| Security | CUSIP | Shares | Traded Market Value | % of Holding ↓ |
| UNIV OF VA VRN 06/01/34 | 915217PL1 | 27,940,000 | $27,940,000.00 | 4.50% |
| LOUDOUN CNTY VRN 02/15/38 | 545910AH4 | 26,550,000 | $26,550,000.00 | 4.27% |
| LOUDOUN CNTY VRN 02/15/38 | 545910AM3 | 26,405,000 | $26,405,000.00 | 4.25% |
| DREYFUS MMKT | 261993AA7 | 23,870,756 | $23,870,756.00 | 3.84% |
| GS FSF - TAX-FREE MM | 38141W182 | 21,980,520 | $21,980,520.00 | 3.54% |
| VA ST PUB VRN 08/01/20 | 92817SJK5 | 20,930,000 | $20,930,000.00 | 3.37% |
| FAIRFAX ECON VRN 07/01/40 | 30382EDB7 | 19,500,000 | $19,500,000.00 | 3.14% |
| FEDERATED TAX FREE RESERV | 990060GM1 | 17,263,630 | $17,263,630.00 | 2.78% |
| PENINSULA VRN 07/01/37 | 707164CC1 | 17,200,000 | $17,200,000.00 | 2.77% |
| LOUDOUN CNTY VRN 02/15/38 | 545910AJ0 | 16,805,000 | $16,805,000.00 | 2.70% |
| FEDERATED VIRGINIA #286 | 314229816 | 16,613,000 | $16,613,000.75 | 2.67% |
| LOUDOUN VRN 03/01/38 | 545910AN1 | 15,985,000 | $15,985,000.00 | 2.57% |
| HANOVER CNTY VRN 07/01/29 | 41078NAA8 | 15,700,000 | $15,700,000.00 | 2.53% |
| VA COMWLTH VRN 07/01/37 | 92778LAF7 | 15,000,000 | $15,000,000.00 | 2.41% |
| VA BEACH VRN 07/01/33 | 92773PAB2 | 14,265,000 | $14,265,000.00 | 2.29% |
| HENRICO CNTY VRN 10/01/27 | 42605VAA0 | 13,100,000 | $13,100,000.00 | 2.11% |
| LOUDOUN VRN 02/15/38 | 545910AL5 | 13,040,000 | $13,040,000.00 | 2.10% |
| VA PUB BLDG 5.00 08/01/09 | 928172QL2 | 12,505,000 | $12,824,922.63 | 2.06% |
| FAIRFAX CNTY 4.5 04/01/09 | 303820Y57 | 11,730,000 | $11,865,745.91 | 1.91% |
| VA COMMNWLTH VRN 05/15/19 | 927793QV4 | 11,085,000 | $11,085,000.00 | 1.78% |
| VA COMWLTH VRN 07/01/37 | 92778LAD2 | 10,500,000 | $10,500,000.00 | 1.69% |
| VA COMMNWLTH VRN 05/15/22 | 927793EB1 | 10,235,000 | $10,235,000.00 | 1.64% |
| VA COMWLTH VRN 07/01/37 | 92778LAE0 | 10,000,000 | $10,000,000.00 | 1.61% |
| PENINSULA 2.75 11/04/08 | 70716RHW1 | 9,000,000 | $9,000,000.00 | 1.45% |
| FAUQUIER VRN 04/01/38 | 312074AN7 | 9,000,000 | $9,000,000.00 | 1.45% |
| NEWPORT NEWS VRN 11/01/28 | 652259AA0 | 8,880,000 | $8,880,000.00 | 1.43% |
| NORFOLK VA VRN 07/01/34 | 655909BP3 | 8,470,000 | $8,470,000.00 | 1.36% |
| HENRICO CNTY VRN 10/01/37 | 42605QDL4 | 8,400,000 | $8,400,000.00 | 1.35% |
| KING GEORGE VRN 12/01/24 | 49548WAB1 | 8,250,000 | $8,250,000.00 | 1.32% |
| FAIRFAX CNTY VRN 04/01/30 | 303891MZ5 | 7,850,000 | $7,850,000.00 | 1.26% |
| VA ST PUB 5% 08/01/09 | 92817SFF0 | 7,440,000 | $7,628,322.91 | 1.22% |
| PULASKI CNTY VRN 08/01/19 | 745538AJ7 | 7,425,000 | $7,425,000.00 | 1.19% |
| HENRICO CNTY VRN 10/01/35 | 42605QBG7 | 7,000,000 | $7,000,000.00 | 1.12% |
| HANOVER VRN 11/01/25 | 41077RAC6 | 6,900,000 | $6,900,000.00 | 1.11% |
| VA STATE 5.5 08/01/09 | 92817FZ90 | 6,640,000 | $6,833,894.61 | 1.10% |
| LOUDOUN CNTY VRN 02/15/38 | 545910AK7 | 6,100,000 | $6,100,000.00 | 0.98% |
| ARLINGTON VRN 08/01/17 | 041444AA8 | 6,000,000 | $6,000,000.00 | 0.96% |
| HARRISON HSG VRN 08/01/32 | 415690MM5 | 5,810,000 | $5,810,000.00 | 0.93% |
| VA COLLEGE 5.00 02/01/09 | 9277807U4 | 5,420,000 | $5,463,656.15 | 0.88% |
| PENINSULA VA VRN 07/01/16 | 707162AV5 | 5,300,000 | $5,300,000.00 | 0.85% |
| GREENE CO VRN 06/01/26 | 39469PAA4 | 5,260,000 | $5,260,000.00 | 0.84% |
| TAZEWELL VRN 02/01/17 | 877897CC0 | 5,100,000 | $5,100,000.00 | 0.82% |
| FAIRFAX CTY 1.60 04/15/35 | 303823GJ1 | 5,000,000 | $5,000,000.00 | 0.80% |
| VA ST HSNG VRN 07/01/17 | 92812UPF9 | 4,845,000 | $4,845,000.00 | 0.78% |
| FAIRFAX 5% 10/01/09 | 303820M76 | 4,680,000 | $4,824,742.45 | 0.77% |
| FAIRFAX 5.000% 10/01/09 | 303820Q49 | 4,630,000 | $4,772,327.84 | 0.76% |
| VA ST PUB 5.00 08/01/09 | 928172LT0 | 4,580,000 | $4,697,018.02 | 0.75% |
| LOUDOUN CNTY VRN 02/15/38 | 545910AG6 | 4,300,000 | $4,300,000.00 | 0.69% |
| VA COMWLTH 5.00 10/01/09 | 927790BF1 | 4,000,000 | $4,122,939.69 | 0.66% |
| ALEXANDRIA VRN 06/01/25 | 015304BQ0 | 3,800,000 | $3,800,000.00 | 0.61% |
| ROANOKE 6.00 10/01/19 | 770077TX3 | 3,310,000 | $3,508,179.19 | 0.56% |
| SUFFOLK VA VRN 11/01/35 | 86481QAB5 | 3,500,000 | $3,500,000.00 | 0.56% |
| NEWPORT NEWS VRN 09/01/26 | 652276CE4 | 3,400,000 | $3,400,000.00 | 0.54% |
| CHARLTTSVLLE VRN 12/01/13 | 161078BK5 | 3,220,000 | $3,220,000.00 | 0.51% |
| CHESTERFIELD VRN 12/01/12 | 166397AN9 | 3,200,000 | $3,200,000.00 | 0.51% |
| VIRGINIA 5 02/01/09 | 9277803A2 | 3,005,000 | $3,027,957.45 | 0.48% |
| LOWER NECHES VRN 04/01/29 | 54834RAA7 | 3,000,000 | $3,000,000.00 | 0.48% |
| VA STATE 5.00 04/15/09 | 92817SEY0 | 2,885,000 | $2,927,503.44 | 0.47% |
| FAIRFAX VRN 10/01/25 | 303823BH0 | 2,900,000 | $2,900,000.00 | 0.46% |
| ALEXANDRIA VRN 07/01/26 | 015312CL3 | 2,900,000 | $2,900,000.00 | 0.46% |
| PENINSULA VRN 07/01/16 | 707162AU7 | 2,660,000 | $2,660,000.00 | 0.42% |
| HENRICO CNTY VRN 07/01/33 | 42605PBA2 | 2,400,000 | $2,400,000.00 | 0.38% |
| HAMPTON VA VRN 12/01/19 | 409580DS3 | 2,170,000 | $2,170,000.00 | 0.34% |
| LYNCHBURG VRN 03/01/29 | 551242AE0 | 2,075,000 | $2,075,000.00 | 0.33% |
| LOUDOUN 5% 05/01/09 | 545896ZK1 | 2,000,000 | $2,034,022.11 | 0.32% |
| FAIRFAX CTY 1.60 05/15/26 | 303823GE2 | 2,000,000 | $2,000,000.00 | 0.32% |
| LINCOLN CNTY VRN 11/01/14 | 533485AL2 | 1,900,000 | $1,900,000.00 | 0.30% |
| WINCHESTER VRN 01/01/35 | 973130BY2 | 1,900,000 | $1,900,000.00 | 0.30% |
| NEWPORT NEWS 5% 06/01/09 | 652234GK5 | 1,630,000 | $1,661,438.17 | 0.26% |
| VIRGINIA BCH VRN 07/01/17 | 927743JW5 | 1,630,000 | $1,630,000.00 | 0.26% |
| FAIRFAX CNTY 7.5 10/01/29 | 30382EBV5 | 1,500,000 | $1,596,783.44 | 0.25% |
| VIRGINIA 5.00% 08/01/09 | 92817SDA3 | 1,465,000 | $1,501,162.13 | 0.24% |
| CLARK COUNTY VRN 09/01/22 | 18174PAB2 | 1,310,000 | $1,310,000.00 | 0.21% |
| VA PUB BLDG 5.00 08/01/09 | 928172NW1 | 1,200,000 | $1,230,655.42 | 0.19% |
| SURRY CNTY VRN 02/01/32 | 869003AA1 | 1,050,000 | $1,050,000.00 | 0.16% |
| VIRGINIA ST VRN 08/01/17 | 92817FQ82 | 1,040,000 | $1,040,000.00 | 0.16% |
| LOUISA CNTY VRN 01/01/20 | 54603MAA7 | 800,000 | $800,000.00 | 0.12% |
| WILLIAMSBURG VRN 12/01/18 | 969686AA2 | 250,000 | $250,000.00 | 0.04% |
| Total Fund Assets | | | $620,484,178.31 | 100.00% |
