# EDGAR Filing Document

**Accession Number:** 0001388485
**File Stem:** 0001752724-25-212519
**Filing Date:** 2025-8
**Character Count:** 302956
**Document Hash:** db7e85d98083cebcc106ae4081610a0e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-212519.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001752724-25-212519

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22027
- **FILM NUMBER:** 251278037

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

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

## Series and Classes Contracts Data

### Ambrus Tax-Conscious 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

#### June 30, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — 45.1%** | **CORPORATE BONDS — 45.1%** | **CORPORATE BONDS — 45.1%** |
| **Communications — 0.7%** | **Communications — 0.7%** | **Communications — 0.7%** |
| AT&T, Inc., 7.125%, 12/15/31 | $500000 | $559991 |
| Warnermedia Holdings, Inc., 4.279%, 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2620625 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3180616 |
| **Consumer Discretionary — 8.4%** | **Consumer Discretionary — 8.4%** | **Consumer Discretionary — 8.4%** |
| BorgWarner, Inc., 4.95%, 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1014858 |
| Brunswick Corp., 2.40%, 8/18/31 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2551682 |
| Darden Restaurants, Inc., 6.30%, 10/10/33 | &nbsp;&nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2037231 |
| Ford Motor Credit Co., LLC, 4.271%, 1/9/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1478522 |
| General Motors Financial Co., Inc., 5.632%, 1/7/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1467545 |
| Genuine Parts Co., 4.95%, 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507814 |
| Genuine Parts Co., 1.875%, 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 431521 |
| Hasbro, Inc., 6.05%, 5/14/34 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2063379 |
| Hyatt Hotels Corp., 5.75%, 3/30/32 | &nbsp;&nbsp;&nbsp;&nbsp; 2825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2899977 |
| Hyundai Capital America, 5.40%, 1/8/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1021745 |
| Hyundai Capital America, 4.75%, 9/26/31 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1975229 |
| Leggett & Platt, Inc., 4.40%, 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3401533 |
| Lennar Corp., 5.20%, 7/30/30 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 509587 |
| LKQ Corp., 6.25%, 6/15/33 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1055421 |
| Masco Corp., 3.50%, 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 979302 |
| Nissan Motor Acceptance Co., LLC, 7.05%, 9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1022445 |
| Polaris, Inc., 6.95%, 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1052151 |
| PVH Corp., 4.625%, 7/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1999771 |
| PVH Corp., 5.50%, 6/13/30 | &nbsp;&nbsp;&nbsp;&nbsp; 2175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2190996 |
| Ralph Lauren Corp., 3.75%, 9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1006664 |
| Stellantis Finance US, Inc., 5.625%, 1/12/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1013779 |
| Tapestry, Inc., 3.05%, 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 2150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1922025 |
| VF Corp., 6.00%, 10/15/33 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2307943 |
| Whirlpool Corp., 5.75%, 3/1/34 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3904258 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39815378 |
| **Consumer Staple Products — 1.6%** | **Consumer Staple Products — 1.6%** | **Consumer Staple Products — 1.6%** |
| Altria Group, Inc., 6.875%, 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1119675 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Consumer Staple Products — (Continued)** | **Consumer Staple Products — (Continued)** | **Consumer Staple Products — (Continued)** |
| J M Smucker Co. (The), 6.20%, 11/15/33 | $650000 | $697533 |
| Kroger Co. (The), 7.70%, 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 2064000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2296210 |
| Philip Morris International, Inc., 3.375%, 8/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2995791 |
| Tyson Foods, Inc., 5.70%, 3/15/34 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 517972 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7627181 |
| **Energy — 2.6%** | **Energy — 2.6%** | **Energy — 2.6%** |
| Cheniere Energy Partners LP, 5.95%, 6/30/33 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1044531 |
| Devon Energy Corp., 5.20%, 9/15/34 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1457514 |
| Helmerich & Payne, Inc., 2.90%, 9/29/31 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3346323 |
| Kinder Morgan, Inc., 7.80%, 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1728405 |
| Phillips 66 Co., 5.25%, 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1027536 |
| Tosco Corp., 7.80%, 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525737 |
| Valero Energy Corp., 6.625%, 6/15/37 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3232349 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12362395 |
| **Financials — 11.6%** | **Financials — 11.6%** | **Financials — 11.6%** |
| AmSouth Bancorp, 6.75%, 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 602420 |
| Bank of America Corp., 5.518%, 10/25/35 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5008132 |
| Bank of New York Mellon Corp. (The), 4.543%, 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2015585 |
| Bank of New York Mellon Corp. (The), 5.606%, 7/21/39 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1529827 |
| Broadridge Financial Solutions, Inc., 2.90%, 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1218126 |
| Capital One Financial Corp., 2.359%, 7/29/32 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1696823 |
| Carlyle Secured Lending, Inc., 6.75%, 2/18/30 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2044976 |
| Citadel LP, 6.00%, 1/23/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1034199 |
| Citibank NA, 5.57%, 4/30/34 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2084789 |
| Discover Financial Services, 7.964%, 11/2/34 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2326067 |
| Equitable Holdings, Inc., 5.594%, 1/11/33 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1041141 |
| First National of Nebraska, Inc., 7.25%, 6/15/35<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1006729 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS CORE BOND FUND

#### Portfolio of Investments (Continued)

#### June 30, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Financials — (Continued)** | **Financials — (Continued)** | **Financials — (Continued)** |
| Fiserv, Inc., 5.45%, 3/15/34 | $500000 | $512406 |
| FS KKR Capital Corp., 6.125%, 1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2979884 |
| Goldman Sachs Group, Inc. (The), 1.948%, 10/21/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1258928 |
| Goldman Sachs Group, Inc. (The), 6.249%, 3/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 509689 |
| Goldman Sachs Group, Inc. (The), 4.482%, 8/23/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1001306 |
| Goldman Sachs Group, Inc. (The), 6.75%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4398516 |
| Jefferies Financial Group, Inc., 2.625%, 10/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 870221 |
| JPMorgan Chase & Co., 5.558%, 2/24/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504420 |
| LPL Holdings, Inc., 6.00%, 5/20/34 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3109249 |
| Morgan Stanley, 4.35%, 9/8/26 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 798659 |
| Northern Trust Corp., 3.375%, 5/8/32 | &nbsp;&nbsp;&nbsp;&nbsp; 919000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 892493 |
| PNC Bank NA, 4.20%, 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 998643 |
| Prudential Financial, Inc., 6.50%, 3/15/54 | &nbsp;&nbsp;&nbsp;&nbsp; 4150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4271540 |
| Synchrony Financial, 3.70%, 8/4/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1040314 |
| Synchrony Financial, 2.875%, 10/28/31 | &nbsp;&nbsp;&nbsp;&nbsp; 3325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2885152 |
| US Bancorp, 4.653%, 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1006606 |
| Wells Fargo & Co., 3.584%, 5/22/28 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295463 |
| Wells Fargo Bank NA, 6.50%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1061581 |
| Western Alliance Bancorp, 3.00%, 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 931870 |
| Zions Bancorp NA, 3.25%, 10/29/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1663352 |
| Zions Bancorp NA, 6.816%, 11/19/35 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2080107 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54679213 |
| **Health Care — 2.7%** | **Health Care — 2.7%** | **Health Care — 2.7%** |
| DENTSPLY SIRONA, Inc., 3.25%, 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3651180 |
| GE HealthCare Technologies, Inc., 4.80%, 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504158 |
| HCA, Inc., 5.45%, 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1029572 |
| Humana, Inc., 5.55%, 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2011676 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Health Care — (Continued)** | **Health Care — (Continued)** | **Health Care — (Continued)** |
| Pfizer Investment Enterprises Pte Ltd., 4.75%, 5/19/33 | $1000000 | $998590 |
| UnitedHealth Group, Inc., 6.50%, 6/15/37 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2194329 |
| UnitedHealth Group, Inc., 3.50%, 8/15/39 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1614431 |
| Viatris, Inc., 2.30%, 6/22/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 953061 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12956997 |
| **Industrials — 5.2%** | **Industrials — 5.2%** | **Industrials — 5.2%** |
| Boeing Co. (The), 3.25%, 2/1/35 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5059627 |
| IDEX Corp., 4.95%, 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508387 |
| J Paul Getty Trust (The), 4.905%, 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4027831 |
| Jacobs Engineering Group, Inc., 5.90%, 3/1/33 | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1353234 |
| Northrop Grumman Systems Corp., 7.75%, 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2297478 |
| RTX Corp., 2.375%, 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1306438 |
| Ryder System, Inc., 1.75%, 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 970063 |
| Ryder System, Inc., 5.375%, 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513800 |
| Stanley Black & Decker, Inc., 2.30%, 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 5456000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4886705 |
| Trimble, Inc., 6.10%, 3/15/33 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1594113 |
| United Airlines Pass Through Trust, 5.875%, 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 794992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 811832 |
| Westinghouse Air Brake Technologies Corp., 5.611%, 3/11/34 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1035986 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24365494 |
| **Materials — 1.9%** | **Materials — 1.9%** | **Materials — 1.9%** |
| Albemarle Corp., 5.05%, 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 3349000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3217105 |
| Huntsman International, LLC, 2.95%, 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 5575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4692781 |
| Mosaic Global Holdings, Inc., 7.30%, 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1051355 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8961241 |
| **Real Estate — 1.7%** | **Real Estate — 1.7%** | **Real Estate — 1.7%** |
| Americold Realty Operating Partnership LP, REIT, 5.60%, 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1005066 |
| Hudson Pacific Properties LP, REIT, 4.65%, 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 899111 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS CORE BOND FUND

#### Portfolio of Investments (Continued)

#### June 30, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Real Estate — (Continued)** | **Real Estate — (Continued)** | **Real Estate — (Continued)** |
| Invitation Homes Operating Partnership LP, REIT, 5.45%, 8/15/30 | $1000000 | $1036379 |
| Jones Lang LaSalle, Inc., REIT, 6.875%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 886029 |
| Kilroy Realty LP, REIT, 2.50%, 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 3700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2979724 |
| Vornado Realty LP, REIT, 3.40%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1338631 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8144940 |
| **Technology — 5.5%** | **Technology — 5.5%** | **Technology — 5.5%** |
| Arrow Electronics, Inc., 5.875%, 4/10/34 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2066944 |
| Booz Allen Hamilton, Inc., 5.95%, 8/4/33 | &nbsp;&nbsp;&nbsp;&nbsp; 5175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5309928 |
| Concentrix Corp., 6.85%, 8/2/33 | &nbsp;&nbsp;&nbsp;&nbsp; 3039000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3181700 |
| Fortinet, Inc., 2.20%, 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 879605 |
| Foundry JV Holdco, LLC, 6.30%, 1/25/39<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6284822 |
| Intel Corp., 3.90%, 3/25/30 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1938506 |
| Kyndryl Holdings, Inc., 6.35%, 2/20/34 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1603892 |
| Leidos, Inc., 7.125%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2662567 |
| Motorola Solutions, Inc., 2.30%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1332267 |
| Teledyne Technologies, Inc., 2.75%, 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680308 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25940539 |
| **Utilities — 3.2%** | **Utilities — 3.2%** | **Utilities — 3.2%** |
| AES Corp. (The), 5.80%, 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 3275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3325114 |
| AES Corp. (The), 6.95%, 7/15/55 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1949244 |
| Dominion Energy, Inc., 6.625%, 5/15/55 | &nbsp;&nbsp;&nbsp;&nbsp; 3575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3637162 |
| PacifiCorp, 6.10%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2094514 |
| Sempra, 5.40%, 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2019910 |
| Southern California Gas Co., 5.05%, 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1510835 |
| Southwestern Electric Power Co., 5.30%, 4/1/33 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505014 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15041793 |
| &nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS<br> (Cost $207,973,092) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213075787 |
| **U.S. TREASURY OBLIGATIONS — 31.9%** | **U.S. TREASURY OBLIGATIONS — 31.9%** | **U.S. TREASURY OBLIGATIONS — 31.9%** |
| United States Treasury Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, 8/15/41 | &nbsp;&nbsp;&nbsp;&nbsp; 3875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2576572 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **U.S. TREASURY OBLIGATIONS — (Continued)** | **U.S. TREASURY OBLIGATIONS — (Continued)** | **U.S. TREASURY OBLIGATIONS — (Continued)** |
| &nbsp;&nbsp;&nbsp;1.375%, 8/15/50 | $9000000 | $4448672 |
| United States Treasury Floating Rate Notes,<br> 4.526% (3 Month U.S. Treasury Money Market Yield + 25 bps), 1/31/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25778990 |
| United States Treasury Notes, |  |  |
| &nbsp;&nbsp;&nbsp;2.75%, 8/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;48750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48609196 |
| &nbsp;&nbsp;&nbsp;3.75%, 4/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;62000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62082343 |
| &nbsp;&nbsp;&nbsp;4.125%, 11/30/31 | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7071094 |
| &nbsp;&nbsp;&nbsp;U.S. TREASURY OBLIGATIONS<br> (Cost $150,093,006) | &nbsp;&nbsp;&nbsp;U.S. TREASURY OBLIGATIONS<br> (Cost $150,093,006) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150566867 |
| **ASSET-BACKED SECURITIES — 7.9%** | **ASSET-BACKED SECURITIES — 7.9%** | **ASSET-BACKED SECURITIES — 7.9%** |
| Fannie Mae Pool, 6.00%, 5/1/53 | &nbsp;&nbsp;&nbsp;&nbsp; 794887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 811483 |
| Fannie Mae Pool, 7.00%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp; 4033853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4265234 |
| Fannie Mae Pool, 6.00%, 8/1/54 | &nbsp;&nbsp;&nbsp;&nbsp; 4032899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4113683 |
| Freddie Mac Pool, 6.50%, 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp; 4372267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4530956 |
| Freddie Mac Pool, 6.00%, 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp; 8371173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8519259 |
| Freddie Mac Pool, 7.00%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp; 2018473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2128731 |
| Ginnie Mae II Pool, 7.00%, 4/20/54 | &nbsp;&nbsp;&nbsp;&nbsp; 5063490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5248644 |
| Ginnie Mae II Pool, 6.50%, 7/20/54 | &nbsp;&nbsp;&nbsp;&nbsp; 7534175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7749663 |
| &nbsp;&nbsp;&nbsp;TOTAL ASSET-BACKED SECURITIES<br> (Cost $37,006,216) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37367653 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value/<br> Shares** |  |
| **PREFERREDS — 7.3%** | **PREFERREDS — 7.3%** | **PREFERREDS — 7.3%** |
| **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** |
| General Motors Financial Co., Inc., 5.75%, 9/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022037 |
| **Energy — 0.4%** | **Energy — 0.4%** | **Energy — 0.4%** |
| BP Capital Markets PLC, 6.45%, 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2048960 |
| **Financials — 6.5%** | **Financials — 6.5%** | **Financials — 6.5%** |
| Bank of America Corp., 6.625%, 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3840800 |
| Bank of New York Mellon Corp. (The), 3.70%, 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735835 |
| Bank of New York Mellon Corp. (The), 4.625%, 9/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1617784 |
| Bank of New York Mellon Corp. (The), Non Voting Shares, 6.15%, 3/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346140 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS CORE BOND FUND

#### Portfolio of Investments (Concluded)

#### June 30, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par Value/<br> Shares** | **Value** |
| **PREFERREDS — (Continued)** | **PREFERREDS — (Continued)** | **PREFERREDS — (Continued)** |
| **Financials — (Continued)** | **Financials — (Continued)** | **Financials — (Continued)** |
| Bank of New York Mellon Corp. (The), 6.30%, 3/20/30 | $1500000 | $1544719 |
| Citigroup, Inc., 4.00%, 12/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2389617 |
| Citigroup, Inc., 7.625%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 2150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2268207 |
| Citigroup, Inc., 6.75%, 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 2435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2459134 |
| Goldman Sachs Group, Inc. (The), 6.125%, 11/10/34 | &nbsp;&nbsp;&nbsp;&nbsp; 5375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5398045 |
| Morgan Stanley, 6.875%, 10/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 39395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 989996 |
| Northern Trust Corp., 4.60%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1550586 |
| State Street Corp., 5.35%, 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 434400 |
| State Street Corp., 6.70%, 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1048267 |
| State Street Corp., 6.45%, 9/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2852349 |
| Wells Fargo & Co., 3.90%, 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297402 |
| Wells Fargo & Co., 6.85%, 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 2550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2681576 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30454857 |
| &nbsp;&nbsp;&nbsp;TOTAL PREFERREDS<br> (Cost $33,179,126) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34525854 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** |  |
| **PREFERRED STOCKS — 0.6%** | **PREFERRED STOCKS — 0.6%** | **PREFERRED STOCKS — 0.6%** |
| **Financials — 0.6%** | **Financials — 0.6%** | **Financials — 0.6%** |
| KKR & Co., Inc., 6.875%, 6/1/65 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2572000 |
| &nbsp;&nbsp;&nbsp;TOTAL PREFERRED STOCKS<br> (Cost $2,500,000) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2572000 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** |  |
| **MUNICIPAL BONDS — 0.4%** | **MUNICIPAL BONDS — 0.4%** | **MUNICIPAL BONDS — 0.4%** |
| **California — 0.4%** | **California — 0.4%** | **California — 0.4%** |
| City & County of San Francisco GO, Series C,<br> 6.03%, 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2099214 |
| &nbsp;&nbsp;&nbsp;TOTAL MUNICIPAL BONDS<br> (Cost $2,070,498) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2099214 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **EXCHANGE TRADED FUNDS — 4.9%** | **EXCHANGE TRADED FUNDS — 4.9%** | **EXCHANGE TRADED FUNDS — 4.9%** |
| iShares 0-5 Year TIPS Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;150000 | $15436500 |
| SPDR Portfolio High Yield Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7616000 |
| &nbsp;&nbsp;&nbsp;TOTAL EXCHANGE TRADED FUNDS<br> (Cost $22,419,185) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23052500 |
| **SHORT-TERM INVESTMENT — 6.9%** | **SHORT-TERM INVESTMENT — 6.9%** | **SHORT-TERM INVESTMENT — 6.9%** |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.21%<sup>(c)</sup> | 32650796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32650796 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $32,650,796) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32650796 |
| TOTAL INVESTMENTS - 105.0%<br> (Cost $487,891,919) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495910671 |
| LIABILITIES IN EXCESS OF OTHER ASSETS - (5.0)% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23569145) |
| NET ASSETS - 100.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;$472341526 |

---

------

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

(b) Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the Fund's Board of
Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At June 30, 2025, these securities amounted to $7,291,551 or 1.54% of net assets. These securities have been
determined by the Fund's adviser to be liquid securities.

(c) Rate disclosed is the 7-day yield at June 30, 2025.

---

| | |
|:---|:---|
| ETF | Exchange-Traded Fund |
| GO | General Obligation |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| PLC | Public Limited Company |
| REIT | Real Estate Investment Trust |
| SPDR | Standard & Poor's Depository Receipt |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments

#### June 30, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — 78.3%** | **MUNICIPAL BONDS — 78.3%** | **MUNICIPAL BONDS — 78.3%** |
| **California — 65.8%** | **California — 65.8%** | **California — 65.8%** |
| Albany Unified School District GO, Series B, Callable 08/01/26 at 100,<br> 5.00%, 8/1/43 | $1000000 | $1017186 |
| Alhambra Unified School District GO, Series B, Callable 08/01/32 at 100,<br> 5.25%, 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp; 705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 741655 |
| Antioch Unified School District GO, Series B, OID, Callable 08/01/25 at 100,<br> 4.00%, 8/1/40, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 603435 |
| Atwater Elementary School District, Callable 12/01/34 at 100,<br> 5.00%, 12/1/44, (AGC Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 726902 |
| Beaumont Public Improvement Authority Revenue, Series A, Callable 09/01/25 at 103,<br> 5.00%, 9/1/43, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1018249 |
| Berkeley Joint Powers Financing Authority Revenue, OID, Refunding, Callable 07/31/25 at 100,<br> 3.00%, 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25002 |
| Beverly Hills Unified School District GO, CAB, OID, Refunding, Callable 08/01/26 at 68,<br> 0.00%, 8/1/37<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340928 |
| Cabrillo Unified School District GO, Series A, Callable 08/01/26 at 100,<br> 5.00%, 8/1/48 | &nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 634207 |
| California Community Choice Financing Authority Revenue, Callable 05/01/29 at 100,<br> 5.00%, 7/1/53<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2965000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3095643 |
| California Community Choice Financing Authority Revenue, Series A-1, Callable 05/01/28 at 100,<br> 4.00%, 5/1/53<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504443 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| California Community Choice Financing Authority Revenue, Series B-1, Callable 05/01/31 at 101,<br> 4.00%, 2/1/52<sup>(b)</sup> | $3755000 | $3734154 |
| California Community Choice Financing Authority Revenue, Series F, Callable 08/01/32 at 100,<br> 5.00%, 2/1/55<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4676981 |
| California Community Choice Financing Authority Revenue, Series G, Callable 01/01/30 at 100,<br> 5.25%, 11/1/54<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2120432 |
| California Community Choice Financing Authority Revenue , Callable 09/01/27 at 101,<br> 4.00%, 10/1/52<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 902784 |
| California Community Choice Financing Authority Revenue , Series C, Callable 07/01/32 at 100,<br> 5.00%, 8/1/55<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4218390 |
| California Community Choice Financing Authority Revenue , Series D, Callable 06/01/32 at 100,<br> 5.00%, 2/1/55<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2128552 |
| California Community Choice Financing Authority Revenue , Series G, Callable 05/01/32 at 100,<br> 5.00%, 11/1/55<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3097355 |
| California Educational Facilities Authority Revenue, Series A, Callable 10/01/28 at 100,<br> 5.00%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp; 3230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3244049 |
| California Educational Facilities Authority Revenue, Series A, Callable 10/01/28 at 100,<br> 5.00%, 10/1/48 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70054 |
| California Educational Facilities Authority Revenue, Series A, Callable 10/01/28 at 100,<br> 5.00%, 10/1/53 | &nbsp;&nbsp;&nbsp;&nbsp; 4545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4506474 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### June 30, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| California Educational Facilities Authority Revenue, Series A, Refunding, Callable 04/01/27 at 100,<br> 5.00%, 4/1/47 | $25000 | $24745 |
| California Educational Facilities Authority Revenue, Series U-7,<br> 5.00%, 6/1/46 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108986 |
| California Educational Facilities Authority Revenue , Series A, Callable 10/01/28 at 100,<br> 5.00%, 10/1/46 | &nbsp;&nbsp;&nbsp;&nbsp; 5110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5118472 |
| California Enterprise Development Authority Revenue, Callable 11/01/27 at 100,<br> 5.00%, 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223262 |
| California Health Facilities Financing Authority Revenue, Refunding, Callable 04/01/26 at 100,<br> 5.00%, 4/1/27, (CA MTG Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5096 |
| California Health Facilities Financing Authority Revenue, Refunding, Callable 11/15/27 at 100,<br> 5.00%, 11/15/38 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254391 |
| California Health Facilities Financing Authority Revenue, Refunding, Callable 11/15/27 at 100,<br> 5.00%, 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24978 |
| California Health Facilities Financing Authority Revenue, Series A, Callable 05/01/34 at 100,<br> 5.00%, 11/1/49 | &nbsp;&nbsp;&nbsp;&nbsp; 2840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2927290 |
| California Health Facilities Financing Authority Revenue, Series A, Callable 06/01/34 at 100,<br> 5.25%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp; 1030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1035787 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| California Health Facilities Financing Authority Revenue, Series A, Callable 06/01/34 at 100,<br> 5.00%, 12/1/45 | $885000 | $901495 |
| California Health Facilities Financing Authority Revenue, Series A, Callable 06/01/34 at 100,<br> 5.25%, 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp; 2445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2514240 |
| California Health Facilities Financing Authority Revenue, Series A, Callable 08/15/26 at 100,<br> 5.00%, 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 416495 |
| California Health Facilities Financing Authority Revenue, Series A, Refunding, Callable 07/31/25 at 100,<br> 4.00%, 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100074 |
| California Health Facilities Financing Authority Revenue, Series A-2, Refunding, Callable 11/01/27 at 100,<br> 4.00%, 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3596697 |
| California Health Facilities Financing Authority Revenue , Callable 11/15/27 at 100,<br> 5.00%, 11/15/56 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2990316 |
| California Health Facilities Financing Authority Revenue , Series A, Refunding, Callable 10/01/26 at 100,<br> 4.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp; 1195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1182814 |
| California Infrastructure & Economic Development Bank Revenue, Callable 05/15/28 at 100,<br> 5.00%, 5/15/47 | &nbsp;&nbsp;&nbsp;&nbsp; 1130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1142656 |
| California Infrastructure & Economic Development Bank Revenue, Callable 08/01/29 at 100,<br> 5.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp; 2875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2911392 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### June 30, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| California Infrastructure & Economic Development Bank Revenue, Callable 08/01/29 at 100,<br> 5.00%, 8/1/49 | $4555000 | $4578821 |
| California Infrastructure & Economic Development Bank Revenue, Refunding, Callable 11/01/26 at 100,<br> 5.00%, 5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20574 |
| California Infrastructure & Economic Development Bank Revenue, Series B, Callable 11/01/34 at 100,<br> 5.00%, 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 829603 |
| California Municipal Finance Authority Revenue, Callable 09/01/32 at 100,<br> 5.25%, 9/1/41, (CA MTG Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 503570 |
| California Municipal Finance Authority Revenue, Callable 09/01/32 at 100,<br> 5.25%, 9/1/44, (CA MTG Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 736124 |
| California Municipal Finance Authority Revenue, Callable 09/01/32 at 100,<br> 5.25%, 9/1/54, (CA MTG Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1134398 |
| California Municipal Finance Authority Revenue, Callable 11/15/28 at 100,<br> 5.00%, 5/15/36, (BAM-TCRS Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 521157 |
| California Municipal Finance Authority Revenue, Refunding, Callable 10/01/28 at 100,<br> 5.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1024163 |
| California Municipal Finance Authority Revenue, Series A,<br> 5.00%, 2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450350 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| California Municipal Finance Authority Revenue, Series A, Callable 02/01/27 at 100,<br> 3.20%, 9/1/45, (HUD SECT 8 Insured)<sup>(b)</sup> | $1250000 | $1244768 |
| California Municipal Finance Authority Revenue, Series A, Callable 06/01/27 at 100,<br> 5.00%, 6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1005183 |
| California Municipal Finance Authority Revenue, Series A, Callable 10/01/29 at 100,<br> 5.00%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512846 |
| California Municipal Finance Authority Revenue , Series A, Refunding, Callable 05/01/29 at 100,<br> 5.00%, 5/1/49 | &nbsp;&nbsp;&nbsp;&nbsp; 1840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1851223 |
| California Municipal Finance Authority Revenue , Series A, Refunding, Callable 07/21/25 at 100,<br> 4.00%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1062283 |
| California Public Finance Authority Revenue, Series A, Callable 07/15/32 at 100,<br> 5.00%, 7/15/46 | &nbsp;&nbsp;&nbsp;&nbsp; 3150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3254894 |
| California School Finance Authority Revenue, Series A, Callable 07/01/27 at 100,<br> 5.00%, 7/1/37<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25221 |
| California State GO, Refunding, Callable 08/01/25 at 100,<br> 5.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500303 |
| California State GO, Refunding, Callable 08/01/26 at 100,<br> 4.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000143 |
| California State GO, Series CV, Callable 12/01/33 at 100,<br> 3.80%, 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp; 2775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2487831 |
| California State Public Works Board Revenue, Callable 10/01/26 at 100,<br> 4.00%, 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535808 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### June 30, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| California State University Revenue, Series A, Refunding, Callable 11/01/25 at 100,<br> 5.00%, 11/1/47 | $1000000 | $993008 |
| California State University Revenue, Series A, Refunding, Callable 11/01/28 at 100,<br> 5.00%, 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1937754 |
| California State University Revenue , Series A, Refunding, Callable 11/01/25 at 100,<br> 5.00%, 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000566 |
| California Statewide Communities Development Authority Revenue, Callable 02/01/28 at 100,<br> 5.00%, 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311781 |
| California Statewide Communities Development Authority Revenue, Refunding,<br> 5.00%, 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104506 |
| California Statewide Communities Development Authority Revenue, Refunding, Callable 03/01/28 at 100,<br> 5.00%, 3/1/33 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164814 |
| California Statewide Communities Development Authority Revenue, Series A, OID, Refunding, Callable 03/01/26 at 100,<br> 4.125%, 3/1/34 | &nbsp;&nbsp;&nbsp;&nbsp; 1015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1002913 |
| Chowchilla Elementary School District GO, Callable 08/01/26 at 100,<br> 5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 589782 |
| City & County of San Francisco Community Facilities District No 2014-1, Series A,<br> 5.00%, 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152165 |
| City & County of San Francisco GO, Series C,<br> 6.03%, 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 3630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3810073 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| City & County of San Francisco Revenue, Series 2, Callable 08/01/28 at 100,<br> 3.35%, 8/1/29<sup>(b)</sup> | $1015000 | $1021254 |
| City of Lake Elsinore, Callable 09/01/31 at 103,<br> 5.00%, 9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52454 |
| City of Lake Elsinore, Callable 09/01/31 at 103,<br> 5.00%, 9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103166 |
| City of Lake Elsinore, Callable 09/01/31 at 103,<br> 5.00%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 578327 |
| Coachella Valley Unified School District, OID, Refunding, Callable 07/21/25 at 100,<br> 3.50%, 9/1/28, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50017 |
| Coachella Valley Unified School District GO, OID, Refunding, Callable 07/21/25 at 100,<br> 4.00%, 8/1/27, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5004 |
| Colusa Unified School District GO, Callable 07/31/25 at 100,<br> 4.00%, 5/1/34, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510032 |
| Compton Unified School District GO, Series B, Callable 06/01/27 at 100,<br> 4.00%, 6/1/32, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140924 |
| Concord, OID, Refunding, Callable 04/01/31 at 100,<br> 2.00%, 4/1/38 | &nbsp;&nbsp;&nbsp;&nbsp; 920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 678913 |
| Department of Veterans Affairs Veteran's Farm & Home Purchase Program Revenue, Series A,<br> 1.25%, 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38112 |
| Desert Sands Unified School District, Callable 09/01/30 at 103,<br> 5.00%, 9/1/44, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102476 |
| Desert Sands Unified School District, Callable 09/01/30 at 103,<br> 5.00%, 9/10/49, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187133 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### June 30, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Desert Sands Unified School District, Callable 09/01/30 at 103,<br> 5.00%, 9/1/54, (BAM Insured) | $425000 | $428440 |
| 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; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47572 |
| East Side Union High School District GO, Series B, Refunding,<br> 5.25%, 2/1/26, (NATL Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30332 |
| Eastern Municipal Water District Financing Authority Revenue, Series B, Unrefunded portion, Callable 07/01/26 at 100,<br> 4.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250308 |
| Escondido Union School District GO, Series B, Callable 08/01/27 at 100,<br> 4.00%, 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1046426 |
| Fillmore Wastewater Revenue, Refunding, Callable 05/01/27 at 100,<br> 5.00%, 5/1/47, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1184129 |
| Folsom Cordova Unified School District GO, Series D, Callable 10/01/26 at 100,<br> 4.00%, 10/1/44, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511797 |
| Folsom Cordova Unified School District School Facilities Improvement Dist No 5 GO, Series A, OID, Callable 10/01/25 at 100,<br> 4.00%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp; 2325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2269155 |
| Folsom Cordova Unified School District School Facilities Improvement Dist No 5 GO, Series B, Callable 10/01/26 at 100,<br> 4.25%, 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1479106 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Fremont Unified School District/Alameda County GO, Series B, Callable 08/01/25 at 100,<br> 4.00%, 8/1/40 | $1875000 | $1773568 |
| Fresno Unified School District GO, Series B, Refunding, Callable 08/01/26 at 100,<br> 4.00%, 8/1/46 | &nbsp;&nbsp;&nbsp;&nbsp; 1485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1366049 |
| Glendale Unified School District GO, Series B, CAB, OID, Refunding, Callable 09/01/25 at 70,<br> 0.00%, 9/1/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 553038 |
| Hayward Unified School District, Callable 08/01/27 at 100,<br> 5.25%, 8/1/52 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1010283 |
| Hayward Unified School District GO, Refunding, Callable 08/01/28 at 100,<br> 4.00%, 8/1/43, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 930417 |
| Imperial Community College District GO, Series A, Callable 08/01/33 at 100,<br> 5.25%, 8/1/53, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 940557 |
| Independent Cities Finance Authority Revenue , Refunding, Callable 05/15/29 at 100,<br> 5.00%, 5/15/48 | &nbsp;&nbsp;&nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 935608 |
| Inglewood Unified School District GO, Series B, Callable 08/01/26 at 100,<br> 5.00%, 8/1/38, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 1505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1519747 |
| Irvine Facilities Financing Authority, Series A, Callable 09/01/33 at 100,<br> 5.00%, 9/1/48, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 1730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1783546 |
| Irvine Facilities Financing Authority Revenue, Callable 05/01/26 at 100,<br> 5.25%, 5/1/43 | &nbsp;&nbsp;&nbsp;&nbsp; 2275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2291915 |
| Irvine Ranch Water District Water Service Corp., Callable 08/01/26 at 100,<br> 5.25%, 2/1/46 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2016001 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### June 30, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **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> 2.00%, 8/1/27 | $100000 | $97580 |
| Lancaster Financing Authority Revenue, Series A, Callable 05/01/34 at 100,<br> 5.00%, 5/1/54, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3068908 |
| Live Oak Elementary School District/Santa Cruz County GO, Series A, Callable 08/01/32 at 100,<br> 5.00%, 8/1/44, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354688 |
| Local Public Schools Funding Authority School Improvement District No 2016-1 GO, Series A, Callable 08/01/27 at 100,<br> 4.00%, 8/1/42, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 722940 |
| Lodi Unified School District GO, Series 2020, Callable 08/01/27 at 100,<br> 4.00%, 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp; 995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 960524 |
| Long Beach Unified School District GO, Series E, Callable 08/01/26 at 100,<br> 4.00%, 8/1/44, (BAM-TCRS Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 815751 |
| Los Angeles County Development Authority Revenue, Series C, Callable 09/01/28 at 100,<br> 3.35%, 9/1/59<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1123000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1125462 |
| Los Angeles County Facilities, Inc. Revenue , Series A, Unrefunded portion, Callable 12/01/28 at 100,<br> 5.00%, 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4033769 |
| Los Angeles County Public Works Financing Authority Revenue, Series D, Refunding, Callable 12/01/25 at 100,<br> 5.00%, 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150455 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Los Angeles County Public Works Financing Authority Revenue, Series H, Refunding, Callable 12/01/34 at 100,<br> 5.50%, 12/1/53 | $400000 | $427682 |
| Los Angeles County Schools Regionalized Business Services Corp., Series A-3, OID, Refunding, Callable 07/31/25 at 100,<br> 3.75%, 9/1/26, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15011 |
| Los Angeles Department of Airports Revenue, Refunding, Callable 05/15/29 at 100,<br> 5.00%, 5/15/43 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2052134 |
| Los Angeles Department of Airports Revenue, Series E, Callable 11/15/28 at 100,<br> 5.00%, 5/15/49 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252424 |
| Los Angeles Department of Water & Power Revenue, Series A, Callable 01/01/27 at 100,<br> 5.00%, 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp; 3090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3050461 |
| Los Angeles Department of Water & Power Water System Revenue, Series A, Refunding, Callable 01/01/26 at 100,<br> 5.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp; 1755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1736647 |
| Los Angeles Department of Water & Power Water System Revenue, Series A, Refunding, Callable 01/01/27 at 100,<br> 5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250072 |
| Los Angeles Housing Authority Revenue, Series A,<br> 3.75%, 4/1/34, (FNMA COLL Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1236747 |
| Los Angeles Housing Authority Revenue, Series A, Refunding, Callable 06/01/26 at 100,<br> 4.00%, 6/1/27, (HUD SECT 8 Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5064 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### June 30, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Los Angeles Housing Authority Revenue, Series C,<br> 3.75%, 4/1/34, (FNMA COLL Insured) | $1775000 | $1788832 |
| Los Angeles Housing Authority Revenue , Series B, Callable 02/01/28 at 100,<br> 3.25%, 2/1/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1004695 |
| Los Angeles Unified School District GO, Series A, Callable 07/31/25 at 100,<br> 4.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2877622 |
| Los Angeles Unified School District GO, Series B, Refunding, Callable 07/01/26 at 100,<br> 3.00%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 1220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1183694 |
| Lucia Mar Unified School District GO, Series A, OID, Callable 08/01/27 at 100,<br> 4.00%, 8/1/46 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1378653 |
| Lucia Mar Unified School District GO, Series B, Callable 08/01/28 at 100,<br> 5.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548134 |
| Marin Healthcare District GO, Callable 08/01/25 at 100,<br> 4.00%, 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 953648 |
| Menlo Park City School District GO, Series A, Callable 07/01/33 at 100,<br> 5.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp; 1410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1490059 |
| Modesto Irrigation District Revenue, Series A, Callable 10/01/33 at 100,<br> 5.25%, 10/1/48 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 578631 |
| Moraga Elementary School District GO, Series A, Callable 08/01/32 at 100,<br> 5.00%, 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp; 1990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2072487 |
| M-S-R Energy Authority Revenue, Series A,<br> 7.00%, 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4776149 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Napa Valley Unified School District GO, Series C, Callable 08/01/26 at 100,<br> 4.00%, 8/1/44, (AGM Insured) | $555000 | $517419 |
| Norman Y Mineta San Jose International Airport SJC Revenue, Series B, Refunding, Callable 03/01/27 at 100,<br> 5.00%, 3/1/42 | &nbsp;&nbsp;&nbsp;&nbsp; 755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 761041 |
| Oakdale Joint Unified School District GO, Series A, OID, Callable 08/01/35 at 100,<br> 4.75%, 8/1/54 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24615 |
| Oakland Unified School District/Alameda County GO, Refunding, Callable 08/01/26 at 100,<br> 5.00%, 8/1/30, (BAM-TCRS Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1124308 |
| Oxnard Union High School District, OID, Callable 06/01/29 at 100,<br> 2.25%, 6/1/39, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242320 |
| Oxnard Union High School District GO, Series B, Callable 08/01/28 at 100,<br> 5.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1015692 |
| Palomar Health GO, Series B, Refunding, Callable 08/01/26 at 100,<br> 4.00%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175111 |
| Patterson Joint Unified School District GO, Series A, Callable 08/01/26 at 100,<br> 5.00%, 8/1/37, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 2470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2506148 |
| Perris Public Financing Authority, Series B, OID, Refunding, Callable 10/01/25 at 100,<br> 3.75%, 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1620835 |
| Piedmont Unified School District GO, Series C, OID, Callable 08/01/31 at 100,<br> 2.125%, 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316180 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### June 30, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Pittsburg Successor Agency Redevelopment Agency, Series A, Refunding,<br> 5.00%, 9/1/26, (AGM Insured) | $100000 | $102537 |
| Pittsburg Unified School District Financing Authority Revenue, Callable 09/01/28 at 100,<br> 5.00%, 9/1/47, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 635987 |
| Pittsburg Unified School District GO, Refunding, Callable 08/01/26 at 100,<br> 4.00%, 8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580854 |
| Pomona Revenue, Series BE, Refunding, Callable 05/01/27 at 100,<br> 5.00%, 5/1/47 | &nbsp;&nbsp;&nbsp;&nbsp; 495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501737 |
| Poway Redevelopment Agency Successor Agency, Series A, Refunding, Callable 12/15/25 at 100,<br> 5.00%, 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 2190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2211319 |
| Regents of the University of California Medical Center Pooled Revenue, Series L, Refunding, Callable 05/15/26 at 100,<br> 4.00%, 5/15/37 | &nbsp;&nbsp;&nbsp;&nbsp; 960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 956701 |
| Regents of the University of California Medical Center Pooled Revenue, Series P, Callable 05/15/32 at 100,<br> 5.00%, 5/15/47 | &nbsp;&nbsp;&nbsp;&nbsp; 2050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2084235 |
| River Islands Public Financing Authority, Series 1, Refunding, Callable 09/01/29 at 103,<br> 5.00%, 9/1/42, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 3370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3480910 |
| Riverside Community College District, Callable 07/21/25 at 100,<br> 5.00%, 6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210156 |
| Riverside Community College District, Callable 07/21/25 at 100,<br> 5.00%, 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255152 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Riverside Community College District, Callable 07/21/25 at 100,<br> 5.00%, 6/1/39 | $325000 | $325167 |
| Riverside Community College District, Callable 07/21/25 at 100,<br> 5.25%, 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp; 1670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1670658 |
| Riverside Community College District, Callable 07/21/25 at 100,<br> 5.25%, 6/1/49 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000586 |
| Riverside County Redevelopment Successor Agency, Series A, CAB, OID, Refunding, Callable 10/01/26 at 100,<br> 5.00%, 10/1/31, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512922 |
| Riverside County Redevelopment Successor Agency, Series A, CAB, OID, Refunding, Callable 10/01/26 at 100,<br> 5.00%, 10/1/41, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 1090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1092816 |
| Riverside County Redevelopment Successor Agency, Series A, Refunding, Callable 10/01/27 at 100,<br> 4.00%, 10/1/39, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 977960 |
| Riverside Unified School District, OID, Callable 09/01/31 at 103,<br> 5.00%, 9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 413493 |
| Robla School District GO, Series A, Callable 08/01/27 at 100,<br> 5.00%, 8/1/44, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 813731 |
| Sacramento Area Flood Control Agency, Refunding, Callable 10/01/26 at 100,<br> 5.00%, 10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514069 |
| Sacramento City Unified School District GO, Series A, Callable 08/01/30 at 100,<br> 5.50%, 8/1/52, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2085857 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### June 30, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Sacramento County Airport System Revenue, Series B, Refunding, Callable 07/01/26 at 100,<br> 5.00%, 7/1/41 | $500000 | $501206 |
| Sacramento Transient Occupancy Tax Revenue, Series C, Callable 06/01/28 at 100,<br> 5.00%, 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650264 |
| Sacramento Transient Occupancy Tax Revenue, Series C, Callable 06/01/28 at 100,<br> 5.00%, 6/1/48 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 791345 |
| San Diego County Regional Airport Authority Revenue, Series A, Callable 07/01/31 at 100,<br> 5.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp; 1530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1563254 |
| San Diego County Regional Airport Authority Revenue, Series A, Refunding, Callable 07/01/29 at 100,<br> 5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp; 1170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1192489 |
| San Diego Public Facilities Financing Authority Revenue, Series A, Refunding, Callable 08/01/28 at 100,<br> 5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp; 2655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2682729 |
| San Diego Unified School District GO, Series I, Callable 07/01/27 at 100,<br> 5.00%, 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp; 2020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2043063 |
| San Diego Unified School District GO, Series K-2, OID, CAB, Callable 07/01/27 at 77,<br> 0.00%, 7/1/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1929845 |
| San Francisco City & County Airport Comm-San Francisco International Airport Revenue, Series A, AMT, Unrefunded portion, Callable 05/01/27 at 100,<br> 5.00%, 5/1/47 | &nbsp;&nbsp;&nbsp;&nbsp; 1785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1769093 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| San Francisco City & County Airport Comm-San Francisco International Airport Revenue, Series B, AMT, Refunding, Callable 05/01/26 at 100,<br> 5.00%, 5/1/41 | $1100000 | $1100012 |
| San Francisco City & County Airport Comm-San Francisco International Airport Revenue, Series B, Refunding, Callable 05/01/29 at 100,<br> 5.00%, 5/1/49 | &nbsp;&nbsp;&nbsp;&nbsp; 6675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6745471 |
| San Francisco City & County Airport Comm-San Francisco International Airport Revenue, Series F, Refunding, Callable 05/01/29 at 100,<br> 5.00%, 5/1/50 | &nbsp;&nbsp;&nbsp;&nbsp; 2025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2044636 |
| San Francisco City & County Public Utilities Commission Power Revenue, Series A, Callable 07/31/25 at 100,<br> 5.00%, 11/1/35 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115119 |
| San Francisco City & County Public Utilities Commission Wastewater Revenue, Series A, Callable 10/01/25 at 100,<br> 4.00%, 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp; 1875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1824835 |
| San Francisco City & County Public Utilities Commission Wastewater Revenue, Series A, Callable 10/01/25 at 100,<br> 4.00%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 478764 |
| San Francisco City & County Public Utilities Commission Wastewater Revenue, Series B, Refunding, Callable 10/01/25 at 100,<br> 4.00%, 10/1/46 | &nbsp;&nbsp;&nbsp;&nbsp; 2650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2368211 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### June 30, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| San Francisco City & County Redevelopment Agency Successor Agency, Series A, Refunding, Callable 08/01/26 at 100,<br> 5.00%, 8/1/36 | $150000 | $151551 |
| San Francisco Public Utilities Commission Water Revenue, Refunding, Callable 11/01/33 at 100,<br> 5.25%, 11/1/48 | &nbsp;&nbsp;&nbsp;&nbsp; 4855000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5094657 |
| San Mateo Joint Powers Financing Authority Revenue, Series A, Callable 07/15/28 at 100,<br> 5.00%, 7/15/43 | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2303313 |
| Sanger Unified School District, Refunding, Callable 06/01/29 at 100,<br> 5.00%, 6/1/45, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1928048 |
| Santa Clara Unified School District GO, Callable 07/01/26 at 100,<br> 3.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1072232 |
| Santa Clara Valley Water District Revenue, Series A, Refunding, Callable 06/01/30 at 100,<br> 5.00%, 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp; 765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 792984 |
| Santa Clarita Public Finance Authority Revenue, Series B, OID, Refunding, Callable 10/01/26 at 100,<br> 2.00%, 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19394 |
| Santa Cruz City Elementary School District GO, Series C, Callable 08/01/30 at 100,<br> 2.00%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 551121 |
| Santa Monica Community College District GO, Series A, Callable 08/01/28 at 100,<br> 5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 769531 |
| Selma Unified School District GO, Series A, Callable 08/01/31 at 100,<br> 5.25%, 8/1/48, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367176 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Shasta Joint Powers Financing Authority Revenue, Series A, OID, Refunding, Callable 07/31/25 at 100,<br> 3.00%, 4/1/26, (AGM Insured) | $10000 | $10001 |
| South San Francisco Unified School District GO, Series C, Refunding, Callable 09/01/25 at 100,<br> 4.00%, 9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2003284 |
| South Tahoe Public Utility District Water Revenue, Callable 08/01/34 at 100,<br> 5.00%, 8/1/54 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51510 |
| Southern California Water Replenishment District Revenue, Callable 08/01/28 at 100,<br> 5.00%, 8/1/48 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253543 |
| Southern California Water Replenishment District Revenue, Refunding, Callable 08/01/25 at 100,<br> 4.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp; 1725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1598150 |
| State of California GO, Callable 03/01/30 at 100,<br> 3.00%, 3/1/46, (BAM-TCRS Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219405 |
| State of California GO, Callable 04/01/32 at 100,<br> 5.00%, 4/1/47 | &nbsp;&nbsp;&nbsp;&nbsp; 1725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1784007 |
| State of California GO, Callable 08/01/34 at 100,<br> 5.50%, 8/1/54 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1074684 |
| State of California GO, Refunding, Callable 04/01/29 at 100,<br> 5.00%, 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp; 2805000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2902360 |
| State of California GO, Refunding, Callable 07/31/25 at 100,<br> 4.00%, 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 936139 |
| State of California GO, Refunding, Callable 09/01/26 at 100,<br> 5.00%, 9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251782 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### June 30, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Stockton Unified School District, Refunding, Callable 02/01/28 at 100,<br> 5.00%, 2/1/35 | $2060000 | $2121604 |
| Sweetwater Union High School District GO, Refunding, Callable 02/01/26 at 100,<br> 4.00%, 8/1/42, (BAM-TCRS Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1408324 |
| Town of Mammoth Lakes, Callable 06/01/34 at 100,<br> 5.00%, 6/1/44, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 523418 |
| Travis Unified School District, Refunding, Callable 09/01/25 at 100,<br> 5.00%, 9/1/29, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20076 |
| University of California Revenue, Series AZ, Refunding, Callable 05/15/28 at 100,<br> 5.00%, 5/15/43 | &nbsp;&nbsp;&nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 755470 |
| University of California Revenue, Series M, Callable 05/15/27 at 100,<br> 5.00%, 5/15/42 | &nbsp;&nbsp;&nbsp;&nbsp; 1620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1634523 |
| University of California Revenue, Series Q, Refunding, Callable 05/15/31 at 100,<br> 5.00%, 5/15/46 | &nbsp;&nbsp;&nbsp;&nbsp; 2930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3010559 |
| Vacaville Unified School District GO, Series C, Callable 08/01/26 at 100,<br> 5.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 799415 |
| Victor Valley Transit Authority, Refunding, Callable 07/01/26 at 100,<br> 5.00%, 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20465 |
| Washington Township Health Care District GO, Series B, OID, Callable 07/21/25 at 100,<br> 5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29559 |
| Washington Township Health Care District GO, Series DT, Refunding, Callable 08/01/26 at 100,<br> 4.00%, 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10104 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Washington Township Health Care District Revenue, Series A, Refunding,<br> 5.00%, 7/1/28 | $350000 | $367569 |
| West Hollywood Public Financing Authority Revenue, Series A, Callable 04/01/30 at 100,<br> 5.00%, 4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp; 795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 820355 |
| Western Placer Unified School District GO, Series B, Callable 08/01/26 at 100,<br> 5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360457 |
| Whittier Union High School District GO, CAB, OID, Refunding, Callable 08/01/26 at 85,<br> 0.00%, 8/1/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468834 |
| Yuba Levee Financing Authority Revenue, Series A, Refunding, Callable 09/01/26 at 100,<br> 5.00%, 9/1/29, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20561 |
| Yuba Levee Financing Authority Revenue, Series A, Refunding, Callable 09/01/26 at 100,<br> 5.00%, 9/1/30, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25678 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255140110 |
| **Connecticut — 1.8%** | **Connecticut — 1.8%** | **Connecticut — 1.8%** |
| Connecticut Housing Finance Authority Revenue, Series 1, Refunding, Callable 11/15/28 at 100,<br> 2.60%, 11/15/34 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 647342 |
| Connecticut State Health & Educational Facilities Authority Revenue, Callable 07/21/25 at 100,<br> 5.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 645251 |
| Connecticut State Health & Educational Facilities Authority Revenue, Series L, Refunding, Callable 07/31/25 at 100,<br> 5.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1483461 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### June 30, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Connecticut — (Continued)** | **Connecticut — (Continued)** | **Connecticut — (Continued)** |
| State of Connecticut Special Tax Revenue, Series A, Callable 08/01/25 at 100,<br> 4.00%, 8/1/35 | $1800000 | $1801370 |
| State of Connecticut Special Tax Revenue, Series A, Callable 09/01/26 at 100,<br> 4.00%, 9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2498656 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7076080 |
| **Illinois — 1.5%** | **Illinois — 1.5%** | **Illinois — 1.5%** |
| Illinois Finance Authority Revenue, Refunding, Callable 07/31/25 at 100,<br> 3.90%, 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4980501 |
| Illinois Finance Authority Revenue, Series A, Callable 08/15/32 at 100,<br> 5.00%, 8/15/52 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 388834 |
| Lake County School District No 1 Winthrop Harbor GO, Refunding, Callable 02/01/26 at 100,<br> 4.00%, 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 381328 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5750663 |
| **Iowa — 0.0%** | **Iowa — 0.0%** | **Iowa — 0.0%** |
| Iowa Finance Authority Revenue, Series C, Refunding, Callable 07/21/25 at 100,<br> 5.00%, 2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150337 |
| **Michigan — 0.4%** | **Michigan — 0.4%** | **Michigan — 0.4%** |
| Michigan State Building Authority Revenue, Series I, Refunding, Callable 10/15/25 at 100,<br> 5.00%, 10/15/45 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500448 |
| **Minnesota — 0.0%** | **Minnesota — 0.0%** | **Minnesota — 0.0%** |
| Minneapolis Revenue, Series A, Refunding, Callable 11/15/25 at 100,<br> 5.00%, 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100523 |
| **Missouri — 0.7%** | **Missouri — 0.7%** | **Missouri — 0.7%** |
| Missouri Joint Municipal Electric Utility Commission Revenue , Series A, Refunding, Callable 06/01/26 at 100,<br> 5.00%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2526345 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **New Hampshire — 0.3%** | **New Hampshire — 0.3%** | **New Hampshire — 0.3%** |
| Dover GO, Series A, Callable 06/15/26 at 100,<br> 3.00%, 6/15/31 | $1000000 | $972609 |
| **New York — 0.2%** | **New York — 0.2%** | **New York — 0.2%** |
| New York City Housing Development Corp. Revenue, Series 1,<br> 3.45%, 11/1/28, (REMIC FHA 542c Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348552 |
| New York City Housing Development Corp. Revenue, Series 2A, Callable 07/21/25 at 100,<br> 3.40%, 11/1/62, (REMIC FHA 542c Insured)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349996 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 698548 |
| **Ohio — 1.4%** | **Ohio — 1.4%** | **Ohio — 1.4%** |
| State of Ohio Revenue, Series A, Refunding, Callable 01/15/26 at 100,<br> 5.00%, 1/15/41 | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1797661 |
| Toledo Water System Revenue, Callable 11/15/26 at 100,<br> 5.00%, 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp; 3575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3610121 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5407782 |
| **Oklahoma — 0.7%** | **Oklahoma — 0.7%** | **Oklahoma — 0.7%** |
| University of Oklahoma/The Revenue, Series C, Callable 07/31/25 at 100,<br> 5.00%, 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp; 2610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2611952 |
| **Oregon — 0.3%** | **Oregon — 0.3%** | **Oregon — 0.3%** |
| Seaside School District No 10 GO, Series A, CAB, OID, Callable 06/15/27 at 51,<br> 0.00%, 6/15/42, (SCH BD GTY Insured)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1266243 |
| **Pennsylvania — 2.1%** | **Pennsylvania — 2.1%** | **Pennsylvania — 2.1%** |
| Bellefonte Area School District GO, Series A, Refunding, Callable 05/15/32 at 100,<br> 5.00%, 5/15/48, (ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 2125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2168423 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### June 30, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Pennsylvania — (Continued)** | **Pennsylvania — (Continued)** | **Pennsylvania — (Continued)** |
| North Penn School District GO, Callable 03/01/30 at 100,<br> 5.00%, 3/1/50, (ST AID WITHHLDG Insured) | $1600000 | $1613223 |
| Pennsylvania Economic Development Financing Authority Revenue, AMT, OID, Callable 12/31/32 at 100,<br> 5.00%, 12/31/57, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 615149 |
| Pennsylvania Turnpike Commission Revenue , Series 1, Callable 06/01/26 at 100,<br> 5.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp; 2615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2604102 |
| Philadelphia GO, Refunding, Callable 08/01/27 at 100,<br> 5.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp; 1130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1155779 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8156676 |
| **South Carolina — 0.3%** | **South Carolina — 0.3%** | **South Carolina — 0.3%** |
| South Carolina Ports Authority Revenue, Series A, Callable 07/01/29 at 100,<br> 5.00%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1253180 |
| **Texas — 1.7%** | **Texas — 1.7%** | **Texas — 1.7%** |
| El Paso GO, Callable 08/15/26 at 100,<br> 5.00%, 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1505416 |
| Harris Toll Road County Revenue, Series A, Senior Series, Refunding, Callable 02/15/28 at 100,<br> 5.00%, 8/15/43 | &nbsp;&nbsp;&nbsp;&nbsp; 2815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2844973 |
| Texas Municipal Gas Acquisition & Supply Corp. III Revenue, Refunding,<br> 5.00%, 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516240 |
| Texas Municipal Gas Acquisition & Supply Corp. IV Revenue, Series B, Callable 07/01/33 at 100,<br> 5.50%, 1/1/54<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1920779 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6787408 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Washington — 1.1%** | **Washington — 1.1%** | **Washington — 1.1%** |
| Bellevue GO, Refunding, Callable 07/21/25 at 100,<br> 4.00%, 12/1/31 | $2315000 | $2315790 |
| King County Sewer Revenue, Series A, Refunding, Callable 01/01/26 at 100,<br> 4.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1913251 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4229041 |
| &nbsp;&nbsp;&nbsp;TOTAL MUNICIPAL BONDS<br> (Cost $311,387,180) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303627945 |
| **U.S. TREASURY OBLIGATIONS — 9.8%** | **U.S. TREASURY OBLIGATIONS — 9.8%** | **U.S. TREASURY OBLIGATIONS — 9.8%** |
| United States Treasury Floating Rate Notes,<br> 4.526% (3 Month U.S. Treasury Money Market Yield + 25 bps), 1/31/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13014635 |
| United States Treasury Notes,<br> 2.75%, 8/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24927793 |
| &nbsp;&nbsp;&nbsp;U.S. TREASURY OBLIGATIONS<br> (Cost $37,942,226) | &nbsp;&nbsp;&nbsp;U.S. TREASURY OBLIGATIONS<br> (Cost $37,942,226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37942428 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value/<br> Shares** |  |
| **PREFERREDS — 6.9%** | **PREFERREDS — 6.9%** | **PREFERREDS — 6.9%** |
| **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** |
| General Motors Financial Co., Inc., 5.75%, 9/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 863065 |
| **Energy — 0.3%** | **Energy — 0.3%** | **Energy — 0.3%** |
| BP Capital Markets PLC, 6.45%, 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1024480 |
| **Financials — 6.4%** | **Financials — 6.4%** | **Financials — 6.4%** |
| Bank of America Corp., 6.625%, 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3062259 |
| Bank of New York Mellon Corp. (The), 3.70%, 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 845216 |
| Bank of New York Mellon Corp. (The), 4.625%, 9/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 871114 |
| Bank of New York Mellon Corp. (The), Non Voting Shares, 6.15%, 3/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339730 |
| Bank of New York Mellon Corp. (The), 6.30%, 3/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1544720 |
| Citigroup, Inc., 4.00%, 12/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1841996 |
| Citigroup, Inc., 7.625%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1635219 |
| Citigroup, Inc., 6.75%, 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2272300 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### June 30, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par Value/<br> Shares** | **Value** |
| **PREFERREDS — (Continued)** | **PREFERREDS — (Continued)** | **PREFERREDS — (Continued)** |
| **Financials — (Continued)** | **Financials — (Continued)** | **Financials — (Continued)** |
| Goldman Sachs Group, Inc. (The), 6.125%, 11/10/34 | $4300000 | $4318436 |
| Morgan Stanley, 6.875%, 10/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 41519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1043372 |
| Northern Trust Corp., 4.60%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1700642 |
| State Street Corp., 5.35%, 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 434400 |
| State Street Corp., 6.45%, 9/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2241131 |
| Wells Fargo & Co., 3.90%, 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346970 |
| Wells Fargo & Co., 6.85%, 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2471257 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24968762 |
| &nbsp;&nbsp;&nbsp;TOTAL PREFERREDS<br> (Cost $25,846,217) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26856307 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** |  |
| **PREFERRED STOCKS — 1.0%** | **PREFERRED STOCKS — 1.0%** | **PREFERRED STOCKS — 1.0%** |
| **Financials — 1.0%** | **Financials — 1.0%** | **Financials — 1.0%** |
| KKR & Co., Inc., 6.875%, 6/1/65 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3858000 |
| &nbsp;&nbsp;&nbsp;TOTAL PREFERRED STOCKS<br> (Cost $3,750,000) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3858000 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** |  |
| **CORPORATE BONDS — 0.5%** | **CORPORATE BONDS — 0.5%** | **CORPORATE BONDS — 0.5%** |
| **Financials — 0.4%** | **Financials — 0.4%** | **Financials — 0.4%** |
| Zions Bancorp NA, 6.816%, 11/19/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560081 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| Hudson Pacific Properties LP, REIT, 4.65%, 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 449555 |
| &nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS<br> (Cost $1,927,599) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009636 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** |  |
| **EXCHANGE TRADED FUNDS — 1.2%** | **EXCHANGE TRADED FUNDS — 1.2%** | **EXCHANGE TRADED FUNDS — 1.2%** |
| SPDR Portfolio High Yield Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4760000 |
| &nbsp;&nbsp;&nbsp;TOTAL EXCHANGE TRADED FUNDS<br> (Cost $4,591,706) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4760000 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **SHORT-TERM INVESTMENT — 7.7%** | **SHORT-TERM INVESTMENT — 7.7%** | **SHORT-TERM INVESTMENT — 7.7%** |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.21%<sup>(d)</sup> | 29694067 | $29694067 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $29,694,067) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29694067 |
| TOTAL INVESTMENTS - 105.4%<br> (Cost $415,138,995) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408748383 |
| LIABILITIES IN EXCESS OF OTHER ASSETS - (5.4)% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20801714) |
| NET ASSETS - 100.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;$387946669 |

---

------

(a) Zero coupon bond.

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

(c) Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the Fund's Board of
Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At June 30, 2025, these securities amounted to $25,221 or 0.01% of net assets. These securities have been
determined by the Fund's adviser to be liquid securities.

(d) Rate disclosed is the 7-day yield at June 30, 2025.

---

| | |
|:---|:---|
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| AMT | Alternative Minimum Tax |
| BAM | Build America Mutual |
| BAM-TCRS | Build America Mutual-Transferable Custodial Receipts |
| CA MTG | California Mortgage |
| CAB | Capital Appreciation Bond |
| COLL | Collateral |
| ETF | Exchange-Traded Fund |
| FNMA | Federal National Mortgage Association |
| GO | General Obligation |
| HUD SECT 8 | Housing and Urban Development Section 8 |
| LP | Limited Partnership |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Concluded)

#### June 30, 2025
(Unaudited)

---

| | |
|:---|:---|
| NATL | National Public Finance Guarantee Corp. |
| OID | Original Issue Discount |
| PLC | Public Limited Company |
| REIT | Real Estate Investment Trust |
| REMIC FHA 542c | Real Estate Mortgage Investment Conduit Federal Housing Administration Section 542c |

---

SCH BD GTY School Board Guaranty <br> SPDR Standard & Poor's Depository Receipt <br> ST AID WITHHLDG State Aid Withholding

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments

#### June 30, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — 77.8%** | **MUNICIPAL BONDS — 77.8%** | **MUNICIPAL BONDS — 77.8%** |
| **Alabama — 1.4%** | **Alabama — 1.4%** | **Alabama — 1.4%** |
| Black Belt Energy Gas District Revenue, Series D,<br> 5.00%, 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;$1000000 | $1018312 |
| Black Belt Energy Gas District Revenue, Series D, Callable 08/01/34 at 100,<br> 5.00%, 3/1/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2276418 |
| Jefferson County Revenue, Refunding, Callable 03/15/27 at 100,<br> 5.00%, 9/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 862833 |
| Marshall County Board of Education, Callable 03/01/34 at 100,<br> 5.00%, 3/1/37, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 388263 |
| UAB Medicine Finance Authority Revenue, Series B-2, Refunding, Callable 03/01/27 at 100,<br> 5.00%, 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510396 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5056222 |
| **Arizona — 0.3%** | **Arizona — 0.3%** | **Arizona — 0.3%** |
| Graham County Jail District Revenue, Callable 07/31/25 at 100,<br> 5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000689 |
| **California — 4.0%** | **California — 4.0%** | **California — 4.0%** |
| California Community Choice Financing Authority Revenue, Series B-1, Callable 05/01/31 at 101,<br> 4.00%, 2/1/52<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1988897 |
| California Municipal Finance Authority Revenue, Callable 09/01/32 at 100,<br> 5.25%, 9/1/54, (CA MTG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1031271 |
| Escondido Union School District GO, Series B, Callable 08/01/27 at 100,<br> 4.00%, 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 909936 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Folsom Cordova Unified School District School Facilities Improvement Dist No 5 GO, Series A, OID, Callable 10/01/25 at 100,<br> 4.00%, 10/1/40 | $1100000 | $1073579 |
| Los Angeles Department of Water & Power Revenue, Series A, Callable 01/01/27 at 100,<br> 5.00%, 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 987204 |
| Merced City School District GO, Callable 08/01/28 at 100,<br> 5.00%, 8/1/48 | &nbsp;&nbsp;&nbsp;&nbsp; 1870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1898115 |
| M-S-R Energy Authority Revenue, Series A,<br> 7.00%, 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1671652 |
| Natomas Unified School District GO, OID, Callable 08/01/26 at 100,<br> 3.00%, 8/1/43, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 729396 |
| Sacramento Transient Occupancy Tax Revenue, Series C, Callable 06/01/28 at 100,<br> 5.00%, 6/1/48 | &nbsp;&nbsp;&nbsp;&nbsp; 1115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1102937 |
| San Francisco City & County Airport Comm-San Francisco International Airport Revenue, Series B, Refunding, Callable 05/01/29 at 100,<br> 5.00%, 5/1/49 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021115 |
| Turlock Unified School District GO, OID, Callable 08/01/26 at 100,<br> 3.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 791087 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14205189 |
| **Colorado — 3.1%** | **Colorado — 3.1%** | **Colorado — 3.1%** |
| Bradburn Metropolitan District No 3 GO, Refunding, Callable 12/01/26 at 100,<br> 4.50%, 12/1/36, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 707011 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### June 30, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Colorado — (Continued)** | **Colorado — (Continued)** | **Colorado — (Continued)** |
| City & County of Denver Airport System Revenue, Series B, Refunding, Callable 11/15/32 at 100,<br> 5.00%, 11/15/47 | $750000 | $766307 |
| Colorado Health Facilities Authority Revenue, Callable 05/15/28 at 100,<br> 5.00%, 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp; 1830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1811902 |
| Colorado Health Facilities Authority Revenue, Series A, Refunding, Callable 05/15/26 at 100,<br> 5.00%, 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp; 1255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1255112 |
| Colorado Health Facilities Authority Revenue, Series A, Refunding, Callable 11/01/29 at 100,<br> 5.00%, 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 867494 |
| Colorado School of Mines Revenue, Series A, Callable 12/01/27 at 100,<br> 5.00%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504172 |
| Colorado School of Mines Revenue, Series B, Callable 12/01/27 at 100,<br> 5.00%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2995079 |
| Fossil Ridge Metropolitan District No 3 GO, Callable 12/01/30 at 103,<br> 5.00%, 12/1/45, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304744 |
| Park Creek Metropolitan District Revenue, Series A, Senior Series, Refunding, Callable 12/01/25 at 100,<br> 5.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256159 |
| Riverdale Ranch Metropolitan District GO, Refunding, Callable 03/01/30 at 103,<br> 5.25%, 12/1/45, (AGC Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258276 |
| Town of Breckenridge, Callable 12/01/32 at 100,<br> 5.00%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304153 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Colorado — (Continued)** | **Colorado — (Continued)** | **Colorado — (Continued)** |
| Trails at Crowfoot Metropolitan District No 3 GO, Series A, Refunding, Callable 06/01/34 at 100,<br> 5.00%, 12/1/39, (AGC Insured) | $520000 | $541446 |
| Waterstone Metropolitan District No 1 GO, Series A, Senior Series, Refunding, Callable 06/01/30 at 103,<br> 5.25%, 12/1/45, (AGC Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255854 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10827709 |
| **Connecticut — 1.6%** | **Connecticut — 1.6%** | **Connecticut — 1.6%** |
| Connecticut State Health & Educational Facilities Authority Revenue, Callable 07/21/25 at 100,<br> 5.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496347 |
| Connecticut State Health & Educational Facilities Authority Revenue, Series L, Refunding, Callable 07/31/25 at 100,<br> 5.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp; 2460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2432877 |
| State of Connecticut Special Tax Revenue, Series A, Callable 08/01/25 at 100,<br> 4.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2101599 |
| State of Connecticut Special Tax Revenue, Series A, Callable 09/01/26 at 100,<br> 4.00%, 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625886 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5656709 |
| **Delaware — 0.2%** | **Delaware — 0.2%** | **Delaware — 0.2%** |
| Delaware State Housing Authority Revenue, Series A,<br> 3.35%, 1/1/27, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100373 |
| Delaware State Housing Authority Revenue, Series A,<br> 3.35%, 7/1/27, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306749 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### June 30, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Delaware — (Continued)** | **Delaware — (Continued)** | **Delaware — (Continued)** |
| Delaware State Housing Authority Revenue, Series A,<br> 3.375%, 1/1/28, (GNMA/FNMA/FHLMC Insured) | $80000 | $80494 |
| Delaware State Housing Authority Revenue, Series A,<br> 3.40%, 7/1/28, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180761 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 668377 |
| **District of Columbia — 1.8%** | **District of Columbia — 1.8%** | **District of Columbia — 1.8%** |
| District of Columbia GO, Series A, Callable 06/01/28 at 100,<br> 5.00%, 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 544287 |
| District of Columbia GO, Series D, Callable 06/01/27 at 100,<br> 5.00%, 6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1410532 |
| District of Columbia Revenue, Refunding, Callable 01/15/26 at 100,<br> 5.00%, 7/15/40 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1001193 |
| District of Columbia Water & Sewer Authority Revenue, Series A, Callable 10/01/29 at 100,<br> 5.00%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp; 685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 697081 |
| Washington Metropolitan Area Transit Authority Dedicated Revenue, Series A, Callable 07/15/30 at 100,<br> 5.00%, 7/15/45 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505722 |
| Washington Metropolitan Area Transit Authority Revenue, Series B, Callable 07/01/27 at 100,<br> 5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2008575 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6167390 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Florida — 4.2%** | **Florida — 4.2%** | **Florida — 4.2%** |
| Central Florida Expressway Authority Revenue, Senior Series, Refunding, Callable 07/01/28 at 100,<br> 5.00%, 7/1/48 | $575000 | $577679 |
| Clearwater Water & Sewer Revenue, Refunding, Callable 12/01/26 at 100,<br> 5.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp; 1015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1044223 |
| Escambia County Housing Finance Authority Revenue,<br> 3.80%, 6/1/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1508623 |
| Florida Housing Finance Corp. Revenue, Series 1,<br> 2.95%, 7/1/27, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 449547 |
| Florida Housing Finance Corp. Revenue, Series 1,<br> 3.00%, 1/1/28, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199444 |
| Florida Housing Finance Corp. Revenue, Series 1,<br> 3.00%, 7/1/28, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234126 |
| Florida Housing Finance Corp. Revenue, Series 1,<br> 3.10%, 1/1/29, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 714725 |
| Florida Housing Finance Corp. Revenue, Series 1,<br> 3.125%, 7/1/29, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 409733 |
| Lakeland Department of Electric Utilities Revenue, Refunding, Callable 04/01/26 at 100,<br> 2.75%, 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243901 |
| Miami-Dade County Educational Facilities Authority Revenue, Series A, Callable 04/01/28 at 100,<br> 5.00%, 4/1/48 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1002971 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### June 30, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **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, Callable 04/01/28 at 100,<br> 5.00%, 4/1/53 | $1415000 | $1417572 |
| Miami-Dade County Revenue, CAB, OID, Refunding, Callable 10/01/26 at 82,<br> 0.00%, 10/1/32, (BAM-TCRS Insured)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3314985 |
| Pasco County Revenue, Callable 03/01/33 at 100,<br> 5.75%, 9/1/54, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 601010 |
| Tampa Bay Water Revenue, Series A, Callable 10/01/34 at 100,<br> 5.25%, 10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3122594 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14841133 |
| **Hawaii — 1.1%** | **Hawaii — 1.1%** | **Hawaii — 1.1%** |
| Honolulu City & County GO, Series A, Callable 09/01/27 at 100,<br> 4.00%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1920078 |
| Honolulu City & County GO, Series A, Refunding, Callable 10/01/25 at 100,<br> 5.00%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp; 1770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1772893 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3692971 |
| **Illinois — 5.6%** | **Illinois — 5.6%** | **Illinois — 5.6%** |
| Chicago O'Hare International Airport Revenue, Series B, Senior Series, Refunding, Callable 01/01/26 at 100,<br> 5.00%, 1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 746019 |
| Chicago O'Hare International Airport Revenue, Series B, Senior Series, Refunding, Callable 01/01/29 at 100,<br> 5.00%, 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 785468 |
| Chicago O'Hare International Airport Revenue, Series B, Senior Series, Refunding, Callable 01/01/34 at 100,<br> 5.25%, 1/1/53 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1280453 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Illinois — (Continued)** | **Illinois — (Continued)** | **Illinois — (Continued)** |
| Chicago O'Hare International Airport Revenue, Series D, Senior Series, Callable 01/01/27 at 100,<br> 5.00%, 1/1/47 | $100000 | $100004 |
| Chicago O'Hare International Airport Revenue, Series D, Senior Series, Callable 01/01/27 at 100,<br> 5.00%, 1/1/52 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2989725 |
| Chicago Transit Authority Sales Tax Receipts Fund Revenue, Callable 12/01/26 at 100,<br> 5.00%, 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp; 4075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4079656 |
| Chicago Waterworks Revenue, Series 2017-2, Refunding, Callable 11/01/27 at 100,<br> 5.00%, 11/1/33, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359855 |
| Illinois Finance Authority Revenue, Refunding, Callable 07/31/25 at 100,<br> 3.90%, 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1992200 |
| Illinois Finance Authority Revenue, Series A, Callable 08/15/32 at 100,<br> 5.00%, 8/15/52 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 583251 |
| Illinois Housing Development Authority Revenue, Series G, Callable 04/01/32 at 100,<br> 5.00%, 10/1/46, (GNMA/FNMA/FHLMC COLL Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400636 |
| Illinois State Toll Highway Authority Revenue, Series B, Callable 01/01/26 at 100,<br> 5.00%, 1/1/40 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1494716 |
| Illinois State Toll Highway Authority Revenue, Series B, Senior Series, Callable 07/01/26 at 100,<br> 5.00%, 1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 597267 |
| Macon County School District No 61 Decatur GO,<br> 4.00%, 12/1/28, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 612157 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### June 30, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Illinois — (Continued)** | **Illinois — (Continued)** | **Illinois — (Continued)** |
| State of Illinois GO, Callable 06/01/26 at 100,<br> 4.00%, 6/1/32 | $830000 | $825651 |
| State of Illinois GO, OID, Callable 01/01/26 at 100,<br> 3.75%, 1/1/34, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 1075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1049822 |
| State of Illinois GO, Series A, Callable 03/01/31 at 100,<br> 4.00%, 3/1/38 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 935944 |
| Western Illinois University Revenue, Refunding,<br> 4.00%, 4/1/28, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 886025 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19718849 |
| **Indiana — 0.8%** | **Indiana — 0.8%** | **Indiana — 0.8%** |
| Indiana Finance Authority Revenue, Series A, Refunding, Callable 08/01/25 at 100,<br> 5.00%, 2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305350 |
| Indiana Housing & Community Development Authority Revenue, Series 1, Callable 01/01/33 at 100,<br> 3.65%, 7/1/34, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 458535 |
| Indiana Municipal Power Agency Revenue, Series C, Refunding, Callable 07/01/26 at 100,<br> 5.00%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504828 |
| Indianapolis Local Public Improvement Bond Bank Revenue, Series A, Callable 02/01/29 at 100,<br> 5.00%, 2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1011615 |
| Sunman-Dearborn High School Building Corp. Revenue, Callable 07/15/33 at 100,<br> 5.00%, 1/15/44, (ST INTERCEPT Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 614752 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2895080 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Iowa — 0.6%** | **Iowa — 0.6%** | **Iowa — 0.6%** |
| Iowa Finance Authority Revenue, Series A, Refunding,<br> 1.15%, 7/1/29, (GNMA/FNMA/FHLMC Insured) | $250000 | $223128 |
| Iowa Finance Authority Revenue, Series C, Refunding, Callable 07/21/25 at 100,<br> 5.00%, 2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501123 |
| PEFA, Inc. Revenue, Callable 06/01/26 at 101,<br> 5.00%, 9/1/49<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1310965 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2035216 |
| **Kansas — 1.2%** | **Kansas — 1.2%** | **Kansas — 1.2%** |
| Douglas County Unified School District No 348 Baldwin City GO, Refunding, Callable 09/01/31 at 100,<br> 5.00%, 9/1/43, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387215 |
| Douglas County Unified School District No 348 Baldwin City GO, Refunding, Callable 09/01/31 at 100,<br> 5.00%, 9/1/44, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 813529 |
| University of Kansas Hospital Authority Revenue, Refunding, Callable 09/01/25 at 100,<br> 5.00%, 9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501019 |
| University of Kansas Hospital Authority Revenue, Refunding, Callable 09/01/25 at 100,<br> 5.00%, 9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2463174 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4164937 |
| **Louisiana — 0.2%** | **Louisiana — 0.2%** | **Louisiana — 0.2%** |
| Shreveport Water & Sewer Revenue, Refunding, Callable 12/01/25 at 100,<br> 5.00%, 12/1/35, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 820630 |
| **Maine — 0.1%** | **Maine — 0.1%** | **Maine — 0.1%** |
| Portland General Airport Revenue, Refunding,<br> 5.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348987 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### June 30, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Maryland — 1.1%** | **Maryland — 1.1%** | **Maryland — 1.1%** |
| Baltimore Revenue, Series A, Callable 01/01/27 at 100,<br> 5.00%, 7/1/46 | $2650000 | $2639225 |
| Baltimore Revenue, Series A, Callable 01/01/27 at 100,<br> 5.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp; 1375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1369409 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4008634 |
| **Massachusetts — 1.8%** | **Massachusetts — 1.8%** | **Massachusetts — 1.8%** |
| Commonwealth of Massachusetts GO, Series C, Callable 05/01/29 at 100,<br> 5.00%, 5/1/47 | &nbsp;&nbsp;&nbsp;&nbsp; 1375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1385516 |
| Massachusetts Bay Transportation Authority Sales Tax Revenue, Series A-2, Refunding, Callable 07/01/27 at 100,<br> 5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3563666 |
| Massachusetts School Building Authority Revenue, Series B, Senior Series, Callable 11/15/26 at 100,<br> 5.00%, 11/15/46 | &nbsp;&nbsp;&nbsp;&nbsp; 1470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1475877 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6425059 |
| **Michigan — 2.4%** | **Michigan — 2.4%** | **Michigan — 2.4%** |
| Grand Rapids Public Schools GO, Callable 05/01/29 at 100,<br> 5.00%, 11/1/41, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1019671 |
| Karegnondi Water Authority Revenue, Refunding, Callable 11/01/27 at 100,<br> 5.00%, 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 713941 |
| Lansing Board of Water & Light Revenue, Series A, Refunding, Callable 07/01/29 at 100,<br> 5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505774 |
| Michigan Finance Authority Revenue, Refunding, Callable 11/15/26 at 100,<br> 5.00%, 11/15/37 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2014664 |
| Michigan Finance Authority Revenue, Series A, Refunding, Callable 12/01/29 at 100,<br> 5.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101796 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Michigan — (Continued)** | **Michigan — (Continued)** | **Michigan — (Continued)** |
| Michigan State Building Authority Revenue, Series I, Refunding, Callable 10/15/25 at 100,<br> 5.00%, 10/15/45 | $2000000 | $2000598 |
| Michigan State Building Authority Revenue, Series I, Refunding, Callable 10/15/26 at 100,<br> 5.00%, 10/15/46 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1003986 |
| Michigan State Building Authority Revenue, Series I, Refunding, Callable 10/15/32 at 100,<br> 5.00%, 10/15/47 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508687 |
| Wayne County Airport Authority Revenue, Series D, Callable 12/01/25 at 100,<br> 5.00%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498180 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8367297 |
| **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> 2.00%, 2/1/30, (SD CRED PROG Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137949 |
| Minneapolis Revenue, Series A, Refunding, Callable 11/15/25 at 100,<br> 5.00%, 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100523 |
| Minneapolis-St Paul Metropolitan Airports Commission Revenue, Series A, Refunding, Callable 07/01/29 at 100,<br> 5.00%, 1/1/44 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1512435 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1750907 |
| **Mississippi — 1.0%** | **Mississippi — 1.0%** | **Mississippi — 1.0%** |
| Medical Center Educational Building Corp. Revenue, Refunding, Callable 06/01/27 at 100,<br> 5.00%, 6/1/47 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 990272 |
| Mississippi Home Corp. Revenue, Series C,<br> 3.95%, 12/1/31, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 832590 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### June 30, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Mississippi — (Continued)** | **Mississippi — (Continued)** | **Mississippi — (Continued)** |
| Mississippi Home Corp. Revenue, Series C,<br> 4.00%, 6/1/32, (GNMA/FNMA/FHLMC Insured) | $350000 | $354445 |
| Mississippi Home Corp. Revenue, Series C,<br> 4.00%, 12/1/32, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505070 |
| State of Mississippi Gaming Tax Revenue, Series E, Callable 10/15/25 at 100,<br> 5.00%, 10/15/34 | &nbsp;&nbsp;&nbsp;&nbsp; 915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 917393 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3599770 |
| **Missouri — 1.3%** | **Missouri — 1.3%** | **Missouri — 1.3%** |
| Jasper County Reorganized School District No R-IX Carthage, Refunding,<br> 4.00%, 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40564 |
| Missouri Joint Municipal Electric Utility Commission Revenue , Series A, Refunding, Callable 06/01/26 at 100,<br> 5.00%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2526345 |
| Missouri State Environmental Improvement & Energy Resources Authority Revenue, Series C, Refunding, Callable 06/12/27 at 102,<br> 2.75%, 9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 897072 |
| St Louis County Reorganized School District No R-6 GO, Refunding, Callable 02/01/27 at 100,<br> 2.00%, 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440554 |
| St Louis Municipal Finance Corp. Revenue, OID, Refunding, Callable 10/01/27 at 100,<br> 3.50%, 10/1/37, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 506395 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4410930 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Nebraska — 1.8%** | **Nebraska — 1.8%** | **Nebraska — 1.8%** |
| Central Plains Energy Project Revenue, Series A, Refunding, Callable 08/01/29 at 100,<br> 5.00%, 5/1/54<sup>(a)</sup> | $1000000 | $1051494 |
| Nebraska Public Power District Revenue, Series D, Refunding, Callable 01/01/26 at 100,<br> 5.00%, 1/1/46 | &nbsp;&nbsp;&nbsp;&nbsp; 2470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2475124 |
| Otoe County School District No 501 GO, Callable 06/26/29 at 100,<br> 5.00%, 12/15/42 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 712299 |
| York School District GO, Callable 12/23/29 at 100,<br> 5.00%, 12/15/50 | &nbsp;&nbsp;&nbsp;&nbsp; 2115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2133274 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6372191 |
| **Nevada — 1.5%** | **Nevada — 1.5%** | **Nevada — 1.5%** |
| Clark County Revenue, Callable 08/28/25 at 100,<br> 5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40121 |
| Las Vegas Convention & Visitors Authority Revenue, Series B, Callable 07/01/32 at 100,<br> 5.25%, 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp; 4435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4588681 |
| Nevada Housing Division Revenue, Series E, Senior Series, Callable 10/01/33 at 100,<br> 7.50%, 4/1/49, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 595759 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5224561 |
| **New Hampshire — 0.3%** | **New Hampshire — 0.3%** | **New Hampshire — 0.3%** |
| Dover GO, Series A, Callable 06/15/26 at 100,<br> 3.00%, 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 972609 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### June 30, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **New Jersey — 0.1%** | **New Jersey — 0.1%** | **New Jersey — 0.1%** |
| Atlantic City GO, Series A, Refunding, Callable 03/01/27 at 100,<br> 5.00%, 3/1/32, (BAM ST AID WITHHLDG Insured) | $250000 | $257354 |
| Garden State Preservation Trust Revenue, Series A,<br> 5.75%, 11/1/28, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199740 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 457094 |
| **New York — 7.6%** | **New York — 7.6%** | **New York — 7.6%** |
| Empire State Development Corp. Revenue, Refunding, Callable 09/15/30 at 100,<br> 5.00%, 3/15/43 | &nbsp;&nbsp;&nbsp;&nbsp; 1195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1219293 |
| Hudson Yards Infrastructure Corp. Revenue, Series A, Refunding, Callable 02/15/27 at 100,<br> 5.00%, 2/15/42 | &nbsp;&nbsp;&nbsp;&nbsp; 3170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3187350 |
| Long Island Power Authority Revenue, Series B, Refunding, Callable 09/01/26 at 100,<br> 5.00%, 9/1/46 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000700 |
| Metropolitan Transportation Authority Revenue, Series 1, OID, Refunding, Callable 05/15/30 at 100,<br> 5.00%, 11/15/50 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1487418 |
| Metropolitan Transportation Authority Revenue, Series 1, Refunding,<br> 5.00%, 11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15102 |
| New York City Housing Development Corp. Revenue, Series 2A, Callable 07/21/25 at 100,<br> 3.40%, 11/1/62, (REMIC FHA 542c Insured)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149998 |
| New York City Municipal Water Finance Authority Revenue, Series AA-3, Refunding, Callable 12/15/32 at 100,<br> 5.00%, 6/15/47 | &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1576430 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **New York — (Continued)** | **New York — (Continued)** | **New York — (Continued)** |
| New York City Municipal Water Finance Authority Revenue, Series EE, Refunding, Callable 06/15/27 at 100,<br> 5.00%, 6/15/38 | $385000 | $392123 |
| New York City Transitional Finance Authority Building Aid Revenue, Series S, Callable 07/31/25 at 100,<br> 5.00%, 7/15/40, (ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000258 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Series D-S, Callable 11/01/30 at 100,<br> 4.00%, 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 894176 |
| New York Convention Center Development Corp. Revenue, Refunding, Callable 11/15/25 at 100,<br> 5.00%, 11/15/40 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2501599 |
| New York GO, Series 1, Callable 12/01/26 at 100,<br> 5.00%, 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101514 |
| New York GO, Series B-1, Callable 10/01/32 at 100,<br> 5.25%, 10/1/47 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1032927 |
| New York State Dormitory Authority Revenue, Series 1,<br> 5.50%, 7/1/31, (AMBAC Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2716610 |
| New York State Dormitory Authority Revenue, Series A, Callable 09/15/26 at 100,<br> 5.00%, 3/15/36 | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 381243 |
| New York State Dormitory Authority Revenue, Series A, Refunding, Callable 03/15/32 at 100,<br> 5.00%, 3/15/46 | &nbsp;&nbsp;&nbsp;&nbsp; 2140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2177244 |
| New York State Thruway Authority Revenue, Series A, Junior Series, Callable 01/01/26 at 100,<br> 5.00%, 1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp; 1920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1920041 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### June 30, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **New York — (Continued)** | **New York — (Continued)** | **New York — (Continued)** |
| Port Authority of New York & New Jersey Revenue, Refunding, Callable 09/01/28 at 100,<br> 5.00%, 9/1/48 | $1000000 | $1007349 |
| Triborough Bridge & Tunnel Authority Revenue, Series A, Callable 05/15/27 at 100,<br> 5.00%, 11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2007380 |
| Triborough Bridge & Tunnel Authority Revenue, Series A, Callable 05/15/27 at 100,<br> 5.00%, 11/15/47 | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1099548 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26868303 |
| **North Dakota — 0.2%** | **North Dakota — 0.2%** | **North Dakota — 0.2%** |
| North Dakota Housing Finance Agency Revenue, Series A, Callable 07/01/33 at 100,<br> 3.875%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 721163 |
| **Ohio — 3.0%** | **Ohio — 3.0%** | **Ohio — 3.0%** |
| American Municipal Power, Inc. Revenue, Series A, Refunding, Callable 02/15/26 at 100,<br> 5.00%, 2/15/46 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750614 |
| Greene County GO, Refunding, Callable 12/01/25 at 100,<br> 1.25%, 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1021443 |
| Louisville City School District GO, Refunding,<br> 1.00%, 12/1/25, (SD CRED PROG Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24669 |
| State of Ohio Revenue, Series A, Refunding, Callable 01/15/26 at 100,<br> 5.00%, 1/15/41 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1997401 |
| Toledo Water System Revenue, Callable 11/15/26 at 100,<br> 5.00%, 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp; 4750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4796665 |
| Whitehall City School District GO, Refunding, Callable 12/01/25 at 100,<br> 3.50%, 12/1/30, (SD CRED PROG Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 665413 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Ohio — (Continued)** | **Ohio — (Continued)** | **Ohio — (Continued)** |
| Whitehall City School District GO, Series A, Refunding, Callable 12/01/25 at 100,<br> 3.50%, 12/1/30, (SD CRED PROG Insured) | $705000 | $705437 |
| Whitehall City School District GO, Series B, Refunding, Callable 12/01/25 at 100,<br> 3.50%, 12/1/30, (SD CRED PROG Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590366 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10552008 |
| **Oklahoma — 0.8%** | **Oklahoma — 0.8%** | **Oklahoma — 0.8%** |
| University of Oklahoma/The Revenue, Series C, Callable 07/31/25 at 100,<br> 5.00%, 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2802095 |
| **Oregon — 1.2%** | **Oregon — 1.2%** | **Oregon — 1.2%** |
| Aurora GO, Callable 06/01/34 at 100,<br> 5.25%, 6/1/45, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 522105 |
| Josephine County School District No 7 GO, Series 7, Refunding, Callable 06/01/28 at 100,<br> 4.00%, 6/1/40, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 858960 |
| Oregon Coast Community College District GO, CAB, OID, Callable 06/15/34 at 100,<br> 5.00%, 6/15/41, (SCH BD GTY Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213373 |
| Oregon Coast Community College District GO, CAB, OID, Callable 06/15/34 at 100,<br> 5.00%, 6/15/42, (SCH BD GTY Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211646 |
| Seaside School District No 10 GO, Series A, CAB, OID, Callable 06/15/27 at 51,<br> 0.00%, 6/15/42, (SCH BD GTY Insured)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1048871 |
| Woodburn Rural Fire Protection District GO, Callable 06/15/34 at 100,<br> 5.25%, 6/15/44, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 1340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1401322 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4256277 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### June 30, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Pennsylvania — 5.8%** | **Pennsylvania — 5.8%** | **Pennsylvania — 5.8%** |
| Abington School District GO, Series A, Callable 10/01/27 at 100,<br> 4.00%, 10/1/39, (ST AID WITHHLDG Insured) | $500000 | $476164 |
| Allegheny County Sanitary Authority Revenue, Callable 06/01/28 at 100,<br> 5.00%, 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp; 815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 823460 |
| Allentown GO, Series A, OID, Callable 07/31/25 at 100,<br> 3.125%, 10/1/27, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 |
| Commonwealth of Pennsylvania, Series A, Refunding, Callable 01/30/28 at 100,<br> 5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2020081 |
| Cumberland County Municipal Authority Revenue, Callable 11/01/29 at 100,<br> 4.00%, 11/1/37 | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 818137 |
| Interboro School District GO, Callable 08/15/34 at 100,<br> 5.00%, 8/15/42, (AGM ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237084 |
| Interboro School District GO, Callable 08/15/34 at 100,<br> 5.00%, 8/15/43, (AGM ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261777 |
| Interboro School District GO, Callable 08/15/34 at 100,<br> 5.00%, 8/15/44, (AGM ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102668 |
| Lancaster County Hospital Authority Revenue, Callable 11/01/29 at 100,<br> 5.00%, 11/1/41 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 761090 |
| Lancaster County Hospital Authority Revenue, Refunding, Callable 08/15/26 at 100,<br> 5.00%, 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp; 2050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2053403 |
| Lehigh County General Purpose Authority Revenue, Series A, Refunding,<br> 4.00%, 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149951 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Pennsylvania — (Continued)** | **Pennsylvania — (Continued)** | **Pennsylvania — (Continued)** |
| North Penn School District GO, Callable 03/01/30 at 100,<br> 5.00%, 3/1/50, (ST AID WITHHLDG Insured) | $1775000 | $1789669 |
| Pennsylvania Economic Development Financing Authority Revenue, AMT, Callable 12/31/32 at 100,<br> 5.50%, 6/30/42, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1049276 |
| Pennsylvania Economic Development Financing Authority Revenue, AMT, Callable 12/31/32 at 100,<br> 6.00%, 6/30/61 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 523944 |
| Pennsylvania Economic Development Financing Authority Revenue, AMT, OID, Callable 12/31/32 at 100,<br> 5.00%, 12/31/57, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488214 |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Series A, Callable 12/01/28 at 100,<br> 5.25%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505444 |
| Pennsylvania Turnpike Commission Revenue , Series 1, Callable 06/01/26 at 100,<br> 5.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 497916 |
| Philadelphia Authority for Industrial Development Revenue, Callable 06/01/27 at 100,<br> 5.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103024 |
| Philadelphia Gas Works Co. Revenue, Series A, Refunding, Callable 08/01/34 at 100,<br> 5.25%, 8/1/54, (AGC Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 2165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2212081 |
| Philadelphia GO, Refunding, Callable 08/01/27 at 100,<br> 5.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2557034 |
| Philadelphia Housing Authority Revenue, Callable 05/01/27 at 100,<br> 5.00%, 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 632431 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### June 30, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Pennsylvania — (Continued)** | **Pennsylvania — (Continued)** | **Pennsylvania — (Continued)** |
| Upper St Clair Township School District GO, Callable 10/01/28 at 100,<br> 5.00%, 10/1/44, (BAM ST AID WITHHLDG Insured) | $1000000 | $1012181 |
| Westmoreland County Municipal Authority Revenue, Callable 08/15/33 at 100,<br> 5.00%, 8/15/45, (AGC Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 1135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1163382 |
| Westmoreland County Municipal Authority Revenue, Callable 08/15/33 at 100,<br> 5.00%, 8/15/49, (AGC Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354241 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20597652 |
| **South Carolina — 0.7%** | **South Carolina — 0.7%** | **South Carolina — 0.7%** |
| South Carolina Ports Authority Revenue, Series A, Callable 07/01/29 at 100,<br> 5.00%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1253179 |
| South Carolina Public Service Authority Revenue, Series A, Refunding, Callable 06/01/26 at 100,<br> 5.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1004868 |
| South Carolina Transportation Infrastructure Bank Revenue, Series A, Refunding, Callable 10/01/25 at 100,<br> 2.00%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349342 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2607389 |
| **South Dakota — 0.5%** | **South Dakota — 0.5%** | **South Dakota — 0.5%** |
| South Dakota Housing Development Authority Revenue, Series A, Refunding,<br> 3.00%, 11/1/28, (GNMA/FNMA/FHLMC COLL Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 447848 |
| South Dakota Housing Development Authority Revenue, Series A, Refunding,<br> 3.05%, 5/1/29, (GNMA/FNMA/FHLMC COLL Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249256 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **South Dakota — (Continued)** | **South Dakota — (Continued)** | **South Dakota — (Continued)** |
| South Dakota Housing Development Authority Revenue, Series A, Refunding,<br> 3.10%, 11/1/29, (GNMA/FNMA/FHLMC COLL Insured) | $250000 | $249338 |
| South Dakota Housing Development Authority Revenue, Series A, Refunding,<br> 3.20%, 5/1/30, (GNMA/FNMA/FHLMC COLL Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248340 |
| South Dakota Housing Development Authority Revenue, Series A, Refunding,<br> 3.30%, 11/1/30, (GNMA/FNMA/FHLMC COLL Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498203 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1692985 |
| **Tennessee — 3.4%** | **Tennessee — 3.4%** | **Tennessee — 3.4%** |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd Revenue, Callable 07/01/26 at 100,<br> 5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 493068 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd Revenue, Refunding, Callable 10/01/34 at 100,<br> 5.00%, 10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3162094 |
| Metropolitan Government of Nashville & Davidson County Electric Revenue, Series A, Callable 05/15/27 at 100,<br> 5.00%, 5/15/42 | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1109075 |
| Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue Revenue, Series B, Refunding, Callable 07/01/27 at 100,<br> 5.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp; 3695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3706729 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### June 30, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Tennessee — (Continued)** | **Tennessee — (Continued)** | **Tennessee — (Continued)** |
| Metropolitan Nashville Airport Authority/The Revenue, Series A, Callable 07/01/30 at 100,<br> 5.00%, 7/1/44 | $2215000 | $2252207 |
| Metropolitan Nashville Airport Authority/The Revenue, Series A, Callable 07/01/30 at 100,<br> 5.00%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000475 |
| Putnam County GO, OID, Refunding, Callable 07/21/25 at 100,<br> 2.00%, 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98861 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11822509 |
| **Texas — 9.2%** | **Texas — 9.2%** | **Texas — 9.2%** |
| Austin Electric Utility Revenue, Series A, Refunding, Callable 11/15/25 at 100,<br> 5.00%, 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1001041 |
| Austin Water & Wastewater System Revenue, Refunding, Callable 11/15/26 at 100,<br> 5.00%, 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp; 1095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1099508 |
| Bexar County GO, Callable 06/15/27 at 100,<br> 5.00%, 6/15/42 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2019296 |
| Chambers County Justice Center Public Facilities Corp. Revenue, Callable 06/01/33 at 100,<br> 5.00%, 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp; 2135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2203903 |
| Chambers County Justice Center Public Facilities Corp. Revenue, Callable 06/01/33 at 100,<br> 5.50%, 6/1/55 | &nbsp;&nbsp;&nbsp;&nbsp; 955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 993444 |
| Del Rio GO, Callable 06/01/26 at 100,<br> 5.00%, 6/1/36, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605993 |
| Denton Utility System Revenue, Callable 12/01/26 at 100,<br> 5.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101506 |
| El Paso GO, Callable 08/15/26 at 100,<br> 5.00%, 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2007221 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Texas — (Continued)** | **Texas — (Continued)** | **Texas — (Continued)** |
| Fort Bend County Levee Improvement District No 19 GO, OID, Callable 07/31/25 at 100,<br> 3.50%, 9/1/34, (AGM Insured) | $530000 | $517143 |
| Harris County Improvement District No 18 GO, OID, Refunding, Callable 07/31/25 at 100,<br> 3.00%, 9/1/25, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9987 |
| Harris County Municipal Utility District No 287 GO, Series A, OID, Callable 03/01/27 at 100,<br> 1.50%, 3/1/31, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82796 |
| Harris County Revenue, Series A, Senior Series, Refunding, Callable 08/15/26 at 100,<br> 5.00%, 8/15/47 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3021392 |
| Harris Toll Road County Revenue, Series A, Senior Series, Refunding, Callable 02/15/28 at 100,<br> 5.00%, 8/15/43 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3031943 |
| Kaufman County Municipal Utility District No 14 GO, Callable 07/31/25 at 100,<br> 2.00%, 3/1/27, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38863 |
| Lower Colorado River Authority Revenue, Refunding, Callable 05/15/30 at 100,<br> 5.00%, 5/15/41 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102113 |
| McCamey Independent School District GO, Callable 02/15/28 at 100,<br> 5.00%, 2/15/44, (PSF-GTD Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251812 |
| Parker County GO, Callable 02/15/27 at 100,<br> 5.00%, 2/15/42 | &nbsp;&nbsp;&nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5537918 |
| Port Arthur Independent School District GO, Series B, OID, Refunding, Callable 07/31/25 at 100,<br> 3.00%, 2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25001 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### June 30, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Texas — (Continued)** | **Texas — (Continued)** | **Texas — (Continued)** |
| Port Arthur Independent School District GO, Series E, Refunding, Callable 08/15/26 at 100,<br> 4.00%, 2/15/35 | $2000000 | $2002668 |
| San Antonio Electric & Gas Systems Revenue, Refunding, Callable 08/01/26 at 100,<br> 4.00%, 2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1002971 |
| San Jacinto Community College District GO, Series A, Callable 02/15/29 at 100,<br> 5.00%, 2/15/49 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3026952 |
| Sanger GO, Callable 05/15/26 at 100,<br> 4.00%, 5/15/37, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 994582 |
| Southwest Houston Redevelopment Authority, Series B, Refunding, Callable 09/01/27 at 100,<br> 5.00%, 9/1/35, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212049 |
| Texas Municipal Gas Acquisition & Supply Corp. III Revenue, Refunding,<br> 5.00%, 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516239 |
| Texas Municipal Gas Acquisition & Supply Corp. IV Revenue, Series B, Callable 07/01/33 at 100,<br> 5.50%, 1/1/54<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1920779 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32327120 |
| **Utah — 1.4%** | **Utah — 1.4%** | **Utah — 1.4%** |
| Jordan Valley Water Conservancy District Revenue, Series A, Callable 10/01/28 at 100,<br> 5.00%, 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1004454 |
| Utah Transit Authority Revenue, Refunding, Callable 06/15/26 at 100,<br> 4.00%, 12/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 4050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4076127 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5080581 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Vermont — 0.1%** | **Vermont — 0.1%** | **Vermont — 0.1%** |
| University of Vermont and State Agricultural College Revenue, Refunding, Callable 10/01/27 at 100,<br> 5.00%, 10/1/43 | $470000 | $476011 |
| **Washington — 3.0%** | **Washington — 3.0%** | **Washington — 3.0%** |
| Bellevue GO, Refunding, Callable 07/21/25 at 100,<br> 4.00%, 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500853 |
| King County Public Hospital District No 1 GO, Refunding, Callable 12/01/28 at 100,<br> 5.00%, 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1202777 |
| King County Sewer Revenue, Series A, Refunding, Callable 01/01/26 at 100,<br> 4.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2869876 |
| Pacific County Public Healthcare Services District No 3 GO, Callable 12/01/33 at 100,<br> 5.25%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp; 1130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1153490 |
| Spokane Public Facilities District Revenue, Callable 06/01/27 at 100,<br> 5.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1611584 |
| State of Washington GO, Series 1, Callable 08/01/25 at 100,<br> 5.00%, 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100154 |
| Tacoma Electric System Revenue, Series A, Refunding, Callable 07/21/25 at 100,<br> 4.00%, 1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 913474 |
| Washington Health Care Facilities Authority Revenue, Series A, Callable 08/15/25 at 100,<br> 5.00%, 8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209981 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10562189 |
| **Wisconsin — 1.7%** | **Wisconsin — 1.7%** | **Wisconsin — 1.7%** |
| Kenosha County GO, Series C,<br> 2.00%, 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94847 |
| Mauston School District GO, Refunding, Callable 03/01/28 at 100,<br> 1.70%, 3/1/35, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387178 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### June 30, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Wisconsin — (Continued)** | **Wisconsin — (Continued)** | **Wisconsin — (Continued)** |
| Milwaukee Sewerage System Revenue, Series S-5, Refunding, Callable 07/31/25 at 100,<br> 4.00%, 6/1/29 | $330000 | $330173 |
| Public Finance Authority Revenue, Refunding, Callable 06/01/30 at 100,<br> 5.00%, 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35999 |
| Public Finance Authority Revenue, Series A, Refunding, Callable 07/21/25 at 100,<br> 5.00%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000512 |
| Village of Mount Pleasant, Series A, Callable 04/01/28 at 100,<br> 5.00%, 4/1/48, (MORAL OBLG Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650482 |
| Wisconsin Health & Educational Facilities Authority Revenue, Refunding, Callable 10/01/26 at 100,<br> 5.00%, 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2008420 |
| Wisconsin Health & Educational Facilities Authority Revenue, Series A, OID,<br> 3.625%, 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 817034 |
| Wisconsin Health & Educational Facilities Authority Revenue, Series A, OID,<br> 4.00%, 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555760 |
| Wisconsin Housing & Economic Development Authority Housing Revenue,<br> 3.60%, 11/1/26, (HUD SECT 8 Insured) | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265676 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6146081 |
| **Wyoming — 1.2%** | **Wyoming — 1.2%** | **Wyoming — 1.2%** |
| Wyoming Community Development Authority Revenue, Series 1, Refunding,<br> 3.00%, 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1295360 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Wyoming — (Continued)** | **Wyoming — (Continued)** | **Wyoming — (Continued)** |
| Wyoming Community Development Authority Revenue, Series 1, Refunding,<br> 3.05%, 12/1/28 | $1430000 | $1425078 |
| Wyoming Community Development Authority Revenue, Series 1, Refunding,<br> 3.10%, 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1492933 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4213371 |
| &nbsp;&nbsp;&nbsp;TOTAL MUNICIPAL BONDS<br> (Cost $278,829,092) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274414874 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value/<br> Shares** |  |
| **PREFERREDS — 8.3%** | **PREFERREDS — 8.3%** | **PREFERREDS — 8.3%** |
| **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** |
| General Motors Financial Co., Inc., 5.75%, 9/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1158972 |
| **Energy — 0.3%** | **Energy — 0.3%** | **Energy — 0.3%** |
| BP Capital Markets PLC, 6.45%, 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1024480 |
| **Financials — 7.7%** | **Financials — 7.7%** | **Financials — 7.7%** |
| Bank of America Corp., 6.625%, 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2698940 |
| Bank of New York Mellon Corp. (The), 3.70%, 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1402064 |
| Bank of New York Mellon Corp. (The), 4.625%, 9/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 696891 |
| Bank of New York Mellon Corp. (The), Non Voting Shares, 6.15%, 3/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339730 |
| Bank of New York Mellon Corp. (The), 6.30%, 3/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1544720 |
| Citigroup, Inc., 4.00%, 12/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2713211 |
| Citigroup, Inc., 7.625%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1846215 |
| Citigroup, Inc., 6.75%, 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1918831 |
| Goldman Sachs Group, Inc. (The), 6.125%, 11/10/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4343543 |
| Morgan Stanley, 6.875%, 10/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1618246 |
| Northern Trust Corp., 4.60%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2620990 |
| State Street Corp., 5.35%, 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 543000 |
| State Street Corp., 6.45%, 9/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2139262 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### June 30, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par Value/<br> Shares** | **Value** |
| **PREFERREDS — (Continued)** | **PREFERREDS — (Continued)** | **PREFERREDS — (Continued)** |
| **Financials — (Continued)** | **Financials — (Continued)** | **Financials — (Continued)** |
| Wells Fargo & Co., 3.90%, 3/15/26 | $350000 | $346970 |
| Wells Fargo & Co., 6.85%, 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2471257 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27243870 |
| &nbsp;&nbsp;&nbsp;TOTAL PREFERREDS<br> (Cost $28,222,745) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29427322 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** |  |
| **U.S. TREASURY OBLIGATIONS — 4.9%** | **U.S. TREASURY OBLIGATIONS — 4.9%** | **U.S. TREASURY OBLIGATIONS — 4.9%** |
| United States Treasury Floating Rate Notes,<br> 4.526% (3 Month U.S. Treasury Money Market Yield + 25 bps), 1/31/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1251407 |
| United States Treasury Notes,<br> 2.75%, 8/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;16000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15953788 |
| &nbsp;&nbsp;&nbsp;U.S. TREASURY OBLIGATIONS<br> (Cost $17,208,420) | &nbsp;&nbsp;&nbsp;U.S. TREASURY OBLIGATIONS<br> (Cost $17,208,420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17205195 |
| **CORPORATE BONDS — 2.4%** | **CORPORATE BONDS — 2.4%** | **CORPORATE BONDS — 2.4%** |
| **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** |
| VF Corp., 6.00%, 10/15/33 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1384766 |
| **Financials — 0.4%** | **Financials — 0.4%** | **Financials — 0.4%** |
| Zions Bancorp NA, 6.816%, 11/19/35 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1560080 |
| **Materials — 0.2%** | **Materials — 0.2%** | **Materials — 0.2%** |
| Huntsman International, LLC, 2.95%, 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 841755 |
| **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| Hudson Pacific Properties LP, REIT, 4.65%, 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 449555 |
| Kilroy Realty LP, REIT, 2.50%, 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120800 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570355 |
| **Technology — 1.2%** | **Technology — 1.2%** | **Technology — 1.2%** |
| Foundry JV Holdco, LLC, 6.30%, 1/25/39<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4189881 |
| &nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS<br> (Cost $8,371,572) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8546837 |
| **ASSET-BACKED SECURITIES — 2.0%** | **ASSET-BACKED SECURITIES — 2.0%** | **ASSET-BACKED SECURITIES — 2.0%** |
| Fannie Mae Pool, 6.00%, 5/1/53 | &nbsp;&nbsp;&nbsp;&nbsp; 1173404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1197904 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **ASSET-BACKED SECURITIES — (Continued)** | **ASSET-BACKED SECURITIES — (Continued)** | **ASSET-BACKED SECURITIES — (Continued)** |
| Freddie Mac Pool, 7.00%, 7/1/54 | $1640009 | $1729594 |
| Ginnie Mae II Pool, 6.50%, 7/20/54 | &nbsp;&nbsp;&nbsp;&nbsp; 4142556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4261039 |
| &nbsp;&nbsp;&nbsp;TOTAL ASSET-BACKED SECURITIES<br> (Cost $7,135,405) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7188537 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** |  |
| **PREFERRED STOCKS — 1.1%** | **PREFERRED STOCKS — 1.1%** | **PREFERRED STOCKS — 1.1%** |
| **Financials — 1.1%** | **Financials — 1.1%** | **Financials — 1.1%** |
| KKR & Co., Inc., 6.875%, 6/1/65 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3858000 |
| &nbsp;&nbsp;&nbsp;TOTAL PREFERRED STOCKS<br> (Cost $3,750,000) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3858000 |
| **EXCHANGE TRADED FUNDS — 1.5%** | **EXCHANGE TRADED FUNDS — 1.5%** | **EXCHANGE TRADED FUNDS — 1.5%** |
| SPDR Portfolio High Yield Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5117000 |
| &nbsp;&nbsp;&nbsp;TOTAL EXCHANGE TRADED FUNDS<br> (Cost $4,931,660) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5117000 |
| **SHORT-TERM INVESTMENT — 5.7%** | **SHORT-TERM INVESTMENT — 5.7%** | **SHORT-TERM INVESTMENT — 5.7%** |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.21%<sup>(d)</sup> | 20268788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20268788 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $20,268,788) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20268788 |
| TOTAL INVESTMENTS - 103.7%<br> (Cost $368,717,682) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366026553 |
| LIABILITIES IN EXCESS OF OTHER ASSETS - (3.7)% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13073057) |
| NET ASSETS - 100.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;$352953496 |

---

------

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

(b) Zero coupon bond.

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Concluded)

#### June 30, 2025
(Unaudited)

(c) Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the Fund's Board of
Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At June 30, 2025, these securities amounted to $4,189,881 or 1.19% of net assets. These securities have been
determined by the Fund's adviser to be liquid securities.

(d) Rate disclosed is the 7-day yield at June 30, 2025.

---

| | |
|:---|:---|
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| AMBAC | American Municipal Bond Assurance Corporation |
| AMT | Alternative Minimum Tax |
| BAM | Build America Mutual |
| BAM-TCRS | Build America Mutual-Transferable Custodial Receipts |
| CA MTG | California Mortgage |
| CAB | Capital Appreciation Bond |
| COLL | Collateral |
| ETF | Exchange-Traded Fund |
| FHLMC | Federal Home Loan Mortgage Corp. |

---

---

| | |
|:---|:---|
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| HUD SECT 8 | Housing and Urban Development Section 8 |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| MORAL OBLG | Moral Obligation |
| OID | Original Issue Discount |
| PLC | Public Limited Company |
| PSF-GTD | Permanent School Fund Guaranteed |
| REIT | Real Estate Investment Trust |
| REMIC FHA 542c | Real Estate Mortgage Investment Conduit Federal Housing Administration Section 542c |
| SCH BD GTY | School Board Guaranty |
| SD CRED PROG | State School District Credit Enhancement Program |
| SPDR | Standard & Poor's Depository Receipt |
| ST AID WITHHLDG | State Aid Withholding |
| ST INTERCEPT | State Intercept |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS FUNDS

#### Notes to the Quarterly Portfolio of Investments

#### June 30, 2025
(Unaudited)

A. Portfolio Valuation:

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

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

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

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

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

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

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

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

Securities listed on a non-U.S. exchange are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees and categorized as Level 2 investments within the hierarchy. The fair valuations for these securities may not be the same as quoted or published prices of the securities on their primary markets. Securities for which daily fair value prices from the independent fair value pricing service are not available are generally valued at the last quoted sale price at the close of an exchange

------

AMBRUS FUNDS

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

#### June 30, 2025
(Unaudited)

on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of valuation time, as provided by an independent pricing service approved by the Board of Trustees.

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

The following is a summary of the inputs used, as of June 30, 2025, in valuing each Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | &nbsp;&nbsp;**Total<br> Value at<br> 06/30/25** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Other<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| **Ambrus Core Bond Fund** | **Ambrus Core Bond Fund** |  |  |  |
| **Assets** |  |  |  |  |
| Corporate Bonds | &nbsp;&nbsp;$213075787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$213075787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;150566867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;150566867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37367653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37367653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Preferreds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2048960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2048960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30454857 | &nbsp;&nbsp;&nbsp;&nbsp;1770536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28684321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2572000 | &nbsp;&nbsp;&nbsp;&nbsp;2572000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2099214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2099214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Exchange Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23052500 | &nbsp;&nbsp;23052500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32650796 | &nbsp;&nbsp;32650796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;$495910671 | $60045832 | &nbsp;&nbsp;$435864839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| **Ambrus Tax-Conscious California Bond Fund** | **Ambrus Tax-Conscious California Bond Fund** |  |  |  |
| **Assets** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;$303627945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$303627945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37942428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37942428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Preferreds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863065 | &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;863065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24968762 | &nbsp;&nbsp;&nbsp;&nbsp;1817502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23151260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3858000 | &nbsp;&nbsp;&nbsp;&nbsp;3858000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Exchange Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4760000 | &nbsp;&nbsp;&nbsp;&nbsp;4760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29694067 | &nbsp;&nbsp;29694067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;$408748383 | $40129569 | &nbsp;&nbsp;$368618814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| **Ambrus Tax-Conscious National Bond Fund** | **Ambrus Tax-Conscious National Bond Fund** |  |  |  |
| **Assets** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;$274414874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$274414874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Preferreds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

AMBRUS FUNDS

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

#### June 30, 2025
(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | &nbsp;&nbsp;**Total<br> Value at<br> 06/30/25** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Other<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;$1024480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1024480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27243870 | &nbsp;&nbsp;&nbsp;&nbsp;2500976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24742894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17205195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17205195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8546837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8546837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7188537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7188537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3858000 | &nbsp;&nbsp;&nbsp;&nbsp;3858000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Exchange Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5117000 | &nbsp;&nbsp;&nbsp;&nbsp;5117000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20268788 | &nbsp;&nbsp;20268788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;$366026553 | $31744764 | &nbsp;&nbsp;$334281789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

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

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

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

For the period ended June 30, 2025, there were no transfers in or out of Level 3.

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Wilmington

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

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

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

- **a. Name of Series:** Ambrus Tax-Conscious 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:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $388163804.74

**Total Liabilities:** $1829321.33

**Net Assets:** $386334483.41

**Delayed Delivery Securities:** $412368.90

**Cash Not Reported:** $2110462.62

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 421.10130000 | **1-Year:** 8709.45847000 | **5-Year:** 66254.59829000 | **10-Year:** 159052.86461000 | **30-Year:** 7605.70548000

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

- **3-Month:** 0.00000000 | **1-Year:** 192.28656000 | **5-Year:** 221.02080000 | **10-Year:** 41.13202000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237820 | -0.71%               | 0.10%                | 0.71%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $109726.47               | $-3359986.08                               |
| Month 2  | $-39860.32               | $-939803.65                                |
| Month 3  | $0.00                    | $1512160.68                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CALIFORNIA ST EDUCTNL FACS AUT     | California Educational Facilities Authority                                    | CUSIP: 130179GV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $108986.00    | 0.03%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                      | State of California                                                            | CUSIP: 13063CQJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $936138.80    | 0.24%             | 2044-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE       | Illinois Finance Authority                                                     | CUSIP: 45204FTB1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    400000 | PA      | $388834.24    | 0.10%             | 2052-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CNTY CA REDEV SUCCES     | Riverside County Redevelopment Successor Agency                                | CUSIP: 76913AHU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $977959.70    | 0.25%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EL PASO TX                         | City of El Paso TX                                                             | CUSIP: 283734F71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1505415.75   | 0.39%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY FRN                    | United States Treasury Floating Rate Note                                      | CUSIP: 91282CJU6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13000000 | PA      | $13014635.66  | 3.37%             | 2026-01-31      | Floating      | 4.48%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CNTY CA DEV AUTH M     | Los Angeles County Development Authority                                       | CUSIP: 54467WAK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1123000 | PA      | $1125461.84   | 0.29%             | 2059-09-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| LUCIA MAR CA UNIF SCH DIST         | Lucia Mar Unified School District                                              | CUSIP: 54947TFR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $548133.98    | 0.14%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY              | Wells Fargo & Co                                                               | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    350000 | PA      | $346969.59    | 0.09%             | N/A             | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC            | Goldman Sachs Group Inc/The                                                    | CUSIP: 38141GB52<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   4300000 | PA      | $4318436.04   | 1.12%             | N/A             | Fixed         | 6.12%                 | 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      | $97580.02     | 0.03%             | 2027-08-01      | Fixed         | 2.00%                 | 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      | $5096.14      | 0.00%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATWATER CA ELEM SCH DIST COPS      | Atwater Elementary School District                                             | CUSIP: 04988RBM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $726902.19    | 0.19%             | 2044-12-01      | 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      | $512922.05    | 0.13%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARIN CA HLTHCARE DIST             | Marin Healthcare District                                                      | CUSIP: 56782TAT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $953647.80    | 0.25%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HUDSON PACIFIC PROPERTIE           | Hudson Pacific Properties LP                                                   | CUSIP: 44409MAB2<br>LEI: 5493007NTUGLGZ8T3526 | Long             | DBT              | CORP              | US        |    500000 | PA      | $449555.40    | 0.12%             | 2029-04-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| SANTA CLARA CA UNIF SCH DIST       | Santa Clara Unified School District                                            | CUSIP: 801495Y89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1072232.29   | 0.28%             | 2035-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CA WTR REPLENISHMENT      | Southern California Water Replenishment District                               | CUSIP: 84251KAX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1598150.06   | 0.41%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONCORD CA COPS                    | City of Concord CA                                                             | CUSIP: 206094DK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $678912.99    | 0.18%             | 2038-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST UNIV REVENUE         | California State University                                                    | CUSIP: 13077DEX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1937754.14   | 0.50%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON TWP CA HLTH CARE DI     | Washington Township Health Care District                                       | CUSIP: 940204GG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $367569.16    | 0.10%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &     | California Infrastructure & Economic Development Bank                          | CUSIP: 13035ADW6<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    850000 | PA      | $829603.40    | 0.21%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA UNIF SCH DIST       | Los Angeles Unified School District/CA                                         | CUSIP: 5446463Z3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2877621.90   | 0.74%             | 2040-07-01      | Fixed         | 4.00%                 | 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      | $102537.28    | 0.03%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOLSOM CORDOVA CA UNIF SCH DIS     | Folsom Cordova Unified School District School Facilities Improvement Dist No 5 | CUSIP: 34440VAU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2325000 | PA      | $2269154.90   | 0.59%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA UNIF SCH DIST         | San Diego Unified School District/CA                                           | CUSIP: 7973556R0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $1929844.95   | 0.50%             | 2034-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI     | Pennsylvania Turnpike Commission                                               | CUSIP: 709224QF9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2615000 | PA      | $2604101.46   | 0.67%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MENLO PARK CA CITY SCH DIST        | Menlo Park City School District                                                | CUSIP: 586840QA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1490059.24   | 0.39%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BEVERLY HILLS CA UNIF SCH DIST     | Beverly Hills Unified School District CA                                       | CUSIP: 088023LB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $340927.89    | 0.09%             | 2037-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GLENDALE CA UNIF SCH DIST          | Glendale Unified School District/CA                                            | CUSIP: 378460WE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $553038.08    | 0.14%             | 2033-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA M     | City & County of San Francisco CA                                              | CUSIP: 79765PEG4<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1021253.72   | 0.26%             | 2029-08-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A     | California Community Choice Financing Authority                                | CUSIP: 13013JAX4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    900000 | PA      | $902784.33    | 0.23%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP             | Bank of New York Mellon Corp/The                                               | CUSIP: 064058AF7<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    875000 | PA      | $871114.21    | 0.23%             | N/A             | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A     | California Community Choice Financing Authority                                | CUSIP: 13013JDG8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2120432.20   | 0.55%             | 2054-11-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CNTY CA PUBLIC WKS     | Los Angeles County Public Works Financing Authority                            | CUSIP: 54473EYP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $427681.84    | 0.11%             | 2053-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A     | City of Los Angeles Department of Airports                                     | CUSIP: 544445MY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252424.30    | 0.07%             | 2049-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON TWP CA HLTH CARE DI     | Washington Township Health Care District                                       | CUSIP: 940642CE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $29558.59     | 0.01%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ESCONDIDO CA UNION SCH DIST        | Escondido Union School District/CA                                             | CUSIP: 296371UD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1046426.40   | 0.27%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAMMOTH LAKES CA COPS              | Town of Mammoth Lakes CA                                                       | CUSIP: 561550DE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523417.70    | 0.14%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OXNARD CA UNION HIGH SCH DIST      | Oxnard Union High School District                                              | CUSIP: 692039SA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015692.50   | 0.26%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                  | State Street Corp                                                              | CUSIP: 857477855<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EP               | CORP              | US        |     20000 | NS      | $434400.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT     | California Educational Facilities Authority                                    | CUSIP: 130179QG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5110000 | PA      | $5118472.38   | 1.32%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH GAS SPLYR     | Illinois Finance Authority                                                     | CUSIP: 45202WAH3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4980501.00   | 1.29%             | 2030-03-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| NORTHERN TRUST CORP                | Northern Trust Corp                                                            | CUSIP: 665859AQ7<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1700642.43   | 0.44%             | N/A             | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA CA REVENUES     | University of California                                                       | CUSIP: 91412HAZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $755469.78    | 0.20%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC             | BP Capital Markets PLC                                                         | CUSIP: 05565QDW5<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1024480.00   | 0.27%             | N/A             | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                      | State of California                                                            | CUSIP: 13063EFX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2775000 | PA      | $2487831.35   | 0.64%             | 2043-12-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                      | State of California                                                            | CUSIP: 13063DP44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1784007.25   | 0.46%             | 2047-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA P     | San Francisco City & County Public Utilities Commission Wastewater Revenue     | CUSIP: 79768HDX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2368210.93   | 0.61%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA CMNTY CLG DIST CO     | Riverside Community College District                                           | CUSIP: 768866DP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $255152.08    | 0.07%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IRVINE CA FACS FING AUTH SPL T     | Irvine Facilities Financing Authority                                          | CUSIP: 46360WAU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1730000 | PA      | $1783545.75   | 0.46%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CNTY CA FACS INC L     | Los Angeles County Facilities Inc                                              | CUSIP: 54531FAX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4033769.20   | 1.04%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P     | Los Angeles Department of Water & Power Water System Revenue                   | CUSIP: 544525UH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1755000 | PA      | $1736646.74   | 0.45%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA CMNTY CLG DIST CO     | Riverside Community College District                                           | CUSIP: 768866DS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $325167.08    | 0.08%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA       | City & County of San Francisco CA                                              | CUSIP: 797646NG7<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |   3630000 | PA      | $3810072.68   | 0.99%             | 2029-06-15      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA HSG AUTH MF HSG     | Los Angeles Housing Authority                                                  | CUSIP: 544562CS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004695.50   | 0.26%             | 2029-02-01      | Variable      | 3.25%                 | 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      | $311780.58    | 0.08%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG R     | State of Connecticut Special Tax Revenue                                       | CUSIP: 207758VX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2498655.75   | 0.65%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA UNIF SCH DIST         | Riverside Unified School District                                              | CUSIP: 7690692K0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $413492.97    | 0.11%             | 2045-09-01      | 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      | $15011.41     | 0.00%             | 2026-09-01      | Fixed         | 3.75%                 | 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      | $25678.22     | 0.01%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST UNIV REVENUE         | California State University                                                    | CUSIP: 13077CY65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000565.80   | 0.26%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOCAL PUBLIC SCHS FUNDING AUTH     | Local Public Schools Funding Authority School Improvement District No 2016-1   | CUSIP: 53957RAN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $722939.68    | 0.19%             | 2042-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUBLIC WKS BRD L     | California State Public Works Board                                            | CUSIP: 13068LC37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $535808.32    | 0.14%             | 2028-10-01      | Fixed         | 4.00%                 | 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      | $19394.10     | 0.01%             | 2027-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA HSG AUTH MF HSG     | Los Angeles Housing Authority                                                  | CUSIP: 544562CP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1236747.13   | 0.32%             | 2034-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| DESERT SANDS CA UNIF SCH DIST      | Desert Sands Unified School District                                           | CUSIP: 250436BH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $428440.46    | 0.11%             | 2054-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A     | California Health Facilities Financing Authority                               | CUSIP: 13032US74<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2445000 | PA      | $2514239.96   | 0.65%             | 2049-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LUCIA MAR CA UNIF SCH DIST         | Lucia Mar Unified School District                                              | CUSIP: 54947TER6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1378653.00   | 0.36%             | 2046-08-01      | 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      | $164813.60    | 0.04%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE     | California Municipal Finance Authority                                         | CUSIP: 13048TUR2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1062282.71   | 0.27%             | 2040-10-01      | Fixed         | 4.00%                 | 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      | $50016.81     | 0.01%             | 2028-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PATTERSON CA JT UNIF SCH DIST      | Patterson Joint Unified School District                                        | CUSIP: 703373GZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2470000 | PA      | $2506147.71   | 0.65%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALHAMBRA CA UNIF SCH DIST          | Alhambra Unified School District                                               | CUSIP: 016059JR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $741654.92    | 0.19%             | 2047-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A     | California Community Choice Financing Authority                                | CUSIP: 13013JBJ4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    500000 | PA      | $504443.30    | 0.13%             | 2053-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A     | California Health Facilities Financing Authority                               | CUSIP: 13032US66<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    885000 | PA      | $901494.81    | 0.23%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DESERT SANDS CA UNIF SCH DIST      | Desert Sands Unified School District                                           | CUSIP: 250436BG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $187133.27    | 0.05%             | 2049-09-10      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WHITTIER CA UNION HIGH SCH DIS     | Whittier Union High School District                                            | CUSIP: 966782SP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $468833.61    | 0.12%             | 2031-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management | Dreyfus Government Cash Management                                             | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |  27583605 | NS      | $27583604.75  | 7.14%             |  |  |  | No            |                  1 | On Loan: No      |
| VACAVILLE CA UNIF SCH DIST         | Vacaville Unified School District                                              | CUSIP: 918608TJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $799415.19    | 0.21%             | 2042-08-01      | 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      | $24977.81     | 0.01%             | 2048-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN     | M-S-R Energy Authority                                                         | CUSIP: 55374SAB6<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4776149.20   | 1.24%             | 2034-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT     | California Educational Facilities Authority                                    | CUSIP: 130179JF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $24744.96     | 0.01%             | 2047-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT     | California Educational Facilities Authority                                    | CUSIP: 130179RL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4545000 | PA      | $4506474.31   | 1.17%             | 2053-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA CMNTY CLG DIST CO     | Riverside Community College District                                           | CUSIP: 768866DQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1670657.81   | 0.43%             | 2043-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CNTY CA REDEV SUCCES     | Riverside County Redevelopment Successor Agency                                | CUSIP: 76913AKY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1092815.58   | 0.28%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY     | San Francisco City & County Airport Comm-San Francisco International Airport   | CUSIP: 79766DSC4<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   2025000 | PA      | $2044636.22   | 0.53%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A     | California Community Choice Financing Authority                                | CUSIP: 13013JFR2<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4676981.32   | 1.21%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKE ELSINORE CA SPL TAX           | City of Lake Elsinore CA                                                       | CUSIP: 50963NWH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $578326.72    | 0.15%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IMPERIAL CA CMNTY CLG DIST         | Imperial Community College District                                            | CUSIP: 452641LM3<br>LEI: 549300VO268A8SG7J029 | Long             | DBT              | MUN               | US        |    900000 | PA      | $940556.70    | 0.24%             | 2053-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                     | Morgan Stanley                                                                 | CUSIP: 61763E207<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |     41519 | NS      | $1043372.47   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CALIFORNIA ST                      | State of California                                                            | CUSIP: 13063ECU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074683.80   | 0.28%             | 2054-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A     | California Health Facilities Financing Authority                               | CUSIP: 13032UP77<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2840000 | PA      | $2927289.67   | 0.76%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH HLTH FACS REV     | Iowa Finance Authority                                                         | CUSIP: 462466EZ2<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150336.86    | 0.04%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A     | River Islands Public Financing Authority                                       | CUSIP: 76827QGP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3370000 | PA      | $3480909.73   | 0.90%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A     | California Health Facilities Financing Authority                               | CUSIP: 13032UMN5<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3596697.20   | 0.93%             | 2044-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OK REVENUES                   | University of Oklahoma/The                                                     | CUSIP: 91476PPB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2610000 | PA      | $2611952.54   | 0.68%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                      | State of California                                                            | CUSIP: 13063D4S4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2805000 | PA      | $2902359.87   | 0.75%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CABRILLO CA UNIF SCH DIST          | Cabrillo Unified School District                                               | CUSIP: 127127LG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $634206.81    | 0.16%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A     | California Community Choice Financing Authority                                | CUSIP: 13013JAP1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3755000 | PA      | $3734153.74   | 0.97%             | 2052-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| LODI CA UNIF SCH DIST              | Lodi Unified School District/CA                                                | CUSIP: 540261LX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $960523.55    | 0.25%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FRESNO CA UNIF SCH DIST            | Fresno Unified School District                                                 | CUSIP: 3582324A1<br>LEI: 549300WL4QIP65TFU882 | Long             | DBT              | MUN               | US        |   1485000 | PA      | $1366049.42   | 0.35%             | 2046-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BELLEVUE WA                        | City of Bellevue WA                                                            | CUSIP: 0793652Z4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2315000 | PA      | $2315790.11   | 0.60%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CA FING AUTH LEASE R     | Lancaster Financing Authority                                                  | CUSIP: 51378QBN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3068907.60   | 0.79%             | 2054-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KING CNTY WA SWR REVENUE           | County of King WA Sewer Revenue                                                | CUSIP: 4952893M0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1913250.60   | 0.50%             | 2040-07-01      | Fixed         | 4.00%                 | 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        |    410000 | PA      | $416495.38    | 0.11%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOLEDO OH WTRWKS REVENUE           | City of Toledo OH Water System Revenue                                         | CUSIP: 889396SC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3575000 | PA      | $3610121.16   | 0.93%             | 2041-11-15      | 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: 913366HP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    960000 | PA      | $956700.86    | 0.25%             | 2037-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA R     | San Francisco City & County Redevelopment Agency Successor Agency              | CUSIP: 79770GER3<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |    150000 | PA      | $151551.42    | 0.04%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PIEDMONT CA UNIF SCH DIST          | Piedmont Unified School District                                               | CUSIP: 720135TH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $316179.77    | 0.08%             | 2041-08-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC FIN AUTH REV     | California Public Finance Authority                                            | CUSIP: 13057EFN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3254894.37   | 0.84%             | 2046-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP             | Bank of New York Mellon Corp/The                                               | CUSIP: 064058845<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EP               | CORP              | US        |     13250 | NS      | $339730.00    | 0.09%             |  |  |  | No            |                  1 | 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        |    755000 | PA      | $761041.51    | 0.20%             | 2042-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FILLMORE CA WSTWTR REVENUE         | City of Fillmore CA Wastewater Revenue                                         | CUSIP: 317109AJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1184129.16   | 0.31%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA P     | San Francisco City & County Public Utilities Commission Wastewater Revenue     | CUSIP: 79768HCZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1824835.13   | 0.47%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FREMONT CA UNIF SCH DIST ALAME     | Fremont Unified School District/Alameda County CA                              | CUSIP: 3571547M9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1773567.75   | 0.46%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA UNIF SCH DIST         | San Diego Unified School District/CA                                           | CUSIP: 7973555Y6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2020000 | PA      | $2043062.95   | 0.53%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE     | California Municipal Finance Authority                                         | CUSIP: 13048VDT2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024162.70   | 0.27%             | 2035-10-01      | Fixed         | 5.00%                 | 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      | $10104.28     | 0.00%             | 2029-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH TAHOE CA PUB UTIL DIST W     | South Tahoe Public Utility District Water Revenue                              | CUSIP: 840529AT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51509.96     | 0.01%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE     | California Municipal Finance Authority                                         | CUSIP: 13048VKK3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1840000 | PA      | $1851223.08   | 0.48%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA UNIF SCH DIST        | Long Beach Unified School District                                             | CUSIP: 542433XF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $815750.69    | 0.21%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WSTRN PLACER CA UNIF SCH DIST      | Western Placer Unified School District                                         | CUSIP: 959214GH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $360456.56    | 0.09%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CNTY CA ARPT SYS RE     | County of Sacramento CA Airport System Revenue                                 | CUSIP: 786107PF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501206.25    | 0.13%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKE ELSINORE CA SPL TAX           | City of Lake Elsinore CA                                                       | CUSIP: 50963NWG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103165.55    | 0.03%             | 2039-09-01      | 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        |    630000 | PA      | $615149.26    | 0.16%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOVER NH                           | City of Dover NH                                                               | CUSIP: 260183C71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $972608.70    | 0.25%             | 2031-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &     | California Infrastructure & Economic Development Bank                          | CUSIP: 13034RAT0<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2875000 | PA      | $2911392.33   | 0.75%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT     | California Educational Facilities Authority                                    | CUSIP: 130179RJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3230000 | PA      | $3244048.56   | 0.84%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LIVE OAK CA ELEM SCH DIST SANT     | Live Oak Elementary School District/Santa Cruz County                          | CUSIP: 538038AP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $354687.97    | 0.09%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH LE     | California Municipal Finance Authority                                         | CUSIP: 13049UCY3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005183.50   | 0.26%             | 2042-06-01      | 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      | $70054.38     | 0.02%             | 2048-10-01      | Fixed         | 5.00%                 | 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        |    140000 | PA      | $140923.75    | 0.04%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST DEPT OF VETERANS     | Department of Veterans Affairs Veteran's Farm & Home Purchase Program          | CUSIP: 130658QF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $38112.32     | 0.01%             | 2027-06-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| ZIONS BANCORP NA                   | Zions Bancorp NA                                                               | CUSIP: 98971DAC4<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1560080.46   | 0.40%             | 2035-11-19      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| SAN MATEO CNTY CA JT PWRS FING     | San Mateo Joint Powers Financing Authority                                     | CUSIP: 79904NGP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2303313.30   | 0.60%             | 2043-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| W HOLLYWOOD CA PUBLIC FING AUT     | West Hollywood Public Financing Authority                                      | CUSIP: 95332RDU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    795000 | PA      | $820354.62    | 0.21%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION&     | Texas Municipal Gas Acquisition & Supply Corp IV                               | CUSIP: 88256PAT7<br>LEI: 549300PTUE847QDBBW22 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1920779.18   | 0.50%             | 2054-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT WTR & PWR      | Los Angeles Department of Water & Power                                        | CUSIP: 544495Z72<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   3090000 | PA      | $3050460.98   | 0.79%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY     | San Francisco City & County Airport Comm-San Francisco International Airport   | CUSIP: 79766DRK7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1769092.97   | 0.46%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OAKLAND CA UNIF SCH DIST ALAME     | Oakland Unified School District/Alameda County                                 | CUSIP: 672325G50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1124307.58   | 0.29%             | 2030-08-01      | 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      | $20076.11     | 0.01%             | 2029-09-01      | 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      | $254390.63    | 0.07%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                      | State of California                                                            | CUSIP: 13063CUG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500302.85    | 0.13%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A     | California Community Choice Financing Authority                                | CUSIP: 13013JFS0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3097355.40   | 0.80%             | 2055-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CA WTR REPLENISHMENT      | Southern California Water Replenishment District                               | CUSIP: 84251KBW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253543.00    | 0.07%             | 2048-08-01      | Fixed         | 5.00%                 | 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      | $791344.96    | 0.20%             | 2048-06-01      | 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      | $521156.75    | 0.13%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP               | Bank of America Corp                                                           | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2950000 | PA      | $3062259.30   | 0.79%             | N/A             | Fixed         | 6.62%                 | 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      | $115119.22    | 0.03%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX TOLL ROAD REVEN     | County of Harris TX Toll Road Revenue                                          | CUSIP: 41423PAW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2815000 | PA      | $2844973.28   | 0.74%             | 2043-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH PENN PA SCH DIST             | North Penn School District                                                     | CUSIP: 661517XK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1613222.72   | 0.42%             | 2050-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALBANY CA UNIF SCH DIST            | Albany Unified School District                                                 | CUSIP: 012104RN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017186.00   | 0.26%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI JT MUNI ELEC UTILITY      | Missouri Joint Municipal Electric Utility Commission                           | CUSIP: 606092LC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2526344.75   | 0.65%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH SAN FRANCISCO CA UNIF SC     | South San Francisco Unified School District                                    | CUSIP: 840058UG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003283.60   | 0.52%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANTA CRUZ CITY CA ELEM SCH DI     | Santa Cruz City Elementary School District                                     | CUSIP: 801716JQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    695000 | PA      | $551121.45    | 0.14%             | 2036-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PALOMAR HLTH CA                    | Palomar Health                                                                 | CUSIP: 697527BA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $175110.90    | 0.05%             | 2033-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CITY CA UNIF SCH DI     | Sacramento City Unified School District/CA                                     | CUSIP: 785870E93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2085857.40   | 0.54%             | 2052-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA CA RGTS MED     | Regents of the University of California Medical Center Pooled Revenue          | CUSIP: 913366KS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2084235.21   | 0.54%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA P     | San Francisco City & County Public Utilities Commission Wastewater Revenue     | CUSIP: 79768HDA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $478763.80    | 0.12%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL      | Connecticut State Health & Educational Facilities Authority                    | CUSIP: 20774YVK0<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    650000 | PA      | $645250.78    | 0.17%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY              | Wells Fargo & Co                                                               | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   2350000 | PA      | $2471256.73   | 0.64%             | N/A             | Fixed         | 6.85%                 | 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        |   1530000 | PA      | $1563253.94   | 0.40%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PERRIS CA PUBLIC FING AUTH         | Perris Public Financing Authority                                              | CUSIP: 71437RJW5<br>LEI: 549300FVF4X82EMLCW89 | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1620834.95   | 0.42%             | 2031-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA CMNTY CLG DIST CO     | Riverside Community College District                                           | CUSIP: 768866DR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000585.80   | 0.52%             | 2049-06-01      | Fixed         | 5.25%                 | 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      | $10000.52     | 0.00%             | 2026-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| STOCKTON CA UNIF SCH DIST COPS     | Stockton Unified School District                                               | CUSIP: 861422FH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2060000 | PA      | $2121603.68   | 0.55%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE     | California Municipal Finance Authority                                         | CUSIP: 13048VMH8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $512846.20    | 0.13%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PITTSBURG CA UNIF SCH DIST         | Pittsburg Unified School District                                              | CUSIP: 724581SH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $580853.70    | 0.15%             | 2034-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT     | California Statewide Communities Development Authority                         | CUSIP: 13080SJN5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1002912.87   | 0.26%             | 2034-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL      | Connecticut State Health & Educational Facilities Authority                    | CUSIP: 20774YXG7<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1483461.45   | 0.38%             | 2045-07-01      | 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      | $20560.83     | 0.01%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SPDR Portfolio High Yield Bond ETF | SPDR Portfolio High Yield Bond ETF                                             | CUSIP: 78468R606<br>LEI: N/A                  | Long             | EC               | RF                | US        |    200000 | NS      | $4760000.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &     | California Infrastructure & Economic Development Bank                          | CUSIP: 13034RAU7<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   4555000 | PA      | $4578821.28   | 1.19%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IRVINE CA FACS FING AUTH LEASE     | Irvine Facilities Financing Authority                                          | CUSIP: 46360XAN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2291914.63   | 0.59%             | 2043-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OAKDALE CA JT UNIF SCH DIST        | Oakdale Joint Unified School District/CA                                       | CUSIP: 672006EG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $24614.70     | 0.01%             | 2054-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA CA REVENUES     | University of California                                                       | CUSIP: 91412HKT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2930000 | PA      | $3010558.59   | 0.78%             | 2046-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ESTRN CA MUNI WTR DIST FING AU     | Eastern Municipal Water District Financing Authority                           | CUSIP: 27677SCN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250307.93    | 0.06%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA     | California School Finance Authority                                            | CUSIP: 13059TEV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25220.73     | 0.01%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SELMA CA UNIF SCH DIST             | Selma Unified School District                                                  | CUSIP: 816547JM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $367176.18    | 0.10%             | 2048-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CLATSOP CNTY OR SCH DIST #10 S     | Seaside School District No 10                                                  | CUSIP: 182846BJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $1266243.00   | 0.33%             | 2042-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MORAGA CA ELEM SCH DIST            | Moraga Elementary School District                                              | CUSIP: 616421EX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1990000 | PA      | $2072486.89   | 0.54%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                      | State of California                                                            | CUSIP: 13063C6R6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000143.30   | 0.26%             | 2035-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FOLSOM CORDOVA CA UNIF SCH DIS     | Folsom Cordova Unified School District School Facilities Improvement Dist No 5 | CUSIP: 34440VBQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1479106.20   | 0.38%             | 2041-10-01      | Fixed         | 4.25%                 | 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      | $381327.99    | 0.10%             | 2032-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| POMONA CA REVENUE                  | City of Pomona CA                                                              | CUSIP: 73209GAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $501737.35    | 0.13%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANTIOCH CA UNIF SCH DIST           | Antioch Unified School District                                                | CUSIP: 037105KS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $603434.79    | 0.16%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHOWCHILLA CA ELEM SCH DIST        | Chowchilla Elementary School District                                          | CUSIP: 170468AU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $589781.87    | 0.15%             | 2043-08-01      | Fixed         | 5.00%                 | 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      | $20464.64     | 0.01%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                  | State Street Corp                                                              | CUSIP: 857477CS0<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2241131.20   | 0.58%             | N/A             | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| KKR & CO INC                       | KKR & Co Inc                                                                   | CUSIP: 48251W609<br>LEI: 54930013V5I303TF9571 | Long             | EP               | CORP              | US        |    150000 | NS      | $3858000.00   | 1.00%             |  |  |  | No            |                  1 | 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      | $348552.36    | 0.09%             | 2028-11-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                      | State of California                                                            | CUSIP: 13063CZU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251781.83    | 0.07%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA HSG AUTH MF HSG     | Los Angeles Housing Authority                                                  | CUSIP: 544562CR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1788832.40   | 0.46%             | 2034-04-01      | Fixed         | 3.75%                 | 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      | $5003.58      | 0.00%             | 2027-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE     | California Municipal Finance Authority                                         | CUSIP: 13048VX52<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    700000 | PA      | $736124.41    | 0.19%             | 2044-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG R     | State of Connecticut Special Tax Revenue                                       | CUSIP: 207758UJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1801370.52   | 0.47%             | 2035-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION&     | Texas Municipal Gas Acquisition & Supply Corp III                              | CUSIP: 88256HBC1<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |    500000 | PA      | $516239.35    | 0.13%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA CMNTY CLG DIST CO     | Riverside Community College District                                           | CUSIP: 768866DN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $210156.11    | 0.05%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A     | California Community Choice Financing Authority                                | CUSIP: 13013JEB8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4218389.60   | 1.09%             | 2055-08-01      | Variable      | 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      | $223262.34    | 0.06%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY     | San Francisco City & County Airport Comm-San Francisco International Airport   | CUSIP: 79766DGE3<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100012.43   | 0.28%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A     | City of Los Angeles Department of Airports                                     | CUSIP: 544445HQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2052133.80   | 0.53%             | 2043-05-15      | 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      | $47571.97     | 0.01%             | 2029-08-01      | Fixed         | 2.12%                 | 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      | $514068.79    | 0.13%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANTA MONICA CA CMNTY CLG DIST     | Santa Monica Community College District                                        | CUSIP: 802385QT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $769530.75    | 0.20%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A     | California Health Facilities Financing Authority                               | CUSIP: 13032UFK9<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1182814.11   | 0.31%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A     | California Community Choice Financing Authority                                | CUSIP: 13013JCB0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2965000 | PA      | $3095642.64   | 0.80%             | 2053-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST UNIV REVENUE         | California State University                                                    | CUSIP: 13077CY73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $993008.00    | 0.26%             | 2047-11-01      | Fixed         | 5.00%                 | 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        |    150000 | PA      | $150454.58    | 0.04%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOLSOM CORDOVA CA UNIF SCH DIS     | Folsom Cordova Unified School District                                         | CUSIP: 34440PBY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $511797.33    | 0.13%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA UNIF SCH DIST       | Los Angeles Unified School District/CA                                         | CUSIP: 5446465A6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1183694.14   | 0.31%             | 2032-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST BLDG AUTH REVENUE      | Michigan State Building Authority                                              | CUSIP: 594615BU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500448.20   | 0.39%             | 2045-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CA TRANSIENT OCCUPA     | City of Sacramento CA Transient Occupancy Tax Revenue                          | CUSIP: 786073BR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $650264.42    | 0.17%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                    | City of Philadelphia PA                                                        | CUSIP: 717813TJ8<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1155779.26   | 0.30%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| POWAY CA REDEV AGY SUCCESSOR A     | Poway Redevelopment Agency Successor Agency                                    | CUSIP: 738798AU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2190000 | PA      | $2211318.99   | 0.57%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP             | Bank of New York Mellon Corp/The                                               | CUSIP: 064058AN0<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1544719.50   | 0.40%             | N/A             | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                      | State of California                                                            | CUSIP: 13063DR42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $219405.40    | 0.06%             | 2046-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CA REGL ARPT AU     | San Diego County Regional Airport Authority                                    | CUSIP: 79739GLE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1192488.57   | 0.31%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INGLEWOOD CA UNIF SCH DIST         | Inglewood Unified School District                                              | CUSIP: 457110LJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1505000 | PA      | $1519747.34   | 0.39%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A     | California Health Facilities Financing Authority                               | CUSIP: 13032UPX0<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2990315.70   | 0.77%             | 2056-11-15      | Fixed         | 5.00%                 | 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      | $25001.55     | 0.01%             | 2027-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                      | Citigroup Inc                                                                  | CUSIP: 172967MU2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1850000 | PA      | $1841996.16   | 0.48%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE     | California Municipal Finance Authority                                         | CUSIP: 13048VX29<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    470000 | PA      | $503570.36    | 0.13%             | 2041-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BELLEFONTE PA AREA SCH DIST        | Bellefonte Area School District                                                | CUSIP: 078764LT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2168422.89   | 0.56%             | 2048-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY     | San Francisco City & County Airport Comm-San Francisco International Airport   | CUSIP: 79766DMD8<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   6675000 | PA      | $6745470.65   | 1.75%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANGER CA UNIF SCH DIST COPS       | Sanger Unified School District                                                 | CUSIP: 800860EK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1928047.80   | 0.50%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKE ELSINORE CA SPL TAX           | City of Lake Elsinore CA                                                       | CUSIP: 50963NWL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52454.52     | 0.01%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROBLA CA SCH DIST                  | Robla School District/CA                                                       | CUSIP: 771027KJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $813731.28    | 0.21%             | 2044-08-01      | Fixed         | 5.00%                 | 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      | $5064.06      | 0.00%             | 2027-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA REVENUES        | University of California                                                       | CUSIP: 91412G2K0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1634523.14   | 0.42%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDEP CITIES CA FIN AUTH MOBIL     | Independent Cities Finance Authority                                           | CUSIP: 45385LMQ3<br>LEI: 549300ZZZYTBUL6FR983 | Long             | DBT              | MUN               | US        |    925000 | PA      | $935608.46    | 0.24%             | 2048-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP             | Bank of New York Mellon Corp/The                                               | CUSIP: 064058AJ9<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    850000 | PA      | $845215.78    | 0.22%             | N/A             | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH MF     | California Municipal Finance Authority                                         | CUSIP: 130483GH7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1244767.63   | 0.32%             | 2045-09-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE     | California Municipal Finance Authority                                         | CUSIP: 13048VYW2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    420000 | PA      | $450350.12    | 0.12%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANTA CLARA VLY CA WTR DIST WT     | Santa Clara Valley Water District                                              | CUSIP: 80168ADE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $792983.78    | 0.21%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NAPA VLY CA UNIF SCH DIST          | Napa Valley Unified School District                                            | CUSIP: 630362EF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $517419.01    | 0.13%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A     | California Health Facilities Financing Authority                               | CUSIP: 13032UU71<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1035787.06   | 0.27%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DESERT SANDS CA UNIF SCH DIST      | Desert Sands Unified School District                                           | CUSIP: 250436BF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102475.78    | 0.03%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &     | California Infrastructure & Economic Development Bank                          | CUSIP: 13034ATX8<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1142655.77   | 0.30%             | 2047-05-15      | 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      | $20574.48     | 0.01%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PITTSBURG CALIF UNI SCH DIST       | Pittsburg Unified School District Financing Authority                          | CUSIP: 724586BF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $635987.33    | 0.16%             | 2047-09-01      | 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        |     30000 | PA      | $30332.42     | 0.01%             | 2026-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE               | State of Ohio                                                                  | CUSIP: 67756CCU0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1797661.26   | 0.47%             | 2041-01-15      | 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      | $152164.61    | 0.04%             | 2027-09-01      | 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        |   2655000 | PA      | $2682728.82   | 0.69%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAYWARD CA UNIF SCH DIST           | Hayward Unified School District                                                | CUSIP: 4212905R4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $930417.00    | 0.24%             | 2043-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A     | California Community Choice Financing Authority                                | CUSIP: 13013JFD3<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2128552.20   | 0.55%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BEAUMONT CA PUBLIC IMPT AUTH W     | Beaumont Public Improvement Authority                                          | CUSIP: 074428AW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018249.20   | 0.26%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG FIN AUTH HS     | Connecticut Housing Finance Authority                                          | CUSIP: 20775C5Q3<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    750000 | PA      | $647342.03    | 0.17%             | 2034-11-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| SWEETWATER CA UNION HIGH SCH D     | Sweetwater Union High School District                                          | CUSIP: 870462TF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1408324.05   | 0.36%             | 2042-08-01      | Fixed         | 4.00%                 | 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      | $100522.84    | 0.03%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IRVINE RANCH CA WTR DIST           | Irvine Ranch Water District Water Service Corp                                 | CUSIP: 4636325M7<br>LEI: 2ZRS7W19IBMY48SFBI68 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2016001.40   | 0.52%             | 2046-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE     | California Municipal Finance Authority                                         | CUSIP: 13048VX78<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1134397.77   | 0.29%             | 2054-09-01      | Fixed         | 5.25%                 | 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      | $104506.15    | 0.03%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MODESTO CA IRR DIST FING AUTH      | Modesto Irrigation District                                                    | CUSIP: 607767DH0<br>LEI: S6U6XLZ7IOWYIG8C8H50 | Long             | DBT              | MUN               | US        |    550000 | PA      | $578631.41    | 0.15%             | 2048-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HAYWARD CA UNIF SCH DIST COPS      | Hayward Unified School District                                                | CUSIP: 421294EH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010283.10   | 0.26%             | 2052-08-01      | Fixed         | 5.25%                 | 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      | $100074.20    | 0.03%             | 2028-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                      | Citigroup Inc                                                                  | CUSIP: 172967PR6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2272300.25   | 0.59%             | N/A             | Fixed         | 6.75%                 | 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      | $863064.66    | 0.22%             | N/A             | Fixed         | 5.75%                 | 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      | $349996.01    | 0.09%             | 2062-11-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA CITY & CNTY P     | City of San Francisco CA Public Utilities Commission Water Revenue             | CUSIP: 79771FCU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4855000 | PA      | $5094656.88   | 1.32%             | 2048-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                      | Citigroup Inc                                                                  | CUSIP: 172967PE5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1635219.00   | 0.42%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| OXNARD CA UNION HIGH SCH DIST      | Oxnard Union High School District                                              | CUSIP: 692045ED5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $242319.63    | 0.06%             | 2039-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| COLUSA CA UNIF SCH DIST            | Colusa Unified School District                                                 | CUSIP: 199651CT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $510031.82    | 0.13%             | 2034-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P     | Los Angeles Department of Water & Power Water System Revenue                   | CUSIP: 544525WJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250071.78    | 0.06%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PORTS AUTH P     | South Carolina Ports Authority                                                 | CUSIP: 837123JL3<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1253179.63   | 0.32%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-27

**Name of Applicant:** FundVantage Trust

**Signature:** Christine S. Catanzaro

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

**Title:** Treasurer and Chief Financial Officer