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—November 30, 2020

 

 

 

 

Item 1: Reports to Shareholders

 

 

 

Annual Report   |   November 30, 2020
Vanguard Pennsylvania Long-Term Tax-Exempt Fund
Contents
Your Fund’s Performance at a Glance
1
Advisor’s Report
2
About Your Fund’s Expenses
6
Performance Summary
8
Financial Statements
10
  
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
Your Fund’s Performance at a Glance
• For the 12 months ended November 30, 2020, Vanguard Pennsylvania Long-Term Tax-Exempt Fund returned 5.45% for Investor Shares and 5.53% for Admiral Shares. The fund slightly outperformed its benchmark, the Bloomberg Barclays PA Municipal Bond Index, which returned 5.30%.
• As the coronavirus began to spread outside of China, many governments moved to shutter nonessential businesses and institute lockdowns, leading to a sharp drop in global economic activity. Central banks responded by slashing interest rates and enacting stimulus programs to blunt the impact on the economy, pushing bond yields lower by the end of the period and prices higher.
• The advisor’s disciplined approach to risk paid off in this challenging environment. The fund was fairly conservatively positioned going into 2020 because muni yield spreads were tight versus Treasuries. Security selection helped drive the fund’s outperformance amid pandemic-related challenges for many issuers. Tax-exempt supply declined sharply as the taxable muni market grew.
• Over the decade ended November 30, 2020, the fund’s average annualized return was 4.85% for Investor Shares and 4.94% for Admiral Shares, slightly ahead of the 4.64% return of its expense-free benchmark.
Market Barometer
  Average Annual Total Returns
Periods Ended November 30, 2020
  One Year Three Years Five Years
Stocks      
Russell 1000 Index (Large-caps) 19.41% 13.66% 14.23%
Russell 2000 Index (Small-caps) 13.59 7.09 10.25
Russell 3000 Index (Broad U.S. market) 19.02 13.20 13.95
FTSE All-World ex US Index (International) 10.01 4.12 7.62
Bonds      
Bloomberg Barclays U.S. Aggregate Bond Index (Broad taxable market) 7.28% 5.45% 4.34%
Bloomberg Barclays Municipal Bond Index
(Broad tax-exempt market) 		4.89 4.80 3.93
FTSE Three-Month U.S. Treasury Bill Index 0.72 1.59 1.16
CPI      
Consumer Price Index 1.17% 1.80% 1.86%
1
Advisor’s Report
For the 12 months ended November 30, 2020, Vanguard Pennsylvania Long-Term Tax-Exempt Fund returned 5.45% for Investor Shares and 5.53% for Admiral Shares. The fund slightly outperformed its benchmark, the Bloomberg Barclays PA Municipal Bond Index, which returned 5.30%.
As municipal bond prices rose, yields declined. For the 12 months, the fund’s 30-day SEC yield fell 52 basis points to 1.63% for Admiral Shares. (A basis point is one-hundredth of a percentage point.) The 30-day SEC yield is a proxy for a fund’s potential annualized rate of income.
Please note that the fund is permitted to invest in securities that would generate income distributions subject to the alternative minimum tax (AMT). During
the fiscal year, the fund did not own such securities.
The investment environment
The period was defined by the outbreak of the novel coronavirus in early 2020—and the aggressive efforts to contain it, which upended economies and financial markets worldwide. As the pandemic spread, crude oil prices sank, trade and travel restrictions multiplied, nonessential businesses were shuttered, and unemployment spiked.
Many governments and central banks around the world took emergency action in the form of fiscal and monetary stimulus to blunt the pandemic’s impact on economic activity, jobs, and the functioning of the credit markets. In the United States, Congress passed
 
Yields of Municipal Securities
(National Averages, AAA-Rated General Obligation Issues) 		   
Maturity November 30,
2019 		November 30,
2020
2 years 1.10% 0.15%
5 years 1.17 0.23
10 years 1.50 0.71
30 years 2.13 1.49
Source: Vanguard.
2
legislation that provided aid to state and local governments, companies, and workers. The U.S. Federal Reserve cut the federal funds target range to near zero and began buying hundreds of billions of dollars in government bonds, mortgage-backed securities, and corporate bonds.
At the height of investor pessimism, in March, there was a spike in volatility and an erosion in liquidity in the bond market. Yields nevertheless ended the period lower—and prices higher—as investors sought out safer assets.
In Pennsylvania, the credit trend for the commonwealth was stable to slightly declining as the pandemic took its toll on revenue. Long-term expenditures, principally pension funding and health care spending, remained a concern.
The commonwealth reported fiscal 2020 general fund revenue of $30.8 billion, 9.1% below estimates and 7.4% below the prior year. A 90-day extension of the tax deadline and reduced business activity, both a result of the pandemic, drove the shortfall. The commonwealth passed a stopgap budget in May to fund the government for five months of fiscal 2021 while fully funding debt service and pension contributions. Governor Tom Wolf signed an additional measure in November to fund state operations for the remaining seven months.
The commonwealth’s largest city, Philadelphia, reported fiscal 2020 revenue of $4.86 billion, essentially flat compared with the prior year. Its operating deficit
was $227 million. The city’s fiscal 2021 budget projects revenue of $4.58 billion and a deficit of $223 million.
Standard & Poor’s revised its outlook for Pennsylvania from stable to negative but kept the rating at A+; S&P said the commonwealth faced a 1-in-3 chance of receiving a lower rating in the coming year because of COVID-related challenges.
For Philadelphia, S&P revised its outlook from positive to stable. The rating remains A. Fitch also revised its outlook from positive to stable, citing the pandemic-related economic downturn and its effect on the city’s operating performance. Its rating remains A–.
The commonwealth sold $470 million in securities via competitive sale in September and plans to issue approximately $1 billion per year through 2024. The Commonwealth Financing Authority issued various refunding bonds throughout the year.
As the pandemic took hold in 2020, the national muni market’s credit profile remained resilient, thanks to aggressive direct and indirect stimulus measures from policymakers and the solid financial position of many issuers. Pennsylvania’s muni market was hit somewhat harder, because it started out as a lower-rated universe and has large exposure to health care and higher education. Spreads remained wide on many colleges and universities with BBB ratings as the fund’s fiscal year ended. Recovery was stronger among single-A issuers.
3
Tax-exempt supply in Pennsylvania was down 31% from 2019 because of growth in the taxable muni market. Factoring in taxable issuance, supply in Pennsylvania was down only 3.9%. We expect this trend to continue unless tax law is changed to allow tax-exempt advance refunding to return to the market. Currently, issuers can still save money with taxable refundings, and low rates help facilitate these transactions.
Management of the fund
Our disciplined approach to credit risk paid off in this challenging environment. Going into 2020, we were carrying relatively low credit risk in the fund because we viewed valuations as being relatively expensive. We obviously didn’t see the coronavirus pandemic coming, but our more defensive positioning helped to mitigate the impact of the market sell-off in March and April. The positioning then allowed us to take on more credit risk at much more attractive valuations, especially in areas where the repricing seemed overdone. That wasn’t the case for some asset managers who were carrying more risk ahead of the pandemic, chasing a few extra basis points of potential return despite elevated valuations.
Security selection was a strong driver of outperformance. An overweight to lower quality hurt the fund relative to the benchmark. However, on average, the portfolio is of higher quality than many of our competitors', improving performance relative to peer funds. As spreads widened, we added credit within the fund.
We also continued to add lower coupons in the range of 3% to 4% to the fund.
Outlook
Risks remain: Increases in COVID-19 infections could lead to the reimposition of broad lockdowns that would further hurt economies and the distribution of vaccines may take longer than hoped for. These risks are somewhat mitigated, however, because governments are better prepared now to deal with outbreaks. Moreover, central banks have asserted their readiness to continue to support bond markets.
We continue to view munis as attractive for long-term investors. Defaults among investment-grade munis are unlikely because issuers will be buttressed by reserves, federal aid, and other fiscal levers and the overarching trend of the next 12 to 24 months should be toward tighter spreads. But the road to an economic recovery is likely to be bumpy and long.
That probably will translate into periods of turbulence for the muni market in the year ahead, which is why a focus on diversification, deep research, and discipline will be key to potential investment success.
4
Whatever the markets may bring, our experienced team of portfolio managers, traders, and credit analysts will continue to navigate this large, fragmented market to seek attractive investment opportunities that will add to the fund’s performance.
Paul M. Malloy, CFA, Principal,
Head of Municipal Bond Group
James M. D’Arcy, CFA, Portfolio Manager
Vanguard Fixed Income Group
December 16, 2020
5
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.
6
Six Months Ended November 30, 2020      
Pennsylvania Long-Term Tax-Exempt Fund Beginning
Account Value
5/31/2020 		Ending
Account Value
11/30/2020 		Expenses
Paid During
Period
Based on Actual Fund Return      
Investor Shares $1,000.00 $1,038.27 $0.87
Admiral™ Shares 1,000.00 1,038.69 0.46
Based on Hypothetical 5% Yearly Return      
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 fund’s annualized six-month expense ratios for that period are 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).
7
Pennsylvania Long-Term Tax-Exempt Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: November 30, 2010, Through November 30, 2020
Initial Investment of $10,000
    Average Annual Total Returns
Periods Ended November 30, 2020 		 
    One
Year 		Five
Years 		Ten
Years 		Final Value
of a $10,000
Investment
Pennsylvania Long-Term Tax-Exempt Fund Investor Shares 5.45% 4.60% 4.85% $16,057
Bloomberg Barclays PA Municipal Bond Index 5.30 4.28 4.64 15,735
Bloomberg Barclays Municipal Bond Index 4.89 3.93 4.36 15,320
  
       
    One
Year 		Five
Years 		Ten
Years 		Final Value
of a $50,000
Investment
Pennsylvania Long-Term Tax-Exempt Fund Admiral Shares 5.53% 4.70% 4.94% $80,960
Bloomberg Barclays PA Municipal Bond Index 5.30 4.28 4.64 78,673
Bloomberg Barclays Municipal Bond Index 4.89 3.93 4.36 76,601
See Financial Highlights for dividend and capital gains information.
8
Pennsylvania Long-Term Tax-Exempt Fund
Distribution by Stated Maturity
As of November 30, 2020
Under 1 Year 5.0%
1 - 3 Years 2.9
3 - 5 Years 2.8
5 - 10 Years 11.0
10 - 20 Years 46.8
20 - 30 Years 30.1
Over 30 Years 1.4
The table reflects the fund’s investments, except for short-term investments and derivatives.
9
Pennsylvania Long-Term Tax-Exempt Fund
Financial Statements
Schedule of Investments
As of November 30, 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.
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
Tax-Exempt Municipal Bonds (99.0%)
Pennsylvania (98.5%)
  Allegheny County Higher Education Building Authority College & University Revenue 4.000%   3/1/30  2,685     3,014
  Allegheny County Higher Education Building Authority College & University Revenue 5.000%   3/1/30  1,155     1,323
  Allegheny County Higher Education Building Authority College & University Revenue 4.000%   3/1/31  1,550     1,735
  Allegheny County Higher Education Building Authority College & University Revenue 4.000%   3/1/33  2,035     2,261
  Allegheny County Higher Education Building Authority College & University Revenue VRDO 0.070%  12/1/20 19,300    19,300
  Allegheny County Higher Education Building Authority College & University Revenue, Prere. 5.000%   3/1/25     25        30
  Allegheny County Higher Education Building Authority College & University Revenue, Prere. 4.000%   3/1/26     10        12
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 5.000%  7/15/24  2,400     2,783
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/32  3,000     3,683
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/33  3,000     3,666
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 5.000%  7/15/33  3,200     4,080
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/34  4,750     5,788
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/35  5,500     6,690
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/35  2,530     2,938
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/36  5,250     6,367
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/36 10,440    12,065
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/37  7,250     8,341
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 4.000%   4/1/38  5,000     5,643
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/39  1,000     1,142
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 4.000%   4/1/44 19,000    21,010
10
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/47 19,000    22,539
  Allegheny County PA GO 5.000%  11/1/26  2,540     3,209
  Allegheny County PA GO 4.000%  11/1/30  3,000     3,506
  Allegheny County PA GO 5.000%  12/1/30  1,365     1,598
  Allegheny County PA GO 4.000%  11/1/33    300       361
  Allegheny County PA GO 4.000%  11/1/34    915     1,099
  Allegheny County PA GO 5.000%  12/1/34  1,695     1,970
  Allegheny County PA GO 4.000%  11/1/35  1,225     1,467
  Allegheny County PA GO 5.000%  11/1/41  5,015     6,117
1 Allegheny County PA GO, Prere. 5.000%  12/1/22 10,000    10,954
2 Allegheny County PA GO, Prere. 5.250%  12/1/23  1,000     1,150
  Allegheny County PA GO, Prere. 5.250%  12/1/23  1,000     1,150
3,4 Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) TOB VRDO 0.120%  12/1/20  8,200     8,200
  Allegheny County Sanitary Authority Sales Tax Revenue 3.000%   6/1/37    500       552
1 Allegheny County Sanitary Authority Sewer Revenue 4.000%  12/1/31    805       935
  Allegheny County Sanitary Authority Sewer Revenue 4.000%   6/1/35  1,100     1,295
1 Allegheny County Sanitary Authority Sewer Revenue 4.000%  12/1/35  2,650     3,043
  Allegheny County Sanitary Authority Sewer Revenue 5.000%  12/1/35  6,000     7,135
  Allegheny County Sanitary Authority Sewer Revenue 4.000%   6/1/36  1,500     1,761
  Allegheny County Sanitary Authority Sewer Revenue 3.000%   6/1/38  3,125     3,432
  Allegheny County Sanitary Authority Sewer Revenue 3.000%   6/1/39  4,500     4,921
  Allegheny County Sanitary Authority Sewer Revenue 3.000%   6/1/40  3,000     3,263
  Allegheny County Sanitary Authority Sewer Revenue 5.000%  12/1/40  4,250     5,008
5 Allegheny County Sanitary Authority Sewer Revenue 5.250%  12/1/41  3,500     3,957
  Allegheny County Sanitary Authority Sewer Revenue 5.000%   6/1/43  3,000     3,675
  Allegheny County Sanitary Authority Sewer Revenue 4.000%   6/1/45  2,000     2,389
  Allegheny County Sanitary Authority Sewer Revenue 5.000%   6/1/45  2,500     3,040
  Allegheny County Sanitary Authority Sewer Revenue 4.000%   6/1/48  7,485     8,573
1 Allentown City School District GO 4.000%  2/15/21    480       483
1 Allentown City School District GO 4.000%  2/15/22  2,835     2,949
1 Allentown City School District GO 4.000%  2/15/24    550       606
5 Allentown City School District GO 5.000%   2/1/31  4,000     5,157
5 Allentown City School District GO 5.000%   2/1/32  3,075     3,944
5 Allentown City School District GO 5.000%   6/1/32  1,465     1,769
5 Allentown City School District GO 4.000%   2/1/34  1,500     1,764
5 Allentown City School District GO 5.000%   2/1/34  1,300     1,660
5 Allentown City School District GO 4.000%   2/1/35  1,175     1,379
5 Allentown City School District GO 5.000%   6/1/35  2,000     2,399
5 Allentown City School District GO 4.000%   2/1/36  1,100     1,286
5 Allentown City School District GO 5.000%   6/1/36  1,500     1,796
  Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue 5.000%   5/1/26  1,180     1,238
  Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue 5.000%   5/1/29    250       261
  Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue 5.000%   5/1/35 11,530    11,973
  Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue 5.000%   5/1/42 15,595    16,152
3 Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue (City Center Project) 5.125%   5/1/32  1,000     1,065
5 Altoona Area School District GO 5.000%  12/1/48  1,500     1,761
1 Altoona Area School District GO 4.250%  12/1/49  3,500     3,795
1 Altoona PA Sewer Revenue GO 3.000%  12/1/35  3,165     3,461
5 Armstrong School District GO 5.000%  3/15/31  1,800     2,332
11
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
5 Armstrong School District GO 3.000%  3/15/32  3,460     3,860
5 Armstrong School District GO 3.000%  3/15/33  5,495     6,087
5 Armstrong School District GO 3.000%  3/15/34  5,605     6,188
5 Armstrong School District GO 4.000%  3/15/41  1,200     1,413
5 Beaver County PA GO 4.000%  4/15/30    450       529
5 Beaver County PA GO, Prere. 4.000%  4/15/28    835     1,043
5 Beaver County PA GO, Prere. 4.000%  4/15/28     50        62
  Berks County IDA Health, Hospital, Nursing Home Revenue 5.000%  5/15/33    700       764
  Berks County IDA Health, Hospital, Nursing Home Revenue 5.000%  5/15/37    375       409
  Berks County IDA Health, Hospital, Nursing Home Revenue 5.000%  5/15/37  2,500     2,696
  Berks County IDA Health, Hospital, Nursing Home Revenue 5.000%  5/15/38    420       454
  Berks County IDA Health, Hospital, Nursing Home Revenue 5.000%  5/15/43    500       536
  Berks County IDA Health, Hospital, Nursing Home Revenue 5.000%  5/15/47    830       890
  Berks County IDA Health, Hospital, Nursing Home Revenue 5.000%  5/15/47  2,535     2,706
  Berks County IDA Health, Hospital, Nursing Home Revenue 5.000%  5/15/48  1,500     1,603
  Berks County IDA Health, Hospital, Nursing Home Revenue (Tower Health Project) 5.000%  11/1/23    600       634
  Berks County IDA Health, Hospital, Nursing Home Revenue (Tower Health Project) 4.000%  11/1/33  2,000     2,000
  Berks County IDA Health, Hospital, Nursing Home Revenue (Tower Health Project) 5.000%  11/1/35  3,350     3,588
  Berks County IDA Health, Hospital, Nursing Home Revenue (Tower Health Project) 5.000%  11/1/50 11,500    12,052
  Berks County PA GO 4.000% 11/15/24    600       687
  Berks County PA GO 5.000% 11/15/24    500       592
  Berks County PA GO 5.000% 11/15/25  1,545     1,901
5 Bermudian Springs School District GO 4.000%   5/1/44  2,500     2,869
  Bethel Park Municipal Authority Sewer Revenue 3.000%   9/1/47  3,210     3,438
  Bethel Park School District GO 4.000%   8/1/31  2,500     2,904
1 Blue Mountain School District GO 4.000%   8/1/22    235       249
1 Blue Mountain School District GO 4.000%   8/1/23    470       513
1 Blue Mountain School District GO 4.000%   8/1/24    500       561
1 Blue Mountain School District GO 4.000%   8/1/25    460       530
  Bristol Township School District GO 5.250%   6/1/37  3,000     3,332
  Bucks County IDA Health, Hospital, Nursing Home Revenue 4.000%  8/15/35    550       625
  Bucks County IDA Health, Hospital, Nursing Home Revenue 4.000%  8/15/36    900     1,019
  Bucks County IDA Health, Hospital, Nursing Home Revenue 3.000%  8/15/50  3,000     3,050
  Bucks County IDA Health, Hospital, Nursing Home Revenue 4.000%  8/15/50  2,000     2,189
4 Bucks County IDA Health, Hospital, Nursing Home Revenue VRDO 0.090%  12/3/20  2,155     2,155
  Bucks County IDA Private Schools Revenue (George School Project) 5.000%  9/15/44  4,965     6,313
1 Butler County General Authority Miscellaneous Revenue (South PK School District Project) VRDO 0.130%  12/3/20  4,595     4,595
  Butler County General Authority Miscellaneous Revenue VRDO 0.130%  12/3/20  9,420     9,420
  Butler County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/26    525       606
  Butler County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/27    490       563
  Butler County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/28    540       618
  Butler County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/29  1,670     1,903
  Butler County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/30  1,370     1,555
  Butler County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/35  4,430     4,971
12
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Butler County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/39  3,250     3,624
4 Butler County Hospital Authority Health, Hospital, Nursing Home Revenue VRDO 0.120%  12/3/20  2,300     2,300
1 Cambria County PA GO 4.000%   8/1/32  1,000     1,148
1 Cambria County PA GO 4.000%   8/1/34    750       853
1 Cambria County PA GO 4.000%   8/1/35    700       793
5 Canon Mcmillan School District GO 5.000% 12/15/37  3,000     3,482
1 Canon Mcmillan School District GO 5.000%  12/1/41  3,000     3,625
  Canonsburg-Houston Joint Authority Sewer Revenue 5.000%  12/1/27  1,530     1,843
  Canonsburg-Houston Joint Authority Sewer Revenue 5.000%  12/1/30  1,135     1,356
  Canonsburg-Houston Joint Authority Sewer Revenue 5.000%  12/1/40  4,000     4,710
  Capital Region Water Revenue 5.000%  7/15/31  2,350     2,995
  Capital Region Water Revenue 5.000%  7/15/32  1,100     1,396
  Capital Region Water Revenue 5.000%  7/15/35    500       627
  Capital Region Water Revenue 5.000%  7/15/38  1,000     1,241
  Capital Region Water Sewer Revenue 5.000%  7/15/31  1,240     1,543
  Capital Region Water Sewer Revenue 5.000%  7/15/32    500       620
  Capital Region Water Sewer Revenue 5.000%  7/15/33  1,370     1,689
  Capital Region Water Sewer Revenue 5.000%  7/15/34  1,000     1,230
  Capital Region Water Sewer Revenue 5.000%  7/15/37  1,815     2,216
  Capital Region Water Sewer Revenue 5.000%  7/15/42  2,665     3,198
  Centennial School District Bucks County GO 5.000% 12/15/33  1,000     1,326
  Centennial School District Bucks County GO 5.000% 12/15/34  1,000     1,321
  Central Bradford Progress Authority Health, Hospital, Nursing Home Revenue, Prere. 5.375%  12/1/21  3,000     3,153
  Central Bradford Progress Authority Health, Hospital, Nursing Home Revenue, Prere. 5.500%  12/1/21  5,000     5,262
  Central Dauphin School District GO 4.000%  5/15/32  1,000     1,139
  Central Dauphin School District GO 4.000%  5/15/34  1,985     2,225
  Central Dauphin School District GO 4.000%  5/15/35  2,325     2,601
  Central Dauphin School District GO 4.000%  5/15/37  1,000     1,113
  Centre County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000% 11/15/42  1,500     1,795
  Centre County Hospital Authority Health, Hospital, Nursing Home Revenue 4.000% 11/15/47  2,100     2,337
  Centre County Hospital Authority Health, Hospital, Nursing Home Revenue (Mount Nittany Medical Center Project), Prere. 7.000% 11/15/21  6,930     7,370
  Centre County Hospital Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000% 11/15/22  6,280     6,866
  Centre County Hospital Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000% 11/15/22  3,000     3,280
  Chartiers Valley School District GO 5.000% 10/15/35  1,160     1,366
  Chartiers Valley School District GO 5.000% 10/15/40  2,750     3,221
  Cheltenham Township School District GO 5.000%  3/15/38  4,210     4,873
  Chester County Health and Education Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  10/1/34  2,675     3,300
  Chester County Health and Education Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   9/1/40  2,500     2,961
  Chester County Health and Education Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   9/1/41  3,450     4,072
  Chester County Health and Education Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  10/1/42  2,000     2,262
  Chester County Health and Education Facilities Authority Health, Hospital, Nursing Home Revenue 3.000%   9/1/46  3,415     3,616
  Chester County Health and Education Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  10/1/47  4,000     4,489
13
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Chester County Health and Education Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   9/1/50 15,000    17,501
  Chester County Health and Education Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  10/1/52  2,500     3,001
  Chester County IDA Local or Guaranteed Housing Revenue (University Student Housing LLC Project) 5.000%   8/1/30  1,100     1,079
  Chester County IDA Local or Guaranteed Housing Revenue (University Student Housing LLC Project) 5.000%   8/1/35    785       763
  Chester County IDA Local or Guaranteed Housing Revenue (University Student Housing LLC Project) 5.000%   8/1/45  2,990     2,874
  Chester County IDA Recreational Revenue (Longwood Gardens Project) 4.000%  12/1/49  3,750     4,335
  Clarion County IDA Local or Guaranteed Housing Revenue 5.000%   7/1/29  2,000     2,235
  Clarion County IDA Local or Guaranteed Housing Revenue 5.000%   7/1/33  3,000     3,320
  Clarion County IDA Local or Guaranteed Housing Revenue 5.000%   7/1/45  2,000     2,182
5 Coatesville School District GO 0.000%  10/1/33  1,000       653
  Commonwealth Financing Authority Appropriations Revenue 5.000%   6/1/24    250       288
  Commonwealth Financing Authority Appropriations Revenue 5.000%   6/1/24  1,000     1,152
  Commonwealth Financing Authority Appropriations Revenue 5.000%   6/1/30  1,000     1,340
  Commonwealth Financing Authority Appropriations Revenue 5.000%   6/1/30  1,750     2,346
  Commonwealth Financing Authority Appropriations Revenue 5.000%   6/1/31  1,000     1,365
  Commonwealth Financing Authority Tobacco Settlement Funded Revenue 5.000%   6/1/27  4,000     5,058
  Commonwealth Financing Authority Tobacco Settlement Funded Revenue 5.000%   6/1/29  5,125     6,568
  Commonwealth Financing Authority Tobacco Settlement Funded Revenue 5.000%   6/1/30  4,045     5,153
  Commonwealth Financing Authority Tobacco Settlement Funded Revenue 5.000%   6/1/31  5,100     6,469
  Commonwealth Financing Authority Tobacco Settlement Funded Revenue 5.000%   6/1/32  7,000     8,829
  Commonwealth Financing Authority Tobacco Settlement Funded Revenue 5.000%   6/1/33 10,025    12,578
1 Commonwealth Financing Authority Tobacco Settlement Funded Revenue 4.000%   6/1/39 36,550    42,068
  Commonwealth of Pennsylvania COP 5.000%   7/1/29    300       382
  Commonwealth of Pennsylvania COP 5.000%   7/1/30    375       475
  Commonwealth of Pennsylvania COP 5.000%   7/1/31    425       536
  Commonwealth of Pennsylvania COP 5.000%   7/1/34    475       593
  Commonwealth of Pennsylvania COP 5.000%   7/1/35    845     1,052
  Commonwealth of Pennsylvania COP 5.000%   7/1/36  1,000     1,241
  Commonwealth of Pennsylvania COP 5.000%   7/1/37    875     1,082
  Commonwealth of Pennsylvania COP 5.000%   7/1/38  1,000     1,232
  Commonwealth of Pennsylvania GO 5.000%  1/15/21    100       101
  Commonwealth of Pennsylvania GO 5.000%   7/1/21    120       123
  Commonwealth of Pennsylvania GO 5.000%   7/1/21    250       257
  Commonwealth of Pennsylvania GO 5.375%   7/1/21  8,000     8,239
  Commonwealth of Pennsylvania GO 5.000%   3/1/22 10,000    10,595
  Commonwealth of Pennsylvania GO 5.000%   7/1/22    230       247
  Commonwealth of Pennsylvania GO 5.000%   1/1/23    175       192
  Commonwealth of Pennsylvania GO 4.000%   7/1/23  4,000     4,384
  Commonwealth of Pennsylvania GO 5.000% 10/15/23    215       244
  Commonwealth of Pennsylvania GO 5.000%   1/1/24     10        11
  Commonwealth of Pennsylvania GO 5.000%  1/15/24     55        63
  Commonwealth of Pennsylvania GO 5.000%  3/15/24     15        17
  Commonwealth of Pennsylvania GO 5.000%  7/15/24 10,000    11,683
  Commonwealth of Pennsylvania GO 5.000%  9/15/24  9,875    11,613
14
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Commonwealth of Pennsylvania GO 5.000%  7/15/25 15,000    18,176
  Commonwealth of Pennsylvania GO 5.000%  8/15/25  1,420     1,726
  Commonwealth of Pennsylvania GO 5.000%  9/15/25  6,240     7,607
1 Commonwealth of Pennsylvania GO 5.000%  9/15/25  2,275     2,780
  Commonwealth of Pennsylvania GO 5.000% 10/15/25 10,000    11,351
  Commonwealth of Pennsylvania GO 5.000%   1/1/26 10,000    12,300
  Commonwealth of Pennsylvania GO 5.000%  7/15/26  5,000     6,251
  Commonwealth of Pennsylvania GO 5.000%  9/15/26    525       660
1 Commonwealth of Pennsylvania GO 5.000%  9/15/26  9,050    11,416
  Commonwealth of Pennsylvania GO 5.000%  7/15/27  3,000     3,849
  Commonwealth of Pennsylvania GO 5.000%  9/15/27 10,000    12,511
  Commonwealth of Pennsylvania GO 5.000%  9/15/27  5,000     6,255
  Commonwealth of Pennsylvania GO 5.000%  3/15/28  8,550    10,145
  Commonwealth of Pennsylvania GO 5.000%  7/15/28  5,000     6,559
  Commonwealth of Pennsylvania GO 4.000% 10/15/28 10,000    10,989
  Commonwealth of Pennsylvania GO 4.000%   1/1/29 10,350    12,288
1 Commonwealth of Pennsylvania GO 4.000%  8/15/29  6,290     7,255
  Commonwealth of Pennsylvania GO 4.000%   1/1/30  3,500     4,132
  Commonwealth of Pennsylvania GO 4.000%   4/1/30 10,000    10,770
  Commonwealth of Pennsylvania GO 4.000%  6/15/30 10,000    11,111
1 Commonwealth of Pennsylvania GO 4.000%  8/15/30  7,640     8,782
  Commonwealth of Pennsylvania GO 5.000% 10/15/30  6,650     7,501
  Commonwealth of Pennsylvania GO 4.000%   2/1/31 17,875    20,560
  Commonwealth of Pennsylvania GO 4.000%  9/15/31  2,500     2,913
  Commonwealth of Pennsylvania GO 5.000% 10/15/31 14,955    16,851
  Commonwealth of Pennsylvania GO 4.000%   2/1/32 18,870    21,631
  Commonwealth of Pennsylvania GO 5.000%   3/1/32 11,225    14,297
  Commonwealth of Pennsylvania GO 5.000%  3/15/32  6,000     7,052
  Commonwealth of Pennsylvania GO 5.000%  8/15/32  8,000     9,530
  Commonwealth of Pennsylvania GO 5.000% 10/15/32 15,000    16,874
  Commonwealth of Pennsylvania GO 4.000%   2/1/33  5,585     6,378
1 Commonwealth of Pennsylvania GO 4.000%   3/1/33 20,000    24,053
  Commonwealth of Pennsylvania GO 4.000%   5/1/33 14,350    17,469
1 Commonwealth of Pennsylvania GO 4.000%   3/1/34 20,000    23,982
  Commonwealth of Pennsylvania GO 4.000%  3/15/34  2,000     2,246
  Commonwealth of Pennsylvania GO 4.000%  9/15/34 10,000    11,565
  Commonwealth of Pennsylvania GO 4.000%   3/1/35  5,500     6,483
5 Commonwealth of Pennsylvania GO 4.000%   3/1/35 15,000    17,954
  Commonwealth of Pennsylvania GO 3.000%   5/1/35 27,410    30,667
  Commonwealth of Pennsylvania GO 4.000%   3/1/36  5,000     5,876
  Commonwealth of Pennsylvania GO 3.000%  9/15/36    745       799
  Commonwealth of Pennsylvania GO 4.000%   3/1/37 10,000    11,718
5 Commonwealth of Pennsylvania GO 4.000%   3/1/37 10,000    11,900
  Commonwealth of Pennsylvania GO 4.000%   3/1/38  2,820     3,289
  Commonwealth of Pennsylvania GO 3.000%   5/1/38 12,975    14,298
  Conestoga Valley School District GO 3.000%   2/1/33  1,000     1,098
  Conestoga Valley School District GO 3.000%   2/1/37  1,240     1,356
  Conestoga Valley School District GO 3.000%   2/1/38    850       928
  Conestoga Valley School District GO 3.000%   2/1/39  1,000     1,089
5 Connellsville Area School District GO 4.000%  8/15/26  1,685     1,980
1 Conrad Weiser Area School District GO 4.000%   9/1/34  3,085     3,610
1 Conrad Weiser Area School District GO 4.000%   9/1/35    635       741
  Council Rock School District GO 2.050% 11/15/33  1,085     1,128
  Council Rock School District GO 3.250% 11/15/39  5,010     5,419
  County of Chester PA GO 4.000%  7/15/37  1,185     1,391
15
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Cumberland County Municipal Authority College & University Revenue 5.000%   5/1/31    750       899
  Cumberland County Municipal Authority College & University Revenue 5.000%   5/1/32    800       956
  Cumberland County Municipal Authority College & University Revenue 5.000%   5/1/34  1,420     1,687
  Cumberland County Municipal Authority College & University Revenue 5.000%  11/1/39  4,685     5,633
  Cumberland County Municipal Authority College & University Revenue (Dickinson College Project) 5.000%  11/1/37  2,000     2,139
  Cumberland County Municipal Authority College & University Revenue (Dickinson College Project) 5.000%  11/1/42  3,605     3,844
  Cumberland County Municipal Authority Health, Hospital, Nursing Home Revenue 4.000%  11/1/36  1,400     1,640
  Cumberland County Municipal Authority Health, Hospital, Nursing Home Revenue 4.000%  11/1/44  5,000     5,734
  Cumberland County Municipal Authority Health, Hospital, Nursing Home Revenue 4.000%  11/1/49  7,500     8,539
  Cumberland Valley School District GO 5.000%  12/1/30    500       595
  Cumberland Valley School District GO 5.000%  12/1/31    750       891
  Cumberland Valley School District GO 5.000%  12/1/33  1,005     1,191
  Cumberland Valley School District GO 5.000%  12/1/34  1,125     1,331
  Cumberland Valley School District GO 5.000%  12/1/35  1,000     1,181
  Dauphin County General Authority Health, Hospital, Nursing Home Revenue (Pinnacle Health Systems Project) 4.000%   6/1/30  3,745     4,207
  Dauphin County General Authority Health, Hospital, Nursing Home Revenue (Pinnacle Health Systems Project) 4.000%   6/1/31  2,190     2,452
  Dauphin County General Authority Health, Hospital, Nursing Home Revenue (Pinnacle Health Systems Project) 4.000%   6/1/32  2,070     2,309
  Dauphin County General Authority Health, Hospital, Nursing Home Revenue (Pinnacle Health Systems Project) 5.000%   6/1/35  3,450     4,037
  Dauphin County General Authority Health, Hospital, Nursing Home Revenue (Pinnacle Health Systems Project) 5.000%   6/1/42 11,040    11,620
  Delaware County Authority College & University Revenue 5.000%  10/1/34  1,220     1,473
  Delaware County Authority College & University Revenue 5.000%  10/1/35    800       963
  Delaware County Authority College & University Revenue 5.000%  10/1/35  2,215     2,466
  Delaware County Authority College & University Revenue 5.000%  10/1/39  4,500     4,943
  Delaware County Authority College & University Revenue 5.000%   8/1/40  2,500     2,866
  Delaware County Authority College & University Revenue 5.000%  10/1/42  5,030     5,969
  Delaware County Authority College & University Revenue 5.000%  10/1/46  4,970     5,861
  Delaware County Regional Water Quality Control Authority Sewer Revenue 5.000%   5/1/32  3,355     4,191
  Delaware County Regional Water Quality Control Authority Sewer Revenue 5.000%   5/1/40  1,500     1,751
5 Delaware County Vocational & Technical School Authority Lease (Appropriation) Revenue 5.000%  11/1/38  1,250     1,392
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/32  3,070     3,851
5 Delaware River Joint Toll Bridge Commission Highway Revenue 4.000%   7/1/33  4,000     4,446
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/34  3,250     4,046
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/36  3,500     4,336
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/42 18,930    23,159
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/44    755       962
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/47 11,500    13,960
  Delaware River Joint Toll Bridge Commission Highway Revenue, Prere. 5.000%   7/1/25    500       606
3,4 Delaware River PA Joint Toll Bridge Commission Revenue TOB VRDO 0.310%  12/3/20 11,260    11,260
16
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Delaware River Port Authority Highway Revenue 5.000%   1/1/30  3,000     3,863
  Delaware River Port Authority Highway Revenue 5.000%   1/1/31  3,500     3,931
  Delaware River Port Authority Highway Revenue 5.000%   1/1/32  2,750     3,508
  Delaware River Port Authority Highway Revenue 5.000%   1/1/33  5,000     5,606
  Delaware River Port Authority Highway Revenue 5.000%   1/1/34  3,500     3,920
  Delaware River Port Authority Highway Revenue 5.000%   1/1/36  2,000     2,505
  Delaware River Port Authority Highway Revenue 5.000%   1/1/37 12,000    13,392
  Delaware River Port Authority Highway Revenue 5.000%   1/1/37  2,500     3,122
  Delaware River Port Authority Highway Revenue 5.000%   1/1/40  5,115     5,689
  Delaware River Port Authority Highway Revenue 5.000%   1/1/40  1,825     2,264
  Delaware River Port Authority Port, Airport & Marina Revenue (Port District Project) 5.000%   1/1/24  3,640     3,896
  Delaware River Port Authority Port, Airport & Marina Revenue (Port District Project) 5.000%   1/1/25  2,715     2,901
  Delaware River Port Authority Port, Airport & Marina Revenue (Port District Project) 5.000%   1/1/26  3,205     3,418
  Delaware River Port Authority Port, Airport & Marina Revenue (Port District Project) 5.000%   1/1/27  1,000     1,063
  Delaware Valley Regional Finance Authority Indirect Ad Valorem Property Revenue 5.750%   7/1/32  6,885     9,854
6 Delaware Valley Regional Finance Authority Lease Revenue 5.500%   8/1/28  6,170     8,059
4 Delaware Valley Regional Finance Authority Miscellaneous Revenue VRDO 0.110%  12/2/20  3,700     3,700
  Doylestown Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/25  3,730     4,042
  Doylestown Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/26  4,445     4,808
  Doylestown Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/27  1,170     1,262
  Doylestown Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/28  1,025     1,103
  Doylestown Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/29    865       928
  Doylestown Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/46  4,000     4,412
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%  7/15/32    750       913
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%  7/15/33  1,000     1,212
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%  7/15/35    500       603
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%  7/15/40    760       906
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/45  3,850     4,192
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/48  7,405     8,003
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/50  4,000     4,331
  East Hempfield Township IDA College & University Revenue 5.000%   7/1/30  1,280     1,288
  East Hempfield Township IDA College & University Revenue 5.000%   7/1/34  1,000     1,007
  East Hempfield Township IDA College & University Revenue 5.000%   7/1/35  1,250     1,255
  East Hempfield Township IDA College & University Revenue 5.000%   7/1/45  4,325     4,330
  East Hempfield Township IDA Local or Guaranteed Housing Revenue 5.000%   7/1/30    825       834
  East Hempfield Township IDA Local or Guaranteed Housing Revenue 5.000%   7/1/47  3,750     3,757
17
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  East Norriton-Plymouth-Whitpain Joint Sewer Authority Sewer Revenue, Prere. 5.000%   8/1/23  2,500     2,813
  East Norriton-Plymouth-Whitpain Joint Sewer Authority Sewer Revenue, Prere. 5.000%   8/1/23  2,100     2,363
5 East Pennsboro Area School District GO 4.000%  10/1/44  2,370     2,736
5 East Pennsboro Area School District GO 4.000%  10/1/47  1,750     2,006
5 Easton Area Joint Sewer Authority Sewer Revenue 5.000%  12/1/27    250       281
5 Easton Area Joint Sewer Authority Sewer Revenue 5.000%  12/1/28    250       281
4 Emmaus General Authority Miscellaneous Revenue VRDO 0.120%  12/2/20  5,800     5,800
1 Erie City Water Authority Water Revenue 5.000%  12/1/43  1,500     1,877
5 Erie City Water Authority Water Revenue 4.000%  12/1/44  2,175     2,545
  Erie Higher Education Building Authority College & University Revenue (Gannon University Project) 5.000%   5/1/32  1,325     1,443
  Erie Higher Education Building Authority College & University Revenue (Gannon University Project) 5.000%   5/1/33  1,395     1,512
1 Erie School District GO 5.000%   4/1/27    150       189
1 Erie School District GO 3.000%   4/1/32  3,360     3,736
1 Erie Sewer Authority Lease Revenue 4.000%  12/1/41  3,500     3,996
  Fox Chapel Area School District GO 5.000%   2/1/36  2,000     2,459
  Franklin County PA IDA Health, Hospital, Nursing Home Revenue (Haven Inc. Project) 5.000%  12/1/43  1,100     1,162
  Franklin County PA IDA Health, Hospital, Nursing Home Revenue (Haven Inc. Project) 5.000%  12/1/48  2,300     2,408
  Franklin County PA IDA Health, Hospital, Nursing Home Revenue (Haven Inc. Project) 5.000%  12/1/53  1,900     1,983
  Geisinger Authority Health, Hospital, Nursing Home Revenue 5.000%  2/15/34  4,250     5,159
  Geisinger Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/35  1,000     1,299
  Geisinger Authority Health, Hospital, Nursing Home Revenue 5.000%  2/15/39  4,400     5,286
  Geisinger Authority Health, Hospital, Nursing Home Revenue 4.000%   4/1/39  8,000     9,414
  Geisinger Authority Health, Hospital, Nursing Home Revenue 5.000%   6/1/41  5,000     5,602
  Geisinger Authority Health, Hospital, Nursing Home Revenue 5.000%  2/15/45 13,000    15,482
  Geisinger Authority Health, Hospital, Nursing Home Revenue 4.000%  2/15/47 25,030    27,813
  Geisinger Authority Health, Hospital, Nursing Home Revenue 4.000%   4/1/50 10,500    12,065
  Geisinger Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/50 15,000    18,810
  Gettysburg Area School District GO 4.000%   4/1/33  1,085     1,300
  Gettysburg Area School District GO 4.000%   4/1/35    750       892
  Gettysburg Area School District GO 4.000%   4/1/36  1,200     1,422
1 Greater Johnstown Water Authority Sewer Revenue 4.000%  8/15/38  1,250     1,457
1 Greater Johnstown Water Authority Sewer Revenue 4.000%  8/15/41  1,500     1,737
1 Greater Johnstown Water Authority Sewer Revenue 4.000%  8/15/44  1,500     1,722
1 Greater Johnstown Water Authority Sewer Revenue 4.000%  8/15/48  3,500     3,991
  Hamburg Area School District GO 5.000%   4/1/21    300       305
  Hamburg Area School District GO 5.000%   4/1/22    300       319
  Hamburg Area School District GO 5.000%   4/1/23    335       371
  Haverford Township PA GO 3.650%   6/1/48    935     1,033
  Haverford Township School District GO 3.000%   3/1/31  3,920     4,415
  Haverford Township School District GO 3.000%   3/1/32  4,050     4,522
  Haverford Township School District GO 3.000%   3/1/33  4,170     4,608
  Haverford Township School District GO 3.000%   3/1/34     55        61
4 Haverford Township School District GO VRDO 0.100%  12/3/20  1,800     1,800
  Huntingdon County General Authority College & University Revenue (AICUP Financing Program) 5.000%   5/1/46  2,670     2,780
  Lackawanna County IDA College & University Revenue 4.000%  11/1/35    900     1,017
  Lackawanna County IDA College & University Revenue 4.000%  11/1/36    625       704
  Lackawanna County IDA College & University Revenue 4.000%  11/1/40  4,300     4,800
  Lancaster County PA GO 4.000%  11/1/31    375       445
18
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Lancaster County PA GO 4.000%  11/1/32    300       354
  Lancaster County PA GO 4.000%  11/1/33    375       441
  Lancaster County PA GO 4.000%  11/1/34    500       587
  Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/42  8,825    10,504
  Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue (Brethren Village Project) 5.000%   7/1/25    715       772
  Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue (Brethren Village Project) 5.000%   7/1/30    750       812
  Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue (Brethren Village Project) 5.000%   7/1/31  1,300     1,403
  Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue (Brethren Village Project) 5.000%   7/1/32    725       780
4 Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue (Masonic Homes Project) VRDO 0.100%  12/1/20  4,500     4,500
  Lancaster County Solid Waste Management Authority Resource Recovery Revenue 5.250% 12/15/31  4,235     4,845
  Lancaster County Solid Waste Management Authority Resource Recovery Revenue 5.250% 12/15/32  2,600     2,966
  Lancaster County Solid Waste Management Authority Resource Recovery Revenue 5.000% 12/15/33  5,000     5,658
  Lancaster IDA Health, Hospital, Nursing Home Revenue (Garden Spot Village Project), Prere. 5.375%   5/1/23  1,250     1,403
  Lancaster IDA Health, Hospital, Nursing Home Revenue (Garden Spot Village Project), Prere. 5.750%   5/1/23  2,200     2,490
5 Lancaster PA GO 4.000%  11/1/31  1,400     1,662
5 Lancaster PA GO 4.000%  11/1/32  2,445     2,885
5 Lancaster PA GO 4.000%  11/1/33  2,545     2,987
5 Lancaster PA GO 4.000%  11/1/34  2,660     3,117
5 Lancaster PA GO 4.000%  11/1/35  2,355     2,751
  Lehigh County Authority Water Revenue 0.000%  12/1/24  1,695     1,638
  Lehigh County Authority Water Revenue 5.000%  12/1/43  6,725     7,457
  Lehigh County Authority Water Revenue 5.125%  12/1/47  1,475     1,640
  Lehigh County Authority Water Revenue, Prere. 5.000%  12/1/23     15        17
  Lehigh County Authority Water Revenue, Prere. 5.000%  12/1/23  7,735     8,809
  Lehigh County Authority Water Revenue, Prere. 5.125%  12/1/23  1,700     1,942
  Lehigh County General Purpose Authority Health, Hospital, Nursing Home Revenue 4.000%  11/1/46  3,685     3,960
3,4 Lehigh County PA General Purpose Hospital Authority Revenue (Lehigh Valley Health Network) TOB VRDO 0.410%  12/3/20 10,000    10,000
  Lehigh County PA Health, Hospital, Nursing Home Revenue 4.000%   7/1/33  5,000     5,177
  Lehigh County PA Health, Hospital, Nursing Home Revenue 5.000%   7/1/44  7,000     8,669
  Lehigh County PA Health, Hospital, Nursing Home Revenue 4.000%   7/1/49 27,000    30,806
  Lower Paxton Township PA GO, Prere. 5.000%   4/1/24     15        17
7 Luzerne County PA GO 5.250% 12/15/21    905       919
  Lycoming County Authority College & University Revenue 5.000%   7/1/30  5,565     5,682
  Lycoming County Authority College & University Revenue (AICUP Financing Program) 4.000%  11/1/24    435       489
  Lycoming County Authority College & University Revenue (AICUP Financing Program) 5.500%  11/1/33  2,935     3,339
  Manheim Township School District GO 4.000%   2/1/31  1,000     1,206
  Manheim Township School District GO 5.000%   2/1/31  1,200     1,443
  Marple Newtown School District GO 3.000%   6/1/40  3,745     4,093
  Marple Newtown School District GO 3.000%   6/1/44  2,000     2,162
  Mechanicsburg Area School District GO 4.000%   3/1/32  1,580     1,894
  Mechanicsburg Area School District GO 4.000%   3/1/33  1,645     1,962
  Methacton School District GO 4.000%  9/15/41    520       601
19
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Methacton School District GO 4.000%  9/15/42    565       651
  Methacton School District GO 4.000%  9/15/45  1,000     1,152
  Monroe County PA Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/41  4,215     4,901
  Monroeville Finance Authority Health, Hospital, Nursing Home Revenue 5.000%  2/15/42 10,875    11,585
  Montgomery County Higher Education and Health Authority College & University Revenue 5.000%   4/1/29  2,580     2,823
  Montgomery County Higher Education and Health Authority College & University Revenue 5.000%   4/1/30  1,000     1,090
  Montgomery County Higher Education and Health Authority College & University Revenue 5.750%   4/1/40  3,000     3,240
  Montgomery County Higher Education and Health Authority College & University Revenue 5.250%  11/1/42  4,000     4,261
  Montgomery County Higher Education and Health Authority College & University Revenue (AICUP Financing Program) PUT 4.000%   5/1/23  1,160     1,201
  Montgomery County Higher Education and Health Authority College & University Revenue (Gwynedd Mercy University Project) PUT 3.000%   5/1/21  1,080     1,087
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%  10/1/24  1,165     1,296
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%  10/1/25  1,200     1,334
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%  10/1/26  1,000     1,108
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%  10/1/27  1,000     1,103
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%  12/1/27  2,250     2,505
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%   9/1/31  1,750     2,142
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%   9/1/34  2,210     2,674
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%   9/1/35  2,780     3,355
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%   9/1/37  2,500     2,991
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%  10/1/40  4,650     5,145
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%   9/1/43  6,825     8,027
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%  12/1/47  2,000     2,141
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 4.000%  12/1/48  3,000     2,931
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue (Thomas Jefferson University Project) 4.000%   9/1/37  1,435     1,613
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue (Thomas Jefferson University Project) 4.000%   9/1/44  4,300     4,746
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue (Thomas Jefferson University Project) 4.000%   9/1/49 10,210    11,186
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue (Thomas Jefferson University Project) 5.000%   9/1/51  4,415     5,220
  Montgomery County Higher Education and Health Authority Private Schools Revenue (Hill School Project) 4.000%  8/15/50  5,730     6,434
20
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.250%  1/15/28  3,795     4,230
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.000%   1/1/30  1,575     1,620
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.250%  1/15/30  5,000     5,531
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.000%  12/1/30  1,200     1,316
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.250%  1/15/36 11,250    12,288
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.000%  12/1/38  2,500     2,710
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.250%   1/1/40  4,750     4,842
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 4.000% 11/15/43    700       767
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.250%  1/15/45  8,500     9,189
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.000% 11/15/45  2,600     3,038
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.250%  1/15/46  3,300     3,562
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.000%  12/1/46  3,730     3,941
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.000%  12/1/48  6,500     6,963
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/20    225       225
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/21    200       204
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/22    100       104
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/23    225       238
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/24    300       322
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/25    250       272
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/26    350       385
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/27    150       166
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/28    200       221
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/29    100       110
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/30    210       230
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/31    225       246
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/32    100       109
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/33    225       245
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/34    370       401
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/35    570       616
21
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/36    825       890
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/37    705       760
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/38    400       430
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 5.000%  12/1/44  1,000     1,112
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 5.000%  12/1/49  1,000     1,108
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue, Prere. 6.625%  12/1/21  1,565     1,664
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue, Prere. 5.000%   4/1/22  4,110     4,373
  Montgomery County PA IDA Private Schools Revenue (Haverford School Project) 3.000%   3/1/49  3,760     3,840
  Montgomery County PA IDA Private Schools Revenue (Haverford School Project) 4.000%   3/1/49  1,700     1,893
1 Montour School District GO 5.000%   4/1/40  3,185     3,745
1 Moon Area School District GO 4.000% 11/15/31  2,050     2,421
1 Moon Area School District GO 4.000% 11/15/32  1,000     1,175
  Moon IDA Health, Hospital, Nursing Home Revenue 5.625%   7/1/30  1,000     1,053
  Moon IDA Health, Hospital, Nursing Home Revenue 6.000%   7/1/45  3,500     3,630
  Mount Lebanon Hospital Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/48  6,000     6,776
1 Mount Union PA Area School District GO 5.000%   9/1/32  1,580     2,016
1 Mount Union PA Area School District GO 5.000%   9/1/33  1,655     2,103
1 Mount Union PA Area School District GO 5.000%   9/1/34  1,740     2,207
5 New Kensington-Arnold School District GO 5.000%  5/15/23  2,025     2,240
5 New Kensington-Arnold School District GO 5.000%  5/15/24  2,125     2,440
  Norristown Area School District GO 4.000%   9/1/30  1,000     1,135
  North Allegheny School District GO 3.000%   5/1/32  2,590     2,900
  North Allegheny School District GO 3.000%   5/1/33  2,780     3,096
  North Allegheny School District GO 4.000%   5/1/37  1,065     1,259
  North Allegheny School District GO 4.000%   5/1/38  2,345     2,766
  North Allegheny School District GO 4.000%   5/1/44  1,750     2,033
  Northampton County General Purpose Authority College & University Revenue 4.000% 11/15/34  7,535     8,629
  Northampton County General Purpose Authority College & University Revenue 5.000%  10/1/36  1,500     1,602
  Northampton County General Purpose Authority College & University Revenue 5.000%  10/1/40  1,760     1,865
  Northampton County General Purpose Authority College & University Revenue 5.000%  11/1/47  2,000     2,387
  Northampton County General Purpose Authority College & University Revenue (Lafayette College Project) VRDO 0.110%  12/3/20  5,750     5,750
  Northampton County General Purpose Authority College & University Revenue VRDO 0.110%  12/3/20    515       515
  Northampton County General Purpose Authority College & University Revenue, Prere. 5.000%  11/1/23  4,000     4,546
  Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/28  3,975     4,763
  Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/29  2,000     2,383
  Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/33  9,555    10,342
  Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/36  6,790     7,928
22
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/43  3,000     3,586
  Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/46  1,795     2,060
  Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/48  3,895     4,275
  Northampton County IDA Health, Hospital, Nursing Home Revenue 5.000%   7/1/32  1,775     1,803
  Northampton County IDA Health, Hospital, Nursing Home Revenue 5.000%   7/1/36  1,000     1,012
  Northampton County IDA Health, Hospital, Nursing Home Revenue 5.000%  11/1/44  1,900     1,969
  Northampton Township PA GO 3.625%  5/15/39  2,145     2,339
  Northeastern Pennsylvania Hospital and Education Authority College & University Revenue (Kings College Project) 5.000%   5/1/44  1,000     1,091
  Northeastern Pennsylvania Hospital and Education Authority College & University Revenue (Kings College Project) 5.000%   5/1/49  1,350     1,468
  Northeastern Pennsylvania Hospital and Education Authority College & University Revenue (Wilkes University Project) 5.000%   3/1/25  1,125     1,214
  Northeastern Pennsylvania Hospital and Education Authority College & University Revenue (Wilkes University Project) 5.000%   3/1/29  1,250     1,339
  Northeastern Pennsylvania Hospital and Education Authority College & University Revenue (Wilkes University Project) 5.250%   3/1/31  1,140     1,235
  Northeastern Pennsylvania Hospital and Education Authority College & University Revenue (Wilkes University Project) 5.000%   3/1/37  3,740     3,910
  Northeastern Pennsylvania Hospital and Education Authority College & University Revenue (Wilkes University Project) 5.250%   3/1/37  3,000     3,176
5 Northern Tioga School District GO 5.000%   4/1/31    700       870
5 Northern Tioga School District GO 4.000%   4/1/33    500       570
  Palmer Township PA GO 4.000%  5/15/30  1,495     1,658
5 Penn Hills School District GO 3.000%  10/1/30  3,030     3,419
5 Penn Hills School District GO 3.000%  10/1/31  4,180     4,674
5 Penn Hills School District GO 3.000%  10/1/32  2,845     3,148
5 Penn Hills School District GO 3.000%  10/1/33  5,015     5,523
  Penn Manor School District GO 5.000%   3/1/32  1,000     1,241
  Penn Manor School District GO 5.000%   3/1/35    800       986
  Penn Manor School District GO 5.000%   3/1/36  1,700     2,090
  Penn Manor School District GO 5.000%   3/1/38  1,250     1,531
1 Pennsylvania Economic Development Financing Authority Auto Parking Revenue 0.000%   1/1/29  1,220     1,039
1 Pennsylvania Economic Development Financing Authority Auto Parking Revenue 0.000%   1/1/30  3,710     3,061
1 Pennsylvania Economic Development Financing Authority Auto Parking Revenue 5.500%   1/1/31  3,000     3,430
1 Pennsylvania Economic Development Financing Authority Auto Parking Revenue 0.000%   1/1/36  6,045     4,296
1 Pennsylvania Economic Development Financing Authority Auto Parking Revenue 0.000%   1/1/38  5,525     3,688
1 Pennsylvania Economic Development Financing Authority Auto Parking Revenue 5.250%   1/1/44  6,500     7,190
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   2/1/31  5,000     5,689
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   2/1/32  8,000     9,081
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000%  3/15/32  2,500     2,842
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/33 11,405    12,613
23
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  4/15/35  1,550     1,988
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/43  4,500     4,937
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   2/1/45  5,000     5,558
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000%  3/15/45  4,000     4,346
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000%  4/15/45 10,000    11,313
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000% 11/15/47 10,000    11,106
3,4 Pennsylvania GO TOB VRDO 0.140%  12/7/20  3,335     3,335
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%   7/1/28  3,800     3,670
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%   5/1/29  1,655     2,046
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  6/15/30  3,895     4,553
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  6/15/30  2,125     2,484
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%  11/1/30  1,235     1,333
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%  12/1/30    200       265
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  8/15/31  4,000     4,631
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%  11/1/31  1,870     2,014
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%  12/1/31    295       389
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%   5/1/32  1,750     2,059
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  6/15/32  3,330     3,753
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%   9/1/32  3,965     4,515
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%  12/1/32    230       301
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%   5/1/33  3,520     4,127
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  6/15/33  2,310     2,595
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%   5/1/34  2,575     2,919
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%   5/1/34  3,000     3,511
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  6/15/34  2,940     3,406
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  8/15/34  2,200     2,532
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%   5/1/35  1,870     2,261
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  8/15/35  2,275     2,620
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%   5/1/36  2,305     2,601
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  8/15/36  1,400     1,610
24
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%  11/1/36  4,895     5,201
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%   5/1/37  5,865     5,938
1 Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%   5/1/38  3,950     5,047
1 Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%   5/1/39  2,000     2,547
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%   9/1/39  5,000     5,642
1 Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%   5/1/40  1,645     1,910
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%   5/1/41  8,750    10,435
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  2/15/43  7,000     7,934
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  12/1/44  1,000     1,176
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 3.000%  6/15/45  1,405     1,456
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%   9/1/45 17,800    19,921
1 Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%   5/1/46  5,000     6,248
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  12/1/48  2,500     2,923
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.250%   9/1/50 10,000    11,256
  Pennsylvania Higher Educational Facilities Authority College & University Revenue (AICUP Financing Program) 5.000%  11/1/21  1,245     1,260
  Pennsylvania Higher Educational Facilities Authority College & University Revenue (AICUP Financing Program) 5.000%  11/1/27  1,250     1,272
  Pennsylvania Higher Educational Facilities Authority College & University Revenue (AICUP Financing Program) 5.000%  11/1/42    535       537
  Pennsylvania Higher Educational Facilities Authority College & University Revenue, Prere. 5.000%   4/1/22 11,120    11,830
  Pennsylvania Higher Educational Facilities Authority College & University Revenue, Prere. 5.000%  11/1/22  1,260     1,373
  Pennsylvania Higher Educational Facilities Authority College & University Revenue, Prere. 5.000%   6/1/23  2,025     2,263
  Pennsylvania Higher Educational Facilities Authority College & University Revenue, Prere. 5.000%  11/1/23  1,265     1,438
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/31    750       892
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/33  1,180     1,395
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/34    750       894
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/34  2,695     3,182
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/35  3,135     3,664
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/35    785       933
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/40 11,000    12,811
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/41  6,000     6,766
25
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/42  6,675     7,641
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/42  6,130     6,534
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 3.000%  8/15/47  7,345     7,697
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/47 10,000    12,091
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/49  5,000     5,764
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/49 12,010    14,971
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.200%  10/1/31  2,500     2,674
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.700%  10/1/33  5,000     5,448
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.950%  10/1/34  3,000     3,221
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.500%  10/1/34  1,000     1,082
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.600%   8/1/35  7,784     8,819
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.125%  10/1/35  2,000     2,060
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.500%  10/1/36  5,345     5,610
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.900%  10/1/36  6,795     7,340
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.850%   4/1/38  2,475     2,708
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.700%  10/1/39  6,845     7,113
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.150%  10/1/39  3,000     3,210
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.350%  10/1/40  6,000     6,190
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.200%  10/1/41  4,000     4,216
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.650%  10/1/42  6,890     7,314
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.100%  10/1/44  6,000     6,397
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.500%  10/1/45  5,000     5,145
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.000%  10/1/46  3,000     3,131
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.700%  10/1/47 16,955    17,997
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 0.100%  12/2/20    600       600
3,4 Pennsylvania Housing Finance Agency Single Family Mortgage Revenue TOB VRDO 0.150%  12/7/20  5,725     5,725
3,4 Pennsylvania State Turnpike Commission Turnpike Highway Revenue TOB VRDO 0.310%  12/3/20  6,600     6,600
  Pennsylvania State University College & University Revenue 4.000%   9/1/27  7,000     8,276
  Pennsylvania State University College & University Revenue 5.000%   9/1/30  6,900     8,270
  Pennsylvania State University College & University Revenue 5.000%   9/1/33  5,000     6,073
  Pennsylvania State University College & University Revenue 5.000%   9/1/36  4,650     5,796
26
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Pennsylvania Turnpike Commission Franchise Tax & Business License Fees Revenue 5.000%  12/1/29  3,040     3,724
  Pennsylvania Turnpike Commission Franchise Tax & Business License Fees Revenue 5.000%  12/1/30  7,770     9,496
  Pennsylvania Turnpike Commission Franchise Tax & Business License Fees Revenue 0.000%  12/1/37  2,000     1,327
  Pennsylvania Turnpike Commission Franchise Tax & Business License Fees Revenue 5.000%  12/1/38  3,000     3,716
  Pennsylvania Turnpike Commission Franchise Tax & Business License Fees Revenue 5.000%  12/1/39  3,535     4,348
  Pennsylvania Turnpike Commission Franchise Tax & Business License Fees Revenue 5.000%  12/1/43 15,205    18,456
  Pennsylvania Turnpike Commission Franchise Tax & Business License Fees Revenue 5.000%  12/1/48  8,000    10,028
  Pennsylvania Turnpike Commission Franchise Tax & Business License Fees Revenue 5.000%  12/1/48 17,100    20,526
  Pennsylvania Turnpike Commission Highway Revenue 5.000%   6/1/28  2,305     2,777
  Pennsylvania Turnpike Commission Highway Revenue 5.000%   6/1/28  7,060     8,507
  Pennsylvania Turnpike Commission Highway Revenue 5.000%   6/1/29  5,000     5,989
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/30  2,500     3,232
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/31  9,775    11,302
  Pennsylvania Turnpike Commission Highway Revenue 5.000%   6/1/32  7,090     8,356
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/32 10,000    11,525
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/32  9,325    11,610
  Pennsylvania Turnpike Commission Highway Revenue 5.000%   6/1/33  5,410     6,450
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/33  1,250     1,563
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/33  2,000     2,297
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/33  9,800    11,272
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/33    500       638
  Pennsylvania Turnpike Commission Highway Revenue 5.250%  12/1/33  2,560     3,051
1 Pennsylvania Turnpike Commission Highway Revenue 5.000%   6/1/34  1,325     1,638
  Pennsylvania Turnpike Commission Highway Revenue 5.000%   6/1/34    545       640
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/34 10,000    11,151
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/34  9,000    11,121
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/34  2,000     2,286
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/34 10,000    11,493
  Pennsylvania Turnpike Commission Highway Revenue 5.250%  12/1/34  4,410     5,232
  Pennsylvania Turnpike Commission Highway Revenue 5.000%   6/1/35  3,000     3,611
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/35  5,500     6,781
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/35  4,390     5,298
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/35  5,000     6,083
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/36  1,000     1,266
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/36  1,260     1,488
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/36  9,790    11,877
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/37  6,610     7,411
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/37  4,000     4,566
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/37  1,360     1,717
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/37  6,535     7,910
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/37  1,315     1,618
  Pennsylvania Turnpike Commission Highway Revenue 5.000%   6/1/38  8,145     9,502
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/38  3,500     3,986
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/38  2,755     3,581
  Pennsylvania Turnpike Commission Highway Revenue 6.375%  12/1/38  5,345     7,027
  Pennsylvania Turnpike Commission Highway Revenue 5.000%   6/1/39 19,950    23,442
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/39  2,100     2,397
  Pennsylvania Turnpike Commission Highway Revenue 5.250%  12/1/39  2,010     2,306
27
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/40  7,200     8,328
5 Pennsylvania Turnpike Commission Highway Revenue 0.000%  12/1/41 10,655     6,634
  Pennsylvania Turnpike Commission Highway Revenue 0.000%  12/1/41    500       281
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/41  3,035     3,651
  Pennsylvania Turnpike Commission Highway Revenue 5.000%   6/1/42 14,500    17,189
  Pennsylvania Turnpike Commission Highway Revenue 5.500%  12/1/42  2,950     3,616
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/43  1,275     1,405
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/44  6,400     7,255
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/44  6,000     6,801
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/44  1,890     2,342
  Pennsylvania Turnpike Commission Highway Revenue 5.250%  12/1/44  2,640     3,008
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/45 14,960    17,251
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/45  4,700     5,491
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/45  5,515     7,028
  Pennsylvania Turnpike Commission Highway Revenue 5.250%  12/1/45  5,000     5,825
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/46  4,095     4,724
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/46 16,000    18,773
  Pennsylvania Turnpike Commission Highway Revenue 5.500%  12/1/46  7,000     8,433
  Pennsylvania Turnpike Commission Highway Revenue 5.250%   6/1/47 12,500    14,893
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/48 13,750    16,854
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/49  5,380     6,042
1 Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/49  5,000     5,777
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/49  8,150    10,127
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/50  9,400    11,891
8 Pennsylvania Turnpike Commission Highway Revenue, 4.500% coupon rate effective 12/1/21 0.000%  12/1/34  3,855     4,284
8 Pennsylvania Turnpike Commission Highway Revenue, 4.750% coupon rate effective 12/1/21 0.000%  12/1/37  4,060     4,527
8 Pennsylvania Turnpike Commission Highway Revenue, 6.100% coupon rate effective 12/1/28 0.000%  12/1/41  9,795     9,904
  Pennsylvania Turnpike Commission Highway Revenue, Prere. 5.000%  12/1/22  2,140     2,342
1,3,4 Pennsylvania Turnpike Commission Revenue TOB VRDO 0.160%  12/1/20  9,895     9,895
3,4 Pennsylvania Turnpike Commission Revenue TOB VRDO 0.150%  12/3/20  7,330     7,330
1,3,4 Pennsylvania Turnpike Commission Revenue TOB VRDO 0.290%  12/3/20  1,300     1,300
3,4 Pennsylvania Turnpike Commission Revenue TOB VRDO 0.360%  12/3/20  6,910     6,910
3,4 Pennsylvania Turnpike Commission Revenue TOB VRDO 0.360%  12/3/20  4,140     4,140
3,4 Pennsylvania Turnpike Commission Revenue TOB VRDO 0.360%  12/3/20  2,800     2,800
3,4 Peters Township PA School District Washington County GO TOB VRDO 0.100%  12/7/20  4,780     4,780
  Peters Township School District Washington County GO 5.000%   9/1/37  3,000     3,798
  Peters Township School District Washington County GO 5.000%   9/1/38  7,555     9,543
3,9 Philadelphia Authority for Industrial Development Charter School Aid Revenue 5.000%  6/15/40    200       228
3,9 Philadelphia Authority for Industrial Development Charter School Aid Revenue 5.000%  6/15/50    200       225
  Philadelphia Authority for Industrial Development Charter School Aid Revenue (Mast Charter School Project) 5.000%   8/1/50  1,425     1,656
  Philadelphia Authority for Industrial Development College & University Revenue 5.000%   4/1/29  3,500     4,085
  Philadelphia Authority for Industrial Development College & University Revenue 5.000%  11/1/31  2,000     2,540
  Philadelphia Authority for Industrial Development College & University Revenue 5.000%  11/1/32  2,000     2,524
  Philadelphia Authority for Industrial Development College & University Revenue 5.000%   4/1/36  4,750     5,451
  Philadelphia Authority for Industrial Development College & University Revenue 4.000%  11/1/37  1,400     1,581
28
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Philadelphia Authority for Industrial Development College & University Revenue 4.000%  11/1/38  1,975     2,224
  Philadelphia Authority for Industrial Development College & University Revenue 5.000%   4/1/40  7,430     8,479
  Philadelphia Authority for Industrial Development College & University Revenue 5.000%   5/1/40  1,000     1,130
  Philadelphia Authority for Industrial Development College & University Revenue 4.000%  11/1/45 12,530    13,854
  Philadelphia Authority for Industrial Development College & University Revenue 5.000%   5/1/50  2,000     2,226
  Philadelphia Authority for Industrial Development Government Fund/Grant Revenue 5.000%  11/1/47  5,000     5,285
  Philadelphia Authority for Industrial Development Health, Hospital, Nursing Home Revenue 5.000%   7/1/33  3,600     4,414
  Philadelphia Authority for Industrial Development Health, Hospital, Nursing Home Revenue 5.000%   7/1/34  2,180     2,667
  Philadelphia Authority for Industrial Development Health, Hospital, Nursing Home Revenue 4.000%   7/1/35  2,150     2,484
  Philadelphia Authority for Industrial Development Health, Hospital, Nursing Home Revenue 5.000%   9/1/35  2,425     2,836
  Philadelphia Authority for Industrial Development Health, Hospital, Nursing Home Revenue 4.000%   7/1/36  3,780     4,342
  Philadelphia Authority for Industrial Development Health, Hospital, Nursing Home Revenue 5.000%   9/1/36 10,000    11,633
  Philadelphia Authority for Industrial Development Health, Hospital, Nursing Home Revenue 5.000%   9/1/47 12,000    13,659
4 Philadelphia Authority for Industrial Development Health, Hospital, Nursing Home Revenue (Gift of Life Donor Program) VRDO 0.100%  12/3/20    190       190
  Philadelphia Authority for Industrial Development Lease (Appropriation) Revenue 5.000%  12/1/27    960     1,154
  Philadelphia Authority for Industrial Development Lease (Appropriation) Revenue 5.000%  12/1/28  3,885     4,660
  Philadelphia Authority for Industrial Development Lease (Appropriation) Revenue 5.000%  12/1/31  1,130     1,350
  Philadelphia Authority for Industrial Development Lease Revenue 5.000%  12/1/37  3,250     3,934
1 Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   7/1/22     10        10
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%  10/1/22  1,375     1,487
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%  10/1/28  1,400     1,710
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/30  2,000     2,351
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%  10/1/30  3,050     3,707
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/31  1,750     2,052
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%  10/1/31  3,270     3,962
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/32  2,000     2,343
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%  10/1/33  2,500     3,001
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%  10/1/34  4,175     5,002
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/35  4,000     4,880
1 Philadelphia Gas Works Co. Natural Gas Revenue 4.000%   8/1/36  1,150     1,377
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/36  2,000     2,433
1 Philadelphia Gas Works Co. Natural Gas Revenue 4.000%   8/1/37  1,350     1,612
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/37  2,000     2,428
  Philadelphia Gas Works Co. Natural Gas Revenue 4.000%  10/1/37  1,120     1,241
1 Philadelphia Gas Works Co. Natural Gas Revenue 4.000%   8/1/38  1,500     1,786
1 Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/38  7,375     9,565
1 Philadelphia Gas Works Co. Natural Gas Revenue 4.000%   8/1/39  1,400     1,663
1 Philadelphia Gas Works Co. Natural Gas Revenue 4.000%   8/1/40  1,550     1,836
1 Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/40  3,000     3,869
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/42  5,000     6,006
29
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
1 Philadelphia Gas Works Co. Natural Gas Revenue 4.000%   8/1/45  5,400     6,328
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/47 11,800    14,065
1 Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/50  5,000     6,353
4 Philadelphia Gas Works Co. Natural Gas Revenue VRDO 0.100%  12/2/20    950       950
  Philadelphia Hospitals & Higher Education Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/34  1,000     1,148
  Philadelphia Hospitals & Higher Education Facilities Authority Health, Hospital, Nursing Home Revenue 5.625%   7/1/42  3,850     4,078
  Philadelphia Hospitals & Higher Education Facilities Authority Health, Hospital, Nursing Home Revenue VRDO 0.110%  12/1/20  2,500     2,500
  Philadelphia Hospitals & Higher Education Facilities Authority Health, Hospital, Nursing Home Revenue VRDO 0.110%  12/1/20 27,000    27,000
  Philadelphia Hospitals & Higher Education Facilities Authority Health, Hospital, Nursing Home Revenue VRDO 0.110%  12/1/20  2,000     2,000
  Philadelphia Hospitals & Higher Education Facilities Authority Health, Hospital, Nursing Home Revenue VRDO 0.110%  12/1/20  4,145     4,145
  Philadelphia PA Airport Port, Airport & Marina Revenue 5.000%   7/1/30  1,345     1,668
  Philadelphia PA Airport Port, Airport & Marina Revenue 5.000%   7/1/31  1,800     2,223
  Philadelphia PA Airport Port, Airport & Marina Revenue 5.000%   7/1/32  1,400     1,721
  Philadelphia PA Airport Port, Airport & Marina Revenue 4.000%   7/1/33  1,345     1,583
  Philadelphia PA Airport Port, Airport & Marina Revenue 5.000%   7/1/33    750       918
  Philadelphia PA Airport Port, Airport & Marina Revenue 4.000%   7/1/34  1,400     1,645
  Philadelphia PA Airport Port, Airport & Marina Revenue 4.000%   7/1/36  3,965     4,661
  Philadelphia PA Airport Port, Airport & Marina Revenue 4.000%   7/1/37  2,480     2,905
  Philadelphia PA Airport Port, Airport & Marina Revenue 4.000%   7/1/39  9,585    11,169
  Philadelphia PA Airport Port, Airport & Marina Revenue 5.000%   7/1/42  5,000     6,006
5 Philadelphia PA Airport Port, Airport & Marina Revenue 3.000%   7/1/50 10,000    10,435
  Philadelphia PA GO 5.000%   8/1/23  3,800     4,240
  Philadelphia PA GO 5.000%   8/1/26  4,125     5,099
  Philadelphia PA GO 5.000%   2/1/30  2,500     3,267
  Philadelphia PA GO 5.000%   2/1/31  2,500     3,244
  Philadelphia PA GO 5.000%   8/1/31  2,000     2,476
  Philadelphia PA GO 5.000%   8/1/32  4,000     4,739
  Philadelphia PA GO 5.000%   8/1/32  3,000     3,701
  Philadelphia PA GO 5.000%   8/1/32  4,420     5,454
  Philadelphia PA GO 5.250%  7/15/33  3,585     4,077
  Philadelphia PA GO 5.000%   8/1/33  4,000     4,705
1 Philadelphia PA GO 5.000%   8/1/35  6,000     7,405
  Philadelphia PA Water & Wastewater Water Revenue 4.000%  10/1/31  6,210     7,065
  Philadelphia PA Water & Wastewater Water Revenue 4.000%  10/1/32  6,440     7,291
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  10/1/32  1,000     1,255
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  11/1/33  1,765     2,213
  Philadelphia PA Water & Wastewater Water Revenue 4.000%   7/1/34  6,000     6,679
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  10/1/34  2,000     2,498
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  10/1/34  2,735     3,680
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  11/1/34  1,200     1,502
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  10/1/37  2,295     3,029
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  10/1/38  2,560     3,366
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  10/1/39  2,355     3,077
  Philadelphia PA Water & Wastewater Water Revenue 5.000%   7/1/40 10,000    11,306
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  10/1/40  3,195     4,163
  Philadelphia PA Water & Wastewater Water Revenue 5.000%   7/1/43  4,375     4,930
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  11/1/44  4,000     5,073
  Philadelphia PA Water & Wastewater Water Revenue 5.000%   7/1/45 14,000    15,745
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  11/1/45  7,805    10,030
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  10/1/48  2,000     2,469
30
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  10/1/52  4,000     4,847
  Philadelphia PA Water & Wastewater Water Revenue 5.250%  10/1/52  1,000     1,228
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  10/1/53 10,000    12,293
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  11/1/54  8,000    10,037
  Philadelphia PA Water & Wastewater Water Revenue, Prere. 5.125%   1/1/22  9,000     9,474
6 Philadelphia Parking Authority Auto Parking Revenue 5.125%  2/15/24    730       733
  Philadelphia Parking Authority Port, Airport & Marina Revenue 5.125%   9/1/29  5,975     5,994
  Philadelphia Redevelopment Authority Lease Revenue 5.000%  4/15/27  2,000     2,347
  Philadelphia Redevelopment Authority Lease Revenue 5.000%  4/15/28  3,000     3,518
7 Philadelphia School District GO 5.000%   6/1/26  5,000     6,149
  Philadelphia School District GO 5.000%   9/1/27  2,415     2,877
  Philadelphia School District GO 5.000%   9/1/28  5,000     6,103
  Philadelphia School District GO 5.000%   9/1/29  2,665     3,152
  Philadelphia School District GO 5.000%   9/1/29  5,135     6,236
  Philadelphia School District GO 5.000%   9/1/31  2,000     2,361
  Philadelphia School District GO 5.000%   9/1/33  1,045     1,305
  Philadelphia School District GO 5.000%   9/1/35  2,500     2,988
  Philadelphia School District GO 5.000%   9/1/35  4,240     5,272
  Philadelphia School District GO 5.000%   9/1/36  2,015     2,402
  Philadelphia School District GO 4.000%   9/1/37  2,300     2,664
  Philadelphia School District GO 5.000%   9/1/37  2,015     2,397
  Philadelphia School District GO 5.000%   9/1/37  3,825     4,713
  Philadelphia School District GO 4.000%   9/1/38  2,300     2,651
  Philadelphia School District GO 5.000%   9/1/38  2,000     2,375
1 Philadelphia School District GO 4.000%   9/1/43  3,160     3,679
  Philadelphia School District GO 5.000%   9/1/44 10,165    12,534
  Pine-Richland School District GO 4.000%   3/1/35    500       608
  Pine-Richland School District GO 4.000%   3/1/36  1,245     1,509
  Pine-Richland School District GO 4.000%   3/1/37    750       906
  Pittsburgh and Allegheny County Sports & Exhibition Authority Auto Parking Revenue 5.000% 12/15/31  1,000     1,209
  Pittsburgh and Allegheny County Sports & Exhibition Authority Auto Parking Revenue 5.000% 12/15/32    500       601
  Pittsburgh and Allegheny County Sports & Exhibition Authority Auto Parking Revenue 5.000% 12/15/34  1,000     1,191
  Pittsburgh and Allegheny County Sports & Exhibition Authority Auto Parking Revenue 5.000% 12/15/36    500       588
  Pittsburgh and Allegheny County Sports & Exhibition Authority Auto Parking Revenue 5.000% 12/15/37    500       583
  Pittsburgh PA GO 4.000%   9/1/31    500       601
  Pittsburgh PA GO 3.000%   9/1/32    500       554
  Pittsburgh PA GO 3.000%   9/1/33    550       607
  Pittsburgh PA GO 5.000%   9/1/34     50        62
  Pittsburgh PA GO 4.000%   9/1/35    750       884
  Pittsburgh PA GO 5.000%   9/1/35    600       743
  Pittsburgh PA GO 4.000%   9/1/36    875     1,028
  Pittsburgh PA GO 5.000%   9/1/36    825     1,017
  Pittsburgh PA GO 4.000%   9/1/38    500       584
5 Pittsburgh PA GO, Prere. 5.000%   9/1/24  1,150     1,354
  Pittsburgh School District GO 4.000%   9/1/33  1,030     1,210
  Pittsburgh School District GO 4.000%   9/1/34  1,710     2,002
  Pittsburgh School District GO 4.000%   9/1/35  1,095     1,268
  Pittsburgh School District GO 4.000%   9/1/35  1,670     1,948
  Pittsburgh School District GO 4.000%   9/1/36  1,220     1,409
  Pittsburgh School District GO 4.000%   9/1/37  1,180     1,360
  Pittsburgh School District GO 4.000%   9/1/38  1,740     2,003
31
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
7 Pittsburgh Water & Sewer Authority Water Revenue 0.000%   9/1/27 10,830     9,764
  Pittsburgh Water & Sewer Authority Water Revenue 0.000%   9/1/29 10,000     8,501
1 Pittsburgh Water & Sewer Authority Water Revenue 5.000%   9/1/30  1,240     1,678
1 Pittsburgh Water & Sewer Authority Water Revenue 5.000%   9/1/31  4,500     6,204
1 Pittsburgh Water & Sewer Authority Water Revenue 5.000%   9/1/32  2,850     3,992
1 Pittsburgh Water & Sewer Authority Water Revenue 5.000%   9/1/34  1,085     1,411
1,9 Pittsburgh Water & Sewer Authority Water Revenue 4.000%   9/1/36    950     1,156
  Pittsburgh Water & Sewer Authority Water Revenue 5.250%   9/1/36  5,000     5,631
1,9 Pittsburgh Water & Sewer Authority Water Revenue 4.000%   9/1/37  1,350     1,638
1,9 Pittsburgh Water & Sewer Authority Water Revenue 3.000%   9/1/39  1,000     1,089
1,9 Pittsburgh Water & Sewer Authority Water Revenue 3.000%   9/1/40    750       814
  Pittsburgh Water & Sewer Authority Water Revenue 5.250%   9/1/40  5,000     5,625
1,9 Pittsburgh Water & Sewer Authority Water Revenue 4.000%   9/1/45  2,350     2,786
1,9 Pittsburgh Water & Sewer Authority Water Revenue 4.000%   9/1/50  2,500     2,953
5 Plum Boro PA School District GO, Prere. 5.000%  9/15/23  4,920     5,564
  Pocono Mountains Industrial Park Authority Health, Hospital, Nursing Home Revenue (St. Lukes Hospital-Monroe Project) 5.000%  8/15/40  3,750     4,204
  Pocono Mountains Industrial Park Authority Health, Hospital, Nursing Home Revenue (St. Lukes Hospital-Monroe Project) 4.000%  8/15/45  1,705     1,804
  Pottsville PA Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/41  6,275     7,442
  Pottsville PA Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/45 14,405    16,957
  Quaker Valley PA School District GO 5.000%  10/1/31    350       475
  Quaker Valley PA School District GO 5.000%  10/1/32    365       492
  Quaker Valley PA School District GO 5.000%  10/1/33    330       443
  Quaker Valley PA School District GO 5.000%  10/1/34    400       536
  Quaker Valley PA School District GO 5.000%  10/1/35    350       467
1 Reading School District GO 5.000%   3/1/38  1,750     2,101
5 Reading School District GO 4.000%   4/1/44  1,000     1,170
5 Schuylkill County Municipal Authority Water Revenue 4.000%  6/15/40  3,650     4,099
  Scranton-Lackawanna Health and Welfare Authority College & University Revenue 5.000%  11/1/37  2,500     2,902
  Snyder County Higher Education Authority College & University Revenue 5.000%   1/1/30  1,285     1,577
  Snyder County Higher Education Authority College & University Revenue 5.000%   1/1/31  1,250     1,527
  Snyder County Higher Education Authority College & University Revenue (Susquehanna University Project) 5.000%   1/1/29  1,335     1,556
  Snyder County Higher Education Authority College & University Revenue (Susquehanna University Project) 5.000%   1/1/30  1,180     1,369
  Snyder County Higher Education Authority College & University Revenue (Susquehanna University Project) 5.000%   1/1/31  1,250     1,446
  Snyder County Higher Education Authority College & University Revenue (Susquehanna University Project) 5.000%   1/1/32  1,695     1,955
  Southcentral Pennsylvania General Authority Health, Hospital, Nursing Home Revenue 5.000%  12/1/27  1,480     1,756
  Southcentral Pennsylvania General Authority Health, Hospital, Nursing Home Revenue 5.000%  12/1/29  1,090     1,278
  Southcentral Pennsylvania General Authority Health, Hospital, Nursing Home Revenue 5.000%   6/1/34  1,130     1,271
  Southcentral Pennsylvania General Authority Health, Hospital, Nursing Home Revenue 5.000%   6/1/44  2,500     2,777
  Southcentral Pennsylvania General Authority Health, Hospital, Nursing Home Revenue 5.000%   6/1/44  5,000     6,192
  Southcentral Pennsylvania General Authority Health, Hospital, Nursing Home Revenue 4.000%   6/1/49 11,500    13,147
32
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Southcentral Pennsylvania General Authority Health, Hospital, Nursing Home Revenue VRDO 0.090%  12/1/20  7,000     7,000
3,4 Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) TOB VRDO 0.140%  12/3/20  4,000     4,000
  State College PA Area School District GO 5.000%  5/15/36    375       479
  State College PA Area School District GO 5.000%  5/15/37    680       866
  State College PA Area School District GO 5.000%  5/15/38    400       508
  State College PA Area School District GO 5.000%  3/15/40  3,000     3,505
5,9 State Public School Building Authority College & University Revenue 4.000%   3/1/31    500       594
  State Public School Building Authority College & University Revenue 5.000%   5/1/33  1,025     1,170
  State Public School Building Authority College & University Revenue 5.500%   5/1/33  6,165     6,880
  State Public School Building Authority College & University Revenue 5.000%   5/1/34  2,125     2,422
  State Public School Building Authority College & University Revenue 5.000%   5/1/35  1,510     1,719
5 State Public School Building Authority College & University Revenue (Community College Allegheny County Project) 4.000%  6/15/33  1,000     1,122
5 State Public School Building Authority College & University Revenue (Delaware County Community College Project) 5.000%  10/1/29  1,210     1,402
5 State Public School Building Authority College & University Revenue (Delaware County Community College Project) 5.000%  10/1/30  1,055     1,219
  State Public School Building Authority Lease (Appropriation) Revenue (Chester Upland School District Project) 5.250%  9/15/30  3,545     4,438
  State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%   6/1/24  2,000     2,282
  State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%   6/1/25  2,940     3,469
  State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%   6/1/28 11,410    13,982
1 State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%   6/1/30 13,000    15,871
1 State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%   6/1/32  4,655     5,629
1 State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%   6/1/33  3,240     3,901
  State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%   6/1/34  6,000     7,198
1 State Public School Building Authority Miscellaneous Revenue 5.000%  12/1/26    415       528
1 State Public School Building Authority Miscellaneous Revenue 5.000%  12/1/30  3,020     3,679
1 State Public School Building Authority Miscellaneous Revenue 5.000%  12/1/32  2,100     2,535
1 State Public School Building Authority Miscellaneous Revenue 5.000%  12/1/33  1,585     1,910
1 State Public School Building Authority Miscellaneous Revenue, Prere. 5.000%  12/1/26    480       611
1 State Public School Building Authority Miscellaneous Revenue, Prere. 5.000%  12/1/26    650       827
5 Susquehanna Area Regional Airport Authority Port, Airport & Marina Revenue 4.000%   1/1/33  5,000     5,138
  Susquehanna Township School District GO 3.000%  5/15/33  1,600     1,792
  Swarthmore Borough Authority College & University Revenue 5.000%  9/15/47  1,600     2,024
5 Trinity Area School District GO 4.000%  1/15/35  3,000     3,439
5 Trinity Area School District GO 4.000%  1/15/36  3,000     3,418
5 Trinity Area School District GO 4.000%  1/15/38  3,700     4,181
  Union County Higher Educational Facilities Financing Authority College & University Revenue VRDO 0.100%  12/3/20    800       800
33
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Union County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   8/1/43  2,945     3,376
  Union County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   8/1/48  3,000     3,422
  Unionville-Chadds Ford School District GO 4.000%   6/1/31  4,400     5,164
1 Upper Allegheny Joint Sanitary Authority Sewer Revenue 3.000%   9/1/39  1,000     1,093
  Upper Merion PA Area School District GO 5.000%  1/15/34    500       606
  Upper Merion PA Area School District GO 5.000%  1/15/36  1,620     1,896
  Upper St. Clair Township School District GO 3.500%  10/1/37  7,240     8,015
  Upper St. Clair Township School District GO 3.625%  10/1/39  5,000     5,551
  Washington County PA IDA College & University Revenue (AICUP Financing Program) 4.000%  11/1/31  3,440     3,810
  Washington County PA IDA College & University Revenue (AICUP Financing Program) 4.000%  11/1/32  3,110     3,426
  West Bradford Township PA GO 4.000% 12/15/40    745       876
  West Bradford Township PA GO 4.000% 12/15/45  1,395     1,622
  West Bradford Township PA GO 4.000% 12/15/49  1,125     1,302
  West Cornwall Township Municipal Authority Health, Hospital, Nursing Home Revenue 5.000% 12/15/48  2,750     2,939
5 West Mifflin School District GO 3.000%   4/1/34  1,300     1,449
5 West Mifflin School District GO 3.000%   4/1/38  5,920     6,519
  West Shore Area Authority Health, Hospital, Nursing Home Revenue (Messiah Village Project) 5.000%   7/1/22  1,000     1,028
  West Shore Area Authority Health, Hospital, Nursing Home Revenue (Messiah Village Project) 5.000%   7/1/25  1,605     1,738
  West Shore Area Authority Health, Hospital, Nursing Home Revenue (Messiah Village Project) 5.000%   7/1/30  1,500     1,618
  West Shore Area Authority Health, Hospital, Nursing Home Revenue (Messiah Village Project) 5.000%   7/1/35  1,750     1,853
  West Shore Area Authority Health, Hospital, Nursing Home Revenue, Prere. 6.000%   1/1/21    330       332
  West Shore PA School District GO 5.000% 11/15/32    600       780
  West Shore PA School District GO 4.000% 11/15/34    640       780
  West Shore PA School District GO 4.000% 11/15/35    540       656
  West Shore PA School District GO 4.000% 11/15/36  1,100     1,331
  West Shore PA School District GO 4.000% 11/15/37  1,000     1,207
  West Shore PA School District GO 4.000% 11/15/38    500       602
  West Shore PA School District GO 4.000% 11/15/40    500       600
  West Shore PA School District GO 4.000% 11/15/45  1,000     1,184
  West Shore PA School District GO 4.000% 11/15/48  1,000     1,178
  West View Municipal Authority Water Revenue 4.000% 11/15/32  1,050     1,226
  West View Municipal Authority Water Revenue 4.000% 11/15/33  1,000     1,164
  West View Municipal Authority Water Revenue 4.000% 11/15/34  1,000     1,160
  West View Municipal Authority Water Revenue 4.000% 11/15/35  1,200     1,390
  West View Municipal Authority Water Revenue 4.000% 11/15/36  2,300     2,656
  West View Municipal Authority Water Revenue 4.000% 11/15/37  2,415     2,784
  West View Municipal Authority Water Revenue 4.000% 11/15/38  1,625     1,869
  West View Municipal Authority Water Revenue 4.000% 11/15/39  1,400     1,606
  West York Area School District GO 5.000%   4/1/33  4,265     4,694
5 Westmoreland County Municipal Authority Water Revenue 4.000%  8/15/34  8,000     9,025
5 Westmoreland County Municipal Authority Water Revenue 4.000%  8/15/35  8,000     9,004
5 Westmoreland County Municipal Authority Water Revenue 5.000%  8/15/42  2,775     3,252
  Westmoreland County PA IDA Health, Hospital, Nursing Home Revenue (Excela Health Project) 5.125%   7/1/30  1,500     1,504
4 Westmoreland County PA IDA Health, Hospital, Nursing Home Revenue VRDO 0.120%  12/3/20  1,800     1,800
3 Westmoreland County PA IDA Revenue 4.720%   7/1/35  6,650     7,329
34
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Wilkes-Barre Finance Authority College & University Revenue 5.000%  11/1/30  2,315     2,706
  Wilkes-Barre Finance Authority College & University Revenue 5.000%  11/1/31  2,430     2,830
  Wilkes-Barre Finance Authority College & University Revenue 5.000%  11/1/34  1,000     1,154
5 Wilkes-Barre PA Area School District GO 5.000%   8/1/27  1,240     1,547
5 Wilkes-Barre PA Area School District GO 5.000%   8/1/29  1,860     2,307
5 Wilkes-Barre PA Area School District GO 4.000%  4/15/49  2,250     2,583
5 Wilkes-Barre PA Area School District GO 4.000%  4/15/54  2,800     3,200
5 Wilkes-Barre PA Area School District GO 5.000%  4/15/59  2,380     2,950
5 William Penn School District GO 3.000% 11/15/34  2,595     2,792
5 Woodland Hills School District GO 3.000%   9/1/35  3,620     3,921
  York County PA GO 5.000%   6/1/32  2,875     3,384
  York County PA GO 5.000%   6/1/33  1,020     1,198
  York County PA GO 4.000%   3/1/34  3,000     3,538
  York County PA GO, Prere. 5.000%   6/1/23  5,000     5,595
                 4,207,216
Guam (0.1%)
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/27  1,000     1,124
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/36    650       763
                 1,887
Puerto Rico (0.4%)
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/24    831       776
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/27  1,269     1,112
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/29  2,106     1,752
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/31  1,750     1,336
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.329%   7/1/40 10,346    11,034
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.329%   7/1/40  1,376     1,467
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.550%   7/1/40     85        92
35
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.550%   7/1/40    120       130
                 17,699
Total Tax-Exempt Municipal Bonds (Cost $3,909,219) 4,226,802
Total Investments (99.0%) (Cost $3,909,219) 4,226,802
Other Assets and Liabilities—Net (1.0%) 42,949
Net Assets (100%) 4,269,751
Cost is in $000.
• See Note A in Notes to Financial Statements.
1 Scheduled principal and interest payments are guaranteed by Assured Guaranty Municipal Corp.
2 Securities with a value of $670,000 have been segregated as initial margin for open futures contracts.
3 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2020, the aggregate value was $95,122,000, representing 2.2% of net assets.
4 Scheduled principal and interest payments are guaranteed by bank letter of credit.
5 Scheduled principal and interest payments are guaranteed by Build America Mutual Assurance Co.
6 Scheduled principal and interest payments are guaranteed by Ambac Assurance Corp.
7 Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp.
8 Step bond.
9 Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of November 30, 2020.
  COP—Certificate of Participation.
  GO—General Obligation Bond.
  IDA—Industrial Development Authority Bond.
  Prere.—Prerefunded.
  PUT—Put Option Obligation.
  TOB—Tender Option Bond.
  VRDO—Variable Rate Demand Obligation.
  
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
      ($000)
  Expiration Number of
Long (Short)
Contracts 		Notional
Amount 		Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts        
5-Year U.S. Treasury Note March 2021 507 63,898 80
Short Futures Contracts        
Ultra Long U.S. Treasury Bond March 2021 (70) (15,122) (3)
        77
  
See accompanying Notes, which are an integral part of the Financial Statements.
36
Pennsylvania Long-Term Tax-Exempt Fund
Statement of Assets and Liabilities
As of November 30, 2020
($000s, except shares and per-share amounts) Amount
Assets  
Investments in Securities, at Value—Unaffiliated Issuers (Cost $3,909,219) 4,226,802
Investment in Vanguard 178
Cash 16
Receivables for Investment Securities Sold 8,661
Receivables for Accrued Income 48,727
Receivables for Capital Shares Issued 2,025
Variation Margin Receivable—Futures Contracts 20
Other Assets 193
Total Assets 4,286,622
Liabilities  
Payables for Investment Securities Purchased 11,258
Payables for Capital Shares Redeemed 2,077
Payables for Distributions 3,334
Payables to Vanguard 202
Total Liabilities 16,871
Net Assets 4,269,751
At November 30, 2020, net assets consisted of:  
   
Paid-in Capital 3,939,765
Total Distributable Earnings (Loss) 329,986
Net Assets 4,269,751
 
Investor Shares—Net Assets  
Applicable to 30,011,609 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		364,290
Net Asset Value Per Share—Investor Shares $12.14
 
Admiral Shares—Net Assets  
Applicable to 321,747,139 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		3,905,461
Net Asset Value Per Share—Admiral Shares $12.14
  
See accompanying Notes, which are an integral part of the Financial Statements.
37
Pennsylvania Long-Term Tax-Exempt Fund
Statement of Operations
  Year Ended
November 30, 2020
  ($000)
Investment Income  
Income  
Interest 127,349
Total Income 127,349
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 416
Management and Administrative—Investor Shares 536
Management and Administrative—Admiral Shares 2,723
Marketing and Distribution—Investor Shares 45
Marketing and Distribution—Admiral Shares 176
Custodian Fees 16
Auditing Fees 32
Shareholders’ Reports—Investor Shares 6
Shareholders’ Reports—Admiral Shares 11
Trustees’ Fees and Expenses 3
Total Expenses 3,964
Net Investment Income 123,385
Realized Net Gain (Loss)  
Investment Securities Sold 14,865
Futures Contracts (681)
Realized Net Gain (Loss) 14,184
Change in Unrealized Appreciation (Depreciation)  
Investment Securities 76,171
Futures Contracts 72
Change in Unrealized Appreciation (Depreciation) 76,243
Net Increase (Decrease) in Net Assets Resulting from Operations 213,812
  
See accompanying Notes, which are an integral part of the Financial Statements.
38
Pennsylvania Long-Term Tax-Exempt Fund
Statement of Changes in Net Assets
  Year Ended November 30,
  2020
($000) 		2019
($000)
     
Increase (Decrease) in Net Assets    
Operations    
Net Investment Income 123,385 124,206
Realized Net Gain (Loss) 14,184 10,369
Change in Unrealized Appreciation (Depreciation) 76,243 217,937
Net Increase (Decrease) in Net Assets Resulting from Operations 213,812 352,512
Distributions1    
Investor Shares (11,986) (12,208)
Admiral Shares (122,395) (126,334)
Total Distributions (134,381) (138,542)
Capital Share Transactions    
Investor Shares (10,392) 40,203
Admiral Shares 200,582 270,349
Net Increase (Decrease) from Capital Share Transactions 190,190 310,552
Total Increase (Decrease) 269,621 524,522
Net Assets    
Beginning of Period 4,000,130 3,475,608
End of Period 4,269,751 4,000,130
1 Certain prior-period numbers have been reclassified to conform with the current-period presentation.
  
See accompanying Notes, which are an integral part of the Financial Statements.
39
Pennsylvania Long-Term Tax-Exempt Fund
Financial Highlights
Investor Shares          
For a Share Outstanding
Throughout Each Period  		Year Ended November 30,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $11.89 $11.21 $11.56 $11.26 $11.67
Investment Operations          
Net Investment Income .3531 .3771 .3941 .3961 .411
Net Realized and Unrealized Gain (Loss) on Investments .283 .727 (.291) .355 (.371)
Total from Investment Operations .636 1.104 .103 .751 .040
Distributions          
Dividends from Net Investment Income (.352) (.377) (.394) (.396) (.411)
Distributions from Realized Capital Gains (.034) (.047) (.059) (.055) (.039)
Total Distributions (.386) (.424) (.453) (.451) (.450)
Net Asset Value, End of Period $12.14 $11.89 $11.21 $11.56 $11.26
Total Return2 5.45% 9.99% 0.91% 6.77% 0.22%
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $364 $368 $308 $323 $314
Ratio of Total Expenses to Average Net Assets 0.17% 0.17% 0.17% 0.19% 0.19%
Ratio of Net Investment Income to Average Net Assets 2.96% 3.23% 3.48% 3.44% 3.47%
Portfolio Turnover Rate 18% 9% 26% 22% 19%
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.
40
Pennsylvania Long-Term Tax-Exempt Fund
Financial Highlights
Admiral Shares          
For a Share Outstanding
Throughout Each Period  		Year Ended November 30,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $11.89 $11.21 $11.56 $11.26 $11.67
Investment Operations          
Net Investment Income .3631 .3861 .4031 .4081 .423
Net Realized and Unrealized Gain (Loss) on Investments .282 .728 (.291) .354 (.371)
Total from Investment Operations .645 1.114 .112 .762 .052
Distributions          
Dividends from Net Investment Income (.361) (.387) (.403) (.407) (.423)
Distributions from Realized Capital Gains (.034) (.047) (.059) (.055) (.039)
Total Distributions (.395) (.434) (.462) (.462) (.462)
Net Asset Value, End of Period $12.14 $11.89 $11.21 $11.56 $11.26
Total Return2 5.53% 10.08% 0.99% 6.88% 0.32%
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $3,905 $3,632 $3,167 $3,236 $3,076
Ratio of Total Expenses to Average Net Assets 0.09% 0.09% 0.09% 0.09% 0.09%
Ratio of Net Investment Income to Average Net Assets 3.04% 3.31% 3.56% 3.54% 3.57%
Portfolio Turnover Rate 18% 9% 26% 22% 19%
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.
41
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. Many municipalities insure repayment of their bonds. The insurance does not guarantee the market value of the municipal bonds. 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 securities 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 Statement of Assets and Liabilities. 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 future contracts.
During the year ended November 30, 2020, the fund’s average investments in long and short futures contracts represented 1% and less than 1% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
42
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. The fund’s tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax years, and has concluded that no provision for 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 alternate 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 year ended November 30, 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.
43
Pennsylvania Long-Term Tax-Exempt Fund
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees 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 November 30, 2020, the fund had contributed to Vanguard capital in the amount of $178,000, 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 and derivatives. 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 and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund’s investments and derivatives as of November 30, 2020, based on the inputs used to value them:
  Level 1
($000) 		Level 2
($000) 		Level 3
($000) 		Total
($000)
Investments         
Assets        
Tax-Exempt Municipal Bonds — 4,226,802 — 4,226,802
Derivative Financial Instruments         
Assets        
Futures Contracts1 20 — — 20
1 Represents variation margin on the last day of the reporting period.
D. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These
44
Pennsylvania Long-Term Tax-Exempt Fund
reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for distributions in connection with fund share redemptions were reclassified between the following accounts:
  Amount
($000)
Paid-in Capital 771
Total Distributable Earnings (Loss) (771)
Temporary differences between book-basis and tax-basis components of total distributable earnings (losses) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the deferral of losses from wash sales; the deferral of losses from straddles; the recognition of unrealized gains or losses from certain derivative contracts; the inclusion of payables for distributions; and the treatment of amortization adjustments from certain fixed income securities. As of period end, the tax-basis components of total distributable earnings (losses) are detailed in the table as follows:
  Amount
($000)
Undistributed Ordinary Income 10
Undistributed Tax-Exempt Income 3,334
Undistributed Long-Term Gains 12,664
Capital Loss Carryforwards —
Qualified Late-Year Losses —
Net Unrealized Gains (Losses) 317,312
The tax character of distributions paid was as follows:
  Year Ended November 30,
  2020
Amount
($000) 		2019
Amount
($000)
Tax-Exempt Income 122,931 124,197
Ordinary Income* 1,097 155
Long-Term Capital Gains 10,353 14,189
Total 134,381 138,542
* Includes short-term capital gains, if any.
As of November 30, 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 3,909,490
Gross Unrealized Appreciation 320,271
Gross Unrealized Depreciation (2,959)
Net Unrealized Appreciation (Depreciation) 317,312
45
Pennsylvania Long-Term Tax-Exempt Fund
E. During the year ended November 30, 2020, the fund purchased $896,332,000 of investment securities and sold $730,437,000 of investment securities, other than temporary cash investments.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended November 30, 2020, such purchases and sales were $296,260,000 and $210,916,000, respectively; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
F. Capital share transactions for each class of shares were:
    
  Year Ended November 30,  
  2020   2019
  Amount
($000) 		Shares
(000) 		  Amount
($000) 		Shares
(000)
Investor Shares          
Issued 118,823 9,932   95,429 8,172
Issued in Lieu of Cash Distributions 9,771 817   9,916 851
Redeemed (138,986) (11,674)   (65,142) (5,590)
Net Increase (Decrease)—Investor Shares (10,392) (925)   40,203 3,433
Admiral Shares          
Issued 611,704 51,164   530,940 45,676
Issued in Lieu of Cash Distributions 79,061 6,612   81,820 7,028
Redeemed (490,183) (41,553)   (342,411) (29,585)
Net Increase (Decrease)—Admiral Shares 200,582 16,223   270,349 23,119
G. Management has determined that no events or transactions occurred subsequent to November 30, 2020, that would require recognition or disclosure in these financial statements.
46
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard Pennsylvania Tax-Free Funds and Shareholders of Vanguard Pennsylvania Long-Term Tax-Exempt Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard Pennsylvania Long-Term Tax-Exempt Fund (the "Fund") as of November 30, 2020, the related statement of operations for the year ended November 30, 2020, the statement of changes in net assets for each of the two years in the period ended November 30, 2020, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2020 and the financial highlights for each of the five years in the period ended November 30, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
January 14, 2021
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
47
Special 2020 tax information (unaudited) for Vanguard Pennsylvania Long-Term Tax-Exempt Fund
This information for the fiscal year ended November 30, 2020, is included pursuant to provisions of the Internal Revenue Code.
The fund distributed $11,124,000 as capital gain dividends (20% rate gain distributions) to shareholders during the fiscal year.
For nonresident alien shareholders, 100% of short-term capital gain dividends distributed by the fund are qualified short-term capital gains.
The fund designates 100% of its income dividends as exempt-interest dividends.
48
BLOOMBERG is a trademark and service mark of Bloomberg Finance L.P. BARCLAYS is a trademark and service mark of Barclays Bank Plc, used under license. Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (BISL) (collectively, Bloomberg), or Bloomberg’s licensors, own all proprietary rights in the Bloomberg Barclays PA Municipal Bond Index (Index or Bloomberg Barclays Index.)
Neither Barclays Bank Plc, Barclays Capital Inc., or any affiliate (collectively Barclays) or Bloomberg is the issuer or producer of the Pennsylvania Long-Term Tax-Exempt Fund and neither Bloomberg nor Barclays has any responsibilities, obligations or duties to investors in the Pennsylvania Long-Term Tax-Exempt Fund. The Index is licensed for use by The Vanguard Group, Inc. (Vanguard) as the sponsor of the Pennsylvania Long-Term Tax-Exempt Fund. Bloomberg and Barclays’ only relationship with Vanguard in respect of the Index is the licensing of the Index, which is determined, composed and calculated by BISL, or any successor thereto, without regard to the Issuer or the Pennsylvania Long-Term Tax-Exempt Fund or the owners of the Pennsylvania Long-Term Tax-Exempt Fund.
Additionally, Vanguard may for itself execute transaction(s) with Barclays in or relating to the Index in connection with the Pennsylvania Long-Term Tax-Exempt Fund. Investors acquire the Pennsylvania Long-Term Tax-Exempt Fund from Vanguard and investors neither acquire any interest in the Index nor enter into any relationship of any kind whatsoever with Bloomberg or Barclays upon making an investment in the Pennsylvania Long-Term Tax-Exempt Fund. The Pennsylvania Long-Term Tax-Exempt Fund is not sponsored, endorsed, sold or promoted by Bloomberg or Barclays. Neither Bloomberg nor Barclays makes any representation or warranty, express or implied regarding the advisability of investing in the Pennsylvania Long-Term Tax-Exempt Fund or the advisability of investing in securities generally or the ability of the Index to track corresponding or relative market performance. Neither Bloomberg nor Barclays has passed on the legality or suitability of the Pennsylvania Long-Term Tax-Exempt Fund with respect to any person or entity. Neither Bloomberg nor Barclays is responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Pennsylvania Long-Term Tax-Exempt Fund to be issued. Neither Bloomberg nor Barclays has any obligation to take the needs of the Issuer or the owners of the Pennsylvania Long-Term Tax-Exempt Fund or any other third party into consideration in determining, composing or calculating the Index. Neither Bloomberg nor Barclays has any obligation or liability in connection with administration, marketing or trading of the Pennsylvania Long-Term Tax-Exempt Fund.
The licensing agreement between Bloomberg and Barclays is solely for the benefit of Bloomberg and Barclays and not for the benefit of the owners of the Pennsylvania Long-Term Tax-Exempt Fund, investors or other third parties. In addition, the licensing agreement between Vanguard and Bloomberg is solely for the benefit of Vanguard and Bloomberg and not for the benefit of the owners of the Pennsylvania Long-Term Tax-Exempt Fund, investors or other third parties.
NEITHER BLOOMBERG NOR BARCLAYS SHALL HAVE ANY LIABILITY TO THE ISSUER, INVESTORS OR TO OTHER THIRD PARTIES FOR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE BLOOMBERG BARCLAYS INDEX. NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER, THE INVESTORS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN. NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EACH HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN. BLOOMBERG RESERVES THE RIGHT TO CHANGE THE METHODS OF CALCULATION OR PUBLICATION, OR TO CEASE THE CALCULATION OR PUBLICATION OF THE BLOOMBERG BARCLAYS INDEX, AND NEITHER BLOOMBERG NOR BARCLAYS SHALL BE LIABLE FOR ANY MISCALCULATION OF OR ANY INCORRECT, DELAYED OR INTERRUPTED PUBLICATION WITH RESPECT TO THE BLOOMBERG BARCLAYS INDEX. NEITHER BLOOMBERG NOR BARCLAYS SHALL BE LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR ANY LOST PROFITS AND EVEN IF ADVISED OF THE POSSIBILITY OF SUCH, RESULTING FROM THE USE OF THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN OR WITH RESPECT TO THE PENNSYLVANIA LONG-TERM TAX-EXEMPT FUND.
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© 2021 Bloomberg. Used with Permission.
Source: Bloomberg Index Services Limited. Copyright 2021, Bloomberg. All rights reserved.
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The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them.
A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 211 Vanguard funds.
Information for each trustee and executive officer of the fund appears below. That information, as well as the Vanguard fund count, is as of the date on the cover of this fund report. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
Interested Trustee1
Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chairman of the board (2019–present) of Vanguard and of each of the investment companies served by Vanguard; chief executive officer (2018–present) of Vanguard; chief executive officer, president, and trustee (2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Chairman of the board (2011–2017) and trustee (2009–2017) of the Children’s Hospital of Philadelphia; and trustee (2018–present) and vice chair (2019–present) of The Shipley School.
Independent Trustees
Emerson U. Fullwood
Born in 1948. Trustee since January 2008. Principal occupation(s) during the past five years and other experience: executive chief staff and marketing officer for North America and corporate vice president (retired 2008) of Xerox Corporation (document management products and services). Former president of the Worldwide Channels Group, Latin
America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive in residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology. Director of SPX FLOW, Inc. (multi-industry manufacturing). Director of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, and Roberts Wesleyan College. Trustee of the University of Rochester.
Amy Gutmann
Born in 1949. Trustee since June 2006. Principal occupation(s) during the past five years and other experience: president (2004–present) of the University of Pennsylvania. Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and professor of communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania.
F. Joseph Loughrey
Born in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) of Cummins Inc. (industrial machinery). Chairman of the board of Hillenbrand, Inc. (specialized consumer services) and the Lumina Foundation.
 
1  Mr. Buckley is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.
Director of the V Foundation. Member of the advisory council for the College of Arts and Letters and chair of the advisory board to the Kellogg Institute for International Studies, both at the University of Notre Dame.
Mark Loughridge
Born in 1953. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: senior vice president and chief financial officer (retired 2013) of IBM (information technology services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.
Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer (retired June 2020) and vice president (retired June 2020) of the University of Notre Dame. Assistant professor of finance at the Mendoza College of Business, University of Notre Dame, and member of the Notre Dame 403(b) Investment Committee (retired June 2020). Member of the board of Catholic Investment Services, Inc. (investment advisors) and the board of superintendence of the Institute for the Works of Religion.
Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: board chair (2020–present), chief executive officer (2011–2020), and president (2010–2019) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of the individual life and disability division of Guardian Life. Member of the board of the American Council of Life Insurers and the board of the Economic Club of New York. Trustee of the Partnership for New York City (business leadership), Chief Executives for Corporate Purpose, NewYork-Presbyterian Hospital, Catalyst, and the Bruce Museum (arts and science). Member of the Advisory Council for the Stanford Graduate School of Business.
André F. Perold
Born in 1952. Trustee since December 2004. Principal occupation(s) during the past five years and other experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011). Chief investment officer and co-managing partner of HighVista Strategies (private investment firm). Member of the board of advisors and member of the investment committee of the Museum of Fine Arts Boston. Member of the board (2018–present) of RIT Capital Partners (investment firm). Member of the investment committee of Partners Health Care System.
Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Member of the board of directors (2012–2014) of Neighborhood Reinvestment Corporation. Director (2017–present) of i(x) Investments, LLC; director (2017–present) of Reserve Trust. Rubenstein Fellow (2017–present) of Duke University; trustee (2017–present) of Amherst College, and trustee (2019–present) of the Folger Shakespeare Library.
Peter F. Volanakis
Born in 1955. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2010) of Corning Incorporated (communications equipment) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). Chairman of the board of trustees of Colby-Sawyer College. Member of the board of Hypertherm Inc. (industrial cutting systems, software, and consumables).
Executive Officers
John Bendl
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2019–present) of each of the investment companies served by Vanguard. Chief accounting officer, treasurer, and controller of Vanguard (2017–present). Partner (2003–2016) at KPMG (audit, tax, and advisory services).
Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Treasurer (2017–present) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG (audit, tax, and advisory services).
David Cermak
Born in 1960. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Finance director (2019–present) of each of the investment companies served by Vanguard. Managing director and head (2017–present) of Vanguard Investments Singapore. Managing director and head (2017–2019) of Vanguard Investments Hong Kong. Representative director and head (2014–2017) of Vanguard Investments Japan.
John Galloway
Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (September 2020–present) of each of the investment companies served by Vanguard. Head of Investor Advocacy (February 2020–present) and head of Marketing Strategy and Planning (2017–2020) at Vanguard. Deputy assistant to the President of the United States (2015).
Thomas J. Higgins
Born in 1957. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Finance director (2019–present), chief financial officer (2008–2019), and treasurer (1998–2008) of each of the investment companies served by Vanguard.
Peter Mahoney
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.
Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express.
Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.
John E. Schadl
Born in 1972. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (2019–present) of Vanguard and of each of the investment companies served by Vanguard. Assistant vice president (2019–present) of Vanguard Marketing Corporation.
Vanguard Senior Management Team
Joseph Brennan James M. Norris
Mortimer J. Buckley Thomas M. Rampulla
Gregory Davis Karin A. Risi
John James Anne E. Robinson
John T. Marcante Michael Rollings
Chris D. McIsaac Lauren Valente
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Q770 012021

 

 

Item 2: Code of Ethics. The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.

 

Item 3: Audit Committee Financial Expert. All members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts and to be independent: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.

 

 

 

 

Item 4: Principal Accountant Fees and Services.

 

(a) Audit Fees.

 

Audit Fees of the Registrant.

 

Fiscal Year Ended November 30, 2020: $32,000
Fiscal Year Ended November 30, 2019: $62,000

 

Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.

 

Fiscal Year Ended November 30, 2020: $10,761,407
Fiscal Year Ended November 30, 2019: $9,568,215

 

Includes fees billed in connection with audits of the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

 

(b) Audit-Related Fees.

 

Fiscal Year Ended November 30, 2020: $2,915,863
Fiscal Year Ended November 30, 2019: $3,012,031

 

Includes fees billed in connection with assurance and related services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

 

(c) Tax Fees.

 

Fiscal Year Ended November 30, 2020: $247,168
Fiscal Year Ended November 30, 2019: $357,238

 

Includes fees billed in connection with tax compliance, planning, and advice services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

 

(d) All Other Fees.

 

Fiscal Year Ended November 30, 2020: $115,000
Fiscal Year Ended November 30, 2019: $0

 

Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

 

 

 

 

(e)           (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider, and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.

 

In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.

 

The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.

 

(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

 

(f)            For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.

 

(g)           Aggregate Non-Audit Fees.

 

Fiscal Year Ended November 30, 2020: $362,168
Fiscal Year Ended November 30, 2019: $357,238

 

Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

 

(h)           For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.

 

 

 

 

Item 5: Audit Committee of Listed Registrants.

 

The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.

 

Item 6: Investments.

 

Not applicable.

 

Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 8: Portfolio Managers of Closed-End Management Investment Companies.

 

Not applicable.

 

Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not applicable.

 

Item 10: Submission of Matters to a Vote of Security Holders.

 

Not applicable.

 

Item 11: Controls and Procedures.

 

(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

(b) Internal Control Over Financial Reporting. In July 2020, a third-party service provider began performing certain administrative and accounting services for Vanguard Pennsylvania Long-Term Tax-Exempt Fund. There were no other significant changes in the Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

 

Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Not applicable.

 

 

 

 

Item 13: Exhibits.

 

  (a) Code of Ethics.
  (b) Certifications.

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Vanguard Pennsylvania Tax-Free Funds
     
BY: /s/ MORTIMER J. BUCKLEY*  
  MORTIMER J. BUCKLEY  
  CHIEF EXECUTIVE OFFICER  

 

Date: January 20, 2021

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

  Vanguard Pennsylvania Tax-Free Funds
     
BY: /s/ MORTIMER J. BUCKLEY*  
  MORTIMER J. BUCKLEY  
  CHIEF EXECUTIVE OFFICER  

 

Date: January 20, 2021

 

  Vanguard Pennsylvania Tax-Free Funds
     
BY: /s/ JOHN BENDL*  
  JOHN BENDL  
  CHIEF FINANCIAL OFFICER  

 

Date: January 20, 2021 

 

* By: /s/ Anne E. Robinson

 

Anne E. Robinson, pursuant to a Power of Attorney filed on December 18, 2020 (see File Number 33-64845), Incorporated by Reference.

 

 

 

 

 

Exhibit 99.CODE ETH

 

 

the vanguard FUNDS’

CODE OF Ethics fOR

SENIOR executive and FINANCIAL OFFICERS

 

I. Introduction

 

The Board of Trustees (the “Fund Board”) of each registered investment company that is managed, sponsored, and distributed by The Vanguard Group, Inc. (“VGI”) or its subsidiaries (each, a “Vanguard Fund” and collectively, the “Vanguard Funds”) has adopted this code of ethics (the “Code”) as required by Section 406 of the Sarbanes-Oxley Act. The Code applies to the individuals in positions listed on Exhibit A (the “Covered Officers”). All Covered Officers, along with employees of VGI, are subject to separate and distinct obligations from this Code under a Code of Ethics adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940 (“17j-1 Code of Ethics”), policies to prevent the misuse of non-public information, and other internal compliance guidelines and policies that may be in effect from time to time.

 

This Code is designed to promote:

 

● Honest and ethical conduct, including the ethical handling of conflicts of interest;

 

● Full, fair, accurate, timely, and understandable disclosure in reports and documents that a Vanguard Fund files with, or submits to, the U.S. Securities and Exchange Commission (“SEC”), and in other public communications made by the Vanguard Funds or VGI;

 

● Compliance with applicable laws, governmental rules, and regulations;

 

● Prompt internal reporting to those identified in the Code of violations of the Code; and

 

● Accountability for adherence to the Code.

 

II. Actual or Apparent Conflicts of Interest

 

A. Covered Officers should conduct all activities in accordance with the following principles:

 

1. Clients’ interests come first. In the course of fulfilling their duties and responsibilities to VGI clients, Covered Officers must at all times place the interests of VGI clients first. In particular, Covered Officers must avoid serving their own personal interests ahead of the interests of VGI clients.

 

2. Conflicts of interest must be avoided. Covered Officers must avoid any situation involving an actual or potential conflict of interest or possible impropriety with respect to their duties and responsibilities to VGI clients. Covered Officers must disclose and report at least annually any situation that may present the potential for a conflict of interest to Vanguard’s Compliance Department, consistent with the 17j-1 Code of Ethics.

 

3. Compromising situations must be avoided. Covered Officers must not take advantage of their position of trust and responsibility. Covered Officers must avoid any situation that might compromise or call into question their exercise of full independent judgment in the best interests of VGI clients.

 

 

 

 

All activities of Covered Officers should be guided by and adhere to these fiduciary standards regardless of whether the activity is specifically described in this Code.

 

B. Restricted Activities include the following:

 

1. Prohibition on secondary employment. Covered Officers are prohibited from accepting or serving in any form of secondary employment. Secondary employment that does not create a potential conflict of interest may be approved by the General Counsel of VGI.

 

2. Prohibition on service as director or public official. Unless approved by the General Counsel of VGI, Covered Officers are prohibited from serving on the board of directors of any publicly traded company or in an official capacity for any federal, state, or local government (or governmental agency or instrumentality).

 

3. Prohibition on misuse of Vanguard time or property. Covered Officers are prohibited from making use of time, equipment, services, personnel or property of any Vanguard entity for any purposes other than the performance of their duties and responsibilities in connection with the Vanguard Funds or other Vanguard-related entities.

 

III. Disclosure and Compliance

 

A. Each Covered Officer should be familiar with the disclosure requirements generally applicable to the Vanguard Funds.

 

B. Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Vanguard Funds to others, including to the Vanguard Funds’ directors and auditors, or to government regulators and self-regulatory organizations.

 

C. Each Covered Officer should, to the extent appropriate within the Covered Officer’s area of responsibility, consult with other officers and employees of VGI and advisors to a Vanguard Fund with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Vanguard Fund files with, or submits to, the SEC and in other public communications made by a Vanguard Fund.

 

D. It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules, regulations, and the 17j-1 Code of Ethics.

 

IV. Reporting and Accountability

 

A. Each Covered Officer must:

 

1. Upon adoption or amendment of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing that he or she has received, read, and understands the Code;

 

2. Affirm at least annually in writing that he or she has complied with the requirements of the Code;

 

 

 

 

3. Not retaliate against any other Covered Officer or any employee of VGI for reports of potential violations of the Code that are made in good faith; and

 

4. Notify the General Counsel of VGI promptly if the Covered Officer knows of any violations of this Code.

 

B. The Vanguard Funds will use the following procedures in investigating and enforcing this Code:

 

1. The General Counsel of VGI is responsible for applying this Code to specific situations and has the authority to interpret this Code in any particular situation. The General Counsel will report on an as-needed basis to the Fund Board regarding activities subject to the Code.

 

2. The General Counsel will take all appropriate action to investigate any potential violations of the Code that are reported to him or her.

 

3. If, after investigation, the General Counsel believes that no material violation of the Code has occurred, the General Counsel is not required to take any further action.

 

4. Any matter that the General Counsel believes is a material violation of the Code will be reported to the Chief Compliance Officer and the Fund Board.

 

5. If the Fund Board concurs that a material violation of the Code has occurred, the Fund Board will consider appropriate action. Appropriate action may include reassignment, suspension, or dismissal of the applicable Covered Officer(s), or any other sanctions the Fund Board deems appropriate. Appropriate action may also include review of, and appropriate modifications to, applicable policies and procedures.

 

6. Any changes to or waiver of this Code will, to the extent required, be disclosed as provided by SEC rules.

 

 

 

 

Other Policies and Procedures

 

This Code shall be the sole code of conduct adopted by the Vanguard Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Vanguard Funds, VGI, or other service providers govern or purport to govern the behavior or activities of the Covered Officers, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code.

 

VGI’s and the Vanguard Funds’ 17j-1 Code of Ethics, policies to prevent the misuse of non-public information, and other internal compliance guidelines and policies that may be in effect from time to time are separate requirements applying to the Covered Officers and others, and are not part of this Code.

 

VI. Amendments

 

This Code may not be materially amended except by the approval of a majority vote of the independent trustees of the Fund Board. Non-material, technical, and administrative revisions of the Code do not have to be approved by the Fund Board. Amendments must be in writing and communicated promptly to the Covered Officers, who shall affirm receipt of the amended Code in accordance with Section IV. A. 1.

 

VII. Confidentiality

 

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fund Board, VGI’s General Counsel and the Chief Compliance Officer of VGI and the Vanguard Funds.

 

Last Reviewed: November 20, 2020

 

 

 

 

EXHIBIT A

to the vanguard FUNDS’

CODE OF Ethics fOR

SENIOR executive and FINANCIAL OFFICERS

 

Covered Officers (some offices may be held by the same individual):

 

Chief Executive Officer of the Vanguard Funds

 

President of the Vanguard Funds

 

Chief Financial Officer of the Vanguard Funds

 

Finance Director of the Vanguard Funds

 

Treasurer of the Vanguard Funds

 

Assistant Treasurer of the Vanguard Funds

 

Controller of the Vanguard Funds

 

Chief Executive Officer of The Vanguard Group, Inc.

 

President of The Vanguard Group, Inc.

 

Managing Director, Finance of The Vanguard Group, Inc.

 

Chief Financial Officer of The Vanguard Group, Inc.

 

Chief Accounting Officer of The Vanguard Group, Inc.

 

Treasurer of The Vanguard Group, Inc. 

 

Controller of The Vanguard Group, Inc.

 

 

 

 

Exhibit 99.CERT

 

CERTIFICATIONS

 

I, Mortimer J. Buckley, certify that:

 

1. I have reviewed this report on Form N-CSR of Vanguard Pennsylvania Tax-Free Funds;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date:  January 20, 2021  
  /s/ Mortimer J. Buckley
  Mortimer J. Buckley
  Chief Executive Officer

 

 

 

 

CERTIFICATIONS

 

I, John Bendl, certify that:

 

1. I have reviewed this report on Form N-CSR of Vanguard Pennsylvania Tax-Free Funds;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date:  January 20, 2021  
  /s/ John Bendl
  John Bendl
  Chief Financial Officer

 

 

 

 

Exhibit 99.906CERT

 

 

Certification Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

 

Name of Issuer: Vanguard Pennsylvania Tax-Free Funds

 

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

 

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

 

Date:    January 20, 2021  
  /s/ Mortimer J. Buckley
  Mortimer J. Buckley
  Chief Executive Officer

 

 

 

 

Certification Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

 

Name of Issuer: Vanguard Pennsylvania Tax-Free Funds

 

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

 

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

 

Date:    January 20, 2021  
  /s/ John Bendl
  John Bendl
  Chief Financial Officer