| Security | CUSIP | Shares | Traded Market Value | % of Holding ↓ |
| ATLNTA ARPT 5.00 01/01/34 | 04780TAJ3 | 10,500,000 | $9,293,235.00 | 5.39% |
| PRIVATE COL 5.00 09/01/38 | 74265LTV0 | 10,000,000 | $9,284,100.00 | 5.38% |
| GWINNET CNTY 5% 02/01/36 | 403755WG2 | 8,000,000 | $7,611,120.00 | 4.41% |
| AUGUSTA WTR 5.25 10/01/39 | 051249ES5 | 5,000,000 | $4,887,600.00 | 2.83% |
| ATLNTA GA 5.375 01/01/19 | 04780MGH6 | 5,000,000 | $4,585,750.00 | 2.66% |
| GEORGIA ST 5.00 08/01/19 | 373384DN3 | 3,970,000 | $4,119,867.50 | 2.38% |
| MTRO ATLNTA 7.00 07/01/11 | 591745DH4 | 3,415,000 | $3,694,722.65 | 2.14% |
| GWINNETT 5.00 02/01/23 | 403755VZ1 | 3,500,000 | $3,546,305.00 | 2.05% |
| GWINNET CNTY 5% 02/01/26 | 403755WC1 | 3,500,000 | $3,507,455.00 | 2.03% |
| FULTON DEV 5.25 05/01/27 | 359900QT7 | 3,375,000 | $3,347,392.50 | 1.94% |
| COLLEGE PRK 5.75 09/01/20 | 194295EC1 | 3,000,000 | $3,236,310.00 | 1.87% |
| GEORGIA ST 5.0 06/01/14 | 373377AK6 | 3,000,000 | $3,182,130.00 | 1.84% |
| GWINNETT 5.25 01/01/21 | 403715AP0 | 2,910,000 | $3,147,223.20 | 1.82% |
| BARTOW CNTY 4.5 08/01/13 | 069617BG2 | 3,000,000 | $3,087,690.00 | 1.79% |
| PUERTO RICO 5.5 07/01/19 | 745145VF6 | 3,000,000 | $3,038,400.00 | 1.76% |
| FORSYTH 5.00 02/01/23 | 346604FM8 | 3,000,000 | $2,984,670.00 | 1.73% |
| ATHENS 5.625 01/01/33 | 047061CE4 | 3,000,000 | $2,978,190.00 | 1.72% |
| DALTON GA 4.0% 03/01/11 | 235546GR3 | 2,895,000 | $2,970,067.35 | 1.72% |
| GEORGIA ST 5.00 06/01/18 | 373377AP5 | 2,650,000 | $2,729,950.50 | 1.58% |
| MLDGVLL GA 6.00 09/01/14 | 60039GAN3 | 2,355,000 | $2,677,375.95 | 1.55% |
| ASSOC CNTY 5.25 04/01/21 | 046079QV4 | 2,680,000 | $2,585,128.00 | 1.49% |
| PR HWY RB 5.50 07/01/19 | 745181XK8 | 2,500,000 | $2,403,275.00 | 1.39% |
| FULTON GA 5.25 05/01/14 | 359900QP5 | 2,370,000 | $2,360,946.60 | 1.36% |
| FULT CNTY 5.25 01/01/35 | 360066LR3 | 2,400,000 | $2,291,496.00 | 1.32% |
| GEORGIA ELC 8.00 01/01/15 | 373540FW8 | 1,900,000 | $2,288,645.00 | 1.32% |
| NEWMAN GA 5.50 01/01/17 | 651663AP1 | 2,220,000 | $2,254,454.40 | 1.30% |
| FULTON CNTY 5.00 01/01/30 | 360066LP7 | 2,425,000 | $2,237,232.25 | 1.29% |
| HENRY GA 6.15 02/01/20 | 426338JY6 | 2,100,000 | $2,180,115.00 | 1.26% |
| BULLOCH CNTY 5.0 05/01/12 | 120343CK2 | 2,000,000 | $2,110,640.00 | 1.22% |
| COBB COUNTY 5.00 07/15/29 | 190783AN0 | 2,250,000 | $2,106,495.00 | 1.22% |
| ATLANTA GA 6.00 01/01/18 | 04780MBN8 | 2,150,000 | $2,072,084.00 | 1.20% |
| PUERTO RICO 5.00 08/01/30 | 745277QR7 | 2,300,000 | $2,035,155.00 | 1.18% |
| ROCKDALE CNTY 5 07/01/22 | 773038CS1 | 1,965,000 | $1,972,054.35 | 1.14% |
| AUGUSTA GA 5.75 10/01/34 | 051249ER7 | 2,000,000 | $1,961,040.00 | 1.13% |
| FLTN GA WTR 5.00 01/01/24 | 360066LL6 | 2,000,000 | $1,919,740.00 | 1.11% |
| MUNI ELEC 5.00 11/01/24 | 626207NL4 | 2,000,000 | $1,917,080.00 | 1.11% |
| VALDSTA GA 5.25 10/01/27 | 919112CG5 | 2,110,000 | $1,908,030.80 | 1.10% |
| OCONE WATER 5.00 07/01/26 | 916281BS6 | 2,000,000 | $1,907,300.00 | 1.10% |
| VALDSTA,GA 5.25 06/01/21 | 155677CK1 | 1,885,000 | $1,816,499.10 | 1.05% |
| WASSCD 4.25 12/01/10 | 937592CE1 | 1,665,000 | $1,723,857.75 | 0.99% |
| FORSYTH WTR 5.00 04/01/28 | 346609DC1 | 1,700,000 | $1,681,198.00 | 0.97% |
| FULTON CNTY 5.0 01/01/16 | 360066JQ8 | 1,630,000 | $1,648,533.10 | 0.95% |
| AUGUSTA GA 5.00 10/01/30 | 051249FW5 | 1,750,000 | $1,628,742.50 | 0.94% |
| GLYMED 5.625 08/01/34 | 380037FE6 | 2,000,000 | $1,621,140.00 | 0.94% |
| GLYMED 5.50 08/01/28 | 380037FD8 | 1,800,000 | $1,503,090.00 | 0.87% |
| BURKE CNTY 3.75 10/01/32 | 121342LT4 | 1,500,000 | $1,500,030.00 | 0.87% |
| GEIRGIA ST 5.00 10/01/23 | 37358MAV3 | 1,500,000 | $1,493,700.00 | 0.86% |
| NEWNAN GA 5.50 01/01/16 | 651663AN6 | 1,435,000 | $1,466,986.15 | 0.85% |
| GA PRIV COL 6.40 11/01/11 | 742649GY6 | 1,375,000 | $1,453,650.00 | 0.84% |
| HENRY GA 5.37502/01/13 | 426338LP2 | 1,290,000 | $1,381,048.20 | 0.80% |
| BARROW CNTY 4.50 10/01/11 | 068743AK9 | 1,255,000 | $1,295,712.20 | 0.75% |
| DOUGLS,GA 5.625 06/01/15 | 259852CP4 | 1,225,000 | $1,277,197.25 | 0.74% |
| DOUGLAS 5.00 04/01/23 | 259030PH1 | 1,250,000 | $1,254,212.50 | 0.72% |
| FULTON DEV 5.50 02/01/17 | 359900GP6 | 1,310,000 | $1,241,853.80 | 0.72% |
| OCONEE GA 5.25 07/01/23 | 67556TBJ1 | 1,295,000 | $1,210,617.80 | 0.70% |
| PAULDING CNTY 5 02/01/22 | 703600EX0 | 1,200,000 | $1,206,000.00 | 0.69% |
| COBB COUNTY 5.00 07/15/29 | 190789AM9 | 1,285,000 | $1,203,042.70 | 0.69% |
| GEORGIA ST 5.00 06/01/20 | 373376BK7 | 1,130,000 | $1,140,057.00 | 0.66% |
| FORSINTH 6.375 10/01/28 | 34660EAC3 | 1,000,000 | $1,079,800.00 | 0.62% |
| BRNWCK WTR 6.10 10/01/14 | 117151FE5 | 1,000,000 | $1,070,250.00 | 0.62% |
| CHEROKEE SCH 5.0 08/01/13 | 164231GZ9 | 1,000,000 | $1,064,710.00 | 0.61% |
| PAULDING CNTY 5 02/01/14 | 703600EP7 | 1,000,000 | $1,061,610.00 | 0.61% |
| LAURENS CNTY 5.0 07/01/11 | 519063AD3 | 1,000,000 | $1,031,540.00 | 0.59% |
| PAULDING CNTY 5 02/01/21 | 703600EW2 | 1,000,000 | $1,010,110.00 | 0.58% |
| ATHENS GA 5.25 12/01/21 | 047103AS5 | 1,000,000 | $1,007,470.00 | 0.58% |
| FEDERATED TAX FREE RESERV | 990060GM1 | 1,002,193 | $1,002,193.38 | 0.58% |
| CARROLL 5.25% 07/01/22 | 14478EDJ9 | 1,000,000 | $995,110.00 | 0.57% |
| CARROLLTON 5.25 08/01/27 | 145339DW4 | 1,000,000 | $991,670.00 | 0.57% |
| COWETA DEV 5.00 07/01/25 | 223658PJ8 | 1,000,000 | $976,730.00 | 0.56% |
| MARITA GA 5.50 10/01/12 | 190760BA5 | 940,000 | $972,336.00 | 0.56% |
| DTSDEV 5.25 02/01/28 | 261174EX0 | 1,000,000 | $951,960.00 | 0.55% |
| FULTON DEV 5.0 11/01/31 | 359900KV8 | 1,000,000 | $941,400.00 | 0.54% |
| PRCFAC 5.5 07/01/23 | 745220FN8 | 1,000,000 | $935,850.00 | 0.54% |
| FULTON DEV 5.0 05/01/34 | 359900QU4 | 1,000,000 | $901,530.00 | 0.52% |
| PUERTO RICO 5.00 07/01/24 | 74526QES7 | 1,000,000 | $881,640.00 | 0.51% |
| CHEROKEE CNTY 5 07/01/37 | 164227AC4 | 1,000,000 | $801,650.00 | 0.46% |
| SEI INST'L TAX-FREE (#21) | 784118200 | 771,628 | $771,628.98 | 0.44% |
| GAINESVL 5.125 03/01/37 | 362896AN2 | 1,300,000 | $737,945.00 | 0.42% |
| PLDG SCH GA 6.00 02/01/10 | 703600DF0 | 715,000 | $729,900.60 | 0.42% |
| GEORGIA ST 5 08/01/22 | 373384DR4 | 700,000 | $711,557.00 | 0.41% |
| COBB CNTY 5.00 04/01/33 | 190784AA6 | 1,000,000 | $596,760.00 | 0.34% |
| Total Fund Assets | | | $172,392,985.06 | 100.00% |
