# EDGAR Filing Document

**Accession Number:** 0001388485
**File Stem:** 0001193125-26-254717
**Filing Date:** 2026-6
**Character Count:** 317636
**Document Hash:** 142da0ebe150e6ad876ecc0e3c3d09c6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-254717.hdr.sgml**: 20260603

**ACCESSION NUMBER**: 0001193125-26-254717

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260603

**DATE AS OF CHANGE**: 20260603

**EFFECTIVENESS DATE**: 20260603

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FundVantage Trust
- **CENTRAL INDEX KEY:** 0001388485

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22027
- **FILM NUMBER:** 261059173

**BUSINESS ADDRESS:**
- **STREET 1:** 103 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 3027911906

**MAIL ADDRESS:**
- **STREET 1:** 103 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

## Series and Classes Contracts Data

### Ambrus Core Bond Fund (Series ID: S000077406)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000237818 | Institutional Class | TTRBX           |

### Ambrus Tax-Conscious California Bond Fund (Series ID: S000077407)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000237820 | Institutional Class | TCCBX           |

### Ambrus Tax-Conscious National Bond Fund (Series ID: S000077408)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000237822 | Institutional Class | TCNBX           |

?xml version='1.0' encoding='ASCII'? FundVantage Trust

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-22027

#### FundVantage Trust
(Exact name of registrant as specified in charter)

------

103 Bellevue Parkway

Wilmington, DE 19809

(Address of principal executive offices) (ZIP code)

------

Joel L. Weiss

FundVantage Trust

1636 N. Cedar Crest Blvd.

Suite #161

Allentown, PA 18104

(Name and address of agent for service)

------

#### Registrant's telephone number, including area code:

#### 856-528-3500

#### Date of fiscal year end:

#### September 30

#### Date of reporting period:

#### March 31, 2026

#### Item 1. Report to Stockholders.
(a) The registrant's semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

Ambrus Core Bond Fund

Institutional Class \| TTRBX

Semi-Annual Shareholder Report — March 31, 2026

![TSR_Ambrus_Logo](g44762images_30988.jpg)

This semi-annual shareholder report contains important information about the Ambrus Core Bond Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.ambrusfunds.com/ambrus-core-bond-fund/. You can also request this information by contacting us at (833) 996-2101.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Ambrus Core Bond Fund<br>(Institutional Class / TTRBX) | $25 | 0.50%\* |

---

*\* *Annualized** 

#### Key Fund Statistics
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$564570998 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;182 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid, net** | &nbsp;&nbsp;&nbsp;&nbsp;$1127952 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

#### Portfolio Holdings Summary Table (as of March 31, 2026)
The following table presents a summary of the portfolio composition of the Fund, as a percentage of net assets:

Portfolio Composition

![Graphical Representation - Allocation 2 Chart](g44762chartimages_11684755.jpg)

#### Material Fund changes during the period
During the six months ended March 31, 2026, there were no material changes to the Fund.

Changes in and Disagreements with Accountants

There were no disagreements with accountants.

#### Availability of Additional Information
You can find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, at https://www.ambrusfunds.com/ambrus-core-bond-fund/.

#### Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at (833) 996-2101, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

**Ambrus Core Bond Fund Institutional Class (TTRBX)**

Semi-Annual Shareholder Report — March 31, 2026

TTRBX-03/26-SAR

Ambrus Tax-Conscious

California Bond Fund

Institutional Class \| TCCBX

Semi-Annual Shareholder Report — March 31, 2026

![TSR_Ambrus_Logo](g44762images_30988.jpg)

This semi-annual shareholder report contains important information about the Ambrus Tax-Conscious California Bond Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.ambrusfunds.com/ambrus-tax-conscious-california-bond-fund/. You can also request this information by contacting us at (833) 996-2101.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Ambrus Tax-Conscious California Bond Fund<br>(Institutional Class / TCCBX) | $25 | 0.50%\* |

---

*\* *Annualized** 

#### Key Fund Statistics
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$487080526 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;366 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid, net** | &nbsp;&nbsp;&nbsp;&nbsp;$972679 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

#### Portfolio Holdings Summary Table (as of March 31, 2026)
The following table presents a summary of the portfolio composition of the Fund, as a percentage of net assets:

Portfolio Composition

![Graphical Representation - Allocation 2 Chart](g44762chartimages_11684793.jpg)

#### Material Fund changes during the period
During the six months ended March 31, 2026, there were no material changes to the Fund.

Changes in and Disagreements with Accountants

There were no disagreements with accountants.

#### Availability of Additional Information
You can find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, at https://www.ambrusfunds.com/ambrus-tax-conscious-california-bond-fund/.

#### Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at (833) 996-2101, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

**Ambrus Tax-Conscious California Bond Fund Institutional Class (TCCBX)**

Semi-Annual Shareholder Report — March 31, 2026

TCCBX-03/26-SAR

Ambrus Tax-Conscious

National Bond Fund

Institutional Class \| TCNBX

Semi-Annual Shareholder Report — March 31, 2026

![TSR_Ambrus_Logo](g44762images_30988.jpg)

This semi-annual shareholder report contains important information about the Ambrus Tax-Conscious National Bond Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.ambrusfunds.com/ambrus-tax-conscious-national-bond-fund/. You can also request this information by contacting us at (833) 996-2101.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Ambrus Tax-Conscious National Bond Fund<br>(Institutional Class / TCNBX) | $25 | 0.50%\* |

---

*\* *Annualized** 

#### Key Fund Statistics
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$439780428 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;381 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid, net** | &nbsp;&nbsp;&nbsp;&nbsp;$897697 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

#### Portfolio Holdings Summary Table (as of March 31, 2026)
The following table presents a summary of the portfolio composition of the Fund, as a percentage of net assets:

Portfolio Composition

![Graphical Representation - Allocation 2 Chart](g44762chartimages_11684831.jpg)

#### Material Fund changes during the period
During the six months ended March 31, 2026, there were no material changes to the Fund.

Changes in and Disagreements with Accountants

There were no disagreements with accountants.

#### Availability of Additional Information
You can find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, at https://www.ambrusfunds.com/ambrus-tax-conscious-national-bond-fund/.

#### Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at (833) 996-2101, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

**Ambrus Tax-Conscious National Bond Fund Institutional Class (TCNBX)**

Semi-Annual Shareholder Report — March 31, 2026

TCNBX-03/26-SAR

------

(b) Not applicable.

#### Item 2. Code of Ethics.
Not applicable.

#### Item 3. Audit Committee Financial Expert.
Not applicable.

#### Item 4. Principal Accountant Fees and Services.
Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) The Registrant's "Schedule I – Investments in securities of unaffiliated issuers" as of the close of the reporting period is included as part of the Semi-Annual Financials and Additional Information filed under Item 7 of this form.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

![](g44762img83bd88df1.gif)

Ambrus Core Bond Fund <br> Ambrus Tax-Conscious California Bond Fund <br> Ambrus Tax-Conscious National Bond Fund

#### of

#### FundVantage Trust
Institutional Class

## Semi-Annual Financials and Additional Information
March 31, 2026

(Unaudited)

This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_d4a6b9b3-7658-485c-8be3-8647556d8651_1)<br>| 2 |
| [Financial Statements:](#xx_a8665ea6-9320-4bb3-9cc2-e1327fe04966_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx_a8665ea6-9320-4bb3-9cc2-e1327fe04966_1)<br>| 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#xx_a08f0398-ae83-4f56-9a44-e79444ff2287_1)<br>| 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_585d48d7-a03b-4b53-9c2e-9bf31f9bef97_1)<br>| 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_df65efbf-a4d0-47fc-be29-880932b3f427_1)<br>| 49 |
| [Notes to Financial Statements](#xx_a4751f7c-bf37-4714-a78b-0ab8974af365_1)<br>| 52 |
| [Other Information](#xx_63264ced-9619-4174-a2c6-bf5e5f8a45e1_1)<br>| 60 |

---

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS CORE BOND FUND

#### Portfolio of Investments

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — 43.9%** | **CORPORATE BONDS — 43.9%** | **CORPORATE BONDS — 43.9%** |
| **Communications — 0.8%** | **Communications — 0.8%** | **Communications — 0.8%** |
| AT&T, Inc., 7.125%, 12/15/31 | $500000 | $550095 |
| Comcast Corp., 6.95%, 8/15/37 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2235423 |
| Discovery Global Holdings, Inc., 4.279%, 3/15/32 | &nbsp;&nbsp; 2033000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1793472 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4578990 |
| **Consumer Discretionary — 6.8%** | **Consumer Discretionary — 6.8%** | **Consumer Discretionary — 6.8%** |
| Brunswick Corp., 2.40%, 8/18/31 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2602516 |
| Darden Restaurants, Inc., 6.30%, 10/10/33 | &nbsp;&nbsp; 1925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2062808 |
| Ford Motor Credit Co., LLC, 4.271%, 1/9/27 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1493369 |
| General Motors Financial Co., Inc., 4.96% (SOFR + 1.29%), 1/7/30<sup>(a)</sup> | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1486171 |
| Genuine Parts Co., 4.95%, 8/15/29 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498707 |
| Genuine Parts Co., 1.875%, 11/1/30 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 431347 |
| Hasbro, Inc., 6.05%, 5/14/34 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2086480 |
| Hyatt Hotels Corp., 5.75%, 3/30/32 | &nbsp;&nbsp; 2825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2902183 |
| Hyundai Capital America, 5.30%, 6/24/29<sup>(b)</sup> | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2031857 |
| Hyundai Capital America, 5.40%, 1/8/31 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1020695 |
| Hyundai Capital America, 4.75%, 9/26/31 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1981417 |
| Leggett & Platt, Inc., 4.40%, 3/15/29 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3415342 |
| Lennar Corp., 5.20%, 7/30/30 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 506279 |
| LKQ Corp., 6.25%, 6/15/33 | &nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2835505 |
| Nissan Motor Acceptance Co., LLC, 7.05%, 9/15/28 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1016195 |
| Polaris, Inc., 6.95%, 3/15/29 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1047276 |
| PVH Corp., 5.50%, 6/13/30 | &nbsp;&nbsp; 2175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2192227 |
| Stellantis Finance US, Inc., 5.625%, 1/12/28 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1010660 |
| Stellantis Finance US, Inc., 6.45%, 3/18/35 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1973409 |
| Tapestry, Inc., 3.05%, 3/15/32 | &nbsp;&nbsp; 2150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1949577 |
| Whirlpool Corp., 5.75%, 3/1/34 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3568872 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38112892 |
| **Consumer Staple Products — 0.8%** | **Consumer Staple Products — 0.8%** | **Consumer Staple Products — 0.8%** |
| Altria Group, Inc., 6.875%, 11/1/33 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1108267 |
| J M Smucker Co. (The), 6.20%, 11/15/33 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 689314 |
| Kroger Co. (The), 7.70%, 6/1/29 | &nbsp;&nbsp; 2064000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2249117 |
| Tyson Foods, Inc., 5.70%, 3/15/34 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 517126 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4563824 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Energy — 2.4%** | **Energy — 2.4%** | **Energy — 2.4%** |
| Cheniere Energy Partners LP, 5.95%, 6/30/33 | &nbsp;&nbsp;$1000000 | $1049142 |
| Devon Energy Corp., 5.20%, 9/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1505550 |
| Helmerich & Payne, Inc., 2.90%, 9/29/31 | &nbsp;&nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5800229 |
| Kinder Morgan, Inc., 7.80%, 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1712249 |
| Valero Energy Corp., 6.625%, 6/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3286380 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13353550 |
| **Financials — 13.2%** | **Financials — 13.2%** | **Financials — 13.2%** |
| American Financial Group, Inc., 5.00%, 9/23/35 | &nbsp;&nbsp;&nbsp;&nbsp;1525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1465519 |
| Apollo Debt Solutions BDC, 6.90%, 4/13/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511775 |
| Ares Strategic Income Fund, 6.35%, 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501686 |
| Bain Capital Specialty Finance, Inc., 5.95%, 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 954929 |
| Bank of America Corp., 5.518%, 10/25/35 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5002955 |
| Bank of New York Mellon Corp. (The), 4.543%, 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2010492 |
| Bank of New York Mellon Corp. (The), 5.606%, 7/21/39 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1528213 |
| Barings BDC, Inc., 7.00%, 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504298 |
| Blackstone Private Credit Fund, 6.00%, 11/22/34 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 935833 |
| Blue Owl Credit Income Corp., 6.60%, 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498389 |
| Broadridge Financial Solutions, Inc., 2.90%, 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1214424 |
| Capital One Financial Corp., 2.359%, 7/29/32 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1725133 |
| Capital One Financial Corp., 7.964%, 11/2/34 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2296540 |
| Carlyle Secured Lending, Inc., 6.75%, 2/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1983319 |
| Citadel LP, 6.00%, 1/23/30 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1030870 |
| Citibank NA, 5.57%, 4/30/34 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2074089 |
| EQT AB, 5.85%, 5/8/35 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2009726 |
| Equitable Holdings, Inc., 5.594%, 1/11/33 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1023172 |
| FactSet Research Systems, Inc., 3.45%, 3/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;5900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5330960 |
| First National of Nebraska, Inc., 7.25%, 6/15/35<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1036257 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS CORE BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Financials — (Continued)** | **Financials — (Continued)** | **Financials — (Continued)** |
| Fiserv, Inc., 5.45%, 3/15/34 | &nbsp;&nbsp;&nbsp;$500000 | $497402 |
| Franklin BSP Capital Corp., 7.20%, 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 503157 |
| FS KKR Capital Corp., 6.125%, 1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2858952 |
| Goldman Sachs Group, Inc. (The), 1.948%, 10/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1282338 |
| Goldman Sachs Group, Inc. (The), 5.498% (SOFR + 1.85%), 3/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505986 |
| Goldman Sachs Group, Inc. (The), 4.482%, 8/23/28 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 999967 |
| Goldman Sachs Group, Inc. (The), 6.75%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4315385 |
| Golub Capital BDC, Inc., 6.00%, 7/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498589 |
| Hercules Capital, Inc., 5.35%, 2/10/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490541 |
| HPS Corporate Lending Fund, 6.25%, 9/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499246 |
| Jefferies Financial Group, Inc., 2.625%, 10/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 870988 |
| JPMorgan Chase & Co., 4.836% (SOFR + 1.18%), 2/24/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502798 |
| LPL Holdings, Inc., 6.00%, 5/20/34 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3061878 |
| Main Street Capital Corp., 6.95%, 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514549 |
| MetLife, Inc., 5.85%, 3/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;3400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3337112 |
| Morgan Stanley Direct Lending Fund, 6.15%, 5/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 503347 |
| Northern Trust Corp., 3.375%, 5/8/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 906496 |
| Oaktree Specialty Lending Corp., 6.34%, 2/27/30 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975384 |
| OceanFirst Financial Corp., 6.375%, 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2013890 |
| Prudential Financial, Inc., 6.50%, 3/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;4150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4249114 |
| Sixth Street Lending Partners, 6.50%, 3/11/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507022 |
| Synchrony Financial, 2.875%, 10/28/31 | &nbsp;&nbsp;&nbsp;&nbsp;3325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2902301 |
| Toronto-Dominion Bank (The), 6.35%, 10/31/85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492271 |
| Truist Bank, 4.632%, 9/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1984036 |
| US Bancorp, 4.653%, 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1004854 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Financials — (Continued)** | **Financials — (Continued)** | **Financials — (Continued)** |
| Wells Fargo & Co., 3.584%, 5/22/28 | &nbsp;&nbsp;&nbsp;$300000 | $297212 |
| Wells Fargo Bank NA, 6.50%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1043974 |
| Western Alliance Bancorp, 3.00%, 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;1405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1349826 |
| Zions Bancorp NA, 3.25%, 10/29/29 | &nbsp;&nbsp;&nbsp;&nbsp;1815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1683494 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74290688 |
| **Health Care — 3.1%** | **Health Care — 3.1%** | **Health Care — 3.1%** |
| DENTSPLY SIRONA, Inc., 3.25%, 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3685070 |
| HCA, Inc., 5.45%, 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1025536 |
| Humana, Inc., 5.55%, 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1980418 |
| Humana, Inc., 4.95%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1678746 |
| Pfizer Investment Enterprises Pte Ltd., 4.75%, 5/19/33 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 997234 |
| Pfizer, Inc., 7.20%, 3/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2340659 |
| UnitedHealth Group, Inc., 6.50%, 6/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2187771 |
| UnitedHealth Group, Inc., 3.50%, 8/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1620685 |
| Viatris, Inc., 2.30%, 6/22/27 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 969864 |
| Viatris, Inc., 3.85%, 6/22/40 | &nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1292814 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17778797 |
| **Industrials — 4.2%** | **Industrials — 4.2%** | **Industrials — 4.2%** |
| Boeing Co. (The), 3.25%, 2/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5146594 |
| Daimler Truck Finance North America, LLC, 5.625%, 1/13/35 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2033151 |
| IDEX Corp., 4.95%, 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505496 |
| J Paul Getty Trust (The), 4.905%, 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4013719 |
| Jacobs Engineering Group, Inc., 5.90%, 3/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;1075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1114130 |
| Jacobs Solutions, Inc., 4.75%, 3/3/31 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 987071 |
| Paychex, Inc., 5.35%, 4/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;2050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2061921 |
| Stanley Black & Decker, Inc., 2.30%, 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;4981000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4548128 |
| Trimble, Inc., 6.10%, 3/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1570713 |
| United Airlines Pass Through Trust, 5.875%, 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 662530 |
| Westinghouse Air Brake Technologies Corp., 5.611%, 3/11/34 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1029953 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23673406 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS CORE BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Materials — 3.2%** | **Materials — 3.2%** | **Materials — 3.2%** |
| Albemarle Corp., 5.05%, 6/1/32 | &nbsp;&nbsp;$3349000 | $3363413 |
| Dow Chemical Co. (The), 9.40%, 5/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;4550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5769974 |
| Dow Chemical Co. (The), 4.625%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1588726 |
| Huntsman International, LLC, 2.95%, 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;5575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4628315 |
| LYB International Finance BV, 5.25%, 7/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1723501 |
| Mosaic Global Holdings, Inc., 7.30%, 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1037736 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18111665 |
| **Real Estate — 1.6%** | **Real Estate — 1.6%** | **Real Estate — 1.6%** |
| Americold Realty Operating Partnership LP, REIT, 5.60%, 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2220198 |
| Hudson Pacific Properties LP, REIT, 4.65%, 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 853658 |
| Invitation Homes Operating Partnership LP, REIT, 5.45%, 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1016178 |
| Jones Lang LaSalle, Inc., REIT, 6.875%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 871227 |
| Kilroy Realty LP, REIT, 2.50%, 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3013685 |
| Vornado Realty LP, REIT, 3.40%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1336540 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9311486 |
| **Technology — 5.4%** | **Technology — 5.4%** | **Technology — 5.4%** |
| Arrow Electronics, Inc., 5.875%, 4/10/34 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2047832 |
| Booz Allen Hamilton, Inc., 5.95%, 8/4/33 | &nbsp;&nbsp;&nbsp;&nbsp;5175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5293325 |
| Concentrix Corp., 6.85%, 8/2/33 | &nbsp;&nbsp;&nbsp;&nbsp;3039000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2819546 |
| Fortinet, Inc., 2.20%, 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 886266 |
| Foundry JV Holdco, LLC, 6.30%, 1/25/39<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6237158 |
| Intel Corp., 3.90%, 3/25/30 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1939368 |
| Kyndryl Holdings, Inc., 6.35%, 2/20/34 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1399302 |
| Leidos, Inc., 7.125%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2635697 |
| Motorola Solutions, Inc., 2.30%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1353117 |
| Oracle Corp., 3.60%, 4/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2904005 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Technology — (Continued)** | **Technology — (Continued)** | **Technology — (Continued)** |
| Salesforce, Inc., 4.50%, 3/15/28 | &nbsp;&nbsp;$2000000 | $2000749 |
| Teledyne Technologies, Inc., 2.75%, 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 687367 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30203732 |
| **Utilities — 2.4%** | **Utilities — 2.4%** | **Utilities — 2.4%** |
| AES Corp. (The), 5.80%, 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;3275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3292581 |
| AES Corp. (The), 6.95%, 7/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2801450 |
| Dominion Energy, Inc., 6.625%, 5/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;3575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3630749 |
| PacifiCorp, 6.10%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2046532 |
| Southern California Gas Co., 5.05%, 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1509778 |
| Southwestern Electric Power Co., 5.30%, 4/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507339 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13788429 |
| &nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS<br> (Cost $244,967,982) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247767459 |
| **U.S. TREASURY OBLIGATIONS — 35.2%** | **U.S. TREASURY OBLIGATIONS — 35.2%** | **U.S. TREASURY OBLIGATIONS — 35.2%** |
| United States Treasury Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, 8/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4714687 |
| &nbsp;&nbsp;&nbsp;1.375%, 8/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4415976 |
| United States Treasury Notes, |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, 5/15/26 | &nbsp;&nbsp;23000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22995764 |
| &nbsp;&nbsp;&nbsp;1.50%, 8/15/26 | &nbsp;&nbsp;35955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35651533 |
| &nbsp;&nbsp;&nbsp;1.125%, 10/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;4400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4333147 |
| &nbsp;&nbsp;&nbsp;0.50%, 10/31/27 | &nbsp;&nbsp;89475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84934842 |
| &nbsp;&nbsp;&nbsp;4.125%, 11/30/31 | &nbsp;&nbsp;22500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22621729 |
| &nbsp;&nbsp;&nbsp;3.50%, 2/15/33 | &nbsp;&nbsp;20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19255469 |
| &nbsp;&nbsp;&nbsp;U.S. TREASURY OBLIGATIONS<br> (Cost $199,115,994) | &nbsp;&nbsp;&nbsp;U.S. TREASURY OBLIGATIONS<br> (Cost $199,115,994) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198923147 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value/<br> Shares** |  |
| **PREFERREDS — 8.0%** | **PREFERREDS — 8.0%** | **PREFERREDS — 8.0%** |
| **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** |
| General Motors Financial Co., Inc., 5.75%, 9/30/27<sup>(c)</sup> | &nbsp;&nbsp;2050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1988120 |
| **Energy — 0.4%** | **Energy — 0.4%** | **Energy — 0.4%** |
| BP Capital Markets PLC, 6.45%, 12/1/33 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2079444 |
| **Financials — 7.3%** | **Financials — 7.3%** | **Financials — 7.3%** |
| Air Lease Corp., 4.65%, 6/15/26<sup>(c)</sup> | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 998162 |
| Bank of America Corp., 6.625%, 5/1/30 | &nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3791209 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS CORE BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par Value/<br> Shares** | **Value** |
| **PREFERREDS — (Continued)** | **PREFERREDS — (Continued)** | **PREFERREDS — (Continued)** |
| **Financials — (Continued)** | **Financials — (Continued)** | **Financials — (Continued)** |
| Bank of New York Mellon Corp. (The), 7.166%, 6/20/26<sup>(c)</sup> | $740000 | $745881 |
| Bank of New York Mellon Corp. (The), 4.625%, 9/20/26 | &nbsp;&nbsp;1625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1619377 |
| Bank of New York Mellon Corp. (The), 6.15%, 3/20/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337500 |
| Bank of New York Mellon Corp. (The), 6.30%, 3/20/30 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1528238 |
| Bank of New York Mellon Corp. (The), 5.95%, 12/20/30<sup>(c)</sup> | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1001064 |
| Citigroup, Inc., 7.625%, 11/15/28<sup>(c)</sup> | &nbsp;&nbsp;2150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2224465 |
| Citigroup, Inc., 6.75%, 2/15/30 | &nbsp;&nbsp;2835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2835464 |
| Citigroup, Inc., 6.875%, 8/15/30<sup>(c)</sup> | &nbsp;&nbsp;1850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1863860 |
| Citigroup, Inc., 6.625%, 2/15/31 | &nbsp;&nbsp;3110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3107971 |
| Goldman Sachs Group, Inc. (The), 6.125%, 11/10/34 | &nbsp;&nbsp;5375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5342761 |
| KKR & Co., Inc., 6.875%, 6/1/65 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2326000 |
| M&T Bank Corp., 6.35%, 12/15/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;150450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3773286 |
| Morgan Stanley, 6.875%, 7/15/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 39395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 986845 |
| Northern Trust Corp., 4.60%, 10/1/26<sup>(c)</sup> | &nbsp;&nbsp;1550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1539413 |
| State Street Corp., 5.35%, 6/15/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 432400 |
| State Street Corp., 6.70%, 9/15/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1030501 |
| State Street Corp., 6.45%, 9/15/30 | &nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2844106 |
| Wells Fargo & Co., 6.85%, 9/15/29 | &nbsp;&nbsp;2550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2643906 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40972409 |
| &nbsp;&nbsp;&nbsp;TOTAL PREFERREDS<br> (Cost $44,277,631) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45039973 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** |  |
| **ASSET-BACKED SECURITIES — 6.3%** | **ASSET-BACKED SECURITIES — 6.3%** | **ASSET-BACKED SECURITIES — 6.3%** |
| Fannie Mae Pool, 6.00%, 5/1/53 | &nbsp;&nbsp; 650691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 670846 |
| Fannie Mae Pool, 7.00%, 7/1/54 | &nbsp;&nbsp;1986858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2095552 |
| Fannie Mae Pool, 6.00%, 8/1/54 | &nbsp;&nbsp;3575348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3655025 |
| Freddie Mac Pool, 6.50%, 12/1/53 | &nbsp;&nbsp;3435532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3577817 |
| Freddie Mac Pool, 6.00%, 6/1/54 | &nbsp;&nbsp;6363250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6494682 |
| Freddie Mac Pool, 7.00%, 7/1/54 | &nbsp;&nbsp;1463159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1549950 |
| Freddie Mac Pool, 6.50%, 9/1/55 | &nbsp;&nbsp;3772791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3901339 |
| Ginnie Mae II Pool, 7.00%, 4/20/54 | &nbsp;&nbsp;3295764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3440896 |
| Ginnie Mae II Pool, 6.50%, 7/20/54 | &nbsp;&nbsp;4757981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4952527 |
| Ginnie Mae II Pool, 6.00%, 2/20/55 | &nbsp;&nbsp;5126190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5220969 |
| &nbsp;&nbsp;&nbsp;TOTAL ASSET-BACKED SECURITIES<br> (Cost $35,177,862) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35559603 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — 1.1%** | **MUNICIPAL BONDS — 1.1%** | **MUNICIPAL BONDS — 1.1%** |
| **California — 0.4%** | **California — 0.4%** | **California — 0.4%** |
| City & County of San Francisco GO, Series C,<br> 6.03%, 6/15/29 | $2000000 | $2074245 |
| **Illinois — 0.4%** | **Illinois — 0.4%** | **Illinois — 0.4%** |
| Chicago GO, Series A,<br> 6.226%, 1/1/32 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1506929 |
| Chicago GO, Series B,<br> 6.226%, 1/1/32 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1004619 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2511548 |
| **Maryland — 0.1%** | **Maryland — 0.1%** | **Maryland — 0.1%** |
| Maryland Economic Development Corp. Revenue, OID, Callable 06/01/29 at 100,<br> 4.25%, 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735319 |
| **Michigan — 0.2%** | **Michigan — 0.2%** | **Michigan — 0.2%** |
| Detroit GO, Series B,<br> 3.11%, 4/1/28 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 973679 |
| &nbsp;&nbsp;&nbsp;TOTAL MUNICIPAL BONDS<br> (Cost $6,286,187) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6294791 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** |  |
| **EXCHANGE TRADED FUNDS — 5.1%** | **EXCHANGE TRADED FUNDS — 5.1%** | **EXCHANGE TRADED FUNDS — 5.1%** |
| iShares 0-5 Year TIPS Bond ETF | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15514500 |
| State Street SPDR Portfolio High Yield Bond ETF | 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7462400 |
| Pimco Senior Loan Active ETF | 116364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5745985 |
| &nbsp;&nbsp;&nbsp;TOTAL EXCHANGE TRADED FUNDS<br> (Cost $28,237,348) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28722885 |
| **SHORT-TERM INVESTMENT — 0.0%** | **SHORT-TERM INVESTMENT — 0.0%** | **SHORT-TERM INVESTMENT — 0.0%** |
| Dreyfus Government Cash Management Fund, Institutional Shares, 3.53%<sup>(d)</sup> | 198870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198870 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $198,870) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198870 |
| TOTAL INVESTMENTS - 99.6%<br> (Cost $558,261,874) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562506728 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2064270 |
| NET ASSETS - 100.0% |  | $564570998 |

---

------

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS CORE BOND FUND

#### Portfolio of Investments (Concluded)

#### March 31, 2026
(Unaudited)

(a) Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.

(b) Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the Fund's Board of Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At March 31, 2026, these securities amounted to $9,305,272 or 1.65% of net assets. These securities have been determined by the Fund's adviser to be liquid securities.

(c) Non-voting shares.

(d) Rate disclosed is the 7-day yield at March 31, 2026.

---

| | |
|:---|:---|
| ETF | Exchange-Traded Fund |
| GO | General Obligation |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| OID | Original Issue Discount |
| PLC | Public Limited Company |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| SPDR | Standard & Poor's Depository Receipt |
| TIPS | Treasury Inflation-Protected Securities |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — 88.0%** | **MUNICIPAL BONDS — 88.0%** | **MUNICIPAL BONDS — 88.0%** |
| **California — 77.4%** | **California — 77.4%** | **California — 77.4%** |
| Albany Unified School District GO, Series B, Callable 08/01/26 at 100,<br> 5.00%, 8/1/43 | $1000000 | $1005707 |
| Alhambra Unified School District GO, Series B, Callable 08/01/32 at 100,<br> 5.25%, 8/1/47 | &nbsp;&nbsp; 705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 749479 |
| Anaheim Housing & Public Improvements Authority Revenue, Series A, Callable 10/01/30 at 100,<br> 5.00%, 10/1/44 | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246271 |
| Anaheim Housing & Public Improvements Authority Revenue, Series A, Callable 10/01/30 at 100,<br> 5.50%, 10/1/55 | &nbsp;&nbsp;3605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3761020 |
| Anaheim Housing & Public Improvements Authority Revenue, Series B, Refunding, Callable 10/01/30 at 100,<br> 5.25%, 10/1/47 | &nbsp;&nbsp;1785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1864293 |
| Antioch Unified School District GO, Series B, OID, Callable 05/01/26 at 100,<br> 4.00%, 8/1/40, (BAM Insured) | &nbsp;&nbsp; 635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 634986 |
| Atwater Elementary School District, Callable 12/01/34 at 100,<br> 5.00%, 12/1/44, (AG Insured) | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 756803 |
| Azusa, Callable 09/01/28 at 100,<br> 5.00%, 9/1/44, (AG Insured) | &nbsp;&nbsp;2070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2113693 |
| Berkeley Joint Powers Financing Authority Revenue, OID, Refunding, Callable 05/01/26 at 100,<br> 3.00%, 10/1/27 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25003 |
| Brea Water Utility Revenue, Refunding, Callable 07/01/29 at 100,<br> 3.00%, 7/1/38 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 719874 |
| Cabrillo Unified School District GO, Series A, Callable 08/01/26 at 100,<br> 5.00%, 8/1/48 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 628087 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| California Community Choice Financing Authority Revenue, Callable 05/01/29 at 100,<br> 5.00%, 7/1/53<sup>(a)</sup> | $2965000 | $3110367 |
| California Community Choice Financing Authority Revenue, Series A, Callable 02/01/35 at 100,<br> 5.00%, 1/1/56<sup>(a)</sup> | &nbsp;&nbsp;1135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1150569 |
| California Community Choice Financing Authority Revenue, Series B-1, Callable 05/01/31 at 101,<br> 4.00%, 2/1/52<sup>(a)</sup> | &nbsp;&nbsp;3755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3749632 |
| California Community Choice Financing Authority Revenue, Series E-1, Callable 12/01/30 at 100,<br> 5.00%, 2/1/54<sup>(a)</sup> | &nbsp;&nbsp;1775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1875580 |
| California Community Choice Financing Authority Revenue, Series F, Callable 08/01/32 at 100,<br> 5.00%, 2/1/55<sup>(a)</sup> | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4839464 |
| California Community Choice Financing Authority Revenue, Series G, Callable 01/01/30 at 100,<br> 5.25%, 11/1/54<sup>(a)</sup> | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2110974 |
| California Community Choice Financing Authority Revenue , Series C, Callable 07/01/32 at 100,<br> 5.00%, 8/1/55<sup>(a)</sup> | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4672159 |
| California Community Choice Financing Authority Revenue , Series D, Callable 06/01/32 at 100,<br> 5.00%, 2/1/55<sup>(a)</sup> | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2143238 |
| California Community Choice Financing Authority Revenue , Series G, Callable 05/01/32 at 100,<br> 5.00%, 11/1/55<sup>(a)</sup> | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3062014 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| California Educational Facilities Authority Revenue, Series A, Callable 10/01/28 at 100,<br> 5.00%, 10/1/43 | $3230000 | $3256276 |
| California Educational Facilities Authority Revenue, Series A, Callable 10/01/28 at 100,<br> 5.00%, 10/1/48 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69626 |
| California Educational Facilities Authority Revenue, Series A, Callable 10/01/28 at 100,<br> 5.00%, 10/1/53 | &nbsp;&nbsp;5205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5119277 |
| California Educational Facilities Authority Revenue, Series A, Refunding, Callable 04/01/27 at 100,<br> 5.00%, 4/1/42 | &nbsp;&nbsp; 495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498763 |
| California Educational Facilities Authority Revenue, Series A, Refunding, Callable 04/01/27 at 100,<br> 5.00%, 4/1/47 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25071 |
| California Educational Facilities Authority Revenue, Series U-7,<br> 5.00%, 6/1/46 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113657 |
| California Educational Facilities Authority Revenue , Series A, Callable 10/01/28 at 100,<br> 5.00%, 10/1/46 | &nbsp;&nbsp;5110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5169057 |
| California Enterprise Development Authority Revenue, Callable 11/01/27 at 100,<br> 5.00%, 11/1/34 | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221553 |
| California Health Facilities Financing Authority Revenue, Callable 11/15/26 at 100,<br> 5.00%, 11/15/49 | &nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1602333 |
| California Health Facilities Financing Authority Revenue, Refunding, Callable 05/01/26 at 100,<br> 5.00%, 4/1/27, (CA MTG Insured) | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5011 |
| California Health Facilities Financing Authority Revenue, Refunding, Callable 11/15/27 at 100,<br> 5.00%, 11/15/38 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256294 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| California Health Facilities Financing Authority Revenue, Refunding, Callable 11/15/27 at 100,<br> 5.00%, 11/15/48 | $25000 | $25131 |
| California Health Facilities Financing Authority Revenue, Series A, Callable 05/01/34 at 100,<br> 5.00%, 11/1/49 | &nbsp;&nbsp;2840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2982628 |
| California Health Facilities Financing Authority Revenue, Series A, Callable 06/01/34 at 100,<br> 5.25%, 12/1/44 | &nbsp;&nbsp;1030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1073693 |
| California Health Facilities Financing Authority Revenue, Series A, Callable 06/01/34 at 100,<br> 5.00%, 12/1/45 | &nbsp;&nbsp; 885000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 934122 |
| California Health Facilities Financing Authority Revenue, Series A, Callable 06/01/34 at 100,<br> 5.25%, 12/1/49 | &nbsp;&nbsp;2445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2563504 |
| California Health Facilities Financing Authority Revenue, Series A, Callable 08/15/26 at 100,<br> 5.00%, 8/15/34 | &nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 413133 |
| California Health Facilities Financing Authority Revenue, Series A, Refunding, Callable 05/01/26 at 100,<br> 4.00%, 10/1/28 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100074 |
| California Health Facilities Financing Authority Revenue , Callable 11/15/27 at 100,<br> 5.00%, 11/15/56 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3013217 |
| California Health Facilities Financing Authority Revenue , Series A, Refunding, Callable 10/01/26 at 100,<br> 4.00%, 10/1/35 | &nbsp;&nbsp;1195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1195222 |
| California Housing Finance Agency Revenue, Series 2021-2,<br> 3.75%, 3/25/35, (FHLMC COLL Insured) | &nbsp;&nbsp;2597291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2615637 |
| California Housing Finance Agency Revenue, Series D, Callable 11/01/28 at 100,<br> 2.75%, 11/1/29<sup>(a)</sup> | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1192112 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| California Housing Finance Agency Revenue, Series JJ, Callable 05/01/28 at 100,<br> 2.90%, 5/1/47, (HUD SECT 8 Insured)<sup>(a)</sup> | $1100000 | $1098629 |
| California Housing Finance Agency Revenue, Series LL, Callable 01/01/29 at 100,<br> 2.95%, 6/1/46<sup>(a)</sup> | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349583 |
| California Infrastructure & Economic Development Bank Revenue,<br> 5.00%, 11/1/31 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1002679 |
| California Infrastructure & Economic Development Bank Revenue, Callable 05/15/28 at 100,<br> 5.00%, 5/15/47 | &nbsp;&nbsp;1130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1149326 |
| California Infrastructure & Economic Development Bank Revenue, Callable 08/01/29 at 100,<br> 5.00%, 8/1/44 | &nbsp;&nbsp;2875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2989956 |
| California Infrastructure & Economic Development Bank Revenue, Callable 08/01/29 at 100,<br> 5.00%, 8/1/49 | &nbsp;&nbsp;4555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4661676 |
| California Infrastructure & Economic Development Bank Revenue, Callable 10/01/32 at 100,<br> 5.00%, 10/1/47 | &nbsp;&nbsp; 945000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 992884 |
| California Infrastructure & Economic Development Bank Revenue, Refunding, Callable 11/01/26 at 100,<br> 5.00%, 5/1/28 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20317 |
| California Infrastructure & Economic Development Bank Revenue, Series A, Refunding, Callable 08/01/28 at 100,<br> 3.25%, 8/1/29 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252536 |
| California Infrastructure & Economic Development Bank Revenue, Series B, Callable 11/01/34 at 100,<br> 5.00%, 11/1/54 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 852684 |
| California Municipal Finance Authority,<br> 4.00%, 9/1/30 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94531 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| California Municipal Finance Authority,<br> 5.00%, 6/1/33 | $420000 | $457454 |
| California Municipal Finance Authority Revenue, Callable 03/01/28 at 100,<br> 2.50%, 3/1/46<sup>(a)</sup> | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1179248 |
| California Municipal Finance Authority Revenue, Callable 09/01/32 at 100,<br> 5.25%, 9/1/41, (CA MTG Insured) | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510051 |
| California Municipal Finance Authority Revenue, Callable 09/01/32 at 100,<br> 5.25%, 9/1/44, (CA MTG Insured) | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 747329 |
| California Municipal Finance Authority Revenue, Callable 09/01/32 at 100,<br> 5.25%, 9/1/54, (CA MTG Insured) | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1126296 |
| California Municipal Finance Authority Revenue, Callable 11/15/28 at 100,<br> 5.00%, 5/15/36, (BAM-TCRS Insured) | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 517538 |
| California Municipal Finance Authority Revenue, Refunding, Callable 10/01/28 at 100,<br> 5.00%, 10/1/35 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1022441 |
| California Municipal Finance Authority Revenue, Series A,<br> 5.00%, 2/1/31 | &nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 446662 |
| California Municipal Finance Authority Revenue, Series A, Callable 02/01/27 at 100,<br> 3.20%, 9/1/45, (HUD SECT 8 Insured)<sup>(a)</sup> | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1250772 |
| California Municipal Finance Authority Revenue, Series A, Callable 06/01/27 at 100,<br> 5.00%, 6/1/42 | &nbsp;&nbsp;1095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1116312 |
| California Municipal Finance Authority Revenue, Series A, Callable 10/01/29 at 100,<br> 5.00%, 10/1/44 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516353 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| California Municipal Finance Authority Revenue, Series B, Refunding, Callable 01/01/28 at 100,<br> 5.00%, 1/1/42 | $2040000 | $2044388 |
| California Municipal Finance Authority Revenue , Series A, Refunding, Callable 04/21/26 at 100,<br> 4.00%, 10/1/40 | &nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1124968 |
| California Municipal Finance Authority Revenue , Series A, Refunding, Callable 05/01/29 at 100,<br> 5.00%, 5/1/49 | &nbsp;&nbsp;2940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2979567 |
| California Public Finance Authority Revenue, Series A, Callable 07/15/32 at 100,<br> 5.00%, 7/15/46 | &nbsp;&nbsp;3150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3310633 |
| California School Finance Authority Revenue, Callable 08/01/28 at 100,<br> 5.00%, 8/1/42<sup>(b)</sup> | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123811 |
| California School Finance Authority Revenue, Series A, Callable 07/01/27 at 100,<br> 5.00%, 7/1/37<sup>(b)</sup> | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25200 |
| California State GO,<br> 5.00%, 8/1/26 | &nbsp;&nbsp;4120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4156004 |
| California State GO,<br> 7.50%, 4/1/34 | &nbsp;&nbsp;3450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3966113 |
| California State GO, Callable 03/01/30 at 100,<br> 3.00%, 3/1/46, (BAM-TCRS Insured) | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222490 |
| California State GO, Callable 04/01/32 at 100,<br> 5.00%, 4/1/47 | &nbsp;&nbsp;1735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1809119 |
| California State GO, Callable 08/01/35 at 100,<br> 5.00%, 8/1/44 | &nbsp;&nbsp;2120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2313081 |
| California State GO, Refunding,<br> 4.35%, 11/1/32 | &nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7981561 |
| California State GO, Refunding, Callable 04/01/29 at 100,<br> 5.00%, 10/1/42 | &nbsp;&nbsp;2805000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2923372 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| California State GO, Refunding, Callable 04/01/33 at 100,<br> 5.25%, 10/1/45 | $1975000 | $2131209 |
| California State GO, Refunding, Callable 09/01/26 at 100,<br> 5.00%, 9/1/45 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251028 |
| California State GO, Refunding, Callable 09/01/32 at 100,<br> 5.25%, 9/1/47 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190866 |
| California State GO, Refunding, Callable 10/01/31 at 100,<br> 5.00%, 10/1/39 | &nbsp;&nbsp;4400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4755374 |
| California State GO, Series CV, Callable 12/01/33 at 100,<br> 3.80%, 12/1/43 | &nbsp;&nbsp;2775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2678706 |
| California State Public Works Board Revenue, Callable 10/01/26 at 100,<br> 4.00%, 10/1/28 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 533500 |
| California State Public Works Board Revenue, Series A, Callable 09/01/35 at 100,<br> 5.00%, 9/1/46<sup>(c)</sup> | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 426661 |
| California State Public Works Board Revenue, Series C,<br> 5.00%, 11/1/26 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 913329 |
| California State Public Works Board Revenue, Series C,<br> 5.00%, 11/1/27 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 934883 |
| California State University Revenue, Series A, Callable 11/01/33 at 100,<br> 5.25%, 11/1/48 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245845 |
| California State University Revenue, Series A, Refunding, Callable 11/01/28 at 100,<br> 5.00%, 11/1/43 | &nbsp;&nbsp;1910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1978613 |
| California State University Revenue, Series A, Unrefunded portion, Callable 05/01/26 at 100,<br> 5.00%, 11/1/43 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25029 |
| California State University Revenue, Series A, Unrefunded portion, Callable 05/01/26 at 100,<br> 5.00%, 11/1/47 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10008 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| California Statewide Communities Development Authority Revenue, Callable 01/01/28 at 100,<br> 5.00%, 1/1/48 | $5485000 | $5544363 |
| California Statewide Communities Development Authority Revenue, Callable 02/01/28 at 100,<br> 5.00%, 8/1/29 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308826 |
| California Statewide Communities Development Authority Revenue, Refunding,<br> 5.00%, 3/1/28 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103308 |
| California Statewide Communities Development Authority Revenue, Refunding, Callable 03/01/28 at 100,<br> 5.00%, 3/1/33 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164671 |
| California Statewide Communities Development Authority Revenue, Series A, OID, Refunding, Callable 04/21/26 at 100,<br> 4.125%, 3/1/34 | &nbsp;&nbsp;1015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1015130 |
| Campbell Union High School District GO, Series A, Callable 08/01/34 at 100,<br> 5.00%, 8/1/45 | &nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 895750 |
| Campbell Union High School District GO, Series A, Callable 08/01/34 at 100,<br> 5.00%, 8/1/46 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1073634 |
| Central Valley Energy Authority Revenue, Callable 05/01/34 at 100,<br> 5.00%, 8/1/34 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1052637 |
| Chowchilla Elementary School District GO, Callable 08/01/26 at 100,<br> 5.00%, 8/1/43 | &nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 583252 |
| City & County of San Francisco Community Facilities District No 2014-1, Series A,<br> 5.00%, 9/1/27 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149698 |
| City & County of San Francisco GO, Series C,<br> 6.03%, 6/15/29 | &nbsp;&nbsp;3630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3764755 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| City & County of San Francisco GO, Series C,<br> 6.26%, 6/15/30 | $4150000 | $4383183 |
| City & County of San Francisco Revenue, Series 2, Callable 08/01/28 at 100,<br> 3.35%, 8/1/29<sup>(a)</sup> | &nbsp;&nbsp;1015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1026123 |
| City of Lake Elsinore, Callable 09/01/31 at 103,<br> 5.00%, 9/1/35 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53402 |
| City of Lake Elsinore, Callable 09/01/31 at 103,<br> 5.00%, 9/1/39 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103880 |
| City of Lake Elsinore, Callable 09/01/31 at 103,<br> 5.00%, 9/1/44 | &nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 588479 |
| Coachella Valley Unified School District, OID, Refunding, Callable 04/21/26 at 100,<br> 3.50%, 9/1/28, (BAM Insured) | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50024 |
| Coachella Valley Unified School District GO, OID, Refunding, Callable 04/21/26 at 100,<br> 4.00%, 8/1/27, (BAM Insured) | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5004 |
| Colton Joint Unified School District GO, Series A, Callable 08/01/34 at 100,<br> 5.00%, 8/1/44, (BAM Insured) | &nbsp;&nbsp;1325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1439613 |
| Compton Unified School District GO, Series B, Callable 06/01/27 at 100,<br> 4.00%, 6/1/32, (BAM Insured) | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141730 |
| Concord, OID, Refunding, Callable 04/01/31 at 100,<br> 2.00%, 4/1/38 | &nbsp;&nbsp; 920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710496 |
| Department of Veterans Affairs Veteran's Farm & Home Purchase Program Revenue, Series A,<br> 1.25%, 6/1/27 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38887 |
| Desert Sands Unified School District, Callable 09/01/30 at 103,<br> 5.00%, 9/1/44, (BAM Insured) | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106740 |
| Desert Sands Unified School District, Callable 09/01/30 at 103,<br> 5.00%, 9/10/49, (BAM Insured) | &nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193299 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Desert Sands Unified School District, Callable 09/01/30 at 103,<br> 5.00%, 9/1/54, (BAM Insured) | $425000 | $440380 |
| Downey Unified School District GO, Series C, OID, Callable 08/01/31 at 100,<br> 2.00%, 8/1/42, (AG Insured) | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16913 |
| East Side Union High School District GO, Series A, OID, Refunding, Callable 08/01/26 at 100,<br> 2.125%, 8/1/29 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48174 |
| Eastern Municipal Water District Community Facilities District,<br> 4.00%, 9/1/27 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70882 |
| Eastern Municipal Water District Community Facilities District,<br> 4.00%, 9/1/28 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76265 |
| Eastern Municipal Water District Community Facilities District,<br> 4.00%, 9/1/29 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76375 |
| Eastern Municipal Water District Community Facilities District,<br> 4.00%, 9/1/30 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76205 |
| Eastside Union School District GO, Series A, Callable 08/01/33 at 100,<br> 5.50%, 8/1/48, (BAM Insured) | &nbsp;&nbsp;1450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1573141 |
| El Rancho Unified School District GO, Series D, Callable 08/01/33 at 100,<br> 5.75%, 8/1/48, (BAM Insured) | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262099 |
| El Rancho Unified School District GO, Series E, OID,<br> 0.00%, 8/1/34, (AG Insured)<sup>(d)</sup> | &nbsp;&nbsp;3935000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2961280 |
| Fillmore Wastewater Revenue, Refunding, Callable 05/01/27 at 100,<br> 5.00%, 5/1/47, (AG Insured) | &nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1182908 |
| Folsom Cordova Unified School District School Facilities Improvement Dist No 5 GO, Series A, OID, Unrefunded portion, Callable 04/21/26 at 100,<br> 4.00%, 10/1/40 | &nbsp;&nbsp; 545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 532066 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Folsom Cordova Unified School District School Facilities Improvement Dist No 5 GO, Series B, Callable 10/01/26 at 100,<br> 4.25%, 10/1/41 | $1500000 | $1436859 |
| Fontana Redevelopment Agency Successor Agency, Series A, Refunding, Callable 10/01/27 at 100,<br> 5.00%, 10/1/34 | &nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 713873 |
| Fremont Unified School District/Alameda County GO, Series B, Callable 04/21/26 at 100,<br> 4.00%, 8/1/40 | &nbsp;&nbsp;1875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1874941 |
| Fresno Unified School District GO, Series B, Refunding, Callable 08/01/26 at 100,<br> 4.00%, 8/1/46 | &nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 722562 |
| Gavilan Joint Community College District GO, Series C, Callable 08/01/32 at 100,<br> 5.00%, 8/1/48 | &nbsp;&nbsp;1725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1789288 |
| Glendale Water Revenue, OID, Callable 05/01/26 at 100,<br> 3.50%, 2/1/42 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117735 |
| Golden State Tobacco Securitization Corp. Revenue, Refunding, Callable 12/01/31 at 100,<br> 5.00%, 6/1/51 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1960296 |
| Golden State Tobacco Securitization Corp. Revenue, Series A-1, Refunding,<br> 2.687%, 6/1/30 | &nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282556 |
| Golden State Tobacco Securitization Corp. Revenue, Series A-1, Refunding,<br> 2.787%, 6/1/31 | &nbsp;&nbsp;2875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2615496 |
| Goleta Union School District GO, Series B, Callable 08/01/32 at 100,<br> 5.25%, 8/1/47 | &nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605962 |
| Hayward Unified School District, Callable 08/01/27 at 100,<br> 5.25%, 8/1/47 | &nbsp;&nbsp;1435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1449948 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Hayward Unified School District, Callable 08/01/27 at 100,<br> 5.25%, 8/1/52 | $1000000 | $1008761 |
| Hesperia Public Financing Authority Revenue, OID, Callable 05/01/26 at 100,<br> 3.625%, 10/1/42 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200932 |
| Imperial Community College District GO, Series A, Callable 08/01/33 at 100,<br> 5.25%, 8/1/53, (AG Insured) | &nbsp;&nbsp; 920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 964849 |
| Independent Cities Finance Authority Revenue , Refunding, Callable 05/15/29 at 100,<br> 5.00%, 5/15/48 | &nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 927596 |
| Inglewood Unified School District GO, Series B, Callable 08/01/26 at 100,<br> 5.00%, 8/1/38, (BAM Insured) | &nbsp;&nbsp;1505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1512745 |
| Irvine Facilities Financing Authority, Series A, Callable 09/01/33 at 100,<br> 5.00%, 9/1/48, (BAM Insured) | &nbsp;&nbsp;1730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1808380 |
| Irvine Facilities Financing Authority Revenue, Callable 05/01/26 at 100,<br> 5.00%, 5/1/29 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 901830 |
| Irvine Facilities Financing Authority Revenue, Callable 05/01/26 at 100,<br> 5.25%, 5/1/43 | &nbsp;&nbsp;2275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2277695 |
| Irvine Ranch Water District Water Service Corp., Callable 08/01/26 at 100,<br> 5.25%, 2/1/46 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2011133 |
| Kern High School District GO, Series E, OID,<br> 2.00%, 8/1/27 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98697 |
| Lancaster Financing Authority Revenue, Series A, Callable 05/01/34 at 100,<br> 5.00%, 5/1/54, (BAM Insured) | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3078541 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Lancaster Redevelopment Agency Successor Agency, OID, Refunding, Callable 08/01/26 at 100,<br> 3.50%, 8/1/33, (AG Insured) | $470000 | $455469 |
| Lemoore Union Elementary School District, OID, Callable 05/01/26 at 100,<br> 3.00%, 5/1/40, (BAM Insured) | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20789 |
| Live Oak Elementary School District/Santa Cruz County GO, Series A, Callable 08/01/32 at 100,<br> 5.00%, 8/1/44, (BAM Insured) | &nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360165 |
| Los Angeles County Development Authority Revenue, Series C, Callable 09/01/28 at 100,<br> 3.35%, 9/1/59<sup>(a)</sup> | &nbsp;&nbsp;1123000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1131156 |
| Los Angeles County Facilities, Inc. Revenue , Series A, Unrefunded portion, Callable 12/01/28 at 100,<br> 5.00%, 12/1/51 | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4063491 |
| Los Angeles County Public Works Financing Authority Revenue, Series D, Refunding, Callable 05/01/26 at 100,<br> 5.00%, 12/1/32 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150392 |
| Los Angeles County Public Works Financing Authority Revenue, Series H, Refunding, Callable 12/01/34 at 100,<br> 5.50%, 12/1/53 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430733 |
| Los Angeles County Schools Regionalized Business Services Corp., Series A-3, OID, Refunding, Callable 05/01/26 at 100,<br> 3.75%, 9/1/26, (AG Insured) | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10009 |
| Los Angeles Department of Airports Revenue, Refunding, Callable 05/15/29 at 100,<br> 5.00%, 5/15/43 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2089035 |
| Los Angeles Department of Airports Revenue, Series B, Refunding, Callable 05/15/31 at 100,<br> 5.00%, 5/15/48 | &nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 408673 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Los Angeles Department of Airports Revenue, Series E, Callable 11/15/28 at 100,<br> 5.00%, 5/15/49 | $250000 | $254394 |
| Los Angeles Department of Water & Power Revenue, Series A, Callable 01/01/27 at 100,<br> 5.00%, 7/1/47 | &nbsp;&nbsp;3090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3102700 |
| Los Angeles Department of Water & Power Revenue, Series B, Refunding, Callable 01/01/27 at 100,<br> 5.25%, 7/1/39 | &nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2224233 |
| Los Angeles Department of Water & Power Water System Revenue, Series A, Refunding, Callable 01/01/27 at 100,<br> 5.00%, 7/1/44 | &nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3271672 |
| Los Angeles Department of Water & Power Water System Revenue, Series A, Refunding, Callable 07/01/33 at 100,<br> 5.00%, 7/1/42 | &nbsp;&nbsp;1045000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1106379 |
| Los Angeles Department of Water & Power Water System Revenue, Series A, Refunding, Callable 07/01/33 at 100,<br> 5.00%, 7/1/49 | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 554081 |
| Los Angeles Department of Water & Power Water System Revenue, Series D, Refunding, Callable 07/01/32 at 100,<br> 5.00%, 7/1/39 | &nbsp;&nbsp; 795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 845826 |
| Los Angeles Housing Authority Revenue, Series A,<br> 3.75%, 4/1/34, (FNMA COLL Insured) | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1241247 |
| Los Angeles Housing Authority Revenue, Series A, Refunding, Callable 06/01/26 at 100,<br> 4.00%, 6/1/27, (HUD SECT 8 Insured) | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5009 |
| Los Angeles Housing Authority Revenue, Series C,<br> 3.75%, 4/1/34, (FNMA COLL Insured) | &nbsp;&nbsp;1775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1770641 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Los Angeles Housing Authority Revenue , Series B, Callable 02/01/28 at 100,<br> 3.25%, 2/1/29<sup>(a)</sup> | $1000000 | $1004876 |
| Los Angeles Municipal Improvement Corp. Revenue, Series B, Refunding, Callable 11/01/26 at 100,<br> 5.00%, 11/1/36 | &nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424074 |
| Los Angeles Unified School District GO, Series A, Callable 05/01/26 at 100,<br> 4.00%, 7/1/40 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2936197 |
| Los Angeles Unified School District GO, Series B, Refunding, Callable 07/01/26 at 100,<br> 3.00%, 7/1/31 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267429 |
| Los Angeles Unified School District GO, Series B, Refunding, Callable 07/01/26 at 100,<br> 3.00%, 7/1/32 | &nbsp;&nbsp;1220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1193097 |
| Los Angeles Unified School District GO, Series B-1, Callable 01/01/28 at 100,<br> 5.25%, 7/1/42 | &nbsp;&nbsp;2270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2341587 |
| Los Banos Unified School District GO, Callable 08/01/33 at 100,<br> 5.25%, 8/1/49 | &nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 727166 |
| Lucia Mar Unified School District GO, Series B, Callable 08/01/28 at 100,<br> 5.00%, 8/1/42 | &nbsp;&nbsp; 735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 758866 |
| Marin Healthcare District GO, Callable 05/01/26 at 100,<br> 4.00%, 8/1/40 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 988165 |
| Menlo Park City School District GO, Series A, Callable 07/01/33 at 100,<br> 5.00%, 7/1/45 | &nbsp;&nbsp;1410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1513385 |
| Modesto Irrigation District Revenue, Refunding, Callable 10/01/26 at 100,<br> 5.00%, 10/1/33 | &nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318830 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Modesto Irrigation District Revenue, Series A, Callable 10/01/33 at 100,<br> 5.25%, 10/1/48 | $550000 | $589339 |
| Montebello Public Financing Authority Revenue, Series A, Callable 06/01/26 at 100,<br> 5.00%, 6/1/46 | &nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1175971 |
| Moraga Elementary School District GO, Series A, Callable 08/01/32 at 100,<br> 5.00%, 8/1/49 | &nbsp;&nbsp;1990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2065036 |
| Mountain View-Whisman School District GO, Series B, Callable 09/01/26 at 100,<br> 3.375%, 9/1/34 | &nbsp;&nbsp;1015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1014291 |
| M-S-R Energy Authority Revenue, Series A,<br> 7.00%, 11/1/34 | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4735030 |
| Norco Community Redevelopment Agency Successor Agency, OID, Refunding, Callable 05/01/26 at 100,<br> 3.25%, 3/1/28, (BAM Insured) | &nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 620022 |
| Norman Y Mineta San Jose International Airport SJC Revenue, Series B, Refunding, Callable 03/01/27 at 100,<br> 5.00%, 3/1/42 | &nbsp;&nbsp; 755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 764794 |
| Norwalk-La Mirada Unified School District GO, Series G, Callable 08/01/35 at 100,<br> 5.00%, 8/1/44 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81708 |
| Norwalk-La Mirada Unified School District GO, Series G, Callable 08/01/35 at 100,<br> 5.00%, 8/1/45 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80997 |
| Norwalk-La Mirada Unified School District GO, Series G, Callable 08/01/35 at 100,<br> 5.00%, 8/1/46 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107108 |
| Oakdale Joint Unified School District GO, Series A, OID, Callable 08/01/35 at 100,<br> 4.75%, 8/1/54 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24780 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Oakland Unified School District/Alameda County GO, Refunding, Callable 08/01/26 at 100,<br> 5.00%, 8/1/30, (BAM-TCRS Insured) | $1100000 | $1109243 |
| Oxnard Union High School District, OID, Callable 06/01/29 at 100,<br> 2.25%, 6/1/39, (AG Insured) | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255880 |
| Oxnard Union High School District GO, Series B, Callable 08/01/28 at 100,<br> 5.00%, 8/1/45 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1025695 |
| Palomar Health GO, Series B, Refunding, Callable 08/01/26 at 100,<br> 4.00%, 8/1/33 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187104 |
| Pasadena Area Community College District GO, Series A-1, Refunding, Callable 08/01/32 at 100,<br> 5.00%, 8/1/48 | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213794 |
| Patterson Joint Unified School District GO, Series A, Callable 08/01/26 at 100,<br> 5.00%, 8/1/37, (BAM Insured) | &nbsp;&nbsp;2470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2485920 |
| Perris Public Financing Authority, Series B, OID, Refunding, Callable 05/01/26 at 100,<br> 3.75%, 10/1/31 | &nbsp;&nbsp;1620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1620387 |
| Piedmont Unified School District GO, Series C, OID, Callable 08/01/31 at 100,<br> 2.125%, 8/1/41 | &nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331548 |
| Pittsburg Successor Agency Redevelopment Agency, Series A, Refunding,<br> 5.00%, 9/1/26, (AG Insured) | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100976 |
| Pittsburg Unified School District Financing Authority Revenue, Callable 09/01/28 at 100,<br> 5.00%, 9/1/47, (AG Insured) | &nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 641598 |
| Pomona Revenue, Series BE, Refunding, Callable 05/01/27 at 100,<br> 5.00%, 5/1/47 | &nbsp;&nbsp; 585000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590086 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Poway Redevelopment Agency Successor Agency, Series A, Refunding, Callable 05/01/26 at 100,<br> 5.00%, 6/15/28 | $2190000 | $2194451 |
| Poway Unified School District Public Financing Authority, Series A, Refunding, Callable 09/01/32 at 100,<br> 5.00%, 9/1/36 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775298 |
| Poway Unified School District Public Financing Authority, Series B, Refunding, Callable 09/01/30 at 100,<br> 5.00%, 9/1/35 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 814574 |
| Poway Unified School District Public Financing Authority, Series B, Refunding, Callable 09/01/30 at 100,<br> 5.00%, 9/1/36 | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232235 |
| Rancho Cordova,<br> 5.00%, 9/1/27 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51332 |
| Rancho Cordova,<br> 5.00%, 9/1/28 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67594 |
| Rancho Cordova,<br> 5.00%, 9/1/29 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84052 |
| Rancho Cordova,<br> 5.00%, 9/1/31 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121357 |
| Rancho Cordova,<br> 5.00%, 9/1/32 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142910 |
| Rancho Cordova, Callable 09/01/32 at 103,<br> 5.00%, 9/1/33 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165164 |
| Rancho Cordova, Callable 09/01/32 at 103,<br> 5.00%, 9/1/34 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192085 |
| Rancho Cordova, Callable 09/01/32 at 103,<br> 5.00%, 9/1/35 | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218165 |
| Rancho Cordova, Callable 09/01/32 at 103,<br> 5.00%, 9/1/36 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121396 |
| Rancho Cordova, Refunding, Callable 09/01/35 at 100,<br> 5.00%, 9/1/42, (BAM Insured)<sup>(c)</sup> | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243502 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Rancho Cordova, Refunding, Callable 09/01/35 at 100,<br> 5.00%, 9/1/43, (BAM Insured)<sup>(c)</sup> | $200000 | $214418 |
| Rancho Cordova, Refunding, Callable 09/01/35 at 100,<br> 5.00%, 9/1/44, (BAM Insured)<sup>(c)</sup> | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186272 |
| Rancho Cordova, Refunding, Callable 09/01/35 at 100,<br> 5.00%, 9/1/45, (BAM Insured)<sup>(c)</sup> | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31610 |
| Ravenswood City School District GO, Callable 08/01/26 at 100,<br> 5.00%, 8/1/35 | &nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750424 |
| Regents of the University of California Medical Center Pooled Revenue, Series P, Callable 05/15/32 at 100,<br> 5.00%, 5/15/47 | &nbsp;&nbsp;2050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2144771 |
| River Islands Public Financing Authority, Series 1, Refunding, Callable 09/01/29 at 103,<br> 5.00%, 9/1/42, (AG Insured) | &nbsp;&nbsp;3370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3586558 |
| Riverside Community College District, Callable 04/21/26 at 100,<br> 5.00%, 6/1/37 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210225 |
| Riverside Community College District, Callable 04/21/26 at 100,<br> 5.00%, 6/1/38 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255245 |
| Riverside Community College District, Callable 04/21/26 at 100,<br> 5.00%, 6/1/39 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325292 |
| Riverside Community College District, Callable 04/21/26 at 100,<br> 5.25%, 6/1/43 | &nbsp;&nbsp;1670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1671297 |
| Riverside Community College District, Callable 04/21/26 at 100,<br> 5.25%, 6/1/49 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2001023 |
| Riverside County Redevelopment Successor Agency, Series A, CAB, OID, Refunding, Callable 10/01/26 at 100,<br> 5.00%, 10/1/31, (BAM Insured) | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505726 |
| Riverside County Redevelopment Successor Agency, Series A, CAB, OID, Refunding, Callable 10/01/26 at 100,<br> 5.00%, 10/1/41, (BAM Insured) | &nbsp;&nbsp;1090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1094971 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Riverside Electric Revenue,<br> 7.455%, 10/1/30 | $2065000 | $2200628 |
| Riverside Unified School District, OID, Callable 09/01/31 at 103,<br> 5.00%, 9/1/45 | &nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 422232 |
| Robla School District GO, Series A, Callable 08/01/27 at 100,<br> 5.00%, 8/1/44, (AG Insured) | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 812956 |
| Roseville Joint Union High School District GO, Series C, Callable 02/01/27 at 100,<br> 5.00%, 8/1/46 | &nbsp;&nbsp;2425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2475609 |
| Sacramento Area Flood Control Agency, Refunding, Callable 10/01/26 at 100,<br> 5.00%, 10/1/36 | &nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510573 |
| Sacramento City Unified School District GO, Series A, Callable 08/01/30 at 100,<br> 5.50%, 8/1/52, (BAM Insured) | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2085257 |
| Sacramento County Airport System Revenue, Series B, Refunding, Callable 07/01/26 at 100,<br> 5.00%, 7/1/41 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501852 |
| Sacramento Transient Occupancy Tax Revenue, Series A, Callable 06/01/28 at 100,<br> 5.00%, 6/1/36 | &nbsp;&nbsp;2170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2256153 |
| Sacramento Transient Occupancy Tax Revenue, Series A, Callable 06/01/28 at 100,<br> 5.00%, 6/1/48 | &nbsp;&nbsp;5565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5684267 |
| Sacramento Transient Occupancy Tax Revenue, Series C, Callable 06/01/28 at 100,<br> 5.00%, 6/1/43 | &nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 699760 |
| Sacramento Transient Occupancy Tax Revenue, Series C, Callable 06/01/28 at 100,<br> 5.00%, 6/1/48 | &nbsp;&nbsp;3175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3241721 |
| San Diego Association of Governments South Bay Expressway Revenue, Series A, Senior Series, Callable 07/01/27 at 100,<br> 5.00%, 7/1/42 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2035781 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| San Diego County, Callable 10/01/33 at 100,<br> 5.00%, 10/1/48 | $550000 | $575895 |
| San Diego County Regional Airport Authority Revenue, Series A, Callable 07/01/31 at 100,<br> 5.00%, 7/1/46 | &nbsp;&nbsp;1530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1608668 |
| San Diego County Regional Airport Authority Revenue, Series A, Refunding, Callable 07/01/29 at 100,<br> 5.00%, 7/1/44 | &nbsp;&nbsp;1170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1216489 |
| San Diego Public Facilities Financing Authority Revenue, Series A, Refunding, Callable 08/01/28 at 100,<br> 5.00%, 8/1/43 | &nbsp;&nbsp;3220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3328516 |
| San Diego Unified School District GO, Series I, Callable 07/01/27 at 100,<br> 5.00%, 7/1/47 | &nbsp;&nbsp;2020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2048771 |
| San Diego Unified School District GO, Series K-2, OID, CAB, Callable 07/01/27 at 77,<br> 0.00%, 7/1/34<sup>(d)</sup> | &nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1990685 |
| San Francisco City & County Airport Comm-San Francisco International Airport Revenue, Series A, AMT, Unrefunded portion, Callable 05/01/27 at 100,<br> 5.00%, 5/1/47 | &nbsp;&nbsp;1785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1785716 |
| San Francisco City & County Airport Comm-San Francisco International Airport Revenue, Series B, AMT, Refunding, Callable 05/01/26 at 100,<br> 5.00%, 5/1/41 | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100369 |
| San Francisco City & County Airport Comm-San Francisco International Airport Revenue, Series B, Refunding, Callable 05/01/29 at 100,<br> 5.00%, 5/1/49 | &nbsp;&nbsp;6675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6831145 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| San Francisco City & County Airport Comm-San Francisco International Airport Revenue, Series F, Refunding, Callable 05/01/29 at 100,<br> 5.00%, 5/1/50 | $2025000 | $2063858 |
| San Francisco City & County Public Utilities Commission Power Revenue, Series A, Callable 05/01/26 at 100,<br> 5.00%, 11/1/35 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115297 |
| San Francisco City & County Public Utilities Commission Wastewater Revenue, Series A, Callable 05/01/26 at 100,<br> 4.00%, 10/1/39 | &nbsp;&nbsp;1875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1848342 |
| San Francisco City & County Public Utilities Commission Wastewater Revenue, Series A, Callable 05/01/26 at 100,<br> 4.00%, 10/1/40 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488136 |
| San Francisco City & County Public Utilities Commission Wastewater Revenue, Series B, Refunding, Callable 05/01/26 at 100,<br> 4.00%, 10/1/46 | &nbsp;&nbsp;2650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2442680 |
| San Francisco City & County Redevelopment Agency Successor Agency, Series A, Refunding, Callable 08/01/26 at 100,<br> 5.00%, 8/1/36 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150834 |
| San Francisco City & County Redevelopment Agency Successor Agency, Series B, Callable 08/01/33 at 100,<br> 5.00%, 8/1/48, (AG Insured) | &nbsp;&nbsp;1940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2036452 |
| San Francisco Public Utilities Commission Water Revenue, Refunding, Callable 11/01/33 at 100,<br> 5.25%, 11/1/48 | &nbsp;&nbsp;4855000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5241838 |
| San Jose Revenue, Series C, Callable 04/01/35 at 100,<br> 3.90%, 10/1/35, (FNMA COLL Insured) | &nbsp;&nbsp;2975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2999259 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| San Mateo Joint Powers Financing Authority Revenue, Series A, Callable 07/15/28 at 100,<br> 5.00%, 7/15/43 | $2250000 | $2319419 |
| San Mateo Union High School District GO, Series D, Callable 09/01/33 at 100,<br> 5.00%, 9/1/43 | &nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1063338 |
| Sanger Unified School District, Refunding, Callable 06/01/29 at 100,<br> 5.00%, 6/1/45, (AG Insured) | &nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1956294 |
| Santa Clara Unified School District GO, Callable 07/01/26 at 100,<br> 3.00%, 7/1/35 | &nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1109268 |
| Santa Clara Valley Water District Revenue, Series A, Refunding, Callable 06/01/30 at 100,<br> 5.00%, 6/1/50 | &nbsp;&nbsp; 765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 785854 |
| Santa Clarita Public Finance Authority Revenue, Series B, OID, Refunding, Callable 10/01/26 at 100,<br> 2.00%, 10/1/27 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19615 |
| Santa Cruz City Elementary School District GO, Series C, Callable 08/01/30 at 100,<br> 2.00%, 8/1/36 | &nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570222 |
| Santa Monica Community College District GO, Series A, Callable 08/01/28 at 100,<br> 5.00%, 8/1/43 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825147 |
| Santa Monica Public Financing Authority Revenue, Callable 07/01/27 at 100,<br> 5.00%, 7/1/42 | &nbsp;&nbsp;3690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3757115 |
| Santa Monica-Malibu Unified School District GO, Series A, Callable 08/01/33 at 100,<br> 5.00%, 8/1/50 | &nbsp;&nbsp;2175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2277122 |
| Santa Rita Union Elementary School District Sch Facs Improvement Dist No 2022-1 GO, Series A, Callable 08/01/33 at 100,<br> 5.00%, 8/1/48 | &nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1110636 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Selma Unified School District GO, Series A, Callable 08/01/31 at 100,<br> 5.25%, 8/1/48, (BAM Insured) | $430000 | $449241 |
| Selma Unified School District GO, Series B, Callable 08/01/33 at 100,<br> 5.00%, 8/1/49, (BAM Insured) | &nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 627993 |
| Shasta Joint Powers Financing Authority Revenue, Series A, OID, Refunding, Callable 04/01/26 at 100,<br> 3.00%, 4/1/26, (AG Insured) | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 |
| South Tahoe Public Utility District Water Revenue, Callable 08/01/34 at 100,<br> 5.00%, 8/1/54 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51310 |
| Southern California Public Power Authority Revenue, Series A,<br> 5.25%, 11/1/27 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391109 |
| Southern California Water Replenishment District Revenue, Callable 08/01/28 at 100,<br> 5.00%, 8/1/48 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255559 |
| Stockton Unified School District, Refunding, Callable 02/01/28 at 100,<br> 5.00%, 2/1/35 | &nbsp;&nbsp;2060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2133722 |
| Sweetwater Union High School District, OID, Refunding, Callable 09/01/27 at 100,<br> 3.00%, 9/1/29, (BAM Insured) | &nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710411 |
| Sweetwater Union High School District GO, Refunding, Callable 05/01/26 at 100,<br> 4.00%, 8/1/42, (BAM-TCRS Insured) | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1465463 |
| Tobacco Securitization Authority of Southern California Revenue, Refunding, Callable 12/01/29 at 100,<br> 5.00%, 6/1/35 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265243 |
| Town of Mammoth Lakes, Callable 06/01/34 at 100,<br> 5.00%, 6/1/44, (BAM Insured) | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535922 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Tracy Community Facilities District, Callable 09/01/35 at 100,<br> 5.00%, 9/1/54, (BAM Insured) | $200000 | $206332 |
| Turlock Irrigation District Revenue, Refunding, Callable 01/01/30 at 100,<br> 5.00%, 1/1/41 | &nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204819 |
| University of California Revenue, Series AZ, Refunding, Callable 05/15/28 at 100,<br> 5.00%, 5/15/43 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825772 |
| University of California Revenue, Series AZ, Refunding, Callable 05/15/28 at 100,<br> 5.00%, 5/15/48 | &nbsp;&nbsp;1985000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2027754 |
| University of California Revenue, Series CD, Callable 11/15/35 at 100,<br> 5.50%, 5/15/40 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 873703 |
| University of California Revenue, Series CF, Refunding, Callable 05/15/36 at 100,<br> 5.00%, 11/15/46 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 479570 |
| University of California Revenue, Series M, Callable 05/15/27 at 100,<br> 5.00%, 5/15/42 | &nbsp;&nbsp;1620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1647959 |
| University of California Revenue, Series Q, Refunding, Callable 05/15/31 at 100,<br> 5.00%, 5/15/46 | &nbsp;&nbsp;3835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4006166 |
| Vacaville Unified School District GO, Series C, Callable 08/01/26 at 100,<br> 5.00%, 8/1/42 | &nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 789769 |
| Victor Valley Transit Authority, Refunding, Callable 07/01/26 at 100,<br> 5.00%, 7/1/30 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20132 |
| Vista Unified School District GO, Series B, Callable 08/01/32 at 100,<br> 5.25%, 8/1/48, (BAM Insured) | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305279 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Washington Township Health Care District GO, Series B, OID, Callable 04/21/26 at 100,<br> 5.00%, 8/1/43 | $30000 | $30010 |
| Washington Township Health Care District GO, Series DT, Refunding, Callable 08/01/26 at 100,<br> 4.00%, 8/1/29 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90320 |
| Washington Township Health Care District Revenue, Series A, Refunding,<br> 5.00%, 7/1/28 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363790 |
| West Hollywood Public Financing Authority Revenue, Series A, Callable 04/01/30 at 100,<br> 5.00%, 4/1/44 | &nbsp;&nbsp; 795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 833416 |
| West Sonoma County Union High School District GO, Series D, Callable 08/01/33 at 100,<br> 5.00%, 8/1/45 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 752089 |
| Western Placer Unified School District GO, Series B, Callable 08/01/26 at 100,<br> 5.00%, 8/1/43 | &nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356824 |
| Whittier Union High School District GO, CAB, OID, Refunding, Callable 08/01/26 at 77,<br> 0.00%, 8/1/34<sup>(d)</sup> | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 649613 |
| Whittier Union High School District GO, CAB, OID, Refunding, Callable 08/01/26 at 85,<br> 0.00%, 8/1/31<sup>(d)</sup> | &nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 472634 |
| Whittier Union High School District GO, Series C, Callable 08/01/33 at 100,<br> 5.00%, 8/1/43 | &nbsp;&nbsp; 635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 687499 |
| William S Hart Union High School District GO, Series C, OID, Callable 05/01/26 at 100,<br> 3.50%, 8/1/38 | &nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465442 |
| Windsor Joint Powers Financing Authority Revenue, Callable 11/01/29 at 100,<br> 5.00%, 11/1/56, (AG Insured) | &nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1772743 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Yuba Levee Financing Authority Revenue, Series A, Refunding, Callable 09/01/26 at 100,<br> 5.00%, 9/1/29, (BAM Insured) | $20000 | $20194 |
| Yuba Levee Financing Authority Revenue, Series A, Refunding, Callable 09/01/26 at 100,<br> 5.00%, 9/1/30, (BAM Insured) | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25232 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376839289 |
| **Colorado — 0.6%** | **Colorado — 0.6%** | **Colorado — 0.6%** |
| Colorado School of Mines Revenue, Series B, Callable 12/01/27 at 100,<br> 5.00%, 12/1/42 | &nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2945688 |
| **Connecticut — 0.5%** | **Connecticut — 0.5%** | **Connecticut — 0.5%** |
| Connecticut Housing Finance Authority Revenue, Series 1, Refunding, Callable 11/15/28 at 100,<br> 2.60%, 11/15/34 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 666920 |
| Connecticut State Health & Educational Facilities Authority Revenue, Series L, Refunding, Callable 05/01/26 at 100,<br> 5.00%, 7/1/45 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500574 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2167494 |
| **Illinois — 0.2%** | **Illinois — 0.2%** | **Illinois — 0.2%** |
| Illinois Finance Authority Revenue, Series A, Callable 08/15/32 at 100,<br> 5.00%, 8/15/52 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398143 |
| Lake County School District No 1 Winthrop Harbor GO, Refunding, Callable 05/01/26 at 100,<br> 4.00%, 2/1/32 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380256 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 778399 |
| **Iowa — 0.0%** | **Iowa — 0.0%** | **Iowa — 0.0%** |
| Iowa Finance Authority Revenue, Series C, Refunding, Callable 04/21/26 at 100,<br> 5.00%, 2/15/32 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150383 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Maryland — 0.6%** | **Maryland — 0.6%** | **Maryland — 0.6%** |
| Baltimore Revenue, Series A, Callable 01/01/27 at 100,<br> 5.00%, 7/1/46 | $3070000 | $3075679 |
| **Minnesota — 0.2%** | **Minnesota — 0.2%** | **Minnesota — 0.2%** |
| Minneapolis Revenue, Series A, Refunding, Callable 04/21/26 at 100,<br> 5.00%, 11/15/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100083 |
| Minnesota Municipal Gas Agency Revenue, Series A, Callable 06/01/35 at 100,<br> 5.00%, 9/1/35 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1031179 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1131262 |
| **Missouri — 0.8%** | **Missouri — 0.8%** | **Missouri — 0.8%** |
| Missouri Joint Municipal Electric Utility Commission Revenue , Series A, Refunding, Callable 06/01/26 at 100,<br> 5.00%, 12/1/40 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2506216 |
| Monarch-Chesterfield Levee District, Refunding, Callable 05/01/26 at 100,<br> 5.00%, 3/1/40 | &nbsp;&nbsp;1385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1385605 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3891821 |
| **New Hampshire — 0.2%** | **New Hampshire — 0.2%** | **New Hampshire — 0.2%** |
| Dover GO, Series A, Callable 06/15/26 at 100,<br> 3.00%, 6/15/31 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 992652 |
| **New York — 0.6%** | **New York — 0.6%** | **New York — 0.6%** |
| New York City Housing Development Corp. Revenue, Series 1,<br> 3.45%, 11/1/28, (REMIC FHA 542c Insured) | &nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348262 |
| New York City Housing Development Corp. Revenue, Series 2A, Callable 04/21/26 at 100,<br> 3.40%, 11/1/62, (REMIC FHA 542c Insured)<sup>(a)</sup> | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350133 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **New York — (Continued)** | **New York — (Continued)** | **New York — (Continued)** |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Series A-1, Callable 08/01/32 at 100,<br> 5.00%, 8/1/45 | $1370000 | $1420328 |
| New York GO, Series A-1, Callable 08/01/31 at 100,<br> 5.00%, 8/1/47 | &nbsp;&nbsp; 980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1008683 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3127406 |
| **Ohio — 1.0%** | **Ohio — 1.0%** | **Ohio — 1.0%** |
| Toledo Water System Revenue, Callable 11/15/26 at 100,<br> 5.00%, 11/15/41 | &nbsp;&nbsp;3575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3589103 |
| University of Akron/The Revenue, Series A, Refunding, Callable 07/01/26 at 100,<br> 5.00%, 1/1/38 | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1102995 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4692098 |
| **Oregon — 0.5%** | **Oregon — 0.5%** | **Oregon — 0.5%** |
| Columbia County School District No 502 GO, OID, Callable 06/15/30 at 100,<br> 5.00%, 6/15/45, (SCH BD GTY Insured) | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1032939 |
| Seaside School District No 10 GO, Series A, CAB, OID, Callable 06/15/27 at 51,<br> 0.00%, 6/15/42, (SCH BD GTY Insured)<sup>(d)</sup> | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1414015 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2446954 |
| **Pennsylvania — 2.0%** | **Pennsylvania — 2.0%** | **Pennsylvania — 2.0%** |
| Bellefonte Area School District GO, Series A, Refunding, Callable 05/15/32 at 100,<br> 5.00%, 5/15/48, (ST AID WITHHLDG Insured) | &nbsp;&nbsp;2125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2186315 |
| North Penn School District GO, Callable 03/01/30 at 100,<br> 5.00%, 3/1/50, (ST AID WITHHLDG Insured) | &nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1614967 |
| Pennsylvania Economic Development Financing Authority Revenue, AMT, OID, Callable 12/31/32 at 100,<br> 5.00%, 12/31/57, (AG Insured) | &nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 629828 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Pennsylvania — (Continued)** | **Pennsylvania — (Continued)** | **Pennsylvania — (Continued)** |
| Pennsylvania Turnpike Commission Revenue, Series A, Callable 12/01/29 at 100,<br> 5.00%, 12/1/44 | $1595000 | $1648035 |
| Pennsylvania Turnpike Commission Revenue , Series 1, Callable 06/01/26 at 100,<br> 5.00%, 12/1/41 | &nbsp;&nbsp;2615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2625473 |
| Philadelphia GO, Refunding, Callable 08/01/27 at 100,<br> 5.00%, 8/1/37 | &nbsp;&nbsp;1130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1151715 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9856333 |
| **South Carolina — 1.1%** | **South Carolina — 1.1%** | **South Carolina — 1.1%** |
| Orangeburg County Facilities Corp. Revenue, Refunding, Callable 12/01/27 at 100,<br> 5.00%, 12/1/30 | &nbsp;&nbsp;1560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1592822 |
| South Carolina Ports Authority Revenue, Series A, Callable 07/01/29 at 100,<br> 5.00%, 7/1/54 | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1257469 |
| University of South Carolina Revenue, Series A, Callable 05/01/31 at 100,<br> 5.00%, 5/1/46 | &nbsp;&nbsp;2380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2480014 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5330305 |
| **Texas — 1.4%** | **Texas — 1.4%** | **Texas — 1.4%** |
| El Paso GO, Callable 08/15/26 at 100,<br> 5.00%, 8/15/42 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1505642 |
| Harris Toll Road County Revenue, Series A, Senior Series, Refunding, Callable 02/15/28 at 100,<br> 5.00%, 8/15/43 | &nbsp;&nbsp;2815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2868484 |
| Texas Municipal Gas Acquisition & Supply Corp. III Revenue, Refunding,<br> 5.00%, 12/15/27 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513708 |
| Texas Municipal Gas Acquisition & Supply Corp. IV Revenue, Series B, Callable 07/01/33 at 100,<br> 5.50%, 1/1/54<sup>(a)</sup> | &nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1911745 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6799579 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Washington — 0.9%** | **Washington — 0.9%** | **Washington — 0.9%** |
| Bellevue GO, Refunding, Callable 04/21/26 at 100,<br> 4.00%, 12/1/31 | $2315000 | $2316444 |
| King County Sewer Revenue, Series A, Refunding, Callable 04/21/26 at 100,<br> 4.00%, 7/1/40 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1945963 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4262407 |
| &nbsp;&nbsp;&nbsp;TOTAL MUNICIPAL BONDS<br> (Cost $431,935,039) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428487749 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value/<br> Shares** |  |
| **PREFERREDS — 7.0%** | **PREFERREDS — 7.0%** | **PREFERREDS — 7.0%** |
| **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** |
| General Motors Financial Co., Inc., 5.75%, 9/30/27<sup>(e)</sup> | &nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 848587 |
| **Energy — 0.2%** | **Energy — 0.2%** | **Energy — 0.2%** |
| BP Capital Markets PLC, 6.45%, 12/1/33 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1039722 |
| **Financials — 6.6%** | **Financials — 6.6%** | **Financials — 6.6%** |
| Air Lease Corp., 4.65%, 6/15/26<sup>(e)</sup> | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 998162 |
| Bank of America Corp., 6.625%, 5/1/30 | &nbsp;&nbsp;2950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3022721 |
| Bank of New York Mellon Corp. (The), 6.15%, 3/20/30<sup>(e)</sup> | &nbsp;&nbsp; 13250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331250 |
| Bank of New York Mellon Corp. (The), 6.30%, 3/20/30 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1528238 |
| Citigroup, Inc., 7.625%, 11/15/28<sup>(e)</sup> | &nbsp;&nbsp;1550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1603684 |
| Citigroup, Inc., 6.75%, 2/15/30 | &nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2800458 |
| Citigroup, Inc., 6.875%, 8/15/30<sup>(e)</sup> | &nbsp;&nbsp;1525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1536425 |
| Citigroup, Inc., 6.625%, 2/15/31 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2998043 |
| Goldman Sachs Group, Inc. (The), 6.125%, 11/10/34 | &nbsp;&nbsp;4300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4274209 |
| KKR & Co., Inc., 6.875%, 6/1/65 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3489000 |
| M&T Bank Corp., 6.35%, 12/15/30<sup>(e)</sup> | &nbsp;&nbsp; 134900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3383292 |
| Morgan Stanley, 6.875%, 7/15/26<sup>(e)</sup> | &nbsp;&nbsp; 41519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1040051 |
| State Street Corp., 5.35%, 6/15/26<sup>(e)</sup> | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 432400 |
| State Street Corp., 6.45%, 9/15/30 | &nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2234654 |
| Wells Fargo & Co., 6.85%, 9/15/29 | &nbsp;&nbsp;2350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2436541 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32109128 |
| &nbsp;&nbsp;&nbsp;TOTAL PREFERREDS<br> (Cost $33,997,593) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33997437 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **U.S. TREASURY OBLIGATIONS — 1.4%** | **U.S. TREASURY OBLIGATIONS — 1.4%** | **U.S. TREASURY OBLIGATIONS — 1.4%** |
| United States Treasury Notes, |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, 5/15/26 | $3300000 | $3299392 |
| &nbsp;&nbsp;&nbsp;1.125%, 10/31/26 | &nbsp;&nbsp;3850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3791504 |
| &nbsp;&nbsp;&nbsp;U.S. TREASURY OBLIGATIONS<br> (Cost $7,091,194) | &nbsp;&nbsp;&nbsp;U.S. TREASURY OBLIGATIONS<br> (Cost $7,091,194) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7090896 |
| **CORPORATE BONDS — 0.3%** | **CORPORATE BONDS — 0.3%** | **CORPORATE BONDS — 0.3%** |
| **Health Care — 0.1%** | **Health Care — 0.1%** | **Health Care — 0.1%** |
| Viatris, Inc., 3.85%, 6/22/40 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380239 |
| **Materials — 0.1%** | **Materials — 0.1%** | **Materials — 0.1%** |
| Dow Chemical Co. (The), 9.40%, 5/15/39 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 634063 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| Hudson Pacific Properties LP, REIT, 4.65%, 4/1/29 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 426829 |
| &nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS<br> (Cost $1,465,754) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1441131 |
| **ASSET-BACKED SECURITIES — 0.2%** | **ASSET-BACKED SECURITIES — 0.2%** | **ASSET-BACKED SECURITIES — 0.2%** |
| California Municipal Finance Authority, Ser 2026-1, Class A-2, 2026-1, A2, 4.05%, 7/20/41 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690867 |
| California Municipal Finance Authority, Ser 2026-1, Class B, 2026-1, B, 10.015%, 12/20/43<sup>(a)</sup> | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502135 |
| &nbsp;&nbsp;&nbsp;TOTAL ASSET-BACKED SECURITIES<br> (Cost $1,232,184) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193002 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** |  |
| **EXCHANGE TRADED FUNDS — 2.0%** | **EXCHANGE TRADED FUNDS — 2.0%** | **EXCHANGE TRADED FUNDS — 2.0%** |
| State Street SPDR Portfolio High Yield Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4664000 |
| Pimco Senior Loan Active ETF | &nbsp;&nbsp;&nbsp;&nbsp;98776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4877500 |
| &nbsp;&nbsp;&nbsp;TOTAL EXCHANGE TRADED FUNDS<br> (Cost $9,530,161) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9541500 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **SHORT-TERM INVESTMENT — 0.3%** | **SHORT-TERM INVESTMENT — 0.3%** | **SHORT-TERM INVESTMENT — 0.3%** |
| Dreyfus Government Cash Management Fund, Institutional Shares, 3.53%<sup>(f)</sup> | 1204488 | $1204488 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $1,204,488) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1204488 |
| TOTAL INVESTMENTS - 99.2%<br> (Cost $486,456,413) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482956203 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.8% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4124323 |
| NET ASSETS - 100.0% |  | $487080526 |

---

------

(a) Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.

(b) Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the Fund's Board of Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At March 31, 2026, these securities amounted to $149,011 or 0.03% of net assets. These securities have been determined by the Fund's adviser to be liquid securities.

(c) Securities purchased on a when-issued basis. Rates do not take effect until settlement date.

(d) Zero coupon bond.

(e) Non-voting shares.

(f) Rate disclosed is the 7-day yield at March 31, 2026.

---

| | |
|:---|:---|
| AG | Assured Guaranty |
| AMT | Alternative Minimum Tax |
| BAM | Build America Mutual |
| BAM-TCRS | Build America Mutual-Transferable Custodial Receipts |
| CA MTG | California Mortgage |
| CAB | Capital Appreciation Bond |
| CD | Certificate of Deposit |
| COLL | Collateral |
| ETF | Exchange-Traded Fund |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Concluded)

#### March 31, 2026
(Unaudited)

---

| | |
|:---|:---|
| GO | General Obligation |
| HUD SECT 8 | Housing and Urban Development Section 8 |
| LP | Limited Partnership |
| OID | Original Issue Discount |
| PLC | Public Limited Company |
| REIT | Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| REMIC FHA 542c | Real Estate Mortgage Investment Conduit Federal Housing Administration Section 542c |
| SCH BD GTY | School Board Guaranty |
| SPDR | Standard & Poor's Depository Receipt |
| ST AID WITHHLDG | State Aid Withholding |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — 84.1%** | **MUNICIPAL BONDS — 84.1%** | **MUNICIPAL BONDS — 84.1%** |
| **Alabama — 2.7%** | **Alabama — 2.7%** | **Alabama — 2.7%** |
| Birmingham-Jefferson Civic Center Authority, Series B, Callable 07/01/28 at 100,<br> 5.00%, 7/1/43 | $1250000 | $1271135 |
| Black Belt Energy Gas District Revenue, Series D,<br> 5.00%, 11/1/26 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1009922 |
| Black Belt Energy Gas District Revenue, Series D, Callable 08/01/34 at 100,<br> 5.00%, 3/1/55<sup>(a)</sup> | &nbsp;&nbsp;2150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2277596 |
| Southeast Energy Authority A Cooperative District Revenue, Series A, Callable 07/01/28 at 101,<br> 4.00%, 11/1/51<sup>(a)</sup> | &nbsp;&nbsp;1665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1694727 |
| Southeast Energy Authority A Cooperative District Revenue, Series A, Callable 11/01/34 at 100,<br> 5.00%, 11/1/35 | &nbsp;&nbsp;3375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3449963 |
| Southeast Energy Authority A Cooperative District Revenue, Series B,<br> 4.00%, 6/1/31 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527109 |
| Southeast Energy Authority A Cooperative District Revenue, Series H,<br> 5.00%, 11/1/32 | &nbsp;&nbsp;1070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1129934 |
| UAB Medicine Finance Authority Revenue, Series B-2, Refunding, Callable 03/01/27 at 100,<br> 5.00%, 9/1/34 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507716 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11868102 |
| **Arkansas — 0.2%** | **Arkansas — 0.2%** | **Arkansas — 0.2%** |
| Marion Sales & Use Tax Revenue, Series B, OID, Callable 11/01/32 at 100,<br> 5.00%, 11/1/50, (AG Insured) | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1008506 |
| **California — 3.7%** | **California — 3.7%** | **California — 3.7%** |
| California Community Choice Financing Authority Revenue, Series A, Callable 02/01/35 at 100,<br> 5.00%, 1/1/56<sup>(a)</sup> | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2027435 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| California Community Choice Financing Authority Revenue, Series B-1, Callable 05/01/31 at 101,<br> 4.00%, 2/1/52<sup>(a)</sup> | $2000000 | $1997141 |
| California Municipal Finance Authority Revenue, Callable 09/01/32 at 100,<br> 5.25%, 9/1/54, (CA MTG Insured) | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1023905 |
| Folsom Cordova Unified School District School Facilities Improvement Dist No 5 GO, Series A, OID, Unrefunded portion, Callable 04/21/26 at 100,<br> 4.00%, 10/1/40 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248948 |
| Los Angeles Department of Water & Power Revenue, Series A, Callable 01/01/27 at 100,<br> 5.00%, 7/1/47 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1004110 |
| Los Angeles Department of Water & Power Water System Revenue, Series A, Refunding, Callable 01/01/27 at 100,<br> 5.00%, 7/1/44 | &nbsp;&nbsp;1490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1499936 |
| Merced City School District GO, Callable 08/01/28 at 100,<br> 5.00%, 8/1/48 | &nbsp;&nbsp;1870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1897827 |
| M-S-R Energy Authority Revenue, Series A,<br> 7.00%, 11/1/34 | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1657261 |
| Natomas Unified School District GO, OID, Callable 08/01/26 at 100,<br> 3.00%, 8/1/43, (AG Insured) | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 770591 |
| Sacramento Transient Occupancy Tax Revenue, Series C, Callable 06/01/28 at 100,<br> 5.00%, 6/1/48 | &nbsp;&nbsp;1115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1138431 |
| San Francisco City & County Airport Comm-San Francisco International Airport Revenue, Series B, Refunding, Callable 05/01/29 at 100,<br> 5.00%, 5/1/49 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2046785 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Turlock Unified School District GO, OID, Callable 08/01/26 at 100,<br> 3.00%, 8/1/42 | $1000000 | $826922 |
| West Hollywood Public Financing Authority Revenue, Series A, Callable 04/01/30 at 100,<br> 5.00%, 4/1/44 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41933 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16181225 |
| **Colorado — 3.9%** | **Colorado — 3.9%** | **Colorado — 3.9%** |
| Bradburn Metropolitan District No 3 GO, Refunding, Callable 12/01/26 at 100,<br> 4.50%, 12/1/36, (AG Insured) | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 704794 |
| City & County of Denver Airport System Revenue, Series B, Refunding, Callable 11/15/32 at 100,<br> 5.00%, 11/15/47 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 776991 |
| Colorado Health Facilities Authority Revenue, Callable 05/15/28 at 100,<br> 5.00%, 11/15/48 | &nbsp;&nbsp;1330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1343780 |
| Colorado Health Facilities Authority Revenue, Series A, Refunding, Callable 05/15/26 at 100,<br> 5.00%, 11/15/41 | &nbsp;&nbsp;1255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1256674 |
| Colorado Health Facilities Authority Revenue, Series A, Refunding, Callable 05/15/32 at 100,<br> 5.00%, 5/15/44 | &nbsp;&nbsp;1390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1459713 |
| Colorado Health Facilities Authority Revenue, Series A, Refunding, Callable 11/01/29 at 100,<br> 5.00%, 11/1/44 | &nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 894566 |
| Colorado International Center Metropolitan District No 3 GO, Refunding, Callable 12/01/30 at 103,<br> 5.00%, 12/1/33, (BAM Insured) | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163981 |
| Colorado International Center Metropolitan District No 3 GO, Refunding, Callable 12/01/30 at 103,<br> 5.00%, 12/1/34, (BAM Insured) | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185227 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Colorado — (Continued)** | **Colorado — (Continued)** | **Colorado — (Continued)** |
| Colorado International Center Metropolitan District No 3 GO, Refunding, Callable 12/01/30 at 103,<br> 5.00%, 12/1/35, (BAM Insured) | $100000 | $108460 |
| Colorado International Center Metropolitan District No 3 GO, Refunding, Callable 12/01/30 at 103,<br> 5.00%, 12/1/37, (BAM Insured) | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242034 |
| Colorado International Center Metropolitan District No 3 GO, Refunding, Callable 12/01/30 at 103,<br> 5.00%, 12/1/40, (BAM Insured) | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370890 |
| Colorado International Center Metropolitan District No 3 GO, Refunding, Callable 12/01/30 at 103,<br> 5.25%, 12/1/46, (BAM Insured) | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 623716 |
| Colorado School of Mines Revenue, Series A, Callable 12/01/27 at 100,<br> 5.00%, 12/1/42 | &nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512956 |
| Colorado School of Mines Revenue, Series B, Callable 12/01/27 at 100,<br> 5.00%, 12/1/42 | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3555141 |
| Colorado State, Callable 12/15/32 at 100,<br> 6.00%, 12/15/41 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 855748 |
| Denver City & County School District No 1 GO, Series A, Callable 06/01/32 at 100,<br> 5.00%, 12/1/45, (ST AID WITHHLDG Insured) | &nbsp;&nbsp; 735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 777127 |
| El Paso County School District No 3 Widefield GO, Series B, Callable 12/01/34 at 100,<br> 5.25%, 12/1/44, (ST AID WITHHLDG Insured) | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353642 |
| Fort Collins Electric Utility Enterprise Revenue, Series A, Callable 06/01/28 at 100,<br> 5.00%, 12/1/35 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 986381 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Colorado — (Continued)** | **Colorado — (Continued)** | **Colorado — (Continued)** |
| Fossil Ridge Metropolitan District No 3 GO, Callable 12/01/30 at 103,<br> 5.00%, 12/1/45, (BAM Insured) | $300000 | $312721 |
| North Holly Metropolitan District GO, Refunding, Callable 12/01/30 at 100,<br> 5.00%, 12/1/45, (BAM Insured) | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 278830 |
| Riverdale Ranch Metropolitan District GO, Refunding, Callable 03/01/30 at 103,<br> 5.25%, 12/1/45, (AG Insured) | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266479 |
| Town of Breckenridge, Callable 12/01/32 at 100,<br> 5.00%, 12/1/42 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317150 |
| Trails at Crowfoot Metropolitan District No 3 GO, Series A, Refunding, Callable 06/01/34 at 100,<br> 5.00%, 12/1/39, (AG Insured) | &nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555954 |
| Waterstone Metropolitan District No 1 GO, Series A, Senior Series, Refunding, Callable 06/01/30 at 103,<br> 5.25%, 12/1/45, (AG Insured) | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262253 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17165208 |
| **Connecticut — 0.6%** | **Connecticut — 0.6%** | **Connecticut — 0.6%** |
| Connecticut Housing Finance Authority Revenue, Series D-1,<br> 3.00%, 5/15/30 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44933 |
| Connecticut Housing Finance Authority Revenue, Series D-1,<br> 3.10%, 11/15/30 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94068 |
| Connecticut Housing Finance Authority Revenue, Series D-1,<br> 3.15%, 5/15/31 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94688 |
| Connecticut State Health & Educational Facilities Authority Revenue, Series L, Refunding, Callable 05/01/26 at 100,<br> 5.00%, 7/1/45 | &nbsp;&nbsp;2460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2460942 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2694631 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Delaware — 0.1%** | **Delaware — 0.1%** | **Delaware — 0.1%** |
| Delaware State Housing Authority Revenue, Series A,<br> 3.35%, 1/1/27, (GNMA/FNMA/FHLMC Insured) | $100000 | $100285 |
| Delaware State Housing Authority Revenue, Series A,<br> 3.35%, 7/1/27, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306407 |
| Delaware State Housing Authority Revenue, Series A,<br> 3.375%, 1/1/28, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80463 |
| Delaware State Housing Authority Revenue, Series A,<br> 3.40%, 7/1/28, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180888 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 668043 |
| **District of Columbia — 1.3%** | **District of Columbia — 1.3%** | **District of Columbia — 1.3%** |
| District of Columbia GO, Series A, Callable 06/01/28 at 100,<br> 5.00%, 6/1/43 | &nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 608297 |
| District of Columbia GO, Series D, Callable 06/01/27 at 100,<br> 5.00%, 6/1/42 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 912076 |
| District of Columbia Revenue, Refunding, Callable 04/21/26 at 100,<br> 5.00%, 7/15/40 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000570 |
| District of Columbia Water & Sewer Authority Revenue, Series A, Callable 10/01/29 at 100,<br> 5.00%, 10/1/44 | &nbsp;&nbsp; 685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 705970 |
| Washington Metropolitan Area Transit Authority Dedicated Revenue, Series A, Callable 07/15/30 at 100,<br> 5.00%, 7/15/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511867 |
| Washington Metropolitan Area Transit Authority Revenue, Series B, Callable 07/01/27 at 100,<br> 5.00%, 7/1/42 | &nbsp;&nbsp;2050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2080890 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5819670 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Florida — 4.0%** | **Florida — 4.0%** | **Florida — 4.0%** |
| Central Florida Expressway Authority Revenue, Senior Series, Refunding, Callable 07/01/28 at 100,<br> 5.00%, 7/1/48 | $575000 | $583283 |
| Clearwater Water & Sewer Revenue, Refunding, Callable 12/01/26 at 100,<br> 5.00%, 12/1/35 | &nbsp;&nbsp;1015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1028175 |
| Escambia County Housing Finance Authority Revenue,<br> 3.80%, 6/1/27<sup>(a)</sup> | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1502086 |
| Florida Housing Finance Corp. Revenue, Series 1,<br> 2.95%, 7/1/27, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445158 |
| Florida Housing Finance Corp. Revenue, Series 1,<br> 3.00%, 1/1/28, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199889 |
| Florida Housing Finance Corp. Revenue, Series 1,<br> 3.00%, 7/1/28, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234742 |
| Florida Housing Finance Corp. Revenue, Series 1,<br> 3.125%, 7/1/29, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp; 405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405747 |
| Lakeland Department of Electric Utilities Revenue, Refunding, Callable 04/21/26 at 100,<br> 2.75%, 10/1/28 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245759 |
| Miami County-Dade Revenue, Series A, Callable 04/01/32 at 100,<br> 5.00%, 4/1/42 | &nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 617800 |
| Miami-Dade County Educational Facilities Authority Revenue, Series A, Callable 04/01/28 at 100,<br> 5.00%, 4/1/48 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1004147 |
| Miami-Dade County Educational Facilities Authority Revenue, Series A, Callable 04/01/28 at 100,<br> 5.00%, 4/1/53 | &nbsp;&nbsp; 915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 915172 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Florida — (Continued)** | **Florida — (Continued)** | **Florida — (Continued)** |
| Miami-Dade County Revenue, CAB, OID, Refunding, Callable 10/01/26 at 82,<br> 0.00%, 10/1/32, (BAM-TCRS Insured)<sup>(b)</sup> | $4425000 | $3441564 |
| Miami-Dade County Water & Sewer System Revenue, Series B, Refunding, Callable 10/01/29 at 100,<br> 5.00%, 10/1/44 | &nbsp;&nbsp; 955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 988331 |
| Pasco County Revenue, Callable 03/01/33 at 100,<br> 5.75%, 9/1/54, (AG Insured) | &nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 604907 |
| Putnam County Development Authority Revenue, Series B, Refunding, Callable 05/01/28 at 100,<br> 5.00%, 3/15/42 | &nbsp;&nbsp;1355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1375765 |
| Tampa Bay Water Revenue, Series A, Callable 10/01/34 at 100,<br> 5.25%, 10/1/54 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3152554 |
| Wildwood Utility Dependent District Revenue, Callable 10/01/31 at 100,<br> 5.00%, 10/1/41, (BAM Insured) | &nbsp;&nbsp; 795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 838949 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17584028 |
| **Georgia — 0.8%** | **Georgia — 0.8%** | **Georgia — 0.8%** |
| Main Street Natural Gas, Inc. Revenue, Series B, Callable 09/01/35 at 100,<br> 5.00%, 12/1/55<sup>(a)</sup> | &nbsp;&nbsp;3400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3572088 |
| **Hawaii — 0.4%** | **Hawaii — 0.4%** | **Hawaii — 0.4%** |
| Honolulu City & County GO, Series A, Callable 09/01/27 at 100,<br> 4.00%, 9/1/40 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1952945 |
| **Illinois — 5.5%** | **Illinois — 5.5%** | **Illinois — 5.5%** |
| Chicago GO, Series A,<br> 6.226%, 1/1/32 | &nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 577656 |
| Chicago GO, Series B,<br> 6.226%, 1/1/32 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1506929 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Illinois — (Continued)** | **Illinois — (Continued)** | **Illinois — (Continued)** |
| Chicago O'Hare International Airport Revenue, Series A, Senior Series, Callable 07/01/35 at 100,<br> 5.25%, 1/1/56 | $1950000 | $2017540 |
| Chicago O'Hare International Airport Revenue, Series B, Senior Series, Refunding, Callable 01/01/29 at 100,<br> 5.00%, 1/1/48 | &nbsp;&nbsp; 985000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 992974 |
| Chicago O'Hare International Airport Revenue, Series B, Senior Series, Refunding, Callable 01/01/34 at 100,<br> 5.25%, 1/1/53 | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1290672 |
| Chicago O'Hare International Airport Revenue, Series D, Senior Series, Callable 01/01/27 at 100,<br> 5.25%, 1/1/42 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60636 |
| Chicago O'Hare International Airport Revenue, Series D, Senior Series, Callable 01/01/27 at 100,<br> 5.00%, 1/1/47 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100440 |
| Chicago O'Hare International Airport Revenue, Series D, Senior Series, Callable 01/01/27 at 100,<br> 5.00%, 1/1/52 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2504385 |
| Chicago Transit Authority Sales Tax Receipts Fund Revenue, Callable 12/01/26 at 100,<br> 5.00%, 12/1/46 | &nbsp;&nbsp;4075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4086725 |
| Chicago Waterworks Revenue, Series 2017-2, Refunding, Callable 11/01/27 at 100,<br> 5.00%, 11/1/33, (AG Insured) | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359909 |
| Illinois Finance Authority Revenue, Callable 10/01/33 at 100,<br> 5.00%, 10/1/43 | &nbsp;&nbsp;1130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1190559 |
| Illinois Finance Authority Revenue, Series A, Callable 08/15/32 at 100,<br> 5.00%, 8/15/52 | &nbsp;&nbsp;1135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1129732 |
| Illinois Finance Authority Revenue, Series A, Refunding, Callable 08/15/31 at 100,<br> 5.00%, 8/15/35 | &nbsp;&nbsp;1190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1278442 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Illinois — (Continued)** | **Illinois — (Continued)** | **Illinois — (Continued)** |
| Illinois Housing Development Authority Revenue, Series G, Callable 04/01/32 at 100,<br> 5.00%, 10/1/46, (GNMA/FNMA/FHLMC COLL Insured) | $400000 | $403464 |
| Illinois State GO, OID, Callable 05/01/30 at 100,<br> 5.50%, 5/1/39 | &nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505975 |
| Illinois State Toll Highway Authority Revenue, Series A, Callable 01/01/28 at 100,<br> 5.00%, 1/1/42 | &nbsp;&nbsp; 990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1011472 |
| Illinois State Toll Highway Authority Revenue, Series B, Callable 05/01/26 at 100,<br> 5.00%, 1/1/40 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1499888 |
| Illinois State Toll Highway Authority Revenue, Series B, Senior Series, Callable 07/01/26 at 100,<br> 5.00%, 1/1/41 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 601778 |
| Sales Tax Securitization Corp. Revenue, Series C, Refunding, Callable 01/01/29 at 100,<br> 5.25%, 1/1/43 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291905 |
| State of Illinois GO, Callable 06/01/26 at 100,<br> 4.00%, 6/1/32 | &nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 830184 |
| State of Illinois GO, OID, Callable 05/01/26 at 100,<br> 3.75%, 1/1/34, (AG Insured) | &nbsp;&nbsp;1075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1074779 |
| Western Illinois University Revenue, Refunding,<br> 4.00%, 4/1/28, (BAM Insured) | &nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 884266 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24200310 |
| **Indiana — 2.1%** | **Indiana — 2.1%** | **Indiana — 2.1%** |
| Indiana Bond Bank Revenue, Series A-1, Refunding, Callable 08/15/33 at 100,<br> 5.00%, 8/15/44 | &nbsp;&nbsp;1675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1763514 |
| Indiana Finance Authority Revenue, Series A, Refunding, Callable 05/01/26 at 100,<br> 5.00%, 2/1/31 | &nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305395 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Indiana — (Continued)** | **Indiana — (Continued)** | **Indiana — (Continued)** |
| Indiana Finance Authority Revenue, Series B, Callable 10/01/30 at 100,<br> 5.25%, 10/1/47 | $575000 | $601347 |
| Indiana Municipal Power Agency Revenue, Series C, Refunding, Callable 07/01/26 at 100,<br> 5.00%, 1/1/37 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501663 |
| Indianapolis Local Public Improvement Bond Bank Revenue, Series A, Callable 02/01/29 at 100,<br> 5.00%, 2/1/44 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1020295 |
| Johnson County Redevelopment Authority Revenue, Callable 07/15/33 at 100,<br> 5.00%, 7/15/44 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 991200 |
| Northern Indiana Commuter Transportation District Revenue, Callable 07/01/26 at 100,<br> 5.00%, 7/1/41 | &nbsp;&nbsp;3360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3362151 |
| Sunman-Dearborn High School Building Corp. Revenue, Callable 07/15/33 at 100,<br> 5.00%, 1/15/44, (ST INTERCEPT Insured) | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 628316 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9173881 |
| **Iowa — 0.7%** | **Iowa — 0.7%** | **Iowa — 0.7%** |
| Iowa Finance Authority Revenue, Series A, Refunding,<br> 1.15%, 7/1/29, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228603 |
| Iowa Finance Authority Revenue, Series C, Refunding, Callable 04/21/26 at 100,<br> 5.00%, 2/15/32 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501276 |
| Iowa State Board of Regents Revenue, Refunding, Callable 09/01/29 at 100,<br> 2.00%, 9/1/31 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 917763 |
| PEFA, Inc. Revenue, Callable 06/01/26 at 101,<br> 5.00%, 9/1/49<sup>(a)</sup> | &nbsp;&nbsp;1295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1304825 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2952467 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Kansas — 1.0%** | **Kansas — 1.0%** | **Kansas — 1.0%** |
| Douglas County Unified School District No 348 Baldwin City GO, Refunding, Callable 09/01/31 at 100,<br> 5.00%, 9/1/43, (AG Insured) | $380000 | $390840 |
| Douglas County Unified School District No 348 Baldwin City GO, Refunding, Callable 09/01/31 at 100,<br> 5.00%, 9/1/44, (AG Insured) | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 820960 |
| University of Kansas Hospital Authority Revenue, Refunding, Callable 04/21/26 at 100,<br> 5.00%, 9/1/33 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501548 |
| University of Kansas Hospital Authority Revenue, Refunding, Callable 04/21/26 at 100,<br> 5.00%, 9/1/45 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500770 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4214118 |
| **Louisiana — 0.3%** | **Louisiana — 0.3%** | **Louisiana — 0.3%** |
| New Orleans GO, Series A, Callable 12/01/33 at 100,<br> 5.00%, 12/1/43 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 332002 |
| New Orleans GO, Series A, Callable 12/01/33 at 100,<br> 5.00%, 12/1/48 | &nbsp;&nbsp; 820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 821496 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1153498 |
| **Maryland — 1.1%** | **Maryland — 1.1%** | **Maryland — 1.1%** |
| Baltimore Revenue, Series A, Callable 01/01/27 at 100,<br> 5.00%, 7/1/46 | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4007399 |
| Baltimore Revenue, Series A, Callable 01/01/27 at 100,<br> 5.00%, 7/1/46 | &nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 878413 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4885812 |
| **Massachusetts — 1.8%** | **Massachusetts — 1.8%** | **Massachusetts — 1.8%** |
| Commonwealth of Massachusetts GO, Callable 07/01/30 at 100,<br> 5.00%, 7/1/48 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 820550 |
| Commonwealth of Massachusetts GO, Series C, Callable 05/01/29 at 100,<br> 5.00%, 5/1/47 | &nbsp;&nbsp;1375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1404561 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Massachusetts — (Continued)** | **Massachusetts — (Continued)** | **Massachusetts — (Continued)** |
| Massachusetts Bay Transportation Authority Sales Tax Revenue, Series A, Senior Series, Refunding, Callable 07/01/34 at 100,<br> 5.00%, 7/1/48 | $815000 | $850764 |
| Massachusetts Bay Transportation Authority Sales Tax Revenue, Series A-2, Refunding, Callable 07/01/27 at 100,<br> 5.00%, 7/1/39 | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3573455 |
| Massachusetts School Building Authority Revenue, Series B, Senior Series, Callable 11/15/26 at 100,<br> 5.00%, 11/15/46 | &nbsp;&nbsp;1470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1479726 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8129056 |
| **Michigan — 2.2%** | **Michigan — 2.2%** | **Michigan — 2.2%** |
| Detroit GO, Series A, Callable 04/01/31 at 100,<br> 5.00%, 4/1/50 | &nbsp;&nbsp;1035000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1031087 |
| Grand Rapids Public Schools GO, Callable 05/01/29 at 100,<br> 5.00%, 11/1/41, (AG Insured) | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1030130 |
| Karegnondi Water Authority Revenue, Refunding, Callable 11/01/27 at 100,<br> 5.00%, 11/1/41 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 635232 |
| Karegnondi Water Authority Revenue, Refunding, Callable 11/01/27 at 100,<br> 5.00%, 11/1/45 | &nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 716957 |
| Lansing Board of Water & Light Revenue, Series A, Refunding, Callable 07/01/29 at 100,<br> 5.00%, 7/1/44 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512744 |
| Livonia Public Schools GO, Refunding,<br> 5.00%, 5/1/27, (AG Insured) | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307783 |
| Livonia Public Schools GO, Refunding,<br> 5.00%, 5/1/28, (AG Insured) | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314369 |
| Livonia Public Schools GO, Refunding,<br> 5.00%, 5/1/29, (AG Insured) | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213443 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Michigan — (Continued)** | **Michigan — (Continued)** | **Michigan — (Continued)** |
| Livonia Public Schools GO, Refunding, Callable 05/01/36 at 100,<br> 5.00%, 5/1/45, (AG Insured) | $900000 | $962903 |
| Michigan Finance Authority Revenue, Refunding, Callable 11/15/26 at 100,<br> 5.00%, 11/15/37 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2014587 |
| Michigan Finance Authority Revenue, Series A, Refunding, Callable 12/01/29 at 100,<br> 5.00%, 12/1/41 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103449 |
| Michigan State Building Authority Revenue, Series I, Refunding, Callable 10/15/26 at 100,<br> 5.00%, 10/15/46 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1003930 |
| Michigan State Building Authority Revenue, Series I, Refunding, Callable 10/15/32 at 100,<br> 5.00%, 10/15/47 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518694 |
| Warren Consolidated Schools GO, Callable 05/01/32 at 100,<br> 5.00%, 5/1/42, (Q-SBLF Insured) | &nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380987 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9746295 |
| **Minnesota — 1.3%** | **Minnesota — 1.3%** | **Minnesota — 1.3%** |
| Edina Independent School District No 273 GO, Series A, Callable 02/01/28 at 100,<br> 2.00%, 2/1/30, (SD CRED PROG Insured) | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140920 |
| Minneapolis Revenue, Series A, Refunding, Callable 04/21/26 at 100,<br> 5.00%, 11/15/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100083 |
| Minneapolis-St Paul Metropolitan Airports Commission Revenue, Series A, Refunding, Callable 07/01/29 at 100,<br> 5.00%, 1/1/44 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1543376 |
| Minnesota Municipal Gas Agency Revenue, Series A, Callable 06/01/35 at 100,<br> 5.00%, 9/1/35 | &nbsp;&nbsp;3675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3789581 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5573960 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Mississippi — 0.7%** | **Mississippi — 0.7%** | **Mississippi — 0.7%** |
| Medical Center Educational Building Corp. Revenue, Refunding, Callable 06/01/27 at 100,<br> 5.00%, 6/1/47 | $1000000 | $1003418 |
| Mississippi Home Corp. Revenue, Series C,<br> 3.95%, 12/1/31, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp; 815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 834314 |
| Mississippi Home Corp. Revenue, Series C,<br> 4.00%, 6/1/32, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355295 |
| State of Mississippi Gaming Tax Revenue, Series E, Callable 05/01/26 at 100,<br> 5.00%, 10/15/34 | &nbsp;&nbsp; 915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 916271 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3109298 |
| **Missouri — 1.3%** | **Missouri — 1.3%** | **Missouri — 1.3%** |
| Jasper County Reorganized School District No R-IX Carthage, Refunding,<br> 4.00%, 4/1/27 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40363 |
| Missouri Joint Municipal Electric Utility Commission Revenue , Series A, Refunding, Callable 06/01/26 at 100,<br> 5.00%, 12/1/40 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2506215 |
| Missouri State Environmental Improvement & Energy Resources Authority Revenue, Series C, Refunding, Callable 06/12/27 at 102,<br> 2.75%, 9/1/33 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 911711 |
| Monarch-Chesterfield Levee District, Refunding, Callable 05/01/26 at 100,<br> 5.00%, 3/1/40 | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100481 |
| St Louis County Reorganized School District No R-6 GO, Refunding, Callable 02/01/27 at 100,<br> 2.00%, 2/1/32 | &nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 454099 |
| St Louis Municipal Finance Corp. Revenue, OID, Refunding, Callable 10/01/27 at 100,<br> 3.50%, 10/1/37, (AG Insured) | &nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530429 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5543298 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Montana — 0.6%** | **Montana — 0.6%** | **Montana — 0.6%** |
| Montana Facility Finance Authority Revenue, Series B, Refunding, Callable 07/01/28 at 100,<br> 5.00%, 7/1/48 | $2735000 | $2741815 |
| **Nebraska — 2.6%** | **Nebraska — 2.6%** | **Nebraska — 2.6%** |
| Central Plains Energy Project Revenue, Series 1, Callable 07/01/29 at 100,<br> 5.00%, 5/1/53<sup>(a)</sup> | &nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2193907 |
| Central Plains Energy Project Revenue, Series A, Refunding, Callable 08/01/29 at 100,<br> 5.00%, 5/1/54<sup>(a)</sup> | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1058012 |
| Fillmore County School District No 25 GO, Callable 03/04/31 at 100,<br> 5.00%, 12/15/38 | &nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 441547 |
| Fillmore County School District No 25 GO, Callable 03/04/31 at 100,<br> 5.00%, 12/15/39 | &nbsp;&nbsp; 635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 663257 |
| Fillmore County School District No 25 GO, Callable 03/04/31 at 100,<br> 5.00%, 12/15/40 | &nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 921045 |
| Fillmore County School District No 25 GO, Callable 03/04/31 at 100,<br> 5.00%, 12/15/41 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 464871 |
| Fillmore County School District No 25 GO, Callable 03/04/31 at 100,<br> 5.00%, 12/15/42 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 688807 |
| Nebraska Public Power District Revenue, Series D, Refunding, Callable 05/01/26 at 100,<br> 5.00%, 1/1/46 | &nbsp;&nbsp;2470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2470640 |
| Otoe County School District No 501 GO, Callable 06/26/29 at 100,<br> 5.00%, 12/15/42 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720713 |
| York School District GO, Callable 12/23/29 at 100,<br> 5.00%, 12/15/50 | &nbsp;&nbsp;1615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1641713 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11264512 |
| **Nevada — 1.4%** | **Nevada — 1.4%** | **Nevada — 1.4%** |
| Clark County Department of Aviation Revenue, Series A-2, Refunding, Callable 07/01/27 at 100,<br> 5.00%, 7/1/40 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 558629 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Nevada — (Continued)** | **Nevada — (Continued)** | **Nevada — (Continued)** |
| Las Vegas Convention & Visitors Authority Revenue, Series B, Callable 07/01/28 at 100,<br> 5.00%, 7/1/43 | $240000 | $245301 |
| Las Vegas Convention & Visitors Authority Revenue, Series B, Callable 07/01/32 at 100,<br> 5.25%, 7/1/49 | &nbsp;&nbsp;4435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4588849 |
| Nevada Housing Division Revenue, Series E, Senior Series, Callable 10/01/33 at 100,<br> 7.50%, 4/1/49, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 595215 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5987994 |
| **New Hampshire — 0.4%** | **New Hampshire — 0.4%** | **New Hampshire — 0.4%** |
| Dover GO, Series A, Callable 06/15/26 at 100,<br> 3.00%, 6/15/31 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 992653 |
| New Hampshire Health and Education Facilities Authority Act Revenue, Refunding, Callable 04/06/26 at 100,<br> 5.00%, 7/1/40 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750249 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1742902 |
| **New Jersey — 0.5%** | **New Jersey — 0.5%** | **New Jersey — 0.5%** |
| Borough of South Plainfield, Series B, Refunding,<br> 4.00%, 8/7/26 | &nbsp;&nbsp;1621500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1629812 |
| Garden State Preservation Trust Revenue, Series A,<br> 5.75%, 11/1/28, (AG Insured) | &nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430132 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2059944 |
| **New York — 10.7%** | **New York — 10.7%** | **New York — 10.7%** |
| Berlin Central School District, Refunding,<br> 4.00%, 8/21/26, (ST AID WITHHLDG Insured) | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10043 |
| Empire State Development Corp. Revenue, Refunding, Callable 09/15/30 at 100,<br> 5.00%, 3/15/43 | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1313139 |
| Empire State Development Corp. Revenue, Refunding, Callable 09/15/30 at 100,<br> 5.00%, 3/15/44 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555284 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **New York — (Continued)** | **New York — (Continued)** | **New York — (Continued)** |
| Hudson Yards Infrastructure Corp. Revenue, Series A, Refunding, Callable 02/15/27 at 100,<br> 5.00%, 2/15/42 | $4840000 | $4894514 |
| Long Island Power Authority Revenue, Series B, Refunding, Callable 09/01/26 at 100,<br> 5.00%, 9/1/46 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1003195 |
| Metropolitan Transportation Authority Revenue, Series 1, OID, Refunding, Callable 05/15/30 at 100,<br> 5.00%, 11/15/50 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1510059 |
| Metropolitan Transportation Authority Revenue, Series C-1, Refunding, Callable 11/15/26 at 100,<br> 5.00%, 11/15/32 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166691 |
| Montgomery County, Refunding,<br> 3.75%, 7/31/26 | &nbsp;&nbsp;2190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2198166 |
| New York City Housing Development Corp. Revenue, Series 2A, Callable 04/21/26 at 100,<br> 3.40%, 11/1/62, (REMIC FHA 542c Insured)<sup>(a)</sup> | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150057 |
| New York City Municipal Water Finance Authority Revenue, Series AA-1, Callable 06/15/31 at 100,<br> 5.00%, 6/15/48 | &nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 568832 |
| New York City Municipal Water Finance Authority Revenue, Series AA-3, Refunding, Callable 12/15/32 at 100,<br> 5.00%, 6/15/47 | &nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1094049 |
| New York City Municipal Water Finance Authority Revenue, Series EE, Refunding, Callable 06/15/27 at 100,<br> 5.00%, 6/15/38 | &nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393761 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Series A-1, Callable 08/01/32 at 100,<br> 5.00%, 8/1/45 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1036736 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **New York — (Continued)** | **New York — (Continued)** | **New York — (Continued)** |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Series C, Callable 11/01/33 at 100,<br> 5.25%, 5/1/48 | $4085000 | $4276195 |
| New York Convention Center Development Corp. Revenue, Refunding, Callable 05/01/26 at 100,<br> 5.00%, 11/15/40 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2501358 |
| New York GO, Series 1, Callable 12/01/26 at 100,<br> 5.00%, 12/1/38 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101026 |
| New York GO, Series A-1, Callable 08/01/31 at 100,<br> 5.00%, 8/1/47 | &nbsp;&nbsp;2840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2923122 |
| New York GO, Series A-1, Callable 09/01/32 at 100,<br> 5.00%, 9/1/38 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461975 |
| New York GO, Series B, Callable 10/01/32 at 100,<br> 5.25%, 10/1/39 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760135 |
| New York GO, Series B-1, Callable 10/01/32 at 100,<br> 5.25%, 10/1/41 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307032 |
| New York GO, Series B-1, Callable 10/01/32 at 100,<br> 5.25%, 10/1/47 | &nbsp;&nbsp;2910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3030586 |
| New York GO, Series E-1, Callable 04/01/33 at 100,<br> 5.25%, 4/1/47 | &nbsp;&nbsp;1520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1585264 |
| New York State Dormitory Authority Revenue, OID, Callable 07/01/35 at 100,<br> 5.00%, 7/1/45 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3020576 |
| New York State Dormitory Authority Revenue, Series 1,<br> 5.50%, 7/1/31, (AG Insured) | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2153956 |
| New York State Dormitory Authority Revenue, Series A, Refunding, Callable 03/15/32 at 100,<br> 5.00%, 3/15/46 | &nbsp;&nbsp;2140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2218838 |
| New York State Dormitory Authority Revenue, Series C, Refunding, Callable 03/15/28 at 100,<br> 5.00%, 3/15/41 | &nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1647150 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **New York — (Continued)** | **New York — (Continued)** | **New York — (Continued)** |
| New York State Housing Finance Agency Revenue, Series D-1, Callable 11/01/30 at 100,<br> 4.70%, 11/1/45, (SONYMA Insured) | $2000000 | $2003779 |
| Orange County GO, Series A, Callable 05/01/26 at 100,<br> 2.00%, 6/15/26 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14966 |
| Port Authority of New York & New Jersey Revenue, Refunding, Callable 09/01/28 at 100,<br> 5.00%, 9/1/48 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1022472 |
| Town of Ossining, Refunding,<br> 3.75%, 7/30/26 | &nbsp;&nbsp;1749344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1754157 |
| Triborough Bridge & Tunnel Authority Revenue, Series A, Callable 05/15/27 at 100,<br> 5.00%, 11/15/42 | &nbsp;&nbsp;1625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1650123 |
| Triborough Bridge & Tunnel Authority Revenue, Series A, Callable 05/15/27 at 100,<br> 5.00%, 11/15/47 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605636 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46932872 |
| **North Dakota — 0.2%** | **North Dakota — 0.2%** | **North Dakota — 0.2%** |
| North Dakota Housing Finance Agency Revenue, Series A, Callable 07/01/33 at 100,<br> 3.875%, 7/1/35 | &nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 722560 |
| **Ohio — 2.9%** | **Ohio — 2.9%** | **Ohio — 2.9%** |
| Cleveland-Cuyahoga County Port Authority Revenue, Callable 11/15/32 at 100,<br> 5.00%, 11/15/54 | &nbsp;&nbsp; 820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 818189 |
| EHOVE Joint Vocational School District GO, Callable 12/01/30 at 100,<br> 5.00%, 12/1/43 | &nbsp;&nbsp; 735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 764046 |
| EHOVE Joint Vocational School District GO, Callable 12/01/30 at 100,<br> 5.00%, 12/1/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513715 |
| Greene County GO, Refunding, Callable 05/01/26 at 100,<br> 1.25%, 12/1/31 | &nbsp;&nbsp;1245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1060109 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Ohio — (Continued)** | **Ohio — (Continued)** | **Ohio — (Continued)** |
| Oak Hills Local School District GO, Refunding, Callable 11/01/33 at 100,<br> 5.125%, 11/1/49, (SD CRED PROG Insured) | $645000 | $669434 |
| Ohio Higher Educational Facility Commission Revenue, Refunding,<br> 5.00%, 5/1/34 | &nbsp;&nbsp; 735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 784774 |
| Ohio Higher Educational Facility Commission Revenue, Refunding, Callable 05/01/30 at 100,<br> 5.00%, 5/1/31 | &nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 539518 |
| Toledo Water System Revenue, Callable 11/15/26 at 100,<br> 5.00%, 11/15/41 | &nbsp;&nbsp;4750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4768738 |
| University of Akron/The Revenue, Series A, Refunding, Callable 07/01/26 at 100,<br> 5.00%, 1/1/38 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 902450 |
| Whitehall City School District GO, Refunding, Callable 05/01/26 at 100,<br> 3.50%, 12/1/30, (SD CRED PROG Insured) | &nbsp;&nbsp; 665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 665119 |
| Whitehall City School District GO, Series A, Refunding, Callable 05/01/26 at 100,<br> 3.50%, 12/1/30, (SD CRED PROG Insured) | &nbsp;&nbsp; 705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 705126 |
| Whitehall City School District GO, Series B, Refunding, Callable 05/01/26 at 100,<br> 3.50%, 12/1/30, (SD CRED PROG Insured) | &nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590106 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12781324 |
| **Oklahoma — 0.2%** | **Oklahoma — 0.2%** | **Oklahoma — 0.2%** |
| Lawton Industrial Development Authority Revenue, Series A, Refunding, Callable 07/01/33 at 100,<br> 5.00%, 7/1/40 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 532809 |
| Oklahoma Water Resources Board Revenue, Series C, Callable 10/01/32 at 100,<br> 5.00%, 10/1/40 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307591 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 840400 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Oregon — 1.2%** | **Oregon — 1.2%** | **Oregon — 1.2%** |
| Aurora GO, Callable 06/01/34 at 100,<br> 5.25%, 6/1/45, (BAM Insured) | $500000 | $530171 |
| Columbia County School District No 502 GO, OID, Callable 06/15/30 at 100,<br> 5.00%, 6/15/45, (SCH BD GTY Insured) | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1032939 |
| Oregon Coast Community College District GO, CAB, OID, Callable 06/15/34 at 100,<br> 5.00%, 6/15/41, (SCH BD GTY Insured) | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217391 |
| Oregon Coast Community College District GO, CAB, OID, Callable 06/15/34 at 100,<br> 5.00%, 6/15/42, (SCH BD GTY Insured) | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216568 |
| Seaside School District No 10 GO, Series A, CAB, OID, Callable 06/15/27 at 51,<br> 0.00%, 6/15/42, (SCH BD GTY Insured)<sup>(b)</sup> | &nbsp;&nbsp;2485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1171275 |
| Warm Springs Reservation Confederated Tribe Revenue, Series B, Refunding, Callable 05/01/29 at 100,<br> 5.00%, 11/1/39<sup>(c)</sup> | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 828009 |
| Woodburn Rural Fire Protection District GO, Callable 06/15/34 at 100,<br> 5.25%, 6/15/44, (BAM Insured) | &nbsp;&nbsp;1340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1423700 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5420053 |
| **Pennsylvania — 7.0%** | **Pennsylvania — 7.0%** | **Pennsylvania — 7.0%** |
| Abington School District GO, Callable 10/01/32 at 100,<br> 5.00%, 4/1/38, (BAM Insured) | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160631 |
| Abington School District GO, Callable 10/01/32 at 100,<br> 5.00%, 4/1/39, (BAM Insured) | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240038 |
| Abington School District GO, Callable 10/01/32 at 100,<br> 5.00%, 4/1/40, (BAM Insured) | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143548 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Pennsylvania — (Continued)** | **Pennsylvania — (Continued)** | **Pennsylvania — (Continued)** |
| Allegheny County Sanitary Authority Revenue, Callable 06/01/28 at 100,<br> 5.00%, 6/1/43 | $840000 | $858948 |
| Allentown GO, Series A, OID, Callable 05/01/26 at 100,<br> 3.125%, 10/1/27, (BAM Insured) | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5001 |
| Altoona Area School District GO, Refunding, Callable 12/01/32 at 100,<br> 5.00%, 12/1/39, (BAM Insured) | &nbsp;&nbsp;1365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1452735 |
| Carlynton School District GO, Callable 11/15/33 at 100,<br> 5.00%, 11/15/36, (BAM Insured) | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54544 |
| Carlynton School District GO, Callable 11/15/33 at 100,<br> 5.00%, 11/15/37, (BAM Insured) | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43326 |
| Carlynton School District GO, Callable 11/15/33 at 100,<br> 5.00%, 11/15/38, (BAM Insured) | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80753 |
| Carlynton School District GO, Callable 11/15/33 at 100,<br> 5.00%, 11/15/39, (BAM Insured) | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106427 |
| Carlynton School District GO, Callable 11/15/33 at 100,<br> 5.00%, 11/15/40, (BAM Insured) | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159653 |
| Carlynton School District GO, Callable 11/15/33 at 100,<br> 5.00%, 11/15/41, (BAM Insured) | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212096 |
| Chichester School District GO, Series A, Callable 03/15/30 at 100,<br> 5.00%, 9/15/35, (BAM Insured) | &nbsp;&nbsp;2435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2575082 |
| Commonwealth of Pennsylvania, Series A, Refunding, Callable 01/30/28 at 100,<br> 5.00%, 7/1/43 | &nbsp;&nbsp;1535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1563618 |
| Cumberland County Municipal Authority Revenue, Callable 11/01/29 at 100,<br> 4.00%, 11/1/37 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 823745 |
| Eastern Lebanon County School District GO, Refunding, Callable 11/15/30 at 100,<br> 5.00%, 5/15/45, (BAM Insured) | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 493046 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Pennsylvania — (Continued)** | **Pennsylvania — (Continued)** | **Pennsylvania — (Continued)** |
| Erie Sewer Authority Revenue, Callable 12/01/33 at 100,<br> 5.00%, 12/1/43, (BAM Insured) | $1400000 | $1460825 |
| Hollidaysburg Area School District GO, Callable 09/15/33 at 100,<br> 5.00%, 3/15/42, (ST AID WITHHLDG Insured) | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248111 |
| Hollidaysburg Area School District GO, Callable 09/15/33 at 100,<br> 5.00%, 3/15/43, (ST AID WITHHLDG Insured) | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262878 |
| Hollidaysburg Area School District GO, Callable 09/15/33 at 100,<br> 5.00%, 3/15/44, (ST AID WITHHLDG Insured) | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261452 |
| Hollidaysburg Area School District GO, Callable 09/15/33 at 100,<br> 5.00%, 3/15/45, (ST AID WITHHLDG Insured) | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207672 |
| Interboro School District GO, Callable 08/15/34 at 100,<br> 5.00%, 8/15/42, (AG ST AID WITHHLDG Insured) | &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248800 |
| Interboro School District GO, Callable 08/15/34 at 100,<br> 5.00%, 8/15/43, (AG ST AID WITHHLDG Insured) | &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274065 |
| Interboro School District GO, Callable 08/15/34 at 100,<br> 5.00%, 8/15/44, (AG ST AID WITHHLDG Insured) | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106953 |
| Lancaster County Hospital Authority Revenue, Callable 11/01/29 at 100,<br> 5.00%, 11/1/41 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 770966 |
| Lancaster County Hospital Authority Revenue, Refunding, Callable 08/15/26 at 100,<br> 5.00%, 8/15/42 | &nbsp;&nbsp;2050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2056572 |
| Moon Area School District GO, Series B, Callable 11/15/33 at 100,<br> 5.00%, 5/15/45, (ST AID WITHHLDG Insured) | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257839 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Pennsylvania — (Continued)** | **Pennsylvania — (Continued)** | **Pennsylvania — (Continued)** |
| North Penn School District GO, Callable 03/01/30 at 100,<br> 5.00%, 3/1/50, (ST AID WITHHLDG Insured) | $1275000 | $1286927 |
| Pennsylvania Economic Development Financing Authority Revenue, AMT, Callable 12/31/32 at 100,<br> 5.50%, 6/30/42, (AG Insured) | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1061998 |
| Pennsylvania Economic Development Financing Authority Revenue, AMT, Callable 12/31/32 at 100,<br> 6.00%, 6/30/61 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 522146 |
| Pennsylvania Economic Development Financing Authority Revenue, AMT, OID, Callable 12/31/32 at 100,<br> 5.00%, 12/31/57, (AG Insured) | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499863 |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Series A, Callable 12/01/28 at 100,<br> 5.25%, 12/1/44 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516475 |
| Pennsylvania Turnpike Commission Revenue , Series 1, Callable 06/01/26 at 100,<br> 5.00%, 12/1/41 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502002 |
| Philadelphia Authority for Industrial Development Revenue, Callable 06/01/27 at 100,<br> 5.00%, 12/1/34 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101773 |
| Philadelphia Gas Works Co. Revenue, Series A, Refunding, Callable 08/01/34 at 100,<br> 5.25%, 8/1/54, (AG Insured) | &nbsp;&nbsp;1665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1732000 |
| Philadelphia GO, Refunding, Callable 08/01/27 at 100,<br> 5.00%, 8/1/37 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2038434 |
| Radnor Township School District GO, Callable 02/15/31 at 100,<br> 5.00%, 8/15/48, (ST AID WITHHLDG Insured) | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383499 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Pennsylvania — (Continued)** | **Pennsylvania — (Continued)** | **Pennsylvania — (Continued)** |
| Radnor Township School District GO, Callable 02/15/31 at 100,<br> 5.00%, 8/15/50, (ST AID WITHHLDG Insured) | $570000 | $580728 |
| Scranton School District GO, Series A, Refunding, Callable 12/01/33 at 100,<br> 5.00%, 6/1/37, (ST AID WITHHLDG Insured) | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534996 |
| Susquehanna Township School District GO, Callable 11/15/32 at 100,<br> 5.00%, 5/15/39, (ST AID WITHHLDG Insured) | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 906248 |
| Susquehanna Township School District GO, Callable 11/15/32 at 100,<br> 5.00%, 5/15/40, (ST AID WITHHLDG Insured) | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 742485 |
| Township of Lower Paxton GO, Callable 10/01/30 at 100,<br> 5.00%, 4/1/51 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1011205 |
| Upper St Clair Township School District GO, Callable 10/01/28 at 100,<br> 5.00%, 10/1/44, (BAM ST AID WITHHLDG Insured) | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1017302 |
| Westmoreland County Municipal Authority Revenue, Callable 08/15/33 at 100,<br> 5.00%, 8/15/45, (AG Insured) | &nbsp;&nbsp;1135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1198371 |
| Westmoreland County Municipal Authority Revenue, Callable 08/15/33 at 100,<br> 5.00%, 8/15/49, (AG Insured) | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360434 |
| Wilson School District GO, Series D, Refunding, Callable 05/15/33 at 100,<br> 5.00%, 5/15/44, (ST AID WITHHLDG Insured) | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527671 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30653881 |
| **South Carolina — 1.1%** | **South Carolina — 1.1%** | **South Carolina — 1.1%** |
| South Carolina Ports Authority Revenue, Series A, Callable 07/01/29 at 100,<br> 5.00%, 7/1/54 | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1257469 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **South Carolina — (Continued)** | **South Carolina — (Continued)** | **South Carolina — (Continued)** |
| South Carolina Public Service Authority Revenue, Series A, Refunding, Callable 06/01/26 at 100,<br> 5.00%, 12/1/34 | $325000 | $326329 |
| South Carolina Public Service Authority Revenue, Series A, Unrefunded portion, Callable 06/01/26 at 100,<br> 5.00%, 12/1/34 | &nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 676940 |
| South Carolina Transportation Infrastructure Bank Revenue, Series A, Refunding, Callable 05/01/26 at 100,<br> 2.00%, 10/1/26 | &nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353071 |
| University of South Carolina Revenue, Series A, Callable 05/01/31 at 100,<br> 5.00%, 5/1/46 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2084045 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4697854 |
| **Tennessee — 3.4%** | **Tennessee — 3.4%** | **Tennessee — 3.4%** |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd Revenue, Callable 07/01/26 at 100,<br> 5.00%, 7/1/35 | &nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491744 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd Revenue, Callable 07/01/26 at 100,<br> 5.00%, 7/1/40 | &nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 912136 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd Revenue, Refunding, Callable 10/01/34 at 100,<br> 5.00%, 10/1/54 | &nbsp;&nbsp;3100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3218966 |
| Metropolitan Government of Nashville & Davidson County Electric Revenue, Series A, Callable 05/15/27 at 100,<br> 5.00%, 5/15/42 | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1114978 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Tennessee — (Continued)** | **Tennessee — (Continued)** | **Tennessee — (Continued)** |
| Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue Revenue, Series B, Refunding, Callable 07/01/27 at 100,<br> 5.00%, 7/1/46 | $3215000 | $3243609 |
| Metropolitan Nashville Airport Authority/The Revenue, Series A, Callable 07/01/30 at 100,<br> 5.00%, 7/1/44 | &nbsp;&nbsp;4145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4279169 |
| Metropolitan Nashville Airport Authority/The Revenue, Series A, Callable 07/01/30 at 100,<br> 5.00%, 7/1/54 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1008421 |
| Putnam County GO, OID, Refunding, Callable 04/01/26 at 100,<br> 2.00%, 4/1/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| Shelby County Health Educational & Housing Facilities Board Revenue, Series B, Refunding,<br> 5.00%, 9/1/44<sup>(a)</sup> | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 531426 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14900449 |
| **Texas — 10.2%** | **Texas — 10.2%** | **Texas — 10.2%** |
| Audubon Municipal Utility District No 1 GO, Callable 09/01/30 at 100,<br> 5.00%, 9/1/42, (BAM Insured) | &nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518960 |
| Austin Water & Wastewater System Revenue, Refunding, Callable 11/15/26 at 100,<br> 5.00%, 11/15/41 | &nbsp;&nbsp;1095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1102010 |
| Bexar County GO, Callable 06/15/27 at 100,<br> 5.00%, 6/15/42 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025510 |
| Chambers County Improvement District No 2 GO, OID, Callable 12/01/26 at 100,<br> 2.125%, 12/1/31 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 444097 |
| Chambers County Justice Center Public Facilities Corp. Revenue, Callable 06/01/33 at 100,<br> 5.00%, 6/1/41 | &nbsp;&nbsp;2135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2261066 |
| Chambers County Justice Center Public Facilities Corp. Revenue, Callable 06/01/33 at 100,<br> 5.50%, 6/1/55 | &nbsp;&nbsp; 955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 997736 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Texas — (Continued)** | **Texas — (Continued)** | **Texas — (Continued)** |
| Clifton Higher Education Finance Corp. Revenue, Series T, Callable 08/15/32 at 100,<br> 4.00%, 8/15/33, (PSF-GTD Insured) | $1405000 | $1451767 |
| Del Rio GO, Callable 06/01/26 at 100,<br> 5.00%, 6/1/36, (AG Insured) | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 601465 |
| Denton Utility System Revenue, Callable 12/01/26 at 100,<br> 5.00%, 12/1/34 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101285 |
| El Paso GO, Callable 08/15/26 at 100,<br> 5.00%, 8/15/42 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2007523 |
| Floresville Electric Light & Power System Revenue, Callable 08/15/28 at 100,<br> 5.00%, 8/15/43 | &nbsp;&nbsp;1840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1865975 |
| Fort Bend County Levee Improvement District No 19 GO, OID, Callable 05/01/26 at 100,<br> 3.50%, 9/1/34, (AG Insured) | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512209 |
| Fountainhead Municipal Utility District GO, Callable 05/01/26 at 100,<br> 2.00%, 8/1/26, (NATL Insured) | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174093 |
| Harris County Municipal Utility District No 287 GO, Series A, OID, Callable 03/01/27 at 100,<br> 1.50%, 3/1/31, (AG Insured) | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89185 |
| Harris County Revenue, Series A, Senior Series, Refunding, Callable 08/15/26 at 100,<br> 5.00%, 8/15/47 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3006700 |
| Harris Toll Road County Revenue, Series A, Senior Series, Refunding, Callable 02/15/28 at 100,<br> 5.00%, 8/15/43 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2547499 |
| Houston Hotel Occupancy Tax & Special Revenue, Series C, Refunding, Callable 09/01/36 at 100,<br> 5.00%, 9/1/43, (AG Insured)<sup>(d)</sup> | &nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2965535 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Texas — (Continued)** | **Texas — (Continued)** | **Texas — (Continued)** |
| Kaufman County Municipal Utility District No 14 GO, Callable 05/01/26 at 100,<br> 2.00%, 3/1/27, (BAM Insured) | $40000 | $39411 |
| Lower Colorado River Authority Revenue, Refunding, Callable 05/15/30 at 100,<br> 5.00%, 5/15/41 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103841 |
| McCamey Independent School District GO, Callable 02/15/28 at 100,<br> 5.00%, 2/15/44, (PSF-GTD Insured) | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254115 |
| Medina Valley Independent School District GO, Callable 02/15/33 at 100,<br> 5.00%, 2/15/44, (PSF-GTD Insured) | &nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 824675 |
| North Texas Tollway Authority Revenue, Series A, Refunding, Callable 01/01/28 at 100,<br> 5.00%, 1/1/43 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512363 |
| Parker County GO, Callable 02/15/27 at 100,<br> 5.00%, 2/15/42 | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5044506 |
| Port Arthur Independent School District GO, Series B, OID, Refunding, Callable 05/01/26 at 100,<br> 3.00%, 2/15/27 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25003 |
| Port Arthur Independent School District GO, Series E, Refunding, Callable 08/15/26 at 100,<br> 4.00%, 2/15/35 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2002099 |
| San Jacinto Community College District GO, Series A, Callable 02/15/29 at 100,<br> 5.00%, 2/15/49 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3057197 |
| Sanger GO, Callable 05/15/26 at 100,<br> 4.00%, 5/15/37, (BAM Insured) | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000149 |
| Shallowater GO, Callable 08/15/35 at 100,<br> 4.00%, 8/15/37, (BAM Insured) | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157791 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Texas — (Continued)** | **Texas — (Continued)** | **Texas — (Continued)** |
| Shallowater GO, Callable 08/15/35 at 100,<br> 4.00%, 8/15/39, (BAM Insured) | $175000 | $175745 |
| Shallowater GO, Callable 08/15/35 at 100,<br> 4.00%, 8/15/41, (BAM Insured) | &nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294988 |
| Southwest Houston Redevelopment Authority, Series B, Refunding, Callable 09/01/27 at 100,<br> 5.00%, 9/1/35, (AG Insured) | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208865 |
| Sulphur Springs Independent School District GO, Callable 02/15/33 at 100,<br> 5.00%, 2/15/42, (PSF-GTD Insured) | &nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 594514 |
| Texas Municipal Gas Acquisition & Supply Corp. III Revenue, Refunding,<br> 5.00%, 12/15/27 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513708 |
| Texas Municipal Gas Acquisition & Supply Corp. III Revenue, Refunding,<br> 5.00%, 12/15/29 | &nbsp;&nbsp;4750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4985799 |
| Texas Municipal Gas Acquisition & Supply Corp. III Revenue, Refunding,<br> 5.00%, 12/15/32 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 588905 |
| Texas Municipal Gas Acquisition & Supply Corp. IV Revenue, Series B, Callable 07/01/33 at 100,<br> 5.50%, 1/1/54<sup>(a)</sup> | &nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1911745 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44968034 |
| **Utah — 1.2%** | **Utah — 1.2%** | **Utah — 1.2%** |
| Intermountain Power Agency Revenue, Series A, Callable 07/01/32 at 100,<br> 5.00%, 7/1/38 | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355054 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Utah — (Continued)** | **Utah — (Continued)** | **Utah — (Continued)** |
| Jordan Valley Water Conservancy District Revenue, Series A, Callable 10/01/28 at 100,<br> 5.00%, 10/1/49 | $1000000 | $1012647 |
| Utah Transit Authority Revenue, Refunding, Callable 06/15/26 at 100,<br> 4.00%, 12/15/31 | &nbsp;&nbsp;4050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4057454 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5425155 |
| **Vermont — 0.1%** | **Vermont — 0.1%** | **Vermont — 0.1%** |
| University of Vermont and State Agricultural College Revenue, Refunding, Callable 10/01/27 at 100,<br> 5.00%, 10/1/43 | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 477456 |
| **Washington — 2.5%** | **Washington — 2.5%** | **Washington — 2.5%** |
| Bellevue GO, Refunding, Callable 04/21/26 at 100,<br> 4.00%, 12/1/31 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2501560 |
| King County Public Hospital District No 1 GO, Refunding, Callable 12/01/28 at 100,<br> 5.00%, 12/1/43 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 714471 |
| King County Sewer Revenue, Series A, Refunding, Callable 04/21/26 at 100,<br> 4.00%, 7/1/40 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2918944 |
| Pacific County Public Healthcare Services District No 3 GO, Callable 12/01/33 at 100,<br> 5.25%, 12/1/44 | &nbsp;&nbsp;1405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1481225 |
| Spokane Public Facilities District Revenue, Callable 06/01/27 at 100,<br> 5.00%, 12/1/41 | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1105019 |
| Tacoma Electric System Revenue, Series A, Refunding, Callable 04/21/26 at 100,<br> 4.00%, 1/1/42 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 965865 |
| Washington State GO, Series A, Callable 08/01/31 at 100,<br> 5.00%, 8/1/43 | &nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358094 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Washington — (Continued)** | **Washington — (Continued)** | **Washington — (Continued)** |
| Washington State GO, Series C, Callable 02/01/32 at 100,<br> 5.00%, 2/1/44 | $505000 | $530118 |
| Washington State GO, Series C, Callable 02/01/32 at 100,<br> 5.00%, 2/1/45 | &nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 647726 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11223022 |
| **West Virginia — 0.3%** | **West Virginia — 0.3%** | **West Virginia — 0.3%** |
| Ohio County Special District Excise Tax Revenue, Series A, Refunding, Callable 06/01/35 at 100,<br> 5.50%, 6/1/54, (AG Insured) | &nbsp;&nbsp;1195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1244057 |
| **Wisconsin — 1.0%** | **Wisconsin — 1.0%** | **Wisconsin — 1.0%** |
| Mauston School District GO, Refunding, Callable 03/01/28 at 100,<br> 1.70%, 3/1/35, (AG Insured) | &nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 399539 |
| Milwaukee Sewerage System Revenue, Series S-5, Refunding, Callable 05/01/26 at 100,<br> 4.00%, 6/1/29 | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330204 |
| Public Finance Authority Revenue, Refunding, Callable 06/01/30 at 100,<br> 5.00%, 6/1/38 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36324 |
| Village of Mount Pleasant, Series A, Callable 04/01/28 at 100,<br> 5.00%, 4/1/48, (MORAL OBLG Insured) | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 657140 |
| Wisconsin Health & Educational Facilities Authority Revenue, Refunding, Callable 10/01/26 at 100,<br> 5.00%, 10/1/41 | &nbsp;&nbsp;2015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023594 |
| Wisconsin Health & Educational Facilities Authority Revenue, Series A, OID,<br> 3.625%, 11/1/29 | &nbsp;&nbsp; 735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 734913 |
| Wisconsin Housing & Economic Development Authority Housing Revenue,<br> 3.60%, 11/1/26, (HUD SECT 8 Insured) | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265335 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4447049 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Wyoming — 0.9%** | **Wyoming — 0.9%** | **Wyoming — 0.9%** |
| Wyoming Community Development Authority Revenue, Series 1, Refunding,<br> 3.00%, 6/1/28 | $1300000 | $1298734 |
| Wyoming Community Development Authority Revenue, Series 3, Callable 12/01/33 at 100,<br> 6.25%, 12/1/55 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2775590 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4074324 |
| &nbsp;&nbsp;&nbsp;TOTAL MUNICIPAL BONDS<br> (Cost $371,804,107) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369802096 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value/<br> Shares** |  |
| **PREFERREDS — 9.0%** | **PREFERREDS — 9.0%** | **PREFERREDS — 9.0%** |
| **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** |
| General Motors Financial Co., Inc., 5.75%, 9/30/27<sup>(e)</sup> | &nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1139532 |
| **Energy — 0.2%** | **Energy — 0.2%** | **Energy — 0.2%** |
| BP Capital Markets PLC, 6.45%, 12/1/33 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1039722 |
| **Financials — 8.5%** | **Financials — 8.5%** | **Financials — 8.5%** |
| Air Lease Corp., 4.65%, 6/15/26<sup>(e)</sup> | &nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1347519 |
| Bank of America Corp., 6.625%, 5/1/30 | &nbsp;&nbsp;2600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2664093 |
| Bank of New York Mellon Corp. (The), 7.166%, 6/20/26<sup>(e)</sup> | &nbsp;&nbsp;1410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1421205 |
| Bank of New York Mellon Corp. (The), 4.625%, 9/20/26 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 697578 |
| Bank of New York Mellon Corp. (The), 6.15%, 3/20/30<sup>(e)</sup> | &nbsp;&nbsp; 13250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331250 |
| Bank of New York Mellon Corp. (The), 6.30%, 3/20/30 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1528237 |
| Bank of New York Mellon Corp. (The), 5.95%, 12/20/30<sup>(e)</sup> | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1001064 |
| Citigroup, Inc., 7.625%, 11/15/28<sup>(e)</sup> | &nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1810611 |
| Citigroup, Inc., 6.75%, 2/15/30 | &nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1900311 |
| Citigroup, Inc., 6.875%, 8/15/30<sup>(e)</sup> | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1410489 |
| Citigroup, Inc., 6.625%, 2/15/31 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2998043 |
| Goldman Sachs Group, Inc. (The), 6.125%, 11/10/34 | &nbsp;&nbsp;4325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4299059 |
| KKR & Co., Inc., 6.875%, 6/1/65 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3489000 |
| M&T Bank Corp., 6.35%, 12/15/30<sup>(e)</sup> | &nbsp;&nbsp; 122000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3059760 |
| Morgan Stanley, 6.875%, 7/15/26<sup>(e)</sup> | &nbsp;&nbsp; 64395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1613095 |
| Northern Trust Corp., 4.60%, 10/1/26<sup>(e)</sup> | &nbsp;&nbsp;2620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2602105 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### March 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par Value/<br> Shares** | **Value** |
| **PREFERREDS — (Continued)** | **PREFERREDS — (Continued)** | **PREFERREDS — (Continued)** |
| **Financials — (Continued)** | **Financials — (Continued)** | **Financials — (Continued)** |
| State Street Corp., 5.35%, 6/15/26<sup>(e)</sup> | $25000 | $540500 |
| State Street Corp., 6.45%, 9/15/30 | &nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2133079 |
| Wells Fargo & Co., 6.85%, 9/15/29 | &nbsp;&nbsp;2350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2436541 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37283539 |
| &nbsp;&nbsp;&nbsp;TOTAL PREFERREDS<br> (Cost $38,883,725) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39462793 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** |  |
| **U.S. TREASURY OBLIGATIONS — 2.2%** | **U.S. TREASURY OBLIGATIONS — 2.2%** | **U.S. TREASURY OBLIGATIONS — 2.2%** |
| United States Treasury Notes, |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 8/15/26 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 991560 |
| &nbsp;&nbsp;&nbsp;1.125%, 10/31/26 | &nbsp;&nbsp;8905000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8769698 |
| &nbsp;&nbsp;&nbsp;U.S. TREASURY OBLIGATIONS<br> (Cost $9,761,668) | &nbsp;&nbsp;&nbsp;U.S. TREASURY OBLIGATIONS<br> (Cost $9,761,668) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9761258 |
| **ASSET-BACKED SECURITIES — 1.3%** | **ASSET-BACKED SECURITIES — 1.3%** | **ASSET-BACKED SECURITIES — 1.3%** |
| Fannie Mae Pool, 6.00%, 5/1/53 | &nbsp;&nbsp; 960544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 990296 |
| Freddie Mac Pool, 7.00%, 7/1/54 | &nbsp;&nbsp;1188817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259334 |
| Ginnie Mae II Pool, 6.50%, 7/20/54 | &nbsp;&nbsp;2616106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2723075 |
| Ginnie Mae II Pool, 6.00%, 2/20/55 | &nbsp;&nbsp; 886373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 902762 |
| &nbsp;&nbsp;&nbsp;TOTAL ASSET-BACKED SECURITIES<br> (Cost $5,789,755) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5875467 |
| **CORPORATE BONDS — 0.6%** | **CORPORATE BONDS — 0.6%** | **CORPORATE BONDS — 0.6%** |
| **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** |
| Western Alliance Bancorp, 3.00%, 6/15/31 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480365 |
| **Health Care — 0.1%** | **Health Care — 0.1%** | **Health Care — 0.1%** |
| Viatris, Inc., 3.85%, 6/22/40 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380239 |
| **Materials — 0.3%** | **Materials — 0.3%** | **Materials — 0.3%** |
| Dow Chemical Co. (The), 9.40%, 5/15/39 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 634063 |
| Huntsman International, LLC, 2.95%, 6/15/31 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 830191 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1464254 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| Hudson Pacific Properties LP, REIT, 4.65%, 4/1/29 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 426829 |
| &nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS<br> (Cost $2,819,877) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2751687 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **EXCHANGE TRADED FUNDS — 2.2%** | **EXCHANGE TRADED FUNDS — 2.2%** | **EXCHANGE TRADED FUNDS — 2.2%** |
| State Street SPDR Portfolio High Yield Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;215000 | $5013800 |
| Pimco Senior Loan Active ETF | &nbsp;&nbsp;&nbsp;&nbsp;89086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4399013 |
| &nbsp;&nbsp;&nbsp;TOTAL EXCHANGE TRADED FUNDS<br> (Cost $9,385,508) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9412813 |
| **SHORT-TERM INVESTMENT — 0.7%** | **SHORT-TERM INVESTMENT — 0.7%** | **SHORT-TERM INVESTMENT — 0.7%** |
| Dreyfus Government Cash Management Fund, Institutional Shares, 3.53%<sup>(f)</sup> | 3028279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3028279 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $3,028,279) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3028279 |
| TOTAL INVESTMENTS - 100.1%<br> (Cost $441,472,919) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440094393 |
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (313965) |
| NET ASSETS - 100.0% |  | $439780428 |

---

------

(a) Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.

(b) Zero coupon bond.

(c) Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the Fund's Board of Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At March 31, 2026, these securities amounted to $828,009 or 0.19% of net assets. These securities have been determined by the Fund's adviser to be liquid securities.

(d) Securities purchased on a when-issued basis. Rates do not take effect until settlement date.

(e) Non-voting shares.

(f) Rate disclosed is the 7-day yield at March 31, 2026.

---

| | |
|:---|:---|
| AG | Assured Guaranty |
| AMT | Alternative Minimum Tax |
| BAM | Build America Mutual |
| BAM-TCRS | Build America Mutual-Transferable Custodial Receipts |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Concluded)

#### March 31, 2026
(Unaudited)

---

| | |
|:---|:---|
| CA MTG | California Mortgage |
| CAB | Capital Appreciation Bond |
| COLL | Collateral |
| ETF | Exchange-Traded Fund |
| GO | General Obligation |
| HUD SECT 8 | Housing and Urban Development Section 8 |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| MORAL OBLG | Moral Obligation |
| NATL | National Public Finance Guarantee Corp. |
| OID | Original Issue Discount |
| PLC | Public Limited Company |

---

---

| | |
|:---|:---|
| PSF-GTD | Permanent School Fund Guaranteed |
| REIT | Real Estate Investment Trust |
| REMIC FHA 542c | Real Estate Mortgage Investment Conduit Federal Housing Administration Section 542c |
| SCH BD GTY | School Board Guaranty |
| SD CRED PROG | State School District Credit Enhancement Program |
| SONYMA | State of New York Mortgage Agency |
| SPDR | Standard & Poor's Depository Receipt |
| ST AID WITHHLDG | State Aid Withholding |
| ST INTERCEPT | State Intercept |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS FUNDS

#### Statements of Assets and Liabilities

#### March 31, 2026
(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Ambrus Core<br> Bond Fund** | &nbsp;&nbsp;**Ambrus Tax-Conscious<br> California Bond Fund** | &nbsp;&nbsp;**Ambrus Tax-Conscious<br> National Bond Fund** |
| **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value | &nbsp;&nbsp;$562506728 | &nbsp;&nbsp;$482956203 | &nbsp;&nbsp;$440094393 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4807968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6328386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5404766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085438 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;568372364 | &nbsp;&nbsp;&nbsp;&nbsp;489810084 | &nbsp;&nbsp;&nbsp;&nbsp;447626959 |
| **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1407414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4669403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2977398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3801366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2729558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7846531 |
| **Contingencies and Commitments (Note 2)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Assets | &nbsp;&nbsp;$564570998 | &nbsp;&nbsp;$487080526 | &nbsp;&nbsp;$439780428 |
| **Net Assets Consisted of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital stock, $0.01 par value | &nbsp;&nbsp;$565753 | &nbsp;&nbsp;$486972 | &nbsp;&nbsp;$437084 |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;560115034 | &nbsp;&nbsp;&nbsp;&nbsp;490623421 | &nbsp;&nbsp;&nbsp;&nbsp;440443496 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3890211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4029867) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1100152) |
| Net Assets | &nbsp;&nbsp;$564570998 | &nbsp;&nbsp;$487080526 | &nbsp;&nbsp;$439780428 |
| **Institutional Class:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;$564570998 | &nbsp;&nbsp;$487080526 | &nbsp;&nbsp;$439780428 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56575281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48697210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43708427 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | &nbsp;&nbsp;$9.98 | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;$10.06 |
| Investments, at cost | &nbsp;&nbsp;$558261874 | &nbsp;&nbsp;$486456413 | &nbsp;&nbsp;$441472919 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS FUNDS

#### Statements of Operations

#### For the Six Months Ended March 31, 2026
(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Ambrus Core<br> Bond Fund** | &nbsp;&nbsp;**Ambrus Tax-Conscious<br> California Bond Fund** | &nbsp;&nbsp;**Ambrus Tax-Conscious<br> National Bond Fund** |
| **Investment income** |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;$12060254 | &nbsp;&nbsp;$9307867 | &nbsp;&nbsp;$8786615 |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;13141309 | &nbsp;&nbsp;&nbsp;&nbsp;9945666 | &nbsp;&nbsp;&nbsp;&nbsp;9470235 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871132 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51001 |
| &nbsp;&nbsp;&nbsp;Trustees' and officers' fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30937 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28966 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18436 |
| &nbsp;&nbsp;&nbsp;Custodian fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14638 |
| &nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14128 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10596 |
| &nbsp;&nbsp;&nbsp;Printing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8078 |
| &nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before recoupments, waivers and/or reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265596 | &nbsp;&nbsp;&nbsp;&nbsp;1145687 | &nbsp;&nbsp;&nbsp;&nbsp;1062350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: recoupments, waivers and/or reimbursements(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26565 |
| &nbsp;&nbsp;&nbsp;Net expenses after recoupments, waivers and/or reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1329749 | &nbsp;&nbsp;&nbsp;&nbsp;1176870 | &nbsp;&nbsp;&nbsp;&nbsp;1088915 |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;11811560 | &nbsp;&nbsp;&nbsp;&nbsp;8768796 | &nbsp;&nbsp;&nbsp;&nbsp;8381320 |
| **Net realized and unrealized gain/(loss) from investments:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34565) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492490 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;(7812730) | &nbsp;&nbsp;&nbsp;&nbsp;(3119242) | &nbsp;&nbsp;&nbsp;&nbsp;(2725856) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments | &nbsp;&nbsp;&nbsp;&nbsp;(7847295) | &nbsp;&nbsp;&nbsp;&nbsp;(2813081) | &nbsp;&nbsp;&nbsp;&nbsp;(2233366) |
| **Net increase in net assets resulting from operations** | &nbsp;&nbsp;$3964265 | &nbsp;&nbsp;$5955715 | &nbsp;&nbsp;$6147954 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS FUNDS

#### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Ambrus Core Bond Fund** | &nbsp;&nbsp;**Ambrus Core Bond Fund** |
|  | &nbsp;&nbsp;**For the<br> Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2025** |
| **Net increase/(decrease) in net assets from operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$11811560 | &nbsp;&nbsp;$20050890 |
| &nbsp;&nbsp;&nbsp;Net realized gains/(losses) from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34565) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649761 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7812730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2056510 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3964265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22757161 |
| **Less dividends and distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;(11811980) | &nbsp;&nbsp;&nbsp;&nbsp;(20050788) |
| Net decrease in net assets from dividends and distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(11811980) | &nbsp;&nbsp;&nbsp;&nbsp;(20050788) |
| **Increase in net assets derived from capital share transactions (Note 4)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77707265 | &nbsp;&nbsp;&nbsp;&nbsp;141225567 |
| Total increase in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69859550 | &nbsp;&nbsp;&nbsp;&nbsp;143931940 |
| **Net assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period | &nbsp;&nbsp;&nbsp;&nbsp;494711448 | &nbsp;&nbsp;&nbsp;&nbsp;350779508 |
| &nbsp;&nbsp;&nbsp;End of year/period | &nbsp;&nbsp;$564570998 | &nbsp;&nbsp;$494711448 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS FUNDS

#### Statements of Changes in Net Assets (Continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Ambrus Tax-Conscious California Bond Fund** | &nbsp;&nbsp;**Ambrus Tax-Conscious California Bond Fund** |
|  | &nbsp;&nbsp;**For the<br> Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2025** |
| **Net increase/(decrease) in net assets from operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$8768796 | &nbsp;&nbsp;$13298347 |
| &nbsp;&nbsp;&nbsp;Net realized gains/(losses) from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(530082) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3119242) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4222485) |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5955715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8545780 |
| **Less dividends and distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8769449) | &nbsp;&nbsp;&nbsp;&nbsp;(13298652) |
| Net decrease in net assets from dividends and distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8769449) | &nbsp;&nbsp;&nbsp;&nbsp;(13298652) |
| **Increase in net assets derived from capital share transactions (Note 4)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58306576 | &nbsp;&nbsp;&nbsp;&nbsp;140451189 |
| Total increase in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55492842 | &nbsp;&nbsp;&nbsp;&nbsp;135698317 |
| **Net assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period | &nbsp;&nbsp;&nbsp;&nbsp;431587684 | &nbsp;&nbsp;&nbsp;&nbsp;295889367 |
| &nbsp;&nbsp;&nbsp;End of year/period | &nbsp;&nbsp;$487080526 | &nbsp;&nbsp;$431587684 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS FUNDS

#### Statements of Changes in Net Assets (Concluded)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Ambrus Tax-Conscious National Bond Fund** | &nbsp;&nbsp;**Ambrus Tax-Conscious National Bond Fund** |
|  | &nbsp;&nbsp;**For the<br> Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2025** |
| **Net increase/(decrease) in net assets from operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$8381320 | &nbsp;&nbsp;$13022311 |
| &nbsp;&nbsp;&nbsp;Net realized gains from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411345 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2725856) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3065740) |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6147954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10367916 |
| **Less dividends and distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8382469) | &nbsp;&nbsp;&nbsp;&nbsp;(13021982) |
| Net decrease in net assets from dividends and distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8382469) | &nbsp;&nbsp;&nbsp;&nbsp;(13021982) |
| **Increase in net assets derived from capital share transactions (Note 4)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37969199 | &nbsp;&nbsp;&nbsp;&nbsp;109445013 |
| Total increase in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35734684 | &nbsp;&nbsp;&nbsp;&nbsp;106790947 |
| **Net assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period | &nbsp;&nbsp;&nbsp;&nbsp;404045744 | &nbsp;&nbsp;&nbsp;&nbsp;297254797 |
| &nbsp;&nbsp;&nbsp;End of year/period | &nbsp;&nbsp;$439780428 | &nbsp;&nbsp;$404045744 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS FUNDS

AMBRUS CORE BOND FUND

#### Financial Highlights

------

Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** |
|  | &nbsp;&nbsp;&nbsp;**For the<br> Six Months Ended<br> March 31,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2023** | &nbsp;&nbsp;&nbsp;**For the Period from<br> September 6, 2022\*<br> to September 30,<br> 2022** |
| **Per Share Operating Performance** |  |  |  |  |  |
| Net asset value, beginning of year/period | &nbsp;&nbsp;$10.12 | &nbsp;&nbsp;$10.12 | &nbsp;&nbsp;$9.62 | &nbsp;&nbsp;$9.74 | &nbsp;&nbsp;$10.00 |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| Dividends and distributions to shareholders from: |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| Net asset value, end of year/period | &nbsp;&nbsp;$9.98 | &nbsp;&nbsp;$10.12 | &nbsp;&nbsp;$10.12 | &nbsp;&nbsp;$9.62 | &nbsp;&nbsp;$9.74 |
| Total investment return<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29% | &nbsp;&nbsp;&nbsp;&nbsp;(2.38)% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net assets, end of year/period (in 000s) | &nbsp;&nbsp;$564571 | &nbsp;&nbsp;$494711 | &nbsp;&nbsp;$350780 | &nbsp;&nbsp;$159932 | &nbsp;&nbsp;$4880 |
| Ratio of expenses to average net assets with recoupments, waivers, and/or reimbursements, if any | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%<sup>(3)</sup> |
| Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;10.81%<sup>(3)</sup> |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.44%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31%<sup>(3)</sup> |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1%<sup>(5)</sup> |

---

------

<sup>\*</sup> The Ambrus Core Bond Fund commenced operations on September 6, 2022.

<sup>(1)</sup> The selected per share data was calculated using the average shares outstanding method for the period.

<sup>(2)</sup> Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

<sup>(3)</sup> Annualized.

<sup>(4)</sup> During the period, certain fees were waived and/or reimbursed; or recouped, if any. If such fee waivers and/or reimbursements or recoupments had not occurred, the ratios would have been as indicated (See Note 2).

<sup>(5)</sup> Not annualized.

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS FUNDS

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Financial Highlights (Continued)

------

Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** |
|  | &nbsp;&nbsp;&nbsp;**For the<br> Six Months Ended<br> March 31,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the Period from<br> October 3, 2022\*<br> to September 30,<br> 2023** |
| **Per Share Operating Performance** |  |  |  |  |
| Net asset value, beginning of year/period | &nbsp;&nbsp;$10.06 | &nbsp;&nbsp;$10.24 | &nbsp;&nbsp;$9.84 | &nbsp;&nbsp;$10.00 |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Dividends and distributions to shareholders from: |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) |
| Net asset value, end of year/period | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;$10.06 | &nbsp;&nbsp;$10.24 | &nbsp;&nbsp;$9.84 |
| Total investment return<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90% |
| **Ratios/Supplemental Data** |  |  |  |  |
| Net assets, end of year/period (in 000s) | &nbsp;&nbsp;$487081 | &nbsp;&nbsp;$431588 | &nbsp;&nbsp;$295889 | &nbsp;&nbsp;$135419 |
| Ratio of expenses to average net assets with recoupments, waivers, and/or reimbursements, if any | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%<sup>(3)</sup> |
| Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69%<sup>(3)</sup> |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58%<sup>(3)</sup> |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28%<sup>(5)</sup> |

---

------

<sup>\*</sup> The Ambrus Tax-Conscious California Bond Fund commenced operations on October 3, 2022.

<sup>(1)</sup> The selected per share data was calculated using the average shares outstanding method for the period.

<sup>(2)</sup> Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

<sup>(3)</sup> Annualized.

<sup>(4)</sup> During the period, certain fees were waived and/or reimbursed; or recouped, if any. If such fee waivers and/or reimbursements or recoupments had not occurred, the ratios would have been as indicated (See Note 2).

<sup>(5)</sup> Not annualized.

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS FUNDS

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Financial Highlights (Concluded)

------

Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** |
|  | &nbsp;&nbsp;&nbsp;**For the<br> Six Months Ended<br> March 31,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the Period from<br> October 3, 2022\*<br> to September 30,<br> 2023** |
| **Per Share Operating Performance** |  |  |  |  |
| Net asset value, beginning of year/period | &nbsp;&nbsp;$10.11 | &nbsp;&nbsp;$10.23 | &nbsp;&nbsp;$9.81 | &nbsp;&nbsp;$10.00 |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Dividends and distributions to shareholders from: |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) |
| Net asset value, end of year/period | &nbsp;&nbsp;$10.06 | &nbsp;&nbsp;$10.11 | &nbsp;&nbsp;$10.23 | &nbsp;&nbsp;$9.81 |
| Total investment return<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80% |
| **Ratios/Supplemental Data** |  |  |  |  |
| Net assets, end of year/period (in 000s) | &nbsp;&nbsp;$439780 | &nbsp;&nbsp;$404046 | &nbsp;&nbsp;$297255 | &nbsp;&nbsp;$180728 |
| Ratio of expenses to average net assets with recoupments, waivers, and/or reimbursements, if any | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%<sup>(3)</sup> |
| Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%<sup>(3)</sup> |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.77%<sup>(3)</sup> |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32%<sup>(5)</sup> |

---

------

<sup>\*</sup> The Ambrus Tax-Conscious National Bond Fund commenced operations on October 3, 2022.

<sup>(1)</sup> The selected per share data was calculated using the average shares outstanding method for the period.

<sup>(2)</sup> Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

<sup>(3)</sup> Annualized.

<sup>(4)</sup> During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

<sup>(5)</sup> Not annualized.

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS FUNDS

#### Notes to Financial Statements

#### March 31, 2026
(Unaudited)

1. Organization and Significant Accounting Policies

The Ambrus Core Bond Fund, Ambrus Tax-Conscious California Bond Fund and Ambrus Tax-Conscious National Bond Fund (each a "Fund" and together the "Funds") are diversified, open-end management investment companies registered under the Investment Company Act of 1940, as amended, (the "1940 Act"), which commenced investment operations on September 6, 2022, October 3, 2022 and October 3, 2022, respectively. The Funds are separate series of FundVantage Trust (the "Trust") which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a "series trust" authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. Two separate classes of shares, Investor Class and Institutional Class, are offered for the Funds. As of March 31, 2026, Investor Class shares have not been issued on the Funds.

The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.

***Portfolio Valuation – Each Fund's net asset value ("NAV") is calculated once daily at the close of regular trading hours on the New York Stock Exchange ("NYSE") (typically 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Funds are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System ("NASDAQ") market system where they are primarily traded. The Funds' equity securities listed on any national exchange market system will be valued at the last sale price. Equity securities traded in the over-the-counter ("OTC") market are valued at their closing sale or official closing price. If there were no transactions on that day, securities traded principally on an exchange will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued based on market quotations, which are furnished by an independent pricing service. Fixed income securities having remaining maturities of 60 days or less are generally valued at amortized cost, provided such amount approximates fair value. Securities that do not have a readily available current market value are valued in good faith by the Adviser as "valuation designee" under the oversight of the Trust's Board of Trustees. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. The Adviser has adopted written policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily available. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser pursuant to its policies and procedures. On a quarterly basis, the Adviser's fair valuation determinations will be reviewed by the Trust's Board of Trustees. Prices for equity securities normally are supplied by an independent pricing service approved by the Trust's Board of Trustees. Investments in other open-end investment companies are valued based on the NAV of such investment companies (which may use fair value pricing as disclosed in their prospectuses).***

***Fair Value Measurements — The inputs and valuation techniques used to measure fair value of the Funds' investments are summarized into three levels as described in the hierarchy below:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 — unadjusted quoted prices in active markets for identical securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments).

The fair value of a Fund's bonds are generally based on quotes received from brokers or independent pricing services. Bonds with quotes that are based on actual trades with a sufficient level of activity on or near the measurement date are classified as Level 2 assets.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Transfers in and out are recognized at the value at the end of the period.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS FUNDS

#### Notes to Financial Statements (Continued)

#### March 31, 2026
(Unaudited)

Significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that foreign markets close (where the security is principally traded) and the time that each Fund calculates its NAV (generally, the close of the NYSE) which may impact the value of securities traded in these foreign markets. As a result, each Fund fair values foreign securities using an independent pricing service which considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, exchange traded funds and certain indexes as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy.

Securities listed on a non-U.S. exchange are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees and categorized as Level 2 investments within the hierarchy. The fair valuations for these securities may not be the same as quoted or published prices of the securities on their primary markets. Securities for which daily fair value prices from the independent fair value pricing service are not available are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of valuation time, as provided by an independent pricing service approved by the Board of Trustees.

The valuations for fixed income securities are typically the prices supplied by independent third-party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third-party pricing services use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. To the extent that these inputs are observable, the fair value of fixed income securities would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

The following is a summary of the inputs used, as of March 31, 2026, in valuing each Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | &nbsp;&nbsp;**Total<br> Value at<br> 03/31/26** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Other<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| **Ambrus Core Bond Fund** | **Ambrus Core Bond Fund** |  |  |  |
| **Assets** |  |  |  |  |
| Corporate Bonds | &nbsp;&nbsp;$247767459 | $— | &nbsp;&nbsp;$247767459 | $— |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;198923147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;198923147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Preferreds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40972409 | &nbsp;&nbsp;&nbsp;&nbsp;7856031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33116378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2079444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2079444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1988120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1988120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35559603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35559603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6294791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6294791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Exchange Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28722885 | &nbsp;&nbsp;28722885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;$562506728 | $36777786 | &nbsp;&nbsp;$525728942 | $— |
| **Ambrus Tax-Conscious California Bond Fund** | **Ambrus Tax-Conscious California Bond Fund** |  |  |  |
| **Assets** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;$428487749 | $— | &nbsp;&nbsp;$428487749 | $— |
| Preferreds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32109128 | &nbsp;&nbsp;&nbsp;&nbsp;8675993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23433135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7090896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7090896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS FUNDS

#### Notes to Financial Statements (Continued)

#### March 31, 2026
(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | &nbsp;&nbsp;**Total<br> Value at<br> 03/31/26** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Other<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Corporate Bonds | &nbsp;&nbsp;$1441131 | $— | &nbsp;&nbsp;$1441131 | $— |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Exchange Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9541500 | &nbsp;&nbsp;&nbsp;&nbsp;9541500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204488 | &nbsp;&nbsp;&nbsp;&nbsp;1204488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;$482956203 | $19421981 | &nbsp;&nbsp;$463534222 | $— |
| **Ambrus Tax-Conscious National Bond Fund** | **Ambrus Tax-Conscious National Bond Fund** |  |  |  |
| **Assets** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;$369802096 | $— | &nbsp;&nbsp;$369802096 | $— |
| Preferreds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37283539 | &nbsp;&nbsp;&nbsp;&nbsp;9033605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28249934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9761258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9761258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5875467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5875467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2751687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2751687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Exchange Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9412813 | &nbsp;&nbsp;&nbsp;&nbsp;9412813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3028279 | &nbsp;&nbsp;&nbsp;&nbsp;3028279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;$440094393 | $21474697 | &nbsp;&nbsp;$418619696 | $— |

---

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third-party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Funds' investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles ("U.S. GAAP") require the Funds to present a reconciliation of the beginning to ending balances for reported market values that present changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. A reconciliation of Level 3 investments is presented only when the Funds had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of Level 3 are disclosed when the Funds had an amount of transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the six months ended March 31, 2026, there were no transfers in or out of Level 3.

***Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates and those differences could be material.***

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS FUNDS

#### Notes to Financial Statements (Continued)

#### March 31, 2026
(Unaudited)

***Investment Transactions, Investment Income and Expenses — Investment transactions are recorded on trade date for financial statement preparation purposes. Realized gains and losses on investments sold are recorded on the identified cost basis. Gains and losses on principal paydowns from mortgage-backed securities are recorded as interest income on the Statements of Operations. Interest income is recorded on the accrual basis. Accretion of discounts and amortization of premiums are recorded on a daily basis using the effective yield method except for short term securities, which records discounts and premiums on a straight-line basis. Dividends are recorded on the ex-dividend date. Estimated components of distributions received from real estate investment trusts may be considered income, return of capital distributions or capital gain distributions. Return of capital distributions are recorded as a reduction of cost of the related investments. General expenses of the Trust are generally allocated to each Fund under methodologies approved by the Board of Trustees. Expenses directly attributable to a particular Fund in the Trust are charged directly to that Fund. The Funds' investment income, expenses (other than class-specific expenses) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day.***

***Cash and Cash Equivalents —Cash and cash equivalents, if any, include cash and overnight investments in interest-bearing demand deposits with a financial institution with original maturities of three months or less. Each Fund maintains deposits with a high quality financial institution in an amount that is in excess of federally insured limits.***

***Dividends and Distributions to Shareholders — Dividends from net investment income are declared daily and paid monthly to shareholders. Distributions, if any, of net short-term capital gain and net capital gain (the excess of net long-term capital gain over the short-term capital loss) realized by each Fund, after deducting any available capital loss carryovers are declared and paid to its shareholders annually. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. These book to tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, (e.g., distribution reclassifications), such amounts are reclassified within the composition of net assets based on their federal tax basis treatment; temporary differences (e.g., wash sales) do not require a reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, will be reported as a tax return of capital.***

***U.S. Tax Status — No provision is made for U.S. income taxes as it is each Fund's intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended ("Internal Revenue Code"), and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.***

***Other — In the normal course of business, the Funds may enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future, and therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.***

***Debt Investment Risk — Debt investments are affected primarily by the financial condition of the companies or other entities that have issued them and by changes in interest rates. There is a risk that an issuer of each Fund's debt investments may not be able to meet its financial obligations (e. g., may not be able to make principal and/or interest payments when they are due or otherwise default on other financial terms) and/or seek bankruptcy protection. Securities such as high-yield bonds, e.g., bonds with low credit ratings by Moody's (Ba or lower) or Standard & Poor's (BB and lower) or if unrated are of comparable quality as determined by the Adviser, are especially subject to credit risk during periods of economic uncertainty or during economic downturns and are more likely to default on their interest and/or principal payments than higher rated securities. Debt investments may be affected by changes in interest rates. With fixed rate securities, a rise in interest rates typically causes a fall in values. The yield earned by the Fund will vary with changes in interest rates. Debt investments with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than debt investments with shorter durations or floating or adjustable interest rates. The value of debt investments may fall when interest rates rise.***

***Concentration of Credit Risk — The Ambrus Tax-Conscious California Bond Fund primarily invests in debt obligations issued by the state of California and its political subdivisions, agencies, and public authorities to obtain funds for various public purposes. The Fund is more susceptible to factors adversely affecting issues of California municipal securities than is a municipal bond fund that is not concentrated in these issuers.***

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS FUNDS

#### Notes to Financial Statements (Continued)

#### March 31, 2026
(Unaudited)

***Segment Reporting — In accordance with the FASB Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, each Fund has evaluated its business activities and determined that it operates as a single reportable segment.***

The Chief Operating Decision Maker ("CODM") is the Investment Committee of the Adviser and the Principal Executive Officer ("PEO") and the Principal Financial Officer ("PFO") of the Funds. The CODM has concluded that each Fund operates as a single operating segment since the Funds each have a single investment strategy as disclosed in the prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

***Accounting Pronouncement — On December 14, 2023, the FASB issued ASU 2023-09, which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. ASU 2023-09 applies to all entities that are subject to ASC 740, Income Taxes. The ASU is effective for annual periods beginning after December 15, 2024. Management has reviewed the impact of ASU 2023-09 and concludes there is no material impact on the Funds' financial statements.***

2. Transactions with Related Parties and Other Service Providers

Whittier Advisors, LLC ("Whittier" or the "Adviser") serves as investment adviser to the Funds pursuant to an investment advisory agreement with the Trust. For its services, the Adviser is paid a monthly fee at the annual rate based on average daily net assets of the Fund as shown in the table below:

---

| | |
|:---|:---|
| Ambrus Core Bond Fund | &nbsp;&nbsp;0.40% |
| Ambrus Tax-Conscious California Bond Fund | &nbsp;&nbsp;0.40% |
| Ambrus Tax-Conscious National Bond Fund | &nbsp;&nbsp;0.40% |

---

The Adviser has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Funds to the extent necessary to ensure that the Funds' total operating expenses (excluding taxes, fees and expenses attributable to a distribution or service plan adopted by the Trust, interest, extraordinary items, "Acquired Fund Fees and Expenses" and brokerage commissions) do not exceed 0.50% (on an annual basis) through January 31, 2027. The Expense Limitation will remain in place until January 31, 2027, unless the Board of Trustees approves their earlier termination.

The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for such Fund. The Adviser is permitted to seek reimbursement from a Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund operating expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No reimbursement will occur unless the Fund's expenses are below the Expense Limitation amount.

During the six month period ended March 31, 2026, the Adviser recovered fees previously waived and reimbursed in prior fiscal years in the amount of $64,153, $31,183 and $26,565, for the Ambrus Core Bond Fund, the Ambrus Tax-Conscious California Bond Fund and the Ambrus Tax-Conscious National Bond Fund, respectively.

For the six months ended March 31, 2026, the amount of advisory fees earned and recouped, waived and/or reimbursed was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Gross<br> Advisory Fee** | &nbsp;&nbsp;**Recoupments,<br> Waivers and/or<br> Reimbursements** | &nbsp;&nbsp;**Net Advisory Fee** |
| Ambrus Core Bond Fund | &nbsp;&nbsp;$1063799 | &nbsp;&nbsp;$64153 | &nbsp;&nbsp;$1127952 |
| Ambrus Tax-Conscious California Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941496 | &nbsp;&nbsp;&nbsp;&nbsp;31183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972679 |
| Ambrus Tax-Conscious National Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871132 | &nbsp;&nbsp;&nbsp;&nbsp;26565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897697 |

---

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS FUNDS

#### Notes to Financial Statements (Continued)

#### March 31, 2026
(Unaudited)

As of March 31, 2026, the amount of potential recovery was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;**Expiration** |
|  | &nbsp;&nbsp;**09/30/2026** | &nbsp;&nbsp;**09/30/2027** | &nbsp;&nbsp;**09/30/2028** | &nbsp;&nbsp;**Total** |
| Ambrus Core Bond Fund | &nbsp;&nbsp;$22400 | &nbsp;&nbsp;$52933 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$75333 |
| Ambrus Tax-Conscious California Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;65200 | &nbsp;&nbsp;&nbsp;&nbsp;90206 | &nbsp;&nbsp;&nbsp;&nbsp;3104 | &nbsp;&nbsp;&nbsp;&nbsp;158510 |
| Ambrus Tax-Conscious National Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;76926 | &nbsp;&nbsp;&nbsp;&nbsp;89232 | &nbsp;&nbsp;&nbsp;&nbsp;1178 | &nbsp;&nbsp;&nbsp;&nbsp;167336 |

---

The Funds have not recorded a commitment or contingent liability at March 31, 2026.

#### Other Service Providers
The Bank of New York Mellon ("BNY") serves as administrator and custodian for the Funds. For providing administrative and accounting services, BNY is entitled to receive a monthly fee equal to an annual percentage rate of the Funds' average daily net assets and is subject to certain minimum monthly fees. For providing certain custodial services, BNY is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

BNY Mellon Investment Servicing (US) Inc. (the "Transfer Agent") provides transfer agent services to the Funds. The Transfer Agent is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

The Trust, on behalf of the Funds, has entered into agreements with financial intermediaries to provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries investing in the Funds and has agreed to compensate the intermediaries for providing those services. The fees incurred by the Funds for these services are included in Transfer agent fees in the Statements of Operations.

Foreside Funds Distributors LLC (the "Underwriter") provides principal underwriting services to the Funds pursuant to an underwriting agreement between the Trust and the Underwriter.

#### Trustees and Officers
The Trust is governed by its Board of Trustees. The Trustees receive compensation in the form of an annual retainer and per meeting fees for their services to the Trust. An employee of BNY serves as the Secretary of the Trust and is not compensated by the Funds or the Trust.

Tidal ETF Services LLC ("Tidal") provides a PEO and PFO, to the Trust. Chenery Compliance Group, LLC ("Chenery") provides the Trust with a Chief Compliance Officer and an Anti-Money Laundering Officer. Tidal and Chenery are compensated for their services provided to the Trust.

3. Investment in Securities

For the six months ended March 31, 2026, aggregated purchases and sales of investment securities (excluding short-term investments) of the Funds were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**U.S. Government Securities** | &nbsp;&nbsp;**U.S. Government Securities** | &nbsp;&nbsp;**Other Securities** | &nbsp;&nbsp;**Other Securities** |
|  | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** |
| Ambrus Core Bond Fund | &nbsp;&nbsp;$127990717 | &nbsp;&nbsp;$121829137 | &nbsp;&nbsp;$75892597 | &nbsp;&nbsp;$25081440 |
| Ambrus Tax-Conscious California Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000735 | &nbsp;&nbsp;&nbsp;&nbsp;113770293 | &nbsp;&nbsp;&nbsp;&nbsp;41819765 |
| Ambrus Tax-Conscious National Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2228974 | &nbsp;&nbsp;&nbsp;&nbsp;113101761 | &nbsp;&nbsp;&nbsp;&nbsp;72376286 |

---

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS FUNDS

#### Notes to Financial Statements (Continued)

#### March 31, 2026
(Unaudited)

4. Capital Share Transactions

For the six months ended March 31, 2026 and the year ended September 30, 2025, transactions in capital shares (authorized shares unlimited) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**For the Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;**For the Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;**For the Year Ended<br> September 30, 2025** | &nbsp;&nbsp;**For the Year Ended<br> September 30, 2025** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Ambrus Core Bond Fund: |  |  |  |  |
| Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;10478449 | &nbsp;&nbsp;$105854302 | &nbsp;&nbsp;19587567 | &nbsp;&nbsp;$195058561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestments | &nbsp;&nbsp;&nbsp;&nbsp;1170333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11811980 | &nbsp;&nbsp;&nbsp;&nbsp;2006639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20050788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;(3955843) | &nbsp;&nbsp;&nbsp;&nbsp;(39959017) | &nbsp;&nbsp;&nbsp;(7390043) | &nbsp;&nbsp;&nbsp;&nbsp;(73883782) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;7692939 | &nbsp;&nbsp;$77707265 | &nbsp;&nbsp;14204163 | &nbsp;&nbsp;$141225567 |
| Ambrus Tax-Conscious California Bond Fund: |  |  |  |  |
| Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;10104947 | &nbsp;&nbsp;$101957333 | &nbsp;&nbsp;21253677 | &nbsp;&nbsp;$212821759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8769449 | &nbsp;&nbsp;&nbsp;&nbsp;1328030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13298629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;(5196429) | &nbsp;&nbsp;&nbsp;&nbsp;(52420206) | &nbsp;&nbsp;&nbsp;(8550334) | &nbsp;&nbsp;&nbsp;&nbsp;(85669199) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;5777919 | &nbsp;&nbsp;$58306576 | &nbsp;&nbsp;14031373 | &nbsp;&nbsp;$140451189 |
| Ambrus Tax-Conscious National Bond Fund: |  |  |  |  |
| Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;9690102 | &nbsp;&nbsp;$98198716 | &nbsp;&nbsp;15803285 | &nbsp;&nbsp;$158823874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8382469 | &nbsp;&nbsp;&nbsp;&nbsp;1294459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13021786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;(6763561) | &nbsp;&nbsp;&nbsp;&nbsp;(68611986) | &nbsp;&nbsp;&nbsp;(6206856) | &nbsp;&nbsp;&nbsp;&nbsp;(62400647) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;3753161 | &nbsp;&nbsp;$37969199 | &nbsp;&nbsp;10890888 | &nbsp;&nbsp;$109445013 |

---

5. Federal Tax Information

The Funds have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Funds to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as tax benefit or expense in the current year. Each Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Funds are subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

For the year ended September 30, 2025, the tax character of distributions paid by the Ambrus Core Bond Fund, Ambrus Tax-Conscious California Bond Fund and Ambrus Tax-Conscious National Bond Fund were $11,915,440, $3,100,524 and $3,652,011 of ordinary income dividends and $0, $4,897,691 and $5,792,351 of tax-exempt income, respectively. Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS FUNDS

#### Notes to Financial Statements (Concluded)

#### March 31, 2026
(Unaudited)

As of September 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Capital Loss<br> Carryforward** | &nbsp;&nbsp;**Undistributed<br> Ordinary<br> Income** | &nbsp;&nbsp;**Undistributed<br> Tax Exempt** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Temporary<br> Differences** |
| Ambrus Core Bond Fund | &nbsp;&nbsp;$(211355) | &nbsp;&nbsp;$102 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$11949179 | &nbsp;&nbsp;$— |
| Ambrus Tax-Conscious California Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;(831969) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(384442) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) |
| Ambrus Tax-Conscious National Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;(213148) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347182 | &nbsp;&nbsp;&nbsp;&nbsp;(196) |

---

The differences between the book and tax basis components of distributable earnings relate primarily to the timing and recognition of income and gains for federal income tax purposes attributable to wash sales.

As of March 31, 2026, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Federal<br> Tax Cost\*** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** | &nbsp;&nbsp;**Net Unrealized<br> Appreciation/<br> (Depreciation)** |
| Ambrus Core Bond Fund | &nbsp;&nbsp;$558261874 | &nbsp;&nbsp;$7128630 | &nbsp;&nbsp;$(2883776) | &nbsp;&nbsp;$4244854 |
| Ambrus Tax-Conscious California Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;486456413 | &nbsp;&nbsp;&nbsp;&nbsp;1568976 | &nbsp;&nbsp;&nbsp;&nbsp;(5069186) | &nbsp;&nbsp;&nbsp;&nbsp;(3500210) |
| Ambrus Tax-Conscious National Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;441472919 | &nbsp;&nbsp;&nbsp;&nbsp;2203518 | &nbsp;&nbsp;&nbsp;&nbsp;(3582044) | &nbsp;&nbsp;&nbsp;&nbsp;(1378526) |

---

------

\* Because tax adjustments are calculated annually at the end of each Fund's fiscal year, the above table does not reflect tax adjustments for the current fiscal year. For the previous year's federal income tax information, please refer to the Notes to Financial Statements section in each Fund's most recent annual report.

Pursuant to federal income tax rules applicable to regulated investment companies, the Funds may elect to treat certain capital losses between November 1 and September 30 and late year ordinary losses ((i) ordinary losses between January 1 and September 30, and (ii) specified ordinary and currency losses between November 1 and September 30) as occurring on the first day of the following tax year. For the six months ended March 31, 2026, the Funds had no post October loss deferrals or late year ordinary loss deferrals.

Accumulated capital losses represent net capital loss carryforwards as of September 30, 2025 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. As of September 30, 2025, the Funds' capital loss carryforwards, which were comprised of both short-term losses and long-term losses, and had an unlimited period of capital loss carryover were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Capital Loss Carryforward** | &nbsp;&nbsp;**Capital Loss Carryforward** |
|  | &nbsp;&nbsp;**Short-Term** | &nbsp;&nbsp;**Long-Term** |
| Ambrus Core Bond Fund | &nbsp;&nbsp;$126000 | &nbsp;&nbsp;$85355 |
| Ambrus Tax-Conscious California Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;165847 | &nbsp;&nbsp;&nbsp;&nbsp;666122 |
| Ambrus Tax-Conscious National Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;213148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

6. Subsequent Events

Management has evaluated the impact of all subsequent events on each Fund through the date the financial statements were issued, and has determined that there are no subsequent events requiring recognition or disclosure in the financial statements.

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

AMBRUS FUNDS

#### Other Information
(Unaudited)

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Each Fund's disclosure of remuneration items is included as part of the Semi-Annual Financials and Additional Information.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
The Board of Trustees of the Trust did not approve an investment advisory contract during the Trust's most recent fiscal half-year. A statement regarding the Board's considerations with respect to the most recent approval of the renewal of the Investment Advisory Agreement with Whittier Advisors, LLC was included in the Registrant's Form N-CSR filed for the fiscal year ended September 30, 2025.

#### Proxy Voting
Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (833) 996-2101 and on the Securities and Exchange Commission's ("SEC") website at *http://www.sec.gov.*

#### Quarterly Portfolio Schedules
Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended December 31 and June 30) as an exhibit to its reports on Form N-PORT. The Funds' portfolio holdings on Form N-PORT are available on the SEC's website at *http://www.sec.gov.*

------

[**Table of Contents**](#JOB_FundV_7ff17b7f-9121-44db-a42d-e3abb63d6737_TOC)

#### Investment Adviser
Whittier Advisors, LLC

4695 MacArthur Court

Suite 1500

Newport Beach, CA 92660

#### Administrator
The Bank of New York Mellon

103 Bellevue Parkway

Wilmington, DE 19809

#### Transfer Agent
BNY Mellon Investment Servicing (US) Inc.

118 Flanders Road

Westborough, MA 01581

#### Principal Underwriter
Foreside Funds Distributors LLC

190 Middle Street, Suite 301

Portland, ME 04101

#### Custodian
The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

#### Independent Registered Public Accounting Firm
Cohen & Company, Ltd.

1835 Market St., Suite 310

Philadelphia, PA 19103

#### Legal Counsel
Troutman Pepper Locke LLP

3000 Two Logan Square

18<sup>th</sup> and Arch Streets

Philadelphia, PA 19103

AMB-0326

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Each Fund's disclosure of remuneration items is included as part of the Semi-Annual Financials and Additional Information filed under Item 7 of this form.

------

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
The Board of Trustees of the Trust did not approve an investment advisory contract during the Trust's most recent fiscal half-year. A statement regarding the Board's considerations with respect to the most recent approval of the renewal of the Investment Advisory Agreement with Whittier Advisors, LLC was included in the Registrant's Form N-CSR filed for the fiscal year ended September 30, 2025.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of trustees.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

------

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.
(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [Certifications of Principal Executive Officer and Principal Financial Officer.](d44762dex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d44762dex99906cert.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) FundVantage Trust | (Registrant) FundVantage Trust |
| By (Signature and Title)\* | /s/ Joel L. Weiss |
|  | Joel L. Weiss, President and |
|  | Chief Executive Officer |
|  | (principal executive officer) |

---

Date June 3, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Joel L. Weiss |
|  | Joel L. Weiss, President and |
|  | Chief Executive Officer |
|  | (principal executive officer) |

---

Date June 3, 2026

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Christine S. Catanzaro |
|  | Christine S. Catanzaro, Treasurer and |
|  | Chief Financial Officer |
|  | (principal financial officer) |

---

Date June 3, 2026

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, Joel L. Weiss, certify that:

1. I have reviewed this report on Form N-CSR of FundVantage Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 3, 2026 | /s/ Joel L. Weiss |
|  | Joel L. Weiss, President and |
|  | Chief Executive Officer |
|  | (principal executive officer) |

---

------

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, Christine S. Catanzaro, certify that:

1. I have reviewed this report on Form N-CSR of FundVantage Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 3, 2026 | /s/ Christine S. Catanzaro |
|  | Christine S. Catanzaro, Treasurer and |
|  | Chief Financial Officer |
|  | (principal financial officer) |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, Joel L. Weiss, President and Chief Executive Officer of FundVantage Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: June 3, 2026 | /s/ Joel L. Weiss |
|  | Joel L. Weiss, President and |
|  | Chief Executive Officer |
|  | (principal executive officer) |

---

I, Christine S. Catanzaro, Treasurer and Chief Financial Officer of FundVantage Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: June 3, 2026 | /s/ Christine S. Catanzaro |
|  | Christine S. Catanzaro, Treasurer and |
|  | Chief Financial Officer |
|  | (principal financial officer) |

---