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: Natalie Lamarque, 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, 2025—May 31, 2026

 

 

 

 

 

 

 

Item 1: Reports to Shareholders.

 

 

 

 

 

TABLE OF CONTENTS

 

Pennsylvania Long-Term Tax-Exempt Fund
Investor Shares - VPAIX

   

Pennsylvania Long-Term Tax-Exempt Fund
Admiral™ Shares - VPALX

   

 

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Vanguard Pennsylvania Long-Term Tax-Exempt Fund

Image

Investor Shares (VPAIX) 

Semi-Annual Shareholder Report | May 31, 2026

This semi-annual shareholder report contains important information about Vanguard Pennsylvania Long-Term Tax-Exempt Fund (the "Fund") for the period of December 1, 2025, to May 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Investor Shares
$7
0.14%Footnote Reference1
FootnoteDescription
Footnote1
Annualized.

Fund Statistics (as of May 31, 2026)

Table Summary
Fund Net Assets (in millions)
$3,973
Number of Portfolio Holdings
1,289
Portfolio Turnover Rate
4%

Distribution by Stated Maturity % of Net Assets (as of May 31, 2026) 

Table Summary
Less than 1 Year
6.2%
1 to 3 Years
2.0%
3 to 5 Years
1.6%
5 to 10 Years
12.0%
10 to 20 Years
45.4%
20 to 30 Years
31.8%
Greater than 30 Years
1.6%
Other Assets and Liabilities—Net
(0.6%)

This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

How has the Fund changed?

Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Capital Management, LLC.

  

This is a summary of certain changes to the Fund since November 30, 2025. For more complete information, you may review the Fund’s prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

Where can I find additional information about the Fund?

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

Connect with Vanguard® • vanguard.com

 

Fund Information • 800-662-7447

Direct Investor Account Services • 800-662-2739

Text Telephone for People Who Are Deaf or Hard of Hearing •

800-749-7273

 

© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

 

SR77 

Vanguard Pennsylvania Long-Term Tax-Exempt Fund

Image

Admiral™ Shares (VPALX) 

Semi-Annual Shareholder Report | May 31, 2026

This semi-annual shareholder report contains important information about Vanguard Pennsylvania Long-Term Tax-Exempt Fund (the "Fund") for the period of December 1, 2025, to May 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Admiral Shares
$5
0.09%Footnote Reference1
FootnoteDescription
Footnote1
Annualized.

Fund Statistics (as of May 31, 2026)

Table Summary
Fund Net Assets (in millions)
$3,973
Number of Portfolio Holdings
1,289
Portfolio Turnover Rate
4%

Distribution by Stated Maturity % of Net Assets (as of May 31, 2026) 

Table Summary
Less than 1 Year
6.2%
1 to 3 Years
2.0%
3 to 5 Years
1.6%
5 to 10 Years
12.0%
10 to 20 Years
45.4%
20 to 30 Years
31.8%
Greater than 30 Years
1.6%
Other Assets and Liabilities—Net
(0.6%)

This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

How has the Fund changed?

Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Capital Management, LLC.

  

This is a summary of certain changes to the Fund since November 30, 2025. For more complete information, you may review the Fund’s prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

Where can I find additional information about the Fund?

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

Connect with Vanguard® • vanguard.com

 

Fund Information • 800-662-7447

Direct Investor Account Services • 800-662-2739

Text Telephone for People Who Are Deaf or Hard of Hearing •

800-749-7273

 

© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

 

SR577 

 

Item 2: Code of Ethics.

 

Not applicable.

 

Item 3: Audit Committee Financial Expert.

 

Not applicable.

 

Item 4: Principal Accountant Fees and Services.

 

Not applicable.

 

Item 5: Audit Committee of Listed Registrants.

 

Not applicable.

 

Item 6: Investments.

 

Not applicable. The complete schedule of investments is included in the financial statements filed under Item 7 of this Form.

 

 

 

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

 

 

Financial Statements
For the six-months ended May 31, 2026
Vanguard Pennsylvania Long-Term Tax-Exempt Fund

 

Contents
Financial Statements
1
   

 

Pennsylvania Long-Term Tax-Exempt Fund
Financial Statements (unaudited)
Schedule of Investments
As of May 31, 2026
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 (100.4%)
Pennsylvania (99.0%)
  Abington Heights School District Lackawanna County GO 5.250%   9/1/2050  2,250     2,344
  Abington Heights School District Lackawanna County GO 5.250%   9/1/2054  3,910     4,055
  Abington School District GO 4.000%  10/1/2038  2,555     2,556
  Adams County General Authority College & University Revenue 5.000%  8/15/2033    795       875
  Adams County General Authority College & University Revenue 5.000%  8/15/2036  1,035     1,141
  Adams County General Authority College & University Revenue 5.000%  8/15/2039  1,195     1,298
  Adams County General Authority College & University Revenue 5.000%  8/15/2043    750       798
  Adams County General Authority College & University Revenue 5.000%  8/15/2050  5,000     5,068
  Adams County General Authority Health, Hospital, Nursing Home Revenue (The Brethren Home Community Project) 5.000%   6/1/2039  1,750     1,842
  Adams County General Authority Health, Hospital, Nursing Home Revenue (The Brethren Home Community Project) 5.000%   6/1/2044  2,350     2,410
  Adams County General Authority Health, Hospital, Nursing Home Revenue (The Brethren Home Community Project) 5.000%   6/1/2054  1,100     1,068
  Adams County General Authority Health, Hospital, Nursing Home Revenue (The Brethren Home Community Project) 5.000%   6/1/2059  4,000     3,847
1 Allegheny County Airport Authority Port, Airport & Marina Revenue 5.250%   1/1/2048  1,000     1,049
  Allegheny County Airport Authority Port, Airport & Marina Revenue 5.000%   1/1/2051  5,250     5,332
1 Allegheny County Airport Authority Port, Airport & Marina Revenue 5.250%   1/1/2053  1,000     1,037
  Allegheny County Airport Authority Port, Airport & Marina Revenue 5.000%   1/1/2056  5,000     5,059
  Allegheny County Higher Education Building Authority College & University Revenue 4.000%   3/1/2037  1,050     1,051
  Allegheny County Higher Education Building Authority College & University Revenue 4.000%   3/1/2038  1,105     1,098
  Allegheny County Higher Education Building Authority College & University Revenue 4.000%   3/1/2039  1,400     1,378
  Allegheny County Higher Education Building Authority College & University Revenue 4.000%   3/1/2039     15        15
  Allegheny County Higher Education Building Authority College & University Revenue 4.000%   3/1/2040  2,120     2,068
  Allegheny County Higher Education Building Authority College & University Revenue 4.000%   3/1/2041  2,500     2,414
  Allegheny County Higher Education Building Authority College & University Revenue 5.000%   3/1/2045  4,000     4,262
  Allegheny County Higher Education Building Authority College & University Revenue 5.000%   3/1/2046  4,000     4,223
  Allegheny County Higher Education Building Authority College & University Revenue VRDO 2.100%   6/1/2026  1,300     1,300
  Allegheny County Higher Education Building Authority College & University Revenue, Prere. 5.000% 10/15/2027  1,000     1,031
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/2033  2,000     2,062
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/2034  4,750     4,886
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/2035  5,500     5,647
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/2035  2,530     2,551
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/2036  5,250     5,386
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/2036 11,190    11,241
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/2037  5,250     5,227
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/2039  1,500     1,467
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 4.000%   4/1/2044 26,585    24,674
2 Allegheny County IDA Charter School Aid Revenue 3.000%  6/15/2031    740       689
  Allegheny County IDA Charter School Aid Revenue 6.000%  7/15/2038    920       901
2 Allegheny County IDA Charter School Aid Revenue 4.000%  6/15/2041  1,895     1,658
  Allegheny County IDA Charter School Aid Revenue 4.000%  6/15/2041  2,810     2,491
2 Allegheny County IDA Charter School Aid Revenue 4.000%  6/15/2051  3,165     2,443
  Allegheny County IDA Charter School Aid Revenue 4.000%  6/15/2051  3,175     2,468
  Allegheny County IDA Charter School Aid Revenue 4.000%  6/15/2056  2,335     1,740
  Allegheny County IDA Industrial Revenue 5.125%   5/1/2030    145       153
3 Allegheny County IDA Private Schools Revenue VRDO 1.500%   6/4/2026  4,700     4,700
  Allegheny County PA GO 4.000%  11/1/2035  1,225     1,243
  Allegheny County PA GO 5.000%  12/1/2041  1,500     1,613
  Allegheny County PA GO 5.000%  12/1/2042  1,250     1,342
  Allegheny County PA GO 5.000%  12/1/2044    575       609
  Allegheny County PA GO 4.000%  11/1/2045  2,240     2,170
  Allegheny County PA GO 4.000%  11/1/2049    305       276
  Allegheny County PA GO 5.000%  12/1/2049  5,000     5,158
  Allegheny County PA GO 5.000%  12/1/2054  4,510     4,631
  Allegheny County Sanitary Authority Sewer Revenue 3.000%   6/1/2037    600       552
  Allegheny County Sanitary Authority Sewer Revenue 3.000%   6/1/2038  1,125     1,026
  Allegheny County Sanitary Authority Sewer Revenue 3.000%   6/1/2039  6,000     5,307
  Allegheny County Sanitary Authority Sewer Revenue 5.000%  12/1/2039  2,000     2,227
1

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Allegheny County Sanitary Authority Sewer Revenue 5.000%  12/1/2040  1,000     1,107
  Allegheny County Sanitary Authority Sewer Revenue 4.000%  12/1/2041  1,965     1,988
  Allegheny County Sanitary Authority Sewer Revenue 5.000%  12/1/2043  1,255     1,341
  Allegheny County Sanitary Authority Sewer Revenue 5.750%   6/1/2047  6,695     7,305
  Allegheny County Sanitary Authority Sewer Revenue 5.000%  12/1/2049  1,435     1,487
  Allegheny County Sanitary Authority Sewer Revenue 5.000%  12/1/2050  7,500     7,819
  Allegheny County Sanitary Authority Sewer Revenue 5.750%   6/1/2052 10,500    11,282
  Allegheny County Sanitary Authority Sewer Revenue 5.000%   6/1/2053  7,350     7,533
  Allegheny County Sanitary Authority Sewer Revenue 5.000%  12/1/2055  1,410     1,451
  Allegheny County Sanitary Authority Sewer Revenue 5.250%  12/1/2055  3,250     3,405
  Allegheny County Sanitary Authority Sewer Revenue 5.250%  12/1/2058  6,000     6,303
4 Allegheny Valley Joint School District GO 2.000%  11/1/2032    500       450
4 Allentown City School District GO 5.000%   2/1/2032  3,075     3,239
4 Allentown City School District GO 5.000%   6/1/2032  1,465     1,467
4 Allentown City School District GO 4.000%   2/1/2034  1,500     1,523
4 Allentown City School District GO 5.000%   2/1/2034  1,300     1,359
4 Allentown City School District GO 4.000%   2/1/2035  1,175     1,191
4 Allentown City School District GO 5.000%   6/1/2035  2,000     2,002
4 Allentown City School District GO 4.000%   2/1/2036  1,100     1,110
4 Allentown City School District GO 5.000%   6/1/2036  1,500     1,501
1 Allentown City School District GO 5.000%   6/1/2044    830       877
1 Allentown City School District GO 5.000%   6/1/2045    910       959
1 Allentown City School District GO 5.000%   6/1/2046    500       525
  Allentown Commercial & IDA Charter School Aid Revenue 5.750%  6/15/2043    600       620
2 Allentown Commercial & IDA Charter School Aid Revenue (Executive Education Academy Charter School Project) 5.000%   7/1/2040  1,500     1,514
2 Allentown Commercial & IDA Charter School Aid Revenue (Executive Education Academy Charter School Project) 5.000%   7/1/2045  1,500     1,461
2 Allentown Commercial & IDA Charter School Aid Revenue (Executive Education Academy Charter School Project) 5.000%   7/1/2050  3,345     3,128
2 Allentown Commercial & IDA Charter School Aid Revenue (Executive Education Academy Charter School Project) 5.000%   7/1/2059  5,000     4,537
  Allentown Commercial & IDA Charter School Aid Revenue (Lincoln Leadership Academy Charter School Project) 6.000%  6/15/2053  2,900     2,960
2 Allentown Neighborhood Improvement Zone Development Authority Miscellaneous Revenue (City Center Project) 6.000%   5/1/2042  1,000     1,104
  Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue 5.000%   5/1/2033  1,100     1,191
  Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue 5.000%   5/1/2034  2,250     2,422
  Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue 5.000%   5/1/2035  1,000     1,072
  Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue 5.000%   5/1/2036  3,130     3,340
  Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue 5.000%   5/1/2042 10,375    10,848
2 Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue 5.250%   5/1/2042  1,000     1,034
2 Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue 6.000%   5/1/2042  3,075     3,245
2 Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue (City Center Project) 5.125%   5/1/2032  1,135     1,154
2 Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue (City Center Project) 5.250%   5/1/2042  1,955     2,028
1 Altoona PA GO 3.000%  12/1/2035  2,940     2,787
4 Armstrong School District GO 3.000%  3/15/2034  3,455     3,361
4 Beaver County PA GO, Prere. 4.000%  4/15/2028     50        51
  Bellefonte Area School District GO 5.375%  5/15/2051  1,750     1,845
4 Bensalem Township School District GO 5.000%   6/1/2037  1,225     1,350
4 Bensalem Township School District GO 5.000%   6/1/2038    700       767
  Bensalem Township School District GO 5.000%   6/1/2042    770       821
  Bensalem Township School District GO 5.000%   6/1/2043  1,210     1,292
  Berks County IDA Health, Hospital, Nursing Home Revenue 5.000%  5/15/2037    375       376
  Berks County Municipal Authority College & University Revenue (Alvernia University Project) 5.000%  10/1/2039  1,750     1,671
  Berks County Municipal Authority College & University Revenue (Alvernia University Project) 5.000%  10/1/2049  1,000       853
4 Bermudian Springs School District GO 4.000%   5/1/2044     30        29
  Bethel Park Municipal Authority Lease Revenue 3.000%   9/1/2044  1,030       822
  Bethel Park Municipal Authority Lease Revenue 3.000%   9/1/2047  3,210     2,369
  Bethel Park School District GO 5.000%   8/1/2044  1,250     1,334
  Bethel Park School District GO 5.000%   8/1/2048  3,000     3,113
  Bethel Park School District GO 5.500%   8/1/2048  2,500     2,696
  Bethel Park School District GO 5.000%   8/1/2050  3,000     3,105
4 Bethlehem Area School District GO 5.000%   8/1/2033    750       836
4 Bethlehem Area School District GO 5.000%   8/1/2035    750       828
4 Bethlehem Area School District GO 5.000%  10/1/2038  1,000     1,084
4 Bethlehem Area School District GO 5.000%  10/1/2040    700       754
4 Bethlehem Area School District GO 5.000%  10/1/2041    400       428
4 Bethlehem Area School District GO 5.000%  10/1/2042    500       532
4 Bethlehem Area School District GO 5.000%  10/1/2042    500       535
2

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
4 Bethlehem Area School District GO 5.000%  10/1/2043    500       530
4 Bethlehem Area School District GO 5.000%  10/1/2043    575       612
4 Bethlehem Area School District GO 5.000%  10/1/2044    425       449
  Bethlehem Redevelopment Authority College & University Revenue (Moravian University Project) 4.000%  10/1/2035  1,500     1,487
  Bethlehem Redevelopment Authority College & University Revenue (Moravian University Project) 5.000%  10/1/2039  1,220     1,268
  Bethlehem Redevelopment Authority College & University Revenue (Moravian University Project) 5.000%  10/1/2040  1,275     1,317
  Bethlehem Redevelopment Authority College & University Revenue (Moravian University Project) 5.000%  10/1/2041  1,340     1,370
  Bethlehem Redevelopment Authority College & University Revenue (Moravian University Project) 5.250%  10/1/2049  4,360     4,378
  Bethlehem Redevelopment Authority College & University Revenue (Moravian University Project) 5.500%  10/1/2054  3,970     4,011
  Boyertown Area School District GO 5.000%  10/1/2038    400       425
  Boyertown Area School District GO 5.000%  10/1/2040    500       527
  Boyertown Area School District GO 5.000%  10/1/2041    500       526
4 Bristol Township School District GO 4.125%   6/1/2039  1,850     1,897
4 Bristol Township School District GO 4.125%   6/1/2040  2,000     2,038
  Bucks County IDA College & University Revenue (Delaware Valley University Project) 5.000%  11/1/2037  1,205     1,200
  Bucks County IDA College & University Revenue (Delaware Valley University Project) 5.000%  11/1/2047  1,205     1,087
  Bucks County IDA College & University Revenue (Delaware Valley University Project) 5.000%  11/1/2052  1,280     1,104
1 Bucks County IDA Health, Hospital, Nursing Home Revenue 3.000%  8/15/2053 13,540     9,788
  Bucks County IDA Health, Hospital, Nursing Home Revenue (Grand View Hospital Project) 4.000%   7/1/2046  1,050       945
  Bucks County IDA Health, Hospital, Nursing Home Revenue (Grand View Hospital Project) 4.000%   7/1/2051  8,005     6,865
  Bucks County IDA Health, Hospital, Nursing Home Revenue (St. Luke's University Health Network Project) 4.000%  8/15/2035    550       553
  Bucks County IDA Health, Hospital, Nursing Home Revenue (St. Luke's University Health Network Project) 4.000%  8/15/2044    515       477
  Bucks County IDA Health, Hospital, Nursing Home Revenue (St. Luke's University Health Network Project) 3.000%  8/15/2050  3,000     2,161
  Bucks County IDA Health, Hospital, Nursing Home Revenue (St. Luke's University Health Network Project) 4.000%  8/15/2050  3,090     2,585
  Bucks County IDA Health, Hospital, Nursing Home Revenue (St. Luke's University Health Network Project) 3.000%  8/15/2053 10,160     7,105
  Bucks County IDA Private Schools Revenue (George School Project) 5.000%  9/15/2044  4,965     5,122
1 Bucks County Water & Sewer Authority Sewer Revenue 5.000%  12/1/2037    450       492
1 Bucks County Water & Sewer Authority Sewer Revenue 5.000%  12/1/2038    500       545
1 Bucks County Water & Sewer Authority Sewer Revenue 5.000%  12/1/2039    850       922
1 Bucks County Water & Sewer Authority Sewer Revenue 5.000%  12/1/2040  1,625     1,757
1 Bucks County Water & Sewer Authority Sewer Revenue 5.250%  12/1/2047  2,175     2,299
1,5 Butler Area School District GO 5.000%  10/1/2037    425       469
1 Butler County General Authority Miscellaneous Revenue (South PK School District Project) VRDO 1.500%   6/4/2026    300       300
  Butler County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2026    525       525
  Butler County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2027    490       490
  Butler County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2028  1,010     1,011
1 Canon Mcmillan School District GO 5.000%  12/1/2041  3,000     3,039
  Canon Mcmillan School District GO 5.250%  12/1/2051  2,910     3,052
  Canon Mcmillan School District GO 5.250%  12/1/2052  3,165     3,310
  Canon Mcmillan School District GO 5.250%  12/1/2053  3,440     3,604
  Canon Mcmillan School District GO 5.250%  12/1/2054  5,500     5,758
  Capital Region Water Revenue 5.000%  7/15/2038  1,000     1,033
  Capital Region Water Sewer Revenue 5.000%  7/15/2034  1,000     1,017
  Capital Region Water Sewer Revenue 5.000%  7/15/2037  1,815     1,841
  Capital Region Water Sewer Revenue 5.000%  7/15/2042  2,665     2,696
  Central Bradford Progress Authority Health, Hospital, Nursing Home Revenue 3.000%  12/1/2044  1,500     1,235
  Central Bradford Progress Authority Health, Hospital, Nursing Home Revenue 4.000%  12/1/2051 16,130    13,826
  Central Bucks School District GO 5.000%  5/15/2045  1,250     1,317
  Central Bucks School District GO 5.000%  5/15/2050  2,260     2,341
  Central Dauphin School District GO 5.000%   2/1/2040  1,500     1,637
  Central Dauphin School District GO 5.000%   2/1/2046  1,500     1,575
  Centre County Hospital Authority Health, Hospital, Nursing Home Revenue (Mount Nittany Medical Center Project) 5.000% 11/15/2042  1,500     1,519
  Chester County Health & Education Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  10/1/2034  2,675     2,731
  Chester County Health & Education Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   9/1/2040  3,735     3,646
  Chester County Health & Education Facilities Authority Health, Hospital, Nursing Home Revenue 3.000%   9/1/2046  3,415     2,678
  Chester County Health & Education Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   9/1/2050 15,640    13,794
  Chester County Health & Education Facilities Authority Health, Hospital, Nursing Home Revenue 5.250%   6/1/2055  4,000     4,057
2 Chester County IDA Charter School Aid Revenue 4.250%  10/1/2044  1,080       975
  Chester County IDA Charter School Aid Revenue 5.250% 10/15/2047  1,100     1,002
2 Chester County IDA Charter School Aid Revenue 4.500%  10/1/2049    805       704
2 Chester County IDA Charter School Aid Revenue 4.500%  10/1/2054  1,290     1,092
2 Chester County IDA Charter School Aid Revenue 4.500%  10/1/2064  3,280     2,674
2 Chester County IDA Charter School Aid Revenue (Collegium Charter School Project) 5.625% 10/15/2042    200       201
  Chester County IDA Recreational Revenue 4.000%  12/1/2046  5,045     4,753
  Chester County IDA Recreational Revenue 4.000%  12/1/2051  5,095     4,506
  Chester County IDA Recreational Revenue (Longwood Gardens Project) 5.000%  12/1/2044  3,215     3,317
  Chester County PA GO 5.000%  7/15/2038    500       548
  Chester County PA GO 5.000%  7/15/2039    700       765
  Chester County PA GO 5.000%  7/15/2040  1,500     1,632
3

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Chester County PA GO 5.000%  7/15/2041  2,500     2,713
  Chester County School Authority Lease Revenue 5.000%   4/1/2043  1,000     1,053
  Chester County School Authority Lease Revenue 5.000%   4/1/2045    900       939
  Chester Upland School District GO 6.200%  10/1/2042  1,000     1,109
4 Coatesville School District GO 4.250% 11/15/2039 12,000    12,173
1 Coatesville School District GO 5.250% 11/15/2040  2,200     2,402
1 Coatesville School District GO 5.250% 11/15/2041  2,500     2,730
1 Coatesville School District GO 5.250% 11/15/2042  2,500     2,711
1 Coatesville School District GO 5.250% 11/15/2043  1,175     1,263
  Colonial School District GO 3.000%  2/15/2039    350       321
  Colonial School District GO 3.000%  2/15/2040    700       624
  Commonwealth Financing Authority Appropriations Revenue 5.000%   6/1/2030  1,750     1,892
  Commonwealth Financing Authority Appropriations Revenue 5.000%   6/1/2031  1,000     1,097
  Commonwealth Financing Authority Tobacco Settlement Funded Revenue 5.000%   6/1/2031  7,190     7,448
  Commonwealth Financing Authority Tobacco Settlement Funded Revenue 5.000%   6/1/2032  7,000     7,246
  Commonwealth Financing Authority Tobacco Settlement Funded Revenue 5.000%   6/1/2035  4,000     4,123
1,6 Commonwealth Financing Authority Tobacco Settlement Funded Revenue 4.000%   6/1/2039 31,375    30,899
  Commonwealth of Pennsylvania COP 5.000%   7/1/2035    845       867
  Commonwealth of Pennsylvania COP 5.000%   7/1/2036  1,000     1,026
  Commonwealth of Pennsylvania COP 5.000%   7/1/2037    875       897
  Commonwealth of Pennsylvania COP 5.000%   7/1/2038  1,000     1,023
  Commonwealth of Pennsylvania COP 4.000%   7/1/2046    275       259
  Commonwealth of Pennsylvania GO 5.000%   9/1/2026  5,000     5,030
  Commonwealth of Pennsylvania GO 5.000%  9/15/2026    525       529
1 Commonwealth of Pennsylvania GO 5.000%  9/15/2026  9,050     9,113
  Commonwealth of Pennsylvania GO 5.000%  9/15/2027 10,000    10,068
  Commonwealth of Pennsylvania GO 5.000%   9/1/2028 12,500    13,145
  Commonwealth of Pennsylvania GO 5.000%   9/1/2030  8,200     8,941
  Commonwealth of Pennsylvania GO 5.000%   3/1/2032  5,000     5,184
  Commonwealth of Pennsylvania GO 5.000%   9/1/2032  9,300    10,418
1 Commonwealth of Pennsylvania GO 4.000%   3/1/2033 15,000    15,234
  Commonwealth of Pennsylvania GO 5.000%   4/1/2033 10,000    11,269
  Commonwealth of Pennsylvania GO 5.000%  8/15/2034 10,000    11,418
  Commonwealth of Pennsylvania GO 5.000%  10/1/2034  5,000     5,603
  Commonwealth of Pennsylvania GO 3.000%  5/15/2035  9,955     9,573
  Commonwealth of Pennsylvania GO 5.000%  8/15/2035  5,000     5,749
  Commonwealth of Pennsylvania GO 5.000%  10/1/2035 15,000    16,732
  Commonwealth of Pennsylvania GO 3.000%  5/15/2036  8,010     7,615
  Commonwealth of Pennsylvania GO 3.000%  9/15/2036  1,375     1,302
  Commonwealth of Pennsylvania GO 4.000%  10/1/2037  4,795     4,928
  Commonwealth of Pennsylvania GO 3.000%   5/1/2038 12,975    12,043
  Commonwealth of Pennsylvania GO 2.000%  5/15/2038  7,000     5,597
  Commonwealth of Pennsylvania GO 5.000%  10/1/2038 10,000    10,967
  Commonwealth of Pennsylvania GO 2.000%  5/15/2039  7,375     5,757
  Commonwealth of Pennsylvania GO 4.000%  10/1/2039  4,130     4,199
  Commonwealth of Pennsylvania GO 2.000%  5/15/2040  6,750     5,152
  Commonwealth of Pennsylvania GO 4.000%   9/1/2040  2,670     2,713
  Commonwealth of Pennsylvania GO 5.000%  10/1/2040  5,000     5,435
  Commonwealth of Pennsylvania GO 2.000%  5/15/2041  3,800     2,829
  Commonwealth of Pennsylvania GO 4.000%  8/15/2041  2,705     2,743
  Commonwealth of Pennsylvania GO 4.000%   9/1/2041 10,000    10,107
  Commonwealth of Pennsylvania GO 4.000%  8/15/2042 29,115    29,299
  Commonwealth of Pennsylvania GO 4.000%   9/1/2042 10,000    10,056
  Commonwealth of Pennsylvania GO 5.000%   4/1/2043 15,000    16,527
  Commonwealth of Pennsylvania GO 4.000%  8/15/2043  8,015     7,971
  Commonwealth of Pennsylvania GO 4.000%   9/1/2043  9,000     8,959
  Commonwealth of Pennsylvania GO 5.000%   4/1/2044 25,000    27,293
  Commonwealth of Pennsylvania GO 5.000%   4/1/2045 25,000    27,008
  Conestoga Valley School District GO 3.000%   2/1/2037  1,240     1,118
  Conestoga Valley School District GO 3.000%   2/1/2038    850       754
  Conestoga Valley School District GO 4.000%   2/1/2051     25        23
5 Cornwall Lebanon School District GO 5.000%  2/15/2044    400       424
5 Cornwall Lebanon School District GO 5.000%  2/15/2045    250       263
5 Cornwall Lebanon School District GO 5.000%  2/15/2046    250       262
  Cornwall Lebanon School District GO 5.000%  2/15/2051  2,000     2,075
  Cornwall Lebanon School District GO 5.000%  2/15/2055  4,500     4,648
5 Cornwall Lebanon School District GO 5.000%  2/15/2056  2,400     2,476
  Council Rock School District GO 2.050% 11/15/2033  1,085       948
  Council Rock School District GO 3.250% 11/15/2039  5,010     4,595
  Council Rock School District GO 2.050%  8/15/2042  3,000     2,112
4

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Cumberland County Municipal Authority College & University Revenue (Dickinson College Project) 5.000%  11/1/2039  4,685     4,757
  Cumberland County Municipal Authority College & University Revenue (Dickinson College Project) 5.000%   5/1/2045  1,305     1,393
  Cumberland County Municipal Authority College & University Revenue (Dickinson College Project) 5.000%   5/1/2046    905       955
  Cumberland County Municipal Authority College & University Revenue (Dickinson College Project) 5.000%   5/1/2056  4,000     4,092
  Cumberland County Municipal Authority Health, Hospital, Nursing Home Revenue 4.000%  11/1/2036  1,400     1,389
  Cumberland County Municipal Authority Health, Hospital, Nursing Home Revenue 3.000%  11/1/2038  2,475     2,231
  Cumberland County Municipal Authority Health, Hospital, Nursing Home Revenue 4.000%  11/1/2044  7,185     6,682
  Cumberland County Municipal Authority Health, Hospital, Nursing Home Revenue 4.000%  11/1/2049  5,000     4,302
  Cumberland County Municipal Authority Health, Hospital, Nursing Home Revenue (Messiah Village Project) 5.250%   6/1/2044  1,895     1,972
  Cumberland County Municipal Authority Health, Hospital, Nursing Home Revenue (Messiah Village Project) 5.500%   6/1/2051  5,550     5,644
  Cumberland County Municipal Authority Health, Hospital, Nursing Home Revenue (Messiah Village Project) 5.500%   6/1/2056  3,120     3,157
4 Cumberland Valley School District GO 5.000%  12/1/2040    500       537
1 Cumberland Valley School District GO 5.000% 11/15/2042  3,480     3,730
4 Cumberland Valley School District GO 5.000%  12/1/2043    500       533
1 Cumberland Valley School District GO 5.000% 11/15/2044  1,500     1,591
1 Cumberland Valley School District GO 5.000% 11/15/2045    500       527
1 Cumberland Valley School District GO 5.000% 11/15/2046    300       315
4 Cumberland Valley School District GO 5.000%  12/1/2046  2,300     2,400
1 Cumberland Valley School District GO 5.000% 11/15/2047  3,600     3,733
1 Cumberland Valley School District GO 5.000% 11/15/2048    600       624
4 Cumberland Valley School District GO 5.000%  12/1/2049  2,075     2,136
4 Cumberland Valley School District GO 5.000%  12/1/2053  2,150     2,200
  Dallastown Area School District GO 5.000%  3/15/2038  1,200     1,271
  Dallastown Area School District GO 5.000%  3/15/2039  4,255     4,493
2 Dauphin County General Authority College & University Revenue (The Harrisburg University of Science & Technology Project) 5.125% 10/15/2041  1,000       600
2 Dauphin County General Authority College & University Revenue (The Harrisburg University of Science & Technology Project) 6.250% 10/15/2053  1,615       969
  Dauphin County General Authority Health, Hospital, Nursing Home Revenue (Pinnacle Health System Project) 4.000%   6/1/2030  3,745     3,745
  Dauphin County General Authority Health, Hospital, Nursing Home Revenue (Pinnacle Health System Project) 4.000%   6/1/2032  2,070     2,070
  Dauphin County PA GO 5.000% 11/15/2042  4,590     4,925
  Dauphin County PA GO 5.000% 11/15/2043  4,350     4,634
  Dauphin County PA GO 5.000% 11/15/2044  2,225     2,358
1 Deer Creek Drainage Basin Authority Sewer Revenue 2.375%  12/1/2046    750       514
1 Deer Creek Drainage Basin Authority Sewer Revenue 2.500%  12/1/2051  2,000     1,271
  Delaware County Authority College & University Revenue 5.000%  10/1/2035  2,215     2,227
  Delaware County Authority College & University Revenue 5.000%  10/1/2039  4,500     4,398
  Delaware County Authority College & University Revenue 5.000%  10/1/2042  6,720     6,775
  Delaware County PA GO 5.000%   8/1/2046  4,740     4,953
  Delaware County PA GO 5.000%   8/1/2048  3,210     3,323
4 Delaware County Vocational & Technical School Authority Lease (Appropriation) Revenue 4.000%  11/1/2054  2,500     2,219
4 Delaware River Joint Toll Bridge Commission Highway Revenue 4.000%   7/1/2033  4,000     4,001
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/2036  3,500     3,568
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/2042 10,000    10,138
  Delaware River Port Authority Highway Revenue 5.000%   1/1/2037  2,500     2,609
  Delaware River Port Authority Port, Airport & Marina Revenue 5.000%   1/1/2038  1,000     1,117
  Delaware Valley Regional Finance Authority Indirect Ad Valorem Property Revenue 5.750%   7/1/2032  6,885     7,901
  Delaware Valley Regional Finance Authority Intergovernmental Agreement Revenue 4.000%   3/1/2034  3,000     3,128
  Delaware Valley Regional Finance Authority Intergovernmental Agreement Revenue 4.000%   3/1/2035  3,000     3,126
  Delaware Valley Regional Finance Authority Intergovernmental Agreement Revenue 4.000%  12/1/2037  2,250     2,314
  Delaware Valley Regional Finance Authority Intergovernmental Agreement Revenue 4.000%  12/1/2038  5,555     5,672
5 Downingtown Area School District GO 5.000%  11/1/2039    650       714
5 Downingtown Area School District GO 5.000%  11/1/2043  1,210     1,307
5 Downingtown Area School District GO 5.000%  11/1/2044  1,000     1,073
5 Downingtown Area School District GO 5.000%  11/1/2045    410       437
5 Downingtown Area School District GO 5.000%  11/1/2046  1,000     1,058
2 Doylestown Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2031    970     1,023
2 Doylestown Hospital Authority Health, Hospital, Nursing Home Revenue 5.375%   7/1/2039  1,000     1,091
  Doylestown Hospital Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2045  2,545     2,395
  Doylestown Hospital Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/2026    755       756
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%  7/15/2032    750       761
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%  7/15/2033  1,000     1,013
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%  7/15/2035    505       510
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 3.000%  7/15/2039    655       533
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%  7/15/2040    760       761
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 3.000%  7/15/2046  3,070     2,086
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/2048  7,565     6,202
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%  7/15/2048    255       235
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/2050     50        40
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/2051  5,965     4,749
5

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
1 East Allegheny School District GO 0.000%  5/15/2036     10         7
4 Elizabeth Forward School District GO 4.375%   9/1/2045  1,375     1,385
4 Ellwood City Area School District GO 4.500%   6/1/2052    295       292
3 Emmaus General Authority Miscellaneous Revenue (Pennsylvania Loan Program) VRDO 1.550%   6/4/2026    280       280
4 Erie City Water Authority Water Revenue 4.250%  12/1/2052    750       713
  Erie City Water Authority Water Revenue, Prere. 5.000%  12/1/2026     30        30
  Erie Higher Education Building Authority College & University Revenue (AICUP Financing Program) 5.000%   5/1/2028    300       306
  Erie Higher Education Building Authority College & University Revenue (AICUP Financing Program) 5.000%   5/1/2030    315       325
  Erie Higher Education Building Authority College & University Revenue (AICUP Financing Program) 5.000%   5/1/2035    375       390
  Erie Higher Education Building Authority College & University Revenue (AICUP Financing Program) 5.000%   5/1/2038  1,270     1,304
  Erie Higher Education Building Authority College & University Revenue (AICUP Financing Program) 5.000%   5/1/2048    500       464
  Erie Higher Education Building Authority College & University Revenue (Gannon University Project - AICUP Financing Program) 4.000%   5/1/2036    400       377
  Erie Higher Education Building Authority College & University Revenue (Gannon University Project - AICUP Financing Program) 4.000%   5/1/2041    475       411
  Erie Higher Education Building Authority College & University Revenue (Gannon University Project - AICUP Financing Program) 5.000%   5/1/2047    955       879
  Erie Higher Education Building Authority College & University Revenue (Gannon University Project) 5.000%   5/1/2032  1,325     1,328
  Erie Higher Education Building Authority College & University Revenue (Gannon University Project) 5.000%   5/1/2033  1,395     1,398
4 Erie PA GO 5.000% 11/15/2046  2,400     2,529
1 Erie School District GO 5.000%   4/1/2027    150       152
1 Erie School District GO 3.000%   4/1/2032  3,360     3,307
4 Erie Sewer Authority Sewer Revenue 5.000%  12/1/2042    900       955
4 Erie Sewer Authority Sewer Revenue 5.000%  12/1/2046  2,220     2,281
3 Fayette County PA Hospital Authority Health, Hospital, Nursing Home Revenue VRDO 1.500%   6/4/2026  1,335     1,335
  Fox Chapel Area School District GO 5.000%   2/1/2036  2,000     2,023
  Franklin County PA IDA Health, Hospital, Nursing Home Revenue (Haven Inc. Project) 5.000%  12/1/2039    160       160
  Franklin County PA IDA Health, Hospital, Nursing Home Revenue (Haven Inc. Project) 5.000%  12/1/2048  3,400     3,080
  Franklin County PA IDA Health, Hospital, Nursing Home Revenue (Haven Inc. Project) 5.000%  12/1/2054  4,050     3,543
4 Gateway School District Alleghany County GO 3.000% 10/15/2036    250       233
4 Gateway School District Alleghany County GO 3.000% 10/15/2043  2,375     1,977
  Geisinger Authority Health, Hospital, Nursing Home Revenue 4.000%   4/1/2039 16,125    16,095
  Geisinger Authority Health, Hospital, Nursing Home Revenue 4.000%   6/1/2041  4,045     3,927
  Geisinger Authority Health, Hospital, Nursing Home Revenue 4.000%  2/15/2047  2,150     1,942
  Geisinger Authority Health, Hospital, Nursing Home Revenue 4.000%   4/1/2050 33,480    29,464
  Hampton Township PA GO 5.000%   1/1/2035    150       164
  Hampton Township PA GO 5.000%   1/1/2036    150       163
  Hampton Township PA GO 5.000%   1/1/2037    175       189
  Harbor Creek School District GO 5.000%   3/1/2045  1,000     1,049
  Hatboro-Horsham School District GO 5.000%  9/15/2040    400       429
  Hatboro-Horsham School District GO 5.000%  9/15/2042    550       585
  Hatboro-Horsham School District GO 5.250%  9/15/2047  1,000     1,056
  Hatboro-Horsham School District GO 5.250%  9/15/2051  2,000     2,094
  Haverford Township School District GO 5.000%  3/15/2040    400       429
  Haverford Township School District GO 5.000%  3/15/2040    515       557
  Haverford Township School District GO 5.000%  3/15/2041    580       618
  Haverford Township School District GO 5.000%  3/15/2041  1,000     1,066
  Haverford Township School District GO 5.000%  3/15/2041    430       463
  Haverford Township School District GO 5.000%  3/15/2042    450       478
  Haverford Township School District GO 5.000%  3/15/2042    750       796
  Haverford Township School District GO 5.000%  3/15/2042    575       616
  Haverford Township School District GO 5.000%  3/15/2043    635       672
  Haverford Township School District GO 5.000%  3/15/2043    900       952
  Haverford Township School District GO 5.000%  3/15/2043    875       935
  Haverford Township School District GO 5.000%  3/15/2044    575       607
  Haverford Township School District GO 5.000%  3/15/2044    605       643
1 Hempfield Area School District GO 5.000%  3/15/2048  5,000     5,127
4 Indiana County IDA Local or Guaranteed Housing Revenue 5.000%   5/1/2037  1,320     1,424
4 Indiana County IDA Local or Guaranteed Housing Revenue 5.000%   5/1/2038  1,390     1,495
4 Indiana County IDA Local or Guaranteed Housing Revenue 5.000%   5/1/2039  1,460     1,565
4 Indiana County IDA Local or Guaranteed Housing Revenue 5.000%   5/1/2040  1,530     1,628
4 Indiana County IDA Local or Guaranteed Housing Revenue 5.000%   5/1/2041  1,605     1,703
4 Indiana County IDA Local or Guaranteed Housing Revenue 4.000%   5/1/2042  1,035     1,030
4 Indiana County IDA Local or Guaranteed Housing Revenue 5.000%   5/1/2047  3,510     3,631
1 Interboro School District GO 5.500%  8/15/2063  2,500     2,667
2 Jefferson County PA Hospital Authority Health, Hospital, Nursing Home Revenue 4.500%  1/15/2027  1,000     1,000
  Kennett Consolidated School District GO 5.000%  2/15/2041    275       298
  Kennett Consolidated School District GO 5.000%  2/15/2042    475       503
  Kennett Consolidated School District GO 5.000%  2/15/2042    325       349
  Kennett Consolidated School District GO 5.000%  2/15/2043  1,240     1,322
6

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Kennett Consolidated School District GO 5.000%  2/15/2044    550       577
  Kennett Consolidated School District GO 5.000%  2/15/2045    500       527
  Kennett Consolidated School District GO 5.000%  2/15/2048  1,000     1,036
  Kennett Consolidated School District GO 5.000%  2/15/2051  5,050     5,198
  Lackawanna County IDA College & University Revenue 4.000%  11/1/2035    650       650
  Lackawanna County IDA College & University Revenue 4.000%  11/1/2036    625       619
  Lackawanna County IDA College & University Revenue 4.000%  11/1/2040  6,550     6,213
  Lampeter Strasburg School District GO 5.000%   3/1/2039    600       638
  Lampeter Strasburg School District GO 5.000%   3/1/2040    725       768
  Lampeter Strasburg School District GO 5.000%   3/1/2041  2,675     2,825
  Lampeter Strasburg School District GO 5.000%   3/1/2042  2,750     2,891
  Lampeter Strasburg School District GO 5.000%   3/1/2043  2,760     2,894
  Lampeter Strasburg School District GO 5.000%   3/1/2044  1,425     1,488
  Lancaster County Convention Center Authority Hotel Occupancy Tax Revenue 4.000%   5/1/2049  2,900     2,662
  Lancaster County Convention Center Authority Hotel Occupancy Tax Revenue 4.750%   5/1/2053  2,000     1,979
  Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   3/1/2040    500       495
  Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/2042  8,825     8,848
  Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%  11/1/2051  4,860     4,891
  Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue (Brethren Village Project) 5.000%   7/1/2030    750       754
  Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue (Brethren Village Project) 5.000%   7/1/2031  1,300     1,305
  Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue (Brethren Village Project) 5.000%   7/1/2032    725       727
  Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue (Brethren Village Project) 5.000%   7/1/2041    910       883
  Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue (Masonic Villages Project) 5.000%  11/1/2033    810       890
  Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue (Masonic Villages Project) 5.000%  11/1/2035    235       260
  Lancaster Higher Education Authority College & University Revenue (Elizabeth College Project) 5.000%  10/1/2031    890       915
  Lancaster Higher Education Authority College & University Revenue (Elizabeth College Project) 5.000%  10/1/2046  3,000     2,840
  Lancaster Higher Education Authority College & University Revenue (Elizabeth College Project) 5.000%  10/1/2051  4,000     3,635
  Lancaster IDA Health, Hospital, Nursing Home Revenue 4.000%   7/1/2046  1,425     1,254
  Lancaster IDA Health, Hospital, Nursing Home Revenue 4.000%   7/1/2056  5,550     4,404
  Lancaster Municipal Authority Health, Hospital, Nursing Home Revenue (Luthercare Project) 5.000%  12/1/2045  1,800     1,841
  Lancaster Municipal Authority Health, Hospital, Nursing Home Revenue (Luthercare Project) 5.000%  12/1/2055    960       939
4 Lancaster PA GO 4.000%  11/1/2034  2,660     2,693
4 Lancaster PA GO 4.000%  11/1/2035  2,355     2,379
4 Lancaster School District GO 4.000%   6/1/2036  1,190     1,206
4 Lancaster School District GO 5.000%   6/1/2042  1,295     1,398
4 Lancaster School District GO 5.000%   6/1/2043  1,135     1,219
4 Lancaster School District GO 5.000%   6/1/2044  1,290     1,375
  Latrobe IDA College & University Revenue 5.000%   3/1/2032    335       347
  Latrobe IDA College & University Revenue 5.000%   3/1/2033    300       310
  Latrobe IDA College & University Revenue 5.000%   3/1/2034    325       334
  Latrobe IDA College & University Revenue 4.000%   3/1/2035    450       431
  Latrobe IDA College & University Revenue 4.000%   3/1/2036    475       449
  Latrobe IDA College & University Revenue 4.000%   3/1/2038    575       529
  Latrobe IDA College & University Revenue 4.000%   3/1/2039    685       621
  Latrobe IDA College & University Revenue 4.000%   3/1/2041    535       468
  Latrobe IDA College & University Revenue 4.000%   3/1/2046  3,400     2,795
  Latrobe IDA College & University Revenue 5.250%   3/1/2046  3,115     3,068
  Latrobe IDA College & University Revenue 4.000%   3/1/2051  3,595     2,792
  Latrobe IDA College & University Revenue 5.375%   3/1/2051    910       885
  Latrobe IDA College & University Revenue 5.500%   3/1/2056  1,070     1,041
4 Lehigh County Authority Intergovernmental Agreement Revenue 4.000%  12/1/2041  3,750     3,830
4 Lehigh County Authority Intergovernmental Agreement Revenue 4.000%  12/1/2042  3,865     3,928
4 Lehigh County Authority Intergovernmental Agreement Revenue 4.250%  12/1/2053  1,350     1,287
  Lehigh County General Purpose Authority Charter School Aid Revenue 4.000%   6/1/2057  1,445     1,142
  Lehigh County General Purpose Authority Health, Hospital, Nursing Home Revenue 4.000%  11/1/2041    125       114
  Lehigh County General Purpose Authority Health, Hospital, Nursing Home Revenue 4.000%  11/1/2046  4,010     3,486
  Lehigh County General Purpose Authority Health, Hospital, Nursing Home Revenue 4.000%  11/1/2051 12,210    10,005
2,3 Lehigh County General Purpose Authority Health, Hospital, Nursing Home Revenue TOB VRDO 1.600%   6/4/2026  1,700     1,700
  Lehigh County IDA Charter School Aid Revenue 4.000%   5/1/2031  1,445     1,415
  Lehigh County IDA Charter School Aid Revenue 4.000%   5/1/2041  3,550     3,129
  Lehigh County PA GO 3.000% 11/15/2043  1,690     1,415
  Lehigh County PA Health, Hospital, Nursing Home Revenue 4.000%   7/1/2043     20        19
  Lehigh County PA Health, Hospital, Nursing Home Revenue 3.250%   7/1/2049    315       240
  Lehigh County PA Health, Hospital, Nursing Home Revenue 4.000%   7/1/2049 12,315    10,733
4 Lehighton Area School District GO 5.000% 11/15/2036  1,850     1,987
4 Lehighton Area School District GO 5.000% 11/15/2039  5,000     5,311
  Lincoln University of the Commonwealth System of Higher Education College & University Revenue 5.250%   7/1/2044  4,200     4,029
4 Littlestown Area School District GO 5.000%  10/1/2050  2,400     2,462
  Lower Paxton Township PA GO 5.000%   4/1/2040    200       213
  Lower Paxton Township PA GO 5.000%   4/1/2041    225       239
7

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Lower Paxton Township PA GO 5.000%   4/1/2042    200       211
  Lower Paxton Township PA GO 5.000%   4/1/2043    350       369
  Lower Paxton Township PA GO 5.000%   4/1/2044    300       314
  Lower Paxton Township PA GO 5.000%   4/1/2049  1,000     1,027
  Lycoming County Authority College & University Revenue (AICUP Financing Program) 5.500%  11/1/2033  2,935     2,941
4 Lycoming County Authority College & University Revenue (Pennsylvania College of Technology Project) 5.000%   7/1/2027  1,800     1,842
5 Marple Newtown School District GO 5.000%   6/1/2038    750       852
5 Marple Newtown School District GO 5.000%   6/1/2039  1,735     1,953
  Marple Newtown School District GO 3.000%   6/1/2044     40        33
5 Marple Newtown School District GO 5.000%   6/1/2044  1,265     1,376
1 Mechanicsburg Area School District GO 5.000%  5/15/2045  1,705     1,768
1 Mechanicsburg Area School District GO 5.000%  5/15/2046  2,080     2,152
  Methacton School District GO 5.250%  7/15/2048    750       785
4 Middletown Area School District GO 5.000%   3/1/2040  2,000     2,131
4 Middletown Area School District GO 5.000%   3/1/2041  2,000     2,123
4 Middletown Area School District GO 5.000%   3/1/2042  2,000     2,113
4 Millcreek Township School District GO 3.000%  6/15/2036  2,240     2,087
  Monroe County PA GO 4.000%  7/15/2037  1,630     1,643
  Monroe County PA Hospital Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/2026  3,890     3,897
  Monroe County PA IDA Tax Increment/Allocation Revenue (Tobyhanna Township Project) 5.000%   7/1/2031  3,780     3,888
  Monroeville Finance Authority Health, Hospital, Nursing Home Revenue 5.000%  5/15/2037    330       359
  Monroeville Finance Authority Health, Hospital, Nursing Home Revenue 5.000%  5/15/2038  1,000     1,082
  Monroeville Finance Authority Health, Hospital, Nursing Home Revenue 5.000%  5/15/2039  1,000     1,077
  Monroeville Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  2/15/2041  2,100     2,021
  Monroeville Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  2/15/2042  4,000     3,810
  Montgomery County Higher Education & Health Authority College & University Revenue 4.250%   4/1/2035    270       259
  Montgomery County Higher Education & Health Authority College & University Revenue 4.000%   4/1/2036  1,035       970
  Montgomery County Higher Education & Health Authority College & University Revenue 4.000%   4/1/2037    545       505
  Montgomery County Higher Education & Health Authority College & University Revenue 4.000%   4/1/2038    695       639
  Montgomery County Higher Education & Health Authority College & University Revenue 4.000%   4/1/2039    305       276
  Montgomery County Higher Education & Health Authority College & University Revenue (Ursinus College Project) 5.250%  11/1/2042  1,500     1,501
  Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue 5.000%  12/1/2027    965       977
  Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue 5.000%   9/1/2032     25        26
  Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue 5.000%   9/1/2034  2,210     2,280
  Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue 5.000%   9/1/2035  2,780     2,862
  Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue 5.000%   9/1/2037  2,500     2,562
  Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue 4.000%   5/1/2041  2,170     2,097
  Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue 5.000%   9/1/2043  4,825     4,907
  Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue 4.000%   5/1/2047  5,250     4,650
  Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue 5.000%   5/1/2047  1,700     1,727
  Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue 4.000%   5/1/2052  5,000     4,288
  Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue 3.250%   5/1/2055 12,000     8,376
  Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue 4.000%   5/1/2056 14,935    12,694
4 Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue 4.000%   5/1/2056  2,000     1,728
  Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue (Thomas Jefferson University Project) 4.000%   9/1/2034    380       384
  Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue (Thomas Jefferson University Project) 4.000%   9/1/2036  1,445     1,445
  Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue (Thomas Jefferson University Project) 4.000%   9/1/2037  1,435     1,429
  Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue (Thomas Jefferson University Project) 4.000%   9/1/2044  6,920     6,474
  Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue (Thomas Jefferson University Project) 4.000%   9/1/2049  2,805     2,455
1 Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue (Thomas Jefferson University Project) 4.000%   9/1/2049 10,000     8,884
  Montgomery County Higher Education & Health Authority Private Schools Revenue (Hill School Project) 3.500%  8/15/2046    100        85
  Montgomery County Higher Education & Health Authority Private Schools Revenue (Hill School Project) 4.000%  8/15/2050  3,705     3,278
  Montgomery County PA GO 5.000%   3/1/2038  4,080     4,512
  Montgomery County PA GO 5.000%  10/1/2038  8,610     9,290
  Montgomery County PA GO 5.000%   3/1/2039  8,270     9,107
  Montgomery County PA GO 5.000%   3/1/2040  5,330     5,845
  Montgomery County PA GO 5.000%   3/1/2041  5,140     5,612
  Montgomery County PA IDA College & University Revenue (Ursinus College Project) 5.000%  11/1/2044  2,985     2,956
  Montgomery County PA IDA College & University Revenue (Ursinus College Project) 5.250%  11/1/2054  1,500     1,440
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.000%   1/1/2030  1,290     1,291
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.000%  12/1/2030  1,200     1,201
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 4.000%  12/1/2039     60        57
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.000% 11/15/2042  2,500     2,610
8

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 4.000% 11/15/2043    700       670
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.000% 11/15/2045  2,600     2,634
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.000% 11/15/2049  2,500     2,510
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.250% 11/15/2053  1,500     1,514
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.000% 11/15/2055  2,500     2,486
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Meadowood Senior Living Project) 5.000%  12/1/2038  2,500     2,534
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/2026    350       350
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/2027    300       302
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/2029    150       151
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/2030    210       211
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/2031    250       251
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/2032    200       201
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/2033    225       225
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/2034    370       370
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/2035    570       569
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/2036    825       817
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/2037    705       695
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/2038    425       417
  Montgomery County PA IDA Industrial Revenue PUT 4.100%   4/3/2028 17,765    18,154
  Montgomery County PA IDA Private Schools Revenue (Germantown Academy Project) 4.000%  10/1/2041  1,000       935
  Montgomery County PA IDA Private Schools Revenue (Haverford School Project) 3.000%   3/1/2049  3,760     2,817
  Montgomery County PA IDA Private Schools Revenue (Haverford School Project) 4.000%   3/1/2049  3,015     2,593
  Moon Area School District GO 5.000%  5/15/2042  1,000     1,056
  Moon Area School District GO 5.000%  5/15/2045    825       859
  Moon Area School District GO 5.000%  5/15/2047  1,400     1,444
  Moon Area School District GO 5.000%  5/15/2050  2,125     2,168
  Moon IDA Health, Hospital, Nursing Home Revenue 5.625%   7/1/2030  1,120     1,121
  Moon IDA Health, Hospital, Nursing Home Revenue 6.000%   7/1/2045  3,500     3,500
  Moon IDA Health, Hospital, Nursing Home Revenue 6.125%   7/1/2050    680       677
  Mount Lebanon Hospital Authority Health, Hospital, Nursing Home Revenue (St. Clair Memorial Hospital Project) 4.000%   7/1/2048  7,890     6,940
  Muhlenberg School District GO 5.000%  5/15/2049  1,750     1,799
  Muhlenberg School District GO 5.000%  5/15/2050  1,000     1,032
  Muhlenberg School District GO 5.000%  5/15/2054  7,000     7,144
  Muhlenberg School District GO 5.000%  5/15/2055  1,500     1,540
  Neshaminy School District GO 4.000%  11/1/2046    750       696
  Norristown Area School District GO 5.000%  10/1/2041  1,500     1,618
  Norristown Area School District GO 5.000%  10/1/2042  1,600     1,716
  Norristown Area School District GO 5.000%  10/1/2043  1,100     1,174
5 Norristown Area School District GO 5.000%  10/1/2043  2,285     2,440
5 Norristown Area School District GO 5.000%  10/1/2044    525       558
5 Norristown Area School District GO 5.000%  10/1/2045    530       560
  Norristown Area School District GO 5.000%  10/1/2047  1,150     1,195
  Norristown Area School District GO 5.000%  10/1/2050  1,850     1,905
  North Allegheny School District GO 3.000%   5/1/2032  1,270     1,255
  North Penn School District GO 5.000%   3/1/2045  1,215     1,296
  North Penn School District GO 5.000%   3/1/2046    525       556
  North Penn School District GO 5.000%   3/1/2051  5,000     5,203
4 Northampton Area School District GO 4.100%   2/1/2041  3,090     3,120
  Northampton County General Purpose Authority College & University Revenue 5.000%  10/1/2036  1,500     1,504
  Northampton County General Purpose Authority College & University Revenue 5.000%  10/1/2040  1,760     1,763
  Northampton County General Purpose Authority College & University Revenue (Lafayette College Project) VRDO 1.600%   6/4/2026    250       250
  Northampton County General Purpose Authority College & University Revenue VRDO 1.600%   6/4/2026    400       400
  Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/2036  6,790     6,805
1 Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/2042  1,070     1,033
1 Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/2043  4,930     4,696
  Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/2043  3,000     3,048
  Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/2048  3,895     3,328
1 Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/2049  9,885    10,176
  Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue 5.250%  8/15/2053  3,000     3,072
3 Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue VRDO 2.800%   6/1/2026  4,575     4,575
  Northampton County IDA Health, Hospital, Nursing Home Revenue 5.000%  11/1/2044  1,900     1,859
  Northampton Township PA GO 3.625%  5/15/2039  2,145     2,118
  Northeastern Pennsylvania Hospital & Education Authority College & University Revenue (Kings College Project) 5.000%   5/1/2044  1,000       981
  Northeastern Pennsylvania Hospital & Education Authority College & University Revenue (Kings College Project) 5.000%   5/1/2049  1,535     1,431
  Northeastern Pennsylvania Hospital & Education Authority College & University Revenue (Wilkes University Project) 5.000%   3/1/2029  1,250     1,251
9

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Northeastern Pennsylvania Hospital & Education Authority College & University Revenue (Wilkes University Project) 5.250%   3/1/2031  1,140     1,142
  Northeastern Pennsylvania Hospital & Education Authority College & University Revenue (Wilkes University Project) 5.000%   3/1/2037  3,740     3,740
  Northeastern Pennsylvania Hospital & Education Authority College & University Revenue (Wilkes University Project) 5.250%   3/1/2037  2,850     2,852
  Olentangy Local School District GO 5.000%  3/15/2042  1,145     1,235
  Olentangy Local School District GO 5.000%  3/15/2043  1,500     1,602
4 Oxford Area Sewer Authority Sewer Revenue 3.000%   7/1/2046  1,255       987
  Parkland School District GO 5.000%   2/1/2043  2,270     2,411
  Parkland School District GO 5.000%   2/1/2044    700       739
  Parkland School District GO 5.000%   2/1/2049  2,325     2,400
4 Penn Hills School District GO 3.000%  10/1/2030  3,030     3,034
4 Penn Hills School District GO 3.000%  10/1/2031  3,585     3,581
4 Penn Hills School District GO 3.000%  10/1/2032  2,020     2,008
4 Penn Hills School District GO 3.000%  10/1/2033    760       751
4 Penn Hills School District GO 3.000%  10/1/2042    145       122
  Pennsbury School District GO 5.000%   8/1/2039    750       803
  Pennsbury School District GO 5.000%   8/1/2039    500       538
  Pennsbury School District GO 5.000%   8/1/2040  1,000     1,068
  Pennsbury School District GO 5.000%   8/1/2040    500       536
  Pennsbury School District GO 5.000%   8/1/2041    600       641
  Pennsbury School District GO 5.000%   8/1/2042    750       799
  Pennsbury School District GO 5.000%   8/1/2043  4,000     4,219
  Pennsbury School District GO 5.000%   8/1/2044  1,000     1,054
  Pennsylvania Economic Development Financing Authority College & University Revenue (Eastern University Project) 5.250%  10/1/2033  1,310     1,420
  Pennsylvania Economic Development Financing Authority College & University Revenue (Eastern University Project) 5.250%  10/1/2034  1,380     1,497
  Pennsylvania Economic Development Financing Authority College & University Revenue (Eastern University Project) 5.250%  10/1/2035  1,455     1,573
  Pennsylvania Economic Development Financing Authority College & University Revenue (Eastern University Project) 5.250%  10/1/2036  1,020     1,094
  Pennsylvania Economic Development Financing Authority College & University Revenue (Eastern University Project) 5.250%  10/1/2038  1,130     1,203
  Pennsylvania Economic Development Financing Authority College & University Revenue (Eastern University Project) 5.000%  10/1/2040  1,250     1,296
  Pennsylvania Economic Development Financing Authority College & University Revenue (Eastern University Project) 5.375%  10/1/2055  3,665     3,612
  Pennsylvania Economic Development Financing Authority College & University Revenue (Villanova University Project) 5.000%   8/1/2041  1,000     1,099
  Pennsylvania Economic Development Financing Authority College & University Revenue (Villanova University Project) 5.000%   8/1/2049  9,425     9,872
  Pennsylvania Economic Development Financing Authority College & University Revenue (Villanova University Project) 4.000%   8/1/2054    175       159
  Pennsylvania Economic Development Financing Authority Electric Power & Light Revenue PUT 5.250%   6/1/2027    750       751
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  3/15/2030  1,000     1,073
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000%  2/15/2037  2,200     2,202
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000%  4/15/2037  2,000     2,000
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  5/15/2037    500       543
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  5/15/2037    500       543
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  2/15/2038  1,685     1,794
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  5/15/2038    500       541
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  5/15/2038    575       622
4 Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 3.000% 10/15/2038  4,725     4,316
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000% 12/15/2038  3,000     3,322
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  5/15/2039    900       969
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  5/15/2039    800       861
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000% 10/15/2039  1,700     1,659
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000%  4/15/2040  2,000     1,945
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000% 10/15/2040  1,200     1,162
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  3/15/2042  1,850     1,984
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000% 11/15/2042  2,790     2,652
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  3/15/2043  1,385     1,476
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000%  5/15/2043    700       655
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  3/15/2044  1,600     1,690
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  3/15/2045  1,515     1,587
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000%  4/15/2045 10,000     9,243
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000% 12/15/2045  3,000     3,160
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 3.000% 10/15/2046  5,040     3,858
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000% 12/15/2046  2,000     2,086
10

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  2/15/2047  3,500     3,566
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000% 11/15/2047  2,400     2,190
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000%  5/15/2048  2,880     2,587
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  3/15/2050  6,135     6,256
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000% 10/15/2051  9,500     8,362
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.250% 12/15/2051  5,000     5,219
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000%  2/15/2052  2,250     1,964
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000%  5/15/2053  4,620     3,988
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue (Presbyterian Senior Living Project) 5.000%   7/1/2038  1,500     1,573
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue (Presbyterian Senior Living Project) 5.000%   7/1/2042  1,500     1,547
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue (Presbyterian Senior Living Project) 5.250%   7/1/2046  1,000     1,024
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue (Presbyterian Senior Living Project) 5.250%   7/1/2049  2,130     2,155
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue PUT 5.000%  3/15/2032  8,225     8,878
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue PUT 5.000%  3/15/2035  8,345     9,107
3 Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue VRDO 2.850%   6/1/2026  9,365     9,365
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 4.000% 11/15/2027    700       713
1 Pennsylvania Economic Development Financing Authority Parking System Auto Parking Revenue 0.000%   1/1/2029  1,080       988
1 Pennsylvania Economic Development Financing Authority Parking System Auto Parking Revenue 0.000%   1/1/2030  3,710     3,269
1 Pennsylvania Economic Development Financing Authority Parking System Auto Parking Revenue 0.000%   1/1/2036  6,045     4,157
1 Pennsylvania Economic Development Financing Authority Parking System Auto Parking Revenue 0.000%   1/1/2038  5,525     3,454
1 Pennsylvania Economic Development Financing Authority Parking System Auto Parking Revenue 5.000%   1/1/2038  2,640     2,830
1 Pennsylvania Economic Development Financing Authority Parking System Auto Parking Revenue 5.000%   1/1/2039  1,500     1,602
1 Pennsylvania Economic Development Financing Authority Parking System Auto Parking Revenue 5.000%   1/1/2040  4,180     4,454
  Pennsylvania Economic Development Financing Authority Parking System Auto Parking Revenue 4.375%   7/1/2053  7,000     6,412
  Pennsylvania Economic Development Financing Authority Water Revenue (Pennsylvania-American Water Co. Project) 3.000%   4/1/2039 10,075     8,911
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%   5/1/2029  1,655     1,693
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  6/15/2033  1,935     1,935
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%  11/1/2033  2,000     2,001
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%   5/1/2034  2,575     2,578
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%   5/1/2035  1,870     1,897
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  8/15/2035  2,275     2,276
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%   5/1/2036  2,305     2,284
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  8/15/2036  1,400     1,400
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%  11/1/2036  1,410     1,411
1 Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%   5/1/2040  4,395     4,406
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 3.000%  6/15/2045  1,460     1,152
4 Pennsylvania Higher Educational Facilities Authority College & University Revenue 3.000%  6/15/2045  2,060     1,657
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  7/15/2046  1,440     1,217
1 Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%   5/1/2050    105        92
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  7/15/2051    120        95
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%  2/15/2055 20,000    20,738
2 Pennsylvania Higher Educational Facilities Authority College & University Revenue TOB VRDO 2.880%   6/1/2026  3,750     3,750
  Pennsylvania Higher Educational Facilities Authority College & University Revenue, ETM 4.000%  6/15/2032    500       500
  Pennsylvania Higher Educational Facilities Authority College & University Revenue, ETM 4.000%  6/15/2033    345       345
  Pennsylvania Higher Educational Facilities Authority College & University Revenue, ETM 3.000%  6/15/2045    180       180
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/2035  3,135     3,154
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/2035    785       798
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/2038  1,000     1,073
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.250%  11/1/2041  2,000     2,182
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/2042  8,260     8,126
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  11/1/2042  3,000     2,880
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/2043  7,565     7,378
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.250%  11/1/2043  2,000     2,154
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/2044  1,045     1,003
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   9/1/2045    160       145
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 3.000%  8/15/2047  6,345     4,945
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/2049 21,685    19,385
1 Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.250%  11/1/2051  4,000     3,698
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.500%  11/1/2054  8,750     9,079
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/2055  2,000     2,074
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.500%  8/15/2055 15,890    17,047
1,2 Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue TOB VRDO 1.690%   6/4/2026  4,000     4,000
3 Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue VRDO 2.900%   6/1/2026 13,800    13,800
3 Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue VRDO 2.950%   6/1/2026 23,205    23,205
3 Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue VRDO 2.950%   6/1/2026 26,355    26,355
11

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
3 Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue VRDO 1.580%   6/3/2026 15,280    15,280
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.200%  10/1/2031  2,500     2,486
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.550%  10/1/2033  2,500     2,499
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.950%  10/1/2034  3,000     2,809
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.500%  10/1/2034  1,000       999
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.600%   8/1/2035  7,311     7,187
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.125%  10/1/2035  2,000     1,735
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.070%  10/1/2036  5,000     4,075
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.500%  10/1/2036  6,180     6,168
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.780%   1/1/2037  1,768     1,766
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 4.400%  10/1/2038  8,500     8,709
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 4.500%  10/1/2038  7,500     7,739
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.700%  10/1/2039  6,845     6,008
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.150%  10/1/2039  4,000     3,682
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.350%  10/1/2040  6,000     4,840
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 4.750%  10/1/2040  7,500     7,783
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 4.900%  10/1/2040  5,000     5,231
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.280%  10/1/2041  7,500     5,837
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.450%  10/1/2041  5,000     3,989
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.200%  10/1/2041  7,830     7,059
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 4.100%  10/1/2041  1,670     1,663
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 4.300%  10/1/2041  2,000     2,016
5 Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 4.400%  10/1/2041  2,280     2,285
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 5.125%  10/1/2041  3,250     3,410
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 5.250%   9/1/2042  4,315     4,591
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.650%  10/1/2042  6,335     6,160
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.650%  10/1/2042 10,400     9,932
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 5.550%  11/1/2042  3,977     4,447
5 Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 4.550%  10/1/2043  2,260     2,262
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.100%  10/1/2044  8,500     7,206
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 4.500%  10/1/2044  5,000     4,983
5 Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 4.850%   8/1/2045  4,435     4,442
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.500%  10/1/2045  2,500     1,898
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.600%   4/1/2046  6,035     4,588
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.375%  10/1/2046  7,005     5,018
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.400%  10/1/2046  7,500     5,379
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.000%  10/1/2046  3,000     2,427
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.500%  10/1/2050  3,000     2,134
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.550%  10/1/2051  5,000     3,592
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.000%  10/1/2051    800       792
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.000%  10/1/2052  1,045     1,014
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 4.250%  10/1/2052  1,410     1,427
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 5.000%  10/1/2052  5,005     5,190
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 5.500%  10/1/2053 10,422    10,995
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 5.750%  10/1/2053  7,159     7,580
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 6.250%  10/1/2053  4,265     4,603
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 6.000%  10/1/2054  6,595     7,098
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 6.000%  10/1/2054    955     1,031
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 6.250%  10/1/2054  6,245     6,769
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 6.250%  10/1/2055 11,955    13,533
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 6.500%  10/1/2055  7,480     8,495
5 Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 6.500%  10/1/2056  4,995     5,752
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue PUT 3.150%   7/1/2029  2,125     2,130
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue PUT 3.150%   7/1/2029  2,065     2,070
2 Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue TOB VRDO 2.880%   6/1/2026  8,750     8,750
2 Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue TOB VRDO 2.950%   6/1/2026  6,365     6,365
2,3 Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue TOB VRDO 3.100%   6/1/2026  7,258     7,258
  Pennsylvania State University College & University Revenue 5.000%   9/1/2036  4,650     4,768
  Pennsylvania State University College & University Revenue 5.000%   9/1/2036  1,235     1,380
  Pennsylvania State University College & University Revenue 5.000%   9/1/2037    945     1,050
  Pennsylvania State University College & University Revenue 5.000%   9/1/2038    850       941
  Pennsylvania State University College & University Revenue 5.000%   9/1/2039  1,000     1,102
  Pennsylvania State University College & University Revenue 5.000%   9/1/2039  1,750     1,970
  Pennsylvania State University College & University Revenue 5.000%   9/1/2040  1,500     1,645
  Pennsylvania State University College & University Revenue 5.000%   9/1/2040  2,000     2,239
  Pennsylvania State University College & University Revenue 5.000%   9/1/2041  1,575     1,720
  Pennsylvania State University College & University Revenue 5.000%   9/1/2042  2,500     2,550
  Pennsylvania State University College & University Revenue 5.250%   9/1/2048  7,130     7,576
  Pennsylvania State University College & University Revenue 5.000%   9/1/2049  5,000     5,249
  Pennsylvania State University College & University Revenue 5.250%   9/1/2050 12,500    13,359
12

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Pennsylvania State University College & University Revenue 5.250%   9/1/2053  5,000     5,265
  Pennsylvania State University College & University Revenue 5.250%   9/1/2054 10,000    10,584
  Pennsylvania State University College & University Revenue 5.500%   9/1/2055 10,755    11,640
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2035  5,500     5,656
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2035  5,000     5,128
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2035  5,500     6,110
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/2036    680       695
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2036  1,000     1,057
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2036  9,790    10,028
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2036  1,250     1,385
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/2037  6,435     6,460
  Pennsylvania Turnpike Commission Highway Revenue 4.750%  12/1/2037  4,070     4,098
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2037  1,360     1,435
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2037  6,535     6,685
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2037  1,315     1,348
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2038  2,240     2,458
  Pennsylvania Turnpike Commission Highway Revenue 5.000%   6/1/2039  1,500     1,684
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2039  1,240     1,358
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2039  2,250     2,539
1 Pennsylvania Turnpike Commission Highway Revenue 0.000%  12/1/2040  1,820       964
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/2040  2,735     2,756
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/2040  1,785     1,818
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/2040  3,020     2,996
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2040  1,700     1,852
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2040  1,570     1,720
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2040  1,000     1,124
4 Pennsylvania Turnpike Commission Highway Revenue 0.000%  12/1/2041  5,625     2,835
  Pennsylvania Turnpike Commission Highway Revenue 0.000%  12/1/2041    500       248
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/2041  5,000     4,959
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2041  3,035     3,100
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2041  3,710     4,070
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2041  1,120     1,224
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2041  1,010     1,124
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2041  1,200     1,341
  Pennsylvania Turnpike Commission Highway Revenue 5.250%  12/1/2041  1,250     1,373
  Pennsylvania Turnpike Commission Highway Revenue 5.000%   6/1/2042  2,000     2,024
  Pennsylvania Turnpike Commission Highway Revenue 0.000%  12/1/2042  3,455     1,629
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2042  2,165     2,352
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2042  1,540     1,687
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2042  2,230     2,428
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2042  1,030     1,138
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2042  1,000     1,109
  Pennsylvania Turnpike Commission Highway Revenue 5.500%  12/1/2042  2,950     2,976
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/2043  4,220     4,118
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2043  2,750     2,841
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2043  1,750     1,879
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2043  1,500     1,625
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2043  1,050     1,140
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2043  4,000     4,343
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2043  1,950     2,116
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2043  1,115     1,220
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2043  1,750     1,916
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2043  1,425     1,566
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2044 16,635    17,205
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2044  1,345     1,465
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2044  2,000     2,178
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/2045    310       296
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2045  1,930     2,083
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2045  1,130     1,220
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2045  1,500     1,597
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2045  1,625     1,760
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/2046    865       814
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2046  1,700     1,824
  Pennsylvania Turnpike Commission Highway Revenue 5.500%  12/1/2046 11,000    11,073
  Pennsylvania Turnpike Commission Highway Revenue 5.250%   6/1/2047  3,930     3,974
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2047  5,515     5,721
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2047  5,000     5,229
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2047  2,500     2,640
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2047  4,055     4,317
  Pennsylvania Turnpike Commission Highway Revenue 5.250%  12/1/2047  2,895     3,067
13

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2048  6,980     7,300
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/2049     35        32
1 Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/2049  7,615     7,102
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2049  5,930     6,233
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/2050  3,940     3,549
4 Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/2050     50        46
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2050 10,040    10,318
  Pennsylvania Turnpike Commission Highway Revenue 5.250%  12/1/2050  5,000     5,360
  Pennsylvania Turnpike Commission Highway Revenue 3.000%  12/1/2051  5,275     3,800
  Pennsylvania Turnpike Commission Highway Revenue 3.000%  12/1/2051  3,415     2,460
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/2051  6,275     5,678
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/2051  7,770     6,950
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/2051 10,475     9,463
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2051  2,620     2,694
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2051  5,520     5,743
  Pennsylvania Turnpike Commission Highway Revenue 5.250%  12/1/2052  2,840     2,960
  Pennsylvania Turnpike Commission Highway Revenue 5.250%  12/1/2055  3,000     3,180
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2056  9,000     9,309
  Pennsylvania Turnpike Commission Highway Revenue PUT 5.000%  12/1/2032  3,000     3,307
2 Pennsylvania Turnpike Commission Highway Revenue TOB VRDO 1.720%   6/4/2026  8,475     8,475
3 Pennsylvania Turnpike Commission Highway Revenue VRDO 1.550%   6/4/2026  8,050     8,050
3 Pennsylvania Turnpike Commission Highway Revenue VRDO 1.550%   6/4/2026  1,300     1,300
7 Pennsylvania Turnpike Commission Highway Revenue, 6.100% coupon rate effective 12/1/2028 0.000%  12/1/2041  9,915     9,849
  Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 0.000%  12/1/2037  2,100     1,332
  Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 4.000%  12/1/2038  4,420     4,434
  Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 5.000%  12/1/2038  3,000     3,107
  Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 5.000%  12/1/2039  3,535     3,655
  Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 4.000%  12/1/2040  2,155     2,138
  Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 4.000%  12/1/2041  1,675     1,661
  Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 5.000%  12/1/2041  1,050     1,173
  Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 5.000%  12/1/2042  1,000     1,100
  Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 5.000%  12/1/2043 15,810    16,250
  Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 5.000%  12/1/2046  7,630     7,992
  Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 5.250%  12/1/2050  5,000     5,313
  Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 4.000%  12/1/2051 10,810     9,733
  Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 4.000%  12/1/2051 13,600    12,165
  Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 4.000%  12/1/2053  5,340     4,673
  Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 5.000%  12/1/2053  7,500     7,778
  Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 5.250%  12/1/2053  7,350     7,825
  Pennsylvania Turnpike Commission Registration Fee Highway Revenue 5.000%  7/15/2031  2,100     2,313
  Pennsylvania Turnpike Commission Registration Fee Highway Revenue 5.000%  7/15/2040  2,250     2,485
  Pennsylvania Turnpike Commission Registration Fee Highway Revenue 5.000%  7/15/2041  1,500     1,641
  Pequea Valley School District GO 3.750%  5/15/2052  1,955     1,669
  Peters Township School District Washington County GO 5.000%   9/1/2037  3,000     3,105
  Peters Township School District Washington County GO 5.000%   9/1/2038  7,555     7,808
  Philadelphia Authority for Industrial Development Charter School Aid Revenue 5.000%   5/1/2030    475       478
2 Philadelphia Authority for Industrial Development Charter School Aid Revenue 5.000%  6/15/2043  4,440     4,458
  Philadelphia City Redevelopment Authority Lease (Non-Terminable) Revenue 5.000%  11/1/2042  5,000     5,478
  Philadelphia City Redevelopment Authority Lease (Non-Terminable) Revenue 5.000%  11/1/2043  4,105     4,472
  Philadelphia City Redevelopment Authority Lease (Non-Terminable) Revenue 5.000%  11/1/2044  3,500     3,782
  Philadelphia Energy Authority Intergovernmental Agreement Revenue 5.000%  11/1/2037    900       987
  Philadelphia Energy Authority Intergovernmental Agreement Revenue 5.000%  11/1/2038  1,000     1,088
  Philadelphia Energy Authority Intergovernmental Agreement Revenue 5.000%  11/1/2039  1,850     2,002
  Philadelphia Energy Authority Intergovernmental Agreement Revenue 5.000%  11/1/2040  1,900     2,050
  Philadelphia Energy Authority Intergovernmental Agreement Revenue 5.000%  11/1/2041  1,300     1,396
  Philadelphia Energy Authority Intergovernmental Agreement Revenue 5.000%  11/1/2042  3,000     3,198
  Philadelphia Energy Authority Intergovernmental Agreement Revenue 5.000%  11/1/2043    850       902
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/2035  4,000     4,076
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/2036  2,000     2,036
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/2037  2,000     2,034
1 Philadelphia Gas Works Co. Natural Gas Revenue 4.000%   8/1/2038  3,100     3,136
1 Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/2038  5,000     5,311
1 Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/2039  1,905     2,018
1 Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/2040  3,000     3,179
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/2042  5,000     5,070
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/2044  1,205     1,284
  Philadelphia Gas Works Co. Natural Gas Revenue 5.250%   8/1/2049  8,965     9,382
1 Philadelphia Gas Works Co. Natural Gas Revenue 5.250%   8/1/2054  5,000     5,232
3 Philadelphia Gas Works Co. Natural Gas Revenue VRDO 1.550%   6/4/2026    200       200
3 Philadelphia Gas Works Co. Natural Gas Revenue VRDO 1.550%   6/4/2026  4,245     4,245
14

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
3 Philadelphia Gas Works Co. Natural Gas Revenue VRDO 1.550%   6/4/2026    100       100
  Philadelphia Hospitals & Higher Education Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2033  4,925     4,966
  Philadelphia Hospitals & Higher Education Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2034  4,980     5,016
1 Philadelphia Hospitals & Higher Education Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2036  3,025     3,268
1 Philadelphia Hospitals & Higher Education Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2037  5,075     5,451
1 Philadelphia Hospitals & Higher Education Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2038  5,000     4,987
1 Philadelphia Hospitals & Higher Education Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2039  1,525     1,505
1 Philadelphia Hospitals & Higher Education Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2040  9,475     9,235
  Philadelphia Housing Authority Lease (Non-Terminable) Revenue (Phadc Acquisition Program) 5.000%   3/1/2043  3,785     3,985
  Philadelphia Housing Authority Lease (Non-Terminable) Revenue (Phadc Acquisition Program) 5.000%   3/1/2045  2,500     2,596
2 Philadelphia IDA Charter School Aid Revenue 5.000%  6/15/2033  1,925     1,939
2 Philadelphia IDA Charter School Aid Revenue 5.375%  6/15/2038  2,500     2,528
2 Philadelphia IDA Charter School Aid Revenue 5.500%  6/15/2043  2,045     2,061
  Philadelphia IDA Charter School Aid Revenue (Alliance for Progress Charter School Inc. Project) 5.000%  6/15/2049  2,770     2,534
2 Philadelphia IDA Charter School Aid Revenue (Discovery Charter School Inc. Project) 5.000%  4/15/2042  3,290     3,213
2 Philadelphia IDA Charter School Aid Revenue (Discovery Charter School Inc. Project) 5.000%  4/15/2052  4,835     4,323
  Philadelphia IDA Charter School Aid Revenue (Green Woods Charter School Project) 5.125%  6/15/2042  1,045     1,052
  Philadelphia IDA Charter School Aid Revenue (Green Woods Charter School Project) 5.250%  6/15/2052  1,920     1,857
  Philadelphia IDA Charter School Aid Revenue (Green Woods Charter School Project) 5.375%  6/15/2057  2,270     2,212
  Philadelphia IDA Charter School Aid Revenue (Mast Community Charter School III Project) 5.000%   8/1/2040    425       428
  Philadelphia IDA Charter School Aid Revenue (Master Charter School Project) 5.000%   8/1/2040    600       608
  Philadelphia IDA Charter School Aid Revenue (Master Charter School Project) 5.000%   8/1/2050  2,850     2,773
  Philadelphia IDA Charter School Aid Revenue (Philadelphia Electrical & Technology Charter School Project) 4.000%   6/1/2031    440       435
  Philadelphia IDA Charter School Aid Revenue (Philadelphia Electrical & Technology Charter School Project) 4.000%   6/1/2041  1,125     1,003
  Philadelphia IDA Charter School Aid Revenue (Philadelphia Electrical & Technology Charter School Project) 4.000%   6/1/2051  2,285     1,793
  Philadelphia IDA Charter School Aid Revenue (Philadelphia Electrical & Technology Charter School Project) 4.000%   6/1/2056    670       506
  Philadelphia IDA Charter School Aid Revenue (Russell Byers Charter School Project) 5.000%   5/1/2040  1,000     1,000
  Philadelphia IDA Charter School Aid Revenue (Russell Byers Charter School Project) 5.000%   5/1/2050  5,130     4,703
2 Philadelphia IDA Charter School Aid Revenue (String Theory Charter School Project) 5.000%  6/15/2040  1,415     1,418
2 Philadelphia IDA Charter School Aid Revenue (String Theory Charter School Project) 5.000%  6/15/2050  1,050       983
  Philadelphia IDA College & University Revenue 5.000%  11/1/2031  2,000     2,101
  Philadelphia IDA College & University Revenue 5.000%  11/1/2032  2,000     2,096
  Philadelphia IDA College & University Revenue 4.000%  11/1/2036  1,510     1,498
  Philadelphia IDA College & University Revenue 4.000%  11/1/2037  2,750     2,707
  Philadelphia IDA College & University Revenue 4.000%  11/1/2038    530       518
  Philadelphia IDA College & University Revenue 4.000%  11/1/2038  1,975     1,929
  Philadelphia IDA College & University Revenue 4.000%  11/1/2045 13,165    11,845
  Philadelphia IDA College & University Revenue (Holy Family University Project) 5.000%   9/1/2030  1,000     1,047
  Philadelphia IDA College & University Revenue (Holy Family University Project) 5.500%   9/1/2037  2,375     2,589
  Philadelphia IDA College & University Revenue (Holy Family University Project) 5.125%   9/1/2045  1,000     1,027
  Philadelphia IDA College & University Revenue (Holy Family University Project) 5.375%   9/1/2055  2,600     2,617
  Philadelphia IDA College & University Revenue (Saint Joseph's University Project) 5.250%  11/1/2052  3,000     3,072
  Philadelphia IDA College & University Revenue (Saint Joseph's University Project) 5.500%  11/1/2060 14,410    14,906
  Philadelphia IDA Government Fund/Grant Revenue 5.000%  11/1/2042  1,135     1,139
  Philadelphia IDA Government Fund/Grant Revenue, Prere. 5.000%   5/1/2027    865       883
  Philadelphia IDA Government Fund/Grant Revenue, Prere. 5.000%   5/1/2027  2,460     2,510
  Philadelphia IDA Health, Hospital, Nursing Home Revenue 5.000%   7/1/2034  2,180     2,226
  Philadelphia IDA Health, Hospital, Nursing Home Revenue 4.000%   7/1/2035  2,150     2,158
  Philadelphia IDA Health, Hospital, Nursing Home Revenue 5.000%   9/1/2035  2,425     2,448
  Philadelphia IDA Health, Hospital, Nursing Home Revenue 4.000%   7/1/2036  2,000     2,007
  Philadelphia IDA Health, Hospital, Nursing Home Revenue 5.000%   9/1/2036 11,000    11,096
  Philadelphia IDA Health, Hospital, Nursing Home Revenue 5.000%   6/1/2040  2,855     2,953
  Philadelphia IDA Health, Hospital, Nursing Home Revenue 6.000%   6/1/2045  1,820     1,961
  Philadelphia IDA Health, Hospital, Nursing Home Revenue 5.000%   7/1/2045  4,000     4,239
  Philadelphia IDA Health, Hospital, Nursing Home Revenue 5.000%   7/1/2046  5,045     5,311
  Philadelphia IDA Health, Hospital, Nursing Home Revenue 4.000%   7/1/2049  9,600     8,764
  Philadelphia IDA Health, Hospital, Nursing Home Revenue 5.250%   7/1/2049  1,000     1,065
  Philadelphia IDA Health, Hospital, Nursing Home Revenue 5.750%   6/1/2050  3,775     3,891
  Philadelphia IDA Health, Hospital, Nursing Home Revenue 5.500%   7/1/2053 18,000    19,320
  Philadelphia IDA Health, Hospital, Nursing Home Revenue 6.250%   6/1/2055  2,775     2,943
3 Philadelphia IDA Health, Hospital, Nursing Home Revenue (Gift of Life Donor Program) VRDO 1.550%   6/4/2026    940       940
2 Philadelphia IDA Health, Hospital, Nursing Home Revenue TOB VRDO 2.950%   6/1/2026  2,625     2,625
  Philadelphia IDA Health, Hospital, Nursing Home Revenue VRDO 2.820%   6/1/2026 23,495    23,495
  Philadelphia IDA Health, Hospital, Nursing Home Revenue VRDO 2.820%   6/1/2026 11,455    11,455
  Philadelphia IDA Intergovernmental Agreement Revenue 5.000%  12/1/2037  3,250     3,295
  Philadelphia IDA Intergovernmental Agreement Revenue (Rebuild Project) 5.000%  12/1/2041  1,000     1,101
  Philadelphia IDA Intergovernmental Agreement Revenue (Rebuild Project) 5.000%  12/1/2042  1,000     1,102
  Philadelphia IDA Intergovernmental Agreement Revenue (Rebuild Project) 5.000%  12/1/2043  1,500     1,642
  Philadelphia IDA Intergovernmental Agreement Revenue (Rebuild Project) 5.000%  12/1/2044  1,000     1,085
3 Philadelphia IDA Lease (Appropriation) Revenue VRDO 1.550%   6/4/2026  3,500     3,500
15

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Philadelphia PA Airport Port, Airport & Marina Revenue 5.000%   7/1/2032  1,400     1,433
  Philadelphia PA Airport Port, Airport & Marina Revenue 4.000%   7/1/2033  1,345     1,375
  Philadelphia PA Airport Port, Airport & Marina Revenue 5.000%   7/1/2033    750       767
  Philadelphia PA Airport Port, Airport & Marina Revenue 4.000%   7/1/2034  1,400     1,422
  Philadelphia PA Airport Port, Airport & Marina Revenue 4.000%   7/1/2036  4,965     5,001
  Philadelphia PA Airport Port, Airport & Marina Revenue 4.000%   7/1/2038  1,860     1,866
  Philadelphia PA Airport Port, Airport & Marina Revenue 4.000%   7/1/2039  2,000     1,992
  Philadelphia PA Airport Port, Airport & Marina Revenue 5.000%   7/1/2040  1,000     1,113
  Philadelphia PA Airport Port, Airport & Marina Revenue 5.000%   7/1/2041  1,225     1,356
  Philadelphia PA Airport Port, Airport & Marina Revenue 5.000%   7/1/2042  5,000     5,072
  Philadelphia PA Airport Port, Airport & Marina Revenue 5.000%   7/1/2042  1,620     1,777
4 Philadelphia PA Airport Port, Airport & Marina Revenue 3.000%   7/1/2050  5,000     3,568
  Philadelphia PA Airport Port, Airport & Marina Revenue 5.500%   7/1/2051  5,000     5,363
  Philadelphia PA Airport Port, Airport & Marina Revenue 5.500%   7/1/2055  4,235     4,520
  Philadelphia PA GO 4.000%   5/1/2038  9,000     9,123
  Philadelphia PA GO 5.000%   8/1/2038  5,000     5,603
  Philadelphia PA GO 5.000%   8/1/2039  5,000     5,578
  Philadelphia PA GO 5.000%   8/1/2040  5,000     5,543
  Philadelphia PA GO 5.000%   8/1/2042  2,250     2,476
  Philadelphia PA GO 5.250%   8/1/2043  6,000     6,701
  Philadelphia PA GO 5.250%   8/1/2044  8,000     8,872
  Philadelphia PA GO 5.250%   8/1/2045  6,000     6,602
2,3 Philadelphia PA IDA Multifamily Housing Local or Guaranteed Housing Revenue TOB VRDO 3.100%   6/1/2026  1,800     1,800
  Philadelphia PA Water & Wastewater Water Revenue 4.000%  10/1/2035  3,000     3,080
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  10/1/2037  2,295     2,454
1 Philadelphia PA Water & Wastewater Water Revenue 5.000%   9/1/2038  6,540     7,338
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  11/1/2038  1,655     1,764
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  10/1/2039  2,355     2,501
  Philadelphia PA Water & Wastewater Water Revenue 5.000%   6/1/2041  2,750     2,953
1 Philadelphia PA Water & Wastewater Water Revenue 5.000%   9/1/2041  3,000     3,284
1 Philadelphia PA Water & Wastewater Water Revenue 5.000%   9/1/2042  3,000     3,269
1 Philadelphia PA Water & Wastewater Water Revenue 5.000%   9/1/2043  3,000     3,249
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  10/1/2043  8,500     8,768
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  11/1/2045  6,000     6,248
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  10/1/2046  8,840     9,198
  Philadelphia PA Water & Wastewater Water Revenue 5.500%   6/1/2047  6,610     7,085
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  11/1/2050  4,475     4,578
  Philadelphia PA Water & Wastewater Water Revenue 4.000%  10/1/2051  8,315     7,434
  Philadelphia PA Water & Wastewater Water Revenue 5.500%   6/1/2052 16,380    17,315
1 Philadelphia PA Water & Wastewater Water Revenue 5.500%   9/1/2053  7,235     7,713
1 Philadelphia PA Water & Wastewater Water Revenue 5.250%   9/1/2054  8,000     8,379
  Philadelphia Redevelopment Authority Intergovernmental Agreement Revenue 5.000%   9/1/2041  2,000     2,158
  Philadelphia Redevelopment Authority Intergovernmental Agreement Revenue 5.000%   9/1/2042  4,000     4,290
  Philadelphia Redevelopment Authority Intergovernmental Agreement Revenue 5.000%   9/1/2042  1,000     1,073
  Philadelphia Redevelopment Authority Intergovernmental Agreement Revenue 5.000%   9/1/2043  2,000     2,135
  Pittsburgh & Allegheny County Sports & Exhibition Authority Auto Parking Revenue 5.000% 12/15/2031  1,000     1,025
  Pittsburgh & Allegheny County Sports & Exhibition Authority Auto Parking Revenue 5.000% 12/15/2032    500       512
  Pittsburgh & Allegheny County Sports & Exhibition Authority Auto Parking Revenue 5.000% 12/15/2034  1,000     1,021
  Pittsburgh & Allegheny County Sports & Exhibition Authority Auto Parking Revenue 5.000% 12/15/2036    500       510
  Pittsburgh & Allegheny County Sports & Exhibition Authority Auto Parking Revenue 5.000% 12/15/2037    500       509
1 Pittsburgh & Allegheny County Sports & Exhibition Authority Intergovernmental Agreement Revenue 5.000%   2/1/2035  5,000     5,457
  Pittsburgh PA GO 5.000%   9/1/2035    560       574
  Pittsburgh PA GO 4.000%   9/1/2036    875       880
  Pittsburgh PA GO 4.000%   9/1/2038    500       501
  Pittsburgh PA GO 5.000%   9/1/2039    500       536
  Pittsburgh PA GO 4.000%   9/1/2040  3,635     3,654
  Pittsburgh PA GO 5.000%   9/1/2040    500       539
  Pittsburgh PA GO 4.000%   9/1/2041  3,780     3,762
  Pittsburgh PA GO 5.000%   9/1/2041  1,500     1,597
  Pittsburgh PA GO 5.000%   9/1/2042  1,000     1,059
  Pittsburgh PA GO 5.000%   9/1/2042    500       534
  Pittsburgh PA GO 5.000%   9/1/2042  1,250     1,311
  Pittsburgh School District GO 3.000%   9/1/2038  1,000       885
  Pittsburgh School District GO 4.000%   9/1/2038    310       311
  Pittsburgh School District GO 3.000%   9/1/2041  2,315     1,980
8 Pittsburgh Water & Sewer Authority Water Revenue 0.000%   9/1/2027 10,820    10,417
8 Pittsburgh Water & Sewer Authority Water Revenue 0.000%   9/1/2029 10,000     9,039
1 Pittsburgh Water & Sewer Authority Water Revenue 3.000%   9/1/2039    500       445
1 Pittsburgh Water & Sewer Authority Water Revenue 3.000%   9/1/2040    305       270
  Pittsburgh Water & Sewer Authority Water Revenue 5.000%   9/1/2043  1,450     1,591
16

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
1 Pittsburgh Water & Sewer Authority Water Revenue 5.500%   9/1/2047  1,345     1,440
1 Pittsburgh Water & Sewer Authority Water Revenue 5.000%   9/1/2048  3,405     3,533
  Pittsburgh Water & Sewer Authority Water Revenue 5.000%   9/1/2052  1,875     1,938
  Pittsburgh Water & Sewer Authority Water Revenue 5.000%   9/1/2052  3,000     3,119
1 Pittsburgh Water & Sewer Authority Water Revenue 5.000%   9/1/2055  5,000     5,125
  Pittsburgh Water & Sewer Authority Water Revenue 5.000%   9/1/2056  2,000     2,062
1,2 Pittsburgh Water & Sewer Authority Water Revenue TOB VRDO 3.020%   6/1/2026  1,100     1,100
1,2 Pittsburgh Water & Sewer Authority Water Revenue TOB VRDO 3.020%   6/1/2026  7,500     7,500
  Pleasant Valley PA School District GO 5.000%   5/1/2040    450       486
  Pleasant Valley PA School District GO 5.000%   5/1/2041    700       751
  Pleasant Valley PA School District GO 5.000%   5/1/2042  2,235     2,381
  Pleasant Valley PA School District GO 5.000%   5/1/2043  1,000     1,058
  Pocono Mountains Industrial Park Authority Health, Hospital, Nursing Home Revenue (St. Lukes Hospital-Monroe Project) 4.000%  8/15/2045    705       635
2,3 Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO 1.630%   6/4/2026 13,635    13,635
2 Quakertown General Authority Special Assessment Revenue (Milford Village Project) 6.500%   3/1/2055  2,800     2,958
  Radnor Township School District GO 5.500%  8/15/2048  1,000     1,031
  Radnor Township School District GO 5.500%  8/15/2053  1,000     1,026
1 Reading School District GO 5.000%   3/1/2038  3,250     3,283
1 Ridley School District GO 4.000% 11/15/2034  1,000     1,016
4 Ridley School District GO 3.000% 11/15/2037  2,950     2,753
1 Ridley School District GO 4.000% 11/15/2037    800       807
4 Ridley School District GO 3.000% 11/15/2038  2,000     1,842
1 Ridley School District Lease (Appropriation) Revenue 5.000% 11/15/2050  2,000     2,024
1 Ridley School District Lease (Non-Terminable) Revenue 5.000% 11/15/2050  4,000     4,048
  School District of Philadelphia GO 5.000%   9/1/2029  2,235     2,247
  School District of Philadelphia GO 5.000%   9/1/2032  1,160     1,271
  School District of Philadelphia GO 5.000%   9/1/2035  4,240     4,395
  School District of Philadelphia GO 5.000%   9/1/2036  2,015     2,026
  School District of Philadelphia GO 5.250%   9/1/2036  1,100     1,233
  School District of Philadelphia GO 4.000%   9/1/2037  2,300     2,331
  School District of Philadelphia GO 4.000%   9/1/2037  1,500     1,509
  School District of Philadelphia GO 5.000%   9/1/2037  2,015     2,026
  School District of Philadelphia GO 5.000%   9/1/2037  3,825     3,948
  School District of Philadelphia GO 5.250%   9/1/2037  1,900     2,123
  School District of Philadelphia GO 4.000%   9/1/2038  1,000     1,002
  School District of Philadelphia GO 5.000%   9/1/2038  1,000     1,032
  School District of Philadelphia GO 5.000%   9/1/2038  1,990     2,001
  School District of Philadelphia GO 5.250%   9/1/2038  1,430     1,592
5 School District of Philadelphia GO 5.000%   9/1/2039  1,100     1,215
  School District of Philadelphia GO 4.000%   9/1/2040  5,000     4,926
  School District of Philadelphia GO 5.250%   9/1/2040  1,715     1,893
5 School District of Philadelphia GO 5.000%   9/1/2043  1,445     1,554
  School District of Philadelphia GO 5.250%   9/1/2043  1,075     1,171
  School District of Philadelphia GO 5.000%   9/1/2044 15,665    16,114
5 School District of Philadelphia GO 5.000%   9/1/2044  1,145     1,233
  School District of Philadelphia GO 4.000%   9/1/2046 12,485    11,602
5 School District of Philadelphia GO 5.000%   9/1/2047  1,350     1,421
5 School District of Philadelphia GO 5.000%   9/1/2048  2,500     2,618
  School District of Philadelphia GO 5.500%   9/1/2048  8,370     8,896
5 School District of Philadelphia GO 5.500%   9/1/2051  5,000     5,414
  School District of Philadelphia GO, Prere. 5.000%   9/1/2026     10        10
1 Scott Township PA GO 3.000%  8/15/2038    300       270
1 Scott Township PA GO 3.000%  8/15/2042    650       555
1 Scott Township PA GO 3.000%  8/15/2046    600       472
1 Scranton PA GO 5.000% 11/15/2026    850       857
1 Scranton PA GO 5.000% 11/15/2027    615       632
  Scranton PA School District GO 5.000%  12/1/2028  1,575     1,649
  Scranton PA School District GO 5.000%  12/1/2029  1,250     1,330
  Scranton PA School District GO 4.000%  12/1/2039  2,765     2,805
  Scranton PA School District GO 4.000%  12/1/2040    500       501
  Scranton PA School District GO 4.000%   6/1/2041  2,010     2,028
  Scranton PA School District GO 4.000%  12/1/2042    150       150
  Scranton-Lackawanna Health & Welfare Authority College & University Revenue 5.000%  11/1/2037  1,290     1,399
  Scranton-Lackawanna Health & Welfare Authority College & University Revenue 4.000%  11/1/2044  2,335     2,167
  Scranton-Lackawanna Health & Welfare Authority College & University Revenue 4.000%  11/1/2045  2,430     2,211
  Scranton-Lackawanna Health & Welfare Authority College & University Revenue 5.000%  11/1/2050  3,170     3,199
  Scranton-Lackawanna Health & Welfare Authority College & University Revenue 4.375%  11/1/2055  3,670     3,244
  Seneca Valley PA School District GO 5.000%   3/1/2038    525       582
  Seneca Valley PA School District GO 5.000%   3/1/2044    765       821
17

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Seneca Valley PA School District GO 5.000%   3/1/2045    680       726
  Seneca Valley PA School District GO 5.000%   3/1/2046    725       770
  Seneca Valley PA School District GO 5.000%   3/1/2050  1,700     1,777
4,5 Shaler Area PA School District GO 5.000%   9/1/2044    500       540
4,5 Shaler Area PA School District GO 5.000%   9/1/2045    500       536
4,5 Shaler Area PA School District GO 5.000%   9/1/2046    375       399
  Snyder County Higher Education Authority College & University Revenue (Susquehanna University Project) 5.000%   1/1/2029  1,155     1,156
  Snyder County Higher Education Authority College & University Revenue (Susquehanna University Project) 5.000%   1/1/2030  1,180     1,181
  Snyder County Higher Education Authority College & University Revenue (Susquehanna University Project) 5.000%   1/1/2030  1,285     1,306
  Snyder County Higher Education Authority College & University Revenue (Susquehanna University Project) 5.000%   1/1/2031  1,250     1,251
  Snyder County Higher Education Authority College & University Revenue (Susquehanna University Project) 5.000%   1/1/2031  1,250     1,269
  Snyder County Higher Education Authority College & University Revenue (Susquehanna University Project) 5.000%   1/1/2032    805       806
1 Somerset Area School District GO 5.000%  2/15/2043    400       426
1 Somerset Area School District GO 5.000%  2/15/2044    450       476
1 Somerset Area School District GO 5.000%  2/15/2045    275       290
1 Somerset Area School District GO 5.000%  2/15/2046    400       419
4 Souderton Area School District GO 4.000%   9/1/2039  3,685     3,733
  Southcentral Pennsylvania General Authority College & University Revenue (AICUP Financing Program - York College of Pennsylvania Project) 5.250%   5/1/2055 10,000    10,124
  Southcentral Pennsylvania General Authority College & University Revenue (AICUP Financing Program) 3.500%  11/1/2041    615       520
  Southcentral Pennsylvania General Authority College & University Revenue (York College of Pennsylvania Project) 4.000%   5/1/2033    320       320
  Southcentral Pennsylvania General Authority College & University Revenue (York College of Pennsylvania Project) 4.000%   5/1/2034    560       559
  Southcentral Pennsylvania General Authority Health, Hospital, Nursing Home Revenue 5.000%   6/1/2044  5,000     5,124
  Southcentral Pennsylvania General Authority Health, Hospital, Nursing Home Revenue 4.000%   6/1/2049  8,210     7,359
  Southeastern Pennsylvania Transportation Authority Sales Tax Revenue (Asset Improvement Program) 5.000%   6/1/2038  4,000     4,340
  Southeastern Pennsylvania Transportation Authority Sales Tax Revenue (Asset Improvement Program) 5.250%   6/1/2041  4,000     4,348
  Southeastern Pennsylvania Transportation Authority Sales Tax Revenue (Asset Improvement Program) 5.250%   6/1/2043  3,000     3,226
  Southeastern Pennsylvania Transportation Authority Sales Tax Revenue (Asset Improvement Program) 5.250%   6/1/2047  5,000     5,280
  Southeastern Pennsylvania Transportation Authority Sales Tax Revenue (Asset Improvement Program) 5.250%   6/1/2052 12,500    13,063
  State College PA Area School District GO 5.000%  5/15/2036    375       388
4 State Public School Building Authority College & University Revenue 5.000%  6/15/2041    330       358
4 State Public School Building Authority College & University Revenue 5.000%  6/15/2042    415       448
4 State Public School Building Authority College & University Revenue 5.000%  6/15/2044  1,240     1,320
4 State Public School Building Authority College & University Revenue (Delaware County Community College Project) 5.000%  10/1/2029    130       138
4 State Public School Building Authority College & University Revenue (Delaware County Community College Project) 5.000%  10/1/2031    235       256
4 State Public School Building Authority College & University Revenue (Delaware County Community College Project) 5.000%  10/1/2036    600       643
4 State Public School Building Authority College & University Revenue (Delaware County Community College Project) 5.000%  10/1/2037    550       587
4 State Public School Building Authority College & University Revenue (Delaware County Community College Project) 5.000%  10/1/2038    600       638
4 State Public School Building Authority College & University Revenue (Delaware County Community College Project) 4.000%  10/1/2041  1,000       998
4 State Public School Building Authority College & University Revenue (Delaware County Community College Project) 5.000%  10/1/2041    325       349
4 State Public School Building Authority College & University Revenue (Delaware County Community College Project) 4.000%  10/1/2042  1,000       986
  State Public School Building Authority Lease (Appropriation) Revenue (Chester Upland School District Project) 5.250%  9/15/2030  3,535     3,644
  State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%   6/1/2028 11,660    11,783
1 State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%   6/1/2032  4,655     4,704
1 State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%   6/1/2033  3,240     3,272
  State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%   6/1/2034  6,000     6,055
4 State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%  5/15/2037    345       381
4 State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%  5/15/2038    360       395
4 State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%  5/15/2039    275       299
4 State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%  5/15/2040    275       299
4 State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%  5/15/2041    225       243
1 State Public School Building Authority Miscellaneous Revenue 5.000%  12/1/2033  1,585     1,599
  Swarthmore Borough Authority College & University Revenue 5.000%  9/15/2044  5,015     5,154
  Swarthmore Borough Authority College & University Revenue 5.000%  9/15/2045  2,000     2,141
  Swarthmore Borough Authority College & University Revenue 5.000%  9/15/2050  4,615     4,821
  Swarthmore Borough Authority College & University Revenue 5.000%  9/15/2053  2,000     2,077
  Swarthmore Borough Authority College & University Revenue PUT 5.000%  9/13/2035  5,000     5,704
1 Temple University-of The Commonwealth System of Higher Education College & University Revenue 5.000%   4/1/2034  1,500     1,706
1 Temple University-of The Commonwealth System of Higher Education College & University Revenue 5.000%   4/1/2041  2,000     2,192
1 Temple University-of The Commonwealth System of Higher Education College & University Revenue 5.000%   4/1/2042    800       871
1 Temple University-of The Commonwealth System of Higher Education College & University Revenue 5.000%   4/1/2043  2,000     2,164
18

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
1 Temple University-of The Commonwealth System of Higher Education College & University Revenue 5.000%   4/1/2044  1,000     1,074
  Tredyffrin Easttown School District GO 5.000%  2/15/2044    500       530
4 Trinity Area School District GO 4.000%  1/15/2036  3,000     3,022
4 Tulpehocken Area School District GO 5.250%  10/1/2041  2,000     2,129
4 Tulpehocken Area School District GO 5.250%  10/1/2045  3,500     3,663
4 Tulpehocken Area School District GO 5.250%  10/1/2049  3,500     3,610
  Union County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   8/1/2043  2,945     2,969
  University of Pittsburgh-of the Commonwealth System of Higher Education College & University Revenue 5.000%  4/15/2032  9,450    10,556
1 Upper Allegheny Joint Sanitary Authority Sewer Revenue 3.000%   9/1/2044  1,000       810
4 Upper Darby PA School District GO 5.000%   4/1/2054  4,000     4,073
  Upper Merion Area PA School District GO 3.000%  1/15/2040  1,000       897
  Upper Merion Area PA School District GO 3.000%  1/15/2043  2,660     2,267
  Upper St. Clair Township School District GO 3.500%  10/1/2037  7,230     7,081
  Upper St. Clair Township School District GO 3.625%  10/1/2039  5,000     4,870
  Washington County PA IDA College & University Revenue (AICUP Financing Program) 4.000%  11/1/2031  3,440     3,439
  Washington County PA IDA College & University Revenue (AICUP Financing Program) 4.000%  11/1/2032  3,110     3,093
  Washington County PA IDA College & University Revenue (AICUP Financing Program) 3.375%  11/1/2036  1,835     1,648
  West Cornwall Township Municipal Authority Health, Hospital, Nursing Home Revenue 4.125% 12/15/2040     45        42
  West Cornwall Township Municipal Authority Health, Hospital, Nursing Home Revenue (Pleasant View Retirement Community Project) 5.000% 12/15/2048  2,750     2,556
4 West Mifflin School District GO 3.000%   4/1/2034    660       638
4 West Mifflin School District GO 3.000%   4/1/2038  5,920     5,421
5 West Shore PA School District GO 5.000% 11/15/2050  1,275     1,314
5 West Shore PA School District GO 5.000% 11/15/2054  1,665     1,702
  West View Municipal Authority Water Revenue 4.000% 11/15/2035  1,200     1,213
4 Westmoreland County Municipal Authority Water Revenue 4.000%  8/15/2035  8,000     8,043
4 Westmoreland County Municipal Authority Water Revenue 5.000%  8/15/2040  1,000     1,102
4 Westmoreland County Municipal Authority Water Revenue 4.125%  8/15/2041  3,500     3,502
1 Westmoreland County Municipal Authority Water Revenue 5.000%  8/15/2042  3,705     4,017
1 Westmoreland County Municipal Authority Water Revenue 5.000%  8/15/2043  4,320     4,659
1 Westmoreland County Municipal Authority Water Revenue 5.000%  8/15/2044  4,030     4,315
1 Westmoreland County Municipal Authority Water Revenue 5.000%  8/15/2045  3,750     3,992
1 Westmoreland County Municipal Authority Water Revenue 5.000%  8/15/2047  6,815     7,155
1 Westmoreland County Municipal Authority Water Revenue 5.000%  8/15/2049  4,000     4,146
  Westmoreland County PA IDA Health, Hospital, Nursing Home Revenue 4.000%  5/15/2047  3,250     2,495
  Westmoreland County PA IDA Health, Hospital, Nursing Home Revenue (Excela Health Project) 4.000%   7/1/2037  9,935     9,519
2 Westmoreland County PA IDA Revenue 4.720%   7/1/2035  6,650     6,638
  Wilkes-Barre Finance Authority College & University Revenue (Wilkes University Project) 4.000%   3/1/2042  1,000       852
4 Wilkinsburg-Penn Joint Water Authority Water Revenue 3.000%  9/15/2039  1,000       886
4 William Penn School District Authority Lease (Non-Terminable) Revenue (William Penn School District Project) 5.000%  3/15/2043  1,675     1,757
4 William Penn School District Authority Lease (Non-Terminable) Revenue (William Penn School District Project) 5.000%  3/15/2049  1,000     1,023
4 William Penn School District GO 3.000% 11/15/2034  2,595     2,506
  Wilson School District GO 5.000%  5/15/2042  1,500     1,609
  Wilson School District GO 5.000%  5/15/2043  2,000     2,138
  Wilson School District GO 5.000%  5/15/2044    750       798
4 Woodland Hills School District GO 3.000%   9/1/2035  3,120     2,997
1,5 Woodland Hills School District GO 4.000%   9/1/2041    500       495
1,5 Woodland Hills School District GO 4.000%   9/1/2042    725       712
1,5 Woodland Hills School District GO 4.000%   9/1/2043  1,250     1,212
  Wyomissing Area School District GO 3.000%   2/1/2040  1,100       975
4 York County Northeastern School District GO 3.000%   3/1/2033    375       371
4 York County Northeastern School District GO 3.000%   3/1/2035     10        10
4 York County Northeastern School District GO 3.000%   3/1/2038    850       781
4 York County Northeastern School District GO 3.000%   3/1/2041    800       693
4 York County Northeastern School District GO 3.000%   3/1/2046  2,130     1,697
  York County Northeastern School District GO 5.000%   3/1/2049  2,000     2,047
                              3,932,496
American Samoa (0.0%)
2 American Samoa Economic Development Authority Income Tax Revenue 5.000%   9/1/2027    275       279
2 American Samoa Economic Development Authority Income Tax Revenue 5.000%   9/1/2028    110       112
2 American Samoa Economic Development Authority Income Tax Revenue 5.250%   9/1/2045    100       101
                                    492
Guam (0.2%)
  Guam Government Waterworks Authority Water Revenue 5.500%   7/1/2043    100       109
  Guam Government Waterworks Authority Water Revenue 5.500%   7/1/2055  3,165     3,294
  Guam Miscellaneous Taxes Revenue 5.250%   1/1/2037    280       307
  Guam Miscellaneous Taxes Revenue 4.000%   1/1/2042  1,265     1,225
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/2033  1,185     1,269
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/2036    650       659
19

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/2038    290       293
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/2041    375       391
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/2044     80        83
                                  7,630
Puerto Rico (1.2%)
  Commonwealth of Puerto Rico GO 5.625%   7/1/2029  3,273     3,439
  Commonwealth of Puerto Rico GO 5.750%   7/1/2031  5,186     5,614
  Commonwealth of Puerto Rico GO 0.000%   7/1/2033  2,397     1,747
  Commonwealth of Puerto Rico GO 4.000%   7/1/2033  5,670     5,679
  Commonwealth of Puerto Rico GO 4.000%   7/1/2035  2,952     2,941
  Commonwealth of Puerto Rico GO 4.000%   7/1/2037  1,182     1,167
  Commonwealth of Puerto Rico GO 4.000%   7/1/2041  4,175     3,973
2 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/2029    750       776
2 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/2030  1,305     1,363
2 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/2033  1,365     1,432
2 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/2033  1,255     1,323
2 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/2037  2,170     2,258
2 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/2037    250       260
2 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/2037    600       630
2 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 4.000%   7/1/2042    490       470
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/2027    891       861
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/2029    787       713
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/2031  3,329     2,798
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/2031    108        91
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/2033    675       525
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.329%   7/1/2040 10,347    10,303
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.329%   7/1/2040    259       258
                                 48,621
Virgin Islands (0.0%)
  Virgin Islands Transportation & Infrastructure Corp. Government Fund/Grant Revenue 5.000%   9/1/2039  1,150     1,269
Total Tax-Exempt Municipal Bonds (Cost $4,054,056) 3,990,508
Taxable Municipal Bonds (0.2%)
Puerto Rico (0.2%)
  Commonwealth of Puerto Rico CVI 0.000%  11/1/2043  5,757     3,972
  Commonwealth of Puerto Rico CVI 0.000%  11/1/2051  2,246     1,578
Total Taxable Municipal Bonds (Cost $4,916) 5,550
Total Investments (100.6%) (Cost $4,058,972) 3,996,058
Other Assets and Liabilities—Net (-0.6%) (22,571)
Net Assets (100%) 3,973,487
Cost is in $000.
• See Note A in Notes to Financial Statements.
1 Scheduled principal and interest payments are guaranteed by Assured Guaranty Inc.
2 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2026, the aggregate value was $140,805, representing 3.5% of net assets.
3 Scheduled principal and interest payments are guaranteed by bank letter of credit.
4 Scheduled principal and interest payments are guaranteed by Build America Mutual Assurance Co.
5 Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of May 31, 2026.
6 Securities with a value of $816 have been segregated as initial margin for open futures contracts.
7 Step bond.
8 Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp.
  COP—Certificate of Participation.
  CVI—Contingent Value Instruments.
  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.
20

 

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 September 2026 72 14,873 31
5-Year U.S. Treasury Note September 2026 297 31,842 158
10-Year U.S. Treasury Note September 2026 77 8,457 29
        218
  
See accompanying Notes, which are an integral part of the Financial Statements.
21

 

Pennsylvania Long-Term Tax-Exempt Fund
Statement of Assets and Liabilities
As of May 31, 2026
($000s, except shares and per-share amounts) Amount
Assets  
Investments in Securities, at Value—Unaffiliated Issuers (Cost $4,058,972) 3,996,058
Investment in Vanguard 88
Receivables for Investment Securities Sold 740
Receivables for Accrued Income 49,785
Receivables for Capital Shares Issued 1,482
Variation Margin Receivable—Futures Contracts 16
Other Assets 193
Total Assets 4,048,362
Liabilities  
Due to Custodian 48
Payables for Investment Securities Purchased 68,142
Payables for Capital Shares Redeemed 2,472
Payables for Distributions 4,051
Payables to Vanguard 162
Total Liabilities 74,875
Net Assets 3,973,487
At May 31, 2026, net assets consisted of:  
   
Paid-in Capital 4,135,791
Total Distributable Earnings (Loss) (162,304)
Net Assets 3,973,487
 
Investor Shares—Net Assets  
Applicable to 30,100,675 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		325,859
Net Asset Value Per Share—Investor Shares $10.83
 
Admiral™ Shares—Net Assets  
Applicable to 336,942,984 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		3,647,628
Net Asset Value Per Share—Admiral Shares $10.83
  
See accompanying Notes, which are an integral part of the Financial Statements.
22

 

Pennsylvania Long-Term Tax-Exempt Fund
Statement of Operations
  Six Months Ended
May 31, 2026
  ($000)
Investment Income  
Income  
Interest 75,270
Total Income 75,270
Expenses  
The Vanguard Group—Note C  
Investment Advisory Services 255
Management and Administrative—Investor Shares 184
Management and Administrative—Admiral Shares 1,257
Marketing and Distribution—Investor Shares 13
Marketing and Distribution—Admiral Shares 91
Custodian Fees 7
Shareholders’ Reports—Investor Shares 6
Shareholders’ Reports—Admiral Shares 14
Trustees’ Fees and Expenses 1
Other Expenses 5
Total Expenses 1,833
Expenses Paid Indirectly (7)
Net Expenses 1,826
Net Investment Income 73,444
Realized Net Gain (Loss)  
Investment Securities Sold (3,850)
Futures Contracts (1,466)
Swap Contracts 644
Realized Net Gain (Loss) (4,672)
Change in Unrealized Appreciation (Depreciation)  
Investment Securities (1,987)
Futures Contracts 248
Swap Contracts (657)
Change in Unrealized Appreciation (Depreciation) (2,396)
Net Increase (Decrease) in Net Assets Resulting from Operations 66,376
  
See accompanying Notes, which are an integral part of the Financial Statements.
23

 

Pennsylvania Long-Term Tax-Exempt Fund
Statement of Changes in Net Assets
  Six Months Ended
May 31,
2026 		  Year Ended
November 30,
2025
  ($000)   ($000)
Increase (Decrease) in Net Assets      
Operations      
Net Investment Income 73,444   137,571
Realized Net Gain (Loss) (4,672)   (23,556)
Change in Unrealized Appreciation (Depreciation) (2,396)   (19,911)
Net Increase (Decrease) in Net Assets Resulting from Operations 66,376   94,104
Distributions      
Investor Shares (5,921)   (10,746)
Admiral Shares (66,653)   (125,346)
Total Distributions (72,574)   (136,092)
Capital Share Transactions      
Investor Shares 19,992   7,646
Admiral Shares 144,928   64,703
Net Increase (Decrease) from Capital Share Transactions 164,920   72,349
Total Increase (Decrease) 158,722   30,361
Net Assets      
Beginning of Period 3,814,765   3,784,404
End of Period 3,973,487   3,814,765
  
See accompanying Notes, which are an integral part of the Financial Statements.
24

 

Pennsylvania Long-Term Tax-Exempt Fund
Financial Highlights
Investor Shares            
For a Share Outstanding
Throughout Each Period  		Six Months
Ended
May 31,
2026 		Year Ended November 30,
2025 2024 2023 2022 2021
Net Asset Value, Beginning of Period $10.84 $10.97 $10.63 $10.58 $12.14 $12.14
Investment Operations            
Net Investment Income1 .202 .392 .374 .356 .327 .323
Net Realized and Unrealized Gain (Loss) on Investments (.013) (.134) .337 .047 (1.532) .036
Total from Investment Operations .189 .258 .711 .403 (1.205) .359
Distributions            
Dividends from Net Investment Income (.199) (.388) (.371) (.353) (.327) (.323)
Distributions from Realized Capital Gains — — — — (.028) (.036)
Total Distributions (.199) (.388) (.371) (.353) (.355) (.359)
Net Asset Value, End of Period $10.83 $10.84 $10.97 $10.63 $10.58 $12.14
Total Return2 1.76% 2.48% 6.79% 3.89% -10.00% 2.99%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $326 $306 $302 $287 $287 $393
Ratio of Total Expenses to Average Net Assets 0.14%3 0.15%3 0.17%3 0.17%3 0.17%3 0.17%
Ratio of Net Investment Income to Average Net Assets 3.74% 3.69% 3.45% 3.37% 2.95% 2.66%
Portfolio Turnover Rate 4% 25% 33% 38% 30% 22%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.14%, 0.15%, 0.17%, 0.17%, and 0.17%, respectively.
  
See accompanying Notes, which are an integral part of the Financial Statements.
25

 

Pennsylvania Long-Term Tax-Exempt Fund
Financial Highlights
Admiral Shares            
For a Share Outstanding
Throughout Each Period  		Six Months
Ended
May 31,
2026 		Year Ended November 30,
2025 2024 2023 2022 2021
Net Asset Value, Beginning of Period $10.84 $10.97 $10.63 $10.58 $12.14 $12.14
Investment Operations            
Net Investment Income1 .204 .398 .383 .364 .336 .333
Net Realized and Unrealized Gain (Loss) on Investments (.012) (.135) .337 .048 (1.532) .036
Total from Investment Operations .192 .263 .720 .412 (1.196) .369
Distributions            
Dividends from Net Investment Income (.202) (.393) (.380) (.362) (.336) (.333)
Distributions from Realized Capital Gains — — — — (.028) (.036)
Total Distributions (.202) (.393) (.380) (.362) (.364) (.369)
Net Asset Value, End of Period $10.83 $10.84 $10.97 $10.63 $10.58 $12.14
Total Return2 1.79% 2.54% 6.87% 3.98% -9.93% 3.07%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $3,648 $3,508 $3,483 $3,195 $3,236 $4,157
Ratio of Total Expenses to Average Net Assets 0.09%3 0.09%3 0.09%3 0.09%3 0.09%3 0.09%
Ratio of Net Investment Income to Average Net Assets 3.79% 3.74% 3.53% 3.45% 3.04% 2.74%
Portfolio Turnover Rate 4% 25% 33% 38% 30% 22%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3 The ratio of 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.
26

 

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.
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 other 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 six months ended May 31, 2026, the fund’s average investments in long and short futures contracts represented 1% and less than 1% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
3. MMD Rate Locks: The fund enters into Municipal Market Data (MMD) Rate Lock contracts to lock in a specified municipal interest rate for a portion of the fund to preserve a return on a particular investment or a portion of the fund as a duration management technique or to protect against market interest rate risk for anticipated purchase of municipal bonds. Under the terms of the contracts, both parties agree to make payments to each other on a notional amount, contingent upon whether the reference index rate is above or below a strike rate on the termination date of the contract. The fund may buy (long) an MMD Rate Lock and if the referenced MMD AAA Index is below the strike rate on the termination date, the counterparty will make a payment to the fund. If the MMD AAA Index is above the strike rate on the termination date, the fund will make a payment to the counterparty. The fund may also sell (short) an MMD Rate Lock. The contract terms of a short position will move in the opposite direction as a long position.
The primary risk associated with MMD Rate Locks is that municipal yields will move in the opposite direction than anticipated by a fund, which would cause the fund to make payments to its counterparty in the transaction that could adversely affect the fund’s performance. A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. MMD Rate Locks are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is 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 terminated, at which time realized gain (loss) is recorded.
During the six months ended May 31, 2026, the fund’s average amount of investments in MMD Rate Locks represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.The fund had no open Municipal Market Data (MMD) Rate Lock contracts at May 31, 2026.
4. 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.
27

 

Pennsylvania Long-Term Tax-Exempt Fund
5. 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.
6. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes 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 the higher of the effective federal funds rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate. 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 six months ended May 31, 2026, the fund did not utilize the credit facilities or the Interfund Lending Program.
7. Other: Interest income is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution 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. Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Capital Management, LLC.
C. In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At May 31, 2026, the fund had contributed to Vanguard capital in the amount of $88,000, representing less than 0.01% of the fund’s net assets and 0.04% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
D. The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended May 31, 2026, custodian fee offset arrangements reduced the fund’s expenses by $7,000 (an annual rate of less than 0.01% of average net assets).
E. 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.
28

 

Pennsylvania Long-Term Tax-Exempt Fund
The following table summarizes the market value of the fund’s investments and derivatives as of May 31, 2026, 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 — 3,990,508 — 3,990,508
Taxable Municipal Bonds — 5,550 — 5,550
Total — 3,996,058 — 3,996,058
Derivative Financial Instruments         
Assets        
Futures Contracts1 218 — — 218
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.
F. As of May 31, 2026, 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 4,059,023
Gross Unrealized Appreciation 49,118
Gross Unrealized Depreciation (111,865)
Net Unrealized Appreciation (Depreciation) (62,747)
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at November 30, 2025, the fund had available capital losses totaling $99,681,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending November 30, 2026; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
G. During the six months ended May 31, 2026, the fund purchased $380,484,000 of investment securities and sold $162,553,000 of investment securities, other than temporary cash investments.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended May 31, 2026, such purchases were $26,550,000 and sales were $33,690,000, 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.
H. Capital share transactions for each class of shares were:
    
  Six Months Ended
May 31, 2026 		  Year Ended
November 30, 2025
  Amount
($000) 		Shares
(000) 		  Amount
($000) 		Shares
(000)
Investor Shares          
Issued 61,545 5,685   85,232 8,045
Issued in Lieu of Cash Distributions 4,833 446   8,740 823
Redeemed (46,386) (4,291)   (86,326) (8,122)
Net Increase (Decrease)—Investor Shares 19,992 1,840   7,646 746
Admiral Shares          
Issued 358,657 33,128   578,423 54,643
Issued in Lieu of Cash Distributions 43,320 3,999   80,862 7,615
Redeemed (257,049) (23,817)   (594,582) (56,132)
Net Increase (Decrease)—Admiral Shares 144,928 13,310   64,703 6,126
I. Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, 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.
To the extent the fund’s investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.
29

 

Pennsylvania Long-Term Tax-Exempt Fund
Credit risk is the risk that a counterparty to a transaction or an issuer of a financial instrument will fail to pay interest and principal when due, or that perceptions of the issuer’s ability to make such payments will cause the price of an investment to decline. Investment in debt securities will generally increase credit risk.
The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund’s use of derivative(s) and the specific risks associated is described under significant accounting policies.
J. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker (“CODM”). The fund is considered a single segment. Vanguard’s chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the fund’s chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund’s daily operations. Through these committees, the CODM manages the fund’s operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund’s investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund’s portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.
K. Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these financial statements.
Q772 072026
30

 

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

 

Not applicable.

 

Item 9: Proxy Disclosures for Open-End Management Investment Companies.

 

Not applicable.

 

Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

 

Not applicable. The Trustees’ Fees and Expenses are included in the financial statements filed under Item 7 of this Form.

 

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts.

 

Not applicable.

 

 

 

Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 13: Portfolio Managers of Closed-End Management Investment Companies.

 

Not applicable.

 

Item 14: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not applicable.

 

Item 15: Submission of Matters to a Vote of Security Holders.

 

Not applicable.

 

Item 16: 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 changes in the Registrant’s Internal Control Over Financial Reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

Item 17: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 18: Recovery of Erroneously Awarded Compensation

 

Not applicable.

 

Item 19: Exhibits.

 

(a)(1) Not applicable.
(a)(2) Certifications filed herewith.
(a)(2) 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/ SALIM RAMJI*  
  SALIM RAMJI  
  CHIEF EXECUTIVE OFFICER  

 

Date: July 22, 2026

 

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/ SALIM RAMJI*  
  SALIM RAMJI  
  CHIEF EXECUTIVE OFFICER  

 

Date: July 22, 2026

 

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

 

Date: July 22, 2026

 

* By: /s/ Natalie Lamarque  

 

Natalie Lamarque, pursuant to a Power of Attorney filed on December 19, 2025 (see File Number 33-49023), and to a Power of Attorney filed on February 27, 2026 (see File Number 333-177613), Incorporated by Reference.

 

 

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

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