| Tax-Exempt Municipal Obligations — 97.7% |
| Security | Principal Amount (000's omitted) | Value | |
| Bond Bank — 4.6% | |||
| Virginia Resources Authority, (Pooled Financing Program): | |||
| 4.00%, 11/1/41 | $ | 1,500 | $ 1,504,335 |
| 4.00%, 11/1/44 | 345 | 346,173 | |
| 5.25%, 11/1/47 | 500 | 561,100 | |
| Virginia Resources Authority, (State Revolving Fund), 3.00%, 10/1/40 | 500 | 453,755 | |
| $ 2,865,363 | |||
| Education — 4.2% | |||
| Alexandria Industrial Development Authority, VA, (Episcopal High School), 4.00%, 1/1/36 | $ | 1,000 | $ 1,008,490 |
| Virginia College Building Authority, 3.00%, 9/1/38 | 215 | 198,942 | |
| Virginia College Building Authority, (University of Richmond), (SPA: U.S. Bank, N.A.), 2.70%, 11/1/36(1) | 1,400 | 1,400,000 | |
| $ 2,607,432 | |||
| Electric Utilities — 2.5% | |||
| Richmond, VA, Public Utility Revenue, 4.25%, 1/15/53 | $ | 1,500 | $ 1,542,315 |
| $ 1,542,315 | |||
| General Obligations — 15.1% | |||
| Alexandria, VA, 4.00%, 12/15/44 | $ | 1,475 | $ 1,517,745 |
| Bristol, VA, 5.00%, 9/1/27 | 1,000 | 1,013,780 | |
| Falls Church, VA, 3.00%, 7/15/41 | 1,000 | 910,610 | |
| Loudoun County, VA, 4.00%, 12/1/38 | 1,045 | 1,088,462 | |
| Lynchburg, VA, 4.00%, 6/1/44 | 910 | 922,886 | |
| Newport News, VA, 4.00%, 2/1/42 | 1,650 | 1,689,946 | |
| Puerto Rico: | |||
| 0.00%, 7/1/33 | 750 | 519,720 | |
| 5.625%, 7/1/29 | 1,000 | 1,079,500 | |
| Virginia, 2.00%, 6/1/28 | 765 | 729,290 | |
| $ 9,471,939 | |||
| Hospital — 12.8% | |||
| Albemarle County Economic Development Authority, VA, (Sentara Martha Jefferson Hospital), (SPA: TD Bank, N.A.), 2.80%, 10/1/48(2) | $ | 500 | $ 500,000 |
| Fairfax County Industrial Development Authority, VA, (Inova Health System Project): | |||
| 4.00%, 5/15/48 | 1,045 | 1,046,338 | |
| 4.125%, 5/15/54 | 1,000 | 1,002,420 | |
| Norfolk Economic Development Authority, VA, (Sentara Healthcare), 4.00%, 11/1/48 | 1,000 | 981,000 | |
| Security | Principal Amount (000's omitted) | Value | |
| Hospital (continued) | |||
| Virginia Commonwealth University Health System Authority, 4.00%, 7/1/54 | $ | 1,490 | $ 1,470,824 |
| Virginia Small Business Financing Authority, (Bon Secours Mercy Health, Inc.), 4.00%, 12/1/49 | 2,050 | 2,016,605 | |
| Virginia Small Business Financing Authority, (Sentara Healthcare), 4.00%, 11/1/36 | 1,000 | 1,031,610 | |
| $ 8,048,797 | |||
| Housing — 10.6% | |||
| Harrisonburg Redevelopment and Housing Authority, VA, (Wesley Apartments), 4.00% to 12/1/26 (Put Date), 12/1/28 | $ | 1,640 | $ 1,666,666 |
| Virginia Housing Development Authority: | |||
| 2.90%, 12/1/38 | 1,510 | 1,323,787 | |
| 4.10%, 10/1/27 | 2,000 | 2,000,900 | |
| 4.40%, 10/1/44 | 1,000 | 1,020,870 | |
| 4.45%, 7/1/45 | 635 | 650,310 | |
| $ 6,662,533 | |||
| Industrial Development Revenue — 1.7% | |||
| Amelia County Industrial Development Authority, VA, (Waste Management, Inc.), (AMT), 1.45%, 4/1/27 | $ | 1,035 | $ 977,682 |
| Virginia Small Business Financing Authority, (Covanta), (AMT), 5.00% to 7/1/38 (Put Date), 1/1/48(3) | 60 | 60,003 | |
| $ 1,037,685 | |||
| Insured - Education — 3.5% | |||
| Virginia College Building Authority, (Washington and Lee University), (NPFG), 5.25%, 1/1/31 | $ | 2,015 | $ 2,214,666 |
| $ 2,214,666 | |||
| Insured - Electric Utilities — 1.6% | |||
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29 | $ | 1,000 | $ 989,540 |
| $ 989,540 | |||
| Insured - Hospital — 1.8% | |||
| Isle of Wight County Economic Development Authority, VA, (Riverside Health System), (AGM), 5.25%, 7/1/43 | $ | 1,000 | $ 1,120,970 |
| $ 1,120,970 | |||
| Insured - Transportation — 1.4% | |||
| Chesapeake Bay Bridge and Tunnel District, VA, (General Resolution), (NPFG), Escrowed to Maturity, 5.50%, 7/1/25 | $ | 880 | $ 892,285 |
| $ 892,285 | |||
| Security | Principal Amount (000's omitted) | Value | |
| Lease Revenue/Certificates of Participation — 5.1% | |||
| Chesterfield County Economic Development Authority, VA, (County Mobility), 4.00%, 4/1/50 | $ | 1,000 | $ 1,005,060 |
| Virginia Port Authority, 5.25%, 7/1/48 | 950 | 1,057,635 | |
| Virginia Public Building Authority, (AMT), 4.00%, 8/1/39 | 1,140 | 1,138,723 | |
| $ 3,201,418 | |||
| Other Revenue — 0.6% | |||
| Loudoun County Economic Development Authority, VA, (Howard Hughes Medical Institute), 2.80%, 2/15/38(2) | $ | 400 | $ 400,000 |
| $ 400,000 | |||
| Senior Living/Life Care — 10.1% | |||
| James City County Economic Development Authority, VA, (Williamsburg Landing), 5.75%, 12/1/28 | $ | 640 | $ 640,903 |
| James City County Economic Development Authority, VA, (WindsorMeade), 4.00%, 6/1/41 | 620 | 558,663 | |
| Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor's Edge), 5.00%, 1/1/34 | 1,500 | 1,516,125 | |
| Virginia Beach Development Authority, VA, (Westminster-Canterbury on Chesapeake Bay): | |||
| 5.00%, 9/1/34 | 1,150 | 1,184,730 | |
| 7.00%, 9/1/53 | 500 | 574,525 | |
| Virginia Small Business Financing Authority, (Lifespire of Virginia), 5.00%, 12/1/39 | 1,750 | 1,863,435 | |
| $ 6,338,381 | |||
| Special Tax Revenue — 1.8% | |||
| American Samoa Economic Development Authority, 5.00%, 9/1/38(3) | $ | 200 | $ 202,196 |
| Puerto Rico Sales Tax Financing Corp.: | |||
| 0.00%, 7/1/27 | 17 | 15,449 | |
| 0.00%, 7/1/29 | 17 | 14,307 | |
| 0.00%, 7/1/31 | 22 | 17,082 | |
| 0.00%, 7/1/33 | 50 | 35,711 | |
| 0.00%, 7/1/46 | 287 | 97,230 | |
| 0.00%, 7/1/51 | 528 | 131,139 | |
| 4.50%, 7/1/34 | 110 | 110,359 | |
| 4.536%, 7/1/53 | 3 | 2,960 | |
| 5.00%, 7/1/58 | 512 | 514,309 | |
| $ 1,140,742 | |||
| Transportation — 12.0% | |||
| Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/44 | $ | 2,750 | $ 2,855,957 |
| Security | Principal Amount (000's omitted) | Value | |
| Transportation (continued) | |||
| Northern Virginia Transportation Commission, Green Bonds, 5.00%, 6/1/47 | $ | 1,000 | $ 1,092,660 |
| Virginia Port Authority, (AMT), 5.00%, 7/1/45 | 800 | 804,784 | |
| Virginia Small Business Financing Authority, (95 Express Lanes, LLC), (AMT), 5.00%, 7/1/38 | 1,640 | 1,739,368 | |
| Virginia Small Business Financing Authority, (Transform 66 P3 Project), (AMT), 5.00%, 12/31/52 | 1,000 | 1,009,340 | |
| $ 7,502,109 | |||
| Water and Sewer — 8.3% | |||
| Alexandria Sanitation Authority, VA, Green Bonds, 5.00%, 7/15/40 | $ | 700 | $ 803,320 |
| Caroline County, VA, Water and Sewer System Revenue, 3.00%, 4/1/32 | 235 | 228,509 | |
| Fairfax County, VA, Sewer Revenue, 4.00%, 7/15/40 | 880 | 907,711 | |
| Hampton Roads Sanitation District, VA: | |||
| 3.00%, 8/1/36 | 575 | 538,982 | |
| 4.00%, 10/1/38 | 1,690 | 1,720,488 | |
| Loudoun County Sanitation Authority, VA, Water and Sewer System Revenue, 4.00%, 1/1/32 | 1,000 | 1,000,580 | |
| $ 5,199,590 | |||
| Total Tax-Exempt Municipal Obligations (identified cost $59,780,188) | $61,235,765 | ||
| Taxable Municipal Obligations — 0.8% |
| Security | Principal Amount (000's omitted) | Value | |
| Bond Bank — 0.6% | |||
| Virginia Resources Authority, (Pooled Financing Program), 1.816%, 11/1/29 | $ | 415 | $ 370,757 |
| $ 370,757 | |||
| Security | Principal Amount (000's omitted) | Value | |
| General Obligations — 0.2% | |||
| Portsmouth, VA, 2.20%, 7/15/37 | $ | 165 | $ 122,788 |
| $ 122,788 | |||
| Total Taxable Municipal Obligations (identified cost $580,000) | $ 493,545 | ||
| Total Investments — 98.5% (identified cost $60,360,188) | $61,729,310 | ||
| Other Assets, Less Liabilities — 1.5% | $ 911,825 | ||
| Net Assets — 100.0% | $62,641,135 | ||
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
| (1) | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at November 30, 2024. |
| (2) | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at November 30, 2024. |
| (3) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At November 30, 2024, the aggregate value of these securities is $262,199 or 0.4% of the Fund's net assets. |
| The Fund invests primarily in debt securities issued by Virginia municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At November 30, 2024, 8.5% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.8% to 6.6% of total investments. | |
| Abbreviations: | |
| AGM | – Assured Guaranty Municipal Corp. |
| AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
| NPFG | – National Public Finance Guarantee Corp. |
| SPA | – Standby Bond Purchase Agreement |
| • | Level 1 – quoted prices in active markets for identical investments |
| • | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Tax-Exempt Municipal Obligations | $ — | $61,235,765 | $ — | $61,235,765 |
| Taxable Municipal Obligations | — | 493,545 | — | 493,545 |
| Total Investments | $ — | $61,729,310 | $ — | $61,729,310 |
