# EDGAR Filing Document

**Accession Number:** 0001388485
**File Stem:** 0001752724-23-038751
**Filing Date:** 2023-2
**Character Count:** 150465
**Document Hash:** a0b7a45da0252afbb2a3f02651f734ba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-038751.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001752724-23-038751

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230930

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22027
- **FILM NUMBER:** 23664766

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

AMBRUS CORE BOND FUND

#### Portfolio of Investments

#### December 31, 2022
(Unaudited)

---

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

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS CORE BOND FUND

#### Portfolio of Investments (Concluded)

#### December 31, 2022
(Unaudited)

---

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

---

---

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

---

---

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

---

------

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

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

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments

#### December 31, 2022
(Unaudited)

---

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

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2022
(Unaudited)

---

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

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2022
(Unaudited)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **California — (Continued)** | **California — (Continued)** | **California — (Continued)** |
| Department of Veterans Affairs Veteran's Farm & Home Purchase Program Revenue, Series A,<br> 1.250%, 6/1/27 | $40000 | $36201 |
| East Side Union High School District GO, Series A, OID, Refunding, Callable 08/01/26 at 100,<br> 2.125%, 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47008 |
| East Side Union High School District GO, Series B, Refunding,<br> 5.250%, 2/1/26, (NATL Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132208 |
| Fairfield, Series A, OID,<br> 0.000%, 4/1/24, (AGC Insured)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52824 |
| Fillmore Water Revenue, Refunding,<br> 4.000%, 5/1/30, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21495 |
| Fontana Redevelopment Agency Successor Agency, Series A, Refunding, Callable 10/01/27 at 100,<br> 5.000%, 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164083 |
| Golden State Tobacco Securitization Corp. Revenue, Series 1, Refunding,<br> 5.000%, 6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106065 |
| Hawthorne, Series 1, Refunding, Callable 09/01/27 at 103,<br> 4.000%, 9/1/29, (BAM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16018 |
| Indian Wells Redevelopment Agency Successor Agency, Series A, Refunding, Callable 09/01/26 at 100,<br> 5.000%, 9/1/28, (NATL Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21530 |
| Indio Finance Authority Revenue, Series A, Refunding, Callable 11/01/26 at 100,<br> 5.000%, 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10727 |
| Jurupa Public Financing Authority, Series A, Refunding,<br> 4.000%, 9/1/25, (AGM Insured) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20571 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2022
(Unaudited)

---

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

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2022
(Unaudited)

---

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

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2022
(Unaudited)

---

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

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2022
(Unaudited)

---

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

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2022
(Unaudited)

---

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

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2022
(Unaudited)

---

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

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND

#### Portfolio of Investments (Concluded)

#### December 31, 2022
(Unaudited)

---

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

---

---

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

---

------

(a) Zero coupon bond.

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

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

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

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments

#### December 31, 2022
(Unaudited)

---

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

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2022
(Unaudited)

---

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

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2022
(Unaudited)

---

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

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2022
(Unaudited)

---

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

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2022
(Unaudited)

---

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

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2022
(Unaudited)

---

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

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2022
(Unaudited)

---

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

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Continued)

#### December 31, 2022
(Unaudited)

---

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

---

---

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

---

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND

#### Portfolio of Investments (Concluded)

#### December 31, 2022
(Unaudited)

---

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

---

---

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

---

------

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

(b) Zero coupon bond.

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

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

---

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

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

AMBRUS FUNDS

#### Notes to the Quarterly Portfolio of Investments

#### December 31, 2022
(Unaudited)

A. Portfolio Valutation:

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

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

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

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

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

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

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

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

------

AMBRUS FUNDS

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

#### December 31, 2022
(Unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | &nbsp;&nbsp;**Total<br> Value at<br> 12/31/22** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Other<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| **Ambrus Core Bond Fund** | **Ambrus Core Bond Fund** |  |  |  |
| **Assets** |  |  |  |  |
| Corporate Bonds | $13627652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$13627652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| U.S. Treasury Obligations | &nbsp;&nbsp;11726615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11726615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Preferreds | &nbsp;&nbsp;&nbsp;&nbsp;2992100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2992100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715303 | &nbsp;&nbsp;&nbsp;&nbsp;715303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | $29345084 | &nbsp;&nbsp;$715303 | &nbsp;&nbsp;$28629781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| **Ambrus Tax-Conscious California Bond Fund** | **Ambrus Tax-Conscious California Bond Fund** |  |  |  |
| **Assets** |  |  |  |  |
| Municipal Bonds | $32487012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$32487012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Preferreds | &nbsp;&nbsp;&nbsp;&nbsp;4427706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4427706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;4354387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4354387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;1742616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810969 | &nbsp;&nbsp;&nbsp;&nbsp;810969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | $43822690 | &nbsp;&nbsp;$810969 | &nbsp;&nbsp;$43011721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| **Ambrus Tax-Conscious National Bond Fund** | **Ambrus Tax-Conscious National Bond Fund** |  |  |  |
| **Assets** |  |  |  |  |
| Municipal Bonds | $39245934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$39245934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;8326630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8326630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Preferreds | &nbsp;&nbsp;&nbsp;&nbsp;5858295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5858295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;3455105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3455105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501828 | &nbsp;&nbsp;&nbsp;&nbsp;501828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | $57387792 | &nbsp;&nbsp;$501828 | &nbsp;&nbsp;$56885964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

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

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

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

------

AMBRUS FUNDS

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

#### December 31, 2022
(Unaudited)

was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of Level 3 are disclosed when the Funds had an amount of transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the period ended December 31, 2022, there were no transfers in or out of Level 3.

For more information with regard to significant accounting policies, see the most recent annual report filed with the Securities and Exchange Commission.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 301 Bellevue Parkway

  - **City:** Wilmington

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

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

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

- **a. Name of Series:** Ambrus Core Bond Fund

- **b. EDGAR series identifier (if any):** S000077406

- **c. LEI of Series:** 549300YA8PDI3MDIBZ57

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $34550009.09

**Total Liabilities:** $4974434.54

**Net Assets:** $29575574.55

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 9.11107000 | **1-Year:** 1222.98133000 | **5-Year:** 4614.93608000 | **10-Year:** 1155.83947000 | **30-Year:** 0.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** 38.84636000 | **5-Year:** 134.38158000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237818 | -0.51%               | 2.01%                | 0.37%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-13241.50               | $11567.40                                  |
| Month 2  | $-3356.54                | $212764.56                                 |
| Month 3  | $-5962.72                | $-69810.34                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NORTHERN TRUST CORP                  | Northern Trust Corp                            | CUSIP: 665859AQ7<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |    300000 | PA      | $264037.65    | 0.89%             | N/A             | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO               | General Motors Financial Co Inc                | CUSIP: 37045XCA2<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    500000 | PA      | $422198.28    | 1.43%             | N/A             | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                       | Morgan Stanley                                 | CUSIP: 6174467Y9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    300000 | PA      | $291941.01    | 0.99%             | 2026-09-08      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                        | United States Treasury Bill                    | CUSIP: 912796ZD4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1917709.72   | 6.48%             | 2023-11-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EBAY INC                             | eBay Inc                                       | CUSIP: 278642AX1<br>LEI: OML71K8X303XQONU6T67 | Long             | DBT              | CORP              | US        |    200000 | PA      | $177806.36    | 0.60%             | 2026-05-10      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS               | Verizon Communications Inc                     | CUSIP: 92343VFS8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    200000 | PA      | $178863.69    | 0.60%             | 2025-11-20      | Fixed         | 0.85%                 | No            |                  2 | On Loan: No      |
| DUPONT DE NEMOURS INC                | DuPont de Nemours Inc                          | CUSIP: 26078JAC4<br>LEI: 5493004JF0SDFLM8GD76 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197067.23    | 0.67%             | 2025-11-15      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| BANK OF NEW YORK MELLON              | Bank of New York Mellon/The                    | CUSIP: 06405LAC5<br>LEI: HPFHU0OQ28E4N0NFVK49 | Long             | DBT              | CORP              | US        |    500000 | PA      | $501730.53    | 1.70%             | 2025-11-21      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC              | Jefferies Financial Group Inc                  | CUSIP: 47233JAG3<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    300000 | PA      | $297049.69    | 1.00%             | 2027-01-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| BOEING CO                            | Boeing Co/The                                  | CUSIP: 097023DE2<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    250000 | PA      | $238944.42    | 0.81%             | 2024-02-04      | Fixed         | 1.43%                 | No            |                  2 | On Loan: No      |
| SVB FINANCIAL GROUP                  | SVB Financial Group                            | CUSIP: 78486QAJ0<br>LEI: 549300D2KJ20JMXE7542 | Long             | DBT              | CORP              | US        |    400000 | PA      | $264508.01    | 0.89%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONTINENTAL RESOURCES                | Continental Resources Inc/OK                   | CUSIP: 212015AN1<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |    400000 | PA      | $389815.57    | 1.32%             | 2024-06-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| ILLUMINA INC                         | Illumina Inc                                   | CUSIP: 452327AN9<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |    500000 | PA      | $504395.04    | 1.71%             | 2025-12-12      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| MOHAWK INDUSTRIES INC                | Mohawk Industries Inc                          | CUSIP: 608190AL8<br>LEI: 549300JI1115MG3Q6322 | Long             | DBT              | CORP              | US        |    450000 | PA      | $389815.80    | 1.32%             | 2030-05-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| KROGER CO                            | Kroger Co/The                                  | CUSIP: 501044BT7<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |    594000 | PA      | $657228.23    | 2.22%             | 2029-06-01      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                      | United States Treasury Note/Bond               | CUSIP: 91282CCS8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    750000 | PA      | $610400.39    | 2.06%             | 2031-08-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY BANK                       | Synchrony Bank                                 | CUSIP: 87166FAD5<br>LEI: 549300UATVPGSLE43Z27 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246815.91    | 0.83%             | 2025-08-22      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL BUSINESS MACHINES CORP | INTERNATIONAL BUSINESS MACHINES CORP           | CUSIP: 459200HU8<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    500000 | PA      | $492900.13    | 1.67%             | 2024-02-12      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                        | Citigroup Inc                                  | CUSIP: 172967GF2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198416.07    | 0.67%             | N/A             | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| SOUTHWEST GAS CORP                   | Southwest Gas Corp                             | CUSIP: 845011AC9<br>LEI: OQQR1IQTGBKH0UR88X59 | Long             | DBT              | CORP              | US        |    500000 | PA      | $393370.88    | 1.33%             | 2030-06-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                  | JPMorgan Chase & Co                            | CUSIP: 46647PDM5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    750000 | PA      | $749733.95    | 2.53%             | 2025-12-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| JOHNSON & JOHNSON                    | Johnson & Johnson                              | CUSIP: 478160CQ5<br>LEI: 549300G0CFPGEF6X2043 | Long             | DBT              | CORP              | US        |    200000 | PA      | $162145.45    | 0.55%             | 2030-09-01      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                      | United States Treasury Note/Bond               | CUSIP: 9128282A7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    750000 | PA      | $684609.38    | 2.31%             | 2026-08-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| SOUTHWEST GAS CORP                   | Southwest Gas Corp                             | CUSIP: 845011AF2<br>LEI: OQQR1IQTGBKH0UR88X59 | Long             | DBT              | CORP              | US        |    400000 | PA      | $406431.26    | 1.37%             | 2027-12-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                 | Bank of America Corp                           | CUSIP: 06051GFU8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    400000 | PA      | $392746.03    | 1.33%             | 2026-03-03      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC              | Goldman Sachs Group Inc/The                    | CUSIP: 38141GYM0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    300000 | PA      | $263056.45    | 0.89%             | 2027-10-21      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                      | United States Treasury Note/Bond               | CUSIP: 912810TK4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $450078.13    | 1.52%             | 2042-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                | Wells Fargo & Co                               | CUSIP: 95000U2A0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    300000 | PA      | $279424.61    | 0.94%             | 2028-05-22      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                  | Global Payments Inc                            | CUSIP: 37940XAP7<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    300000 | PA      | $292025.45    | 0.99%             | 2027-08-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                     | Altria Group Inc                               | CUSIP: 02209SBD4<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    500000 | PA      | $481126.44    | 1.63%             | 2029-02-14      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                       | Air Lease Corp                                 | CUSIP: 00912XBA1<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    250000 | PA      | $237273.27    | 0.80%             | 2025-03-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                      | United States Treasury Note/Bond               | CUSIP: 91282CFJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    750000 | PA      | $713803.71    | 2.41%             | 2029-08-31      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| BLACKROCK INC                        | BlackRock Inc                                  | CUSIP: 09247XAS0<br>LEI: 549300LRIF3NWCU26A80 | Long             | DBT              | CORP              | US        |    200000 | PA      | $162051.80    | 0.55%             | 2032-02-25      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| AT&T INC                             | AT&T Inc                                       | CUSIP: 00206RGT3<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    500000 | PA      | $546272.99    | 1.85%             | 2031-12-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| DISCOVER FINANCIAL SVS               | Discover Financial Services                    | CUSIP: 254709AS7<br>LEI: Z1YLO2USPORE63VVUL20 | Long             | DBT              | CORP              | US        |    500000 | PA      | $511495.21    | 1.73%             | 2032-11-29      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| ZIONS BANCORP NA                     | Zions Bancorp NA                               | CUSIP: 98971DAB6<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | DBT              | CORP              | US        |    500000 | PA      | $410720.03    | 1.39%             | 2029-10-29      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC              | Goldman Sachs Group Inc/The                    | CUSIP: 38141GVR2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    300000 | PA      | $293508.17    | 0.99%             | 2025-10-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO               | General Motors Financial Co Inc                | CUSIP: 37045XDD5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    300000 | PA      | $264777.99    | 0.90%             | 2026-01-08      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                        | United States Treasury Bill                    | CUSIP: 912796ZQ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $978627.22    | 3.31%             | 2023-06-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KILROY REALTY LP                     | Kilroy Realty LP                               | CUSIP: 49427RAQ5<br>LEI: 5493008CT3N3JR7P1552 | Long             | DBT              | CORP              | US        |    100000 | PA      | $71518.76     | 0.24%             | 2032-11-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| TOSCO CORP                           | Tosco Corp                                     | CUSIP: 891490AR5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $547117.06    | 1.85%             | 2027-01-01      | Fixed         | 7.80%                 | No            |                  2 | On Loan: No      |
| BROADRIDGE FINANCIAL SOL             | Broadridge Financial Solutions Inc             | CUSIP: 11133TAD5<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | DBT              | CORP              | US        |    500000 | PA      | $425690.01    | 1.44%             | 2029-12-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                      | United States Treasury Note/Bond               | CUSIP: 91282CFG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1959375.00   | 6.62%             | 2024-08-31      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                  | Charles Schwab Corp/The                        | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    450000 | PA      | $390937.50    | 1.32%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                      | United States Treasury Note/Bond               | CUSIP: 91282CFF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $457031.25    | 1.55%             | 2032-08-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY ENERG             | Berkshire Hathaway Energy Co                   | CUSIP: 59562VAY3<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |    500000 | PA      | $494733.68    | 1.67%             | 2023-11-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                      | United States Treasury Note/Bond               | CUSIP: 91282CAE1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    750000 | PA      | $592236.33    | 2.00%             | 2030-08-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST CMNTY DEV ADMIN DE       | Maryland Community Development Administration  | CUSIP: 57419TYU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $283413.87    | 0.96%             | 2029-03-01      | Fixed         | 4.18%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                  | American Tower Corp                            | CUSIP: 03027XAV2<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    200000 | PA      | $191048.79    | 0.65%             | 2025-01-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                        | Citigroup Inc                                  | CUSIP: 172967KM2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    800000 | PA      | $778000.00    | 2.63%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HUNTSMAN INTERNATIONAL L             | Huntsman International LLC                     | CUSIP: 44701QBE1<br>LEI: 3YTEJFW18LGIUQ2N5J61 | Long             | DBT              | CORP              | US        |    500000 | PA      | $451560.28    | 1.53%             | 2029-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC                    | L3Harris Technologies Inc                      | CUSIP: 502431AF6<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |    500000 | PA      | $429031.83    | 1.45%             | 2029-12-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| APPLE INC                            | Apple Inc                                      | CUSIP: 037833EP1<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    150000 | PA      | $137341.35    | 0.46%             | 2032-08-08      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                           | Intel Corp                                     | CUSIP: 458140BZ2<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    200000 | PA      | $191024.57    | 0.65%             | 2029-08-05      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                      | United States Treasury Note/Bond               | CUSIP: 91282CFE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1250000 | PA      | $1214697.26   | 4.11%             | 2025-08-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management   | Dreyfus Government Cash Management             | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |   5626737 | NS      | $5626736.56   | 19.02%            |  |  |  | No            |                  1 | On Loan: No      |
| WEYERHAEUSER CO                      | Weyerhaeuser Co                                | CUSIP: 962166BR4<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | DBT              | CORP              | US        |    250000 | PA      | $278052.37    | 0.94%             | 2032-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                 | Bank of America Corp                           | CUSIP: 060505EH3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    700000 | PA      | $674002.61    | 2.28%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| WI TREASURY N/B                      | United States Treasury Note/Bond - When Issued | CUSIP: 91282CFH9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1250000 | PA      | $1204296.88   | 4.07%             | 2027-08-31      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                      | United States Treasury Note/Bond               | CUSIP: 9128284V9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $943750.00    | 3.19%             | 2028-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** FundVantage Trust

**Signature:** T. Richard Keyes

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

**Title:** Treasurer and Chief Financial Officer