NPORT-EX 2 tiaa_NPV.htm
1
Portfolio
of
Investments
February
28,
2025
Virginia
Quality
Municipal
Income
{FooterText}
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
163.3% (100.0%
of
Total
Investments)  
X
364,997,602
MUNICIPAL
BONDS
-
163.3%  (100.0%
of
Total
Investments)
X
–
CONSUMER
STAPLES
-
6.2%
(3.8%
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
$
1,011,906
490,000
Guam
Economic
Development
&
Commerce
Authority,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007A
5
.250
06/01/32
484,876
705,000
Guam
Economic
Development
&
Commerce
Authority,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007A
5
.625
06/01/47
687,472
5,135,000
Tobacco
Settlement
Financing
Corporation
of
Virginia,
Tobacco
Settlement
Asset
Backed
Bonds,
Series
2007B1
5
.000
06/01/47
5,069,121
6,645,000
Tobacco
Settlement
Financing
Corporation
of
Virginia,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007B2
5
.200
06/01/46
6,644,920
TOTAL
CONSUMER
STAPLES
13,898,295
EDUCATION
AND
CIVIC
ORGANIZATIONS
-
12.5%
(7.6%
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
964,051
1,105,000
Alexandria
Industrial
Development
Authority,
Virginia,
Educational
Facilities
Revenue
Bonds,
Episcopal
High
School,
Series
2017
4
.000
01/01/37
1,109,912
565,000
Alexandria
Industrial
Development
Authority,
Virginia,
Educational
Facilities
Revenue
Bonds,
Episcopal
High
School,
Series
2017
4
.000
01/01/40
562,272
170,000
Amherst
Industrial
Development
Authority,
Virginia,
Revenue
Bonds,
Sweet
Briar
College,
Series
2006
5
.000
09/01/26
169,335
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
1,035,078
1,500,000
Loudoun
County
Industrial
Development
Authority,
Virginia,
Multi-Modal
Revenue
Bonds,
Howard
Hughes
Medical
Institute,
Series
2022A
4
.000
10/01/52
1,472,263
2,000,000
Madison
County
Industrial
Development
Authority,
Virginia,
Educational
Facilities
Revenue
Bonds,
Woodberry
Forest
School,
Series
2021
3
.000
10/01/50
1,582,385
500,000
Montgomery
County
Economic
Development
Authority,
Virginia,
Revenue
Bonds,
Virginia
Tech
Foundation,
Refunding
Series
2017A
4
.000
06/01/36
506,623
750,000
Roanoke
Economic
Development
Authority,
Virginia,
Educational
Facilities
Revenue
Bonds,
Lynchburg
College,
Series
2018A
5
.000
09/01/43
745,799
1,000,000
Salem
Economic
Development
Authority,
Virginia,
Educational
Facilities
Revenue
Bonds,
Roanoke
College,
Series
2020
4
.000
04/01/45
885,292
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
2,502,831
1,515,000
The
Rector
and
Visitors
of
the
University
of
Virginia,
General
Pledge
Revenue
Bonds,
Refunding
Series
2017A
5
.000
04/01/39
1,570,717
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
9,330,991
1,000,000
(b)
Virginia
College
Building
Authority,
Educational
Facilities
Revenue
Bonds,
Marymount
University
Project,
Green
Series
2015B
5
.000
07/01/45
811,686
1,500,000
(b)
Virginia
College
Building
Authority,
Educational
Facilities
Revenue
Bonds,
Marymount
University
Project,
Refunding
Series
2015A
5
.000
07/01/35
1,354,512
4,000,000
(b)
Virginia
College
Building
Authority,
Educational
Facilities
Revenue
Bonds,
Marymount
University
Project,
Refunding
Series
2015A
5
.000
07/01/45
3,246,743
TOTAL
EDUCATION
AND
CIVIC
ORGANIZATIONS
27,850,490
Portfolio
of
Investments
February
28,
2025
(continued)
Virginia
Quality
Municipal
Income
2
{FooterText}
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH
CARE
-
30.5%
(18.7%
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
$
1,671,997
1,000,000
Arlington
County
Industrial
Development
Authority,
Virginia,
Hospital
Facility
Revenue
Bonds,
Virginia
Hospital
Center,
Series
2020
4
.000
07/01/39
1,003,997
225,000
Arlington
County
Industrial
Development
Authority,
Virginia,
Hospital
Facility
Revenue
Bonds,
Virginia
Hospital
Center,
Series
2020
4
.000
07/01/40
224,830
2,055,000
Arlington
County
Industrial
Development
Authority,
Virginia,
Hospital
Facility
Revenue
Bonds,
Virginia
Hospital
Center,
Series
2020
4
.000
07/01/45
1,974,767
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
1,587,726
1,470,000
Chesapeake
Hospital
Authority,
Virginia,
Hospital
Facility
Revenue
Bonds,
Chesapeake
Regional
Medical
Center,
Series
2019
5
.000
07/01/34
1,567,891
1,205,000
Chesapeake
Hospital
Authority,
Virginia,
Hospital
Facility
Revenue
Bonds,
Chesapeake
Regional
Medical
Center,
Series
2019
4
.000
07/01/37
1,209,349
1,000,000
Chesapeake
Hospital
Authority,
Virginia,
Hospital
Facility
Revenue
Bonds,
Chesapeake
Regional
Medical
Center,
Series
2019
4
.000
07/01/43
951,975
1,920,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-1
4
.000
08/01/44
1,805,846
2,700,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2
4
.000
08/01/49
2,430,309
4,005,000
Fairfax
County
Industrial
Development
Authority,
Virginia,
Healthcare
Revenue
Bonds,
Inova
Health
System,
Refunding
Series
2022
4
.000
05/15/42
4,036,557
2,500,000
Fairfax
County
Industrial
Development
Authority,
Virginia,
Healthcare
Revenue
Bonds,
Inova
Health
System,
Series
2014A
4
.000
05/15/44
2,461,696
3,000,000
Fairfax
County
Industrial
Development
Authority,
Virginia,
Healthcare
Revenue
Bonds,
Inova
Health
System,
Series
2024
4
.125
05/15/54
2,944,984
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
1,414,519
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
3,465,356
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
4,891,896
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
2,524,218
2,885,000
Lynchburg
Economic
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Centra
Health
Obligated
Group,
Refunding
Series
2017A
5
.000
01/01/47
2,912,661
1,575,000
Lynchburg
Economic
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Centra
Health
Obligated
Group,
Refunding
Series
2021
4
.000
01/01/55
1,420,253
1,000,000
Norfolk
Economic
Development
Authority,
Virginia,
Hospital
Facility
Revenue
Bonds,
Sentara
Healthcare
Systems,
Refunding
Series
2018B
4
.000
11/01/48
951,129
875,000
Roanoke
Economic
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Carilion
Clinic
Obligated
Group,
Series
2020A
4
.000
07/01/36
893,976
5,000,000
Roanoke
Economic
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Carilion
Clinic
Obligated
Group,
Series
2020A
4
.000
07/01/51
4,830,805
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
1,021,891
3
{FooterText}
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH
CARE
(continued)
$
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
$
1,341,292
7,000,000
Virginia
Small
Business
Finance
Authority,
Healthcare
Facilities
Revenue
Bonds,
Bon
Secours
Mercy
Health,
Inc.,
Series
2020A
4
.000
12/01/49
6,568,442
3,000,000
Virginia
Small
Business
Finance
Authority,
Healthcare
Facilities
Revenue
Bonds,
Bon
Secours
Mercy
Health,
Inc.,
Series
2022A
5
.000
10/01/42
3,237,408
1,150,000
Virginia
Small
Business
Finance
Authority,
Healthcare
Facilities
Revenue
Bonds,
Sentara
Healthcare,
Refunding
Series
2020
4
.000
11/01/38
1,165,397
2,000,000
Virginia
Small
Business
Finance
Authority,
Healthcare
Facilities
Revenue
Bonds,
Sentara
Healthcare,
Refunding
Series
2020
4
.000
11/01/39
2,016,617
1,500,000
Winchester
Economic
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Valley
Health
System
Obligated
Group,
Refunding
Series
2015
5
.000
01/01/33
1,519,651
1,000,000
Winchester
Economic
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Valley
Health
System
Obligated
Group,
Refunding
Series
2015
5
.000
01/01/35
1,011,987
2,000,000
Winchester
Economic
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Valley
Health
System
Obligated
Group,
Refunding
Series
2015
4
.000
01/01/37
1,999,220
1,215,000
Winchester
Economic
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Valley
Health
System
Obligated
Group,
Refunding
Series
2015
5
.000
01/01/44
1,220,176
TOTAL
HEALTH
CARE
68,278,818
HOUSING/MULTIFAMILY
-
14.1%
(8.7%
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
1,045,001
1,000,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2015A
3
.500
03/01/35
996,450
1,000,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2015A
3
.625
03/01/39
955,523
900,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2015C
4
.000
08/01/45
870,459
2,750,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2015E
3
.750
12/01/40
2,673,683
1,500,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2016B
3
.350
05/01/36
1,467,813
1,700,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2017A
3
.875
03/01/47
1,570,019
3,000,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2019A
3
.800
09/01/44
2,868,930
1,855,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2020E
2
.500
07/01/45
1,335,939
1,000,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2022F
5
.000
10/01/52
1,012,339
1,000,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2023E
5
.250
10/01/63
1,030,877
1,000,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2024A
4
.450
09/01/44
1,009,258
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
7,262,898
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
2,500,061
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
4,945,527
TOTAL
HOUSING/MULTIFAMILY
31,544,777
Portfolio
of
Investments
February
28,
2025
(continued)
Virginia
Quality
Municipal
Income
4
{FooterText}
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
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
$
1,021,491
670,000
Virginia
Housing
Development
Authority,
Commonwealth
Mortgage
Bonds,
Series
2023E-5
4
.625
07/01/50
678,072
1,200,000
Virginia
Housing
Development
Authority,
Commonwealth
Mortgage
Bonds,
Series
2023E-I
4
.550
10/01/49
1,210,198
TOTAL
HOUSING/SINGLE
FAMILY
2,909,761
LONG-TERM
CARE
-
10.1%
(6.2%
of
Total
Investments)
3,225,000
Albemarle
County,
Virginia,
Residential
Care
Facility
Revenue
Bonds
Westminster-Canterbury
of
the
Blue
Ridge
Refunding
Series
2022A
4
.000
06/01/42
3,223,370
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
664,677
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
1,088,009
200,000
James
City
County
Economic
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Williamsburg
Landing
Inc.,
Series
2024A
6
.875
12/01/58
221,437
1,000,000
James
City
County
Economic
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
WindsorMeade,
Series
2021A
4
.000
06/01/47
830,762
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
1,080,926
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
917,437
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
934,492
625,000
Norfolk
Redevelopment
and
Housing
Authority,
Virginia,
Fort
Norfolk
Retirement
Community,
Inc.,
Harbor's
Edge
Project,
Series
2019A
5
.000
01/01/49
582,525
3,005,000
Norfolk
Redevelopment
and
Housing
Authority,
Virginia,
Fort
Norfolk
Retirement
Community,
Inc.,
Harbor's
Edge
Project,
Series
2019A
5
.250
01/01/54
2,863,079
1,000,000
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
948,836
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
670,820
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
1,938,961
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
2,929,357
320,000
Virginia
Beach
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Westminster
Canterbury
on
Chesapeake
Bay,
Series
2023A
7
.000
09/01/53
364,819
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
1,133,006
2,000,000
Virginia
Small
Business
Financing
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Lifespire,
Refunding
Series
2024A
5
.500
12/01/54
2,109,768
TOTAL
LONG-TERM
CARE
22,502,281
5
{FooterText}
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/GENERAL
-
4.2%
(2.6%
of
Total
Investments)
$
3,300,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
0
.000
%
07/01/33
$
2,341,168
4,000,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4
.000
07/01/33
4,032,639
1,000,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4
.000
07/01/41
963,865
1,000,000
Richmond,
Virginia,
General
Obligation
Bonds,
Public
Improvement
Series
2024C
4
.000
03/01/57
963,402
1,000,000
Virginia
State,
General
Obligation
Bonds,
Series
2022A
5
.000
06/01/52
1,074,469
TOTAL
TAX
OBLIGATION/GENERAL
9,375,543
TAX
OBLIGATION/LIMITED
-
23.1%
(14.1%
of
Total
Investments)
1,340,000
Arlington
County
Industrial
Development
Authority,
Virginia,
Revenue
Bonds,
Refunding
County
Projects,
Series
2017
5
.000
02/15/37
1,392,685
1,000,000
(b)
Cherry
Hill
Community
Development
Authority,
Virginia,
Special
Assesment
Bonds,
Potomac
Shores
Project,
Series
2015
5
.400
03/01/45
1,000,229
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
1,696,717
1,115,000
(b)
Farms
of
New
Kent
Community
Development
Authority,
Virginia,
Special
Assessment
Bonds,
Refunding
Series
2021A
3
.750
03/01/36
1,072,769
4,000,000
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D
5
.000
11/15/34
4,030,005
1,000,000
Guam
Government,
Limited
Obligation
Section
30
Revenue
Bonds,
Series
2016A
5
.000
12/01/33
1,022,763
2,000,000
Hampton
Roads
Transportation
Accountability
Commision,
Virginia,
Revenue
Bonds,
Hampton
Roads
Transportation
Fund,
Senior
Lien
Series
2020A
5
.000
07/01/45
2,099,935
3,000,000
Hampton
Roads
Transportation
Accountability
Commission,
Virginia,
Revenue
Bonds,
Hampton
Roads
Transportation
Fund,
Senior
Lien
Series
2022A
4
.000
07/01/57
2,823,872
1,440,000
Hampton
Roads
Transportation
Accountability
Commission,
Virginia,
Revenue
Bonds,
Hampton
Roads
Transportation
Fund,
Senior
Lien
Series
2024A
5
.250
07/01/59
1,572,569
975,000
(b)
Industrial
Development
Authority
of
the
City
of
Alexandria,
Virginia,
Tourism
Development
Financing
Program
Revenue
Bonds
(699
Prince
Street
Hotel
Project)
Senior
Series
2022A-1
(Tax-Exempt)
and
Senior
Series
2022B-1
7
.750
09/01/44
1,059,935
905,000
(b)
Lower
Magnolia
Green
Community
Development
Authority,
Virginia,
Special
Assessment
Bonds,
Series
2015
5
.000
03/01/35
905,082
2,995,000
(b)
Lower
Magnolia
Green
Community
Development
Authority,
Virginia,
Special
Assessment
Bonds,
Series
2015
5
.000
03/01/45
2,939,121
440,000
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A
5
.000
10/01/32
466,901
300,000
(b)
Peninsula
Town
Center
Community
Development
Authority,
Virginia,
Special
Obligation
Bonds,
Refunding
Series
2018
4
.500
09/01/28
302,586
3,000,000
(b)
Peninsula
Town
Center
Community
Development
Authority,
Virginia,
Special
Obligation
Bonds,
Refunding
Series
2018
5
.000
09/01/45
2,947,386
96,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/27
88,198
94,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/29
81,054
219,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/31
175,762
136,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/33
100,744
3,609,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/51
899,419
7,320,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
5
.000
07/01/58
7,350,854
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
1,546,129
150,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.536
07/01/53
149,150
Portfolio
of
Investments
February
28,
2025
(continued)
Virginia
Quality
Municipal
Income
6
{FooterText}
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
62,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.784
%
07/01/58
$
61,333
1,500,000
(b)
Virgin
Islands
Public
Finance
Authority,
Federal
Highway
Grant
Anticipation
Loan
Note
Revenue
Bonds,
Series
2015
5
.000
09/01/33
1,508,327
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
2,242,625
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
2,089,956
1,000,000
Virginia
Gateway
Community
Development
Authority,
Prince
William
County,
Virginia,
Special
Assessment
Refunding
Bonds,
Series
2012
5
.000
03/01/30
1,000,044
35,000
Virginia
Resources
Authority,
Infrastructure
Revenue
Bonds,
Pooled
Financing
Program,
Series
2012A
5
.000
11/01/42
35,030
120,000
(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
119,588
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
303,694
1,000,000
Virginia
Transportation
Board,
Transportation
Revenue
Bonds,
Capital
Projects,
Series
2018
4
.000
05/15/38
1,016,265
2,470,000
Washington
Metropolitan
Area
Transit
Authority,
Dedicated
Revenue
Bonds,
Second
Lien
Green
Series
2023A
5
.250
07/15/53
2,680,558
3,500,000
Washington
Metropolitan
Area
Transit
Authority,
Second
Lien
Dedicated
Revenue
Bonds,
Sustainability-
Climate
Transition,
Series
2024A
5
.250
07/15/59
3,811,961
920,000
Western
Virginia
Regional
Jail
Authority,
Virginia,
Facility
Revenue
Bonds,
Refunding
Series
2016
5
.000
12/01/36
949,709
TOTAL
TAX
OBLIGATION/LIMITED
51,542,955
TRANSPORTATION
-
50.3%
(30.8%
of
Total
Investments)
375,000
Capital
Region
Airport
Commission,
Virginia,
Airport
Revenue
Bonds,
Refunding
Series
2016A
4
.000
07/01/34
376,893
400,000
Capital
Region
Airport
Commission,
Virginia,
Airport
Revenue
Bonds,
Refunding
Series
2016A
4
.000
07/01/35
401,971
250,000
Capital
Region
Airport
Commission,
Virginia,
Airport
Revenue
Bonds,
Refunding
Series
2016A
4
.000
07/01/38
250,570
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
5,396,260
1,705,000
Chesapeake
Bay
Bridge
and
Tunnel
District,
Virginia,
General
Resolution
Revenue
Bonds,
First
Tier
Series
2016
5
.000
07/01/46
1,717,120
4,200,000
Chesapeake
Bay
Bridge
and
Tunnel
District,
Virginia,
General
Resolution
Revenue
Bonds,
First
Tier
Series
2016
5
.000
07/01/51
4,224,533
2,000,000
Chesapeake,
Virginia,
Transportation
System
Senior
Toll
Road
Revenue
Bonds,
Capital
Appreciation
Series
2012B
4
.750
07/15/32
2,092,271
4,225,000
Chesapeake,
Virginia,
Transportation
System
Senior
Toll
Road
Revenue
Bonds,
Capital
Appreciation
Series
2012B
4
.875
07/15/40
4,336,902
1,000,000
Chesapeake,
Virginia,
Transportation
System
Senior
Toll
Road
Revenue
Bonds,
Capital
Appreciation
Series
2012B
-
AGM
Insured
4
.875
07/15/40
1,037,331
1,945,000
Chesapeake,
Virginia,
Transportation
System
Senior
Toll
Road
Revenue
Bonds,
Refunding
Series
2024
-
AGM
Insured
4
.000
07/15/47
1,892,983
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
4,324,486
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
3,137,622
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
3,817,768
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
8,428,494
7
{FooterText}
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
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
$
740,460
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
2,816,203
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
7,253,790
7,300,000
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2016A,
(AMT)
5
.000
10/01/35
7,434,348
2,000,000
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2018A,
(AMT)
5
.000
10/01/31
2,096,947
3,290,000
(a)
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2018A,
(AMT)
5
.000
10/01/36
3,422,672
2,000,000
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2018A,
(AMT)
5
.000
10/01/38
2,074,060
1,000,000
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2019A,
(AMT)
5
.000
10/01/30
1,063,231
4,000,000
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2019A,
(AMT)
5
.000
10/01/40
4,154,961
1,145,000
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2024A,
(AMT)
5
.500
10/01/54
1,233,907
65,000
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
65,078
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
595,712
1,585,000
Norfolk
Airport
Authority,
Virginia,
Airport
Revenue
Bonds,
Series
2019
5
.000
07/01/38
1,684,940
3,000,000
Virginia
Port
Authority,
Port
Facilities
Revenue
Bonds,
Refunding
Series
2016B,
(AMT)
5
.000
07/01/41
3,013,906
3,000,000
Virginia
Port
Authority,
Port
Facilities
Revenue
Bonds,
Refunding
Series
2016B,
(AMT)
5
.000
07/01/45
3,002,857
9,535,000
Virginia
Small
Business
Financing
Authority,
Private
Activity
Revenue
Bonds,
Transform
66
P3
Project,
Senior
Lien
Series
2017,
(AMT)
5
.000
12/31/49
9,621,463
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
810,941
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
1,418,090
1,395,000
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
95
Express
Lanes
LLC
Project,
Refunding
Senior
Lien
Series
2022,
(AMT)
5
.000
01/01/36
1,486,372
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
560,423
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
3,041,741
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
1,409,964
1,500,000
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
95
Express
Lanes
LLC
Project,
Refunding
Senior
Lien
Series
2022,
(AMT)
5
.000
12/31/47
1,548,584
1,840,000
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
95
Express
Lanes
LLC
Project,
Refunding
Senior
Lien
Series
2022,
(AMT)
5
.000
12/31/52
1,895,445
Portfolio
of
Investments
February
28,
2025
(continued)
Virginia
Quality
Municipal
Income
8
{FooterText}
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
1,000,000
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
95
Express
Lanes
LLC
Project,
Refunding
Senior
Lien
Series
2022,
(AMT)
5
.000
%
12/31/57
$
1,027,699
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
2,452,452
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
4,073,998
1,000,000
Washington
Metropolitan
Area
Transit
Authority,
District
of
Columbia,
Gross
Revenue
Bonds,
Series
2018
5
.000
07/01/43
1,025,829
TOTAL
TRANSPORTATION
112,461,277
U.S.
GUARANTEED
-
5.4%
(3.3%
of
Total
Investments)
(c)
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
911,685
360,000
Chesapeake
Bay
Bridge
and
Tunnel
Commission,
Virginia,
General
Resolution
Revenue
Bonds,
Refunding
Series
1998
-
NPFG
Insured,
(ETM)
5
.500
07/01/25
363,128
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
1,059,291
1,415,000
Hampton
Roads
Sanitation
District,
Virginia,
Wastewater
Revenue
Bonds,
Subordinate
Series
2018A,
(Pre-refunded
10/01/27)
5
.000
10/01/40
1,495,269
1,010,000
Hampton
Roads
Sanitation
District,
Virginia,
Wastewater
Revenue
Bonds,
Subordinate
Series
2018A,
(Pre-refunded
10/01/27)
5
.000
10/01/42
1,067,295
1,000,000
Hampton
Roads
Sanitation
District,
Virginia,
Wastewater
Revenue
Bonds,
Subordinate
Series
2018A,
(Pre-refunded
10/01/27)
5
.000
10/01/43
1,056,727
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
1,078,214
5,000,000
Richmond,
Virginia,
Public
Utility
Revenue
Bonds,
Refunding
Series
2016A,
(Pre-refunded
1/15/26)
5
.000
01/15/33
5,100,233
TOTAL
U.S.
GUARANTEED
12,131,842
UTILITIES
-
5.6%
(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
4,544,370
1,675,000
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2016
5
.000
01/01/46
1,689,403
2,000,000
(b)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A
5
.000
07/01/47
2,030,908
1,000,000
(b)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B
4
.000
07/01/42
948,366
725,000
Richmond,
Virginia,
Public
Utility
Revenue
Bonds,
Refunding
Series
2023C
5
.000
01/15/47
787,748
1,000,000
Virginia
Resources
Authority,
Clean
Water
State
Revolving
Fund
Revenue
Bonds,
Refunding
Series
2014B
4
.000
10/01/27
1,000,745
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
1,500,023
TOTAL
UTILITIES
12,501,563
TOTAL
MUNICIPAL
BONDS
(Cost
$360,054,450)
364,997,602
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$360,054,450)
364,997,602
FLOATING
RATE
OBLIGATIONS
-
(8.5)%  
(
18,950,000
)
VRDP
SHARES,
NET
-
(57.1)%
(d)
(
127,720,282
)
OTHER
ASSETS
&
LIABILITIES,
NET
-
2.3%
5,168,228
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
223,495,548
9
{FooterText}
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:
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
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
$37,482,506
or
10.3%
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
35.0%.
NPV
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
364,997,602
$
–
$
364,997,602
Total
$
–
$
364,997,602
$
–
$
364,997,602