
| 91 - 180 Days | | 2.5 | |
| Over 180 Days | | 5.8 | |
1 Percentage of investments.
Pennsylvania Municipal Money Market Fund
Financial Statements (unaudited)
Schedule of Investments
As of May 31, 2020
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 (98.2%) | | | | | |
| Pennsylvania (97.9%) | | | | | |
| 1 | Allegheny County PA GO TOB VRDO | 0.130% | 6/5/20 | | 5,340 | 5,340 |
| | Allegheny County PA GO VRDO | 0.120% | 6/5/20 | LOC | 3,500 | 3,500 |
| | Allegheny County PA GO VRDO | 0.120% | 6/5/20 | LOC | 2,155 | 2,155 |
| | Allegheny County PA Higher Education Building Authority University Revenue (Carnegie Mellon University) VRDO | 0.060% | 6/1/20 | | 45,030 | 45,030 |
| | Allegheny County PA Hospital Development Authority Revenue (Children’s Hospital of Pittsburgh Project) VRDO | 0.120% | 6/5/20 | LOC | 5,335 | 5,335 |
| | Allegheny County PA Hospital Development Authority Revenue (Children’s Hospital of Pittsburgh Project) VRDO | 0.120% | 6/5/20 | LOC | 3,195 | 3,195 |
| | Allegheny County PA Hospital Development Authority Revenue (Concordia Lutheran) VRDO | 0.140% | 6/5/20 | LOC | 35,205 | 35,205 |
| 1,2 | Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) TOB PUT, SIFMA Municipal Swap Index Yield + 0.170% | 0.310% | 6/1/20 | LOC | 20,000 | 20,000 |
| 1 | Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) TOB VRDO | 0.100% | 6/1/20 | LOC | 16,500 | 16,500 |
| 1 | Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) TOB VRDO | 0.100% | 6/1/20 | LOC | 43,945 | 43,945 |
| 2 | Allegheny County PA Industrial Development Authority Revenue (Education Center Watson) PUT | 0.120% | 6/5/20 | LOC | 2,300 | 2,300 |
| | Beaver PA Industrial Development Authority Revenue (Concordia Lutheran Ministries) VRDO | 0.140% | 6/5/20 | LOC | 4,540 | 4,540 |
| 1 | Berks County PA Industrial Development Authority Health System Revenue (Tower Health Project) TOB VRDO | 0.180% | 6/5/20 | LOC | 3,075 | 3,075 |
| 1 | BlackRock MuniYield Pennsylvania Quality Fund VRDP VRDO | 0.240% | 6/5/20 | | 74,100 | 74,100 |
| | Bucks County PA Industrial Development Authority Hospital Revenue (Grand View Hospital) VRDO | 0.100% | 6/5/20 | LOC | 3,195 | 3,195 |
Pennsylvania Municipal Money Market Fund
| | | | | | Face | Market |
| | | | Maturity | | Amount | Value• |
| | | Coupon | Date | | ($000) | ($000) |
| | Bucks County PA Industrial Development Authority Hospital Revenue (Grand View Hospital) VRDO | 0.120% | 6/5/20 | LOC | 8,580 | 8,580 |
| | Bucks County PA Water & Sewer Authority Water System Revenue | 5.000% | 12/1/20 | (Prere.) | 1,000 | 1,020 |
| 1 | Bucks County Water & Sewer Authority Revenue TOB VRDO | 0.240% | 6/5/20 | (Prere.) | 5,335 | 5,335 |
| | Butler County PA General Authority Revenue (North Allegheny School District Project) VRDO | 0.130% | 6/5/20 | | 30,815 | 30,815 |
| | Butler County PA General Authority Revenue (North Allegheny School District Project) VRDO | 0.130% | 6/5/20 | | 9,565 | 9,565 |
| | Butler County PA Hospital Authority Revenue (Concordia Lutheran Obligated Group) VRDO | 0.140% | 6/5/20 | LOC | 11,810 | 11,810 |
| | Butler County PA Hospital Authority Revenue (Concordia Lutheran Obligated Group) VRDO | 0.140% | 6/5/20 | LOC | 8,645 | 8,645 |
| | Centre County PA GO | 4.000% | 7/1/20 | (Prere.) | 1,080 | 1,083 |
| 1 | Chester County PA Health & Education Facilities Authority Revenue (Main Line Health System Inc. Obligated Group) TOB VRDO | 3.380% | 6/5/20 | | 11,000 | 11,000 |
| 1 | Commonwealth Financing Authority Pennsylvania Revenue TOB VRDO | 0.180% | 6/5/20 | (4)LOC | 13,695 | 13,695 |
| | Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/21 | | 5,500 | 5,619 |
| | Delaware Valley PA Regional Finance Authority Revenue VRDO | 0.100% | 6/5/20 | LOC | 18,395 | 18,395 |
| | Delaware Valley PA Regional Finance Authority Revenue VRDO | 0.120% | 6/5/20 | LOC | 17,500 | 17,500 |
| | Downingtown PA Area School District GO | 4.000% | 8/1/20 | | 4,320 | 4,340 |
| 1 | Dubois PA Hospital Authority Revenue (Penn Highlands Healthcare Obligated Group) TOB VRDO | 0.190% | 6/5/20 | LOC | 2,250 | 2,250 |
| | Emmaus PA General Authority Revenue VRDO | 0.080% | 6/5/20 | LOC | 1,900 | 1,900 |
| | Emmaus PA General Authority Revenue VRDO | 0.080% | 6/5/20 | LOC | 400 | 400 |
| | Emmaus PA General Authority Revenue VRDO | 0.080% | 6/5/20 | LOC | 200 | 200 |
| | Emmaus PA General Authority Revenue VRDO | 0.080% | 6/5/20 | LOC | 10,000 | 10,000 |
| | Emmaus PA General Authority Revenue VRDO | 0.080% | 6/5/20 | LOC | 3,800 | 3,800 |
| | Emmaus PA General Authority Revenue VRDO | 0.080% | 6/5/20 | LOC | 9,600 | 9,600 |
| | Emmaus PA General Authority Revenue VRDO | 0.080% | 6/5/20 | LOC | 4,000 | 4,000 |
| | Emmaus PA General Authority Revenue VRDO | 0.080% | 6/5/20 | LOC | 400 | 400 |
| | Emmaus PA General Authority Revenue VRDO | 0.080% | 6/5/20 | LOC | 1,500 | 1,500 |
| | Emmaus PA General Authority Revenue VRDO | 0.080% | 6/5/20 | LOC | 1,200 | 1,200 |
| | Emmaus PA General Authority Revenue VRDO | 0.110% | 6/5/20 | LOC | 28,655 | 28,655 |
| | Fayette County PA Hospital Authority Revenue (Fayette Regional Health System) VRDO | 0.120% | 6/5/20 | LOC | 1,250 | 1,250 |
| | Fayette County PA Hospital Authority Revenue (Fayette Regional Health System) VRDO | 0.120% | 6/5/20 | LOC | 4,880 | 4,880 |
| | Franklin County PA Industrial Development Authority Revenue (Chambersburg Hospital Project) | 5.375% | 7/1/20 | (Prere.) | 15,015 | 15,069 |
Pennsylvania Municipal Money Market Fund
| | | | | | Face | Market |
| | | | Maturity | | Amount | Value• |
| | | Coupon | Date | | ($000) | ($000) |
| 1 | Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) TOB VRDO | 0.170% | 6/5/20 | | 11,935 | 11,935 |
| 1 | Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) TOB VRDO | 0.180% | 6/5/20 | | 4,570 | 4,570 |
| 1 | Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) TOB VRDO | 0.180% | 6/5/20 | | 7,500 | 7,500 |
| 1 | Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) TOB VRDO | 0.180% | 6/5/20 | | 6,955 | 6,955 |
| 1 | Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) TOB VRDO | 0.190% | 6/5/20 | | 3,990 | 3,990 |
| | Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) VRDO | 0.040% | 6/1/20 | | 46,700 | 46,700 |
| | Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) VRDO | 0.040% | 6/1/20 | | 540 | 540 |
| | Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) VRDO | 0.060% | 6/1/20 | | 125 | 125 |
| | Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) VRDO | 0.060% | 6/1/20 | | 125 | 125 |
| | Haverford Township PA School District GO VRDO | 0.120% | 6/5/20 | LOC | 17,730 | 17,730 |
| | Jackson PA Authority for Industrial Development Revenue (StoneRidge Retirement Living) VRDO | 0.120% | 6/5/20 | LOC | 14,050 | 14,050 |
| | Lancaster County PA Hospital Authority Health Center Revenue (Masonic Homes Project) VRDO | 0.110% | 6/1/20 | LOC | 400 | 400 |
| 1 | Lancaster County PA Hospital Authority Health System Revenue (Lancaster General Hospital Project) TOB VRDO | 0.180% | 6/5/20 | (Prere.) | 3,410 | 3,410 |
| 1 | Lancaster County PA Hospital Authority Health System Revenue (Lancaster General Hospital Project) TOB VRDO | 0.180% | 6/5/20 | (Prere.) | 6,765 | 6,765 |
| 1 | Lancaster County PA Hospital Authority Revenue (University of Pennsylvania Health System) TOB VRDO | 0.190% | 6/5/20 | | 3,750 | 3,750 |
| | Lancaster PA Industrial Development Authority Revenue (Willow Valley Communities) VRDO | 0.120% | 6/5/20 | LOC | 3,800 | 3,800 |
| | Lancaster PA Industrial Development Authority Revenue (Willow Valley Communities) VRDO | 0.120% | 6/5/20 | LOC | 6,500 | 6,500 |
| | Lancaster PA Industrial Development Authority Revenue (Willow Valley Communities) VRDO | 0.120% | 6/5/20 | LOC | 4,670 | 4,670 |
| 1 | Lehigh County PA General Purpose Authority Revenue (Good Shepherd Obligated Group) TOB VRDO | 0.180% | 6/5/20 | LOC | 5,850 | 5,850 |
Pennsylvania Municipal Money Market Fund
| | | | | | Face | Market |
| | | | Maturity | | Amount | Value• |
| | | Coupon | Date | | ($000) | ($000) |
| 1 | Lehigh County PA General Purpose Hospital Authority Revenue (Lehigh Valley Health Network) TOB VRDO | 0.180% | 6/5/20 | LOC | 2,395 | 2,395 |
| 1 | Lehigh County PA General Purpose Hospital Authority Revenue (Lehigh Valley Health Network) TOB VRDO | 0.180% | 6/5/20 | LOC | 3,900 | 3,900 |
| | Montgomery County PA GO | 5.000% | 8/15/20 | | 3,045 | 3,069 |
| 1 | Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) TOB VRDO | 0.190% | 6/5/20 | LOC | 20,785 | 20,785 |
| 1 | Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) TOB VRDO | 0.190% | 6/5/20 | LOC | 2,660 | 2,660 |
| | Montgomery County PA Industrial Development Authority Revenue (Einstein Medical Center Montgomery) | 5.000% | 8/1/20 | (Prere.) | 1,925 | 1,938 |
| | Montgomery County PA Industrial Development Authority Revenue (New Regional Medical Center Project) | 5.375% | 8/1/20 | (Prere.) | 5,475 | 5,520 |
| | Montgomery County PA Redevelopment Authority Revenue (Forge Gate Apartments Project) VRDO | 0.160% | 6/5/20 | LOC | 9,665 | 9,665 |
| 1 | Northampton County PA General Purpose Authority College Revenue (Lafayette College) TOB VRDO | 0.160% | 6/5/20 | | 9,685 | 9,685 |
| | Northampton County PA General Purpose Authority University Revenue (Lafayette College) VRDO | 0.130% | 6/5/20 | | 5,750 | 5,750 |
| | Northampton County PA General Purpose Authority University Revenue (Lafayette College) VRDO | 0.130% | 6/5/20 | | 9,940 | 9,940 |
| | Northampton County PA General Purpose Authority University Revenue (Lehigh University) VRDO | 0.020% | 6/5/20 | | 3,735 | 3,735 |
| | Northampton County PA General Purpose Authority University Revenue (Lehigh University) VRDO | 0.050% | 6/5/20 | | 13,150 | 13,150 |
| | Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue (Pittsburgh Allegheny County Thermal Ltd.) VRDO | 0.140% | 6/5/20 | LOC | 200 | 200 |
| | Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue (PSEG Power LLC Project) VRDO | 0.120% | 6/5/20 | LOC | 29,100 | 29,100 |
| | Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue (York Water Co. Project) VRDO | 0.150% | 6/5/20 | LOC | 12,000 | 12,000 |
| | Pennsylvania Economic Development Financing Authority Revenue (Montessori Academy Inc.) VRDO | 0.140% | 6/5/20 | LOC | 1,100 | 1,100 |
| | Pennsylvania Economic Development Financing Authority Revenue (PMF Industries Inc.) VRDO | 0.300% | 6/5/20 | LOC | 575 | 575 |
| | Pennsylvania GO | 5.000% | 6/1/20 | | 2,500 | 2,500 |
Pennsylvania Municipal Money Market Fund
| | | | | | Face | Market |
| | | | Maturity | | Amount | Value• |
| | | Coupon | Date | | ($000) | ($000) |
| | Pennsylvania GO | 5.000% | 6/15/20 | | 21,120 | 21,150 |
| | Pennsylvania GO | 5.000% | 7/1/20 | | 1,600 | 1,605 |
| | Pennsylvania GO | 5.000% | 7/1/20 | | 16,800 | 16,862 |
| | Pennsylvania GO | 5.000% | 7/15/20 | | 3,315 | 3,330 |
| | Pennsylvania GO | 5.000% | 9/15/20 | | 12,000 | 12,131 |
| | Pennsylvania GO | 5.000% | 1/1/21 | | 19,835 | 20,309 |
| | Pennsylvania GO | 5.000% | 1/15/21 | | 19,045 | 19,537 |
| | Pennsylvania GO | 5.000% | 3/15/21 | | 22,000 | 22,696 |
| 1 | Pennsylvania GO TOB VRDO | 0.140% | 6/5/20 | | 4,000 | 4,000 |
| 1 | Pennsylvania GO TOB VRDO | 0.170% | 6/5/20 | | 5,500 | 5,500 |
| 1 | Pennsylvania GO TOB VRDO | 0.170% | 6/5/20 | | 10,400 | 10,400 |
| 1 | Pennsylvania GO TOB VRDO | 0.170% | 6/5/20 | (Prere.) | 10,000 | 10,000 |
| 1 | Pennsylvania GO TOB VRDO | 0.170% | 6/5/20 | | 3,335 | 3,335 |
| | Pennsylvania Higher Educational Facilities Authority Revenue | 5.000% | 6/15/20 | | 5,680 | 5,688 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) VRDO | 0.120% | 6/5/20 | LOC | 15,810 | 15,810 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) VRDO | 0.120% | 6/5/20 | LOC | 34,540 | 34,540 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) VRDO | 0.120% | 6/5/20 | LOC | 22,115 | 22,115 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (Susquehanna University) VRDO | 0.120% | 6/5/20 | LOC | 1,300 | 1,300 |
| 1 | Pennsylvania Higher Educational Facilities Authority Revenue (Thomas Jefferson University) TOB VRDO | 0.180% | 6/5/20 | LOC | 5,340 | 5,340 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (Trustees of the University of Pennsylvania) | 2.500% | 10/1/20 | (Prere.) | 250 | 251 |
| 1 | Pennsylvania Higher Educational Facilities Authority Revenue (Trustees of the University of Pennsylvania) TOB VRDO | 0.170% | 6/5/20 | | 6,665 | 6,665 |
| 1 | Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) TOB VRDO | 0.140% | 6/5/20 | | 5,480 | 5,480 |
| 1 | Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) TOB VRDO | 0.160% | 6/5/20 | | 5,865 | 5,865 |
| 1 | Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) TOB VRDO | 0.160% | 6/5/20 | | 9,690 | 9,690 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) VRDO | 0.140% | 6/5/20 | LOC | 3,115 | 3,115 |
| | Pennsylvania Housing Finance Agency Multifamily Housing Revenue VRDO | 0.160% | 6/5/20 | LOC | 4,950 | 4,950 |
| 1 | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue TOB VRDO | 0.170% | 6/5/20 | | 5,725 | 5,725 |
| 1 | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue TOB VRDO | 0.170% | 6/5/20 | | 15,300 | 15,300 |
| 1 | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue TOB VRDO | 0.170% | 6/5/20 | | 7,500 | 7,500 |
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 | 0.170% | 6/5/20 | | 7,500 | 7,500 |
| 1 | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue TOB VRDO | 0.180% | 6/5/20 | | 17,130 | 17,130 |
| 1 | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue TOB VRDO | 0.190% | 6/5/20 | | 6,820 | 6,820 |
| 1 | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue TOB VRDO | 0.190% | 6/5/20 | | 10,165 | 10,165 |
| | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue VRDO | 0.130% | 6/5/20 | | 11,850 | 11,850 |
| | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue VRDO | 0.130% | 6/5/20 | | 6,785 | 6,785 |
| | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue VRDO | 0.150% | 6/5/20 | | 8,175 | 8,175 |
| | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue VRDO | 0.150% | 6/5/20 | | 9,200 | 9,200 |
| | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue VRDO | 0.150% | 6/5/20 | | 10,655 | 10,655 |
| 1 | Pennsylvania Housing Finance Agency TOB VRDO | 0.170% | 6/5/20 | | 5,000 | 5,000 |
| | Pennsylvania Infrastructure & Investment Authority Revenue Extendible CP | 0.500% | 8/13/20 | | 30,356 | 30,356 |
| | Pennsylvania Intergovernmental Cooperation Authority Special Tax Revenue (Philadelphia Funding Program) | 5.000% | 6/15/20 | | 8,380 | 8,393 |
| | Pennsylvania State University Revenue | 5.250% | 8/15/20 | | 4,125 | 4,158 |
| 2 | Pennsylvania State University Revenue PUT | 1.580% | 6/1/20 | | 19,285 | 19,285 |
| 1 | Pennsylvania State University TOB VRDO | 0.120% | 6/5/20 | | 5,600 | 5,600 |
| 1 | Pennsylvania State University TOB VRDO | 0.180% | 6/5/20 | | 3,000 | 3,000 |
| 1 | Pennsylvania TOB VRDO | 0.170% | 6/5/20 | | 10,000 | 10,000 |
| 1 | Pennsylvania TOB VRDO | 0.170% | 6/5/20 | | 8,750 | 8,750 |
| | Pennsylvania Turnpike Commission Motor License Fund Revenue | 5.500% | 12/1/20 | (Prere.) | 8,945 | 9,145 |
| 1 | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue TOB VRDO | 0.130% | 6/5/20 | | 5,600 | 5,600 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/20 | (Prere.) | 1,750 | 1,788 |
| | Pennsylvania Turnpike Commission Revenue | 5.350% | 12/1/20 | (Prere.) | 16,000 | 16,357 |
| | Pennsylvania Turnpike Commission Revenue | 5.500% | 12/1/20 | (Prere.) | 2,750 | 2,811 |
| | Pennsylvania Turnpike Commission Revenue | 5.625% | 12/1/20 | (Prere.) | 4,875 | 4,985 |
| | Pennsylvania Turnpike Commission Revenue | 6.000% | 12/1/20 | (Prere.) | 1,850 | 1,893 |
| | Pennsylvania Turnpike Commission Revenue | 6.500% | 12/1/20 | (Prere.) | 3,000 | 3,080 |
| 1,2 | Pennsylvania Turnpike Commission Revenue TOB PUT | 0.100% | 6/1/20 | (4)LOC | 4,200 | 4,200 |
| 1,2 | Pennsylvania Turnpike Commission Revenue TOB PUT | 0.100% | 6/1/20 | (4)LOC | 4,990 | 4,990 |
| 1,2 | Pennsylvania Turnpike Commission Revenue TOB PUT, SIFMA Municipal Swap Index Yield + 0.200% | 0.340% | 6/1/20 | LOC | 5,000 | 5,000 |
| 1 | Pennsylvania Turnpike Commission Revenue TOB VRDO | 0.170% | 6/5/20 | LOC | 60,300 | 60,300 |
| 1 | Pennsylvania Turnpike Commission Revenue TOB VRDO | 0.180% | 6/5/20 | LOC | 7,850 | 7,850 |
| | Pennsylvania Turnpike Commission Revenue VRDO | 0.120% | 6/5/20 | LOC | 10,905 | 10,905 |
Pennsylvania Municipal Money Market Fund
| | | | | | Face | Market |
| | | | Maturity | | Amount | Value• |
| | | Coupon | Date | | ($000) | ($000) |
| 1 | Peters Township PA School District Washington County GO TOB VRDO | 0.130% | 6/5/20 | | 4,780 | 4,780 |
| | Philadelphia Airport CP | 0.510% | 9/3/20 | LOC | 12,000 | 12,000 |
| 1 | Philadelphia PA Airport Revenue TOB VRDO | 0.220% | 6/5/20 | LOC | 12,070 | 12,070 |
| | Philadelphia PA Airport Revenue VRDO | 0.120% | 6/5/20 | LOC | 37,050 | 37,050 |
| | Philadelphia PA Airport Revenue VRDO | 0.120% | 6/5/20 | LOC | 37,050 | 37,050 |
| 1 | Philadelphia PA Authority for Industrial Development Revenue (Children’s Hospital of Philadelphia Project) TOB VRDO | 0.170% | 6/5/20 | | 3,275 | 3,275 |
| 1 | Philadelphia PA Authority for Industrial Development Revenue (Philadelphia College of Osteopathic Medicine Obligated Group) TOB VRDO | 0.160% | 6/5/20 | | 5,695 | 5,695 |
| | Philadelphia PA Gas Works Revenue VRDO | 0.120% | 6/5/20 | LOC | 8,855 | 8,855 |
| | Philadelphia PA Gas Works Revenue VRDO | 0.120% | 6/5/20 | LOC | 6,800 | 6,800 |
| | Philadelphia PA Gas Works Revenue VRDO | 0.120% | 6/5/20 | LOC | 2,600 | 2,600 |
| | Philadelphia PA Gas Works Revenue VRDO | 0.150% | 6/5/20 | LOC | 16,575 | 16,575 |
| | Philadelphia PA GO | 6.500% | 8/1/20 | (Prere.) | 10,585 | 10,686 |
| | Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Children’s Hospital of Philadelphia Project) VRDO | 0.060% | 6/1/20 | | 18,420 | 18,420 |
| | Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Children’s Hospital of Philadelphia Project) VRDO | 0.060% | 6/1/20 | | 1,500 | 1,500 |
| | Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Children’s Hospital of Philadelphia Project) VRDO | 0.060% | 6/1/20 | | 3,700 | 3,700 |
| | Philadelphia PA Industrial Development Authority Lease Revenue VRDO | 0.120% | 6/5/20 | LOC | 36,460 | 36,460 |
| 1,2 | Philadelphia PA School District GO TOB VRDO | 0.180% | 6/5/20 | LOC | 4,275 | 4,275 |
| 1 | Philadelphia PA Water & Wastewater Revenue TOB VRDO | 0.180% | 6/5/20 | LOC | 6,000 | 6,000 |
| | Ridley PA School District GO VRDO | 0.150% | 6/5/20 | LOC | 15,120 | 15,120 |
| 2 | Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) PUT | 0.060% | 6/1/20 | | 9,295 | 9,295 |
| 2 | Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) PUT | 0.170% | 6/5/20 | | 11,190 | 11,190 |
| 2 | Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) PUT | 0.170% | 6/5/20 | | 18,000 | 18,000 |
| 1 | Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) TOB VRDO | 0.170% | 6/5/20 | | 3,000 | 3,000 |
| 1 | Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) TOB VRDO | 0.170% | 6/5/20 | | 6,670 | 6,670 |
| 1 | Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) TOB VRDO | 0.170% | 6/5/20 | | 22,965 | 22,965 |
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 | 0.170% | 6/5/20 | | 9,600 | 9,600 |
| 1 | State College PA Area School District GO TOB VRDO | 0.130% | 6/5/20 | | 5,400 | 5,400 |
| | State Public School Building Authority Pennsylvania School Revenue (North Allegheny School District Project) VRDO | 0.130% | 6/5/20 | | 2,975 | 2,975 |
| | State Public School Building Authority Pennsylvania School Revenue (South Park School District) VRDO | 0.130% | 6/5/20 | LOC | 5,495 | 5,495 |
| 1 | Swarthmore College TOB VRDO | 0.130% | 6/5/20 | | 4,420 | 4,420 |
| | Union County PA Higher Educational Facilities Financing Authority University Revenue (Bucknell University) VRDO | 0.020% | 6/5/20 | | 800 | 800 |
| | University of Pittsburgh PA Revenue CP | 0.400% | 8/6/20 | | 23,000 | 23,000 |
| | University of Pittsburgh PA Revenue CP | 0.500% | 9/3/20 | | 23,000 | 23,000 |
| | Washington County PA Hospital Authority Revenue (University of Pennsylvania) VRDO | 0.020% | 6/5/20 | | 47,450 | 47,450 |
| | Washington County PA Hospital Authority Revenue (Washington Hospital Project) VRDO | 0.130% | 6/5/20 | LOC | 11,345 | 11,345 |
| | Washington County PA Hospital Authority Revenue (Washington Hospital Project) VRDO | 0.130% | 6/5/20 | LOC | 16,955 | 16,955 |
| | West Cornwall PA Municipal Authority Revenue(Lebanon Valley Brethren Home) VRDO | 0.140% | 6/5/20 | LOC | 6,840 | 6,840 |
| | Westmoreland County PA Industrial Development Authority Revenue (Excela Health Project) VRDO | 0.120% | 6/5/20 | LOC | 3,880 | 3,880 |
| 1 | Wilkes-Barre PA Area School District GO TOB VRDO | 0.210% | 6/5/20 | (15)LOC | 2,280 | 2,280 |
| | | | | | | 1,886,339 |
| Guam (0.3%) | | | | | |
| | Guam Government Waterworks Authority Water & Wastewater System Revenue | 5.625% | 7/1/20 | (Prere.) | 5,700 | 5,721 |
| Total Tax-Exempt Municipal Bonds (Cost $1,892,060) | | | | 1,892,060 |
| Other Assets and Liabilities-Net (1.8%) | | | | | 34,574 |
| Net Assets (100%) | | | | | 1,926,634 |
Cost is in $000.
• See Note A in Notes to Financial Statements.
1 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2020, the aggregate value of these securities was $636,525,000, representing 33.0% 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.
See accompanying Notes, which are an integral part of the Financial Statements.
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). |
| (20) NATL (National Public Financial Guarantee Corporation). |
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.
Pennsylvania Municipal Money Market Fund
Statement of Assets and Liabilities
As of May 31, 2020
| ($000s, except shares and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value—Unaffiliated Issuers (Cost $1,892,060) | 1,892,060 |
| Investment in Vanguard | 92 |
| Cash | 10,032 |
| Receivables for Investment Securities Sold | 13,630 |
| Receivables for Accrued Income | 6,489 |
| Receivables for Capital Shares Issued | 5,125 |
| Other Assets | 3,270 |
| Total Assets | 1,930,698 |
| Liabilities | |
| Payables for Investment Securities Purchased | 100 |
| Payables for Capital Shares Redeemed | 3,792 |
| Payables for Distributions | 20 |
| Payables to Vanguard | 152 |
| Total Liabilities | 4,064 |
| Net Assets | 1,926,634 |
| At May 31, 2020, net assets consisted of: | |
| | |
| Paid-in Capital | 1,926,633 |
| Total Distributable Earnings (Loss) | 1 |
| Net Assets | 1,926,634 |
| | |
| Net Assets | |
| Applicable to 1,926,507,400 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,926,634 |
| Net Asset Value Per Share | $1.00 |
See accompanying Notes, which are an integral part of the Financial Statements.
Pennsylvania Municipal Money Market Fund
Statement of Operations
| | Six Months Ended |
| | May 31, 2020 |
| | ($000) |
| Investment Income | |
| Income | |
| Interest | 11,474 |
| Total Income | 11,474 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 223 |
| Management and Administrative | 1,199 |
| Marketing and Distribution | 153 |
| Custodian Fees | 6 |
| Shareholders’ Reports | 6 |
| Trustees’ Fees and Expenses | 1 |
| Total Expenses | 1,588 |
| Expenses Paid Indirectly | (6) |
| Net Expenses | 1,582 |
| Net Investment Income | 9,892 |
| Realized Net Gain (Loss) on Investment Securities Sold | — |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 9,892 |
See accompanying Notes, which are an integral part of the Financial Statements.
Pennsylvania Municipal Money Market Fund
Statement of Changes in Net Assets
| | Six Months Ended | | Year Ended |
| | May 31, | | November 30, |
| | 2020 | | 2019 |
| | ($000) | | ($000) |
| Increase (Decrease) in Net Assets | | | |
| Operations | | | |
| Net Investment Income | 9,892 | | 26,907 |
| Realized Net Gain (Loss) | — | | 35 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 9,892 | | 26,942 |
| Distributions1 | | | |
| Total Distributions | (9,897) | | (26,909) |
| Capital Share Transactions (at $1.00 per share) | | | |
| Issued | 594,499 | | 970,422 |
| Issued in Lieu of Cash Distributions | 9,111 | | 24,951 |
| Redeemed | (665,409) | | (973,578) |
| Net Increase (Decrease) from Capital Share Transactions | (61,799) | | 21,795 |
| Total Increase (Decrease) | (61,804) | | 21,828 |
| Net Assets | | | |
| Beginning of Period | 1,988,438 | | 1,966,610 |
| End of Period | 1,926,634 | | 1,988,438 |
1 Certain prior period numbers have been reclassified to conform with current period presentation.
See accompanying Notes, which are an integral part of the Financial Statements.
Pennsylvania Municipal Money Market Fund
Financial Highlights
| Six Months | | | | | |
| Ended | | | Year Ended November 30, |
| For a Share Outstanding | May 31, | | | |
| Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
| Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Investment Operations | | | | | | |
| Net Investment Income | .0051 | .0141 | .0121 | .0061 | .002 | .0001 |
| Net Realized and Unrealized Gain (Loss) on Investments | — | — | — | — | — | — |
| Total from Investment Operations | .005 | .014 | .012 | .006 | .002 | .0001 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.005) | (.014) | (.012) | (.006) | (.002) | (.0001) |
| Distributions from Realized Capital Gains | — | — | — | — | — | — |
| Total Distributions | (.005) | (.014) | (.012) | (.006) | (.002) | (.0001) |
| Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| | | | | | | |
| Total Return2 | 0.50% | 1.36% | 1.22% | 0.63% | 0.25% | 0.01% |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $1,927 | $1,988 | $1,967 | $1,905 | $1,871 | $2,059 |
| Ratio of Expenses to Average Net Assets | 0.16% | 0.16% | 0.16% | 0.16% | 0.13%3 | 0.05%3 |
| Ratio of Net Investment Income to Average Net Assets | 1.00% | 1.35% | 1.21% | 0.63% | 0.24% | 0.01% |
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3 The ratio of 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.
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. Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance.
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 for the period ended May 31, 2020, 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 at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
4. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes, subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility; 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 either facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate (or an acceptable alternate rate, if necessary), federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread, except that borrowings under the uncommitted credit facility may bear interest based upon an alternative rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans
Pennsylvania Municipal Money Market Fund
may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended May 31, 2020, the fund did not utilize the credit facilities or the Interfund Lending Program.
5. Other: Interest income is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At May 31, 2020, 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.
Effective July 6, 2020, it was announced that 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. Vanguard and the board of trustees may terminate the temporary expense limitation at any time.
C. The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended May 31, 2020, custodian fee offset arrangements reduced the fund’s expenses by $6,000 (an annual rate of less than 0.01% of average net assets).
D. Various inputs may be used to determine the value of the fund’s investments. 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 Schedule of Investments.
Pennsylvania Municipal Money Market Fund
At May 31, 2020, 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.
E. As of May 31, 2020, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:
| | Amount |
| | ($000) |
| Tax Cost | 1,892,060 |
| Gross Unrealized Appreciation | — |
| Gross Unrealized Depreciation | — |
| Net Unrealized Appreciation (Depreciation) | — |
F. The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended May 31, 2020, such purchases and sales were $294,626,000 and $215,970,000, respectively.
G. Management has determined that no other events or transactions occurred subsequent to May 31, 2020, that would require recognition or disclosure in these financial statements.
Pennsylvania Long-Term Tax-Exempt Fund
Distribution by Stated Maturity
As of May 31, 2020
| Under 1 Year | 3.4% |
| 1 - 3 Years | 2.2 |
| 3 - 5 Years | 1.6 |
| 5 - 10 Years | 11.3 |
| 10 - 20 Years | 47.8 |
| 20 - 30 Years | 31.2 |
| Over 30 Years | 2.5 |
The table reflects the fund’s investments, except for short-term investments.
Pennsylvania Long-Term Tax-Exempt Fund
Financial Statements (unaudited)
Schedule of Investments
As of May 31, 2020
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 (99.5%) | | | | | |
| Pennsylvania (99.1%) | | | | | |
| | Allegheny County PA GO | 5.000% | 11/1/26 | | 2,540 | 3,220 |
| | Allegheny County PA GO | 4.000% | 11/1/30 | | 3,000 | 3,498 |
| | Allegheny County PA GO | 5.000% | 12/1/30 | | 1,365 | 1,616 |
| | Allegheny County PA GO | 5.250% | 12/1/32 | | 1,000 | 1,153 |
| | Allegheny County PA GO | 4.000% | 11/1/33 | | 300 | 361 |
| | Allegheny County PA GO | 5.250% | 12/1/33 | | 1,000 | 1,151 |
| | Allegheny County PA GO | 4.000% | 11/1/34 | | 915 | 1,096 |
| | Allegheny County PA GO | 5.000% | 12/1/34 | | 1,695 | 2,000 |
| | Allegheny County PA GO | 4.000% | 11/1/35 | | 1,225 | 1,461 |
| | Allegheny County PA GO | 4.000% | 11/1/36 | | 2,500 | 2,969 |
| | Allegheny County PA GO | 5.000% | 12/1/37 | (4) | 10,000 | 11,101 |
| | Allegheny County PA GO | 5.000% | 11/1/41 | | 5,015 | 6,070 |
| | Allegheny County PA Higher Education Building Authority University Revenue (Carnegie Mellon University) VRDO | 0.060% | 6/1/20 | | 6,300 | 6,300 |
| | 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 | | 2,685 | 2,888 |
| | Allegheny County PA Higher Education Building Authority University Revenue (Duquesne University) | 5.000% | 3/1/30 | | 1,155 | 1,287 |
| | Allegheny County PA Higher Education Building Authority University Revenue (Duquesne University) | 4.000% | 3/1/31 | | 1,550 | 1,660 |
| | Allegheny County PA Higher Education Building Authority University Revenue (Duquesne University) | 4.000% | 3/1/33 | | 2,035 | 2,152 |
| | Allegheny County PA Hospital Development Authority Revenue | 5.000% | 4/1/32 | | 3,000 | 3,590 |
| | Allegheny County PA Hospital Development Authority Revenue | 5.000% | 4/1/33 | | 3,000 | 3,569 |
| | Allegheny County PA Hospital Development Authority Revenue | 5.000% | 4/1/34 | | 4,750 | 5,632 |
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | Face | Market |
| | | | Maturity | | Amount | Value• |
| | | Coupon | Date | | ($000) | ($000) |
| | Allegheny County PA Hospital Development Authority Revenue | 5.000% | 4/1/35 | | 5,500 | 6,496 |
| | Allegheny County PA Hospital Development Authority Revenue | 5.000% | 4/1/36 | | 5,250 | 6,175 |
| | Allegheny County PA Hospital Development Authority Revenue | 4.000% | 4/1/38 | | 5,000 | 5,347 |
| | Allegheny County PA Hospital Development Authority Revenue | 4.000% | 4/1/44 | | 25,000 | 25,835 |
| | Allegheny County PA Hospital Development Authority Revenue | 5.000% | 4/1/47 | | 19,000 | 21,261 |
| | Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) | 5.000% | 7/15/24 | | 2,400 | 2,763 |
| | Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) | 5.000% | 7/15/33 | | 3,200 | 3,844 |
| | Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) | 4.000% | 7/15/35 | | 2,530 | 2,781 |
| | Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) | 4.000% | 7/15/36 | | 10,440 | 11,422 |
| | Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) | 4.000% | 7/15/37 | | 7,250 | 7,904 |
| | Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) | 4.000% | 7/15/39 | | 1,000 | 1,084 |
| 1 | Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) TOB VRDO | 0.100% | 6/1/20 | LOC | 1,800 | 1,800 |
| 1 | Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) TOB VRDO | 0.100% | 6/1/20 | LOC | 9,300 | 9,300 |
| | Allegheny County PA Port Authority Revenue | 5.750% | 3/1/29 | | 6,000 | 6,231 |
| | Allegheny County PA Sanitary Authority Sewer Revenue | 5.000% | 12/1/30 | (15) | 3,400 | 4,060 |
| | Allegheny County PA Sanitary Authority Sewer Revenue | 4.000% | 12/1/31 | (4) | 805 | 930 |
| | Allegheny County PA Sanitary Authority Sewer Revenue | 4.000% | 6/1/35 | | 1,100 | 1,255 |
| | Allegheny County PA Sanitary Authority Sewer Revenue | 4.000% | 12/1/35 | (4) | 2,650 | 3,014 |
| | Allegheny County PA Sanitary Authority Sewer Revenue | 5.000% | 12/1/35 | | 6,000 | 7,106 |
| | Allegheny County PA Sanitary Authority Sewer Revenue | 4.000% | 6/1/36 | | 1,500 | 1,704 |
| | Allegheny County PA Sanitary Authority Sewer Revenue | 5.000% | 12/1/40 | | 4,250 | 5,016 |
| | Allegheny County PA Sanitary Authority Sewer Revenue | 5.250% | 12/1/41 | (15) | 3,500 | 4,046 |
| | Allegheny County PA Sanitary Authority Sewer Revenue | 5.000% | 6/1/43 | | 3,000 | 3,648 |
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | Face | Market |
| | | | Maturity | | Amount | Value• |
| | | Coupon | Date | | ($000) | ($000) |
| | Allegheny County PA Sanitary Authority Sewer Revenue | 5.000% | 6/1/45 | | 2,500 | 2,999 |
| | Allegheny County PA Sanitary Authority Sewer Revenue | 4.000% | 6/1/48 | | 7,485 | 8,362 |
| | Allentown PA City School District GO | 4.000% | 2/15/21 | (4) | 480 | 492 |
| | Allentown PA City School District GO | 4.000% | 2/15/22 | (4) | 2,835 | 2,996 |
| | Allentown PA City School District GO | 4.000% | 2/15/23 | (4) | 340 | 369 |
| | Allentown PA City School District GO | 4.000% | 2/15/24 | (4) | 550 | 612 |
| | Allentown PA City School District GO | 5.000% | 2/1/31 | (15) | 4,000 | 5,191 |
| | Allentown PA City School District GO | 5.000% | 2/1/32 | (15) | 3,075 | 3,961 |
| | Allentown PA City School District GO | 4.000% | 2/1/34 | (15) | 1,500 | 1,749 |
| | Allentown PA City School District GO | 5.000% | 2/1/34 | (15) | 1,300 | 1,653 |
| | Allentown PA City School District GO | 4.000% | 2/1/35 | (15) | 1,175 | 1,364 |
| | Allentown PA City School District GO | 4.000% | 2/1/36 | (15) | 1,100 | 1,271 |
| | Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | 5.000% | 5/1/26 | | 1,180 | 1,247 |
| | Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | 5.000% | 5/1/29 | | 250 | 263 |
| | Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | 5.125% | 5/1/32 | | 1,000 | 1,002 |
| | Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | 5.000% | 5/1/35 | | 11,530 | 12,021 |
| | Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | 5.000% | 5/1/42 | | 15,595 | 16,197 |
| | Allentown PA School District GO | 5.000% | 6/1/32 | (15) | 1,465 | 1,771 |
| | Allentown PA School District GO | 5.000% | 6/1/35 | (15) | 2,000 | 2,400 |
| | Allentown PA School District GO | 5.000% | 6/1/36 | (15) | 1,500 | 1,796 |
| | Altoona PA Area School District PA GO | 5.000% | 12/1/48 | (15) | 1,500 | 1,757 |
| | Altoona PA Area School District PA GO | 4.250% | 12/1/49 | (4) | 3,500 | 3,780 |
| | Altoona PA Sewer Revenue | 3.000% | 12/1/35 | (4) | 3,165 | 3,422 |
| | Armstrong PA School District GO | 5.000% | 3/15/31 | (15) | 1,800 | 2,350 |
| | Armstrong PA School District GO | 3.000% | 3/15/32 | (15) | 4,385 | 4,848 |
| | Armstrong PA School District GO | 3.000% | 3/15/33 | (15) | 5,495 | 6,023 |
| | Armstrong PA School District GO | 3.000% | 3/15/34 | (15) | 5,605 | 6,119 |
| | Armstrong PA School District GO | 4.000% | 3/15/41 | (15) | 1,200 | 1,410 |
| | Beaver County PA GO | 4.000% | 4/15/29 | (15) | 3,505 | 4,063 |
| | Beaver County PA GO | 4.000% | 4/15/30 | (15) | 500 | 576 |
| | Berks County PA GO | 4.000% | 11/15/24 | | 600 | 694 |
| | Berks County PA GO | 5.000% | 11/15/24 | | 500 | 600 |
| | Berks County PA GO | 5.000% | 11/15/25 | | 1,545 | 1,913 |
| | Berks County PA Industrial Development Authority Health System Revenue (Tower Health Project) | 5.000% | 11/1/23 | | 600 | 645 |
| | Berks County PA Industrial Development Authority Health System Revenue (Tower Health Project) | 4.000% | 11/1/33 | | 2,000 | 2,018 |
| | Berks County PA Industrial Development Authority Health System Revenue (Tower Health Project) | 5.000% | 11/1/35 | | 3,350 | 3,598 |
| | Berks County PA Industrial Development Authority Health System Revenue (Tower Health Project) | 4.000% | 11/1/47 | | 5,000 | 4,908 |
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | Face | Market |
| | | | Maturity | | Amount | Value• |
| | | Coupon | Date | | ($000) | ($000) |
| | Berks County PA Industrial Development Authority Health System Revenue (Tower Health Project) | 5.000% | 11/1/47 | | 15,950 | 16,597 |
| | Berks County PA Industrial Development Authority Health System Revenue (Tower Health Project) | 5.000% | 11/1/50 | | 15,500 | 16,043 |
| | Berks County PA Industrial Development Authority Healthcare Facilities Revenue (Highlands at Wyomissing) | 5.000% | 5/15/33 | | 500 | 507 |
| | Berks County PA Industrial Development Authority Healthcare Facilities Revenue (Highlands at Wyomissing) | 5.000% | 5/15/37 | | 375 | 378 |
| | Berks County PA Industrial Development Authority Healthcare Facilities Revenue (Highlands at Wyomissing) | 5.000% | 5/15/37 | | 2,500 | 2,519 |
| | Berks County PA Industrial Development Authority Healthcare Facilities Revenue (Highlands at Wyomissing) | 5.000% | 5/15/38 | | 420 | 422 |
| | Berks County PA Industrial Development Authority Healthcare Facilities Revenue (Highlands at Wyomissing) | 5.000% | 5/15/43 | | 500 | 494 |
| | Berks County PA Industrial Development Authority Healthcare Facilities Revenue (Highlands at Wyomissing) | 5.000% | 5/15/47 | | 830 | 811 |
| | Berks County PA Industrial Development Authority Healthcare Facilities Revenue(Highlands at Wyomissing) | 5.000% | 5/15/47 | | 2,435 | 2,379 |
| | Berks County PA Industrial Development Authority Healthcare Facilities Revenue (Highlands at Wyomissing) | 5.000% | 5/15/48 | | 1,500 | 1,462 |
| | Berks County PA Municipal Authority Revenue (Reading Hospital & Medical Center Project) | 5.000% | 11/1/40 | | 6,955 | 7,122 |
| | Berks County PA Municipal Authority Revenue (Reading Hospital & Medical Center Project) | 5.000% | 11/1/44 | | 7,000 | 7,119 |
| | Berks County PA Municipal Authority Revenue (Tower Health Project) | 5.000% | 2/1/31 | | 750 | 858 |
| | Berks County PA Municipal Authority Revenue (Tower Health Project) | 5.000% | 2/1/32 | | 790 | 904 |
| | Berks County PA Municipal Authority Revenue (Tower Health Project) PUT | 5.000% | 2/1/30 | | 6,720 | 7,827 |
| | Bermudian Springs PA School District GO | 5.000% | 5/1/30 | (4) | 1,370 | 1,732 |
| | Bermudian Springs PA School District GO | 4.000% | 5/1/44 | (15) | 2,500 | 2,825 |
| | Bethel Park PA School District GO | 4.000% | 8/1/31 | | 2,500 | 2,885 |
| | Blue Mountain PA School District GO | 4.000% | 8/1/22 | (4) | 235 | 252 |
| | Blue Mountain PA School District GO | 4.000% | 8/1/23 | (4) | 470 | 519 |
| | Blue Mountain PA School District GO | 4.000% | 8/1/24 | (4) | 500 | 567 |
| | Blue Mountain PA School District GO | 4.000% | 8/1/25 | (4) | 460 | 531 |
| | Bristol Township PA School District GO | 5.250% | 6/1/37 | | 3,000 | 3,392 |
| | Bucks County PA Industrial Development Authority Hospital Revenue (St. Luke’s University Health Network Project) | 4.000% | 8/15/35 | | 550 | 608 |
| | Bucks County PA Industrial Development Authority Hospital Revenue (St. Luke’s University Health Network Project) | 4.000% | 8/15/36 | | 900 | 991 |
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | Face | Market |
| | | | Maturity | | Amount | Value• |
| | | Coupon | Date | | ($000) | ($000) |
| | Bucks County PA Industrial Development Authority Hospital Revenue (St. Luke’s University Health Network Project) | 3.000% | 8/15/50 | | 3,000 | 2,943 |
| | Bucks County PA Industrial Development Authority Hospital Revenue (St. Luke’s University Health Network Project) | 4.000% | 8/15/50 | | 2,000 | 2,122 |
| | Bucks County PA Industrial Development Authority Revenue (George School) | 5.000% | 9/15/44 | | 4,965 | 6,260 |
| | Butler County PA General Authority Revenue (North Allegheny School District Project) VRDO | 0.130% | 6/5/20 | | 8,920 | 8,920 |
| | Butler County PA General Authority Revenue (South Park School District Project) VRDO | 0.120% | 6/5/20 | (4) | 2,505 | 2,505 |
| | Butler County PA Hospital Authority Revenue(Butler Health System Project) | 5.000% | 7/1/26 | | 525 | 591 |
| | Butler County PA Hospital Authority Revenue (Butler Health System Project) | 5.000% | 7/1/27 | | 490 | 549 |
| | Butler County PA Hospital Authority Revenue (Butler Health System Project) | 5.000% | 7/1/28 | | 540 | 604 |
| | Butler County PA Hospital Authority Revenue (Butler Health System Project) | 5.000% | 7/1/29 | | 1,670 | 1,861 |
| | Butler County PA Hospital Authority Revenue (Butler Health System Project) | 5.000% | 7/1/30 | | 1,370 | 1,520 |
| | Butler County PA Hospital Authority Revenue (Butler Health System Project) | 5.000% | 7/1/35 | | 4,430 | 4,831 |
| | Butler County PA Hospital Authority Revenue (Butler Health System Project) | 5.000% | 7/1/39 | | 3,250 | 3,429 |
| | Cambria County PA GO | 4.000% | 8/1/32 | (4) | 1,000 | 1,144 |
| | Cambria County PA GO | 4.000% | 8/1/34 | (4) | 750 | 848 |
| | Cambria County PA GO | 4.000% | 8/1/35 | (4) | 700 | 787 |
| | Canon-McMillan PA School District GO | 5.000% | 12/15/37 | (15) | 3,000 | 3,517 |
| | Canon-McMillan PA School District GO | 5.000% | 12/1/41 | (4) | 3,000 | 3,612 |
| | Canonsburg-Houston PA Joint Authority Sewer Revenue | 5.000% | 12/1/27 | | 1,530 | 1,852 |
| | Canonsburg-Houston PA Joint Authority Sewer Revenue | 5.000% | 12/1/28 | | 1,605 | 1,938 |
| | Canonsburg-Houston PA Joint Authority Sewer Revenue | 5.000% | 12/1/30 | | 1,135 | 1,364 |
| | Canonsburg-Houston PA Joint Authority Sewer Revenue | 5.000% | 12/1/40 | | 4,000 | 4,719 |
| | Capital Region Water Pennsylvania Sewer System Revenue | 5.000% | 7/15/31 | | 1,240 | 1,528 |
| | Capital Region Water Pennsylvania Sewer System Revenue | 5.000% | 7/15/31 | | 2,225 | 2,810 |
| | Capital Region Water Pennsylvania Sewer System Revenue | 5.000% | 7/15/32 | | 500 | 612 |
| | Capital Region Water Pennsylvania Sewer System Revenue | 5.000% | 7/15/32 | | 1,100 | 1,380 |
| | Capital Region Water Pennsylvania Sewer System Revenue | 5.000% | 7/15/33 | | 1,370 | 1,669 |
| | Capital Region Water Pennsylvania Sewer System Revenue | 5.000% | 7/15/34 | | 1,000 | 1,215 |
| | Capital Region Water Pennsylvania Sewer System Revenue | 5.000% | 7/15/35 | | 500 | 619 |
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | Face | Market |
| | | | Maturity | | Amount | Value• |
| | | Coupon | Date | | ($000) | ($000) |
| | Capital Region Water Pennsylvania Sewer System Revenue | 5.000% | 7/15/37 | | 1,815 | 2,183 |
| | Capital Region Water Pennsylvania Sewer System Revenue | 5.000% | 7/15/38 | | 1,000 | 1,225 |
| | Capital Region Water Pennsylvania Sewer System Revenue | 5.000% | 7/15/42 | | 2,665 | 3,171 |
| 2 | Centennial PA School District Bucks County GO | 5.000% | 12/15/33 | | 1,000 | 1,267 |
| 2 | Centennial PA School District Bucks County GO | 5.000% | 12/15/34 | | 1,000 | 1,261 |
| | Central Bradford PA Progress Authority Revenue (Guthrie Healthcare System) | 5.375% | 12/1/21 | (Prere.) | 3,000 | 3,226 |
| | Central Bradford PA Progress Authority Revenue (Guthrie Healthcare System) | 5.500% | 12/1/21 | (Prere.) | 5,000 | 5,387 |
| | Central Dauphin PA School District GO | 4.000% | 5/15/37 | | 1,000 | 1,108 |
| | Central Dauphin School District PA GO | 4.000% | 5/15/32 | | 1,000 | 1,139 |
| | Central Dauphin School District PA GO | 4.000% | 5/15/34 | | 1,985 | 2,221 |
| | Central Dauphin School District PA GO | 4.000% | 5/15/35 | | 2,325 | 2,593 |
| | Centre County PA Hospital Authority Revenue (Mount Nittany Medical Center Project) | 7.000% | 11/15/21 | (Prere.) | 6,930 | 7,594 |
| | Centre County PA Hospital Authority Revenue (Mount Nittany Medical Center Project) | 5.000% | 11/15/22 | (Prere.) | 6,280 | 7,002 |
| | Centre County PA Hospital Authority Revenue (Mount Nittany Medical Center Project) | 5.000% | 11/15/22 | (Prere.) | 3,000 | 3,345 |
| | Centre County PA Hospital Authority Revenue (Mount Nittany Medical Center Project) | 5.000% | 11/15/42 | | 1,500 | 1,748 |
| | Centre County PA Hospital Authority Revenue (Mount Nittany Medical Center Project) | 4.000% | 11/15/47 | | 2,100 | 2,268 |
| | Chartiers Valley PA School District GO | 5.000% | 10/15/35 | | 1,160 | 1,378 |
| | Chartiers Valley PA School District GO | 5.000% | 10/15/40 | | 2,750 | 3,246 |
| | Cheltenham Township PA School District GO | 5.000% | 3/15/38 | | 4,210 | 4,746 |
| | Chester County PA GO | 4.000% | 7/15/37 | | 1,185 | 1,380 |
| | Chester County PA Health & Education Facilities Authority Revenue (Main Line Health System Inc. Obligated Group) | 5.000% | 10/1/34 | | 2,675 | 3,247 |
| | Chester County PA Health & Education Facilities Authority Revenue (Main Line Health System Inc. Obligated Group) | 4.000% | 9/1/40 | | 2,500 | 2,876 |
| | Chester County PA Health & Education Facilities Authority Revenue (Main Line Health System Inc. Obligated Group) | 4.000% | 9/1/41 | | 3,450 | 3,956 |
| | Chester County PA Health & Education Facilities Authority Revenue (Main Line Health System Inc. Obligated Group) | 4.000% | 10/1/42 | | 2,000 | 2,214 |
| | Chester County PA Health & Education Facilities Authority Revenue (Main Line Health System Inc. Obligated Group) | 3.000% | 9/1/46 | | 3,415 | 3,359 |
| | Chester County PA Health & Education Facilities Authority Revenue (Main Line Health System Inc. Obligated Group) | 4.000% | 10/1/47 | | 4,000 | 4,396 |
| | Chester County PA Health & Education Facilities Authority Revenue (Main Line Health System Inc. Obligated Group) | 4.000% | 9/1/50 | | 18,000 | 20,326 |
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | Face | Market |
| | | | Maturity | | Amount | Value• |
| | | Coupon | Date | | ($000) | ($000) |
| | Chester County PA Health & Education Facilities Authority Revenue (Main Line Health System Inc. Obligated Group) | 5.000% | 10/1/52 | | 2,500 | 2,931 |
| | Chester County PA Industrial Development Authority Revenue (Longwood Gardens Project) | 4.000% | 12/1/49 | | 3,750 | 4,289 |
| | Chester County PA Industrial Development Authority Student Housing Revenue (University Student Housing LLC Project) | 5.000% | 8/1/30 | | 1,100 | 1,130 |
| | Chester County PA Industrial Development Authority Student Housing Revenue (University Student Housing LLC Project) | 5.000% | 8/1/35 | | 785 | 797 |
| | Chester County PA Industrial Development Authority Student Housing Revenue (University Student Housing LLC Project) | 5.000% | 8/1/45 | | 2,990 | 3,003 |
| | Clarion County PA Industrial Development Authority Revenue (Clarion University Foundation Inc. Student Housing Project) | 5.000% | 7/1/29 | | 2,000 | 2,254 |
| | Clarion County PA Industrial Development Authority Revenue (Clarion University Foundation Inc. Student Housing Project) | 5.000% | 7/1/33 | | 3,000 | 3,336 |
| | Clarion County PA Industrial Development Authority Revenue (Clarion University Foundation Inc. Student Housing Project) | 5.000% | 7/1/45 | | 2,000 | 1,779 |
| | Commonwealth Financing Authority Pennsylvania Revenue | 5.000% | 6/1/22 | (Prere.) | 1,365 | 1,493 |
| | Commonwealth Financing Authority Pennsylvania Revenue | 5.000% | 6/1/24 | | 250 | 292 |
| | Commonwealth Financing Authority Pennsylvania Revenue | 5.000% | 6/1/24 | | 1,000 | 1,168 |
| | Commonwealth Financing Authority Pennsylvania Revenue | 5.000% | 6/1/27 | | 4,000 | 4,885 |
| | Commonwealth Financing Authority Pennsylvania Revenue | 5.000% | 6/1/29 | | 5,125 | 6,329 |
| | Commonwealth Financing Authority Pennsylvania Revenue | 5.000% | 6/1/30 | | 4,045 | 4,958 |
| | Commonwealth Financing Authority Pennsylvania Revenue | 5.000% | 6/1/30 | | 1,000 | 1,353 |
| | Commonwealth Financing Authority Pennsylvania Revenue | 5.000% | 6/1/30 | | 1,750 | 2,367 |
| | Commonwealth Financing Authority Pennsylvania Revenue | 5.000% | 6/1/31 | | 5,100 | 6,206 |
| | Commonwealth Financing Authority Pennsylvania Revenue | 5.000% | 6/1/31 | | 1,000 | 1,361 |
| | Commonwealth Financing Authority Pennsylvania Revenue | 5.000% | 6/1/32 | | 7,000 | 8,446 |
| | Commonwealth Financing Authority Pennsylvania Revenue | 5.000% | 6/1/33 | | 10,025 | 12,016 |
| | Commonwealth Financing Authority Pennsylvania Revenue | 4.000% | 6/1/39 | (4) | 36,550 | 39,770 |
| | Conestoga Valley PA School District GO | 3.000% | 2/1/33 | | 1,000 | 1,091 |
| | Conestoga Valley PA School District GO | 3.000% | 2/1/37 | | 1,240 | 1,342 |
| | Conestoga Valley PA School District GO | 3.000% | 2/1/38 | | 850 | 917 |
| | Conestoga Valley PA School District GO | 3.000% | 2/1/39 | | 1,000 | 1,076 |
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | Face | Market |
| | | | Maturity | | Amount | Value• |
| | | Coupon | Date | | ($000) | ($000) |
| | Connellsville PA Area School District GO | 4.000% | 8/15/25 | (15) | 500 | 581 |
| | Connellsville PA Area School District GO | 4.000% | 8/15/26 | (15) | 1,685 | 1,989 |
| | Connellsville PA Area School District GO | 4.000% | 8/15/27 | (15) | 2,070 | 2,421 |
| | Conrad Weiser PA Area School District GO | 4.000% | 9/1/34 | (4) | 3,085 | 3,606 |
| | Conrad Weiser PA Area School District GO | 4.000% | 9/1/35 | (4) | 635 | 739 |
| | Council Rock PA School District GO | 2.050% | 11/15/33 | | 1,085 | 1,116 |
| | Council Rock PA School District GO | 3.250% | 11/15/39 | | 5,010 | 5,373 |
| | Cumberland County PA Municipal Authority Revenue (Dickinson College Project) | 5.000% | 5/1/30 | | 1,000 | 1,210 |
| | Cumberland County PA Municipal Authority Revenue (Dickinson College Project) | 5.000% | 5/1/31 | | 750 | 904 |
| | Cumberland County PA Municipal Authority Revenue (Dickinson College Project) | 5.000% | 5/1/32 | | 800 | 959 |
| | Cumberland County PA Municipal Authority Revenue (Dickinson College Project) | 5.000% | 5/1/34 | | 1,420 | 1,690 |
| | Cumberland County PA Municipal Authority Revenue (Dickinson College Project) | 5.000% | 11/1/37 | | 2,000 | 2,173 |
| | Cumberland County PA Municipal Authority Revenue (Dickinson College Project) | 5.000% | 11/1/39 | | 4,685 | 5,516 |
| | Cumberland County PA Municipal Authority Revenue (Dickinson College Project) | 5.000% | 11/1/42 | | 3,605 | 3,901 |
| | Cumberland County PA Municipal Authority Revenue (Penn State Health Obligated Group) | 4.000% | 11/1/36 | | 1,400 | 1,552 |
| | Cumberland County PA Municipal Authority Revenue (Penn State Health Obligated Group) | 4.000% | 11/1/44 | | 5,000 | 5,423 |
| | Cumberland County PA Municipal Authority Revenue (Penn State Health Obligated Group) | 4.000% | 11/1/49 | | 7,500 | 8,088 |
| | Cumberland Valley PA School District GO | 5.000% | 12/1/30 | | 500 | 600 |
| | Cumberland Valley PA School District GO | 5.000% | 12/1/31 | | 750 | 899 |
| | Cumberland Valley PA School District GO | 5.000% | 12/1/33 | | 1,005 | 1,200 |
| | Cumberland Valley PA School District GO | 5.000% | 12/1/34 | | 1,125 | 1,341 |
| | Cumberland Valley PA School District GO | 5.000% | 12/1/35 | | 1,000 | 1,190 |
| | Dauphin County PA General Authority Health System Revenue (Pinnacle Health System Project) | 4.000% | 6/1/30 | | 3,745 | 4,162 |
| | Dauphin County PA General Authority Health System Revenue (Pinnacle Health System Project) | 4.000% | 6/1/31 | | 2,190 | 2,416 |
| | Dauphin County PA General Authority Health System Revenue (Pinnacle Health System Project) | 4.000% | 6/1/32 | | 2,070 | 2,265 |
| | Dauphin County PA General Authority Health System Revenue (Pinnacle Health System Project) | 5.000% | 6/1/35 | | 3,450 | 3,937 |
| | Dauphin County PA General Authority Health System Revenue (Pinnacle Health System Project) | 5.000% | 6/1/42 | | 21,040 | 22,028 |
| | Delaware County PA Authority Revenue (Haverford College) | 5.000% | 10/1/34 | | 1,220 | 1,470 |
| | Delaware County PA Authority Revenue (Haverford College) | 5.000% | 10/1/35 | | 800 | 960 |
| | Delaware County PA Authority Revenue (Haverford College) | 5.000% | 10/1/42 | | 5,030 | 5,939 |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | Face | | Market | |
| | | | Maturity | | Amount | | Value• | |
| | | Coupon | Date | | ($000 | ) | ($000 | ) |
| | Delaware County PA Authority Revenue (Haverford College) | 5.000% | 10/1/46 | | 4,970 | | 5,837 | |
| | Delaware County PA Authority University Revenue (Villanova University) | 5.000% | 8/1/40 | | 2,500 | | 2,808 | |
| | Delaware County PA Regional Water Quality Control Authority Revenue | 5.000% | 5/1/32 | | 3,355 | | 4,205 | |
| | Delaware County PA Regional Water Quality Control Authority Revenue | 5.000% | 5/1/40 | | 1,500 | | 1,763 | |
| | Delaware County PA Vocational-Technical School Authority Lease Revenue (Delaware County Intermediate Unit No. 25 Project) | 5.000% | 11/1/38 | (15) | 1,250 | | 1,412 | |
| | Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | 5.000% | 7/1/25 | (Prere.) | 500 | | 616 | |
| | Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | 5.000% | 7/1/32 | | 3,070 | | 3,862 | |
| | Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | 4.000% | 7/1/33 | (15) | 4,000 | | 4,433 | |
| | Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | 5.000% | 7/1/34 | | 3,250 | | 4,056 | |
| | Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | 5.000% | 7/1/36 | | 3,500 | | 4,336 | |
| | Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | 5.000% | 7/1/42 | | 18,930 | | 23,132 | |
| | Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | 5.000% | 7/1/44 | | 755 | | 954 | |
| | Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue | 5.000% | 7/1/47 | | 11,500 | | 13,947 | |
| 1 | Delaware River PA Joint Toll Bridge Commission Revenue TOB VRDO | 0.390% | 6/5/20 | | 11,260 | | 11,260 | |
| | Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/24 | | 3,640 | | 3,809 | |
| | Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/25 | | 2,715 | | 2,831 | |
| | Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/26 | | 3,205 | | 3,328 | |
| | Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/27 | | 1,000 | | 1,034 | |
| | Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/30 | | 3,000 | | 3,806 | |
| | Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/31 | | 3,500 | | 3,919 | |
| | Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/32 | | 2,750 | | 3,442 | |
| | Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/33 | | 5,000 | | 5,577 | |
| | Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/34 | | 3,500 | | 3,896 | |
| | Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/36 | | 2,000 | | 2,455 | |
| | Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/37 | | 12,000 | | 13,287 | |
| | Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/37 | | 2,500 | | 3,055 | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | Face | | Market | |
| | | | Maturity | | Amount | | Value• | |
| | | Coupon | Date | | ($000 | ) | ($000 | ) |
| | Delaware River Port Authority Pennsylvania & New Jersey Revenue | 5.000% | 1/1/40 | | 5,115 | | 5,641 | |
| | Delaware Valley PA Regional Finance Authority Revenue | 5.500% | 8/1/28 | (2) | 6,170 | | 8,022 | |
| | Delaware Valley PA Regional Finance Authority Revenue | 5.750% | 7/1/32 | | 6,860 | | 9,754 | |
| | Doylestown PA Hospital Authority Revenue | 5.000% | 7/1/25 | | 3,730 | | 4,062 | |
| | Doylestown PA Hospital Authority Revenue | 5.000% | 7/1/26 | | 4,445 | | 4,817 | |
| | Doylestown PA Hospital Authority Revenue | 5.000% | 7/1/27 | | 1,170 | | 1,265 | |
| | Doylestown PA Hospital Authority Revenue | 5.000% | 7/1/28 | | 1,025 | | 1,106 | |
| | Doylestown PA Hospital Authority Revenue | 5.000% | 7/1/29 | | 865 | | 930 | |
| | Doylestown PA Hospital Authority Revenue | 5.000% | 7/1/46 | | 4,000 | | 4,274 | |
| | Dubois PA Hospital Authority Revenue (Penn Highlands Healthcare Obligated Group) | 4.000% | 7/15/48 | | 7,405 | | 7,898 | |
| | East Hempfield Township PA Industrial Development Authority Revenue (Millersville University Student Housing Project) | 5.000% | 7/1/30 | | 1,280 | | 1,310 | |
| | East Hempfield Township PA Industrial Development Authority Revenue (Millersville University Student Housing Project) | 5.000% | 7/1/30 | | 825 | | 856 | |
| | East Hempfield Township PA Industrial Development Authority Revenue (Millersville University Student Housing Project) | 5.000% | 7/1/34 | | 1,000 | | 1,016 | |
| | East Hempfield Township PA Industrial Development Authority Revenue (Millersville University Student Housing Project) | 5.000% | 7/1/35 | | 1,250 | | 1,263 | |
| | East Hempfield Township PA Industrial Development Authority Revenue (Millersville University Student Housing Project) | 5.000% | 7/1/45 | | 4,325 | | 4,329 | |
| | East Hempfield Township PA Industrial Development Authority Revenue (Millersville University Student Housing Project) | 5.000% | 7/1/47 | | 3,750 | | 3,752 | |
| | East Norriton-Plymouth-Whitpain PA Joint Sewer Authority Revenue | 5.000% | 8/1/38 | | 2,500 | | 2,826 | |
| | East Norriton-Plymouth-Whitpain PA Joint Sewer Authority Revenue | 5.000% | 8/1/41 | | 2,100 | | 2,367 | |
| | East Pennsboro PA Area School District GO | 4.000% | 10/1/44 | (15) | 2,370 | | 2,697 | |
| | East Pennsboro PA Area School District GO | 4.000% | 10/1/47 | (15) | 1,750 | | 1,979 | |
| | Easton PA Area Joint Sewer Authority Revenue | 5.000% | 12/1/27 | (15) | 250 | | 286 | |
| | Easton PA Area Joint Sewer Authority Revenue | 5.000% | 12/1/28 | (15) | 250 | | 285 | |
| | Erie City PA Water Authority Revenue | 5.000% | 12/1/43 | (4) | 1,500 | | 1,864 | |
| | Erie City PA Water Authority Revenue | 4.000% | 12/1/44 | (15) | 2,175 | | 2,520 | |
| | Erie PA City School District GO | 5.000% | 4/1/27 | (4) | 150 | | 189 | |
| | Erie PA City School District GO | 3.000% | 4/1/32 | (4) | 3,360 | | 3,701 | |
| | Erie PA Higher Education Building Authority Revenue (Gannon University) | 5.000% | 5/1/32 | | 1,325 | | 1,364 | |
| | Erie PA Higher Education Building Authority Revenue (Gannon University) | 5.000% | 5/1/33 | | 1,395 | | 1,429 | |
| | Erie PA Sewer Authority Revenue | 4.000% | 12/1/41 | (4) | 3,500 | | 3,946 | |
| | Fox Chapel PA Area School District | 5.000% | 2/1/36 | | 2,000 | | 2,458 | |
| | Franklin County PA Industrial Development Authority Revenue (Chambersburg Hospital Project) | 5.375% | 7/1/20 | (Prere.) | 17,075 | | 17,145 | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | Face | | Market | |
| | | | Maturity | | Amount | | Value• | |
| | | Coupon | Date | | ($000 | ) | ($000 | ) |
| | Franklin County PA Industrial Development Authority Revenue (Menno-Haven Inc. Project) | 5.000% | 12/1/43 | | 1,100 | | 969 | |
| | Franklin County PA Industrial Development Authority Revenue (Menno-Haven Inc. Project) | 5.000% | 12/1/48 | | 2,300 | | 1,979 | |
| | Franklin County PA Industrial Development Authority Revenue (Menno-Haven Inc. Project) | 5.000% | 12/1/53 | | 1,900 | | 1,608 | |
| | Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) | 5.000% | 2/15/34 | | 4,250 | | 5,064 | |
| | Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) | 5.000% | 2/15/39 | | 4,400 | | 5,160 | |
| | Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) | 5.000% | 6/1/41 | | 5,000 | | 5,541 | |
| | Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) | 5.000% | 2/15/45 | | 13,000 | | 15,107 | |
| | Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) | 4.000% | 2/15/47 | | 25,030 | | 27,198 | |
| | Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) VRDO | 0.040% | 6/1/20 | | 1,500 | | 1,500 | |
| | Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) VRDO | 0.040% | 6/1/20 | | 5,000 | | 5,000 | |
| | Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) VRDO | 0.060% | 6/1/20 | | 1,735 | | 1,735 | |
| | Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) VRDO | 0.060% | 6/1/20 | | 7,470 | | 7,470 | |
| | Hamburg PA Area School District GO | 5.000% | 4/1/21 | | 300 | | 312 | |
| | 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 | | 378 | |
| | Hampden Township PA GO | 5.000% | 11/15/20 | (Prere.) | 180 | | 184 | |
| | Haverford PA GO | 3.650% | 6/1/48 | | 935 | | 1,027 | |
| | Haverford Township PA School District GO | 3.000% | 3/1/31 | | 3,920 | | 4,392 | |
| | Haverford Township PA School District GO | 3.000% | 3/1/32 | | 4,050 | | 4,488 | |
| | Haverford Township PA School District GO | 3.000% | 3/1/33 | | 4,170 | | 4,566 | |
| | Haverford Township PA School District GO | 3.000% | 3/1/34 | | 4,295 | | 4,677 | |
| | Huntingdon County PA General Authority Revenue | 5.000% | 5/1/46 | | 2,670 | | 2,708 | |
| | Lackawanna County PA Industrial Development Authority Revenue (University of Scranton) | 4.000% | 11/1/35 | | 900 | | 884 | |
| | Lackawanna County PA Industrial Development Authority Revenue (University of Scranton) | 4.000% | 11/1/36 | | 625 | | 609 | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | Face | | Market | |
| | | | Maturity | | Amount | | Value• | |
| | | Coupon | Date | | ($000 | ) | ($000 | ) |
| | Lackawanna County PA Industrial Development Authority Revenue (University of Scranton) | 4.000% | 11/1/40 | | 4,300 | | 4,088 | |
| | Lancaster County PA GO | 4.000% | 11/1/31 | | 375 | | 450 | |
| | Lancaster County PA GO | 4.000% | 11/1/32 | | 300 | | 357 | |
| | Lancaster County PA GO | 4.000% | 11/1/33 | | 375 | | 443 | |
| | Lancaster County PA GO | 4.000% | 11/1/34 | | 500 | | 586 | |
| | Lancaster County PA Hospital Authority Revenue (Brethren Village Project) | 5.000% | 7/1/25 | | 715 | | 718 | |
| | Lancaster County PA Hospital Authority Revenue (Brethren Village Project) | 5.000% | 7/1/30 | | 750 | | 741 | |
| | Lancaster County PA Hospital Authority Revenue (Brethren Village Project) | 5.000% | 7/1/31 | | 1,300 | | 1,275 | |
| | Lancaster County PA Hospital Authority Revenue (Brethren Village Project) | 5.000% | 7/1/32 | | 725 | | 699 | |
| | Lancaster County PA Hospital Authority Revenue (University of Pennsylvania Health System) | 5.000% | 8/15/42 | | 8,825 | | 10,196 | |
| | Lancaster County PA Solid Waste Management Authority Solid Waste Disposal System Revenue | 5.250% | 12/15/30 | | 3,000 | | 3,486 | |
| | Lancaster County PA Solid Waste Management Authority Solid Waste Disposal System Revenue | 5.250% | 12/15/31 | | 4,235 | | 4,917 | |
| | Lancaster County PA Solid Waste Management Authority Solid Waste Disposal System Revenue | 5.250% | 12/15/32 | | 2,600 | | 3,019 | |
| | Lancaster County PA Solid Waste Management Authority Solid Waste Disposal System Revenue | 5.000% | 12/15/33 | | 5,000 | | 5,753 | |
| | Lancaster PA GO | 4.000% | 11/1/31 | (15) | 1,400 | | 1,655 | |
| | Lancaster PA GO | 4.000% | 11/1/32 | (15) | 2,445 | | 2,870 | |
| | Lancaster PA GO | 4.000% | 11/1/33 | (15) | 2,545 | | 2,968 | |
| | Lancaster PA GO | 4.000% | 11/1/34 | (15) | 2,660 | | 3,090 | |
| | Lancaster PA GO | 4.000% | 11/1/35 | (15) | 2,355 | | 2,724 | |
| | Lancaster PA Industrial Development Authority Revenue (Garden Spot Village Project) | 5.375% | 5/1/23 | (Prere.) | 1,250 | | 1,409 | |
| | Lancaster PA Industrial Development Authority Revenue (Garden Spot Village Project) | 5.750% | 5/1/23 | (Prere.) | 2,200 | | 2,503 | |
| | Lehigh County PA Authority Water & Sewer Revenue | 0.000% | 12/1/24 | | 1,695 | | 1,604 | |
| | Lehigh County PA Authority Water & Sewer Revenue | 5.000% | 12/1/43 | | 14,305 | | 16,192 | |
| | Lehigh County PA Authority Water & Sewer Revenue | 5.125% | 12/1/47 | | 3,000 | | 3,409 | |
| | Lehigh County PA General Purpose Authority Revenue (Good Shepherd Obligated Group) | 4.000% | 11/1/46 | | 3,685 | | 3,885 | |
| | Lehigh County PA General Purpose Hospital Authority Revenue (Lehigh Valley Health Network) | 4.000% | 7/1/33 | | 5,000 | | 5,161 | |
| | Lehigh County PA General Purpose Hospital Authority Revenue (Lehigh Valley Health Network) | 5.000% | 7/1/44 | | 7,000 | | 7,988 | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | Face | | Market | |
| | | | Maturity | | Amount | | Value• | |
| | | Coupon | Date | | ($000 | ) | ($000 | ) |
| | Lehigh County PA General Purpose Hospital Authority Revenue (Lehigh Valley Health Network) | 4.000% | 7/1/49 | | 27,000 | | 28,083 | |
| 1 | Lehigh County PA General Purpose Hospital Authority Revenue (Lehigh Valley Health Network) TOB VRDO | 0.440% | 6/5/20 | | 2,800 | | 2,800 | |
| | Luzerne County PA GO | 5.250% | 12/15/21 | (14) | 2,450 | | 2,535 | |
| | Luzerne County PA GO | 5.000% | 11/15/29 | (4) | 2,500 | | 3,010 | |
| | Lycoming County PA Authority College Revenue (Pennsylvania College of Technology) | 5.000% | 5/1/26 | | 2,000 | | 2,163 | |
| | Lycoming County PA Authority College Revenue (Pennsylvania College of Technology) | 5.000% | 7/1/30 | | 5,565 | | 5,827 | |
| | Lycoming County PA Authority Revenue (Lycoming College) | 4.000% | 11/1/24 | | 435 | | 473 | |
| | Lycoming County PA Authority Revenue (Lycoming College) | 5.500% | 11/1/33 | | 2,935 | | 3,399 | |
| | Manheim Township PA School District GO | 4.000% | 2/1/31 | | 1,000 | | 1,214 | |
| | Manheim Township PA School District GO | 5.000% | 2/1/31 | | 1,200 | | 1,454 | |
| | Marple Newtown PA School District GO | 3.000% | 6/1/40 | | 3,745 | | 4,023 | |
| | Marple Newtown PA School District GO | 3.000% | 6/1/44 | | 2,000 | | 2,126 | |
| | Mechanicsburg PA Area School District GO | 4.000% | 3/1/32 | | 1,580 | | 1,880 | |
| | Mechanicsburg PA Area School District GO | 4.000% | 3/1/33 | | 1,645 | | 1,938 | |
| | Monroe County PA Hospital Authority Revenue (Pocono Medical Center) | 5.000% | 7/1/41 | | 3,660 | | 4,170 | |
| | Monroeville PA Finance Authority Revenue (UPMC Health System) | 5.000% | 2/15/42 | | 10,875 | | 11,386 | |
| | Montgomery County PA Higher Education & Health Authority Revenue (Arcadia University) | 5.000% | 4/1/29 | | 2,580 | | 2,733 | |
| | Montgomery County PA Higher Education & Health Authority Revenue (Arcadia University) | 5.000% | 4/1/30 | | 1,000 | | 1,055 | |
| | Montgomery County PA Higher Education & Health Authority Revenue (Arcadia University) | 5.750% | 4/1/40 | | 3,000 | | 3,176 | |
| | Montgomery County PA Higher Education & Health Authority Revenue (Gwynedd Mercy University Project) PUT | 3.000% | 5/1/21 | | 1,080 | | 1,095 | |
| | Montgomery County PA Higher Education & Health Authority Revenue (Gwynedd Mercy University Project) PUT | 4.000% | 5/1/23 | | 1,160 | | 1,174 | |
| | Montgomery County PA Higher Education & Health Authority Revenue (Hill School Project) | 4.000% | 8/15/50 | | 5,730 | | 6,390 | |
| | Montgomery County PA Higher Education & Health Authority Revenue (Holy Redeemer Health System) | 5.000% | 10/1/24 | | 1,165 | | 1,313 | |
| | Montgomery County PA Higher Education & Health Authority Revenue (Holy Redeemer Health System) | 5.000% | 10/1/25 | | 1,200 | | 1,347 | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | Face | | Market | |
| | | | Maturity | | Amount | | Value• | |
| | | Coupon | Date | | ($000 | ) | ($000 | ) |
| | Montgomery County PA Higher Education & Health Authority Revenue (Holy Redeemer Health System) | 5.000% | 10/1/26 | | 1,000 | | 1,115 | |
| | Montgomery County PA Higher Education & Health Authority Revenue (Holy Redeemer Health System) | 5.000% | 10/1/27 | | 1,000 | | 1,112 | |
| | Montgomery County PA Higher Education & Health Authority Revenue (Holy Redeemer Health System) | 5.000% | 10/1/40 | | 4,650 | | 5,075 | |
| | Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | 5.000% | 9/1/31 | | 1,750 | | 2,049 | |
| | Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | 5.000% | 9/1/34 | | 2,210 | | 2,548 | |
| | Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | 5.000% | 9/1/35 | | 2,780 | | 3,192 | |
| | Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | 4.000% | 9/1/37 | | 1,435 | | 1,536 | |
| | Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | 5.000% | 9/1/37 | | 2,500 | | 2,850 | |
| | Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | 5.000% | 9/1/43 | | 6,825 | | 7,673 | |
| | Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | 4.000% | 9/1/44 | | 4,300 | | 4,521 | |
| | Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | 5.000% | 9/1/48 | | 10,250 | | 11,454 | |
| | Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | 4.000% | 9/1/49 | | 7,950 | | 8,310 | |
| | Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | 5.000% | 9/1/51 | | 870 | | 980 | |
| | Montgomery County PA Higher Education & Health Authority Revenue (Ursinus College) | 5.250% | 11/1/42 | | 4,000 | | 4,120 | |
| | Montgomery County PA Industrial Development Authority Health Services Revenue (Albert Einstein Healthcare Network) | 5.250% | 1/15/28 | | 3,795 | | 4,286 | |
| | Montgomery County PA Industrial Development Authority Health Services Revenue (Albert Einstein Healthcare Network) | 5.250% | 1/15/30 | | 5,000 | | 5,588 | |
| | Montgomery County PA Industrial Development Authority Health Services Revenue (Albert Einstein Healthcare Network) | 5.250% | 1/15/36 | | 11,250 | | 12,286 | |
| | Montgomery County PA Industrial Development Authority Health Services Revenue (Albert Einstein Healthcare Network) | 5.250% | 1/15/45 | | 8,500 | | 8,966 | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | Face | | Market | |
| | | | Maturity | | Amount | | Value• | |
| | | Coupon | Date | | ($000 | ) | ($000 | ) |
| | Montgomery County PA Industrial Development Authority Health Services Revenue (Albert Einstein Healthcare Network) | 5.250% | 1/15/46 | | 3,300 | | 3,479 | |
| | Montgomery County PA Industrial Development Authority Health Services Revenue (Jefferson Health System) | 5.000% | 4/1/22 | (Prere.) | 4,110 | | 4,471 | |
| | Montgomery County PA Industrial Development Authority Revenue (Foulkeways at Gwynedd) | 5.000% | 12/1/30 | | 1,200 | | 1,227 | |
| | Montgomery County PA Industrial Development Authority Revenue (Foulkeways at Gwynedd) | 5.000% | 12/1/46 | | 3,730 | | 3,665 | |
| | Montgomery County PA Industrial Development Authority Revenue (Haverford School Project) | 3.000% | 3/1/49 | | 3,760 | | 3,643 | |
| | Montgomery County PA Industrial Development Authority Revenue (Meadowood Corp.) | 5.000% | 12/1/38 | | 2,500 | | 2,395 | |
| | Montgomery County PA Industrial Development Authority Revenue (Meadowood Corp.) | 5.000% | 12/1/48 | | 6,500 | | 6,053 | |
| | Montgomery County PA Industrial Development Authority Revenue (Philadelphia Presbyterian Homes Inc. Project) | 6.625% | 12/1/21 | (Prere.) | 1,565 | | 1,713 | |
| | Montgomery County PA Industrial Development Authority Revenue (Philadelphia Presbyterian Homes Inc. Project) | 5.000% | 12/1/27 | | 2,250 | | 2,316 | |
| | Montgomery County PA Industrial Development Authority Revenue (Philadelphia Presbyterian Homes Inc. Project) | 5.000% | 12/1/47 | | 2,000 | | 1,962 | |
| | Montgomery County PA Industrial Development Authority Revenue (Philadelphia Presbyterian Homes Inc. Project) | 4.000% | 12/1/48 | | 3,000 | | 2,491 | |
| | Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/20 | | 225 | | 226 | |
| | Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/21 | | 200 | | 202 | |
| | Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/22 | | 100 | | 102 | |
| | Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/23 | | 225 | | 230 | |
| | Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/24 | | 300 | | 307 | |
| 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% | 12/1/25 | | 250 | 256 |
| | Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/26 | | 350 | 358 |
| | Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/27 | | 150 | 153 |
| | Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/28 | | 200 | 204 |
| | Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/29 | | 100 | 102 |
| | Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/30 | | 210 | 212 |
| | Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/31 | | 225 | 226 |
| | Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/32 | | 100 | 100 |
| Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/33 | | 200 | 199 |
| | Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/34 | | 200 | 198 |
| | Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/35 | | 395 | 391 |
| Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/36 | | 650 | 638 |
| | Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 4.000% | 12/1/37 | | 605 | 590 |
| | Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project)
| 4.000% | 12/1/38 | | 300 | 291 |
| | Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project)
| 5.000% | 12/1/44 | | 1,000 | 1,040 |
| | Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) | 5.000% | 12/1/49 | | 1,000 | 1,035 |
| Montgomery County PA Industrial Development Authority Revenue (Whitemarsh Continuing Care Retirement Community Inc.) | 5.000% | 1/1/30 | | 1,575 | 1,501 |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | | |
| | | | | | Face | Market |
| | | | Maturity | | Amount | Value• |
| | | Coupon | Date | | ($000) | ($000) |
| | Montgomery County PA Industrial Development Authority Revenue (Whitemarsh Continuing Care Retirement Community Inc.) | 5.250% | 1/1/40 | | 4,750 | 4,252 |
| | Montour PA School District GO | 5.000% | 4/1/40 | (4) | 3,185 | 3,759 |
| | Moon Area School District GO | 4.000% | 11/15/31 | (4) | 2,050 | 2,416 |
| | Moon Area School District GO | 4.000% | 11/15/32 | (4) | 1,000 | 1,170 |
| | Moon Industrial Development Authority Pennsylvania Revenue (Baptist Home Society Obligated Group) | 5.625% | 7/1/30 | | 1,000 | 1,008 |
| | Moon Industrial Development Authority Pennsylvania Revenue (Baptist Home Society Obligated Group) | 6.000% | 7/1/45 | | 3,500 | 3,451 |
| | Mount Lebanon PA Hospital Authority Revenue (St. Clair Memorial Hospital Project) | 5.000% | 7/1/31 | | 6,270 | 6,733 |
| | Mount Lebanon PA Hospital Authority Revenue (St. Clair Memorial Hospital Project) | 4.000% | 7/1/48 | | 6,000 | 6,667 |
| | Mount Union PA Area School District GO | 5.000% | 9/1/32 | (4) | 1,580 | 2,015 |
| | Mount Union PA Area School District GO | 5.000% | 9/1/33 | (4) | 1,655 | 2,100 |
| | Mount Union PA Area School District GO | 5.000% | 9/1/34 | (4) | 1,740 | 2,200 |
| | 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 | 2,274 |
| | New Kensington Arnold PA School District GO | 5.000% | 5/15/24 | (15) | 2,125 | 2,468 |
| | Norristown PA Area School District GO | 4.000% | 9/1/30 | | 1,000 | 1,137 |
| | North Allegheny PA School District GO | 3.000% | 5/1/32 | | 2,590 | 2,873 |
| | North Allegheny PA School District GO | 3.000% | 5/1/33 | | 2,780 | 3,062 |
| | North Allegheny PA School District GO | 4.000% | 5/1/37 | | 1,065 | 1,245 |
| | North Allegheny PA School District GO | 4.000% | 5/1/38 | | 2,345 | 2,732 |
| | North Allegheny PA School District GO | 4.000% | 5/1/44 | | 1,750 | 2,008 |
| | Northampton County PA General Purpose Authority College Revenue (Lafayette College) | 5.000% | 11/1/47 | | 2,000 | 2,348 |
| | Northampton County PA General Purpose Authority College Revenue (Moravian College) | 5.000% | 10/1/40 | | 1,760 | 1,782 |
| | Northampton County PA General Purpose Authority Hospital Revenue (St. Luke’s Hospital Project) | 5.000% | 8/15/28 | | 3,975 | 4,682 |
| | Northampton County PA General Purpose Authority Hospital Revenue (St. Luke’s Hospital Project) | 5.000% | 8/15/29 | | 2,000 | 2,349 |
| | Northampton County PA General Purpose Authority Hospital Revenue (St. Luke’s Hospital Project) | 5.000% | 8/15/33 | | 9,555 | 10,329 |
| | Northampton County PA General Purpose Authority Hospital Revenue (St. Luke’s Hospital Project) | 5.000% | 8/15/36 | | 6,790 | 7,749 |
| | Northampton County PA General Purpose Authority Hospital Revenue (St. Luke’s Hospital Project) | 5.000% | 8/15/43 | | 3,000 | 3,474 |
| | Northampton County PA General Purpose Authority Hospital Revenue (St. Luke’s Hospital Project) | 5.000% | 8/15/46 | | 1,795 | 2,009 |
| 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) | 4.000% | 8/15/48 | | 3,895 | 4,171 |
| | Northampton County PA General Purpose Authority University Revenue (Lafayette College) | 5.000% | 11/1/32 | | 4,000 | 4,497 |
| | Northampton County PA General Purpose Authority University Revenue (Lafayette College) VRDO | 0.130% | 6/5/20 | | 515 | 515 |
| | Northampton County PA General Purpose Authority University Revenue (Lehigh University) | 4.000% | 11/15/34 | | 7,535 | 8,589 |
| Northampton County PA Industrial Development Authority Revenue (Morningstar Senior Living, Inc. Project) | 5.000% | 7/1/32 | | 1,775 | 1,702 |
| | Northampton County PA Industrial Development Authority Revenue (Morningstar Senior Living, Inc. Project) | 5.000% | 7/1/36 | | 1,000 | 925 |
| Northampton County PA Industrial Development Authority Revenue (Morningstar Senior Living, Inc. Project) | 5.000% | 11/1/44 | | 1,900 | 1,647 |
| | Northampton PA GO | 3.625% | 5/15/39 | | 2,145 | 2,325 |
| | Northeastern Pennsylvania Hospital & Education Authority Revenue (Kings College Project) | 5.000% | 5/1/44 | | 1,000 | 1,042 |
| | Northeastern Pennsylvania Hospital & Education Authority Revenue (Kings College Project) | 5.000% | 5/1/49 | | 1,350 | 1,401 |
| | Northeastern Pennsylvania Hospital & Education Authority Revenue (Wilkes University Project) | 5.000% | 3/1/25 | | 1,125 | 1,171 |
| | Northeastern Pennsylvania Hospital & Education Authority Revenue (Wilkes University Project) | 5.000% | 3/1/29 | | 1,250 | 1,286 |
| | Northeastern Pennsylvania Hospital & Educational Authority Revenue (Wilkes University Project) | 5.250% | 3/1/31 | | 1,140 | 1,177 |
| | Northeastern Pennsylvania Hospital & Educational Authority Revenue (Wilkes University Project) | 5.000% | 3/1/37 | | 3,740 | 3,675 |
| | Northeastern Pennsylvania Hospital & Educational Authority Revenue (Wilkes University Project) | 5.250% | 3/1/37 | | 3,000 | 3,031 |
| | Northern Tioga School District Pennsylvania GO | 5.000% | 4/1/29 | (15) | 500 | 631 |
| | Northern Tioga School District Pennsylvania GO | 5.000% | 4/1/31 | (15) | 700 | 874 |
| | Northern Tioga School District Pennsylvania GO | 4.000% | 4/1/33 | (15) | 500 | 568 |
| | Octorara PA Area School District GO | 4.000% | 4/1/30 | (4) | 1,100 | 1,332 |
| | Palmer Township PA GO | 4.000% | 5/15/30 | | 1,495 | 1,661 |
| | Penn Hills PA School District GO | 3.000% | 10/1/30 | (15) | 3,030 | 3,447 |
| | Penn Hills PA School District GO | 3.000% | 10/1/31 | (15) | 4,180 | 4,719 |
| | Penn Hills PA School District GO | 3.000% | 10/1/32 | (15) | 2,845 | 3,186 |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | | |
| | | | | | Face | Market |
| | | | Maturity | | Amount | Value• |
| | | Coupon | Date | | ($000) | ($000) |
| | Penn Hills PA School District GO | 3.000% | 10/1/33 | (15) | 5,015 | 5,582 |
| | Penn Manor PA School District Revenue | 5.000% | 3/1/32 | | 1,000 | 1,244 |
| | Penn Manor PA School District Revenue | 5.000% | 3/1/35 | | 800 | 987 |
| | Penn Manor PA School District Revenue | 5.000% | 3/1/36 | | 1,700 | 2,091 |
| | Penn Manor PA School District Revenue | 5.000% | 3/1/38 | | 1,250 | 1,530 |
| | Pennsylvania COP | 5.000% | 7/1/29 | | 300 | 384 |
| | Pennsylvania COP | 5.000% | 7/1/30 | | 375 | 477 |
| | Pennsylvania COP | 5.000% | 7/1/31 | | 425 | 538 |
| | Pennsylvania COP | 5.000% | 7/1/34 | | 475 | 592 |
| | Pennsylvania COP | 5.000% | 7/1/35 | | 845 | 1,049 |
| | Pennsylvania COP | 5.000% | 7/1/36 | | 1,000 | 1,236 |
| | Pennsylvania COP | 5.000% | 7/1/37 | | 875 | 1,077 |
| | Pennsylvania COP | 5.000% | 7/1/38 | | 1,000 | 1,226 |
| | Pennsylvania Economic Development Financing Authority Parking System Revenue (Capitol Region Parking System) | 0.000% | 1/1/29 | (4) | 2,000 | 1,689 |
| | Pennsylvania Economic Development Financing Authority Parking System Revenue (Capitol Region Parking System) | 0.000% | 1/1/30 | (4) | 3,710 | 3,037 |
| | Pennsylvania Economic Development Financing Authority Parking System Revenue (Capitol Region Parking System) | 5.500% | 1/1/31 | (4) | 3,000 | 3,493 |
| | Pennsylvania Economic Development Financing Authority Parking System Revenue (Capitol Region Parking System) | 0.000% | 1/1/36 | (4) | 6,045 | 4,168 |
| | Pennsylvania Economic Development Financing Authority Parking System Revenue (Capitol Region Parking System) | 0.000% | 1/1/38 | (4) | 5,525 | 3,552 |
| Pennsylvania Economic Development Financing Authority Parking System Revenue (Capitol Region Parking System) | 5.250% | 1/1/44 | (4) | 6,500 | 7,337 |
| | Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | 5.000% | 2/1/31 | | 5,000 | 5,586 |
| Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | 5.000% | 4/15/31 | | 1,215 | 1,510 |
| | Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | 5.000% | 2/1/32 | | 8,000 | 8,891 |
| | Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | 4.000% | 3/15/32 | | 2,500 | 2,741 |
| | Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | 5.000% | 7/1/33 | | 11,405 | 12,300 |
| | Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | 5.000% | 4/15/35 | | 1,550 | 1,863 |
| | Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | 5.000% | 7/1/43 | | 4,500 | 4,787 |
| | Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | 5.000% | 2/1/45 | | 5,000 | 5,415 |
| | Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | 4.000% | 3/15/45 | | 4,000 | 4,170 |
| | Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | 4.000% | 4/15/45 | | 4,000 | 4,260 |
| | Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | 4.000% | 11/15/47 | | 10,000 | 10,524 |
| | Pennsylvania GO | 5.000% | 1/15/21 | | 100 | 103 |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | | |
| | | | | | Face | Market |
| | | | Maturity | | Amount | Value• |
| | | Coupon | Date | | ($000) | ($000) |
| | Pennsylvania GO | 5.000% | 7/1/21 | | 120 | 126 |
| | Pennsylvania GO | 5.000% | 7/1/21 | | 250 | 263 |
| | Pennsylvania GO | 5.375% | 7/1/21 | | 8,000 | 8,441 |
| | Pennsylvania GO | 5.000% | 3/1/22 | | 10,000 | 10,806 |
| | Pennsylvania GO | 5.000% | 7/1/22 | | 230 | 252 |
| | Pennsylvania GO | 5.000% | 1/1/23 | | 175 | 196 |
| | Pennsylvania GO | 4.000% | 7/1/23 | | 4,000 | 4,432 |
| | Pennsylvania GO | 5.000% | 10/15/23 | | 215 | 247 |
| | Pennsylvania GO | 5.000% | 1/1/24 | | 10 | 12 |
| | Pennsylvania GO | 5.000% | 1/15/24 | | 55 | 64 |
| | Pennsylvania GO | 5.000% | 3/15/24 | | 15 | 18 |
| | Pennsylvania GO | 5.000% | 7/15/24 | | 10,000 | 11,815 |
| | Pennsylvania GO | 5.000% | 9/15/24 | | 9,875 | 11,731 |
| | Pennsylvania GO | 5.000% | 7/15/25 | | 15,000 | 18,291 |
| | Pennsylvania GO | 5.000% | 8/15/25 | | 1,420 | 1,732 |
| | Pennsylvania GO | 5.000% | 9/15/25 | (4) | 2,275 | 2,807 |
| | Pennsylvania GO | 5.000% | 9/15/25 | | 6,240 | 7,645 |
| | Pennsylvania GO | 5.000% | 10/15/25 | | 10,000 | 11,523 |
| | Pennsylvania GO | 5.000% | 1/1/26 | | 10,000 | 12,352 |
| | Pennsylvania GO | 5.000% | 7/15/26 | | 5,000 | 6,266 |
| | Pennsylvania GO | 5.000% | 9/15/26 | | 525 | 661 |
| | Pennsylvania GO | 5.000% | 9/15/26 | (4) | 9,050 | 11,412 |
| | Pennsylvania GO | 5.000% | 7/15/27 | | 3,000 | 3,862 |
| | Pennsylvania GO | 5.000% | 9/15/27 | | 10,000 | 12,443 |
| | Pennsylvania GO | 5.000% | 9/15/27 | | 5,000 | 6,222 |
| | Pennsylvania GO | 5.000% | 3/15/28 | | 8,550 | 10,166 |
| | Pennsylvania GO | 5.000% | 7/15/28 | | 5,000 | 6,604 |
| | Pennsylvania GO | 4.000% | 10/15/28 | | 10,000 | 10,966 |
| | Pennsylvania GO | 4.000% | 1/1/29 | | 10,350 | 11,938 |
| | Pennsylvania GO | 4.000% | 8/15/29 | (4) | 6,290 | 7,235 |
| | Pennsylvania GO | 4.000% | 1/1/30 | | 3,500 | 4,018 |
| | Pennsylvania GO | 5.000% | 2/1/30 | | 2,500 | 3,307 |
| | Pennsylvania GO | 4.000% | 4/1/30 | | 10,000 | 10,779 |
| | Pennsylvania GO | 4.000% | 6/15/30 | | 10,000 | 11,070 |
| | Pennsylvania GO | 4.000% | 8/15/30 | (4) | 7,640 | 8,742 |
| | Pennsylvania GO | 5.000% | 10/15/30 | | 6,650 | 7,622 |
| | Pennsylvania GO | 4.000% | 2/1/31 | | 17,875 | 20,232 |
| | Pennsylvania GO | 5.000% | 2/1/31 | | 2,500 | 3,245 |
| | Pennsylvania GO | 4.000% | 9/15/31 | | 2,500 | 2,864 |
| | Pennsylvania GO | 5.000% | 10/15/31 | | 14,955 | 17,151 |
| | Pennsylvania GO | 4.000% | 2/1/32 | | 18,870 | 21,359 |
| | Pennsylvania GO | 5.000% | 3/1/32 | | 11,225 | 14,101 |
| | Pennsylvania GO | 5.000% | 3/15/32 | | 6,000 | 7,032 |
| | Pennsylvania GO | 5.000% | 8/1/32 | | 4,000 | 4,771 |
| | Pennsylvania GO | 5.000% | 8/15/32 | | 8,000 | 9,468 |
| | Pennsylvania GO | 5.000% | 10/15/32 | | 15,000 | 17,154 |
| | Pennsylvania GO | 4.000% | 2/1/33 | | 5,585 | 6,321 |
| | Pennsylvania GO | 4.000% | 3/1/33 | (4) | 20,000 | 23,630 |
| | Pennsylvania GO | 5.000% | 8/1/33 | | 4,000 | 4,754 |
| | Pennsylvania GO | 4.000% | 3/1/34 | (4) | 20,000 | 23,545 |
| | Pennsylvania GO | 4.000% | 9/15/34 | | 10,000 | 11,371 |
| | Pennsylvania GO | 4.000% | 3/1/35 | (15) | 15,000 | 17,589 |
| | Pennsylvania GO | 4.000% | 3/1/35 | | 5,500 | 6,273 |
| | Pennsylvania GO | 4.000% | 3/1/36 | | 5,000 | 5,679 |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | |
| | | | | | Face | Market |
| | | | Maturity | | Amount | Value• |
| | | Coupon | Date | | ($000) | ($000) |
| | Pennsylvania GO | 3.000% | 9/15/36 | | 745 | 795 |
| | Pennsylvania GO | 4.000% | 3/1/37 | (15) | 10,000 | 11,591 |
| | Pennsylvania GO | 4.000% | 3/1/37 | | 10,000 | 11,320 |
| | Pennsylvania GO | 4.000% | 3/1/38 | | 2,820 | 3,183 |
| | Pennsylvania Higher Educational Facilities Authority Revenue | 4.000% | 6/15/32 | | 3,330 | 3,690 |
| | Pennsylvania Higher Educational Facilities Authority Revenue | 4.000% | 6/15/33 | | 2,310 | 2,548 |
| | Pennsylvania Higher Educational Facilities Authority Revenue | 4.000% | 6/15/34 | | 2,940 | 3,348 |
| | Pennsylvania Higher Educational Facilities Authority Revenue | 4.000% | 2/15/43 | | 7,000 | 7,846 |
| | Pennsylvania Higher Educational Facilities Authority Revenue | 3.000% | 6/15/45 | | 1,405 | 1,413 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (AICUP Financing Program - Delaware Valley College Project) | 5.000% | 11/1/20 | | 595 | 597 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (AICUP Financing Program - Delaware Valley College Project) | 5.000% | 11/1/21 | | 1,245 | 1,257 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (AICUP Financing Program - Delaware Valley College Project) | 5.000% | 11/1/27 | | 1,250 | 1,256 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (AICUP Financing Program - Delaware Valley College Project) | 5.000% | 11/1/42 | | 535 | 494 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (Bryn Mawr College) | 5.000% | 12/1/30 | | 200 | 265 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (Bryn Mawr College) | 5.000% | 12/1/31 | | 295 | 388 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (Bryn Mawr College) | 5.000% | 12/1/32 | | 230 | 300 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (Bryn Mawr College) | 4.000% | 12/1/44 | | 1,000 | 1,161 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (Bryn Mawr College) | 4.000% | 12/1/48 | | 2,500 | 2,890 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) | 5.000% | 5/1/29 | | 1,260 | 1,338 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) | 5.000% | 5/1/29 | | 1,655 | 1,935 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) | 5.000% | 5/1/32 | | 1,750 | 1,960 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) | 5.000% | 5/1/33 | | 3,520 | 3,924 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) | 4.000% | 5/1/34 | | 2,575 | 2,754 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) | 5.000% | 5/1/34 | | 3,000 | 3,337 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) | 5.000% | 5/1/35 | | 1,870 | 2,119 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) | 4.000% | 5/1/36 | | 2,305 | 2,446 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) | 5.000% | 5/1/41 | | 5,000 | 5,576 |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | | |
| | | | | | Face | Market |
| | | | Maturity | | Amount | Value• |
| | | Coupon | Date | | ($000) | ($000) |
| | Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) VRDO | 0.050% | 6/1/20 | LOC | 1,100 | 1,100 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (Higher Education System) | 4.000% | 6/15/30 | | 3,895 | 4,475 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (Higher Education System) | 4.000% | 6/15/30 | | 2,125 | 2,441 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (La Salle University) | 5.000% | 5/1/37 | | 5,865 | 5,888 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (Lock Haven University Foundation Student Housing Project) | 4.000% | 7/1/28 | | 3,500 | 3,401 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (Philadelphia University) | 5.000% | 6/1/23 | (Prere.) | 2,025 | 2,309 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (St. Joseph’s University) | 5.000% | 11/1/23 | (Prere.) | 1,265 | 1,467 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (St. Joseph’s University) | 5.000% | 11/1/40 | | 7,000 | 7,136 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (Temple University) | 5.000% | 4/1/35 | | 7,755 | 8,283 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (Temple University) | 5.000% | 4/1/42 | | 11,120 | 11,816 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (Thomas Jefferson University) | 5.000% | 9/1/32 | | 3,965 | 4,355 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (Thomas Jefferson University) | 5.000% | 9/1/39 | | 5,000 | 5,407 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (Thomas Jefferson University) | 5.000% | 9/1/45 | | 17,800 | 19,102 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (Thomas Jefferson University) | 5.250% | 9/1/50 | | 10,000 | 10,810 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (Trustees of the University of Pennsylvania) | 4.000% | 8/15/31 | | 4,000 | 4,629 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (Trustees of the University of Pennsylvania) | 4.000% | 8/15/34 | | 2,200 | 2,525 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (Trustees of the University of Pennsylvania) | 4.000% | 8/15/35 | | 2,275 | 2,609 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (Trustees of the University of Pennsylvania) | 4.000% | 8/15/36 | | 1,400 | 1,602 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | 5.000% | 8/15/31 | | 750 | 876 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | 5.000% | 8/15/33 | | 1,180 | 1,366 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | 4.000% | 8/15/34 | | 750 | 868 |
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% | 8/15/34 | | 2,695 | 3,113 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | 4.000% | 8/15/35 | | 3,135 | 3,561 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | 4.000% | 8/15/35 | | 785 | 904 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | 5.000% | 8/15/40 | | 11,000 | 12,547 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | 4.000% | 8/15/41 | | 6,000 | 6,540 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | 4.000% | 8/15/42 | | 6,675 | 7,342 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | 5.000% | 8/15/42 | | 6,130 | 6,497 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | 3.000% | 8/15/47 | | 7,345 | 7,500 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | 5.000% | 8/15/47 | | 10,000 | 11,674 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | 4.000% | 8/15/49 | | 5,000 | 5,483 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | 5.000% | 8/15/49 | | 12,000 | 14,417 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (University of the Sciences) | 5.000% | 11/1/30 | | 940 | 953 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (University of the Sciences) | 5.000% | 11/1/31 | | 1,870 | 1,887 |
| | Pennsylvania Higher Educational Facilities Authority Revenue (University of the Sciences) | 5.000% | 11/1/36 | | 1,630 | 1,605 |
| | Pennsylvania Higher Educational Facilities Authority Student Housing Revenue (University Properties Inc.) | 6.000% | 7/1/21 | | 2,125 | 2,131 |
| | Pennsylvania Higher Educational Facilities Authority Student Housing Revenue (University Properties Inc.) | 5.000% | 7/1/31 | | 4,000 | 4,005 |
| | Pennsylvania Higher Educational Facilities Authority Student Housing Revenue(University Properties Inc.) | 5.000% | 7/1/42 | | 1,000 | 1,001 |
| | Pennsylvania Housing Finance Agency Multi-Family Housing Revenue (Country Commons Apartments) | 3.600% | 8/1/35 | LOC | 7,841 | 8,777 |
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% | 10/1/31 | | 2,500 | 2,672 |
| | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | 3.700% | 10/1/33 | | 5,000 | 5,512 |
| | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | 2.950% | 10/1/34 | | 3,000 | 3,234 |
| | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | 3.500% | 10/1/34 | | 1,000 | 1,092 |
| | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | 3.500% | 10/1/36 | | 5,500 | 5,766 |
| | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | 3.900% | 10/1/36 | | 8,500 | 9,227 |
| | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | 3.900% | 10/1/37 | | 8,000 | 8,717 |
| | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | 3.850% | 4/1/38 | | 2,500 | 2,744 |
| | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | 3.875% | 10/1/38 | | 6,000 | 6,519 |
| | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | 3.200% | 10/1/41 | | 4,000 | 4,181 |
| | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | 3.950% | 4/1/42 | | 3,945 | 4,236 |
| | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | 3.650% | 10/1/42 | | 6,890 | 7,334 |
| | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | 3.100% | 10/1/44 | | 6,000 | 6,317 |
| | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | 3.000% | 10/1/46 | | 3,000 | 3,121 |
| | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | 3.700% | 10/1/47 | | 17,000 | 18,194 |
| | Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | 4.000% | 10/1/47 | | 3,390 | 3,641 |
| | Pennsylvania Public School Building Authority Lease Revenue (School District of Philadelphia) | 5.000% | 6/1/24 | | 2,000 | 2,311 |
| | Pennsylvania Public School Building Authority Lease Revenue (School District of Philadelphia) | 5.000% | 6/1/25 | | 2,940 | 3,494 |
| | Pennsylvania Public School Building Authority Revenue (Harrisburg School District) | 5.000% | 12/1/30 | (4) | 3,500 | 4,194 |
| | Pennsylvania Public School Building Authority Revenue (Harrisburg School District) | 5.000% | 12/1/32 | (4) | 2,750 | 3,260 |
| | Pennsylvania Public School Building Authority Revenue (Harrisburg School District) | 5.000% | 12/1/33 | (4) | 2,000 | 2,364 |
| | Pennsylvania State University Revenue | 4.000% | 9/1/27 | | 7,000 | 8,276 |
| | Pennsylvania State University Revenue | 5.000% | 9/1/30 | | 6,900 | 8,322 |
| | Pennsylvania State University Revenue | 5.000% | 9/1/33 | | 5,000 | 6,066 |
| | Pennsylvania State University Revenue | 5.000% | 9/1/36 | | 4,650 | 5,732 |
| | Pennsylvania Turnpike Commission Motor License Fund Revenue | 5.000% | 12/1/22 | (Prere.) | 2,140 | 2,391 |
| | Pennsylvania Turnpike Commission Motor License Fund Revenue | 5.000% | 12/1/34 | | 9,000 | 10,875 |
| | Pennsylvania Turnpike Commission Motor License Fund Revenue | 5.000% | 12/1/35 | | 4,390 | 5,125 |
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | Face | Market |
| | | | Maturity | | Amount | Value• |
| | | Coupon | Date | | ($000) | ($000) |
| | Pennsylvania Turnpike Commission Motor License Fund Revenue | 5.000% | 12/1/35 | | 5,500 | 6,620 |
| | Pennsylvania Turnpike Commission Motor License Fund Revenue | 5.000% | 12/1/41 | | 3,035 | 3,540 |
| | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 5.000% | 12/1/29 | | 3,040 | 3,640 |
| | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 5.000% | 12/1/30 | | 6,970 | 8,309 |
| | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 0.000% | 12/1/37 | | 2,000 | 1,224 |
| | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 5.000% | 12/1/38 | | 3,000 | 3,585 |
| | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 5.000% | 12/1/39 | | 3,535 | 4,215 |
| | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 5.000% | 12/1/43 | | 15,205 | 17,963 |
| | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 5.000% | 12/1/48 | | 14,345 | 16,645 |
| | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 5.000% | 12/1/48 | | 8,000 | 9,699 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/28 | | 2,305 | 2,700 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/28 | | 7,060 | 8,366 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/29 | | 8,375 | 9,769 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/30 | | 2,500 | 3,165 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/31 | | 9,775 | 11,469 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/32 | | 7,090 | 8,158 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/32 | | 10,000 | 11,700 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/32 | | 9,325 | 11,209 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/33 | | 5,410 | 6,192 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/33 | | 1,250 | 1,495 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/33 | | 2,000 | 2,255 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/33 | | 9,800 | 11,442 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/33 | | 500 | 608 |
| | Pennsylvania Turnpike Commission Revenue | 5.250% | 12/1/33 | | 2,560 | 2,964 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/34 | | 545 | 623 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/34 | (4) | 1,325 | 1,635 |
| | Pennsylvania Turnpike Commission Revenue | 4.000% | 12/1/34 | | 10,000 | 10,904 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/34 | | 2,000 | 2,251 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/34 | | 10,000 | 11,647 |
| | Pennsylvania Turnpike Commission Revenue | 5.250% | 12/1/34 | | 4,410 | 5,092 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/35 | | 3,000 | 3,475 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/35 | | 5,000 | 5,833 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/36 | | 9,790 | 11,381 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/36 | | 1,000 | 1,201 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/36 | | 1,260 | 1,459 |
| | Pennsylvania Turnpike Commission Revenue | 4.000% | 12/1/37 | | 6,610 | 7,216 |
| | Pennsylvania Turnpike Commission Revenue | 4.000% | 12/1/37 | | 4,000 | 4,450 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/37 | | 1,315 | 1,558 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/37 | | 6,535 | 7,576 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/37 | | 1,360 | 1,627 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/38 | | 8,145 | 9,218 |
| | Pennsylvania Turnpike Commission Revenue | 4.000% | 12/1/38 | | 3,500 | 3,871 |
| | Pennsylvania Turnpike Commission Revenue | 6.375% | 12/1/38 | | 5,345 | 6,676 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/39 | | 19,950 | 22,476 |
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | Face | Market |
| | | | Maturity | | Amount | Value• |
| | | Coupon | Date | | ($000) | ($000) |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/39 | | 2,100 | 2,361 |
| | Pennsylvania Turnpike Commission Revenue | 5.250% | 12/1/39 | | 2,010 | 2,262 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/40 | | 7,200 | 8,109 |
| | Pennsylvania Turnpike Commission Revenue | 0.000% | 12/1/41 | (15) | 10,815 | 6,425 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/42 | | 14,500 | 16,513 |
| | Pennsylvania Turnpike Commission Revenue | 5.500% | 12/1/42 | | 2,950 | 3,417 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/43 | | 1,275 | 1,400 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/44 | | 6,400 | 7,147 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/44 | | 6,000 | 6,701 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/44 | | 1,890 | 2,222 |
| | Pennsylvania Turnpike Commission Revenue | 5.250% | 12/1/44 | | 2,640 | 2,950 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/45 | | 14,960 | 16,751 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/45 | | 4,700 | 5,301 |
| | Pennsylvania Turnpike Commission Revenue | 5.250% | 12/1/45 | | 5,000 | 5,662 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/46 | | 4,095 | 4,581 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/46 | | 16,000 | 18,159 |
| | Pennsylvania Turnpike Commission Revenue | 5.500% | 12/1/46 | | 7,000 | 8,067 |
| | Pennsylvania Turnpike Commission Revenue | 5.250% | 6/1/47 | | 12,500 | 14,343 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/48 | | 13,750 | 16,273 |
| | Pennsylvania Turnpike Commission Revenue | 4.000% | 12/1/49 | | 5,380 | 5,846 |
| | Pennsylvania Turnpike Commission Revenue | 4.000% | 12/1/49 | (4) | 5,000 | 5,498 |
| | Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/49 | | 8,150 | 9,549 |
| 1,3 | Pennsylvania Turnpike Commission Revenue TOB PUT | 0.100% | 6/1/20 | (4)LOC | 14,395 | 14,395 |
| 1 | Pennsylvania Turnpike Commission Revenue TOB VRDO | 0.190% | 6/1/20 | (Prere.) | 7,330 | 7,330 |
| 1 | Pennsylvania Turnpike Commission Revenue TOB VRDO | 0.320% | 6/5/20 | (4) | 1,300 | 1,300 |
| 4 | Pennsylvania Turnpike Commission Revenue, 4.500% coupon rate effective 12/1/2021 | 0.000% | 12/1/34 | | 3,855 | 4,186 |
| 4 | Pennsylvania Turnpike Commission Revenue, 4.750% coupon rate effective 12/1/2021 | 0.000% | 12/1/37 | | 4,060 | 4,413 |
| 4 | Pennsylvania Turnpike Commission Revenue, 6.100% coupon rate effective 12/1/2028 | 0.000% | 12/1/41 | | 9,565 | 9,529 |
| | Peters Township PA School District (Washington County) GO | 5.000% | 9/1/37 | | 3,000 | 3,787 |
| | Peters Township PA School District (Washington County) GO | 5.000% | 9/1/38 | | 7,555 | 9,508 |
| | Philadelphia PA Airport Parking Authority Revenue | 5.125% | 2/15/24 | (2) | 730 | 733 |
| | Philadelphia PA Airport Parking Authority Revenue | 5.125% | 9/1/29 | | 5,975 | 6,025 |
| | Philadelphia PA Airport Revenue | 5.000% | 7/1/29 | | 590 | 709 |
| | Philadelphia PA Airport Revenue | 5.000% | 7/1/30 | | 1,020 | 1,218 |
| | Philadelphia PA Airport Revenue | 5.000% | 7/1/31 | | 1,300 | 1,542 |
| | Philadelphia PA Airport Revenue | 5.000% | 7/1/32 | | 1,400 | 1,651 |
| | Philadelphia PA Airport Revenue | 5.000% | 7/1/33 | | 750 | 880 |
| | Philadelphia PA Airport Revenue | 5.000% | 7/1/42 | | 5,000 | 5,728 |
| | Philadelphia PA Authority for Industrial Development Revenue (City of Philadelphia Affordable Housing Preservation Programs Project) | 5.000% | 12/1/37 | | 3,250 | 3,883 |
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% | 12/1/27 | | 960 | 1,167 |
| | Philadelphia PA Authority for Industrial Development Revenue (Cultural & Commercial Corridors) | 5.000% | 12/1/28 | | 3,885 | 4,715 |
| | Philadelphia PA Authority for Industrial Development Revenue (Cultural & Commercial Corridors) | 5.000% | 12/1/31 | | 1,130 | 1,361 |
| | Philadelphia PA Authority for Industrial Development Revenue (Temple University) | 5.000% | 4/1/29 | | 3,500 | 4,101 |
| | Philadelphia PA Authority for Industrial Development Revenue (Temple University) | 5.000% | 4/1/36 | | 4,750 | 5,446 |
| | Philadelphia PA Authority for Industrial Development Revenue (Temple University) | 5.000% | 4/1/40 | | 7,430 | 8,457 |
| | Philadelphia PA Authority for Industrial Development Revenue (The Children’s Hospital of Philadelphia Project) | 5.000% | 7/1/33 | | 3,600 | 4,388 |
| | Philadelphia PA Authority for Industrial Development Revenue (The Children’s Hospital of Philadelphia Project) | 5.000% | 7/1/34 | | 2,180 | 2,650 |
| | Philadelphia PA Authority for Industrial Development Revenue (The Children’s Hospital of Philadelphia Project) | 4.000% | 7/1/35 | | 2,150 | 2,454 |
| | Philadelphia PA Authority for Industrial Development Revenue (The Children’s Hospital of Philadelphia Project) | 4.000% | 7/1/36 | | 3,780 | 4,285 |
| | Philadelphia PA Authority for Industrial Development Revenue (Thomas Jefferson University) | 5.000% | 9/1/35 | | 2,425 | 2,725 |
| | Philadelphia PA Authority for Industrial Development Revenue (Thomas Jefferson University) | 5.000% | 9/1/36 | | 10,000 | 11,201 |
| | Philadelphia PA Authority for Industrial Development Revenue (Thomas Jefferson University) | 5.000% | 9/1/47 | | 12,000 | 13,194 |
| 2 | Philadelphia PA Authority for Industrial Development University Revenue (Saint Joseph’s University) | 5.000% | 11/1/31 | | 2,000 | 2,377 |
| 2 | Philadelphia PA Authority for Industrial Development University Revenue (Saint Joseph’s University) | 5.000% | 11/1/32 | | 2,000 | 2,360 |
| 2 | Philadelphia PA Authority for Industrial Development University Revenue (Saint Joseph’s University) | 4.000% | 11/1/37 | | 1,400 | 1,477 |
| | Philadelphia PA Authority for Industrial Development University Revenue (Saint Joseph’s University) | 4.000% | 11/1/45 | | 12,530 | 12,925 |
| | 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 | 25 |
| | Philadelphia PA Gas Works Revenue | 5.250% | 8/1/20 | (Prere.) | 40 | 40 |
| | Philadelphia PA Gas Works Revenue | 5.250% | 8/1/20 | (Prere.) | 55 | 55 |
| | Philadelphia PA Gas Works Revenue | 5.000% | 7/1/22 | (4) | 10 | 10 |
| | Philadelphia PA Gas Works Revenue | 5.000% | 10/1/22 | | 1,375 | 1,495 |
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | Face | Market |
| | | | Maturity | | Amount | Value• |
| | | Coupon | Date | | ($000) | ($000) |
| | Philadelphia PA Gas Works Revenue | 5.000% | 10/1/28 | | 1,400 | 1,669 |
| | Philadelphia PA Gas Works Revenue | 5.000% | 8/1/29 | | 1,750 | 2,108 |
| | Philadelphia PA Gas Works Revenue | 5.000% | 8/1/30 | | 2,000 | 2,310 |
| | Philadelphia PA Gas Works Revenue | 5.000% | 10/1/30 | | 3,050 | 3,602 |
| | Philadelphia PA Gas Works Revenue | 5.000% | 8/1/31 | | 1,750 | 2,013 |
| | Philadelphia PA Gas Works Revenue | 5.000% | 10/1/31 | | 3,270 | 3,843 |
| | Philadelphia PA Gas Works Revenue | 5.000% | 8/1/32 | | 2,000 | 2,291 |
| | Philadelphia PA Gas Works Revenue | 5.000% | 10/1/33 | | 2,500 | 2,914 |
| | Philadelphia PA Gas Works Revenue | 5.000% | 10/1/34 | | 4,175 | 4,853 |
| | Philadelphia PA Gas Works Revenue | 5.000% | 8/1/35 | | 4,000 | 4,682 |
| | Philadelphia PA Gas Works Revenue | 5.000% | 8/1/36 | | 2,000 | 2,333 |
| | Philadelphia PA Gas Works Revenue | 5.000% | 8/1/37 | | 2,000 | 2,326 |
| | Philadelphia PA Gas Works Revenue | 4.000% | 10/1/37 | | 1,120 | 1,217 |
| | Philadelphia PA Gas Works Revenue | 5.250% | 8/1/40 | (4) | 65 | 65 |
| | Philadelphia PA Gas Works Revenue | 5.250% | 8/1/40 | | 115 | 116 |
| | Philadelphia PA Gas Works Revenue | 5.000% | 8/1/42 | | 5,000 | 5,753 |
| | Philadelphia PA Gas Works Revenue | 5.000% | 8/1/47 | | 11,800 | 13,492 |
| | Philadelphia PA GO | 6.000% | 8/1/20 | (Prere.) | 7,430 | 7,501 |
| | Philadelphia PA GO | 5.000% | 8/1/23 | | 3,800 | 4,298 |
| | Philadelphia PA GO | 5.000% | 8/1/26 | | 4,125 | 5,083 |
| | Philadelphia PA GO | 5.000% | 8/1/30 | | 4,000 | 4,791 |
| | Philadelphia PA GO | 5.000% | 8/1/30 | (4) | 5,330 | 6,744 |
| | Philadelphia PA GO | 5.000% | 8/1/31 | | 2,000 | 2,508 |
| | Philadelphia PA GO | 5.000% | 8/1/32 | | 3,000 | 3,739 |
| | Philadelphia PA GO | 5.000% | 8/1/32 | | 4,420 | 5,509 |
| | Philadelphia PA GO | 5.250% | 7/15/33 | | 3,585 | 4,142 |
| | Philadelphia PA GO | 5.000% | 8/1/35 | (4) | 6,000 | 7,405 |
| | Philadelphia PA GO VRDO | 0.130% | 6/5/20 | LOC | 3,915 | 3,915 |
| | Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Children’s Hospital of Philadelphia Project) VRDO | 0.060% | 6/1/20 | | 660 | 660 |
| | Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Children’s Hospital of Philadelphia Project) VRDO | 0.060% | 6/1/20 | | 16,605 | 16,605 |
| | Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Children’s Hospital of Philadelphia Project) VRDO | 0.060% | 6/1/20 | | 1,200 | 1,200 |
| | Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Temple University Health System Obligated Group) | 5.000% | 7/1/34 | | 1,000 | 1,090 |
| | Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Temple University Health System Obligated Group) | 5.625% | 7/1/42 | | 3,850 | 4,010 |
| | Philadelphia PA Industrial Development Authority Lease Revenue VRDO | 0.120% | 6/5/20 | LOC | 8,000 | 8,000 |
| | Philadelphia PA Redevelopment Authority Revenue | 5.000% | 4/15/27 | | 2,000 | 2,296 |
| | Philadelphia PA Redevelopment Authority Revenue | 5.000% | 4/15/28 | | 3,000 | 3,438 |
| | Philadelphia PA School District GO | 4.000% | 9/1/22 | | 125 | 126 |
| | Philadelphia PA School District GO | 5.250% | 9/1/22 | | 7,500 | 7,585 |
Pennsylvania Long-Term Tax-Exempt Fund
| | | | | | Face | Market |
| | | | Maturity | | Amount | Value• |
| | | Coupon | Date | | ($000) | ($000) |
| | Philadelphia PA School District GO | 5.000% | 6/1/26 | (14) | 5,000 | 6,129 |
| | Philadelphia PA School District GO | 5.000% | 9/1/27 | | 2,415 | 2,904 |
| | Philadelphia PA School District GO | 5.000% | 9/1/28 | | 5,000 | 6,141 |
| | Philadelphia PA School District GO | 5.000% | 9/1/29 | | 2,665 | 3,193 |
| | Philadelphia PA School District GO | 5.000% | 9/1/29 | | 5,135 | 6,279 |
| | Philadelphia PA School District GO | 5.000% | 9/1/31 | | 2,000 | 2,383 |
| | Philadelphia PA School District GO | 5.000% | 9/1/33 | | 1,045 | 1,284 |
| | Philadelphia PA School District GO | 5.000% | 9/1/35 | | 2,500 | 2,981 |
| | Philadelphia PA School District GO | 5.000% | 9/1/35 | | 4,240 | 5,170 |
| | Philadelphia PA School District GO | 5.000% | 9/1/36 | | 2,015 | 2,396 |
| | Philadelphia PA School District GO | 4.000% | 9/1/37 | | 2,300 | 2,646 |
| | Philadelphia PA School District GO | 5.000% | 9/1/37 | | 2,015 | 2,389 |
| | Philadelphia PA School District GO | 5.000% | 9/1/37 | | 3,825 | 4,631 |
| | Philadelphia PA School District GO | 4.000% | 9/1/38 | | 2,300 | 2,637 |
| | Philadelphia PA School District GO | 5.000% | 9/1/38 | | 2,000 | 2,366 |
| | Philadelphia PA School District GO | 4.000% | 9/1/43 | (4) | 3,160 | 3,639 |
| | Philadelphia PA School District GO | 5.000% | 9/1/44 | | 10,165 | 12,317 |
| | Philadelphia PA Water & Wastewater Revenue | 5.000% | 7/1/30 | | 4,000 | 4,777 |
| | Philadelphia PA Water & Wastewater Revenue | 4.000% | 10/1/31 | | 6,210 | 7,063 |
| | Philadelphia PA Water & Wastewater Revenue | 4.000% | 10/1/32 | | 6,440 | 7,279 |
| | Philadelphia PA Water & Wastewater Revenue | 5.000% | 10/1/32 | | 1,000 | 1,237 |
| | Philadelphia PA Water & Wastewater Revenue | 5.000% | 11/1/33 | | 1,765 | 2,178 |
| | Philadelphia PA Water & Wastewater Revenue | 4.000% | 7/1/34 | | 6,000 | 6,593 |
| | Philadelphia PA Water & Wastewater Revenue | 5.000% | 10/1/34 | | 2,000 | 2,456 |
| 2 | Philadelphia PA Water & Wastewater Revenue | 5.000% | 10/1/34 | | 2,735 | 3,451 |
| | Philadelphia PA Water & Wastewater Revenue | 5.000% | 11/1/34 | | 1,200 | 1,476 |
| 2 | Philadelphia PA Water & Wastewater Revenue | 5.000% | 10/1/37 | | 2,295 | 2,857 |
| 2 | Philadelphia PA Water & Wastewater Revenue | 5.000% | 10/1/38 | | 2,560 | 3,176 |
| 2 | Philadelphia PA Water & Wastewater Revenue | 5.000% | 10/1/39 | | 2,355 | 2,914 |
| | Philadelphia PA Water & Wastewater Revenue | 5.000% | 7/1/40 | | 10,000 | 11,369 |
| 2 | Philadelphia PA Water & Wastewater Revenue | 5.000% | 10/1/40 | | 3,195 | 3,943 |
| | Philadelphia PA Water & Wastewater Revenue | 5.125% | 1/1/43 | | 9,000 | 9,521 |
| | Philadelphia PA Water & Wastewater Revenue | 5.000% | 7/1/43 | | 4,375 | 4,955 |
| | Philadelphia PA Water & Wastewater Revenue | 5.000% | 11/1/44 | | 4,000 | 4,973 |
| | Philadelphia PA Water & Wastewater Revenue | 5.000% | 7/1/45 | | 14,000 | 15,828 |
| | Philadelphia PA Water & Wastewater Revenue | 5.000% | 10/1/48 | | 2,000 | 2,435 |
| | Philadelphia PA Water & Wastewater Revenue | 5.000% | 10/1/52 | | 4,000 | 4,758 |
| | Philadelphia PA Water & Wastewater Revenue | 5.250% | 10/1/52 | | 1,000 | 1,206 |
| | Philadelphia PA Water & Wastewater Revenue | 5.000% | 10/1/53 | | 10,000 | 12,121 |
| | Philadelphia PA Water & Wastewater Revenue | 5.000% | 11/1/54 | | 8,000 | 9,819 |
| | Philadelphia PA Water & Wastewater Revenue VRDO | 0.120% | 6/5/20 | LOC | 8,400 | 8,400 |
| | Pittsburgh & Allegheny County PA Sports & Exhibition Authority Parking System Revenue | 5.000% | 12/15/31 | | 1,000 | 1,246 |
| | Pittsburgh & Allegheny County PA Sports & Exhibition Authority Parking System Revenue | 5.000% | 12/15/32 | | 500 | 618 |
| | Pittsburgh & Allegheny County PA Sports & Exhibition Authority Parking System Revenue | 5.000% | 12/15/34 | | 1,000 | 1,228 |
| | Pittsburgh & Allegheny County PA Sports & Exhibition Authority Parking System Revenue | 5.000% | 12/15/36 | | 500 | 604 |
| | Pittsburgh & Allegheny County PA Sports & Exhibition Authority Parking System Revenue | 5.000% | 12/15/37 | | 500 | 602 |
| | Pittsburgh PA GO | 5.000% | 9/1/30 | | 500 | 638 |
| | Pittsburgh PA GO | 5.000% | 9/1/31 | (15) | 1,150 | 1,349 |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | | | | |
| | | | | | | | |
| | | | | | Face | | Market | |
| | | | Maturity | | Amount | | Value• | |
| | | Coupon | Date | | ($000 | ) | ($000 | ) |
| | Pittsburgh PA GO | 5.000% | 9/1/34 | | 50 | | 62 | |
| | Pittsburgh PA GO | 4.000% | 9/1/35 | | 750 | | 876 | |
| | Pittsburgh PA GO | 5.000% | 9/1/35 | | 600 | | 741 | |
| | Pittsburgh PA GO | 4.000% | 9/1/36 | | 875 | | 1,018 | |
| | Pittsburgh PA GO | 5.000% | 9/1/36 | | 825 | | 1,014 | |
| | Pittsburgh PA GO | 4.000% | 9/1/38 | | 500 | | 578 | |
| | Pittsburgh PA School District GO | 4.000% | 9/1/33 | | 1,030 | | 1,204 | |
| | Pittsburgh PA School District GO | 4.000% | 9/1/34 | | 1,710 | | 1,990 | |
| | Pittsburgh PA School District GO | 4.000% | 9/1/35 | | 1,095 | | 1,263 | |
| | Pittsburgh PA School District GO | 4.000% | 9/1/35 | | 1,670 | | 1,933 | |
| | Pittsburgh PA School District GO | 4.000% | 9/1/36 | | 1,220 | | 1,402 | |
| | Pittsburgh PA School District GO | 4.000% | 9/1/37 | | 1,180 | | 1,353 | |
| | Pittsburgh PA School District GO | 4.000% | 9/1/38 | | 1,740 | | 1,990 | |
| | Pittsburgh PA Water & Sewer Authority Revenue | 0.000% | 9/1/27 | (14) | 10,830 | | 9,522 | |
| | Pittsburgh PA Water & Sewer Authority Revenue | 0.000% | 9/1/29 | (14) | 10,000 | | 8,325 | |
| | Pittsburgh PA Water & Sewer Authority Revenue | 5.000% | 9/1/30 | (4) | 1,240 | | 1,684 | |
| | Pittsburgh PA Water & Sewer Authority Revenue | 5.000% | 9/1/31 | (4) | 4,500 | | 6,206 | |
| | Pittsburgh PA Water & Sewer Authority Revenue | 5.000% | 9/1/32 | (4) | 2,850 | | 3,941 | |
| | Pittsburgh PA Water & Sewer Authority Revenue | 5.000% | 9/1/34 | (4) | 1,085 | | 1,406 | |
| | Pittsburgh PA Water & Sewer Authority Revenue | 5.250% | 9/1/36 | | 5,000 | | 5,732 | |
| | Pittsburgh PA Water & Sewer Authority Revenue | 5.250% | 9/1/40 | | 5,000 | | 5,725 | |
| | Plum Borough PA School District GO | 5.000% | 9/15/36 | (15) | 4,920 | | 5,555 | |
| | Pocono Mountains Industrial Park Authority Pennsylvania Hospital Revenue (St. Luke’ s Hospital Obligated Group) | 5.000% | 8/15/40 | | 3,750 | | 4,132 | |
| | Pocono Mountains PA Industrial Park Authority Hospital Revenue (St. Luke’s Hospital Obligated Group) | 4.000% | 8/15/45 | | 1,705 | | 1,773 | |
| | Pottsville PA Hospital Authority Revenue (Lehigh Valley Health Network) | 5.000% | 7/1/41 | | 6,275 | | 7,033 | |
| | Pottsville PA Hospital Authority Revenue (Lehigh Valley Health Network) | 5.000% | 7/1/45 | | 14,405 | | 16,006 | |
| | Quaker Valley PA School District GO | 5.000% | 10/1/31 | | 350 | | 472 | |
| | Quaker Valley PA School District GO | 5.000% | 10/1/32 | | 365 | | 488 | |
| | Quaker Valley PA School District GO | 5.000% | 10/1/33 | | 330 | | 438 | |
| | Quaker Valley PA School District GO | 5.000% | 10/1/34 | | 400 | | 529 | |
| | Quaker Valley PA School District GO | 5.000% | 10/1/35 | | 350 | | 460 | |
| | Reading PA School District GO | 5.000% | 3/1/38 | (4) | 1,750 | | 2,085 | |
| | Reading PA School District GO | 4.000% | 4/1/44 | (15) | 1,000 | | 1,148 | |
| | Saint Mary PA Hospital Authority Health System Revenue (Trinity Health Corp. Obligated Group) | 5.000% | 11/15/26 | | 1,000 | | 1,235 | |
| | Schuylkill County PA Municipal Authority Revenue | 4.000% | 6/15/40 | (15) | 3,650 | | 4,069 | |
| | Scranton PA School District GO | 5.000% | 6/1/27 | | 1,000 | | 1,200 | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | Face | | Market | |
| | | | Maturity | | Amount | | Value• | |
| | | Coupon | Date | | ($000 | ) | ($000 | ) |
| | Scranton-Lackawanna PA Health & Welfare | | | | | | | |
| | Authority Revenue (University of Scranton) | 5.000% | 11/1/37 | | 2,500 | | 2,596 | |
| | Snyder County PA Higher Education Authority | | | | | | | |
| | University Revenue (Susquehanna University | | | | | | | |
| | Project) | 5.000% | 1/1/29 | | 1,335 | | 1,472 | |
| | Snyder County PA Higher Education Authority | | | | | | | |
| | University Revenue (Susquehanna University | | | | | | | |
| | Project) | 5.000% | 1/1/30 | | 1,180 | | 1,296 | |
| | Snyder County PA Higher Education Authority | | | | | | | |
| | University Revenue (Susquehanna University | | | | | | | |
| | Project) | 5.000% | 1/1/30 | | 1,285 | | 1,456 | |
| | Snyder County PA Higher Education Authority | | | | | | | |
| | University Revenue (Susquehanna University | | | | | | | |
| | Project) | 5.000% | 1/1/31 | | 1,250 | | 1,368 | |
| | Snyder County PA Higher Education Authority | | | | | | | |
| | University Revenue (Susquehanna University | | | | | | | |
| | Project) | 5.000% | 1/1/31 | | 1,250 | | 1,409 | |
| | Snyder County PA Higher Education Authority | | | | | | | |
| | University Revenue (Susquehanna University | | | | | | | |
| | Project) | 5.000% | 1/1/32 | | 1,695 | | 1,846 | |
| | Southcentral Pennsylvania General Authority | | | | | | | |
| | Revenue (Hanover Hospital Inc.) | 5.000% | 12/1/27 | | 1,480 | | 1,725 | |
| | Southcentral Pennsylvania General Authority | | | | | | | |
| | Revenue (Hanover Hospital Inc.) | 5.000% | 12/1/29 | | 1,090 | | 1,261 | |
| | 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 | | 1,267 | |
| | Southcentral Pennsylvania General Authority | | | | | | | |
| | Revenue (WellSpan Health Obligated Group) | 5.000% | 6/1/44 | | 2,500 | | 2,756 | |
| | Southcentral Pennsylvania General Authority | | | | | | | |
| | Revenue (WellSpan Health Obligated Group) | 5.000% | 6/1/44 | | 5,000 | | 6,090 | |
| | Southcentral Pennsylvania General Authority | | | | | | | |
| | Revenue (WellSpan Health Obligated Group) | 4.000% | 6/1/49 | | 11,500 | | 12,903 | |
| 3 | Southcentral Pennsylvania General Authority | | | | | | | |
| | Revenue (WellSpan Health Obligated Group) | | | | | | | |
| | PUT | 0.060% | 6/1/20 | | 400 | | 400 | |
| | State College PA Area School District GO | 5.000% | 5/15/36 | | 375 | | 477 | |
| | State College PA Area School District GO | 5.000% | 5/15/37 | | 680 | | 862 | |
| | State College PA Area School District GO | 5.000% | 5/15/38 | | 400 | | 505 | |
| | State College PA Area School District GO | 5.000% | 3/15/40 | | 3,000 | | 3,535 | |
| | State Public School Building Authority | | | | | | | |
| | Pennsylvania College Revenue (Community | | | | | | | |
| | College of Allegheny County Project) | 4.000% | 6/15/33 | (15) | 1,000 | | 1,070 | |
| | State Public School Building Authority | | | | | | | |
| | Pennsylvania College Revenue (Delaware | | | | | | | |
| | County Community College Project) | 5.000% | 10/1/29 | (15) | 1,210 | | 1,353 | |
| | State Public School Building Authority | | | | | | | |
| | Pennsylvania College Revenue (Delaware | | | | | | | |
| | County Community College Project) | 5.000% | 10/1/30 | (15) | 1,055 | | 1,175 | |
| | State Public School Building Authority | | | | | | | |
| | Pennsylvania College Revenue (Montgomery | | | | | | | |
| | County Community College) | 5.000% | 5/1/33 | | 1,025 | | 1,162 | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | Face | | Market | |
| | | | Maturity | | Amount | | Value• | |
| | | Coupon | Date | | ($000 | ) | ($000 | ) |
| | State Public School Building Authority Pennsylvania College Revenue (Montgomery County Community College) | 5.500% | 5/1/33 | | 6,165 | | 7,015 | |
| | State Public School Building Authority Pennsylvania College Revenue (Montgomery County Community College) | 5.000% | 5/1/34 | | 2,125 | | 2,405 | |
| | State Public School Building Authority Pennsylvania College Revenue (Montgomery County Community College) | 5.000% | 5/1/35 | | 1,510 | | 1,704 | |
| | State Public School Building Authority Pennsylvania Lease Revenue (School District of Philadelphia) | 5.000% | 6/1/28 | | 11,410 | | 13,993 | |
| | State Public School Building Authority Pennsylvania Lease Revenue (School District of Philadelphia) | 5.000% | 6/1/30 | (4) | 16,480 | | 19,790 | |
| | State Public School Building Authority Pennsylvania Lease Revenue (School District of Philadelphia) | 5.000% | 6/1/32 | (4) | 4,655 | | 5,533 | |
| | State Public School Building Authority Pennsylvania Lease Revenue (School District of Philadelphia) | 5.000% | 6/1/33 | (4) | 3,240 | | 3,834 | |
| | State Public School Building Authority Pennsylvania Lease Revenue (School District of Philadelphia) | 5.000% | 6/1/34 | | 6,000 | | 7,169 | |
| | State Public School Building Authority Pennsylvania School Revenue (Chester Upland School District Project) | 5.250% | 9/15/30 | | 3,545 | | 4,441 | |
| | Susquehanna PA Area Regional Airport Authority System Revenue | 4.000% | 1/1/33 | (15) | 5,000 | | 5,009 | |
| | Susquehanna Township PA School District GO | 3.000% | 5/15/33 | | 3,315 | | 3,682 | |
| | Swarthmore Borough PA Authority College Revenue (Swarthmore College) | 5.000% | 9/15/47 | | 1,600 | | 2,009 | |
| | Trinity PA Area School District GO | 4.000% | 1/15/35 | (15) | 3,000 | | 3,412 | |
| | Trinity PA Area School District GO | 4.000% | 1/15/36 | (15) | 3,000 | | 3,387 | |
| | Trinity PA Area School District GO | 4.000% | 1/15/38 | (15) | 3,700 | | 4,137 | |
| | Union County PA Higher Educational Facilities Financing Authority University Revenue (Bucknell University) VRDO | 0.020% | 6/5/20 | | 260 | | 260 | |
| | Union County PA Hospital Authority Revenue (Evangelical Community Hospital) | 5.000% | 8/1/43 | | 2,945 | | 3,327 | |
| | Union County PA Hospital Authority Revenue (Evangelical Community Hospital) | 5.000% | 8/1/48 | | 3,000 | | 3,375 | |
| | Unionville-Chadds Ford PA School District GO | 4.000% | 6/1/31 | | 4,400 | | 5,175 | |
| | Upper Allegheny PA Joint Sanitary Authority Revenue | 3.000% | 9/1/39 | (4) | 1,000 | | 1,073 | |
| | Upper Merion PA Area School District GO | 5.000% | 1/15/34 | | 500 | | 608 | |
| | Upper Merion PA Area School District GO | 5.000% | 1/15/36 | | 1,620 | | 1,915 | |
| | Upper St. Clair Township PA School District GO | 3.500% | 10/1/37 | | 7,240 | | 7,902 | |
| | Upper St. Clair Township PA School District GO | 3.625% | 10/1/39 | | 5,000 | | 5,486 | |
| | Washington County PA Industrial Development Authority Revenue (Washington & Jefferson College Project) | 4.000% | 11/1/31 | | 3,440 | | 3,731 | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | Face | | Market | |
| | | | Maturity | | Amount | | Value• | |
| | | Coupon | Date | | ($000 | ) | ($000 | ) |
| | Washington County PA Industrial Development Authority Revenue (Washington & Jefferson College Project) | 4.000% | 11/1/32 | | 3,110 | | 3,352 | |
| | West Bradford Township PA GO | 4.000% | 12/15/40 | | 745 | | 868 | |
| | West Bradford Township PA GO | 4.000% | 12/15/45 | | 1,395 | | 1,609 | |
| | West Bradford Township PA GO | 4.000% | 12/15/49 | | 1,125 | | 1,292 | |
| | West Cornwall PA Healthcare Facilities Revenue (Pleasant View Retirement Community Obligated Group) | 5.000% | 12/15/48 | | 2,750 | | 2,397 | |
| | West Mifflin School District GO | 3.000% | 4/1/34 | (15) | 1,300 | | 1,432 | |
| | West Mifflin School District GO | 3.000% | 4/1/38 | (15) | 5,920 | | 6,406 | |
| | West Shore PA Area Authority Hospital Revenue (Holy Spirit Hospital of the Sisters of Christian Charity Project) | 6.000% | 1/1/21 | (Prere.) | 330 | | 341 | |
| | West Shore PA Area Authority Revenue (Messiah Lifeways Obligated Group) | 5.000% | 7/1/22 | | 1,000 | | 1,011 | |
| | West Shore PA Area Authority Revenue (Messiah Lifeways Obligated Group) | 5.000% | 7/1/25 | | 1,605 | | 1,636 | |
| | West Shore PA Area Authority Revenue (Messiah Lifeways Obligated Group) | 5.000% | 7/1/30 | | 1,500 | | 1,503 | |
| | West Shore PA Area Authority Revenue (Messiah Lifeways Obligated Group) | 5.000% | 7/1/35 | | 1,750 | | 1,708 | |
| | West View PA Water Authority Revenue | 4.000% | 11/15/32 | | 1,050 | | 1,222 | |
| | West View PA Water Authority Revenue | 4.000% | 11/15/33 | | 1,000 | | 1,159 | |
| | West View PA Water Authority Revenue | 4.000% | 11/15/34 | | 1,000 | | 1,153 | |
| | West View PA Water Authority Revenue | 4.000% | 11/15/35 | | 1,200 | | 1,379 | |
| | West View PA Water Authority Revenue | 4.000% | 11/15/36 | | 2,300 | | 2,634 | |
| | West View PA Water Authority Revenue | 4.000% | 11/15/37 | | 2,415 | | 2,760 | |
| | West View PA Water Authority Revenue | 4.000% | 11/15/38 | | 1,625 | | 1,852 | |
| | West View PA Water Authority Revenue | 4.000% | 11/15/39 | | 1,400 | | 1,590 | |
| | West York PA Area School District GO | 5.000% | 4/1/33 | | 4,265 | | 4,777 | |
| 1 | Westmoreland County PA Industrial Development Authority Revenue | 4.720% | 7/1/35 | | 6,650 | | 7,231 | |
| | Westmoreland County PA Industrial Development Authority Revenue (Excela Health Project) | 5.125% | 7/1/30 | | 1,500 | | 1,504 | |
| | Westmoreland County PA Municipal Authority Revenue | 4.000% | 8/15/34 | (15) | 8,000 | | 8,968 | |
| | Westmoreland County PA Municipal Authority Revenue | 4.000% | 8/15/35 | (15) | 8,000 | | 8,932 | |
| | Westmoreland County PA Municipal Authority Revenue | 5.000% | 8/15/42 | (15) | 2,775 | | 3,188 | |
| | Wilkes-Barre PA Area School District GO | 5.000% | 8/1/27 | (15) | 1,240 | | 1,544 | |
| | Wilkes-Barre PA Area School District GO | 5.000% | 8/1/29 | (15) | 1,860 | | 2,317 | |
| | Wilkes-Barre PA Area School District GO | 4.000% | 4/15/49 | (15) | 2,250 | | 2,550 | |
| | Wilkes-Barre PA Area School District GO | 4.000% | 4/15/54 | (15) | 2,800 | | 3,148 | |
| | Wilkes-Barre PA Area School District GO | 5.000% | 4/15/59 | (15) | 2,380 | | 2,883 | |
| | Wilkes-Barre PA Finance Authority Revenue (University of Scranton Project) | 5.000% | 11/1/20 | (Prere.) | 4,110 | | 4,179 | |
| | Wilkes-Barre PA Finance Authority Revenue (University of Scranton Project) | 5.000% | 11/1/30 | | 2,315 | | 2,454 | |
| | Wilkes-Barre PA Finance Authority Revenue (University of Scranton Project) | 5.000% | 11/1/31 | | 2,430 | | 2,564 | |
| Pennsylvania Long-Term Tax-Exempt Fund | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | Face | | Market | |
| | | | Maturity | | Amount | | Value• | |
| | | Coupon | Date | | ($000 | ) | ($000 | ) |
| | Wilkes-Barre PA Finance Authority Revenue (University of Scranton Project) | 5.000% | 11/1/34 | | 1,000 | | 1,043 | |
| | William Penn School District GO | 3.000% | 11/15/34 | (15) | 2,595 | | 2,754 | |
| | Woodland Hills PA School District GO | 3.000% | 9/1/35 | (15) | 3,620 | | 3,873 | |
| | York County PA GO | 5.000% | 6/1/32 | | 2,875 | | 3,424 | |
| | York County PA GO | 5.000% | 6/1/33 | | 1,020 | | 1,212 | |
| | York County PA GO | 4.000% | 3/1/34 | | 3,000 | | 3,487 | |
| | York County PA GO | 5.000% | 6/1/38 | | 5,000 | | 5,633 | |
| | | | | | | | | |
| | | | | | | | 3,946,497 | |
| Puerto Rico (0.3%) | | | | | | | |
| | Puerto Rico Aqueduct & Sewer Authority Revenue | 5.000% | 7/1/33 | | 280 | | 278 | |
| | Puerto Rico Aqueduct & Sewer Authority Revenue | 5.250% | 7/1/42 | | 1,025 | | 1,012 | |
| | Puerto Rico Sales Tax Financing Corp. Revenue | 0.000% | 7/1/24 | | 831 | | 731 | |
| | Puerto Rico Sales Tax Financing Corp. Revenue | 0.000% | 7/1/27 | | 1,269 | | 1,001 | |
| | Puerto Rico Sales Tax Financing Corp. Revenue | 0.000% | 7/1/29 | | 1,271 | | 919 | |
| | Puerto Rico Sales Tax Financing Corp. Revenue | 0.000% | 7/1/31 | | 1,750 | | 1,150 | |
| | Puerto Rico Sales Tax Financing Corp. Revenue | 4.329% | 7/1/40 | | 8,061 | | 7,738 | |
| | Puerto Rico Sales Tax Financing Corp. Revenue | 4.329% | 7/1/40 | | 701 | | 673 | |
| | | | | | | | | |
| | | | | | | | 13,502 | |
| Guam (0.1%) | | | | | | | |
| | Guam Power Authority Revenue | 5.000% | 10/1/27 | | 1,000 | | 1,078 | |
| | Guam Power Authority Revenue | 5.000% | 10/1/36 | | 650 | | 698 | |
| 2 | Guam Waterworks Authority Water & | | | | | | | |
| | Wastewater System Revenue | 5.000% | 1/1/50 | | 750 | | 829 | |
| | | | | | | | | |
| | | | | | | | 2,605 | |
| | | | | | | | |
| Total Tax-Exempt Municipal Bonds (Cost $3,729,879) | | | | | 3,962,604 | |
| Other Assets and Liabilities-Net (0.5%) | | | | | | 20,837 | |
| Net Assets (100%) | | | | | | 3,983,441 | |
Cost is in $000.
| • | See Note A in Notes to Financial Statements. |
| 1 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2020, the aggregate value of these securities was $55,416,000, representing 1.4% of net assets. |
| 2 | Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of May 31, 2020. |
| 3 | 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. |
| 4 | Step bond. |
See accompanying Notes, which are an integral part of the Financial Statements.
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). |
| (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). |
| (20) | NATL (National Public Financial Guarantee Corporation). |
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.
Pennsylvania Long-Term Tax-Exempt Fund
Statement of Assets and Liabilities
As of May 31, 2020
| ($000s, except shares and per-share amounts) | Amount | |
| Assets | | |
| Investments in Securities, at Value—Unaffiliated Issuers (Cost $3,729,879) | 3,962,604 | |
| Investment in Vanguard | 182 | |
| Receivables for Investment Securities Sold | 5,430 | |
| Receivables for Accrued Income | 49,986 | |
| Receivables for Capital Shares Issued | 2,777 | |
| Other Assets | 326 | |
| Total Assets | 4,021,305 | |
| Liabilities | | |
| Due to Custodian | 7,012 | |
| Payables for Investment Securities Purchased | 25,993 | |
| Payables for Capital Shares Redeemed | 1,130 | |
| Payables for Distributions | 3,540 | |
| Payables to Vanguard | 189 | |
| Total Liabilities | 37,864 | |
| Net Assets | 3,983,441 | |
| | | |
| | | |
| At May 31, 2020, net assets consisted of: | | |
| | | |
| Paid-in Capital | 3,747,584 | |
| Total Distributable Earnings (Loss) | 235,857 | |
| Net Assets | 3,983,441 | |
| | | |
| Investor Shares—Net Assets | | |
| Applicable to 31,156,033 outstanding $.001 par value shares of | | |
| beneficial interest (unlimited authorization) | 369,529 | |
| Net Asset Value Per Share—Investor Shares | $11.86 | |
| | | |
| Admiral Shares—Net Assets | | |
| Applicable to 304,699,694 outstanding $.001 par value shares of | | |
| beneficial interest (unlimited authorization) | 3,613,912 | |
| Net Asset Value Per Share—Admiral Shares | $11.86 | |
See accompanying Notes, which are an integral part of the Financial Statements.
Pennsylvania Long-Term Tax-Exempt Fund
Statement of Operations
| | Six Months Ended | |
| | May 31, 2020 | |
| | ($000 | ) |
| Investment Income | | |
| Income | | |
| Interest | 64,687 | |
| Total Income | 64,687 | |
| Expenses | | |
| The Vanguard Group—Note B | | |
| Investment Advisory Services | 227 | |
| Management and Administrative—Investor Shares | 266 | |
| Management and Administrative—Admiral Shares | 1,329 | |
| Marketing and Distribution—Investor Shares | 24 | |
| Marketing and Distribution—Admiral Shares | 98 | |
| Custodian Fees | 4 | |
| Shareholders’ Reports—Investor Shares | 5 | |
| Shareholders’ Reports—Admiral Shares | 8 | |
| Trustees’ Fees and Expenses | 2 | |
| Total Expenses | 1,963 | |
| Net Investment Income | 62,724 | |
| Realized Net Gain (Loss) | | |
| Investment Securities Sold | 5,637 | |
| Futures Contracts | (967 | ) |
| Realized Net Gain (Loss) | 4,670 | |
| Change in Unrealized Appreciation (Depreciation) | | |
| Investment Securities | (8,687 | ) |
| Futures Contracts | (5 | ) |
| Change in Unrealized Appreciation (Depreciation) | (8,692 | ) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 58,702 | |
See accompanying Notes, which are an integral part of the Financial Statements.
Pennsylvania Long-Term Tax-Exempt Fund
Statement of Changes in Net Assets
| | Six Months Ended | | | Year Ended | |
| | May 31, | | | November 30, | |
| | 2020 | | | 2019 | |
| | ($000 | ) | | ($000 | ) |
| Increase (Decrease) in Net Assets | | | | | |
| Operations | | | | | |
| Net Investment Income | 62,724 | | | 124,206 | |
| Realized Net Gain (Loss) | 4,670 | | | 10,369 | |
| Change in Unrealized Appreciation (Depreciation) | (8,692 | ) | | 217,937 | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 58,702 | | | 352,512 | |
| Distributions1 | | | | | |
| Investor Shares | (6,726 | ) | | (12,208 | ) |
| Admiral Shares | (67,445 | ) | | (126,334 | ) |
| Total Distributions | (74,171 | ) | | (138,542 | ) |
| Capital Share Transactions | | | | | |
| Investor Shares | 3,423 | | | 40,203 | |
| Admiral Shares | (4,643 | ) | | 270,349 | |
| Net Increase (Decrease) from Capital Share Transactions | (1,220 | ) | | 310,552 | |
| Total Increase (Decrease) | (16,689 | ) | | 524,522 | |
| Net Assets | | | | | |
| Beginning of Period | 4,000,130 | | | 3,475,608 | |
| End of Period | 3,983,441 | | | 4,000,130 | |
1 Certain prior period numbers have been reclassified to conform with current period presentation.
See accompanying Notes, which are an integral part of the Financial Statements.
Pennsylvania Long-Term Tax-Exempt Fund
Financial Highlights
Investor Shares
| Six Months | | | | | |
| | Ended | | | |
| For a Share Outstanding | May 31, | | | Year Ended November 30, |
| Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
| Net Asset Value, Beginning of Period | $11.89 | $11.21 | $11.56 | $11.26 | $11.67 | $11.69 |
| Investment Operations | | | | | | |
| Net Investment Income | .1801 | .3771 | .3941 | .3961 | .411 | .421 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | .004 | .727 | (.291) | .355 | (.371) | .003 |
| Total from Investment Operations | .184 | 1.104 | .103 | .751 | .040 | .424 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.180) | (.377) | (.394) | (.396) | (.411) | (.421) |
| Distributions from Realized Capital Gains | (.034) | (.047) | (.059) | (.055) | (.039) | (.023) |
| Total Distributions | (.214) | (.424) | (.453) | (.451) | (.450) | (.444) |
| Net Asset Value, End of Period | $11.86 | $11.89 | $11.21 | $11.56 | $11.26 | $11.67 |
| | | | | | | |
| Total Return2 | 1.56% | 9.99% | 0.91% | 6.77% | 0.22% | 3.70% |
| | | | | | | |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $370 | $368 | $308 | $323 | $314 | $346 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.17% | 0.17% | 0.17% | 0.19% | 0.19% | 0.20% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 3.04% | 3.23% | 3.48% | 3.44% | 3.47% | 3.62% |
| Portfolio Turnover Rate | 6% | 9% | 26% | 22% | 19% | 16% |
The expense ratio and net investment income ratio for the current period have been annualized.
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
See accompanying Notes, which are an integral part of the Financial Statements.
Pennsylvania Long-Term Tax-Exempt Fund
Financial Highlights
Admiral Shares
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | May 31, | | | Year Ended November 30, |
| Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
| Net Asset Value, Beginning of Period | $11.89 | $11.21 | $11.56 | $11.26 | $11.67 | $11.69 |
| Investment Operations | | | | | | |
| Net Investment Income | .1851 | .3861 | .4031 | .4081 | .423 | .431 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | .004 | .728 | (.291) | .354 | (.371) | .003 |
| Total from Investment Operations | .189 | 1.114 | .112 | .762 | .052 | .434 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.185) | (.387) | (.403) | (.407) | (.423) | (.431) |
| Distributions from Realized Capital Gains | (.034) | (.047) | (.059) | (.055) | (.039) | (.023) |
| Total Distributions | (.219) | (.434) | (.462) | (.462) | (.462) | (.454) |
| Net Asset Value, End of Period | $11.86 | $11.89 | $11.21 | $11.56 | $11.26 | $11.67 |
| | | | | | | |
| Total Return2 | 1.60% | 10.08% | 0.99% | 6.88% | 0.32% | 3.79% |
| | | | | | | |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $3,614 | $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% | 0.09% | 0.12% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 3.12% | 3.31% | 3.56% | 3.54% | 3.57% | 3.70% |
| Portfolio Turnover Rate | 6% | 9% | 26% | 22% | 19% | 16% |
The expense ratio and net investment income ratio for the current period have been annualized.
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
See accompanying Notes, which are an integral part of the Financial Statements.
Pennsylvania Long-Term Tax-Exempt Fund
Notes to Financial Statements
Vanguard Pennsylvania Long-Term Tax-Exempt Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Investor Shares and Admiral Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.
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. Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance.
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 Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
During the six months ended May 31, 2020, the fund’s average investments in long and short futures contracts represented less than 1% and 1% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period. The fund had no open futures contracts at May 31, 2020.
Pennsylvania Long-Term Tax-Exempt Fund
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (November 30, 2016–2019), and for the period end May 31, 2020, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
4. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes, subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility; 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 either facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate (or an acceptable alternate rate, if necessary), federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread, except that borrowings under the uncommitted credit facility may bear interest based upon an alternative rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended May 31, 2020, the fund did not utilize the credit facilities or the Interfund Lending Program.
6. Other: Interest income is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution
Pennsylvania Long-Term Tax-Exempt Fund
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 and are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At May 31, 2020, the fund had contributed to Vanguard capital in the amount of
$182,000, 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 Schedule of Investments.
At May 31, 2020, 100% of the market value of the fund’s investments was determined based on Level 2 inputs.
D. As of May 31, 2020, 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 | 3,731,377 | |
| Gross Unrealized Appreciation | 248,245 | |
| Gross Unrealized Depreciation | (17,018 | ) |
| Net Unrealized Appreciation (Depreciation) | 231,227 | |
E. During the six months ended May 31, 2020, the fund purchased $243,144,000 of investment securities and sold $287,480,000 of investment securities, other than temporary cash investments.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended May 31, 2020, such purchases and sales were $143,720,000 and $103,156,000, respectively; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
Pennsylvania Long-Term Tax-Exempt Fund
F. Capital share transactions for each class of shares were:
| | Six Months Ended | | | | Year Ended | |
| | | | May 31, 2020 | | November 30, 2019 | |
| | Amount | | Shares | | Amount | | Shares | |
| | ($000 | ) | (000 | ) | ($000 | ) | (000 | ) |
| Investor Shares | | | | | | | | |
| Issued | 59,561 | | 5,009 | | 95,429 | | 8,172 | |
| Issued in Lieu of Cash Distributions | 5,500 | | 463 | | 9,916 | | 851 | |
| Redeemed | (61,638 | ) | (5,252 | ) | (65,142 | ) | (5,590 | ) |
| Net Increase (Decrease)—Investor Shares | 3,423 | | 220 | | 40,203 | | 3,433 | |
| Admiral Shares | | | | | | | | |
| Issued | 268,193 | | 22,622 | | 530,940 | | 45,676 | |
| Issued in Lieu of Cash Distributions | 43,981 | | 3,701 | | 81,820 | | 7,028 | |
| Redeemed | (316,817 | ) | (27,148 | ) | (342,411 | ) | (29,585 | ) |
| Net Increase (Decrease)—Admiral Shares | (4,643 | ) | (825 | ) | 270,349 | | 23,119 | |
G. Management has determined that no events or transactions occurred subsequent to May 31, 2020, that would require recognition or disclosure in these financial statements.
Trustees Approve Advisory Arrangements
The board of trustees of Vanguard Pennsylvania Municipal Money Market Fund and Vanguard Pennsylvania Long-Term Tax-Exempt Fund has renewed each fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Fixed Income Group. The board determined that continuing each fund’s internalized management structure was in the best interests of the fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made monthly presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.
The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.
In addition, the board received monthly reports, which included a Market and Economic Report, a Fund Dashboard Monthly Summary, and a Fund Performance Report.
Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board reviewed the quality of each fund’s investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Fixed Income Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of each advisory arrangement.
Investment performance
The board considered the short- and long-term performance of each fund, including any periods of outperformance or underperformance compared with a relevant benchmark index (as applicable) and peer group. The board concluded that the performance was such that each advisory arrangement should continue.
Cost
The board concluded that each fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that each fund’s advisory expenses were also well below the peer-group average.
The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.
The benefit of economies of scale
The board concluded that each fund’s arrangement with Vanguard ensures that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangements again after a one-year period.
Liquidity Risk Management
Vanguard funds (except for the money market funds) have adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940. Rule 22e-4 requires that each fund adopt a program that is reasonably designed to assess and manage the fund’s liquidity risk, which is the risk that the fund could not meet redemption requests without significant dilution of remaining investors’ interests in the fund.
Assessment and management of a fund’s liquidity risk under the Program take into consideration certain factors, such as the fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short- and long-term cash-flow projections during both normal and reasonably foreseeable stressed conditions, and its cash and cash-equivalent holdings and access to other funding sources. As required by the rule, the Program includes policies and procedures for classification of fund portfolio holdings in four liquidity categories, maintaining certain levels of highly liquid investments, and limiting holdings of illiquid investments.
The board of trustees of Vanguard Pennsylvania Tax-Free Funds approved the appointment of liquidity risk management program administrators responsible for administering Vanguard Pennsylvania Long-Term Tax-Exempt Fund’s Program and for carrying out the specific responsibilities set forth in the Program, including reporting to the board on at least an annual basis regarding the Program’s operation, its adequacy, and the effectiveness of its implementation for the past year (the “Program Administrator Report”). The board has reviewed the Program Administrator Report covering the period from December 1, 2018, through December 31, 2019 (the “Review Period”). The Program Administrator Report stated that during the Review Period the Program operated and was implemented effectively to manage the fund’s liquidity risk.
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| You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov. | |
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| | Q772 072020 |
Item 2: Code of Ethics.
Not applicable.
Item 3: Audit Committee Financial Expert.
Not applicable.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Not applicable.
Item 5: Audit Committee of Listed Registrants.
Not applicable.
Item 6: Investments.
Not applicable.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13: Exhibits.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VANGUARD PENNSYLVANIA TAX-FREE FUNDS
| BY: | /s/ MORTIMER J. BUCKLEY* | |
| | | |
| | MORTIMER J. BUCKLEY | |
| | CHIEF EXECUTIVE OFFICER | |
Date: July 17, 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: July 17, 2020
VANGUARD PENNSYLVANIA TAX-FREE FUNDS
| BY: | /s/ JOHN BENDL* | |
| | | |
| | JOHN BENDL | |
| | CHIEF FINANCIAL OFFICER | |
Date: July 17, 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.
