Close

Form N-CSR VANGUARD PENNSYLVANIA For: Nov 30

FREE Breaking News Alerts from StreetInsider.com!

E-mail Address

StreetInsider.com Top Tickers, 4/16/2024

1. JNJ
2. SPY
3. AMD
4. GS
5. BAC
6. MS
7. BK
8. UNH
9. TSLA
10. SCHW


January 27, 2023 2:54 PM EST

 

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, 2021—November 30, 2022

 

 

 

 

Item 1: Reports to Shareholders

 

 

 

Annual Report   |   November 30, 2022
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
5
Performance Summary
7
Financial Statements
9
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
• Despite some relief toward the close of the period, the 12 months ended November 30, 2022, were a volatile, challenging period for financial markets. Vanguard Pennsylvania Long-Term Tax-Exempt Fund returned –10.00% for Investor Shares and –9.93% for Admiral Shares. The fund trailed its benchmark, the Bloomberg PA Municipal Bond Index, which returned –9.19%.
• The economic backdrop deteriorated early on as inflation soared to multidecade highs, fueled in part by higher energy and food prices in the wake of Russia’s invasion of Ukraine. Then price increases broadened to other categories of goods and services, adding to concerns that inflation would remain stubbornly high. That prompted aggressive tightening by the Federal Reserve to bring inflation back in check, which weighed on bond prices and increased fears of recession.
• Municipal bonds were not immune to the run-up in Treasury yields, and the muni market experienced significant cash outflows. As a whole, however, their fundamentals remained solid, and they fared better than the taxable bond market.
• The fund’s overweight positions in hospital and university bonds were significant detractors while an underweight allocation to transportation was a bright spot. Selection in AA rated bonds hurt performance.
• Overall, the advisor lengthened the fund’s duration late in the period, detracting from returns.
Market Barometer
  Average Annual Total Returns
Periods Ended November 30, 2022
  One Year Three Years Five Years
Stocks      
Russell 1000 Index (Large-caps) -10.66% 10.56% 10.69%
Russell 2000 Index (Small-caps) -13.01 6.44 5.45
Russell 3000 Index (Broad U.S. market) -10.80 10.28 10.33
FTSE All-World ex US Index (International) -11.40 2.23 1.86
Bonds      
Bloomberg U.S. Aggregate Float Adjusted Index
(Broad taxable market) 		-12.91% -2.56% 0.24%
Bloomberg Municipal Bond Index
(Broad tax-exempt market) 		-8.64 -0.77 1.40
FTSE Three-Month U.S. Treasury Bill Index 1.16 0.64 1.19
CPI      
Consumer Price Index 7.11% 5.00% 3.83%
1
Advisor’s Report
For the 12 months ended November 30, 2022, Vanguard Pennsylvania Long-Term Tax-Exempt Fund returned –10.00% for Investor Shares and –9.93% for Admiral Shares. The fund trailed its benchmark, the Bloomberg PA Municipal Bond Index, which returned –9.19%.
The fund’s 30-day SEC yield increased 257 basis points to 3.86% for Admiral Shares during the period. (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 a historic rise in interest rates, which caused ripple effects across every sector of the financial markets and brought with it renewed volatility.
Concerns that had weighed on market sentiment in late 2021 carried into 2022. Supply-chain bottlenecks persisted, labor remained in short supply in some sectors of the economy as unemployment rates continued to fall, and year-on-year inflation readings—which had been accelerating—climbed to multidecade highs across much of the world.
In late February, Russia’s invasion of Ukraine injected more uncertainty into the markets. Oil headed north of $100 per barrel and staple food prices soared.
 
Yields of Tax-Exempt Municipal Securities
(National Averages, AAA-Rated General Obligation Issues)
   
Maturity November 30,
2021 		November 30,
2022
2 years 0.24% 2.59%
5 years 0.61 2.65
10 years 1.07 2.75
30 years 1.55 3.57
Source: Vanguard.
2
While energy prices eventually began to cool amid slowing economic growth and the U.S. government’s release of some of its strategic oil reserves to boost supply, price increases broadened to other categories of goods and services, heightening concerns that inflation might remain stubbornly high.
In response, major central banks wound down their bond-purchasing programs and began raising short-term interest rates. The Federal Reserve was especially aggressive, raising the federal funds rate target by 3.75 percentage points over eight months.
That created a challenging environment for bonds. Muni yields rose sharply even as the credit profile of many issuers remained solid overall. With muni returns turning negative, investors pulled large amounts of cash out of the asset class, which put additional pressure on muni prices. As a whole, the U.S. muni market finished the period down close to –9% as measured by the Bloomberg Municipal Bond Index.
The commonwealth of Pennsylvania reported fiscal 2022 general fund revenue of $43.5 billion, up from $39.1 billion in fiscal 2021. The increase was driven by higher sales and use tax collections ($13.9 billion, up from $12.8 billion the prior fiscal year) and higher personal income tax collections ($18.1 billion, up from $16.2 billion). The commonwealth ended fiscal 2022 with a $5.5 billion unappropriated general fund balance, compared with a zero balance a year
earlier. Budgeted general fund revenues for fiscal 2023 are about $43 billion.
The credit trend for Pennsylvania remains stable amid rebounding economic activity and significant federal support to the commonwealth and municipalities during the pandemic. The commonwealth issued $1 billion of new funding bonds in September.
In April, Fitch revised its outlook for Pennsylvania to positive from stable, citing the commonwealth’s use of revenue surplus to build reserves to historic highs as an indication of potentially material improvement in operating performance. Fitch’s long-term rating for the commonwealth remains AA–.
The city of Philadelphia’s fiscal 2022 general fund revenue was $5.8 billion, up from $4.7 billion in fiscal 2021. Budgeted general fund revenues for fiscal 2023 are $5.7 billion.
Fitch upgraded Philadelphia’s credit rating in June to A from A–, citing improved operating performance attributed to a tax revenue rebound and the city’s budgetary actions. Fitch’s credit outlook for the city is stable.
Management of the fund
One driver of the fund’s relative underperformance was its longer duration relative to its benchmark index. (Duration is a measure of price sensitivity to movements in interest rates.) We were positioned defensively to start the year, but with rates rising we took advantage of the higher yields offered in the market and
3
extended the fund’s duration. This was a drag on performance as rates continued to rise, but we believe it will position the fund positively for future performance. The market offered much more value later in the year; by extending our duration we are seeking to capture that value and anticipate it should be realized as flows return to munis and there is more stability in the market.
We were lighter than we typically are on credit exposure early in the period as well but were still carrying more than the benchmark. The widening in credit spreads that took place therefore dampened the fund’s relative performance.
In the second half of the period, we seized some opportunities to cycle out of shorter call bonds and into bonds with a call of closer to 10 years, as they offer a better convexity profile, which will position the fund to capture more upside price performance in the future.
The fund was well prepared in terms of liquidity going into 2022. With the Fed having been expected to initiate a hiking cycle and municipal valuations at rich levels, we didn’t predict the magnitude of outflows that occurred, but we had increased our liquidity buffer because we anticipated that some investors could head for the exits.
Outlook
Although the bond market may continue to see volatility if, as expected, the Fed makes more rate hikes in the coming year, today’s higher yields mean munis can
offer more of a cushion against further price declines.
Energy supply-and-demand concerns, diminishing capital flows, declining trade volumes, and falling economic output per person in all likelihood will lead to a global recession in the coming year. While we had upgraded the portfolio’s credit quality because of that outlook, we are open to opportunistically increasing our credit exposure given the widening in spreads that has taken place. At the same time, we are also favoring some sectors that tend to be more defensive during downturns.
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.
James M. D’Arcy, CFA, Portfolio Manager
Vanguard Fixed Income Group
December 15, 2022
4
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.
5
Six Months Ended November 30, 2022      
  Beginning
Account Value
5/31/2022 		Ending
Account Value
11/30/2022 		Expenses
Paid During
Period
Based on Actual Fund Return      
Pennsylvania Long-Term Tax-Exempt Fund      
Investor Shares $1,000.00 $979.70 $0.84
Admiral™ Shares 1,000.00 980.10 0.45
Based on Hypothetical 5% Yearly Return      
Investor Shares $1,000.00 $1,024.22 $0.86
Admiral Shares 1,000.00 1,024.62 0.46
The calculations are based on expenses incurred in the most recent six-month period. The 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 (183/365).
6
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, 2012, Through November 30, 2022
Initial Investment of $10,000
    Average Annual Total Returns
Periods Ended November 30, 2022 		 
    One
Year 		Five
Years 		Ten
Years 		Final Value
of a $10,000
Investment
Pennsylvania Long-Term Tax-Exempt Fund Investor Shares -10.00% 1.64% 2.42% $12,706
Bloomberg PA Municipal Bond Index -9.19 1.58 2.21 12,447
Bloomberg Municipal Bond Index -8.64 1.40 1.98 12,161
       
    One
Year 		Five
Years 		Ten
Years 		Final Value
of a $50,000
Investment
Pennsylvania Long-Term Tax-Exempt Fund
Admiral Shares 		-9.93% 1.72% 2.51% $64,064
Bloomberg PA Municipal Bond Index -9.19 1.58 2.21 62,233
Bloomberg Municipal Bond Index -8.64 1.40 1.98 60,804
See Financial Highlights for dividend and capital gains information.
7
Pennsylvania Long-Term Tax-Exempt Fund
Distribution by Stated Maturity
As of November 30, 2022
Under 1 Year 4.8%
1 - 3 Years 3.3
3 - 5 Years 2.6
5 - 10 Years 12.2
10 - 20 Years 43.7
20 - 30 Years 30.1
Over 30 Years 3.3
The table reflects the fund’s investments, except for short-term investments and derivatives.
8
Pennsylvania Long-Term Tax-Exempt Fund
Financial Statements
Schedule of Investments
As of November 30, 2022
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 (99.1%)
Pennsylvania (98.3%)
1,2 Abington Pennsylvania School District GO VRDO 1.010%  12/1/22  7,485     7,485
3 Aliquippa Municipal Water Authority Water & Sewer Water Revenue 4.000% 11/15/46    600       571
3 Aliquippa Municipal Water Authority Water & Sewer Water Revenue 4.000% 11/15/51  1,750     1,606
3 Aliquippa Municipal Water Authority Water & Sewer Water Revenue 4.000% 11/15/55  2,200     2,001
4 Allegheny County Airport Authority Port, Airport & Marina Revenue 4.000%   1/1/46  4,095     3,912
  Allegheny County Airport Authority Port, Airport & Marina Revenue 5.000%   1/1/56  4,000     4,116
  Allegheny County Higher Education Building Authority College & University Revenue 4.000%   3/1/30  2,685     2,706
  Allegheny County Higher Education Building Authority College & University Revenue 5.000%   3/1/30  1,155     1,197
  Allegheny County Higher Education Building Authority College & University Revenue 4.000%   3/1/31  1,550     1,563
  Allegheny County Higher Education Building Authority College & University Revenue 4.000%   3/1/33  2,035     2,046
  Allegheny County Higher Education Building Authority College & University Revenue 4.000%   3/1/36    850       840
  Allegheny County Higher Education Building Authority College & University Revenue 4.000%   3/1/37  1,050     1,023
  Allegheny County Higher Education Building Authority College & University Revenue 5.000% 10/15/37  1,000       998
  Allegheny County Higher Education Building Authority College & University Revenue 4.000%   3/1/38  1,105     1,069
  Allegheny County Higher Education Building Authority College & University Revenue 4.000%   3/1/39  2,000     1,918
  Allegheny County Higher Education Building Authority College & University Revenue 4.000%   3/1/40  2,120     1,993
  Allegheny County Higher Education Building Authority College & University Revenue 4.000%   3/1/41  3,000     2,788
  Allegheny County Higher Education Building Authority College & University Revenue VRDO 1.050%  12/1/22 55,475    55,475
  Allegheny County Higher Education Building Authority College & University Revenue, Prere. 5.000%   3/1/25     25        26
  Allegheny County Higher Education Building Authority College & University Revenue, Prere. 4.000%   3/1/26     10        10
9
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%  7/15/32  1,500     1,624
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/33  3,000     3,195
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 5.000%  7/15/33  3,200     3,454
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/34  4,750     5,032
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/35  5,500     5,791
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/35  2,530     2,525
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/36  5,250     5,503
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/36 11,190    11,108
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/37  7,250     7,129
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 4.000%   4/1/38  5,000     4,816
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/38  2,250     2,186
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/39  1,500     1,440
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 4.000%   4/1/44 20,080    18,252
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/47 18,230    18,451
1 Allegheny County IDA Charter School Aid Revenue 3.000%  6/15/31  1,075       903
1 Allegheny County IDA Charter School Aid Revenue 4.000%  6/15/41  1,895     1,489
  Allegheny County IDA Charter School Aid Revenue 4.000%  6/15/41  1,405     1,109
1 Allegheny County IDA Charter School Aid Revenue 4.000%  6/15/51  3,165     2,268
  Allegheny County IDA Charter School Aid Revenue 4.000%  6/15/51  1,100       799
  Allegheny County IDA Charter School Aid Revenue 4.000%  6/15/56  1,165       815
  Allegheny County PA GO 5.000%  11/1/26  2,540     2,755
  Allegheny County PA GO 4.000%  11/1/34    915       941
  Allegheny County PA GO 4.000%  11/1/35  1,225     1,248
  Allegheny County PA GO 5.000%  11/1/41  5,015     5,304
  Allegheny County PA GO, Prere. 5.250%  12/1/23  1,000     1,026
4 Allegheny County Sanitary Authority Sewer Revenue 4.000%  12/1/31    805       834
  Allegheny County Sanitary Authority Sewer Revenue 4.000%   6/1/35  1,100     1,117
4 Allegheny County Sanitary Authority Sewer Revenue 4.000%  12/1/35  2,650     2,695
  Allegheny County Sanitary Authority Sewer Revenue 5.000%  12/1/35  4,000     4,189
  Allegheny County Sanitary Authority Sewer Revenue 4.000%   6/1/36  1,500     1,512
  Allegheny County Sanitary Authority Sewer Revenue 3.000%   6/1/37    500       443
  Allegheny County Sanitary Authority Sewer Revenue 3.000%   6/1/38  1,125       977
  Allegheny County Sanitary Authority Sewer Revenue 3.000%   6/1/39  4,500     3,837
  Allegheny County Sanitary Authority Sewer Revenue 5.000%  12/1/40  3,500     3,651
3 Allegheny County Sanitary Authority Sewer Revenue 5.250%  12/1/41  3,500     3,564
  Allegheny County Sanitary Authority Sewer Revenue 5.000%   6/1/43  3,000     3,190
  Allegheny County Sanitary Authority Sewer Revenue 5.000%   6/1/45  2,500     2,646
  Allegheny County Sanitary Authority Sewer Revenue 5.750%   6/1/47  5,000     5,729
  Allegheny County Sanitary Authority Sewer Revenue 4.000%   6/1/48  5,385     5,092
  Allegheny County Sanitary Authority Sewer Revenue 4.000%   6/1/50  2,100     1,970
  Allegheny County Sanitary Authority Sewer Revenue 5.750%   6/1/52 10,500    11,917
  Allegheny County Sanitary Authority Sewer Revenue 5.000%   6/1/53  4,000     4,247
3 Allegheny Valley Joint School District GO 2.000%  11/1/32    500       430
10
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
4 Allentown City School District GO 4.000%  2/15/24    550       557
3 Allentown City School District GO 5.000%   2/1/32  3,075     3,402
3 Allentown City School District GO 5.000%   6/1/32  1,465     1,553
3 Allentown City School District GO 4.000%   2/1/34  1,500     1,515
3 Allentown City School District GO 5.000%   2/1/34  1,300     1,433
3 Allentown City School District GO 4.000%   2/1/35  1,175     1,180
3 Allentown City School District GO 5.000%   6/1/35  2,000     2,117
3 Allentown City School District GO 4.000%   2/1/36  1,100     1,101
3 Allentown City School District GO 5.000%   6/1/36  1,500     1,586
  Allentown Neighborhood Improvement Zone Development Authority Economic Development Revenue 5.000%   5/1/33  1,100     1,138
  Allentown Neighborhood Improvement Zone Development Authority Economic Development Revenue 5.000%   5/1/42  4,250     4,152
1 Allentown Neighborhood Improvement Zone Development Authority Economic Development Revenue 6.000%   5/1/42  1,925     1,919
  Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue 5.000%   5/1/34  1,750     1,796
  Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue 5.000%   5/1/36  3,130     3,163
1 Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue (City Center Project) 5.125%   5/1/32  1,000       961
1 Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue (City Center Project) 5.375%   5/1/42  1,000       933
1 Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue (Sub City Center Project) 5.250%   5/1/42  2,210     2,046
3 Altoona Area School District GO, Prere. 5.000%  12/1/25  1,500     1,600
4 Altoona PA Sewer Revenue GO 3.000%  12/1/35  3,165     2,927
3 Armstrong School District GO 5.000%  3/15/31  1,800     2,026
3 Armstrong School District GO 3.000%  3/15/34  5,605     5,261
  Avon Grove School District Chester County GO 4.000% 11/15/35    500       510
  Avon Grove School District Chester County GO 4.000% 11/15/36    750       757
  Avon Grove School District Chester County GO 4.000% 11/15/37  1,085     1,089
  Avon Grove School District Chester County GO 4.000% 11/15/38  1,000     1,001
  Avon Grove School District Chester County GO 4.000% 11/15/39    700       702
  Avon Grove School District Chester County GO 4.000% 11/15/40    700       692
3 Beaver County PA GO 4.000%  4/15/30    450       470
3 Beaver County PA GO, Prere. 4.000%  4/15/28     50        53
  Berks County IDA Health, Hospital, Nursing Home Revenue 5.000%  5/15/33    700       702
  Berks County IDA Health, Hospital, Nursing Home Revenue 5.000%  5/15/37    375       370
  Berks County IDA Health, Hospital, Nursing Home Revenue 5.000%  5/15/37  2,500     2,480
  Berks County IDA Health, Hospital, Nursing Home Revenue 5.000%  5/15/38    420       413
  Berks County IDA Health, Hospital, Nursing Home Revenue 5.000%  5/15/43    500       481
  Berks County IDA Health, Hospital, Nursing Home Revenue 5.000%  5/15/47    830       772
  Berks County IDA Health, Hospital, Nursing Home Revenue 5.000%  5/15/47  2,535     2,392
  Berks County IDA Health, Hospital, Nursing Home Revenue 5.000%  5/15/48  1,500     1,412
  Berks County IDA Health, Hospital, Nursing Home Revenue (Tower Health Project) 4.000%  11/1/33  2,000     1,394
3 Bermudian Springs School District GO 4.000%   5/1/44  2,500     2,440
3 Berwick Area School District GO 4.000% 11/15/46  1,775     1,714
  Bethel Park Municipal Authority Lease Revenue 3.000%   9/1/47  3,210     2,396
4 Blue Mountain School District GO 4.000%   8/1/23    345       348
4 Blue Mountain School District GO 4.000%   8/1/24    360       368
4 Blue Mountain School District GO 4.000%   8/1/25    385       398
4 Blue Mountain School District GO, ETM 4.000%   8/1/23    125       126
4 Blue Mountain School District GO, ETM 4.000%   8/1/24    140       143
4 Blue Mountain School District GO, ETM 4.000%   8/1/25     75        78
11
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
3 Bristol Township School District GO 4.000%   6/1/48  1,545     1,483
  Bristol Township School District GO, Prere. 5.250%   6/1/23  3,000     3,040
  Bucks County IDA College & University Revenue 5.000%  11/1/37  1,205     1,200
  Bucks County IDA College & University Revenue 5.000%  11/1/52  1,280     1,207
  Bucks County IDA College & University Revenue (Delaware Valley University Project) 5.000%  11/1/47  1,205     1,154
  Bucks County IDA Health, Hospital, Nursing Home Revenue 4.000%  8/15/35    550       550
  Bucks County IDA Health, Hospital, Nursing Home Revenue 4.000%  8/15/36    900       890
  Bucks County IDA Health, Hospital, Nursing Home Revenue 3.000%  8/15/50  3,000     2,129
  Bucks County IDA Health, Hospital, Nursing Home Revenue 4.000%  8/15/50  2,000     1,739
  Bucks County IDA Health, Hospital, Nursing Home Revenue 3.000%  8/15/53 11,160     7,589
4 Bucks County IDA Health, Hospital, Nursing Home Revenue 3.000%  8/15/53 15,540    10,824
  Bucks County IDA Health, Hospital, Nursing Home Revenue (Grand View Hospital Project) 4.000%   7/1/46  1,000       767
  Bucks County IDA Health, Hospital, Nursing Home Revenue (Grand View Hospital Project) 4.000%   7/1/51  5,255     3,827
  Bucks County IDA Private Schools Revenue (George School Project) 5.000%  9/15/44  4,965     5,430
  Butler County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/26    525       542
  Butler County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/27    490       505
  Butler County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/28    540       555
  Butler County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/29  1,670     1,711
  Butler County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/30  1,370     1,400
  Butler County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/35  4,430     4,463
  Butler County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/39  3,250     3,231
4 Cambria County PA GO 4.000%   8/1/34    750       772
4 Cambria County PA GO 4.000%   8/1/35    700       713
4 Canon Mcmillan School District GO 5.000%  12/1/41  3,000     3,182
  Canonsburg-Houston Joint Authority Sewer Revenue 5.000%  12/1/40  4,000     4,207
  Capital Region Water Revenue 5.000%  7/15/31  2,350     2,571
  Capital Region Water Revenue 5.000%  7/15/32  1,100     1,203
  Capital Region Water Revenue 5.000%  7/15/35    500       546
  Capital Region Water Revenue 5.000%  7/15/38  1,000     1,083
  Capital Region Water Sewer Revenue 5.000%  7/15/31  1,240     1,341
  Capital Region Water Sewer Revenue 5.000%  7/15/32    500       540
  Capital Region Water Sewer Revenue 5.000%  7/15/33  1,370     1,475
  Capital Region Water Sewer Revenue 5.000%  7/15/34  1,000     1,075
  Capital Region Water Sewer Revenue 5.000%  7/15/37  1,815     1,941
  Capital Region Water Sewer Revenue 5.000%  7/15/42  2,665     2,844
  Central Bradford Progress Authority Health, Hospital Nursing Home Revenue 3.000%  12/1/44  1,500     1,129
  Central Bradford Progress Authority Health, Hospital, Nursing Home Revenue 4.000%  12/1/51 15,000    13,302
  Central Dauphin School District GO 4.000%  5/15/32  1,000     1,030
  Central Dauphin School District GO 4.000%  5/15/34  1,985     2,033
  Central Dauphin School District GO 4.000%  5/15/35  2,325     2,361
  Central Dauphin School District GO 4.000%  5/15/37  1,000     1,002
  Centre County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000% 11/15/42  1,500     1,532
12
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Centre County Hospital Authority Health, Hospital, Nursing Home Revenue 4.000% 11/15/47  2,100     1,938
  Cheltenham Township School District GO, Prere. 5.000%  3/15/25  4,210     4,432
  Chester County Health and Education Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  10/1/34  2,675     2,841
  Chester County Health and Education Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   9/1/40  2,500     2,435
  Chester County Health and Education Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  10/1/42  2,000     1,926
  Chester County Health and Education Facilities Authority Health, Hospital, Nursing Home Revenue 3.000%   9/1/46  3,415     2,573
  Chester County Health and Education Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  10/1/47  4,000     3,755
  Chester County Health and Education Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   9/1/50 10,000     9,198
  Chester County Health and Education Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  10/1/52  2,500     2,583
  Chester County IDA Recreational Revenue 4.000%  12/1/46 12,105    11,272
  Chester County IDA Recreational Revenue 4.000%  12/1/51  5,000     4,635
  Chester County IDA Recreational Revenue (Longwood Gardens Project) 5.000%  12/1/39  1,000     1,092
  Chester County IDA Recreational Revenue (Longwood Gardens Project) 5.000%  12/1/44  5,000     5,408
  Chester County IDA Recreational Revenue (Longwood Gardens Project) 4.000%  12/1/49  1,645     1,525
  Clarion County IDA Local or Guaranteed Housing Revenue 5.000%   7/1/29  2,000     2,063
  Clarion County IDA Local or Guaranteed Housing Revenue 5.000%   7/1/33  3,000     3,076
  Clarion County IDA Local or Guaranteed Housing Revenue 5.000%   7/1/45  2,000     2,019
3 Coatesville School District GO 0.000%  10/1/33  1,000       621
  Colonial School District GO 3.000%  2/15/39    350       306
  Colonial School District GO 3.000%  2/15/40    700       603
  Colonial School District GO 3.000%  2/15/41    700       598
  Commonwealth Financing Authority Appropriations Revenue 5.000%   6/1/24    250       258
  Commonwealth Financing Authority Appropriations Revenue 5.000%   6/1/24  1,000     1,032
  Commonwealth Financing Authority Appropriations Revenue 5.000%   6/1/30  1,000     1,128
  Commonwealth Financing Authority Appropriations Revenue 5.000%   6/1/30  1,750     1,974
  Commonwealth Financing Authority Appropriations Revenue 5.000%   6/1/31  1,000     1,141
  Commonwealth Financing Authority Tobacco Settlement Funded Revenue 5.000%   6/1/27  4,000     4,322
  Commonwealth Financing Authority Tobacco Settlement Funded Revenue 5.000%   6/1/29  5,125     5,610
  Commonwealth Financing Authority Tobacco Settlement Funded Revenue 5.000%   6/1/30  4,045     4,423
  Commonwealth Financing Authority Tobacco Settlement Funded Revenue 5.000%   6/1/31  5,100     5,564
  Commonwealth Financing Authority Tobacco Settlement Funded Revenue 5.000%   6/1/32  7,000     7,614
  Commonwealth Financing Authority Tobacco Settlement Funded Revenue 5.000%   6/1/33 10,025    10,870
4,5 Commonwealth Financing Authority Tobacco Settlement Funded Revenue 4.000%   6/1/39 36,550    36,635
  Commonwealth of Pennsylvania COP 5.000%   7/1/29    300       329
  Commonwealth of Pennsylvania COP 5.000%   7/1/30    375       411
  Commonwealth of Pennsylvania COP 5.000%   7/1/31    425       466
  Commonwealth of Pennsylvania COP 5.000%   7/1/34    475       517
  Commonwealth of Pennsylvania COP 5.000%   7/1/35    845       915
  Commonwealth of Pennsylvania COP 5.000%   7/1/36  1,000     1,079
13
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Commonwealth of Pennsylvania COP 5.000%   7/1/37    875       943
  Commonwealth of Pennsylvania COP 5.000%   7/1/38  1,000     1,073
  Commonwealth of Pennsylvania GO 5.000%   1/1/23    175       175
  Commonwealth of Pennsylvania GO 4.000%   7/1/23  4,000     4,036
  Commonwealth of Pennsylvania GO 5.000% 10/15/23    215       220
  Commonwealth of Pennsylvania GO 5.000%  1/15/24     55        57
  Commonwealth of Pennsylvania GO 5.000%  3/15/24     15        15
  Commonwealth of Pennsylvania GO 5.000%  7/15/24 10,000    10,392
  Commonwealth of Pennsylvania GO 5.000%  7/15/25 10,000    10,592
  Commonwealth of Pennsylvania GO 5.000%  8/15/25  1,420     1,507
4 Commonwealth of Pennsylvania GO 5.000%  9/15/25  2,275     2,421
  Commonwealth of Pennsylvania GO 5.000%   1/1/26 10,000    10,673
  Commonwealth of Pennsylvania GO 5.000%  7/15/26  5,000     5,390
  Commonwealth of Pennsylvania GO 5.000%  9/15/26    525       568
4 Commonwealth of Pennsylvania GO 5.000%  9/15/26  9,050     9,819
  Commonwealth of Pennsylvania GO 5.000%  7/15/27  3,000     3,286
  Commonwealth of Pennsylvania GO 5.000%  9/15/27 10,000    10,763
  Commonwealth of Pennsylvania GO 4.000%   1/1/29 10,350    10,780
  Commonwealth of Pennsylvania GO 4.000%  6/15/30  4,000     4,062
4 Commonwealth of Pennsylvania GO 4.000%  8/15/30  7,640     7,840
  Commonwealth of Pennsylvania GO 4.000%   2/1/31 12,000    12,392
  Commonwealth of Pennsylvania GO 5.000%   3/1/32  5,000     5,506
  Commonwealth of Pennsylvania GO 5.000%  3/15/32  6,000     6,270
  Commonwealth of Pennsylvania GO 5.000%  8/15/32  4,000     4,209
  Commonwealth of Pennsylvania GO 4.000%   2/1/33  5,585     5,739
4 Commonwealth of Pennsylvania GO 4.000%   3/1/33 18,930    19,619
  Commonwealth of Pennsylvania GO 4.000%   5/1/33  9,350     9,768
4 Commonwealth of Pennsylvania GO 4.000%   3/1/34 19,575    20,136
  Commonwealth of Pennsylvania GO 4.000%  3/15/34  2,000     2,030
  Commonwealth of Pennsylvania GO 3.000%  5/15/34  2,500     2,336
  Commonwealth of Pennsylvania GO 5.000%  10/1/34 15,000    17,349
  Commonwealth of Pennsylvania GO 4.000%   3/1/35  5,500     5,585
3 Commonwealth of Pennsylvania GO 4.000%   3/1/35 10,000    10,294
  Commonwealth of Pennsylvania GO 3.000%   5/1/35 20,500    18,862
  Commonwealth of Pennsylvania GO 3.000%  5/15/35 15,000    13,792
  Commonwealth of Pennsylvania GO 5.000%  10/1/35 15,000    17,241
  Commonwealth of Pennsylvania GO 4.000%   3/1/36  5,000     5,062
  Commonwealth of Pennsylvania GO 3.000%   5/1/36    365       331
  Commonwealth of Pennsylvania GO 3.000%  5/15/36 10,000     9,082
  Commonwealth of Pennsylvania GO 3.000%  9/15/36    745       675
  Commonwealth of Pennsylvania GO 4.000%   3/1/37 10,000    10,078
3 Commonwealth of Pennsylvania GO 4.000%   3/1/37 10,000    10,260
  Commonwealth of Pennsylvania GO 4.000%  10/1/37  4,795     4,906
  Commonwealth of Pennsylvania GO 4.000%   3/1/38  2,820     2,831
  Commonwealth of Pennsylvania GO 3.000%   5/1/38 12,975    11,422
  Commonwealth of Pennsylvania GO 2.000%  5/15/38  7,000     5,151
  Commonwealth of Pennsylvania GO 5.000%  10/1/38 10,000    11,354
  Commonwealth of Pennsylvania GO 2.000%  5/15/39  7,375     5,257
  Commonwealth of Pennsylvania GO 2.000%  5/15/40  7,000     4,835
  Commonwealth of Pennsylvania GO 2.000%  5/15/41  5,000     3,348
  Conestoga Valley School District GO 3.000%   2/1/37  1,240     1,101
  Conestoga Valley School District GO 3.000%   2/1/38    850       742
3 Connellsville Area School District GO 4.000%  8/15/26  1,685     1,750
4 Conrad Weiser Area School District GO 4.000%   9/1/34  3,085     3,176
4 Conrad Weiser Area School District GO 4.000%   9/1/35    635       650
14
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Council Rock School District GO 2.050% 11/15/33  1,085       885
  Council Rock School District GO 3.250% 11/15/39  5,010     4,342
  Council Rock School District GO 2.050%  8/15/42  3,000     2,015
  Cumberland County Municipal Authority College & University Revenue 5.000%   5/1/31    750       793
  Cumberland County Municipal Authority College & University Revenue 5.000%   5/1/32    800       844
  Cumberland County Municipal Authority College & University Revenue 5.000%   5/1/34  1,420     1,497
  Cumberland County Municipal Authority College & University Revenue (Dickinson College Project) 5.000%  11/1/39  4,685     4,973
  Cumberland County Municipal Authority Health, Hospital, Nursing Home Revenue 4.000%  11/1/36  1,400     1,389
  Cumberland County Municipal Authority Health, Hospital, Nursing Home Revenue 3.000%  11/1/38  2,475     1,999
  Cumberland County Municipal Authority Health, Hospital, Nursing Home Revenue 4.000%  11/1/44  5,000     4,655
  Cumberland County Municipal Authority Health, Hospital, Nursing Home Revenue 4.000%  11/1/49  7,500     6,766
  Cumberland Valley School District GO 5.000%  12/1/31    750       788
  Cumberland Valley School District GO 5.000%  12/1/33  1,005     1,055
  Cumberland Valley School District GO 5.000%  12/1/34  1,125     1,181
  Cumberland Valley School District GO 5.000%  12/1/35  1,000     1,049
  Dallastown Area School District GO 5.000%  3/15/38  1,200     1,300
  Dallastown Area School District GO 5.000%  3/15/39  4,255     4,579
  Dauphin County General Authority Health, Hospital, Nursing Home Revenue (Pinnacle Health Systems Project) 4.000%   6/1/30  3,745     3,805
  Dauphin County General Authority Health, Hospital, Nursing Home Revenue (Pinnacle Health Systems Project) 4.000%   6/1/31  2,190     2,223
  Dauphin County General Authority Health, Hospital, Nursing Home Revenue (Pinnacle Health Systems Project) 4.000%   6/1/32  2,070     2,083
  Dauphin County General Authority Health, Hospital, Nursing Home Revenue (Pinnacle Health Systems Project) 5.000%   6/1/35  3,925     4,053
4 Deer Creek Drainage Basin Authority Sewer Revenue 2.375%  12/1/46    750       501
4 Deer Creek Drainage Basin Authority Sewer Revenue 2.500%  12/1/51  2,000     1,299
  Delaware County Authority College & University Revenue 5.000%  10/1/33    500       537
  Delaware County Authority College & University Revenue 5.000%  10/1/34  1,220     1,308
  Delaware County Authority College & University Revenue 5.000%  10/1/35    800       855
  Delaware County Authority College & University Revenue 5.000%  10/1/35  2,215     2,249
  Delaware County Authority College & University Revenue 5.000%  10/1/39  4,500     4,502
  Delaware County Authority College & University Revenue 5.000%   8/1/40  2,500     2,595
  Delaware County Authority College & University Revenue 5.000%  10/1/42  5,875     6,188
  Delaware County Authority College & University Revenue 5.000%  10/1/46  5,095     5,339
  Delaware County IDA Industrial Revenue (United Parcel Services Project) VRDO 1.100%  12/1/22    700       700
  Delaware County Regional Water Quality Control Authority Sewer Revenue 5.000%   5/1/40  1,500     1,554
3 Delaware County Vocational & Technical School Authority Lease (Appropriation) Revenue, Prere. 5.000%  11/1/23  1,250     1,277
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/32  3,070     3,335
3 Delaware River Joint Toll Bridge Commission Highway Revenue 4.000%   7/1/33  4,000     4,098
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/34  3,250     3,509
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/35  1,000     1,076
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/36  3,500     3,756
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/42 13,930    14,496
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/47  6,500     6,720
  Delaware River Port Authority Highway Revenue 5.000%   1/1/32  2,750     3,034
15
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Delaware River Port Authority Highway Revenue 5.000%   1/1/36  2,000     2,172
  Delaware River Port Authority Highway Revenue 5.000%   1/1/37  7,000     7,073
  Delaware River Port Authority Highway Revenue 5.000%   1/1/37  2,500     2,702
  Delaware River Port Authority Highway Revenue 5.000%   1/1/38    600       647
  Delaware River Port Authority Highway Revenue 5.000%   1/1/40  5,115     5,184
  Delaware River Port Authority Highway Revenue 5.000%   1/1/40  1,825     1,954
  Delaware River Port Authority Highway Revenue, Prere. 5.000%   1/1/24  3,500     3,589
  Delaware River Port Authority Highway Revenue, Prere. 5.000%   1/1/24  3,500     3,589
  Delaware River Port Authority Port, Airport & Marina Revenue (Port District Project) 5.000%   1/1/25  2,715     2,720
  Delaware River Port Authority Port, Airport & Marina Revenue (Port District Project) 5.000%   1/1/26  3,305     3,312
  Delaware Valley Regional Finance Authority Indirect Ad Valorem Property Revenue 5.750%   7/1/32  6,885     8,287
6 Delaware Valley Regional Finance Authority Lease Revenue 5.500%   8/1/28 13,020    14,665
2 Delaware Valley Regional Finance Authority Miscellaneous Revenue VRDO 1.800%  12/7/22  2,450     2,450
  Doylestown Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/25  3,730     3,755
  Doylestown Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/26  4,445     4,471
  Doylestown Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/27  1,170     1,176
  Doylestown Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/28  1,025     1,030
  Doylestown Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/29    865       869
  Doylestown Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/46  4,040     3,419
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%  7/15/32    750       792
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%  7/15/33  1,000     1,052
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%  7/15/35    500       522
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 3.000%  7/15/39    635       494
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%  7/15/40    760       775
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 3.000%  7/15/46  3,000     2,072
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/48  7,405     6,365
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/50  7,850     6,674
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/51  8,405     7,113
  East Hempfield Township IDA Local or Guaranteed Housing Revenue, Prere. 5.000%   7/1/25    825       872
  East Hempfield Township IDA Local or Guaranteed Housing Revenue, Prere. 5.000%   7/1/25  3,750     3,962
  East Norriton-Plymouth-Whitpain Joint Sewer Authority Sewer Revenue, Prere. 5.000%   8/1/23  2,500     2,541
  East Norriton-Plymouth-Whitpain Joint Sewer Authority Sewer Revenue, Prere. 5.000%   8/1/23  2,100     2,134
3 East Pennsboro Area School District GO 4.000%  10/1/44  2,370     2,281
3 East Pennsboro Area School District GO 4.000%  10/1/47  1,750     1,689
3 Easton Area Joint Sewer Authority Sewer Revenue 5.000%  12/1/27    250       256
16
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
3 Easton Area Joint Sewer Authority Sewer Revenue 5.000%  12/1/28    250       256
  Easton Area School District GO 4.000%   4/1/32  1,450     1,531
3 Erie City Water Authority Water Revenue 4.000%  12/1/44  2,175     2,122
  Erie City Water Authority Water Revenue, Prere. 5.000%  12/1/26     30        33
  Erie Higher Education Building Authority College & University Revenue (AICUP Financing Program) 4.000%   5/1/36    300       274
  Erie Higher Education Building Authority College & University Revenue (AICUP Financing Program) 5.000%   5/1/47    955       926
  Erie Higher Education Building Authority College & University Revenue (Gannon University Project) 5.000%   5/1/32  1,325     1,354
  Erie Higher Education Building Authority College & University Revenue (Gannon University Project) 5.000%   5/1/33  1,395     1,422
4 Erie School District GO 5.000%   4/1/27    150       162
4 Erie School District GO 3.000%   4/1/32  3,360     3,272
4 Erie Sewer Authority Lease Revenue 4.000%  12/1/41  3,500     3,510
  Fox Chapel Area School District GO 5.000%   2/1/36  2,000     2,155
  Franklin County PA IDA Health, Hospital, Nursing Home Revenue (Haven Inc. Project) 5.000%  12/1/43  1,100       921
  Franklin County PA IDA Health, Hospital, Nursing Home Revenue (Haven Inc. Project) 5.000%  12/1/48  2,300     1,885
  Franklin County PA IDA Health, Hospital, Nursing Home Revenue (Haven Inc. Project) 5.000%  12/1/53  4,050     3,240
3 Gateway School District Alleghany County GO 3.000% 10/15/36  1,300     1,139
3 Gateway School District Alleghany County GO 3.000% 10/15/43  2,375     1,838
  Geisinger Authority Health, Hospital, Nursing Home Revenue 5.000%  2/15/34  4,250     4,452
  Geisinger Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/35  1,000     1,064
  Geisinger Authority Health, Hospital, Nursing Home Revenue 4.000%   4/1/39 13,125    12,737
  Geisinger Authority Health, Hospital, Nursing Home Revenue 5.000%   6/1/41  5,000     5,047
  Geisinger Authority Health, Hospital, Nursing Home Revenue 5.000%  2/15/45 10,000    10,147
  Geisinger Authority Health, Hospital, Nursing Home Revenue 4.000%  2/15/47  7,030     6,459
  Geisinger Authority Health, Hospital, Nursing Home Revenue 4.000%   4/1/50 28,500    25,857
  Geisinger Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/50 15,000    15,299
  General Authority of Southcentral Pennsylvania College & University Revenue 4.000%   5/1/33    320       316
  General Authority of Southcentral Pennsylvania College & University Revenue 4.000%   5/1/34    560       550
  Gettysburg Area School District GO 4.000%   4/1/33  1,085     1,131
  Gettysburg Area School District GO 4.000%   4/1/35    750       768
  Gettysburg Area School District GO 4.000%   4/1/36  1,200     1,219
4 Greater Johnstown Water Authority Sewer Revenue 4.000%  8/15/38  1,250     1,257
4 Greater Johnstown Water Authority Sewer Revenue 4.000%  8/15/41  1,500     1,480
4 Greater Johnstown Water Authority Sewer Revenue 4.000%  8/15/48  3,500     3,321
  Hamburg Area School District GO 5.000%   4/1/23    335       338
  Haverford Township School District GO 3.000%   3/1/31  3,920     3,874
  Haverford Township School District GO 3.000%   3/1/32  4,050     3,918
  Haverford Township School District GO 3.000%   3/1/33  4,165     4,006
  Haverford Township School District GO 3.000%   3/1/34     55        52
4 Hempfield Area School District GO 5.000%  3/15/48  5,000     5,382
4 Hospitals & Higher Education Facilities Authority of Philadelphia Health, Hospital, Nursing Home Revenue 5.000%   7/1/36  3,025     3,257
4 Hospitals & Higher Education Facilities Authority of Philadelphia Health, Hospital, Nursing Home Revenue 5.000%   7/1/37  5,075     5,437
  Huntingdon County General Authority College & University Revenue (AICUP Financing Program) 5.000%   5/1/46  2,045     2,091
3 Indiana County IDA Local or Guaranteed Housing Revenue 5.000%   5/1/37  1,320     1,429
3 Indiana County IDA Local or Guaranteed Housing Revenue 5.000%   5/1/38  1,390     1,494
3 Indiana County IDA Local or Guaranteed Housing Revenue 5.000%   5/1/39  1,460     1,559
17
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
3 Indiana County IDA Local or Guaranteed Housing Revenue 5.000%   5/1/40  1,530     1,622
3 Indiana County IDA Local or Guaranteed Housing Revenue 5.000%   5/1/41  1,605     1,693
3 Indiana County IDA Local or Guaranteed Housing Revenue 4.000%   5/1/42  1,035       997
3 Indiana County IDA Local or Guaranteed Housing Revenue 5.000%   5/1/47  3,510     3,655
3 Indiana County IDA Local or Guaranteed Housing Revenue 4.000%   5/1/54  2,000     1,847
  Lackawanna County IDA College & University Revenue 4.000%  11/1/35    900       856
  Lackawanna County IDA College & University Revenue 4.000%  11/1/36    625       589
  Lackawanna County IDA College & University Revenue 4.000%  11/1/40  4,505     4,100
7 Lancaster County Convention Center Authority Hotel Occupancy Tax Revenue 4.000%   5/1/49  1,500     1,387
7 Lancaster County Convention Center Authority Hotel Occupancy Tax Revenue 4.750%   5/1/53  2,000     2,028
  Lancaster County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%  11/1/51 21,980    22,378
  Lancaster County PA GO 4.000%  11/1/32    300       312
  Lancaster County PA GO 4.000%  11/1/33    375       389
  Lancaster County PA GO 4.000%  11/1/34    500       515
  Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/42  8,825     9,138
  Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue (Brethren Village Project) 5.000%   7/1/25    715       712
  Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue (Brethren Village Project) 5.000%   7/1/30    750       723
  Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue (Brethren Village Project) 5.000%   7/1/31  1,300     1,244
  Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue (Brethren Village Project) 5.000%   7/1/32    725       688
2 Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue (Masonic Homes Project) VRDO 1.100%  12/1/22  5,000     5,000
  Lancaster County Solid Waste Management Authority Resource Recovery Revenue 5.000% 12/15/33  5,000     5,113
  Lancaster Higher Education Authority College & University Revenue (Elizabeth College Project) 5.000%  10/1/46  3,000     2,951
  Lancaster Higher Education Authority College & University Revenue (Elizabeth College Project) 5.000%  10/1/51  4,000     3,881
  Lancaster IDA Health, Hospital, Nursing Home Revenue 4.000%   7/1/46    675       532
  Lancaster IDA Health, Hospital, Nursing Home Revenue 4.000%   7/1/51  1,750     1,333
  Lancaster IDA Health, Hospital, Nursing Home Revenue 4.000%   7/1/56  2,800     2,075
  Lancaster IDA Health, Hospital, Nursing Home Revenue (Garden Spot Village Project), Prere. 5.375%   5/1/23  1,250     1,265
  Lancaster IDA Health, Hospital, Nursing Home Revenue (Garden Spot Village Project), Prere. 5.750%   5/1/23  2,200     2,229
3 Lancaster PA GO 4.000%  11/1/31  1,350     1,416
3 Lancaster PA GO 4.000%  11/1/32  2,445     2,555
3 Lancaster PA GO 4.000%  11/1/33  2,545     2,651
3 Lancaster PA GO 4.000%  11/1/34  2,660     2,743
3 Lancaster PA GO 4.000%  11/1/35  2,355     2,414
3 Lancaster School District GO 4.000%   6/1/36  1,190     1,212
  Latrobe IDA College & University Revenue 5.000%   3/1/32    335       344
  Latrobe IDA College & University Revenue 5.000%   3/1/33    300       308
  Latrobe IDA College & University Revenue 5.000%   3/1/34    325       331
  Latrobe IDA College & University Revenue 4.000%   3/1/35    450       409
  Latrobe IDA College & University Revenue 4.000%   3/1/36    475       426
  Latrobe IDA College & University Revenue 4.000%   3/1/38    575       502
  Latrobe IDA College & University Revenue 4.000%   3/1/39    685       591
  Latrobe IDA College & University Revenue 4.000%   3/1/41    535       452
  Latrobe IDA College & University Revenue 4.000%   3/1/46  1,400     1,136
18
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Latrobe IDA College & University Revenue 4.000%   3/1/51  2,795     2,187
  Lehigh County Authority Water Revenue 0.000%  12/1/24  1,695     1,582
  Lehigh County Authority Water Revenue 5.125%  12/1/47  1,475     1,480
  Lehigh County Authority Water Revenue, Prere. 5.000%  12/1/23     15        15
  Lehigh County Authority Water Revenue, Prere. 5.125%  12/1/23  1,700     1,743
  Lehigh County General Purpose Authority Charter School Aid Revenue 4.000%   6/1/57  1,445     1,197
  Lehigh County General Purpose Authority Health, Hospital, Nursing Home Revenue 4.000%  11/1/46  3,685     3,170
  Lehigh County General Purpose Authority Health, Hospital, Nursing Home Revenue 4.000%  11/1/51  7,400     6,089
  Lehigh County PA Health, Hospital, Nursing Home Revenue 5.000%   7/1/44  7,200     7,305
  Lehigh County PA Health, Hospital, Nursing Home Revenue 4.000%   7/1/49 31,175    28,041
  Lower Paxton Township PA GO, Prere. 5.000%   4/1/24     15        15
  Lycoming County Authority College & University Revenue (AICUP Financing Program) 4.000%  11/1/24    435       442
  Lycoming County Authority College & University Revenue (AICUP Financing Program) 5.500%  11/1/33  2,935     3,010
  Mechanicsburg Area School District GO 4.000%   3/1/32  1,580     1,648
  Mechanicsburg Area School District GO 4.000%   3/1/33  1,645     1,707
  Methacton School District GO 4.000%  9/15/41    520       518
  Methacton School District GO 4.000%  9/15/42    565       557
  Methacton School District GO 4.000%  9/15/45  1,000       972
  Monroe County PA GO 4.000%  7/15/37  1,630     1,640
  Monroe County PA Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/41  4,215     4,254
  Monroeville Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  2/15/42  2,000     1,868
  Montgomery County Higher Education and Health Authority College & University Revenue 5.000%   4/1/29  2,580     2,656
  Montgomery County Higher Education and Health Authority College & University Revenue 5.000%   4/1/30  1,000     1,028
  Montgomery County Higher Education and Health Authority College & University Revenue 5.750%   4/1/40  3,000     3,044
  Montgomery County Higher Education and Health Authority College & University Revenue 5.250%  11/1/42  4,000     4,089
  Montgomery County Higher Education and Health Authority College & University Revenue (AICUP Financing Program) PUT 4.000%   5/1/23  1,105     1,110
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%  10/1/24  1,165     1,188
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%  10/1/25  1,200     1,210
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%  10/1/26  1,000     1,007
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%  10/1/27  1,000     1,006
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%  12/1/27  2,250     2,285
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%   9/1/31  1,770     1,912
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%   9/1/32     25        27
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%   9/1/34  2,210     2,346
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%   9/1/35  2,780     2,932
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%   9/1/37  2,500     2,615
19
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%  10/1/40  5,150     4,978
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%   9/1/43  6,825     6,939
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 4.000%   5/1/47  5,250     4,686
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%  12/1/47  2,000     1,915
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 4.000%   9/1/49      5         4
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 4.000%   5/1/52  3,000     2,609
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 3.250%   5/1/55 12,000     8,589
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 4.000%   5/1/56 18,690    16,096
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%   5/1/57  6,000     6,002
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue (Thomas Jefferson University Project) 4.000%   9/1/34    380       378
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue (Thomas Jefferson University Project) 4.000%   9/1/36  1,445     1,413
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue (Thomas Jefferson University Project) 4.000%   9/1/37  1,435     1,392
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue (Thomas Jefferson University Project) 4.000%   9/1/44  7,830     7,209
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue (Thomas Jefferson University Project) 4.000%   9/1/49 12,805    11,296
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue (Thomas Jefferson University Project) 5.000%   9/1/51  4,455     4,465
  Montgomery County Higher Education and Health Authority Private Schools Revenue (Hill School Project) 3.500%  8/15/46    100        85
  Montgomery County Higher Education and Health Authority Private Schools Revenue (Hill School Project) 4.000%  8/15/50  5,730     5,498
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.000%   1/1/30  1,575     1,546
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.000%  12/1/30  1,200     1,219
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.000%  12/1/38  2,500     2,508
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.250%   1/1/40  4,750     4,533
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 4.000% 11/15/43    700       584
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.000% 11/15/45  2,600     2,500
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.000%  12/1/46  5,730     5,628
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.000%  12/1/48  6,500     6,343
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/22    100       100
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 (Waverly Heights Ltd. Project) 4.000%  12/1/23    225       226
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/24    300       303
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/25    250       253
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/26    350       355
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/27    300       305
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/28    200       203
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/29    100       101
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/30    210       212
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/31    225       227
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/32    100       101
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/33    225       226
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/34    370       368
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/35    570       563
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/36    825       810
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/37    705       689
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/38    400       387
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 5.000%  12/1/44  1,000     1,023
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 5.000%  12/1/49  1,000     1,018
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue, Prere. 5.250%  1/15/25  3,795     3,981
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue, Prere. 5.250%  1/15/25  5,000     5,245
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue, Prere. 5.250%  1/15/25  3,300     3,462
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue, Prere. 5.250%  1/15/25 11,250    11,801
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue, Prere. 5.250%  1/15/25  8,500     8,916
  Montgomery County PA IDA Private Schools Revenue (Germantown Academy Project) 4.000%  10/1/41  1,000       857
  Montgomery County PA IDA Private Schools Revenue (Haverford School Project) 3.000%   3/1/49  3,760     2,706
  Montgomery County PA IDA Private Schools Revenue (Haverford School Project) 4.000%   3/1/49  1,700     1,519
4 Montour School District GO, Prere. 5.000%  10/1/25  3,185     3,390
  Moon IDA Health, Hospital, Nursing Home Revenue 5.625%   7/1/30  1,000       932
  Moon IDA Health, Hospital, Nursing Home Revenue 6.000%   7/1/45  3,500     2,990
  Moon PA GO 4.000% 11/15/50  3,270     3,119
  Mount Lebanon Hospital Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/48  6,000     5,690
21
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
4 Mount Union PA Area School District GO 5.000%   9/1/32  1,580     1,717
4 Mount Union PA Area School District GO 5.000%   9/1/33  1,655     1,793
3 New Kensington-Arnold School District GO 5.000%  5/15/23  2,025     2,044
3 New Kensington-Arnold School District GO 5.000%  5/15/24  2,125     2,180
  Norristown Area School District GO 4.000%   9/1/30  1,000     1,032
  North Allegheny School District GO 3.000%   5/1/32  2,590     2,518
  North Penn Water Authority Water Revenue 4.000%  11/1/30    500       530
  North Penn Water Authority Water Revenue 4.000%  11/1/32  1,400     1,467
  Northampton County General Purpose Authority College & University Revenue 4.000% 11/15/34  7,535     7,647
  Northampton County General Purpose Authority College & University Revenue 5.000%  10/1/36  1,500     1,527
  Northampton County General Purpose Authority College & University Revenue 5.000%  10/1/40  1,760     1,782
  Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/28  3,975     4,191
  Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/29  2,000     2,106
  Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/36  6,790     7,001
  Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/43  3,000     3,065
  Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/48  3,895     3,597
  Northampton County IDA Health, Hospital, Nursing Home Revenue 5.000%  11/1/44  1,900     1,685
  Northampton Township PA GO 3.625%  5/15/39  2,145     2,021
  Northeastern Pennsylvania Hospital and Education Authority College & University Revenue (Kings College Project) 5.000%   5/1/44  1,000       991
  Northeastern Pennsylvania Hospital and Education Authority College & University Revenue (Kings College Project) 5.000%   5/1/49  1,535     1,500
  Northeastern Pennsylvania Hospital and Education Authority College & University Revenue (Wilkes University Project) 5.000%   3/1/25  1,125     1,156
  Northeastern Pennsylvania Hospital and Education Authority College & University Revenue (Wilkes University Project) 5.000%   3/1/29  1,250     1,288
  Northeastern Pennsylvania Hospital and Education Authority College & University Revenue (Wilkes University Project) 5.250%   3/1/31  1,140     1,185
  Northeastern Pennsylvania Hospital and Education Authority College & University Revenue (Wilkes University Project) 5.000%   3/1/37  3,740     3,796
  Northeastern Pennsylvania Hospital and Education Authority College & University Revenue (Wilkes University Project) 5.250%   3/1/37  3,000     3,077
3 Northeastern School District/York County GO 3.000%   3/1/33    375       355
3 Northeastern School District/York County GO 3.000%   3/1/34    300       279
3 Northeastern School District/York County GO 3.000%   3/1/35    250       227
3 Northeastern School District/York County GO 3.000%   3/1/38    850       737
3 Northeastern School District/York County GO 3.000%   3/1/41    800       657
3 Northeastern School District/York County GO 3.000%   3/1/46  2,130     1,619
3 Northern Tioga School District GO 5.000%   4/1/31    700       765
3 Northern Tioga School District GO 4.000%   4/1/33    500       517
3 Penn Hills School District GO 3.000%  10/1/30  3,030     2,988
3 Penn Hills School District GO 3.000%  10/1/31  3,585     3,501
3 Penn Hills School District GO 3.000%  10/1/32  2,845     2,736
3 Penn Hills School District GO 3.000%  10/1/33  5,015     4,759
  Penn Manor School District GO 5.000%   3/1/36  1,700     1,786
4 Pennsylvania Economic Development Financing Authority Auto Parking Revenue 0.000%   1/1/29  1,080       836
22
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
4 Pennsylvania Economic Development Financing Authority Auto Parking Revenue 0.000%   1/1/30  3,710     2,735
4 Pennsylvania Economic Development Financing Authority Auto Parking Revenue 5.500%   1/1/31  3,000     3,079
4 Pennsylvania Economic Development Financing Authority Auto Parking Revenue 0.000%   1/1/36  6,045     3,262
4 Pennsylvania Economic Development Financing Authority Auto Parking Revenue 0.000%   1/1/38  5,525     2,627
4 Pennsylvania Economic Development Financing Authority Auto Parking Revenue 5.250%   1/1/44  6,500     6,619
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   2/1/31  5,000     5,123
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   2/1/32  8,000     8,184
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000%  3/15/32  2,500     2,526
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/33  5,000     5,038
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  4/15/35  1,550     1,663
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000%  2/15/37  1,200     1,180
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000% 10/15/37  1,445     1,421
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000% 10/15/39  1,700     1,631
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   2/1/45  1,235     1,245
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000%  4/15/45 10,000     9,167
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 3.000% 10/15/46  5,040     3,633
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  2/15/47  3,500     3,626
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000% 11/15/47  7,000     6,337
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000% 10/15/51  3,750     3,338
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%   7/1/28  3,800     3,543
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%   5/1/29  1,655     1,761
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  6/15/30  3,895     4,047
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  6/15/30  2,125     2,208
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%  11/1/30  1,265     1,313
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%  12/1/30    200       223
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%  11/1/31  1,870     1,937
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%  12/1/31    295       329
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  6/15/32  3,330     3,398
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%   5/1/33  3,520     3,658
23
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  6/15/33  2,310     2,355
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%   5/1/34  2,575     2,570
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%   5/1/34  3,000     3,114
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  6/15/34  2,940     3,006
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  8/15/34  2,200     2,236
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%   5/1/35  1,870     1,947
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  8/15/35  2,275     2,300
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%   5/1/36  2,305     2,254
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  8/15/36  1,400     1,413
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%  11/1/36  4,895     5,021
4 Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%   5/1/40  4,395     4,306
4 Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%   5/1/41  1,000       966
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%   5/1/41  8,750     8,963
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  2/15/43 10,000     9,941
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  12/1/44  2,000     1,949
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 3.000%  6/15/45  1,405     1,101
4 Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%   5/1/46  5,000     5,305
  Pennsylvania Higher Educational Facilities Authority College & University Revenue, Prere. 5.000%  11/1/23  1,265     1,292
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/31    750       790
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   9/1/32  3,965     4,094
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/34    750       763
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/34    500       560
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/34  1,100     1,243
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/35  3,135     3,162
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/35    785       794
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/35  1,000     1,111
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/35  2,245     2,515
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/36  1,250     1,265
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/36  1,000     1,104
24
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 5.000%  8/15/37  1,150     1,262
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/38  1,000     1,091
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/41  6,000     5,935
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/42  5,400     5,321
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/43  2,645     2,596
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/44  3,000     3,200
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/45      5         5
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 3.000%  8/15/47  7,345     5,530
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/47 10,015    10,358
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/49 20,235    19,367
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/49 11,485    11,934
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.250%   9/1/50  1,000     1,012
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.200%  10/1/31  2,500     2,398
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.950%  10/1/34  3,000     2,717
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.500%  10/1/34  1,000       944
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.600%   8/1/35  7,579     7,358
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.125%  10/1/35  2,000     1,568
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.070%  10/1/36  5,000     3,784
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.500%  10/1/36  4,340     4,071
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.700%  10/1/39  6,845     5,463
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.150%  10/1/39  3,000     2,595
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.350%  10/1/40  6,000     4,448
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.280%  10/1/41  7,500     5,261
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.450%  10/1/41  5,000     3,690
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.200%  10/1/41  7,830     6,431
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.650%  10/1/42  6,335     6,000
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.100%  10/1/44  6,000     4,804
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.500%  10/1/45  5,000     3,548
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.600%   4/1/46  5,000     3,557
25
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.375%  10/1/46 10,005     6,705
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.400%  10/1/46  7,500     4,971
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.000%  10/1/46  3,000     2,314
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.500%  10/1/50  3,000     1,962
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.550%  10/1/51  7,500     4,820
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.000%  10/1/51  1,475     1,438
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.000%  10/1/51  1,105     1,075
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.000%  10/1/51  3,425     3,253
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 5.000%  10/1/52  7,690     7,983
  Pennsylvania State University College & University Revenue 5.000%   9/1/33  5,000     5,373
  Pennsylvania State University College & University Revenue 5.000%   9/1/36  4,650     5,004
  Pennsylvania State University College & University Revenue 5.000%   9/1/46  2,070     2,221
  Pennsylvania Turnpike Commission Franchise Tax & Business License Fees Revenue 5.000%  12/1/29  3,040     3,290
  Pennsylvania Turnpike Commission Franchise Tax & Business License Fees Revenue 5.000%  12/1/30  7,770     8,375
  Pennsylvania Turnpike Commission Franchise Tax & Business License Fees Revenue 0.000%  12/1/37  2,100     1,129
  Pennsylvania Turnpike Commission Franchise Tax & Business License Fees Revenue 5.000%  12/1/38  3,000     3,188
  Pennsylvania Turnpike Commission Franchise Tax & Business License Fees Revenue 5.000%  12/1/39  3,535     3,741
  Pennsylvania Turnpike Commission Franchise Tax & Business License Fees Revenue 5.000%  12/1/43 15,205    15,760
  Pennsylvania Turnpike Commission Franchise Tax & Business License Fees Revenue 5.000%  12/1/48  8,000     8,329
  Pennsylvania Turnpike Commission Franchise Tax & Business License Fees Revenue 5.000%  12/1/48 17,100    17,703
  Pennsylvania Turnpike Commission Franchise Tax & Business License Fees Revenue 4.000%  12/1/51 36,000    33,995
  Pennsylvania Turnpike Commission Franchise Tax & Business License Fees Revenue 4.000%  12/1/51  5,000     4,777
  Pennsylvania Turnpike Commission Franchise Tax & Business License Fees Revenue 4.000%  12/1/53  2,000     1,899
  Pennsylvania Turnpike Commission Highway Revenue 5.000%   6/1/28  7,060     7,484
  Pennsylvania Turnpike Commission Highway Revenue 5.000%   6/1/32  7,090     7,455
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/32  9,325    10,164
  Pennsylvania Turnpike Commission Highway Revenue 5.000%   6/1/33  5,410     5,641
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/33  1,250     1,346
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/33  2,000     2,067
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/33    500       544
  Pennsylvania Turnpike Commission Highway Revenue 5.250%  12/1/33  2,560     2,705
  Pennsylvania Turnpike Commission Highway Revenue 5.000%   6/1/34    545       570
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/34 10,000    10,039
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/34  9,000     9,732
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/34  2,000     2,056
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/34 10,000    10,380
  Pennsylvania Turnpike Commission Highway Revenue 5.250%  12/1/34  4,410     4,649
  Pennsylvania Turnpike Commission Highway Revenue 5.000%   6/1/35  3,000     3,139
26
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/35  5,500     5,928
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/35  4,390     4,668
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/35  5,000     5,246
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/35  5,500     6,252
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/36  1,000     1,063
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/36  1,260     1,324
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/36  9,790    10,248
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/37  6,610     6,612
  Pennsylvania Turnpike Commission Highway Revenue 4.750%  12/1/37  4,070     4,190
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/37  1,360     1,442
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/37  6,535     6,828
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/37  1,315     1,411
  Pennsylvania Turnpike Commission Highway Revenue 5.000%   6/1/38  8,145     8,364
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/38  1,000     1,000
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/38  2,555     2,557
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/38  2,755     2,997
  Pennsylvania Turnpike Commission Highway Revenue 6.375%  12/1/38  5,345     6,075
  Pennsylvania Turnpike Commission Highway Revenue 5.000%   6/1/39 19,950    20,521
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/39  1,600     1,601
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/40  2,605     2,605
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/40  1,785     1,785
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/40  5,200     5,336
3 Pennsylvania Turnpike Commission Highway Revenue 0.000%  12/1/41  7,220     3,076
  Pennsylvania Turnpike Commission Highway Revenue 0.000%  12/1/41    500       209
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/41  2,255     2,210
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/41  3,035     3,175
7 Pennsylvania Turnpike Commission Highway Revenue 5.250%  12/1/41  1,250     1,385
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/42  1,700     1,663
  Pennsylvania Turnpike Commission Highway Revenue 5.500%  12/1/42  2,950     3,082
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/43  4,550     4,428
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/44 16,390    17,037
  Pennsylvania Turnpike Commission Highway Revenue 5.250%  12/1/44  2,640     2,685
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/45  5,515     5,789
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/46 16,000    16,356
  Pennsylvania Turnpike Commission Highway Revenue 5.500%  12/1/46  7,000     7,280
  Pennsylvania Turnpike Commission Highway Revenue 5.250%   6/1/47 12,500    12,920
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/48  6,000     6,215
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/49  1,840     1,637
4 Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/49  5,000     4,792
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/49  5,650     5,880
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/50  3,605     3,188
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/50 17,150    17,914
  Pennsylvania Turnpike Commission Highway Revenue 3.000%  12/1/51  4,275     3,057
  Pennsylvania Turnpike Commission Highway Revenue 3.000%  12/1/51  3,415     2,503
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/51  5,500     5,228
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/51  5,950     5,303
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/51  4,525     4,266
7 Pennsylvania Turnpike Commission Highway Revenue 5.250%  12/1/52  2,840     3,049
2 Pennsylvania Turnpike Commission Highway Revenue VRDO 1.860%  12/1/22  2,600     2,600
8 Pennsylvania Turnpike Commission Highway Revenue, 6.100% coupon rate effective 12/1/28 0.000%  12/1/41  9,795     8,385
  Pennsylvania Turnpike Commission Highway Revenue, Prere. 5.000%  12/1/22  2,140     2,140
1,2,4 Pennsylvania Turnpike Commission Miscellaneous Revenue TOB VRDO 1.080%  12/1/22 18,700    18,700
1,2,4 Pennsylvania Turnpike Commission Miscellaneous Revenue TOB VRDO 1.080%  12/1/22  7,395     7,395
27
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
1,2,4 Pennsylvania Turnpike Commission Miscellaneous Revenue TOB VRDO 1.080%  12/1/22 16,200    16,200
1,2 Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue TOB VRDO 1.930%  12/1/22  2,500     2,500
  Pequea Valley School District GO 3.750%  5/15/52  1,955     1,636
  Peters Township School District Washington County GO 5.000%   9/1/37  3,000     3,302
  Peters Township School District Washington County GO 5.000%   9/1/38  7,555     8,297
  Philadelphia Authority for Industrial Development Charter School Aid Revenue 5.000%   5/1/40  1,000     1,007
1 Philadelphia Authority for Industrial Development Charter School Aid Revenue 5.000%  6/15/40    200       187
  Philadelphia Authority for Industrial Development Charter School Aid Revenue 5.000%   5/1/50  2,000     1,999
1 Philadelphia Authority for Industrial Development Charter School Aid Revenue 5.000%  6/15/50    200       176
  Philadelphia Authority for Industrial Development Charter School Aid Revenue 4.000%   6/1/51    240       175
  Philadelphia Authority for Industrial Development Charter School Aid Revenue 4.000%   6/1/56    170       119
  Philadelphia Authority for Industrial Development Charter School Aid Revenue (Mast Charter School Project) 5.000%   8/1/50  1,425     1,409
  Philadelphia Authority for Industrial Development College & University Revenue 5.000%  11/1/31  2,000     2,154
  Philadelphia Authority for Industrial Development College & University Revenue 5.000%  11/1/32  2,000     2,150
  Philadelphia Authority for Industrial Development College & University Revenue 5.000%   4/1/36  4,750     4,878
  Philadelphia Authority for Industrial Development College & University Revenue 4.000%  11/1/37  1,400     1,355
  Philadelphia Authority for Industrial Development College & University Revenue 4.000%  11/1/38  1,975     1,882
  Philadelphia Authority for Industrial Development College & University Revenue 4.000%  11/1/45 12,000    10,741
  Philadelphia Authority for Industrial Development College & University Revenue 5.500%  11/1/60 14,410    14,961
  Philadelphia Authority for Industrial Development College & University Revenue (Saint Joseph University Project) 5.250%  11/1/52  3,000     3,085
  Philadelphia Authority for Industrial Development Government Fund/Grant Revenue 5.000%  11/1/47  5,000     5,038
  Philadelphia Authority for Industrial Development Health, Hospital, Nursing Home Revenue 5.000%   7/1/33  3,600     3,837
  Philadelphia Authority for Industrial Development Health, Hospital, Nursing Home Revenue 5.000%   7/1/34  2,180     2,312
  Philadelphia Authority for Industrial Development Health, Hospital, Nursing Home Revenue 4.000%   7/1/35  2,150     2,176
  Philadelphia Authority for Industrial Development Health, Hospital, Nursing Home Revenue 4.000%   7/1/36  3,780     3,810
  Philadelphia Authority for Industrial Development Health, Hospital, Nursing Home Revenue 5.000%   9/1/36 11,000    11,479
  Philadelphia Authority for Industrial Development Health, Hospital, Nursing Home Revenue 5.000%   9/1/47  8,950     8,997
1,2 Philadelphia Authority for Industrial Development Health, Hospital, Nursing Home Revenue TOB VRDO 1.010%  12/1/22  1,940     1,940
  Philadelphia Authority for Industrial Development Lease (Appropriation) Revenue 5.000%  12/1/27    960     1,015
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%  10/1/30  3,050     3,213
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%  10/1/33  2,500     2,613
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%  10/1/34  4,175     4,363
28
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/35  4,000     4,229
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/36  2,000     2,109
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/37  2,000     2,104
  Philadelphia Gas Works Co. Natural Gas Revenue 4.000%  10/1/37  1,120     1,112
4 Philadelphia Gas Works Co. Natural Gas Revenue 4.000%   8/1/38  4,250     4,263
4 Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/38  5,000     5,371
4 Philadelphia Gas Works Co. Natural Gas Revenue 4.000%   8/1/40  1,750     1,712
4 Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/40  3,000     3,204
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/42  5,000     5,200
4 Philadelphia Gas Works Co. Natural Gas Revenue 4.000%   8/1/45  1,000       961
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/47 11,800    12,176
4 Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/50  5,000     5,292
  Philadelphia Hospitals & Higher Education Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/34  1,000     1,024
4 Philadelphia Hospitals & Higher Education Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/38  5,000     4,831
4 Philadelphia Hospitals & Higher Education Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/39  5,000     4,810
4 Philadelphia Hospitals & Higher Education Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/40  5,000     4,738
1 Philadelphia IDA Charter School Aid Revenue 5.000%  4/15/42  1,000       896
1 Philadelphia IDA Charter School Aid Revenue 5.000%  4/15/52  1,500     1,290
  Philadelphia IDA Charter School Aid Revenue 5.250%  6/15/52    950       862
  Philadelphia IDA Charter School Aid Revenue 5.375%  6/15/57    950       855
  Philadelphia IDA Government Fund/Grant Revenue 5.000%  11/1/42  2,000     2,027
  Philadelphia IDA Health, Hospital, Nursing Home Revenue 5.000%   9/1/35  2,425     2,539
  Philadelphia IDA Intergovernmental Agreement Revenue 5.000%  12/1/37  3,250     3,397
  Philadelphia IDA Lease (Appropriation) Revenue 5.000%  12/1/28  3,885     4,097
  Philadelphia PA Airport Port, Airport & Marina Revenue 5.000%   7/1/30  1,345     1,450
  Philadelphia PA Airport Port, Airport & Marina Revenue 5.000%   7/1/31  1,800     1,938
  Philadelphia PA Airport Port, Airport & Marina Revenue 5.000%   7/1/32  1,400     1,505
  Philadelphia PA Airport Port, Airport & Marina Revenue 4.000%   7/1/33  1,345     1,364
  Philadelphia PA Airport Port, Airport & Marina Revenue 5.000%   7/1/33    750       804
  Philadelphia PA Airport Port, Airport & Marina Revenue 4.000%   7/1/34  1,400     1,411
  Philadelphia PA Airport Port, Airport & Marina Revenue 4.000%   7/1/36  3,965     3,953
  Philadelphia PA Airport Port, Airport & Marina Revenue 4.000%   7/1/37  2,480     2,455
  Philadelphia PA Airport Port, Airport & Marina Revenue 4.000%   7/1/38  1,860     1,830
  Philadelphia PA Airport Port, Airport & Marina Revenue 4.000%   7/1/39  2,000     1,952
  Philadelphia PA Airport Port, Airport & Marina Revenue 4.000%   7/1/40  4,000     3,867
  Philadelphia PA Airport Port, Airport & Marina Revenue 5.000%   7/1/42  5,000     5,174
3 Philadelphia PA Airport Port, Airport & Marina Revenue 3.000%   7/1/50  5,000     3,735
  Philadelphia PA GO 5.000%   8/1/26  4,125     4,411
  Philadelphia PA GO 5.000%   2/1/31  2,500     2,717
  Philadelphia PA GO 5.000%   8/1/31  2,000     2,145
  Philadelphia PA GO 5.000%   8/1/32  4,000     4,191
  Philadelphia PA GO 5.000%   8/1/32  3,000     3,214
  Philadelphia PA GO 5.000%   8/1/32  4,420     4,736
  Philadelphia PA GO 5.000%   8/1/33  4,000     4,185
4 Philadelphia PA GO 5.000%   8/1/35  6,000     6,463
  Philadelphia PA GO 5.000%   5/1/36  4,690     5,047
  Philadelphia PA GO 4.000%   5/1/37  4,435     4,432
  Philadelphia PA GO 4.000%   5/1/38  4,000     3,982
  Philadelphia PA GO 4.000%   5/1/39  1,000       992
  Philadelphia PA GO 4.000%   5/1/41  2,020     1,996
  Philadelphia PA Water & Wastewater Water Revenue 4.000%  10/1/32  6,440     6,564
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  11/1/33  1,765     1,913
29
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Philadelphia PA Water & Wastewater Water Revenue 4.000%   7/1/34  6,000     6,046
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  10/1/34  2,000     2,156
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  10/1/34  2,735     3,066
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  11/1/34  1,200     1,295
  Philadelphia PA Water & Wastewater Water Revenue 4.000%  10/1/35  3,000     3,038
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  10/1/37  2,295     2,519
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  10/1/38  2,560     2,788
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  10/1/39  2,355     2,556
  Philadelphia PA Water & Wastewater Water Revenue 5.000%   6/1/41  2,750     2,990
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  11/1/44  4,000     4,234
  Philadelphia PA Water & Wastewater Water Revenue 5.500%   6/1/47 13,970    15,498
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  10/1/48  2,000     2,080
  Philadelphia PA Water & Wastewater Water Revenue 4.000%  10/1/51 10,000     9,372
  Philadelphia PA Water & Wastewater Water Revenue 5.500%   6/1/52  9,020     9,897
  Philadelphia PA Water & Wastewater Water Revenue 5.250%  10/1/52  1,000     1,047
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  10/1/53 10,000    10,422
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  11/1/54  8,000     8,358
6 Philadelphia Parking Authority Auto Parking Revenue 5.125%  2/15/24    380       381
  Philadelphia Redevelopment Authority Intergovernmental Agreement Revenue 5.000%  4/15/27  2,000     2,101
  Philadelphia Redevelopment Authority Intergovernmental Agreement Revenue 5.000%  4/15/28  3,000     3,146
9 Philadelphia School District GO 5.000%   6/1/26  5,000     5,289
  Philadelphia School District GO 5.000%   9/1/28  5,000     5,323
  Philadelphia School District GO 5.000%   9/1/29  2,665     2,799
  Philadelphia School District GO 5.000%   9/1/29  2,135     2,269
  Philadelphia School District GO 5.000%   9/1/31  2,000     2,095
  Philadelphia School District GO 5.000%   9/1/33  1,045     1,128
  Philadelphia School District GO 5.000%   9/1/35  2,500     2,598
  Philadelphia School District GO 5.000%   9/1/35  4,240     4,537
  Philadelphia School District GO 5.000%   9/1/36  2,015     2,087
  Philadelphia School District GO 4.000%   9/1/37  2,300     2,283
  Philadelphia School District GO 5.000%   9/1/37  2,015     2,080
  Philadelphia School District GO 5.000%   9/1/37  3,825     4,069
  Philadelphia School District GO 4.000%   9/1/38  2,300     2,269
4 Philadelphia School District GO 4.000%   9/1/43  3,160     3,097
  Philadelphia School District GO 5.000%   9/1/44 10,165    10,754
  Pine-Richland School District GO 4.000%   3/1/35    250       256
  Pine-Richland School District GO 4.000%   3/1/36  1,245     1,263
  Pine-Richland School District GO 4.000%   3/1/37    750       754
  Pittsburgh and Allegheny County Sports & Exhibition Authority Auto Parking Revenue 5.000% 12/15/31  1,000     1,075
  Pittsburgh and Allegheny County Sports & Exhibition Authority Auto Parking Revenue 5.000% 12/15/32    500       537
  Pittsburgh and Allegheny County Sports & Exhibition Authority Auto Parking Revenue 5.000% 12/15/34  1,000     1,069
  Pittsburgh and Allegheny County Sports & Exhibition Authority Auto Parking Revenue 5.000% 12/15/36    500       533
  Pittsburgh and Allegheny County Sports & Exhibition Authority Auto Parking Revenue 5.000% 12/15/37    500       533
4 Pittsburgh and Allegheny County Sports & Exhibition Authority Intergovernmental Agreement Revenue 5.000%   2/1/34  5,000     5,500
  Pittsburgh PA GO 3.000%   9/1/33    550       528
  Pittsburgh PA GO 4.000%   9/1/34    625       646
  Pittsburgh PA GO 5.000%   9/1/34     50        54
  Pittsburgh PA GO 4.000%   9/1/35    750       766
30
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Pittsburgh PA GO 5.000%   9/1/35    560       607
  Pittsburgh PA GO 4.000%   9/1/36    875       891
  Pittsburgh PA GO 4.000%   9/1/36    840       858
  Pittsburgh PA GO 5.000%   9/1/36    825       892
  Pittsburgh PA GO 5.000%   9/1/36  1,770     1,948
  Pittsburgh PA GO 4.000%   9/1/37    500       509
  Pittsburgh PA GO 4.000%   9/1/38    500       506
  Pittsburgh PA GO 4.000%   9/1/38    800       812
  Pittsburgh PA GO 4.000%   9/1/39    750       757
  Pittsburgh School District GO 4.000%   9/1/35  1,095     1,113
  Pittsburgh School District GO 4.000%   9/1/36  1,220     1,229
  Pittsburgh School District GO 4.000%   9/1/37  1,180     1,175
  Pittsburgh School District GO 4.000%   9/1/38  1,740     1,740
9 Pittsburgh Water & Sewer Authority Water Revenue 0.000%   9/1/27 10,830     9,100
9 Pittsburgh Water & Sewer Authority Water Revenue 0.000%   9/1/29 10,000     7,742
4 Pittsburgh Water & Sewer Authority Water Revenue 5.000%   9/1/30  1,240     1,416
4 Pittsburgh Water & Sewer Authority Water Revenue 5.000%   9/1/31  4,500     5,178
4 Pittsburgh Water & Sewer Authority Water Revenue 5.000%   9/1/32  2,850     3,311
4 Pittsburgh Water & Sewer Authority Water Revenue 4.000%   9/1/36    850       871
  Pittsburgh Water & Sewer Authority Water Revenue 5.250%   9/1/36  5,300     5,378
4 Pittsburgh Water & Sewer Authority Water Revenue 4.000%   9/1/37  1,350     1,377
4 Pittsburgh Water & Sewer Authority Water Revenue 3.000%   9/1/39    500       424
4 Pittsburgh Water & Sewer Authority Water Revenue 3.000%   9/1/40    305       254
4 Pittsburgh Water & Sewer Authority Water Revenue 4.000%   9/1/45  2,375     2,264
4 Pittsburgh Water & Sewer Authority Water Revenue 5.500%   9/1/47  1,345     1,488
4 Pittsburgh Water & Sewer Authority Water Revenue 4.000%   9/1/50  2,500     2,332
  Pittsburgh Water & Sewer Authority Water Revenue 5.000%   9/1/52  1,875     1,962
  Pocono Mountains Industrial Park Authority Health, Hospital, Nursing Home Revenue (St. Lukes Hospital-Monroe Project) 4.000%  8/15/45  1,705     1,554
  Pottsville PA Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/41  6,275     6,388
  Pottsville PA Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/45  8,000     8,067
  Quaker Valley PA School District GO 5.000%  10/1/34    400       453
  Quaker Valley PA School District GO 5.000%  10/1/35    350       394
  Radnor Township School District GO 4.000%  8/15/38  1,430     1,455
  Radnor Township School District GO 4.000%  8/15/39  1,400     1,416
  Radnor Township School District GO 4.000%  8/15/40  1,250     1,262
4 Reading School District GO 5.000%   3/1/38  1,750     1,824
4 Ridley School District GO 4.000% 11/15/34  1,000     1,032
4 Ridley School District GO 4.000% 11/15/35  1,250     1,277
3 Ridley School District GO 3.000% 11/15/37  2,950     2,581
4 Ridley School District GO 4.000% 11/15/37    800       804
3 Ridley School District GO 3.000% 11/15/38  2,000     1,688
  School District of Philadelphia GO 4.000%   9/1/37  1,500     1,494
  School District of Philadelphia GO 5.000%   9/1/38  1,990     2,050
  School District of Philadelphia GO 4.000%   9/1/39  5,260     5,136
  School District of Philadelphia GO 4.000%   9/1/40  2,630     2,529
  School District of Philadelphia GO 4.000%   9/1/41  4,830     4,532
  School District of Philadelphia GO 4.000%   9/1/46 12,325    11,249
  School District of Philadelphia GO, Prere. 5.000%   9/1/26     10        11
4 Scott Township PA GO 3.000%  8/15/34    290       272
4 Scott Township PA GO 3.000%  8/15/38    300       259
4 Scott Township PA GO 3.000%  8/15/42    650       529
4 Scott Township PA GO 3.000%  8/15/46    600       460
  Scranton PA School District GO 4.000%  12/1/40    500       489
31
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Scranton PA School District GO 4.000%  12/1/45  1,740     1,662
  Scranton-Lackawanna Health and Welfare Authority College & University Revenue 5.000%  11/1/37  2,500     2,576
  Snyder County Higher Education Authority College & University Revenue 5.000%   1/1/30  1,285     1,365
  Snyder County Higher Education Authority College & University Revenue 5.000%   1/1/31  1,250     1,327
  Snyder County Higher Education Authority College & University Revenue (Susquehanna University Project) 5.000%   1/1/29  1,335     1,385
  Snyder County Higher Education Authority College & University Revenue (Susquehanna University Project) 5.000%   1/1/30  1,180     1,224
  Snyder County Higher Education Authority College & University Revenue (Susquehanna University Project) 5.000%   1/1/31  1,250     1,296
  Snyder County Higher Education Authority College & University Revenue (Susquehanna University Project) 5.000%   1/1/32  1,695     1,756
  Southcentral Pennsylvania General Authority College & University Revenue (AICUP Financing Program) 3.500%  11/1/41    500       416
  Southcentral Pennsylvania General Authority Health, Hospital, Nursing Home Revenue 5.000%  12/1/27  1,480     1,549
  Southcentral Pennsylvania General Authority Health, Hospital, Nursing Home Revenue 5.000%  12/1/29  1,090     1,134
  Southcentral Pennsylvania General Authority Health, Hospital, Nursing Home Revenue 5.000%   6/1/38  1,000     1,060
  Southcentral Pennsylvania General Authority Health, Hospital, Nursing Home Revenue 5.000%   6/1/44  5,000     5,217
  Southcentral Pennsylvania General Authority Health, Hospital, Nursing Home Revenue 4.000%   6/1/49 13,500    12,619
  Southcentral Pennsylvania General Authority Health, Hospital, Nursing Home Revenue VRDO 1.070%  12/1/22  4,665     4,665
  Southcentral Pennsylvania General Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   6/1/24  2,500     2,589
  Southcentral Pennsylvania General Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   6/1/24  1,130     1,170
  Southeastern Pennsylvania Transportation Authority Sales Tax Revenue (Asset Improvement Program) 5.000%   6/1/38  4,000     4,485
  Southeastern Pennsylvania Transportation Authority Sales Tax Revenue (Asset Improvement Program) 5.250%   6/1/41  4,000     4,492
  Southeastern Pennsylvania Transportation Authority Sales Tax Revenue (Asset Improvement Program) 5.250%   6/1/43  3,000     3,336
  Southeastern Pennsylvania Transportation Authority Sales Tax Revenue (Asset Improvement Program) 5.250%   6/1/47  5,000     5,495
  Southeastern Pennsylvania Transportation Authority Sales Tax Revenue (Asset Improvement Program) 5.250%   6/1/52 12,500    13,616
1,2 Southeastern Pennsylvania Transportation Authority Sales Tax Revenue (Asset Improvement Program) TOB VRDO 1.930%  12/1/22  3,115     3,115
1,2 Southeastern Pennsylvania Transportation Authority Sales Tax Revenue (Asset Improvement Program) TOB VRDO 1.930%  12/1/22  2,670     2,670
  State College PA Area School District GO 5.000%  5/15/36    375       412
  State College PA Area School District GO 5.000%  5/15/37    630       690
  State College PA Area School District GO 5.000%  5/15/38    350       383
  State College PA Area School District GO 5.000%  3/15/40  2,535     2,621
3 State Public School Building Authority College & University Revenue 4.000%   3/1/31    500       520
  State Public School Building Authority College & University Revenue 5.000%   5/1/33  1,025     1,057
  State Public School Building Authority College & University Revenue 5.000%   5/1/34  2,125     2,188
32
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  State Public School Building Authority College & University Revenue 5.000%   5/1/35  1,510     1,553
3 State Public School Building Authority College & University Revenue (Community College Allegheny County Project) 4.000%  6/15/33  1,000     1,026
3 State Public School Building Authority College & University Revenue (Delaware County Community College Project) 5.000%  10/1/30  1,055     1,098
  State Public School Building Authority College & University Revenue, Prere. 5.500%   5/1/23  6,165     6,242
  State Public School Building Authority Lease (Appropriation) Revenue (Chester Upland School District Project) 5.250%  9/15/30  3,545     3,813
  State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%   6/1/24  2,000     2,066
  State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%   6/1/25  2,940     3,072
  State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%   6/1/28 11,410    11,963
4 State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%   6/1/30  4,000     4,205
4 State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%   6/1/32  4,655     4,879
4 State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%   6/1/33  3,240     3,389
  State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%   6/1/34  6,000     6,214
4 State Public School Building Authority Miscellaneous Revenue 5.000%  12/1/30  3,020     3,173
4 State Public School Building Authority Miscellaneous Revenue 5.000%  12/1/32  2,100     2,199
4 State Public School Building Authority Miscellaneous Revenue 5.000%  12/1/33  1,585     1,656
4 State Public School Building Authority Miscellaneous Revenue, Prere. 5.000%  12/1/26    415       450
4 State Public School Building Authority Miscellaneous Revenue, Prere. 5.000%  12/1/26    480       521
4 State Public School Building Authority Miscellaneous Revenue, Prere. 5.000%  12/1/26    650       705
3 Susquehanna Area Regional Airport Authority Port, Airport & Marina Revenue 4.000%   1/1/33  5,000     5,006
  Susquehanna Township School District GO 3.000%  5/15/33  1,500     1,446
  Swarthmore Borough Authority College & University Revenue 5.000%  9/15/47  1,600     1,729
  Township of Hampton PA GO 5.000%   1/1/35    150       167
  Township of Hampton PA GO 5.000%   1/1/36    150       166
  Township of Hampton PA GO 5.000%   1/1/37    175       191
  Township of Hampton PA GO 4.000%   1/1/42  1,000       972
  Township of Hampton PA GO 4.000%   1/1/47  1,500     1,409
  Township of Hampton PA GO 4.125%   1/1/52  1,625     1,529
3 Trinity Area School District GO 4.000%  1/15/35  3,000     3,070
3 Trinity Area School District GO 4.000%  1/15/36  3,000     3,047
3 Trinity Area School District GO 4.000%  1/15/38  3,700     3,709
4 Trinity Area School District GO 4.000%  11/1/43  1,325     1,301
  Union County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   8/1/43  2,945     2,994
  Upper Merion Area School District County PA GO 3.000%  1/15/40  1,000       864
  Upper Merion Area School District GO 3.000%  1/15/43  2,660     2,192
  Upper Merion Area School District GO 4.000%  1/15/46  3,000     3,013
  Upper Merion Area School District GO, Prere. 5.000%  1/15/25  1,620     1,700
  Upper Merion Area School District GO, Prere. 5.000%  1/15/26    500       535
  Upper St. Clair Township School District GO 3.500%  10/1/37  7,240     6,918
  Upper St. Clair Township School District GO 3.625%  10/1/39  5,000     4,633
33
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Washington County Authority College & University Revenue VRDO 1.750%  12/1/22  6,100     6,100
  Washington County PA IDA College & University Revenue (AICUP Financing Program) 4.000%  11/1/31  3,440     3,434
  Washington County PA IDA College & University Revenue (AICUP Financing Program) 4.000%  11/1/32  3,110     3,092
  West Bradford Township PA GO 4.000% 12/15/40    745       753
  West Bradford Township PA GO 4.000% 12/15/45  1,395     1,396
  West Bradford Township PA GO 4.000% 12/15/49  1,125     1,114
  West Cornwall Township Municipal Authority Health, Hospital, Nursing Home Revenue 5.000% 12/15/48  2,750     2,494
3 West Mifflin School District GO 3.000%   4/1/34  1,300     1,205
3 West Mifflin School District GO 3.000%   4/1/38  5,920     4,858
  West Shore Area Authority Health, Hospital, Nursing Home Revenue (Messiah Village Project) 5.000%   7/1/25  1,605     1,615
  West Shore Area Authority Health, Hospital, Nursing Home Revenue (Messiah Village Project) 5.000%   7/1/30  1,500     1,501
  West Shore Area Authority Health, Hospital, Nursing Home Revenue (Messiah Village Project) 5.000%   7/1/35  1,750     1,727
  West Shore PA School District GO 4.000% 11/15/34    640       656
  West Shore PA School District GO 4.000% 11/15/35    540       549
  West Shore PA School District GO 4.000% 11/15/36  1,100     1,114
  West Shore PA School District GO 4.000% 11/15/37  1,000     1,010
  West Shore PA School District GO 4.000% 11/15/38    500       504
  West Shore PA School District GO 4.000% 11/15/40    900       902
  West Shore PA School District GO 4.000% 11/15/45  1,000       968
  West View Municipal Authority Water Revenue 4.000% 11/15/33  1,000     1,031
  West View Municipal Authority Water Revenue 4.000% 11/15/34  1,000     1,022
  West View Municipal Authority Water Revenue 4.000% 11/15/35  1,200     1,214
  West View Municipal Authority Water Revenue 4.000% 11/15/36  2,300     2,315
  West View Municipal Authority Water Revenue 4.000% 11/15/37  2,415     2,424
  West View Municipal Authority Water Revenue 4.000% 11/15/38  1,625     1,630
  West York Area School District GO 5.000%   4/1/33  4,265     4,291
3 Westmoreland County Municipal Authority Water Revenue 4.000%  8/15/34  5,000     5,137
3 Westmoreland County Municipal Authority Water Revenue 4.000%  8/15/35  8,000     8,179
3 Westmoreland County Municipal Authority Water Revenue 5.000%  8/15/42  2,775     2,856
  Westmoreland County PA IDA Health, Hospital, Nursing Home Revenue 4.000%  5/15/47  6,100     4,495
  Westmoreland County PA IDA Health, Hospital, Nursing Home Revenue (Excela Health Project) 4.000%   7/1/37  5,430     4,926
1 Westmoreland County PA IDA Revenue 4.720%   7/1/35  6,650     6,692
  Wilkes-Barre Finance Authority College & University Revenue 5.000%  11/1/30  2,315     2,415
  Wilkes-Barre Finance Authority College & University Revenue 5.000%  11/1/31  2,430     2,532
  Wilkes-Barre Finance Authority College & University Revenue 5.000%  11/1/34  1,000     1,035
  Wilkes-Barre Finance Authority College & University Revenue (Wilkes University Project) 4.000%   3/1/42  1,000       835
3 Wilkes-Barre PA Area School District GO 5.000%   8/1/29  1,860     2,014
3 Wilkes-Barre PA Area School District GO 4.000%  4/15/49  2,250     2,063
3 Wilkes-Barre PA Area School District GO 4.000%  4/15/54  2,800     2,532
3 Wilkes-Barre PA Area School District GO 5.000%  4/15/59  2,380     2,443
3 William Penn School District GO 3.000% 11/15/34  2,595     2,423
3 Woodland Hills School District GO 3.000%   9/1/35  3,620     3,347
  Wyomissing Area School District GO 4.000%   2/1/38    800       801
  York County PA GO 4.000%   3/1/34  3,000     3,099
                 3,463,412
34
Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
Guam (0.1%)
  Guam Miscellaneous Taxes Revenue 5.000% 11/15/34    210       213
  Guam Miscellaneous Taxes Revenue 4.000%   1/1/42    575       498
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/27  1,000     1,022
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/33  1,185     1,252
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/36    650       668
                 3,653
Puerto Rico (0.7%)
  Commonwealth of Puerto Rico GO 5.375%   7/1/25  1,887     1,912
  Commonwealth of Puerto Rico GO 5.625%   7/1/27  1,282     1,311
  Commonwealth of Puerto Rico GO 5.625%   7/1/29    715       732
  Commonwealth of Puerto Rico GO 5.750%   7/1/31  2,264     2,321
  Commonwealth of Puerto Rico GO 0.000%   7/1/33  2,028     1,110
  Commonwealth of Puerto Rico GO 4.000%   7/1/35  1,077       916
  Commonwealth of Puerto Rico GO 4.000%   7/1/46    140       108
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/24    529       491
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/27  1,599     1,287
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/29  1,776     1,290
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/31  1,750     1,134
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.329%   7/1/40 11,805    10,665
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 5.000%   7/1/58  1,000       946
                 24,223
Total Tax-Exempt Municipal Bonds (Cost $3,708,820) 3,491,288
Total Investments (99.1%) (Cost $3,708,820) 3,491,288
Other Assets and Liabilities—Net (0.9%) 32,212
Net Assets (100%) 3,523,500
Cost is in $000.
• See Note A in Notes to Financial Statements.
1 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2022, the aggregate value was $79,765,000, representing 2.3% of net assets.
2 Scheduled principal and interest payments are guaranteed by bank letter of credit.
3 Scheduled principal and interest payments are guaranteed by Build America Mutual Assurance Co.
4 Scheduled principal and interest payments are guaranteed by Assured Guaranty Municipal Corp.
5 Securities with a value of $1,095,000 have been segregated as initial margin for open futures contracts.
6 Scheduled principal and interest payments are guaranteed by Ambac Assurance Corp.
7 Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of November 30, 2022.
8 Step bond.
9 Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp.
  COP—Certificate of Participation.
  ETM—Escrowed to Maturity.
  GO—General Obligation Bond.
  IDA—Industrial Development Authority Bond.
  Prere.—Prerefunded.
  PUT—Put Option Obligation.
  TOB—Tender Option Bond.
  VRDO—Variable Rate Demand Obligation.
35
Pennsylvania Long-Term Tax-Exempt Fund
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        
2-Year U.S. Treasury Note March 2023 189 38,813 101
 
Short Futures Contracts        
Ultra Long U.S. Treasury Bond March 2023 (112) (15,264) (137)
        (36)
  
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, 2022
($000s, except shares and per-share amounts) Amount
Assets  
Investments in Securities, at Value—Unaffiliated Issuers (Cost $3,708,820) 3,491,288
Investment in Vanguard 127
Cash 85
Receivables for Investment Securities Sold 4,996
Receivables for Accrued Income 44,785
Receivables for Capital Shares Issued 1,653
Variation Margin Receivable—Futures Contracts 173
Other Assets 193
Total Assets 3,543,300
Liabilities  
Payables for Investment Securities Purchased 14,143
Payables for Capital Shares Redeemed 2,342
Payables for Distributions 3,177
Payables to Vanguard 138
Total Liabilities 19,800
Net Assets 3,523,500
At November 30, 2022, net assets consisted of:  
   
Paid-in Capital 3,764,016
Total Distributable Earnings (Loss) (240,516)
Net Assets 3,523,500
 
Investor Shares—Net Assets  
Applicable to 27,156,159 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		287,246
Net Asset Value Per Share—Investor Shares $10.58
 
Admiral Shares—Net Assets  
Applicable to 305,954,917 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		3,236,254
Net Asset Value Per Share—Admiral Shares $10.58
  
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, 2022
  ($000)
Investment Income  
Income  
Interest 121,777
Total Income 121,777
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 217
Management and Administrative—Investor Shares 487
Management and Administrative—Admiral Shares 2,779
Marketing and Distribution—Investor Shares 30
Marketing and Distribution—Admiral Shares 149
Custodian Fees 20
Auditing Fees 30
Shareholders’ Reports—Investor Shares 17
Shareholders’ Reports—Admiral Shares 31
Trustees’ Fees and Expenses 1
Other Expenses 14
Total Expenses 3,775
Expenses Paid Indirectly (7)
Net Expenses 3,768
Net Investment Income 118,009
Realized Net Gain (Loss)  
Investment Securities Sold (25,878)
Futures Contracts 2,283
Realized Net Gain (Loss) (23,595)
Change in Unrealized Appreciation (Depreciation)  
Investment Securities (534,851)
Futures Contracts 565
Change in Unrealized Appreciation (Depreciation) (534,286)
Net Increase (Decrease) in Net Assets Resulting from Operations (439,872)
  
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,
  2022
($000) 		2021
($000)
     
Increase (Decrease) in Net Assets    
Operations    
Net Investment Income 118,009 121,837
Realized Net Gain (Loss) (23,595) 11,421
Change in Unrealized Appreciation (Depreciation) (534,286) (942)
Net Increase (Decrease) in Net Assets Resulting from Operations (439,872) 132,316
Distributions    
Investor Shares (10,555) (11,329)
Admiral Shares (117,637) (123,077)
Total Distributions (128,192) (134,406)
Capital Share Transactions    
Investor Shares (57,503) 29,250
Admiral Shares (401,007) 253,163
Net Increase (Decrease) from Capital Share Transactions (458,510) 282,413
Total Increase (Decrease) (1,026,574) 280,323
Net Assets    
Beginning of Period 4,550,074 4,269,751
End of Period 3,523,500 4,550,074
  
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,
2022 2021 2020 2019 2018
Net Asset Value, Beginning of Period $12.14 $12.14 $11.89 $11.21 $11.56
Investment Operations          
Net Investment Income1 .327 .323 .353 .377 .394
Net Realized and Unrealized Gain (Loss) on Investments (1.532) .036 .283 .727 (.291)
Total from Investment Operations (1.205) .359 .636 1.104 .103
Distributions          
Dividends from Net Investment Income (.327) (.323) (.352) (.377) (.394)
Distributions from Realized Capital Gains (.028) (.036) (.034) (.047) (.059)
Total Distributions (.355) (.359) (.386) (.424) (.453)
Net Asset Value, End of Period $10.58 $12.14 $12.14 $11.89 $11.21
Total Return2 -10.00% 2.99% 5.45% 9.99% 0.91%
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $287 $393 $364 $368 $308
Ratio of Total Expenses to Average Net Assets 0.17%3 0.17% 0.17% 0.17% 0.17%
Ratio of Net Investment Income to Average Net Assets 2.95% 2.66% 2.96% 3.23% 3.48%
Portfolio Turnover Rate 30% 22% 18% 9% 26%
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.17%.
  
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,
2022 2021 2020 2019 2018
Net Asset Value, Beginning of Period $12.14 $12.14 $11.89 $11.21 $11.56
Investment Operations          
Net Investment Income1 .336 .333 .363 .386 .403
Net Realized and Unrealized Gain (Loss) on Investments (1.532) .036 .282 .728 (.291)
Total from Investment Operations (1.196) .369 .645 1.114 .112
Distributions          
Dividends from Net Investment Income (.336) (.333) (.361) (.387) (.403)
Distributions from Realized Capital Gains (.028) (.036) (.034) (.047) (.059)
Total Distributions (.364) (.369) (.395) (.434) (.462)
Net Asset Value, End of Period $10.58 $12.14 $12.14 $11.89 $11.21
Total Return2 -9.93% 3.07% 5.53% 10.08% 0.99%
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $3,236 $4,157 $3,905 $3,632 $3,167
Ratio of Total Expenses to Average Net Assets 0.09%3 0.09% 0.09% 0.09% 0.09%
Ratio of Net Investment Income to Average Net Assets 3.04% 2.74% 3.04% 3.31% 3.56%
Portfolio Turnover Rate 30% 22% 18% 9% 26%
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.09%.
  
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. Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and 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 valuation designee to represent fair value and subject to oversight by the board of trustees.
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 futures contracts.
During the year ended November 30, 2022, the fund’s average investments in long and short futures contracts represented 1% and 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 virtually 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 $4.4 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 and are 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, which 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 an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, 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, 2022, 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, 2022, the fund had contributed to Vanguard capital in the amount of $127,000, representing less than 0.01% of the fund’s net assets and 0.05% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended November 30, 2022, custodian fee offset arrangements reduced the fund’s expenses by $7,000 (an annual rate of less than 0.01% of average net assets).
D. Various inputs may be used to determine the value of the fund’s investments 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.
44
Pennsylvania Long-Term Tax-Exempt Fund
The following table summarizes the market value of the fund’s investments and derivatives as of November 30, 2022, 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 — 3,491,288 — 3,491,288
Derivative Financial Instruments         
Assets        
Futures Contracts1 101 — — 101
Liabilities        
Futures Contracts1 137 — — 137
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
E. Permanent differences between book-basis and tax-basis components of net assets, if any, are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share.
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the deferral of losses from wash sales; 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 (loss) are detailed in the table as follows:
  Amount
($000)
Undistributed Ordinary Income —
Undistributed Tax-Exempt Income 3,217
Undistributed Long-Term Gains —
Capital Loss Carryforwards (23,201)
Qualified Late-Year Losses —
Net Unrealized Gains (Losses) (217,355)
45
Pennsylvania Long-Term Tax-Exempt Fund
The tax character of distributions paid was as follows:
  Year Ended November 30,
  2022
Amount
($000) 		2021
Amount
($000)
Tax-Exempt Income 117,910 121,726
Ordinary Income* 2,362 8
Long-Term Capital Gains 7,920 12,672
Total 128,192 134,406
* Includes short-term capital gains, if any.
As of November 30, 2022, 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 3,708,643
Gross Unrealized Appreciation 24,015
Gross Unrealized Depreciation (241,370)
Net Unrealized Appreciation (Depreciation) (217,355)
F. During the year ended November 30, 2022, the fund purchased $1,175,028,000 of investment securities and sold $1,676,414,000 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, 2022, such purchases were $386,790,000 and sales were $409,755,000, resulting in net realized gain (loss) of $0; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
G. Capital share transactions for each class of shares were:
    
  Year Ended November 30,  
  2022   2021
  Amount
($000) 		Shares
(000) 		  Amount
($000) 		Shares
(000)
Investor Shares          
Issued 61,782 5,597   114,145 9,376
Issued in Lieu of Cash Distributions 8,239 744   9,327 767
Redeemed (127,524) (11,592)   (94,222) (7,748)
Net Increase (Decrease)—Investor Shares (57,503) (5,251)   29,250 2,395
46
Pennsylvania Long-Term Tax-Exempt Fund
  Year Ended November 30,  
  2022   2021
  Amount
($000) 		Shares
(000) 		  Amount
($000) 		Shares
(000)
Admiral Shares          
Issued 610,447 56,009   590,940 48,550
Issued in Lieu of Cash Distributions 76,734 6,935   81,215 6,683
Redeemed (1,088,188) (99,508)   (418,992) (34,461)
Net Increase (Decrease)—Admiral Shares (401,007) (36,564)   253,163 20,772
H. Management has determined that no events or transactions occurred subsequent to November 30, 2022, that would require recognition or disclosure in these financial statements.
47
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, 2022, the related statement of operations for the year ended November 30, 2022, the statement of changes in net assets for each of the two years in the period ended November 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended November 30, 2022 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, 2022 by correspondence with the custodian, the transfer agent 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 19, 2023
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
48
Tax information (unaudited)
For nonresident alien shareholders, 100% of short-term capital gain dividends distributed by the fund for the fiscal year are qualified short-term capital gains.
The fund distributed $7,920,000 as capital gain dividends (20% rate gain distributions) to shareholders during the fiscal year.
The fund designates 100% of its income dividends as exempt-interest dividends.
49
"Bloomberg®" and Bloomberg PA Municipal Bond Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (BISL), the administrator of the index (collectively, Bloomberg), and have been licensed for use for certain purposes by The Vanguard Group, Inc. (Vanguard).
The Pennsylvania Long-Term Tax-Exempt Fund is not sponsored, endorsed, sold or promoted by Bloomberg. Bloomberg does not make any representation or warranty, express or implied, to the owners of or counterparties to the Pennsylvania Long-Term Tax-Exempt Fund or any member of the public regarding the advisability of investing in securities generally or in the Pennsylvania Long-Term Tax-Exempt Fund particularly. The only relationship of Bloomberg to Vanguard is the licensing of certain trademarks, trade names and service marks and of the Bloomberg PA Municipal Bond Index, which is determined, composed and calculated by BISL without regard to Vanguard or the Pennsylvania Long-Term Tax-Exempt Fund. Bloomberg has no obligation to take the needs of Vanguard or the owners of the Pennsylvania Long-Term Tax-Exempt Fund into consideration in determining, composing or calculating the Bloomberg PA Municipal Bond Index. Bloomberg is not 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. Bloomberg shall not have any obligation or liability, including, without limitation, to Pennsylvania Long-Term Tax-Exempt Fund customers, in connection with the administration, marketing or trading of the Pennsylvania Long-Term Tax-Exempt Fund.
BLOOMBERG DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE BLOOMBERG PA MUNICIPAL BOND INDEX OR ANY DATA RELATED THERETO AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. BLOOMBERG DOES NOT MAKE ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY VANGUARD, OWNERS OF THE PENNSYLVANIA LONG-TERM TAX-EXEMPT FUND OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BLOOMBERG PA MUNICIPAL BOND INDEX OR ANY DATA RELATED THERETO. BLOOMBERG DOES NOT MAKE ANY EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BLOOMBERG PA MUNICIPAL BOND INDEX OR ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, TO THE MAXIMUM EXTENT ALLOWED BY LAW, BLOOMBERG, ITS LICENSORS, AND ITS AND THEIR RESPECTIVE EMPLOYEES, CONTRACTORS, AGENTS, SUPPLIERS, AND VENDORS SHALL HAVE NO LIABILITY OR RESPONSIBILITY WHATSOEVER FOR ANY INJURY OR DAMAGES—WHETHER DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR OTHERWISE—ARISING IN CONNECTION WITH THE PENNSYLVANIA LONG-TERM TAX-EXEMPT FUND OR BLOOMBERG PA MUNICIPAL BOND INDEX OR ANY DATA OR VALUES RELATING THERETO—WHETHER ARISING FROM THEIR NEGLIGENCE OR OTHERWISE, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.
© 2023 Bloomberg.
Used with Permission. Source: Bloomberg Index Services Limited. Copyright 2023, Bloomberg. All rights reserved.
50
This page intentionally left blank.
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 206 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. Member of the board of governors of the Investment Company Institute and the board of governors of FINRA. Trustee and vice chair of The Shipley School.
Independent Trustees
Tara Bunch
Born in 1962. Trustee since November 2021. Principal occupation(s) during the past five years and other experience: head of global operations at Airbnb (2020–present). Vice president of AppleCare (2012–2020). Member of the board of directors of Out & Equal (2002–2006), the advisory board of the University of California, Berkeley School of Engineering (2020–present), and the advisory board of Santa Clara University’s Leavey School of Business (2018–present).
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. Member of the board of directors of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, Roberts Wesleyan College, and the Rochester Philharmonic Orchestra. Trustee of the University of Rochester.                            
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). Director of the V Foundation. Member of the advisory council for the College of Arts and Letters at the University of Notre Dame. Chairman of the board of Saint Anselm College.
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
 
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.
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: adjunct professor of finance at the University of Notre Dame (2020–present). Chief investment officer (retired 2020) and vice president (retired 2020) of the University of Notre Dame. Assistant professor (retired June 2020) of finance at the Mendoza College of Business, University of Notre Dame, and member of the Notre Dame 403(b) Investment Committee. Member of the board of Catholic Investment Services, Inc. (investment advisors), the board of superintendence of the Institute for the Works of Religion, and the board of directors of Paxos Trust Company (finance).
Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chief executive officer of Purposeful (advisory firm for CEOs and C-level executives; 2021–present). Board chair (2020), 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 Individual Life and Disability of the Guardian Life Insurance Company of America. Member of the board of the Economic Club of New York. Trustee of the Partnership for New York City (business leadership), Chief Executives for Corporate Purpose, and the NewYork-Presbyterian Hospital.
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 (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. Colin W. Brown Distinguished Professor of the Practice of Law (2021–present), professor (2020–present), Distinguished Fellow of the Global Financial Markets Center (2020–present), and
Rubenstein Fellow (2017–2020) at Duke University. Trustee (2017–present) of Amherst College and member of Amherst College Investment Committee (2019–present). Member of the Regenerative Crisis Response Committee (2020–present).
David A. Thomas
Born in 1956. Trustee since July 2021. Principal occupation(s) during the past five years and other experience: president of Morehouse College (2018–present). Professor of business administration, emeritus at Harvard University (2017–2018). Dean (2011–2016) and professor of management (2016–2017) at the Georgetown University McDonough School of Business. Director of DTE Energy Company (2013–present). Trustee of Common Fund (2019–present).
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). Member of the BMW Group Mobility Council.
Executive Officers
Jacqueline Angell
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (November 2022–present) of Vanguard and of each of the investment companies served by Vanguard. Chief compliance officer (2018–2022) and deputy chief compliance officer (2017–2019) of State Street Corporation.
Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2021–present) and treasurer (2017–2022) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG (audit, tax, and advisory services).
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. Special assistant to the President of the United States (2015).
Ashley Grim
Born in 1984. Principal occupation(s) during the past five years and other experience: treasurer (February 2022–present) of each of the investment companies served by Vanguard. Fund transfer agent controller (2019–2022) and director of Audit Services (2017–2019) at Vanguard. Senior manager (2015–2017) at PriceWaterhouseCoopers (audit and assurance, consulting, and tax services).
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. Nonexecutive director of the board of National Grid (energy).
Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.
Vanguard Senior Management Team
Matthew Benchener Thomas M. Rampulla
Joseph Brennan Karin A. Risi
Mortimer J. Buckley Anne E. Robinson
Gregory Davis Michael Rollings
John James Nitin Tandon
Chris D. Mclsaac Lauren Valente
Connect with Vanguard®>vanguard.com
Fund Information > 800-662-7447
Direct Investor Account Services > 800-662-2739
Institutional Investor Services > 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing > 800-749-7273
This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.
All comparative mutual fund data are from Morningstar, Inc., unless otherwise noted.
You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.
You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to [email protected].
CFA® is a registered trademark owned by CFA Institute.
© 2023 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Q770 012023

 

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, 2022: $31,000
Fiscal Year Ended November 30, 2021: $31,000

 

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

 

Fiscal Year Ended November 30, 2022: $10,494,508
Fiscal Year Ended November 30, 2021: $11,244,694

 

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, 2022: $2,757,764
Fiscal Year Ended November 30, 2021: $2,955,181

 

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, 2022: $5,202,689
Fiscal Year Ended November 30, 2021: $2,047,574

 

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, 2022: $298,000
Fiscal Year Ended November 30, 2021: $280,000

 

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, 2022: $5,500,689
Fiscal Year Ended November 30, 2021: $2,327,574

 

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. The complete schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.

 

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

 

Not applicable.

 

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

 

Not applicable.

 

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

 

Not applicable.

 

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

 

Not applicable.

 

Item 11: Controls and Procedures.

 

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

 

(b) Internal Control Over Financial Reporting. There were no significant changes in 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)(1)Code of Ethics filed herewith.
(a)(2)Certifications filed herewith.
(b)Certifications filed herewith.

 

 

 

 

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 23, 2023

 

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 23, 2023

 

  VANGUARD PENNSYLVANIA TAX-FREE FUNDS
     
BY: /s/ CHRISTINE BUCHANAN*
 		  
  CHRISTINE BUCHANAN  
  CHIEF FINANCIAL OFFICER  

 

Date: January 23, 2023

 

* By: /s/ Anne E. Robinson  

 

Anne E. Robinson, pursuant to a Power of Attorney  filed on October 11, 2022 (see File Number 333-11763), Incorporated by Reference.

 

 

 

ATTACHMENTS / EXHIBITS

EXHIBIT 99.CODE ETH

EXHIBIT 99.CERT

EXHIBIT 99.906CERT


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

SEC Filings

Related Entities

Vanguard