# EDGAR Filing Document

**Accession Number:** 0001388485
**File Stem:** 0000940400-26-007879
**Filing Date:** 2026-2
**Character Count:** 390702
**Document Hash:** 7190469f81665680b9e55b5b1b3782da
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-007879.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0000940400-26-007879

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**PERIOD START**: 20260930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22027
- **FILM NUMBER:** 26676899

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

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

## Nport-Ex

AMBRUS CORE BOND FUND

#### Portfolio of Investments

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — 41.9%** | **CORPORATE BONDS — 41.9%** | **CORPORATE BONDS — 41.9%** |
| **Communications — 0.9%** | **Communications — 0.9%** | **Communications — 0.9%** |
| AT&T, Inc., 7.125%, 12/15/31 | $500000 | $558188 |
| Comcast Corp., 6.95%, 8/15/37 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2267011 |
| Warnermedia Holdings, Inc., 4.279%, 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 2033000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1787149 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4612348 |
| **Consumer Discretionary — 6.9%** | **Consumer Discretionary — 6.9%** | **Consumer Discretionary — 6.9%** |
| BorgWarner, Inc., 4.95%, 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1024421 |
| Brunswick Corp., 2.40%, 8/18/31 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2632395 |
| Darden Restaurants, Inc., 6.30%, 10/10/33 | &nbsp;&nbsp;&nbsp;&nbsp; 1925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2093281 |
| Ford Motor Credit Co., LLC, 4.271%, 1/9/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1492889 |
| General Motors Financial Co., Inc., 5.284% (SOFR + 1.29%), 1/7/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1507075 |
| Genuine Parts Co., 4.95%, 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 509595 |
| Genuine Parts Co., 1.875%, 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440477 |
| Hasbro, Inc., 6.05%, 5/14/34 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2126400 |
| Hyatt Hotels Corp., 5.75%, 3/30/32 | &nbsp;&nbsp;&nbsp;&nbsp; 2825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2966849 |
| Hyundai Capital America, 5.40%, 1/8/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1034170 |
| Hyundai Capital America, 4.75%, 9/26/31 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2010985 |
| Leggett & Platt, Inc., 4.40%, 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3468038 |
| Lennar Corp., 5.20%, 7/30/30 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514621 |
| LKQ Corp., 6.25%, 6/15/33 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1074410 |
| Masco Corp., 3.50%, 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 990509 |
| Nissan Motor Acceptance Co., LLC, 7.05%, 9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1037904 |
| Polaris, Inc., 6.95%, 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1062198 |
| PVH Corp., 5.50%, 6/13/30 | &nbsp;&nbsp;&nbsp;&nbsp; 2175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2213639 |
| Stellantis Finance US, Inc., 5.625%, 1/12/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1022089 |
| Tapestry, Inc., 3.05%, 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 2150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1965668 |
| VF Corp., 6.00%, 10/15/33 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2470578 |
| Whirlpool Corp., 5.75%, 3/1/34 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3714977 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37373168 |
| **Consumer Staple Products — 0.9%** | **Consumer Staple Products — 0.9%** | **Consumer Staple Products — 0.9%** |
| Altria Group, Inc., 6.875%, 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1131737 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Consumer Staple Products — (Continued)** | **Consumer Staple Products — (Continued)** | **Consumer Staple Products — (Continued)** |
| J M Smucker Co. (The), 6.20%, 11/15/33 | $650000 | $705886 |
| Kroger Co. (The), 7.70%, 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2286663 |
| Tyson Foods, Inc., 5.70%, 3/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 528419 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4652705 |
| **Energy — 2.8%** | **Energy — 2.8%** | **Energy — 2.8%** |
| Cheniere Energy Partners LP, 5.95%, 6/30/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1062380 |
| Devon Energy Corp., 5.20%, 9/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1498115 |
| Helmerich & Payne, Inc., 2.90%, 9/29/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5812482 |
| Kinder Morgan, Inc., 7.80%, 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1740791 |
| Phillips 66 Co., 5.25%, 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1040760 |
| Tosco Corp., 7.80%, 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516935 |
| Valero Energy Corp., 6.625%, 6/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3313104 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14984567 |
| **Financials — 11.2%** | **Financials — 11.2%** | **Financials — 11.2%** |
| American Financial Group, Inc., 5.00%, 9/23/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1506746 |
| Bank of America Corp., 5.518%, 10/25/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5132890 |
| Bank of New York Mellon Corp. (The), 4.543%, 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026668 |
| Bank of New York Mellon Corp. (The), 5.606%, 7/21/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1573453 |
| Broadridge Financial Solutions, Inc., 2.90%, 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1235392 |
| Capital One Financial Corp., 2.359%, 7/29/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1754846 |
| Capital One Financial Corp., 7.964%, 11/2/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2359532 |
| Carlyle Secured Lending, Inc., 6.75%, 2/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2052319 |
| Citadel LP, 6.00%, 1/23/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1046192 |
| Citibank NA, 5.57%, 4/30/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2119540 |
| Equitable Holdings, Inc., 5.594%, 1/11/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1045952 |
| First National of Nebraska, Inc., 7.25%, 6/15/35<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1044816 |
| Fiserv, Inc., 5.45%, 3/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508848 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS CORE BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Financials — (Continued)** | **Financials — (Continued)** | **Financials — (Continued)** |
| FS KKR Capital Corp., 6.125%, 1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;$3000000 | $2956599 |
| Goldman Sachs Group, Inc. (The), 1.948%, 10/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1278394 |
| Goldman Sachs Group, Inc. (The), 5.573% (SOFR + 1.85%), 3/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507317 |
| Goldman Sachs Group, Inc. (The), 4.482%, 8/23/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1007324 |
| Goldman Sachs Group, Inc. (The), 6.75%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4479273 |
| Jefferies Financial Group, Inc., 2.625%, 10/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 888579 |
| JPMorgan Chase & Co., 4.967% (SOFR + 1.18%), 2/24/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504609 |
| LPL Holdings, Inc., 6.00%, 5/20/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3169689 |
| Morgan Stanley, 4.35%, 9/8/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 801529 |
| Northern Trust Corp., 3.375%, 5/8/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 919000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 906727 |
| OceanFirst Financial Corp., 6.375%, 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2007120 |
| Prudential Financial, Inc., 6.50%, 3/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4388540 |
| Synchrony Financial, 3.70%, 8/4/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1046582 |
| Synchrony Financial, 2.875%, 10/28/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2991044 |
| Toronto-Dominion Bank (The), 6.35%, 10/31/85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508900 |
| US Bancorp, 4.653%, 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1013064 |
| Verisk Analytics, Inc., 4.50%, 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1689274 |
| Wells Fargo & Co., 3.584%, 5/22/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 298155 |
| Wells Fargo Bank NA, 6.50%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1060665 |
| Western Alliance Bancorp, 3.00%, 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1353984 |
| Zions Bancorp NA, 3.25%, 10/29/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1711750 |
| Zions Bancorp NA, 6.816%, 11/19/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2129470 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60105782 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Health Care — 2.4%** | **Health Care — 2.4%** | **Health Care — 2.4%** |
| DENTSPLY SIRONA, Inc., 3.25%, 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;$4000000 | $3700493 |
| GE HealthCare Technologies, Inc., 4.80%, 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 509789 |
| HCA, Inc., 5.45%, 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1044784 |
| Humana, Inc., 5.55%, 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2047667 |
| Pfizer Investment Enterprises Pte Ltd., 4.75%, 5/19/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1012813 |
| UnitedHealth Group, Inc., 6.50%, 6/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2250112 |
| UnitedHealth Group, Inc., 3.50%, 8/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1674553 |
| Viatris, Inc., 2.30%, 6/22/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 972074 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13212285 |
| **Industrials — 4.9%** | **Industrials — 4.9%** | **Industrials — 4.9%** |
| Boeing Co. (The), 3.25%, 2/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5276793 |
| Honeywell International, Inc., 1.75%, 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 394207 |
| IDEX Corp., 4.95%, 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511021 |
| J Paul Getty Trust (The), 4.905%, 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4080476 |
| Jacobs Engineering Group, Inc., 5.90%, 3/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1136954 |
| Northrop Grumman Systems Corp., 7.75%, 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2308548 |
| Paychex, Inc., 5.35%, 4/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2126950 |
| RTX Corp., 2.375%, 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1340583 |
| Ryder System, Inc., 1.75%, 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 985267 |
| Ryder System, Inc., 5.375%, 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518355 |
| Stanley Black & Decker, Inc., 2.30%, 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4981000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4568380 |
| Trimble, Inc., 6.10%, 3/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1618293 |
| United Airlines Pass Through Trust, 5.875%, 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 697900 |
| Westinghouse Air Brake Technologies Corp., 5.611%, 3/11/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1055138 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26618865 |
| **Materials — 2.5%** | **Materials — 2.5%** | **Materials — 2.5%** |
| Albemarle Corp., 5.05%, 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3349000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3378965 |
| Dow Chemical Co. (The), 9.40%, 5/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4577626 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS CORE BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Materials — (Continued)** | **Materials — (Continued)** | **Materials — (Continued)** |
| Huntsman International, LLC, 2.95%, 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;$5575000 | $4703751 |
| Mosaic Global Holdings, Inc., 7.30%, 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1049111 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13709453 |
| **Real Estate — 1.5%** | **Real Estate — 1.5%** | **Real Estate — 1.5%** |
| Americold Realty Operating Partnership LP, REIT, 5.60%, 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1008710 |
| Hudson Pacific Properties LP, REIT, 4.65%, 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 925300 |
| Invitation Homes Operating Partnership LP, REIT, 5.45%, 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1042824 |
| Jones Lang LaSalle, Inc., REIT, 6.875%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 883635 |
| Kilroy Realty LP, REIT, 2.50%, 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3096451 |
| Vornado Realty LP, REIT, 3.40%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1363183 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8320103 |
| **Technology — 4.9%** | **Technology — 4.9%** | **Technology — 4.9%** |
| Arrow Electronics, Inc., 5.875%, 4/10/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2095611 |
| Booz Allen Hamilton, Inc., 5.95%, 8/4/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5404191 |
| Concentrix Corp., 6.85%, 8/2/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3039000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3098986 |
| Fortinet, Inc., 2.20%, 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 897567 |
| Foundry JV Holdco, LLC, 6.30%, 1/25/39<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6356760 |
| Intel Corp., 3.90%, 3/25/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1962825 |
| Kyndryl Holdings, Inc., 6.35%, 2/20/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1593548 |
| Leidos, Inc., 7.125%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2682342 |
| Motorola Solutions, Inc., 2.30%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1364562 |
| Teledyne Technologies, Inc., 2.75%, 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 695175 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26151567 |
| **Utilities — 3.0%** | **Utilities — 3.0%** | **Utilities — 3.0%** |
| AES Corp. (The), 5.80%, 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3364909 |
| AES Corp. (The), 6.95%, 7/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2974796 |
| Dominion Energy, Inc., 6.625%, 5/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3685864 |
| PacifiCorp, 6.10%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2081889 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Utilities — (Continued)** | **Utilities — (Continued)** | **Utilities — (Continued)** |
| Sempra, 5.40%, 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;$2000000 | $2013232 |
| Southern California Gas Co., 5.05%, 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1531362 |
| Southwestern Electric Power Co., 5.30%, 4/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514703 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16166755 |
| &nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS<br> (Cost $217,708,730) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225907598 |
| **U.S. TREASURY OBLIGATIONS — 36.9%** | **U.S. TREASURY OBLIGATIONS — 36.9%** | **U.S. TREASURY OBLIGATIONS — 36.9%** |
| United States Treasury Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, 8/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2626448 |
| &nbsp;&nbsp;&nbsp;1.375%, 8/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4450605 |
| United States Treasury Floating Rate Notes,<br> 3.847% (3 Month U.S. Treasury Money Market Yield + 25 bps), 1/31/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;59000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58999077 |
| United States Treasury Notes, |  |  |
| &nbsp;&nbsp;&nbsp;1.625%, 9/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;10500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10351703 |
| &nbsp;&nbsp;&nbsp;4.125%, 9/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5559941 |
| &nbsp;&nbsp;&nbsp;3.75%, 4/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;78000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78431132 |
| &nbsp;&nbsp;&nbsp;4.125%, 11/30/31 | &nbsp;&nbsp;&nbsp;&nbsp;20500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20838731 |
| &nbsp;&nbsp;&nbsp;3.50%, 2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;18000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17523633 |
| &nbsp;&nbsp;&nbsp;U.S. TREASURY OBLIGATIONS<br> (Cost $198,177,483) | &nbsp;&nbsp;&nbsp;U.S. TREASURY OBLIGATIONS<br> (Cost $198,177,483) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198781270 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value/<br> Shares** |  |
| **PREFERREDS — 8.2%** | **PREFERREDS — 8.2%** | **PREFERREDS — 8.2%** |
| **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** |
| General Motors Financial Co., Inc., 5.75%, 9/30/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026019 |
| **Energy — 0.4%** | **Energy — 0.4%** | **Energy — 0.4%** |
| BP Capital Markets PLC, 6.45%, 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2132212 |
| **Financials — 7.4%** | **Financials — 7.4%** | **Financials — 7.4%** |
| Bank of America Corp., 6.625%, 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3858227 |
| Bank of New York Mellon Corp. (The), 3.70%, 3/20/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 738221 |
| Bank of New York Mellon Corp. (The), 4.625%, 9/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1615650 |
| Bank of New York Mellon Corp. (The), 6.15%, 3/20/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346275 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS CORE BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(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), 6.30%, 3/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;$1500000 | $1556259 |
| Bank of New York Mellon Corp. (The), 5.95%, 12/20/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1016218 |
| Citigroup, Inc., 7.625%, 11/15/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2268944 |
| Citigroup, Inc., 6.75%, 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2888777 |
| Citigroup, Inc., 6.875%, 8/15/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1923538 |
| Citigroup, Inc., 6.625%, 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1726191 |
| Goldman Sachs Group, Inc. (The), 6.125%, 11/10/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5452835 |
| KKR & Co., Inc., 6.875%, 6/1/65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2555000 |
| M&T Bank Corp., 6.35%, 12/15/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3860547 |
| Morgan Stanley, 6.875%, 4/15/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 989209 |
| Northern Trust Corp., 4.60%, 10/1/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1547206 |
| State Street Corp., 5.35%, 3/15/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 449000 |
| State Street Corp., 6.70%, 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1047969 |
| State Street Corp., 6.45%, 9/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2902995 |
| Wells Fargo & Co., 3.90%, 3/15/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299250 |
| Wells Fargo & Co., 6.85%, 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2675118 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39717429 |
| &nbsp;&nbsp;&nbsp;TOTAL PREFERREDS<br> (Cost $42,124,992) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43875660 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** |  |
| **ASSET-BACKED SECURITIES — 6.7%** | **ASSET-BACKED SECURITIES — 6.7%** | **ASSET-BACKED SECURITIES — 6.7%** |
| Fannie Mae Pool, 6.00%, 5/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 653514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 677000 |
| Fannie Mae Pool, 7.00%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2638754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2786043 |
| Fannie Mae Pool, 6.00%, 8/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3589436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3697850 |
| Freddie Mac Pool, 6.50%, 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3705878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3870565 |
| Freddie Mac Pool, 6.00%, 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7184389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7382816 |
| Freddie Mac Pool, 7.00%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1697851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1798083 |
| Ginnie Mae II Pool, 7.00%, 4/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3742495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3878664 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **ASSET-BACKED SECURITIES — (Continued)** | **ASSET-BACKED SECURITIES — (Continued)** | **ASSET-BACKED SECURITIES — (Continued)** |
| Ginnie Mae II Pool, 6.50%, 7/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;$5487897 | $5679203 |
| Ginnie Mae II Pool, 6.00%, 2/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6158986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6286838 |
| &nbsp;&nbsp;&nbsp;TOTAL ASSET-BACKED SECURITIES<br> (Cost $35,574,085) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36057062 |
| **MUNICIPAL BONDS — 0.7%** | **MUNICIPAL BONDS — 0.7%** | **MUNICIPAL BONDS — 0.7%** |
| **California — 0.4%** | **California — 0.4%** | **California — 0.4%** |
| City & County of San Francisco GO, Series C,<br> 6.03%, 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2091978 |
| **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;&nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 733199 |
| **Michigan — 0.2%** | **Michigan — 0.2%** | **Michigan — 0.2%** |
| Detroit GO, Series B,<br> 3.11%, 4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 976800 |
| &nbsp;&nbsp;&nbsp;TOTAL MUNICIPAL BONDS<br> (Cost $3,776,844) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3801977 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** |  |
| **EXCHANGE TRADED FUNDS — 4.3%** | **EXCHANGE TRADED FUNDS — 4.3%** | **EXCHANGE TRADED FUNDS — 4.3%** |
| iShares 0-5 Year TIPS Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15358500 |
| SPDR Portfolio High Yield Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7574400 |
| &nbsp;&nbsp;&nbsp;TOTAL EXCHANGE TRADED FUNDS<br> (Cost $22,419,185) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22932900 |
| **SHORT-TERM INVESTMENT — 0.8%** | **SHORT-TERM INVESTMENT — 0.8%** | **SHORT-TERM INVESTMENT — 0.8%** |
| Dreyfus Government Cash Management Fund, Institutional Shares, 3.65%<sup>(d)</sup> | 4406304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4406304 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $4,406,304) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4406304 |
| TOTAL INVESTMENTS - 99.5%<br> (Cost $524,187,623) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535762771 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2854210 |
| NET ASSETS - 100.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;$538616981 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS CORE BOND FUND

#### Portfolio of Investments (Concluded)

#### December 31, 2025
(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 December 31, 2025, these securities amounted to $7,401,576 or 1.37% 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 December 31, 2025.

---

| | |
|:---|:---|
| 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 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — 88.2%** | **MUNICIPAL BONDS — 88.2%** | **MUNICIPAL BONDS — 88.2%** |
| **California — 75.5%** | **California — 75.5%** | **California — 75.5%** |
| Albany Unified School District GO, Series B, Callable 08/01/26 at 100,<br> 5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;$1000000 | $1009944 |
| Alhambra Unified School District GO, Series B, Callable 08/01/32 at 100,<br> 5.25%, 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 758401 |
| Anaheim Housing & Public Improvements Authority Revenue, Series A, Callable 10/01/30 at 100,<br> 5.50%, 10/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3797131 |
| Anaheim Housing & Public Improvements Authority Revenue, Series B, Refunding, Callable 10/01/30 at 100,<br> 5.25%, 10/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1875624 |
| Antioch Unified School District GO, Series B, OID, Callable 01/31/26 at 100,<br> 4.00%, 8/1/40, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 635066 |
| Atwater Elementary School District, Callable 12/01/34 at 100,<br> 5.00%, 12/1/44, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 754952 |
| Azusa, Callable 09/01/28 at 100,<br> 5.00%, 9/1/44, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2119279 |
| Berkeley Joint Powers Financing Authority Revenue, OID, Refunding, Callable 01/31/26 at 100,<br> 3.00%, 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25004 |
| Brea Water Utility Revenue, Refunding, Callable 07/01/29 at 100,<br> 3.00%, 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 748697 |
| Cabrillo Unified School District GO, Series A, Callable 08/01/26 at 100,<br> 5.00%, 8/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630387 |
| California Community Choice Financing Authority Revenue, Callable 05/01/29 at 100,<br> 5.00%, 7/1/53<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2965000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3116487 |

---

---

| | | |
|:---|:---|:---|
|  | **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> | &nbsp;&nbsp;&nbsp;&nbsp;$3755000 | $3809983 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;1775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1889388 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4867796 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2125318 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4769861 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2172176 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3123190 |
| California Educational Facilities Authority Revenue, Series A, Callable 10/01/28 at 100,<br> 5.00%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3265649 |
| California Educational Facilities Authority Revenue, Series A, Callable 10/01/28 at 100,<br> 5.00%, 10/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70337 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(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%, 10/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;$4545000 | $4555423 |
| California Educational Facilities Authority Revenue, Series A, Refunding, Callable 04/01/27 at 100,<br> 5.00%, 4/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281626 |
| California Educational Facilities Authority Revenue, Series A, Refunding, Callable 04/01/27 at 100,<br> 5.00%, 4/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25039 |
| California Educational Facilities Authority Revenue, Series U-7,<br> 5.00%, 6/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115071 |
| California Educational Facilities Authority Revenue , Series A, Callable 10/01/28 at 100,<br> 5.00%, 10/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5149990 |
| California Enterprise Development Authority Revenue, Callable 11/01/27 at 100,<br> 5.00%, 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223679 |
| California Health Facilities Financing Authority Revenue, Callable 11/15/26 at 100,<br> 5.00%, 11/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1605168 |
| California Health Facilities Financing Authority Revenue, Refunding, Callable 04/01/26 at 100,<br> 5.00%, 4/1/27, (CA MTG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5033 |
| California Health Facilities Financing Authority Revenue, Refunding, Callable 11/15/27 at 100,<br> 5.00%, 11/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258261 |
| California Health Facilities Financing Authority Revenue, Refunding, Callable 11/15/27 at 100,<br> 5.00%, 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25214 |

---

---

| | | |
|:---|:---|:---|
|  | **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, Series A, Callable 01/31/26 at 100,<br> 4.00%, 10/1/28 | $100000 | $100077 |
| California Health Facilities Financing Authority Revenue, Series A, Callable 05/01/34 at 100,<br> 5.00%, 11/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2986094 |
| California Health Facilities Financing Authority Revenue, Series A, Callable 06/01/34 at 100,<br> 5.25%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1087557 |
| California Health Facilities Financing Authority Revenue, Series A, Callable 06/01/34 at 100,<br> 5.00%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 885000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 927436 |
| California Health Facilities Financing Authority Revenue, Series A, Callable 06/01/34 at 100,<br> 5.25%, 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2585988 |
| California Health Facilities Financing Authority Revenue, Series A, Callable 08/15/26 at 100,<br> 5.00%, 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 416039 |
| California Health Facilities Financing Authority Revenue, Series A-2, Refunding, Callable 11/01/27 at 100,<br> 4.00%, 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3790912 |
| California Health Facilities Financing Authority Revenue , Callable 11/15/27 at 100,<br> 5.00%, 11/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3018598 |
| California Health Facilities Financing Authority Revenue , Series A, Refunding, Callable 10/01/26 at 100,<br> 4.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1197753 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(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 D, Callable 11/01/28 at 100,<br> 2.75%, 11/1/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$1200000 | $1193167 |
| 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> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1102152 |
| California Housing Finance Agency Revenue, Series LL, Callable 01/01/29 at 100,<br> 2.95%, 6/1/46<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351478 |
| California Infrastructure & Economic Development Bank Revenue,<br> 5.00%, 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1021204 |
| California Infrastructure & Economic Development Bank Revenue, Callable 05/15/28 at 100,<br> 5.00%, 5/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1154435 |
| California Infrastructure & Economic Development Bank Revenue, Callable 08/01/29 at 100,<br> 5.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2968779 |
| California Infrastructure & Economic Development Bank Revenue, Callable 08/01/29 at 100,<br> 5.00%, 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4650084 |
| California Infrastructure & Economic Development Bank Revenue, Callable 10/01/32 at 100,<br> 5.00%, 10/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 945000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1004851 |
| California Infrastructure & Economic Development Bank Revenue, Refunding, Callable 11/01/26 at 100,<br> 5.00%, 5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20447 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| California Infrastructure & Economic Development Bank Revenue, Series A, Refunding, Callable 08/01/28 at 100,<br> 3.25%, 8/1/29 | $250000 | $252176 |
| California Infrastructure & Economic Development Bank Revenue, Series B, Callable 11/01/34 at 100,<br> 5.00%, 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 859825 |
| California Municipal Finance Authority,<br> 4.00%, 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95374 |
| California Municipal Finance Authority Revenue, Callable 09/01/32 at 100,<br> 5.25%, 9/1/41, (CA MTG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518170 |
| California Municipal Finance Authority Revenue, Callable 09/01/32 at 100,<br> 5.25%, 9/1/44, (CA MTG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 752139 |
| California Municipal Finance Authority Revenue, Callable 09/01/32 at 100,<br> 5.25%, 9/1/54, (CA MTG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1151056 |
| California Municipal Finance Authority Revenue, Callable 11/15/28 at 100,<br> 5.00%, 5/15/36, (BAM-TCRS Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 523717 |
| California Municipal Finance Authority Revenue, Refunding, Callable 10/01/28 at 100,<br> 5.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1033255 |
| California Municipal Finance Authority Revenue, Series A,<br> 5.00%, 2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 453578 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1251041 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(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 A, Callable 06/01/27 at 100,<br> 5.00%, 6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;$1095000 | $1114879 |
| California Municipal Finance Authority Revenue, Series A, Callable 10/01/29 at 100,<br> 5.00%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516927 |
| California Municipal Finance Authority Revenue, Series B, Refunding, Callable 01/01/28 at 100,<br> 5.00%, 1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2047674 |
| California Municipal Finance Authority Revenue , Series A, Refunding, Callable 01/21/26 at 100,<br> 4.00%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1125128 |
| California Municipal Finance Authority Revenue , Series A, Refunding, Callable 05/01/29 at 100,<br> 5.00%, 5/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1873373 |
| California Public Finance Authority Revenue, Series A, Callable 07/15/32 at 100,<br> 5.00%, 7/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3314815 |
| California School Finance Authority Revenue, Callable 08/01/28 at 100,<br> 5.00%, 8/1/42<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125384 |
| California School Finance Authority Revenue, Series A, Callable 07/01/27 at 100,<br> 5.00%, 7/1/37<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25391 |
| California State GO,<br> 5.00%, 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4184852 |
| California State GO, Callable 03/01/30 at 100,<br> 3.00%, 3/1/46, (BAM-TCRS Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225723 |
| California State GO, Callable 04/01/32 at 100,<br> 5.00%, 4/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1821196 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| California State GO, Callable 08/01/35 at 100,<br> 5.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;$2120000 | $2330488 |
| California State GO, Refunding,<br> 4.35%, 11/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8077326 |
| California State GO, Refunding, Callable 04/01/29 at 100,<br> 5.00%, 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2933807 |
| California State GO, Refunding, Callable 04/01/33 at 100,<br> 5.25%, 10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2147866 |
| California State GO, Refunding, Callable 09/01/26 at 100,<br> 5.00%, 9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251859 |
| California State GO, Series CV, Callable 12/01/33 at 100,<br> 3.80%, 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2692271 |
| California State Public Works Board Revenue, Callable 10/01/26 at 100,<br> 4.00%, 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535628 |
| California State Public Works Board Revenue, Series C,<br> 5.00%, 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 919582 |
| California State Public Works Board Revenue, Series C,<br> 5.00%, 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 943532 |
| California State University Revenue, Series A, Refunding, Callable 11/01/28 at 100,<br> 5.00%, 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1980464 |
| California State University Revenue, Series A, Unrefunded portion, Callable 01/31/26 at 100,<br> 5.00%, 11/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15001 |
| California State University Revenue, Series A, Unrefunded portion, Callable 02/01/26 at 100,<br> 5.00%, 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35004 |
| California Statewide Communities Development Authority Revenue, Callable 01/01/28 at 100,<br> 5.00%, 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5561727 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(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 02/01/28 at 100,<br> 5.00%, 8/1/29 | $300000 | $311038 |
| California Statewide Communities Development Authority Revenue, Refunding,<br> 5.00%, 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103872 |
| California Statewide Communities Development Authority Revenue, Refunding, Callable 03/01/28 at 100,<br> 5.00%, 3/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166233 |
| California Statewide Communities Development Authority Revenue, Series A, OID, Refunding, Callable 03/01/26 at 100,<br> 4.125%, 3/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1015859 |
| Campbell Union High School District GO, Series A, Callable 08/01/34 at 100,<br> 5.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 899203 |
| Campbell Union High School District GO, Series A, Callable 08/01/34 at 100,<br> 5.00%, 8/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1082549 |
| Chowchilla Elementary School District GO, Callable 08/01/26 at 100,<br> 5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585667 |
| City & County of San Francisco Community Facilities District No 2014-1, Series A,<br> 5.00%, 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150592 |
| City & County of San Francisco GO, Series C,<br> 6.03%, 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3796940 |
| City & County of San Francisco GO, Series C,<br> 6.26%, 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4481906 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;1015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1026323 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| City of Lake Elsinore, Callable 09/01/31 at 103,<br> 5.00%, 9/1/35 | $50000 | $54095 |
| City of Lake Elsinore, Callable 09/01/31 at 103,<br> 5.00%, 9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107238 |
| City of Lake Elsinore, Callable 09/01/31 at 103,<br> 5.00%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 592655 |
| Coachella Valley Unified School District, OID, Refunding, Callable 01/21/26 at 100,<br> 3.50%, 9/1/28, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50025 |
| Coachella Valley Unified School District GO, OID, Refunding, Callable 01/21/26 at 100,<br> 4.00%, 8/1/27, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;1325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1446939 |
| Compton Unified School District GO, Series B, Callable 06/01/27 at 100,<br> 4.00%, 6/1/32, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142677 |
| Concord, OID, Refunding, Callable 04/01/31 at 100,<br> 2.00%, 4/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 737604 |
| Department of Veterans Affairs Veteran's Farm & Home Purchase Program Revenue, Series A,<br> 1.25%, 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38661 |
| Desert Sands Unified School District, Callable 09/01/30 at 103,<br> 5.00%, 9/1/44, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107480 |
| Desert Sands Unified School District, Callable 09/01/30 at 103,<br> 5.00%, 9/10/49, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195784 |
| Desert Sands Unified School District, Callable 09/01/30 at 103,<br> 5.00%, 9/1/54, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 446678 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Downey Unified School District GO, Series C, OID, Callable 08/01/31 at 100,<br> 2.00%, 8/1/42, (AG Insured) | $25000 | $17437 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48467 |
| East Side Union High School District GO, Series B, Refunding,<br> 5.25%, 2/1/26, (NATL Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20049 |
| Eastside Union School District GO, Series A, Callable 08/01/33 at 100,<br> 5.50%, 8/1/48, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1582335 |
| Escondido Union School District GO, Series B, Callable 08/01/27 at 100,<br> 4.00%, 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1109334 |
| Fillmore Wastewater Revenue, Refunding, Callable 05/01/27 at 100,<br> 5.00%, 5/1/47, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1186758 |
| Folsom Cordova Unified School District School Facilities Improvement Dist No 5 GO, Series A, OID, Unrefunded portion, Callable 01/21/26 at 100,<br> 4.00%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545027 |
| 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1502852 |
| Fontana Redevelopment Agency Successor Agency, Series A, Refunding, Callable 10/01/27 at 100,<br> 5.00%, 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720488 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Fremont Unified School District/Alameda County GO, Series B, Callable 01/21/26 at 100,<br> 4.00%, 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;$1875000 | $1875214 |
| Fresno Unified School District GO, Series B, Refunding, Callable 08/01/26 at 100,<br> 4.00%, 8/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 743080 |
| Gavilan Joint Community College District GO, Series C, Callable 08/01/32 at 100,<br> 5.00%, 8/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1804774 |
| Glendale Water Revenue, OID, Callable 01/31/26 at 100,<br> 3.50%, 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121297 |
| Golden State Tobacco Securitization Corp. Revenue, Refunding, Callable 12/01/31 at 100,<br> 5.00%, 6/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1975712 |
| Golden State Tobacco Securitization Corp. Revenue, Series A-1, Refunding,<br> 2.687%, 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282195 |
| Golden State Tobacco Securitization Corp. Revenue, Series A-1, Refunding,<br> 2.787%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2614740 |
| Goleta Union School District GO, Series B, Callable 08/01/32 at 100,<br> 5.25%, 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 613860 |
| Hayward Unified School District, Callable 08/01/27 at 100,<br> 5.25%, 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1451178 |
| Hayward Unified School District, Callable 08/01/27 at 100,<br> 5.25%, 8/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1009509 |
| Hayward Unified School District GO, Refunding, Callable 08/01/28 at 100,<br> 4.00%, 8/1/43, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548087 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Hesperia Public Financing Authority Revenue, OID, Callable 01/31/26 at 100,<br> 3.625%, 10/1/42 | $225000 | $202795 |
| Imperial Community College District GO, Series A, Callable 08/01/33 at 100,<br> 5.25%, 8/1/53, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975584 |
| Independent Cities Finance Authority Revenue , Refunding, Callable 05/15/29 at 100,<br> 5.00%, 5/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 933846 |
| Inglewood Unified School District GO, Series B, Callable 08/01/26 at 100,<br> 5.00%, 8/1/38, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1519973 |
| Irvine Facilities Financing Authority, Series A, Callable 09/01/33 at 100,<br> 5.00%, 9/1/48, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1817705 |
| Irvine Facilities Financing Authority Revenue, Callable 05/01/26 at 100,<br> 5.00%, 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 907372 |
| Irvine Facilities Financing Authority Revenue, Callable 05/01/26 at 100,<br> 5.25%, 5/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2285287 |
| Irvine Ranch Water District Water Service Corp., Callable 08/01/26 at 100,<br> 5.25%, 2/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2020342 |
| Kern High School District GO, Series E, OID,<br> 2.00%, 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98540 |
| Lancaster Financing Authority Revenue, Series A, Callable 05/01/34 at 100,<br> 5.00%, 5/1/54, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3117841 |
| Lemoore Union Elementary School District, OID, Callable 05/01/26 at 100,<br> 3.00%, 5/1/40, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21433 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| 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) | $340000 | $362609 |
| Lodi Unified School District GO, Series 2020, Callable 08/01/27 at 100,<br> 4.00%, 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20107 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;1123000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1136035 |
| Los Angeles County Facilities, Inc. Revenue , Series A, Unrefunded portion, Callable 12/01/28 at 100,<br> 5.00%, 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4095968 |
| Los Angeles County Public Works Financing Authority Revenue, Series D, Refunding, Callable 01/31/26 at 100,<br> 5.00%, 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150364 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437173 |
| Los Angeles County Schools Regionalized Business Services Corp., Series A-3, OID, Refunding, Callable 01/31/26 at 100,<br> 3.75%, 9/1/26, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10008 |
| Los Angeles Department of Airports Revenue, Refunding, Callable 05/15/29 at 100,<br> 5.00%, 5/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2092207 |
| Los Angeles Department of Airports Revenue, Series B, Refunding, Callable 05/15/31 at 100,<br> 5.00%, 5/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411997 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(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 | $255794 |
| Los Angeles Department of Water & Power Revenue, Series A, Callable 01/01/27 at 100,<br> 5.00%, 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3104845 |
| Los Angeles Department of Water & Power Revenue, Series B, Refunding, Callable 01/01/27 at 100,<br> 5.25%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2237077 |
| Los Angeles Department of Water & Power Water System Revenue, Series A, Refunding, Callable 01/01/26 at 100,<br> 5.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1755000 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3273360 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 559688 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp; 795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 870280 |
| Los Angeles Housing Authority Revenue, Series A,<br> 3.75%, 4/1/34, (FNMA COLL Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1258461 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5031 |

---

---

| | | |
|:---|:---|:---|
|  | **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 C,<br> 3.75%, 4/1/34, (FNMA COLL Insured) | &nbsp;&nbsp;&nbsp;&nbsp;$1775000 | $1816090 |
| Los Angeles Housing Authority Revenue , Series B, Callable 02/01/28 at 100,<br> 3.25%, 2/1/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1006501 |
| Los Angeles Municipal Improvement Corp. Revenue, Series B, Refunding, Callable 11/01/26 at 100,<br> 5.00%, 11/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425764 |
| Los Angeles Unified School District GO, Series A, Callable 01/31/26 at 100,<br> 4.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2999944 |
| Los Angeles Unified School District GO, Series B, Refunding, Callable 07/01/26 at 100,<br> 3.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270149 |
| Los Angeles Unified School District GO, Series B, Refunding, Callable 07/01/26 at 100,<br> 3.00%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1217966 |
| Los Angeles Unified School District GO, Series B-1, Callable 01/01/28 at 100,<br> 5.25%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2358887 |
| Lucia Mar Unified School District GO, Series B, Callable 08/01/28 at 100,<br> 5.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 764535 |
| Marin Healthcare District GO, Callable 01/31/26 at 100,<br> 4.00%, 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 999986 |
| Menlo Park City School District GO, Series A, Callable 07/01/33 at 100,<br> 5.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1522036 |
| Modesto Irrigation District Revenue, Refunding, Callable 10/01/26 at 100,<br> 5.00%, 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321001 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(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 | $592660 |
| Montebello Public Financing Authority Revenue, Series A, Callable 06/01/26 at 100,<br> 5.00%, 6/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1177700 |
| Moraga Elementary School District GO, Series A, Callable 08/01/32 at 100,<br> 5.00%, 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2094277 |
| Mountain View-Whisman School District GO, Series B, Callable 09/01/26 at 100,<br> 3.375%, 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1017277 |
| M-S-R Energy Authority Revenue, Series A,<br> 7.00%, 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4877603 |
| Norco Community Redevelopment Agency Successor Agency, OID, Refunding, Callable 01/31/26 at 100,<br> 3.25%, 3/1/28, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 620048 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp; 755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 766387 |
| Oakdale Joint Unified School District GO, Series A, OID, Callable 08/01/35 at 100,<br> 4.75%, 8/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25429 |
| Oakland Unified School District/Alameda County GO, Refunding, Callable 08/01/26 at 100,<br> 5.00%, 8/1/30, (BAM-TCRS Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1116329 |
| Oxnard Union High School District, OID, Callable 06/01/29 at 100,<br> 2.25%, 6/1/39, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266180 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Oxnard Union High School District GO, Series B, Callable 08/01/28 at 100,<br> 5.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;$1000000 | $1029120 |
| Palomar Health GO, Series B, Refunding, Callable 08/01/26 at 100,<br> 4.00%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185642 |
| Patterson Joint Unified School District GO, Series A, Callable 08/01/26 at 100,<br> 5.00%, 8/1/37, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500241 |
| Perris Public Financing Authority, Series B, OID, Refunding, Callable 01/31/26 at 100,<br> 3.75%, 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1620734 |
| Piedmont Unified School District GO, Series C, OID, Callable 08/01/31 at 100,<br> 2.125%, 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344555 |
| Pittsburg Successor Agency Redevelopment Agency, Series A, Refunding,<br> 5.00%, 9/1/26, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101528 |
| Pittsburg Unified School District Financing Authority Revenue, Callable 09/01/28 at 100,<br> 5.00%, 9/1/47, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 643848 |
| Pomona Revenue, Series BE, Refunding, Callable 05/01/27 at 100,<br> 5.00%, 5/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 592007 |
| Poway Redevelopment Agency Successor Agency, Series A, Refunding, Callable 01/31/26 at 100,<br> 5.00%, 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2194314 |
| Poway Unified School District Public Financing Authority, Series A, Refunding, Callable 09/01/32 at 100,<br> 5.00%, 9/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 798279 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Poway Unified School District Public Financing Authority, Series B, Refunding, Callable 09/01/30 at 100,<br> 5.00%, 9/1/35 | $750000 | $829483 |
| Poway Unified School District Public Financing Authority, Series B, Refunding, Callable 09/01/30 at 100,<br> 5.00%, 9/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236395 |
| Ravenswood City School District GO, Callable 08/01/26 at 100,<br> 5.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 754432 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;2050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2143096 |
| River Islands Public Financing Authority, Series 1, Refunding, Callable 09/01/29 at 103,<br> 5.00%, 9/1/42, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3603689 |
| Riverside Community College District, Callable 01/21/26 at 100,<br> 5.00%, 6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210233 |
| Riverside Community College District, Callable 01/21/26 at 100,<br> 5.00%, 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255255 |
| Riverside Community College District, Callable 01/21/26 at 100,<br> 5.00%, 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325304 |
| Riverside Community College District, Callable 01/21/26 at 100,<br> 5.25%, 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1671263 |
| Riverside Community College District, Callable 01/21/26 at 100,<br> 5.25%, 6/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2001090 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Riverside County Redevelopment Successor Agency, Series A, CAB, OID, Refunding, Callable 10/01/26 at 100,<br> 5.00%, 10/1/31, (BAM Insured) | $500000 | $509425 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;1090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1098230 |
| Riverside Electric Revenue,<br> 7.455%, 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2065000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2223639 |
| Riverside Unified School District, OID, Callable 09/01/31 at 103,<br> 5.00%, 9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424840 |
| Robla School District GO, Series A, Callable 08/01/27 at 100,<br> 5.00%, 8/1/44, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 815109 |
| Roseville Joint Union High School District GO, Series C, Callable 02/01/27 at 100,<br> 5.00%, 8/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2440860 |
| Sacramento Area Flood Control Agency, Refunding, Callable 10/01/26 at 100,<br> 5.00%, 10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513246 |
| Sacramento City Unified School District GO, Series A, Callable 08/01/30 at 100,<br> 5.50%, 8/1/52, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2094308 |
| Sacramento County Airport System Revenue, Series B, Refunding, Callable 07/01/26 at 100,<br> 5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 503832 |
| Sacramento Transient Occupancy Tax Revenue, Series A, Callable 06/01/28 at 100,<br> 5.00%, 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2276326 |
| Sacramento Transient Occupancy Tax Revenue, Series A, Callable 06/01/28 at 100,<br> 5.00%, 6/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5681007 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Sacramento Transient Occupancy Tax Revenue, Series C, Callable 06/01/28 at 100,<br> 5.00%, 6/1/43 | $650000 | $668461 |
| Sacramento Transient Occupancy Tax Revenue, Series C, Callable 06/01/28 at 100,<br> 5.00%, 6/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3239721 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2045988 |
| San Diego County, Callable 10/01/33 at 100,<br> 5.00%, 10/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500905 |
| San Diego County Regional Airport Authority Revenue, Series A, Callable 07/01/31 at 100,<br> 5.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1606356 |
| San Diego County Regional Airport Authority Revenue, Series A, Refunding, Callable 07/01/29 at 100,<br> 5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1214950 |
| San Diego Public Facilities Financing Authority Revenue, Series A, Refunding, Callable 08/01/28 at 100,<br> 5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3352220 |
| San Diego Unified School District GO, Series I, Callable 07/01/27 at 100,<br> 5.00%, 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2051370 |
| San Diego Unified School District GO, Series K-2, OID, CAB, Callable 07/01/27 at 77,<br> 0.00%, 7/1/34<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2006376 |

---

---

| | | |
|:---|:---|:---|
|  | **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 A, AMT, Unrefunded portion, Callable 05/01/27 at 100,<br> 5.00%, 5/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;$1785000 | $1789846 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1102589 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;6675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6852914 |
| 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2075044 |
| San Francisco City & County Public Utilities Commission Power Revenue, Series A, Callable 01/31/26 at 100,<br> 5.00%, 11/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115277 |
| San Francisco City & County Public Utilities Commission Wastewater Revenue, Series A, Callable 01/31/26 at 100,<br> 4.00%, 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1875093 |
| San Francisco City & County Public Utilities Commission Wastewater Revenue, Series A, Callable 01/31/26 at 100,<br> 4.00%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499987 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| San Francisco City & County Public Utilities Commission Wastewater Revenue, Series B, Refunding, Callable 01/31/26 at 100,<br> 4.00%, 10/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;$2650000 | $2490730 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151595 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625832 |
| San Francisco Public Utilities Commission Water Revenue, Refunding, Callable 11/01/33 at 100,<br> 5.25%, 11/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4855000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5212661 |
| San Jose Revenue, Series C, Callable 04/01/35 at 100,<br> 3.90%, 10/1/35, (FNMA COLL Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3063839 |
| San Mateo Joint Powers Financing Authority Revenue, Series A, Callable 07/15/28 at 100,<br> 5.00%, 7/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2329246 |
| San Mateo Union High School District GO, Series D, Callable 09/01/33 at 100,<br> 5.00%, 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1068045 |
| Sanger Unified School District, Refunding, Callable 06/01/29 at 100,<br> 5.00%, 6/1/45, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1966689 |
| Santa Clara Unified School District GO, Callable 07/01/26 at 100,<br> 3.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1148376 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Santa Clara Valley Water District Revenue, Series A, Refunding, Callable 06/01/30 at 100,<br> 5.00%, 6/1/50 | $765000 | $796737 |
| Santa Clarita Public Finance Authority Revenue, Series B, OID, Refunding, Callable 10/01/26 at 100,<br> 2.00%, 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19577 |
| Santa Cruz City Elementary School District GO, Series C, Callable 08/01/30 at 100,<br> 2.00%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 591537 |
| Santa Monica Community College District GO, Series A, Callable 08/01/28 at 100,<br> 5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 827637 |
| Santa Monica Public Financing Authority Revenue, Callable 07/01/27 at 100,<br> 5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3774923 |
| Santa Monica-Malibu Unified School District GO, Series A, Callable 08/01/33 at 100,<br> 5.00%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2297694 |
| Selma Unified School District GO, Series A, Callable 08/01/31 at 100,<br> 5.25%, 8/1/48, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 453832 |
| Selma Unified School District GO, Series B, Callable 08/01/33 at 100,<br> 5.00%, 8/1/49, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 635610 |
| Shasta Joint Powers Financing Authority Revenue, Series A, OID, Refunding, Callable 01/31/26 at 100,<br> 3.00%, 4/1/26, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10002 |
| South Tahoe Public Utility District Water Revenue, Callable 08/01/34 at 100,<br> 5.00%, 8/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52354 |
| Southern California Public Power Authority Revenue, Series A,<br> 5.25%, 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393759 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Southern California Water Replenishment District Revenue, Callable 08/01/28 at 100,<br> 5.00%, 8/1/48 | $250000 | $256137 |
| Stockton Unified School District, Refunding, Callable 02/01/28 at 100,<br> 5.00%, 2/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2149116 |
| Sweetwater Union High School District, OID, Refunding, Callable 09/01/27 at 100,<br> 3.00%, 9/1/29, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 712433 |
| Sweetwater Union High School District GO, Refunding, Callable 02/01/26 at 100,<br> 4.00%, 8/1/42, (BAM-TCRS Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1499935 |
| Tobacco Securitization Authority of Southern California Revenue, Refunding, Callable 12/01/29 at 100,<br> 5.00%, 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262850 |
| Town of Mammoth Lakes, Callable 06/01/34 at 100,<br> 5.00%, 6/1/44, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 538521 |
| Tracy Community Facilities District, Callable 09/01/35 at 100,<br> 5.00%, 9/1/54, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206277 |
| Travis Unified School District, Refunding, Callable 01/31/26 at 100,<br> 5.00%, 9/1/29, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20040 |
| Turlock Irrigation District Revenue, Refunding, Callable 01/01/30 at 100,<br> 5.00%, 1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206405 |
| University of California Revenue, Series AZ, Refunding, Callable 05/15/28 at 100,<br> 5.00%, 5/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 823439 |
| University of California Revenue, Series AZ, Refunding, Callable 05/15/28 at 100,<br> 5.00%, 5/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2027641 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| University of California Revenue, Series CD, Callable 11/15/35 at 100,<br> 5.50%, 5/15/40 | $750000 | $890273 |
| University of California Revenue, Series M, Callable 05/15/27 at 100,<br> 5.00%, 5/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1653238 |
| University of California Revenue, Series Q, Refunding, Callable 05/15/31 at 100,<br> 5.00%, 5/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3205647 |
| Vacaville Unified School District GO, Series C, Callable 08/01/26 at 100,<br> 5.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 793304 |
| Victor Valley Transit Authority, Refunding, Callable 07/01/26 at 100,<br> 5.00%, 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20274 |
| Washington Township Health Care District GO, Series B, OID, Callable 01/21/26 at 100,<br> 5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30008 |
| Washington Township Health Care District GO, Series DT, Refunding, Callable 08/01/26 at 100,<br> 4.00%, 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90647 |
| Washington Township Health Care District Revenue, Series A, Refunding,<br> 5.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 366061 |
| West Hollywood Public Financing Authority Revenue, Series A, Callable 04/01/30 at 100,<br> 5.00%, 4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 835357 |
| Western Placer Unified School District GO, Series B, Callable 08/01/26 at 100,<br> 5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358182 |
| Whittier Union High School District GO, CAB, OID, Refunding, Callable 08/01/26 at 85,<br> 0.00%, 8/1/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 474946 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Whittier Union High School District GO, Series C, Callable 08/01/33 at 100,<br> 5.00%, 8/1/43 | $635000 | $695919 |
| William S Hart Union High School District GO, Series C, OID, Callable 02/01/26 at 100,<br> 3.50%, 8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 479981 |
| Yuba Levee Financing Authority Revenue, Series A, Refunding, Callable 09/01/26 at 100,<br> 5.00%, 9/1/29, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20332 |
| Yuba Levee Financing Authority Revenue, Series A, Refunding, Callable 09/01/26 at 100,<br> 5.00%, 9/1/30, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25410 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352758814 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2958862 |
| **Connecticut — 0.6%** | **Connecticut — 0.6%** | **Connecticut — 0.6%** |
| Connecticut Housing Finance Authority Revenue, Series 1, Refunding, Callable 11/15/28 at 100,<br> 2.60%, 11/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685116 |
| Connecticut State Health & Educational Facilities Authority Revenue, Callable 01/21/26 at 100,<br> 5.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650161 |
| Connecticut State Health & Educational Facilities Authority Revenue, Series L, Refunding, Callable 01/31/26 at 100,<br> 5.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500518 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2835795 |
| **Delaware — 0.3%** | **Delaware — 0.3%** | **Delaware — 0.3%** |
| Delaware State Economic Development Authority Revenue, Series B, Refunding,<br> 4.00%, 10/1/40<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1504343 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Illinois — 1.3%** | **Illinois — 1.3%** | **Illinois — 1.3%** |
| Illinois Finance Authority Revenue, Refunding, Callable 02/01/26 at 100,<br> 3.90%, 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;$5000000 | $5002728 |
| Illinois Finance Authority Revenue, Series A, Callable 08/15/32 at 100,<br> 5.00%, 8/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405991 |
| Lake County School District No 1 Winthrop Harbor GO, Refunding, Callable 02/01/26 at 100,<br> 4.00%, 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380321 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5789040 |
| **Iowa — 0.0%** | **Iowa — 0.0%** | **Iowa — 0.0%** |
| Iowa Finance Authority Revenue, Series C, Refunding, Callable 01/21/26 at 100,<br> 5.00%, 2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150365 |
| **Minnesota — 0.0%** | **Minnesota — 0.0%** | **Minnesota — 0.0%** |
| Minneapolis Revenue, Series A, Refunding, Callable 01/21/26 at 100,<br> 5.00%, 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100078 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2515667 |
| Monarch-Chesterfield Levee District, Refunding, Callable 01/31/26 at 100,<br> 5.00%, 3/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1385556 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3901223 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000415 |
| **New York — 0.7%** | **New York — 0.7%** | **New York — 0.7%** |
| New York City Housing Development Corp. Revenue, Series 1,<br> 3.45%, 11/1/28, (REMIC FHA 542c Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349451 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(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 Housing Development Corp. Revenue, Series 2A, Callable 01/22/26 at 100,<br> 3.40%, 11/1/62, (REMIC FHA 542c Insured)<sup>(a)</sup> | $350000 | $350030 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;1370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1421783 |
| New York GO, Series A-1, Callable 08/01/31 at 100,<br> 5.00%, 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1003336 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3124600 |
| **Ohio — 1.4%** | **Ohio — 1.4%** | **Ohio — 1.4%** |
| State of Ohio Revenue, Series A, Refunding, Callable 02/01/26 at 100,<br> 5.00%, 1/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1800389 |
| Toledo Water System Revenue, Callable 11/15/26 at 100,<br> 5.00%, 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3594450 |
| University of Akron/The Revenue, Series A, Refunding, Callable 07/01/26 at 100,<br> 5.00%, 1/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1106118 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6500957 |
| **Oklahoma — 0.6%** | **Oklahoma — 0.6%** | **Oklahoma — 0.6%** |
| University of Oklahoma/The Revenue, Series C, Callable 01/12/26 at 100,<br> 5.00%, 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2611657 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1041413 |
| 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>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1392416 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2433829 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Pennsylvania — 2.1%** | **Pennsylvania — 2.1%** | **Pennsylvania — 2.1%** |
| 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;&nbsp;&nbsp;$2125000 | $2206803 |
| North Penn School District GO, Callable 03/01/30 at 100,<br> 5.00%, 3/1/50, (ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1622165 |
| Pennsylvania Economic Development Financing Authority Revenue, AMT, OID, Callable 12/31/32 at 100,<br> 5.00%, 12/31/57, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 622381 |
| Pennsylvania Turnpike Commission Revenue, Series A, Callable 12/01/29 at 100,<br> 5.00%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1647793 |
| Pennsylvania Turnpike Commission Revenue , Series 1, Callable 06/01/26 at 100,<br> 5.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2631917 |
| Philadelphia GO, Refunding, Callable 08/01/27 at 100,<br> 5.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1162409 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9893468 |
| **South Carolina — 1.2%** | **South Carolina — 1.2%** | **South Carolina — 1.2%** |
| Orangeburg County Facilities Corp. Revenue, Refunding, Callable 12/01/27 at 100,<br> 5.00%, 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1605439 |
| South Carolina Ports Authority Revenue, Series A, Callable 07/01/29 at 100,<br> 5.00%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1265310 |
| University of South Carolina Revenue, Series A, Callable 05/01/31 at 100,<br> 5.00%, 5/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2495931 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5366680 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Texas — 1.5%** | **Texas — 1.5%** | **Texas — 1.5%** |
| El Paso GO, Callable 08/15/26 at 100,<br> 5.00%, 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;$1500000 | $1510075 |
| Harris Toll Road County Revenue, Series A, Senior Series, Refunding, Callable 02/15/28 at 100,<br> 5.00%, 8/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2882196 |
| Texas Municipal Gas Acquisition & Supply Corp. III Revenue, Refunding,<br> 5.00%, 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516815 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1946526 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6855612 |
| **Washington — 0.9%** | **Washington — 0.9%** | **Washington — 0.9%** |
| Bellevue GO, Refunding, Callable 01/21/26 at 100,<br> 4.00%, 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2316661 |
| King County Sewer Revenue, Series A, Refunding, Callable 01/21/26 at 100,<br> 4.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000062 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4316723 |
| &nbsp;&nbsp;&nbsp;TOTAL MUNICIPAL BONDS<br> (Cost $412,948,259) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412102461 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value/<br> Shares** |  |
| **PREFERREDS — 7.8%** | **PREFERREDS — 7.8%** | **PREFERREDS — 7.8%** |
| **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** |
| General Motors Financial Co., Inc., 5.75%, 9/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 864764 |
| **Energy — 0.2%** | **Energy — 0.2%** | **Energy — 0.2%** |
| BP Capital Markets PLC, 6.45%, 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1066106 |
| **Financials — 7.4%** | **Financials — 7.4%** | **Financials — 7.4%** |
| Bank of America Corp., 6.625%, 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3076154 |
| Bank of New York Mellon Corp. (The), 3.70%, 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 847956 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value/<br> Shares** | **Value** |
| **PREFERREDS — (Continued)** | **PREFERREDS — (Continued)** | **PREFERREDS — (Continued)** |
| **Financials — (Continued)** | **Financials — (Continued)** | **Financials — (Continued)** |
| Bank of New York Mellon Corp. (The), 4.625%, 9/20/26 | $875000 | $869966 |
| Bank of New York Mellon Corp. (The), 6.15%, 3/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339863 |
| Bank of New York Mellon Corp. (The), 6.30%, 3/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1556259 |
| Citigroup, Inc., 7.625%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1635750 |
| Citigroup, Inc., 6.75%, 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2853113 |
| Citigroup, Inc., 6.875%, 8/15/30<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1585619 |
| Citigroup, Inc., 6.625%, 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1675420 |
| Goldman Sachs Group, Inc. (The), 6.125%, 11/10/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4362268 |
| KKR & Co., Inc., 6.875%, 6/1/65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3832500 |
| M&T Bank Corp., 6.35%, 12/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3461534 |
| Morgan Stanley, 6.875%, 4/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1042542 |
| Northern Trust Corp., 4.60%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1696936 |
| State Street Corp., 5.35%, 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 449000 |
| State Street Corp., 6.45%, 9/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2280925 |
| Wells Fargo & Co., 3.90%, 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349125 |
| Wells Fargo & Co., 6.85%, 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2465305 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34380235 |
| &nbsp;&nbsp;&nbsp;TOTAL PREFERREDS<br> (Cost $34,951,784) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36311105 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** |  |
| **U.S. TREASURY OBLIGATIONS — 1.5%** | **U.S. TREASURY OBLIGATIONS — 1.5%** | **U.S. TREASURY OBLIGATIONS — 1.5%** |
| United States Treasury Floating Rate Notes,<br> 3.847% (3 Month U.S. Treasury Money Market Yield + 25 bps), 1/31/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6999891 |
| &nbsp;&nbsp;&nbsp;U.S. TREASURY OBLIGATIONS<br> (Cost $7,000,552) | &nbsp;&nbsp;&nbsp;U.S. TREASURY OBLIGATIONS<br> (Cost $7,000,552) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6999891 |
| **CORPORATE BONDS — 0.4%** | **CORPORATE BONDS — 0.4%** | **CORPORATE BONDS — 0.4%** |
| **Financials — 0.3%** | **Financials — 0.3%** | **Financials — 0.3%** |
| Zions Bancorp NA, 6.816%, 11/19/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1597102 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Concluded)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| Hudson Pacific Properties LP, REIT, 4.65%, 4/1/29 | $500000 | $462650 |
| &nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS<br> (Cost $1,936,665) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2059752 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** |  |
| **EXCHANGE TRADED FUNDS — 1.0%** | **EXCHANGE TRADED FUNDS — 1.0%** | **EXCHANGE TRADED FUNDS — 1.0%** |
| SPDR Portfolio High Yield Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4734000 |
| &nbsp;&nbsp;&nbsp;TOTAL EXCHANGE TRADED FUNDS<br> (Cost $4,591,706) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4734000 |
| **SHORT-TERM INVESTMENT — 0.2%** | **SHORT-TERM INVESTMENT — 0.2%** | **SHORT-TERM INVESTMENT — 0.2%** |
| Dreyfus Government Cash Management Fund, Institutional Shares, 3.65%<sup>(e)</sup> | 1204898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1204898 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $1,204,898) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1204898 |
| TOTAL INVESTMENTS - 99.1%<br> (Cost $462,633,864) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463412107 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4116411 |
| NET ASSETS - 100.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;$467528518 |

---

------

(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 December 31, 2025, these securities amounted to $150,775 or 0.03% of net assets. These
securities have been determined by the Fund's adviser to be liquid securities.

(c) Zero coupon bond.

(d) Non-voting shares.

(e) Rate disclosed is the 7-day yield at December 31, 2025.

---

| | |
|:---|:---|
| 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 |
| FNMA | Federal National Mortgage Association |
| GO | General Obligation |
| HUD SECT 8 | Housing and Urban Development Section 8 |
| LP | Limited Partnership |
| NATL | National Public Finance Guarantee Corp. |
| 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 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — 79.6%** | **MUNICIPAL BONDS — 79.6%** | **MUNICIPAL BONDS — 79.6%** |
| **Alabama — 1.9%** | **Alabama — 1.9%** | **Alabama — 1.9%** |
| Birmingham-Jefferson Civic Center Authority, Series B, Callable 07/01/28 at 100,<br> 5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;$1750000 | $1768587 |
| Black Belt Energy Gas District Revenue, Series D,<br> 5.00%, 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1014712 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;2150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2300218 |
| Jefferson County Revenue, Refunding, Callable 03/15/27 at 100,<br> 5.00%, 9/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 870171 |
| Marshall County GO,<br> 5.00%, 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96853 |
| Marshall County GO,<br> 5.00%, 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109444 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;1665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1684963 |
| Southeast Energy Authority A Cooperative District Revenue, Series B,<br> 4.00%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535142 |
| UAB Medicine Finance Authority Revenue, Series B-2, Refunding, Callable 03/01/27 at 100,<br> 5.00%, 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511487 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8891577 |
| **Arizona — 0.2%** | **Arizona — 0.2%** | **Arizona — 0.2%** |
| Phoenix Civic Improvement Corp. Revenue, Series A, Callable 07/01/29 at 100,<br> 5.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1068208 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1019628 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — 3.5%** | **California — 3.5%** | **California — 3.5%** |
| 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;&nbsp;&nbsp;$2000000 | $2029285 |
| California Municipal Finance Authority Revenue, Callable 09/01/32 at 100,<br> 5.25%, 9/1/54, (CA MTG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1046415 |
| Escondido Union School District GO, Series B, Callable 08/01/27 at 100,<br> 4.00%, 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 964638 |
| Folsom Cordova Unified School District School Facilities Improvement Dist No 5 GO, Series A, OID, Unrefunded portion, Callable 01/21/26 at 100,<br> 4.00%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255013 |
| Los Angeles Department of Water & Power Revenue, Series A, Callable 01/01/27 at 100,<br> 5.00%, 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1004804 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;1990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2004303 |
| Merced City School District GO, Callable 08/01/28 at 100,<br> 5.00%, 8/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1910382 |
| M-S-R Energy Authority Revenue, Series A,<br> 7.00%, 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1707161 |
| Natomas Unified School District GO, OID, Callable 08/01/26 at 100,<br> 3.00%, 8/1/43, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 777232 |
| Sacramento Transient Occupancy Tax Revenue, Series C, Callable 06/01/28 at 100,<br> 5.00%, 6/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1137729 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(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 B, Refunding, Callable 05/01/29 at 100,<br> 5.00%, 5/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;$2000000 | $2053308 |
| Turlock Unified School District GO, OID, Callable 08/01/26 at 100,<br> 3.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 852977 |
| West Hollywood Public Financing Authority Revenue, Series A, Callable 04/01/30 at 100,<br> 5.00%, 4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42031 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15785278 |
| **Colorado — 3.4%** | **Colorado — 3.4%** | **Colorado — 3.4%** |
| Bradburn Metropolitan District No 3 GO, Refunding, Callable 12/01/26 at 100,<br> 4.50%, 12/1/36, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 708016 |
| City & County of Denver Airport System Revenue, Series B, Refunding, Callable 11/15/32 at 100,<br> 5.00%, 11/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780821 |
| Colorado Health Facilities Authority Revenue, Callable 05/15/28 at 100,<br> 5.00%, 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1852514 |
| Colorado Health Facilities Authority Revenue, Series A, Refunding, Callable 05/15/26 at 100,<br> 5.00%, 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1259753 |
| Colorado Health Facilities Authority Revenue, Series A, Refunding, Callable 11/01/29 at 100,<br> 5.00%, 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 892509 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165716 |

---

---

| | | |
|:---|:---|:---|
|  | **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%, 12/1/34, (BAM Insured) | $170000 | $187032 |
| Colorado International Center Metropolitan District No 3 GO, Refunding, Callable 12/01/30 at 103,<br> 5.00%, 12/1/35, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109433 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243637 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 374825 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 626401 |
| Colorado School of Mines Revenue, Series A, Callable 12/01/27 at 100,<br> 5.00%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515063 |
| Colorado School of Mines Revenue, Series B, Callable 12/01/27 at 100,<br> 5.00%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3571040 |
| Colorado State, Callable 12/15/32 at 100,<br> 6.00%, 12/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 863215 |
| Colorado State, Series A, Callable 12/15/28 at 100,<br> 5.00%, 12/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210021 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355298 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Colorado — (Continued)** | **Colorado — (Continued)** | **Colorado — (Continued)** |
| Fort Collins Electric Utility Enterprise Revenue, Series A, Callable 06/01/28 at 100,<br> 5.00%, 12/1/35 | $950000 | $995033 |
| Fossil Ridge Metropolitan District No 3 GO, Callable 12/01/30 at 103,<br> 5.00%, 12/1/45, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314881 |
| North Holly Metropolitan District GO, Refunding, Callable 12/01/30 at 100,<br> 5.00%, 12/1/45, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280101 |
| Riverdale Ranch Metropolitan District GO, Refunding, Callable 03/01/30 at 103,<br> 5.25%, 12/1/45, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266166 |
| Town of Breckenridge, Callable 12/01/32 at 100,<br> 5.00%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319293 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 562726 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264044 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15717538 |
| **Connecticut — 0.7%** | **Connecticut — 0.7%** | **Connecticut — 0.7%** |
| Connecticut Housing Finance Authority Revenue, Series D-1,<br> 2.95%, 5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80354 |
| Connecticut Housing Finance Authority Revenue, Series D-1,<br> 3.00%, 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69839 |
| Connecticut Housing Finance Authority Revenue, Series D-1,<br> 3.00%, 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45007 |
| Connecticut Housing Finance Authority Revenue, Series D-1,<br> 3.10%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94688 |
| Connecticut Housing Finance Authority Revenue, Series D-1,<br> 3.15%, 5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94665 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Connecticut — (Continued)** | **Connecticut — (Continued)** | **Connecticut — (Continued)** |
| Connecticut State Health & Educational Facilities Authority Revenue, Callable 01/21/26 at 100,<br> 5.00%, 7/1/45 | $500000 | $500124 |
| Connecticut State Health & Educational Facilities Authority Revenue, Series L, Refunding, Callable 01/31/26 at 100,<br> 5.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2460850 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3345527 |
| **Delaware — 0.5%** | **Delaware — 0.5%** | **Delaware — 0.5%** |
| Delaware State Economic Development Authority Revenue, Series B, Refunding,<br> 4.00%, 10/1/40<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1504342 |
| Delaware State Housing Authority Revenue, Series A,<br> 3.35%, 1/1/27, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100352 |
| Delaware State Housing Authority Revenue, Series A,<br> 3.35%, 7/1/27, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306717 |
| Delaware State Housing Authority Revenue, Series A,<br> 3.375%, 1/1/28, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80598 |
| Delaware State Housing Authority Revenue, Series A,<br> 3.40%, 7/1/28, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181302 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2173311 |
| **District of Columbia — 1.4%** | **District of Columbia — 1.4%** | **District of Columbia — 1.4%** |
| District of Columbia GO, Series A, Callable 06/01/28 at 100,<br> 5.00%, 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 609136 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **District of Columbia — (Continued)** | **District of Columbia — (Continued)** | **District of Columbia — (Continued)** |
| District of Columbia GO, Series D, Callable 06/01/27 at 100,<br> 5.00%, 6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;$1400000 | $1422402 |
| District of Columbia Revenue, Refunding, Callable 01/21/26 at 100,<br> 5.00%, 7/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000603 |
| District of Columbia Water & Sewer Authority Revenue, Series A, Callable 10/01/29 at 100,<br> 5.00%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 705782 |
| Washington Metropolitan Area Transit Authority Dedicated Revenue, Series A, Callable 07/15/30 at 100,<br> 5.00%, 7/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514188 |
| Washington Metropolitan Area Transit Authority Revenue, Series B, Callable 07/01/27 at 100,<br> 5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2045000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2077064 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6329175 |
| **Florida — 3.9%** | **Florida — 3.9%** | **Florida — 3.9%** |
| Central Florida Expressway Authority Revenue, Senior Series, Refunding, Callable 07/01/28 at 100,<br> 5.00%, 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585456 |
| Clearwater Water & Sewer Revenue, Refunding, Callable 12/01/26 at 100,<br> 5.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1032960 |
| Escambia County Housing Finance Authority Revenue,<br> 3.80%, 6/1/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1504819 |
| Florida Housing Finance Corp. Revenue, Series 1,<br> 2.95%, 7/1/27, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450243 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Florida — (Continued)** | **Florida — (Continued)** | **Florida — (Continued)** |
| Florida Housing Finance Corp. Revenue, Series 1,<br> 3.00%, 1/1/28, (GNMA/FNMA/FHLMC Insured) | $200000 | $200052 |
| Florida Housing Finance Corp. Revenue, Series 1,<br> 3.00%, 7/1/28, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235130 |
| Florida Housing Finance Corp. Revenue, Series 1,<br> 3.10%, 1/1/29, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 713700 |
| Florida Housing Finance Corp. Revenue, Series 1,<br> 3.125%, 7/1/29, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412925 |
| Lakeland Department of Electric Utilities Revenue, Refunding, Callable 04/01/26 at 100,<br> 2.75%, 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246409 |
| Miami-Dade County Educational Facilities Authority Revenue, Series A, Callable 04/01/28 at 100,<br> 5.00%, 4/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1008569 |
| Miami-Dade County Educational Facilities Authority Revenue, Series A, Callable 04/01/28 at 100,<br> 5.00%, 4/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1423875 |
| 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> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3478827 |
| Miami-Dade County Water & Sewer System Revenue, Series B, Callable 10/01/29 at 100,<br> 5.00%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 987326 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Florida — (Continued)** | **Florida — (Continued)** | **Florida — (Continued)** |
| Pasco County Revenue, Callable 03/01/33 at 100,<br> 5.75%, 9/1/54, (AG Insured) | $570000 | $611137 |
| Putnam County Development Authority Revenue, Series B, Refunding, Callable 05/01/28 at 100,<br> 5.00%, 3/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1082125 |
| Tampa Bay Water Revenue, Series A, Callable 10/01/34 at 100,<br> 5.25%, 10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3186260 |
| Wildwood Utility Dependent District Revenue, Callable 10/01/31 at 100,<br> 5.00%, 10/1/41, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 847759 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18007572 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2007574 |
| **Illinois — 5.1%** | **Illinois — 5.1%** | **Illinois — 5.1%** |
| Chicago O'Hare International Airport Revenue, Series B, Senior Series, Refunding, Callable 01/01/26 at 100,<br> 5.00%, 1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 745852 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp; 985000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 998443 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1300734 |
| Chicago O'Hare International Airport Revenue, Series D, Senior Series, Callable 01/01/27 at 100,<br> 5.25%, 1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60902 |

---

---

| | | |
|:---|:---|:---|
|  | **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 D, Senior Series, Callable 01/01/27 at 100,<br> 5.00%, 1/1/47 | $100000 | $100306 |
| Chicago O'Hare International Airport Revenue, Series D, Senior Series, Callable 01/01/27 at 100,<br> 5.00%, 1/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3007604 |
| Chicago Transit Authority Sales Tax Receipts Fund Revenue, Callable 12/01/26 at 100,<br> 5.00%, 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4089840 |
| Chicago Waterworks Revenue, Series 2017-2, Refunding, Callable 11/01/27 at 100,<br> 5.00%, 11/1/33, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361205 |
| Illinois Finance Authority Revenue, Refunding, Callable 02/01/26 at 100,<br> 3.90%, 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2001091 |
| Illinois Finance Authority Revenue, Series A, Callable 08/15/32 at 100,<br> 5.00%, 8/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 608987 |
| Illinois Finance Authority Revenue, Series A, Refunding, Callable 08/15/31 at 100,<br> 5.00%, 8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1298444 |
| Illinois Housing Development Authority Revenue, Series G, Callable 04/01/32 at 100,<br> 5.00%, 10/1/46, (GNMA/FNMA/FHLMC COLL Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 404811 |
| Illinois State GO, OID, Callable 05/01/30 at 100,<br> 5.50%, 5/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513831 |
| Illinois State Toll Highway Authority Revenue, Series A, Callable 01/01/28 at 100,<br> 5.00%, 1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1011064 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Illinois — (Continued)** | **Illinois — (Continued)** | **Illinois — (Continued)** |
| Illinois State Toll Highway Authority Revenue, Series B, Callable 01/31/26 at 100,<br> 5.00%, 1/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;$1500000 | $1501414 |
| Illinois State Toll Highway Authority Revenue, Series B, Senior Series, Callable 07/01/26 at 100,<br> 5.00%, 1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 603225 |
| Macon County School District No 61 Decatur GO,<br> 4.00%, 12/1/28, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 613597 |
| Sales Tax Securitization Corp. Revenue, Series C, Refunding, Callable 01/01/29 at 100,<br> 5.25%, 1/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292818 |
| State of Illinois GO, Callable 06/01/26 at 100,<br> 4.00%, 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 831918 |
| State of Illinois GO, OID, Callable 01/31/26 at 100,<br> 3.75%, 1/1/34, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1075218 |
| State of Illinois GO, Series A, Callable 03/01/31 at 100,<br> 4.00%, 3/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 988629 |
| Western Illinois University Revenue, Refunding,<br> 4.00%, 4/1/28, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 886767 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23296700 |
| **Indiana — 2.0%** | **Indiana — 2.0%** | **Indiana — 2.0%** |
| Indiana Bond Bank Revenue, Series A-1, Refunding, Callable 08/15/33 at 100,<br> 5.00%, 8/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1770922 |
| Indiana Finance Authority Revenue, Series A, Refunding, Callable 01/31/26 at 100,<br> 5.00%, 2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305366 |
| Indiana Municipal Power Agency Revenue, Series C, Refunding, Callable 07/01/26 at 100,<br> 5.00%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 503592 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Indiana — (Continued)** | **Indiana — (Continued)** | **Indiana — (Continued)** |
| Indianapolis Local Public Improvement Bond Bank Revenue, Series A, Callable 02/01/29 at 100,<br> 5.00%, 2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;$1000000 | $1023855 |
| Johnson County Redevelopment Authority Revenue, Callable 07/15/33 at 100,<br> 5.00%, 7/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1505637 |
| Northern Indiana Commuter Transportation District Revenue, Callable 07/01/26 at 100,<br> 5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3365060 |
| Sunman-Dearborn High School Building Corp. Revenue, Callable 07/15/33 at 100,<br> 5.00%, 1/15/44, (ST INTERCEPT Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 629299 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9103731 |
| **Iowa — 0.6%** | **Iowa — 0.6%** | **Iowa — 0.6%** |
| Iowa Finance Authority Revenue, Series A, Refunding,<br> 1.15%, 7/1/29, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228777 |
| Iowa Finance Authority Revenue, Series C, Refunding, Callable 01/21/26 at 100,<br> 5.00%, 2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501216 |
| Iowa State Board of Regents Revenue, Refunding, Callable 09/01/29 at 100,<br> 2.00%, 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 910705 |
| PEFA, Inc. Revenue, Callable 06/01/26 at 101,<br> 5.00%, 9/1/49<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1306697 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2947395 |
| **Kansas — 0.9%** | **Kansas — 0.9%** | **Kansas — 0.9%** |
| 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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 394284 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Kansas — (Continued)** | **Kansas — (Continued)** | **Kansas — (Continued)** |
| 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) | $800000 | $826782 |
| University of Kansas Hospital Authority Revenue, Refunding, Callable 01/21/26 at 100,<br> 5.00%, 9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501977 |
| University of Kansas Hospital Authority Revenue, Refunding, Callable 01/21/26 at 100,<br> 5.00%, 9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500766 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4223809 |
| **Louisiana — 0.2%** | **Louisiana — 0.2%** | **Louisiana — 0.2%** |
| Shreveport Water & Sewer Revenue, Refunding, Callable 01/28/26 at 100,<br> 5.00%, 12/1/35, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 816317 |
| **Maine — 0.1%** | **Maine — 0.1%** | **Maine — 0.1%** |
| Portland General Airport Revenue, Refunding,<br> 5.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347174 |
| **Maryland — 0.9%** | **Maryland — 0.9%** | **Maryland — 0.9%** |
| Baltimore Revenue, Series A, Callable 01/01/27 at 100,<br> 5.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2664311 |
| Baltimore Revenue, Series A, Callable 01/01/27 at 100,<br> 5.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1382426 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4046737 |
| **Massachusetts — 1.6%** | **Massachusetts — 1.6%** | **Massachusetts — 1.6%** |
| Commonwealth of Massachusetts GO, Series C, Callable 05/01/29 at 100,<br> 5.00%, 5/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1406556 |
| Massachusetts Bay Transportation Authority Sales Tax Revenue, Series A, Senior Series, Refunding, Callable 07/01/34 at 100,<br> 5.00%, 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 858924 |

---

---

| | | |
|:---|:---|:---|
|  | **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-2, Refunding, Callable 07/01/27 at 100,<br> 5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;$3500000 | $3590081 |
| Massachusetts School Building Authority Revenue, Series B, Senior Series, Callable 11/15/26 at 100,<br> 5.00%, 11/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1477738 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7333299 |
| **Michigan — 1.8%** | **Michigan — 1.8%** | **Michigan — 1.8%** |
| Grand Rapids Public Schools GO, Callable 05/01/29 at 100,<br> 5.00%, 11/1/41, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1039117 |
| Karegnondi Water Authority Revenue, Refunding, Callable 11/01/27 at 100,<br> 5.00%, 11/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1149865 |
| Karegnondi Water Authority Revenue, Refunding, Callable 11/01/27 at 100,<br> 5.00%, 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 718816 |
| Lansing Board of Water & Light Revenue, Series A, Refunding, Callable 07/01/29 at 100,<br> 5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515740 |
| Michigan Finance Authority Revenue, Refunding, Callable 11/15/26 at 100,<br> 5.00%, 11/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025429 |
| Michigan Finance Authority Revenue, Series A, Refunding, Callable 12/01/29 at 100,<br> 5.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104432 |
| Michigan State Building Authority Revenue, Series I, Refunding, Callable 10/15/26 at 100,<br> 5.00%, 10/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1006242 |
| Michigan State Building Authority Revenue, Series I, Refunding, Callable 10/15/32 at 100,<br> 5.00%, 10/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 519451 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Michigan — (Continued)** | **Michigan — (Continued)** | **Michigan — (Continued)** |
| Warren Consolidated Schools GO, Callable 05/01/32 at 100,<br> 5.00%, 5/1/42, (Q-SBLF Insured) | $360000 | $384257 |
| Wayne State University Revenue, Series A, Refunding,<br> 5.00%, 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 693370 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8156719 |
| **Minnesota — 0.4%** | **Minnesota — 0.4%** | **Minnesota — 0.4%** |
| 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;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141699 |
| Minneapolis Revenue, Series A, Refunding, Callable 01/21/26 at 100,<br> 5.00%, 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100078 |
| Minneapolis-St Paul Metropolitan Airports Commission Revenue, Series A, Refunding, Callable 07/01/29 at 100,<br> 5.00%, 1/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1539828 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1781605 |
| **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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1006087 |
| Mississippi Home Corp. Revenue, Series C,<br> 3.95%, 12/1/31, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 847393 |
| Mississippi Home Corp. Revenue, Series C,<br> 4.00%, 6/1/32, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361756 |
| State of Mississippi Gaming Tax Revenue, Series E, Callable 01/31/26 at 100,<br> 5.00%, 10/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 915947 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3131183 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Missouri — 1.2%** | **Missouri — 1.2%** | **Missouri — 1.2%** |
| Jasper County Reorganized School District No R-IX Carthage, Refunding,<br> 4.00%, 4/1/27 | $40000 | $40452 |
| Missouri Joint Municipal Electric Utility Commission Revenue , Series A, Refunding, Callable 06/01/26 at 100,<br> 5.00%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2515667 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 936600 |
| Monarch-Chesterfield Levee District, Refunding, Callable 01/31/26 at 100,<br> 5.00%, 3/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100442 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 463166 |
| St Louis Municipal Finance Corp. Revenue, OID, Refunding, Callable 10/01/27 at 100,<br> 3.50%, 10/1/37, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 546385 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5602712 |
| **Nebraska — 1.9%** | **Nebraska — 1.9%** | **Nebraska — 1.9%** |
| Central Plains Energy Project Revenue, Series 1, Callable 07/01/29 at 100,<br> 5.00%, 5/1/53<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2191655 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1066901 |
| Nebraska Public Power District Revenue, Series D, Refunding, Callable 01/31/26 at 100,<br> 5.00%, 1/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2470581 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Nebraska — (Continued)** | **Nebraska — (Continued)** | **Nebraska — (Continued)** |
| Otoe County School District No 501 GO, Callable 06/26/29 at 100,<br> 5.00%, 12/15/42 | $700000 | $725455 |
| York School District GO, Callable 12/23/29 at 100,<br> 5.00%, 12/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2172118 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8626710 |
| **Nevada — 1.3%** | **Nevada — 1.3%** | **Nevada — 1.3%** |
| Clark County Department of Aviation Revenue, Series A-2, Refunding, Callable 07/01/27 at 100,<br> 5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 561632 |
| Las Vegas Convention & Visitors Authority Revenue, Series B, Callable 07/01/32 at 100,<br> 5.25%, 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4628014 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605410 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5795056 |
| **New Hampshire — 0.5%** | **New Hampshire — 0.5%** | **New Hampshire — 0.5%** |
| Dover GO, Series A, Callable 06/15/26 at 100,<br> 3.00%, 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000414 |
| New Hampshire Business Finance Authority Revenue, Series A,<br> 5.00%, 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330880 |
| New Hampshire Health and Education Facilities Authority Act Revenue, Refunding, Callable 01/31/26 at 100,<br> 5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750545 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2081839 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **New Jersey — 0.4%** | **New Jersey — 0.4%** | **New Jersey — 0.4%** |
| Atlantic City GO, Series A, Refunding, Callable 03/01/27 at 100,<br> 5.00%, 3/1/32, (BAM ST AID WITHHLDG Insured) | $250000 | $256198 |
| Borough of South Plainfield, Series B, Refunding,<br> 4.00%, 8/7/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1634636 |
| Garden State Preservation Trust Revenue, Series A,<br> 5.75%, 11/1/28, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158787 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2049621 |
| **New York — 9.5%** | **New York — 9.5%** | **New York — 9.5%** |
| Berlin Central School District,<br> 4.00%, 8/21/26, (ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10068 |
| Empire State Development Corp. Revenue, Refunding, Callable 09/15/30 at 100,<br> 5.00%, 3/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1309119 |
| Empire State Development Corp. Revenue, Refunding, Callable 09/15/30 at 100,<br> 5.00%, 3/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 551319 |
| Hudson Yards Infrastructure Corp. Revenue, Series A, Refunding, Callable 02/15/27 at 100,<br> 5.00%, 2/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4223205 |
| Long Island Power Authority Revenue, Series B, Refunding, Callable 09/01/26 at 100,<br> 5.00%, 9/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1005065 |
| Metropolitan Transportation Authority Revenue, Series 1, OID, Refunding, Callable 05/15/30 at 100,<br> 5.00%, 11/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1518373 |
| Metropolitan Transportation Authority Revenue, Series C-1, Refunding, Callable 11/15/26 at 100,<br> 5.00%, 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167753 |
| Montgomery County, Refunding,<br> 3.75%, 7/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2203665 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(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 Housing Development Corp. Revenue, Series 2A, Callable 01/22/26 at 100,<br> 3.40%, 11/1/62, (REMIC FHA 542c Insured)<sup>(a)</sup> | $150000 | $150013 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 574405 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;1550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1611365 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 394928 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1037798 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Series D-S, Callable 11/01/30 at 100,<br> 4.00%, 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 938659 |
| New York Convention Center Development Corp. Revenue, Refunding, Callable 01/31/26 at 100,<br> 5.00%, 11/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500028 |
| New York GO, Series 1, Callable 12/01/26 at 100,<br> 5.00%, 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101461 |
| New York GO, Series A-1, Callable 08/01/31 at 100,<br> 5.00%, 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2907626 |
| New York GO, Series B, Callable 10/01/32 at 100,<br> 5.25%, 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 773419 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **New York — (Continued)** | **New York — (Continued)** | **New York — (Continued)** |
| New York GO, Series B-1, Callable 10/01/32 at 100,<br> 5.25%, 10/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;$2910000 | $3038718 |
| New York State Dormitory Authority Revenue, OID, Callable 07/01/35 at 100,<br> 5.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3035451 |
| New York State Dormitory Authority Revenue, Series 1,<br> 5.50%, 7/1/31, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2715235 |
| New York State Dormitory Authority Revenue, Series A, Callable 09/15/26 at 100,<br> 5.00%, 3/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380057 |
| New York State Dormitory Authority Revenue, Series A, Refunding, Callable 03/15/32 at 100,<br> 5.00%, 3/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2212738 |
| New York State Housing Finance Agency Revenue, Series D-1, Callable 11/01/30 at 100,<br> 4.70%, 11/1/45, (SONYMA Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2001677 |
| New York State Thruway Authority Revenue, Series A, Junior Series, Callable 01/01/26 at 100,<br> 5.00%, 1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1921227 |
| Orange County GO, Series A, Callable 01/31/26 at 100,<br> 2.00%, 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14921 |
| Port Authority of New York & New Jersey Revenue, Refunding, Callable 09/01/28 at 100,<br> 5.00%, 9/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1020682 |
| Town of Ossining, Refunding,<br> 3.75%, 7/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1749344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1760156 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **New York — (Continued)** | **New York — (Continued)** | **New York — (Continued)** |
| Triborough Bridge & Tunnel Authority Revenue, Series A, Callable 05/15/27 at 100,<br> 5.00%, 11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;$2125000 | $2160839 |
| Triborough Bridge & Tunnel Authority Revenue, Series A, Callable 05/15/27 at 100,<br> 5.00%, 11/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1111878 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43351848 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 741301 |
| **Ohio — 3.0%** | **Ohio — 3.0%** | **Ohio — 3.0%** |
| American Municipal Power, Inc. Revenue, Series A, Refunding, Callable 02/15/26 at 100,<br> 5.00%, 2/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 752053 |
| Cleveland-Cuyahoga County Port Authority Revenue, Callable 11/15/32 at 100,<br> 5.00%, 11/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 827760 |
| EHOVE Joint Vocational School District GO, Callable 12/01/30 at 100,<br> 5.00%, 12/1/43<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 764145 |
| EHOVE Joint Vocational School District GO, Callable 12/01/30 at 100,<br> 5.00%, 12/1/45<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514026 |
| Greene County GO, Refunding, Callable 01/31/26 at 100,<br> 1.25%, 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1065832 |
| State of Ohio Revenue, Series A, Refunding, Callable 02/01/26 at 100,<br> 5.00%, 1/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000432 |
| Toledo Water System Revenue, Callable 11/15/26 at 100,<br> 5.00%, 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4775842 |
| University of Akron/The Revenue, Series A, Refunding, Callable 07/01/26 at 100,<br> 5.00%, 1/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 905006 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Ohio — (Continued)** | **Ohio — (Continued)** | **Ohio — (Continued)** |
| Whitehall City School District GO, Refunding, Callable 01/31/26 at 100,<br> 3.50%, 12/1/30, (SD CRED PROG Insured) | $665000 | $665237 |
| Whitehall City School District GO, Series A, Refunding, Callable 01/31/26 at 100,<br> 3.50%, 12/1/30, (SD CRED PROG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 705251 |
| Whitehall City School District GO, Series B, Refunding, Callable 01/31/26 at 100,<br> 3.50%, 12/1/30, (SD CRED PROG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590210 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13565794 |
| **Oklahoma — 0.7%** | **Oklahoma — 0.7%** | **Oklahoma — 0.7%** |
| Lawton Industrial Development Authority Revenue, Series A, Refunding, Callable 07/01/33 at 100,<br> 5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 542996 |
| University of Oklahoma/The Revenue, Series C, Callable 01/12/26 at 100,<br> 5.00%, 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2801777 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3344773 |
| **Oregon — 1.0%** | **Oregon — 1.0%** | **Oregon — 1.0%** |
| Aurora GO, Callable 06/01/34 at 100,<br> 5.25%, 6/1/45, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 533546 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1041413 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221035 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Oregon — (Continued)** | **Oregon — (Continued)** | **Oregon — (Continued)** |
| Oregon Coast Community College District GO, CAB, OID, Callable 06/15/34 at 100,<br> 5.00%, 6/15/42, (SCH BD GTY Insured) | $200000 | $218869 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;2485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1153385 |
| Woodburn Rural Fire Protection District GO, Callable 06/15/34 at 100,<br> 5.25%, 6/15/44, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1434201 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4602449 |
| **Pennsylvania — 8.3%** | **Pennsylvania — 8.3%** | **Pennsylvania — 8.3%** |
| Abington School District GO, Callable 10/01/32 at 100,<br> 5.00%, 4/1/38, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163670 |
| Abington School District GO, Callable 10/01/32 at 100,<br> 5.00%, 4/1/39, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244661 |
| Abington School District GO, Callable 10/01/32 at 100,<br> 5.00%, 4/1/40, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145059 |
| Abington School District GO, Series A, Callable 10/01/27 at 100,<br> 4.00%, 10/1/39, (ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501981 |
| Allegheny County Sanitary Authority Revenue, Callable 06/01/28 at 100,<br> 5.00%, 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 861709 |
| Allentown GO, Series A, OID, Callable 01/31/26 at 100,<br> 3.125%, 10/1/27, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;1365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1483866 |
| Commonwealth of Pennsylvania, Series A, Refunding, Callable 01/30/28 at 100,<br> 5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2081726 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Pennsylvania — (Continued)** | **Pennsylvania — (Continued)** | **Pennsylvania — (Continued)** |
| Cumberland County Municipal Authority Revenue, Callable 11/01/29 at 100,<br> 4.00%, 11/1/37 | $850000 | $850524 |
| Eastern Lebanon County School District GO, Refunding, Callable 11/15/30 at 100,<br> 5.00%, 5/15/45, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496096 |
| Erie Sewer Authority Revenue, Callable 12/01/33 at 100,<br> 5.00%, 12/1/43, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1465795 |
| Hollidaysburg Area School District GO, Callable 09/15/33 at 100,<br> 5.00%, 3/15/42, (ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251671 |
| Hollidaysburg Area School District GO, Callable 09/15/33 at 100,<br> 5.00%, 3/15/43, (ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265351 |
| Hollidaysburg Area School District GO, Callable 09/15/33 at 100,<br> 5.00%, 3/15/44, (ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263189 |
| Hollidaysburg Area School District GO, Callable 09/15/33 at 100,<br> 5.00%, 3/15/45, (ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208971 |
| Interboro School District GO, Callable 08/15/34 at 100,<br> 5.00%, 8/15/42, (AG ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249393 |
| Interboro School District GO, Callable 08/15/34 at 100,<br> 5.00%, 8/15/43, (AG ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273094 |
| Interboro School District GO, Callable 08/15/34 at 100,<br> 5.00%, 8/15/44, (AG ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106095 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Pennsylvania — (Continued)** | **Pennsylvania — (Continued)** | **Pennsylvania — (Continued)** |
| Lancaster County Hospital Authority Revenue, Callable 11/01/29 at 100,<br> 5.00%, 11/1/41 | $750000 | $773215 |
| Lancaster County Hospital Authority Revenue, Refunding, Callable 08/15/26 at 100,<br> 5.00%, 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2061393 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259429 |
| North Penn School District GO, Callable 03/01/30 at 100,<br> 5.00%, 3/1/50, (ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1799589 |
| Pennsylvania Economic Development Financing Authority Revenue, AMT, Callable 12/31/32 at 100,<br> 5.50%, 6/30/42, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1069324 |
| Pennsylvania Economic Development Financing Authority Revenue, AMT, Callable 12/31/32 at 100,<br> 6.00%, 6/30/61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527191 |
| Pennsylvania Economic Development Financing Authority Revenue, AMT, OID, Callable 12/31/32 at 100,<br> 5.00%, 12/31/57, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 493953 |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Series A, Callable 12/01/28 at 100,<br> 5.25%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 517620 |
| Pennsylvania Turnpike Commission Revenue, Series 2, Refunding, Callable 06/01/32 at 100,<br> 5.00%, 12/1/45<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 951937 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Pennsylvania — (Continued)** | **Pennsylvania — (Continued)** | **Pennsylvania — (Continued)** |
| Pennsylvania Turnpike Commission Revenue , Series 1, Callable 06/01/26 at 100,<br> 5.00%, 12/1/41 | $500000 | $503235 |
| Philadelphia Authority for Industrial Development Revenue, Callable 06/01/27 at 100,<br> 5.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102776 |
| Philadelphia Gas Works Co. Revenue, Series A, Refunding, Callable 08/01/34 at 100,<br> 5.25%, 8/1/54, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2279037 |
| Philadelphia GO, Refunding, Callable 08/01/27 at 100,<br> 5.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2571702 |
| Philadelphia Housing Authority Revenue, Callable 05/01/27 at 100,<br> 5.00%, 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 633650 |
| Radnor Township School District GO, Callable 02/15/31 at 100,<br> 5.00%, 8/15/48, (ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386265 |
| Radnor Township School District GO, Callable 02/15/31 at 100,<br> 5.00%, 8/15/50, (ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585507 |
| School District of Philadelphia/The GO, Series F, Unrefunded portion, Callable 09/01/26 at 100,<br> 5.00%, 9/1/30, (ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6050190 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 549640 |
| Susquehanna Township School District GO, Callable 11/15/32 at 100,<br> 5.00%, 5/15/39, (ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 926891 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Pennsylvania — (Continued)** | **Pennsylvania — (Continued)** | **Pennsylvania — (Continued)** |
| Susquehanna Township School District GO, Callable 11/15/32 at 100,<br> 5.00%, 5/15/40, (ST AID WITHHLDG Insured) | $700000 | $757129 |
| Township of Lower Paxton GO, Callable 10/01/30 at 100,<br> 5.00%, 4/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1019777 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1019548 |
| Westmoreland County Municipal Authority Revenue, Callable 08/15/33 at 100,<br> 5.00%, 8/15/45, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1195658 |
| Westmoreland County Municipal Authority Revenue, Callable 08/15/33 at 100,<br> 5.00%, 8/15/49, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364745 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 531092 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37848345 |
| **South Carolina — 1.0%** | **South Carolina — 1.0%** | **South Carolina — 1.0%** |
| South Carolina Ports Authority Revenue, Series A, Callable 07/01/29 at 100,<br> 5.00%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1265310 |
| South Carolina Public Service Authority Revenue, Series A, Refunding, Callable 06/01/26 at 100,<br> 5.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1007964 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **South Carolina — (Continued)** | **South Carolina — (Continued)** | **South Carolina — (Continued)** |
| South Carolina Transportation Infrastructure Bank Revenue, Series A, Refunding, Callable 01/31/26 at 100,<br> 2.00%, 10/1/26 | $355000 | $352013 |
| University of South Carolina Revenue, Series A, Callable 05/01/31 at 100,<br> 5.00%, 5/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2097421 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4722708 |
| **South Dakota — 0.4%** | **South Dakota — 0.4%** | **South Dakota — 0.4%** |
| South Dakota Housing Development Authority Revenue, Series A, Refunding,<br> 3.00%, 11/1/28, (GNMA/FNMA/FHLMC COLL Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450349 |
| South Dakota Housing Development Authority Revenue, Series A, Refunding,<br> 3.05%, 5/1/29, (GNMA/FNMA/FHLMC COLL Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251084 |
| South Dakota Housing Development Authority Revenue, Series A, Refunding,<br> 3.10%, 11/1/29, (GNMA/FNMA/FHLMC COLL Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251763 |
| South Dakota Housing Development Authority Revenue, Series A, Refunding,<br> 3.20%, 5/1/30, (GNMA/FNMA/FHLMC COLL Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251450 |
| South Dakota Housing Development Authority Revenue, Series A, Refunding,<br> 3.30%, 11/1/30, (GNMA/FNMA/FHLMC COLL Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505513 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1710159 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Tennessee — 4.0%** | **Tennessee — 4.0%** | **Tennessee — 4.0%** |
| Knoxville Electric System Revenue, Series HH, Refunding,<br> 3.10%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;$2555000 | $2569417 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd Revenue, Callable 07/01/26 at 100,<br> 5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 494093 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd Revenue, Callable 07/01/26 at 100,<br> 5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 914983 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;3100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3269513 |
| Metropolitan Government of Nashville & Davidson County Electric Revenue, Series A, Callable 05/15/27 at 100,<br> 5.00%, 5/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1115491 |
| 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3759829 |
| Metropolitan Nashville Airport Authority/The Revenue, Series A, Callable 07/01/30 at 100,<br> 5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4287130 |
| Metropolitan Nashville Airport Authority/The Revenue, Series A, Callable 07/01/30 at 100,<br> 5.00%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1013380 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Tennessee — (Continued)** | **Tennessee — (Continued)** | **Tennessee — (Continued)** |
| Putnam County GO, OID, Refunding, Callable 01/21/26 at 100,<br> 2.00%, 4/1/26 | $100000 | $99693 |
| Shelby County Health Educational & Housing Facilities Board Revenue, Series B, Refunding,<br> 5.00%, 9/1/44<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 538688 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18062217 |
| **Texas — 9.3%** | **Texas — 9.3%** | **Texas — 9.3%** |
| Audubon Municipal Utility District No 1 GO, Callable 09/01/30 at 100,<br> 5.00%, 9/1/42, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 519155 |
| Austin Electric Utility Revenue, Series A, Refunding, Callable 01/02/26 at 100,<br> 5.00%, 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| Austin Water & Wastewater System Revenue, Refunding, Callable 11/15/26 at 100,<br> 5.00%, 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1105763 |
| Bexar County GO, Callable 06/15/27 at 100,<br> 5.00%, 6/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2034413 |
| Chambers County Improvement District No 2 GO, OID, Callable 12/01/26 at 100,<br> 2.125%, 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450741 |
| Chambers County Justice Center Public Facilities Corp. Revenue, Callable 06/01/33 at 100,<br> 5.00%, 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2267638 |
| Chambers County Justice Center Public Facilities Corp. Revenue, Callable 06/01/33 at 100,<br> 5.50%, 6/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1009860 |
| Del Rio GO, Callable 06/01/26 at 100,<br> 5.00%, 6/1/36, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 604445 |
| Denton Utility System Revenue, Callable 12/01/26 at 100,<br> 5.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101888 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Texas — (Continued)** | **Texas — (Continued)** | **Texas — (Continued)** |
| El Paso GO, Callable 08/15/26 at 100,<br> 5.00%, 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;$2000000 | $2013434 |
| Floresville Electric Light & Power System Revenue, Callable 08/15/28 at 100,<br> 5.00%, 8/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1875277 |
| Fort Bend County Levee Improvement District No 19 GO, OID, Callable 01/31/26 at 100,<br> 3.50%, 9/1/34, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525283 |
| Fountainhead Municipal Utility District GO, Callable 01/31/26 at 100,<br> 2.00%, 8/1/26, (NATL Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173381 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89323 |
| Harris County Revenue, Series A, Senior Series, Refunding, Callable 08/15/26 at 100,<br> 5.00%, 8/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3011290 |
| Harris Toll Road County Revenue, Series A, Senior Series, Refunding, Callable 02/15/28 at 100,<br> 5.00%, 8/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3071612 |
| Kaufman County Municipal Utility District No 14 GO, Callable 01/31/26 at 100,<br> 2.00%, 3/1/27, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39260 |
| Lower Colorado River Authority Revenue, Refunding, Callable 05/15/30 at 100,<br> 5.00%, 5/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104394 |
| McCamey Independent School District GO, Callable 02/15/28 at 100,<br> 5.00%, 2/15/44, (PSF-GTD Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254762 |
| North Texas Tollway Authority Revenue, Series A, Refunding, Callable 01/01/28 at 100,<br> 5.00%, 1/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510850 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Texas — (Continued)** | **Texas — (Continued)** | **Texas — (Continued)** |
| Parker County GO, Callable 02/15/27 at 100,<br> 5.00%, 2/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;$5500000 | $5574973 |
| Port Arthur Independent School District GO, Series B, OID, Refunding, Callable 01/31/26 at 100,<br> 3.00%, 2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2005262 |
| San Jacinto Community College District GO, Series A, Callable 02/15/29 at 100,<br> 5.00%, 2/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3065706 |
| Sanger GO, Callable 05/15/26 at 100,<br> 4.00%, 5/15/37, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1001411 |
| Southwest Houston Redevelopment Authority, Series B, Refunding, Callable 09/01/27 at 100,<br> 5.00%, 9/1/35, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210539 |
| Sulphur Springs Independent School District GO, Callable 02/15/33 at 100,<br> 5.00%, 2/15/42, (PSF-GTD Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1140609 |
| Texas Municipal Gas Acquisition & Supply Corp. III Revenue, Refunding,<br> 5.00%, 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516815 |
| Texas Municipal Gas Acquisition & Supply Corp. III Revenue, Refunding,<br> 5.00%, 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5037562 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Texas — (Continued)** | **Texas — (Continued)** | **Texas — (Continued)** |
| Texas Municipal Gas Acquisition & Supply Corp. III Revenue, Refunding,<br> 5.00%, 12/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;$1050000 | $1134104 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1946526 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42421279 |
| **Utah — 1.1%** | **Utah — 1.1%** | **Utah — 1.1%** |
| Jordan Valley Water Conservancy District Revenue, Series A, Callable 10/01/28 at 100,<br> 5.00%, 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1020826 |
| Utah Transit Authority Revenue, Refunding, Callable 06/15/26 at 100,<br> 4.00%, 12/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4071170 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5091996 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 479565 |
| **Washington — 2.5%** | **Washington — 2.5%** | **Washington — 2.5%** |
| Bellevue GO, Refunding, Callable 01/21/26 at 100,<br> 4.00%, 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2501794 |
| King County Public Hospital District No 1 GO, Refunding, Callable 12/01/28 at 100,<br> 5.00%, 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1228915 |
| King County Sewer Revenue, Series A, Refunding, Callable 01/21/26 at 100,<br> 4.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000093 |
| Pacific County Public Healthcare Services District No 3 GO, Callable 12/01/33 at 100,<br> 5.25%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1193846 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Washington — (Continued)** | **Washington — (Continued)** | **Washington — (Continued)** |
| Spokane Public Facilities District Revenue, Callable 06/01/27 at 100,<br> 5.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;$1600000 | $1607208 |
| Tacoma Electric System Revenue, Series A, Refunding, Callable 01/21/26 at 100,<br> 4.00%, 1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 984617 |
| Washington State GO, Series A, Callable 08/01/31 at 100,<br> 5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358073 |
| Washington State GO, Series C, Callable 02/01/32 at 100,<br> 5.00%, 2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 526604 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11401150 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;1195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1268245 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412286 |
| Milwaukee Sewerage System Revenue, Series S-5, Callable 01/31/26 at 100,<br> 4.00%, 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330228 |
| Public Finance Authority Revenue, Refunding, Callable 06/01/30 at 100,<br> 5.00%, 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36930 |
| Village of Mount Pleasant, Series A, Callable 04/01/28 at 100,<br> 5.00%, 4/1/48, (MORAL OBLG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 657404 |
| Wisconsin Health & Educational Facilities Authority Revenue, Refunding, Callable 10/01/26 at 100,<br> 5.00%, 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2033478 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Wisconsin — (Continued)** | **Wisconsin — (Continued)** | **Wisconsin — (Continued)** |
| Wisconsin Health & Educational Facilities Authority Revenue, Series A, OID,<br> 3.625%, 11/1/29 | $735000 | $737546 |
| Wisconsin Housing & Economic Development Authority Housing Revenue,<br> 3.60%, 11/1/26, (HUD SECT 8 Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265535 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4473407 |
| **Wyoming — 1.5%** | **Wyoming — 1.5%** | **Wyoming — 1.5%** |
| Wyoming Community Development Authority Revenue, Series 1, Refunding,<br> 3.00%, 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1300629 |
| Wyoming Community Development Authority Revenue, Series 1, Refunding,<br> 3.05%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1433198 |
| Wyoming Community Development Authority Revenue, Series 1, Refunding,<br> 3.10%, 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1504129 |
| Wyoming Community Development Authority Revenue, Series 3, Callable 12/01/33 at 100,<br> 6.25%, 12/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2793598 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7031554 |
| &nbsp;&nbsp;&nbsp;TOTAL MUNICIPAL BONDS<br> (Cost $363,713,278) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363802785 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value/<br> Shares** |  |
| **PREFERREDS — 8.3%** | **PREFERREDS — 8.3%** | **PREFERREDS — 8.3%** |
| **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** |
| General Motors Financial Co., Inc., 5.75%, 9/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1161255 |
| **Energy — 0.2%** | **Energy — 0.2%** | **Energy — 0.2%** |
| BP Capital Markets PLC, 6.45%, 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1066106 |
| **Financials — 7.8%** | **Financials — 7.8%** | **Financials — 7.8%** |
| Bank of America Corp., 6.625%, 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2711186 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value/<br> Shares** | **Value** |
| **PREFERREDS — (Continued)** | **PREFERREDS — (Continued)** | **PREFERREDS — (Continued)** |
| **Financials — (Continued)** | **Financials — (Continued)** | **Financials — (Continued)** |
| Bank of New York Mellon Corp. (The), 3.70%, 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;$1410000 | $1406610 |
| Bank of New York Mellon Corp. (The), 4.625%, 9/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 695972 |
| Bank of New York Mellon Corp. (The), 6.15%, 3/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339863 |
| Bank of New York Mellon Corp. (The), 6.30%, 3/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1556259 |
| Bank of New York Mellon Corp. (The), 5.95%, 12/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1016218 |
| Citigroup, Inc., 7.625%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1846815 |
| Citigroup, Inc., 6.75%, 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1936041 |
| Citigroup, Inc., 6.875%, 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1455650 |
| Citigroup, Inc., 6.625%, 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1675421 |
| Goldman Sachs Group, Inc. (The), 6.125%, 11/10/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4387630 |
| KKR & Co., Inc., 6.875%, 6/1/65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3832500 |
| M&T Bank Corp., 6.35%, 12/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3130520 |
| Morgan Stanley, 6.875%, 4/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1616958 |
| Northern Trust Corp., 4.60%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2615278 |
| State Street Corp., 5.35%, 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 561250 |
| State Street Corp., 6.45%, 9/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2177246 |
| Wells Fargo & Co., 3.90%, 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349125 |
| Wells Fargo & Co., 6.85%, 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2465305 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35775847 |
| &nbsp;&nbsp;&nbsp;TOTAL PREFERREDS<br> (Cost $36,490,430) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38003208 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** |  |
| **U.S. TREASURY OBLIGATIONS — 5.7%** | **U.S. TREASURY OBLIGATIONS — 5.7%** | **U.S. TREASURY OBLIGATIONS — 5.7%** |
| United States Treasury Floating Rate Notes,<br> 3.847% (3 Month U.S. Treasury Money Market Yield + 25 bps), 1/31/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26045000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26044593 |
| &nbsp;&nbsp;&nbsp;U.S. TREASURY OBLIGATIONS<br> (Cost $26,047,702) | &nbsp;&nbsp;&nbsp;U.S. TREASURY OBLIGATIONS<br> (Cost $26,047,702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26044593 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — 2.0%** | **CORPORATE BONDS — 2.0%** | **CORPORATE BONDS — 2.0%** |
| **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** |
| VF Corp., 6.00%, 10/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;$1500000 | $1482347 |
| **Financials — 0.5%** | **Financials — 0.5%** | **Financials — 0.5%** |
| Western Alliance Bancorp, 3.00%, 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 481845 |
| Zions Bancorp NA, 6.816%, 11/19/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1597102 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2078947 |
| **Materials — 0.2%** | **Materials — 0.2%** | **Materials — 0.2%** |
| Huntsman International, LLC, 2.95%, 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 843722 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| Hudson Pacific Properties LP, REIT, 4.65%, 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 462650 |
| Kilroy Realty LP, REIT, 2.50%, 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125532 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 588182 |
| **Technology — 0.9%** | **Technology — 0.9%** | **Technology — 0.9%** |
| Foundry JV Holdco, LLC, 6.30%, 1/25/39<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4237840 |
| &nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS<br> (Cost $8,870,450) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9231038 |
| **ASSET-BACKED SECURITIES — 1.5%** | **ASSET-BACKED SECURITIES — 1.5%** | **ASSET-BACKED SECURITIES — 1.5%** |
| Fannie Mae Pool, 6.00%, 5/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 964711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 999381 |
| Freddie Mac Pool, 7.00%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1460943 |
| Ginnie Mae II Pool, 6.50%, 7/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3017440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3122627 |
| Ginnie Mae II Pool, 6.00%, 2/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1087061 |
| &nbsp;&nbsp;&nbsp;TOTAL ASSET-BACKED SECURITIES<br> (Cost $6,586,945) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6670012 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** |  |
| **EXCHANGE TRADED FUNDS — 1.1%** | **EXCHANGE TRADED FUNDS — 1.1%** | **EXCHANGE TRADED FUNDS — 1.1%** |
| SPDR Portfolio High Yield Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5089050 |
| &nbsp;&nbsp;&nbsp;TOTAL EXCHANGE TRADED FUNDS<br> (Cost $4,931,660) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5089050 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **SHORT-TERM INVESTMENT — 1.2%** | **SHORT-TERM INVESTMENT — 1.2%** | **SHORT-TERM INVESTMENT — 1.2%** |
| Dreyfus Government Cash Management Fund, Institutional Shares, 3.65%<sup>(e)</sup> | 5451033 | $5451033 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $5,451,033) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5451033 |
| TOTAL INVESTMENTS - 99.4%<br> (Cost $452,091,498) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454291719 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.6% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2653376 |
| NET ASSETS - 100.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;$456945095 |

---

------

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

(d) 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 December 31, 2025, these securities amounted to $4,237,840 or 0.93% of net assets. These securities have been
determined by the Fund's adviser to be liquid securities.

(e) Rate disclosed is the 7-day yield at December 31, 2025.

---

| | |
|:---|:---|
| 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 |
| COLL | Collateral |
| ETF | Exchange-Traded Fund |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Concluded)

#### December 31, 2025
(Unaudited)

---

| | |
|:---|:---|
| 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 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS FUNDS

#### Notes to the Quarterly Portfolio of Investments

#### December 31, 2025
(Unaudited)

A. Portfolio Valuation:

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") 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 a remaining maturity 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 — 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.

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

------

AMBRUS FUNDS

#### Notes to the Quarterly Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

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 December 31, 2025, in valuing each Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | &nbsp;&nbsp;**Total<br> Value at<br> 12/31/25** | &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;$225907598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$225907598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;198781270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;198781270 | &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;39717429 | &nbsp;&nbsp;&nbsp;&nbsp;8200031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31517398 | &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;2026019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026019 | &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;2132212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2132212 | &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;36057062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36057062 | &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;3801977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3801977 | &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;22932900 | &nbsp;&nbsp;22932900 | &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;4406304 | &nbsp;&nbsp;&nbsp;&nbsp;4406304 | &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;$535762771 | $35539235 | &nbsp;&nbsp;$500223536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| **Ambrus Tax-Conscious California Bond Fund** | **Ambrus Tax-Conscious California Bond Fund** |  |  |  |
| **Assets** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;$412102461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$412102461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Preferreds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34380235 | &nbsp;&nbsp;&nbsp;&nbsp;9125439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25254796 | &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;864764 | &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;864764 | &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;1066106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066106 | &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;6999891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6999891 | &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;2059752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059752 | &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;4734000 | &nbsp;&nbsp;&nbsp;&nbsp;4734000 | &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;1204898 | &nbsp;&nbsp;&nbsp;&nbsp;1204898 | &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;$463412107 | $15064337 | &nbsp;&nbsp;$448347770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| **Ambrus Tax-Conscious National Bond Fund** | **Ambrus Tax-Conscious National Bond Fund** |  |  |  |
| **Assets** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;$363802785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$363802785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Preferreds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35775847 | &nbsp;&nbsp;&nbsp;&nbsp;9481091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26294756 | &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;1161255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

AMBRUS FUNDS

#### Notes to the Quarterly Portfolio of Investments (Concluded)

#### December 31, 2025
(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | &nbsp;&nbsp;**Total<br> Value at<br> 12/31/25** | &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** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;$1066106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1066106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26044593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26044593 | &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;9231038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9231038 | &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;6670012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6670012 | &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;5089050 | &nbsp;&nbsp;&nbsp;&nbsp;5089050 | &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;5451033 | &nbsp;&nbsp;&nbsp;&nbsp;5451033 | &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;$454291719 | $20021174 | &nbsp;&nbsp;$434270545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

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 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 period ended December 31, 2025, there were no transfers in or out of Level 3.

For more information with regard to significant accounting policies, see each Fund's most recent semi-annual or annual report filed with the Securities and Exchange Commission.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** FundVantage Trust

- **b. Investment Company Act file number:** 811-22027

- **c. CIK number of Registrant:** 0001388485

- **d. LEI of Registrant:** 549300C6U7XKIL1IY249

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 103 Bellevue Parkway

  - **City:** Wilmington

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

  - **Telephone number:** 856-528-3500

**Item A.2. Information about the Series.**

- **a. Name of Series:** Ambrus Tax-Conscious National Bond Fund

- **b. EDGAR series identifier (if any):** S000077408

- **c. LEI of Series:** 549300WAUR0PNPECKD06

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $464634160.65

**Total Liabilities:** $7949323.99

**Net Assets:** $456684836.66

**Delayed Delivery Securities:** $1279072.40

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 1449.46702000 | **1-Year:** 21985.16400000 | **5-Year:** 84287.62493000 | **10-Year:** 94898.54832000 | **30-Year:** 950.14774000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 230.48383000 | **5-Year:** 797.92302000 | **10-Year:** 227.84527000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237822 | 0.61%                | 0.40%                | 0.23%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $118600.28               | $1127880.50                                |
| Month 2  | $5179.14                 | $90698.20                                  |
| Month 3  | $-7528.46                | $-365688.06                                |

### Schedule of Portfolio Investments

| Name                                            | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MASSACHUSETTS ST                                | Commonwealth of Massachusetts                                                    | CUSIP: 57582RWZ5<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1406555.98   | 0.31%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST COPS                            | Commonwealth of Pennsylvania                                                     | CUSIP: 709144PA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2035000 | PA      | $2081726.45   | 0.46%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ZIONS BANCORP NA                                | Zions Bancorp NA                                                                 | CUSIP: 98971DAC4<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1597102.32   | 0.35%             | 2035-11-19      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| ALTOONA PA AREA SCH DIST                        | Altoona Area School District                                                     | CUSIP: 021807NS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1483866.11   | 0.32%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RADNOR TWP PA SCH DIST                          | Radnor Township School District                                                  | CUSIP: 750599UJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $386265.23    | 0.08%             | 2048-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                   | Citigroup Inc                                                                    | CUSIP: 172967PR6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1936041.10   | 0.42%             | N/A             | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX MUNI UTILITY DI                  | Harris County Municipal Utility District No 287                                  | CUSIP: 41422LKT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $89322.55     | 0.02%             | 2031-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| HOLLIDAYSBURG PA AREA SCH DIST                  | Hollidaysburg Area School District                                               | CUSIP: 435475TW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $251670.52    | 0.06%             | 2042-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HIGHWAY AUTH                   | Illinois State Toll Highway Authority                                            | CUSIP: 452252LE7<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501413.75   | 0.33%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST HOME CORP SF MT                  | Mississippi Home Corp                                                            | CUSIP: 60535QQ86<br>LEI: 549300FFY35B829JR607 | Long             | DBT              | MUN               | US        |    815000 | PA      | $847393.23    | 0.19%             | 2031-12-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| RADNOR TWP PA SCH DIST                          | Radnor Township School District                                                  | CUSIP: 750599UK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $585506.85    | 0.13%             | 2050-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ABINGTON PA SCH DIST                            | Abington School District                                                         | CUSIP: 003554R95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501980.50    | 0.11%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF KANSAS KS HOSP AUTH HL                  | University of Kansas Hospital Authority                                          | CUSIP: 914367DE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501976.85    | 0.11%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET                   | Minneapolis-St Paul Metropolitan Airports Commission                             | CUSIP: 603827C53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1539828.15   | 0.34%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA WTR & SWR AUT                  | District of Columbia Water & Sewer Authority                                     | CUSIP: 254845QE3<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |    685000 | PA      | $705782.28    | 0.15%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI                         | City & County of Honolulu HI                                                     | CUSIP: 438687AX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2007573.80   | 0.44%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OSSINING TOWN NY                                | Town of Ossining NY                                                              | CUSIP: 688562FD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1749344 | PA      | $1760156.00   | 0.39%             | 2026-07-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| HUDSON PACIFIC PROPERTIE                        | Hudson Pacific Properties LP                                                     | CUSIP: 44409MAB2<br>LEI: 5493007NTUGLGZ8T3526 | Long             | DBT              | CORP              | US        |    500000 | PA      | $462650.00    | 0.10%             | 2029-04-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL WTR & SWR R                  | County of Miami-Dade FL Water & Sewer System Revenue                             | CUSIP: 59334DLU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    955000 | PA      | $987326.27    | 0.22%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                    | Michigan Finance Authority                                                       | CUSIP: 59447TMR1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2025428.80   | 0.44%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP                   | Sales Tax Securitization Corp                                                    | CUSIP: 79467BCJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $292818.29    | 0.06%             | 2043-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INTERBORO PA SCH DIST                           | Interboro School District                                                        | CUSIP: 458436YL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106095.40    | 0.02%             | 2044-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ESCONDIDO CA UNION SCH DIST                     | Escondido Union School District/CA                                               | CUSIP: 296371UD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $964637.90    | 0.21%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP REN                  | City of Phoenix Civic Improvement Corp                                           | CUSIP: 718846AU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068208.00   | 0.23%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOUGLAS CNTY KS UNIF SCH DIST#                  | Douglas County Unified School District No 348 Baldwin City                       | CUSIP: 259133JF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $826781.68    | 0.18%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN INDIANA COMMUTER TRAN                  | Northern Indiana Commuter Transportation District                                | CUSIP: 66528PBC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3360000 | PA      | $3365059.82   | 0.74%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG DEV AUTH REVEN                  | Illinois Housing Development Authority                                           | CUSIP: 45203MKA8<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    400000 | PA      | $404811.40    | 0.09%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                    | Michigan Finance Authority                                                       | CUSIP: 59447TXG3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    100000 | PA      | $104432.47    | 0.02%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SPL OBLIG                    | County of Miami-Dade FL                                                          | CUSIP: 59333NZM8<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   4425000 | PA      | $3478826.59   | 0.76%             | 2032-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CA TRANSIENT OCCUPA                  | City of Sacramento CA Transient Occupancy Tax Revenue                            | CUSIP: 786073BS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1137728.94   | 0.25%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                            | CUSIP: 59261AHD2<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    165000 | PA      | $167752.55    | 0.04%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SPOKANE WA PUBLIC FACS DIST HO                  | Spokane Public Facilities District                                               | CUSIP: 849088DV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1607208.32   | 0.35%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WARREN MI CONSOL SCH DIST                       | Warren Consolidated Schools                                                      | CUSIP: 935341S32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $384257.52    | 0.08%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HSG & ECON DEV AU                  | Wisconsin Housing & Economic Development Authority Housing Revenue               | CUSIP: 9769042R2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $265535.43    | 0.06%             | 2026-11-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| BRECKENRIDGE CO COPS                            | Town of Breckenridge CO                                                          | CUSIP: 106443DA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $319292.76    | 0.07%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                         | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GB52<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   4325000 | PA      | $4387630.33   | 0.96%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HSG FIN CORP REVENU                  | Florida Housing Finance Corp                                                     | CUSIP: 34074ME98<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |    235000 | PA      | $235130.19    | 0.05%             | 2028-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WESTERN ALLIANCE BANCORP                        | Western Alliance Bancorp                                                         | CUSIP: 957638AD1<br>LEI: 5493003VJXZ5JXT9S762 | Long             | DBT              | CORP              | US        |    500000 | PA      | $481845.00    | 0.11%             | 2031-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A                  | South Carolina Public Service Authority                                          | CUSIP: 837151PQ6<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007963.70   | 0.22%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PEFA INC IA GAS PROJ REVENUE                    | PEFA Inc                                                                         | CUSIP: 70556CAB0<br>LEI: 549300RSE249DJNRHY07 | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1306697.48   | 0.29%             | 2049-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA HOSP REVE                  | District of Columbia                                                             | CUSIP: 254764KC6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000602.40   | 0.22%             | 2040-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA BOND BANK REVENUE                       | Indiana Bond Bank                                                                | CUSIP: 45462TML3<br>LEI: 549300TZMGETS4ELEI93 | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1770921.72   | 0.39%             | 2044-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE                     | Indiana Finance Authority                                                        | CUSIP: 45506DSP1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    305000 | PA      | $305366.55    | 0.07%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT WTR & PWR                   | Los Angeles Department of Water & Power                                          | CUSIP: 544495Z72<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004804.20   | 0.22%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOLLIDAYSBURG PA AREA SCH DIST                  | Hollidaysburg Area School District                                               | CUSIP: 435475TX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $265351.10    | 0.06%             | 2043-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PARKER CNTY TX                                  | County of Parker TX                                                              | CUSIP: 701060JG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5574973.25   | 1.22%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KAUFMAN CNTY TX MUNI UTILITY D                  | Kaufman County Municipal Utility District No 14                                  | CUSIP: 48619KGJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $39259.55     | 0.01%             | 2027-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                                | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    480000 | PA      | $513830.93    | 0.11%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CLEARWATER FL WTR & SWR REVENU                  | City of Clearwater FL Water & Sewer Revenue                                      | CUSIP: 185328KM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1032959.92   | 0.23%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                            | State of Ohio                                                                    | CUSIP: 67756CCU0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000432.40   | 0.44%             | 2041-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| W HOLLYWOOD CA PUBLIC FING AUT                  | West Hollywood Public Financing Authority                                        | CUSIP: 95332RDU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $42030.56     | 0.01%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WAYNE MI ST UNIV REVENUES                       | Wayne State University                                                           | CUSIP: 946303J62<br>LEI: 549300GWQMQVAS66E613 | Long             | DBT              | MUN               | US        |    680000 | PA      | $693369.96    | 0.15%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                   | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70868YAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069324.20   | 0.23%             | 2042-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST SCH OF MINES INSTN                  | Colorado School of Mines                                                         | CUSIP: 19658QCL9<br>LEI: 549300TQMFMDZTM5HY46 | Long             | DBT              | MUN               | US        |    505000 | PA      | $515062.98    | 0.11%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P                  | Los Angeles Department of Water & Power Water System Revenue                     | CUSIP: 544525WJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1990000 | PA      | $2004303.32   | 0.44%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUNI PWR-OHIO INC OH                   | American Municipal Power Inc                                                     | CUSIP: 02765UMJ0<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |    750000 | PA      | $752053.20    | 0.16%             | 2046-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAUSTON WI JT SCH DIST #1                       | Mauston School District                                                          | CUSIP: 577662FQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $412285.64    | 0.09%             | 2035-03-01      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HSG DEV AUTH                    | South Dakota Housing Development Authority                                       | CUSIP: 83756C2G9<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505513.40    | 0.11%             | 2030-11-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| ESTRN LEBANON CNTY PA SCH DIST                  | Eastern Lebanon County School District                                           | CUSIP: 276612XY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $496096.41    | 0.11%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                              | CUSIP: 64966MHP7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101461.47    | 0.02%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHAMBERS CNTY TX IMPT DIST #2                   | Chambers County Improvement District No 2                                        | CUSIP: 157793EL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $450740.50    | 0.10%             | 2031-12-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                   | New York City Municipal Water Finance Authority                                  | CUSIP: 64972GZD9<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    555000 | PA      | $574405.13    | 0.13%             | 2048-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                            | CUSIP: 59261AG43<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1518373.35   | 0.33%             | 2050-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH AL COMMO                  | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136FAT4<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    525000 | PA      | $535141.69    | 0.12%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON                   | Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue  | CUSIP: 592098T49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3715000 | PA      | $3759829.28   | 0.82%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                                   | State of Washington                                                              | CUSIP: 93974ERY4<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    340000 | PA      | $358072.50    | 0.08%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TAMPA BAY FL WTR REGL WTR SPLY                  | Tampa Bay Water                                                                  | CUSIP: 875124HX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3186259.80   | 0.70%             | 2054-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WYOMING ST CMNTY DEV AUTH HSG                   | Wyoming Community Development Authority                                          | CUSIP: 98322QC62<br>LEI: 549300UQ62NB8FGTHW65 | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1504129.22   | 0.33%             | 2029-06-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| ALLENTOWN PA                                    | City of Allentown PA                                                             | CUSIP: 018340PU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5000.88      | 0.00%             | 2027-10-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| WYOMING ST CMNTY DEV AUTH HSG                   | Wyoming Community Development Authority                                          | CUSIP: 98322QC47<br>LEI: 549300UQ62NB8FGTHW65 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1300628.94   | 0.28%             | 2028-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF SOUTH CAROLINA SC HGRE                  | University of South Carolina                                                     | CUSIP: 913367FN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2097421.00   | 0.46%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                  | Ginnie Mae II Pool                                                               | CUSIP: 3618N5GQ6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1064954 | PA      | $1087061.29   | 0.24%             | 2055-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                          | Bank of New York Mellon Corp/The                                                 | CUSIP: 064058AR1<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1016218.00   | 0.22%             | N/A             | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST CONVENTION CENTER                   | New York Convention Center Development Corp                                      | CUSIP: 649451DM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500028.00   | 0.55%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF KANSAS KS HOSP AUTH HL                  | University of Kansas Hospital Authority                                          | CUSIP: 914367DJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500766.50   | 0.55%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP                  | Metropolitan Nashville Airport Authority/The                                     | CUSIP: 592190NN8<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013380.50   | 0.22%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH SF MTGE REVEN                  | Iowa Finance Authority                                                           | CUSIP: 462467G39<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    250000 | PA      | $228776.70    | 0.05%             | 2029-07-01      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| TRAILS AT CROWFOOT MET DIST #3                  | Trails at Crowfoot Metropolitan District No 3                                    | CUSIP: 89286RAR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $562726.11    | 0.12%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                    | Cumberland County Municipal Authority                                            | CUSIP: 230614NZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $850523.86    | 0.19%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                             | CUSIP: 167593WQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60902.18     | 0.01%             | 2042-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                                  | CUSIP: 13013JAP1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2029285.20   | 0.44%             | 2052-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA                                | District of Columbia                                                             | CUSIP: 25476FWG9<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    595000 | PA      | $609136.07    | 0.13%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND RAPIDS MI PUBLIC SCHS                     | Grand Rapids Public Schools                                                      | CUSIP: 386280RU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039117.10   | 0.23%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUDUBON MUNI UTIL DIST NO 1 TX                  | Audubon Municipal Utility District No 1                                          | CUSIP: 050888BV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $519155.05    | 0.11%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST MUNI PWR AGY                         | Indiana Municipal Power Agency                                                   | CUSIP: 454898UQ8<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503591.75    | 0.11%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WYOMING ST CMNTY DEV AUTH HSG                   | Wyoming Community Development Authority                                          | CUSIP: 98322QC54<br>LEI: 549300UQ62NB8FGTHW65 | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1433198.05   | 0.31%             | 2028-12-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| PORT ARTHUR TX INDEP SCH DIST                   | Port Arthur Independent School District                                          | CUSIP: 733505NS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25002.55     | 0.01%             | 2027-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                   | New York City Transitional Finance Authority Future Tax Secured Revenue          | CUSIP: 64971XX86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037798.20   | 0.23%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORTLAND ME ARPT REVENUE                        | City of Portland ME General Airport Revenue                                      | CUSIP: 736564FG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $347174.39    | 0.08%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON                   | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | CUSIP: 592029DA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3269512.65   | 0.72%             | 2054-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL FL EXPRESSWAY AUTH SR L                  | Central Florida Expressway Authority                                             | CUSIP: 153476EJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $585456.15    | 0.13%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HSG FIN CORP REVENU                  | Florida Housing Finance Corp                                                     | CUSIP: 34074ME80<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200052.04    | 0.04%             | 2028-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                                | CUSIP: 452152B34<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1075218.12   | 0.24%             | 2034-01-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| YORK CNTY NE SCH DIST #12                       | York School District/NE                                                          | CUSIP: 986365HK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2115000 | PA      | $2172118.32   | 0.48%             | 2050-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO                  | New York State Dormitory Authority                                               | CUSIP: 64990FX58<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2140000 | PA      | $2212738.17   | 0.48%             | 2046-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JORDAN VLY UT WTR CONSERVANCY                   | Jordan Valley Water Conservancy District                                         | CUSIP: 480780KW4<br>LEI: 549300FO664B0R46Z431 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020826.60   | 0.22%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY FRN                                 | United States Treasury Floating Rate Note                                        | CUSIP: 91282CJU6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  26045000 | PA      | $26044592.40  | 5.70%             | 2026-01-31      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| SHREVEPORT LA WTR & SWR REVENU                  | City of Shreveport LA Water & Sewer Revenue                                      | CUSIP: 825485UQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $816316.88    | 0.18%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARSHALL CNTY AL                                | County of Marshall AL                                                            | CUSIP: 572002GK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $96853.57     | 0.02%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HSG DEV AUTH                    | South Dakota Housing Development Authority                                       | CUSIP: 83756C2E4<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251762.78    | 0.06%             | 2029-11-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HSG FIN CORP REVENU                  | Florida Housing Finance Corp                                                     | CUSIP: 34074ME72<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |    450000 | PA      | $450243.14    | 0.10%             | 2027-07-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| WHITEHALL OH CITY SCH DIST                      | Whitehall City School District                                                   | CUSIP: 965152KZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $665236.41    | 0.15%             | 2030-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV CONVENTION & VISI                  | Las Vegas Convention & Visitors Authority                                        | CUSIP: 51771FBH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4435000 | PA      | $4628014.30   | 1.01%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST BLDG AUTH REVENUE                   | Michigan State Building Authority                                                | CUSIP: 594615KM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $519450.60    | 0.11%             | 2047-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX WTR & WSTWTR SYS REV                  | City of Austin TX Water & Wastewater System Revenue                              | CUSIP: 052476U97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1105763.19   | 0.24%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KILROY REALTY LP                                | Kilroy Realty LP                                                                 | CUSIP: 49427RAQ5<br>LEI: 5493008CT3N3JR7P1552 | Long             | DBT              | CORP              | US        |    150000 | PA      | $125531.78    | 0.03%             | 2032-11-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWAY AUTH GEN R                  | New York State Thruway Authority                                                 | CUSIP: 650010AY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1920000 | PA      | $1921226.88   | 0.42%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST ENVRNMNTL IMPT & E                  | Missouri State Environmental Improvement & Energy Resources Authority            | CUSIP: 606907BF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $936600.50    | 0.21%             | 2033-09-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| COLORADO INTERNATIONAL CENTER                   | Colorado International Center Metropolitan District No 3                         | CUSIP: 196501AZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $374825.50    | 0.08%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                              | CUSIP: 64966QL57<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2910000 | PA      | $3038718.03   | 0.67%             | 2047-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WOODBURN OR RURAL FIRE PROT DI                  | Woodburn Rural Fire Protection District                                          | CUSIP: 979022CQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1434201.06   | 0.31%             | 2044-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ERIE PA SWR AUTH                                | Erie Sewer Authority                                                             | CUSIP: 295533RX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1465794.82   | 0.32%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES                  | New York State Dormitory Authority                                               | CUSIP: 64983XWB6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2715234.50   | 0.59%             | 2031-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VF CORP                                         | VF Corp                                                                          | CUSIP: 918204AR9<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1482346.80   | 0.32%             | 2033-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FOUNTAINHEAD TX MUNI UTILITY D                  | Fountainhead Municipal Utility District                                          | CUSIP: 350832KG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $173380.73    | 0.04%             | 2026-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT HSG FIN AUTH HSG M                  | Connecticut Housing Finance Authority                                            | CUSIP: 20775JCZ0<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |     70000 | PA      | $69839.23     | 0.02%             | 2029-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                   | Citigroup Inc                                                                    | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1455650.17   | 0.32%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL                   | Triborough Bridge & Tunnel Authority                                             | CUSIP: 89602N7D0<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1111878.46   | 0.24%             | 2047-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA SAN AUTH                      | Allegheny County Sanitary Authority                                              | CUSIP: 017357E67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    840000 | PA      | $861709.38    | 0.19%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EHOVE OH JT VOCATIONAL SCH DIS                  | EHOVE Joint Vocational School District                                           | CUSIP: 282407DB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $764145.18    | 0.17%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CUYAHOGA CNTY OH POR                  | Cleveland-Cuyahoga County Port Authority                                         | CUSIP: 186103MA2<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    820000 | PA      | $827759.66    | 0.18%             | 2054-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Pool                                                                 | CUSIP: 3132DU4P9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1379504 | PA      | $1460942.62   | 0.32%             | 2054-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSONC                  | Metropolitan Government of Nashville & Davidson County TN Electric Revenue       | CUSIP: 592030J35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1115490.53   | 0.24%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH PLAINFIELD NJ                             | Borough of South Plainfield NJ                                                   | CUSIP: 839431VM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1621500 | PA      | $1634635.77   | 0.36%             | 2026-08-07      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HIGHWAY AUTH                   | Illinois State Toll Highway Authority                                            | CUSIP: 452252MT3<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    990000 | PA      | $1011064.43   | 0.22%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KNOXVILLE TN ELEC REVENUE                       | City of Knoxville TN Electric System Revenue                                     | CUSIP: 499746C86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2555000 | PA      | $2569417.35   | 0.56%             | 2027-07-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| KING CNTY WA PUBLIC HOSP DIST                   | King County Public Hospital District No 1                                        | CUSIP: 494782LF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1228915.32   | 0.27%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WSTRN IL UNIV                                   | Western Illinois University                                                      | CUSIP: 958366L53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $886767.35    | 0.19%             | 2028-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HSG DEV AUTH                    | South Dakota Housing Development Authority                                       | CUSIP: 83756C2F1<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251449.75    | 0.06%             | 2030-05-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                           | Wells Fargo & Co                                                                 | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    350000 | PA      | $349124.66    | 0.08%             | N/A             | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| MACON CNTY IL SCH DIST #61                      | Macon County School District No 61 Decatur                                       | CUSIP: 555597HX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $613597.08    | 0.13%             | 2028-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION&                  | Texas Municipal Gas Acquisition & Supply Corp IV                                 | CUSIP: 88256PAT7<br>LEI: 549300PTUE847QDBBW22 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1946525.70   | 0.43%             | 2054-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                           | Wells Fargo & Co                                                                 | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   2350000 | PA      | $2465305.10   | 0.54%             | N/A             | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY AFFORD                  | New York State Housing Finance Agency                                            | CUSIP: 64987J6T3<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001677.40   | 0.44%             | 2045-11-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSONC                  | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | CUSIP: 592041WF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $494092.92    | 0.11%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI JT MUNI ELEC UTILITY                   | Missouri Joint Municipal Electric Utility Commission                             | CUSIP: 606092LC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2515666.75   | 0.55%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO INTERNATIONAL CENTER                   | Colorado International Center Metropolitan District No 3                         | CUSIP: 196501AY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $243637.22    | 0.05%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHAMBERS CNTY TX JUSTICE CENTE                  | Chambers County Justice Center Public Facilities Corp                            | CUSIP: 157795BG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    955000 | PA      | $1009860.36   | 0.22%             | 2055-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH SALES TA                  | New York State Dormitory Authority                                               | CUSIP: 64990AFG5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    375000 | PA      | $380057.03    | 0.08%             | 2036-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL                   | Triborough Bridge & Tunnel Authority                                             | CUSIP: 89602N7C2<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2160838.55   | 0.47%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH DAKOTA ST HSG FIN AGY                     | North Dakota Housing Finance Agency                                              | CUSIP: 6589096K7<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |    730000 | PA      | $741300.98    | 0.16%             | 2035-07-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| IOWA ST BRD REGENTS HOSP REVEN                  | State of Iowa Board of Regents                                                   | CUSIP: 46256QKJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $910704.70    | 0.20%             | 2031-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP REV                  | Empire State Development Corp                                                    | CUSIP: 650036CE4<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1309119.13   | 0.29%             | 2043-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER PAXTON TWP PA                             | Township of Lower Paxton PA                                                      | CUSIP: 548383TT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019776.50   | 0.22%             | 2051-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JOHNSON CNTY IN REDEV AUTH LEA                  | Johnson County Redevelopment Authority                                           | CUSIP: 47842ABC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1505636.94   | 0.33%             | 2044-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLANTIC CITY NJ                                | City of Atlantic City NJ                                                         | CUSIP: 048339VH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256198.10    | 0.06%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                                | CUSIP: 452152D99<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    830000 | PA      | $831918.38    | 0.18%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KAREGNONDI WTR AUTH MI                          | Karegnondi Water Authority                                                       | CUSIP: 48563UCA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $718816.50    | 0.16%             | 2045-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAWTON OK INDL DEV AUTH SALES                   | Lawton Industrial Development Authority                                          | CUSIP: 521005AQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $542995.55    | 0.12%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT HSG FIN AUTH HSG M                  | Connecticut Housing Finance Authority                                            | CUSIP: 20775JCY3<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |     80000 | PA      | $80353.50     | 0.02%             | 2029-05-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| PORT ARTHUR TX INDEP SCH DIST                   | Port Arthur Independent School District                                          | CUSIP: 733505SF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2005261.60   | 0.44%             | 2035-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO INTERNATIONAL CENTER                   | Colorado International Center Metropolitan District No 3                         | CUSIP: 196501AX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $109432.55    | 0.02%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX TOLL ROAD REVEN                  | County of Harris TX Toll Road Revenue                                            | CUSIP: 41423PAW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3071611.80   | 0.67%             | 2043-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLATSOP CNTY OR SCH DIST #10 S                  | Seaside School District No 10                                                    | CUSIP: 182846BJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2485000 | PA      | $1153384.67   | 0.25%             | 2042-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP REV                  | Empire State Development Corp                                                    | CUSIP: 650036CF1<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |    530000 | PA      | $551319.41    | 0.12%             | 2044-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOON PA AREA SCH DIST                           | Moon Area School District                                                        | CUSIP: 615401RZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $259428.60    | 0.06%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                             | CUSIP: 167593WS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3007603.50   | 0.66%             | 2052-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO CNTY WV CNTY COMMISSION S                  | County of Ohio WV Special District Excise Tax Revenue                            | CUSIP: 67732PFA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1268244.90   | 0.28%             | 2054-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WILSON PA SCH DIST                              | Wilson School District                                                           | CUSIP: 972369SM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $531091.60    | 0.12%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ABINGTON PA SCH DIST                            | Abington School District                                                         | CUSIP: 003554Y97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $163670.46    | 0.04%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA HSG AUTH GEN R                  | Philadelphia Housing Authority                                                   | CUSIP: 71783PAM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $633650.18    | 0.14%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                              | CUSIP: 64966QK58<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    700000 | PA      | $773418.52    | 0.17%             | 2039-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE                       | North Texas Tollway Authority                                                    | CUSIP: 66285WUY0<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    500000 | PA      | $510850.30    | 0.11%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                            | Bank of America Corp                                                             | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2711186.40   | 0.59%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| NORTHERN TRUST CORP                             | Northern Trust Corp                                                              | CUSIP: 665859AQ7<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |   2620000 | PA      | $2615277.97   | 0.57%             | N/A             | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| OREGON COAST OR CMNTY CLG DIST                  | Oregon Coast Community College District                                          | CUSIP: 68583NCJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $221035.56    | 0.05%             | 2041-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WATERSTONE MET DIST #1 CO                       | Waterstone Metropolitan District No 1                                            | CUSIP: 94189PAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $264043.65    | 0.06%             | 2045-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA GAS WKS REVENU                  | Philadelphia Gas Works Co                                                        | CUSIP: 71783MDF9<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   2165000 | PA      | $2279037.26   | 0.50%             | 2054-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| EHOVE OH JT VOCATIONAL SCH DIS                  | EHOVE Joint Vocational School District                                           | CUSIP: 282407DD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $514026.40    | 0.11%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORT COLLINS CO ELEC UTILITY E                  | City of Fort Collins CO Electric Utility Enterprise Revenue                      | CUSIP: 34710RAP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $995033.14    | 0.22%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOLLIDAYSBURG PA AREA SCH DIST                  | Hollidaysburg Area School District                                               | CUSIP: 435475TY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $263189.30    | 0.06%             | 2044-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BEXAR CNTY TX                                   | County of Bexar TX                                                               | CUSIP: 088281G46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2034413.40   | 0.45%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES                  | New York State Dormitory Authority                                               | CUSIP: 64985SMR1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3035451.00   | 0.66%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INTERBORO PA SCH DIST                           | Interboro School District                                                        | CUSIP: 458436YJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $249392.66    | 0.05%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARSHALL CNTY AL                                | County of Marshall AL                                                            | CUSIP: 572002GL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $109443.69    | 0.02%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST COPS                                | State of Colorado                                                                | CUSIP: 196711RN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $210020.94    | 0.05%             | 2037-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EDINA MN INDEP SCH DIST #273                    | Edina Independent School District No 273                                         | CUSIP: 280659VJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $141699.08    | 0.03%             | 2030-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL                   | Black Belt Energy Gas District                                                   | CUSIP: 09182TED5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014712.10   | 0.22%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH T                  | Lower Colorado River Authority                                                   | CUSIP: 54811BWV9<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    100000 | PA      | $104393.95    | 0.02%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST GAMING TAX REVE                  | State of Mississippi Gaming Tax Revenue                                          | CUSIP: 605638AU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $915947.48    | 0.20%             | 2034-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOLLIDAYSBURG PA AREA SCH DIST                  | Hollidaysburg Area School District                                               | CUSIP: 435475TZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $208970.86    | 0.05%             | 2045-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                    | Illinois Finance Authority                                                       | CUSIP: 45204FJJ5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1298443.51   | 0.28%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHAMBERS CNTY TX JUSTICE CENTE                  | Chambers County Justice Center Public Facilities Corp                            | CUSIP: 157795AS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2135000 | PA      | $2267637.94   | 0.50%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD PROJ REVENUE                       | City of Baltimore MD                                                             | CUSIP: 05922KYU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1382425.69   | 0.30%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UPPER SAINT CLAIR TWP PA SCH D                  | Upper St Clair Township School District                                          | CUSIP: 916507TQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019548.30   | 0.22%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV                  | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182RS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $780821.55    | 0.17%             | 2047-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO INTERNATIONAL CENTER                   | Colorado International Center Metropolitan District No 3                         | CUSIP: 196501AW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $187031.98    | 0.04%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                          | Bank of New York Mellon Corp/The                                                 | CUSIP: 064058AF7<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    700000 | PA      | $695972.48    | 0.15%             | N/A             | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA SCH DIST                        | School District of Philadelphia/The                                              | CUSIP: 717883UE0<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   5960000 | PA      | $6050190.30   | 1.32%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION&                  | Texas Municipal Gas Acquisition & Supply Corp III                                | CUSIP: 88256HBC1<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |    500000 | PA      | $516814.65    | 0.11%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE                  | California Municipal Finance Authority                                           | CUSIP: 13048VX78<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046414.70   | 0.23%             | 2054-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WASHINGTON DC MET AREA TRANSIT                  | Washington Metropolitan Area Transit Authority Dedicated Revenue                 | CUSIP: 93878YAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $514187.60    | 0.11%             | 2045-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                               | State Street Corp                                                                | CUSIP: 857477CS0<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2177246.40   | 0.48%             | N/A             | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HSG DEV AUTH                    | South Dakota Housing Development Authority                                       | CUSIP: 83756C2D6<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251084.00    | 0.05%             | 2029-05-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST SCH BLDG AUTH                  | Massachusetts School Building Authority                                          | CUSIP: 576000VB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1477738.08   | 0.32%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WHITEHALL OH CITY SCH DIST                      | Whitehall City School District                                                   | CUSIP: 965152NB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $705250.63    | 0.15%             | 2030-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST HOME CORP SF MT                  | Mississippi Home Corp                                                            | CUSIP: 60535QQ94<br>LEI: 549300FFY35B829JR607 | Long             | DBT              | MUN               | US        |    350000 | PA      | $361755.52    | 0.08%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HSG DEV AUTH                    | South Dakota Housing Development Authority                                       | CUSIP: 83756C2C8<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |    450000 | PA      | $450348.57    | 0.10%             | 2028-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                          | Bank of New York Mellon Corp/The                                                 | CUSIP: 064058845<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EP               | CORP              | US        |     13250 | NS      | $339862.50    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BP CAPITAL MARKETS PLC                          | BP Capital Markets PLC                                                           | CUSIP: 05565QDW5<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1066106.00   | 0.23%             | N/A             | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST HSG AUTH REVENUE                    | Delaware State Housing Authority                                                 | CUSIP: 246395YL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100351.75    | 0.02%             | 2027-01-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| OREGON COAST OR CMNTY CLG DIST                  | Oregon Coast Community College District                                          | CUSIP: 68583NCK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $218868.58    | 0.05%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                                | CUSIP: 452153AS8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $988628.90    | 0.22%             | 2038-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST BLDG AUTH REVENUE                   | Michigan State Building Authority                                                | CUSIP: 594615FW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006241.80   | 0.22%             | 2046-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BELLEVUE WA                                     | City of Bellevue WA                                                              | CUSIP: 0793652Z4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2501793.75   | 0.55%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                                 | CUSIP: 709225RH1<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    850000 | PA      | $951937.10    | 0.21%             | 2045-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SHELBY CNTY TN HLTH EDUCTNL &                   | Shelby County Health Educational & Housing Facilities Board                      | CUSIP: 821691AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $538687.70    | 0.12%             | 2044-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                             | CUSIP: 167593UT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $745851.83    | 0.16%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOSSIL RIDGE CO MET DIST #3                     | Fossil Ridge Metropolitan District No 3                                          | CUSIP: 34988CCM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $314880.96    | 0.07%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DEL RIO TX                                      | City of Del Rio TX                                                               | CUSIP: 245379M74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $604444.74    | 0.13%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION&                  | Texas Municipal Gas Acquisition & Supply Corp III                                | CUSIP: 88256HBH0<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1134103.64   | 0.25%             | 2032-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT HSG FIN AUTH HSG M                  | Connecticut Housing Finance Authority                                            | CUSIP: 20775JDC0<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |     95000 | PA      | $94664.91     | 0.02%             | 2031-05-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| AURORA OR                                       | City of Aurora OR                                                                | CUSIP: 052042CF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $533545.75    | 0.12%             | 2045-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| EL PASO TX                                      | City of El Paso TX                                                               | CUSIP: 283734F71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2013434.20   | 0.44%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BERLIN NY CENTRL SCH DIST                       | Berlin Central School District/NY                                                | CUSIP: 085113CN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10068.08     | 0.00%             | 2026-08-21      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO INTERNATIONAL CENTER                   | Colorado International Center Metropolitan District No 3                         | CUSIP: 196501AV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $165716.43    | 0.04%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON DC MET AREA TRANSIT                  | Washington Metropolitan Area Transit Authority                                   | CUSIP: 938782FT1<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   2045000 | PA      | $2077064.17   | 0.45%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOVER NH                                        | City of Dover NH                                                                 | CUSIP: 260183C71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000414.60   | 0.22%             | 2031-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UAB MEDICINE FIN AUTH AL REVEN                  | UAB Medicine Finance Authority                                                   | CUSIP: 902562CE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511487.65    | 0.11%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUSQUEHANNA TWP PA SCH DIST                     | Susquehanna Township School District                                             | CUSIP: 869182NC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $757129.45    | 0.17%             | 2040-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL                   | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20774YVK0<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500124.00    | 0.11%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONARCH-CHESTERFIELD MO LEVEE                   | Monarch-Chesterfield Levee District                                              | CUSIP: 609040FK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100441.54   | 0.24%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Street SPDR Portfolio High Yield Bond ETF | State Street SPDR Portfolio High Yield Bond ETF                                  | CUSIP: 78468R606<br>LEI: 549300B3SM8J1H4W2052 | Long             | EC               | RF                | US        |    215000 | NS      | $5089050.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| RIVERDALE RANCH MET DIST CO                     | Riverdale Ranch Metropolitan District                                            | CUSIP: 768701AQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $266165.68    | 0.06%             | 2045-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL                   | Black Belt Energy Gas District                                                   | CUSIP: 09182TEN3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2300217.71   | 0.50%             | 2055-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| WILDWOOD UTILITY DEPENDENT DIS                  | Wildwood Utility Dependent District                                              | CUSIP: 968214AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    795000 | PA      | $847758.90    | 0.19%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PORTS AUTH P                  | South Carolina Ports Authority                                                   | CUSIP: 837123JL3<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1265310.13   | 0.28%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                   | New York City Transitional Finance Authority Future Tax Secured Revenue          | CUSIP: 64971XWN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $938658.50    | 0.21%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC CNTY WA PUBLIC HTHCARE                  | Pacific County Public Healthcare Services District No 3                          | CUSIP: 694133CV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1193846.13   | 0.26%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WHITEHALL OH CITY SCH DIST                      | Whitehall City School District                                                   | CUSIP: 965152NT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $590209.75    | 0.13%             | 2030-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST TRANSPRTN IN                  | South Carolina Transportation Infrastructure Bank                                | CUSIP: 837152UA3<br>LEI: 549300YI1NMCP4VLJN43 | Long             | DBT              | MUN               | US        |    355000 | PA      | $352013.56    | 0.08%             | 2026-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| WESTMORELAND CNTY PA MUNI AUTH                  | Westmoreland County Municipal Authority                                          | CUSIP: 961017SH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $364745.05    | 0.08%             | 2049-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY NY                              | County of Montgomery NY                                                          | CUSIP: 613443YJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2190000 | PA      | $2203665.38   | 0.48%             | 2026-07-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| HUNTSMAN INTERNATIONAL L                        | Huntsman International LLC                                                       | CUSIP: 44701QBF8<br>LEI: 3YTEJFW18LGIUQ2N5J61 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $843722.15    | 0.18%             | 2031-06-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| EL PASO CNTY CO SCH DIST #3 WI                  | El Paso County School District No 3 Widefield                                    | CUSIP: 283389QU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $355298.39    | 0.08%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UNIV OK REVENUES                                | University of Oklahoma/The                                                       | CUSIP: 91476PPB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2801777.44   | 0.61%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BIRMINGHAM JEFFERSON AL CIVIC                   | Birmingham-Jefferson Civic Center Authority                                      | CUSIP: 091156NG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1768586.75   | 0.39%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                  | CUSIP: 3140NGEP1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    964711 | PA      | $999380.97    | 0.22%             | 2053-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ABINGTON PA SCH DIST                            | Abington School District                                                         | CUSIP: 003554Z21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $244661.36    | 0.05%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HSG FIN CORP REVENU                  | Florida Housing Finance Corp                                                     | CUSIP: 34074MF30<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |    410000 | PA      | $412925.23    | 0.09%             | 2029-07-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                   | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70868YAY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $527191.00    | 0.12%             | 2061-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R                  | City of Minneapolis MN                                                           | CUSIP: 60374VDK6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100077.97    | 0.02%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST HSG AUTH REVENUE                    | Delaware State Housing Authority                                                 | CUSIP: 246395YP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $181301.76    | 0.04%             | 2028-07-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL                               | County of Jefferson AL                                                           | CUSIP: 472628RD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $870170.84    | 0.19%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST SCH OF MINES INSTN                  | Colorado School of Mines                                                         | CUSIP: 19658QDG9<br>LEI: 549300TQMFMDZTM5HY46 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3571039.85   | 0.78%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUDSON YARDS INFRASTRUCTURE CO                  | Hudson Yards Infrastructure Corp                                                 | CUSIP: 44420RBE9<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |   4165000 | PA      | $4223204.63   | 0.92%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ESCAMBIA CNTY FL HSG FIN AUTH                   | Escambia County Housing Finance Authority                                        | CUSIP: 296121FQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1504818.60   | 0.33%             | 2027-06-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| BRADBURN CO MET DIST #3                         | Bradburn Metropolitan District No 3                                              | CUSIP: 103847AN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $708015.56    | 0.16%             | 2036-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SULPHUR SPRINGS TX INDEP SCH D                  | Sulphur Springs Independent School District                                      | CUSIP: 865542QW7<br>LEI: 549300J6W88JCWPP5293 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1140608.76   | 0.25%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA                                | District of Columbia                                                             | CUSIP: 25476FVK1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1422401.96   | 0.31%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARION AR SALES & USE TAX                       | City of Marion AR Sales & Use Tax Revenue                                        | CUSIP: 568584DP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019628.30   | 0.22%             | 2050-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENTON TX UTILITY SYS REVENUE                   | City of Denton TX Utility System Revenue                                         | CUSIP: 249015C89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101888.35    | 0.02%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH HLTH FACS REV                  | Iowa Finance Authority                                                           | CUSIP: 462466EZ2<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501216.00    | 0.11%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                  | Ginnie Mae II Pool                                                               | CUSIP: 36179Y2N3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3017440 | PA      | $3122627.39   | 0.68%             | 2054-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST COPS                                | State of Colorado                                                                | CUSIP: 196711UZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $863214.83    | 0.19%             | 2041-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                            | M&T Bank Corp                                                                    | CUSIP: 55261F849<br>LEI: 549300WYXDDBYRASEG81 | Long             | EP               | CORP              | US        |    122000 | NS      | $3130520.00   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNMAN DEARBORN IN HIGH SCH BL                  | Sunman-Dearborn High School Building Corp                                        | CUSIP: 867420DH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $629299.26    | 0.14%             | 2044-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JASPER CNTY MO SCH DIST #R-IXC                  | Jasper County Reorganized School District No R-IX Carthage                       | CUSIP: 471494CE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40452.22     | 0.01%             | 2027-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HSG FIN CORP REVENU                  | Florida Housing Finance Corp                                                     | CUSIP: 34074MF22<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |    710000 | PA      | $713699.95    | 0.16%             | 2029-01-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                   | Citigroup Inc                                                                    | CUSIP: 172967QJ3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1650000 | PA      | $1675420.49   | 0.37%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MCCAMEY TX INDEP SCH DIST                       | McCamey Independent School District                                              | CUSIP: 579372DT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254761.88    | 0.06%             | 2044-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                  | Colorado Health Facilities Authority                                             | CUSIP: 19648FGP3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1830000 | PA      | $1852513.58   | 0.41%             | 2048-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                             | CUSIP: 167593M58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $998442.59    | 0.22%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management              | Dreyfus Government Cash Management                                               | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |  10319725 | NS      | $10319724.94  | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                   | New York City Municipal Water Finance Authority                                  | CUSIP: 64972GNT7<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    385000 | PA      | $394927.61    | 0.09%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WYOMING ST CMNTY DEV AUTH HSG                   | Wyoming Community Development Authority                                          | CUSIP: 98322QW45<br>LEI: 549300UQ62NB8FGTHW65 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2793598.25   | 0.61%             | 2055-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| COLUMBIA CNTY OR SCH DIST #502                  | Columbia County School District No 502                                           | CUSIP: 197558GJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041413.20   | 0.23%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT HSG FIN AUTH HSG M                  | Connecticut Housing Finance Authority                                            | CUSIP: 20775JDB2<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |     95000 | PA      | $94688.46     | 0.02%             | 2030-11-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I                  | Indianapolis Local Public Improvement Bond Bank                                  | CUSIP: 45528UZH7<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023855.30   | 0.22%             | 2044-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MERCED CA CITY SCH DIST                         | Merced City School District                                                      | CUSIP: 587601RL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1870000 | PA      | $1910382.46   | 0.42%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                       | City of Chicago IL Waterworks Revenue                                            | CUSIP: 167736P50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $361205.01    | 0.08%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST ECON DEV AUTH REVE                  | Delaware State Economic Development Authority                                    | CUSIP: 246387SZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1504342.65   | 0.33%             | 2040-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| LANSING MICH BRD WTR & LT UTIL                  | Lansing Board of Water & Light                                                   | CUSIP: 516391DC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515739.65    | 0.11%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ELEC UTILITY SYS REV                  | City of Austin TX Electric Utility Revenue                                       | CUSIP: 052414PU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.22%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX                                  | County of Harris TX                                                              | CUSIP: 414005WT1<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3011290.50   | 0.66%             | 2047-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                  | Colorado Health Facilities Authority                                             | CUSIP: 19648FAC8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1259752.94   | 0.28%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY NY                                  | County of Orange NY                                                              | CUSIP: 6845755L3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $14920.80     | 0.00%             | 2026-06-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA CITY &CNTY AR                  | San Francisco City & County Airport Comm-San Francisco International Airport     | CUSIP: 79766DMD8<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2053307.60   | 0.45%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND NY PWR AUTH ELEC S                  | Long Island Power Authority                                                      | CUSIP: 5426908M7<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005065.40   | 0.22%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PASCO CNTY FL CAPITAL IMPT CIG                  | County of Pasco FL                                                               | CUSIP: 70252AAX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $611137.19    | 0.13%             | 2054-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                  | Colorado Health Facilities Authority                                             | CUSIP: 19648FPQ1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    875000 | PA      | $892508.75    | 0.20%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST TRANSIT AUTH SALES TAX                  | Utah Transit Authority                                                           | CUSIP: 917567CG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4050000 | PA      | $4071169.76   | 0.89%             | 2031-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKELAND FL ENERGY SYS REVENUE                  | City of Lakeland FL Department of Electric Utilities                             | CUSIP: 51166FDZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $246409.35    | 0.05%             | 2028-10-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HLTH & EDU FA                  | New Hampshire Health and Education Facilities Authority Act                      | CUSIP: 6446142Z1<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    750000 | PA      | $750544.65    | 0.16%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD PROJ REVENUE                       | City of Baltimore MD                                                             | CUSIP: 05922KZS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2664311.33   | 0.58%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                          | Bank of New York Mellon Corp/The                                                 | CUSIP: 064058AJ9<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   1410000 | PA      | $1406609.80   | 0.31%             | N/A             | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST HSG AUTH REVENUE                    | Delaware State Housing Authority                                                 | CUSIP: 246395YN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80598.29     | 0.02%             | 2028-01-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                             | CUSIP: 1675935E8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1300734.00   | 0.28%             | 2053-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                    | Illinois Finance Authority                                                       | CUSIP: 45204FTB1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    600000 | PA      | $608986.80    | 0.13%             | 2052-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN                  | M-S-R Energy Authority                                                           | CUSIP: 55374SAB6<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1707160.98   | 0.37%             | 2034-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP                   | New York City Housing Development Corp                                           | CUSIP: 64972E3D9<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150012.81    | 0.03%             | 2062-11-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| GREENE CNTY OH                                  | County of Greene OH                                                              | CUSIP: 394641QK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1065831.93   | 0.23%             | 2031-12-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| NATOMAS CA UNIF SCH DIST                        | Natomas Unified School District                                                  | CUSIP: 63877NLT2<br>LEI: 5493003NJ3RTOZO25E38 | Long             | DBT              | MUN               | US        |    950000 | PA      | $777232.15    | 0.17%             | 2043-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SAN JACINTO TX CMNTY CLG DIST                   | San Jacinto Community College District                                           | CUSIP: 798025PY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3065706.30   | 0.67%             | 2049-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KAREGNONDI WTR AUTH MI                          | Karegnondi Water Authority                                                       | CUSIP: 48563UBZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1149864.98   | 0.25%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MILWAUKEE WI SEWERAGE REVENUE                   | City of Milwaukee WI Sewerage System Revenue                                     | CUSIP: 60242MDF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $330228.23    | 0.07%             | 2029-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH                     | Lancaster County Hospital Authority/PA                                           | CUSIP: 514045M26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2061392.47   | 0.45%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KKR & CO INC                                    | KKR & Co Inc                                                                     | CUSIP: 48251W609<br>LEI: 54930013V5I303TF9571 | Long             | EP               | CORP              | US        |    150000 | NS      | $3832500.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH                     | Lancaster County Hospital Authority/PA                                           | CUSIP: 514045W41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $773215.43    | 0.17%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                             | CUSIP: 167593WR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100306.38    | 0.02%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH GAS SPLYR                  | Illinois Finance Authority                                                       | CUSIP: 45202WAH3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001091.40   | 0.44%             | 2030-03-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| ABINGTON PA SCH DIST                            | Abington School District                                                         | CUSIP: 003554Z39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $145058.93    | 0.03%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HOSP REVENU                  | Public Finance Authority                                                         | CUSIP: 74442CCY8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36929.49     | 0.01%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                   | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70868YAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $493953.35    | 0.11%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                                   | State of Washington                                                              | CUSIP: 93974EVM5<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    500000 | PA      | $526604.20    | 0.12%             | 2044-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORESVILLE TX ELEC LIGHT & PW                  | City of Floresville TX Electric Light & Power System Revenue                     | CUSIP: 340405MT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1840000 | PA      | $1875277.22   | 0.41%             | 2043-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCRANTON PA SCH DIST                            | Scranton School District/PA                                                      | CUSIP: 810827E35<br>LEI: 549300SDNGI3OKNOUW62 | Long             | DBT              | MUN               | US        |    500000 | PA      | $549639.70    | 0.12%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S W HOUSTON TX REDEV AUTH TAX                   | Southwest Houston Redevelopment Authority                                        | CUSIP: 845045BA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $210539.39    | 0.05%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH HOLLY MET DIST CO                         | North Holly Metropolitan District                                                | CUSIP: 659890AR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $280101.42    | 0.06%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO INTERNATIONAL CENTER                   | Colorado International Center Metropolitan District No 3                         | CUSIP: 196501BA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $626401.38    | 0.14%             | 2046-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                  | Port Authority of New York & New Jersey                                          | CUSIP: 73358WX82<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020681.90   | 0.22%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS MO MUNI FIN CORP                    | St Louis Municipal Finance Corp                                                  | CUSIP: 79165TTZ4<br>LEI: 549300CR13DAYKUKQN03 | Long             | DBT              | MUN               | US        |    555000 | PA      | $546384.62    | 0.12%             | 2037-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL TRANSIT AUTH SALES                   | Chicago Transit Authority Sales Tax Receipts Fund                                | CUSIP: 16772PBU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4075000 | PA      | $4089839.52   | 0.90%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GARDEN ST PRESERVATION TRUST N                  | Garden State Preservation Trust                                                  | CUSIP: 365418BX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $158787.24    | 0.03%             | 2028-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                   | Philadelphia Authority for Industrial Development                                | CUSIP: 71783DAY1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102775.86    | 0.02%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT HSG FIN AUTH HSG M                  | Connecticut Housing Finance Authority                                            | CUSIP: 20775JDA4<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45006.56     | 0.01%             | 2030-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EDUCTNL FAC                  | Miami-Dade County Educational Facilities Authority                               | CUSIP: 59333AMZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1423875.16   | 0.31%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                           | Foundry JV Holdco LLC                                                            | CUSIP: 350930AK9<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4237840.04   | 0.93%             | 2039-01-25      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                   | New York City Municipal Water Finance Authority                                  | CUSIP: 64972GC28<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1611364.97   | 0.35%             | 2047-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS CNTY MO ROCKWOOD S                  | St Louis County Reorganized School District No R-6                               | CUSIP: 791434YJ6<br>LEI: 5493001F82TRNN592T40 | Long             | DBT              | MUN               | US        |    505000 | PA      | $463166.00    | 0.10%             | 2032-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                              | CUSIP: 64966QXW5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2840000 | PA      | $2907626.08   | 0.64%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOUNT PLEASANT WI TAX INCR REV                  | Village of Mount Pleasant WI                                                     | CUSIP: 622823AS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $657403.89    | 0.14%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOLEDO OH WTRWKS REVENUE                        | City of Toledo OH Water System Revenue                                           | CUSIP: 889396SC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4750000 | PA      | $4775842.38   | 1.05%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENERGY PROJ NE G                  | Central Plains Energy Project                                                    | CUSIP: 154871CW5<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1066901.10   | 0.23%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEVADA ST HSG DIV SF MTGE REVE                  | Nevada Housing Division                                                          | CUSIP: 641279ZJ6<br>LEI: 549300RE377OK3CTT852 | Long             | DBT              | MUN               | US        |    500000 | PA      | $605410.00    | 0.13%             | 2049-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST BAY TRANSPRTN                  | Massachusetts Bay Transportation Authority Sales Tax Revenue                     | CUSIP: 575579D87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3590080.90   | 0.79%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                          | Bank of New York Mellon Corp/The                                                 | CUSIP: 064058AN0<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1556259.00   | 0.34%             | N/A             | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| OTOE CNTY NE SCH DIST #501                      | Otoe County School District No 501/NE                                            | CUSIP: 68905WGX4<br>LEI: 549300R8E2J7ZYWLX040 | Long             | DBT              | MUN               | US        |    700000 | PA      | $725454.59    | 0.16%             | 2042-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HIGHWAY AUTH                   | Illinois State Toll Highway Authority                                            | CUSIP: 452252LX5<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    600000 | PA      | $603224.70    | 0.13%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                                 | City of Philadelphia PA                                                          | CUSIP: 717813TJ8<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2571701.75   | 0.56%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH AL COMMO                  | Southeast Energy Authority A Cooperative District                                | CUSIP: 84136FAH0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1684962.85   | 0.37%             | 2051-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| WESTMORELAND CNTY PA MUNI AUTH                  | Westmoreland County Municipal Authority                                          | CUSIP: 961017SF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1195658.26   | 0.26%             | 2045-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION&                  | Texas Municipal Gas Acquisition & Supply Corp III                                | CUSIP: 88256HBE7<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   4750000 | PA      | $5037562.15   | 1.10%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSONC                  | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | CUSIP: 592041WG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $914982.61    | 0.20%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                  | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712DTF3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   2015000 | PA      | $2033477.75   | 0.45%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                  | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JLU5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    735000 | PA      | $737546.26    | 0.16%             | 2029-11-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL                   | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20774YXG7<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   2460000 | PA      | $2460850.18   | 0.54%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MED CENTER MS EDUCTNL BLDG COR                  | Medical Center Educational Building Corp                                         | CUSIP: 584556FJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006087.10   | 0.22%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOLSOM CORDOVA CA UNIF SCH DIS                  | Folsom Cordova Unified School District School Facilities Improvement Dist No 5   | CUSIP: 34440VCR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $255012.65    | 0.06%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH PENN PA SCH DIST                          | North Penn School District                                                       | CUSIP: 661517XK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1799588.90   | 0.39%             | 2050-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH LEASE REVENU                  | New Hampshire Business Finance Authority                                         | CUSIP: 63610FBV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $330879.68    | 0.07%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENERGY PROJ NE G                  | Central Plains Energy Project                                                    | CUSIP: 154871CU9<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2191655.34   | 0.48%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PUTNAM CNTY FL DEV AUTH                         | Putnam County Development Authority/FL                                           | CUSIP: 746507AV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1082124.77   | 0.24%             | 2042-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                          | General Motors Financial Co Inc                                                  | CUSIP: 37045XCA2<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1161254.79   | 0.25%             | N/A             | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                       | CUSIP: 709221VE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $517620.10    | 0.11%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                               | State Street Corp                                                                | CUSIP: 857477855<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EP               | CORP              | US        |     25000 | NS      | $561250.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| MIAMI-DADE CNTY FL EDUCTNL FAC                  | Miami-Dade County Educational Facilities Authority                               | CUSIP: 59333AMY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008569.10   | 0.22%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUSQUEHANNA TWP PA SCH DIST                     | Susquehanna Township School District                                             | CUSIP: 869182NB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $926890.66    | 0.20%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                  | Morgan Stanley                                                                   | CUSIP: 61763E207<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |     64395 | NS      | $1616958.45   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| NEBRASKA ST PUBLIC PWR DIST RE                  | Nebraska Public Power District                                                   | CUSIP: 63968AS89<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |   2470000 | PA      | $2470580.94   | 0.54%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUTNAM CNTY TN                                  | County of Putnam TN                                                              | CUSIP: 746673YW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99693.18     | 0.02%             | 2026-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                   | Citigroup Inc                                                                    | CUSIP: 172967PE5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1846814.53   | 0.40%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| FORT BEND CNTY TX LEVEE IMPT D                  | Fort Bend County Levee Improvement District No 19                                | CUSIP: 34679WEQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $525283.48    | 0.12%             | 2034-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SANGER TX                                       | City of Sanger TX                                                                | CUSIP: 800876GJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001410.90   | 0.22%             | 2037-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV ARPT REVENUE                      | County of Clark Department of Aviation                                           | CUSIP: 18085PRB2<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    550000 | PA      | $561631.79    | 0.12%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST HSG AUTH REVENUE                    | Delaware State Housing Authority                                                 | CUSIP: 246395YM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $306716.81    | 0.07%             | 2027-07-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| TURLOCK CA UNIF SCH DIST                        | Turlock Unified School District                                                  | CUSIP: 90021PEQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $852977.30    | 0.19%             | 2042-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP                  | Metropolitan Nashville Airport Authority/The                                     | CUSIP: 592190NK4<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   4140000 | PA      | $4287129.80   | 0.94%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOUGLAS CNTY KS UNIF SCH DIST#                  | Douglas County Unified School District No 348 Baldwin City                       | CUSIP: 259133JE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $394283.71    | 0.09%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF AKRON OH                                | University of Akron/The                                                          | CUSIP: 914023LQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $905005.62    | 0.20%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INTERBORO PA SCH DIST                           | Interboro School District                                                        | CUSIP: 458436YK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $273093.50    | 0.06%             | 2043-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KING CNTY WA SWR REVENUE                        | County of King WA Sewer Revenue                                                  | CUSIP: 4952893M0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000092.70   | 0.66%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST BAY TRANSPRTN                  | Massachusetts Bay Transportation Authority Sales Tax Revenue                     | CUSIP: 575579V95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $858923.85    | 0.19%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF VERMONT & ST AGRIC CLG                  | University of Vermont and State Agricultural College                             | CUSIP: 915200YQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $479565.30    | 0.11%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TACOMA WA ELEC SYS REVENUE                      | City of Tacoma WA Electric System Revenue                                        | CUSIP: 873519MZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $984617.00    | 0.22%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                                 | CUSIP: 709224QF9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503234.60    | 0.11%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-24

**Name of Applicant:** FundVantage Trust

**Signature:** Christine S. Catanzaro

**Name of Signer:** Christine S. Catanzaro

**Title:** Treasurer and Chief Financial Officer