# EDGAR Filing Document

**Accession Number:** 0001388485
**File Stem:** 0000940400-26-007886
**Filing Date:** 2026-2
**Character Count:** 375122
**Document Hash:** 7168ce53fba1dbc5491847e83b0cb031
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-007886.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0000940400-26-007886

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**PERIOD START**: 20260930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22027
- **FILM NUMBER:** 26676903

**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

#### December 31, 2025
(Unaudited)

---

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

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS CORE BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

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

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS CORE BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

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

---

---

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

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS CORE BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

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

---

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **ASSET-BACKED SECURITIES — (Continued)** | **ASSET-BACKED SECURITIES — (Continued)** | **ASSET-BACKED SECURITIES — (Continued)** |
| Ginnie Mae II Pool, 6.50%, 7/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;$5487897 | $5679203 |
| Ginnie Mae II Pool, 6.00%, 2/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6158986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6286838 |
| &nbsp;&nbsp;&nbsp;TOTAL ASSET-BACKED SECURITIES<br> (Cost $35,574,085) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36057062 |
| **MUNICIPAL BONDS — 0.7%** | **MUNICIPAL BONDS — 0.7%** | **MUNICIPAL BONDS — 0.7%** |
| **California — 0.4%** | **California — 0.4%** | **California — 0.4%** |
| City & County of San Francisco GO, Series C,<br> 6.03%, 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2091978 |
| **Maryland — 0.1%** | **Maryland — 0.1%** | **Maryland — 0.1%** |
| Maryland Economic Development Corp. Revenue, OID, Callable 06/01/29 at 100,<br> 4.25%, 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 733199 |
| **Michigan — 0.2%** | **Michigan — 0.2%** | **Michigan — 0.2%** |
| Detroit GO, Series B,<br> 3.11%, 4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 976800 |
| &nbsp;&nbsp;&nbsp;TOTAL MUNICIPAL BONDS<br> (Cost $3,776,844) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3801977 |

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS CORE BOND FUND

#### Portfolio of Investments (Concluded)

#### December 31, 2025
(Unaudited)

------

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

(b) Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the
Fund's Board of Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At December 31, 2025, these securities amounted to $7,401,576 or 1.37% of net assets.
These securities have been determined by the Fund's adviser to be liquid securities.

(c) Non-voting shares.

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

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments

#### December 31, 2025
(Unaudited)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| California Community Choice Financing Authority Revenue, Series B-1, Callable 05/01/31 at 101,<br> 4.00%, 2/1/52<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$3755000 | $3809983 |
| California Community Choice Financing Authority Revenue, Series E-1, Callable 12/01/30 at 100,<br> 5.00%, 2/1/54<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1889388 |
| California Community Choice Financing Authority Revenue, Series F, Callable 08/01/32 at 100,<br> 5.00%, 2/1/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4867796 |
| California Community Choice Financing Authority Revenue, Series G, Callable 01/01/30 at 100,<br> 5.25%, 11/1/54<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2125318 |
| California Community Choice Financing Authority Revenue , Series C, Callable 07/01/32 at 100,<br> 5.00%, 8/1/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4769861 |
| California Community Choice Financing Authority Revenue , Series D, Callable 06/01/32 at 100,<br> 5.00%, 2/1/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2172176 |
| California Community Choice Financing Authority Revenue , Series G, Callable 05/01/32 at 100,<br> 5.00%, 11/1/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3123190 |
| California Educational Facilities Authority Revenue, Series A, Callable 10/01/28 at 100,<br> 5.00%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3265649 |
| California Educational Facilities Authority Revenue, Series A, Callable 10/01/28 at 100,<br> 5.00%, 10/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70337 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

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

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| California Housing Finance Agency Revenue, Series D, Callable 11/01/28 at 100,<br> 2.75%, 11/1/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$1200000 | $1193167 |
| California Housing Finance Agency Revenue, Series JJ, Callable 05/01/28 at 100,<br> 2.90%, 5/1/47, (HUD SECT 8 Insured)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1102152 |
| California Housing Finance Agency Revenue, Series LL, Callable 01/01/29 at 100,<br> 2.95%, 6/1/46<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351478 |
| California Infrastructure & Economic Development Bank Revenue,<br> 5.00%, 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1021204 |
| California Infrastructure & Economic Development Bank Revenue, Callable 05/15/28 at 100,<br> 5.00%, 5/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1154435 |
| California Infrastructure & Economic Development Bank Revenue, Callable 08/01/29 at 100,<br> 5.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2968779 |
| California Infrastructure & Economic Development Bank Revenue, Callable 08/01/29 at 100,<br> 5.00%, 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4650084 |
| California Infrastructure & Economic Development Bank Revenue, Callable 10/01/32 at 100,<br> 5.00%, 10/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 945000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1004851 |
| California Infrastructure & Economic Development Bank Revenue, Refunding, Callable 11/01/26 at 100,<br> 5.00%, 5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20447 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| California Infrastructure & Economic Development Bank Revenue, Series A, Refunding, Callable 08/01/28 at 100,<br> 3.25%, 8/1/29 | $250000 | $252176 |
| California Infrastructure & Economic Development Bank Revenue, Series B, Callable 11/01/34 at 100,<br> 5.00%, 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 859825 |
| California Municipal Finance Authority,<br> 4.00%, 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95374 |
| California Municipal Finance Authority Revenue, Callable 09/01/32 at 100,<br> 5.25%, 9/1/41, (CA MTG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518170 |
| California Municipal Finance Authority Revenue, Callable 09/01/32 at 100,<br> 5.25%, 9/1/44, (CA MTG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 752139 |
| California Municipal Finance Authority Revenue, Callable 09/01/32 at 100,<br> 5.25%, 9/1/54, (CA MTG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1151056 |
| California Municipal Finance Authority Revenue, Callable 11/15/28 at 100,<br> 5.00%, 5/15/36, (BAM-TCRS Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 523717 |
| California Municipal Finance Authority Revenue, Refunding, Callable 10/01/28 at 100,<br> 5.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1033255 |
| California Municipal Finance Authority Revenue, Series A,<br> 5.00%, 2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 453578 |
| California Municipal Finance Authority Revenue, Series A, Callable 02/01/27 at 100,<br> 3.20%, 9/1/45, (HUD SECT 8 Insured)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1251041 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

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

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| California Statewide Communities Development Authority Revenue, Callable 02/01/28 at 100,<br> 5.00%, 8/1/29 | $300000 | $311038 |
| California Statewide Communities Development Authority Revenue, Refunding,<br> 5.00%, 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103872 |
| California Statewide Communities Development Authority Revenue, Refunding, Callable 03/01/28 at 100,<br> 5.00%, 3/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166233 |
| California Statewide Communities Development Authority Revenue, Series A, OID, Refunding, Callable 03/01/26 at 100,<br> 4.125%, 3/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1015859 |
| Campbell Union High School District GO, Series A, Callable 08/01/34 at 100,<br> 5.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 899203 |
| Campbell Union High School District GO, Series A, Callable 08/01/34 at 100,<br> 5.00%, 8/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1082549 |
| Chowchilla Elementary School District GO, Callable 08/01/26 at 100,<br> 5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585667 |
| City & County of San Francisco Community Facilities District No 2014-1, Series A,<br> 5.00%, 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150592 |
| City & County of San Francisco GO, Series C,<br> 6.03%, 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3796940 |
| City & County of San Francisco GO, Series C,<br> 6.26%, 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4481906 |
| City & County of San Francisco Revenue, Series 2, Callable 08/01/28 at 100,<br> 3.35%, 8/1/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1026323 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| City of Lake Elsinore, Callable 09/01/31 at 103,<br> 5.00%, 9/1/35 | $50000 | $54095 |
| City of Lake Elsinore, Callable 09/01/31 at 103,<br> 5.00%, 9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107238 |
| City of Lake Elsinore, Callable 09/01/31 at 103,<br> 5.00%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 592655 |
| Coachella Valley Unified School District, OID, Refunding, Callable 01/21/26 at 100,<br> 3.50%, 9/1/28, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50025 |
| Coachella Valley Unified School District GO, OID, Refunding, Callable 01/21/26 at 100,<br> 4.00%, 8/1/27, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5004 |
| Colton Joint Unified School District GO, Series A, Callable 08/01/34 at 100,<br> 5.00%, 8/1/44, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1446939 |
| Compton Unified School District GO, Series B, Callable 06/01/27 at 100,<br> 4.00%, 6/1/32, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142677 |
| Concord, OID, Refunding, Callable 04/01/31 at 100,<br> 2.00%, 4/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 737604 |
| Department of Veterans Affairs Veteran's Farm & Home Purchase Program Revenue, Series A,<br> 1.25%, 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38661 |
| Desert Sands Unified School District, Callable 09/01/30 at 103,<br> 5.00%, 9/1/44, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107480 |
| Desert Sands Unified School District, Callable 09/01/30 at 103,<br> 5.00%, 9/10/49, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195784 |
| Desert Sands Unified School District, Callable 09/01/30 at 103,<br> 5.00%, 9/1/54, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 446678 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Downey Unified School District GO, Series C, OID, Callable 08/01/31 at 100,<br> 2.00%, 8/1/42, (AG Insured) | $25000 | $17437 |
| East Side Union High School District GO, Series A, OID, Refunding, Callable 08/01/26 at 100,<br> 2.125%, 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48467 |
| East Side Union High School District GO, Series B, Refunding,<br> 5.25%, 2/1/26, (NATL Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20049 |
| Eastside Union School District GO, Series A, Callable 08/01/33 at 100,<br> 5.50%, 8/1/48, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1582335 |
| Escondido Union School District GO, Series B, Callable 08/01/27 at 100,<br> 4.00%, 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1109334 |
| Fillmore Wastewater Revenue, Refunding, Callable 05/01/27 at 100,<br> 5.00%, 5/1/47, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1186758 |
| Folsom Cordova Unified School District School Facilities Improvement Dist No 5 GO, Series A, OID, Unrefunded portion, Callable 01/21/26 at 100,<br> 4.00%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545027 |
| Folsom Cordova Unified School District School Facilities Improvement Dist No 5 GO, Series B, Callable 10/01/26 at 100,<br> 4.25%, 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1502852 |
| Fontana Redevelopment Agency Successor Agency, Series A, Refunding, Callable 10/01/27 at 100,<br> 5.00%, 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720488 |

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Live Oak Elementary School District/Santa Cruz County GO, Series A, Callable 08/01/32 at 100,<br> 5.00%, 8/1/44, (BAM Insured) | $340000 | $362609 |
| Lodi Unified School District GO, Series 2020, Callable 08/01/27 at 100,<br> 4.00%, 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20107 |
| Los Angeles County Development Authority Revenue, Series C, Callable 09/01/28 at 100,<br> 3.35%, 9/1/59<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1136035 |
| Los Angeles County Facilities, Inc. Revenue , Series A, Unrefunded portion, Callable 12/01/28 at 100,<br> 5.00%, 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4095968 |
| Los Angeles County Public Works Financing Authority Revenue, Series D, Refunding, Callable 01/31/26 at 100,<br> 5.00%, 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150364 |
| Los Angeles County Public Works Financing Authority Revenue, Series H, Refunding, Callable 12/01/34 at 100,<br> 5.50%, 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437173 |
| Los Angeles County Schools Regionalized Business Services Corp., Series A-3, OID, Refunding, Callable 01/31/26 at 100,<br> 3.75%, 9/1/26, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10008 |
| Los Angeles Department of Airports Revenue, Refunding, Callable 05/15/29 at 100,<br> 5.00%, 5/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2092207 |
| Los Angeles Department of Airports Revenue, Series B, Refunding, Callable 05/15/31 at 100,<br> 5.00%, 5/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411997 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Los Angeles Department of Airports Revenue, Series E, Callable 11/15/28 at 100,<br> 5.00%, 5/15/49 | $250000 | $255794 |
| Los Angeles Department of Water & Power Revenue, Series A, Callable 01/01/27 at 100,<br> 5.00%, 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3104845 |
| Los Angeles Department of Water & Power Revenue, Series B, Refunding, Callable 01/01/27 at 100,<br> 5.25%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2237077 |
| Los Angeles Department of Water & Power Water System Revenue, Series A, Refunding, Callable 01/01/26 at 100,<br> 5.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1755000 |
| Los Angeles Department of Water & Power Water System Revenue, Series A, Refunding, Callable 01/01/27 at 100,<br> 5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3273360 |
| Los Angeles Department of Water & Power Water System Revenue, Series A, Refunding, Callable 07/01/33 at 100,<br> 5.00%, 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 559688 |
| Los Angeles Department of Water & Power Water System Revenue, Series D, Refunding, Callable 07/01/32 at 100,<br> 5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 870280 |
| Los Angeles Housing Authority Revenue, Series A,<br> 3.75%, 4/1/34, (FNMA COLL Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1258461 |
| Los Angeles Housing Authority Revenue, Series A, Refunding, Callable 06/01/26 at 100,<br> 4.00%, 6/1/27, (HUD SECT 8 Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5031 |

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Modesto Irrigation District Revenue, Series A, Callable 10/01/33 at 100,<br> 5.25%, 10/1/48 | $550000 | $592660 |
| Montebello Public Financing Authority Revenue, Series A, Callable 06/01/26 at 100,<br> 5.00%, 6/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1177700 |
| Moraga Elementary School District GO, Series A, Callable 08/01/32 at 100,<br> 5.00%, 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2094277 |
| Mountain View-Whisman School District GO, Series B, Callable 09/01/26 at 100,<br> 3.375%, 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1017277 |
| M-S-R Energy Authority Revenue, Series A,<br> 7.00%, 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4877603 |
| Norco Community Redevelopment Agency Successor Agency, OID, Refunding, Callable 01/31/26 at 100,<br> 3.25%, 3/1/28, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 620048 |
| Norman Y Mineta San Jose International Airport SJC Revenue, Series B, Refunding, Callable 03/01/27 at 100,<br> 5.00%, 3/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 766387 |
| Oakdale Joint Unified School District GO, Series A, OID, Callable 08/01/35 at 100,<br> 4.75%, 8/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25429 |
| Oakland Unified School District/Alameda County GO, Refunding, Callable 08/01/26 at 100,<br> 5.00%, 8/1/30, (BAM-TCRS Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1116329 |
| Oxnard Union High School District, OID, Callable 06/01/29 at 100,<br> 2.25%, 6/1/39, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266180 |

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Poway Unified School District Public Financing Authority, Series B, Refunding, Callable 09/01/30 at 100,<br> 5.00%, 9/1/35 | $750000 | $829483 |
| Poway Unified School District Public Financing Authority, Series B, Refunding, Callable 09/01/30 at 100,<br> 5.00%, 9/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236395 |
| Ravenswood City School District GO, Callable 08/01/26 at 100,<br> 5.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 754432 |
| Regents of the University of California Medical Center Pooled Revenue, Series P, Callable 05/15/32 at 100,<br> 5.00%, 5/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2143096 |
| River Islands Public Financing Authority, Series 1, Refunding, Callable 09/01/29 at 103,<br> 5.00%, 9/1/42, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3603689 |
| Riverside Community College District, Callable 01/21/26 at 100,<br> 5.00%, 6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210233 |
| Riverside Community College District, Callable 01/21/26 at 100,<br> 5.00%, 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255255 |
| Riverside Community College District, Callable 01/21/26 at 100,<br> 5.00%, 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325304 |
| Riverside Community College District, Callable 01/21/26 at 100,<br> 5.25%, 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1671263 |
| Riverside Community College District, Callable 01/21/26 at 100,<br> 5.25%, 6/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2001090 |

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Sacramento Transient Occupancy Tax Revenue, Series C, Callable 06/01/28 at 100,<br> 5.00%, 6/1/43 | $650000 | $668461 |
| Sacramento Transient Occupancy Tax Revenue, Series C, Callable 06/01/28 at 100,<br> 5.00%, 6/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3239721 |
| San Diego Association of Governments South Bay Expressway Revenue, Series A, Senior Series, Callable 07/01/27 at 100,<br> 5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2045988 |
| San Diego County, Callable 10/01/33 at 100,<br> 5.00%, 10/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500905 |
| San Diego County Regional Airport Authority Revenue, Series A, Callable 07/01/31 at 100,<br> 5.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1606356 |
| San Diego County Regional Airport Authority Revenue, Series A, Refunding, Callable 07/01/29 at 100,<br> 5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1214950 |
| San Diego Public Facilities Financing Authority Revenue, Series A, Refunding, Callable 08/01/28 at 100,<br> 5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3352220 |
| San Diego Unified School District GO, Series I, Callable 07/01/27 at 100,<br> 5.00%, 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2051370 |
| San Diego Unified School District GO, Series K-2, OID, CAB, Callable 07/01/27 at 77,<br> 0.00%, 7/1/34<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2006376 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| San Francisco City & County Airport Comm-San Francisco International Airport Revenue, Series A, AMT, Unrefunded portion, Callable 05/01/27 at 100,<br> 5.00%, 5/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;$1785000 | $1789846 |
| San Francisco City & County Airport Comm-San Francisco International Airport Revenue, Series B, AMT, Refunding, Callable 05/01/26 at 100,<br> 5.00%, 5/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1102589 |
| San Francisco City & County Airport Comm-San Francisco International Airport Revenue, Series B, Refunding, Callable 05/01/29 at 100,<br> 5.00%, 5/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6852914 |
| San Francisco City & County Airport Comm-San Francisco International Airport Revenue, Series F, Refunding, Callable 05/01/29 at 100,<br> 5.00%, 5/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2075044 |
| San Francisco City & County Public Utilities Commission Power Revenue, Series A, Callable 01/31/26 at 100,<br> 5.00%, 11/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115277 |
| San Francisco City & County Public Utilities Commission Wastewater Revenue, Series A, Callable 01/31/26 at 100,<br> 4.00%, 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1875093 |
| San Francisco City & County Public Utilities Commission Wastewater Revenue, Series A, Callable 01/31/26 at 100,<br> 4.00%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499987 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| San Francisco City & County Public Utilities Commission Wastewater Revenue, Series B, Refunding, Callable 01/31/26 at 100,<br> 4.00%, 10/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;$2650000 | $2490730 |
| San Francisco City & County Redevelopment Agency Successor Agency, Series A, Refunding, Callable 08/01/26 at 100,<br> 5.00%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151595 |
| San Francisco City & County Redevelopment Agency Successor Agency, Series B, Callable 08/01/33 at 100,<br> 5.00%, 8/1/48, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625832 |
| San Francisco Public Utilities Commission Water Revenue, Refunding, Callable 11/01/33 at 100,<br> 5.25%, 11/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4855000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5212661 |
| San Jose Revenue, Series C, Callable 04/01/35 at 100,<br> 3.90%, 10/1/35, (FNMA COLL Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3063839 |
| San Mateo Joint Powers Financing Authority Revenue, Series A, Callable 07/15/28 at 100,<br> 5.00%, 7/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2329246 |
| San Mateo Union High School District GO, Series D, Callable 09/01/33 at 100,<br> 5.00%, 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1068045 |
| Sanger Unified School District, Refunding, Callable 06/01/29 at 100,<br> 5.00%, 6/1/45, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1966689 |
| Santa Clara Unified School District GO, Callable 07/01/26 at 100,<br> 3.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1148376 |

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

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

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Whittier Union High School District GO, Series C, Callable 08/01/33 at 100,<br> 5.00%, 8/1/43 | $635000 | $695919 |
| William S Hart Union High School District GO, Series C, OID, Callable 02/01/26 at 100,<br> 3.50%, 8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 479981 |
| Yuba Levee Financing Authority Revenue, Series A, Refunding, Callable 09/01/26 at 100,<br> 5.00%, 9/1/29, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20332 |
| Yuba Levee Financing Authority Revenue, Series A, Refunding, Callable 09/01/26 at 100,<br> 5.00%, 9/1/30, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25410 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352758814 |
| **Colorado — 0.6%** | **Colorado — 0.6%** | **Colorado — 0.6%** |
| Colorado School of Mines Revenue, Series B, Callable 12/01/27 at 100,<br> 5.00%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2958862 |
| **Connecticut — 0.6%** | **Connecticut — 0.6%** | **Connecticut — 0.6%** |
| Connecticut Housing Finance Authority Revenue, Series 1, Refunding, Callable 11/15/28 at 100,<br> 2.60%, 11/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685116 |
| Connecticut State Health & Educational Facilities Authority Revenue, Callable 01/21/26 at 100,<br> 5.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650161 |
| Connecticut State Health & Educational Facilities Authority Revenue, Series L, Refunding, Callable 01/31/26 at 100,<br> 5.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500518 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2835795 |
| **Delaware — 0.3%** | **Delaware — 0.3%** | **Delaware — 0.3%** |
| Delaware State Economic Development Authority Revenue, Series B, Refunding,<br> 4.00%, 10/1/40<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1504343 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Illinois — 1.3%** | **Illinois — 1.3%** | **Illinois — 1.3%** |
| Illinois Finance Authority Revenue, Refunding, Callable 02/01/26 at 100,<br> 3.90%, 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;$5000000 | $5002728 |
| Illinois Finance Authority Revenue, Series A, Callable 08/15/32 at 100,<br> 5.00%, 8/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405991 |
| Lake County School District No 1 Winthrop Harbor GO, Refunding, Callable 02/01/26 at 100,<br> 4.00%, 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380321 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5789040 |
| **Iowa — 0.0%** | **Iowa — 0.0%** | **Iowa — 0.0%** |
| Iowa Finance Authority Revenue, Series C, Refunding, Callable 01/21/26 at 100,<br> 5.00%, 2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150365 |
| **Minnesota — 0.0%** | **Minnesota — 0.0%** | **Minnesota — 0.0%** |
| Minneapolis Revenue, Series A, Refunding, Callable 01/21/26 at 100,<br> 5.00%, 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100078 |
| **Missouri — 0.8%** | **Missouri — 0.8%** | **Missouri — 0.8%** |
| Missouri Joint Municipal Electric Utility Commission Revenue , Series A, Refunding, Callable 06/01/26 at 100,<br> 5.00%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2515667 |
| Monarch-Chesterfield Levee District, Refunding, Callable 01/31/26 at 100,<br> 5.00%, 3/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1385556 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3901223 |
| **New Hampshire — 0.2%** | **New Hampshire — 0.2%** | **New Hampshire — 0.2%** |
| Dover GO, Series A, Callable 06/15/26 at 100,<br> 3.00%, 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000415 |
| **New York — 0.7%** | **New York — 0.7%** | **New York — 0.7%** |
| New York City Housing Development Corp. Revenue, Series 1,<br> 3.45%, 11/1/28, (REMIC FHA 542c Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349451 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **New York — (Continued)** | **New York — (Continued)** | **New York — (Continued)** |
| New York City Housing Development Corp. Revenue, Series 2A, Callable 01/22/26 at 100,<br> 3.40%, 11/1/62, (REMIC FHA 542c Insured)<sup>(a)</sup> | $350000 | $350030 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Series A-1, Callable 08/01/32 at 100,<br> 5.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1421783 |
| New York GO, Series A-1, Callable 08/01/31 at 100,<br> 5.00%, 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1003336 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3124600 |
| **Ohio — 1.4%** | **Ohio — 1.4%** | **Ohio — 1.4%** |
| State of Ohio Revenue, Series A, Refunding, Callable 02/01/26 at 100,<br> 5.00%, 1/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1800389 |
| Toledo Water System Revenue, Callable 11/15/26 at 100,<br> 5.00%, 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3594450 |
| University of Akron/The Revenue, Series A, Refunding, Callable 07/01/26 at 100,<br> 5.00%, 1/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1106118 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6500957 |
| **Oklahoma — 0.6%** | **Oklahoma — 0.6%** | **Oklahoma — 0.6%** |
| University of Oklahoma/The Revenue, Series C, Callable 01/12/26 at 100,<br> 5.00%, 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2611657 |
| **Oregon — 0.5%** | **Oregon — 0.5%** | **Oregon — 0.5%** |
| Columbia County School District No 502 GO, OID, Callable 06/15/30 at 100,<br> 5.00%, 6/15/45, (SCH BD GTY Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1041413 |
| Seaside School District No 10 GO, Series A, CAB, OID, Callable 06/15/27 at 51,<br> 0.00%, 6/15/42, (SCH BD GTY Insured)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1392416 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2433829 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Pennsylvania — 2.1%** | **Pennsylvania — 2.1%** | **Pennsylvania — 2.1%** |
| Bellefonte Area School District GO, Series A, Refunding, Callable 05/15/32 at 100,<br> 5.00%, 5/15/48, (ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;$2125000 | $2206803 |
| North Penn School District GO, Callable 03/01/30 at 100,<br> 5.00%, 3/1/50, (ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1622165 |
| Pennsylvania Economic Development Financing Authority Revenue, AMT, OID, Callable 12/31/32 at 100,<br> 5.00%, 12/31/57, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 622381 |
| Pennsylvania Turnpike Commission Revenue, Series A, Callable 12/01/29 at 100,<br> 5.00%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1647793 |
| Pennsylvania Turnpike Commission Revenue , Series 1, Callable 06/01/26 at 100,<br> 5.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2631917 |
| Philadelphia GO, Refunding, Callable 08/01/27 at 100,<br> 5.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1162409 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9893468 |
| **South Carolina — 1.2%** | **South Carolina — 1.2%** | **South Carolina — 1.2%** |
| Orangeburg County Facilities Corp. Revenue, Refunding, Callable 12/01/27 at 100,<br> 5.00%, 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1605439 |
| South Carolina Ports Authority Revenue, Series A, Callable 07/01/29 at 100,<br> 5.00%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1265310 |
| University of South Carolina Revenue, Series A, Callable 05/01/31 at 100,<br> 5.00%, 5/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2495931 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5366680 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Texas — 1.5%** | **Texas — 1.5%** | **Texas — 1.5%** |
| El Paso GO, Callable 08/15/26 at 100,<br> 5.00%, 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;$1500000 | $1510075 |
| Harris Toll Road County Revenue, Series A, Senior Series, Refunding, Callable 02/15/28 at 100,<br> 5.00%, 8/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2882196 |
| Texas Municipal Gas Acquisition & Supply Corp. III Revenue, Refunding,<br> 5.00%, 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516815 |
| Texas Municipal Gas Acquisition & Supply Corp. IV Revenue, Series B, Callable 07/01/33 at 100,<br> 5.50%, 1/1/54<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1946526 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6855612 |
| **Washington — 0.9%** | **Washington — 0.9%** | **Washington — 0.9%** |
| Bellevue GO, Refunding, Callable 01/21/26 at 100,<br> 4.00%, 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2316661 |
| King County Sewer Revenue, Series A, Refunding, Callable 01/21/26 at 100,<br> 4.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000062 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4316723 |
| &nbsp;&nbsp;&nbsp;TOTAL MUNICIPAL BONDS<br> (Cost $412,948,259) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412102461 |

---

---

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

---

---

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

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Concluded)

#### December 31, 2025
(Unaudited)

---

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

---

---

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

---

------

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

(b) Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the
Fund's Board of Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At December 31, 2025, these securities amounted to $150,775 or 0.03% of net assets. These
securities have been determined by the Fund's adviser to be liquid securities.

(c) Zero coupon bond.

(d) Non-voting shares.

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

---

| | |
|:---|:---|
| AG | Assured Guaranty |
| AMT | Alternative Minimum Tax |
| BAM | Build America Mutual |
| BAM-TCRS | Build America Mutual-Transferable Custodial Receipts |
| CA MTG | California Mortgage |
| CAB | Capital Appreciation Bond |
| CD | Certificate of Deposit |
| COLL | Collateral |
| ETF | Exchange-Traded Fund |
| FNMA | Federal National Mortgage Association |
| GO | General Obligation |
| HUD SECT 8 | Housing and Urban Development Section 8 |
| LP | Limited Partnership |
| NATL | National Public Finance Guarantee Corp. |
| OID | Original Issue Discount |
| PLC | Public Limited Company |
| REIT | Real Estate Investment Trust |
| REMIC FHA 542c | Real Estate Mortgage Investment Conduit Federal Housing Administration Section 542c |
| SCH BD GTY | School Board Guaranty |
| SPDR | Standard & Poor's Depository Receipt |
| ST AID WITHHLDG | State Aid Withholding |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — 79.6%** | **MUNICIPAL BONDS — 79.6%** | **MUNICIPAL BONDS — 79.6%** |
| **Alabama — 1.9%** | **Alabama — 1.9%** | **Alabama — 1.9%** |
| Birmingham-Jefferson Civic Center Authority, Series B, Callable 07/01/28 at 100,<br> 5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;$1750000 | $1768587 |
| Black Belt Energy Gas District Revenue, Series D,<br> 5.00%, 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1014712 |
| Black Belt Energy Gas District Revenue, Series D, Callable 08/01/34 at 100,<br> 5.00%, 3/1/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2300218 |
| Jefferson County Revenue, Refunding, Callable 03/15/27 at 100,<br> 5.00%, 9/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 870171 |
| Marshall County GO,<br> 5.00%, 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96853 |
| Marshall County GO,<br> 5.00%, 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109444 |
| Southeast Energy Authority A Cooperative District Revenue, Series A, Callable 07/01/28 at 101,<br> 4.00%, 11/1/51<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1684963 |
| Southeast Energy Authority A Cooperative District Revenue, Series B,<br> 4.00%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535142 |
| UAB Medicine Finance Authority Revenue, Series B-2, Refunding, Callable 03/01/27 at 100,<br> 5.00%, 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511487 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8891577 |
| **Arizona — 0.2%** | **Arizona — 0.2%** | **Arizona — 0.2%** |
| Phoenix Civic Improvement Corp. Revenue, Series A, Callable 07/01/29 at 100,<br> 5.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1068208 |
| **Arkansas — 0.2%** | **Arkansas — 0.2%** | **Arkansas — 0.2%** |
| Marion Sales & Use Tax Revenue, Series B, OID, Callable 11/01/32 at 100,<br> 5.00%, 11/1/50, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1019628 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — 3.5%** | **California — 3.5%** | **California — 3.5%** |
| California Community Choice Financing Authority Revenue, Series B-1, Callable 05/01/31 at 101,<br> 4.00%, 2/1/52<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$2000000 | $2029285 |
| California Municipal Finance Authority Revenue, Callable 09/01/32 at 100,<br> 5.25%, 9/1/54, (CA MTG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1046415 |
| Escondido Union School District GO, Series B, Callable 08/01/27 at 100,<br> 4.00%, 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 964638 |
| Folsom Cordova Unified School District School Facilities Improvement Dist No 5 GO, Series A, OID, Unrefunded portion, Callable 01/21/26 at 100,<br> 4.00%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255013 |
| Los Angeles Department of Water & Power Revenue, Series A, Callable 01/01/27 at 100,<br> 5.00%, 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1004804 |
| Los Angeles Department of Water & Power Water System Revenue, Series A, Refunding, Callable 01/01/27 at 100,<br> 5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2004303 |
| Merced City School District GO, Callable 08/01/28 at 100,<br> 5.00%, 8/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1910382 |
| M-S-R Energy Authority Revenue, Series A,<br> 7.00%, 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1707161 |
| Natomas Unified School District GO, OID, Callable 08/01/26 at 100,<br> 3.00%, 8/1/43, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 777232 |
| Sacramento Transient Occupancy Tax Revenue, Series C, Callable 06/01/28 at 100,<br> 5.00%, 6/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1137729 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| San Francisco City & County Airport Comm-San Francisco International Airport Revenue, Series B, Refunding, Callable 05/01/29 at 100,<br> 5.00%, 5/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;$2000000 | $2053308 |
| Turlock Unified School District GO, OID, Callable 08/01/26 at 100,<br> 3.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 852977 |
| West Hollywood Public Financing Authority Revenue, Series A, Callable 04/01/30 at 100,<br> 5.00%, 4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42031 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15785278 |
| **Colorado — 3.4%** | **Colorado — 3.4%** | **Colorado — 3.4%** |
| Bradburn Metropolitan District No 3 GO, Refunding, Callable 12/01/26 at 100,<br> 4.50%, 12/1/36, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 708016 |
| City & County of Denver Airport System Revenue, Series B, Refunding, Callable 11/15/32 at 100,<br> 5.00%, 11/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780821 |
| Colorado Health Facilities Authority Revenue, Callable 05/15/28 at 100,<br> 5.00%, 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1852514 |
| Colorado Health Facilities Authority Revenue, Series A, Refunding, Callable 05/15/26 at 100,<br> 5.00%, 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1259753 |
| Colorado Health Facilities Authority Revenue, Series A, Refunding, Callable 11/01/29 at 100,<br> 5.00%, 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 892509 |
| Colorado International Center Metropolitan District No 3 GO, Refunding, Callable 12/01/30 at 103,<br> 5.00%, 12/1/33, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165716 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Colorado — (Continued)** | **Colorado — (Continued)** | **Colorado — (Continued)** |
| Colorado International Center Metropolitan District No 3 GO, Refunding, Callable 12/01/30 at 103,<br> 5.00%, 12/1/34, (BAM Insured) | $170000 | $187032 |
| Colorado International Center Metropolitan District No 3 GO, Refunding, Callable 12/01/30 at 103,<br> 5.00%, 12/1/35, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109433 |
| Colorado International Center Metropolitan District No 3 GO, Refunding, Callable 12/01/30 at 103,<br> 5.00%, 12/1/37, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243637 |
| Colorado International Center Metropolitan District No 3 GO, Refunding, Callable 12/01/30 at 103,<br> 5.00%, 12/1/40, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 374825 |
| Colorado International Center Metropolitan District No 3 GO, Refunding, Callable 12/01/30 at 103,<br> 5.25%, 12/1/46, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 626401 |
| Colorado School of Mines Revenue, Series A, Callable 12/01/27 at 100,<br> 5.00%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515063 |
| Colorado School of Mines Revenue, Series B, Callable 12/01/27 at 100,<br> 5.00%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3571040 |
| Colorado State, Callable 12/15/32 at 100,<br> 6.00%, 12/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 863215 |
| Colorado State, Series A, Callable 12/15/28 at 100,<br> 5.00%, 12/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210021 |
| El Paso County School District No 3 Widefield GO, Series B, Callable 12/01/34 at 100,<br> 5.25%, 12/1/44, (ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355298 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Colorado — (Continued)** | **Colorado — (Continued)** | **Colorado — (Continued)** |
| Fort Collins Electric Utility Enterprise Revenue, Series A, Callable 06/01/28 at 100,<br> 5.00%, 12/1/35 | $950000 | $995033 |
| Fossil Ridge Metropolitan District No 3 GO, Callable 12/01/30 at 103,<br> 5.00%, 12/1/45, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314881 |
| North Holly Metropolitan District GO, Refunding, Callable 12/01/30 at 100,<br> 5.00%, 12/1/45, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280101 |
| Riverdale Ranch Metropolitan District GO, Refunding, Callable 03/01/30 at 103,<br> 5.25%, 12/1/45, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266166 |
| Town of Breckenridge, Callable 12/01/32 at 100,<br> 5.00%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319293 |
| Trails at Crowfoot Metropolitan District No 3 GO, Series A, Refunding, Callable 06/01/34 at 100,<br> 5.00%, 12/1/39, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 562726 |
| Waterstone Metropolitan District No 1 GO, Series A, Senior Series, Refunding, Callable 06/01/30 at 103,<br> 5.25%, 12/1/45, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264044 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15717538 |
| **Connecticut — 0.7%** | **Connecticut — 0.7%** | **Connecticut — 0.7%** |
| Connecticut Housing Finance Authority Revenue, Series D-1,<br> 2.95%, 5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80354 |
| Connecticut Housing Finance Authority Revenue, Series D-1,<br> 3.00%, 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69839 |
| Connecticut Housing Finance Authority Revenue, Series D-1,<br> 3.00%, 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45007 |
| Connecticut Housing Finance Authority Revenue, Series D-1,<br> 3.10%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94688 |
| Connecticut Housing Finance Authority Revenue, Series D-1,<br> 3.15%, 5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94665 |

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Florida — (Continued)** | **Florida — (Continued)** | **Florida — (Continued)** |
| Florida Housing Finance Corp. Revenue, Series 1,<br> 3.00%, 1/1/28, (GNMA/FNMA/FHLMC Insured) | $200000 | $200052 |
| Florida Housing Finance Corp. Revenue, Series 1,<br> 3.00%, 7/1/28, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235130 |
| Florida Housing Finance Corp. Revenue, Series 1,<br> 3.10%, 1/1/29, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 713700 |
| Florida Housing Finance Corp. Revenue, Series 1,<br> 3.125%, 7/1/29, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412925 |
| Lakeland Department of Electric Utilities Revenue, Refunding, Callable 04/01/26 at 100,<br> 2.75%, 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246409 |
| Miami-Dade County Educational Facilities Authority Revenue, Series A, Callable 04/01/28 at 100,<br> 5.00%, 4/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1008569 |
| Miami-Dade County Educational Facilities Authority Revenue, Series A, Callable 04/01/28 at 100,<br> 5.00%, 4/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1423875 |
| Miami-Dade County Revenue, CAB, OID, Refunding, Callable 10/01/26 at 82,<br> 0.00%, 10/1/32, (BAM-TCRS Insured)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3478827 |
| Miami-Dade County Water & Sewer System Revenue, Series B, Callable 10/01/29 at 100,<br> 5.00%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 987326 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Florida — (Continued)** | **Florida — (Continued)** | **Florida — (Continued)** |
| Pasco County Revenue, Callable 03/01/33 at 100,<br> 5.75%, 9/1/54, (AG Insured) | $570000 | $611137 |
| Putnam County Development Authority Revenue, Series B, Refunding, Callable 05/01/28 at 100,<br> 5.00%, 3/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1082125 |
| Tampa Bay Water Revenue, Series A, Callable 10/01/34 at 100,<br> 5.25%, 10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3186260 |
| Wildwood Utility Dependent District Revenue, Callable 10/01/31 at 100,<br> 5.00%, 10/1/41, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 847759 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18007572 |
| **Hawaii — 0.4%** | **Hawaii — 0.4%** | **Hawaii — 0.4%** |
| Honolulu City & County GO, Series A, Callable 09/01/27 at 100,<br> 4.00%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2007574 |
| **Illinois — 5.1%** | **Illinois — 5.1%** | **Illinois — 5.1%** |
| Chicago O'Hare International Airport Revenue, Series B, Senior Series, Refunding, Callable 01/01/26 at 100,<br> 5.00%, 1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 745852 |
| Chicago O'Hare International Airport Revenue, Series B, Senior Series, Refunding, Callable 01/01/29 at 100,<br> 5.00%, 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 985000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 998443 |
| Chicago O'Hare International Airport Revenue, Series B, Senior Series, Refunding, Callable 01/01/34 at 100,<br> 5.25%, 1/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1300734 |
| Chicago O'Hare International Airport Revenue, Series D, Senior Series, Callable 01/01/27 at 100,<br> 5.25%, 1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60902 |

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Indiana — (Continued)** | **Indiana — (Continued)** | **Indiana — (Continued)** |
| Indianapolis Local Public Improvement Bond Bank Revenue, Series A, Callable 02/01/29 at 100,<br> 5.00%, 2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;$1000000 | $1023855 |
| Johnson County Redevelopment Authority Revenue, Callable 07/15/33 at 100,<br> 5.00%, 7/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1505637 |
| Northern Indiana Commuter Transportation District Revenue, Callable 07/01/26 at 100,<br> 5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3365060 |
| Sunman-Dearborn High School Building Corp. Revenue, Callable 07/15/33 at 100,<br> 5.00%, 1/15/44, (ST INTERCEPT Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 629299 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9103731 |
| **Iowa — 0.6%** | **Iowa — 0.6%** | **Iowa — 0.6%** |
| Iowa Finance Authority Revenue, Series A, Refunding,<br> 1.15%, 7/1/29, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228777 |
| Iowa Finance Authority Revenue, Series C, Refunding, Callable 01/21/26 at 100,<br> 5.00%, 2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501216 |
| Iowa State Board of Regents Revenue, Refunding, Callable 09/01/29 at 100,<br> 2.00%, 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 910705 |
| PEFA, Inc. Revenue, Callable 06/01/26 at 101,<br> 5.00%, 9/1/49<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1306697 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2947395 |
| **Kansas — 0.9%** | **Kansas — 0.9%** | **Kansas — 0.9%** |
| Douglas County Unified School District No 348 Baldwin City GO, Refunding, Callable 09/01/31 at 100,<br> 5.00%, 9/1/43, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 394284 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Kansas — (Continued)** | **Kansas — (Continued)** | **Kansas — (Continued)** |
| Douglas County Unified School District No 348 Baldwin City GO, Refunding, Callable 09/01/31 at 100,<br> 5.00%, 9/1/44, (AG Insured) | $800000 | $826782 |
| University of Kansas Hospital Authority Revenue, Refunding, Callable 01/21/26 at 100,<br> 5.00%, 9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501977 |
| University of Kansas Hospital Authority Revenue, Refunding, Callable 01/21/26 at 100,<br> 5.00%, 9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500766 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4223809 |
| **Louisiana — 0.2%** | **Louisiana — 0.2%** | **Louisiana — 0.2%** |
| Shreveport Water & Sewer Revenue, Refunding, Callable 01/28/26 at 100,<br> 5.00%, 12/1/35, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 816317 |
| **Maine — 0.1%** | **Maine — 0.1%** | **Maine — 0.1%** |
| Portland General Airport Revenue, Refunding,<br> 5.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347174 |
| **Maryland — 0.9%** | **Maryland — 0.9%** | **Maryland — 0.9%** |
| Baltimore Revenue, Series A, Callable 01/01/27 at 100,<br> 5.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2664311 |
| Baltimore Revenue, Series A, Callable 01/01/27 at 100,<br> 5.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1382426 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4046737 |
| **Massachusetts — 1.6%** | **Massachusetts — 1.6%** | **Massachusetts — 1.6%** |
| Commonwealth of Massachusetts GO, Series C, Callable 05/01/29 at 100,<br> 5.00%, 5/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1406556 |
| Massachusetts Bay Transportation Authority Sales Tax Revenue, Series A, Senior Series, Refunding, Callable 07/01/34 at 100,<br> 5.00%, 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 858924 |

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Michigan — (Continued)** | **Michigan — (Continued)** | **Michigan — (Continued)** |
| Warren Consolidated Schools GO, Callable 05/01/32 at 100,<br> 5.00%, 5/1/42, (Q-SBLF Insured) | $360000 | $384257 |
| Wayne State University Revenue, Series A, Refunding,<br> 5.00%, 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 693370 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8156719 |
| **Minnesota — 0.4%** | **Minnesota — 0.4%** | **Minnesota — 0.4%** |
| Edina Independent School District No 273 GO, Series A, Callable 02/01/28 at 100,<br> 2.00%, 2/1/30, (SD CRED PROG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141699 |
| Minneapolis Revenue, Series A, Refunding, Callable 01/21/26 at 100,<br> 5.00%, 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100078 |
| Minneapolis-St Paul Metropolitan Airports Commission Revenue, Series A, Refunding, Callable 07/01/29 at 100,<br> 5.00%, 1/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1539828 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1781605 |
| **Mississippi — 0.7%** | **Mississippi — 0.7%** | **Mississippi — 0.7%** |
| Medical Center Educational Building Corp. Revenue, Refunding, Callable 06/01/27 at 100,<br> 5.00%, 6/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1006087 |
| Mississippi Home Corp. Revenue, Series C,<br> 3.95%, 12/1/31, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 847393 |
| Mississippi Home Corp. Revenue, Series C,<br> 4.00%, 6/1/32, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361756 |
| State of Mississippi Gaming Tax Revenue, Series E, Callable 01/31/26 at 100,<br> 5.00%, 10/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 915947 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3131183 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Missouri — 1.2%** | **Missouri — 1.2%** | **Missouri — 1.2%** |
| Jasper County Reorganized School District No R-IX Carthage, Refunding,<br> 4.00%, 4/1/27 | $40000 | $40452 |
| Missouri Joint Municipal Electric Utility Commission Revenue , Series A, Refunding, Callable 06/01/26 at 100,<br> 5.00%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2515667 |
| Missouri State Environmental Improvement & Energy Resources Authority Revenue, Series C, Refunding, Callable 06/12/27 at 102,<br> 2.75%, 9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 936600 |
| Monarch-Chesterfield Levee District, Refunding, Callable 01/31/26 at 100,<br> 5.00%, 3/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100442 |
| St Louis County Reorganized School District No R-6 GO, Refunding, Callable 02/01/27 at 100,<br> 2.00%, 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 463166 |
| St Louis Municipal Finance Corp. Revenue, OID, Refunding, Callable 10/01/27 at 100,<br> 3.50%, 10/1/37, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 546385 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5602712 |
| **Nebraska — 1.9%** | **Nebraska — 1.9%** | **Nebraska — 1.9%** |
| Central Plains Energy Project Revenue, Series 1, Callable 07/01/29 at 100,<br> 5.00%, 5/1/53<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2191655 |
| Central Plains Energy Project Revenue, Series A, Refunding, Callable 08/01/29 at 100,<br> 5.00%, 5/1/54<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1066901 |
| Nebraska Public Power District Revenue, Series D, Refunding, Callable 01/31/26 at 100,<br> 5.00%, 1/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2470581 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Nebraska — (Continued)** | **Nebraska — (Continued)** | **Nebraska — (Continued)** |
| Otoe County School District No 501 GO, Callable 06/26/29 at 100,<br> 5.00%, 12/15/42 | $700000 | $725455 |
| York School District GO, Callable 12/23/29 at 100,<br> 5.00%, 12/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2172118 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8626710 |
| **Nevada — 1.3%** | **Nevada — 1.3%** | **Nevada — 1.3%** |
| Clark County Department of Aviation Revenue, Series A-2, Refunding, Callable 07/01/27 at 100,<br> 5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 561632 |
| Las Vegas Convention & Visitors Authority Revenue, Series B, Callable 07/01/32 at 100,<br> 5.25%, 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4628014 |
| Nevada Housing Division Revenue, Series E, Senior Series, Callable 10/01/33 at 100,<br> 7.50%, 4/1/49, (GNMA/FNMA/FHLMC Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605410 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5795056 |
| **New Hampshire — 0.5%** | **New Hampshire — 0.5%** | **New Hampshire — 0.5%** |
| Dover GO, Series A, Callable 06/15/26 at 100,<br> 3.00%, 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000414 |
| New Hampshire Business Finance Authority Revenue, Series A,<br> 5.00%, 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330880 |
| New Hampshire Health and Education Facilities Authority Act Revenue, Refunding, Callable 01/31/26 at 100,<br> 5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750545 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2081839 |

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **New York — (Continued)** | **New York — (Continued)** | **New York — (Continued)** |
| New York City Housing Development Corp. Revenue, Series 2A, Callable 01/22/26 at 100,<br> 3.40%, 11/1/62, (REMIC FHA 542c Insured)<sup>(a)</sup> | $150000 | $150013 |
| New York City Municipal Water Finance Authority Revenue, Series AA-1, Callable 06/15/31 at 100,<br> 5.00%, 6/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 574405 |
| New York City Municipal Water Finance Authority Revenue, Series AA-3, Refunding, Callable 12/15/32 at 100,<br> 5.00%, 6/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1611365 |
| New York City Municipal Water Finance Authority Revenue, Series EE, Refunding, Callable 06/15/27 at 100,<br> 5.00%, 6/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 394928 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Series A-1, Callable 08/01/32 at 100,<br> 5.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1037798 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Series D-S, Callable 11/01/30 at 100,<br> 4.00%, 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 938659 |
| New York Convention Center Development Corp. Revenue, Refunding, Callable 01/31/26 at 100,<br> 5.00%, 11/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500028 |
| New York GO, Series 1, Callable 12/01/26 at 100,<br> 5.00%, 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101461 |
| New York GO, Series A-1, Callable 08/01/31 at 100,<br> 5.00%, 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2907626 |
| New York GO, Series B, Callable 10/01/32 at 100,<br> 5.25%, 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 773419 |

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **New York — (Continued)** | **New York — (Continued)** | **New York — (Continued)** |
| Triborough Bridge & Tunnel Authority Revenue, Series A, Callable 05/15/27 at 100,<br> 5.00%, 11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;$2125000 | $2160839 |
| Triborough Bridge & Tunnel Authority Revenue, Series A, Callable 05/15/27 at 100,<br> 5.00%, 11/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1111878 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43351848 |
| **North Dakota — 0.2%** | **North Dakota — 0.2%** | **North Dakota — 0.2%** |
| North Dakota Housing Finance Agency Revenue, Series A, Callable 07/01/33 at 100,<br> 3.875%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 741301 |
| **Ohio — 3.0%** | **Ohio — 3.0%** | **Ohio — 3.0%** |
| American Municipal Power, Inc. Revenue, Series A, Refunding, Callable 02/15/26 at 100,<br> 5.00%, 2/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 752053 |
| Cleveland-Cuyahoga County Port Authority Revenue, Callable 11/15/32 at 100,<br> 5.00%, 11/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 827760 |
| EHOVE Joint Vocational School District GO, Callable 12/01/30 at 100,<br> 5.00%, 12/1/43<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 764145 |
| EHOVE Joint Vocational School District GO, Callable 12/01/30 at 100,<br> 5.00%, 12/1/45<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514026 |
| Greene County GO, Refunding, Callable 01/31/26 at 100,<br> 1.25%, 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1065832 |
| State of Ohio Revenue, Series A, Refunding, Callable 02/01/26 at 100,<br> 5.00%, 1/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000432 |
| Toledo Water System Revenue, Callable 11/15/26 at 100,<br> 5.00%, 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4775842 |
| University of Akron/The Revenue, Series A, Refunding, Callable 07/01/26 at 100,<br> 5.00%, 1/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 905006 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Ohio — (Continued)** | **Ohio — (Continued)** | **Ohio — (Continued)** |
| Whitehall City School District GO, Refunding, Callable 01/31/26 at 100,<br> 3.50%, 12/1/30, (SD CRED PROG Insured) | $665000 | $665237 |
| Whitehall City School District GO, Series A, Refunding, Callable 01/31/26 at 100,<br> 3.50%, 12/1/30, (SD CRED PROG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 705251 |
| Whitehall City School District GO, Series B, Refunding, Callable 01/31/26 at 100,<br> 3.50%, 12/1/30, (SD CRED PROG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590210 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13565794 |
| **Oklahoma — 0.7%** | **Oklahoma — 0.7%** | **Oklahoma — 0.7%** |
| Lawton Industrial Development Authority Revenue, Series A, Refunding, Callable 07/01/33 at 100,<br> 5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 542996 |
| University of Oklahoma/The Revenue, Series C, Callable 01/12/26 at 100,<br> 5.00%, 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2801777 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3344773 |
| **Oregon — 1.0%** | **Oregon — 1.0%** | **Oregon — 1.0%** |
| Aurora GO, Callable 06/01/34 at 100,<br> 5.25%, 6/1/45, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 533546 |
| Columbia County School District No 502 GO, OID, Callable 06/15/30 at 100,<br> 5.00%, 6/15/45, (SCH BD GTY Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1041413 |
| Oregon Coast Community College District GO, CAB, OID, Callable 06/15/34 at 100,<br> 5.00%, 6/15/41, (SCH BD GTY Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221035 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Oregon — (Continued)** | **Oregon — (Continued)** | **Oregon — (Continued)** |
| Oregon Coast Community College District GO, CAB, OID, Callable 06/15/34 at 100,<br> 5.00%, 6/15/42, (SCH BD GTY Insured) | $200000 | $218869 |
| Seaside School District No 10 GO, Series A, CAB, OID, Callable 06/15/27 at 51,<br> 0.00%, 6/15/42, (SCH BD GTY Insured)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1153385 |
| Woodburn Rural Fire Protection District GO, Callable 06/15/34 at 100,<br> 5.25%, 6/15/44, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1434201 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4602449 |
| **Pennsylvania — 8.3%** | **Pennsylvania — 8.3%** | **Pennsylvania — 8.3%** |
| Abington School District GO, Callable 10/01/32 at 100,<br> 5.00%, 4/1/38, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163670 |
| Abington School District GO, Callable 10/01/32 at 100,<br> 5.00%, 4/1/39, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244661 |
| Abington School District GO, Callable 10/01/32 at 100,<br> 5.00%, 4/1/40, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145059 |
| Abington School District GO, Series A, Callable 10/01/27 at 100,<br> 4.00%, 10/1/39, (ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501981 |
| Allegheny County Sanitary Authority Revenue, Callable 06/01/28 at 100,<br> 5.00%, 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 861709 |
| Allentown GO, Series A, OID, Callable 01/31/26 at 100,<br> 3.125%, 10/1/27, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5001 |
| Altoona Area School District GO, Refunding, Callable 12/01/32 at 100,<br> 5.00%, 12/1/39, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1483866 |
| Commonwealth of Pennsylvania, Series A, Refunding, Callable 01/30/28 at 100,<br> 5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2081726 |

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Pennsylvania — (Continued)** | **Pennsylvania — (Continued)** | **Pennsylvania — (Continued)** |
| Lancaster County Hospital Authority Revenue, Callable 11/01/29 at 100,<br> 5.00%, 11/1/41 | $750000 | $773215 |
| Lancaster County Hospital Authority Revenue, Refunding, Callable 08/15/26 at 100,<br> 5.00%, 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2061393 |
| Moon Area School District GO, Series B, Callable 11/15/33 at 100,<br> 5.00%, 5/15/45, (ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259429 |
| North Penn School District GO, Callable 03/01/30 at 100,<br> 5.00%, 3/1/50, (ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1799589 |
| Pennsylvania Economic Development Financing Authority Revenue, AMT, Callable 12/31/32 at 100,<br> 5.50%, 6/30/42, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1069324 |
| Pennsylvania Economic Development Financing Authority Revenue, AMT, Callable 12/31/32 at 100,<br> 6.00%, 6/30/61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527191 |
| Pennsylvania Economic Development Financing Authority Revenue, AMT, OID, Callable 12/31/32 at 100,<br> 5.00%, 12/31/57, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 493953 |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Series A, Callable 12/01/28 at 100,<br> 5.25%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 517620 |
| Pennsylvania Turnpike Commission Revenue, Series 2, Refunding, Callable 06/01/32 at 100,<br> 5.00%, 12/1/45<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 951937 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Pennsylvania — (Continued)** | **Pennsylvania — (Continued)** | **Pennsylvania — (Continued)** |
| Pennsylvania Turnpike Commission Revenue , Series 1, Callable 06/01/26 at 100,<br> 5.00%, 12/1/41 | $500000 | $503235 |
| Philadelphia Authority for Industrial Development Revenue, Callable 06/01/27 at 100,<br> 5.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102776 |
| Philadelphia Gas Works Co. Revenue, Series A, Refunding, Callable 08/01/34 at 100,<br> 5.25%, 8/1/54, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2279037 |
| Philadelphia GO, Refunding, Callable 08/01/27 at 100,<br> 5.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2571702 |
| Philadelphia Housing Authority Revenue, Callable 05/01/27 at 100,<br> 5.00%, 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 633650 |
| Radnor Township School District GO, Callable 02/15/31 at 100,<br> 5.00%, 8/15/48, (ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386265 |
| Radnor Township School District GO, Callable 02/15/31 at 100,<br> 5.00%, 8/15/50, (ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585507 |
| School District of Philadelphia/The GO, Series F, Unrefunded portion, Callable 09/01/26 at 100,<br> 5.00%, 9/1/30, (ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6050190 |
| Scranton School District GO, Series A, Refunding, Callable 12/01/33 at 100,<br> 5.00%, 6/1/37, (ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 549640 |
| Susquehanna Township School District GO, Callable 11/15/32 at 100,<br> 5.00%, 5/15/39, (ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 926891 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Pennsylvania — (Continued)** | **Pennsylvania — (Continued)** | **Pennsylvania — (Continued)** |
| Susquehanna Township School District GO, Callable 11/15/32 at 100,<br> 5.00%, 5/15/40, (ST AID WITHHLDG Insured) | $700000 | $757129 |
| Township of Lower Paxton GO, Callable 10/01/30 at 100,<br> 5.00%, 4/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1019777 |
| Upper St Clair Township School District GO, Callable 10/01/28 at 100,<br> 5.00%, 10/1/44, (BAM ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1019548 |
| Westmoreland County Municipal Authority Revenue, Callable 08/15/33 at 100,<br> 5.00%, 8/15/45, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1195658 |
| Westmoreland County Municipal Authority Revenue, Callable 08/15/33 at 100,<br> 5.00%, 8/15/49, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364745 |
| Wilson School District GO, Series D, Refunding, Callable 05/15/33 at 100,<br> 5.00%, 5/15/44, (ST AID WITHHLDG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 531092 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37848345 |
| **South Carolina — 1.0%** | **South Carolina — 1.0%** | **South Carolina — 1.0%** |
| South Carolina Ports Authority Revenue, Series A, Callable 07/01/29 at 100,<br> 5.00%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1265310 |
| South Carolina Public Service Authority Revenue, Series A, Refunding, Callable 06/01/26 at 100,<br> 5.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1007964 |

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Tennessee — 4.0%** | **Tennessee — 4.0%** | **Tennessee — 4.0%** |
| Knoxville Electric System Revenue, Series HH, Refunding,<br> 3.10%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;$2555000 | $2569417 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd Revenue, Callable 07/01/26 at 100,<br> 5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 494093 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd Revenue, Callable 07/01/26 at 100,<br> 5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 914983 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd Revenue, Refunding, Callable 10/01/34 at 100,<br> 5.00%, 10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3269513 |
| Metropolitan Government of Nashville & Davidson County Electric Revenue, Series A, Callable 05/15/27 at 100,<br> 5.00%, 5/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1115491 |
| Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue Revenue, Series B, Refunding, Callable 07/01/27 at 100,<br> 5.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3759829 |
| Metropolitan Nashville Airport Authority/The Revenue, Series A, Callable 07/01/30 at 100,<br> 5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4287130 |
| Metropolitan Nashville Airport Authority/The Revenue, Series A, Callable 07/01/30 at 100,<br> 5.00%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1013380 |

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Texas — (Continued)** | **Texas — (Continued)** | **Texas — (Continued)** |
| El Paso GO, Callable 08/15/26 at 100,<br> 5.00%, 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;$2000000 | $2013434 |
| Floresville Electric Light & Power System Revenue, Callable 08/15/28 at 100,<br> 5.00%, 8/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1875277 |
| Fort Bend County Levee Improvement District No 19 GO, OID, Callable 01/31/26 at 100,<br> 3.50%, 9/1/34, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525283 |
| Fountainhead Municipal Utility District GO, Callable 01/31/26 at 100,<br> 2.00%, 8/1/26, (NATL Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173381 |
| Harris County Municipal Utility District No 287 GO, Series A, OID, Callable 03/01/27 at 100,<br> 1.50%, 3/1/31, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89323 |
| Harris County Revenue, Series A, Senior Series, Refunding, Callable 08/15/26 at 100,<br> 5.00%, 8/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3011290 |
| Harris Toll Road County Revenue, Series A, Senior Series, Refunding, Callable 02/15/28 at 100,<br> 5.00%, 8/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3071612 |
| Kaufman County Municipal Utility District No 14 GO, Callable 01/31/26 at 100,<br> 2.00%, 3/1/27, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39260 |
| Lower Colorado River Authority Revenue, Refunding, Callable 05/15/30 at 100,<br> 5.00%, 5/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104394 |
| McCamey Independent School District GO, Callable 02/15/28 at 100,<br> 5.00%, 2/15/44, (PSF-GTD Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254762 |
| North Texas Tollway Authority Revenue, Series A, Refunding, Callable 01/01/28 at 100,<br> 5.00%, 1/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510850 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Texas — (Continued)** | **Texas — (Continued)** | **Texas — (Continued)** |
| Parker County GO, Callable 02/15/27 at 100,<br> 5.00%, 2/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;$5500000 | $5574973 |
| Port Arthur Independent School District GO, Series B, OID, Refunding, Callable 01/31/26 at 100,<br> 3.00%, 2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25003 |
| Port Arthur Independent School District GO, Series E, Refunding, Callable 08/15/26 at 100,<br> 4.00%, 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2005262 |
| San Jacinto Community College District GO, Series A, Callable 02/15/29 at 100,<br> 5.00%, 2/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3065706 |
| Sanger GO, Callable 05/15/26 at 100,<br> 4.00%, 5/15/37, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1001411 |
| Southwest Houston Redevelopment Authority, Series B, Refunding, Callable 09/01/27 at 100,<br> 5.00%, 9/1/35, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210539 |
| Sulphur Springs Independent School District GO, Callable 02/15/33 at 100,<br> 5.00%, 2/15/42, (PSF-GTD Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1140609 |
| Texas Municipal Gas Acquisition & Supply Corp. III Revenue, Refunding,<br> 5.00%, 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516815 |
| Texas Municipal Gas Acquisition & Supply Corp. III Revenue, Refunding,<br> 5.00%, 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5037562 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Texas — (Continued)** | **Texas — (Continued)** | **Texas — (Continued)** |
| Texas Municipal Gas Acquisition & Supply Corp. III Revenue, Refunding,<br> 5.00%, 12/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;$1050000 | $1134104 |
| Texas Municipal Gas Acquisition & Supply Corp. IV Revenue, Series B, Callable 07/01/33 at 100,<br> 5.50%, 1/1/54<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1946526 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42421279 |
| **Utah — 1.1%** | **Utah — 1.1%** | **Utah — 1.1%** |
| Jordan Valley Water Conservancy District Revenue, Series A, Callable 10/01/28 at 100,<br> 5.00%, 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1020826 |
| Utah Transit Authority Revenue, Refunding, Callable 06/15/26 at 100,<br> 4.00%, 12/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4071170 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5091996 |
| **Vermont — 0.1%** | **Vermont — 0.1%** | **Vermont — 0.1%** |
| University of Vermont and State Agricultural College Revenue, Refunding, Callable 10/01/27 at 100,<br> 5.00%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 479565 |
| **Washington — 2.5%** | **Washington — 2.5%** | **Washington — 2.5%** |
| Bellevue GO, Refunding, Callable 01/21/26 at 100,<br> 4.00%, 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2501794 |
| King County Public Hospital District No 1 GO, Refunding, Callable 12/01/28 at 100,<br> 5.00%, 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1228915 |
| King County Sewer Revenue, Series A, Refunding, Callable 01/21/26 at 100,<br> 4.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000093 |
| Pacific County Public Healthcare Services District No 3 GO, Callable 12/01/33 at 100,<br> 5.25%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1193846 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Washington — (Continued)** | **Washington — (Continued)** | **Washington — (Continued)** |
| Spokane Public Facilities District Revenue, Callable 06/01/27 at 100,<br> 5.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;$1600000 | $1607208 |
| Tacoma Electric System Revenue, Series A, Refunding, Callable 01/21/26 at 100,<br> 4.00%, 1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 984617 |
| Washington State GO, Series A, Callable 08/01/31 at 100,<br> 5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358073 |
| Washington State GO, Series C, Callable 02/01/32 at 100,<br> 5.00%, 2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 526604 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11401150 |
| **West Virginia — 0.3%** | **West Virginia — 0.3%** | **West Virginia — 0.3%** |
| Ohio County Special District Excise Tax Revenue, Series A, Refunding, Callable 06/01/35 at 100,<br> 5.50%, 6/1/54, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1268245 |
| **Wisconsin — 1.0%** | **Wisconsin — 1.0%** | **Wisconsin — 1.0%** |
| Mauston School District GO, Refunding, Callable 03/01/28 at 100,<br> 1.70%, 3/1/35, (AG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412286 |
| Milwaukee Sewerage System Revenue, Series S-5, Callable 01/31/26 at 100,<br> 4.00%, 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330228 |
| Public Finance Authority Revenue, Refunding, Callable 06/01/30 at 100,<br> 5.00%, 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36930 |
| Village of Mount Pleasant, Series A, Callable 04/01/28 at 100,<br> 5.00%, 4/1/48, (MORAL OBLG Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 657404 |
| Wisconsin Health & Educational Facilities Authority Revenue, Refunding, Callable 10/01/26 at 100,<br> 5.00%, 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2033478 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

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

---

---

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

---

---

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

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

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

---

---

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

---

---

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

---

------

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

(b) Zero coupon bond.

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

(d) Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the Fund's Board of
Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At December 31, 2025, these securities amounted to $4,237,840 or 0.93% of net assets. These securities have been
determined by the Fund's adviser to be liquid securities.

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

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Concluded)

#### December 31, 2025
(Unaudited)

---

| | |
|:---|:---|
| HUD SECT 8 | Housing and Urban Development Section 8 |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| MORAL OBLG | Moral Obligation |
| NATL | National Public Finance Guarantee Corp. |
| OID | Original Issue Discount |
| PLC | Public Limited Company |
| PSF-GTD | Permanent School Fund Guaranteed |
| REIT | Real Estate Investment Trust |

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS FUNDS

#### Notes to the Quarterly Portfolio of Investments

#### December 31, 2025
(Unaudited)

A. Portfolio Valuation:

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

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

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

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

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

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

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

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

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

------

AMBRUS FUNDS

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

#### December 31, 2025
(Unaudited)

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

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

The following is a summary of the inputs used, as of December 31, 2025, in valuing each Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | &nbsp;&nbsp;**Total<br> Value at<br> 12/31/25** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Other<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| **Ambrus Core Bond Fund** | **Ambrus Core Bond Fund** |  |  |  |
| **Assets** |  |  |  |  |
| Corporate Bonds | &nbsp;&nbsp;$225907598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$225907598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;198781270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;198781270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Preferreds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39717429 | &nbsp;&nbsp;&nbsp;&nbsp;8200031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31517398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2132212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2132212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36057062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36057062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3801977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3801977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Exchange Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22932900 | &nbsp;&nbsp;22932900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4406304 | &nbsp;&nbsp;&nbsp;&nbsp;4406304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;$535762771 | $35539235 | &nbsp;&nbsp;$500223536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| **Ambrus Tax-Conscious California Bond Fund** | **Ambrus Tax-Conscious California Bond Fund** |  |  |  |
| **Assets** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;$412102461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$412102461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Preferreds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34380235 | &nbsp;&nbsp;&nbsp;&nbsp;9125439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25254796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6999891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6999891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Exchange Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4734000 | &nbsp;&nbsp;&nbsp;&nbsp;4734000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204898 | &nbsp;&nbsp;&nbsp;&nbsp;1204898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;$463412107 | $15064337 | &nbsp;&nbsp;$448347770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| **Ambrus Tax-Conscious National Bond Fund** | **Ambrus Tax-Conscious National Bond Fund** |  |  |  |
| **Assets** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;$363802785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$363802785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Preferreds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35775847 | &nbsp;&nbsp;&nbsp;&nbsp;9481091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26294756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

AMBRUS FUNDS

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

#### December 31, 2025
(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | &nbsp;&nbsp;**Total<br> Value at<br> 12/31/25** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Other<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;$1066106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1066106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26044593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26044593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9231038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9231038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6670012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6670012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Exchange Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5089050 | &nbsp;&nbsp;&nbsp;&nbsp;5089050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5451033 | &nbsp;&nbsp;&nbsp;&nbsp;5451033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;$454291719 | $20021174 | &nbsp;&nbsp;$434270545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

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

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

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Wilmington

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

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

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

- **a. Name of Series:** Ambrus Tax-Conscious 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:** 2026-09-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $469110112.68

**Total Liabilities:** $1951959.57

**Net Assets:** $467158153.11

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1193.17732000 | **1-Year:** 17700.36641000 | **5-Year:** 110221.34801000 | **10-Year:** 109263.63210000 | **30-Year:** 1020.65667000

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

- **3-Month:** 0.00000000 | **1-Year:** 189.33758000 | **5-Year:** 186.23880000 | **10-Year:** 4.66926000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237820 | 0.71%                | 0.29%                | 0.12%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $89687.31                | $1816172.59                                |
| Month 2  | $-92175.66               | $179047.60                                 |
| Month 3  | $215.33                  | $-836008.92                                |

### 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 STWD CMNTYS DEV AUT                  | California Statewide Communities Development Authority                         | CUSIP: 13080SWC4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    160000 | PA      | $166232.50    | 0.04%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANTA MONICA CA PUBLIC FING AU                  | Santa Monica Public Financing Authority                                        | CUSIP: 802437FX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3690000 | PA      | $3774923.14   | 0.81%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA R                  | San Francisco City & County Redevelopment Agency Successor Agency              | CUSIP: 79770GJZ0<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |    600000 | PA      | $625832.16    | 0.13%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                               | CUSIP: 709224QF9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2615000 | PA      | $2631916.96   | 0.56%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ZIONS BANCORP NA                                | Zions Bancorp NA                                                               | CUSIP: 98971DAC4<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1597102.32   | 0.34%             | 2035-11-19      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                   | Citigroup Inc                                                                  | CUSIP: 172967PR6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   2800000 | PA      | $2853113.20   | 0.61%             | N/A             | Fixed         | 6.75%                 | 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      | $513246.25    | 0.11%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA REVENUES                     | University of California                                                       | CUSIP: 91412G2K0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1653237.54   | 0.35%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &                  | California Infrastructure & Economic Development Bank                          | CUSIP: 13034A7D6<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    900000 | PA      | $1021204.35   | 0.22%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUDSON PACIFIC PROPERTIE                        | Hudson Pacific Properties LP                                                   | CUSIP: 44409MAB2<br>LEI: 5493007NTUGLGZ8T3526 | Long             | DBT              | CORP              | US        |    500000 | PA      | $462650.00    | 0.10%             | 2029-04-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA HSG AUTH                         | Los Angeles Housing Authority                                                  | CUSIP: 54456PAZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5031.17      | 0.00%             | 2027-06-01      | Fixed         | 4.00%                 | 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      | $1109333.59   | 0.24%             | 2047-08-01      | 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      | $50024.87     | 0.01%             | 2028-09-01      | Fixed         | 3.50%                 | 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      | $255255.00    | 0.05%             | 2038-06-01      | Fixed         | 5.00%                 | 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      | $25390.76     | 0.01%             | 2037-07-01      | 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        |    550000 | PA      | $548086.66    | 0.12%             | 2043-08-01      | 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      | $1875213.56   | 0.40%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CA TRANSIENT OCCUPA                  | City of Sacramento CA Transient Occupancy Tax Revenue                          | CUSIP: 786073BS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3175000 | PA      | $3239721.42   | 0.69%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                               | CUSIP: 709224P52<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1647792.91   | 0.35%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                   | State of California                                                            | CUSIP: 13063DR42<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    280000 | PA      | $225723.12    | 0.05%             | 2046-03-01      | Fixed         | 3.00%                 | 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      | $20273.63     | 0.00%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                         | Goldman Sachs Group Inc/The                                                    | CUSIP: 38141GB52<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   4300000 | PA      | $4362268.30   | 0.93%             | N/A             | Fixed         | 6.12%                 | 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      | $2585987.75   | 0.55%             | 2049-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA UNIF SCH DIST                    | Los Angeles Unified School District/CA                                         | CUSIP: 5446464Z2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $270148.77    | 0.06%             | 2031-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT                  | California Educational Facilities Authority                                    | CUSIP: 130179JE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $281625.99    | 0.06%             | 2042-04-01      | 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      | $1966689.24   | 0.42%             | 2045-06-01      | 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      | $1125128.14   | 0.24%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA UNIF SCH DIST SPL                  | Riverside Unified School District                                              | CUSIP: 7690692K0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $424840.48    | 0.09%             | 2045-09-01      | 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      | $366060.94    | 0.08%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                   | State of California                                                            | CUSIP: 13063ESC1<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8077326.40   | 1.73%             | 2032-11-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA ELEC REVENUE                       | City of Riverside CA Electric Revenue                                          | CUSIP: 768874SF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2065000 | PA      | $2223639.29   | 0.48%             | 2030-10-01      | Fixed         | 7.46%                 | 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      | $1009943.50   | 0.22%             | 2043-08-01      | 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      | $1029120.20   | 0.22%             | 2045-08-01      | Fixed         | 5.00%                 | 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      | $3116487.19   | 0.67%             | 2053-07-01      | Variable      | 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      | $474946.34    | 0.10%             | 2031-08-01      | None          | 0.00%                 | 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      | $1251040.88   | 0.27%             | 2045-09-01      | Variable      | 3.20%                 | 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      | $3104844.98   | 0.66%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A                  | California Health Facilities Financing Authority                               | CUSIP: 13032UJG4<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    410000 | PA      | $416038.77    | 0.09%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                            | State of Ohio                                                                  | CUSIP: 67756CCU0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1800389.16   | 0.39%             | 2041-01-15      | Fixed         | 5.00%                 | 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      | $518170.16    | 0.11%             | 2041-09-01      | Fixed         | 5.25%                 | 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      | $591536.60    | 0.13%             | 2036-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CA REGL ARPT AU                  | San Diego County Regional Airport Authority                                    | CUSIP: 79739GMW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1606356.33   | 0.34%             | 2046-07-01      | Fixed         | 5.00%                 | 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      | $3314815.25   | 0.71%             | 2046-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA P                  | San Francisco City & County Public Utilities Commission Wastewater Revenue     | CUSIP: 79768HDX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2490729.70   | 0.53%             | 2046-10-01      | Fixed         | 4.00%                 | 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      | $835357.46    | 0.18%             | 2044-04-01      | 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      | $933846.05    | 0.20%             | 2048-05-15      | 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: 544525T32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $559687.75    | 0.12%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP                   | New York City Housing Development Corp                                         | CUSIP: 64972E2K4<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    345000 | PA      | $349451.02    | 0.07%             | 2028-11-01      | Fixed         | 3.45%                 | 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      | $20332.31     | 0.00%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P                  | Los Angeles Department of Water & Power Water System Revenue                   | CUSIP: 544525WJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3273359.70   | 0.70%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &                  | California Infrastructure & Economic Development Bank                          | CUSIP: 13034A5B2<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252175.95    | 0.05%             | 2029-08-01      | Fixed         | 3.25%                 | 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      | $630386.75    | 0.13%             | 2048-08-01      | Fixed         | 5.00%                 | 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      | $2125318.00   | 0.45%             | 2054-11-01      | Variable      | 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      | $100076.66    | 0.02%             | 2028-10-01      | Fixed         | 4.00%                 | 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      | $2001089.80   | 0.43%             | 2049-06-01      | Fixed         | 5.25%                 | 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      | $535627.91    | 0.11%             | 2028-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TRACY CA CMNTY FACS DIST SPL T                  | Tracy Community Facilities District/CA                                         | CUSIP: 892376UZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $206276.58    | 0.04%             | 2054-09-01      | 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      | $1116328.62   | 0.24%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST ENTERPRISE DEV A                  | California Enterprise Development Authority                                    | CUSIP: 13067VAN4<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    215000 | PA      | $223678.54    | 0.05%             | 2034-11-01      | 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      | $1519972.79   | 0.33%             | 2038-08-01      | Fixed         | 5.00%                 | 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      | $266179.82    | 0.06%             | 2039-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| UNIV OF SOUTH CAROLINA SC HGRE                  | University of South Carolina                                                   | CUSIP: 913367FN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2380000 | PA      | $2495930.99   | 0.53%             | 2046-05-01      | Fixed         | 5.00%                 | 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      | $5032.88      | 0.00%             | 2027-04-01      | Fixed         | 5.00%                 | 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      | $538520.85    | 0.12%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CA TRANSIENT OCCUPA                  | City of Sacramento CA Transient Occupancy Tax Revenue                          | CUSIP: 786073AS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2170000 | PA      | $2276326.31   | 0.49%             | 2036-06-01      | 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      | $3790911.60   | 0.81%             | 2044-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &                  | California Infrastructure & Economic Development Bank                          | CUSIP: 13034ARJ1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20446.83     | 0.00%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN ST TOBACCO SECURITIZATI                  | Golden State Tobacco Securitization Corp                                       | CUSIP: 38122NC91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $282194.69    | 0.06%             | 2030-06-01      | Fixed         | 2.69%                 | 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        |    800000 | PA      | $827637.04    | 0.18%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA C                  | City & County of San Francisco CA Community Facilities District No 2014-1      | CUSIP: 79772EEZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $150592.26    | 0.03%             | 2027-09-01      | 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      | $3809982.96   | 0.82%             | 2052-02-01      | Variable      | 4.00%                 | 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      | $150363.78    | 0.03%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST UNIV REVENUE                      | California State University                                                    | CUSIP: 13077DEX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1910000 | PA      | $1980463.53   | 0.42%             | 2043-11-01      | Fixed         | 5.00%                 | 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      | $2006375.80   | 0.43%             | 2034-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                   | New York City Transitional Finance Authority Future Tax Secured Revenue        | CUSIP: 64971XX86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1421783.53   | 0.30%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOWNEY CA UNIF SCH DIST                         | Downey Unified School District                                                 | CUSIP: 261005QY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $17437.17     | 0.00%             | 2042-08-01      | Fixed         | 2.00%                 | 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      | $1214949.76   | 0.26%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A                  | California Health Facilities Financing Authority                               | CUSIP: 13032UUN6<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1605168.32   | 0.34%             | 2049-11-15      | Fixed         | 5.00%                 | 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      | $1026322.63   | 0.22%             | 2029-08-01      | Variable      | 3.35%                 | 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      | $1671262.85   | 0.36%             | 2043-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FRESNO CA UNIF SCH DIST                         | Fresno Unified School District                                                 | CUSIP: 3582324A1<br>LEI: 549300WL4QIP65TFU882 | Long             | DBT              | MUN               | US        |    780000 | PA      | $743080.03    | 0.16%             | 2046-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY FRN                                 | United States Treasury Floating Rate Note                                      | CUSIP: 91282CJU6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7000000 | PA      | $6999890.45   | 1.50%             | 2026-01-31      | Floating      | 3.85%                 | 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      | $98540.34     | 0.02%             | 2027-08-01      | Fixed         | 2.00%                 | 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      | $2194314.30   | 0.47%             | 2028-06-15      | Fixed         | 5.00%                 | 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      | $453578.12    | 0.10%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANTA MONICA-MALIBU CA UNIF SC                  | Santa Monica-Malibu Unified School District                                    | CUSIP: 802498F75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2175000 | PA      | $2297694.14   | 0.49%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN ST TOBACCO SECURITIZATI                  | Golden State Tobacco Securitization Corp                                       | CUSIP: 38122ND25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2875000 | PA      | $2614740.34   | 0.56%             | 2031-06-01      | Fixed         | 2.79%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA JT UNION HIGH SCH                  | Roseville Joint Union High School District                                     | CUSIP: 777849SK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2425000 | PA      | $2440860.47   | 0.52%             | 2046-08-01      | 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      | $2285287.32   | 0.49%             | 2043-05-01      | Fixed         | 5.25%                 | 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        |     20000 | PA      | $20048.60     | 0.00%             | 2026-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RAVENSWOOD CA CITY SCH DIST                     | Ravenswood City School District/CA                                             | CUSIP: 754405GS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $754432.07    | 0.16%             | 2035-08-01      | 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        |   4500000 | PA      | $4769861.40   | 1.02%             | 2055-08-01      | Variable      | 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      | $54094.95     | 0.01%             | 2035-09-01      | 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      | $523717.05    | 0.11%             | 2036-05-15      | 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      | $20040.28     | 0.00%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA P                  | San Francisco City & County Public Utilities Commission Wastewater Revenue     | CUSIP: 79768HDA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499986.75    | 0.11%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                   | Citigroup Inc                                                                  | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1525000 | PA      | $1585618.93   | 0.34%             | N/A             | Fixed         | 6.88%                 | 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      | $1873372.63   | 0.40%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FONTANA CA REDEV AGY SUCCESSOR                  | Fontana Redevelopment Agency Successor Agency                                  | CUSIP: 34461CAS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    695000 | PA      | $720488.15    | 0.15%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| POWAY CA UNIF SCH DIST PUBLIC                   | Poway Unified School District Public Financing Authority                       | CUSIP: 73885QMZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $798278.83    | 0.17%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEMOORE CA UNION ELEM SCH DIST                  | Lemoore Union Elementary School District                                       | CUSIP: 525725AT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $21432.83     | 0.00%             | 2040-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NORCO CA CMNTY REDEV AGY SUCCE                  | Norco Community Redevelopment Agency Successor Agency                          | CUSIP: 655505AT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $620048.36    | 0.13%             | 2028-03-01      | Fixed         | 3.25%                 | 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      | $2500240.95   | 0.54%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HSG FIN AGY LTD OBL                  | California Housing Finance Agency                                              | CUSIP: 13034DBE3<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1193167.32   | 0.26%             | 2029-11-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                   | State of California                                                            | CUSIP: 13063DP44<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1821196.18   | 0.39%             | 2047-04-01      | 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      | $635066.23    | 0.14%             | 2040-08-01      | Fixed         | 4.00%                 | 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      | $509425.10    | 0.11%             | 2031-10-01      | 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      | $349124.66    | 0.07%             | N/A             | Fixed         | 3.90%                 | 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      | $25003.59     | 0.01%             | 2027-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION&                  | Texas Municipal Gas Acquisition & Supply Corp IV                               | CUSIP: 88256PAT7<br>LEI: 549300PTUE847QDBBW22 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1946525.70   | 0.42%             | 2054-01-01      | Variable      | 5.50%                 | 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      | $752138.87    | 0.16%             | 2044-09-01      | Fixed         | 5.25%                 | 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      | $1006501.30   | 0.22%             | 2029-02-01      | Variable      | 3.25%                 | 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      | $1522036.20   | 0.33%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SELMA CA UNIF SCH DIST                          | Selma Unified School District                                                  | CUSIP: 816547KD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $635609.73    | 0.14%             | 2049-08-01      | 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      | $2465305.10   | 0.53%             | N/A             | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUBLIC WKS BRD L                  | California State Public Works Board                                            | CUSIP: 13068XQT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $919582.02    | 0.20%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI JT MUNI ELEC UTILITY                   | Missouri Joint Municipal Electric Utility Commission                           | CUSIP: 606092LC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2515666.75   | 0.54%             | 2040-12-01      | 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      | $754952.38    | 0.16%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| POWAY CA UNIF SCH DIST PUBLIC                   | Poway Unified School District Public Financing Authority                       | CUSIP: 73885QNL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $236394.67    | 0.05%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT                  | California Statewide Communities Development Authority                         | CUSIP: 13080SVX9<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103872.03    | 0.02%             | 2028-03-01      | Fixed         | 5.00%                 | 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      | $115276.99    | 0.02%             | 2035-11-01      | 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      | $325303.55    | 0.07%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA                    | City & County of San Francisco CA                                              | CUSIP: 797646NH5<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |   4150000 | PA      | $4481906.21   | 0.96%             | 2030-06-15      | Fixed         | 6.26%                 | 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      | $516927.00    | 0.11%             | 2044-10-01      | Fixed         | 5.00%                 | 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      | $1499934.90   | 0.32%             | 2042-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA UNIF SCH DIST                    | Los Angeles Unified School District/CA                                         | CUSIP: 5446466W7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2270000 | PA      | $2358887.07   | 0.50%             | 2042-07-01      | Fixed         | 5.25%                 | 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      | $2172176.20   | 0.46%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SWEETWATER CA UNION HIGH SCH D                  | Sweetwater Union High School District                                          | CUSIP: 870470FU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $712433.24    | 0.15%             | 2029-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA CITY &CNTY AR                  | San Francisco City & County Airport Comm-San Francisco International Airport   | CUSIP: 79766DSC4<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   2025000 | PA      | $2075044.23   | 0.44%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR                  | California School Finance Authority                                            | CUSIP: 13058TPU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125384.11    | 0.03%             | 2042-08-01      | Fixed         | 5.00%                 | 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      | $1217966.26   | 0.26%             | 2032-07-01      | Fixed         | 3.00%                 | 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      | $2882195.74   | 0.62%             | 2043-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLATSOP CNTY OR SCH DIST #10 S                  | Seaside School District No 10                                                  | CUSIP: 182846BJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $1392416.10   | 0.30%             | 2042-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                            | Bank of America Corp                                                           | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2950000 | PA      | $3076153.80   | 0.66%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &                  | California Infrastructure & Economic Development Bank                          | CUSIP: 13034ATX8<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1154435.01   | 0.25%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN TRUST CORP                             | Northern Trust Corp                                                            | CUSIP: 665859AQ7<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1696936.09   | 0.36%             | N/A             | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                                | CUSIP: 13013JDB9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1889387.75   | 0.40%             | 2054-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUBLIC WKS BRD L                  | California State Public Works Board                                            | CUSIP: 13068XQU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $943532.28    | 0.20%             | 2027-11-01      | 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      | $3796940.07   | 0.81%             | 2029-06-15      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST UNIV REVENUE                      | California State University                                                    | CUSIP: 13077DYD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35004.08     | 0.01%             | 2043-11-01      | 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      | $503831.60    | 0.11%             | 2041-07-01      | 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      | $999986.10    | 0.21%             | 2040-08-01      | Fixed         | 4.00%                 | 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      | $685115.93    | 0.15%             | 2034-11-15      | Fixed         | 2.60%                 | 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      | $437173.40    | 0.09%             | 2053-12-01      | Fixed         | 5.50%                 | 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      | $758401.35    | 0.16%             | 2047-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP                  | California Municipal Finance Authority                                         | CUSIP: 13051ANP9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |     95000 | PA      | $95374.44     | 0.02%             | 2030-09-01      | 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      | $585666.89    | 0.13%             | 2043-08-01      | Fixed         | 5.00%                 | 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      | $380320.80    | 0.08%             | 2032-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &                  | California Infrastructure & Economic Development Bank                          | CUSIP: 13035ADW6<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    850000 | PA      | $859825.07    | 0.18%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALOMAR HLTH CA                                 | Palomar Health                                                                 | CUSIP: 697527BA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $185641.80    | 0.04%             | 2033-08-01      | 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: 544525P69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    795000 | PA      | $870279.66    | 0.19%             | 2039-07-01      | Fixed         | 5.00%                 | 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      | $2986093.86   | 0.64%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                          | Bank of New York Mellon Corp/The                                               | CUSIP: 064058AF7<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    875000 | PA      | $869965.60    | 0.19%             | N/A             | Fixed         | 4.62%                 | 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      | $1151056.17   | 0.25%             | 2054-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                               | State Street Corp                                                              | CUSIP: 857477CS0<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2280924.80   | 0.49%             | N/A             | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| GAVILAN CA JT CMNTY CLG DIST                    | Gavilan Joint Community College District                                       | CUSIP: 368079LD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1804773.83   | 0.39%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION&                  | Texas Municipal Gas Acquisition & Supply Corp III                              | CUSIP: 88256HBC1<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |    500000 | PA      | $516814.65    | 0.11%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A                  | California Health Facilities Financing Authority                               | CUSIP: 13032UPX0<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3018597.60   | 0.65%             | 2056-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WHITTIER CA UNION HIGH SCH DIS                  | Whittier Union High School District                                            | CUSIP: 966782UJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $695919.23    | 0.15%             | 2043-08-01      | 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      | $339862.50    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BP CAPITAL MARKETS PLC                          | BP Capital Markets PLC                                                         | CUSIP: 05565QDW5<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1066106.00   | 0.23%             | N/A             | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| SAN MATEO CA UNION HIGH SCH DI                  | San Mateo Union High School District                                           | CUSIP: 799017ZV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $1068045.03   | 0.23%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE                  | California Municipal Finance Authority                                         | CUSIP: 13048T6J7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2040000 | PA      | $2047674.07   | 0.44%             | 2042-01-01      | Fixed         | 5.00%                 | 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      | $1148375.86   | 0.25%             | 2035-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BELLEVUE WA                                     | City of Bellevue WA                                                            | CUSIP: 0793652Z4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2315000 | PA      | $2316661.01   | 0.50%             | 2031-12-01      | 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      | $1015858.99   | 0.22%             | 2034-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CAMPBELL CA UNION HIGH SCH DIS                  | Campbell Union High School District                                            | CUSIP: 134159D41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $899202.56    | 0.19%             | 2045-08-01      | 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      | $30008.42     | 0.01%             | 2043-08-01      | Fixed         | 5.00%                 | 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      | $1098229.61   | 0.24%             | 2041-10-01      | 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      | $1817704.95   | 0.39%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                   | State of California                                                            | CUSIP: 13063D4S4<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   2805000 | PA      | $2933807.00   | 0.63%             | 2042-10-01      | Fixed         | 5.00%                 | 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      | $1510075.65   | 0.32%             | 2042-08-15      | Fixed         | 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      | $592654.74    | 0.13%             | 2044-09-01      | Fixed         | 5.00%                 | 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      | $2051369.99   | 0.44%             | 2047-07-01      | Fixed         | 5.00%                 | 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      | $1136035.45   | 0.24%             | 2059-09-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                   | State of California                                                            | CUSIP: 13063EMQ6<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   4120000 | PA      | $4184852.10   | 0.90%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOVER NH                                        | City of Dover NH                                                               | CUSIP: 260183C71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000414.60   | 0.21%             | 2031-06-15      | Fixed         | 3.00%                 | 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      | $4555423.50   | 0.98%             | 2053-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT                  | California Educational Facilities Authority                                    | CUSIP: 130179QG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5110000 | PA      | $5149990.35   | 1.10%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STHRN CA PUBLIC PWR AUTH NATUR                  | Southern California Public Power Authority                                     | CUSIP: 842471AV6<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    380000 | PA      | $393759.31    | 0.08%             | 2027-11-01      | Fixed         | 5.25%                 | 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      | $446678.23    | 0.10%             | 2054-09-01      | 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        |   3220000 | PA      | $3352220.28   | 0.72%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLTON CA JT UNIF SCH DIST                      | Colton Joint Unified School District                                           | CUSIP: 197036RH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1446939.35   | 0.31%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAYWARD CA UNIF SCH DIST COPS                   | Hayward Unified School District                                                | CUSIP: 421294EG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1451177.62   | 0.31%             | 2047-08-01      | Fixed         | 5.25%                 | 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      | $650161.20    | 0.14%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONARCH-CHESTERFIELD MO LEVEE                   | Monarch-Chesterfield Levee District                                            | CUSIP: 609040FK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1385555.94   | 0.30%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PORTS AUTH P                  | South Carolina Ports Authority                                                 | CUSIP: 837123JL3<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1265310.13   | 0.27%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OK REVENUES                                | University of Oklahoma/The                                                     | CUSIP: 91476PPB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2610000 | PA      | $2611656.83   | 0.56%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R                  | City of Minneapolis MN                                                         | CUSIP: 60374VDK6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100077.97    | 0.02%             | 2026-11-15      | Fixed         | 5.00%                 | 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      | $1087556.61   | 0.23%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WILLIAM S HART CA UNION HIGH S                  | William S Hart Union High School District                                      | CUSIP: 969268CM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $479980.85    | 0.10%             | 2038-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ORANGEBURG CNTY SC FACS CORP I                  | Orangeburg County Facilities Corp                                              | CUSIP: 685357AM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1605439.21   | 0.34%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MODESTO CA IRR DIST ELEC REVEN                  | Modesto Irrigation District                                                    | CUSIP: 607763EC9<br>LEI: S6U6XLZ7IOWYIG8C8H50 | Long             | DBT              | MUN               | US        |    315000 | PA      | $321000.94    | 0.07%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST SCH OF MINES INSTN                  | Colorado School of Mines                                                       | CUSIP: 19658QDG9<br>LEI: 549300TQMFMDZTM5HY46 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2958861.59   | 0.63%             | 2042-12-01      | Fixed         | 5.00%                 | 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      | $2094308.20   | 0.45%             | 2052-08-01      | Fixed         | 5.50%                 | 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      | $107238.36    | 0.02%             | 2039-09-01      | 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      | $1620734.35   | 0.35%             | 2031-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| POMONA CA REVENUE                               | City of Pomona CA                                                              | CUSIP: 73209GAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $592006.72    | 0.13%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AZUSA CA SPL TAX                                | City of Azusa CA                                                               | CUSIP: 055032FF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2070000 | PA      | $2119278.63   | 0.45%             | 2044-09-01      | 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      | $150364.80    | 0.03%             | 2032-02-15      | 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      | $1816090.36   | 0.39%             | 2034-04-01      | Fixed         | 3.75%                 | 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      | $796737.02    | 0.17%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANAHEIM CA HSG & PUBLIC IMPT A                  | Anaheim Housing & Public Improvements Authority                                | CUSIP: 032556QV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1875623.56   | 0.40%             | 2047-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                   | State of California                                                            | CUSIP: 13063ENA0<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   2120000 | PA      | $2330488.23   | 0.50%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST UNIV REVENUE                      | California State University                                                    | CUSIP: 13077DYE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15000.80     | 0.00%             | 2047-11-01      | Fixed         | 5.00%                 | 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      | $255794.28    | 0.05%             | 2049-05-15      | 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      | $3603688.94   | 0.77%             | 2042-09-01      | Fixed         | 5.00%                 | 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      | $1009508.70   | 0.22%             | 2052-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VACAVILLE CA UNIF SCH DIST                      | Vacaville Unified School District                                              | CUSIP: 918608TJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $793303.89    | 0.17%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                            | M&T Bank Corp                                                                  | CUSIP: 55261F849<br>LEI: 549300WYXDDBYRASEG81 | Long             | EP               | CORP              | US        |    134900 | NS      | $3461534.00   | 0.74%             |  |  |  | No            |                  1 | 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      | $2329245.90   | 0.50%             | 2043-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GLENDALE CA WTR REVENUE                         | City of Glendale CA Water Revenue                                              | CUSIP: 378478CD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $121296.51    | 0.03%             | 2042-02-01      | Fixed         | 3.50%                 | 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      | $107479.65    | 0.02%             | 2044-09-01      | Fixed         | 5.00%                 | 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      | $25429.23     | 0.01%             | 2054-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                   | Citigroup Inc                                                                  | CUSIP: 172967QJ3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1650000 | PA      | $1675420.49   | 0.36%             | N/A             | Fixed         | 6.62%                 | 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      | $3123190.50   | 0.67%             | 2055-11-01      | Variable      | 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      | $3265648.54   | 0.70%             | 2043-10-01      | 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      | $1033255.20   | 0.22%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                  | City of Los Angeles Department of Airports                                     | CUSIP: 544445TT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $411996.61    | 0.09%             | 2048-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management              | Dreyfus Government Cash Management                                             | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |   1296271 | NS      | $1296270.66   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIV OF CALIFORNIA CA REVENUES                  | University of California                                                       | CUSIP: 91412HWK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $890273.40    | 0.19%             | 2040-05-15      | Fixed         | 5.50%                 | 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      | $258260.50    | 0.06%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EASTSIDE CA UNION SCH DIST                      | Eastside Union School District                                                 | CUSIP: 277805DM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1582335.12   | 0.34%             | 2048-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| IRVINE RANCH CA WTR DIST                        | Irvine Ranch Water District                                                    | CUSIP: 4636325M7<br>LEI: 2ZRS7W19IBMY48SFBI68 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2020342.40   | 0.43%             | 2046-02-01      | Fixed         | 5.25%                 | 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      | $2999944.20   | 0.64%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLUMBIA CNTY OR SCH DIST #502                  | Columbia County School District No 502                                         | CUSIP: 197558GJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041413.20   | 0.22%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST ECON DEV AUTH REVE                  | Delaware State Economic Development Authority                                  | CUSIP: 246387SZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1504342.65   | 0.32%             | 2040-10-01      | Variable      | 4.00%                 | 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      | $48466.85     | 0.01%             | 2029-08-01      | Fixed         | 2.12%                 | 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      | $2143095.63   | 0.46%             | 2047-05-15      | Fixed         | 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      | $256137.43    | 0.05%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN ST TOBACCO SECURITIZATI                  | Golden State Tobacco Securitization Corp                                       | CUSIP: 38122ND90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1975711.80   | 0.42%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HESPERIA CA JT PUB FING AUTH L                  | Hesperia Public Financing Authority                                            | CUSIP: 42806HAX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $202794.66    | 0.04%             | 2042-10-01      | Fixed         | 3.62%                 | 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      | $2206803.58   | 0.47%             | 2048-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA MUNI IMPT CORPL                  | Municipal Improvement Corp of Los Angeles                                      | CUSIP: 544587Q27<br>LEI: 549300ZJ0YLTZNSR8F57 | Long             | DBT              | MUN               | US        |    420000 | PA      | $425763.95    | 0.09%             | 2036-11-01      | 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      | $4877602.80   | 1.04%             | 2034-11-01      | Fixed         | 7.00%                 | 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      | $38660.71     | 0.01%             | 2027-06-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA CITY &CNTY AR                  | San Francisco City & County Airport Comm-San Francisco International Airport   | CUSIP: 79766DMD8<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   6675000 | PA      | $6852914.12   | 1.47%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HSG FIN AGY LTD OBL                  | California Housing Finance Agency                                              | CUSIP: 13034DBK9<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1102152.15   | 0.24%             | 2047-05-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| IRVINE CA FACS FING AUTH LEASE                  | Irvine Facilities Financing Authority                                          | CUSIP: 46360XAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $907372.17    | 0.19%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT                  | California Statewide Communities Development Authority                         | CUSIP: 13080STW4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    300000 | PA      | $311038.14    | 0.07%             | 2029-08-01      | 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        |   4500000 | PA      | $4867795.80   | 1.04%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT                  | California Educational Facilities Authority                                    | CUSIP: 130179GV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $115071.25    | 0.02%             | 2046-06-01      | Fixed         | 5.00%                 | 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      | $1258460.75   | 0.27%             | 2034-04-01      | Fixed         | 3.75%                 | 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      | $70336.76     | 0.02%             | 2048-10-01      | 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      | $195783.61    | 0.04%             | 2049-09-10      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KKR & CO INC                                    | KKR & Co Inc                                                                   | CUSIP: 48251W609<br>LEI: 54930013V5I303TF9571 | Long             | EP               | CORP              | US        |    150000 | NS      | $3832500.00   | 0.82%             |  |  |  | No            |                  1 | 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      | $847956.26    | 0.18%             | N/A             | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                    | Illinois Finance Authority                                                     | CUSIP: 45204FTB1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    400000 | PA      | $405991.20    | 0.09%             | 2052-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| POWAY CA UNIF SCH DIST PUBLIC                   | Poway Unified School District Public Financing Authority                       | CUSIP: 73885QNK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $829482.83    | 0.18%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT WTR & PWR                   | Los Angeles Department of Water & Power                                        | CUSIP: 5444952S2<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2237077.04   | 0.48%             | 2039-07-01      | Fixed         | 5.25%                 | 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      | $25213.78     | 0.01%             | 2048-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP                   | New York City Housing Development Corp                                         | CUSIP: 64972E3D9<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    350000 | PA      | $350029.89    | 0.07%             | 2062-11-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA CA REVENUES                  | University of California                                                       | CUSIP: 91412HBB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1985000 | PA      | $2027641.37   | 0.43%             | 2048-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CA COPS                          | County of San Diego CA                                                         | CUSIP: 7973916C8<br>LEI: 254900MKIGRAYVDUZ926 | Long             | DBT              | MUN               | US        |    475000 | PA      | $500905.03    | 0.11%             | 2048-10-01      | 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        |   1095000 | PA      | $1114878.63   | 0.24%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN JOSE CA MF HSG REVENUE                      | City of San Jose CA                                                            | CUSIP: 798165LL8<br>LEI: 549300QHIHSH68W22O38 | Long             | DBT              | MUN               | US        |   2975000 | PA      | $3063839.15   | 0.66%             | 2035-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HSG FIN AGY LTD OBL                  | California Housing Finance Agency                                              | CUSIP: 13034DBL7<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |    350000 | PA      | $351477.98    | 0.08%             | 2046-06-01      | Variable      | 2.95%                 | 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      | $592659.71    | 0.13%             | 2048-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA CA REVENUES                  | University of California                                                       | CUSIP: 91412HKT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3055000 | PA      | $3205646.63   | 0.69%             | 2046-05-15      | Fixed         | 5.00%                 | 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        |     20000 | PA      | $20106.93     | 0.00%             | 2040-08-01      | Fixed         | 4.00%                 | 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      | $362608.95    | 0.08%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                   | State of California                                                            | CUSIP: 13063D4E5<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1975000 | PA      | $2147865.83   | 0.46%             | 2045-10-01      | Fixed         | 5.25%                 | 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      | $151595.09    | 0.03%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN JOSE CA ARPT REVENUE                        | Norman Y Mineta San Jose International Airport SJC                             | CUSIP: 798136WR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $766386.83    | 0.16%             | 2042-03-01      | 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      | $1197753.16   | 0.26%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State Street SPDR Portfolio High Yield Bond ETF | State Street SPDR Portfolio High Yield Bond ETF                                | CUSIP: 78468R606<br>LEI: 549300B3SM8J1H4W2052 | Long             | EC               | RF                | US        |    200000 | NS      | $4734000.00   | 1.01%             |  |  |  | No            |                  1 | 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      | $1186757.99   | 0.25%             | 2047-05-01      | 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      | $622381.22    | 0.13%             | 2057-12-31      | 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        |    920000 | PA      | $975583.64    | 0.21%             | 2053-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BREA CA WTR REVENUE                             | City of Brea CA Water Utility Revenue                                          | CUSIP: 106295CM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $748696.64    | 0.16%             | 2038-07-01      | Fixed         | 3.00%                 | 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      | $101528.42    | 0.02%             | 2026-09-01      | 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      | $142677.44    | 0.03%             | 2032-06-01      | Fixed         | 4.00%                 | 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      | $5212661.05   | 1.12%             | 2048-11-01      | 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      | $10002.17     | 0.00%             | 2026-04-01      | Fixed         | 3.00%                 | 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      | $25039.45     | 0.01%             | 2047-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &                  | California Infrastructure & Economic Development Bank                          | CUSIP: 13034RAT0<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2875000 | PA      | $2968778.76   | 0.64%             | 2044-08-01      | 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      | $5002728.50   | 1.07%             | 2030-03-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                            | CUSIP: 64966QXW5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    980000 | PA      | $1003335.76   | 0.21%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CNTY CA SCHS REGIO                  | Los Angeles County Schools Regionalized Business Services Corp                 | CUSIP: 545152WR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10008.00     | 0.00%             | 2026-09-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CONCORD CA COPS                                 | City of Concord CA                                                             | CUSIP: 206094DK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $737603.84    | 0.16%             | 2038-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CAMPBELL CA UNION HIGH SCH DIS                  | Campbell Union High School District                                            | CUSIP: 134159D58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082549.10   | 0.23%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                          | Bank of New York Mellon Corp/The                                               | CUSIP: 064058AN0<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1556259.00   | 0.33%             | N/A             | Fixed         | 6.30%                 | 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      | $210232.53    | 0.05%             | 2037-06-01      | 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      | $1162409.19   | 0.25%             | 2037-08-01      | 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      | $1875092.63   | 0.40%             | 2039-10-01      | Fixed         | 4.00%                 | 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      | $344554.94    | 0.07%             | 2041-08-01      | Fixed         | 2.12%                 | 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      | $4095968.40   | 0.88%             | 2051-12-01      | Fixed         | 5.00%                 | 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        |    735000 | PA      | $764535.24    | 0.16%             | 2042-08-01      | 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      | $815108.64    | 0.17%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANAHEIM CA HSG & PUBLIC IMPT A                  | Anaheim Housing & Public Improvements Authority                                | CUSIP: 032556PY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3605000 | PA      | $3797131.00   | 0.81%             | 2055-10-01      | Fixed         | 5.50%                 | 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      | $358182.22    | 0.08%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLETA CA UNION SCH DIST                        | Goleta Union School District                                                   | CUSIP: 381623HB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $613860.25    | 0.13%             | 2047-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WASHINGTON TWP CA HLTH CARE DI                  | Washington Township Health Care District                                       | CUSIP: 940642DZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90646.56     | 0.02%             | 2029-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA CITY &CNTY AR                  | San Francisco City & County Airport Comm-San Francisco International Airport   | CUSIP: 79766DRK7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1789845.92   | 0.38%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN VIEW-WHISMAN CA SCH D                  | Mountain View-Whisman School District                                          | CUSIP: 62451FHS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1017277.25   | 0.22%             | 2034-09-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CA TRANSIENT OCCUPA                  | City of Sacramento CA Transient Occupancy Tax Revenue                          | CUSIP: 786073AW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5565000 | PA      | $5681007.43   | 1.22%             | 2048-06-01      | Fixed         | 5.00%                 | 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      | $1500518.40   | 0.32%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTEBELLO CA PUBLIC FING AUTH                  | Montebello Public Financing Authority                                          | CUSIP: 612286DS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1177700.50   | 0.25%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA CA REVENUES                  | University of California                                                       | CUSIP: 91412HAZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $823438.88    | 0.18%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA CITY &CNTY AR                  | San Francisco City & County Airport Comm-San Francisco International Airport   | CUSIP: 79766DGE3<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1102589.18   | 0.24%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOLSOM CORDOVA CA UNIF SCH DIS                  | Folsom Cordova Unified School District School Facilities Improvement Dist No 5 | CUSIP: 34440VCR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $545027.03    | 0.12%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH PENN PA SCH DIST                          | North Penn School District                                                     | CUSIP: 661517XK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1622164.64   | 0.35%             | 2050-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANTA CLARITA CA PUBLIC FIN AU                  | Santa Clarita Public Finance Authority                                         | CUSIP: 80169PCH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $19577.26     | 0.00%             | 2027-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                   | State of California                                                            | CUSIP: 13063CZU7<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251859.23    | 0.05%             | 2045-09-01      | Fixed         | 5.00%                 | 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      | $52353.54     | 0.01%             | 2054-08-01      | 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: 34440VBQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502852.25   | 0.32%             | 2041-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SELMA CA UNIF SCH DIST                          | Selma Unified School District                                                  | CUSIP: 816547JM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $453832.15    | 0.10%             | 2048-08-01      | Fixed         | 5.25%                 | 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      | $2092207.40   | 0.45%             | 2043-05-15      | Fixed         | 5.00%                 | 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      | $2149115.81   | 0.46%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YUBA CA LEVEE FING AUTH REVENU                  | Yuba Levee Financing Authority                                                 | CUSIP: 988211BA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25409.79     | 0.01%             | 2030-09-01      | 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      | $449000.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL MOTORS FINL CO                          | General Motors Financial Co Inc                                                | CUSIP: 37045XCA2<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    875000 | PA      | $864764.21    | 0.19%             | N/A             | Fixed         | 5.75%                 | 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      | $1755000.00   | 0.38%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV                   | California Statewide Communities Development Authority                         | CUSIP: 13081KAX8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   5485000 | PA      | $5561726.92   | 1.19%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TURLOCK CA IRR DIST                             | Turlock Irrigation District                                                    | CUSIP: 900190LE7<br>LEI: 5493001J7IGC81HEQJ12 | Long             | DBT              | MUN               | US        |    195000 | PA      | $206404.61    | 0.04%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                   | State of California                                                            | CUSIP: 13063EFX9<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   2775000 | PA      | $2692271.42   | 0.58%             | 2043-12-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                  | Morgan Stanley                                                                 | CUSIP: 61763E207<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |     41519 | NS      | $1042542.09   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                                   | Citigroup Inc                                                                  | CUSIP: 172967PE5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1635750.01   | 0.35%             | N/A             | Fixed         | 7.62%                 | 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      | $5003.76      | 0.00%             | 2027-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO ASSN OF GOVTS CA SOU                  | San Diego Association of Governments South Bay Expressway Revenue              | CUSIP: 797257AX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2045988.40   | 0.44%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOLEDO OH WTRWKS REVENUE                        | City of Toledo OH Water System Revenue                                         | CUSIP: 889396SC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3575000 | PA      | $3594449.79   | 0.77%             | 2041-11-15      | 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      | $668461.04    | 0.14%             | 2043-06-01      | Fixed         | 5.00%                 | 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      | $2094277.19   | 0.45%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &                  | California Infrastructure & Economic Development Bank                          | CUSIP: 13034AY61<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    945000 | PA      | $1004851.29   | 0.22%             | 2047-10-01      | Fixed         | 5.00%                 | 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      | $3117841.20   | 0.67%             | 2054-05-01      | Fixed         | 5.00%                 | 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      | $927436.37    | 0.20%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST                  | Tobacco Securitization Authority of Southern California                        | CUSIP: 888804CL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $262850.03    | 0.06%             | 2035-06-01      | 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      | $2000061.80   | 0.43%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF AKRON OH                                | University of Akron/The                                                        | CUSIP: 914023LQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1106117.98   | 0.24%             | 2038-01-01      | 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      | $643848.16    | 0.14%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &                  | California Infrastructure & Economic Development Bank                          | CUSIP: 13034RAU7<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   4555000 | PA      | $4650083.80   | 1.00%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** FundVantage Trust

**Signature:** Christine S. Catanzaro

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

**Title:** Treasurer and Chief Financial Officer