Investment objective & strategy
As of March 27, 2026 · prospectusObjective. Vanguard Pennsylvania Long-Term Tax-Exempt Fund (the Fund) seeks to provide current income that is exempt from both federal and Pennsylvania personal income taxes. The Fund is intended for Pennsylvania residents only.
Strategy. The Fund employs an active management approach, investing primarily in high-quality municipal bonds issued by Pennsylvania state and local governments, as well as by regional governmental and public financing authorities. As a matter of fundamental policy, under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities whose income is exempt from federal and Pennsylvania state taxes. The Fund primarily purchases municipal bonds rated investment-grade, as determined by a nationally recognized statistical rating organization or (if unrated) determined to be of comparable quality by the Funds advisor. The Fund expects to maintain a dollar-weighted average maturity between 10 and 25 years, but has no limitations on the … The Fund employs an active management approach, investing primarily in high-quality municipal bonds issued by Pennsylvania state and local governments, as well as by regional governmental and public financing authorities. As a matter of fundamental policy, under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities whose income is exempt from federal and Pennsylvania state taxes. The Fund primarily purchases municipal bonds rated investment-grade, as determined by a nationally recognized statistical rating organization or (if unrated) determined to be of comparable quality by the Funds advisor. The Fund expects to maintain a dollar-weighted average maturity between 10 and 25 years, but has no limitations on the maturities of individual securities. The Fund is considered nondiversified, as defined under the Investment Company Act of 1940, which means that it may invest a greater percentage of its assets in the securities of particular issuers as compared with diversified funds.
Top holdings
As of Feb. 28, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| PA CMNGEN 4 06/01/2039 | CMNGEN | $31.48M | 0.79% |
| Pennsylvania (Commonwealth of), Series 2024, GO Bonds | — | $29.94M | 0.75% |
| GEISINGER PA AUTH HLTH SYS REV REGD B/E 4.00000000 | — | $29.24M | 0.74% |
| PENNSYLVANIA CMWLTH | — | $27.81M | 0.70% |
| PENNSYLVANIA CMWLTH | — | $27.50M | 0.69% |
| PENNSYLVANIA ST HGR EDUCTNL FA PENNSYLVANIA HIGHER EDUCATIONAL FACILITIES AUTHORI | — | $26.36M | 0.66% |
| ALLGNY CNTY HDA 4% 4/1/2044 | — | $25.35M | 0.64% |
| PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE | — | $23.20M | 0.58% |
| PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE | — | $22.61M | 0.57% |
| Pennsylvania Higher Educational Facilities Authority, Series 2025 A | — | $21.03M | 0.53% |
Portfolio moves
Nov 30, 2025 → Feb 28, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Nuveen Pennsylvania Quality Municipal Income Fund | 12% | — |
| Nomura Tax-Free Pennsylvania Fund · DELIX, DPTCX, DTPIX | 10% | 0.58% |
| Nuveen Pennsylvania Municipal Bond Fund · FPNTX, NBPAX, FPCCX | 10% | 0.62% |
Advisers
| Firm | Role |
|---|---|
| The Vanguard Group, Inc. | Adviser |
Footnotes
- Expense ratio as of March 27, 2026, from the fund's prospectus.
- Net assets and holdings count as of February 28, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. As reported in the fund's prospectus performance bar chart.
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