1

Portfolio of Investments August 31, 2025

NPV

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 168.9% (100.0% of Total Investments)  

X

350,735,913

MUNICIPAL BONDS - 168.9%  (100.0% of Total Investments)

X

–

CONSUMER STAPLES - 4.2% (2.5% of Total Investments)

$

1,000,000

Children's Trust Fund, Puerto Rico, Tobacco Settlement Asset-

Backed Bonds, Refunding Series 2002

5

.625

%

05/15/43

$

1,015,684

490,000

Guam Economic Development & Commerce Authority, Tobacco

Settlement Asset-Backed Bonds, Series 2007A

5

.250

06/01/32

474,949

705,000

Guam Economic Development & Commerce Authority, Tobacco

Settlement Asset-Backed Bonds, Series 2007A

5

.625

06/01/47

630,245

2,525,000

Tobacco Settlement Financing Corporation of Virginia, Tobacco

Settlement Asset Backed Bonds, Series 2007B1

5

.000

06/01/47

2,102,415

5,145,000

Tobacco Settlement Financing Corporation of Virginia, Tobacco

Settlement Asset-Backed Bonds, Series 2007B2

5

.200

06/01/46

4,456,764

TOTAL CONSUMER STAPLES

8,680,057

EDUCATION AND CIVIC ORGANIZATIONS - 13.8% (8.2% of Total Investments)

1,000,000

Alexandria Industrial Development Authority, Virginia,

Educational Facilities Revenue Bonds, Episcopal High School,

Refunding Series 2021C

4

.000

01/01/46

871,332

1,105,000

Alexandria Industrial Development Authority, Virginia,

Educational Facilities Revenue Bonds, Episcopal High School,

Series 2017

4

.000

01/01/37

1,100,005

565,000

Alexandria Industrial Development Authority, Virginia,

Educational Facilities Revenue Bonds, Episcopal High School,

Series 2017

4

.000

01/01/40

528,646

90,000

Amherst Industrial Development Authority, Virginia, Revenue

Bonds, Sweet Briar College, Series 2006

5

.000

09/01/26

89,949

1,000,000

(a)

Industrial Development Authority of the City of Lexington,

Virginia, Washington and Lee University, Educational Facility

Revenue Bonds, Refunding Series 2018A

5

.000

01/01/43

1,008,467

1,500,000

Loudoun County Industrial Development Authority, Virginia,

Multi-Modal Revenue Bonds, Howard Hughes Medical Institute,

Series 2022A

4

.000

10/01/52

1,291,781

2,000,000

Madison County Industrial Development Authority, Virginia,

Educational Facilities Revenue Bonds, Woodberry Forest School,

Series 2021

3

.000

10/01/50

1,424,478

500,000

Montgomery County Economic Development Authority, Virginia,

Revenue Bonds, Virginia Tech Foundation, Refunding Series

2017A

4

.000

06/01/36

500,884

750,000

Roanoke Economic Development Authority, Virginia, Educational

Facilities Revenue Bonds, Lynchburg College, Series 2018A

5

.000

09/01/43

682,898

1,000,000

Salem Economic Development Authority, Virginia, Educational

Facilities Revenue Bonds, Roanoke College, Series 2020

4

.000

04/01/45

804,038

1,000,000

Salem Economic Development Authority, Virginia, Educational

Facilities Revenue Bonds, Roanoke College, Series 2025

6

.000

04/01/55

1,013,756

2,500,000

The Rector and Visitors of the University of Virginia, General

Pledge Revenue Bonds, Green Series 2015A-2

5

.000

04/01/45

2,503,375

1,515,000

(a)

The Rector and Visitors of the University of Virginia, General

Pledge Revenue Bonds, Refunding Series 2017A

5

.000

04/01/39

1,541,825

9,000,000

(a)

The Rector and Visitors of the University of Virginia, General

Pledge Revenue Bonds, Refunding Series 2017A, (UB)

5

.000

04/01/39

9,159,354

1,000,000

(b)

Virginia College Building Authority, Educational Facilities

Revenue Bonds, Marymount University Project, Green Series

2015B

5

.000

07/01/45

767,752

1,500,000

(b)

Virginia College Building Authority, Educational Facilities

Revenue Bonds, Marymount University Project, Refunding Series

2015A

5

.000

07/01/35

1,308,563

4,000,000

(b)

Virginia College Building Authority, Educational Facilities

Revenue Bonds, Marymount University Project, Refunding Series

2015A

5

.000

07/01/45

3,071,007

1,000,000

Virginia College Building Authority, Educational Facilities

Revenue Bonds, Regent University Project, Series 2025

6

.000

06/01/55

1,041,838

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

28,709,948

Portfolio of Investments August 31, 2025

(continued)

NPV

2

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE - 32.6% (19.3% of Total Investments)

$

1,550,000

Arlington County Industrial Development Authority, Virginia,

Hospital Facility Revenue Bonds, Virginia Hospital Center, Series

2020

5

.000

%

07/01/29

$

1,679,834

1,000,000

Arlington County Industrial Development Authority, Virginia,

Hospital Facility Revenue Bonds, Virginia Hospital Center, Series

2020

4

.000

07/01/39

970,335

225,000

Arlington County Industrial Development Authority, Virginia,

Hospital Facility Revenue Bonds, Virginia Hospital Center, Series

2020

4

.000

07/01/40

215,658

1,055,000

Arlington County Industrial Development Authority, Virginia,

Hospital Facility Revenue Bonds, Virginia Hospital Center, Series

2020

4

.000

07/01/45

934,953

1,465,000

Arlington County Industrial Development Authority, Virginia,

Hospital Revenue Bonds, Virginia Hospital Center, Series 2023A,

(Mandatory Put 7/01/31)

5

.000

07/01/53

1,595,149

1,470,000

Chesapeake Hospital Authority, Virginia, Hospital Facility

Revenue Bonds, Chesapeake Regional Medical Center, Series

2019

5

.000

07/01/34

1,543,984

1,205,000

Chesapeake Hospital Authority, Virginia, Hospital Facility

Revenue Bonds, Chesapeake Regional Medical Center, Series

2019

4

.000

07/01/37

1,150,738

1,000,000

Chesapeake Hospital Authority, Virginia, Hospital Facility

Revenue Bonds, Chesapeake Regional Medical Center, Series

2019

4

.000

07/01/43

869,262

1,920,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2019A-1

4

.000

08/01/44

1,662,097

2,700,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2019A-2

4

.000

08/01/49

2,231,000

4,005,000

Fairfax County Industrial Development Authority, Virginia,

Healthcare Revenue Bonds, Inova Health System, Refunding

Series 2022

4

.000

05/15/42

3,679,974

2,500,000

Fairfax County Industrial Development Authority, Virginia,

Healthcare Revenue Bonds, Inova Health System, Series 2014A

4

.000

05/15/44

2,248,158

1,000,000

Fairfax County Industrial Development Authority, Virginia,

Healthcare Revenue Bonds, Inova Health System, Series 2024

5

.000

05/15/51

1,008,374

3,000,000

Fairfax County Industrial Development Authority, Virginia,

Healthcare Revenue Bonds, Inova Health System, Series 2024

4

.125

05/15/54

2,595,342

1,500,000

Front Royal and Warren County Industrial Development

Authority, Virginia, Hospital Revenue Bonds, Valley Health System

Obligated Group, Series 2018

4

.000

01/01/50

1,291,189

730,000

Henrico County Economic Development Authority, Virginia,

Health Facilities Revenue Bonds, Bon Secours Mercy Health,

Series 2025A-VA

5

.000

11/01/48

726,045

3,500,000

(b)

Industrial Development Authority of the City of Newport News,

Virginia, Health System Revenue Bonds, Riverside Health System,

Series 2015A

5

.330

07/01/45

3,347,258

5,000,000

(b)

Industrial Development Authority of the City of Newport News,

Virginia, Health System Revenue Bonds, Riverside Health System,

Series 2017A

5

.000

07/01/46

4,676,740

2,310,000

Isle Economic Development Authority, Wight County, Virginia,

Health System Revenue Bonds, Riverside Health System Series

2023 - AGM Insured

5

.250

07/01/48

2,345,271

3,635,000

Lynchburg Economic Development Authority, Virginia, Hospital

Revenue Bonds, Centra Health Obligated Group, Refunding

Series 2017A

5

.000

01/01/47

3,528,969

1,575,000

Lynchburg Economic Development Authority, Virginia, Hospital

Revenue Bonds, Centra Health Obligated Group, Refunding

Series 2021

4

.000

01/01/55

1,242,440

1,000,000

Norfolk Economic Development Authority, Virginia, Hospital

Facility Revenue Bonds, Sentara Healthcare Systems, Refunding

Series 2018B

4

.000

11/01/48

864,967

875,000

Roanoke Economic Development Authority, Virginia, Hospital

Revenue Bonds, Carilion Clinic Obligated Group, Series 2020A

4

.000

07/01/36

878,946

5,000,000

Roanoke Economic Development Authority, Virginia, Hospital

Revenue Bonds, Carilion Clinic Obligated Group, Series 2020A

4

.000

07/01/51

4,283,717

3

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

$

1,000,000

Stafford County Economic Development Authority, Virginia,

Hospital Facilities Revenue Bonds, Mary Washington Healthcare

Obligated Group, Refunding Series 2016

5

.000

%

06/15/32

$

1,013,434

1,360,000

Stafford County Economic Development Authority, Virginia,

Hospital Facilities Revenue Bonds, Mary Washington Healthcare

Obligated Group, Refunding Series 2016

4

.000

06/15/37

1,285,726

7,000,000

Virginia Small Business Finance Authority, Healthcare Facilities

Revenue Bonds, Bon Secours Mercy Health, Inc., Series 2020A

4

.000

12/01/49

5,878,415

3,000,000

Virginia Small Business Finance Authority, Healthcare Facilities

Revenue Bonds, Bon Secours Mercy Health, Inc., Series 2022A

5

.000

10/01/42

3,039,543

1,200,000

Virginia Small Business Finance Authority, Healthcare Facilities

Revenue Bonds, Mary Washington Healthcare, Refunding Series

2025A-1

5

.250

06/15/50

1,211,026

1,000,000

Virginia Small Business Finance Authority, Healthcare Facilities

Revenue Bonds, Mary Washington Healthcare, Refunding Series

2025A-1

5

.250

06/15/55

1,001,600

1,150,000

Virginia Small Business Finance Authority, Healthcare Facilities

Revenue Bonds, Sentara Healthcare, Refunding Series 2020

4

.000

11/01/38

1,106,993

2,000,000

Virginia Small Business Finance Authority, Healthcare Facilities

Revenue Bonds, Sentara Healthcare, Refunding Series 2020

4

.000

11/01/39

1,897,805

1,500,000

Winchester Economic Development Authority, Virginia, Hospital

Revenue Bonds, Valley Health System Obligated Group,

Refunding Series 2015

5

.000

01/01/33

1,507,481

1,000,000

Winchester Economic Development Authority, Virginia, Hospital

Revenue Bonds, Valley Health System Obligated Group,

Refunding Series 2015

5

.000

01/01/35

1,003,824

2,000,000

Winchester Economic Development Authority, Virginia, Hospital

Revenue Bonds, Valley Health System Obligated Group,

Refunding Series 2015

4

.000

01/01/37

1,944,849

1,215,000

Winchester Economic Development Authority, Virginia, Hospital

Revenue Bonds, Valley Health System Obligated Group,

Refunding Series 2015

5

.000

01/01/44

1,209,685

TOTAL HEALTH CARE

67,670,781

HOUSING/MULTIFAMILY - 14.6% (8.6% of Total Investments)

1,060,000

(b)

Richmond Redevelopment and Housing Authority, Virginia, Multi-

Family Housing Revenue Bonds, American Tobacco Apartments,

Series 2017

5

.550

01/01/37

1,006,372

1,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2015A

3

.500

03/01/35

968,527

1,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2015A

3

.625

03/01/39

892,827

900,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2015C

4

.000

08/01/45

783,627

2,750,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2015E

3

.750

12/01/40

2,476,187

1,500,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2016B

3

.350

05/01/36

1,423,029

1,700,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2017A

3

.875

03/01/47

1,485,504

3,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2019A

3

.800

09/01/44

2,673,622

1,855,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2020E

2

.500

07/01/45

1,247,740

1,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2022F

5

.000

10/01/52

1,000,069

1,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2023E

5

.250

10/01/63

1,004,063

1,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2024A

4

.450

09/01/44

966,169

1,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2025C

5

.200

07/01/62

1,006,263

7,650,000

(a)

Williamsburg Economic Development Authority, Virginia, Student

Housing Revenue Bonds, Provident Group - Williamsburg

Properties LLC - William and Mary Project Series 2023A - AGM

Insured, (UB)

4

.000

07/01/48

6,685,824

Portfolio of Investments August 31, 2025

(continued)

NPV

4

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HOUSING/MULTIFAMILY

(continued)

$

2,600,000

(a)

Williamsburg Economic Development Authority, Virginia, Student

Housing Revenue Bonds, Provident Group - Williamsburg

Properties LLC - William and Mary Project Series 2023A - AGM

Insured, (UB)

4

.125

%

07/01/58

$

2,261,139

5,000,000

(a)

Williamsburg Economic Development Authority, Virginia, Student

Housing Revenue Bonds, Provident Group - Williamsburg

Properties LLC - William and Mary Project Series 2023A - AGM

Insured, (UB)

4

.375

07/01/63

4,455,767

TOTAL HOUSING/MULTIFAMILY

30,336,729

HOUSING/SINGLE FAMILY - 1.3% (0.8% of Total Investments)

1,000,000

Virginia Housing Development Authority, Commonwealth

Mortgage Bonds, Series 2023C

4

.875

07/01/48

990,996

670,000

Virginia Housing Development Authority, Commonwealth

Mortgage Bonds, Series 2023E-5

4

.625

07/01/50

637,257

1,200,000

Virginia Housing Development Authority, Commonwealth

Mortgage Bonds, Series 2023E-I

4

.550

10/01/49

1,142,251

TOTAL HOUSING/SINGLE FAMILY

2,770,504

LONG-TERM CARE - 10.7% (6.3% of Total Investments)

3,225,000

Albemarle County Economic Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Westminster-

Canterbury of the Blue Ridge, Refunding Series 2022A

4

.000

06/01/42

2,924,421

700,000

Henrico County Economic Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Westminster Canterbury

of Richmond, Refunding Series 2020

4

.000

10/01/45

616,816

1,155,000

James City County Economic Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Williamsburg Landing

Inc., Refunding Series 2021A

4

.000

12/01/40

985,345

200,000

James City County Economic Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Williamsburg Landing

Inc., Series 2024A

6

.875

12/01/58

211,363

1,000,000

James City County Economic Development Authority, Virginia,

Residential Care Facility Revenue Bonds, WindsorMeade, Series

2021A

4

.000

06/01/47

739,364

1,120,000

Lexington Industrial Development Authority, Virginia, Residential

Care Facility Revenue Bonds, Kendal at Lexington Retirement

Community Inc., Refunding Series 2022. Forward Delivery

4

.000

01/01/42

976,603

1,000,000

Lexington Industrial Development Authority, Virginia, Residential

Care Facility Revenue Bonds, Kendal at Lexington Retirement

Community Inc., Refunding Series 2022. Forward Delivery

4

.000

01/01/48

799,945

1,000,000

Norfolk Redevelopment and Housing Authority, Virginia, Fort

Norfolk Retirement Community, Inc., Harbor's Edge Project,

Series 2019A

4

.375

01/01/39

882,423

1,325,000

Norfolk Redevelopment and Housing Authority, Virginia, Fort

Norfolk Retirement Community, Inc., Harbor's Edge Project,

Series 2019A

5

.000

01/01/49

1,135,441

2,305,000

Norfolk Redevelopment and Housing Authority, Virginia, Fort

Norfolk Retirement Community, Inc., Harbor's Edge Project,

Series 2019A

5

.250

01/01/54

2,010,847

2,500,000

Norfolk Redevelopment and Housing Authority, Virginia,

Revenue Bonds, Fort Norfolk Retirement Community, Inc. -

Harbor's Edge Project, Refunding Series 2014

5

.000

01/01/46

2,190,149

670,000

Prince William County Industrial Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Westminster at Lake

Ridge, Refunding Series 2016

5

.000

01/01/37

659,361

2,000,000

Prince William County Industrial Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Westminster at Lake

Ridge, Refunding Series 2016

5

.000

01/01/46

1,750,005

2,920,000

Suffolk Economic Development Authority, Virginia, Retirement

Facilities First Mortgage Revenue Bonds, Lake Prince Center, Inc./

United Church Homes and Services Obligated Group, Refunding

Series 2016

5

.000

09/01/31

2,922,203

320,000

Virginia Beach Development Authority, Virginia, Residential Care

Facility Revenue Bonds, Westminster Canterbury on Chesapeake

Bay, Series 2023A

7

.000

09/01/53

346,891

5

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM CARE

(continued)

$

1,000,000

Virginia Beach Development Authority, Virginia, Residential Care

Facility Revenue Bonds, Westminster Canterbury on Chesapeake

Bay, Series 2023A

7

.000

%

09/01/59

$

1,078,500

2,000,000

Virginia Small Business Financing Authority, Virginia, Residential

Care Facility Revenue Bonds, Lifespire, Refunding Series 2024A

5

.500

12/01/54

1,948,155

TOTAL LONG-TERM CARE

22,177,832

TAX OBLIGATION/GENERAL - 4.3% (2.6% of Total Investments)

3,300,000

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

0

.000

07/01/33

2,310,933

4,000,000

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

4

.000

07/01/33

3,913,613

1,000,000

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

4

.000

07/01/41

870,693

1,000,000

Richmond, Virginia, General Obligation Bonds, Public

Improvement Series 2024C

4

.000

03/01/57

863,970

1,000,000

Virginia State, General Obligation Bonds, Series 2022A

5

.000

06/01/52

1,022,032

TOTAL TAX OBLIGATION/GENERAL

8,981,241

TAX OBLIGATION/LIMITED - 24.2% (14.3% of Total Investments)

975,000

(b)

Alexandria Industrial Development Authority, Virginia, Tourism

Development Financing Program Revenue Bonds, 699 Prince

Street Hotel Project, Senior Series 2022A

7

.750

09/01/44

985,486

1,340,000

Arlington County Industrial Development Authority, Virginia,

Revenue Bonds, Refunding County Projects, Series 2017

5

.000

02/15/37

1,369,568

1,000,000

(b)

Cherry Hill Community Development Authority, Virginia, Special

Assessment Bonds, Potomac Shores Project, Series 2015

5

.400

03/01/45

1,000,266

2,000,000

(b)

Cutalong II Community Development Authority, Louisa County,

Virginia, Special Assessment Revenue Bonds, Cutalong II Project,

Series 2022

4

.500

03/01/55

1,556,186

935,000

(b)

Farms of New Kent Community Development Authority, Virginia,

Special Assessment Bonds, Refunding Series 2021A

3

.750

03/01/36

880,690

4,000,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2015D

5

.000

11/15/34

4,019,761

750,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2025G

5

.250

01/01/38

795,952

1,000,000

Guam Government, Limited Obligation Section 30 Revenue

Bonds, Series 2016A

5

.000

12/01/33

1,006,414

2,000,000

Hampton Roads Transportation Accountability Commission,

Virginia, Revenue Bonds, Hampton Roads Transportation Fund,

Senior Lien Series 2020A

5

.000

07/01/45

2,025,521

3,000,000

Hampton Roads Transportation Accountability Commission,

Virginia, Revenue Bonds, Hampton Roads Transportation Fund,

Senior Lien Series 2022A

4

.000

07/01/57

2,549,771

1,440,000

Hampton Roads Transportation Accountability Commission,

Virginia, Revenue Bonds, Hampton Roads Transportation Fund,

Senior Lien Series 2024A

5

.250

07/01/59

1,487,150

905,000

(b)

Lower Magnolia Green Community Development Authority,

Virginia, Special Assessment Bonds, Series 2015

5

.000

03/01/35

902,249

2,990,000

(b)

Lower Magnolia Green Community Development Authority,

Virginia, Special Assessment Bonds, Series 2015

5

.000

03/01/45

2,735,427

440,000

Matching Fund Special Purpose Securitization Corporation,

Virgin Islands, Revenue Bonds, Series 2022A

5

.000

10/01/32

452,205

240,000

(b)

Peninsula Town Center Community Development Authority,

Virginia, Special Obligation Bonds, Refunding Series 2018

4

.500

09/01/28

242,599

3,000,000

(b)

Peninsula Town Center Community Development Authority,

Virginia, Special Obligation Bonds, Refunding Series 2018

5

.000

09/01/45

2,805,692

69,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

0

.000

07/01/27

64,987

94,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

0

.000

07/01/29

82,538

219,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

0

.000

07/01/31

176,179

136,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

0

.000

07/01/33

99,603

Portfolio of Investments August 31, 2025

(continued)

NPV

6

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

2,550,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

0

.000

%

07/01/51

$

595,210

7,585,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

5

.000

07/01/58

6,957,403

1,550,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

4

.329

07/01/40

1,437,536

150,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

4

.536

07/01/53

129,376

62,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

4

.784

07/01/58

54,772

2,240,000

(b)

Virgin Islands Public Finance Authority, Gross Receipts Taxes

Loan Note, Working Capital Series 2014A - AGM Insured

5

.000

10/01/34

2,245,659

2,000,000

(b)

Virgin Islands Public Finance Authority, Revenue Bonds,

Frenchman's Reef Hotel Development Hotel Occupancy Series

2024A

6

.000

04/01/53

1,980,148

1,000,000

Virginia Gateway Community Development Authority, Prince

William County, Virginia, Special Assessment Refunding Bonds,

Series 2012

5

.000

03/01/30

1,001,175

35,000

Virginia Resources Authority, Infrastructure Revenue Bonds,

Pooled Financing Program, Series 2012A

5

.000

11/01/42

35,011

115,000

(b)

Virginia Small Business Finance Authority, Tourism Development

Financing Program Revenue Bonds, Downtown Norfolk and

Virginia Beach Oceanfront Hotel Projects, Series 2018A

8

.375

04/01/41

109,210

300,000

(b)

Virginia Small Business Financing Authority, Tourism

Development Financing Program Revenue Bonds, Virginia Beach

Oceanfront South Hotel Project, Senior Series 2020A-1

8

.000

10/01/43

285,829

1,000,000

Virginia Transportation Board, Transportation Revenue Bonds,

Capital Projects, Series 2018

4

.000

05/15/38

1,001,056

2,000,000

Washington Metropolitan Area Transit Authority, Dedicated

Revenue Bonds, Second Lien Green Series 2023A

5

.250

07/15/53

2,051,896

2,000,000

Washington Metropolitan Area Transit Authority, Dedicated

Revenue Bonds, Second Lien Series 2025A

5

.250

07/15/50

2,066,318

3,970,000

Washington Metropolitan Area Transit Authority, Second Lien

Dedicated Revenue Bonds, Sustainability- Climate Transition,

Green Series 2024A

5

.250

07/15/59

4,054,438

920,000

Western Virginia Regional Jail Authority, Virginia, Facility Revenue

Bonds, Refunding Series 2016

5

.000

12/01/36

936,034

TOTAL TAX OBLIGATION/LIMITED

50,179,315

TRANSPORTATION - 49.3% (29.2% of Total Investments)

375,000

Capital Region Airport Commission, Virginia, Airport Revenue

Bonds, Refunding Series 2016A

4

.000

07/01/34

375,910

400,000

Capital Region Airport Commission, Virginia, Airport Revenue

Bonds, Refunding Series 2016A

4

.000

07/01/35

400,446

250,000

Capital Region Airport Commission, Virginia, Airport Revenue

Bonds, Refunding Series 2016A

4

.000

07/01/38

243,636

5,320,000

Chesapeake Bay Bridge and Tunnel District, Virginia, General

Resolution Revenue Bonds, First Tier Series 2016 - AGM Insured

5

.000

07/01/41

5,336,642

5,905,000

Chesapeake Bay Bridge and Tunnel District, Virginia, General

Resolution Revenue Bonds, First Tier Series 2016

5

.000

07/01/46

5,787,981

2,000,000

Chesapeake, Virginia, Transportation System Senior Toll Road

Revenue Bonds, Capital Appreciation Series 2012B

4

.750

07/15/32

2,081,308

4,225,000

Chesapeake, Virginia, Transportation System Senior Toll Road

Revenue Bonds, Capital Appreciation Series 2012B

4

.875

07/15/40

4,256,560

1,000,000

Chesapeake, Virginia, Transportation System Senior Toll Road

Revenue Bonds, Capital Appreciation Series 2012B - AGM

Insured

4

.875

07/15/40

1,014,385

1,945,000

Chesapeake, Virginia, Transportation System Senior Toll Road

Revenue Bonds, Refunding Series 2024 - AGM Insured

4

.000

07/15/47

1,726,371

4,500,000

Metropolitan Washington Airports Authority, Virginia, Dulles Toll

Road Revenue Bonds, Dulles Metrorail & Capital improvement

Projects, Refunding & Subordinate Lien Series 2019B

4

.000

10/01/44

3,899,849

7

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION

(continued)

$

3,335,000

Metropolitan Washington Airports Authority, Virginia, Dulles Toll

Road Revenue Bonds, Dulles Metrorail & Capital improvement

Projects, Refunding & Subordinate Lien Series 2019B - AGM

Insured

4

.000

%

10/01/53

$

2,744,634

4,000,000

Metropolitan Washington Airports Authority, Virginia, Dulles Toll

Road Revenue Bonds, Dulles Metrorail & Capital improvement

Projects, Second Senior Lien Series 2009B - AGC Insured

0

.000

10/01/26

3,886,785

11,825,000

Metropolitan Washington Airports Authority, Virginia, Dulles Toll

Road Revenue Bonds, Dulles Metrorail & Capital improvement

Projects, Second Senior Lien Series 2009B - AGC Insured

0

.000

10/01/34

8,385,594

1,135,000

Metropolitan Washington Airports Authority, Virginia, Dulles Toll

Road Revenue Bonds, Dulles Metrorail & Capital improvement

Projects, Second Senior Lien Series 2009B - AGC Insured

0

.000

10/01/36

717,168

5,010,000

Metropolitan Washington Airports Authority, Virginia, Dulles Toll

Road Revenue Bonds, Dulles Metrorail & Capital improvement

Projects, Second Senior Lien Series 2009B - AGC Insured

0

.000

10/01/39

2,599,296

6,700,000

Metropolitan Washington Airports Authority, Virginia, Dulles Toll

Road Revenue Bonds, Dulles Metrorail Capital Appreciation,

Second Senior Lien Series 2010B

6

.500

10/01/44

7,021,962

7,300,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2016A, (AMT)

5

.000

10/01/35

7,366,550

2,000,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2018A, (AMT)

5

.000

10/01/31

2,090,206

3,290,000

(a)

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2018A, (AMT)

5

.000

10/01/36

3,363,645

2,000,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2018A, (AMT)

5

.000

10/01/38

2,025,051

1,000,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2019A, (AMT)

5

.000

10/01/30

1,067,701

4,000,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2019A, (AMT)

5

.000

10/01/40

4,032,369

1,150,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2023A, (AMT)

5

.250

10/01/48

1,160,426

35,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, American Airlines, Inc. John F

Kennedy International Airport Project, Refunding Series 2016,

(AMT)

5

.000

08/01/26

35,001

595,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, American Airlines, Inc. John F

Kennedy International Airport Project, Refunding Series 2016,

(AMT)

5

.000

08/01/31

595,005

1,585,000

Norfolk Airport Authority, Virginia, Airport Revenue Bonds, Series

2019

5

.000

07/01/38

1,637,896

9,035,000

Virginia Small Business Financing Authority, Private Activity

Revenue Bonds, Transform 66 P3 Project, Senior Lien Series

2017, (AMT)

5

.000

12/31/49

8,536,429

805,000

Virginia Small Business Financing Authority, Private Activity

Revenue Bonds, Transform 66 P3 Project, Senior Lien Series

2017, (AMT)

5

.000

12/31/52

751,837

500,000

Virginia Small Business Financing Authority, Private Activity

Revenue Bonds, Transform 66 P3 Project, Senior Lien Series

2017, (AMT)

5

.000

12/31/56

462,817

1,325,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

5

.000

07/01/33

1,398,462

1,395,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

5

.000

07/01/34

1,461,476

530,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

5

.000

07/01/38

536,874

3,120,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

4

.000

07/01/39

2,858,977

Portfolio of Investments August 31, 2025

(continued)

NPV

8

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION

(continued)

$

1,500,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

4

.000

%

01/01/42

$

1,306,463

3,340,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

5

.000

12/31/47

3,201,933

1,000,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

5

.000

12/31/52

947,518

2,500,000

Virginia Small Business Financing Authority, Revenue Bonds,

Elizabeth River Crossing OPCO, LLC Project, Refunding Senior

Lien Series 2022, (AMT)

4

.000

01/01/39

2,321,513

5,000,000

Virginia Small Business Financing Authority, Revenue Bonds,

Elizabeth River Crossing OPCO, LLC Project, Refunding Senior

Lien Series 2022, (AMT)

3

.000

01/01/41

3,841,138

1,000,000

Washington Metropolitan Area Transit Authority, District of

Columbia, Gross Revenue Bonds, Series 2018

5

.000

07/01/43

1,006,293

TOTAL TRANSPORTATION

102,484,107

U.S. GUARANTEED - 8.1% (c)(4.8% of Total Investments)

900,000

Alexandria Industrial Development Authority, Virginia, Residential

Care Facilities Mortgage Revenue Bonds, Goodwin House

Incorporated, Series 2015, (Pre-refunded 10/01/25)

5

.000

10/01/50

901,676

1,000,000

Fairfax County Economic Development Authority, Virginia,

County Facilities Revenue Bonds, Refunding Series 2017B, (Pre-

refunded 10/01/27)

5

.000

10/01/33

1,055,537

1,415,000

Hampton Roads Sanitation District, Virginia, Wastewater Revenue

Bonds, Subordinate Series 2018A, (Pre-refunded 10/01/27)

5

.000

10/01/40

1,494,771

1,010,000

Hampton Roads Sanitation District, Virginia, Wastewater Revenue

Bonds, Subordinate Series 2018A, (Pre-refunded 10/01/27)

5

.000

10/01/42

1,066,939

1,000,000

Hampton Roads Sanitation District, Virginia, Wastewater Revenue

Bonds, Subordinate Series 2018A, (Pre-refunded 10/01/27)

5

.000

10/01/43

1,056,375

1,000,000

Hampton Roads Transportation Accountability Commission,

Virginia, Hampton Roads Transportation Fund Revenue Bonds,

Senior Lien Series 2018A, (Pre-refunded 1/01/28)

5

.500

07/01/57

1,075,626

4,000,000

Richmond, Virginia, Public Utility Revenue Bonds, Refunding

Series 2016A, (Pre-refunded 1/15/26)

5

.000

01/15/33

4,038,062

3,000,000

Virginia Port Authority, Port Facilities Revenue Bonds, Refunding

Series 2016B, (Pre-refunded 5/02/26), (AMT)

5

.000

07/01/41

3,052,033

3,000,000

Virginia Port Authority, Port Facilities Revenue Bonds, Refunding

Series 2016B, (Pre-refunded 5/02/26), (AMT)

5

.000

07/01/45

3,052,033

TOTAL U.S. GUARANTEED

16,793,052

UTILITIES - 5.8% (3.4% of Total Investments)

4,300,000

Beaver County Industrial Development Authority, Pennsylvania,

Pollution Control Revenue Bonds, FirstEnergy Generation Project,

Refunding Series 2006A, (Mandatory Put 7/01/33)

4

.750

01/01/35

4,424,487

1,675,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2016

5

.000

01/01/46

1,637,554

2,000,000

(b)

Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,

Refunding Senior Lien Series 2020A

5

.000

07/01/47

1,870,967

1,000,000

(b)

Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,

Refunding Senior Lien Series 2021B

4

.000

07/01/42

863,600

725,000

Richmond, Virginia, Public Utility Revenue Bonds, Refunding

Series 2023C

5

.000

01/15/47

750,239

1,000,000

Virginia Resources Authority, Clean Water State Revolving Fund

Revenue Bonds, Refunding Series 2014B

4

.000

10/01/27

1,001,189

9

All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the

applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not

include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in

financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For

a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.

Fair Value Measurements

The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/

Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an

independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to

maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements

for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs

are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about

the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the

circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit

spreads, etc.).

Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of

investments).

The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value

them:

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

1,500,000

(b)

Virginia Small Business Financing Authority, Solid Waste Disposal

Revenue Bonds, Covanta Project, Series 2018, (AMT), (Mandatory

Put 7/01/38)

5

.000

%

01/01/48

$

1,404,311

TOTAL UTILITIES

11,952,347

TOTAL MUNICIPAL BONDS

(Cost $363,195,588)

350,735,913

TOTAL LONG-TERM INVESTMENTS

(Cost $363,195,588)

350,735,913

FLOATING RATE OBLIGATIONS - (9.1)%  

(

18,950,000

)

VRDP SHARES, NET - (61.5)% (d)

(

127,727,931

)

OTHER ASSETS & LIABILITIES, NET - 1.7%

3,598,402

NET ASSETS APPLICABLE TO COMMON SHARES - 100%

$

207,656,384

AMT

Alternative Minimum Tax

UB

Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust

unless otherwise noted.

(a)

Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse

floating rate transactions.

(b)

Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid

and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

As of the end of the reporting period, the aggregate value of these securities is $34,046,011 or 9.7% of Total Investments.

(c)

Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely

payment of principal and interest.

(d)

VRDP Shares, Net as a percentage of Total Investments is 36.4%.

NPV

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

350,735,913

$

–

$

350,735,913

Total

$

–

$

350,735,913

$

–

$

350,735,913