| Security | CUSIP | Shares | Traded Market Value | % of Holding ↓ |
| HANOVER 6.38 08/15/18 | 41077PAM8 | 6,100,000 | $6,620,391.00 | 3.41% |
| VA COLLEGE 5.00 02/01/15 | 9277803G9 | 5,000,000 | $5,278,700.00 | 2.72% |
| ARLINGTON VA 5.0 03/15/15 | 041431CH8 | 4,500,000 | $4,824,990.00 | 2.48% |
| TABACCO FNG 5.50 06/01/26 | 88880NAF6 | 4,500,000 | $4,733,685.00 | 2.44% |
| PENINSULA 7.38 12/01/23 | 707167AM4 | 3,520,000 | $4,177,043.20 | 2.15% |
| RICHMOND VA 5.50 01/15/18 | 76541EDJ1 | 3,755,000 | $3,911,170.45 | 2.01% |
| LOUDOUN CNTY 5.0 06/01/14 | 545896M25 | 3,500,000 | $3,756,165.00 | 1.93% |
| FAIRFAX 5.00 10/01/12 | 303820N26 | 3,250,000 | $3,471,065.00 | 1.78% |
| VA ST HSG 5.63 11/01/18 | 92813HEC6 | 3,500,000 | $3,275,650.00 | 1.68% |
| NEWPORT 5.25 07/01/15 | 652234GE9 | 3,000,000 | $3,259,410.00 | 1.68% |
| VIRGINIA ST 5.00 06/01/19 | 928109JY4 | 3,170,000 | $3,255,716.80 | 1.67% |
| VA CMNWLTH 5.00 05/15/14 | 927793MZ9 | 3,000,000 | $3,212,280.00 | 1.65% |
| VA COLLEGE 5.38 01/01/21 | 927780G83 | 3,090,000 | $3,211,591.50 | 1.65% |
| VA COLLEGE 5.00 09/01/13 | 9277805E2 | 3,000,000 | $3,198,780.00 | 1.64% |
| LOUYDN CNTY 5.00 01/01/25 | 545904FH2 | 3,165,000 | $3,171,424.95 | 1.63% |
| VA COLLEGE 5.00% 09/01/17 | 927781DC5 | 3,000,000 | $3,132,150.00 | 1.61% |
| VA PUB SCH 5.00 08/01/13 | 92817FVK9 | 2,910,000 | $3,022,762.50 | 1.55% |
| VA BEACH 5.00 09/15/16 | 927734RM7 | 2,825,000 | $3,022,495.75 | 1.55% |
| STAFFORD 5.00 08/01/25 | 852412LP8 | 3,330,000 | $3,020,110.20 | 1.55% |
| RICHMOND 5.00 06/15/16 | 392329BF4 | 2,855,000 | $2,951,356.25 | 1.52% |
| ARLINGTON 5.375 01/01/11 | 04144NAS7 | 2,785,000 | $2,806,555.90 | 1.44% |
| BEDFORD 5.25% 05/01/24 | 076097AR5 | 2,890,000 | $2,728,911.40 | 1.40% |
| VA BEACH 5.00 05/01/13 | 927734PT4 | 2,500,000 | $2,669,600.00 | 1.37% |
| VIRGINIA ST 5.00 08/01/13 | 928172PV1 | 2,500,000 | $2,659,500.00 | 1.37% |
| CHESAPEAKE 5.00 12/01/19 | 1653217K0 | 2,465,000 | $2,516,469.20 | 1.29% |
| ROANOKE 5.00 02/01/24 | 770077ZC2 | 2,500,000 | $2,514,925.00 | 1.29% |
| FRONT ROYAL 5.00 04/01/23 | 359025AQ6 | 2,485,000 | $2,457,242.55 | 1.26% |
| PORTSMTH 5.00% 07/01/15 | 73723RDL4 | 2,285,000 | $2,438,095.00 | 1.25% |
| HAMPTON 5.00 04/01/24 | 409327CK7 | 2,425,000 | $2,401,768.50 | 1.23% |
| ARLINGTON 5.50 07/01/17 | 041438FC1 | 2,225,000 | $2,397,103.75 | 1.23% |
| TOBACCO SET 5.25 06/01/19 | 88880NAE9 | 2,300,000 | $2,381,282.00 | 1.22% |
| NEW KENT 5.00 02/01/18 | 646361AJ4 | 2,225,000 | $2,246,560.25 | 1.15% |
| JAMES CITY 5.00 06/15/21 | 47029XBL8 | 2,215,000 | $2,219,186.35 | 1.14% |
| VA STATE 5.00 11/01/26 | 92817PUD4 | 2,185,000 | $2,179,865.25 | 1.12% |
| FAUQUIER 5.00 07/01/19 | 312063GD6 | 2,100,000 | $2,170,077.00 | 1.11% |
| VA ST WATER 5.00 10/01/16 | 92817LGA5 | 2,030,000 | $2,164,386.00 | 1.11% |
| PORTSMOUTH 5.00 04/01/14 | 73723RAH6 | 2,005,000 | $2,136,888.90 | 1.10% |
| STAFFORD VA 5.25 02/01/20 | 852412KV6 | 2,165,000 | $2,113,646.20 | 1.08% |
| WESTERN VA 4.75 06/01/23 | 95984RAP5 | 2,255,000 | $2,108,267.15 | 1.08% |
| VA PLYTECH 5.13 06/01/21 | 928067GP6 | 2,095,000 | $2,105,935.90 | 1.08% |
| ROANOKE VA 5.75 07/01/13 | 770084DN8 | 2,000,000 | $2,087,620.00 | 1.07% |
| ROANOKE VA 5.75 07/01/14 | 770084DQ1 | 2,000,000 | $2,071,200.00 | 1.06% |
| WINCHESTER 5.00 11/01/18 | 973126MV4 | 2,000,000 | $2,047,420.00 | 1.05% |
| VA ST PUB SCH 5.0 8/01/18 | 92817FJ49 | 2,000,000 | $2,035,360.00 | 1.04% |
| ROANOKE VA 5.50 07/01/18 | 770084DX6 | 2,000,000 | $2,034,320.00 | 1.04% |
| SPOTSYLVAN 5.00 06/01/26 | 849269CT0 | 2,000,000 | $1,983,740.00 | 1.02% |
| VIRGINIA ST 5.00 07/15/26 | 92817SJG4 | 2,000,000 | $1,983,620.00 | 1.02% |
| VA ST HSG 4.88 11/01/12 | 92813CCF2 | 1,950,000 | $1,940,562.00 | 1.00% |
| MONTGOMERY 5.50 01/15/18 | 613754EE6 | 1,865,000 | $1,915,877.20 | 0.98% |
| ORANGE CNTY 4.75 02/01/22 | 684790AQ1 | 2,000,000 | $1,866,800.00 | 0.96% |
| RICHMOND VA 5.00 07/15/18 | 765410AS4 | 1,795,000 | $1,750,017.30 | 0.90% |
| FAIRFAX 4.00 03/01/13 | 303835BH4 | 1,725,000 | $1,732,331.25 | 0.89% |
| VA BEACH 5.38 08/01/16 | 92774GAF2 | 1,650,000 | $1,729,464.00 | 0.89% |
| HAMPTON VA 5.00 04/01/22 | 409558T45 | 1,640,000 | $1,627,273.60 | 0.83% |
| VIRGINIA ST 5.80 05/01/30 | 92817PBF0 | 1,500,000 | $1,625,220.00 | 0.83% |
| HENRY VA 5.25 11/15/13 | 426698CN4 | 1,500,000 | $1,590,750.00 | 0.82% |
| RICHMOND VA 5.50 01/15/12 | 76541EDC6 | 1,500,000 | $1,582,170.00 | 0.81% |
| RIVERSIDE 4.25 07/01/10 | 769312DD8 | 1,500,000 | $1,516,215.00 | 0.78% |
| RICHMOND 5.00 07/15/24 | 76541VFY8 | 1,435,000 | $1,444,930.20 | 0.74% |
| FEDERATED VIRGINIA #286 | 314229816 | 1,432,924 | $1,432,924.68 | 0.73% |
| AMHERST VA 6.00 12/15/30 | 031216BE3 | 1,750,000 | $1,400,140.00 | 0.72% |
| VA ST P SCH 5.00 08/01/24 | 92817FX92 | 1,365,000 | $1,365,573.30 | 0.70% |
| HENRICO 6.125 11/01/17 | 42605NAU4 | 1,280,000 | $1,347,315.20 | 0.69% |
| HAMPTON VA 5.50 07/15/18 | 409558M75 | 1,275,000 | $1,337,449.50 | 0.68% |
| GTR RICHMND 6.125 6/15/25 | 392329AT5 | 1,240,000 | $1,325,956.80 | 0.68% |
| VIRGINIA ST 5.35 11/01/11 | 92813A7A3 | 1,250,000 | $1,271,575.00 | 0.65% |
| VIRGINIA ST 5.00 11/01/21 | 92817QCS9 | 1,230,000 | $1,238,154.90 | 0.63% |
| SUFFOLK 5.15% 09/01/24 | 86481MAM0 | 1,750,000 | $1,229,777.50 | 0.63% |
| LOUDEN INDL 6.00 08/01/24 | 54589PBY5 | 1,500,000 | $1,172,070.00 | 0.60% |
| LOUDOUN CTY 5.25 12/15/17 | 54589NAM7 | 1,110,000 | $1,153,889.40 | 0.59% |
| VA ST HSG 3.90 07/01/13 | 92812UXM5 | 1,200,000 | $1,132,368.00 | 0.58% |
| HENRICO CO 5.00 10/01/21 | 42605QDG5 | 1,375,000 | $1,112,292.50 | 0.57% |
| LOUDOUN 6.00 06 01 22 | 545906BE8 | 1,000,000 | $1,105,490.00 | 0.57% |
| LOUDOUN CO 5.00 08/01/28 | 54589PBZ2 | 1,100,000 | $1,093,147.00 | 0.56% |
| PITTSYLVNIA 5.63 03/01/15 | 725769FT5 | 1,000,000 | $1,058,990.00 | 0.54% |
| HAMPTON RDS 5.00 04/01/23 | 409327CH4 | 1,060,000 | $1,056,724.60 | 0.54% |
| VA COMMWLTH 5.38 05/15/12 | 927793EV7 | 1,000,000 | $1,048,850.00 | 0.54% |
| ROANOKE VA 5.50 07/01/16 | 770084DT5 | 1,000,000 | $1,013,810.00 | 0.52% |
| ARLINGTON 5.25 01/01/10 | 04144NAQ1 | 1,000,000 | $1,010,920.00 | 0.52% |
| ROANOKE VA 5.50 07/01/21 | 770084ED9 | 1,000,000 | $1,005,680.00 | 0.51% |
| VA COMWLTH VRN 07/01/37 | 92778LAD2 | 1,000,000 | $1,000,000.00 | 0.51% |
| BRISTOL VA 5.25 07/15/23 | 110375BR2 | 1,000,000 | $971,000.00 | 0.50% |
| LOUISA 5.125 12/01/08 | 546068AK3 | 955,000 | $957,225.15 | 0.49% |
| RICHMOND VA 5.45 01/01/21 | 765417AQ3 | 1,000,000 | $955,890.00 | 0.49% |
| STAFFORD 5.00 08/01/23 | 852412NQ4 | 1,025,000 | $947,233.25 | 0.48% |
| HENRICO CO 6.50 06/01/22 | 42605QAG8 | 1,040,000 | $901,264.00 | 0.46% |
| METRO WASH 5.50 10/01/27 | 592646AW3 | 1,000,000 | $860,820.00 | 0.44% |
| WESTERN VA 4.125 12/01/09 | 95984RAY6 | 750,000 | $750,937.50 | 0.38% |
| YORK CNTY 5.50 07\01\09 | 986600AS3 | 740,000 | $741,354.20 | 0.38% |
| HAMPTON VA 6.00 12/01/12 | 40952LAA5 | 652,000 | $675,061.24 | 0.34% |
| HENRICO CO 5.00 06/01/10 | 42605QAF0 | 690,000 | $669,707.10 | 0.34% |
| FAIRFAX VA 4.70 10/01/24 | 303826AK7 | 750,000 | $575,550.00 | 0.29% |
| LYNCHBURG 5.00 01/01/09 | 551240AL8 | 500,000 | $501,490.00 | 0.25% |
| HENRICO CTY 5.90 07/20/29 | 42605PAB1 | 500,000 | $470,925.00 | 0.24% |
| AMHERST VA 6.00 12/15/20 | 031216AU8 | 500,000 | $468,065.00 | 0.24% |
| HENRICO CTY 5.85 07/20/19 | 42605PAA3 | 400,000 | $398,072.00 | 0.20% |
| LYNCHBURG 4.875 07/01/21 | 551244ED4 | 500,000 | $376,225.00 | 0.19% |
| TOBACCO FNG 4.00 06/01/13 | 88880NAD1 | 320,000 | $323,068.80 | 0.16% |
| Total Fund Assets | | | $193,945,081.07 | 100.00% |
