Vanguard Pennsylvania Tax-Free Funds

02/03/2026 | Press release | Distributed by Public on 02/03/2026 12:40

Annual Report by Investment Company (Form N-CSR)

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, 2024-November 30, 2025

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

   

Vanguard Pennsylvania Long-Term Tax-Exempt Fund

Investor Shares (VPAIX)

Annual Shareholder Report | November 30, 2025

This annual shareholder report contains important information about Vanguard Pennsylvania Long-Term Tax-Exempt Fund (the "Fund") for the period of December 1, 2024, to November 30, 2025. 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 year?

(based on a hypothetical $10,000 investment)

Share Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Investor Shares
$15
0.15%

How did the Fund perform during the reporting period?

  • For the 12 months ended November 30, 2025, the Fund underperformed its benchmark.

  • At the national level, the performance of the municipal bond market faced intermittent headwinds-especially in December 2024 and the spring of 2025-driven by elevated issuance, a steepening yield curve, and concerns about tariffs and inflation. The prospect of Federal Reserve rate cuts toward the end of the period, however, helped support demand for munis, which was reflected in stronger cash inflows. Credit fundamentals of most municipal borrowers remained strong, supported by healthy and growing tax revenues.

  • For the Fund, having a longer overall duration than its benchmark was a detractor given the rise in yields at the longer end of the curve. An overweight allocation to lower-rated bonds, notably those below investment grade, added value, as did sector allocation and security selection.

How did the Fund perform over the past 10 years?

Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performanceor by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.

Cumulative Performance: November 30, 2015, Through November 30, 2025

Initial Investment of $10,000

Investor Shares
Bloomberg PA Municipal Bond Index
Bloomberg Municipal Bond Index
2015
$10,000
$10,000
$10,000
2016
$10,199
$10,205
$10,206
2016
$10,402
$10,354
$10,342
2016
$10,606
$10,537
$10,527
2016
$10,022
$9,969
$9,978
2017
$10,258
$10,226
$10,232
2017
$10,566
$10,511
$10,493
2017
$10,712
$10,655
$10,620
2017
$10,701
$10,587
$10,535
2018
$10,631
$10,526
$10,489
2018
$10,791
$10,662
$10,610
2018
$10,838
$10,736
$10,672
2018
$10,798
$10,712
$10,654
2019
$11,111
$11,013
$10,921
2019
$11,567
$11,418
$11,289
2019
$11,936
$11,762
$11,602
2019
$11,877
$11,711
$11,559
2020
$12,343
$12,144
$11,955
2020
$12,062
$11,902
$11,738
2020
$12,354
$12,160
$11,978
2020
$12,524
$12,331
$12,125
2021
$12,510
$12,305
$12,081
2021
$12,803
$12,531
$12,294
2021
$12,887
$12,638
$12,385
2021
$12,899
$12,610
$12,364
2022
$12,522
$12,244
$12,001
2022
$11,848
$11,642
$11,459
2022
$11,601
$11,506
$11,316
2022
$11,608
$11,451
$11,295
2023
$11,669
$11,570
$11,390
2023
$11,832
$11,684
$11,515
2023
$11,796
$11,686
$11,508
2023
$12,060
$11,949
$11,779
2024
$12,425
$12,224
$12,007
2024
$12,244
$12,051
$11,823
2024
$12,664
$12,420
$12,209
2024
$12,879
$12,587
$12,360
2025
$12,861
$12,595
$12,362
2025
$12,441
$12,303
$12,063
2025
$12,558
$12,438
$12,219
2025
$13,198
$12,924
$12,686

Average Annual Total Returns

1 Year
5 Years
10 Years
Investor Shares
2.48%
1.05%
2.81%
Bloomberg PA Municipal Bond Index
2.68%
0.94%
2.60%
Bloomberg Municipal Bond Index
2.64%
0.91%
2.41%

Fund Statistics (as of November 30, 2025)

Fund Net Assets (in millions)
$3,815
Number of Portfolio Holdings
1,185
Portfolio Turnover Rate
25%
Total Investment Advisory Fees (in thousands)
$485

Distribution by Stated Maturity % of Net Assets (as of November 30, 2025)

Less than 1 Year
6.9%
1 to 3 Years
2.0%
3 to 5 Years
1.6%
5 to 10 Years
11.8%
10 to 20 Years
43.9%
20 to 30 Years
31.6%
Greater than 30 Years
1.9%
Other Assets and Liabilities-Net
0.3%

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

How has the Fund changed?

During the reporting period, the expense ratio for the Investor Share class was reduced.

This is a summary of certain changes to the Fund since November 30, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 31, 2026, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literatureor 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.

AR77

Vanguard Pennsylvania Long-Term Tax-Exempt Fund

Admiral™ Shares (VPALX)

Annual Shareholder Report | November 30, 2025

This annual shareholder report contains important information about Vanguard Pennsylvania Long-Term Tax-Exempt Fund (the "Fund") for the period of December 1, 2024, to November 30, 2025. 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.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Share Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Admiral Shares
$9
0.09%

How did the Fund perform during the reporting period?

  • For the 12 months ended November 30, 2025, the Fund underperformed its benchmark.

  • At the national level, the performance of the municipal bond market faced intermittent headwinds-especially in December 2024 and the spring of 2025-driven by elevated issuance, a steepening yield curve, and concerns about tariffs and inflation. The prospect of Federal Reserve rate cuts toward the end of the period, however, helped support demand for munis, which was reflected in stronger cash inflows. Credit fundamentals of most municipal borrowers remained strong, supported by healthy and growing tax revenues.

  • For the Fund, having a longer overall duration than its benchmark was a detractor given the rise in yields at the longer end of the curve. An overweight allocation to lower-rated bonds, notably those below investment grade, added value, as did sector allocation and security selection.

How did the Fund perform over the past 10 years?

Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performanceor by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.

Cumulative Performance: November 30, 2015, Through November 30, 2025

Initial Investment of $50,000

Admiral Shares
Bloomberg PA Municipal Bond Index
Bloomberg Municipal Bond Index
2015
$50,000
$50,000
$50,000
2016
$51,007
$51,025
$51,032
2016
$52,032
$51,770
$51,710
2016
$53,068
$52,686
$52,635
2016
$50,160
$49,845
$49,890
2017
$51,351
$51,131
$51,162
2017
$52,908
$52,556
$52,465
2017
$53,653
$53,275
$53,100
2017
$53,610
$52,935
$52,676
2018
$53,273
$52,632
$52,443
2018
$54,087
$53,309
$53,049
2018
$54,331
$53,681
$53,360
2018
$54,140
$53,559
$53,271
2019
$55,720
$55,064
$54,607
2019
$58,022
$57,092
$56,446
2019
$59,882
$58,808
$58,012
2019
$59,599
$58,555
$57,794
2020
$61,951
$60,721
$59,773
2020
$60,552
$59,508
$58,692
2020
$62,029
$60,802
$59,889
2020
$62,895
$61,656
$60,623
2021
$62,839
$61,525
$60,406
2021
$64,322
$62,655
$61,471
2021
$64,758
$63,192
$61,923
2021
$64,828
$63,048
$61,818
2022
$62,950
$61,218
$60,007
2022
$59,573
$58,211
$57,295
2022
$58,342
$57,528
$56,578
2022
$58,389
$57,255
$56,477
2023
$58,708
$57,852
$56,948
2023
$59,537
$58,420
$57,576
2023
$59,371
$58,432
$57,542
2023
$60,711
$59,746
$58,896
2024
$62,559
$61,121
$60,034
2024
$61,661
$60,254
$59,115
2024
$63,788
$62,102
$61,045
2024
$64,884
$62,933
$61,799
2025
$64,805
$62,975
$61,812
2025
$62,699
$61,513
$60,313
2025
$63,297
$62,191
$61,093
2025
$66,531
$64,620
$63,428

Average Annual Total Returns

1 Year
5 Years
10 Years
Admiral Shares
2.54%
1.13%
2.90%
Bloomberg PA Municipal Bond Index
2.68%
0.94%
2.60%
Bloomberg Municipal Bond Index
2.64%
0.91%
2.41%

Fund Statistics (as of November 30, 2025)

Fund Net Assets (in millions)
$3,815
Number of Portfolio Holdings
1,185
Portfolio Turnover Rate
25%
Total Investment Advisory Fees (in thousands)
$485

Distribution by Stated Maturity % of Net Assets (as of November 30, 2025)

Less than 1 Year
6.9%
1 to 3 Years
2.0%
3 to 5 Years
1.6%
5 to 10 Years
11.8%
10 to 20 Years
43.9%
20 to 30 Years
31.6%
Greater than 30 Years
1.9%
Other Assets and Liabilities-Net
0.3%

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

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.

AR577

Item 2: Code of Ethics.

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

Item 3: Audit Committee Financial Expert.

All members of the Audit and Risk Committee have been determined by the Registrant's Board of Trustees to be Audit Committee Financial Experts and to be independent: Sarah Bloom Raskin, Peter F. Volanakis, Tara Bunch, and Mark Loughridge.

Item 4: Principal Accountant Fees and Services.

Includes fees billed in connection with services to the Registrant only.

Fiscal Year Ended
November 30,
2025 		Fiscal Year Ended
November 30,
2024
(a)    Audit Fees. $ 32,000 $ 32,000
(b)    Audit-Related Fees. 0 0
(c)    Tax Fees. 0 0
(d)    All Other Fees. 0 0
Total. $ 32,000 $ 32,000

(e)       (1) Pre-Approval Policies. The audit committee is responsible for pre-approving all audit and non-audit services provided by PwC to: (i) the Vanguard funds; and (ii) Vanguard, or any entity controlled by Vanguard that provides ongoing services to the Vanguard funds. All services provided to Vanguard entities by the independent auditor, whether or not they are subject to preapproval, must be disclosed to the audit committee. The audit committee chair may preapprove any permissible audit and non-audit services as long as any preapproval is brought to the attention of the full audit committee at the next scheduled meeting.

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

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

(g)            Aggregate Non-Audit Fees.

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

Fiscal Year Ended
November 30,
2025 		Fiscal Year Ended
November 30,
2024
Non-audit fees to the Registrant only, listed as (b) through (d) above. $ 0 $ 0
Non-audit Fees to other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
Audit-Related Fees. $ 1,514,219 $ 3,802,420
Tax Fees. $ 1,622,344 $ 1,960,472
All Other Fees. $ 25,000 $ 293,000
Total. $ 3,161,563 $ 6,055,892

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

Item 5: Audit Committee of Listed Registrants.

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

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 year ended November 30, 2025
Vanguard Pennsylvania Long-Term Tax-Exempt Fund
Contents
Financial Statements
1
Report of Independent Registered Public Accounting Firm
30
Tax information
31
Pennsylvania Long-Term Tax-Exempt Fund
Financial Statements
Schedule of Investments
As of November 30, 2025
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

 ($000)
Tax-Exempt Municipal Bonds (99.6%)
Pennsylvania (98.1%)
Abington Heights School District Lackawanna County GO 5.250%   9/1/2050  2,250     2,368
Abington Heights School District Lackawanna County GO 5.250%   9/1/2054  3,910     4,106
Abington School District GO 4.000%  10/1/2038  2,555     2,570
Adams County General Authority College & University Revenue 5.000%  8/15/2033    795       893
Adams County General Authority College & University Revenue 5.000%  8/15/2036  1,035     1,172
Adams County General Authority College & University Revenue 5.000%  8/15/2039  1,195     1,325
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     5,130
Adams County General Authority Health, Hospital, Nursing Home Revenue (The Brethren Home Community Project) 5.000%   6/1/2039  1,750     1,833
Adams County General Authority Health, Hospital, Nursing Home Revenue (The Brethren Home Community Project) 5.000%   6/1/2044  2,350     2,361
Adams County General Authority Health, Hospital, Nursing Home Revenue (The Brethren Home Community Project) 5.000%   6/1/2054  3,100     2,962
Adams County General Authority Health, Hospital, Nursing Home Revenue (The Brethren Home Community Project) 5.000%   6/1/2059  2,000     1,886
1 Allegheny County Airport Authority Port, Airport & Marina Revenue 5.250%   1/1/2048  1,000     1,057
Allegheny County Airport Authority Port, Airport & Marina Revenue 5.000%   1/1/2051  5,250     5,366
1 Allegheny County Airport Authority Port, Airport & Marina Revenue 5.250%   1/1/2053  1,000     1,051
Allegheny County Airport Authority Port, Airport & Marina Revenue 5.000%   1/1/2056  5,000     5,074
Allegheny County Higher Education Building Authority College & University Revenue 4.000%   3/1/2037  1,050     1,063
Allegheny County Higher Education Building Authority College & University Revenue 4.000%   3/1/2038  1,105     1,112
Allegheny County Higher Education Building Authority College & University Revenue 4.000%   3/1/2039  2,000     2,002
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     2,083
Allegheny County Higher Education Building Authority College & University Revenue 4.000%   3/1/2041  2,500     2,422
Allegheny County Higher Education Building Authority College & University Revenue VRDO 3.000%  12/1/2025 13,870    13,870
Allegheny County Higher Education Building Authority College & University Revenue, Prere. 4.000%   3/1/2026     10        10
Allegheny County Higher Education Building Authority College & University Revenue, Prere. 5.000% 10/15/2027  1,000     1,041
Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/2033  2,000     2,079
Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/2034  4,750     4,928
Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/2035  5,500     5,695
Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/2035  2,530     2,580
Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/2036  5,250     5,421
Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/2036 11,190    11,366
Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/2037  5,250     5,304
Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/2039  1,500     1,477
Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 4.000%   4/1/2044 26,585    24,699
2 Allegheny County IDA Charter School Aid Revenue 3.000%  6/15/2031    905       835
Allegheny County IDA Charter School Aid Revenue 6.000%  7/15/2038    830       805
2 Allegheny County IDA Charter School Aid Revenue 4.000%  6/15/2041  1,895     1,617
Allegheny County IDA Charter School Aid Revenue 4.000%  6/15/2041  2,815     2,435
2 Allegheny County IDA Charter School Aid Revenue 4.000%  6/15/2051  3,165     2,400
Allegheny County IDA Charter School Aid Revenue 4.000%  6/15/2051  3,175     2,425
Allegheny County IDA Charter School Aid Revenue 4.000%  6/15/2056  2,335     1,729
Allegheny County IDA Industrial Revenue 5.125%   5/1/2030    145       152
3 Allegheny County IDA Private Schools Revenue VRDO 2.780%  12/4/2025  1,955     1,955
Allegheny County PA GO 4.000%  11/1/2035  1,225     1,250
Allegheny County PA GO 5.000%  12/1/2041  1,500     1,620
Allegheny County PA GO 5.000%  12/1/2042  1,250     1,340
Allegheny County PA GO 5.000%  12/1/2044    575       608
Allegheny County PA GO 4.000%  11/1/2045  3,385     3,287
Allegheny County PA GO 4.000%  11/1/2049    305       282
Allegheny County PA GO 5.000%  12/1/2049  5,000     5,227
Allegheny County PA GO 5.000%  12/1/2054  4,510     4,673
Allegheny County Sanitary Authority Sewer Revenue 3.000%   6/1/2037    600       560
Allegheny County Sanitary Authority Sewer Revenue 3.000%   6/1/2038  1,125     1,040
Allegheny County Sanitary Authority Sewer Revenue 3.000%   6/1/2039  6,000     5,364
Allegheny County Sanitary Authority Sewer Revenue 5.000%  12/1/2039  2,000     2,256
Allegheny County Sanitary Authority Sewer Revenue 5.000%  12/1/2040  1,000     1,116
1
Pennsylvania Long-Term Tax-Exempt Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

 ($000)
Allegheny County Sanitary Authority Sewer Revenue 4.000%  12/1/2041  1,965     1,990
Allegheny County Sanitary Authority Sewer Revenue 5.000%  12/1/2043  1,255     1,341
Allegheny County Sanitary Authority Sewer Revenue 4.000%  12/1/2044  1,305     1,270
Allegheny County Sanitary Authority Sewer Revenue 5.750%   6/1/2047  6,695     7,312
Allegheny County Sanitary Authority Sewer Revenue 5.000%  12/1/2049  1,435     1,505
Allegheny County Sanitary Authority Sewer Revenue 5.000%  12/1/2050  7,500     7,891
Allegheny County Sanitary Authority Sewer Revenue 5.750%   6/1/2052 10,500    11,398
Allegheny County Sanitary Authority Sewer Revenue 5.000%   6/1/2053  7,350     7,643
Allegheny County Sanitary Authority Sewer Revenue 5.000%  12/1/2055  1,410     1,469
Allegheny County Sanitary Authority Sewer Revenue 5.250%  12/1/2055  3,250     3,450
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     3,264
4 Allentown City School District GO 5.000%   6/1/2032  1,465     1,479
4 Allentown City School District GO 4.000%   2/1/2034  1,500     1,536
4 Allentown City School District GO 5.000%   2/1/2034  1,300     1,370
4 Allentown City School District GO 4.000%   2/1/2035  1,175     1,201
4 Allentown City School District GO 5.000%   6/1/2035  2,000     2,015
4 Allentown City School District GO 4.000%   2/1/2036  1,100     1,117
4 Allentown City School District GO 5.000%   6/1/2036  1,500     1,510
1 Allentown City School District GO 5.000%   6/1/2044    830       878
1 Allentown City School District GO 5.000%   6/1/2045    910       961
1 Allentown City School District GO 5.000%   6/1/2046    500       527
2 Allentown Commercial & IDA Charter School Aid Revenue (Executive Education Academy Charter School Project) 5.000%   7/1/2040  1,500     1,518
2 Allentown Commercial & IDA Charter School Aid Revenue (Executive Education Academy Charter School Project) 5.000%   7/1/2045  1,500     1,459
2 Allentown Commercial & IDA Charter School Aid Revenue (Executive Education Academy Charter School Project) 5.000%   7/1/2050  3,345     3,185
2 Allentown Commercial & IDA Charter School Aid Revenue (Executive Education Academy Charter School Project) 5.000%   7/1/2059  5,000     4,662
Allentown Commercial & IDA Charter School Aid Revenue (Lincoln Leadership Academy Charter School Project) 6.000%  6/15/2053  1,000     1,030
2 Allentown Neighborhood Improvement Zone Development Authority Miscellaneous Revenue (City Center Project) 6.000%   5/1/2042  1,000     1,080
Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue 5.000%   5/1/2033  1,100     1,190
Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue 5.000%   5/1/2034  2,250     2,424
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     3,337
Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue 5.000%   5/1/2042 10,375    10,722
2 Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue 5.250%   5/1/2042  1,000     1,009
2 Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue 6.000%   5/1/2042  3,100     3,246
2 Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue (City Center Project) 5.125%   5/1/2032  1,135     1,159
2 Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue (City Center Project) 5.250%   5/1/2042  2,040     2,084
4 Altoona Area School District GO, Prere. 5.000%  12/1/2025  1,500     1,500
1 Altoona PA GO 3.000%  12/1/2035  3,165     3,034
4 Armstrong School District GO 3.000%  3/15/2034  5,505     5,400
4 Beaver County PA GO, Prere. 4.000%  4/15/2028     50        52
Bellefonte Area School District GO 5.375%  5/15/2051  1,750     1,867
Bensalem Township School District GO 5.000%   6/1/2042    770       825
Bensalem Township School District GO 5.000%   6/1/2043  1,210     1,283
Berks County IDA Health, Hospital, Nursing Home Revenue 5.000%  5/15/2037    375       379
Berks County Municipal Authority College & University Revenue (Alvernia University Project) 5.000%  10/1/2039  1,750     1,652
Berks County Municipal Authority College & University Revenue (Alvernia University Project) 5.000%  10/1/2049  1,000       843
4 Bermudian Springs School District GO 4.000%   5/1/2044     30        29
Bethel Park Municipal Authority Lease Revenue 3.000%   9/1/2047  3,210     2,440
Bethel Park School District GO 5.000%   8/1/2044  1,250     1,322
Bethel Park School District GO 5.000%   8/1/2048  3,000     3,162
Bethel Park School District GO 5.500%   8/1/2048  2,500     2,701
Bethel Park School District GO 5.000%   8/1/2050  3,000     3,158
4 Bethlehem Area School District GO 5.000%   8/1/2033    750       850
4 Bethlehem Area School District GO 5.000%   8/1/2035    750       845
4 Bethlehem Area School District GO 5.000%  10/1/2038  1,000     1,100
4 Bethlehem Area School District GO 5.000%  10/1/2040    700       762
4 Bethlehem Area School District GO 5.000%  10/1/2041    400       431
4 Bethlehem Area School District GO 5.000%  10/1/2042    500       534
4 Bethlehem Area School District GO 5.000%  10/1/2043    500       530
Bethlehem Redevelopment Authority College & University Revenue (Moravian University Project) 4.000%  10/1/2035  1,500     1,503
Bethlehem Redevelopment Authority College & University Revenue (Moravian University Project) 5.000%  10/1/2039  1,220     1,276
Bethlehem Redevelopment Authority College & University Revenue (Moravian University Project) 5.000%  10/1/2040  1,275     1,322
Bethlehem Redevelopment Authority College & University Revenue (Moravian University Project) 5.000%  10/1/2041  1,340     1,377
2
Pennsylvania Long-Term Tax-Exempt Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

 ($000)
Bethlehem Redevelopment Authority College & University Revenue (Moravian University Project) 5.250%  10/1/2049  4,360     4,409
Bethlehem Redevelopment Authority College & University Revenue (Moravian University Project) 5.500%  10/1/2054  3,970     4,050
Boyertown Area School District GO 5.000%  10/1/2038    400       429
Boyertown Area School District GO 5.000%  10/1/2040    500       530
Boyertown Area School District GO 5.000%  10/1/2041    500       529
4 Bristol Township School District GO 4.125%   6/1/2039  1,850     1,899
4 Bristol Township School District GO 4.125%   6/1/2040  2,000     2,049
Bucks County IDA College & University Revenue (Delaware Valley University Project) 5.000%  11/1/2037  1,205     1,209
Bucks County IDA College & University Revenue (Delaware Valley University Project) 5.000%  11/1/2047  1,205     1,095
Bucks County IDA College & University Revenue (Delaware Valley University Project) 5.000%  11/1/2052  1,280     1,129
Bucks County IDA Health, Hospital, Nursing Home Revenue 4.000%  8/15/2044    515       477
1 Bucks County IDA Health, Hospital, Nursing Home Revenue 3.000%  8/15/2053 13,540     9,874
Bucks County IDA Health, Hospital, Nursing Home Revenue (Grand View Hospital Project) 4.000%   7/1/2046  1,050       916
Bucks County IDA Health, Hospital, Nursing Home Revenue (Grand View Hospital Project) 4.000%   7/1/2051  5,005     4,198
Bucks County IDA Health, Hospital, Nursing Home Revenue (St. Luke's University Health Network Project) 4.000%  8/15/2035    550       555
Bucks County IDA Health, Hospital, Nursing Home Revenue (St. Luke's University Health Network Project) 3.000%  8/15/2050  3,000     2,152
Bucks County IDA Health, Hospital, Nursing Home Revenue (St. Luke's University Health Network Project) 4.000%  8/15/2050  3,090     2,677
Bucks County IDA Health, Hospital, Nursing Home Revenue (St. Luke's University Health Network Project) 3.000%  8/15/2053 10,160     7,117
Bucks County IDA Private Schools Revenue (George School Project) 5.000%  9/15/2044  4,965     5,132
1 Bucks County Water & Sewer Authority Sewer Revenue 5.000%  12/1/2037    450       501
1 Bucks County Water & Sewer Authority Sewer Revenue 5.000%  12/1/2038    500       553
1 Bucks County Water & Sewer Authority Sewer Revenue 5.000%  12/1/2039    850       934
1 Bucks County Water & Sewer Authority Sewer Revenue 5.000%  12/1/2040  1,625     1,776
1 Bucks County Water & Sewer Authority Sewer Revenue 4.250%  12/1/2047  1,925     1,903
1 Bucks County Water & Sewer Authority Sewer Revenue 5.250%  12/1/2047  2,175     2,316
1 Butler County General Authority Miscellaneous Revenue (South PK School District Project) VRDO 2.780%  12/4/2025    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     1,010
1 Canon Mcmillan School District GO 5.000%  12/1/2041  3,000     3,059
Canon Mcmillan School District GO 5.250%  12/1/2051  2,910     3,090
Canon Mcmillan School District GO 5.250%  12/1/2052  3,165     3,355
Canon Mcmillan School District GO 5.250%  12/1/2053  3,440     3,656
Canon Mcmillan School District GO 5.250%  12/1/2054  5,500     5,837
Capital Region Water Revenue 5.000%  7/15/2038  1,000     1,048
Capital Region Water Sewer Revenue 5.000%  7/15/2034  1,000     1,028
Capital Region Water Sewer Revenue 5.000%  7/15/2037  1,815     1,858
Capital Region Water Sewer Revenue 5.000%  7/15/2042  2,665     2,709
Central Bradford Progress Authority Health, Hospital, Nursing Home Revenue 3.000%  12/1/2044  1,500     1,205
Central Bradford Progress Authority Health, Hospital, Nursing Home Revenue 4.000%  12/1/2051 15,000    13,164
Central Bucks School District GO 5.000%  5/15/2045  1,250     1,319
Central Bucks School District GO 5.000%  5/15/2050  2,260     2,365
Centre County Hospital Authority Health, Hospital, Nursing Home Revenue (Mount Nittany Medical Center Project) 5.000% 11/15/2042  1,500     1,524
Chester County Health & Education Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  10/1/2034  2,675     2,758
Chester County Health & Education Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   9/1/2040  3,735     3,662
Chester County Health & Education Facilities Authority Health, Hospital, Nursing Home Revenue 3.000%   9/1/2046  3,415     2,749
Chester County Health & Education Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   9/1/2050 15,640    13,882
Chester County Health & Education Facilities Authority Health, Hospital, Nursing Home Revenue 5.250%   6/1/2055  4,000     4,031
2 Chester County IDA Charter School Aid Revenue 4.250%  10/1/2044  1,080       964
Chester County IDA Charter School Aid Revenue 5.250% 10/15/2047  1,000       900
2 Chester County IDA Charter School Aid Revenue 4.500%  10/1/2049    805       714
2 Chester County IDA Charter School Aid Revenue 4.500%  10/1/2054  1,290     1,116
2 Chester County IDA Charter School Aid Revenue 4.500%  10/1/2064  3,280     2,742
Chester County IDA Recreational Revenue 4.000%  12/1/2046  5,045     4,786
Chester County IDA Recreational Revenue 4.000%  12/1/2051  5,095     4,632
Chester County IDA Recreational Revenue (Longwood Gardens Project) 5.000%  12/1/2044  3,215     3,328
Chester County PA GO 5.000%  7/15/2038    500       554
Chester County PA GO 5.000%  7/15/2039    700       772
Chester County PA GO 5.000%  7/15/2040  1,500     1,647
Chester County PA GO 5.000%  7/15/2041  2,500     2,724
Chester County School Authority Lease Revenue 5.000%   4/1/2043  1,000     1,056
Chester County School Authority Lease Revenue 5.000%   4/1/2045    900       941
4 Coatesville School District GO 4.250% 11/15/2039 12,000    12,233
1 Coatesville School District GO 5.250% 11/15/2040  2,200     2,417
1 Coatesville School District GO 5.250% 11/15/2041  2,500     2,719
1 Coatesville School District GO 5.250% 11/15/2042  2,500     2,686
1 Coatesville School District GO 5.250% 11/15/2043  1,175     1,248
Colonial School District GO 3.000%  2/15/2039    350       321
Colonial School District GO 3.000%  2/15/2040    700       621
3
Pennsylvania Long-Term Tax-Exempt Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

 ($000)
Commonwealth Financing Authority Appropriations Revenue 5.000%   6/1/2030  1,750     1,917
Commonwealth Financing Authority Appropriations Revenue 5.000%   6/1/2031  1,000     1,115
Commonwealth Financing Authority Tobacco Settlement Funded Revenue 5.000%   6/1/2031  7,190     7,541
Commonwealth Financing Authority Tobacco Settlement Funded Revenue 5.000%   6/1/2032  7,000     7,343
Commonwealth Financing Authority Tobacco Settlement Funded Revenue 5.000%   6/1/2035  4,000     4,170
1,5 Commonwealth Financing Authority Tobacco Settlement Funded Revenue 4.000%   6/1/2039 31,375    31,069
Commonwealth of Pennsylvania COP 5.000%   7/1/2035    845       879
Commonwealth of Pennsylvania COP 5.000%   7/1/2036  1,000     1,038
Commonwealth of Pennsylvania COP 5.000%   7/1/2037    875       907
Commonwealth of Pennsylvania COP 5.000%   7/1/2038  1,000     1,035
Commonwealth of Pennsylvania COP 4.000%   7/1/2046    275       262
Commonwealth of Pennsylvania GO 5.000%   1/1/2026 10,000    10,018
Commonwealth of Pennsylvania GO 5.000%   9/1/2026  5,000     5,090
Commonwealth of Pennsylvania GO 5.000%  9/15/2026    525       535
1 Commonwealth of Pennsylvania GO 5.000%  9/15/2026  9,050     9,221
Commonwealth of Pennsylvania GO 5.000%  9/15/2027 10,000    10,178
Commonwealth of Pennsylvania GO 5.000%   9/1/2028 12,500    13,303
Commonwealth of Pennsylvania GO 5.000%   9/1/2030  8,200     9,107
Commonwealth of Pennsylvania GO 5.000%   3/1/2032  5,000     5,253
Commonwealth of Pennsylvania GO 5.000%   9/1/2032  9,300    10,635
1 Commonwealth of Pennsylvania GO 4.000%   3/1/2033 15,000    15,363
1 Commonwealth of Pennsylvania GO 4.000%   3/1/2034  1,290     1,320
Commonwealth of Pennsylvania GO 5.000%  8/15/2034 10,000    11,689
Commonwealth of Pennsylvania GO 5.000%  10/1/2034  5,000     5,694
Commonwealth of Pennsylvania GO 3.000%   5/1/2035 14,300    13,966
Commonwealth of Pennsylvania GO 3.000%  5/15/2035 14,005    13,671
Commonwealth of Pennsylvania GO 5.000%  8/15/2035  7,455     8,776
Commonwealth of Pennsylvania GO 5.000%  10/1/2035 15,000    16,953
Commonwealth of Pennsylvania GO 3.000%   5/1/2036    490       472
Commonwealth of Pennsylvania GO 3.000%  5/15/2036 10,000     9,624
Commonwealth of Pennsylvania GO 3.000%  9/15/2036  1,375     1,318
Commonwealth of Pennsylvania GO 4.000%  10/1/2037  4,795     4,986
Commonwealth of Pennsylvania GO 3.000%   5/1/2038 12,975    12,151
Commonwealth of Pennsylvania GO 2.000%  5/15/2038  7,000     5,588
Commonwealth of Pennsylvania GO 5.000%  10/1/2038 10,000    10,990
Commonwealth of Pennsylvania GO 2.000%  5/15/2039  7,375     5,730
Commonwealth of Pennsylvania GO 4.000%  10/1/2039  8,815     9,051
Commonwealth of Pennsylvania GO 2.000%  5/15/2040  6,750     5,052
Commonwealth of Pennsylvania GO 4.000%   9/1/2040  5,200     5,335
Commonwealth of Pennsylvania GO 5.000%  10/1/2040  5,000     5,429
Commonwealth of Pennsylvania GO 2.000%  5/15/2041  3,800     2,749
Commonwealth of Pennsylvania GO 4.000%  8/15/2041  4,190     4,249
Commonwealth of Pennsylvania GO 4.000%   9/1/2041 10,000    10,131
Commonwealth of Pennsylvania GO 4.000%  8/15/2042 29,115    29,217
Commonwealth of Pennsylvania GO 4.000%   9/1/2042 10,000    10,028
Commonwealth of Pennsylvania GO 4.000%  8/15/2043  8,015     7,957
Commonwealth of Pennsylvania GO 4.000%   9/1/2043  9,000     8,918
Commonwealth of Pennsylvania GO 4.000%  8/15/2044 15,000    14,694
Conestoga Valley School District GO 3.000%   2/1/2037  1,240     1,161
Conestoga Valley School District GO 3.000%   2/1/2038    850       782
Conestoga Valley School District GO 4.000%   2/1/2051     25        24
Cornwall Lebanon School District GO 5.000%  2/15/2051  2,000     2,094
Cornwall Lebanon School District GO 5.000%  2/15/2055  4,500     4,688
Council Rock School District GO 2.050% 11/15/2033  1,085       946
Council Rock School District GO 3.250% 11/15/2039  5,010     4,674
Council Rock School District GO 2.050%  8/15/2042  3,000     2,002
Cumberland County Municipal Authority College & University Revenue (Dickinson College Project) 5.000%  11/1/2039  4,685     4,826
Cumberland County Municipal Authority Health, Hospital, Nursing Home Revenue 4.000%  11/1/2036  1,400     1,405
Cumberland County Municipal Authority Health, Hospital, Nursing Home Revenue 3.000%  11/1/2038  2,475     2,241
Cumberland County Municipal Authority Health, Hospital, Nursing Home Revenue 4.000%  11/1/2044  7,185     6,719
Cumberland County Municipal Authority Health, Hospital, Nursing Home Revenue 4.000%  11/1/2049  5,000     4,489
4 Cumberland Valley School District GO 5.000%  12/1/2040    500       539
1 Cumberland Valley School District GO 5.000% 11/15/2042  3,480     3,701
4 Cumberland Valley School District GO 5.000%  12/1/2043    500       529
1 Cumberland Valley School District GO 5.000% 11/15/2044  1,500     1,577
4 Cumberland Valley School District GO 5.000%  12/1/2046  2,300     2,401
1 Cumberland Valley School District GO 5.000% 11/15/2047  3,600     3,735
4 Cumberland Valley School District GO 5.000%  12/1/2049  2,075     2,158
4 Cumberland Valley School District GO 5.000%  12/1/2053  2,150     2,232
Dallastown Area School District GO 5.000%  3/15/2038  1,200     1,284
4
Pennsylvania Long-Term Tax-Exempt Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

 ($000)
Dallastown Area School District GO 5.000%  3/15/2039  4,255     4,527
2 Dauphin County General Authority College & University Revenue (The Harrisburg University of Science & Technology Project) 5.125% 10/15/2041  1,000       705
2 Dauphin County General Authority College & University Revenue (The Harrisburg University of Science & Technology Project) 6.250% 10/15/2053  1,615     1,164
Dauphin County General Authority Health, Hospital, Nursing Home Revenue (Pinnacle Health System Project) 4.000%   6/1/2030  3,745     3,759
Dauphin County General Authority Health, Hospital, Nursing Home Revenue (Pinnacle Health System Project) 4.000%   6/1/2032  2,070     2,077
Dauphin County PA GO 5.000% 11/15/2042  4,590     4,902
Dauphin County PA GO 5.000% 11/15/2043  2,500     2,645
Dauphin County PA GO 5.000% 11/15/2044  2,225     2,341
1 Deer Creek Drainage Basin Authority Sewer Revenue 2.375%  12/1/2046    750       492
1 Deer Creek Drainage Basin Authority Sewer Revenue 2.500%  12/1/2051  2,000     1,249
Delaware County Authority College & University Revenue 5.000%  10/1/2035  2,215     2,244
Delaware County Authority College & University Revenue 5.000%  10/1/2039  4,500     4,425
Delaware County Authority College & University Revenue 5.000%  10/1/2042  6,720     6,806
Delaware County PA GO 5.000%   8/1/2046  4,740     4,972
Delaware County PA GO 5.000%   8/1/2048  3,210     3,348
4 Delaware County Vocational & Technical School Authority Lease (Appropriation) Revenue 4.000%  11/1/2054  2,500     2,324
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     3,611
Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/2042 10,000    10,206
Delaware River Port Authority Highway Revenue 5.000%   1/1/2037  2,500     2,630
Delaware River Port Authority Port, Airport & Marina Revenue 5.000%   1/1/2038  1,000     1,142
Delaware Valley Regional Finance Authority Indirect Ad Valorem Property Revenue 5.750%   7/1/2032  6,885     7,999
3 Delaware Valley Regional Finance Authority Indirect Ad Valorem Property Revenue VRDO 2.780%  12/3/2025  2,910     2,910
Delaware Valley Regional Finance Authority Intergovernmental Agreement Revenue 4.000%   3/1/2034  3,000     3,172
Delaware Valley Regional Finance Authority Intergovernmental Agreement Revenue 4.000%   3/1/2035  6,000     6,372
3 Delaware Valley Regional Finance Authority Intergovernmental Agreement Revenue VRDO 2.750%  12/3/2025  1,800     1,800
3 Delaware Valley Regional Finance Authority Intergovernmental Agreement Revenue VRDO 2.750%  12/3/2025  2,990     2,990
2 Doylestown Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2031  1,015     1,078
2 Doylestown Hospital Authority Health, Hospital, Nursing Home Revenue 5.375%   7/1/2039  1,000     1,102
Doylestown Hospital Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2045  2,545     2,375
Doylestown Hospital Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/2026    755       764
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     1,005
DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%  7/15/2035    500       503
DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 3.000%  7/15/2039    635       514
DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%  7/15/2040    760       755
DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 3.000%  7/15/2046  3,000     1,970
DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/2048  7,290     5,464
DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/2051  5,905     4,300
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     1,383
4 Ellwood City Area School District GO 4.500%   6/1/2052    470       471
3 Emmaus General Authority Miscellaneous Revenue (Pennsylvania Loan Program) VRDO 2.800%  12/4/2025    210       210
4 Erie City Water Authority Water Revenue 4.250%  12/1/2052  1,000       956
Erie City Water Authority Water Revenue, Prere. 5.000%  12/1/2026     30        31
Erie Higher Education Building Authority College & University Revenue (AICUP Financing Program) 5.000%   5/1/2026    250       252
Erie Higher Education Building Authority College & University Revenue (AICUP Financing Program) 5.000%   5/1/2028    300       308
Erie Higher Education Building Authority College & University Revenue (AICUP Financing Program) 5.000%   5/1/2030    315       329
Erie Higher Education Building Authority College & University Revenue (AICUP Financing Program) 5.000%   5/1/2035    375       399
Erie Higher Education Building Authority College & University Revenue (AICUP Financing Program) 5.000%   5/1/2038  1,270     1,325
Erie Higher Education Building Authority College & University Revenue (AICUP Financing Program) 5.000%   5/1/2048    500       477
Erie Higher Education Building Authority College & University Revenue (Gannon University Project - AICUP Financing Program) 4.000%   5/1/2036    400       383
Erie Higher Education Building Authority College & University Revenue (Gannon University Project - AICUP Financing Program) 4.000%   5/1/2041    475       416
Erie Higher Education Building Authority College & University Revenue (Gannon University Project - AICUP Financing Program) 5.000%   5/1/2047    955       897
Erie Higher Education Building Authority College & University Revenue (Gannon University Project) 5.000%   5/1/2032  1,325     1,335
Erie Higher Education Building Authority College & University Revenue (Gannon University Project) 5.000%   5/1/2033  1,395     1,405
4 Erie PA GO 5.000% 11/15/2046  2,400     2,553
1 Erie School District GO 5.000%   4/1/2027    150       154
1 Erie School District GO 3.000%   4/1/2032  3,360     3,327
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     2,290
3 Fayette County PA Hospital Authority Health, Hospital, Nursing Home Revenue VRDO 2.780%  12/4/2025  3,090     3,090
Fox Chapel Area School District GO 5.000%   2/1/2036  2,000     2,043
Franklin County PA IDA Health, Hospital, Nursing Home Revenue (Haven Inc. Project) 5.000%  12/1/2048  3,400     3,089
Franklin County PA IDA Health, Hospital, Nursing Home Revenue (Haven Inc. Project) 5.000%  12/1/2054  4,050     3,532
5
Pennsylvania Long-Term Tax-Exempt Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

 ($000)
Franklin Regional School District GO 4.000%   5/1/2046    115       111
4 Gateway School District Alleghany County GO 3.000% 10/15/2036  1,300     1,228
4 Gateway School District Alleghany County GO 3.000% 10/15/2043  2,375     1,932
Geisinger Authority Health, Hospital, Nursing Home Revenue 4.000%   4/1/2039 15,125    14,932
Geisinger Authority Health, Hospital, Nursing Home Revenue 4.000%   6/1/2041  4,045     3,886
Geisinger Authority Health, Hospital, Nursing Home Revenue 4.000%  2/15/2047  2,150     1,919
Geisinger Authority Health, Hospital, Nursing Home Revenue 4.000%   4/1/2050 32,645    28,564
Hampton Township PA GO 5.000%   1/1/2035    150       167
Hampton Township PA GO 5.000%   1/1/2036    150       166
Hampton Township PA GO 5.000%   1/1/2037    175       192
Harbor Creek School District GO 5.000%   3/1/2045  1,000     1,050
Hatboro-Horsham School District GO 5.000%  9/15/2040    400       434
Hatboro-Horsham School District GO 5.000%  9/15/2042    550       588
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     2,104
Haverford Township School District GO 3.000%   3/1/2034     55        54
Haverford Township School District GO 5.000%  3/15/2040    400       433
Haverford Township School District GO 5.000%  3/15/2041    580       623
Haverford Township School District GO 5.000%  3/15/2041  1,000     1,075
Haverford Township School District GO 5.000%  3/15/2042    450       481
Haverford Township School District GO 5.000%  3/15/2042    750       801
Haverford Township School District GO 5.000%  3/15/2043    635       673
Haverford Township School District GO 5.000%  3/15/2043    900       955
Haverford Township School District GO 5.000%  3/15/2044    575       606
1 Hempfield Area School District GO 5.000%  3/15/2048  5,000     5,183
4 Indiana County IDA Local or Guaranteed Housing Revenue 5.000%   5/1/2037  1,320     1,444
4 Indiana County IDA Local or Guaranteed Housing Revenue 5.000%   5/1/2038  1,390     1,513
4 Indiana County IDA Local or Guaranteed Housing Revenue 5.000%   5/1/2039  1,460     1,582
4 Indiana County IDA Local or Guaranteed Housing Revenue 5.000%   5/1/2040  1,530     1,642
4 Indiana County IDA Local or Guaranteed Housing Revenue 5.000%   5/1/2041  1,605     1,709
4 Indiana County IDA Local or Guaranteed Housing Revenue 4.000%   5/1/2042  1,035     1,018
4 Indiana County IDA Local or Guaranteed Housing Revenue 5.000%   5/1/2047  3,510     3,657
1 Interboro School District GO 5.500%  8/15/2063  2,500     2,679
2 Jefferson County PA Hospital Authority Health, Hospital, Nursing Home Revenue 4.500%  1/15/2027  1,000     1,003
Kennett Consolidated School District GO 5.000%  2/15/2041    275       301
Kennett Consolidated School District GO 5.000%  2/15/2042    475       509
Kennett Consolidated School District GO 5.000%  2/15/2042    325       351
Kennett Consolidated School District GO 5.000%  2/15/2043  1,240     1,326
Kennett Consolidated School District GO 5.000%  2/15/2044    550       580
Kennett Consolidated School District GO 5.000%  2/15/2045    500       528
Kennett Consolidated School District GO 5.000%  2/15/2048  1,000     1,046
Kennett Consolidated School District GO 5.000%  2/15/2051  5,050     5,257
Lackawanna County IDA College & University Revenue 4.000%  11/1/2035    650       656
Lackawanna County IDA College & University Revenue 4.000%  11/1/2036    625       628
Lackawanna County IDA College & University Revenue 4.000%  11/1/2040  6,700     6,616
Lampeter Strasburg School District GO 5.000%   3/1/2039    600       644
Lampeter Strasburg School District GO 5.000%   3/1/2040    725       775
Lampeter Strasburg School District GO 5.000%   3/1/2041  2,675     2,843
Lampeter Strasburg School District GO 5.000%   3/1/2042  2,750     2,907
Lampeter Strasburg School District GO 5.000%   3/1/2043  2,760     2,901
Lampeter Strasburg School District GO 5.000%   3/1/2044  1,425     1,490
Lancaster County Convention Center Authority Hotel Occupancy Tax Revenue 4.000%   5/1/2049  2,900     2,706
Lancaster County Convention Center Authority Hotel Occupancy Tax Revenue 4.750%   5/1/2053  2,000     2,011
Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   3/1/2040    500       470
Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/2042  8,825     8,880
Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%  11/1/2051  4,860     4,879
Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue (Brethren Village Project) 5.000%   7/1/2030    750       756
Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue (Brethren Village Project) 5.000%   7/1/2031  1,300     1,310
Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue (Brethren Village Project) 5.000%   7/1/2032    725       730
Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue (Brethren Village Project) 5.000%   7/1/2041    550       531
Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue (Masonic Villages Project) 5.000%  11/1/2033    810       903
Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue (Masonic Villages Project) 5.000%  11/1/2035    235       264
Lancaster Higher Education Authority College & University Revenue (Elizabeth College Project) 5.000%  10/1/2031    890       924
Lancaster Higher Education Authority College & University Revenue (Elizabeth College Project) 5.000%  10/1/2046  3,000     2,847
Lancaster Higher Education Authority College & University Revenue (Elizabeth College Project) 5.000%  10/1/2051  4,000     3,705
Lancaster IDA Health, Hospital, Nursing Home Revenue 4.000%   7/1/2046  1,425     1,223
Lancaster IDA Health, Hospital, Nursing Home Revenue 4.000%   7/1/2056  5,550     4,421
Lancaster Municipal Authority Health, Hospital, Nursing Home Revenue (Luthercare Project) 5.000%  12/1/2045  1,800     1,808
Lancaster Municipal Authority Health, Hospital, Nursing Home Revenue (Luthercare Project) 5.000%  12/1/2055    960       933
4 Lancaster PA GO 4.000%  11/1/2034  2,660     2,708
6
Pennsylvania Long-Term Tax-Exempt Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

 ($000)
4 Lancaster PA GO 4.000%  11/1/2035  2,355     2,390
4 Lancaster School District GO 4.000%   6/1/2036  1,190     1,214
4 Lancaster School District GO 5.000%   6/1/2042  1,295     1,405
4 Lancaster School District GO 5.000%   6/1/2043  1,135     1,218
4 Lancaster School District GO 5.000%   6/1/2044  1,290     1,373
Latrobe IDA College & University Revenue 5.000%   3/1/2032    335       350
Latrobe IDA College & University Revenue 5.000%   3/1/2033    300       312
Latrobe IDA College & University Revenue 5.000%   3/1/2034    325       336
Latrobe IDA College & University Revenue 4.000%   3/1/2035    450       434
Latrobe IDA College & University Revenue 4.000%   3/1/2036    475       453
Latrobe IDA College & University Revenue 4.000%   3/1/2038    575       535
Latrobe IDA College & University Revenue 4.000%   3/1/2039    685       626
Latrobe IDA College & University Revenue 4.000%   3/1/2041    535       466
Latrobe IDA College & University Revenue 4.000%   3/1/2046  3,400     2,774
Latrobe IDA College & University Revenue 4.000%   3/1/2051  3,595     2,838
4 Lehigh County Authority Intergovernmental Agreement Revenue 4.000%  12/1/2041  3,750     3,800
4 Lehigh County Authority Intergovernmental Agreement Revenue 4.000%  12/1/2042  5,560     5,571
4 Lehigh County Authority Intergovernmental Agreement Revenue 4.250%  12/1/2053  1,600     1,528
Lehigh County General Purpose Authority Charter School Aid Revenue 4.000%   6/1/2057  1,445     1,170
Lehigh County General Purpose Authority Health, Hospital, Nursing Home Revenue 4.000%  11/1/2041    125       112
Lehigh County General Purpose Authority Health, Hospital, Nursing Home Revenue 4.000%  11/1/2046  3,685     3,115
Lehigh County General Purpose Authority Health, Hospital, Nursing Home Revenue 4.000%  11/1/2051 11,680     9,209
Lehigh County IDA Charter School Aid Revenue 4.000%   5/1/2041  1,775     1,531
Lehigh County PA GO 3.000% 11/15/2043  1,690     1,382
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       238
Lehigh County PA Health, Hospital, Nursing Home Revenue 4.000%   7/1/2049 12,315    10,818
4 Lehighton Area School District GO 5.000% 11/15/2036  1,850     2,014
4 Lehighton Area School District GO 5.000% 11/15/2039  5,000     5,359
Lincoln University of the Commonwealth System of Higher Education College & University Revenue 5.250%   7/1/2044  4,000     3,809
4 Littlestown Area School District GO 5.000%  10/1/2050  2,400     2,486
Lower Paxton Township PA GO 5.000%   4/1/2040    200       215
Lower Paxton Township PA GO 5.000%   4/1/2041    225       241
Lower Paxton Township PA GO 5.000%   4/1/2042    200       212
Lower Paxton Township PA GO 5.000%   4/1/2043    350       370
Lower Paxton Township PA GO 5.000%   4/1/2044    300       315
Lower Paxton Township PA GO 5.000%   4/1/2049  1,000     1,037
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     1,863
1 Mechanicsburg Area School District GO 5.000%  5/15/2045  1,705     1,769
1 Mechanicsburg Area School District GO 5.000%  5/15/2046  2,080     2,157
Methacton School District GO 5.250%  7/15/2048    750       792
4 Middletown Area School District GO 5.000%   3/1/2040  2,000     2,153
4 Middletown Area School District GO 5.000%   3/1/2041  2,000     2,139
4 Middletown Area School District GO 5.000%   3/1/2042  2,000     2,125
4 Millcreek Township School District GO 3.000%  6/15/2036  2,240     2,134
Monroe County PA GO 4.000%  7/15/2037  1,630     1,660
Monroe County PA Hospital Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/2026  3,890     3,943
Monroe County PA IDA Tax Increment/Allocation Revenue (Tobyhanna Township Project) 5.000%   7/1/2031  3,780     3,891
Monroeville Finance Authority Health, Hospital, Nursing Home Revenue 5.000%  5/15/2037    330       367
Monroeville Finance Authority Health, Hospital, Nursing Home Revenue 5.000%  5/15/2038  1,000     1,105
Monroeville Finance Authority Health, Hospital, Nursing Home Revenue 5.000%  5/15/2039  1,000     1,097
Monroeville Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  2/15/2041  2,100     2,013
Monroeville Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  2/15/2042  4,000     3,764
Montgomery County Higher Education & Health Authority College & University Revenue 4.000%   4/1/2036    515       487
Montgomery County Higher Education & Health Authority College & University Revenue 4.000%   4/1/2037    545       509
Montgomery County Higher Education & Health Authority College & University Revenue 4.000%   4/1/2038    695       642
Montgomery County Higher Education & Health Authority College & University Revenue 4.000%   4/1/2039    305       277
Montgomery County Higher Education & Health Authority College & University Revenue (Ursinus College Project) 5.250%  11/1/2042  1,500     1,465
Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue 5.000%  12/1/2027    965       974
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     2,317
Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue 5.000%   9/1/2035  2,780     2,908
Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue 5.000%   9/1/2037  2,500     2,603
Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue 4.000%   5/1/2041  2,170     2,102
Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue 5.000%   9/1/2043  4,825     4,920
Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue 4.000%   5/1/2047  5,250     4,778
Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue 5.000%   5/1/2047  1,700     1,751
Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue 5.000%  12/1/2047  2,000     1,939
7
Pennsylvania Long-Term Tax-Exempt Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

 ($000)
Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue 4.000%   5/1/2052  5,000     4,414
Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue 3.250%   5/1/2055 12,000     8,692
Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue 4.000%   5/1/2056 14,935    12,487
4 Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue 4.000%   5/1/2056  2,000     1,733
Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue 5.000%   5/1/2057  8,725     8,781
Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue (Thomas Jefferson University Project) 4.000%   9/1/2034    380       388
Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue (Thomas Jefferson University Project) 4.000%   9/1/2036  1,445     1,455
Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue (Thomas Jefferson University Project) 4.000%   9/1/2037  1,435     1,438
Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue (Thomas Jefferson University Project) 4.000%   9/1/2044  6,920     6,468
Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue (Thomas Jefferson University Project) 4.000%   9/1/2049  2,805     2,520
1 Montgomery County Higher Education & Health Authority Health, Hospital, Nursing Home Revenue (Thomas Jefferson University Project) 4.000%   9/1/2049 10,000     9,024
Montgomery County Higher Education & Health Authority Private Schools Revenue (Hill School Project) 3.500%  8/15/2046    100        83
Montgomery County Higher Education & Health Authority Private Schools Revenue (Hill School Project) 4.000%  8/15/2050  3,705     3,391
Montgomery County PA GO 5.000%   3/1/2038  4,080     4,575
Montgomery County PA GO 5.000%  10/1/2038  8,610     9,392
Montgomery County PA GO 5.000%   3/1/2039  8,270     9,223
Montgomery County PA GO 5.000%   3/1/2040  5,330     5,906
Montgomery County PA GO 5.000%   3/1/2041  5,140     5,650
Montgomery County PA IDA College & University Revenue (Ursinus College Project) 5.000%  11/1/2044  2,985     2,890
Montgomery County PA IDA College & University Revenue (Ursinus College Project) 5.250%  11/1/2054  1,500     1,459
Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.000%   1/1/2030  1,575     1,576
Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.000%  12/1/2030  1,200     1,205
Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.250%   1/1/2040  4,750     4,750
Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.000% 11/15/2042  2,500     2,556
Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 4.000% 11/15/2043    700       631
Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.000% 11/15/2045  2,600     2,602
Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.000% 11/15/2049  2,500     2,467
Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.250% 11/15/2053  1,500     1,509
Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.000% 11/15/2055  2,500     2,429
Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Meadowood Senior Living Project) 5.000%  12/1/2038  2,500     2,530
Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/2025    250       250
Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/2026    350       351
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    100       101
Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/2030    210       212
Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/2031    250       252
Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/2032    100       101
Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/2033    225       226
Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/2034    370       371
Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/2035    570       570
Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/2036    825       820
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       415
Montgomery County PA IDA Industrial Revenue PUT 4.100%   4/3/2028 17,765    18,229
Montgomery County PA IDA Private Schools Revenue (Germantown Academy Project) 4.000%  10/1/2041  1,000       916
Montgomery County PA IDA Private Schools Revenue (Haverford School Project) 3.000%   3/1/2049  3,760     2,788
Montgomery County PA IDA Private Schools Revenue (Haverford School Project) 4.000%   3/1/2049  3,015     2,671
Moon Area School District GO 5.000%  5/15/2042  1,000     1,062
1 Moon Area School District GO 4.000% 11/15/2043  1,410     1,377
Moon Area School District GO 5.000%  5/15/2045    825       860
Moon Area School District GO 5.000%  5/15/2047  1,400     1,450
Moon Area School District GO 5.000%  5/15/2050  2,125     2,188
Moon IDA Health, Hospital, Nursing Home Revenue 5.625%   7/1/2030  1,000       976
Moon IDA Health, Hospital, Nursing Home Revenue 6.000%   7/1/2045  3,500     3,433
Moon IDA Health, Hospital, Nursing Home Revenue 6.125%   7/1/2050    680       660
Mount Lebanon Hospital Authority Health, Hospital, Nursing Home Revenue (St. Clair Memorial Hospital Project) 4.000%   7/1/2048  7,890     7,058
Muhlenberg School District GO 5.000%  5/15/2049  1,750     1,813
Muhlenberg School District GO 5.000%  5/15/2050  1,000     1,042
Muhlenberg School District GO 5.000%  5/15/2054  7,000     7,222
Muhlenberg School District GO 5.000%  5/15/2055  1,500     1,559
Neshaminy School District GO 4.000%  11/1/2046  1,225     1,146
Norristown Area School District GO 5.000%  10/1/2041  1,500     1,623
Norristown Area School District GO 5.000%  10/1/2042  1,600     1,717
8
Pennsylvania Long-Term Tax-Exempt Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

 ($000)
Norristown Area School District GO 5.000%  10/1/2043  1,100     1,168
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     1,910
North Allegheny School District GO 3.000%   5/1/2032  1,270     1,264
4 Northampton Area School District GO 4.100%   2/1/2041  3,090     3,146
Northampton County General Purpose Authority College & University Revenue 5.000%  10/1/2036  1,500     1,513
Northampton County General Purpose Authority College & University Revenue 5.000%  10/1/2040  1,760     1,768
Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/2036  6,790     6,851
1 Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/2042  1,070     1,035
1 Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/2043  4,930     4,681
Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/2043  3,000     3,051
Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/2048  3,895     3,423
1 Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/2049  9,885    10,217
Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue 5.250%  8/15/2053  3,000     3,123
3 Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue VRDO 2.850%  12/1/2025  5,550     5,550
Northampton County IDA Health, Hospital, Nursing Home Revenue 5.000%  11/1/2044  1,900     1,733
Northampton Township PA GO 3.625%  5/15/2039  2,145     2,116
Northeastern Pennsylvania Hospital & Education Authority College & University Revenue (Kings College Project) 5.000%   5/1/2044  1,000       958
Northeastern Pennsylvania Hospital & Education Authority College & University Revenue (Kings College Project) 5.000%   5/1/2049  1,535     1,427
Northeastern Pennsylvania Hospital & Education Authority College & University Revenue (Wilkes University Project) 5.000%   3/1/2029  1,250     1,252
Northeastern Pennsylvania Hospital & Education Authority College & University Revenue (Wilkes University Project) 5.250%   3/1/2031  1,140     1,148
Northeastern Pennsylvania Hospital & Education Authority College & University Revenue (Wilkes University Project) 5.000%   3/1/2037  3,740     3,741
Northeastern Pennsylvania Hospital & Education Authority College & University Revenue (Wilkes University Project) 5.250%   3/1/2037  2,850     2,858
4 Oxford Area Sewer Authority Sewer Revenue 3.000%   7/1/2046  1,255       974
Parkland School District GO 5.000%   2/1/2043  2,270     2,419
Parkland School District GO 5.000%   2/1/2044    700       741
Parkland School District GO 5.000%   2/1/2049  2,325     2,426
4 Penn Hills School District GO 3.000%  10/1/2030  3,030     3,028
4 Penn Hills School District GO 3.000%  10/1/2031  3,585     3,569
4 Penn Hills School District GO 3.000%  10/1/2032  2,020     2,014
4 Penn Hills School District GO 3.000%  10/1/2033    760       752
Pennsbury School District GO 5.000%   8/1/2039    750       811
Pennsbury School District GO 5.000%   8/1/2039    500       545
Pennsbury School District GO 5.000%   8/1/2040  1,000     1,078
Pennsbury School District GO 5.000%   8/1/2040    500       542
Pennsbury School District GO 5.000%   8/1/2041    600       646
Pennsbury School District GO 5.000%   8/1/2042    750       803
Pennsbury School District GO 5.000%   8/1/2043  4,000     4,226
Pennsbury School District GO 5.000%   8/1/2044  1,000     1,056
Pennsylvania Economic Development Financing Authority College & University Revenue (Eastern University Project) 5.250%  10/1/2033  1,310     1,437
Pennsylvania Economic Development Financing Authority College & University Revenue (Eastern University Project) 5.250%  10/1/2034  1,380     1,513
Pennsylvania Economic Development Financing Authority College & University Revenue (Eastern University Project) 5.250%  10/1/2035  1,455     1,582
Pennsylvania Economic Development Financing Authority College & University Revenue (Eastern University Project) 5.250%  10/1/2036  1,020     1,097
Pennsylvania Economic Development Financing Authority College & University Revenue (Eastern University Project) 5.250%  10/1/2038  1,130     1,201
Pennsylvania Economic Development Financing Authority College & University Revenue (Eastern University Project) 5.000%  10/1/2040  1,250     1,281
Pennsylvania Economic Development Financing Authority College & University Revenue (Villanova University Project) 5.000%   8/1/2041  1,000     1,098
Pennsylvania Economic Development Financing Authority College & University Revenue (Villanova University Project) 5.000%   8/1/2049  9,425     9,961
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       756
Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  3/15/2030  1,000     1,084
Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000%  2/15/2037  2,200     2,246
Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000%  4/15/2037  2,000     2,030
Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  5/15/2037    500       549
Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  5/15/2037    500       549
Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  2/15/2038  1,685     1,814
Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  5/15/2038    500       545
9
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%  5/15/2038    575       627
4 Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 3.000% 10/15/2038  4,725     4,348
Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  5/15/2039    900       976
Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  5/15/2039    800       868
Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000% 10/15/2039  1,700     1,670
Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000%  4/15/2040  2,000     1,958
Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000% 10/15/2040  1,200     1,174
Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  3/15/2042  1,850     1,982
Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000% 11/15/2042  2,790     2,616
Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  3/15/2043  1,385     1,470
Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000%  5/15/2043    700       651
Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  3/15/2044  1,600     1,680
Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  3/15/2045  1,515     1,579
Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000%  4/15/2045 10,000     9,154
Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 3.000% 10/15/2046  5,040     3,800
Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  2/15/2047  3,500     3,586
Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000% 11/15/2047  2,400     2,151
Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000%  5/15/2048  2,880     2,567
Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  3/15/2050  6,135     6,347
Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000% 10/15/2051  9,500     8,420
Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000%  2/15/2052  2,250     1,988
Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000%  5/15/2053  4,620     4,062
Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue (Presbyterian Senior Living Project) 5.000%   7/1/2038  1,500     1,574
Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue (Presbyterian Senior Living Project) 5.000%   7/1/2042  1,500     1,533
Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue (Presbyterian Senior Living Project) 5.250%   7/1/2046  1,000     1,013
Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue (Presbyterian Senior Living Project) 5.250%   7/1/2049  2,130     2,141
Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue PUT 5.000%  3/15/2032  8,225     9,091
Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue PUT 5.000%  3/15/2035  8,345     9,289
Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 4.000% 11/15/2027    700       718
1 Pennsylvania Economic Development Financing Authority Parking System Auto Parking Revenue 0.000%   1/1/2029  1,080       972
1 Pennsylvania Economic Development Financing Authority Parking System Auto Parking Revenue 0.000%   1/1/2030  3,710     3,222
1 Pennsylvania Economic Development Financing Authority Parking System Auto Parking Revenue 0.000%   1/1/2036  6,045     4,154
1 Pennsylvania Economic Development Financing Authority Parking System Auto Parking Revenue 0.000%   1/1/2038  5,525     3,439
1 Pennsylvania Economic Development Financing Authority Parking System Auto Parking Revenue 5.000%   1/1/2038  2,640     2,815
1 Pennsylvania Economic Development Financing Authority Parking System Auto Parking Revenue 5.000%   1/1/2039  1,500     1,579
1 Pennsylvania Economic Development Financing Authority Parking System Auto Parking Revenue 5.000%   1/1/2040  4,180     4,342
Pennsylvania Economic Development Financing Authority Parking System Auto Parking Revenue 4.375%   7/1/2053  7,000     6,868
Pennsylvania Economic Development Financing Authority Water Revenue (Pennsylvania-American Water Co. Project) 3.000%   4/1/2039  4,500     4,074
Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%   5/1/2029  1,655     1,694
Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%   5/1/2033  3,520     3,535
Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  6/15/2033  1,935     1,941
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     2,554
Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%   5/1/2034  3,000     3,012
Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%   5/1/2035  1,870     1,901
Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  8/15/2035  2,275     2,283
Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%   5/1/2036  2,305     2,269
Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  8/15/2036  1,400     1,404
Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%  11/1/2036  4,300     4,302
1 Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%   5/1/2040  4,395     4,413
Pennsylvania Higher Educational Facilities Authority College & University Revenue 3.000%  6/15/2045  1,225       941
4 Pennsylvania Higher Educational Facilities Authority College & University Revenue 3.000%  6/15/2045  1,650     1,286
1 Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%   5/1/2046  5,000     5,155
1 Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%   5/1/2050    105        94
Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  7/15/2051     20        16
Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%  2/15/2055 20,000    21,067
2 Pennsylvania Higher Educational Facilities Authority College & University Revenue TOB VRDO 2.850%  12/4/2025  6,775     6,775
Pennsylvania Higher Educational Facilities Authority College & University Revenue, ETM 4.000%  6/15/2032    500       528
Pennsylvania Higher Educational Facilities Authority College & University Revenue, ETM 4.000%  6/15/2033    345       366
Pennsylvania Higher Educational Facilities Authority College & University Revenue, ETM 3.000%  6/15/2045    180       153
Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/2035  3,135     3,165
Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/2035    785       805
Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/2038  1,000     1,084
Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/2039  1,000     1,020
Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.250%  11/1/2041  2,000     2,184
10
Pennsylvania Long-Term Tax-Exempt Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

 ($000)
Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/2042  8,260     8,055
Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  11/1/2042  3,000     2,883
Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/2043  7,565     7,240
Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.250%  11/1/2043  2,000     2,137
Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/2044  1,045       984
Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   9/1/2045    160       148
Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 3.000%  8/15/2047  6,345     5,037
Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/2049 21,685    19,487
1 Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.250%  11/1/2051  4,000     3,686
Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.500%  11/1/2054  8,750     9,307
Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/2055  2,000     2,071
Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.500%  8/15/2055 15,890    17,347
1,2 Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue TOB VRDO 2.910%  12/4/2025  4,000     4,000
3 Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue VRDO 2.850%  12/1/2025 19,500    19,500
3 Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue VRDO 2.850%  12/1/2025 17,895    17,895
3 Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue VRDO 2.950%  12/1/2025 21,925    21,925
3 Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue VRDO 2.950%  12/1/2025 26,355    26,355
3 Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue VRDO 2.800%  12/3/2025 20,510    20,510
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.200%  10/1/2031  2,500     2,494
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.550%  10/1/2033  2,500     2,479
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.950%  10/1/2034  3,000     2,823
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.500%  10/1/2034  1,000       984
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.600%   8/1/2035  7,376     7,329
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.125%  10/1/2035  2,000     1,709
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.070%  10/1/2036  5,000     4,176
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.500%  10/1/2036  6,180     6,106
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.780%   1/1/2037  1,785     1,808
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 4.400%  10/1/2038  8,500     8,756
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 4.500%  10/1/2038  7,500     7,775
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.700%  10/1/2039  6,845     6,031
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.150%  10/1/2039  4,000     3,694
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.350%  10/1/2040  6,000     4,819
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 4.750%  10/1/2040  7,500     7,807
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 4.900%  10/1/2040  5,000     5,205
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.280%  10/1/2041  7,500     5,851
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.450%  10/1/2041  5,000     3,988
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.200%  10/1/2041  7,830     6,944
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 4.300%  10/1/2041  2,000     2,005
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 5.125%  10/1/2041  3,250     3,424
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 5.250%   9/1/2042  4,325     4,638
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.650%  10/1/2042  6,335     5,939
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.650%  10/1/2042 10,400     9,737
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 5.550%  11/1/2042  3,977     4,468
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.100%  10/1/2044  8,500     7,011
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 4.500%  10/1/2044  5,000     5,028
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.500%  10/1/2045  2,500     1,827
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.600%   4/1/2046  6,035     4,475
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.375%  10/1/2046  7,005     5,057
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.400%  10/1/2046  7,500     5,353
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.000%  10/1/2046  3,000     2,339
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.500%  10/1/2050  3,000     2,063
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.550%  10/1/2051  7,500     5,295
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.000%  10/1/2051    910       901
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 4.250%  10/1/2052  1,530     1,551
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 5.000%  10/1/2052  5,615     5,793
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 5.500%  10/1/2053 11,410    12,007
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 5.750%  10/1/2053  7,947     8,414
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 6.250%  10/1/2053  4,575     4,951
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 6.000%  10/1/2054  6,985     7,538
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 6.250%  10/1/2054  3,890     4,255
6 Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 6.250%  10/1/2055  4,955     5,653
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 6.500%  10/1/2055  7,500     8,582
2 Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue TOB VRDO 2.950%  12/1/2025  6,365     6,365
2,3 Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue TOB VRDO 3.050%  12/1/2025  7,302     7,302
Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 2.750%  12/3/2025    200       200
Pennsylvania State University College & University Revenue 5.000%   9/1/2036  4,650     4,800
Pennsylvania State University College & University Revenue 5.000%   9/1/2036  1,235     1,400
Pennsylvania State University College & University Revenue 5.000%   9/1/2037    945     1,064
Pennsylvania State University College & University Revenue 5.000%   9/1/2038    850       949
Pennsylvania State University College & University Revenue 5.000%   9/1/2039  1,000     1,110
11
Pennsylvania Long-Term Tax-Exempt Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

 ($000)
Pennsylvania State University College & University Revenue 5.000%   9/1/2039  1,750     1,991
Pennsylvania State University College & University Revenue 5.000%   9/1/2040  1,500     1,650
Pennsylvania State University College & University Revenue 5.000%   9/1/2040  2,000     2,249
Pennsylvania State University College & University Revenue 5.000%   9/1/2041  1,575     1,718
Pennsylvania State University College & University Revenue 5.250%   9/1/2048  7,130     7,627
Pennsylvania State University College & University Revenue 5.000%   9/1/2049  5,000     5,286
Pennsylvania State University College & University Revenue 5.250%   9/1/2050  6,250     6,754
Pennsylvania State University College & University Revenue 5.250%   9/1/2053  5,000     5,314
Pennsylvania State University College & University Revenue 5.250%   9/1/2054 10,000    10,679
Pennsylvania State University College & University Revenue 5.500%   9/1/2055 10,755    11,781
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2035  5,500     5,710
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2035  5,000     5,214
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2035  5,500     6,233
Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/2036    680       701
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2036  1,000     1,073
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2036  9,790    10,183
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2036  1,250     1,398
Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/2037  6,610     6,674
Pennsylvania Turnpike Commission Highway Revenue 4.750%  12/1/2037  4,070     4,137
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2037  1,360     1,452
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2037  6,535     6,780
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2037  1,315     1,359
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2038  2,240     2,494
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2039  1,240     1,374
1 Pennsylvania Turnpike Commission Highway Revenue 0.000%  12/1/2040  1,820       951
Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/2040  2,735     2,771
Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/2040  1,785     1,816
Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/2040  3,020     3,048
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2040  1,700     1,871
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2040  1,570     1,737
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2040  1,000     1,131
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2040  1,500     1,688
4 Pennsylvania Turnpike Commission Highway Revenue 0.000%  12/1/2041  5,400     2,643
Pennsylvania Turnpike Commission Highway Revenue 0.000%  12/1/2041    500       241
Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/2041  5,000     4,974
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2041  3,035     3,112
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2041  3,710     4,114
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2041  1,120     1,239
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2041  1,010     1,122
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2041  1,200     1,342
Pennsylvania Turnpike Commission Highway Revenue 5.250%  12/1/2041  1,250     1,380
Pennsylvania Turnpike Commission Highway Revenue 5.000%   6/1/2042  2,000     2,035
Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/2042  2,955     2,919
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2042  1,165     1,266
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2042  1,540     1,690
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2042  2,230     2,439
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2042  1,030     1,133
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2042  1,000     1,105
Pennsylvania Turnpike Commission Highway Revenue 5.500%  12/1/2042  2,950     3,004
Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/2043  4,550     4,407
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2043  2,750     2,832
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2043  1,750     1,875
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2043  1,500     1,616
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2043  1,050     1,141
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2043  4,000     4,347
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2043  1,950     2,107
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2043  1,115     1,216
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2043  1,750     1,909
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2043  1,425     1,560
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2044 16,635    17,223
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2044  1,345     1,456
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2044  2,000     2,164
Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/2045    310       292
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2045  1,930     2,081
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2045  1,130     1,219
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2045  1,500     1,611
Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/2046    865       810
Pennsylvania Turnpike Commission Highway Revenue 5.500%  12/1/2046 11,000    11,147
Pennsylvania Turnpike Commission Highway Revenue 5.250%   6/1/2047  3,930     3,989
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2047  5,515     5,776
12
Pennsylvania Long-Term Tax-Exempt Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

 ($000)
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2047  5,000     5,280
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2047  2,500     2,668
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2047  4,055     4,339
Pennsylvania Turnpike Commission Highway Revenue 5.250%  12/1/2047  2,895     3,101
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2048 12,500    13,237
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     7,057
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2049  4,000     4,252
Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/2050  3,940     3,582
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    10,378
Pennsylvania Turnpike Commission Highway Revenue 5.250%  12/1/2050  5,000     5,401
Pennsylvania Turnpike Commission Highway Revenue 3.000%  12/1/2051  5,275     3,889
Pennsylvania Turnpike Commission Highway Revenue 3.000%  12/1/2051  3,415     2,555
Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/2051  6,275     5,744
Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/2051  7,770     7,061
Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/2051 10,475     9,589
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2051  2,620     2,716
Pennsylvania Turnpike Commission Highway Revenue 5.250%  12/1/2052  2,840     3,006
Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/2053  9,000     9,315
Pennsylvania Turnpike Commission Highway Revenue 5.250%  12/1/2055  3,000     3,221
Pennsylvania Turnpike Commission Highway Revenue PUT 5.000%  12/1/2032  3,000     3,402
3 Pennsylvania Turnpike Commission Highway Revenue VRDO 2.810%  12/4/2025  1,050     1,050
3 Pennsylvania Turnpike Commission Highway Revenue VRDO 2.810%  12/4/2025  1,100     1,100
3 Pennsylvania Turnpike Commission Highway Revenue VRDO 2.810%  12/4/2025  1,315     1,315
7 Pennsylvania Turnpike Commission Highway Revenue, 6.100% coupon rate effective 12/1/2028 0.000%  12/1/2041  9,795     9,590
Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 0.000%  12/1/2037  2,100     1,327
Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 4.000%  12/1/2038  4,420     4,509
Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 5.000%  12/1/2038  3,000     3,131
Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 5.000%  12/1/2039  3,535     3,681
Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 4.000%  12/1/2040  2,155     2,175
Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 4.000%  12/1/2041  1,675     1,678
Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 5.000%  12/1/2041  1,050     1,174
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    16,211
Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 5.000%  12/1/2046  7,630     8,018
Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 5.250%  12/1/2050  5,000     5,372
Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 4.000%  12/1/2051  9,810     8,980
Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 4.000%  12/1/2051 13,600    12,417
Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 4.000%  12/1/2053  5,340     4,834
Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 5.000%  12/1/2053  7,500     7,858
Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue 5.250%  12/1/2053  7,350     7,916
2 Pennsylvania Turnpike Commission Registration Fee Transit Revenue TOB VRDO 3.000%  12/1/2025  4,100     4,100
Pequea Valley School District GO 3.750%  5/15/2052  1,955     1,685
Peters Township School District Washington County GO 5.000%   9/1/2037  3,000     3,150
Peters Township School District Washington County GO 5.000%   9/1/2038  7,555     7,892
2 Philadelphia Authority for Industrial Development Charter School Aid Revenue 5.000%  6/15/2043  4,440     4,332
Philadelphia Energy Authority Intergovernmental Agreement Revenue 5.000%  11/1/2037    900     1,012
Philadelphia Energy Authority Intergovernmental Agreement Revenue 5.000%  11/1/2038  1,000     1,115
Philadelphia Energy Authority Intergovernmental Agreement Revenue 5.000%  11/1/2039  1,850     2,051
Philadelphia Energy Authority Intergovernmental Agreement Revenue 5.000%  11/1/2040  1,900     2,087
Philadelphia Energy Authority Intergovernmental Agreement Revenue 5.000%  11/1/2041  1,300     1,415
Philadelphia Energy Authority Intergovernmental Agreement Revenue 5.000%  11/1/2042  1,075     1,165
Philadelphia Energy Authority Intergovernmental Agreement Revenue 5.000%  11/1/2043    850       913
Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/2035  4,000     4,122
Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/2036  2,000     2,057
Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/2037  2,000     2,053
1 Philadelphia Gas Works Co. Natural Gas Revenue 4.000%   8/1/2038  3,750     3,812
1 Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/2038  5,000     5,374
1 Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/2039  1,905     2,043
1 Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/2040  3,000     3,215
Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/2040  1,650     1,832
Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/2042  5,000     5,082
Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/2044  1,205     1,286
Philadelphia Gas Works Co. Natural Gas Revenue 5.250%   8/1/2049  8,965     9,532
1 Philadelphia Gas Works Co. Natural Gas Revenue 5.250%   8/1/2054  7,500     7,915
3 Philadelphia Gas Works Co. Natural Gas Revenue VRDO 2.810%  12/4/2025    245       245
3 Philadelphia Gas Works Co. Natural Gas Revenue VRDO 2.810%  12/4/2025    525       525
Philadelphia Hospitals & Higher Education Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2033  4,925     5,000
Philadelphia Hospitals & Higher Education Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2034  4,980     5,048
13
Pennsylvania Long-Term Tax-Exempt Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

 ($000)
1 Philadelphia Hospitals & Higher Education Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2036  3,025     3,345
1 Philadelphia Hospitals & Higher Education Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/2037  5,075     5,563
1 Philadelphia Hospitals & Higher Education Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2038  5,000     5,020
1 Philadelphia Hospitals & Higher Education Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2039  1,525     1,518
1 Philadelphia Hospitals & Higher Education Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/2040  9,475     9,356
Philadelphia Housing Authority Lease (Non-Terminable) Revenue (Phadc Acquisition Program) 5.000%   3/1/2043  3,785     3,936
Philadelphia Housing Authority Lease (Non-Terminable) Revenue (Phadc Acquisition Program) 5.000%   3/1/2045  2,500     2,569
Philadelphia IDA Charter School Aid Revenue 4.000%   6/1/2031    515       509
2 Philadelphia IDA Charter School Aid Revenue 5.000%  6/15/2033  2,170     2,185
2 Philadelphia IDA Charter School Aid Revenue 5.375%  6/15/2038  2,500     2,515
2 Philadelphia IDA Charter School Aid Revenue 5.500%  6/15/2043  2,045     2,013
Philadelphia IDA Charter School Aid Revenue (Alliance for Progress Charter School Inc. Project) 5.000%  6/15/2049  2,770     2,492
2 Philadelphia IDA Charter School Aid Revenue (Discovery Charter School Inc. Project) 5.000%  4/15/2042  3,290     3,131
2 Philadelphia IDA Charter School Aid Revenue (Discovery Charter School Inc. Project) 5.000%  4/15/2052  4,835     4,277
Philadelphia IDA Charter School Aid Revenue (Green Woods Charter School Project) 5.125%  6/15/2042  1,045     1,036
Philadelphia IDA Charter School Aid Revenue (Green Woods Charter School Project) 5.250%  6/15/2052  1,920     1,839
Philadelphia IDA Charter School Aid Revenue (Green Woods Charter School Project) 5.375%  6/15/2057  2,270     2,195
Philadelphia IDA Charter School Aid Revenue (Mast Community Charter School III Project) 5.000%   8/1/2040    425       429
Philadelphia IDA Charter School Aid Revenue (Master Charter School Project) 5.000%   8/1/2040    600       610
Philadelphia IDA Charter School Aid Revenue (Master Charter School Project) 5.000%   8/1/2050  2,850     2,825
Philadelphia IDA Charter School Aid Revenue (Philadelphia Electrical & Technology Charter School Project) 4.000%   6/1/2041  1,125       990
Philadelphia IDA Charter School Aid Revenue (Philadelphia Electrical & Technology Charter School Project) 4.000%   6/1/2051  1,765     1,372
Philadelphia IDA Charter School Aid Revenue (Philadelphia Electrical & Technology Charter School Project) 4.000%   6/1/2056    670       504
Philadelphia IDA Charter School Aid Revenue (Russell Byers Charter School Project) 5.000%   5/1/2040  1,000     1,001
Philadelphia IDA Charter School Aid Revenue (Russell Byers Charter School Project) 5.000%   5/1/2050  5,130     4,813
2 Philadelphia IDA Charter School Aid Revenue (String Theory Charter School Project) 5.000%  6/15/2040  1,415     1,408
2 Philadelphia IDA Charter School Aid Revenue (String Theory Charter School Project) 5.000%  6/15/2050  1,050       966
Philadelphia IDA College & University Revenue 5.000%  11/1/2031  2,000     2,127
Philadelphia IDA College & University Revenue 5.000%  11/1/2032  2,000     2,120
Philadelphia IDA College & University Revenue 4.000%  11/1/2036  1,510     1,517
Philadelphia IDA College & University Revenue 4.000%  11/1/2037  2,750     2,755
Philadelphia IDA College & University Revenue 4.000%  11/1/2038    530       527
Philadelphia IDA College & University Revenue 4.000%  11/1/2038  1,975     1,965
Philadelphia IDA College & University Revenue 4.000%  11/1/2045 13,165    11,896
Philadelphia IDA College & University Revenue (Holy Family University Project) 5.000%   9/1/2030  1,000     1,057
Philadelphia IDA College & University Revenue (Holy Family University Project) 5.500%   9/1/2037  2,375     2,620
Philadelphia IDA College & University Revenue (Holy Family University Project) 5.125%   9/1/2045  1,000     1,021
Philadelphia IDA College & University Revenue (Holy Family University Project) 5.375%   9/1/2055  2,600     2,637
Philadelphia IDA College & University Revenue (Saint Joseph's University Project) 5.250%  11/1/2052  3,000     3,100
Philadelphia IDA College & University Revenue (Saint Joseph's University Project) 5.500%  11/1/2060 14,410    15,073
Philadelphia IDA Government Fund/Grant Revenue 5.000%  11/1/2042  2,000     2,007
Philadelphia IDA Government Fund/Grant Revenue 5.000%  11/1/2047  5,000     4,897
Philadelphia IDA Health, Hospital, Nursing Home Revenue 5.000%   7/1/2034  2,180     2,249
Philadelphia IDA Health, Hospital, Nursing Home Revenue 4.000%   7/1/2035  2,150     2,164
Philadelphia IDA Health, Hospital, Nursing Home Revenue 5.000%   9/1/2035  2,425     2,466
Philadelphia IDA Health, Hospital, Nursing Home Revenue 4.000%   7/1/2036  2,000     2,008
Philadelphia IDA Health, Hospital, Nursing Home Revenue 5.000%   9/1/2036 11,000    11,172
Philadelphia IDA Health, Hospital, Nursing Home Revenue 5.000%   7/1/2045  4,000     4,238
Philadelphia IDA Health, Hospital, Nursing Home Revenue 5.000%   7/1/2046  4,000     4,219
Philadelphia IDA Health, Hospital, Nursing Home Revenue 4.000%   7/1/2049  9,600     8,890
Philadelphia IDA Health, Hospital, Nursing Home Revenue 5.250%   7/1/2049  1,000     1,065
Philadelphia IDA Health, Hospital, Nursing Home Revenue 5.500%   7/1/2053 18,000    19,459
3 Philadelphia IDA Health, Hospital, Nursing Home Revenue (Gift of Life Donor Program) VRDO 2.810%  12/4/2025    940       940
2 Philadelphia IDA Health, Hospital, Nursing Home Revenue TOB VRDO 2.950%  12/1/2025  2,625     2,625
Philadelphia IDA Health, Hospital, Nursing Home Revenue VRDO 2.850%  12/1/2025 17,535    17,535
Philadelphia IDA Health, Hospital, Nursing Home Revenue VRDO 2.850%  12/1/2025  4,340     4,340
Philadelphia IDA Intergovernmental Agreement Revenue 5.000%  12/1/2037  3,250     3,333
Philadelphia IDA Intergovernmental Agreement Revenue (Rebuild Project) 5.000%  12/1/2040  1,225     1,383
Philadelphia IDA Intergovernmental Agreement Revenue (Rebuild Project) 5.000%  12/1/2041  1,000     1,120
Philadelphia IDA Intergovernmental Agreement Revenue (Rebuild Project) 5.000%  12/1/2042  1,000     1,105
Philadelphia IDA Intergovernmental Agreement Revenue (Rebuild Project) 5.000%  12/1/2043  1,500     1,638
Philadelphia IDA Intergovernmental Agreement Revenue (Rebuild Project) 5.000%  12/1/2044  1,000     1,079
3 Philadelphia IDA Lease (Appropriation) Revenue VRDO 2.810%  12/4/2025  3,300     3,300
Philadelphia PA Airport Port, Airport & Marina Revenue 5.000%   7/1/2032  1,400     1,445
Philadelphia PA Airport Port, Airport & Marina Revenue 4.000%   7/1/2033  1,345     1,395
Philadelphia PA Airport Port, Airport & Marina Revenue 5.000%   7/1/2033    750       773
Philadelphia PA Airport Port, Airport & Marina Revenue 4.000%   7/1/2034  1,400     1,448
Philadelphia PA Airport Port, Airport & Marina Revenue 4.000%   7/1/2036  4,965     5,053
Philadelphia PA Airport Port, Airport & Marina Revenue 4.000%   7/1/2038  1,860     1,876
Philadelphia PA Airport Port, Airport & Marina Revenue 4.000%   7/1/2039  2,000     2,007
14
Pennsylvania Long-Term Tax-Exempt Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

 ($000)
Philadelphia PA Airport Port, Airport & Marina Revenue 5.000%   7/1/2040  1,000     1,117
Philadelphia PA Airport Port, Airport & Marina Revenue 5.000%   7/1/2041  1,225     1,350
Philadelphia PA Airport Port, Airport & Marina Revenue 5.000%   7/1/2042  5,000     5,081
Philadelphia PA Airport Port, Airport & Marina Revenue 5.000%   7/1/2042  1,620     1,765
4 Philadelphia PA Airport Port, Airport & Marina Revenue 3.000%   7/1/2050  5,000     3,624
Philadelphia PA Airport Port, Airport & Marina Revenue 5.500%   7/1/2051  5,000     5,430
Philadelphia PA Airport Port, Airport & Marina Revenue 5.500%   7/1/2055  4,235     4,589
2,3 Philadelphia PA Authority Industrial Development Multifamily Housing Local or Guaranteed Housing Revenue TOB VRDO 3.050%  12/1/2025  1,800     1,800
Philadelphia PA GO 4.000%   5/1/2038  9,000     9,088
Philadelphia PA GO 5.000%   8/1/2038  5,000     5,721
Philadelphia PA GO 5.000%   8/1/2039  5,000     5,688
Philadelphia PA GO 5.000%   8/1/2040  5,000     5,631
Philadelphia PA GO 5.000%   8/1/2042  2,250     2,484
Philadelphia PA GO 5.250%   8/1/2043  6,000     6,675
Philadelphia PA GO 5.250%   8/1/2044  8,000     8,830
Philadelphia PA GO 5.250%   8/1/2045  6,000     6,576
Philadelphia PA Water & Wastewater Water Revenue 4.000%  10/1/2035  3,000     3,096
Philadelphia PA Water & Wastewater Water Revenue 5.000%  10/1/2037  2,295     2,479
1 Philadelphia PA Water & Wastewater Water Revenue 5.000%   9/1/2038  6,540     7,417
Philadelphia PA Water & Wastewater Water Revenue 5.000%  11/1/2038  1,655     1,782
Philadelphia PA Water & Wastewater Water Revenue 5.000%  10/1/2039  2,355     2,522
Philadelphia PA Water & Wastewater Water Revenue 5.000%   6/1/2041  2,750     2,974
1 Philadelphia PA Water & Wastewater Water Revenue 5.000%   9/1/2041  3,000     3,282
1 Philadelphia PA Water & Wastewater Water Revenue 5.000%   9/1/2042  3,000     3,252
1 Philadelphia PA Water & Wastewater Water Revenue 5.000%   9/1/2043  3,000     3,223
Philadelphia PA Water & Wastewater Water Revenue 5.000%  11/1/2045  6,000     6,239
Philadelphia PA Water & Wastewater Water Revenue 5.000%  10/1/2046  8,840     9,227
Philadelphia PA Water & Wastewater Water Revenue 5.500%   6/1/2047  6,610     7,118
Philadelphia PA Water & Wastewater Water Revenue 5.000%  11/1/2050  4,475     4,616
Philadelphia PA Water & Wastewater Water Revenue 4.000%  10/1/2051  8,315     7,669
Philadelphia PA Water & Wastewater Water Revenue 5.500%   6/1/2052 16,380    17,503
1 Philadelphia PA Water & Wastewater Water Revenue 5.500%   9/1/2053  7,235     7,815
1 Philadelphia PA Water & Wastewater Water Revenue 5.250%   9/1/2054  8,000     8,565
Philadelphia Redevelopment Authority Intergovernmental Agreement Revenue 5.000%   9/1/2041  2,000     2,172
Philadelphia Redevelopment Authority Intergovernmental Agreement Revenue 5.000%   9/1/2042  4,000     4,310
Philadelphia Redevelopment Authority Intergovernmental Agreement Revenue 5.000%   9/1/2042  1,000     1,080
Philadelphia Redevelopment Authority Intergovernmental Agreement Revenue 5.000%   9/1/2043  2,000     2,139
Philadelphia School District GO 5.000%   9/1/2029  2,235     2,264
Philadelphia School District GO 5.000%   9/1/2032  1,160     1,290
Philadelphia School District GO 5.000%   9/1/2035  4,240     4,432
Philadelphia School District GO 5.000%   9/1/2036  2,015     2,032
Philadelphia School District GO 5.250%   9/1/2036  1,100     1,250
Philadelphia School District GO 4.000%   9/1/2037  2,300     2,337
Philadelphia School District GO 4.000%   9/1/2037  1,500     1,534
Philadelphia School District GO 5.000%   9/1/2037  2,015     2,030
Philadelphia School District GO 5.000%   9/1/2037  3,825     3,998
Philadelphia School District GO 5.250%   9/1/2037  1,900     2,149
Philadelphia School District GO 4.000%   9/1/2038  1,000     1,018
Philadelphia School District GO 5.000%   9/1/2038  1,000     1,041
Philadelphia School District GO 5.000%   9/1/2038  1,990     2,003
Philadelphia School District GO 5.250%   9/1/2038  1,430     1,607
Philadelphia School District GO 4.000%   9/1/2040  8,880     8,945
Philadelphia School District GO 5.250%   9/1/2040  1,715     1,906
Philadelphia School District GO 5.250%   9/1/2043  1,075     1,165
Philadelphia School District GO 5.000%   9/1/2044 10,165    10,402
Philadelphia School District GO 4.000%   9/1/2046 12,485    11,652
Philadelphia School District GO 5.500%   9/1/2048  8,370     8,939
Philadelphia School District GO, Prere. 5.000%   9/1/2026     10        10
Pittsburgh & Allegheny County Sports & Exhibition Authority Auto Parking Revenue 5.000% 12/15/2031  1,000     1,038
Pittsburgh & Allegheny County Sports & Exhibition Authority Auto Parking Revenue 5.000% 12/15/2032    500       518
Pittsburgh & Allegheny County Sports & Exhibition Authority Auto Parking Revenue 5.000% 12/15/2034  1,000     1,034
Pittsburgh & Allegheny County Sports & Exhibition Authority Auto Parking Revenue 5.000% 12/15/2036    500       515
Pittsburgh & Allegheny County Sports & Exhibition Authority Auto Parking Revenue 5.000% 12/15/2037    500       514
1 Pittsburgh & Allegheny County Sports & Exhibition Authority Intergovernmental Agreement Revenue 5.000%   2/1/2035  5,000     5,545
1 Pittsburgh & Allegheny County Sports & Exhibition Authority Lease (Appropriation) Revenue VRDO 2.780%  12/4/2025    200       200
Pittsburgh PA GO 5.000%   9/1/2035    560       581
Pittsburgh PA GO 4.000%   9/1/2036    875       883
Pittsburgh PA GO 4.000%   9/1/2038    500       502
Pittsburgh PA GO 5.000%   9/1/2039    500       541
15
Pennsylvania Long-Term Tax-Exempt Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

 ($000)
Pittsburgh PA GO 4.000%   9/1/2040  3,635     3,668
Pittsburgh PA GO 5.000%   9/1/2040    500       545
Pittsburgh PA GO 4.000%   9/1/2041  3,780     3,779
Pittsburgh PA GO 5.000%   9/1/2041  1,500     1,602
Pittsburgh PA GO 5.000%   9/1/2042  1,000     1,060
Pittsburgh PA GO 5.000%   9/1/2042    500       536
Pittsburgh PA GO 5.000%   9/1/2042  1,250     1,314
Pittsburgh School District GO 4.000%   9/1/2038    310       312
Pittsburgh School District GO 3.000%   9/1/2041  2,315     2,005
8 Pittsburgh Water & Sewer Authority Water Revenue 0.000%   9/1/2027 10,820    10,265
8 Pittsburgh Water & Sewer Authority Water Revenue 0.000%   9/1/2029 10,000     8,921
1 Pittsburgh Water & Sewer Authority Water Revenue 3.000%   9/1/2039    500       450
1 Pittsburgh Water & Sewer Authority Water Revenue 3.000%   9/1/2040    305       273
1 Pittsburgh Water & Sewer Authority Water Revenue 5.500%   9/1/2047  1,345     1,449
1 Pittsburgh Water & Sewer Authority Water Revenue 5.000%   9/1/2048  3,405     3,553
Pittsburgh Water & Sewer Authority Water Revenue 5.000%   9/1/2052  1,875     1,946
1 Pittsburgh Water & Sewer Authority Water Revenue 5.000%   9/1/2055  5,000     5,197
1,2 Pittsburgh Water & Sewer Authority Water Revenue TOB VRDO 3.020%  12/1/2025  1,100     1,100
1,2 Pittsburgh Water & Sewer Authority Water Revenue TOB VRDO 3.020%  12/1/2025  7,500     7,500
Pleasant Valley PA School District GO 5.000%   5/1/2040    450       491
Pleasant Valley PA School District GO 5.000%   5/1/2041    700       757
Pleasant Valley PA School District GO 5.000%   5/1/2042  2,235     2,396
Pleasant Valley PA School District GO 5.000%   5/1/2043  1,000     1,060
Pocono Mountains Industrial Park Authority Health, Hospital, Nursing Home Revenue (St. Lukes Hospital-Monroe Project) 4.000%  8/15/2045    705       647
2 Quakertown General Authority Special Assessment Revenue (Milford Village Project) 6.500%   3/1/2055  2,800     2,885
Radnor Township School District GO 5.500%  8/15/2048  1,000     1,037
Radnor Township School District GO 5.500%  8/15/2053  1,000     1,034
1 Reading School District GO 5.000%   3/1/2038  1,750     1,781
1 Ridley School District GO 4.000% 11/15/2034  1,000     1,026
4 Ridley School District GO 3.000% 11/15/2037  2,950     2,780
1 Ridley School District GO 4.000% 11/15/2037    800       811
4 Ridley School District GO 3.000% 11/15/2038  2,000     1,857
1 Ridley School District Lease (Non-Terminable) Revenue 5.000% 11/15/2050  2,500     2,569
1 Scott Township PA GO 3.000%  8/15/2034    255       248
1 Scott Township PA GO 3.000%  8/15/2038    300       273
1 Scott Township PA GO 3.000%  8/15/2042    650       549
1 Scott Township PA GO 3.000%  8/15/2046    600       466
1 Scranton PA GO 5.000% 11/15/2026    850       866
1 Scranton PA GO 5.000% 11/15/2027    615       637
Scranton PA School District GO 5.000%  12/1/2028  1,575     1,665
Scranton PA School District GO 5.000%  12/1/2029  1,250     1,344
Scranton PA School District GO 4.000%  12/1/2039  2,765     2,799
Scranton PA School District GO 4.000%  12/1/2040    500       502
Scranton PA School District GO 4.000%   6/1/2041  2,010     2,014
Scranton PA School District GO 4.000%  12/1/2042    150       149
Scranton-Lackawanna Health & Welfare Authority College & University Revenue 5.000%  11/1/2037  2,500     2,514
Scranton-Lackawanna Health & Welfare Authority College & University Revenue 5.000%  11/1/2037  1,290     1,416
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     2,228
Scranton-Lackawanna Health & Welfare Authority College & University Revenue 5.000%  11/1/2050  3,170     3,227
Scranton-Lackawanna Health & Welfare Authority College & University Revenue 4.375%  11/1/2055  3,670     3,352
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     1,316
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     1,280
Snyder County Higher Education Authority College & University Revenue (Susquehanna University Project) 5.000%   1/1/2032    805       806
4 Souderton Area School District GO 4.000%   9/1/2039  3,685     3,742
Southcentral Pennsylvania General Authority College & University Revenue (AICUP Financing Program - York College of Pennsylvania Project) 5.250%   5/1/2055 10,000    10,219
Southcentral Pennsylvania General Authority College & University Revenue (AICUP Financing Program) 3.500%  11/1/2041    500       415
Southcentral Pennsylvania General Authority College & University Revenue (York College of Pennsylvania Project) 4.000%   5/1/2033    320       323
Southcentral Pennsylvania General Authority College & University Revenue (York College of Pennsylvania Project) 4.000%   5/1/2034    560       563
Southcentral Pennsylvania General Authority Health, Hospital, Nursing Home Revenue 5.000%  12/1/2029  1,090     1,091
Southcentral Pennsylvania General Authority Health, Hospital, Nursing Home Revenue 4.000%   6/1/2044  1,000       933
Southcentral Pennsylvania General Authority Health, Hospital, Nursing Home Revenue 5.000%   6/1/2044  5,000     5,110
Southcentral Pennsylvania General Authority Health, Hospital, Nursing Home Revenue 4.000%   6/1/2049  8,210     7,321
16
Pennsylvania Long-Term Tax-Exempt Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

 ($000)
Southeastern Pennsylvania Transportation Authority Sales Tax Revenue (Asset Improvement Program) 5.000%   6/1/2038  4,000     4,405
Southeastern Pennsylvania Transportation Authority Sales Tax Revenue (Asset Improvement Program) 5.250%   6/1/2041  4,000     4,371
Southeastern Pennsylvania Transportation Authority Sales Tax Revenue (Asset Improvement Program) 5.250%   6/1/2043  3,000     3,225
Southeastern Pennsylvania Transportation Authority Sales Tax Revenue (Asset Improvement Program) 5.250%   6/1/2047  5,000     5,279
Southeastern Pennsylvania Transportation Authority Sales Tax Revenue (Asset Improvement Program) 5.250%   6/1/2052 12,500    13,087
State College PA Area School District GO 5.000%  5/15/2036    375       394
4 State Public School Building Authority College & University Revenue (Delaware County Community College Project) 5.000%  10/1/2030  1,055     1,056
4 State Public School Building Authority College & University Revenue (Delaware County Community College Project) 5.000%  10/1/2036    600       651
4 State Public School Building Authority College & University Revenue (Delaware County Community College Project) 5.000%  10/1/2037    550       594
4 State Public School Building Authority College & University Revenue (Delaware County Community College Project) 5.000%  10/1/2038    600       644
4 State Public School Building Authority College & University Revenue (Delaware County Community College Project) 4.000%  10/1/2041  1,000     1,001
4 State Public School Building Authority College & University Revenue (Delaware County Community College Project) 4.000%  10/1/2042  1,000       984
State Public School Building Authority Lease (Appropriation) Revenue (Chester Upland School District Project) 5.250%  9/15/2030  3,535     3,689
State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%   6/1/2028 11,660    11,861
1 State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%   6/1/2032  4,655     4,735
1 State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%   6/1/2033  3,240     3,292
State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%   6/1/2034  6,000     6,081
1 State Public School Building Authority Miscellaneous Revenue 5.000%  12/1/2033  1,585     1,609
Swarthmore Borough Authority College & University Revenue 5.000%  9/15/2044  5,015     5,149
Swarthmore Borough Authority College & University Revenue 5.000%  9/15/2045  2,000     2,124
Swarthmore Borough Authority College & University Revenue 5.000%  9/15/2050  9,115     9,573
Swarthmore Borough Authority College & University Revenue 5.000%  9/15/2053  2,000     2,093
Swarthmore Borough Authority College & University Revenue PUT 5.000%  9/13/2035  5,000     5,812
1 Temple University-of The Commonwealth System of Higher Education College & University Revenue 5.000%   4/1/2034  1,500     1,747
1 Temple University-of The Commonwealth System of Higher Education College & University Revenue 5.000%   4/1/2041  2,000     2,207
1 Temple University-of The Commonwealth System of Higher Education College & University Revenue 5.000%   4/1/2042    800       873
1 Temple University-of The Commonwealth System of Higher Education College & University Revenue 5.000%   4/1/2043  2,000     2,158
1 Temple University-of The Commonwealth System of Higher Education College & University Revenue 5.000%   4/1/2044  1,000     1,071
Tredyffrin Easttown School District GO 5.000%  2/15/2044    500       529
4 Trinity Area School District GO 4.000%  1/15/2036  3,000     3,038
4 Tulpehocken Area School District GO 5.250%  10/1/2041  2,000     2,142
4 Tulpehocken Area School District GO 5.250%  10/1/2045  3,500     3,671
4 Tulpehocken Area School District GO 5.250%  10/1/2049  3,500     3,637
Union County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   8/1/2043  2,945     2,962
6 University of Pittsburgh-of the Commonwealth System of Higher Education College & University Revenue 5.000%  4/15/2032 10,000    11,349
4 Upper Darby PA School District GO 5.000%   4/1/2054  4,000     4,104
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     2,215
Upper St. Clair Township School District GO 3.500%  10/1/2037  7,240     7,149
Upper St. Clair Township School District GO 3.625%  10/1/2039  5,000     4,929
Washington County Authority College & University Revenue VRDO 2.800%  12/4/2025 17,700    17,700
Washington County PA IDA College & University Revenue (AICUP Financing Program) 4.000%  11/1/2031  3,440     3,450
Washington County PA IDA College & University Revenue (AICUP Financing Program) 4.000%  11/1/2032  3,110     3,115
West Cornwall Township Municipal Authority Health, Hospital, Nursing Home Revenue (Pleasant View Retirement Community Project) 5.000% 12/15/2048  2,750     2,507
4 West Mifflin School District GO 3.000%   4/1/2034  1,095     1,075
4 West Mifflin School District GO 3.000%   4/1/2038  5,920     5,472
West Shore Area Authority Health, Hospital, Nursing Home Revenue (Messiah Village Project) 5.000%   7/1/2030  1,500     1,500
West View Municipal Authority Water Revenue 4.000% 11/15/2035  1,200     1,216
4 Westmoreland County Municipal Authority Water Revenue 4.000%  8/15/2035  8,000     8,083
4 Westmoreland County Municipal Authority Water Revenue 5.000%  8/15/2040  1,000     1,108
4 Westmoreland County Municipal Authority Water Revenue 4.125%  8/15/2041  3,500     3,517
1 Westmoreland County Municipal Authority Water Revenue 5.000%  8/15/2042  3,705     3,997
1 Westmoreland County Municipal Authority Water Revenue 5.000%  8/15/2043  4,320     4,624
1 Westmoreland County Municipal Authority Water Revenue 5.000%  8/15/2044  4,030     4,281
1 Westmoreland County Municipal Authority Water Revenue 5.000%  8/15/2045  3,750     3,970
1 Westmoreland County Municipal Authority Water Revenue 5.000%  8/15/2047  6,815     7,171
1 Westmoreland County Municipal Authority Water Revenue 5.000%  8/15/2049  4,000     4,194
Westmoreland County PA IDA Health, Hospital, Nursing Home Revenue 4.000%  5/15/2047  3,100     2,343
Westmoreland County PA IDA Health, Hospital, Nursing Home Revenue (Excela Health Project) 4.000%   7/1/2037  9,230     8,956
2 Westmoreland County PA IDA Revenue 4.720%   7/1/2035  6,650     6,651
Wilkes-Barre Finance Authority College & University Revenue (Wilkes University Project) 4.000%   3/1/2042  1,000       849
4 Wilkinsburg-Penn Joint Water Authority Water Revenue 3.000%  9/15/2039  1,000       896
4 William Penn School District Authority Lease (Non-Terminable) Revenue (William Penn School District Project) 5.000%  3/15/2043  1,675     1,758
17
Pennsylvania Long-Term Tax-Exempt Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

 ($000)
4 William Penn School District Authority Lease (Non-Terminable) Revenue (William Penn School District Project) 5.000%  3/15/2049  1,000     1,029
4 William Penn School District GO 3.000% 11/15/2034  2,595     2,540
Wilson School District GO 5.000%  5/15/2042  1,500     1,617
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  3,620     3,493
Wyomissing Area School District GO 3.000%   2/1/2040  1,100       974
4 York County Northeastern School District GO 3.000%   3/1/2033    375       372
4 York County Northeastern School District GO 3.000%   3/1/2034    200       197
4 York County Northeastern School District GO 3.000%   3/1/2035    250       244
4 York County Northeastern School District GO 3.000%   3/1/2038    850       778
4 York County Northeastern School District GO 3.000%   3/1/2041    800       689
4 York County Northeastern School District GO 3.000%   3/1/2046  2,130     1,654
York County Northeastern School District GO 5.000%   3/1/2049  2,000     2,073
                            3,741,218
American Samoa (0.0%)
2,6 American Samoa Economic Development Authority Income Tax Revenue 5.000%   9/1/2027    275       280
2,6 American Samoa Economic Development Authority Income Tax Revenue 5.000%   9/1/2028    110       113
2,6 American Samoa Economic Development Authority Income Tax Revenue 5.250%   9/1/2045    100       101
                                  494
Guam (0.2%)
Guam Government Waterworks Authority Water Revenue 5.500%   7/1/2043    100       108
Guam Government Waterworks Authority Water Revenue 5.500%   7/1/2055  3,165     3,319
Guam Miscellaneous Taxes Revenue 5.250%   1/1/2037    280       310
Guam Miscellaneous Taxes Revenue 4.000%   1/1/2042  1,840     1,767
Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/2033  1,185     1,307
Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/2036    650       666
Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/2038    290       296
Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/2044     80        82
                                7,855
Puerto Rico (1.3%)
Commonwealth of Puerto Rico GO 5.625%   7/1/2029  3,272     3,473
Commonwealth of Puerto Rico GO 5.750%   7/1/2031  5,186     5,709
Commonwealth of Puerto Rico GO 0.000%   7/1/2033  2,397     1,725
Commonwealth of Puerto Rico GO 4.000%   7/1/2033  5,670     5,662
Commonwealth of Puerto Rico GO 4.000%   7/1/2035  1,702     1,689
Commonwealth of Puerto Rico GO 4.000%   7/1/2037  1,182     1,135
Commonwealth of Puerto Rico GO 4.000%   7/1/2041  4,175     3,856
2 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/2030  1,305     1,359
2 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/2033  1,365     1,426
2 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/2033  1,255     1,316
2 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/2037  2,170     2,245
2 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/2037    250       259
2 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/2037    600       624
2 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 4.000%   7/1/2042    490       449
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/2027    891       844
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/2029    787       697
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/2031  2,954     2,421
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/2033    675       511
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.329%   7/1/2040 11,454    11,152
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.329%   7/1/2040    259       252
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/2046  1,631       553
                               47,357
Virgin Islands (0.0%)
Virgin Islands Transportation & Infrastructure Corp. Government Fund/Grant Revenue 5.000%   9/1/2039  1,150     1,266
Total Tax-Exempt Municipal Bonds (Cost $3,859,417) 3,798,190
18
Pennsylvania Long-Term Tax-Exempt Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

 ($000)
Taxable Municipal Bonds (0.1%)
Puerto Rico (0.1%)
Commonwealth of Puerto Rico CVI 0.000%  11/1/2043  5,327     3,409
Commonwealth of Puerto Rico CVI 0.000%  11/1/2051  2,246     1,466
Total Taxable Municipal Bonds (Cost $4,575) 4,875
Total Investments (99.7%) (Cost $3,863,992) 3,803,065
Other Assets and Liabilities-Net (0.3%) 11,700
Net Assets (100%) 3,814,765
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 November 30, 2025, the aggregate value was $114,944, representing 3.0% 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 Securities with a value of $359 have been segregated as initial margin for open futures contracts.
6 Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of November 30, 2025.
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.
19
Pennsylvania Long-Term Tax-Exempt Fund
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
($000)
Expiration Number of
Long (Short)
 Contracts 		Notional
Amount 		Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts
2-Year U.S. Treasury Note March 2026 95 19,842 (8)
5-Year U.S. Treasury Note March 2026 335 36,771 99
91
Short Futures Contracts
Long U.S. Treasury Bond March 2026 (76) (8,925) (70)
Ultra Long U.S. Treasury Bond March 2026 (47) (5,684) (51)
(121)
(30)
Over-the-Counter Swaps - Municipal Market Data Rate Locks
Termination
Date 		Counterparty Notional
Amount
($000) 		Buy/Sell Reference
Index 		Strike
Rate 		Value
($000) 		Unrealized
Appreciation
($000) 		Unrealized
(Depreciation)
 ($000)
4/16/2026 RBC 8,520 Buy 5-Year MMD AAA General Obligation Scale 3.500% 419 419 -
4/22/2026 RBC 670 Buy 5-Year MMD AAA General Obligation Scale 3.460% 32 32 -
4/22/2026 MSCS 500 Buy 5-Year MMD AAA General Obligation Scale 3.460% 24 24 -
4/23/2026 JPMC 1,750 Buy 5-Year MMD AAA General Obligation Scale 3.380% 75 75 -
5/1/2026 BANA 925 Buy 10-Year MMD AAA General Obligation Scale 3.620% 66 66 -
5/6/2026 RBC 300 Buy 10-Year MMD AAA General Obligation Scale 3.620% 21 21 -
5/6/2026 MSCS 275 Buy 10-Year MMD AAA General Obligation Scale 3.640% 20 20 -
657 657 -
BANA-Bank of America, N.A.
JPMC-JPMorgan Chase Bank, N.A.
MSCS-Morgan Stanley Capital Services LLC.
RBC-Royal Bank of Canada.
At November 30, 2025, the counterparties had deposited in segregated accounts securities with a value of $519 in connection with open over-the-counter municipal market rate lock contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
20
Pennsylvania Long-Term Tax-Exempt Fund
Statement of Assets and Liabilities
As of November 30, 2025
($000s, except shares and per-share amounts) Amount
Assets
Investments in Securities, at Value-Unaffiliated Issuers (Cost $3,863,992) 3,803,065
Investment in Vanguard 91
Cash 42
Receivables for Investment Securities Sold 600
Receivables for Accrued Income 45,810
Receivables for Capital Shares Issued 1,555
Unrealized Appreciation-Over-the-Counter Swap Contracts 657
Other Assets 193
Total Assets 3,852,013
Liabilities
Payables for Investment Securities Purchased 30,966
Payables for Capital Shares Redeemed 2,145
Payables for Distributions 3,951
Payables to Vanguard 147
Variation Margin Payable-Futures Contracts 39
Total Liabilities 37,248
Net Assets 3,814,765
At November 30, 2025, net assets consisted of:
Paid-in Capital 3,970,871
Total Distributable Earnings (Loss) (156,106)
Net Assets 3,814,765
Investor Shares-Net Assets
Applicable to 28,261,074 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		306,369
Net Asset Value Per Share-Investor Shares $10.84
Admiral™ Shares-Net Assets
Applicable to 323,633,436 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		3,508,396
Net Asset Value Per Share-Admiral Shares $10.84
See accompanying Notes, which are an integral part of the Financial Statements.
21
Pennsylvania Long-Term Tax-Exempt Fund
Statement of Operations
Year Ended
November 30, 2025
($000)
Investment Income
Income
Interest 141,043
Total Income 141,043
Expenses
The Vanguard Group-Note B
Investment Advisory Services 485
Management and Administrative-Investor Shares 354
Management and Administrative-Admiral Shares 2,358
Marketing and Distribution-Investor Shares 17
Marketing and Distribution-Admiral Shares 167
Custodian Fees 29
Auditing Fees 32
Shareholders' Reports and Proxy Fees-Investor Shares 14
Shareholders' Reports and Proxy Fees-Admiral Shares 27
Trustees' Fees and Expenses 2
Other Expenses 16
Total Expenses 3,501
Expenses Paid Indirectly (29)
Net Expenses 3,472
Net Investment Income 137,571
Realized Net Gain (Loss)
Investment Securities Sold (23,617)
Futures Contracts 158
Swap Contracts (97)
Realized Net Gain (Loss) (23,556)
Change in Unrealized Appreciation (Depreciation)
Investment Securities (20,416)
Futures Contracts (152)
Swap Contracts 657
Change in Unrealized Appreciation (Depreciation) (19,911)
Net Increase (Decrease) in Net Assets Resulting from Operations 94,104
See accompanying Notes, which are an integral part of the Financial Statements.
22
Pennsylvania Long-Term Tax-Exempt Fund
Statement of Changes in Net Assets
Year Ended November 30,
2025
($000) 		2024
($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income 137,571 128,568
Realized Net Gain (Loss) (23,556) (13,347)
Change in Unrealized Appreciation (Depreciation) (19,911) 124,657
Net Increase (Decrease) in Net Assets Resulting from Operations 94,104 239,878
Distributions
Investor Shares (10,746) (10,006)
Admiral Shares (125,346) (117,467)
Total Distributions (136,092) (127,473)
Capital Share Transactions
Investor Shares 7,646 5,643
Admiral Shares 64,703 184,750
Net Increase (Decrease) from Capital Share Transactions 72,349 190,393
Total Increase (Decrease) 30,361 302,798
Net Assets
Beginning of Period 3,784,404 3,481,606
End of Period 3,814,765 3,784,404
See accompanying Notes, which are an integral part of the Financial Statements.
23
Pennsylvania Long-Term Tax-Exempt Fund
Financial Highlights
Investor Shares
For a Share Outstanding
Throughout Each Period  		Year Ended November 30,
2025 2024 2023 2022 2021
Net Asset Value, Beginning of Period $10.97 $10.63 $10.58 $12.14 $12.14
Investment Operations
Net Investment Income1 .392 .374 .356 .327 .323
Net Realized and Unrealized Gain (Loss) on Investments (.134) .337 .047 (1.532) .036
Total from Investment Operations .258 .711 .403 (1.205) .359
Distributions
Dividends from Net Investment Income (.388) (.371) (.353) (.327) (.323)
Distributions from Realized Capital Gains - - - (.028) (.036)
Total Distributions (.388) (.371) (.353) (.355) (.359)
Net Asset Value, End of Period $10.84 $10.97 $10.63 $10.58 $12.14
Total Return2 2.48% 6.79% 3.89% -10.00% 2.99%
Ratios/Supplemental Data
Net Assets, End of Period (Millions) $306 $302 $287 $287 $393
Ratio of Total Expenses to Average Net Assets 0.15%3 0.17%3 0.17%3 0.17%3 0.17%
Ratio of Net Investment Income to Average Net Assets 3.69% 3.45% 3.37% 2.95% 2.66%
Portfolio Turnover Rate 25% 33% 38% 30% 22%
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 0.15%, 0.17%, 0.17%, and 0.17%, respectively.
See accompanying Notes, which are an integral part of the Financial Statements.
24
Pennsylvania Long-Term Tax-Exempt Fund
Financial Highlights
Admiral Shares
For a Share Outstanding
Throughout Each Period  		Year Ended November 30,
2025 2024 2023 2022 2021
Net Asset Value, Beginning of Period $10.97 $10.63 $10.58 $12.14 $12.14
Investment Operations
Net Investment Income1 .398 .383 .364 .336 .333
Net Realized and Unrealized Gain (Loss) on Investments (.135) .337 .048 (1.532) .036
Total from Investment Operations .263 .720 .412 (1.196) .369
Distributions
Dividends from Net Investment Income (.393) (.380) (.362) (.336) (.333)
Distributions from Realized Capital Gains - - - (.028) (.036)
Total Distributions (.393) (.380) (.362) (.364) (.369)
Net Asset Value, End of Period $10.84 $10.97 $10.63 $10.58 $12.14
Total Return2 2.54% 6.87% 3.98% -9.93% 3.07%
Ratios/Supplemental Data
Net Assets, End of Period (Millions) $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%
Ratio of Net Investment Income to Average Net Assets 3.74% 3.53% 3.45% 3.04% 2.74%
Portfolio Turnover Rate 25% 33% 38% 30% 22%
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.
25
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 year ended November 30, 2025, 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 year ended November 30, 2025, 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.
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.
26
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 an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended November 30, 2025, 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), shareholder reporting, and proxy fees. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.
Effective January 12, 2026, Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Capital Management, LLC. The fund's expense ratios and investment objectives remain unchanged.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At November 30, 2025, the fund had contributed to Vanguard capital in the amount of $91,000, representing less than 0.01% of the fund's net assets and 0.04% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.
C. The fund's custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended November 30, 2025, custodian fee offset arrangements reduced the fund's expenses by $29,000 (an annual rate of less than 0.01% of average net assets).
D. Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1-Quoted prices in active markets for identical securities.
Level 2-Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3-Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
27
Pennsylvania Long-Term Tax-Exempt Fund
The following table summarizes the market value of the fund's investments and derivatives as of November 30, 2025, 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 - 3,798,190 - 3,798,190
Taxable Municipal Bonds - 4,875 - 4,875
Total - 3,803,065 - 3,803,065
Derivative Financial Instruments 
Assets
Futures Contracts1 99 - - 99
Swap Contracts - 657 - 657
Total 99 657 - 756
Liabilities
Futures Contracts1 (129) - - (129)
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.
E. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, in-kind redemptions, swap agreements, and distributions in connection with fund share redemptions.
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, the recognition of gain or loss from foreign currency hedges, and the treatment of amortization adjustments from certain fixed income securities. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
Amount
($000)
Undistributed Tax-Exempt Income 4,063
Undistributed Ordinary Income -
Undistributed Long-Term Gains -
Net Unrealized Gains (Losses) (56,537)
Capital Loss Carryforwards (99,681)
Qualified Late-Year Losses -
Other Temporary Differences (3,951)
Total (156,106)
The tax character of distributions paid was as follows:
Year Ended November 30,
2025
Amount
($000) 		2024
Amount
($000)
Tax-Exempt Income 135,923 127,369
Ordinary Income* 169 104
Long-Term Capital Gains - -
Total 136,092 127,473
* Includes short-term capital gains, if any.
As of November 30, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
Amount
($000)
Tax Cost 3,860,259
Gross Unrealized Appreciation 62,503
Gross Unrealized Depreciation (119,040)
Net Unrealized Appreciation (Depreciation) (56,537)
28
Pennsylvania Long-Term Tax-Exempt Fund
F. During the year ended November 30, 2025, the fund purchased $875,344,000 of investment securities and sold $874,685,000 of investment securities, other than temporary cash investments.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended November 30, 2025, such purchases were $29,245,000 and sales were $6,235,000, resulting in net realized gain (loss) of $0; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
G. Capital share transactions for each class of shares were:
Year Ended November 30,
2025 2024
Amount
($000) 		Shares
(000) 		Amount
($000) 		Shares
(000)
Investor Shares
Issued 85,232 8,045 69,212 6,383
Issued in Lieu of Cash Distributions 8,740 823 8,145 752
Redeemed (86,326) (8,122) (71,714) (6,626)
Net Increase (Decrease)-Investor Shares 7,646 746 5,643 509
Admiral Shares
Issued 578,423 54,643 588,067 54,292
Issued in Lieu of Cash Distributions 80,862 7,615 75,962 7,012
Redeemed (594,582) (56,132) (479,279) (44,272)
Net Increase (Decrease)-Admiral Shares 64,703 6,126 184,750 17,032
H. 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.
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.
I. 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.
J. Management has determined that no other subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these financial statements.
29
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard Pennsylvania Tax-Free Funds and Shareholders of Vanguard Pennsylvania Long-Term Tax-Exempt Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard Pennsylvania Long-Term Tax-Exempt Fund (the "Fund") as of November 30, 2025, the related statement of operations for the year ended November 30, 2025, the statement of changes in net assets for each of the two years in the period ended November 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2025 and the financial highlights for each of the five years in the period ended November 30, 2025 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
January 23, 2026
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
30
Tax information (unaudited)
The fund designates 100% of its income dividends as exempt-interest dividends.
Q770 012026
31

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.

Trustees Approve Advisory Arrangements

A majority of independent trustees of the board of Vanguard Pennsylvania Long-Term Tax-Exempt Fund (Trustees) have approved a restructuring of the fund's management structure whereby the Vanguard Group, Inc. (Vanguard) will now provide investment advisory services to the fund through its subsidiary, Vanguard Capital Management LLC (VCM). The trustees determined that approving this advisory arrangement was in the best interests of the fund and its shareholders.

The Trustees based their decision upon an evaluation of VCM's investment staff, portfolio management process, and performance. This evaluation included information provided by Vanguard's Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Trustees considered the factors discussed below, among others. However, no single factor determined whether to approve the arrangement. Rather, it was the totality of the circumstances that drove the Trustee's decision.

Nature, extent, and quality of services

The Trustees considered the quality of the investment management services to be provided to the fund and took into account the organizational depth and stability of Vanguard and VCM. The Trustees considered that Vanguard has been managing investments for more than four decades. The Fixed Income Group, now within VCM, adheres to the same sound, disciplined investment management process and has considerable experience, stability and depth. The Fixed Income Group emphasizes a disciplined and repeatable approach to risk-taking and security selection, with the objective of delivering tight tracking error and consistent, risk-adjusted alpha."

The Trustees concluded that VCM's experience, stability, depth, and performance, among other factors, warranted approval of the advisory arrangement.

Investment performance

The Trustees determined that VCM's Fixed Income Group, in its management of Vanguard funds, including the fund, has a track record of consistent performance and disciplined investment processes.

Cost

The Trustees concluded that the fund's expense ratio will remain below the average expense ratio charged by funds in its peer group and that the fund's advisory expenses will also continue to be below the peer-group average.

The Trustees do not conduct a profitability analysis of Vanguard in providing investment advisory services through VCM because of Vanguard's unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

The benefit of economies of scale

The Trustees concluded that the fund's arrangement with Vanguard, and services rendered through VCM, ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.

The Trustees will consider whether to renew the advisory arrangement again after a one-year period.

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) Code of Ethics filed herewith.
(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: January 23, 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: January 23, 2026

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

Date: January 23, 2026

* By: /s/ Natalie Lamarque

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

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