Virginia Tax Free Bond Fund (PRVAX)

The primary objective of this fund is to generate the highest possible income that is exempt from both federal and Virginia state income taxes. It achieves this by primarily allocating its investments to high-quality municipal bonds issued within Virginia, while adhering to sound portfolio management principles. To uphold this goal, the fund typically ensures that a minimum of 80% of its net assets (including any leveraged positions) are held in bonds offering federal and Virginia tax-exempt interest. Consequently, it anticipates that at least 80% of the income generated will also be exempt from these taxes, under standard market conditions. Notably, the fund operates on a non-diversified basis.