| Tax-Exempt Municipal Obligations — 98.6% |
| Security | Principal Amount (000's omitted) | Value | |
| Education — 7.9% | |||
| Cobb County Development Authority, GA, (Georgia Tech Cobb Research), 5.00%, 6/1/49 | $ | 1,000 | $ 1,017,710 |
| Fulton County Development Authority, GA, (Georgia Tech Facilities, Inc.), 5.00%, 6/15/49 | 625 | 679,056 | |
| Georgia Private Colleges and Universities Authority, (Emory University): | |||
| 3.10%, 9/1/52(1) | 1,500 | 1,500,000 | |
| 4.00%, 9/1/40 | 2,000 | 2,052,740 | |
| Georgia Private Colleges and Universities Authority, (Savannah College of Art and Design), 4.00%, 4/1/44 | 2,000 | 2,001,700 | |
| Unified Government of Athens-Clarke County Development Authority, GA, (University of Georgia Athletic Association), 5.00%, 4/1/41 | 2,390 | 2,660,739 | |
| $ 9,911,945 | |||
| Electric Utilities — 3.0% | |||
| Burke County Development Authority, GA, (Oglethorpe Power Corp.), 3.25% to 2/3/25 (Put Date), 11/1/45 | $ | 1,220 | $ 1,218,817 |
| Dalton, GA, Combined Utilities Revenue, 4.00%, 3/1/34 | 500 | 511,625 | |
| Georgia Municipal Electric Power Authority, 5.00%, 1/1/28 | 1,500 | 1,542,900 | |
| Monroe County Development Authority, GA, (Oglethorpe Power Corp.), 1.50% to 2/3/25 (Put Date), 1/1/39 | 500 | 496,775 | |
| $ 3,770,117 | |||
| Escrowed/Prerefunded — 1.0% | |||
| Cedartown Polk County Hospital Authority, GA, (Polk Medical Center), Prerefunded to 7/1/26, 5.00%, 7/1/39 | $ | 850 | $ 878,297 |
| Forsyth County Hospital Authority, GA, (Georgia Baptist Health Care System), Escrowed to Maturity, 6.375%, 10/1/28 | 380 | 411,407 | |
| $ 1,289,704 | |||
| General Obligations — 12.1% | |||
| Atlanta Urban Redevelopment Agency, GA, (Surface Transportation and Infrastructure), 5.00%, 7/1/38 | $ | 1,000 | $ 1,165,460 |
| Atlanta, GA, Social Bonds, 5.00%, 12/1/36 | 1,000 | 1,142,510 | |
| Bryan County School District, GA: | |||
| 4.00%, 8/1/33 | 500 | 504,165 | |
| 4.00%, 8/1/34 | 435 | 438,341 | |
| Dalton, GA, 5.00%, 2/1/48 | 1,735 | 1,803,949 | |
| Greene County School District, GA: | |||
| 4.00%, 6/1/48 | 1,610 | 1,625,424 | |
| 5.00%, 6/1/43 | 750 | 833,820 | |
| Security | Principal Amount (000's omitted) | Value | |
| General Obligations (continued) | |||
| Gwinnett County School District, GA, 4.00%, 2/1/33 | $ | 2,000 | $ 2,006,920 |
| Hall County School District, GA, 5.00%, 2/1/37 | 1,000 | 1,128,510 | |
| Perry Public Facilities Authority, GA, 4.00%, 4/1/46 | 700 | 707,280 | |
| Puerto Rico: | |||
| 0.00%, 7/1/33 | 750 | 519,720 | |
| 5.625%, 7/1/29 | 1,500 | 1,619,250 | |
| Unified Government of Athens-Clarke County Development Authority, GA, (Economic Development Projects), 5.00%, 6/1/32 | 1,080 | 1,081,242 | |
| Walton County Public Facilities Authority, GA, 5.00%, 8/1/43 | 500 | 557,190 | |
| $ 15,133,781 | |||
| Hospital — 13.6% | |||
| Brookhaven Development Authority, GA, (Children's Healthcare of Atlanta): | |||
| 4.00%, 7/1/44 | $ | 1,500 | $ 1,500,690 |
| 4.00%, 7/1/49 | 1,500 | 1,493,610 | |
| Dalton Whitfield County Joint Development Authority, GA, (Hamilton Health Care System, Inc.), 5.00%, 8/15/35 | 2,125 | 2,433,975 | |
| DeKalb Private Hospital Authority, GA, (Children's Healthcare of Atlanta), 4.00%, 7/1/39 | 1,865 | 1,897,283 | |
| Fulton County Development Authority, GA, (Piedmont Healthcare, Inc.), 5.00%, 7/1/32 | 1,500 | 1,540,710 | |
| Fulton County Development Authority, GA, (WellStar Health System, Inc.), 5.00%, 4/1/37 | 1,250 | 1,292,338 | |
| Gainesville and Hall County Hospital Authority, GA, (Northeast Georgia Health System, Inc.): | |||
| 4.00%, 2/15/45 | 1,970 | 1,931,565 | |
| 5.00%, 10/15/34 | 1,000 | 1,145,140 | |
| 5.00%, 2/15/37 | 1,000 | 1,029,310 | |
| Glynn-Brunswick Memorial Hospital Authority, GA, (Southeast Georgia Health System): | |||
| 4.00%, 8/1/37 | 250 | 238,700 | |
| 4.00%, 8/1/38 | 500 | 473,580 | |
| 5.00%, 8/1/28 | 650 | 654,355 | |
| Paulding County Hospital Authority, GA, (WellStar Health System, Inc.), 5.00%, 4/1/43 | 1,250 | 1,348,012 | |
| $ 16,979,268 | |||
| Housing — 6.9% | |||
| Atlanta Urban Residential Finance Authority, GA, (Flats At Stone Hogan), (FNMA), 4.37%, 5/1/44 | $ | 1,000 | $ 1,007,730 |
| Douglas County Housing Authority, GA, (Astoria at Crystal Lake), (FNMA), 4.375%, 4/1/43 | 2,000 | 2,048,500 | |
| Georgia Housing and Finance Authority: | |||
| 2.40%, 12/1/41 | 2,125 | 1,653,718 | |
| Security | Principal Amount (000's omitted) | Value | |
| Housing (continued) | |||
| Georgia Housing and Finance Authority: (continued) | |||
| 3.65%, 6/1/44 | $ | 1,485 | $ 1,390,034 |
| 4.45%, 12/1/44 | 1,000 | 1,025,530 | |
| Warner Robins Housing Authority Resident Council Corp., GA, (Arbours at Wellston), 5.00% to 2/1/28 (Put Date), 2/1/29(2) | 1,500 | 1,575,720 | |
| $ 8,701,232 | |||
| Industrial Development Revenue — 7.5% | |||
| Albany Dougherty Payroll Development Authority, GA, Solid Waste Disposal, (Procter & Gamble), 5.20%, 5/15/28 | $ | 2,000 | $ 2,126,020 |
| Burke County Development Authority, GA, (Georgia Power Co.): | |||
| 2.20%, 10/1/32 | 750 | 626,625 | |
| 3.30%, 7/1/49(3) | 2,750 | 2,750,000 | |
| Monroe County Development Authority, GA, (Georgia Power Co.): | |||
| 1.00% to 8/21/26 (Put Date), 7/1/49 | 1,000 | 938,390 | |
| 2.25%, 7/1/25 | 1,000 | 988,350 | |
| Rockdale County Development Authority, GA, (Pratt Paper, LLC), (AMT), 4.00%, 1/1/38(4) | 2,000 | 1,958,020 | |
| $ 9,387,405 | |||
| Insured - Electric Utilities — 3.7% | |||
| Georgia Municipal Electric Authority, (Plant Vogtle Units 3 & 4 Project J): | |||
| (AGM), 5.00%, 7/1/37 | $ | 1,470 | $ 1,632,582 |
| (AGM), 5.00%, 7/1/48 | 500 | 536,840 | |
| (AGM), 5.00%, 7/1/55 | 1,000 | 1,058,520 | |
| Puerto Rico Electric Power Authority: | |||
| (NPFG), 5.25%, 7/1/29 | 980 | 969,749 | |
| (NPFG), 5.25%, 7/1/34 | 420 | 419,656 | |
| $ 4,617,347 | |||
| Insured - General Obligations — 0.9% | |||
| Coweta County, GA, Water and Sewerage Authority, (AGM), Escrowed to Maturity, 5.00%, 6/1/26 | $ | 1,135 | $ 1,171,445 |
| $ 1,171,445 | |||
| Insured - Hospital — 0.9% | |||
| Columbia County Hospital Authority, GA, (WellStar Health System, Inc.), (AGM), 5.00%, 4/1/48 | $ | 1,000 | $ 1,081,640 |
| $ 1,081,640 | |||
| Security | Principal Amount (000's omitted) | Value | |
| Insured - Lease Revenue/Certificates of Participation — 2.2% | |||
| Georgia Local Government 1998A Grantor Trust, Certificates of Participation, (NPFG), 4.75%, 6/1/28 | $ | 1,428 | $ 1,461,886 |
| Urban Redevelopment Agency of Dacula, Georgia, (City of Dacula), (AGC), 5.00%, 2/1/42 | 1,175 | 1,298,387 | |
| $ 2,760,273 | |||
| Insured - Water and Sewer — 4.0% | |||
| Atlanta, GA, Water and Wastewater Revenue, Green Bonds, (BAM), 5.00%, 11/1/39 | $ | 1,000 | $ 1,150,960 |
| Augusta Water and Sewer Revenue, GA, (BAM), 5.00%, 10/1/40 | 1,500 | 1,697,040 | |
| DeKalb County, GA, Water and Sewerage Revenue, (AGM), 5.25%, 10/1/32 | 1,590 | 1,650,054 | |
| Henry County Water and Sewerage Authority, GA, (NPFG), 5.25%, 2/1/25 | 500 | 501,720 | |
| $ 4,999,774 | |||
| Lease Revenue/Certificates of Participation — 0.4% | |||
| Georgia Municipal Association, Inc., Certificates of Participation, (Atlanta Public Safety), 5.00%, 12/1/37 | $ | 500 | $ 524,660 |
| $ 524,660 | |||
| Other Revenue — 4.7% | |||
| Main Street Natural Gas, Inc., GA, Gas Supply Revenue: | |||
| 5.00% to 6/1/29 (Put Date), 12/1/52 | $ | 455 | $ 482,655 |
| 5.00% to 6/1/30 (Put Date), 6/1/53 | 2,000 | 2,130,200 | |
| 5.00% to 12/1/30 (Put Date), 5/1/54 | 1,000 | 1,069,350 | |
| 5.00% to 3/1/32 (Put Date), 12/1/54 | 2,000 | 2,174,240 | |
| $ 5,856,445 | |||
| Senior Living/Life Care — 0.4% | |||
| Gainesville and Hall County Development Authority, GA, (ACTS Retirement-Life Communities, Inc. Obligated Group), 5.00%, 11/15/33 | $ | 500 | $ 513,075 |
| $ 513,075 | |||
| Special Tax Revenue — 6.3% | |||
| American Samoa Economic Development Authority, 5.00%, 9/1/38(4) | $ | 200 | $ 202,196 |
| Atlanta Development Authority, GA, (New Downtown Atlanta Stadium), 5.00%, 7/1/29 | 750 | 757,575 | |
| Atlanta Development Authority, GA, (Westside Gulch Area), 5.00%, 4/1/34(4) | 1,500 | 1,536,540 | |
| Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Revenue: | |||
| Green Bonds, 5.00%, 7/1/39 | 1,000 | 1,138,140 | |
| Security | Principal Amount (000's omitted) | Value | |
| Special Tax Revenue (continued) | |||
| Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Revenue: (continued) | |||
| Green Bonds, 5.00%, 7/1/45 | $ | 2,000 | $ 2,236,420 |
| Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | 2,000 | 2,009,020 | |
| $ 7,879,891 | |||
| Transportation — 9.1% | |||
| Atlanta, GA, Airport Revenue: | |||
| (AMT), 4.00%, 7/1/35 | $ | 3,750 | $ 3,766,387 |
| (AMT), 4.00%, 7/1/40 | 3,000 | 3,000,600 | |
| (AMT), 5.25%, 7/1/42 | 1,420 | 1,581,937 | |
| Georgia Ports Authority, 4.00%, 7/1/47 | 3,000 | 3,026,640 | |
| $ 11,375,564 | |||
| Water and Sewer — 14.0% | |||
| Atlanta, GA, Water and Wastewater Revenue: | |||
| 4.00%, 11/1/36 | $ | 1,000 | $ 1,008,740 |
| 5.00%, 11/1/39 | 1,500 | 1,591,575 | |
| Cherokee County Water and Sewerage Authority, GA, 4.00%, 8/1/53 | 1,250 | 1,258,312 | |
| Coweta County, GA, Water and Sewerage Authority, 5.00%, 6/1/49 | 1,000 | 1,100,380 | |
| DeKalb County, GA, Water and Sewerage Revenue: | |||
| 5.00%, 10/1/36 | 1,000 | 1,135,190 | |
| 5.00%, 10/1/45 | 2,650 | 2,900,928 | |
| Fulton County, GA, Water and Sewerage Revenue, 5.00%, 1/1/33 | 1,500 | 1,507,365 | |
| Gainesville, GA, Water and Sewerage Revenue, 5.00%, 11/15/35 | 1,000 | 1,177,150 | |
| Kingsland, GA, Water and Sewerage Revenue, 4.00%, 9/1/43 | 1,840 | 1,857,517 | |
| Macon Water Authority, GA: | |||
| 2.94%, 10/1/38(1) | 1,000 | 1,000,000 | |
| 5.00%, 10/1/39 | 750 | 863,078 | |
| Walton County Water and Sewerage Authority, GA: | |||
| 5.00%, 2/1/53 | 1,000 | 1,078,520 | |
| 5.25%, 2/1/47 | 1,000 | 1,111,490 | |
| $ 17,590,245 | |||
| Total Tax-Exempt Municipal Obligations (identified cost $121,516,561) | $123,543,811 | ||
| Taxable Municipal Obligations — 1.8% |
| Security | Principal Amount (000's omitted) | Value | |
| General Obligations — 0.4% | |||
| Downtown Smyrna Development Authority, GA, 5.45%, 2/1/38(2) | $ | 500 | $ 503,220 |
| $ 503,220 | |||
| Insured - General Obligations — 1.4% | |||
| Effingham County Industrial Development Authority, GA, (BAM), 6.00%, 4/1/48 | $ | 1,750 | $ 1,769,792 |
| $ 1,769,792 | |||
| Total Taxable Municipal Obligations (identified cost $2,217,652) | $ 2,273,012 | ||
| Total Investments — 100.4% (identified cost $123,734,213) | $125,816,823 | ||
| Other Assets, Less Liabilities — (0.4)% | $ (473,300) | ||
| Net Assets — 100.0% | $125,343,523 | ||
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
| (1) | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at November 30, 2024. |
| (2) | When-issued security. |
| (3) | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at November 30, 2024. |
| (4) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At November 30, 2024, the aggregate value of these securities is $3,696,756 or 2.9% of the Fund's net assets. |
| The Fund invests primarily in debt securities issued by Georgia municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At November 30, 2024, 13.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.0% to 5.7% of total investments. | |
| Abbreviations: | |
| AGC | – Assured Guaranty Corp. |
| AGM | – Assured Guaranty Municipal Corp. |
| AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
| BAM | – Build America Mutual Assurance Co. |
| FNMA | – Federal National Mortgage Association |
| NPFG | – National Public Finance Guarantee Corp. |
| • | Level 1 – quoted prices in active markets for identical investments |
| • | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Tax-Exempt Municipal Obligations | $ — | $123,543,811 | $ — | $123,543,811 |
| Taxable Municipal Obligations | — | 2,273,012 | — | 2,273,012 |
| Total Investments | $ — | $125,816,823 | $ — | $125,816,823 |
