# EDGAR Filing Document

**Accession Number:** 0001388485
**File Stem:** 0001752724-23-038770
**Filing Date:** 2023-2
**Character Count:** 208520
**Document Hash:** c55cf7525491aa7e57b4e18fdf00679c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-038770.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001752724-23-038770

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FundVantage Trust
- **CENTRAL INDEX KEY:** 0001388485
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22027
- **FILM NUMBER:** 23664780

**BUSINESS ADDRESS:**
- **BUSINESS PHONE:** 3027911906

**MAIL ADDRESS:**
- **STREET 1:** 301 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

## Series and Classes Contracts Data

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

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

## Nport-Ex

AMBRUS CORE BOND FUND

#### Portfolio of Investments

#### December 31, 2022
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — 45.5%** | **CORPORATE BONDS — 45.5%** | **CORPORATE BONDS — 45.5%** |
| **Communications — 2.4%** | **Communications — 2.4%** | **Communications — 2.4%** |
| AT&T, Inc., 7.125%, 12/15/31 | $500000 | $546273 |
| Verizon Communications, Inc., 0.85%, 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178864 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725137 |
| **Consumer Discretionary — 2.8%** | **Consumer Discretionary — 2.8%** | **Consumer Discretionary — 2.8%** |
| eBay, Inc., 1.40%, 5/10/26 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177806 |
| General Motors Financial Co., Inc., 1.25%, 1/8/26 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264778 |
| Mohawk Industries, Inc., 3.625%, 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389816 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 832400 |
| **Consumer Staple Products — 3.8%** | **Consumer Staple Products — 3.8%** | **Consumer Staple Products — 3.8%** |
| Altria Group, Inc., 4.80%, 2/14/29 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 481127 |
| Kroger Co. (The), 7.70%, 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 594000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 657228 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1138355 |
| **Energy — 3.1%** | **Energy — 3.1%** | **Energy — 3.1%** |
| Continental Resources, Inc., 3.80%, 6/1/24 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389816 |
| Tosco Corp., 7.80%, 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 547117 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 936933 |
| **Financials — 17.3%** | **Financials — 17.3%** | **Financials — 17.3%** |
| Air Lease Corp., 3.25%, 3/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237273 |
| American Tower Corp., REIT, 2.95%, 1/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191049 |
| Bank of America Corp., 4.45%, 3/3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 392746 |
| Bank of New York Mellon (The), 5.224%, 11/21/25 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501731 |
| BlackRock, Inc., 2.10%, 2/25/32 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162052 |
| Discover Financial Services, 6.70%, 11/29/32 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511495 |
| Goldman Sachs Group, Inc. (The), 4.25%, 10/21/25 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293508 |
| Goldman Sachs Group, Inc. (The), 1.948%, 10/21/27 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263056 |
| Jefferies Financial Group, Inc., 4.85%, 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297050 |
| JPMorgan Chase & Co., 5.546%, 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 749734 |
| Kilroy Realty LP, REIT, 2.50%, 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71519 |
| Morgan Stanley, 4.35%, 9/8/26 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291941 |
| Synchrony Bank, 5.40%, 8/22/25 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246816 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Financials — (Continued)** | **Financials — (Continued)** | **Financials — (Continued)** |
| Wells Fargo & Co., 3.584%, 5/22/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$300000 | $279425 |
| Weyerhaeuser Co., REIT, 7.375%, 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 278052 |
| Zions Bancorp, 3.25%, 10/29/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410720 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5178167 |
| **Health Care — 2.2%** | **Health Care — 2.2%** | **Health Care — 2.2%** |
| Illumina, Inc., 5.80%, 12/12/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504395 |
| Johnson & Johnson, 1.30%, 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162145 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 666540 |
| **Industrials — 2.2%** | **Industrials — 2.2%** | **Industrials — 2.2%** |
| Boeing Co. (The), 1.433%, 2/4/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238944 |
| L3Harris Technologies, Inc., 2.90%, 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 429032 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 667976 |
| **Materials — 2.2%** | **Materials — 2.2%** | **Materials — 2.2%** |
| DuPont de Nemours, Inc., 4.493%, 11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197067 |
| Huntsman International, LLC, 4.50%, 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 451560 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 648627 |
| **Technology — 5.2%** | **Technology — 5.2%** | **Technology — 5.2%** |
| Apple, Inc., 3.35%, 8/8/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137341 |
| Broadridge Financial Solutions, Inc., 2.90%, 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425690 |
| Global Payments, Inc., 4.95%, 8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292025 |
| Intel Corp., 4.00%, 8/5/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191025 |
| International Business Machines Corp., 3.625%, 2/12/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492900 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1538981 |
| **Utilities — 4.3%** | **Utilities — 4.3%** | **Utilities — 4.3%** |
| Berkshire Hathaway Energy Co., 3.75%, 11/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 494734 |
| Southwest Gas Corp., 5.80%, 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406431 |
| Southwest Gas Corp., 2.20%, 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393371 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1294536 |
| &nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS<br> (Cost $13,555,523) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13627652 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS CORE BOND FUND

#### Portfolio of Investments (Concluded)

#### December 31, 2022
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **U.S. TREASURY OBLIGATIONS — 39.1%** | **U.S. TREASURY OBLIGATIONS — 39.1%** | **U.S. TREASURY OBLIGATIONS — 39.1%** |
| United States Treasury Bills, |  |  |
| &nbsp;&nbsp;&nbsp;4.664%, 6/22/23<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$1000000 | $978627 |
| &nbsp;&nbsp;&nbsp;4.699%, 11/30/23<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1917710 |
| United States Treasury Bond,<br> 3.375%, 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450078 |
| United States Treasury Notes, |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, 8/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1959375 |
| &nbsp;&nbsp;&nbsp;3.00%, 8/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1214697 |
| &nbsp;&nbsp;&nbsp;1.50%, 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 684609 |
| &nbsp;&nbsp;&nbsp;3.125%, 8/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1204297 |
| &nbsp;&nbsp;&nbsp;2.875%, 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 943750 |
| &nbsp;&nbsp;&nbsp;2.875%, 8/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 713804 |
| &nbsp;&nbsp;&nbsp;0.625%, 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 592236 |
| &nbsp;&nbsp;&nbsp;1.25%, 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610401 |
| &nbsp;&nbsp;&nbsp;2.75%, 8/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 457031 |
| &nbsp;&nbsp;&nbsp;U.S. TREASURY OBLIGATIONS<br> (Cost $11,757,873) | &nbsp;&nbsp;&nbsp;U.S. TREASURY OBLIGATIONS<br> (Cost $11,757,873) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11726615 |
| **PREFERREDS — 10.0%** | **PREFERREDS — 10.0%** | **PREFERREDS — 10.0%** |
| **Consumer Discretionary — 1.4%** | **Consumer Discretionary — 1.4%** | **Consumer Discretionary — 1.4%** |
| General Motors Financial Co., Inc., 5.75%, 9/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 422198 |
| **Financials — 8.6%** | **Financials — 8.6%** | **Financials — 8.6%** |
| Bank of America Corp., 6.25%, 9/5/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 674003 |
| Charles Schwab Corp. (The), 4.00%, 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390937 |
| Citigroup, Inc., 5.90%, 2/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198416 |
| Citigroup, Inc., 6.25%, 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 778000 |
| Northern Trust Corp., 4.60%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264038 |
| SVB Financial Group, 4.00%, 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264508 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2569902 |
| &nbsp;&nbsp;&nbsp;TOTAL PREFERREDS<br> (Cost $3,005,472) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2992100 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — 0.9%** | **MUNICIPAL BONDS — 0.9%** | **MUNICIPAL BONDS — 0.9%** |
| **Maryland — 0.9%** | **Maryland — 0.9%** | **Maryland — 0.9%** |
| Maryland Community Development Administration Revenue, Social Bonds, Series C, 4.177%, 3/1/29, (GNMA/FNMA/FHLMC COLL Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$283414 |
| &nbsp;&nbsp;&nbsp;TOTAL MUNICIPAL BONDS<br> (Cost $285,756) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283414 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** |  |
| **SHORT-TERM INVESTMENT — 2.4%** | **SHORT-TERM INVESTMENT — 2.4%** | **SHORT-TERM INVESTMENT — 2.4%** |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.190%<sup>(b)</sup> | 715303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 715303 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $715,303) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 715303 |
| TOTAL INVESTMENTS - 97.9%<br> (Cost $29,319,927) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29345084 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 2.1% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 635848 |
| NET ASSETS - 100.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29980932 |

---

------

(a) Rate represents annualized yield at date of purchase.

(b) Rate disclosed is the 7-day yield at December 31, 2022.

---

| | |
|:---|:---|
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| REIT | Real Estate Investment Trust |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments

#### December 31, 2022
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — 72.7%** | **MUNICIPAL BONDS — 72.7%** | **MUNICIPAL BONDS — 72.7%** |
| **California — 57.3%** | **California — 57.3%** | **California — 57.3%** |
| 91 Express Lanes Toll Road Revenue, OID, Senior Series, Refunding, Callable 08/15/23 at 100,<br> 4.500%, 12/15/30 | $30000 | $30317 |
| Anaheim Housing & Public Improvements Authority Revenue, Series A, Refunding,<br> 5.000%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108782 |
| Anaheim Housing & Public Improvements Authority Revenue, Series B, Callable 10/01/27 at 100,<br> 5.000%, 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16604 |
| Anaheim Public Financing Authority Revenue, Series A, Refunding,<br> 5.000%, 5/1/24 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15449 |
| Anaheim Union High School District GO, Refunding, Callable 08/01/24 at 100,<br> 5.000%, 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310178 |
| Berkeley Joint Powers Financing Authority Revenue, OID, Refunding, Callable 01/30/23 at 100,<br> 3.000%, 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25003 |
| Buena Park School District GO, Callable 08/01/27 at 100,<br> 5.000%, 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16450 |
| California Educational Facilities Authority Revenue, Series A, Callable 10/1/28 at 100,<br> 5.000%, 10/1/48 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72709 |
| California Enterprise Development Authority Revenue, Callable 11/01/27 at 100,<br> 5.000%, 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16442 |
| California Enterprise Development Authority Revenue, Callable 11/01/27 at 100,<br> 5.000%, 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233787 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| California Health Facilities Financing Authority Revenue, Callable 02/01/27 at 100,<br> 5.000%, 2/1/29 | $40000 | $43004 |
| California Health Facilities Financing Authority Revenue, Callable 11/15/24 at 100,<br> 5.000%, 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372170 |
| California Health Facilities Financing Authority Revenue, Refunding, Callable 04/01/26 at 100,<br> 5.000%, 4/1/27, (CA MTG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5356 |
| California Health Facilities Financing Authority Revenue, Refunding, Callable 11/15/27 at 100,<br> 5.000%, 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264511 |
| California Health Facilities Financing Authority Revenue, Refunding, Callable 11/15/27 at 100,<br> 5.000%, 11/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259941 |
| California Health Facilities Financing Authority Revenue, Refunding, Callable 11/15/27 at 100,<br> 5.000%, 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25548 |
| California Health Facilities Financing Authority Revenue, Series A, Callable 08/15/24 at 100,<br> 5.000%, 8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20625 |
| California Health Facilities Financing Authority Revenue, Series A, Callable 08/15/26 at 100,<br> 5.000%, 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390153 |
| California Health Facilities Financing Authority Revenue, Series A, Callable 10/01/24 at 100,<br> 4.000%, 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101417 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2022
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **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 11/15/27 at 100,<br> 5.000%, 11/15/28 | $15000 | $16422 |
| California Health Facilities Financing Authority Revenue, Series A, Callable 11/15/27 at 100,<br> 5.000%, 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253931 |
| California Health Facilities Financing Authority Revenue, Series A, Refunding,<br> 4.000%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67528 |
| California Health Facilities Financing Authority Revenue, Series A, Refunding,<br> 5.000%, 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10905 |
| California Health Facilities Financing Authority Revenue, Series A, Refunding, Callable 08/15/26 at 100,<br> 5.000%, 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26864 |
| California Infrastructure & Economic Development Bank Revenue, Green Bond,<br> 5.000%, 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 867860 |
| California Infrastructure & Economic Development Bank Revenue, Refunding,<br> 5.000%, 5/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30190 |
| California Infrastructure & Economic Development Bank Revenue, Refunding, Callable 11/01/26 at 100,<br> 5.000%, 5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21544 |
| California Municipal Finance Authority Revenue, Callable 11/15/28 at 100,<br> 5.000%, 5/15/36, (BAM-TCRS Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 529470 |
| California State Public Works Board Revenue,<br> 5.000%, 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21993 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| California State Public Works Board Revenue, Callable 09/01/27 at 100,<br> 5.000%, 9/1/28 | $10000 | $11086 |
| California State Public Works Board Revenue, Series A, Callable 09/01/24 at 100,<br> 5.000%, 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10384 |
| California State Public Works Board Revenue, Series C, Callable 11/01/29 at 100,<br> 5.000%, 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226116 |
| California State Public Works Board Revenue, Series C, Refunding,<br> 5.000%, 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27261 |
| California State Public Works Board Revenue, Series D, Callable 11/01/30 at 100,<br> 2.000%, 11/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118390 |
| California Statewide Communities Development Authority Revenue, Callable 02/01/28 at 100,<br> 5.000%, 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317310 |
| California Statewide Communities Development Authority Revenue, Refunding,<br> 5.000%, 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107590 |
| California Statewide Communities Development Authority Revenue, Refunding, Callable 03/01/28 at 100,<br> 5.000%, 3/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169786 |
| California Statewide Communities Development Authority Revenue, Series A,<br> 5.000%, 4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21540 |
| Capistrano Unified School District Community Facilities District No 90-2, Series 2, Refunding, Callable 9/1/23 at 100,<br> 5.000%, 9/1/32, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1011427 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2022
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Chino Basin Regional Financing Authority Revenue, Series B, Callable 08/01/25 at 100,<br> 4.000%, 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100000 | $103534 |
| City & County of San Francisco,<br> 5.000%, 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5503 |
| City & County of San Francisco, Refunding,<br> 5.000%, 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16508 |
| City & County of San Francisco Community Facilities District No 2014-1, Series A,<br> 5.000%, 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157118 |
| City & County of San Francisco Community Facilities District No 2014-1, Series A,<br> 5.000%, 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109707 |
| City & County of San Francisco Community Facilities District No 2014-1, Series A,<br> 5.000%, 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110895 |
| City & County of San Francisco Community Facilities District No 2014-1, Series A,<br> 5.000%, 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168123 |
| Coachella Valley Unified School District, OID, Refunding, Callable 09/01/24 at 100,<br> 3.500%, 9/1/28, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50518 |
| Coachella Valley Unified School District GO, OID, Refunding, Callable 08/01/24 at 100,<br> 4.000%, 8/1/27, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5102 |
| Compton Unified School District GO, Series B, Callable 06/01/27 at 100,<br> 4.000%, 6/1/32, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109866 |
| Cypress School District GO, Refunding,<br> 5.000%, 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21177 |
| Department of Veterans Affairs Veteran's Farm & Home Purchase Program Revenue, Series A,<br> 0.750%, 12/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286087 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Department of Veterans Affairs Veteran's Farm & Home Purchase Program Revenue, Series A,<br> 1.250%, 6/1/27 | $40000 | $36201 |
| 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;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47008 |
| East Side Union High School District GO, Series B, Refunding,<br> 5.250%, 2/1/26, (NATL Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132208 |
| Fairfield, Series A, OID,<br> 0.000%, 4/1/24, (AGC Insured)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52824 |
| Fillmore Water Revenue, Refunding,<br> 4.000%, 5/1/30, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21495 |
| Fontana Redevelopment Agency Successor Agency, Series A, Refunding, Callable 10/01/27 at 100,<br> 5.000%, 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164083 |
| Golden State Tobacco Securitization Corp. Revenue, Series 1, Refunding,<br> 5.000%, 6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106065 |
| Hawthorne, Series 1, Refunding, Callable 09/01/27 at 103,<br> 4.000%, 9/1/29, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16018 |
| Indian Wells Redevelopment Agency Successor Agency, Series A, Refunding, Callable 09/01/26 at 100,<br> 5.000%, 9/1/28, (NATL Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21530 |
| Indio Finance Authority Revenue, Series A, Refunding, Callable 11/01/26 at 100,<br> 5.000%, 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10727 |
| Jurupa Public Financing Authority, Series A, Refunding,<br> 4.000%, 9/1/25, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20571 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2022
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Kern High School District GO, Series E, OID,<br> 2.000%, 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100000 | $95812 |
| Kings Canyon Unified School District GO, OID,<br> 0.000%, 8/1/23, (NATL Insured)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29466 |
| Lake Elsinore Facilities Financing Authority Successor Agency, Series A, Refunding,<br> 4.000%, 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64141 |
| Lodi Public Financing Authority Revenue, Series A, Refunding,<br> 5.000%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91927 |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Series A, Callable 7/1/28 at 100,<br> 5.000%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 803929 |
| Los Angeles County Public Works Financing Authority Revenue, Series D, Callable 12/01/25 at 100,<br> 5.000%, 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133587 |
| Los Angeles County Public Works Financing Authority Revenue, Series E-1, Callable 12/1/29 at 100,<br> 5.000%, 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107563 |
| Los Angeles County Schools Regionalized Business Services Corp., Series A3, OID, Refunding, Callable 1/30/23 at 100,<br> 3.750%, 9/1/26, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15011 |
| Los Angeles Department of Airports Revenue, Series A, Refunding, Callable 11/15/29 at 100,<br> 5.000%, 5/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198867 |
| Los Angeles Department of Water & Power Revenue, Callable 06/01/26 at 100,<br> 5.000%, 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5417 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Los Angeles Department of Water & Power Revenue, Callable 7/1/31 at 100,<br> 5.000%, 7/1/51 | $85000 | $91275 |
| Los Angeles Department of Water & Power Revenue, Series A, Callable 1/1/29 at 100,<br> 5.000%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534386 |
| Los Angeles Department of Water & Power Revenue, Series D, Refunding, Callable 07/01/28 at 100,<br> 5.000%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223448 |
| Los Angeles Department of Water & Power Revenue, Series D, Refunding, Callable 7/1/29 at 100,<br> 5.000%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 656215 |
| Los Angeles Department of Water & Power Water System Revenue, Series A, Refunding, Callable 1/1/27 at 100,<br> 5.000%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262550 |
| Los Angeles Housing Authority Revenue, Series A, Refunding, Callable 06/01/26 at 100,<br> 4.000%, 6/1/27, (HUD SECT 8 Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5204 |
| Los Angeles Solid Waste Resources Revenue, Series A, OID, Callable 02/01/23 at 100,<br> 2.250%, 2/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244958 |
| Los Angeles Unified School District GO, Series A, Refunding,<br> 3.000%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65474 |
| Los Angeles Unified School District GO, Series B1, Callable 01/01/28 at 100,<br> 5.000%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161737 |
| Martinez Unified School District GO, Refunding, Callable 08/01/26 at 100,<br> 4.000%, 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20864 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2022
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Menlo Park Community Development Agency Successor Agency, Refunding, Callable 10/01/25 at 100,<br> 5.000%, 10/1/28, (AGM Insured) | $25000 | $26628 |
| Metropolitan Water District of Southern California Revenue, Series A, Refunding,<br> 2.500%, 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184428 |
| Metropolitan Water District of Southern California Revenue, Series B, Refunding,<br> 3.000%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 408972 |
| Modesto Irrigation District Revenue, Refunding, Callable 10/01/26 at 100,<br> 5.000%, 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37830 |
| Montebello Public Financing Authority Revenue, Series B, OID,<br> 6.200%, 11/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 993294 |
| Mount Diablo Unified School District GO, Series C, Refunding, Callable 08/01/23 at 100,<br> 4.000%, 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30221 |
| Mountain House Public Financing Authority Revenue,<br> 4.000%, 10/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25195 |
| Norman Y Mineta San Jose International Airport SJC Revenue, Series B, Refunding, Callable 3/1/27 at 100,<br> 5.000%, 3/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171249 |
| Northern California Power Agency Revenue, Series A, Refunding,<br> 5.000%, 8/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20594 |
| Oxnard Union High School District GO, Series A, Callable 08/01/26 at 100,<br> 5.000%, 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10830 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Pajaro Valley Unified School District GO, Series C, Callable 02/01/26 at 100,<br> 5.000%, 8/1/27 | $10000 | $10714 |
| Palomar Health GO, Series B, Refunding, Callable 08/01/26 at 100,<br> 4.000%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203867 |
| Pasadena Unified School District GO, Series B,<br> 2.000%, 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97503 |
| Pittsburg Successor Agency Redevelopment Agency, Series A, Refunding,<br> 5.000%, 9/1/26, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106505 |
| Pittsburg Unified School District, Refunding,<br> 5.000%, 6/1/25, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15776 |
| Ravenswood City School District GO, Callable 08/01/26 at 100,<br> 5.000%, 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324310 |
| Regents of the University of California Medical Center Pooled Revenue, Series J, OID, Callable 5/15/23 at 100,<br> 5.000%, 5/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405382 |
| Richmond Wastewater Revenue, OID, ETM,<br> 0.000%, 8/1/28, (FGIC Insured)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85150 |
| Riverside County Redevelopment Successor Agency, Series A, CAB, OID, Refunding, Callable 10/01/26 at 100,<br> 5.000%, 10/1/31, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535874 |
| Riverside Public Financing Authority Revenue, Series A, OID, Refunding, Callable 5/1/23 at 100,<br> 3.500%, 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60154 |
| Sacramento Airport System Revenue County, Series E, Refunding,<br> 5.000%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10989 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2022
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Sacramento Area Flood Control Agency, Refunding, Callable 10/01/26 at 100,<br> 5.000%, 10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$505000 | $538000 |
| Sacramento County Sanitation Districts Financing Authority Revenue, Series A, Refunding, Callable 06/01/24 at 100,<br> 5.000%, 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180866 |
| Sacramento Municipal Utility District Revenue, Series G, Callable 08/15/29 at 100,<br> 5.000%, 8/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192366 |
| Sacramento Transient Occupancy Tax Revenue, Series C, Callable 6/1/28 at 100,<br> 5.000%, 6/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 831734 |
| San Benito County, Callable 10/01/29 at 100,<br> 5.000%, 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16947 |
| San Bernardino County, Series A, Refunding,<br> 5.000%, 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22164 |
| San Diego County Regional Airport Authority Revenue, Series A, Callable 7/1/31 at 100,<br> 5.000%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159822 |
| San Diego Public Facilities Financing Authority Revenue, Series A, Callable 8/1/28 at 100,<br> 5.000%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 813951 |
| San Dieguito School Facilities Financing Authority, Refunding, Callable 03/01/28 at 100,<br> 5.000%, 3/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 687001 |
| San Francisco Bay Area Rapid Transit District Sales Tax Revenue, Series A, Refunding, Callable 07/01/25 at 100,<br> 5.000%, 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5306 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **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 D, Refunding, Callable 05/01/23 at 100,<br> 3.250%, 5/1/26 | $20000 | $20035 |
| San Francisco City & County Airport Comm-San Francisco International Airport Revenue, Series D, Refunding, Callable 05/01/23 at 100,<br> 3.375%, 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10021 |
| San Francisco City & County Airport Comm-San Francisco International Airport Revenue, Series D, Refunding, Callable 05/01/23 at 100,<br> 3.500%, 5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30075 |
| San Francisco City & County Public Utilities Commission Power Revenue, Series A, Callable 05/01/25 at 100,<br> 5.000%, 11/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120705 |
| San Francisco Public Utilities Commission Water Revenue, Refunding, Callable 11/01/26 at 100,<br> 5.000%, 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151455 |
| San Luis Obispo Water Revenue, Refunding, Callable 06/01/28 at 100,<br> 5.000%, 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145232 |
| San Marcos Public Facilities Authority, Refunding,<br> 5.000%, 9/1/28, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133292 |
| San Marcos Public Facilities Authority, Series A, Refunding, Callable 09/01/24 at 100,<br> 5.000%, 9/1/32, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154743 |
| San Marcos Unified School District GO, Refunding, Callable 08/01/27 at 100,<br> 4.000%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518086 |
| San Mateo Foster City Public Financing Authority Revenue,<br> 5.000%, 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276908 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2022
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| San Ysidro School District, Refunding,<br> 5.000%, 9/1/25, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100000 | $105294 |
| Santa Ana Unified School District GO, Refunding,<br> 5.000%, 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106091 |
| Santa Clarita Public Finance Authority Revenue, Series B, OID, Refunding, Callable 10/01/26 at 100,<br> 2.000%, 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19124 |
| Santa Monica Water Revenue,<br> 2.500%, 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99460 |
| Santaluz Community Facilities District No 2, Refunding,<br> 4.000%, 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 557200 |
| Semitropic Improvement District of the Semitropic Water Storage District Revenue, Series A, Refunding, Callable 12/01/27 at 100,<br> 5.000%, 12/1/28, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16608 |
| Shasta Joint Powers Financing Authority Revenue, Series A, OID, Refunding, Callable 04/01/23 at 100,<br> 3.000%, 4/1/26, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10007 |
| State of California GO,<br> 5.000%, 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5320 |
| State of California GO,<br> 5.000%, 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143672 |
| State of California GO, Callable 06/01/26 at 100,<br> 5.000%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367902 |
| State of California GO, Callable 09/01/26 at 100,<br> 5.000%, 9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230387 |
| State of California GO, Refunding,<br> 5.000%, 8/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258873 |
| State of California GO, Refunding,<br> 5.000%, 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16301 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| State of California GO, Refunding, Callable 04/01/24 at 100,<br> 5.000%, 4/1/38 | &nbsp;&nbsp;&nbsp;$1105000 | $1126836 |
| State of California GO, Refunding, Callable 04/01/29 at 100,<br> 5.000%, 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318316 |
| State of California GO, Refunding, Callable 08/01/24 at 100,<br> 5.000%, 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 392595 |
| State of California GO, Refunding, Callable 08/01/25 at 100,<br> 5.000%, 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10607 |
| State of California GO, Refunding, Callable 09/01/26 at 100,<br> 4.000%, 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26173 |
| State of California GO, Refunding, Callable 09/01/26 at 100,<br> 5.000%, 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360939 |
| Stockton Unified School District GO, Series D, OID,<br> 0.000%, 8/1/27, (AGM Insured)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304739 |
| Sutter Butte Flood Agency, Callable 10/01/25 at 100,<br> 5.000%, 10/1/26, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21254 |
| Tamalpais Community Services District Wastewater Revenue,<br> 4.000%, 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15873 |
| Tobacco Securitization Authority of Northern California Revenue, Series A, Senior Series, Refunding,<br> 5.000%, 6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67182 |
| Tobacco Securitization Authority of Southern California Revenue, Refunding, Callable 12/01/29 at 100,<br> 5.000%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58201 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2022
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Travis Unified School District, Refunding, Callable 09/01/25 at 100,<br> 5.000%, 9/1/29, (AGM Insured) | $20000 | $21187 |
| University of California Revenue, Series AV, Callable 05/15/27 at 100,<br> 5.000%, 5/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217015 |
| Victor Valley Transit Authority, Refunding, Callable 07/01/26 at 100,<br> 5.000%, 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21429 |
| Walnut Valley Unified School District GO, Refunding,<br> 5.000%, 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74300 |
| Washington Township Health Care District GO, Series DT, Refunding, Callable 08/01/26 at 100,<br> 4.000%, 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10281 |
| West Sacramento Area Flood Control Agency, Callable 09/01/25 at 100,<br> 5.000%, 9/1/27, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10644 |
| Western Placer Unified School District, Refunding,<br> 5.000%, 8/1/24, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25790 |
| Yuba Levee Financing Authority Revenue, Series A, Refunding, Callable 09/01/26 at 100,<br> 5.000%, 9/1/29, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21583 |
| Yuba Levee Financing Authority Revenue, Series A, Refunding, Callable 09/01/26 at 100,<br> 5.000%, 9/1/30, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26910 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25623009 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Illinois — 1.8%** | **Illinois — 1.8%** | **Illinois — 1.8%** |
| Illinois Finance Authority Revenue, Series A, Callable 8/15/32 at 100,<br> 5.000%, 8/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$400000 | $410914 |
| Lake County School District No 1 Winthrop Harbor GO, Refunding, Callable 02/01/26 at 100,<br> 4.000%, 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384247 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 795161 |
| **Iowa — 0.3%** | **Iowa — 0.3%** | **Iowa — 0.3%** |
| Iowa Finance Authority Revenue, Series C, Callable 02/15/24 at 100, 5.000%, 2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152097 |
| **Michigan — 2.3%** | **Michigan — 2.3%** | **Michigan — 2.3%** |
| Michigan Finance Authority Revenue, Series 6, Senior Series, Refunding, Callable 07/01/24 at 100, 5.000%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1023431 |
| **Minnesota — 0.2%** | **Minnesota — 0.2%** | **Minnesota — 0.2%** |
| Minneapolis Revenue, Series A, Refunding, Callable 11/15/25 at 100, 5.000%, 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104758 |
| **New Jersey — 1.2%** | **New Jersey — 1.2%** | **New Jersey — 1.2%** |
| New Brunswick Parking Authority Revenue, Series B, Refunding, 5.000%, 9/1/24, (BAM MUN GOVT GTD Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516959 |
| **New York — 4.1%** | **New York — 4.1%** | **New York — 4.1%** |
| Cuba-Rushford Central School District GO,<br> 3.000%, 6/23/23, (ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 474457 |
| Metropolitan Transportation Authority Revenue, Series D, Refunding, Callable 05/15/28 at 100,<br> 5.000%, 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 654926 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2022
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **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 1,<br> 3.450%, 11/1/28, (REMIC FHA 542c Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$345000 | $343991 |
| New York City Housing Development Corp. Revenue, Series 2A, Callable 5/1/25 at 100,<br> 3.400%, 11/1/62, (REMIC FHA 542c Insured)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349921 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1823295 |
| **Pennsylvania — 3.6%** | **Pennsylvania — 3.6%** | **Pennsylvania — 3.6%** |
| Pennsylvania Economic Development Financing Authority Revenue, AMT, OID, Callable 12/1/32 at 100,<br> 5.000%, 12/31/57, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373768 |
| Pennsylvania Higher Educational Facilities Authority Revenue, Refunding,<br> 5.000%, 5/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 522405 |
| Pennsylvania Turnpike Commission Revenue, Series B, Refunding, Callable 06/01/26 at 100,<br> 5.000%, 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 687017 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1583190 |
| **South Carolina — 0.2%** | **South Carolina — 0.2%** | **South Carolina — 0.2%** |
| South Carolina Public Service Authority Revenue, Series A, Refunding, Callable 06/01/25 at 100, 5.000%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103771 |
| **Washington — 1.7%** | **Washington — 1.7%** | **Washington — 1.7%** |
| King County Sewer Revenue, Callable 7/1/24 at 100, 5.000%, 1/1/47, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 761341 |
| &nbsp;&nbsp;&nbsp;TOTAL MUNICIPAL BONDS<br> (Cost $32,300,036) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32487012 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **PREFERREDS — 9.9%** | **PREFERREDS — 9.9%** | **PREFERREDS — 9.9%** |
| **Consumer Discretionary — 1.7%** | **Consumer Discretionary — 1.7%** | **Consumer Discretionary — 1.7%** |
| General Motors Financial Co., Inc., 5.75%, 9/30/27 | $875000 | $738847 |
| **Financials — 8.2%** | **Financials — 8.2%** | **Financials — 8.2%** |
| Bank of America Corp., 6.25%, 9/5/24 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 962861 |
| Charles Schwab Corp. (The), 4.00%, 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 738437 |
| Citigroup, Inc., 5.90%, 2/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198416 |
| Citigroup, Inc., 6.25%, 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875250 |
| Northern Trust Corp., 4.60%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 484069 |
| SVB Financial Group, 4.00%, 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 429826 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3688859 |
| &nbsp;&nbsp;&nbsp;TOTAL PREFERREDS<br> (Cost $4,456,866) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4427706 |
| **CORPORATE BONDS — 9.7%** | **CORPORATE BONDS — 9.7%** | **CORPORATE BONDS — 9.7%** |
| **Energy — 0.9%** | **Energy — 0.9%** | **Energy — 0.9%** |
| Continental Resources, Inc., 3.80%, 6/1/24 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389816 |
| **Financials — 4.0%** | **Financials — 4.0%** | **Financials — 4.0%** |
| Air Lease Corp., 3.25%, 3/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 332183 |
| Bank of America Corp., 0.523%, 6/14/24 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195302 |
| Goldman Sachs Group, Inc. (The), 0.657%, 9/10/24 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192652 |
| Jefferies Financial Group, Inc., 4.85%, 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247541 |
| JPMorgan Chase & Co., 0.653%, 9/16/24 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192961 |
| JPMorgan Chase & Co., 5.546%, 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249911 |
| Morgan Stanley, 0.791%, 1/22/25 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189203 |
| Zions Bancorp, 3.25%, 10/29/29 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205360 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1805113 |
| **Health Care — 1.4%** | **Health Care — 1.4%** | **Health Care — 1.4%** |
| Illumina, Inc., 5.80%, 12/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605274 |
| **Materials — 1.0%** | **Materials — 1.0%** | **Materials — 1.0%** |
| Huntsman International, LLC, 4.50%, 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 451560 |
| **Technology — 0.4%** | **Technology — 0.4%** | **Technology — 0.4%** |
| Global Payments, Inc., 4.95%, 8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194684 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Concluded)

#### December 31, 2022
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Utilities — 2.0%** | **Utilities — 2.0%** | **Utilities — 2.0%** |
| Southwest Gas Corp., 5.80%, 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$700000 | $711255 |
| Southwest Gas Corp., 2.20%, 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196685 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 907940 |
| &nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS<br> (Cost $4,308,165) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4354387 |
| **U.S. TREASURY OBLIGATIONS — 3.9%** | **U.S. TREASURY OBLIGATIONS — 3.9%** | **U.S. TREASURY OBLIGATIONS — 3.9%** |
| United States Treasury Bill,<br> 4.699%, 11/30/23<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 958855 |
| United States Treasury Notes, |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 10/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150023 |
| &nbsp;&nbsp;&nbsp;4.125%, 10/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301617 |
| &nbsp;&nbsp;&nbsp;3.875%, 9/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149309 |
| &nbsp;&nbsp;&nbsp;2.75%, 8/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182812 |
| &nbsp;&nbsp;&nbsp;U.S. TREASURY OBLIGATIONS<br> (Cost $1,736,708) | &nbsp;&nbsp;&nbsp;U.S. TREASURY OBLIGATIONS<br> (Cost $1,736,708) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1742616 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** |  |
| **SHORT-TERM INVESTMENT — 1.8%** | **SHORT-TERM INVESTMENT — 1.8%** | **SHORT-TERM INVESTMENT — 1.8%** |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.190%<sup>(d)</sup> | 810969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 810969 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $810,969) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 810969 |
| TOTAL INVESTMENTS - 98.0%<br> (Cost $43,612,744) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43822690 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 2.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 897277 |
| NET ASSETS - 100.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44719967 |

---

------

(a) Zero coupon bond.

(b) The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at December 31, 2022.

(c) Rate represents annualized yield at date of purchase.

(d) Rate disclosed is the 7-day yield at December 31, 2022.

---

| | |
|:---|:---|
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| AMT | Alternative Minimum Tax |
| BAM | Build America Mutual |
| BAM MUN GOVT GTD | Build America Mutual Municipal Government Guaranteed |
| CAB | Capital Appreciation Bond |
| ETM | Escrowed to Maturity |
| FGIC | Financial Guaranty Insurance Co. |
| GO | General Obligation |
| HUD SECT 8 | Housing and Urban Development Section 8 |
| LLC | Limited Liability Company |
| NATL | National Public Finance Guarantee Corp |
| OID | Original Issue Discount |
| REMIC FHA 542c | Real Estate Mortgage Investment Conduit Federal Housing Administration Section 542c |
| 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, 2022
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — 67.7%** | **MUNICIPAL BONDS — 67.7%** | **MUNICIPAL BONDS — 67.7%** |
| **Alabama — 2.7%** | **Alabama — 2.7%** | **Alabama — 2.7%** |
| Florence Water & Sewer Revenue, Refunding,<br> 2.000%, 8/15/23, (BAM Insured) | $100000 | $99351 |
| Jefferson County Revenue, Refunding, Callable 03/15/27 at 100,<br> 5.000%, 9/15/34 | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 905009 |
| UAB Medicine Finance Authority Revenue, Series B2, Refunding, Callable 03/01/27 at 100,<br> 5.000%, 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 531578 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1535938 |
| **Alaska — 0.0%** | **Alaska — 0.0%** | **Alaska — 0.0%** |
| Alaska Municipal Bond Bank Authority Revenue, Series 1, OID, Callable 01/30/23 at 100, 2.375%, 12/1/24, (MORAL OBLG Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19752 |
| **Arizona — 1.8%** | **Arizona — 1.8%** | **Arizona — 1.8%** |
| Graham County Jail District Revenue, Callable 7/1/25 at 100, 5.000%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1022858 |
| **Arkansas — 0.0%** | **Arkansas — 0.0%** | **Arkansas — 0.0%** |
| Arkansas Development Finance Authority Revenue, OID, Refunding, Callable 01/30/23 at 100, 2.625%, 6/1/24 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19935 |
| **California — 2.0%** | **California — 2.0%** | **California — 2.0%** |
| Sacramento Transient Occupancy Tax Revenue, Series C, Callable 6/1/28 at 100, 5.000%, 6/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;1115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1159229 |
| **Colorado — 3.3%** | **Colorado — 3.3%** | **Colorado — 3.3%** |
| Boulder Valley School District No Re-2 Boulder GO, Callable 06/01/25 at 100,<br> 5.000%, 12/1/38, (ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 816876 |
| Colorado School of Mines Revenue, Series A, Callable 12/1/27 at 100,<br> 5.000%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535114 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Colorado — (Continued)** | **Colorado — (Continued)** | **Colorado — (Continued)** |
| Park Creek Metropolitan District Revenue, Series A, Senior Series, Callable 12/01/25 at 100,<br> 5.000%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$255000 | $265438 |
| Town of Breckenridge, Callable 12/1/32 at 100,<br> 5.000%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321519 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1938947 |
| **Connecticut — 0.9%** | **Connecticut — 0.9%** | **Connecticut — 0.9%** |
| Connecticut State Health & Educational Facilities Authority Revenue, Callable 7/1/25 at 100, 5.000%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 503144 |
| **District of Columbia — 0.4%** | **District of Columbia — 0.4%** | **District of Columbia — 0.4%** |
| District of Columbia GO, Series A, Callable 06/01/25 at 100,<br> 5.000%, 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31134 |
| District of Columbia Water & Sewer Authority Revenue, Series A, Callable 10/1/29 at 100,<br> 5.000%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80132 |
| Washington Metropolitan Area Transit Authority Dedicated Revenue, Series A, Callable 7/15/30 at 100,<br> 5.000%, 7/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106718 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217984 |
| **Florida — 5.2%** | **Florida — 5.2%** | **Florida — 5.2%** |
| Clearwater Water & Sewer Revenue, Refunding, Callable 12/01/26 at 100,<br> 5.000%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;1015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1086002 |
| Lakeland Department of Electric Utilities Revenue, Refunding, Callable 04/01/26 at 100,<br> 2.750%, 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249532 |
| Lakewood Ranch Stewardship District, Refunding,<br> 5.000%, 5/1/25, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259206 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2022
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Florida — (Continued)** | **Florida — (Continued)** | **Florida — (Continued)** |
| Miami-Dade County Educational Facilities Authority Revenue, Series A, Refunding, Callable 4/1/25 at 100,<br> 5.000%, 4/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100000 | $101775 |
| Miami-Dade Transit System County Revenue, Refunding, Callable 07/01/26 at 100,<br> 5.000%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155426 |
| Osceola Sales Tax Revenue County, Series A, Callable 4/1/25 at 100,<br> 5.000%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1149921 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3001862 |
| **Georgia — 0.4%** | **Georgia — 0.4%** | **Georgia — 0.4%** |
| Board of Water Light & Sinking Fund Commissioners of The City of Dalton/The Revenue, 5.000%, 3/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255694 |
| **Illinois — 4.5%** | **Illinois — 4.5%** | **Illinois — 4.5%** |
| Chicago O'Hare International Airport Revenue, Series D, Senior Series, Callable 1/1/27 at 100,<br> 5.000%, 1/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101647 |
| Chicago Waterworks Revenue, Series 2017-2, Refunding, Callable 11/01/27 at 100,<br> 5.000%, 11/1/33, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372280 |
| Cook County School District No 122 Ridgeland GO, Refunding,<br> 3.000%, 12/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15005 |
| Illinois Finance Authority Revenue, Series A, Callable 8/15/32 at 100,<br> 5.000%, 8/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 616371 |
| Macon County School District No 61 Decatur GO,<br> 4.000%, 12/1/28, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 588830 |
| Western Illinois University Revenue, Refunding,<br> 4.000%, 4/1/28, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 899525 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2593658 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Indiana — 1.7%** | **Indiana — 1.7%** | **Indiana — 1.7%** |
| Attica Multi-School Building Corp. Revenue,<br> 5.000%, 7/15/28, (ST INTERCEPT Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$150000 | $165630 |
| Indiana Finance Authority Revenue, Series A, Refunding, Callable 08/01/25 at 100,<br> 5.000%, 2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318764 |
| Indiana Municipal Power Agency Revenue, Series A, Refunding, Callable 01/01/25 at 100,<br> 5.000%, 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51720 |
| Whitestown Redevelopment Authority Revenue, Series B, Refunding,<br> 4.000%, 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 429009 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 965123 |
| **Iowa — 2.7%** | **Iowa — 2.7%** | **Iowa — 2.7%** |
| Iowa City Community School District Infrastructure Sales Services & Use Tax Revenue, Callable 06/01/23 at 100,<br> 3.500%, 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 846571 |
| Iowa Finance Authority Revenue, Series A, Refunding,<br> 1.150%, 7/1/29, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209490 |
| Iowa Finance Authority Revenue, Series C, Callable 02/15/24 at 100,<br> 5.000%, 2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 506989 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1563050 |
| **Kansas — 0.9%** | **Kansas — 0.9%** | **Kansas — 0.9%** |
| Topeka GO, Refunding, Callable 01/30/23 at 100,<br> 2.000%, 8/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24543 |
| University of Kansas Hospital Authority Revenue, Refunding, Callable 09/01/25 at 100,<br> 5.000%, 9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 522965 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 547508 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2022
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Kentucky — 0.2%** | **Kentucky — 0.2%** | **Kentucky — 0.2%** |
| Kentucky Association of Counties Revenue, Series C,<br> 5.000%, 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$110000 | $120268 |
| Kentucky Turnpike Authority Revenue, Series B, Refunding,<br> 5.000%, 7/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10096 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130364 |
| **Massachusetts — 2.0%** | **Massachusetts — 2.0%** | **Massachusetts — 2.0%** |
| Commonwealth of Massachusetts GO, Callable 7/1/30 at 100,<br> 5.000%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107427 |
| Massachusetts School Building Authority Revenue, Series B, Senior Series, Callable 11/15/26 at 100,<br> 5.000%, 11/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1037610 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1145037 |
| **Michigan — 2.6%** | **Michigan — 2.6%** | **Michigan — 2.6%** |
| Michigan Finance Authority Revenue, Series 6, Senior Series, Refunding, Callable 07/01/24 at 100,<br> 5.000%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1381631 |
| Michigan Finance Authority Revenue, Series A, Refunding, Callable 12/01/29 at 100,<br> 5.000%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104435 |
| Warren GO, Refunding, Callable 01/30/23 at 100,<br> 3.000%, 10/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15001 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1501067 |
| **Minnesota — 0.5%** | **Minnesota — 0.5%** | **Minnesota — 0.5%** |
| Edina Independent School District No 273 GO, Series A, Callable 02/01/28 at 100,<br> 2.000%, 2/1/30, (SD CRED PROG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139079 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Minnesota — (Continued)** | **Minnesota — (Continued)** | **Minnesota — (Continued)** |
| Minneapolis Revenue, Series A, Refunding, Callable 11/15/25 at 100,<br> 5.000%, 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100000 | $104758 |
| Minnesota Higher Education Facilities Authority Revenue, Series K,<br> 5.000%, 3/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15261 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259098 |
| **Missouri — 2.6%** | **Missouri — 2.6%** | **Missouri — 2.6%** |
| Health & Educational Facilities Authority of the State of Missouri Revenue, Series A, Refunding,<br> 5.000%, 2/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20378 |
| Jasper County Reorganized School District No R-IX Carthage, Refunding,<br> 4.000%, 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41196 |
| Marion & Ralls Counties School District No 60 Hannibal GO, Callable 3/1/24 at 100,<br> 5.000%, 3/1/39, (ST AID DIR DEP Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310618 |
| Missouri Joint Municipal Electric Utility Commission Revenue, Refunding,<br> 5.000%, 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16089 |
| Missouri Joint Municipal Electric Utility Commission Revenue, Series A, Refunding,<br> 5.000%, 1/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101832 |
| Missouri Joint Municipal Electric Utility Commission Revenue, Series A, Refunding, Callable 01/01/24 at 100,<br> 5.000%, 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 937781 |
| Missouri Joint Municipal Electric Utility Commission Revenue, Series A, Refunding, Callable 06/01/25 at 100,<br> 5.000%, 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102681 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1530575 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2022
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Nebraska — 0.0%** | **Nebraska — 0.0%** | **Nebraska — 0.0%** |
| Public Power Generation Agency Revenue, Refunding, 5.000%, 1/1/24 | $20000 | $20376 |
| **Nevada — 0.1%** | **Nevada — 0.1%** | **Nevada — 0.1%** |
| Clark County Revenue, Callable 07/01/25 at 100,<br> 5.000%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41675 |
| Clark County School District GO, Series C, Refunding,<br> 5.000%, 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10534 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52209 |
| **New Jersey — 1.7%** | **New Jersey — 1.7%** | **New Jersey — 1.7%** |
| Atlantic City GO, Series A, Refunding, Callable 3/1/27 at 100,<br> 5.000%, 3/1/32, (BAM ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268740 |
| Garden State Preservation Trust Revenue, Series A,<br> 5.750%, 11/1/28, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252937 |
| New Jersey Economic Development Authority Revenue, Series WW, OID, Callable 06/15/25 at 100,<br> 5.000%, 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107549 |
| New Jersey Turnpike Authority Revenue, Series B, Refunding, Callable 1/1/28 at 100,<br> 5.000%, 1/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346387 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975613 |
| **New Mexico — 1.8%** | **New Mexico — 1.8%** | **New Mexico — 1.8%** |
| New Mexico Municipal Energy Acquisition Authority Revenue, Series A, Refunding, Callable 2/1/25 at 101, 5.000%, 11/1/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1025153 |
| **New York — 1.7%** | **New York — 1.7%** | **New York — 1.7%** |
| Long Island Power Authority Revenue, Series A, Refunding, Callable 09/01/24 at 100,<br> 5.000%, 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56559 |
| Metropolitan Transportation Authority Revenue, Series 1,<br> 5.000%, 11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15559 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **New York — (Continued)** | **New York — (Continued)** | **New York — (Continued)** |
| Metropolitan Transportation Authority Revenue, Series C, Callable 5/15/23 at 100,<br> 5.000%, 11/15/42 | $15000 | $14683 |
| Metropolitan Transportation Authority Revenue, Series C1, Refunding,<br> 5.000%, 11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103615 |
| Metropolitan Transportation Authority Revenue, Series C1, Refunding,<br> 5.000%, 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88886 |
| New York City Housing Development Corp. Revenue, Series 2A, Callable 5/1/25 at 100,<br> 3.400%, 11/1/62, (REMIC FHA 542c Insured)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149966 |
| New York City Municipal Water Finance Authority Revenue, Refunding, Callable 06/15/24 at 100,<br> 5.000%, 6/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25410 |
| New York City Municipal Water Finance Authority Revenue, Series EE, Callable 06/15/23 at 100,<br> 5.000%, 6/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95270 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Series 1, Callable 2/1/25 at 100,<br> 5.000%, 2/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107917 |
| New York GO, Series 1, Callable 12/01/26 at 100,<br> 5.000%, 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105636 |
| New York State Housing Finance Agency Revenue, Series B, Callable 01/20/23 at 100,<br> 0.500%, 5/1/24, (SONYMA HUD SECT 8 Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67108 |
| New York State Housing Finance Agency Revenue, Series H, Refunding,<br> 0.600%, 5/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19172 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2022
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **New York — (Continued)** | **New York — (Continued)** | **New York — (Continued)** |
| New York State Housing Finance Agency Revenue, Series N, Callable 01/20/23 at 100,<br> 1.550%, 5/1/24, (SONYMA FNMA/FHLMC Insured) | $75000 | $73289 |
| Yonkers GO, Series E, Callable 09/01/25 at 100,<br> 5.000%, 9/1/28, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52582 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975652 |
| **Ohio — 1.9%** | **Ohio — 1.9%** | **Ohio — 1.9%** |
| Akron Income Tax Revenue, Refunding, Callable 12/01/29 at 100,<br> 4.000%, 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527914 |
| Louisville City School District GO, Refunding,<br> 1.000%, 12/1/25, (SD CRED PROG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23114 |
| State of Ohio Revenue, Series 2016-1, Callable 06/15/26 at 100,<br> 5.000%, 12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 574819 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1125847 |
| **Oklahoma — 1.0%** | **Oklahoma — 1.0%** | **Oklahoma — 1.0%** |
| Cleveland County Educational Facilities Authority Revenue, OID,<br> 2.000%, 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19233 |
| Lawton GO,<br> 4.000%, 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254489 |
| Tulsa County Independent School District No 1 Tulsa GO, Series B,<br> 2.500%, 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302198 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575920 |
| **Oregon — 0.4%** | **Oregon — 0.4%** | **Oregon — 0.4%** |
| State of Oregon GO, Series D,<br> 2.050%, 12/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9847 |
| Umatilla County School District No 8R Hermiston GO, Series B, OID,<br> 0.000%, 6/15/23, (SCH BD GTY Insured)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246375 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256222 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Pennsylvania — 5.5%** | **Pennsylvania — 5.5%** | **Pennsylvania — 5.5%** |
| Allentown GO, Series A, OID, Callable 04/01/23 at 100,<br> 3.125%, 10/1/27, (BAM Insured) | $5000 | $5002 |
| Commonwealth of Pennsylvania GO, Callable 10/15/23 at 100,<br> 4.000%, 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502821 |
| Lehigh County General Purpose Authority Revenue, Series A, Refunding,<br> 4.000%, 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152229 |
| North Penn Health Hospital & Education Authority Revenue, Refunding,<br> 5.000%, 11/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10166 |
| Pennsylvania Economic Development Financing Authority Revenue, AMT, Callable 12/31/32 at 100,<br> 5.500%, 6/30/42, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 743030 |
| Pennsylvania Economic Development Financing Authority Revenue, AMT, Callable 12/31/32 at 100,<br> 6.000%, 6/30/61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 528866 |
| Pennsylvania Economic Development Financing Authority Revenue, AMT, OID, Callable 12/1/32 at 100,<br> 5.000%, 12/31/57, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498357 |
| Philadelphia Authority for Industrial Development Revenue, Callable 06/01/27 at 100,<br> 5.000%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105623 |
| Philadelphia Housing Authority Revenue, Callable 05/01/27 at 100,<br> 5.000%, 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 651127 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3197221 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2022
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **South Carolina — 2.1%** | **South Carolina — 2.1%** | **South Carolina — 2.1%** |
| South Carolina Public Service Authority Revenue, Series A, Refunding, Callable 06/01/25 at 100,<br> 5.000%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$705000 | $731586 |
| South Carolina Public Service Authority Revenue, Series E,<br> 5.000%, 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134541 |
| South Carolina Transportation Infrastructure Bank Revenue, Series A, Refunding, Callable 10/01/25 at 100,<br> 2.000%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 336939 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1203066 |
| **Tennessee — 1.6%** | **Tennessee — 1.6%** | **Tennessee — 1.6%** |
| Greeneville Health & Educational Facilities Board Revenue, Refunding, Callable 07/01/23 at 100,<br> 5.000%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500781 |
| Metropolitan Government of Nashville & Davidson County Electric Revenue, Series A, Callable 5/15/27 at 100,<br> 5.000%, 5/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321070 |
| Putnam County GO, OID, Refunding, Callable 04/01/25 at 100,<br> 2.000%, 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96344 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 918195 |
| **Texas — 7.9%** | **Texas — 7.9%** | **Texas — 7.9%** |
| Austin Community College District Public Facility Corp. Revenue, Refunding, Callable 08/01/25 at 100,<br> 5.000%, 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137375 |
| Block House Municipal Utility District GO, Refunding, Callable 01/30/23 at 100,<br> 3.000%, 4/1/25, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25001 |
| Central Texas Regional Mobility Authority Revenue, Series D, Senior Series, Refunding,<br> 5.000%, 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 591066 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Texas — (Continued)** | **Texas — (Continued)** | **Texas — (Continued)** |
| Central Texas Turnpike System Revenue, Series C, Refunding, Callable 08/15/24 at 100,<br> 5.000%, 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$260000 | $262055 |
| Del Rio GO, Callable 6/1/26 at 100,<br> 5.000%, 6/1/36, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 635405 |
| Del Rio GO, Refunding,<br> 5.000%, 6/1/24, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15440 |
| Denton Utility System Revenue, Callable 12/01/26 at 100,<br> 5.000%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105776 |
| East Downtown Redevelopment Authority,<br> 5.000%, 9/1/29, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209861 |
| El Paso, Refunding, Callable 08/15/26 at 100,<br> 5.000%, 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 538353 |
| El Paso County Hospital District GO, Callable 8/15/23 at 100,<br> 5.000%, 8/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100470 |
| Garland Electric Utility System Revenue, OID, Refunding, Callable 03/01/23 at 100,<br> 2.250%, 3/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4937 |
| Harris County Improvement District No 18 GO, OID, Callable 01/30/23 at 100,<br> 3.000%, 9/1/25, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 |
| Harris County Municipal Utility District No 287 GO, Series A, OID, Callable 3/1/27 at 100,<br> 1.500%, 3/1/31, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83112 |
| Houston Housing Finance Corp. Revenue, Callable 10/1/24 at 100,<br> 4.000%, 10/1/25, (FHA HUD SECT 8 Insured)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505228 |
| Kaufman County Municipal Utility District No 14 GO, Callable 03/01/25 at 100,<br> 2.000%, 3/1/27, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37015 |
| Lower Colorado River Authority Revenue, OID, Refunding, Callable 05/15/25 at 100,<br> 3.000%, 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74512 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2022
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Texas — (Continued)** | **Texas — (Continued)** | **Texas — (Continued)** |
| Lower Colorado River Authority Revenue, Refunding,<br> 5.000%, 5/15/23 | $20000 | $20129 |
| Lower Colorado River Authority Revenue, Refunding,<br> 5.000%, 5/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10064 |
| Lower Colorado River Authority Revenue, Refunding, Callable 05/15/30 at 100,<br> 5.000%, 5/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104555 |
| Navasota GO,<br> 5.500%, 11/15/30, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343645 |
| New Braunfels Independent School District GO, Refunding,<br> 3.000%, 2/1/25, (PSF-GTD Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10029 |
| North Richland Hills GO, OID, Callable 01/30/23 at 100,<br> 2.500%, 2/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9937 |
| North Texas Tollway Authority Revenue, Series A, Refunding, Callable 01/01/25 at 100,<br> 5.000%, 1/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41131 |
| Port Arthur Independent School District GO, Series B, OID, Refunding, Callable 02/15/25 at 100,<br> 3.000%, 2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24856 |
| San Antonio Water System Revenue, Series A, Junior Series, Refunding,<br> 2.000%, 5/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39004 |
| Southwest Houston Redevelopment Authority, Series B, Refunding, Callable 09/01/27 at 100,<br> 5.000%, 9/1/35, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219637 |
| Sugar Land Waterworks & Sewer System Revenue, Callable 01/30/23 at 100,<br> 3.000%, 8/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44907 |
| Waco Educational Finance Corp. Revenue,<br> 4.000%, 3/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367445 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4570945 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Vermont — 0.9%** | **Vermont — 0.9%** | **Vermont — 0.9%** |
| University of Vermont and State Agricultural College Revenue, Refunding, Callable 10/1/27 at 100, 5.000%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$470000 | $493652 |
| **Virginia — 0.0%** | **Virginia — 0.0%** | **Virginia — 0.0%** |
| Virginia Resources Authority Revenue, AMT, Prerefunded, 5.000%, 11/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15255 |
| **Washington — 2.9%** | **Washington — 2.9%** | **Washington — 2.9%** |
| King County Sewer Revenue, Callable 7/1/24 at 100,<br> 5.000%, 1/1/47, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1268902 |
| State of Washington GO, Series 1, Callable 08/01/25 at 100,<br> 5.000%, 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103734 |
| State of Washington GO, Series B,<br> 5.000%, 8/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10355 |
| State of Washington GO, Series C, Callable 02/01/30 at 100,<br> 5.000%, 2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107205 |
| Washington Health Care Facilities Authority Revenue, Series A, Callable 08/15/25 at 100,<br> 5.000%, 8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215381 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1705577 |
| **Wisconsin — 3.8%** | **Wisconsin — 3.8%** | **Wisconsin — 3.8%** |
| Central Brown County Water Authority Revenue, Series A, Refunding,<br> 5.000%, 11/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10365 |
| Kenosha County GO, Series C,<br> 2.000%, 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91644 |
| Kenosha GO, Series B,<br> 3.000%, 9/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20001 |
| Milwaukee GO, Series 4, Refunding,<br> 5.000%, 4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424722 |
| Milwaukee Sewerage System Revenue, Series S5, Callable 06/01/23 at 100,<br> 4.000%, 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330517 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2022
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Wisconsin — (Continued)** | **Wisconsin — (Continued)** | **Wisconsin — (Continued)** |
| Oak Creek Revenue, Series B, Callable 04/01/23 at 100,<br> 2.000%, 4/1/24 | $50000 | $49115 |
| Public Finance Authority Revenue, Series A, Callable 06/01/25 at 100,<br> 5.000%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1027896 |
| Wisconsin Housing & Economic Development Authority Housing Revenue,<br> 3.600%, 11/1/26, (HUD SECT 8 Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269948 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2224208 |
| &nbsp;&nbsp;&nbsp;TOTAL MUNICIPAL BONDS<br> (Cost $39,056,480) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39245934 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** |  |
| **CORPORATE BONDS — 14.4%** | **CORPORATE BONDS — 14.4%** | **CORPORATE BONDS — 14.4%** |
| **Consumer Discretionary — 0.8%** | **Consumer Discretionary — 0.8%** | **Consumer Discretionary — 0.8%** |
| Mohawk Industries, Inc., 3.625%, 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 476441 |
| **Energy — 3.6%** | **Energy — 3.6%** | **Energy — 3.6%** |
| Continental Resources, Inc., 3.80%, 6/1/24 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 487269 |
| Enbridge Energy LP, 7.125%, 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045467 |
| Tosco Corp., 7.80%, 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 547117 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2079853 |
| **Financials — 4.3%** | **Financials — 4.3%** | **Financials — 4.3%** |
| Air Lease Corp., 3.25%, 3/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 474547 |
| Bank of America Corp., 0.523%, 6/14/24 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195302 |
| Discover Financial Services, 6.70%, 11/29/32 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511495 |
| Goldman Sachs Group, Inc. (The), 0.657%, 9/10/24 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192652 |
| Jefferies Financial Group, Inc., 4.85%, 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247541 |
| JPMorgan Chase & Co., 0.653%, 9/16/24 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192962 |
| Kilroy Realty LP, REIT, 2.50%, 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107278 |
| Morgan Stanley, 0.791%, 1/22/25 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189203 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Financials — (Continued)** | **Financials — (Continued)** | **Financials — (Continued)** |
| Morgan Stanley, 4.35%, 9/8/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$200000 | $194627 |
| Zions Bancorp, 3.25%, 10/29/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205360 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2510967 |
| **Health Care — 1.6%** | **Health Care — 1.6%** | **Health Care — 1.6%** |
| Illumina, Inc., 5.80%, 12/12/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 907911 |
| **Materials — 1.7%** | **Materials — 1.7%** | **Materials — 1.7%** |
| Huntsman International, LLC, 4.50%, 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 948277 |
| **Technology — 0.5%** | **Technology — 0.5%** | **Technology — 0.5%** |
| Global Payments, Inc., 4.95%, 8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292025 |
| **Utilities — 1.9%** | **Utilities — 1.9%** | **Utilities — 1.9%** |
| Southwest Gas Corp., 5.80%, 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 914470 |
| Southwest Gas Corp., 2.20%, 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196686 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1111156 |
| &nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS<br> (Cost $8,275,927) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8326630 |
| **PREFERREDS — 10.1%** | **PREFERREDS — 10.1%** | **PREFERREDS — 10.1%** |
| **Consumer Discretionary — 1.7%** | **Consumer Discretionary — 1.7%** | **Consumer Discretionary — 1.7%** |
| General Motors Financial Co., Inc., 5.75%, 9/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 992166 |
| **Financials — 8.4%** | **Financials — 8.4%** | **Financials — 8.4%** |
| Bank of America Corp., 6.25%, 9/5/24 | &nbsp;&nbsp;&nbsp;&nbsp;1550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1492434 |
| Charles Schwab Corp. (The), 4.00%, 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825313 |
| Citigroup, Inc., 5.90%, 2/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297624 |
| Citigroup, Inc., 6.25%, 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 923875 |
| Northern Trust Corp., 4.60%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 655694 |
| SVB Financial Group, 4.00%, 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;1015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 671189 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4866129 |
| &nbsp;&nbsp;&nbsp;TOTAL PREFERREDS<br> (Cost $5,890,515) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5858295 |
| **U.S. TREASURY OBLIGATIONS — 6.0%** | **U.S. TREASURY OBLIGATIONS — 6.0%** | **U.S. TREASURY OBLIGATIONS — 6.0%** |
| United States Treasury Bill,<br> 4.699%, 11/30/23<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1677996 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Concluded)

#### December 31, 2022
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **U.S. TREASURY OBLIGATIONS — (Continued)** | **U.S. TREASURY OBLIGATIONS — (Continued)** | **U.S. TREASURY OBLIGATIONS — (Continued)** |
| United States Treasury Notes, |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 10/15/25 | &nbsp;&nbsp;&nbsp;$1000000 | $1000156 |
| &nbsp;&nbsp;&nbsp;2.75%, 8/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 776953 |
| &nbsp;&nbsp;&nbsp;U.S. TREASURY OBLIGATIONS<br> (Cost $3,457,165) | &nbsp;&nbsp;&nbsp;U.S. TREASURY OBLIGATIONS<br> (Cost $3,457,165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3455105 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** |  |
| **SHORT-TERM INVESTMENT — 0.9%** | **SHORT-TERM INVESTMENT — 0.9%** | **SHORT-TERM INVESTMENT — 0.9%** |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.190%<sup>(d)</sup> | 501828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501828 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $501,828) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501828 |
| TOTAL INVESTMENTS - 99.1%<br> (Cost $57,181,915) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57387792 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550115 |
| NET ASSETS - 100.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$57937907 |

---

------

(a) The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at December 31, 2022.

(b) Zero coupon bond.

(c) Rate represents annualized yield at date of purchase.

(d) Rate disclosed is the 7-day yield at December 31, 2022.

---

| | |
|:---|:---|
| AGM | Assured Guaranty Municipal Corp. |
| AMT | Alternative Minimum Tax |
| BAM | Build America Mutual |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| HUD SECT 8 | Housing and Urban Development Section 8 |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| MORAL OBLG | Moral Obligation |
| OID | Original Issue Discount |
| PSF-GTD | Permanent School Fund Guaranteed |
| REIT | Real Estate Investment Trust |
| SCH BD GTY | School Board Guaranty |
| SD CRED PROG | State School District Credit Enhancement Program |
| SONYMA | State of New York Mortgage Agency |
| ST AID DIR DEP | State Aid Direct Deposit |
| 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, 2022
(Unaudited)

A. Portfolio Valutation:

***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.

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.

------

AMBRUS FUNDS

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

#### December 31, 2022
(Unaudited)

The following is a summary of the inputs used, as of December 31, 2022, in valuing each Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | &nbsp;&nbsp;**Total<br> Value at<br> 12/31/22** | &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 | $13627652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$13627652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| U.S. Treasury Obligations | &nbsp;&nbsp;11726615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11726615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Preferreds | &nbsp;&nbsp;&nbsp;&nbsp;2992100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2992100 | &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;283414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283414 | &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;715303 | &nbsp;&nbsp;&nbsp;&nbsp;715303 | &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 | $29345084 | &nbsp;&nbsp;$715303 | &nbsp;&nbsp;$28629781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| **Ambrus Tax-Conscious California Bond Fund** | **Ambrus Tax-Conscious California Bond Fund** |  |  |  |
| **Assets** |  |  |  |  |
| Municipal Bonds | $32487012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$32487012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Preferreds | &nbsp;&nbsp;&nbsp;&nbsp;4427706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4427706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;4354387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4354387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;1742616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742616 | &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;810969 | &nbsp;&nbsp;&nbsp;&nbsp;810969 | &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 | $43822690 | &nbsp;&nbsp;$810969 | &nbsp;&nbsp;$43011721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| **Ambrus Tax-Conscious National Bond Fund** | **Ambrus Tax-Conscious National Bond Fund** |  |  |  |
| **Assets** |  |  |  |  |
| Municipal Bonds | $39245934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$39245934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;8326630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8326630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Preferreds | &nbsp;&nbsp;&nbsp;&nbsp;5858295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5858295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;3455105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3455105 | &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;501828 | &nbsp;&nbsp;&nbsp;&nbsp;501828 | &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 | $57387792 | &nbsp;&nbsp;$501828 | &nbsp;&nbsp;$56885964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

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 ("U.S. GAAP") require the Funds to present a reconciliation of the beginning to ending balances for reported market values that present changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. A reconciliation of Level 3 investments is presented only when the Funds had an amount of Level 3 investments at the end of the reporting period that

------

AMBRUS FUNDS

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

#### December 31, 2022
(Unaudited)

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, 2022, there were no transfers in or out of Level 3.

For more information with regard to significant accounting policies, see the most recent 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:** 301 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 California Bond Fund

- **b. EDGAR series identifier (if any):** S000077407

- **c. LEI of Series:** 549300SZTIT6KIHGNK80

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-30

**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:** $48068999.82

**Total Liabilities:** $3814470.56

**Net Assets:** $44254529.26

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 55.29767000 | **1-Year:** 2820.56610000 | **5-Year:** 9198.63620000 | **10-Year:** 6569.27616000 | **30-Year:** 395.36637000

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

- **3-Month:** 0.00000000 | **1-Year:** 67.98114000 | **5-Year:** 235.16777000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237820 | -0.65%               | 1.90%                | 0.49%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-45777.13                                 |
| Month 2  | $-5378.80                | $280985.28                                 |
| Month 3  | $833.99                  | $-25261.97                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| JURUPA CA PUBLIC FING AUTH SPL     | Jurupa Public Financing Authority                                            | CUSIP: 482085DQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20571.31     | 0.05%             | 2025-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CNTY CA PUBLIC WKS     | Los Angeles County Public Works Financing Authority                          | CUSIP: 54473ETU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $107563.08    | 0.24%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COACHELLA VLY CA UNIF SCH DIST     | Coachella Valley Unified School District/CA                                  | CUSIP: 189852EW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50517.48     | 0.11%             | 2028-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                | JPMorgan Chase & Co                                                          | CUSIP: 46647PDM5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249911.32    | 0.56%             | 2025-12-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| FILLMORE CALIF WTR REV             | City of Fillmore CA Water Revenue                                            | CUSIP: 317114AJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21494.52     | 0.05%             | 2030-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA C     | City & County of San Francisco CA                                            | CUSIP: 79765D4D9<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5502.53      | 0.01%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHWEST GAS CORP                 | Southwest Gas Corp                                                           | CUSIP: 845011AF2<br>LEI: OQQR1IQTGBKH0UR88X59 | Long             | DBT              | CORP              | US        |    700000 | PA      | $711254.70    | 1.61%             | 2027-12-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| ANAHEIM CA HSG & PUBLIC IMPT A     | Anaheim Housing & Public Improvements Authority                              | CUSIP: 032556NA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16604.14     | 0.04%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CA MUNI UTILITY DIS     | Sacramento Municipal Utility District                                        | CUSIP: 786005A99<br>LEI: E3GSVR6ZOU1MX2V7HF33 | Long             | DBT              | MUN               | US        |    175000 | PA      | $192366.28    | 0.43%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA C     | City & County of San Francisco CA Community Facilities District No 2014-1    | CUSIP: 79772EFC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $168122.82    | 0.38%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                     | Morgan Stanley                                                               | CUSIP: 61747YEB7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    200000 | PA      | $189202.58    | 0.43%             | 2025-01-22      | Fixed         | 0.79%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                | JPMorgan Chase & Co                                                          | CUSIP: 46647PBS4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    200000 | PA      | $192961.44    | 0.44%             | 2024-09-16      | Fixed         | 0.65%                 | No            |                  2 | On Loan: No      |
| LAKE CNTY IL SCH DIST #1 WINTH     | Lake County School District No 1 Winthrop Harbor                             | CUSIP: 508426CH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $384246.46    | 0.87%             | 2032-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN ST TOBACCO SECURITIZATI     | Golden State Tobacco Securitization Corp                                     | CUSIP: 38122NYZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106064.66    | 0.24%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOUNT DIABLO CA UNIF SCH DIST      | Mount Diablo Unified School District/CA                                      | CUSIP: 621196G65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30221.30     | 0.07%             | 2030-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                | Global Payments Inc                                                          | CUSIP: 37940XAP7<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    200000 | PA      | $194683.64    | 0.44%             | 2027-08-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| SEMITROPIC CA IMPT DIST SEMITR     | Semitropic Improvement District of the Semitropic Water Storage District     | CUSIP: 81684KCY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16607.96     | 0.04%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIO CA PUBLIC FING AUTH          | Indio Finance Authority                                                      | CUSIP: 45571LCC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10726.49     | 0.02%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP      | New York City Housing Development Corp                                       | CUSIP: 64972E2K4<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    345000 | PA      | $343990.53    | 0.78%             | 2028-11-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A     | California Health Facilities Financing Authority                             | CUSIP: 13032URB6<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |     15000 | PA      | $16422.12     | 0.04%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                      | State of California                                                          | CUSIP: 13063CUU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10606.71     | 0.02%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PASADENA CA UNIF SCH DIST          | Pasadena Unified School District                                             | CUSIP: 702282QV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $97503.16     | 0.22%             | 2025-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                      | State of California                                                          | CUSIP: 13063C2B5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $360939.34    | 0.82%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT     | California Statewide Communities Development Authority                       | CUSIP: 13080SVX9<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    100000 | PA      | $107589.98    | 0.24%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE       | Illinois Finance Authority                                                   | CUSIP: 45204FTB1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    400000 | PA      | $410914.08    | 0.93%             | 2052-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST SACRAMENTO CA AREA FLOOD      | West Sacramento Area Flood Control Agency                                    | CUSIP: 955627BY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10644.00     | 0.02%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST ENTERPRISE DEV A     | California Enterprise Development Authority                                  | CUSIP: 13067VAN4<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    215000 | PA      | $233787.26    | 0.53%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PITTSBURG CA UNIF SCH DIST COP     | Pittsburg Unified School District                                            | CUSIP: 724585EE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15776.41     | 0.04%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SVB FINANCIAL GROUP                | SVB Financial Group                                                          | CUSIP: 78486QAJ0<br>LEI: 549300D2KJ20JMXE7542 | Long             | DBT              | CORP              | US        |    650000 | PA      | $429825.51    | 0.97%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LODI CA PUBLIC FING AUTH WSTWT     | Lodi Public Financing Authority                                              | CUSIP: 540255AV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $91926.93     | 0.21%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PITTSBURG CA SUCCESSOR AGY RED     | Pittsburg Successor Agency Redevelopment Agency                              | CUSIP: 86459LBN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106504.87    | 0.24%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STOCKTON CA UNIF SCH DIST          | Stockton Unified School District                                             | CUSIP: 861419RD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $304738.98    | 0.69%             | 2027-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY CA TRANSPRTN AUTH      | 91 Express Lanes Toll Road                                                   | CUSIP: 68441MAZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30317.22     | 0.07%             | 2030-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                             | CUSIP: 91282CFU0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $301617.19    | 0.68%             | 2027-10-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                      | State of California                                                          | CUSIP: 13063DLH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $318316.12    | 0.72%             | 2031-04-01      | Fixed         | 5.00%                 | 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      | $104758.09    | 0.24%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CNTY CA REDEV SUCCES     | Riverside County Redevelopment Successor Agency                              | CUSIP: 76913AKV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $535873.55    | 1.21%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUBLIC WKS BRD L     | California State Public Works Board                                          | CUSIP: 13068L3D5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21993.17     | 0.05%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUTTER BUTTE CA FLOOD AGY ASSM     | Sutter Butte Flood Agency                                                    | CUSIP: 869398BG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21253.53     | 0.05%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE      | Metropolitan Transportation Authority                                        | CUSIP: 59261ASZ1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    635000 | PA      | $654926.43    | 1.48%             | 2032-11-15      | 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        |   4537918 | NS      | $4537917.90   | 10.25%            |  |  |  | No            |                  1 | On Loan: No      |
| SANTALUZ CA CMNTY FACS DIST #2     | Santaluz Community Facilities District No 2                                  | CUSIP: 802808FC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $557199.61    | 1.26%             | 2027-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT     | California Statewide Communities Development Authority                       | CUSIP: 13080SWC4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    160000 | PA      | $169785.87    | 0.38%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A     | California Health Facilities Financing Authority                             | CUSIP: 13032UFA1<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |     65000 | PA      | $67528.42     | 0.15%             | 2026-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OXNARD CA UNION HIGH SCH DIST      | Oxnard Union High School District                                            | CUSIP: 692039PZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10830.28     | 0.02%             | 2028-08-01      | 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        |    875000 | PA      | $738846.98    | 1.67%             | N/A             | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A     | California Health Facilities Financing Authority                             | CUSIP: 13032UUG1<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    365000 | PA      | $372169.66    | 0.84%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT     | California Statewide Communities Development Authority                       | CUSIP: 13080STW4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    300000 | PA      | $317309.67    | 0.72%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CNTY CA SCHS REGIO     | Los Angeles County Schools Regionalized Business Services Corp               | CUSIP: 545152WR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15010.80     | 0.03%             | 2026-09-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MARTINEZ CA UNIF SCH DIST          | Martinez Unified School District                                             | CUSIP: 573428JZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20863.75     | 0.05%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA HSG AUTH            | Los Angeles Housing Authority                                                | CUSIP: 54456PAZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5203.78      | 0.01%             | 2027-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANTA ANA CA UNIF SCH DIST         | Santa Ana Unified School District                                            | CUSIP: 801155YN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106091.38    | 0.24%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANTA CLARITA CA PUBLIC FIN AU     | Santa Clarita Public Finance Authority                                       | CUSIP: 80169PCH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $19124.04     | 0.04%             | 2027-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MET WTR DIST OF STHRN CA WTRWK     | Metropolitan Water District of Southern California                           | CUSIP: 59266TUY5<br>LEI: 5493003GD0S0P56RLT45 | Long             | DBT              | MUN               | US        |    400000 | PA      | $408972.20    | 0.92%             | 2027-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| RICHMOND CA WSTWTR REVENUE         | City of Richmond CA Wastewater Revenue                                       | CUSIP: 764507BA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $85149.53     | 0.19%             | 2028-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                | Charles Schwab Corp/The                                                      | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    850000 | PA      | $738437.50    | 1.67%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA C     | City & County of San Francisco CA                                            | CUSIP: 79765D3A6<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |     15000 | PA      | $16507.58     | 0.04%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI     | Pennsylvania Turnpike Commission                                             | CUSIP: 709224PK9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    660000 | PA      | $687017.30    | 1.55%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANAHEIM CA PUBLIC FING AUTH LE     | Anaheim Public Financing Authority                                           | CUSIP: 03255LGH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15448.77     | 0.03%             | 2024-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TAMALPAIS CA CMNTY SVCS DIST W     | Tamalpais Community Services District Wastewater Revenue                     | CUSIP: 87486EAH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15873.19     | 0.04%             | 2028-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SHASTA CA JT PWRS FING AUTH        | Shasta Joint Powers Financing Authority                                      | CUSIP: 820169DU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10007.30     | 0.02%             | 2026-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P     | Los Angeles Department of Water & Power                                      | CUSIP: 544532DK7<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |     85000 | PA      | $91274.58     | 0.21%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA CA RGTS MED     | Regents of the University of California Medical Center Pooled Revenue        | CUSIP: 913366GG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $405382.12    | 0.92%             | 2048-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EAST SIDE CA UNION HIGH SCH DI     | East Side Union High School District                                         | CUSIP: 275282LM1<br>LEI: 549300FHNKBG2V8ZLG85 | Long             | DBT              | MUN               | US        |     50000 | PA      | $47008.08     | 0.11%             | 2029-08-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| CYPRESS CA ELEM SCH DIST           | Cypress School District                                                      | CUSIP: 232723JJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21177.21     | 0.05%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                      | State of California                                                          | CUSIP: 13063C4L1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258873.40    | 0.58%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN MARCOS CA PUBLIC FING AUTH     | San Marcos Public Facilities Authority                                       | CUSIP: 79876ADR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $154742.70    | 0.35%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIAN WELLS CA REDEV AGY SUCC     | Indian Wells Redevelopment Agency Successor Agency                           | CUSIP: 45454RAZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21530.13     | 0.05%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY     | San Francisco City & County Airport Comm-San Francisco International Airport | CUSIP: 79766DEH8<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20034.96     | 0.05%             | 2026-05-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| SAN BENITO CNTY CA COPS            | County of San Benito CA                                                      | CUSIP: 796532CS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16947.10     | 0.04%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA CA REVENUES     | University of California                                                     | CUSIP: 91412GX34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $217014.98    | 0.49%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                      | State of California                                                          | CUSIP: 13063DLX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1126835.91   | 2.55%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUENA PARK CA SCH DIST             | Buena Park School District                                                   | CUSIP: 119178FC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16450.03     | 0.04%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A     | California Health Facilities Financing Authority                             | CUSIP: 13032UJG4<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    365000 | PA      | $390152.92    | 0.88%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGUITO CA SCH FACS FING      | San Dieguito School Facilities Financing Authority                           | CUSIP: 797506BQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $687000.72    | 1.55%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                      | State of California                                                          | CUSIP: 13063DA73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $367902.20    | 0.83%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EAST SIDE CA UNION HIGH SCH DI     | East Side Union High School District                                         | CUSIP: 275281X57<br>LEI: 549300FHNKBG2V8ZLG85 | Long             | DBT              | MUN               | US        |    125000 | PA      | $132207.58    | 0.30%             | 2026-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WASHINGTON TWP CA HLTH CARE DI     | Washington Township Health Care District                                     | CUSIP: 940642DZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10281.48     | 0.02%             | 2029-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN MATEO FOSTER CITY CA PUBLI     | San Mateo Foster City Public Financing Authority                             | CUSIP: 79905VAG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $276908.10    | 0.63%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN MARCOS CA PUBLIC FING AUTH     | San Marcos Public Facilities Authority                                       | CUSIP: 79876AED0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $133291.99    | 0.30%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANAHEIM CA HSG & PUBLIC IMPT A     | Anaheim Housing & Public Improvements Authority                              | CUSIP: 032556CQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $108781.60    | 0.25%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUBLIC WKS BRD L     | California State Public Works Board                                          | CUSIP: 13068L6V2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $118390.17    | 0.27%             | 2035-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| KINGS CANYON CA JT UNIF SCH DI     | Kings Canyon Unified School District                                         | CUSIP: 49579SAV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $29465.62     | 0.07%             | 2023-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A     | California Health Facilities Financing Authority                             | CUSIP: 13032UHC5<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5356.43      | 0.01%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP               | Bank of America Corp                                                         | CUSIP: 060505EH3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $962860.87    | 2.18%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VICTOR VLY CA TRANSPRTN AUTH C     | Victor Valley Transit Authority                                              | CUSIP: 926057BP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21428.70     | 0.05%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P     | Los Angeles Department of Water & Power                                      | CUSIP: 544532CS1<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5417.25      | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC            | Goldman Sachs Group Inc/The                                                  | CUSIP: 38141GYE8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    200000 | PA      | $192651.97    | 0.44%             | 2024-09-10      | Fixed         | 0.66%                 | No            |                  2 | On Loan: No      |
| MODESTO CA IRR DIST ELEC REVEN     | Modesto Irrigation District                                                  | CUSIP: 607763DY2<br>LEI: S6U6XLZ7IOWYIG8C8H50 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37829.82     | 0.09%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT     | California Educational Facilities Authority                                  | CUSIP: 130179RK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $72709.38     | 0.16%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKE ELSINORE CA FACS FING AUT     | Lake Elsinore Facilities Financing Authority Successor Agency                | CUSIP: 50962HAG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $64140.95     | 0.14%             | 2030-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A     | California Health Facilities Financing Authority                             | CUSIP: 13032ULY2<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |     40000 | PA      | $43004.01     | 0.10%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLUMINA INC                       | Illumina Inc                                                                 | CUSIP: 452327AN9<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |    600000 | PA      | $605274.05    | 1.37%             | 2025-12-12      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                      | State of California                                                          | CUSIP: 13063CPR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $392594.53    | 0.89%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YUBA CA LEVEE FING AUTH REVENU     | Yuba Levee Financing Authority                                               | CUSIP: 988211AZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21583.35     | 0.05%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                             | CUSIP: 91282CFL0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    150000 | PA      | $149308.59    | 0.34%             | 2029-09-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH HLTH FACS REV     | Iowa Finance Authority                                                       | CUSIP: 462466EZ2<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    150000 | PA      | $152096.88    | 0.34%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH ST     | California Municipal Finance Authority                                       | CUSIP: 13049YEK3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $529470.20    | 1.20%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN HOUSE FING AUTH LEASE     | Mountain House Public Financing Authority                                    | CUSIP: 62412RAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25194.88     | 0.06%             | 2023-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONTINENTAL RESOURCES              | Continental Resources Inc/OK                                                 | CUSIP: 212015AN1<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |    400000 | PA      | $389815.57    | 0.88%             | 2024-06-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| ANAHEIM CA UNION HIGH SCH DIST     | Anaheim Union High School District                                           | CUSIP: 032591RG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $310177.83    | 0.70%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &     | California Infrastructure & Economic Development Bank                        | CUSIP: 13034ARJ1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21544.29     | 0.05%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWTHORN CA SPL TAX                | City of Hawthorne CA                                                         | CUSIP: 420538DC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16018.26     | 0.04%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RAVENSWOOD CA CITY SCH DIST        | Ravenswood City School District/CA                                           | CUSIP: 754405FP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $324310.20    | 0.73%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN BERNARDINO CNTY CA COPS        | County of San Bernardino CA                                                  | CUSIP: 796815ZD3<br>LEI: 254900RTS8DDNPA7MX91 | Long             | DBT              | MUN               | US        |     20000 | PA      | $22164.31     | 0.05%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP               | Bank of America Corp                                                         | CUSIP: 06051GJY6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    200000 | PA      | $195301.90    | 0.44%             | 2024-06-14      | Fixed         | 0.52%                 | No            |                  2 | On Loan: No      |
| FAIRFIELD CA COPS                  | City of Fairfield CA                                                         | CUSIP: 304198FQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $52824.11     | 0.12%             | 2024-04-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WALNUT VLY CA UNIF SCH DIST        | Walnut Valley Unified School District                                        | CUSIP: 932889VX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $74299.96     | 0.17%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN MARCOS CA UNIF SCH DIST        | San Marcos Unified School District                                           | CUSIP: 798755FK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518085.85    | 1.17%             | 2033-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT WTR & PWR      | Los Angeles Department of Water & Power                                      | CUSIP: 5444955W0<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    200000 | PA      | $223447.92    | 0.50%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTEBELLO CA PUBLIC FING AUTH     | Montebello Public Financing Authority                                        | CUSIP: 612286FL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $993294.40    | 2.24%             | 2032-11-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A     | South Carolina Public Service Authority                                      | CUSIP: 837151NC9<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103771.06    | 0.23%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST ENTERPRISE DEV A     | California Enterprise Development Authority                                  | CUSIP: 13067VAH7<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |     15000 | PA      | $16441.84     | 0.04%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA C     | City & County of San Francisco CA Community Facilities District No 2014-1    | CUSIP: 79772EFB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $110895.42    | 0.25%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA PUBLIC FING AUTH      | Riverside Public Financing Authority                                         | CUSIP: 76926CAP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60154.45     | 0.14%             | 2025-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA P     | San Francisco City & County Public Utilities Commission Power Revenue        | CUSIP: 79771KAK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $120705.36    | 0.27%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                      | State of California                                                          | CUSIP: 13063CZU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $230387.06    | 0.52%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUBA-RUSHFORD NY CENTRL SCH DI     | Cuba-Rushford Central School District                                        | CUSIP: 229570EG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $474456.84    | 1.07%             | 2023-06-23      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &     | California Infrastructure & Economic Development Bank                        | CUSIP: 13034ARD4<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30189.50     | 0.07%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC            | Jefferies Financial Group Inc                                                | CUSIP: 47233JAG3<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247541.41    | 0.56%             | 2027-01-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CA AREA FLOOD CONTR     | Sacramento Area Flood Control Agency                                         | CUSIP: 785840JN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $538000.34    | 1.22%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE       | Michigan Finance Authority                                                   | CUSIP: 59447PJ28<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023430.50   | 2.31%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YUBA CA LEVEE FING AUTH REVENU     | Yuba Levee Financing Authority                                               | CUSIP: 988211BA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26910.20     | 0.06%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CA REGL ARPT AU     | San Diego County Regional Airport Authority                                  | CUSIP: 79739GMW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $159822.27    | 0.36%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN LUIS OBISPO CA WTR REVENUE     | City of San Luis Obispo CA Water Revenue                                     | CUSIP: 798662EM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $145231.84    | 0.33%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A     | California Health Facilities Financing Authority                             | CUSIP: 13032UNT1<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    250000 | PA      | $264511.43    | 0.60%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA BAY AREA RAPI     | San Francisco Bay Area Rapid Transit District Sales Tax Revenue              | CUSIP: 797669WA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5305.97      | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &     | California Infrastructure & Economic Development Bank                        | CUSIP: 13034RAD5<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    805000 | PA      | $867860.36    | 1.96%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA UNIF SCH DIST       | Los Angeles Unified School District/CA                                       | CUSIP: 544647CG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65473.73     | 0.15%             | 2027-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CHINO BASIN CA REGL FING AUTH      | Chino Basin Regional Financing Authority                                     | CUSIP: 169498FR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103534.05    | 0.23%             | 2025-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PALOMAR HLTH CA                    | Palomar Health                                                               | CUSIP: 697527BA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $203867.08    | 0.46%             | 2033-08-01      | Fixed         | 4.00%                 | 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        |    800000 | PA      | $831733.76    | 1.88%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A     | California Health Facilities Financing Authority                             | CUSIP: 13032UNY0<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25547.69     | 0.06%             | 2048-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA C     | City & County of San Francisco CA Community Facilities District No 2014-1    | CUSIP: 79772EFA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $109706.94    | 0.25%             | 2028-09-01      | Fixed         | 5.00%                 | 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        |    350000 | PA      | $349921.18    | 0.79%             | 2062-11-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CNTY CA PUBLIC WKS     | Los Angeles County Public Works Financing Authority                          | CUSIP: 54473ESP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $133587.39    | 0.30%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NTHRN CA PWR AGY CAPITAL FACS      | Northern California Power Agency                                             | CUSIP: 66484RAX4<br>LEI: 549300QYTU4PHD2XHS96 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20594.19     | 0.05%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                             | CUSIP: 91282CFF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $182812.50    | 0.41%             | 2032-08-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| BERKELEY CA JT PWRS FING AUTH      | Berkeley Joint Powers Financing Authority                                    | CUSIP: 084144DH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25002.50     | 0.06%             | 2027-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT     | California Statewide Communities Development Authority                       | CUSIP: 13080SYJ7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21540.03     | 0.05%             | 2028-04-01      | 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        |    375000 | PA      | $373767.64    | 0.84%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A     | California Health Facilities Financing Authority                             | CUSIP: 13032UQD3<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10905.29     | 0.02%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                      | United States Treasury Bill                                                  | CUSIP: 912796ZD4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $958854.86    | 2.17%             | 2023-11-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COMPTON CA UNIF SCH DIST           | Compton Unified School District/CA                                           | CUSIP: 204736FD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $109865.66    | 0.25%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN JOSE CA ARPT REVENUE           | Norman Y Mineta San Jose International Airport SJC                           | CUSIP: 798136WR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $171249.23    | 0.39%             | 2042-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUBLIC WKS BRD L     | California State Public Works Board                                          | CUSIP: 13068LMB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10383.73     | 0.02%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA PUBLIC FACS FING      | San Diego Public Facilities Financing Authority                              | CUSIP: 79730CJB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $813951.23    | 1.84%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WSTRN PLACER CA UNIF SCH DIST      | Western Placer Unified School District                                       | CUSIP: 959215EW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25789.52     | 0.06%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY     | San Francisco City & County Airport Comm-San Francisco International Airport | CUSIP: 79766DEK1<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30075.37     | 0.07%             | 2028-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                             | CUSIP: 91282CFP1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    150000 | PA      | $150023.44    | 0.34%             | 2025-10-15      | Fixed         | 4.25%                 | 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        |    250000 | PA      | $262550.23    | 0.59%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KING CNTY WA SWR REVENUE           | County of King WA Sewer Revenue                                              | CUSIP: 495289N71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $761341.13    | 1.72%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUBLIC WKS BRD L     | California State Public Works Board                                          | CUSIP: 13068L4R3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $226116.04    | 0.51%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CNTY CA SANTN DISTS     | Sacramento County Sanitation Districts Financing Authority                   | CUSIP: 786134UG9<br>LEI: 549300MSDPX3EYMUYV38 | Long             | DBT              | MUN               | US        |    175000 | PA      | $180866.09    | 0.41%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                      | State of California                                                          | CUSIP: 13063DF29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $143671.64    | 0.32%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                      | Citigroup Inc                                                                | CUSIP: 172967GF2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198416.07    | 0.45%             | N/A             | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST DEPT OF VETERANS     | Department of Veterans Affairs Veteran's Farm & Home Purchase Program        | CUSIP: 130658QF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $36201.29     | 0.08%             | 2027-06-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                      | State of California                                                          | CUSIP: 13063CR51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16300.51     | 0.04%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA UNIF SCH DIST       | Los Angeles Unified School District/CA                                       | CUSIP: 5446466K3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $161737.19    | 0.37%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COACHELLA VLY CA UNIF SCH DIST     | Coachella Valley Unified School District/CA                                  | CUSIP: 189849JY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5101.57      | 0.01%             | 2027-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH NT     | Tobacco Securitization Authority of Northern California                      | CUSIP: 888794BF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $67181.58     | 0.15%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A     | California Health Facilities Financing Authority                             | CUSIP: 13032UCW6<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26864.12     | 0.06%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA C     | City & County of San Francisco CA Community Facilities District No 2014-1    | CUSIP: 79772EEZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $157118.10    | 0.36%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HGR EDUCTNL FA     | Pennsylvania Higher Educational Facilities Authority                         | CUSIP: 70917SXG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $522405.50    | 1.18%             | 2025-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUBLIC WKS BRD L     | California State Public Works Board                                          | CUSIP: 13068LYT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27260.71     | 0.06%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW BRUNSWICK NJ PKG AUTH          | New Brunswick Parking Authority                                              | CUSIP: 642835QG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516958.95    | 1.17%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA P     | City of San Francisco CA Public Utilities Commission Water Revenue           | CUSIP: 79765RJ26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $151454.58    | 0.34%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FONTANA CA REDEV AGY SUCCESSOR     | Fontana Redevelopment Agency Successor Agency                                | CUSIP: 34461CAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $164082.90    | 0.37%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUNTSMAN INTERNATIONAL L           | Huntsman International LLC                                                   | CUSIP: 44701QBE1<br>LEI: 3YTEJFW18LGIUQ2N5J61 | Long             | DBT              | CORP              | US        |    500000 | PA      | $451560.28    | 1.02%             | 2029-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY     | San Francisco City & County Airport Comm-San Francisco International Airport | CUSIP: 79766DEJ4<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10021.29     | 0.02%             | 2027-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A     | California Health Facilities Financing Authority                             | CUSIP: 13033L3Y1<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101417.14    | 0.23%             | 2028-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN YSIDRO CA SCH DIST COPS        | San Ysidro School District                                                   | CUSIP: 799563FR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105294.17    | 0.24%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A     | California Health Facilities Financing Authority                             | CUSIP: 13033L3B1<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20624.92     | 0.05%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KERN CA HIGH SCH DIST              | Kern High School District                                                    | CUSIP: 492246QL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $95811.79     | 0.22%             | 2027-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                      | State of California                                                          | CUSIP: 13063CD49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26173.26     | 0.06%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST DEPT OF VETERANS     | Department of Veterans Affairs Veteran's Farm & Home Purchase Program        | CUSIP: 130658QA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $286086.90    | 0.65%             | 2024-12-01      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A     | City of Los Angeles Department of Airports                                   | CUSIP: 544445PP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $198867.42    | 0.45%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA SOL WST RESOURC     | City of Los Angeles CA Solid Waste Resources Revenue                         | CUSIP: 54463PCG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $244958.13    | 0.55%             | 2025-02-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| NORTHERN TRUST CORP                | Northern Trust Corp                                                          | CUSIP: 665859AQ7<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |    550000 | PA      | $484069.03    | 1.09%             | N/A             | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                      | State of California                                                          | CUSIP: 13063DR75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5320.15      | 0.01%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                      | Citigroup Inc                                                                | CUSIP: 172967KM2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    900000 | PA      | $875250.00    | 1.98%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SOUTHWEST GAS CORP                 | Southwest Gas Corp                                                           | CUSIP: 845011AC9<br>LEI: OQQR1IQTGBKH0UR88X59 | Long             | DBT              | CORP              | US        |    250000 | PA      | $196685.44    | 0.44%             | 2030-06-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| SANTA MONICA CA WTR REVENUE        | City of Santa Monica CA Water Revenue                                        | CUSIP: 802490AF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99459.96     | 0.22%             | 2028-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT WTR & PWR      | Los Angeles Department of Water & Power                                      | CUSIP: 5444956T6<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    500000 | PA      | $534385.50    | 1.21%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CNTY CA MET TRANSP     | Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue   | CUSIP: 54466HHF6<br>LEI: 54930051IHTXE1N9RB42 | Long             | DBT              | MUN               | US        |    750000 | PA      | $803928.60    | 1.82%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRAVIS CA UNIF SCH DIST            | Travis Unified School District                                               | CUSIP: 894375DN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21186.85     | 0.05%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P     | Los Angeles Department of Water & Power                                      | CUSIP: 544532AQ7<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    610000 | PA      | $656215.37    | 1.48%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A     | California Health Facilities Financing Authority                             | CUSIP: 13032UNW4<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    250000 | PA      | $259941.00    | 0.59%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PAJARO VLY CA UNIF SCH DIST        | Pajaro Valley Unified School District                                        | CUSIP: 695802NZ7<br>LEI: 549300WHZ2OWRXQ3OY05 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10713.90     | 0.02%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MENLO PARK CA CMNTY DEV AGY SU     | Menlo Park Community Development Agency Successor Agency                     | CUSIP: 586843AN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26628.10     | 0.06%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A     | California Health Facilities Financing Authority                             | CUSIP: 13032URJ9<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    240000 | PA      | $253930.97    | 0.57%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPISTRANO CA UNIF SCH DIST CM     | Capistrano Unified School District Community Facilities District No 90-2     | CUSIP: 139708BR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011427.40   | 2.29%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ZIONS BANCORP NA                   | Zions Bancorp NA                                                             | CUSIP: 98971DAB6<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | DBT              | CORP              | US        |    250000 | PA      | $205360.01    | 0.46%             | 2029-10-29      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUBLIC WKS BRD L     | California State Public Works Board                                          | CUSIP: 13068LN43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $11085.70     | 0.03%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CNTY CA ARPT SYS RE     | County of Sacramento CA Airport System Revenue                               | CUSIP: 786107SQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10989.27     | 0.02%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                     | Air Lease Corp                                                               | CUSIP: 00912XBA1<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    350000 | PA      | $332182.58    | 0.75%             | 2025-03-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| MET WTR DIST OF STHRN CA WTRWK     | Metropolitan Water District of Southern California                           | CUSIP: 59266TNF4<br>LEI: 5493003GD0S0P56RLT45 | Long             | DBT              | MUN               | US        |    185000 | PA      | $184428.33    | 0.42%             | 2026-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST     | Tobacco Securitization Authority of Southern California                      | CUSIP: 888804CG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $58200.97     | 0.13%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

**Name of Applicant:** FundVantage Trust

**Signature:** T. Richard Keyes

**Name of Signer:** T. Richard Keyes

**Title:** Treasurer and Chief Financial Officer