AMBRUS CORE BOND FUND
Portfolio of Investments
December 31, 2023
(Unaudited)
Par Value | Value | ||
U.S. TREASURY OBLIGATIONS — 46.5% | |||
United States Treasury Bills, 5.288%, 6/13/24(a) | $ 6,650,000 | $ 6,498,063 | |
United States Treasury Bonds, | |||
3.875%, 5/15/43 | 2,400,000 | 2,297,250 | |
1.25%, 5/15/50 | 6,250,000 | 3,388,916 | |
United States Treasury Notes, | |||
5.50%, 4/30/25(b) | 9,000,000 | 8,996,641 | |
4.25%, 5/31/25 | 14,250,000 | 14,200,737 | |
4.125%, 6/15/26 | 18,100,000 | 18,104,949 | |
3.625%, 5/31/28 | 22,000,000 | 21,789,024 | |
3.625%, 5/31/30 | 19,250,000 | 19,108,633 | |
3.375%, 5/15/33 | 7,000,000 | 6,733,125 | |
U.S. TREASURY OBLIGATIONS (Cost $99,760,108) | 101,117,338 | ||
CORPORATE BONDS — 40.6% | |||
Communications — 1.2% | |||
AT&T, Inc., 7.125%, 12/15/31 | 500,000 | 558,817 | |
Paramount Global, 5.50%, 5/15/33 | 1,000,000 | 947,713 | |
Verizon Communications, Inc., 6.741%, 5/15/25(b) | 1,000,000 | 1,006,076 | |
2,512,606 | |||
Consumer Discretionary — 3.2% | |||
Advance Auto Parts, Inc., 3.50%, 3/15/32 | 850,000 | 705,900 | |
Darden Restaurants, Inc., 6.30%, 10/10/33 | 1,650,000 | 1,778,114 | |
Hyatt Hotels Corp., 1.80%, 10/1/24 | 800,000 | 776,514 | |
Masco Corp., 3.50%, 11/15/27 | 1,000,000 | 952,298 | |
Mohawk Industries, Inc., 3.625%, 5/15/30 | 450,000 | 417,143 | |
Polaris, Inc., 6.95%, 3/15/29 | 1,000,000 | 1,063,799 | |
Tapestry, Inc., 3.05%, 3/15/32 | 1,000,000 | 814,556 | |
VF Corp., 6.00%, 10/15/33 | 500,000 | 486,703 | |
6,995,027 | |||
Consumer Staple Products — 2.2% | |||
Dollar General Corp., 4.15%, 11/1/25 | 750,000 | 738,248 | |
J M Smucker Co. (The), 6.20%, 11/15/33 | 650,000 | 710,784 | |
Kroger Co. (The), 7.70%, 6/1/29 | 2,064,000 | 2,333,858 | |
Sysco Corp., 3.75%, 10/1/25 | 1,000,000 | 976,590 | |
4,759,480 |
Par Value | Value | ||
CORPORATE BONDS — (Continued) | |||
Energy — 1.7% | |||
Continental Resources, Inc., 3.80%, 6/1/24 | $ 400,000 | $ 396,977 | |
Hess Corp., 3.50%, 7/15/24 | 500,000 | 494,228 | |
Kinder Morgan, Inc., 7.80%, 8/1/31 | 1,500,000 | 1,719,896 | |
Tosco Corp., 7.80%, 1/1/27 | 500,000 | 539,097 | |
Valero Energy Corp., 2.85%, 4/15/25 | 500,000 | 484,146 | |
3,634,344 | |||
Financials — 14.9% | |||
Air Lease Corp., 3.25%, 3/1/25 | 1,300,000 | 1,267,189 | |
American Express Co., 6.036%, 11/4/26(b) | 1,420,000 | 1,402,039 | |
American Tower Corp., REIT, 2.95%, 1/15/25 | 1,000,000 | 976,474 | |
Bank of America Corp., 4.20%, 8/26/24 | 1,000,000 | 991,057 | |
Bank of America Corp., 0.981%, 9/25/25 | 1,000,000 | 965,484 | |
Bank of New York Mellon (The), 5.224%, 11/21/25 | 500,000 | 500,080 | |
Bank of New York Mellon Corp. (The), 4.543%, 2/1/29 | 2,000,000 | 1,988,660 | |
Discover Financial Services, 3.95%, 11/6/24 | 1,000,000 | 983,228 | |
Discover Financial Services, 7.964%, 11/2/34 | 2,000,000 | 2,229,109 | |
Equitable Holdings, Inc., 5.594%, 1/11/33 | 1,000,000 | 1,032,451 | |
Goldman Sachs Group, Inc. (The), 4.25%, 10/21/25 | 300,000 | 294,681 | |
Goldman Sachs Group, Inc. (The), 1.948%, 10/21/27 | 1,300,000 | 1,190,144 | |
Goldman Sachs Group, Inc. (The), 7.265%, 3/15/28(b) | 500,000 | 504,627 | |
Goldman Sachs Group, Inc. (The), 4.482%, 8/23/28 | 1,000,000 | 983,740 | |
Hudson Pacific Properties LP, REIT, 4.65%, 4/1/29 | 500,000 | 406,247 | |
Jefferies Financial Group, Inc., 5.875%, 7/21/28 | 1,300,000 | 1,334,979 | |
Jefferies Financial Group, Inc., 2.625%, 10/15/31 | 1,000,000 | 830,457 | |
Jones Lang LaSalle, Inc., 6.875%, 12/1/28 | 825,000 | 873,018 |
See accompanying Notes to the Quarterly Portfolio of Investments.
1
AMBRUS CORE BOND FUND
Portfolio of Investments (Continued)
December 31, 2023
(Unaudited)
Par Value | Value | ||
CORPORATE BONDS — (Continued) | |||
Financials — (Continued) | |||
JPMorgan Chase & Co., 5.546%, 12/15/25 | $2,000,000 | $ 2,001,727 | |
JPMorgan Chase & Co., 6.582%, 2/24/28(b) | 500,000 | 500,989 | |
Kilroy Realty LP, REIT, 2.50%, 11/15/32 | 100,000 | 75,942 | |
LPL Holdings, Inc., 6.75%, 11/17/28 | 1,000,000 | 1,066,645 | |
Morgan Stanley, 4.35%, 9/8/26 | 800,000 | 785,983 | |
Northern Trust Corp., 3.375%, 5/8/32 | 919,000 | 851,286 | |
PNC Bank, 4.20%, 11/1/25 | 1,000,000 | 980,440 | |
Synchrony Financial, 3.70%, 8/4/26 | 1,050,000 | 989,038 | |
Synchrony Financial, 2.875%, 10/28/31 | 1,825,000 | 1,466,490 | |
US Bancorp, 4.653%, 2/1/29 | 1,000,000 | 985,670 | |
Vornado Realty LP, REIT, 3.40%, 6/1/31 | 500,000 | 387,659 | |
Wells Fargo & Co., 3.584%, 5/22/28 | 300,000 | 286,263 | |
Wells Fargo Bank, 6.50%, 12/1/28 | 1,000,000 | 1,044,622 | |
Weyerhaeuser Co., REIT, 7.375%, 3/15/32 | 1,050,000 | 1,221,571 | |
Zions Bancorp, 3.25%, 10/29/29 | 1,315,000 | 1,077,061 | |
32,475,050 | |||
Health Care — 2.6% | |||
AbbVie, Inc., 2.60%, 11/21/24 | 700,000 | 684,146 | |
Amgen, Inc., 6.375%, 6/1/37 | 1,300,000 | 1,443,905 | |
Cigna Group (The), 3.25%, 4/15/25 | 1,890,000 | 1,845,641 | |
Illumina, Inc., 5.80%, 12/12/25 | 750,000 | 753,226 | |
McKesson Corp., 5.25%, 2/15/26 | 1,000,000 | 1,000,078 | |
5,726,996 | |||
Industrials — 5.2% | |||
3M Co., 2.65%, 4/15/25 | 2,000,000 | 1,939,415 | |
Boeing Co. (The), 1.433%, 2/4/24 | 750,000 | 746,855 | |
Jacobs Engineering Group, Inc., 5.90%, 3/1/33 | 1,300,000 | 1,331,070 | |
Northrop Grumman Systems Corp., 7.75%, 2/15/31 | 2,000,000 | 2,329,956 | |
PACCAR Financial Corp., 4.60%, 1/10/28 | 1,000,000 | 1,010,497 | |
RTX Corp., 2.375%, 3/15/32 | 2,000,000 | 1,669,520 |
Par Value | Value | ||
CORPORATE BONDS — (Continued) | |||
Industrials — (Continued) | |||
Trimble, Inc., 6.10%, 3/15/33 | $1,300,000 | $ 1,391,154 | |
Union Pacific Corp., 3.646%, 2/15/24 | 1,000,000 | 997,338 | |
11,415,805 | |||
Materials — 2.2% | |||
Albemarle Corp., 5.05%, 6/1/32 | 2,325,000 | 2,274,680 | |
Huntsman International, LLC, 4.50%, 5/1/29 | 1,250,000 | 1,205,982 | |
LYB International Finance III, LLC, 3.375%, 5/1/30 | 1,000,000 | 871,393 | |
LyondellBasell Industries NV, 5.75%, 4/15/24 | 500,000 | 500,063 | |
4,852,118 | |||
Real Estate — 0.5% | |||
Invitation Homes Operating Partnership LP, REIT, 5.45%, 8/15/30 | 1,000,000 | 1,010,012 | |
Technology — 4.8% | |||
Arrow Electronics, Inc., 6.125%, 3/1/26 | 1,265,000 | 1,266,641 | |
Booz Allen Hamilton, Inc., 5.95%, 8/4/33 | 1,000,000 | 1,057,646 | |
Broadridge Financial Solutions, Inc., 2.90%, 12/1/29 | 1,300,000 | 1,166,254 | |
Equifax, Inc., 3.10%, 5/15/30 | 500,000 | 448,199 | |
Fortinet, Inc., 2.20%, 3/15/31 | 1,000,000 | 839,084 | |
International Business Machines Corp., 3.625%, 2/12/24 | 500,000 | 498,813 | |
Leidos, Inc., 7.125%, 7/1/32 | 2,400,000 | 2,650,440 | |
Microchip Technology, Inc., 0.983%, 9/1/24 | 1,000,000 | 969,186 | |
Motorola Solutions, Inc., 2.30%, 11/15/30 | 1,000,000 | 846,270 | |
Teledyne Technologies, Inc., 2.75%, 4/1/31 | 750,000 | 654,042 | |
10,396,575 | |||
Utilities — 2.1% | |||
Florida Power & Light Co., 5.05%, 4/1/28 | 1,850,000 | 1,894,142 | |
NextEra Energy Capital Holdings, Inc., 6.051%, 3/1/25 | 500,000 | 504,828 | |
NextEra Energy Capital Holdings, Inc., 5.05%, 2/28/33 | 750,000 | 753,390 |
See accompanying Notes to the Quarterly Portfolio of Investments.
2
AMBRUS CORE BOND FUND
Portfolio of Investments (Continued)
December 31, 2023
(Unaudited)
Par Value | Value | ||
CORPORATE BONDS — (Continued) | |||
Utilities — (Continued) | |||
Southwestern Electric Power Co., 5.30%, 4/1/33 | $ 500,000 | $ 501,393 | |
System Energy Resources, Inc., 6.00%, 4/15/28 | 1,000,000 | 1,022,204 | |
4,675,957 | |||
TOTAL CORPORATE BONDS (Cost $86,175,266) | 88,453,970 |
Par Value/ Shares | ||
PREFERREDS — 7.3% | ||
Consumer Discretionary — 0.6% | ||
General Motors Financial Co., Inc., 5.75%, 9/30/27 | 1,550,000 | 1,378,725 |
Financials — 6.7% | ||
Bank of America Corp., 6.25%, 9/5/24 | 700,000 | 696,042 |
Bank of New York Mellon Corp. (The), 4.70%, 9/20/25 | 250,000 | 244,313 |
Bank of New York Mellon Corp. (The), 3.70%, 3/20/26 | 740,000 | 694,970 |
Bank of New York Mellon Corp. (The), 4.625%, 9/20/26 | 1,500,000 | 1,431,080 |
Citigroup, Inc., 6.30%, 5/15/24 | 1,425,000 | 1,409,780 |
Citigroup, Inc., 6.25%, 8/15/26 | 1,200,000 | 1,187,409 |
Citigroup, Inc., 7.625%, 11/15/28 | 1,000,000 | 1,022,053 |
JPMorgan Chase & Co., 6.75%, 2/1/24 | 625,000 | 624,147 |
JPMorgan Chase & Co., 6.10%, 10/1/24 | 1,500,000 | 1,492,424 |
M&T Bank Corp., 6.45%, 2/15/24 | 475,000 | 471,958 |
Morgan Stanley, 6.875%, 4/15/24 | 39,395 | 985,663 |
Northern Trust Corp., 4.60%, 10/1/26 | 1,550,000 | 1,483,808 |
State Street Corp., 5.90%, 3/15/24 | 40,000 | 1,001,200 |
State Street Corp., 8.185%, 3/15/24(b) | 1,050,000 | 1,042,125 |
State Street Corp., 5.35%, 3/15/26 | 20,000 | 474,200 |
Wells Fargo & Co., 7.625%, 9/15/28 | 325,000 | 340,939 |
14,602,111 | ||
TOTAL PREFERREDS (Cost $15,321,724) | 15,980,836 |
Principal Amount | Value | ||
MUNICIPAL BONDS — 0.6% | |||
California — 0.5% | |||
California Educational Facilities Authority Revenue, Series A, Callable 04/01/27 at 100, 3.561%, 4/1/31 | $500,000 | $ 452,612 | |
State of California GO, 5.222%, 3/1/24 | 250,000 | 249,915 | |
State of California GO, 4.846%, 3/1/27 | 150,000 | 151,656 | |
State of California GO, 6.00%, 3/1/33 | 100,000 | 109,640 | |
963,823 | |||
Maryland — 0.1% | |||
Maryland Community Development Administration Revenue, Social Bonds, Series C, 4.177%, 3/1/29, (GNMA/FNMA/FHLMC Insured) | 300,000 | 291,679 | |
TOTAL MUNICIPAL BONDS (Cost $1,251,577) | 1,255,502 |
Number of Shares | ||
SHORT-TERM INVESTMENT — 4.0% | ||
Dreyfus Government Cash Management Fund, Institutional Shares, 5.25%(c) | 8,649,408 | 8,649,408 |
TOTAL SHORT-TERM INVESTMENT (Cost $8,649,408) | 8,649,408 | |
TOTAL INVESTMENTS - 99.0% (Cost $211,158,083) | 215,457,054 | |
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.0% | 2,164,450 | |
NET ASSETS - 100.0% | $217,621,504 |
(a) | Rate represents annualized yield at date of purchase. |
(b) | The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at December 31, 2023. |
(c) | Rate disclosed is the 7-day yield at December 31, 2023. |
FHLMC | Federal Home Loan Mortgage Corp. |
FNMA | Federal National Mortgage Association |
See accompanying Notes to the Quarterly Portfolio of Investments.
3
AMBRUS CORE BOND FUND
Portfolio of Investments (Concluded)
December 31, 2023
(Unaudited)
GNMA | Government National Mortgage Association |
GO | General Obligation |
LLC | Limited Liability Company |
LP | Limited Partnership |
REIT | Real Estate Investment Trust |
See accompanying Notes to the Quarterly Portfolio of Investments.
4
AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND
Portfolio of Investments
December 31, 2023
(Unaudited)
Principal Amount | Value | ||
MUNICIPAL BONDS — 69.0% | |||
California — 55.4% | |||
Albany Unified School District GO, Series B, Callable 08/01/26 at 100, 5.00%, 8/1/43 | $1,000,000 | $ 1,046,172 | |
Antioch Unified School District GO, OID, Callable 08/01/25 at 100, 4.00%, 8/1/40, (BAM Insured) | 575,000 | 579,004 | |
Berkeley Joint Powers Financing Authority Revenue, OID, Refunding, Callable 01/29/24 at 100, 3.00%, 10/1/27 | 25,000 | 25,005 | |
Beverly Hills Unified School District GO, CAB, OID, Refunding, Callable 08/01/26 at 67, 0.00%, 8/1/37(a) | 500,000 | 311,704 | |
Cabrillo Unified School District GO, Series A, Callable 08/01/26 at 100, 5.00%, 8/1/48 | 625,000 | 647,266 | |
California Community Choice Financing Authority Revenue, Callable 05/01/29 at 100, 5.00%, 7/1/53(b) | 1,000,000 | 1,062,735 | |
California Community Choice Financing Authority Revenue, Series B-1, Callable 05/01/31 at 101, 4.00%, 2/1/52(b) | 1,000,000 | 1,007,429 | |
California Educational Facilities Authority Revenue, Series A, Callable 10/01/28 at 100, 5.00%, 10/1/48 | 70,000 | 73,101 | |
California Enterprise Development Authority Revenue, Callable 11/01/27 at 100, 5.00%, 11/1/34 | 215,000 | 234,686 | |
California Health Facilities Financing Authority Revenue, Callable 02/01/27 at 100, 5.00%, 2/1/29 | 40,000 | 42,576 |
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
California — (Continued) | |||
California Health Facilities Financing Authority Revenue, Callable 11/15/24 at 100, 5.00%, 11/15/35 | $ 365,000 | $ 368,250 | |
California Health Facilities Financing Authority Revenue, Refunding, Callable 04/01/26 at 100, 5.00%, 4/1/27, (CA MTG Insured) | 5,000 | 5,280 | |
California Health Facilities Financing Authority Revenue, Refunding, Callable 11/15/27 at 100, 5.00%, 11/15/38 | 250,000 | 264,292 | |
California Health Facilities Financing Authority Revenue, Refunding, Callable 11/15/27 at 100, 5.00%, 11/15/48 | 25,000 | 25,931 | |
California Health Facilities Financing Authority Revenue, Series A, Callable 08/15/24 at 100, 5.00%, 8/15/27 | 20,000 | 20,264 | |
California Health Facilities Financing Authority Revenue, Series A, Callable 08/15/26 at 100, 5.00%, 8/15/34 | 410,000 | 434,287 | |
California Health Facilities Financing Authority Revenue, Series A, Callable 10/01/24 at 100, 4.00%, 10/1/28 | 100,000 | 100,557 | |
California Health Facilities Financing Authority Revenue, Series A, Callable 11/15/27 at 100, 5.00%, 11/15/28 | 15,000 | 16,379 | |
California Health Facilities Financing Authority Revenue, Series A, Refunding, 4.00%, 10/1/26 | 65,000 | 66,764 |
See accompanying Notes to the Quarterly Portfolio of Investments.
5
AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND
Portfolio of Investments (Continued)
December 31, 2023
(Unaudited)
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
California — (Continued) | |||
California Health Facilities Financing Authority Revenue, Series A, Refunding, Callable 11/15/27 at 100, 5.00%, 11/15/34 | $1,345,000 | $ 1,471,629 | |
California Health Facilities Financing Authority Revenue, Series A2, Callable 11/01/27 at 100, 4.00%, 11/1/44 | 2,100,000 | 2,100,519 | |
California Infrastructure & Economic Development Bank Revenue, Callable 05/15/28 at 100, 5.00%, 5/15/47 | 1,130,000 | 1,202,898 | |
California Infrastructure & Economic Development Bank Revenue, Callable 08/01/29 at 100, 5.00%, 8/1/44 | 1,650,000 | 1,801,438 | |
California Infrastructure & Economic Development Bank Revenue, OID, Refunding, 3.20%, 10/1/29 | 1,785,000 | 1,650,821 | |
California Infrastructure & Economic Development Bank Revenue, Refunding, Callable 11/01/26 at 100, 5.00%, 5/1/28 | 20,000 | 21,319 | |
California Municipal Finance Authority Revenue, Callable 11/15/28 at 100, 5.00%, 5/15/36, (BAM-TCRS Insured) | 500,000 | 537,266 | |
California State University Revenue, Series A, Refunding, Callable 11/01/28 at 100, 5.00%, 11/1/43 | 1,900,000 | 2,066,667 | |
California Statewide Communities Development Authority Revenue, Callable 02/01/28 at 100, 5.00%, 8/1/29 | 300,000 | 318,106 |
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
California — (Continued) | |||
California Statewide Communities Development Authority Revenue, Refunding, 5.00%, 3/1/28 | $ 100,000 | $ 107,316 | |
California Statewide Communities Development Authority Revenue, Refunding, Callable 03/01/28 at 100, 5.00%, 3/1/33 | 160,000 | 171,202 | |
California Statewide Communities Development Authority Revenue, Series A, 5.00%, 4/1/28 | 20,000 | 21,494 | |
Cathedral City Redevelopment Agency Successor Agency, Series A, Refunding, Callable 08/01/24 at 100, 5.00%, 8/1/29, (AGM Insured) | 705,000 | 713,229 | |
Centinela Valley Union High School District GO, Series C, Refunding, Callable 08/01/26 at 100, 4.00%, 8/1/34, (AGM Insured) | 1,000,000 | 1,021,092 | |
Chino Community Facilities District, 5.00%, 9/1/24 | 180,000 | 182,041 | |
Chowchilla Elementary School District GO, Callable 08/01/26 at 100, 5.00%, 8/1/43 | 580,000 | 605,462 | |
City & County of San Francisco Community Facilities District No 2014-1, Series A, 5.00%, 9/1/27 | 145,000 | 155,679 | |
City & County of San Francisco Community Facilities District No 2014-1, Series A, 5.00%, 9/1/28 | 100,000 | 109,431 | |
City & County of San Francisco Community Facilities District No 2014-1, Series A, 5.00%, 9/1/29 | 100,000 | 111,263 | |
City & County of San Francisco Community Facilities District No 2014-1, Series A, 5.00%, 9/1/30 | 150,000 | 168,938 |
See accompanying Notes to the Quarterly Portfolio of Investments.
6
AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND
Portfolio of Investments (Continued)
December 31, 2023
(Unaudited)
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
California — (Continued) | |||
Coachella Valley Unified School District, OID, Refunding, Callable 09/01/24 at 100, 3.50%, 9/1/28, (BAM Insured) | $ 50,000 | $ 50,255 | |
Coachella Valley Unified School District GO, OID, Refunding, Callable 08/01/24 at 100, 4.00%, 8/1/27, (BAM Insured) | 5,000 | 5,038 | |
Colusa Unified School District GO, Callable 05/01/25 at 100, 4.00%, 5/1/34, (AGM Insured) | 510,000 | 514,285 | |
Compton Unified School District GO, Series B, Callable 06/01/27 at 100, 4.00%, 6/1/32, (BAM Insured) | 140,000 | 145,467 | |
Department of Veterans Affairs Veteran's Farm & Home Purchase Program Revenue, Series A, 0.75%, 12/1/24 | 300,000 | 290,475 | |
Department of Veterans Affairs Veteran's Farm & Home Purchase Program Revenue, Series A, 1.25%, 6/1/27 | 40,000 | 36,294 | |
East Side Union High School District GO, Series A, OID, Refunding, Callable 08/01/26 at 100, 2.125%, 8/1/29 | 50,000 | 47,465 | |
East Side Union High School District GO, Series B, Refunding, 5.25%, 2/1/26, (NATL Insured) | 125,000 | 129,150 | |
Eastern Municipal Water District Financing Authority Revenue, Series B, Unrefunded portion, Callable 07/01/26 at 100, 4.00%, 7/1/35 | 250,000 | 256,414 | |
Escondido Union School District GO, Series B, Callable 08/01/27 at 100, 4.00%, 8/1/47 | 1,150,000 | 1,159,340 | |
Fairfield, Series A, OID, 0.00%, 4/1/24, (AGC Insured)(a) | 55,000 | 54,559 |
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
California — (Continued) | |||
Fillmore Wastewater Revenue, Refunding, Callable 05/01/27 at 100, 5.00%, 5/1/47, (AGM Insured) | $1,175,000 | $ 1,231,538 | |
Folsom Cordova Unified School District GO, Series D, Callable 10/01/26 at 100, 4.00%, 10/1/44, (AGM Insured) | 550,000 | 551,265 | |
Folsom Cordova Unified School District School Facilities Improvement Dist No 5 GO, Series A, OID, Callable 10/01/25 at 100, 4.00%, 10/1/40 | 2,325,000 | 2,325,825 | |
Fresno County Financing Authority Revenue, Refunding, Callable 04/01/26 at 100, 3.00%, 4/1/29 | 375,000 | 376,343 | |
Fresno Unified School District GO, Series B, Refunding, Callable 08/01/26 at 100, 4.00%, 8/1/46 | 1,485,000 | 1,478,249 | |
Gardena Revenue, MWC, 2.663%, 4/1/28 | 815,000 | 755,162 | |
Grossmont Healthcare District GO, Series D, Refunding, Callable 07/15/25 at 100, 4.00%, 7/15/40 | 1,000,000 | 1,001,951 | |
Hayward Unified School District, Callable 08/01/27 at 100, 5.25%, 8/1/52 | 1,000,000 | 1,045,756 | |
Hayward Unified School District GO, Refunding, Callable 08/01/28 at 100, 4.00%, 8/1/43, (BAM Insured) | 1,000,000 | 1,010,786 | |
Imperial Community College District GO, Series A, Callable 08/01/33 at 100, 5.25%, 8/1/53, (AGM Insured) | 900,000 | 1,014,372 | |
Indian Wells Redevelopment Agency Successor Agency, Series A, Refunding, Callable 09/01/26 at 100, 5.00%, 9/1/28, (NATL Insured) | 20,000 | 21,288 |
See accompanying Notes to the Quarterly Portfolio of Investments.
7
AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND
Portfolio of Investments (Continued)
December 31, 2023
(Unaudited)
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
California — (Continued) | |||
Inglewood Unified School District GO, Series B, Callable 08/01/26 at 100, 5.00%, 8/1/38, (BAM Insured) | $1,505,000 | $ 1,568,727 | |
Irvine Facilities Financing Authority Revenue, Callable 05/01/26 at 100, 5.25%, 5/1/43 | 1,710,000 | 1,783,670 | |
Irvine Ranch Water District, Callable 08/01/26 at 100, 5.25%, 2/1/46 | 2,000,000 | 2,093,823 | |
Kern High School District GO, Series E, OID, 2.00%, 8/1/27 | 100,000 | 96,541 | |
Local Public Schools Funding Authority School Improvement District No 2016-1 GO, Series A, Callable 08/01/27 at 100, 4.00%, 8/1/42, (BAM Insured) | 770,000 | 778,208 | |
Lodi Unified School District GO, Series 2020, Callable 08/01/27 at 100, 4.00%, 8/1/40 | 995,000 | 1,011,348 | |
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Series A, Callable 07/01/28 at 100, 5.00%, 7/1/44 | 825,000 | 893,138 | |
Los Angeles County Public Works Financing Authority Revenue, Series A, Callable 12/01/30 at 100, 5.00%, 12/1/45 | 500,000 | 553,289 | |
Los Angeles County Public Works Financing Authority Revenue, Series D, Callable 12/01/25 at 100, 5.00%, 12/1/32 | 150,000 | 156,476 | |
Los Angeles County Public Works Financing Authority Revenue, Series E-1, Callable 12/01/29 at 100, 5.00%, 12/1/49 | 100,000 | 108,142 |
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
California — (Continued) | |||
Los Angeles County Schools Regionalized Business Services Corp., Series A3, OID, Refunding, Callable 01/29/24 at 100, 3.75%, 9/1/26, (AGM Insured) | $ 15,000 | $ 15,011 | |
Los Angeles Department of Airports Revenue, Refunding, Callable 05/15/29 at 100, 5.00%, 5/15/43 | 2,000,000 | 2,182,401 | |
Los Angeles Department of Water & Power Revenue, Callable 07/01/31 at 100, 5.00%, 7/1/51 | 85,000 | 94,313 | |
Los Angeles Department of Water & Power Revenue, Series A, Callable 01/01/27 at 100, 5.00%, 7/1/47 | 1,000,000 | 1,044,617 | |
Los Angeles Department of Water & Power Revenue, Series A, Callable 01/01/29 at 100, 5.00%, 7/1/45 | 600,000 | 649,518 | |
Los Angeles Department of Water & Power Revenue, Series A, Refunding, Callable 01/01/26 at 100, 5.00%, 7/1/40 | 1,580,000 | 1,637,071 | |
Los Angeles Department of Water & Power Revenue, Series D, Refunding, Callable 07/01/29 at 100, 5.00%, 7/1/44 | 640,000 | 699,248 | |
Los Angeles Department of Water & Power Water System Revenue, Series A, Refunding, Callable 01/01/26 at 100, 5.00%, 7/1/46 | 1,755,000 | 1,810,316 | |
Los Angeles Department of Water & Power Water System Revenue, Series A, Refunding, Callable 01/01/27 at 100, 5.00%, 7/1/44 | 250,000 | 262,447 |
See accompanying Notes to the Quarterly Portfolio of Investments.
8
AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND
Portfolio of Investments (Continued)
December 31, 2023
(Unaudited)
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
California — (Continued) | |||
Los Angeles Housing Authority Revenue, Series A, Refunding, Callable 06/01/26 at 100, 4.00%, 6/1/27, (HUD SECT 8 Insured) | $ 5,000 | $ 5,171 | |
Los Angeles Solid Waste Resources Revenue, Series A, OID, Callable 01/29/24 at 100, 2.25%, 2/1/25 | 250,000 | 246,265 | |
Los Angeles Unified School District, Series A, 5.00%, 10/1/28 | 955,000 | 1,069,271 | |
Los Angeles Unified School District GO, Series A, Callable 07/01/25 at 100, 4.00%, 7/1/40 | 3,000,000 | 3,002,009 | |
Los Angeles Unified School District GO, Series B, Refunding, Callable 07/01/26 at 100, 3.00%, 7/1/32 | 1,220,000 | 1,218,141 | |
Lucia Mar Unified School District GO, Series A, OID, Callable 08/01/27 at 100, 4.00%, 8/1/46 | 1,500,000 | 1,508,379 | |
Lucia Mar Unified School District GO, Series B, Callable 08/01/28 at 100, 5.00%, 8/1/42 | 535,000 | 575,726 | |
Marin Healthcare District GO, Callable 08/01/25 at 100, 4.00%, 8/1/40 | 1,000,000 | 1,002,998 | |
Martinez Unified School District GO, Refunding, Callable 08/01/26 at 100, 4.00%, 8/1/28 | 20,000 | 20,784 | |
Metropolitan Water District of Southern California Revenue, Series B, Refunding, 3.00%, 7/1/28 | 1,800,000 | 1,819,367 | |
Montebello Public Financing Authority Revenue, Series B, OID, 6.20%, 11/1/32 | 1,000,000 | 1,038,233 |
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
California — (Continued) | |||
Napa Valley Unified School District GO, Series C, Callable 08/01/26 at 100, 4.00%, 8/1/44, (AGM Insured) | $ 555,000 | $ 558,906 | |
Norman Y Mineta San Jose International Airport SJC Revenue, Series B, Refunding, Callable 03/01/27 at 100, 5.00%, 3/1/42 | 165,000 | 173,427 | |
Northern California Energy Authority Revenue, Series A, MWC, Callable 04/01/24 at 100, 4.00%, 7/1/49(b) | 1,000,000 | 1,001,030 | |
Oxnard Union High School District, OID, Callable 06/01/29 at 100, 2.25%, 6/1/39, (AGM Insured) | 330,000 | 264,773 | |
Oxnard Union High School District GO, Series B, Callable 08/01/28 at 100, 5.00%, 8/1/45 | 1,000,000 | 1,071,420 | |
Palomar Health GO, Series B, Refunding, Callable 08/01/26 at 100, 4.00%, 8/1/33 | 200,000 | 202,927 | |
Perris Public Financing Authority, Series B, OID, Refunding, Callable 10/01/25 at 100, 3.75%, 10/1/31 | 1,620,000 | 1,628,110 | |
Piedmont Unified School District GO, Series C, OID, Callable 08/01/31 at 100, 2.125%, 8/1/41 | 455,000 | 335,089 | |
Pittsburg Successor Agency Redevelopment Agency, Series A, Refunding, 5.00%, 9/1/26, (AGM Insured) | 100,000 | 105,321 | |
Ravenswood City School District GO, Callable 08/01/26 at 100, 5.00%, 8/1/29 | 300,000 | 319,571 | |
Riverside Community College District, Callable 06/01/25 at 100, 5.00%, 6/1/37 | 210,000 | 215,788 |
See accompanying Notes to the Quarterly Portfolio of Investments.
9
AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND
Portfolio of Investments (Continued)
December 31, 2023
(Unaudited)
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
California — (Continued) | |||
Riverside Community College District, Callable 06/01/25 at 100, 5.00%, 6/1/38 | $ 255,000 | $ 261,464 | |
Riverside Community College District, Callable 06/01/25 at 100, 5.00%, 6/1/39 | 325,000 | 332,857 | |
Riverside Community College District, Callable 06/01/25 at 100, 5.25%, 6/1/43 | 1,670,000 | 1,710,229 | |
Riverside Community College District, Callable 06/01/25 at 100, 5.25%, 6/1/49 | 2,000,000 | 2,043,874 | |
Riverside County Redevelopment Successor Agency, Series A, CAB, OID, Refunding, Callable 10/01/26 at 100, 5.00%, 10/1/31, (BAM Insured) | 500,000 | 531,682 | |
Riverside County Redevelopment Successor Agency, Series A, Refunding, Callable 10/01/27 at 100, 4.00%, 10/1/39, (BAM Insured) | 1,000,000 | 1,015,904 | |
Riverside County Transportation Commission Sales Tax Revenue, Series A, Callable 06/01/27 at 100, 5.00%, 6/1/39 | 440,000 | 469,243 | |
Sacramento Area Flood Control Agency, Refunding, Callable 10/01/26 at 100, 5.00%, 10/1/36 | 505,000 | 535,031 | |
Sacramento County Sanitation Districts Financing Authority Revenue, Series A, Refunding, Callable 06/01/24 at 100, 5.00%, 12/1/31 | 175,000 | 176,248 | |
Sacramento Transient Occupancy Tax Revenue, Series C, Callable 06/01/28 at 100, 5.00%, 6/1/48 | 800,000 | 836,486 |
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
California — (Continued) | |||
San Diego Community Facilities District No 2, Refunding, 4.00%, 9/1/27 | $ 535,000 | $ 558,590 | |
San Diego County, 5.00%, 10/1/29 | 310,000 | 357,811 | |
San Diego County Regional Airport Authority Revenue, Series A, Callable 07/01/31 at 100, 5.00%, 7/1/46 | 250,000 | 275,521 | |
San Diego Public Facilities Financing Authority Revenue, Series A, Callable 08/01/28 at 100, 5.00%, 8/1/43 | 2,655,000 | 2,869,762 | |
San Diego Unified School District GO, Series I, Callable 07/01/27 at 100, 5.00%, 7/1/47 | 2,020,000 | 2,127,583 | |
San Dieguito School Facilities Financing Authority, Refunding, Callable 03/01/28 at 100, 5.00%, 3/1/37 | 635,000 | 692,203 | |
San Francisco City & County Airport Comm-San Francisco International Airport Revenue, Series A, AMT, Unrefunded portion, Callable 05/01/27 at 100, 5.00%, 5/1/47 | 1,785,000 | 1,826,051 | |
San Francisco City & County Airport Comm-San Francisco International Airport Revenue, Series B, Refunding, Callable 05/01/33 at 100, 5.00%, 5/1/43 | 720,000 | 821,316 | |
San Francisco City & County Public Utilities Commission Power Revenue, Series A, Callable 05/01/25 at 100, 5.00%, 11/1/35 | 115,000 | 118,226 | |
San Jose Evergreen Community College District GO, Series B, Callable 09/01/28 at 100, 3.00%, 9/1/34 | 300,000 | 296,399 |
See accompanying Notes to the Quarterly Portfolio of Investments.
10
AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND
Portfolio of Investments (Continued)
December 31, 2023
(Unaudited)
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
California — (Continued) | |||
San Marcos Public Facilities Authority, Refunding, 5.00%, 9/1/28, (BAM Insured) | $ 120,000 | $ 132,254 | |
San Marcos Public Facilities Authority, Series A, Refunding, Callable 09/01/24 at 100, 5.00%, 9/1/32, (AGM Insured) | 150,000 | 151,846 | |
San Marcos Unified School District GO, Refunding, Callable 08/01/27 at 100, 4.00%, 8/1/33 | 500,000 | 522,446 | |
Santa Clara Unified School District GO, Callable 07/01/26 at 100, 3.00%, 7/1/35 | 1,000,000 | 973,281 | |
Santa Clarita Public Finance Authority Revenue, Series B, OID, Refunding, Callable 10/01/26 at 100, 2.00%, 10/1/27 | 20,000 | 19,233 | |
Selma Unified School District GO, Series A, Callable 08/01/31 at 100, 5.25%, 8/1/48, (BAM Insured) | 350,000 | 383,361 | |
Shasta Joint Powers Financing Authority Revenue, Series A, OID, Refunding, Callable 01/29/24 at 100, 3.00%, 4/1/26, (AGM Insured) | 10,000 | 10,002 | |
Simi Valley Unified School District GO, Series D, Callable 08/01/31 at 100, 5.00%, 8/1/43 | 500,000 | 562,600 | |
South San Francisco Unified School District GO, Series C, Callable 09/01/25 at 100, 4.00%, 9/1/33 | 2,000,000 | 2,021,119 | |
State of California Department of Water Resources Revenue, Series AR, Prerefunded, Callable 06/01/24 at 100, 4.00%, 12/1/33 | 830,000 | 834,057 | |
State of California GO, 5.222%, 3/1/24 | 250,000 | 249,915 | |
State of California GO, 4.846%, 3/1/27 | 350,000 | 353,865 |
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
California — (Continued) | |||
State of California GO, 6.00%, 3/1/33 | $ 150,000 | $ 164,459 | |
State of California GO, Callable 06/01/26 at 100, 5.00%, 12/1/34 | 645,000 | 677,466 | |
State of California GO, Callable 09/01/26 at 100, 5.00%, 9/1/45 | 250,000 | 262,041 | |
State of California GO, Callable 12/01/30 at 100, 5.00%, 12/1/46 | 1,500,000 | 1,660,991 | |
State of California GO, Refunding, Callable 04/01/29 at 100, 5.00%, 10/1/42 | 2,500,000 | 2,737,766 | |
State of California GO, Refunding, Callable 08/01/24 at 100, 5.00%, 8/1/31 | 890,000 | 899,086 | |
State of California GO, Refunding, Callable 09/01/26 at 100, 5.00%, 9/1/37 | 340,000 | 357,048 | |
State of California GO, Refunding, Callable 11/01/24 at 100, 4.00%, 11/1/44 | 1,000,000 | 1,002,936 | |
Stockton Unified School District GO, Series D, OID, 0.00%, 8/1/27, (AGM Insured)(a) | 350,000 | 313,594 | |
Sweetwater Union High School District GO, Refunding, Callable 02/01/26 at 100, 4.00%, 8/1/42, (BAM-TCRS Insured) | 1,500,000 | 1,500,178 | |
Travis Unified School District, Refunding, Callable 09/01/25 at 100, 5.00%, 9/1/29, (AGM Insured) | 20,000 | 20,886 | |
University of California Revenue, Series B, MWC, 4.693%, 5/15/33 | 400,000 | 402,710 |
See accompanying Notes to the Quarterly Portfolio of Investments.
11
AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND
Portfolio of Investments (Continued)
December 31, 2023
(Unaudited)
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
California — (Continued) | |||
Vacaville Unified School District GO, Series C, Callable 08/01/26 at 100, 5.00%, 8/1/42 | $ 785,000 | $ 821,606 | |
Victor Valley Transit Authority, Refunding, Callable 07/01/26 at 100, 5.00%, 7/1/30 | 20,000 | 21,195 | |
Washington Township Health Care District GO, Series DT, Refunding, Callable 08/01/26 at 100, 4.00%, 8/1/29 | 10,000 | 10,271 | |
Western Placer Unified School District GO, Series B, Callable 08/01/26 at 100, 5.00%, 8/1/43 | 355,000 | 371,391 | |
Whittier Union High School District GO, CAB, OID, Refunding, Callable 08/01/26 at 85, 0.00%, 8/1/31(a) | 570,000 | 451,251 | |
Yuba Levee Financing Authority Revenue, Series A, Refunding, Callable 09/01/26 at 100, 5.00%, 9/1/29, (BAM Insured) | 20,000 | 21,276 | |
Yuba Levee Financing Authority Revenue, Series A, Refunding, Callable 09/01/26 at 100, 5.00%, 9/1/30, (BAM Insured) | 25,000 | 26,589 | |
104,984,978 | |||
Connecticut — 2.4% | |||
Connecticut Housing Finance Authority Revenue, Series F-1, Refunding, Callable 11/15/28 at 100, 2.60%, 11/15/34 | 750,000 | 652,387 | |
Connecticut State Health & Educational Facilities Authority Revenue, Callable 07/01/25 at 100, 5.00%, 7/1/45 | 650,000 | 657,825 |
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
Connecticut — (Continued) | |||
Connecticut State Health & Educational Facilities Authority Revenue, Series L, Refunding, Callable 07/01/25 at 100, 5.00%, 7/1/45 | $1,500,000 | $ 1,519,577 | |
State of Connecticut Special Tax Revenue, Series A, Callable 08/01/25 at 100, 4.00%, 8/1/35 | 1,800,000 | 1,813,718 | |
4,643,507 | |||
Florida — 0.6% | |||
Miami-Dade Seaport Department County Revenue, Series B, Senior Series, Refunding, Callable 10/01/32 at 100, 5.00%, 10/1/37 | 1,000,000 | 1,124,149 | |
Illinois — 0.4% | |||
Illinois Finance Authority Revenue, Series A, Callable 08/15/32 at 100, 5.00%, 8/15/52 | 400,000 | 425,055 | |
Lake County School District No 1 Winthrop Harbor GO, Refunding, Callable 02/01/26 at 100, 4.00%, 2/1/32 | 380,000 | 385,402 | |
810,457 | |||
Iowa — 0.1% | |||
Iowa Finance Authority Revenue, Series C, Refunding, Callable 02/15/24 at 100, 5.00%, 2/15/32 | 150,000 | 150,177 | |
Michigan — 1.3% | |||
Michigan Finance Authority Revenue, Series 6, Senior Series, Refunding, Callable 07/01/24 at 100, 5.00%, 7/1/33 | 1,000,000 | 1,005,511 | |
Michigan State Building Authority Revenue, Series I, Refunding, Callable 10/15/25 at 100, 5.00%, 10/15/45 | 1,500,000 | 1,528,871 | |
2,534,382 |
See accompanying Notes to the Quarterly Portfolio of Investments.
12
AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND
Portfolio of Investments (Continued)
December 31, 2023
(Unaudited)
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
Minnesota — 0.1% | |||
Minneapolis Revenue, Series A, Refunding, Callable 11/15/25 at 100, 5.00%, 11/15/26 | $ 100,000 | $ 102,447 | |
New Jersey — 0.3% | |||
New Brunswick Parking Authority Revenue, Series B, Refunding, 5.00%, 9/1/24, (BAM MUN GOVT GTD Insured) | 500,000 | 506,656 | |
New Mexico — 0.5% | |||
New Mexico Municipal Energy Acquisition Authority Revenue, Series A, Refunding, Callable 02/01/25 at 101, 5.00%, 11/1/39(b) | 1,000,000 | 1,016,672 | |
New York — 1.3% | |||
Metropolitan Transportation Authority Revenue, Series D, Refunding, Callable 05/15/28 at 100, 5.00%, 11/15/32 | 785,000 | 850,047 | |
New York City Housing Development Corp. Revenue, Series 1, 3.45%, 11/1/28, (REMIC FHA 542c Insured) | 345,000 | 352,123 | |
New York City Housing Development Corp. Revenue, Series 2A, Callable 05/01/25 at 100, 3.40%, 11/1/62, (REMIC FHA 542c Insured)(b) | 350,000 | 350,890 | |
Triborough Bridge & Tunnel Authority Revenue, Series A, Callable 05/15/24 at 100, 5.00%, 11/15/44 | 1,000,000 | 1,003,176 | |
2,556,236 | |||
Ohio — 0.4% | |||
State of Ohio Revenue, Series A, Refunding, Callable 01/15/26 at 100, 5.00%, 1/15/41 | 800,000 | 814,201 |
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
Oregon — 0.7% | |||
Seaside School District No 10 GO, Series A, CAB, OID, Callable 06/15/27 at 51, 0.00%, 6/15/42, (SCH BD GTY Insured)(a) | $3,000,000 | $ 1,330,766 | |
Pennsylvania — 1.0% | |||
Pennsylvania Economic Development Financing Authority Revenue, AMT, OID, Callable 12/31/32 at 100, 5.00%, 12/31/57, (AGM Insured) | 630,000 | 651,675 | |
Pennsylvania Higher Educational Facilities Authority Revenue, Refunding, 5.00%, 5/1/25 | 500,000 | 511,113 | |
Pennsylvania Turnpike Commission Revenue, Series B, Refunding, Callable 06/01/26 at 100, 5.00%, 6/1/36 | 660,000 | 684,056 | |
1,846,844 | |||
South Carolina — 1.3% | |||
South Carolina Ports Authority Revenue, Series A, Callable 07/01/29 at 100, 5.00%, 7/1/54 | 1,250,000 | 1,303,320 | |
South Carolina Public Service Authority Revenue, Series A, Refunding, Callable 06/01/25 at 100, 5.00%, 12/1/28 | 100,000 | 102,263 | |
South Carolina Public Service Authority Revenue, Series E, OID, Unrefunded portion, Callable 01/18/24 at 100, 5.00%, 12/1/48 | 1,000,000 | 1,000,042 | |
2,405,625 | |||
Texas — 2.1% | |||
El Paso GO, Callable 08/15/26 at 100, 5.00%, 8/15/42 | 1,500,000 | 1,532,891 |
See accompanying Notes to the Quarterly Portfolio of Investments.
13
AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND
Portfolio of Investments (Continued)
December 31, 2023
(Unaudited)
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
Texas — (Continued) | |||
Texas Municipal Gas Acquisition & Supply Corp. III Revenue, Refunding, 5.00%, 12/15/27 | $ 500,000 | $ 521,011 | |
Texas Municipal Gas Acquisition & Supply Corp. IV Revenue, Series B, Callable 07/01/33 at 100, 5.50%, 1/1/54(b) | 1,750,000 | 1,946,267 | |
4,000,169 | |||
Washington — 1.1% | |||
King County Sewer Revenue, Series A, Refunding, Callable 01/01/26 at 100, 4.00%, 7/1/40 | 2,000,000 | 2,000,252 | |
TOTAL MUNICIPAL BONDS (Cost $129,554,123) | 130,827,518 |
Par Value | ||
U.S. TREASURY OBLIGATIONS — 9.9% | ||
United States Treasury Bill, 5.046%, 2/22/24(c) | 400,000 | 397,029 |
United States Treasury Notes, | ||
4.125%, 1/31/25 | 3,000,000 | 2,981,894 |
5.50%, 4/30/25(b) | 5,000,000 | 4,998,134 |
4.125%, 6/15/26 | 4,000,000 | 4,001,094 |
3.625%, 5/31/28 | 3,500,000 | 3,466,436 |
3.625%, 5/31/30 | 3,000,000 | 2,977,969 |
U.S. TREASURY OBLIGATIONS (Cost $18,809,227) | 18,822,556 |
Par Value/ Shares | ||
PREFERREDS — 7.8% | ||
Consumer Discretionary — 0.4% | ||
General Motors Financial Co., Inc., 5.75%, 9/30/27 | 875,000 | 778,312 |
Financials — 7.4% | ||
Bank of America Corp., 6.25%, 9/5/24 | 1,000,000 | 994,346 |
Bank of New York Mellon Corp. (The), 4.70%, 9/20/25 | 300,000 | 293,175 |
Bank of New York Mellon Corp. (The), 3.70%, 3/20/26 | 850,000 | 798,276 |
Bank of New York Mellon Corp. (The), 4.625%, 9/20/26 | 750,000 | 715,540 |
Par Value/ Shares | Value | ||
PREFERREDS — (Continued) | |||
Financials — (Continued) | |||
Citigroup, Inc., 6.30%, 5/15/24 | $1,350,000 | $ 1,335,581 | |
Citigroup, Inc., 6.25%, 8/15/26 | 1,500,000 | 1,484,262 | |
Citigroup, Inc., 7.625%, 11/15/28 | 850,000 | 868,745 | |
JPMorgan Chase & Co., 6.75%, 2/1/24 | 900,000 | 898,771 | |
JPMorgan Chase & Co., 6.10%, 10/1/24 | 500,000 | 497,475 | |
M&T Bank Corp., 6.45%, 2/15/24 | 575,000 | 571,318 | |
Morgan Stanley, 6.875%, 4/15/24 | 41,519 | 1,038,805 | |
Northern Trust Corp., 4.60%, 10/1/26 | 1,700,000 | 1,627,402 | |
State Street Corp., 5.90%, 3/15/24 | 45,000 | 1,126,350 | |
State Street Corp., 8.185%, 3/15/24 | 1,000,000 | 992,500 | |
State Street Corp., 5.35%, 3/15/26 | 20,000 | 474,200 | |
Wells Fargo & Co., 7.625%, 9/15/28 | 325,000 | 340,940 | |
14,057,686 | |||
TOTAL PREFERREDS (Cost $14,243,284) | 14,835,998 |
Par Value | ||
CORPORATE BONDS — 6.6% | ||
Communications — 0.2% | ||
Paramount Global, 5.50%, 5/15/33 | 500,000 | 473,857 |
Consumer Discretionary — 0.9% | ||
Advance Auto Parts, Inc., 3.50%, 3/15/32 | 300,000 | 249,141 |
Hyatt Hotels Corp., 1.80%, 10/1/24 | 750,000 | 727,982 |
Tapestry, Inc., 3.05%, 3/15/32 | 300,000 | 244,367 |
VF Corp., 6.00%, 10/15/33 | 500,000 | 486,703 |
1,708,193 | ||
Consumer Staple Products — 0.3% | ||
Dollar General Corp., 4.15%, 11/1/25 | 500,000 | 492,165 |
Energy — 0.2% | ||
Continental Resources, Inc., 3.80%, 6/1/24 | 400,000 | 396,976 |
Financials — 3.3% | ||
Air Lease Corp., 3.25%, 3/1/25 | 1,250,000 | 1,218,451 |
See accompanying Notes to the Quarterly Portfolio of Investments.
14
AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND
Portfolio of Investments (Concluded)
December 31, 2023
(Unaudited)
Par Value | Value | ||
CORPORATE BONDS — (Continued) | |||
Financials — (Continued) | |||
American Express Co., 6.036%, 11/4/26(b) | $1,200,000 | $ 1,184,822 | |
Discover Financial Services, 7.964%, 11/2/34 | 800,000 | 891,644 | |
Hudson Pacific Properties LP, REIT, 4.65%, 4/1/29 | 500,000 | 406,247 | |
JPMorgan Chase & Co., 5.546%, 12/15/25 | 1,250,000 | 1,251,079 | |
Synchrony Financial, 2.875%, 10/28/31 | 300,000 | 241,067 | |
Zions Bancorp, 3.25%, 10/29/29 | 1,350,000 | 1,105,728 | |
6,299,038 | |||
Health Care — 0.3% | |||
Cigna Group (The), 3.25%, 4/15/25 | 600,000 | 585,918 | |
Materials — 0.5% | |||
Huntsman International, LLC, 4.50%, 5/1/29 | 1,000,000 | 964,786 | |
Technology — 0.9% | |||
Leidos, Inc., 7.125%, 7/1/32 | 1,491,000 | 1,646,586 | |
TOTAL CORPORATE BONDS (Cost $12,340,401) | 12,567,519 |
Number of Shares | ||
SHORT-TERM INVESTMENT — 4.8% | ||
Dreyfus Government Cash Management Fund, Institutional Shares, 5.25%(d) | 9,073,249 | 9,073,249 |
TOTAL SHORT-TERM INVESTMENT (Cost $9,073,249) | 9,073,249 | |
TOTAL INVESTMENTS - 98.1% (Cost $184,020,284) | 186,126,840 | |
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.9% | 3,509,967 | |
NET ASSETS - 100.0% | $189,636,807 |
(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, 2023. |
(c) | Rate represents annualized yield at date of purchase. |
(d) | Rate disclosed is the 7-day yield at December 31, 2023. |
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 |
BAM-TCRS | Build America Mutual-Transferable Custodial Receipts |
CA MTG | California Mortgage |
CAB | Capital Appreciation Bond |
GO | General Obligation |
HUD SECT 8 | Housing and Urban Development Section 8 |
LLC | Limited Liability Company |
LP | Limited Partnership |
MWC | Make Whole Callable |
NATL | National Public Finance Guarantee Corp |
OID | Original Issue Discount |
REIT | Real Estate Investment Trust |
REMIC FHA 542c | Real Estate Mortgage Investment Conduit Federal Housing Administration Section 542c |
SCH BD GTY | School Board Guaranty |
See accompanying Notes to the Quarterly Portfolio of Investments.
15
AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND
Portfolio of Investments
December 31, 2023
(Unaudited)
Principal Amount | Value | ||
MUNICIPAL BONDS — 70.1% | |||
Alabama — 0.7% | |||
Jefferson County Revenue, Refunding, Callable 03/15/27 at 100, 5.00%, 9/15/34 | $ 850,000 | $ 909,042 | |
UAB Medicine Finance Authority Revenue, Series B2, Refunding, Callable 03/01/27 at 100, 5.00%, 9/1/34 | 500,000 | 528,127 | |
1,437,169 | |||
Alaska — 0.4% | |||
Municipality of Anchorage GO, Series A, Callable 09/01/28 at 100, 5.00%, 9/1/37 | 760,000 | 830,131 | |
Arizona — 0.5% | |||
Graham County Jail District Revenue, Callable 07/01/25 at 100, 5.00%, 7/1/35 | 1,000,000 | 1,013,348 | |
Arkansas — 0.0% | |||
Arkansas Development Finance Authority Revenue, OID, Refunding, Callable 01/29/24 at 100, 2.625%, 6/1/24 | 20,000 | 19,962 | |
California — 3.3% | |||
California Community Choice Financing Authority Revenue, Series B-1, Callable 05/01/31 at 101, 4.00%, 2/1/52(a) | 2,000,000 | 2,014,859 | |
Escondido Union School District GO, Series B, Callable 08/01/27 at 100, 4.00%, 8/1/47 | 1,000,000 | 1,008,122 | |
Folsom Cordova Unified School District School Facilities Improvement Dist No 5 GO, Series A, OID, Callable 10/01/25 at 100, 4.00%, 10/1/40 | 1,100,000 | 1,100,390 | |
Sacramento Transient Occupancy Tax Revenue, Series C, Callable 06/01/28 at 100, 5.00%, 6/1/48 | 1,115,000 | 1,165,852 |
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
California — (Continued) | |||
State of California GO, 5.222%, 3/1/24 | $1,000,000 | $ 999,661 | |
State of California GO, Refunding, Callable 04/01/29 at 100, 5.00%, 10/1/42 | 500,000 | 547,553 | |
6,836,437 | |||
Colorado — 3.4% | |||
Boulder Valley School District No Re-2 Boulder GO, Callable 06/01/25 at 100, 5.00%, 12/1/38, (ST AID WITHHLDG Insured) | 785,000 | 802,589 | |
Bradburn Metropolitan District No 3 GO, Refunding, Callable 12/01/26 at 100, 4.50%, 12/1/36, (AGM Insured) | 700,000 | 724,134 | |
Colorado School of Mines Revenue, Series A, Callable 12/01/27 at 100, 5.00%, 12/1/42 | 505,000 | 531,899 | |
Colorado School of Mines Revenue, Series B, Callable 12/01/27 at 100, 5.00%, 12/1/42 | 3,000,000 | 3,159,798 | |
Park Creek Metropolitan District Revenue, Series A, Senior Series, Callable 12/01/25 at 100, 5.00%, 12/1/34 | 255,000 | 262,031 | |
State of Colorado, Callable 12/15/32 at 100, 6.00%, 12/15/39 | 1,000,000 | 1,234,136 | |
Town of Breckenridge, Callable 12/01/32 at 100, 5.00%, 12/1/42 | 300,000 | 328,710 | |
7,043,297 | |||
Connecticut — 2.5% | |||
Connecticut State Health & Educational Facilities Authority Revenue, Callable 07/01/25 at 100, 5.00%, 7/1/45 | 500,000 | 506,019 |
See accompanying Notes to the Quarterly Portfolio of Investments.
16
AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND
Portfolio of Investments (Continued)
December 31, 2023
(Unaudited)
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
Connecticut — (Continued) | |||
Connecticut State Health & Educational Facilities Authority Revenue, Series L, Refunding, Callable 07/01/25 at 100, 5.00%, 7/1/45 | $2,460,000 | $ 2,492,106 | |
State of Connecticut Special Tax Revenue, Series A, Callable 08/01/25 at 100, 4.00%, 8/1/35 | 2,100,000 | 2,116,004 | |
5,114,129 | |||
District of Columbia — 2.2% | |||
District of Columbia GO, Series A, Callable 06/01/25 at 100, 5.00%, 6/1/38 | 30,000 | 30,590 | |
District of Columbia Water & Sewer Authority Revenue, Series A, Callable 10/01/29 at 100, 5.00%, 10/1/44 | 75,000 | 81,275 | |
District of Columbia Water & Sewer Authority Revenue, Series C, Refunding, Callable 10/01/24 at 100, 4.00%, 10/1/33 | 2,195,000 | 2,205,915 | |
Washington Metropolitan Area Transit Authority Dedicated Revenue, Series A, Callable 07/15/30 at 100, 5.00%, 7/15/45 | 100,000 | 108,857 | |
Washington Metropolitan Area Transit Authority Revenue, Series B, Callable 07/01/27 at 100, 5.00%, 7/1/42 | 2,000,000 | 2,095,767 | |
4,522,404 | |||
Florida — 3.9% | |||
Central Florida Expressway Authority Revenue, Senior Series, Callable 07/01/28 at 100, 5.00%, 7/1/48 | 575,000 | 603,804 |
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
Florida — (Continued) | |||
Clearwater Water & Sewer Revenue, Refunding, Callable 12/01/26 at 100, 5.00%, 12/1/35 | $1,015,000 | $ 1,074,626 | |
Florida Housing Finance Corp. Revenue, Series 1, 2.95%, 7/1/27, (GNMA/FNMA/FHLMC COLL Insured) | 455,000 | 449,359 | |
Florida Housing Finance Corp. Revenue, Series 1, 3.00%, 1/1/28, (GNMA/FNMA/FHLMC Insured) | 200,000 | 197,482 | |
Florida Housing Finance Corp. Revenue, Series 1, 3.00%, 7/1/28, (GNMA/FNMA/FHLMC Insured) | 235,000 | 231,943 | |
Florida Housing Finance Corp. Revenue, Series 1, 3.10%, 1/1/29, (GNMA/FNMA/FHLMC Insured) | 725,000 | 718,742 | |
Florida Housing Finance Corp. Revenue, Series 1, 3.125%, 7/1/29, (GNMA/FNMA/FHLMC Insured) | 415,000 | 411,558 | |
Lakeland Department of Electric Utilities Revenue, Refunding, Callable 04/01/26 at 100, 2.75%, 10/1/28 | 250,000 | 248,879 | |
Lakewood Ranch Stewardship District, Refunding, 5.00%, 5/1/25, (AGM Insured) | 250,000 | 256,049 | |
Miami-Dade County Educational Facilities Authority Revenue, Series A, Callable 04/01/28 at 100, 5.00%, 4/1/48 | 1,000,000 | 1,037,880 | |
Miami-Dade County Educational Facilities Authority Revenue, Series A, Refunding, Callable 04/01/25 at 100, 5.00%, 4/1/45 | 100,000 | 100,500 |
See accompanying Notes to the Quarterly Portfolio of Investments.
17
AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND
Portfolio of Investments (Continued)
December 31, 2023
(Unaudited)
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
Florida — (Continued) | |||
Miami-Dade Seaport Department County Revenue, Series B, Senior Series, Refunding, Callable 10/01/32 at 100, 5.00%, 10/1/37 | $1,250,000 | $ 1,405,187 | |
Miami-Dade Transit System County Revenue, Refunding, Callable 07/01/26 at 100, 5.00%, 7/1/27 | 145,000 | 152,614 | |
Osceola Sales Tax Revenue County, Series A, Callable 04/01/25 at 100, 5.00%, 10/1/44 | 1,125,000 | 1,135,783 | |
8,024,406 | |||
Georgia — 0.1% | |||
Board of Water Light & Sinking Fund Commissioners of The City of Dalton/The Revenue, 5.00%, 3/1/24 | 250,000 | 250,741 | |
Hawaii — 1.5% | |||
Hawaii State Highway Fund Revenue, Series A, Callable 01/01/29 at 100, 5.00%, 1/1/40 | 1,110,000 | 1,206,990 | |
Honolulu City & County GO, Series A, Callable 10/01/25 at 100, 5.00%, 10/1/37 | 1,770,000 | 1,817,665 | |
3,024,655 | |||
Illinois — 2.5% | |||
Chicago O'Hare International Airport Revenue, Series D, Senior Series, Callable 01/01/27 at 100, 5.00%, 1/1/47 | 100,000 | 103,281 | |
Chicago Waterworks Revenue, Series 2017-2, Refunding, Callable 11/01/27 at 100, 5.00%, 11/1/33, (AGM Insured) | 350,000 | 374,866 | |
Illinois Finance Authority Revenue, Series A, Callable 08/15/32 at 100, 5.00%, 8/15/52 | 600,000 | 637,583 |
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
Illinois — (Continued) | |||
Illinois Finance Authority Revenue, Series A, Refunding, Callable 10/01/24 at 100, 5.00%, 10/1/35 | $520,000 | $ 524,897 | |
Illinois Housing Development Authority Revenue, Series G, Callable 04/01/32 at 100, 5.00%, 10/1/46, (GNMA/FNMA/FHLMC COLL Insured) | 500,000 | 526,898 | |
Illinois State Toll Highway Authority Revenue, Series B, Senior Series, Callable 07/01/26 at 100, 5.00%, 1/1/41 | 600,000 | 617,295 | |
Macon County School District No 61 Decatur GO, 4.00%, 12/1/28, (AGM Insured) | 600,000 | 634,429 | |
State of Illinois GO, Callable 06/01/26 at 100, 4.00%, 6/1/32 | 830,000 | 843,648 | |
Western Illinois University Revenue, Refunding, 4.00%, 4/1/28, (BAM Insured) | 875,000 | 898,110 | |
5,161,007 | |||
Indiana — 1.2% | |||
Attica Multi-School Building Corp. Revenue, 5.00%, 7/15/28, (ST INTERCEPT Insured) | 150,000 | 164,951 | |
Indiana Finance Authority Revenue, Series A, Refunding, Callable 08/01/25 at 100, 5.00%, 2/1/31 | 305,000 | 313,510 | |
Indiana Municipal Power Agency Revenue, Series A, Refunding, Callable 01/01/25 at 100, 5.00%, 1/1/32 | 50,000 | 50,846 | |
Indiana Municipal Power Agency Revenue, Series C, Refunding, Callable 07/01/26 at 100, 5.00%, 1/1/37 | 500,000 | 518,910 |
See accompanying Notes to the Quarterly Portfolio of Investments.
18
AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND
Portfolio of Investments (Continued)
December 31, 2023
(Unaudited)
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
Indiana — (Continued) | |||
Indianapolis Local Public Improvement Bond Bank Revenue, Series A, Callable 02/01/29 at 100, 5.00%, 2/1/44 | $1,000,000 | $ 1,066,526 | |
Whitestown Redevelopment Authority Revenue, Series B, Refunding, 4.00%, 8/1/27 | 410,000 | 428,309 | |
2,543,052 | |||
Iowa — 0.8% | |||
Iowa Finance Authority Revenue, Series A, Refunding, 1.15%, 7/1/29, (GNMA/FNMA/FHLMC Insured) | 250,000 | 219,837 | |
Iowa Finance Authority Revenue, Series C, Refunding, Callable 02/15/24 at 100, 5.00%, 2/15/32 | 500,000 | 500,589 | |
PEFA, Inc. Revenue, Callable 06/01/26 at 101, 5.00%, 9/1/49(a) | 1,000,000 | 1,024,525 | |
1,744,951 | |||
Kansas — 1.5% | |||
Topeka GO, Refunding, Callable 01/29/24 at 100, 2.00%, 8/15/24 | 25,000 | 24,745 | |
University of Kansas Hospital Authority Revenue, Refunding, Callable 09/01/25 at 100, 5.00%, 9/1/33 | 500,000 | 512,937 | |
University of Kansas Hospital Authority Revenue, Refunding, Callable 09/01/25 at 100, 5.00%, 9/1/45 | 2,500,000 | 2,539,522 | |
3,077,204 | |||
Kentucky — 0.1% | |||
Kentucky Association of Counties Revenue, Series C, 5.00%, 2/1/28 | 110,000 | 119,417 |
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
Louisiana — 0.9% | |||
Shreveport Water & Sewer Revenue, Refunding, Callable 12/01/25 at 100, 5.00%, 12/1/35, (AGM Insured) | $815,000 | $ 833,644 | |
State of Louisiana Gasoline & Fuels Tax Revenue, Series C, Refunding, Callable 11/01/27 at 100, 5.00%, 5/1/45 | 1,000,000 | 1,046,275 | |
1,879,919 | |||
Maine — 0.3% | |||
Portland General Airport Revenue, Refunding, 5.00%, 7/1/27 | 150,000 | 161,178 | |
Portland General Airport Revenue, Refunding, 5.00%, 7/1/28 | 330,000 | 362,158 | |
523,336 | |||
Maryland — 1.3% | |||
Baltimore Revenue, Series A, Callable 01/01/27 at 100, 5.00%, 7/1/46 | 2,650,000 | 2,729,897 | |
Massachusetts — 0.5% | |||
Massachusetts School Building Authority Revenue, Series B, Senior Series, Callable 11/15/26 at 100, 5.00%, 11/15/46 | 1,000,000 | 1,029,710 | |
Michigan — 3.8% | |||
Karegnondi Water Authority Revenue, Refunding, Callable 11/01/27 at 100, 5.00%, 11/1/45 | 710,000 | 734,387 | |
Michigan Finance Authority Revenue, Callable 11/01/28 at 100, 5.00%, 11/1/38, (BAM Insured) | 1,450,000 | 1,560,075 | |
Michigan Finance Authority Revenue, Series 6, Senior Series, Refunding, Callable 07/01/24 at 100, 5.00%, 7/1/33 | 1,350,000 | 1,357,440 |
See accompanying Notes to the Quarterly Portfolio of Investments.
19
AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND
Portfolio of Investments (Continued)
December 31, 2023
(Unaudited)
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
Michigan — (Continued) | |||
Michigan Finance Authority Revenue, Series A, Refunding, Callable 12/01/29 at 100, 5.00%, 12/1/41 | $100,000 | $ 106,937 | |
Michigan Finance Authority Revenue, Series H-1, Refunding, Callable 10/01/24 at 100, 5.00%, 10/1/39 | 1,000,000 | 1,006,045 | |
Michigan State Building Authority Revenue, Series I, Refunding, Callable 10/15/25 at 100, 5.00%, 10/15/45 | 2,000,000 | 2,038,494 | |
Michigan State Building Authority Revenue, Series I, Refunding, Callable 10/15/26 at 100, 5.00%, 10/15/46 | 1,000,000 | 1,030,826 | |
7,834,204 | |||
Minnesota — 0.9% | |||
Edina Independent School District No 273 GO, Series A, Callable 02/01/28 at 100, 2.00%, 2/1/30, (SD CRED PROG Insured) | 150,000 | 138,371 | |
Minneapolis Revenue, Series A, Refunding, Callable 11/15/25 at 100, 5.00%, 11/15/26 | 100,000 | 102,447 | |
Minneapolis-St Paul Metropolitan Airports Commission Revenue, Series A, Refunding, Callable 07/01/29 at 100, 5.00%, 1/1/44 | 1,500,000 | 1,600,625 | |
Minnesota Higher Education Facilities Authority Revenue, Series K, 5.00%, 3/1/24 | 15,000 | 15,026 | |
1,856,469 |
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
Mississippi — 0.9% | |||
Medical Center Educational Building Corp. Revenue, Refunding, Callable 06/01/27 at 100, 5.00%, 6/1/47 | $1,000,000 | $ 1,033,218 | |
State of Mississippi Gaming Tax Revenue, Series E, Callable 10/15/25 at 100, 5.00%, 10/15/34 | 915,000 | 936,562 | |
1,969,780 | |||
Missouri — 1.9% | |||
Health & Educational Facilities Authority of the State of Missouri Revenue, Callable 01/18/24 at 100, 4.50%, 1/1/39 | 2,000,000 | 2,000,609 | |
Health & Educational Facilities Authority of the State of Missouri Revenue, Series A, Refunding, 5.00%, 2/15/24 | 20,000 | 20,036 | |
Jasper County Reorganized School District No R-IX Carthage, Refunding, 4.00%, 4/1/27 | 40,000 | 41,241 | |
Marion & Ralls Counties School District No 60 Hannibal GO, Callable 03/01/24 at 100, 5.00%, 3/1/39, (ST AID DIR DEP Insured) | 305,000 | 305,944 | |
Missouri Joint Municipal Electric Utility Commission Revenue, Refunding, 5.00%, 12/1/26 | 15,000 | 15,937 | |
Missouri Joint Municipal Electric Utility Commission Revenue, Series A, Refunding, 5.00%, 1/1/24 | 100,000 | 100,000 | |
Missouri Joint Municipal Electric Utility Commission Revenue, Series A, Refunding, Callable 01/01/24 at 100, 5.00%, 1/1/32 | 925,000 | 925,000 |
See accompanying Notes to the Quarterly Portfolio of Investments.
20
AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND
Portfolio of Investments (Continued)
December 31, 2023
(Unaudited)
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
Missouri — (Continued) | |||
Missouri Joint Municipal Electric Utility Commission Revenue, Series A, Refunding, Callable 06/01/25 at 100, 5.00%, 12/1/37 | $100,000 | $ 101,766 | |
St Louis Municipal Finance Corp. Revenue, Refunding, 5.00%, 2/15/26 | 500,000 | 518,568 | |
4,029,101 | |||
Nebraska — 1.7% | |||
Central Plains Energy Project Revenue, Series A, Refunding, Callable 08/01/29 at 100, 5.00%, 5/1/54(a) | 1,000,000 | 1,060,580 | |
Nebraska Public Power District Revenue, Series D, Callable 01/01/26 at 100, 5.00%, 1/1/46 | 2,470,000 | 2,526,265 | |
Public Power Generation Agency Revenue, Refunding, 5.00%, 1/1/24 | 20,000 | 20,000 | |
3,606,845 | |||
Nevada — 0.0% | |||
Clark County Revenue, Callable 07/01/25 at 100, 5.00%, 7/1/35 | 40,000 | 41,040 | |
New Hampshire — 2.4% | |||
New Hampshire Housing Finance Authority Revenue, Series 1, Callable 10/01/24 at 100, 2.95%, 10/1/25, (FHA 542c Insured) | 5,000,000 | 4,968,190 | |
New Jersey — 0.7% | |||
Atlantic City GO, Series A, Refunding, Callable 03/01/27 at 100, 5.00%, 3/1/32, (BAM ST AID WITHHLDG Insured) | 250,000 | 264,688 | |
Garden State Preservation Trust Revenue, Series A, 5.75%, 11/1/28, (AGM Insured) | 230,000 | 248,051 |
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
New Jersey — (Continued) | |||
New Jersey Transportation Trust Fund Authority Revenue, Series AA, OID, Callable 06/15/25 at 100, 5.00%, 6/15/45 | $525,000 | $ 531,519 | |
New Jersey Turnpike Authority Revenue, Series B, Refunding, Callable 01/01/28 at 100, 5.00%, 1/1/40 | 330,000 | 351,621 | |
1,395,879 | |||
New Mexico — 0.8% | |||
New Mexico Municipal Energy Acquisition Authority Revenue, Series A, Refunding, Callable 02/01/25 at 101, 5.00%, 11/1/39(a) | 1,565,000 | 1,591,092 | |
New York — 4.4% | |||
Long Island Power Authority Revenue, Series A, Refunding, Callable 09/01/24 at 100, 5.00%, 9/1/34 | 55,000 | 55,558 | |
Long Island Power Authority Revenue, Series B, Refunding, Callable 09/01/26 at 100, 5.00%, 9/1/46 | 1,000,000 | 1,034,328 | |
Metropolitan Transportation Authority Revenue, Series C, Callable 01/08/24 at 100, 5.00%, 11/15/42 | 15,000 | 15,003 | |
Metropolitan Transportation Authority Revenue, Series C-1, 5.00%, 11/15/25 | 15,000 | 15,584 | |
Metropolitan Transportation Authority Revenue, Series C-1, Refunding, 5.00%, 11/15/25 | 100,000 | 103,894 | |
Metropolitan Transportation Authority Revenue, Series C-1, Refunding, 5.00%, 11/15/26 | 85,000 | 90,021 | |
New York City Housing Development Corp. Revenue, Series 2A, Callable 05/01/25 at 100, 3.40%, 11/1/62, (REMIC FHA 542c Insured)(a) | 150,000 | 150,381 |
See accompanying Notes to the Quarterly Portfolio of Investments.
21
AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND
Portfolio of Investments (Continued)
December 31, 2023
(Unaudited)
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
New York — (Continued) | |||
New York City Municipal Water Finance Authority Revenue, Refunding, Callable 06/15/24 at 100, 5.00%, 6/15/45 | $ 25,000 | $ 25,070 | |
New York City Transitional Finance Authority Building Aid Revenue, Series S, Callable 07/15/25 at 100, 5.00%, 7/15/40, (ST AID WITHHLDG Insured) | 2,000,000 | 2,038,433 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, Series E-1, Callable 02/01/25 at 100, 5.00%, 2/1/41 | 105,000 | 106,481 | |
New York Convention Center Development Corp. Revenue, Refunding, Callable 11/15/25 at 100, 5.00%, 11/15/40 | 2,275,000 | 2,312,574 | |
New York GO, Series B-1, Callable 12/01/26 at 100, 5.00%, 12/1/38 | 100,000 | 104,507 | |
New York State Dormitory Authority Revenue, Series B, Unrefunded portion, Callable 02/15/25 at 100, 5.00%, 2/15/37 | 1,000,000 | 1,013,986 | |
New York State Housing Finance Agency Revenue, Series H, Refunding, 0.60%, 5/1/24 | 20,000 | 19,793 | |
Triborough Bridge & Tunnel Authority Revenue, Series A, Callable 05/15/24 at 100, 5.00%, 11/15/44 | 2,000,000 | 2,006,353 | |
9,091,966 | |||
Ohio — 2.4% | |||
Greene County GO, Refunding, Callable 12/01/25 at 100, 1.25%, 12/1/31 | 1,245,000 | 1,032,376 | |
Louisville City School District GO, Refunding, 1.00%, 12/1/25, (SD CRED PROG Insured) | 25,000 | 23,718 |
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
Ohio — (Continued) | |||
State of Ohio Revenue, Series A, Refunding, Callable 01/15/26 at 100, 5.00%, 1/15/41 | $2,000,000 | $ 2,035,503 | |
Whitehall City School District GO, Refunding, Callable 12/01/25 at 100, 3.50%, 12/1/30, (SD CRED PROG Insured) | 665,000 | 665,058 | |
Whitehall City School District GO, Series A, Refunding, Callable 12/01/25 at 100, 3.50%, 12/1/30, (SD CRED PROG Insured) | 705,000 | 705,061 | |
Whitehall City School District GO, Series B, Refunding, Callable 12/01/25 at 100, 3.50%, 12/1/30, (SD CRED PROG Insured) | 590,000 | 590,051 | |
5,051,767 | |||
Oklahoma — 0.2% | |||
Cleveland County Educational Facilities Authority Revenue, OID, 2.00%, 9/1/25 | 20,000 | 19,511 | |
Tulsa County Independent School District No 1 Tulsa GO, Series B, 2.50%, 8/1/25 | 305,000 | 302,025 | |
321,536 | |||
Oregon — 1.0% | |||
Josephine County School District No 7 GO, Series 7, Refunding, Callable 06/01/28 at 100, 4.00%, 6/1/40, (BAM Insured) | 880,000 | 894,937 | |
Seaside School District No 10 GO, Series A, CAB, OID, Callable 06/15/27 at 51, 0.00%, 6/15/42, (SCH BD GTY Insured)(b) | 2,485,000 | 1,102,317 | |
1,997,254 |
See accompanying Notes to the Quarterly Portfolio of Investments.
22
AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND
Portfolio of Investments (Continued)
December 31, 2023
(Unaudited)
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
Pennsylvania — 2.5% | |||
Allegheny County Sanitary Authority Revenue, Callable 06/01/28 at 100, 5.00%, 6/1/43 | $815,000 | $ 868,203 | |
Allentown GO, Series A, OID, Callable 01/29/24 at 100, 3.125%, 10/1/27, (BAM Insured) | 5,000 | 5,001 | |
Commonwealth of Pennsylvania GO, Callable 03/19/24 at 100, 4.00%, 10/15/28 | 500,000 | 500,994 | |
Lehigh County General Purpose Authority Revenue, Series A, Refunding, 4.00%, 11/1/25 | 150,000 | 150,584 | |
Pennsylvania Economic Development Financing Authority Revenue, AMT, Callable 12/31/32 at 100, 5.50%, 6/30/42, (AGM Insured) | 700,000 | 773,964 | |
Pennsylvania Economic Development Financing Authority Revenue, AMT, Callable 12/31/32 at 100, 6.00%, 6/30/61 | 500,000 | 555,643 | |
Pennsylvania Economic Development Financing Authority Revenue, AMT, OID, Callable 12/31/32 at 100, 5.00%, 12/31/57, (AGM Insured) | 500,000 | 517,202 | |
Philadelphia Authority for Industrial Development Revenue, Callable 06/01/27 at 100, 5.00%, 12/1/34 | 100,000 | 106,262 | |
Philadelphia Housing Authority Revenue, Callable 05/01/27 at 100, 5.00%, 5/1/31 | 615,000 | 652,781 | |
Upper St Clair Township School District GO, Callable 10/01/28 at 100, 5.00%, 10/1/44, (BAM Insured) | 1,000,000 | 1,060,427 | |
5,191,061 |
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
South Carolina — 2.2% | |||
South Carolina Ports Authority Revenue, Series A, Callable 07/01/29 at 100, 5.00%, 7/1/54 | $1,250,000 | $ 1,303,320 | |
South Carolina Public Service Authority Revenue, Series A, Refunding, Callable 06/01/25 at 100, 5.00%, 12/1/28 | 705,000 | 720,953 | |
South Carolina Public Service Authority Revenue, Series A, Refunding, Callable 06/01/26 at 100, 5.00%, 12/1/34 | 1,000,000 | 1,032,617 | |
South Carolina Public Service Authority Revenue, Series E, 5.00%, 12/1/27 | 125,000 | 133,940 | |
South Carolina Public Service Authority Revenue, Series E, OID, Unrefunded portion, Callable 01/18/24 at 100, 5.00%, 12/1/48 | 1,000,000 | 1,000,042 | |
South Carolina Transportation Infrastructure Bank Revenue, Series A, Refunding, Callable 10/01/25 at 100, 2.00%, 10/1/26 | 355,000 | 344,493 | |
4,535,365 | |||
South Dakota — 0.8% | |||
South Dakota Housing Development Authority Revenue, Series A, Refunding, 3.00%, 11/1/28, (GNMA/FNMA/FHLMC COLL Insured) | 450,000 | 447,846 | |
South Dakota Housing Development Authority Revenue, Series A, Refunding, 3.05%, 5/1/29, (GNMA/FNMA/FHLMC COLL Insured) | 250,000 | 249,257 |
See accompanying Notes to the Quarterly Portfolio of Investments.
23
AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND
Portfolio of Investments (Continued)
December 31, 2023
(Unaudited)
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
South Dakota — (Continued) | |||
South Dakota Housing Development Authority Revenue, Series A, Refunding, 3.10%, 11/1/29, (GNMA/FNMA/FHLMC COLL Insured) | $250,000 | $ 247,455 | |
South Dakota Housing Development Authority Revenue, Series A, Refunding, 3.20%, 5/1/30, (GNMA/FNMA/FHLMC COLL Insured) | 250,000 | 248,611 | |
South Dakota Housing Development Authority Revenue, Series A, Refunding, 3.30%, 11/1/30, (GNMA/FNMA/FHLMC COLL Insured) | 500,000 | 499,891 | |
1,693,060 | |||
Tennessee — 1.0% | |||
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd Revenue, Callable 07/01/26 at 100, 5.00%, 7/1/35 | 490,000 | 504,976 | |
Metropolitan Government of Nashville & Davidson County Electric Revenue, Series A, Callable 05/15/27 at 100, 5.00%, 5/15/42 | 455,000 | 474,358 | |
Metropolitan Nashville Airport Authority/The Revenue, Series A, Callable 07/01/30 at 100, 5.00%, 7/1/54 | 1,000,000 | 1,052,352 | |
Putnam County GO, OID, Refunding, Callable 04/01/25 at 100, 2.00%, 4/1/26 | 100,000 | 97,377 | |
2,129,063 |
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
Texas — 7.2% | |||
Austin Community College District Public Facility Corp. Revenue, Refunding, Callable 08/01/25 at 100, 5.00%, 8/1/26 | $130,000 | $ 134,152 | |
Austin Water & Wastewater System Revenue, Refunding, Callable 11/15/26 at 100, 5.00%, 11/15/41 | 1,095,000 | 1,137,521 | |
Bexar County GO, Callable 06/15/27 at 100, 5.00%, 6/15/42 | 2,000,000 | 2,102,747 | |
Block House Municipal Utility District GO, Refunding, Callable 01/29/24 at 100, 3.00%, 4/1/25, (BAM Insured) | 25,000 | 24,868 | |
Central Texas Regional Mobility Authority Revenue, Series D, Senior Series, Refunding, 5.00%, 1/1/28 | 550,000 | 596,092 | |
Central Texas Turnpike System Revenue, Series C, Refunding, Callable 08/15/24 at 100, 5.00%, 8/15/34 | 260,000 | 260,620 | |
Corrigan-Camden Independent School District GO, Callable 08/15/32 at 100, 5.00%, 8/15/35, (BAM Insured) | 555,000 | 645,983 | |
Del Rio GO, Callable 06/01/26 at 100, 5.00%, 6/1/36, (AGM Insured) | 600,000 | 627,192 | |
Denton Utility System Revenue, Callable 12/01/26 at 100, 5.00%, 12/1/34 | 100,000 | 104,249 | |
El Paso County Hospital District GO, Callable 01/29/24 at 100, 5.00%, 8/15/43 | 100,000 | 99,878 | |
El Paso GO, Callable 08/15/26 at 100, 5.00%, 8/15/42 | 2,000,000 | 2,043,855 | |
El Paso GO, Refunding, Callable 08/15/26 at 100, 5.00%, 8/15/28 | 500,000 | 528,848 |
See accompanying Notes to the Quarterly Portfolio of Investments.
24
AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND
Portfolio of Investments (Continued)
December 31, 2023
(Unaudited)
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
Texas — (Continued) | |||
Garland Electric Utility System Revenue, OID, Refunding, Callable 01/29/24 at 100, 2.25%, 3/1/24 | $ 5,000 | $ 4,988 | |
Harris County Improvement District No 18 GO, OID, Callable 01/29/24 at 100, 3.00%, 9/1/25, (AGM Insured) | 10,000 | 9,999 | |
Harris County Municipal Utility District No 287 GO, Series A, OID, Callable 03/01/27 at 100, 1.50%, 3/1/31, (AGM Insured) | 100,000 | 82,606 | |
Houston Housing Finance Corp. Revenue, Callable 10/01/24 at 100, 4.00%, 10/1/25, (FHA HUD SECT 8 Insured)(a) | 500,000 | 500,951 | |
Kaufman County Municipal Utility District No 14 GO, Callable 03/01/25 at 100, 2.00%, 3/1/27, (BAM Insured) | 40,000 | 37,481 | |
Lower Colorado River Authority Revenue, OID, Refunding, Callable 05/15/25 at 100, 3.00%, 5/15/26 | 75,000 | 74,125 | |
Lower Colorado River Authority Revenue, Refunding, Callable 05/15/30 at 100, 5.00%, 5/15/41 | 100,000 | 108,905 | |
North Richland Hills GO, OID, Callable 01/29/24 at 100, 2.50%, 2/15/24 | 10,000 | 9,987 | |
North Texas Tollway Authority Revenue, Series A, Refunding, Callable 01/01/25 at 100, 5.00%, 1/1/35 | 40,000 | 40,606 | |
Port Arthur Independent School District GO, Series B, OID, Refunding, Callable 02/15/25 at 100, 3.00%, 2/15/27 | 25,000 | 25,026 | |
Port Arthur Independent School District GO, Series E, Refunding, Callable 08/15/26 at 100, 4.00%, 2/15/35 | 2,000,000 | 2,000,351 |
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
Texas — (Continued) | |||
San Antonio Electric & Gas Systems Revenue, Refunding, Callable 08/01/26 at 100, 4.00%, 2/1/34 | $1,000,000 | $ 1,021,890 | |
San Antonio Water System Revenue, Series A, Junior Series, Refunding, 2.00%, 5/15/25 | 40,000 | 39,228 | |
Southwest Houston Redevelopment Authority, Series B, Refunding, Callable 09/01/27 at 100, 5.00%, 9/1/35, (AGM Insured) | 205,000 | 221,163 | |
Sugar Land Waterworks & Sewer System Revenue, Callable 01/29/24 at 100, 3.00%, 8/15/24 | 45,000 | 44,935 | |
Texas Municipal Gas Acquisition & Supply Corp. III Revenue, Refunding, 5.00%, 12/15/27 | 500,000 | 521,011 | |
Texas Municipal Gas Acquisition & Supply Corp. IV Revenue, Series B, Callable 07/01/33 at 100, 5.50%, 1/1/54(a) | 1,750,000 | 1,946,267 | |
14,995,524 | |||
Utah — 2.0% | |||
Utah Transit Authority Revenue, Refunding, Callable 06/15/26 at 100, 4.00%, 12/15/31 | 4,050,000 | 4,138,434 | |
Vermont — 0.2% | |||
University of Vermont and State Agricultural College Revenue, Refunding, Callable 10/01/27 at 100, 5.00%, 10/1/43 | 470,000 | 492,188 | |
Washington — 2.1% | |||
King County Sewer Revenue, Series A, Refunding, Callable 01/01/26 at 100, 4.00%, 7/1/40 | 3,000,000 | 3,000,378 |
See accompanying Notes to the Quarterly Portfolio of Investments.
25
AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND
Portfolio of Investments (Continued)
December 31, 2023
(Unaudited)
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
Washington — (Continued) | |||
State of Washington GO, Series A-1, Callable 08/01/25 at 100, 5.00%, 8/1/39 | $100,000 | $ 102,135 | |
Tacoma Electric System Revenue, Series A, Refunding, Callable 01/18/24 at 100, 4.00%, 1/1/42 | 1,000,000 | 1,000,065 | |
Washington Health Care Facilities Authority Revenue, Series A, Callable 08/15/25 at 100, 5.00%, 8/15/35 | 210,000 | 213,708 | |
4,316,286 | |||
Wisconsin — 1.4% | |||
Central Brown County Water Authority Revenue, Series A, Refunding, 5.00%, 11/1/24 | 10,000 | 10,157 | |
Kenosha County GO, Series C, 2.00%, 8/1/25 | 95,000 | 92,662 | |
Milwaukee GO, Series N-4, Refunding, 5.00%, 4/1/28 | 390,000 | 419,295 | |
Milwaukee Sewerage System Revenue, Series S5, Callable 01/29/24 at 100, 4.00%, 6/1/29 | 330,000 | 330,243 | |
Public Finance Authority Revenue, Series A, Refunding, Callable 06/01/25 at 100, 5.00%, 6/1/31 | 1,000,000 | 1,016,935 | |
Village of Mount Pleasant, Series A, Callable 04/01/28 at 100, 5.00%, 4/1/48, (MORAL OBLG Insured) | 650,000 | 674,622 | |
Wisconsin Housing & Economic Development Authority Housing Revenue, Series A, 3.60%, 11/1/26, (HUD SECT 8 Insured) | 265,000 | 267,623 | |
2,811,537 |
Principal Amount | Value | ||
MUNICIPAL BONDS — (Continued) | |||
Wyoming — 2.0% | |||
Wyoming Community Development Authority Revenue, Series 1, Refunding, 3.00%, 6/1/28 | $1,300,000 | $ 1,293,166 | |
Wyoming Community Development Authority Revenue, Series 1, Refunding, 3.05%, 12/1/28 | 1,430,000 | 1,423,341 | |
Wyoming Community Development Authority Revenue, Series 1, Refunding, 3.10%, 6/1/29 | 1,495,000 | 1,480,937 | |
4,197,444 | |||
TOTAL MUNICIPAL BONDS (Cost $144,069,781) | 145,180,257 |
Par Value | ||
CORPORATE BONDS — 14.5% | ||
Communications — 0.7% | ||
Paramount Global, 5.50%, 5/15/33 | 1,000,000 | 947,713 |
Verizon Communications, Inc., 6.741%, 5/15/25(a) | 500,000 | 503,038 |
1,450,751 | ||
Consumer Discretionary — 1.6% | ||
Advance Auto Parts, Inc., 3.50%, 3/15/32 | 1,000,000 | 830,471 |
Hyatt Hotels Corp., 1.80%, 10/1/24 | 750,000 | 727,982 |
Polaris, Inc., 6.95%, 3/15/29 | 500,000 | 531,899 |
Tapestry, Inc., 3.05%, 3/15/32 | 1,000,000 | 814,556 |
VF Corp., 6.00%, 10/15/33 | 500,000 | 486,703 |
3,391,611 | ||
Consumer Staple Products — 0.4% | ||
Dollar General Corp., 4.15%, 11/1/25 | 750,000 | 738,248 |
Energy — 0.5% | ||
Continental Resources, Inc., 3.80%, 6/1/24 | 500,000 | 496,221 |
Tosco Corp., 7.80%, 1/1/27 | 500,000 | 539,097 |
1,035,318 | ||
Financials — 6.5% | ||
Air Lease Corp., 3.25%, 3/1/25 | 1,575,000 | 1,535,248 |
See accompanying Notes to the Quarterly Portfolio of Investments.
26
AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND
Portfolio of Investments (Continued)
December 31, 2023
(Unaudited)
Par Value | Value | ||
CORPORATE BONDS — (Continued) | |||
Financials — (Continued) | |||
American Express Co., 6.036%, 11/4/26(a) | $1,600,000 | $ 1,579,763 | |
Discover Financial Services, 3.95%, 11/6/24 | 1,000,000 | 983,229 | |
Discover Financial Services, 7.964%, 11/2/34 | 1,000,000 | 1,114,554 | |
Goldman Sachs Group, Inc. (The), 5.915%, 9/10/24(a) | 200,000 | 199,702 | |
Hudson Pacific Properties LP, REIT, 4.65%, 4/1/29 | 500,000 | 406,247 | |
Jefferies Financial Group, Inc., 5.875%, 7/21/28 | 1,500,000 | 1,540,360 | |
Jones Lang LaSalle, Inc., 6.875%, 12/1/28 | 1,000,000 | 1,058,203 | |
JPMorgan Chase & Co., 5.546%, 12/15/25 | 1,800,000 | 1,801,554 | |
Kilroy Realty LP, REIT, 2.50%, 11/15/32 | 150,000 | 113,912 | |
Morgan Stanley, 4.35%, 9/8/26 | 200,000 | 196,496 | |
Synchrony Financial, 2.875%, 10/28/31 | 1,250,000 | 1,004,445 | |
Wells Fargo Bank, 6.50%, 12/1/28 | 425,000 | 443,964 | |
Zions Bancorp, 3.25%, 10/29/29 | 1,865,000 | 1,527,543 | |
13,505,220 | |||
Health Care — 0.8% | |||
Cigna Group (The), 3.25%, 4/15/25 | 700,000 | 683,571 | |
Laboratory Corp. of America Holdings, 3.60%, 2/1/25 | 1,000,000 | 983,564 | |
1,667,135 | |||
Industrials — 1.6% | |||
3M Co., 2.65%, 4/15/25 | 1,000,000 | 969,708 | |
Boeing Co. (The), 1.433%, 2/4/24 | 1,250,000 | 1,244,758 | |
Jacobs Engineering Group, Inc., 5.90%, 3/1/33 | 1,000,000 | 1,023,900 | |
3,238,366 | |||
Materials — 1.2% | |||
Albemarle Corp., 5.05%, 6/1/32 | 1,000,000 | 978,357 | |
Huntsman International, LLC, 4.50%, 5/1/29 | 1,050,000 | 1,013,025 | |
LyondellBasell Industries NV, 5.75%, 4/15/24 | 500,000 | 500,063 | |
2,491,445 |
Par Value | Value | ||
CORPORATE BONDS — (Continued) | |||
Technology — 1.2% | |||
Leidos, Inc., 7.125%, 7/1/32 | $2,250,000 | $ 2,484,788 | |
TOTAL CORPORATE BONDS (Cost $29,256,232) | 30,002,882 |
Par Value/ Shares | ||
PREFERREDS — 9.9% | ||
Consumer Discretionary — 0.5% | ||
General Motors Financial Co., Inc., 5.75%, 9/30/27 | 1,175,000 | 1,045,163 |
Financials — 9.4% | ||
Bank of America Corp., 6.25%, 9/5/24 | 1,550,000 | 1,541,235 |
Bank of New York Mellon Corp. (The), 4.70%, 9/20/25 | 450,000 | 439,763 |
Bank of New York Mellon Corp. (The), 3.70%, 3/20/26 | 1,410,000 | 1,324,200 |
Bank of New York Mellon Corp. (The), 4.625%, 9/20/26 | 500,000 | 477,026 |
Citigroup, Inc., 6.30%, 5/15/24 | 1,650,000 | 1,632,377 |
Citigroup, Inc., 6.25%, 8/15/26 | 1,950,000 | 1,929,540 |
Citigroup, Inc., 7.625%, 11/15/28 | 1,150,000 | 1,175,361 |
JPMorgan Chase & Co., 6.75%, 2/1/24 | 1,475,000 | 1,472,986 |
JPMorgan Chase & Co., 6.10%, 10/1/24 | 700,000 | 696,464 |
M&T Bank Corp., 6.45%, 2/15/24 | 950,000 | 943,917 |
Morgan Stanley, 6.875%, 4/15/24 | 64,395 | 1,611,163 |
Northern Trust Corp., 4.60%, 10/1/26 | 2,620,000 | 2,508,114 |
State Street Corp., 5.90%, 3/15/24 | 60,000 | 1,501,800 |
State Street Corp., 8.185%, 3/15/24(a) | 1,250,000 | 1,240,625 |
State Street Corp., 5.35%, 3/15/26 | 25,000 | 592,750 |
Wells Fargo & Co., 7.625%, 9/15/28 | 350,000 | 367,166 |
19,454,487 | ||
TOTAL PREFERREDS (Cost $19,716,699) | 20,499,650 |
See accompanying Notes to the Quarterly Portfolio of Investments.
27
AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND
Portfolio of Investments (Concluded)
December 31, 2023
(Unaudited)
Par Value | Value | ||
U.S. TREASURY OBLIGATIONS — 3.1% | |||
United States Treasury Notes, | |||
4.125%, 1/31/25 | $1,000,000 | $ 993,965 | |
5.50%, 4/30/25(a) | 4,000,000 | 3,998,507 | |
3.625%, 5/31/28 | 500,000 | 495,205 | |
3.625%, 5/31/30 | 1,000,000 | 992,656 | |
U.S. TREASURY OBLIGATIONS (Cost $6,462,884) | 6,480,333 |
Number of Shares | ||
SHORT-TERM INVESTMENT — 0.3% | ||
Dreyfus Government Cash Management Fund, Institutional Shares, 5.25%(c) | 562,536 | 562,536 |
TOTAL SHORT-TERM INVESTMENT (Cost $562,536) | 562,536 | |
TOTAL INVESTMENTS - 97.9% (Cost $200,068,132) | 202,725,658 | |
OTHER ASSETS IN EXCESS OF LIABILITIES - 2.1% | 4,359,897 | |
NET ASSETS - 100.0% | $207,085,555 |
(a) | The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at December 31, 2023. |
(b) | Zero coupon bond. |
(c) | Rate disclosed is the 7-day yield at December 31, 2023. |
AGM | Assured Guaranty Municipal Corp. |
AMT | Alternative Minimum Tax |
BAM | Build America Mutual |
CAB | Capital Appreciation Bond |
COLL | Collateral |
FHA 542c | Federal Housing Administration Section 542c |
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 |
REIT | Real Estate Investment Trust |
REMIC FHA 542c | Real Estate Mortgage Investment Conduit Federal Housing Administration Section 542c |
SCH BD GTY | School Board Guaranty |
SD CRED PROG | State School District Credit Enhancement Program |
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.
28
AMBRUS FUNDS
Notes to the Quarterly Portfolio of Investments
December 31, 2023
(Unaudited)
A. Portfolio Valuation:
The Ambrus Core Bond Fund, Ambrus Tax-Conscious California Bond Fund and Ambrus Tax-Conscious National Bond Fund (each a “Fund” and together the “Funds”) net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (typically 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Funds are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. The Funds' equity securities listed on any national exchange market system will be valued at the last sale price. Equity securities traded in the over-the-counter (“OTC”) market are valued at their closing sale or official closing price. If there were no transactions on that day, securities traded principally on an exchange will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued based on market quotations, which are furnished by an independent pricing service. Fixed income securities having a remaining maturity of 60 days or less are generally valued at amortized cost, provided such amount approximates fair value. Securities that do not have a readily available current market value are valued in good faith by the Adviser as “valuation designee” under the oversight of the Trust’s Board of Trustees. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. The Adviser has adopted written policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily available. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser pursuant to its policies and procedures. On a quarterly basis, the Adviser’s fair valuation determinations will be reviewed by the Trust’s Board of Trustees. Prices for equity securities normally are supplied by an independent pricing service approved by the Trust’s Board of Trustees. Investments in other open-end investment companies are valued based on the NAV of such investment companies (which may use fair value pricing as disclosed in their prospectuses).
Fair Value Measurements — The inputs and valuation techniques used to measure fair value of the Funds’ investments are summarized into three levels as described in the hierarchy below:
• Level 1 — quoted prices in active markets for identical securities;
• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and
• Level 3 — significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).
The fair value of a Fund’s bonds are generally based on quotes received from brokers or independent pricing services. Bonds with quotes that are based on actual trades with a sufficient level of activity on or near the measurement date are classified as Level 2 assets.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Transfers in and out are recognized at the value at the end of the period.
Significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that foreign markets close (where the security is principally traded) and the time that each Fund calculates its NAV (generally, the close of the NYSE) that may impact the value of securities traded in these foreign markets. As a result, each Fund fair values foreign securities using an independent pricing service which considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, exchange traded funds and certain indexes as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy.
Securities listed on a non-U.S. exchange are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees and categorized as Level 2 investments within the hierarchy. The fair valuations for these securities may not be the same as quoted or published prices of the securities on their primary markets. Securities for which daily fair value prices from the independent fair value pricing service are not available are generally valued at the last quoted sale price at the close of an exchange
29
AMBRUS FUNDS
Notes to the Quarterly Portfolio of Investments (Continued)
December 31, 2023
(Unaudited)
on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of valuation time, as provided by an independent pricing service approved by the Board of Trustees.
The valuations for fixed income securities are typically the prices supplied by independent third-party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third-party pricing services use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. To the extent that these inputs are observable, the fair value of fixed income securities would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
The following is a summary of the inputs used, as of December 31, 2023, in valuing each Fund's investments carried at fair value:
Funds | Total Value at 12/31/23 | Level 1 Quoted Price | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Ambrus Core Bond Fund | ||||||||
Assets | ||||||||
U.S. Treasury Obligations | $101,117,338 | $— | $101,117,338 | $— | ||||
Corporate Bonds | 88,453,970 | — | 88,453,970 | — | ||||
Preferreds | ||||||||
Consumer Discretionary | 1,378,725 | — | 1,378,725 | — | ||||
Financials | 14,602,111 | 2,461,063 | 12,141,048 | — | ||||
Municipal Bonds | 1,255,502 | — | 1,255,502 | — | ||||
Short-Term Investment | 8,649,408 | 8,649,408 | — | — | ||||
Total Assets | $215,457,054 | $11,110,471 | $204,346,583 | $— | ||||
Ambrus Tax-Conscious California Bond Fund | ||||||||
Assets | ||||||||
Municipal Bonds | $130,827,518 | $— | $130,827,518 | $— | ||||
U.S. Treasury Obligations | 18,822,556 | — | 18,822,556 | — | ||||
Preferreds | ||||||||
Consumer Discretionary | 778,312 | — | 778,312 | — | ||||
Financials | 14,057,686 | 2,639,355 | 11,418,331 | — | ||||
Corporate Bonds | 12,567,519 | — | 12,567,519 | — | ||||
Short-Term Investment | 9,073,249 | 9,073,249 | — | — | ||||
Total Assets | $186,126,840 | $11,712,604 | $174,414,236 | $— | ||||
Ambrus Tax-Conscious National Bond Fund | ||||||||
Assets | ||||||||
Municipal Bonds | $145,180,257 | $— | $145,180,257 | $— | ||||
Corporate Bonds | 30,002,882 | — | 30,002,882 | — | ||||
Preferreds | ||||||||
Consumer Discretionary | 1,045,163 | — | 1,045,163 | — | ||||
Financials | 19,454,487 | 3,705,713 | 15,748,774 | — | ||||
U.S. Treasury Obligations | 6,480,333 | — | 6,480,333 | — | ||||
Short-Term Investment | 562,536 | 562,536 | — | — | ||||
Total Assets | $202,725,658 | $4,268,249 | $198,457,409 | $— |
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AMBRUS FUNDS
Notes to the Quarterly Portfolio of Investments (Concluded)
December 31, 2023
(Unaudited)
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 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, 2023, there were no transfers in or out of Level 3.
For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.
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