# EDGAR Filing Document

**Accession Number:** 0001762332
**File Stem:** 0002048251-25-003606
**Filing Date:** 2025-12
**Character Count:** 128404
**Document Hash:** 49a45420d24ac133a539405d3cb2a7fd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-003606.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0002048251-25-003606

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20260731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Frost Family of Funds
- **CENTRAL INDEX KEY:** 0001762332

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23410
- **FILM NUMBER:** 251608422

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456
- **BUSINESS PHONE:** (610) 676-1000

**MAIL ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456

## Series and Classes Contracts Data

### FROST GROWTH EQUITY FUND (Series ID: S000065042)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000210577 | Institutional Class Shares | FICEX           |
| C000210578 | Investor Class Shares      | FACEX           |

## Nport-Ex

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

**FROST GROWTH EQUITY FUND October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| **COMMON STOCK§ — 100.0%** | **COMMON STOCK§ — 100.0%** | **COMMON STOCK§ — 100.0%** |
| Communication Services — 15.6% | Communication Services — 15.6% |  |
| &nbsp;&nbsp;Alphabet, Cl C  | 33773 | $9517907 |
| &nbsp;&nbsp;Alphabet, Cl A  | 30452 | 8562798 |
| &nbsp;&nbsp;Meta Platforms, Cl A  | 17296 | 11213861 |
| &nbsp;&nbsp;Netflix \* | 5189 | 5805765 |
| &nbsp;&nbsp;Pinterest, Cl A \* | 19395 | 641974 |
| &nbsp;&nbsp;Reddit, Cl A \* | 2784 | 581717 |
| &nbsp;&nbsp;Spotify Technology \* | 4407 | 2887995 |
|  |  | 39212017 |
| Consumer Discretionary — 12.7% | Consumer Discretionary — 12.7% |  |
| &nbsp;&nbsp;Amazon.com \* | 60993 | 14895710 |
| &nbsp;&nbsp;Booking Holdings  | 452 | 2295139 |
| &nbsp;&nbsp;Chipotle Mexican Grill, Cl A \* | 28890 | 915524 |
| &nbsp;&nbsp;Home Depot  | 6414 | 2434690 |
| &nbsp;&nbsp;NIKE, Cl B  | 3543 | 228842 |
| &nbsp;&nbsp;O'Reilly Automotive \* | 34680 | 3275179 |
| &nbsp;&nbsp;Royal Caribbean Cruises  | 5090 | 1459965 |
| &nbsp;&nbsp;Tesla \* | 10660 | 4866930 |
| &nbsp;&nbsp;TJX  | 11298 | 1583302 |
|  |  | 31955281 |
| Consumer Staples — 1.9% | Consumer Staples — 1.9% |  |
| &nbsp;&nbsp;Coca-Cola  | 15573 | 1072980 |
| &nbsp;&nbsp;Costco Wholesale  | 3201 | 2917551 |
| &nbsp;&nbsp;Monster Beverage \* | 10256 | 685409 |
|  |  | 4675940 |
| Financials — 7.2% | Financials — 7.2% |  |
| &nbsp;&nbsp;Adyen ADR \* | 75795 | 1301400 |
| &nbsp;&nbsp;Arthur J Gallagher  | 3840 | 958042 |
| &nbsp;&nbsp;Mastercard, Cl A  | 11020 | 6082930 |
| &nbsp;&nbsp;Moody's  | 5267 | 2529740 |
| &nbsp;&nbsp;Visa, Cl A  | 21115 | 7194725 |
|  |  | 18066837 |
| Health Care — 7.6% | Health Care — 7.6% |  |
| &nbsp;&nbsp;AbbVie  | 9615 | 2096454 |
| &nbsp;&nbsp;Boston Scientific \* | 27163 | 2735857 |
| &nbsp;&nbsp;Danaher  | 7755 | 1670272 |
| &nbsp;&nbsp;Eli Lilly  | 9397 | 8108296 |
| &nbsp;&nbsp;Intuitive Surgical \* | 8633 | 4612439 |
|  |  | 19223318 |
| Industrials — 4.7% | Industrials — 4.7% |  |
| &nbsp;&nbsp;Eaton  | 5694 | 2172603 |
| &nbsp;&nbsp;General Electric  | 14388 | 4445173 |
| &nbsp;&nbsp;Trane Technologies  | 3500 | 1570275 |
| &nbsp;&nbsp;TransDigm Group  | 1195 | 1563669 |
| &nbsp;&nbsp;Uber Technologies \* | 21069 | 2033159 |
|  |  | 11784879 |
| Information Technology — 49.3% | Information Technology — 49.3% |  |
| &nbsp;&nbsp;Advanced Micro Devices \* | 7005 | 1794121 |
| &nbsp;&nbsp;Apple  | 83019 | 22445847 |
| &nbsp;&nbsp;Arista Networks \* | 21848 | 3445211 |
| &nbsp;&nbsp;ASML Holding, Cl G  | 523 | 553977 |
| &nbsp;&nbsp;Atlassian, Cl A \* | 3653 | 618891 |
| &nbsp;&nbsp;Broadcom  | 32962 | 12183744 |
| &nbsp;&nbsp;Datadog, Cl A \* | 8898 | 1448684 |
| &nbsp;&nbsp;Intuit  | 3657 | 2441230 |
| &nbsp;&nbsp;Microsoft  | 54436 | 28187505 |
| &nbsp;&nbsp;Monolithic Power Systems  | 1907 | 1916535 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp;NVIDIA  | 169362 | $34294111 |
| &nbsp;&nbsp;Oracle  | 16135 | 4237212 |
| &nbsp;&nbsp;Palo Alto Networks \* | 10075 | 2218918 |
| &nbsp;&nbsp;ServiceNow \* | 3499 | 3216561 |
| &nbsp;&nbsp;Snowflake, Cl A \* | 12101 | 3326323 |
| &nbsp;&nbsp;Synopsys \* | 1912 | 867704 |
| &nbsp;&nbsp;Workday, Cl A \* | 2658 | 637707 |
|  |  | 123834281 |
| Materials — 0.4% | Materials — 0.4% |  |
| &nbsp;&nbsp;Sherwin-Williams  | 2805 | 967557 |
| Real Estate — 0.6% | Real Estate — 0.6% |  |
| &nbsp;&nbsp;American Tower <sup>‡</sup> | 8514 | 1523836 |
| Total Common Stock  |  |  |
| &nbsp;&nbsp;(Cost $87,086,970)  |  | 251243946 |
| Total Investments — 100.0% |  |  |
| &nbsp;&nbsp;(Cost $87,086,970)  |  | $251243946 |
| Percentages are based on Net Assets of $251,303,656. | Percentages are based on Net Assets of $251,303,656. | Percentages are based on Net Assets of $251,303,656. |

---

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *§* | *Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.* |
| *<sup>‡</sup>* | *Real Estate Investment Trust* |

---

*For information on the Fund's policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund's most recent financial statements.*

 

*See "Glossary" for abbreviations.*

 

*FIA-QH-001-3600* 

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

**FROST TOTAL RETURN BOND FUND October 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Face Amount** | **Value** |
| **MORTGAGE-BACKED SECURITIES — 46.6%** | **MORTGAGE-BACKED SECURITIES — 46.6%** | **MORTGAGE-BACKED SECURITIES — 46.6%** |
| **Agency Mortgage-Backed Obligation — 20.0%** | **Agency Mortgage-Backed Obligation — 20.0%** | **Agency Mortgage-Backed Obligation — 20.0%** |
| &nbsp;&nbsp;FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/01/53 to 09/01/53  | $38903649 | $40121332 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/01/54 to 11/01/54  | 159657870 | 161764165 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/54  | 29655008 | 29564350 |
| &nbsp;&nbsp;FHLMC STRIPS, Ser 2012-293, Cl IO, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/32  | 318477 | 23363 |
| &nbsp;&nbsp;FHLMC, Ser 2012-3996, Cl QL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/42  | 4600881 | 4489067 |
| &nbsp;&nbsp;FHLMC, Ser 2012-4106, Cl YI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/15/27  | 275210 | 4845 |
| &nbsp;&nbsp;FHLMC, Ser 2012-4134, Cl BI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/15/27  | 795278 | 14186 |
| &nbsp;&nbsp;FHLMC, Ser 2012-4136, Cl PI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/15/32  | 4762222 | 351889 |
| &nbsp;&nbsp;FHLMC, Ser 2012-4148, Cl LI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/15/27  | 693400 | 14087 |
| &nbsp;&nbsp;FHLMC, Ser 2014-4349, Cl KI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/15/33  | 1790962 | 93089 |
| &nbsp;&nbsp;FHLMC, Ser 2015-4457, Cl EI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/15/45  | 225335 | 39653 |
| &nbsp;&nbsp;FHLMC, Ser 2017-4675, Cl VE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/15/37  | 2575494 | 2554201 |
| &nbsp;&nbsp;FHLMC, Ser 2019-4908, Cl AS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.803%, SOFR30A + 5.986%, 01/25/45 (A) | 7693892 | 878095 |
| &nbsp;&nbsp;FHLMC, Ser 2024-5406, Cl PO, PO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 03/25/52 (B)(C) | 63015474 | 43199042 |
| &nbsp;&nbsp;FHLMC, Ser 2024-5417, Cl JA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/25/44  | 80382861 | 81997061 |
| &nbsp;&nbsp;FHLMC, Ser 2024-5425, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/25/44  | 72339172 | 73794405 |
| &nbsp;&nbsp;FHLMC, Ser 2024-5429, Cl DV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/25/35  | 12714450 | 13055875 |
| &nbsp;&nbsp;FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 11/01/53  | 29105050 | 30218247 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 09/01/53  | 16973921 | 17223974 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/01/44 to 01/01/54  | 19574312 | 19887911 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/39 to 07/01/53  | 25331921 | 25458137 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/01/41  | 1573952 | 1582776 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/46  | 3216151 | 2931077 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.710%, 09/01/29  | 8000000 | 7626104 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.180%, 01/01/27  | 5000000 | 4885836 |
| &nbsp;&nbsp;FNMA STRIPS, Ser 2012-410, Cl C5, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/25/27  | 228788 | 1964 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Face Amount** | **Value** |
| &nbsp;&nbsp;FNMA STRIPS, Ser 2015-421, Cl C1, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/25/30  | $921970 | $41228 |
| &nbsp;&nbsp;FNMA, Ser 2011-103, Cl GI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/25/26  | 6256 | 4 |
| &nbsp;&nbsp;FNMA, Ser 2012-61, Cl KI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/25/41  | 1374600 | 53429 |
| &nbsp;&nbsp;FNMA, Ser 2012-68, Cl GY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/25/32  | 4138966 | 4020960 |
| &nbsp;&nbsp;FNMA, Ser 2013-104, Cl TI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/25/32  | 363494 | 10000 |
| &nbsp;&nbsp;FNMA, Ser 2014-40, Cl GI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/25/33  | 2653158 | 205374 |
| &nbsp;&nbsp;FNMA, Ser 2024-25, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/25/44  | 13908048 | 14288039 |
| &nbsp;&nbsp;FNMA, Ser 2024-25, Cl AD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/25/44  | 17385060 | 17369420 |
| &nbsp;&nbsp;GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 01/20/54  | 2064557 | 2114731 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 10/20/54  | 3573126 | 3594426 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/20/55  | 21874604 | 21693469 |
| &nbsp;&nbsp;GNMA, Ser 2013-170, Cl QI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/20/43 (A) | 5507071 | 524143 |
| &nbsp;&nbsp;GNMA, Ser 2013-62, Cl NI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/20/40  | 994983 | 24677 |
| &nbsp;&nbsp;GNMA, Ser 2014-32, Cl CI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/20/43  | 1193325 | 69129 |
| &nbsp;&nbsp;GNMA, Ser 2014-44, Cl IO, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/16/26  | 166121 | 828 |
| &nbsp;&nbsp;GNMA, Ser 2015-103, Cl CI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/20/45  | 8188080 | 1206867 |
| &nbsp;&nbsp;GNMA, Ser 2015-17, Cl JI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/20/28  | 89441 | 372 |
| &nbsp;&nbsp;GNMA, Ser 2016-99, Cl ID, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/16/44  | 12327739 | 2481337 |
| &nbsp;&nbsp;GNMA, Ser 2017-137, Cl DI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/20/47  | 458335 | 7407 |
| &nbsp;&nbsp;GNMA, Ser 2020-189, Cl IJ, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/20/50  | 16442807 | 2162290 |
| &nbsp;&nbsp;GNMA, Ser 2021-8, Cl IG, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/20/51  | 22036083 | 2611921 |
| &nbsp;&nbsp;GNMA, Ser 2022-182, Cl PO, PO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/20/52 (B)(C) | 23780727 | 17166634 |
| &nbsp;&nbsp;GNMA, Ser 2022-201, Cl PO, PO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 11/20/52 (B)(C) | 14273778 | 10672633 |
| &nbsp;&nbsp;GNMA, Ser 2023-122, Cl G |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/20/46  | 4134347 | 4159729 |
| &nbsp;&nbsp;GNMA, Ser 2023-151, Cl PO, PO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/20/53 (B)(C) | 24629555 | 20794371 |
| &nbsp;&nbsp;GNMA, Ser 2023-163, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 02/20/48  | 13781082 | 14157770 |
| &nbsp;&nbsp;GNMA, Ser 2023-163, Cl LB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 02/20/48  | 10000000 | 10303563 |
| &nbsp;&nbsp;GNMA, Ser 2023-196, Cl QA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/20/53  | 17862209 | 17900945 |
| &nbsp;&nbsp;GNMA, Ser 2023-59, Cl G |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/20/50  | 1552614 | 1550832 |
| &nbsp;&nbsp;GNMA, Ser 2023-93, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/20/44  | 3359131 | 3368926 |

---

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

**FROST TOTAL RETURN BOND FUND October 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;GNMA, Ser 2024-1, Cl TA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/20/48  | $| 3888035 | $| 3883110 |
| &nbsp;&nbsp;GNMA, Ser 2024-151, Cl DA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/20/52  |  | 6020547 |  | 5985695 |
| &nbsp;&nbsp;GNMA, Ser 2024-151, Cl JA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/20/53  |  | 15644208 |  | 15653283 |
| &nbsp;&nbsp;GNMA, Ser 2024-19, Cl H |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/20/51  |  | 1824475 |  | 1841267 |
| &nbsp;&nbsp;GNMA, Ser 2024-30, Cl NP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/20/54  |  | 3992696 |  | 3881011 |
| &nbsp;&nbsp;GNMA, Ser 2025-28, Cl FW |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.034%, SOFR30A + 0.850%, 04/20/54 (A) |  | 28402765 |  | 28421135 |
|  |  |  |  | 793995686 |
| **Commercial Mortgage-Backed Obligation — 15.3%** | **Commercial Mortgage-Backed Obligation — 15.3%** | **Commercial Mortgage-Backed Obligation — 15.3%** | **Commercial Mortgage-Backed Obligation — 15.3%** | **Commercial Mortgage-Backed Obligation — 15.3%** |
| &nbsp;&nbsp;280 Park Avenue Mortgage Trust, Ser 2017-280P, Cl F |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.211%, TSFR1M + 3.127%, 09/15/34 (A)(D) |  | 12500000 |  | 12167459 |
| &nbsp;&nbsp;Bear Stearns Commercial Mortgage Securities Trust, Ser 2007-T26, Cl AJ |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.566%, 01/12/45 (A) |  | 52593 |  | 52085 |
| &nbsp;&nbsp;Benchmark Mortgage Trust, Ser 2020-B18, Cl E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 07/15/53 (D) |  | 8000000 |  | 4213815 |
| &nbsp;&nbsp;Benchmark Mortgage Trust, Ser 2020-B21, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/17/53 (D) |  | 13000000 |  | 9029652 |
| &nbsp;&nbsp;Benchmark Mortgage Trust, Ser 2020-IG3, Cl A4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.437%, 09/15/48 (D) |  | 10000000 |  | 8722267 |
| &nbsp;&nbsp;BX Commercial Mortgage Trust, Ser 2020-VIV3, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.544%, 03/09/44 (A)(D) |  | 8000000 |  | 7531866 |
| &nbsp;&nbsp;BXMT, Ser 2020-FL2, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.296%, TSFR1M + 1.264%, 02/15/38 (A)(D) |  | 1065142 |  | 1062470 |
| &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2015-GC31, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.690%, 06/10/48 (A) |  | 5000000 |  | 894318 |
| &nbsp;&nbsp;COMM Mortgage Trust, Ser 2014-UBS6, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.409%, 12/10/47 (A) |  | 1566245 |  | 1546699 |
| &nbsp;&nbsp;COMM Mortgage Trust, Ser 2015-DC1, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.289%, 02/10/48 (A)(D) |  | 9000000 |  | 6120000 |
| &nbsp;&nbsp;Commercial Mortgage Trust, Ser 2014-LC15, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.799%, 04/10/47 (A)(D) |  | 2947074 |  | 2891138 |
| &nbsp;&nbsp;CSMC Trust, Ser 2019-AFC1, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.573%, 07/25/49 (D)(E) |  | 1579372 |  | 1523420 |
| &nbsp;&nbsp;DROP Mortgage Trust, Ser 2021-FILE, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.897%, TSFR1M + 2.864%, 10/15/43 (A)(D) |  | 15000000 |  | 12666675 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Face Amount** | **Value** |
| &nbsp;&nbsp;FHLMC Military Housing Bonds Resecuritization Trust Certificates, Ser 2015-R1, Cl C3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.946%, 11/25/52 (A)(D) | $30676994 | $26937377 |
| &nbsp;&nbsp;GNMA, Ser 107, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 03/16/53  | 35000000 | 34305715 |
| &nbsp;&nbsp;GNMA, Ser 130, Cl AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/16/59  | 49860565 | 48174056 |
| &nbsp;&nbsp;GNMA, Ser 142, Cl AD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/16/67 (A) | 9987189 | 9867405 |
| &nbsp;&nbsp;GNMA, Ser 145, Cl AC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 11/16/66  | 49848758 | 48911905 |
| &nbsp;&nbsp;GNMA, Ser 167, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/01/60 (A) | 24975914 | 24484076 |
| &nbsp;&nbsp;GNMA, Ser 176, Cl AH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 05/16/65 (A) | 31747645 | 30976946 |
| &nbsp;&nbsp;GNMA, Ser 182, Cl AC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 12/16/66  | 95000000 | 93582421 |
| &nbsp;&nbsp;GNMA, Ser 2025-105, Cl DF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.584%, SOFR30A + 1.400%, 06/20/55 (A) | 44890467 | 45184746 |
| &nbsp;&nbsp;GNMA, Ser 2025-148, Cl PT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/16/64 (A) | 44925538 | 42903520 |
| &nbsp;&nbsp;GNMA, Ser 2025-177, Cl CM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/20/55  | 25000000 | 25000000 |
| &nbsp;&nbsp;GNMA, Ser 2025-71, Cl HT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/20/55  | 48963387 | 48807483 |
| &nbsp;&nbsp;Greystone CRE Notes, Ser 2024-HC3, Cl AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.864%, TSFR1M + 2.832%, 03/15/41 (A)(D) | 18000000 | 18067263 |
| &nbsp;&nbsp;Hudson Yards Mortgage Trust, Ser 2019-30HY, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.380%, 07/10/39 (A)(D) | 2500000 | 2366638 |
| &nbsp;&nbsp;JPMDB Commercial Mortgage Securities Trust, Ser 2016-C2, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.319%, 06/15/49 (A) | 4328000 | 2732556 |
| &nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities, Ser 2007-LD12, Cl AJ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.348%, 02/15/51 (A) | 260445 | 259579 |
| &nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities, Ser 2007-LD12, Cl J |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.994%, 02/15/51 (A)(F)(G) | 1000000 |  |
| &nbsp;&nbsp;LStar Commercial Mortgage Trust, Ser 2016-4, Cl AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.188%, 03/10/49 (D) | 1839677 | 1829194 |
| &nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2016-C29, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.723%, 05/15/49 (A) | 2413000 | 2239078 |
| &nbsp;&nbsp;TRTX Issuer, Ser 2021-FL4, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.546%, TSFR1M + 2.514%, 03/15/38 (A)(D) | 10000000 | 9975850 |
| &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2016-C32, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.682%, 01/15/59 (A) | 5000000 | 4751971 |

---

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

**FROST TOTAL RETURN BOND FUND October 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2016-C32, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.788%, 01/15/59 (A)(D) | $| 2000000 | $| 1840788 |
| &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2016-C34, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.089%, 06/15/49  |  | 5000000 |  | 4847671 |
| &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2018-AUS, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.058%, 08/17/36 (A)(D) |  | 5000000 |  | 4908863 |
| &nbsp;&nbsp;WFRBS Commercial Mortgage Trust, Ser 2014-C25, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.803%, 11/15/47 (A)(D) |  | 4313360 |  | 4152730 |
|  |  |  |  | 605529695 |
| **Non-Agency Residential Mortgage-Backed Obligation — 9.6%** | **Non-Agency Residential Mortgage-Backed Obligation — 9.6%** | **Non-Agency Residential Mortgage-Backed Obligation — 9.6%** | **Non-Agency Residential Mortgage-Backed Obligation — 9.6%** | **Non-Agency Residential Mortgage-Backed Obligation — 9.6%** |
| &nbsp;&nbsp;Angel Oak Mortgage Trust, Ser 2021-4, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.446%, 01/20/65 (A)(D) |  | 1628076 |  | 1391086 |
| &nbsp;&nbsp;Brean Asset Backed Securities Trust, Ser 2023-RM7, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/25/78 (A)(D) |  | 6905041 |  | 6801959 |
| &nbsp;&nbsp;Brean Asset Backed Securities Trust, Ser 2024-RM9, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/25/64 (D) |  | 4655488 |  | 4626300 |
| &nbsp;&nbsp;Brean Asset Backed Securities Trust, Ser 2025-RM11, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 05/25/65 (A)(D) |  | 8000000 |  | 7719782 |
| &nbsp;&nbsp;Brean Asset Backed Securities Trust, Ser 2025-RM12, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/25/65 (D) |  | 5000000 |  | 4765726 |
| &nbsp;&nbsp;CAFL Issuer, Ser 2023-RTL1, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.300%, 12/28/30 (D)(E) |  | 15000000 |  | 15072014 |
| &nbsp;&nbsp;CAFL, Ser 2021-RTL1, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.239%, 03/28/29 (D)(E) |  | 332913 |  | 332913 |
| &nbsp;&nbsp;CAFL, Ser 2022-RTL1, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 05/28/29 (E) |  | 1147695 |  | 1147695 |
| &nbsp;&nbsp;Carrington Mortgage Loan Trust, Ser 2007-FRE1, Cl M8 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.461%, US0001M + 2.250%, 02/25/37 (A)(F)(G) |  | 1000000 |  |  |
| &nbsp;&nbsp;Chase Home Lending Mortgage Trust Series, Ser 2025-2, Cl A5 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/25/55 (A)(D) |  | 15000000 |  | 15290811 |
| &nbsp;&nbsp;Chase Home Lending Mortgage Trust, Ser 2024-2, Cl A6 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 02/25/55 (A)(D) |  | 3298424 |  | 3332978 |
| &nbsp;&nbsp;Chase Home Lending Mortgage Trust, Ser 2025-3, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/25/56 (A)(D) |  | 8073469 |  | 8116678 |
| &nbsp;&nbsp;Chase Home Lending Mortgage Trust, Ser 2025-5, Cl A4A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/25/56 (A)(D) |  | 7107980 |  | 7152141 |
| &nbsp;&nbsp;FirstKey Mortgage Trust, Ser 2015-1, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/25/45 (A)(D) |  | 698443 |  | 649991 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Face Amount** | **Value** |
| &nbsp;&nbsp;Galton Funding Mortgage Trust, Ser 2019-1, Cl A22 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/25/59 (A)(D) | $76446 | $72702 |
| &nbsp;&nbsp;Galton Funding Mortgage Trust, Ser 2019-2, Cl A21 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/25/59 (A)(D) | 899747 | 843364 |
| &nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2024-PJ3, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.067%, 08/25/54 (A)(D) | 4848864 | 4707034 |
| &nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2024-PJ5, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 09/25/54 (A)(D) | 12484581 | 12719503 |
| &nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2024-RPL2, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.057%, 07/25/61 (A)(D) | 15000000 | 14595156 |
| &nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2025-NQM2, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.800%, 06/25/65 (A)(D) | 4509728 | 4537297 |
| &nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2025-PJ2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/25/55 (A)(D) | 25963317 | 26319949 |
| &nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2025-PJ6, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/25/55 (A)(D) | 9480024 | 9531742 |
| &nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2025-PJ7, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/25/55 (A)(D) | 11791400 | 11846753 |
| &nbsp;&nbsp;JP Morgan Mortgage Trust Series, Ser 2024-3, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/25/54 (A)(D) | 8637967 | 7542241 |
| &nbsp;&nbsp;JP Morgan Mortgage Trust Series, Ser 2025-CES1, Cl M1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.267%, 05/25/55 (A)(D) | 2339000 | 2366020 |
| &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2024-2, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/25/54 (A)(D) | 3479740 | 3529625 |
| &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2024-2, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.303%, 08/25/54 (A)(D) | 10070847 | 10776389 |
| &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2024-7, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/25/53 (A)(D) | 10660045 | 9646402 |
| &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2024-9, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/25/55 (A)(D) | 2722146 | 2730926 |
| &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2024-9, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/25/55 (A)(D) | 10700000 | 10765625 |
| &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2025-1, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/25/55 (A)(D) | 15878125 | 16102890 |
| &nbsp;&nbsp;MFA Trust, Ser 2022-INV1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 04/25/66 (A)(D) | 4000000 | 3625597 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Ser 2024-NQM5, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.649%, 10/25/69 (A)(D) | 3389022 | 3405962 |

---

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

**FROST TOTAL RETURN BOND FUND October 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Face Amount** | **Value** |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Ser 2025-NQM1, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.941%, 11/25/69 (D)(E) | $3507497 | $3537465 |
| &nbsp;&nbsp;PRET Trust, Ser 2025-RPL2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/25/64 (D)(E) | 4687580 | 4571085 |
| &nbsp;&nbsp;PRET Trust, Ser 2025-RPL3, Cl M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.150%, 04/25/65 (D)(E) | 5838200 | 5208323 |
| &nbsp;&nbsp;PRET, Ser 2021-RN3, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.843%, 09/25/51 (D)(E) | 4088620 | 4089927 |
| &nbsp;&nbsp;PRET, Ser 2021-RN4, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.194%, 10/25/51 (A)(D) | 6553712 | 6560452 |
| &nbsp;&nbsp;PRET, Ser 2024-NPL6, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.716%, 10/25/54 (D)(E) | 3000000 | 3001340 |
| &nbsp;&nbsp;PRET, Ser 2024-NPL7, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.956%, 10/25/54 (D)(E) | 4250000 | 4252821 |
| &nbsp;&nbsp;PRET, Ser 2024-NPL8, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.963%, 11/25/54 (D)(E) | 2923163 | 2924329 |
| &nbsp;&nbsp;PRET, Ser 2025-NPL2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.835%, 03/25/55 (D)(E) | 4649196 | 4666297 |
| &nbsp;&nbsp;PRET, Ser 2025-NPL4, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.368%, 04/25/55 (D)(E) | 4030594 | 4054777 |
| &nbsp;&nbsp;PSMC Trust, Ser 2020-2, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/25/50 (A)(D) |  |  |
| &nbsp;&nbsp;Rate Mortgage Trust, Ser 2025-J1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/25/55 (A)(D) | 18654832 | 18911075 |
| &nbsp;&nbsp;RCKT Mortgage Trust, Ser 2025-1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/25/55 (A)(D) | 4178769 | 4233243 |
| &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2013-4, Cl AIO1, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.842%, 04/25/43 (A)(D) | 40496847 | 924993 |
| &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2024-5, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 06/25/54 (A)(D) | 4668979 | 4756835 |
| &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2024-9, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/25/54 (A)(D) | 7486229 | 7514144 |
| &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2025-1, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/25/55 (A)(D) | 10906925 | 11014697 |
| &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2025-2, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/25/55 (A)(D) | 19464198 | 19749105 |
| &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2025-3, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/25/55 (A)(D) | 12521762 | 12557474 |
| &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2025-6, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/25/55 (A)(D) | 5628309 | 5665467 |
| &nbsp;&nbsp;Toorak Mortgage Trust, Ser 2024-2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.329%, 10/25/31 (D)(E) | 5000000 | 5019239 |
| &nbsp;&nbsp;Toorak Mortgage Trust, Ser 2024-RRTL1, Cl M1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.162%, 02/25/39 (A)(D) | 1500000 | 1509350 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;Toorak Mortgage Trust, Ser 2024-RRTL2, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.504%, 09/25/39 (D)(E) | $| 7000000 | $| 7003029 |
| &nbsp;&nbsp;VOLT CIII, Ser 2021-CF1, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.967%, 08/25/51 (D)(E) |  | 3493736 |  | 3460343 |
| &nbsp;&nbsp;VOLT, Ser 2021-CF2, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.316%, 11/27/51 (D)(E) |  | 4217898 |  | 4174935 |
|  |  |  |  | 381425996 |
| **Residential Mortgage-Backed Security — 1.7%** | **Residential Mortgage-Backed Security — 1.7%** | **Residential Mortgage-Backed Security — 1.7%** | **Residential Mortgage-Backed Security — 1.7%** | **Residential Mortgage-Backed Security — 1.7%** |
| &nbsp;&nbsp;FHLMC, Ser 2024-5491, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/25/50  |  | 46290598 |  | 46629149 |
| &nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2025-PJ8, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/25/56 (A)(D) |  | 9720517 |  | 9640002 |
| &nbsp;&nbsp;Sequoia Mortgage Trust 2025-9, Ser 2025-9, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/25/55 (A)(D) |  | 9781010 |  | 9735548 |
|  |  |  |  | 66004699 |
| Total Mortgage-Backed Securities  | Total Mortgage-Backed Securities  | Total Mortgage-Backed Securities  |  |  |
| &nbsp;&nbsp;(Cost $1,830,447,362)  |  |  |  | 1846956076 |
| **U.S. TREASURY OBLIGATIONS — 21.9%** | **U.S. TREASURY OBLIGATIONS — 21.9%** | **U.S. TREASURY OBLIGATIONS — 21.9%** | **U.S. TREASURY OBLIGATIONS — 21.9%** | **U.S. TREASURY OBLIGATIONS — 21.9%** |
| &nbsp;&nbsp;U.S. Treasury Bonds  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 08/15/45  |  | 75000000 |  | 77250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 11/15/43  |  | 100000000 |  | 101855469 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 11/15/44  |  | 250000000 |  | 249697265 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 08/15/44  |  | 200000000 |  | 187195312 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/42  |  | 25000000 |  | 23299805 |
| &nbsp;&nbsp;U.S. Treasury Notes  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 01/31/32  |  | 100000000 |  | 102976562 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 05/15/35  |  | 125000000 |  | 126679687 |
| Total U.S. Treasury Obligations | Total U.S. Treasury Obligations | Total U.S. Treasury Obligations |  |  |
| &nbsp;&nbsp;(Cost $866,892,977)  | &nbsp;&nbsp;(Cost $866,892,977)  | &nbsp;&nbsp;(Cost $866,892,977)  |  | 868954100 |
| **CORPORATE OBLIGATIONS — 16.2%** | **CORPORATE OBLIGATIONS — 16.2%** | **CORPORATE OBLIGATIONS — 16.2%** | **CORPORATE OBLIGATIONS — 16.2%** | **CORPORATE OBLIGATIONS — 16.2%** |
| **Communication Services — 0.4%** | **Communication Services — 0.4%** | **Communication Services — 0.4%** | **Communication Services — 0.4%** | **Communication Services — 0.4%** |
| &nbsp;&nbsp;OT Midco  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.000%, 02/15/30 (D) |  | 25000000 |  | 14625641 |
| **Consumer Discretionary — 1.9%** | **Consumer Discretionary — 1.9%** | **Consumer Discretionary — 1.9%** | **Consumer Discretionary — 1.9%** | **Consumer Discretionary — 1.9%** |
| &nbsp;&nbsp;Choice Hotels International  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 01/15/31 |  | 3000000 |  | 2813445 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 12/01/29 |  | 8000000 |  | 7680110 |
| &nbsp;&nbsp;Cornell University  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.835%, 06/15/34 |  | 2000000 |  | 2041320 |
| &nbsp;&nbsp;Cruise Yacht Upper HoldCo  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.875%, 07/05/28 |  | 4000000 |  | 3574510 |
| &nbsp;&nbsp;Ford Motor Credit  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.869%, 10/31/35 |  | 5000000 |  | 4939846 |
| &nbsp;&nbsp;Hyundai Capital America  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.300%, 01/08/29(D) |  | 5000000 |  | 5130861 |
| &nbsp;&nbsp;JBS USA Holding Lux Sarl  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.250%, 11/15/53 |  | 4863000 |  | 5509210 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 03/15/34 |  | 10000000 |  | 11032530 |
| &nbsp;&nbsp;Nissan Motor Acceptance  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.050%, 09/15/28(D) |  | 2000000 |  | 2080702 |
| &nbsp;&nbsp;Saks Global Enterprises  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.000%, 12/15/29(D) |  | 9500000 |  | 2113750 |

---

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

**FROST TOTAL RETURN BOND FUND October 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;11.000%, 12/15/29(D) | $| 19000000 | $| 8170000 |
| &nbsp;&nbsp;SGUS  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.000%, 12/15/29(D) |  | 12263636 |  | 10577509 |
| &nbsp;&nbsp;STL Holding  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.750%, 02/15/29(D) |  | 8600000 |  | 9017349 |
| &nbsp;&nbsp;VistaJet Malta Finance  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.375%, 02/01/30(D) |  | 2000000 |  | 1931603 |
|  |  |  |  | 76612745 |
| **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** |
| &nbsp;&nbsp;JBS USA Holding Lux Sarl  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 12/01/52  |  | 5000000 |  | 5186550 |
| **Energy — 4.2%** | **Energy — 4.2%** | **Energy — 4.2%** | **Energy — 4.2%** | **Energy — 4.2%** |
| &nbsp;&nbsp;Aircastle  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, H15T5Y + 4.410%, 09/15/74(A)(D) |  | 3736000 |  | 3712702 |
| &nbsp;&nbsp;APA  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.750%, 12/15/29 |  | 4138000 |  | 4476321 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/15/37 |  | 250000 |  | 248065 |
| &nbsp;&nbsp;Barclays  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.625%, USISSO05 + 5.775%, 03/15/74(A) |  | 5000000 |  | 5661740 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.692%, SOFRRATE + 2.620%, 09/13/34(A) |  | 2000000 |  | 2214716 |
| &nbsp;&nbsp;New England Power  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.807%, 10/06/50(D) |  | 5000000 |  | 3173277 |
| &nbsp;&nbsp;Panoro Energy  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.250%, 12/11/29 |  | 2500000 |  | 2544589 |
| &nbsp;&nbsp;Paratus Energy Services  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.500%, 06/27/29 |  | 47400000 |  | 46956902 |
| &nbsp;&nbsp;PBF Holding  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.875%, 03/15/30(D) |  | 18000000 |  | 19082448 |
| &nbsp;&nbsp;Phillips 66  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.875%, H15T5Y + 2.283%, 03/15/56(A) |  | 17000000 |  | 16898580 |
| &nbsp;&nbsp;Telford Finco  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.000%, 11/06/29 |  | 14162756 |  | 14339323 |
| &nbsp;&nbsp;Topaz Solar Farms  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 09/30/39(D) |  | 25403914 |  | 25403914 |
| &nbsp;&nbsp;Waldorf Energy Finance  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;15.000%, 09/02/74 |  | 1832387 |  | 472756 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.000%, 03/02/26(G) |  | 814237 |  | 210073 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/02/74(B) |  | 224563 |  | 57937 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/02/74(B) |  | 68715 |  | 17728 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/74(B) |  | 5336964 |  | 1376937 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/74(B) |  | 72359 |  | 18669 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/02/74(B) |  | 1334241 |  | 344234 |
| &nbsp;&nbsp;Waldorf Production UK  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/02/74(B) |  | 11021065 |  | 11021065 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/02/74(B) |  | 10732998 |  | 7234041 |
|  |  |  |  | 165466017 |
| **Financials — 5.1%** | **Financials — 5.1%** | **Financials — 5.1%** | **Financials — 5.1%** | **Financials — 5.1%** |
| &nbsp;&nbsp;BAC Capital Trust XIV  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.699%, TSFR3M + 0.662%, 09/15/74(A) |  | 9870000 |  | 8386552 |
| &nbsp;&nbsp;Banco Santander  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.625%, H15T5Y + 5.298%, 02/21/74(A) |  | 5000000 |  | 6096735 |
| &nbsp;&nbsp;Barclays  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.000%, H15T5Y + 5.431%, 12/15/73(A) |  | 30250000 |  | 32194984 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Face Amount** | **Value** |
| &nbsp;&nbsp;Cantor Fitzgerald  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.200%, 12/12/28(D) | $1000000 | $1062305 |
| &nbsp;&nbsp;Citigroup  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.174%, SOFRRATE + 2.661%, 05/25/34(A) | 5000000 | 5309997 |
| &nbsp;&nbsp;Comerica  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.982%, SOFRRATE + 2.155%, 01/30/30(A) | 10000000 | 10403675 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/29 | 13300000 | 13155881 |
| &nbsp;&nbsp;Credit Suisse Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.100%, H15T5Y + 3.293%, 07/24/74(G) | 10000000 | 2700000 |
| &nbsp;&nbsp;Danske Bank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.705%, H15T1Y + 1.400%, 03/01/30(A)(D) | 5000000 | 5198366 |
| &nbsp;&nbsp;Deutsche Bank NY  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.146%, SOFRRATE + 2.520%, 07/13/27(A) | 4000000 | 4075288 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.079%, SOFRRATE + 3.650%, 02/10/34(A) | 10000000 | 10961845 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.742%, SOFRRATE + 2.257%, 01/07/33(A) | 2000000 | 1845860 |
| &nbsp;&nbsp;F&G Annuities & Life  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.400%, 01/13/28 | 7000000 | 7343837 |
| &nbsp;&nbsp;Farmers Exchange Capital  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.200%, 07/15/48(D) | 3000000 | 3077330 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.050%, 07/15/28(D) | 11075000 | 11635700 |
| &nbsp;&nbsp;Goldman Sachs Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.800%, H15T5Y + 2.969%, 11/10/73(A) | 5000000 | 4926467 |
| &nbsp;&nbsp;Golub Capital Private Credit Fund  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.800%, 09/12/29 | 2000000 | 2030551 |
| &nbsp;&nbsp;Intesa Sanpaolo MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/23/29(D) | 5000000 | 4915102 |
| &nbsp;&nbsp;Jefferies Financial Group MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 09/16/36 | 4732000 | 4755465 |
| &nbsp;&nbsp;KeyBank MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/26/33 | 5000000 | 5034683 |
| &nbsp;&nbsp;KeyCorp  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.401%, SOFRINDX + 2.420%, 03/06/35(A) | 5000000 | 5419756 |
| &nbsp;&nbsp;Royal Bank of Canada  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/28/33 | 10000000 | 10025878 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.200%, 01/31/33 | 3000000 | 3032666 |
| &nbsp;&nbsp;&nbsp;&nbsp;%, 10/30/30(A) | 5000000 | 4980000 |
| &nbsp;&nbsp;SBL Holdings  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.508%, H15T5Y + 5.580%, 05/13/74(A)(D) | 2500000 | 2583607 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, H15T5Y + 5.620%, 11/13/73(A)(D) | 12492000 | 11996743 |
| &nbsp;&nbsp;Societe Generale  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.125%, H15T5Y + 3.790%, 05/21/74(A)(D) | 4000000 | 4182572 |
| &nbsp;&nbsp;Synovus Bank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 02/15/28 | 8000000 | 8165240 |
| &nbsp;&nbsp;US Bancorp  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.836%, SOFRRATE + 2.260%, 06/12/34(A) | 4000000 | 4265389 |

---

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

**FROST TOTAL RETURN BOND FUND October 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, H15T5Y + 2.541%, 01/15/74(A) | $| 3273000 | $| 3178947 |
|  |  |  |  | 202941421 |
| **Health Care — 0.1%** | **Health Care — 0.1%** | **Health Care — 0.1%** | **Health Care — 0.1%** | **Health Care — 0.1%** |
| &nbsp;&nbsp;DENTSPLY SIRONA  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.375%, H15T5Y + 4.379%, 09/12/55 (A) |  | 5000000 |  | 5148631 |
| **Industrials — 2.8%** | **Industrials — 2.8%** | **Industrials — 2.8%** | **Industrials — 2.8%** | **Industrials — 2.8%** |
| &nbsp;&nbsp;AerCap Ireland Capital DAC  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.450%, 04/15/27 |  | 3662000 |  | 3769982 |
| &nbsp;&nbsp;Boeing  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.008%, 05/01/64 |  | 38598000 |  | 44175786 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.930%, 05/01/60 |  | 15000000 |  | 14910760 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 02/15/40 |  | 15355000 |  | 15882111 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.705%, 05/01/40 |  | 5000000 |  | 5098372 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.950%, 02/01/30 |  | 3344000 |  | 3157544 |
| &nbsp;&nbsp;Burlington Northern Santa Fe  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.290%, 06/01/36 |  | 5000000 |  | 6073205 |
| &nbsp;&nbsp;Hawaiian Airlines 2013-1 Class A Pass Through Certificates  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 01/15/26 |  | 4972961 |  | 4940722 |
| &nbsp;&nbsp;nVent Finance Sarl  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.650%, 05/15/33 |  | 3000000 |  | 3138397 |
| &nbsp;&nbsp;Regal Rexnord  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.300%, 02/15/30 |  | 4500000 |  | 4762962 |
| &nbsp;&nbsp;Twma Finance  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;13.000%, 02/08/27 |  | 3500000 |  | 3569911 |
|  |  |  |  | 109479752 |
| **Information Technology — 0.6%** | **Information Technology — 0.6%** | **Information Technology — 0.6%** | **Information Technology — 0.6%** | **Information Technology — 0.6%** |
| &nbsp;&nbsp;Consensus Cloud Solutions  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 10/15/26(D) |  | 1160000 |  | 1160000 |
| &nbsp;&nbsp;Gartner  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 06/15/29(D) |  | 3000000 |  | 2880071 |
| &nbsp;&nbsp;Kyndryl Holdings  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.100%, 10/15/41 |  | 26481000 |  | 21278465 |
|  |  |  |  | 25318536 |
| **Materials — 0.0%** | **Materials — 0.0%** | **Materials — 0.0%** | **Materials — 0.0%** | **Materials — 0.0%** |
| &nbsp;&nbsp;Hillgrove Mines Pty  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12.000%, 08/01/29 |  | 1000000 |  | 1013283 |
| &nbsp;&nbsp;Nacional del Cobre de Chile  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.150%, 01/15/51(D) |  | 500000 |  | 330134 |
|  |  |  |  | 1343417 |
| **Telecommunication Services — 0.4%** | **Telecommunication Services — 0.4%** | **Telecommunication Services — 0.4%** | **Telecommunication Services — 0.4%** | **Telecommunication Services — 0.4%** |
| &nbsp;&nbsp;T-Mobile USA  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.700%, 12/15/33  |  | 13679000 |  | 15301408 |
| **Utilities — 0.6%** | **Utilities — 0.6%** | **Utilities — 0.6%** | **Utilities — 0.6%** | **Utilities — 0.6%** |
| &nbsp;&nbsp;Northwest Natural Holding  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.000%, H15T5Y + 2.701%, 09/15/55(A) |  | 2000000 |  | 2084132 |
| &nbsp;&nbsp;Pacific Gas and Electric  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/01/40 |  | 11000000 |  | 9562460 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 08/15/42 |  | 5000000 |  | 3814951 |
| &nbsp;&nbsp;Sempra  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 10/15/39 |  | 6000000 |  | 6268211 |
|  |  |  |  | 21729754 |
| Total Corporate Obligations  |  |  |  |  |
| &nbsp;&nbsp;(Cost $642,044,806)  |  |  |  | 643153872 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Face Amount** | **Value** |
| **ASSET-BACKED SECURITIES — 6.8%** | **ASSET-BACKED SECURITIES — 6.8%** | **ASSET-BACKED SECURITIES — 6.8%** |
| **Automotive — 4.7%** | **Automotive — 4.7%** | **Automotive — 4.7%** |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2023-4, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.650%, 09/12/30 (D) | $15000000 | $15502177 |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2024-3, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.730%, 07/12/30 (D) | 8000000 | 8081226 |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2024-3, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.040%, 07/12/30 (D) | 8000000 | 8155286 |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2024-4, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.340%, 08/12/31 (D) | 5000000 | 5016068 |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2025-1, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.090%, 08/12/31 (D) | 40000000 | 40265216 |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2025-2, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/14/31 (D) | 14000000 | 14167061 |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2025-3, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.950%, 07/12/32 (D) | 5000000 | 5031242 |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2025-3, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.190%, 07/12/32 (D) | 10000000 | 10030980 |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2025-4, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 09/12/31 (D) | 20000000 | 19991392 |
| &nbsp;&nbsp;Avid Automobile Receivables Trust, Ser 2023-1, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.140%, 05/15/29 (D) | 5595000 | 5729392 |
| &nbsp;&nbsp;CarNow Auto Receivables Trust, Ser 2021-2A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.450%, 02/15/28 (D) | 2447119 | 2430712 |
| &nbsp;&nbsp;CarNow Auto Receivables Trust, Ser 2023-1A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12.040%, 04/16/29 (D) | 5000000 | 2149387 |
| &nbsp;&nbsp;DT Auto Owner Trust, Ser 2021-3A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.310%, 05/17/27 (D) | 2189847 | 2172821 |
| &nbsp;&nbsp;Exeter Automobile Receivables Trust, Ser 2025-4A, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.497%, 09/15/26  | 940902 | 940980 |
| &nbsp;&nbsp;First Investors Auto Owner Trust, Ser 2023-1A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.740%, 01/15/31 (D) | 9000000 | 9416705 |
| &nbsp;&nbsp;Flagship Credit Auto Trust, Ser 2020-1, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.520%, 06/15/27 (D) | 4595836 | 4590838 |

---

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

**FROST TOTAL RETURN BOND FUND October 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;Flagship Credit Auto Trust, Ser 2024-3, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.410%, 09/16/30 (D) | $| 4500000 | $| 4376865 |
| &nbsp;&nbsp;Flagship Credit Auto Trust, Ser 2024-3, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.110%, 09/16/30 (D) |  | 5886000 |  | 5449424 |
| &nbsp;&nbsp;Foursight Capital Automobile Receivables Trust, Ser 2022-1, Cl E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.690%, 08/15/29 (D) |  | 4230000 |  | 4218072 |
| &nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Ser 2022-1A, Cl E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.640%, 05/15/29 (D) |  | 4000000 |  | 3988243 |
| &nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Ser 2022-3A, Cl E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.350%, 10/15/29 (D) |  | 1990000 |  | 2048663 |
| &nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Ser 2024-3A, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.210%, 02/18/31 (D) |  | 2250000 |  | 2273235 |
| &nbsp;&nbsp;Octane Receivables Trust, Ser 2021-2A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.020%, 09/20/28 (D) |  | 1175838 |  | 1171129 |
| &nbsp;&nbsp;Tricolor Auto Securitization Trust, Ser 2022-1A, Cl F |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.800%, 07/16/29 (D) |  | 4000000 |  | 3214245 |
| &nbsp;&nbsp;Tricolor Auto Securitization Trust, Ser 2023-1A, Cl F |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;16.000%, 06/17/30 (D) |  | 11910000 |  | 3614411 |
| &nbsp;&nbsp;Tricolor Auto Securitization Trust, Ser 2025-1A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.940%, 02/15/29 (D) |  | 5034591 |  | 3549387 |
|  |  |  |  | 187575157 |
| **Collateralized Loan Obligation — 0.2%** | **Collateralized Loan Obligation — 0.2%** | **Collateralized Loan Obligation — 0.2%** | **Collateralized Loan Obligation — 0.2%** | **Collateralized Loan Obligation — 0.2%** |
| &nbsp;&nbsp;CIFC Funding, Ser 2025-2A, Cl BR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.284%, TSFR3M + 1.400%, 04/19/35 (A)(D) |  | 9125000 |  | 9076948 |
| **Other Asset-Backed Securities — 1.9%** | **Other Asset-Backed Securities — 1.9%** | **Other Asset-Backed Securities — 1.9%** | **Other Asset-Backed Securities — 1.9%** | **Other Asset-Backed Securities — 1.9%** |
| &nbsp;&nbsp;Amur Equipment Finance Receivables XI, Ser 2022-2A, Cl E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.320%, 10/22/29 (D) |  | 2600000 |  | 2632723 |
| &nbsp;&nbsp;Aqua Finance Trust, Ser 2024-A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.810%, 04/18/50 (D) |  | 3973595 |  | 4006991 |
| &nbsp;&nbsp;BHG Securitization Trust, Ser 2022-B, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.690%, 06/18/35 (D) |  | 5993367 |  | 6083256 |
| &nbsp;&nbsp;CAL Funding IV, Ser 2020-1A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/25/45 (D) |  | 960854 |  | 920509 |
| &nbsp;&nbsp;CF Hippolyta Issuer, Ser 2020-1, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.990%, 07/15/60 (D) |  | 5174183 |  | 4330052 |
| &nbsp;&nbsp;CIFC Funding, Ser 2025-4A, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.963%, TSFR3M + 1.850%, 10/24/38 (A)(D) |  | 3000000 |  | 2998089 |
| &nbsp;&nbsp;Dext ABS, Ser 2025-1, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.980%, 08/15/35 (D) |  | 5000000 |  | 5057161 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;Dext ABS, Ser 2025-1, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.650%, 02/15/36 (D) | $| 6000000 | $| 6103474 |
| &nbsp;&nbsp;EnFin Residential Solar Receivables Trust, Ser 2024-1A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.650%, 02/20/55 (D) |  | 4128664 |  | 4121409 |
| &nbsp;&nbsp;EnFin Residential Solar Receivables Trust, Ser 2024-1A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.440%, 02/20/55 (D) |  | 3302931 |  | 3201662 |
| &nbsp;&nbsp;EverBright Solar Trust, Ser 2024-A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.130%, 06/22/54 (D) |  | 5418042 |  | 5044230 |
| &nbsp;&nbsp;Global SC Finance VII Srl, Ser 2020-1A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.170%, 10/17/40 (D) |  | 1763467 |  | 1680081 |
| &nbsp;&nbsp;Mosaic Solar Loan Trust, Ser 2020-2A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.210%, 08/20/46 (D) |  | 1858212 |  | 1534137 |
| &nbsp;&nbsp;Pawneee Equipment Receivables, Ser 2022-1, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.010%, 07/17/28 (D) |  | 4000000 |  | 4033849 |
| &nbsp;&nbsp;Textainer Marine Containers VII, Ser 2024-1A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 08/20/49 (D) |  | 6238167 |  | 6264848 |
| &nbsp;&nbsp;T-Mobile US Trust, Ser 2025-1A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.740%, 11/20/29 (D) |  | 5000000 |  | 5060405 |
| &nbsp;&nbsp;VFI ABS, Ser 2023-1A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.780%, 08/24/29 (D) |  | 10000000 |  | 10146147 |
|  |  |  |  | 73219023 |
| **Student Loan — 0.0%** | **Student Loan — 0.0%** | **Student Loan — 0.0%** | **Student Loan — 0.0%** | **Student Loan — 0.0%** |
| &nbsp;&nbsp;Commonbond Student Loan Trust, Ser 2017-AGS, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.550%, 05/25/41 (D) |  | 588056 |  | 563799 |
| Total Asset-Backed Securities  | Total Asset-Backed Securities  | Total Asset-Backed Securities  |  |  |
| &nbsp;&nbsp;(Cost $282,543,730)  |  |  |  | 270434927 |
| **COLLATERALIZED LOAN OBLIGATIONS — 2.6%** | **COLLATERALIZED LOAN OBLIGATIONS — 2.6%** | **COLLATERALIZED LOAN OBLIGATIONS — 2.6%** | **COLLATERALIZED LOAN OBLIGATIONS — 2.6%** | **COLLATERALIZED LOAN OBLIGATIONS — 2.6%** |
| &nbsp;&nbsp;Apidos CLO XXX, Ser 2024-XXXA, Cl BR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.734%, TSFR3M + 1.850%, 10/18/31 (A)(D) |  | 5170000 |  | 5172487 |
| &nbsp;&nbsp;Battalion CLO XXIII, Ser 2024-23A, Cl DR1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.855%, TSFR3M + 3.950%, 10/15/37 (A)(D) |  | 5000000 |  | 5013980 |
| &nbsp;&nbsp;BSL CLO V, Ser 2024-5A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.584%, TSFR3M + 1.700%, 01/20/38 (A)(D) |  | 4000000 |  | 4000368 |
| &nbsp;&nbsp;Elmwood CLO V, Ser 2024-2A, Cl D1RR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.034%, TSFR3M + 3.150%, 10/20/37 (A)(D) |  | 9000000 |  | 8972226 |
| &nbsp;&nbsp;Elmwood CLO XXIV, Ser 2024-3A, Cl BR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.482%, TSFR3M + 1.600%, 01/17/38 (A)(D) |  | 4600000 |  | 4597562 |

---

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

**FROST TOTAL RETURN BOND FUND October 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;LCM 42, Ser 2024-42A, Cl D1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.405%, TSFR3M + 3.500%, 01/15/38 (A)(D) | $| 10000000 | $| 9981920 |
| &nbsp;&nbsp;LCM Loan Income Fund I Income Note Issuer, Ser 2018-27A, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.235%, TSFR3M + 1.342%, 07/16/31 (A)(D) |  | 94500 |  | 94470 |
| &nbsp;&nbsp;Sycamore Tree CLO, Ser 2025-6A, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.084%, TSFR3M + 1.200%, 04/20/38 (A)(D) |  | 27000000 |  | 26923779 |
| &nbsp;&nbsp;Sycamore Tree CLO, Ser 2025-6A, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.684%, TSFR3M + 1.800%, 04/20/38 (A)(D) |  | 15000000 |  | 14950380 |
| &nbsp;&nbsp;Sycamore Tree CLO, Ser 2025-7A, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.282%, TSFR3M + 2.000%, 08/28/38 (A)(D) |  | 5000000 |  | 4996375 |
| &nbsp;&nbsp;Venture XIX, Ser 2018-19A, Cl ARR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.426%, TSFR3M + 1.522%, 01/15/32 (A)(D) |  | 6750921 |  | 6752582 |
| &nbsp;&nbsp;Wind River CLO, Ser 2024-1A, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.134%, TSFR3M + 4.250%, 04/20/37 (A)(D) |  | 10000000 |  | 10013840 |
| Total Collateralized Loan Obligations  | Total Collateralized Loan Obligations  | Total Collateralized Loan Obligations  |  |  |
| &nbsp;&nbsp;(Cost $101,615,421)  |  |  |  | 101469969 |
| **SOVEREIGN DEBT — 1.4%** | **SOVEREIGN DEBT — 1.4%** | **SOVEREIGN DEBT — 1.4%** | **SOVEREIGN DEBT — 1.4%** | **SOVEREIGN DEBT — 1.4%** |
| &nbsp;&nbsp;Colombia Government International Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 04/22/32  |  | 5000000 |  | 4262500 |
| &nbsp;&nbsp;Kingdom of Belgium Government International Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 06/10/55  |  | 10000000 |  | 9194610 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.350%, 11/06/34 (D) |  | 40000000 |  | 40215960 |
| &nbsp;&nbsp;Provincia de Buenos Aires |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.625%, 09/01/37 (D)(E) |  | 306708 |  | 224664 |
| &nbsp;&nbsp;Ukraine Government International Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/01/29 to 02/01/34 (E) |  | 2403678 |  | 1560755 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 02/01/30 to 02/01/36 (E) |  | 1382113 |  | 658999 |
| Total Sovereign Debt  | Total Sovereign Debt  | Total Sovereign Debt  |  |  |
| &nbsp;&nbsp;(Cost $56,089,460)  |  |  |  | 56117488 |
| **MUNICIPAL BONDS — 1.3%** | **MUNICIPAL BONDS — 1.3%** | **MUNICIPAL BONDS — 1.3%** | **MUNICIPAL BONDS — 1.3%** | **MUNICIPAL BONDS — 1.3%** |
| &nbsp;&nbsp;Board of Regents of the University of Texas System, Build America Bonds, Ser D, Cl D, RB  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.134%, 08/15/42 |  | 3000000 |  | 3058595 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;Board of Regents of the University of Texas System, Ser C, RB  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.794%, 08/15/46 | $| 4670000 | $| 4525863 |
| &nbsp;&nbsp;City of Houston Texas, GO  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.961%, 03/01/47 |  | 12000000 |  | 10623245 |
| &nbsp;&nbsp;GDB Debt Recovery Authority of Puerto Rico, RB  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 08/20/40 |  | 4160882 |  | 4050842 |
| &nbsp;&nbsp;Mission, Economic Development, RB  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.750%, 12/01/25(F)(G) |  | 3045000 |  | 30450 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.550%, 12/01/21(F)(G) |  | 2125000 |  | 21250 |
| &nbsp;&nbsp;Mission, Economic Development, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.875%, 12/01/28(F)(G) |  | 3315000 |  | 33150 |
| &nbsp;&nbsp;North Texas Tollway Authority, RB  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.410%, 02/01/30 |  | 1474000 |  | 1588511 |
| &nbsp;&nbsp;Northwest Independent School District, Ser A, GO, PSF-GTD |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.776%, 02/15/31 |  | 2000000 |  | 1792923 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.836%, 02/15/32 |  | 1890000 |  | 1656621 |
| &nbsp;&nbsp;Rhode Island State, Health & Educational System, Providence Public Schools, Ser A, Cl A, RB, CITY APPROP ST AID WITHHLDG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.000%, 05/15/29 |  | 5000000 |  | 5011863 |
| &nbsp;&nbsp;Texas State, Transportation Commission State Highway Fund, Ser B-BUILD, RB  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.178%, 04/01/30 |  | 3980000 |  | 4064929 |
| &nbsp;&nbsp;TransJamaican Highway, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 10/10/36(D) |  | 1255729 |  | 1167828 |
| &nbsp;&nbsp;USAFA Visitor's Center Business Improvement District, Ser B, RB  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 12/01/42(D) |  | 12870000 |  | 13059980 |
| &nbsp;&nbsp;William Marsh Rice University, RB  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.598%, 05/15/50 |  | 1810000 |  | 1172105 |
| Total Municipal Bonds | Total Municipal Bonds | Total Municipal Bonds |  |  |
| &nbsp;&nbsp;(Cost $57,827,280)  | &nbsp;&nbsp;(Cost $57,827,280)  | &nbsp;&nbsp;(Cost $57,827,280)  |  | 51858155 |
|  | **<br> Shares** | **<br> Shares** |  |  |
| **COMMON STOCK — 1.3%** | **COMMON STOCK — 1.3%** | **COMMON STOCK — 1.3%** | **COMMON STOCK — 1.3%** | **COMMON STOCK — 1.3%** |
| Energy — 1.3% | Energy — 1.3% | Energy — 1.3% |  |  |
| &nbsp;&nbsp;Paratus Energy Services  |  | 12500000 |  | 51262433 |
| Total Common Stock  |  |  |  |  |
| &nbsp;&nbsp;(Cost $–)  |  |  |  | 51262433 |
|  | **Face Amount** | **Face Amount** |  |  |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.6%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.6%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.6%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.6%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.6%** |
| &nbsp;&nbsp;FFCB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.490%, 09/22/42  |  | 1000000 |  | 995869 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.370%, 04/08/38  |  | 2000000 |  | 2000171 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.280%, 07/28/33  |  | 5000000 |  | 5048450 |
| &nbsp;&nbsp;FHLB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/28/45  |  | 5000000 |  | 5051967 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 02/23/39  |  | 2000000 |  | 2000848 |

---

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

**FROST TOTAL RETURN BOND FUND October 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Face Amount** | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;2.150%, 09/23/36  | $| 1500000 | $1193610 |
| &nbsp;&nbsp;Tennessee Valley Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 09/15/52  |  | 7521000 | 6552861 |
| Total U.S. Government Agency Obligations  | Total U.S. Government Agency Obligations  | Total U.S. Government Agency Obligations  |  |
| &nbsp;&nbsp;(Cost $23,281,106)  | &nbsp;&nbsp;(Cost $23,281,106)  | &nbsp;&nbsp;(Cost $23,281,106)  | 22843776 |
| **COMMERCIAL PAPER — 0.1%** | **COMMERCIAL PAPER — 0.1%** | **COMMERCIAL PAPER — 0.1%** | **COMMERCIAL PAPER — 0.1%** |
| &nbsp;&nbsp;Hilltop Securities  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.415%, 11/19/25 (H) |  | 5000000 | 4988610 |
| Total Commercial Paper | Total Commercial Paper | Total Commercial Paper |  |
| &nbsp;&nbsp;(Cost $4,989,000)  | &nbsp;&nbsp;(Cost $4,989,000)  | &nbsp;&nbsp;(Cost $4,989,000)  | 4988610 |
| **REPURCHASE AGREEMENT(I) — 0.4%** | **REPURCHASE AGREEMENT(I) — 0.4%** | **REPURCHASE AGREEMENT(I) — 0.4%** | **REPURCHASE AGREEMENT(I) — 0.4%** |
| &nbsp;&nbsp;Tri Party Overnight |  |  |  |
| &nbsp;&nbsp;&nbsp;3.800%, dated 10/31/2025, to be repurchased on 11/01/2025, repurchase price $17,505,542 (collateralized by various Government Obligations, ranging in par value $1,179,988 - $13,046,000, 4.575% - 8.000%, 09/15/2027 - 09/25/2036, with a total market value of $21,000,000) |  | 17500000 | 17500000 |
| Total Repurchase Agreement |  |  |  |
| &nbsp;&nbsp;(Cost $17,500,000)  |  |  | 17500000 |
| Total Investments — 99.2% |  |  |  |
| &nbsp;&nbsp;(Cost $3,883,231,142)  |  |  | $3935539406 |
| Percentages are based on Net Assets of $3,966,546,764. | Percentages are based on Net Assets of $3,966,546,764. | Percentages are based on Net Assets of $3,966,546,764. | Percentages are based on Net Assets of $3,966,546,764. |

---

*(A)* *Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.* 

*(B)* *Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at the time of purchase.* 

*(C)* *PO - Principal Only* 

*(D)* *Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total value of such securities at October 31, 2025 was $1,115,335,350 and represents 28.1% of Net Assets.* 

*(E)* *Step Bonds — The rate reflected on the Schedule of Investments is the effective yield on October 31, 2025. The coupon on a step bond changes on a specific date.* 

*(F)* *Level 3 security in accordance with fair value hierarchy.* 

*(G)* *Security in default on interest payments.* 

*(H)* *Interest rate represents the security's effective yield at the time of purchase.* 

*(I)* *Tri-Party Repurchase Agreement.* 

*Amounts designated as "—" are $0 or have been rounded to $0.*

 

*For information on the Fund's policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund's most recent financial *statements.*

 

*See "Glossary" for abbreviations.*

 

*FIA-QH-001-3600* 

 

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

**FROST CREDIT FUND October 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS — 45.7%** | **CORPORATE OBLIGATIONS — 45.7%** | **CORPORATE OBLIGATIONS — 45.7%** |
| **Communication Services — 2.4%** | **Communication Services — 2.4%** | **Communication Services — 2.4%** |
| &nbsp;&nbsp;AMC Networks  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 02/15/29 | $94000 | $80835 |
| &nbsp;&nbsp;AT&T  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.850%, 06/01/60 | 4000000 | 2821479 |
| &nbsp;&nbsp;News  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.125%, 02/15/32(A) | 5000000 | 4949347 |
| &nbsp;&nbsp;OT Midco  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.000%, 02/15/30(A) | 4000000 | 2340102 |
| &nbsp;&nbsp;Sirius XM Radio  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 09/01/31(A) | 3000000 | 2721871 |
|  |  | 12913634 |
| **Consumer Discretionary — 5.5%** | **Consumer Discretionary — 5.5%** | **Consumer Discretionary — 5.5%** |
| &nbsp;&nbsp;180 Medical  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.300%, 10/08/35(A) | 4000000 | 3956255 |
| &nbsp;&nbsp;Amazon.com  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.100%, 04/13/62 | 4000000 | 3184136 |
| &nbsp;&nbsp;Beazer Homes USA  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.250%, 10/15/29(A) | 1000000 | 1014071 |
| &nbsp;&nbsp;Choice Hotels International  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.850%, 08/01/34 | 2000000 | 2033988 |
| &nbsp;&nbsp;Cruise Yacht Upper HoldCo  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.875%, 07/05/28 | 4000000 | 3574510 |
| &nbsp;&nbsp;Dillard's  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.000%, 12/01/28 | 500000 | 526085 |
| &nbsp;&nbsp;Ford Motor Credit  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.869%, 10/31/35 | 2000000 | 1975938 |
| &nbsp;&nbsp;JBS USA Holding Lux Sarl  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 03/15/34 | 2000000 | 2206506 |
| &nbsp;&nbsp;Newell Brands  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.375%, 05/15/30 | 5000000 | 4750000 |
| &nbsp;&nbsp;Saks Global Enterprises  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.000%, 12/15/29(A) | 3000000 | 1290000 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.000%, 12/15/29(A) | 1500000 | 333750 |
| &nbsp;&nbsp;SGUS  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.000%, 12/15/29(A) | 1936363 | 1670133 |
| &nbsp;&nbsp;STL Holding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.750%, 02/15/29(A) | 2000000 | 2097058 |
|  |  | 28612430 |
| **Consumer Staples — 2.1%** | **Consumer Staples — 2.1%** | **Consumer Staples — 2.1%** |
| &nbsp;&nbsp;JBS USA Holding Lux Sarl  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 12/01/52 | 3000000 | 3111930 |
| &nbsp;&nbsp;Kraft Heinz Foods  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 10/01/39 | 4352000 | 3961840 |
| &nbsp;&nbsp;Philip Morris International  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.125%, 02/15/30 | 2000000 | 2064587 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 11/10/44 | 2000000 | 1716896 |
|  |  | 10855253 |
| **Energy — 10.0%** | **Energy — 10.0%** | **Energy — 10.0%** |
| &nbsp;&nbsp;Aircastle  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 10/01/31(A) | 3500000 | 3642312 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, H15T5Y + 4.410%, 09/15/74(A)(B) | 1000000 | 993764 |
| &nbsp;&nbsp;Borr IHC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.000%, 11/15/28(A) | 1068293 | 1068366 |
| &nbsp;&nbsp;BP Capital Markets  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.125%, H15T5Y + 1.924%, 06/18/74(B) | 5000000 | 5218400 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;Colonial Pipeline  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.375%, 11/01/30(A) | $| 1500000 | $| 1700469 |
| &nbsp;&nbsp;HF Sinclair  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/01/32 |  | 5000000 |  | 5084415 |
| &nbsp;&nbsp;New England Power  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.807%, 10/06/50(A) |  | 1990000 |  | 1262964 |
| &nbsp;&nbsp;Oglethorpe Power  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.800%, 06/01/54 |  | 4000000 |  | 3973002 |
| &nbsp;&nbsp;Panoro Energy  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.250%, 12/11/29 |  | 5000000 |  | 5089179 |
| &nbsp;&nbsp;PBF Holding  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.875%, 03/15/30(A) |  | 7000000 |  | 7420952 |
| &nbsp;&nbsp;Phoenix Aviation Capital  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.250%, 07/15/30(A) |  | 3000000 |  | 3160356 |
| &nbsp;&nbsp;Southern Natural Gas  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.800%, 03/15/47(A) |  | 3000000 |  | 2660608 |
| &nbsp;&nbsp;Summit Midstream Holdings  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.625%, 10/31/29(A) |  | 500000 |  | 508635 |
| &nbsp;&nbsp;Telford Finco  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.000%, 11/06/29 |  | 5058494 |  | 5121558 |
| &nbsp;&nbsp;Topaz Solar Farms  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 09/30/39(A) |  | 6085685 |  | 6085685 |
|  |  |  |  | 52990665 |
| **Financials — 6.1%** | **Financials — 6.1%** | **Financials — 6.1%** | **Financials — 6.1%** | **Financials — 6.1%** |
| &nbsp;&nbsp;Arthur J Gallagher  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 07/15/54 |  | 3000000 |  | 3002983 |
| &nbsp;&nbsp;Bank of America  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.518%, SOFRRATE + 1.738%, 10/25/35(B) |  | 3000000 |  | 3075658 |
| &nbsp;&nbsp;Brown & Brown  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.650%, 06/11/34 |  | 3000000 |  | 3105822 |
| &nbsp;&nbsp;Deutsche Bank NY  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.146%, SOFRRATE + 2.520%, 07/13/27(B) |  | 1000000 |  | 1018822 |
| &nbsp;&nbsp;F&G Annuities & Life  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.400%, 01/13/28 |  | 3000000 |  | 3147359 |
| &nbsp;&nbsp;LPL Holdings  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 05/20/34 |  | 3000000 |  | 3138893 |
| &nbsp;&nbsp;PNC Financial Services Group  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.400%, H15T5Y + 2.595%, 12/15/73(B) |  | 4000000 |  | 3884087 |
| &nbsp;&nbsp;Royal Bank of Canada MTN  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.200%, 01/31/33 |  | 1000000 |  | 1010889 |
| &nbsp;&nbsp;Swedbank  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.750%, H15T5Y + 3.657%, 09/17/74(B) |  | 2000000 |  | 2146276 |
| &nbsp;&nbsp;Synchrony Financial  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.019%, SOFRRATE + 1.395%, 07/29/29(B) |  | 2000000 |  | 2014826 |
| &nbsp;&nbsp;Synovus Financial  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.168%, SOFRRATE + 2.347%, 11/01/30(B) |  | 2500000 |  | 2585988 |
| &nbsp;&nbsp;US Bancorp  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.836%, SOFRRATE + 2.260%, 06/12/34(B) |  | 1000000 |  | 1066347 |
| &nbsp;&nbsp;Zions Bancorp  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.816%, SOFRRATE + 2.830%, 11/19/35(B) |  | 3000000 |  | 3184588 |
|  |  |  |  | 32382538 |

---

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

**FROST CREDIT FUND October 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Face Amount** | **Value** |
| **Industrials — 7.4%** | **Industrials — 7.4%** | **Industrials — 7.4%** |
| &nbsp;&nbsp;AerCap Ireland Capital DAC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, H15T5Y + 2.441%, 01/31/56(B) | $7000000 | $7231819 |
| &nbsp;&nbsp;ATI  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 12/01/27 | 4165000 | 4169657 |
| &nbsp;&nbsp;Boeing  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.930%, 05/01/60 | 3000000 | 2982152 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.150%, 05/01/30 | 2000000 | 2057274 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.196%, 02/04/26 | 1000000 | 994646 |
| &nbsp;&nbsp;Burlington Northern Santa Fe  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/15/55 | 4000000 | 4005547 |
| &nbsp;&nbsp;GATX  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.050%, 03/15/34 | 2000000 | 2139252 |
| &nbsp;&nbsp;Huntington Ingalls Industries  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.749%, 01/15/35 | 5000000 | 5273066 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.200%, 05/01/30 | 3000000 | 2964629 |
| &nbsp;&nbsp;Icahn Enterprises  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.750%, 01/15/29 | 1000000 | 1003550 |
| &nbsp;&nbsp;Lockheed Martin  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 01/15/33 | 1500000 | 1575507 |
| &nbsp;&nbsp;nVent Finance Sarl  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.650%, 05/15/33 | 3000000 | 3138397 |
| &nbsp;&nbsp;Twma Finance  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;13.000%, 02/08/27 | 1500000 | 1529962 |
|  |  | 39065458 |
| **Information Technology — 6.4%** | **Information Technology — 6.4%** | **Information Technology — 6.4%** |
| &nbsp;&nbsp;Consensus Cloud Solutions  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 10/15/26(A) | 1026000 | 1026000 |
| &nbsp;&nbsp;Corning  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.450%, 11/15/79 | 4000000 | 3732025 |
| &nbsp;&nbsp;Crowdstrike Holdings  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/15/29 | 3000000 | 2858491 |
| &nbsp;&nbsp;Flex  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 01/15/32 | 2000000 | 2053970 |
| &nbsp;&nbsp;Foundry JV Holdco  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.300%, 01/25/39(A) | 2000000 | 2127205 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 01/25/34(A) | 4000000 | 4129964 |
| &nbsp;&nbsp;Hewlett Packard Enterprise  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/34 | 4000000 | 3957805 |
| &nbsp;&nbsp;Kyndryl Holdings  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.100%, 10/15/41 | 8929000 | 7174783 |
| &nbsp;&nbsp;Micron Technology  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.800%, 01/15/35 | 4000000 | 4223514 |
| &nbsp;&nbsp;TD SYNNEX  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.650%, 08/09/31 | 3000000 | 2675664 |
|  |  | 33959421 |
| **Materials — 0.5%** | **Materials — 0.5%** | **Materials — 0.5%** |
| &nbsp;&nbsp;Hillgrove Mines Pty  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12.000%, 08/01/29  | 2500000 | 2533208 |
| **Real Estate — 1.4%** | **Real Estate — 1.4%** | **Real Estate — 1.4%** |
| &nbsp;&nbsp;GLP Capital  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 12/01/33<sup>‡</sup> | 1000000 | 1081926 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 01/15/32<sup>‡</sup> | 2500000 | 2243956 |
| &nbsp;&nbsp;Host Hotels & Resorts  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/15/35<sup>‡</sup> | 2000000 | 2019327 |
| &nbsp;&nbsp;Sabra Health Care  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 12/01/31<sup>‡</sup> | 2000000 | 1815399 |
|  |  | 7160608 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Face Amount** | **Value** |
| **Technology — 0.6%** | **Technology — 0.6%** | **Technology — 0.6%** |
| &nbsp;&nbsp;Fair Isaac  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 05/15/33 (A) | $3000000 | $3053688 |
| **Telecommunication Services — 0.8%** | **Telecommunication Services — 0.8%** | **Telecommunication Services — 0.8%** |
| &nbsp;&nbsp;T-Mobile USA  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.700%, 12/15/33  | 4000000 | 4474423 |
| **Utilities — 2.5%** | **Utilities — 2.5%** | **Utilities — 2.5%** |
| &nbsp;&nbsp;CenterPoint Energy  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.950%, H15T5Y + 2.223%, 04/01/56(B) | 5000000 | 5031870 |
| &nbsp;&nbsp;Entergy  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.125%, H15T5Y + 2.670%, 12/01/54(B) | 3000000 | 3151839 |
| &nbsp;&nbsp;Entergy Texas  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.550%, 09/15/54 | 1000000 | 989343 |
| &nbsp;&nbsp;NRG Energy  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 07/15/29(A) | 3000000 | 3011350 |
| &nbsp;&nbsp;Pacific Gas and Electric  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/01/40 | 1000000 | 869315 |
|  |  | 13053717 |
| Total Corporate Obligations  |  |  |
| &nbsp;&nbsp;(Cost $237,691,625)  |  | 241055043 |
| **COLLATERALIZED LOAN OBLIGATIONS — 19.1%** | **COLLATERALIZED LOAN OBLIGATIONS — 19.1%** | **COLLATERALIZED LOAN OBLIGATIONS — 19.1%** |
| &nbsp;&nbsp;610 Funding CLO II, Ser 2024-2RA, Cl BR3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.234%, TSFR3M + 2.350%, 01/20/34 (A)(B) | 2000000 | 1998348 |
| &nbsp;&nbsp;AMMC CLO XXVI, Ser 2025-26A, Cl B1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.805%, TSFR3M + 1.900%, 04/15/36 (A)(B) | 7500000 | 7507485 |
| &nbsp;&nbsp;Apidos CLO XL, Ser 2024-40A, Cl CR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.855%, TSFR3M + 1.950%, 07/15/37 (A)(B) | 5000000 | 4993570 |
| &nbsp;&nbsp;Apidos CLO XL, Ser 2024-40A, Cl ER |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.505%, TSFR3M + 5.600%, 07/15/37 (A)(B) | 1000000 | 991979 |
| &nbsp;&nbsp;Battalion CLO XVII, Ser 2024-17A, Cl CR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.134%, TSFR3M + 2.250%, 03/09/34 (A)(B) | 5000000 | 4995905 |
| &nbsp;&nbsp;Battalion CLO XXIII, Ser 2024-23A, Cl BR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.705%, TSFR3M + 1.800%, 10/15/37 (A)(B) | 2000000 | 2000128 |
| &nbsp;&nbsp;Battalion CLO XXIII, Ser 2024-23A, Cl DR1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.855%, TSFR3M + 3.950%, 10/15/37 (A)(B) | 3000000 | 3008388 |
| &nbsp;&nbsp;Battalion CLO XXVIII, Ser 2025-28A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.484%, TSFR3M + 1.600%, 01/20/38 (A)(B) | 1340000 | 1339297 |

---

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

**FROST CREDIT FUND October 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Face Amount** | **Value** |
| &nbsp;&nbsp;Battalion CLO XXVIII, Ser 2025-28A, Cl D1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.934%, TSFR3M + 3.050%, 01/20/38 (A)(B) | $2000000 | $1996420 |
| &nbsp;&nbsp;BlueMountain XXX, Ser 2022-30A, Cl ER |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.605%, TSFR3M + 6.700%, 04/15/35 (A)(B) | 2000000 | 1987504 |
| &nbsp;&nbsp;BSL CLO V, Ser 2024-5A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.584%, TSFR3M + 1.700%, 01/20/38 (A)(B) | 5000000 | 5000460 |
| &nbsp;&nbsp;CIFC Funding, Ser 2024-4A, Cl CR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.760%, TSFR3M + 1.900%, 07/23/37 (A)(B) | 1750000 | 1747772 |
| &nbsp;&nbsp;CLI Funding IX, Ser 2024-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.660%, 07/20/49 (A) | 1769000 | 1782606 |
| &nbsp;&nbsp;CLI Funding IX, Ser 2024-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/20/49 (A) | 884500 | 887296 |
| &nbsp;&nbsp;Dryden 76 CLO, Ser 2024-76A, Cl BR2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.655%, TSFR3M + 1.750%, 10/15/37 (A)(B) | 3000000 | 3002028 |
| &nbsp;&nbsp;Elmwood CLO XXIV, Ser 2024-3A, Cl BR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.482%, TSFR3M + 1.600%, 01/17/38 (A)(B) | 4000000 | 3997880 |
| &nbsp;&nbsp;GoldenTree Loan Management US CLO XIV, Ser 2024-14A, Cl CR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.784%, TSFR3M + 1.900%, 07/20/37 (A)(B) | 5000000 | 4993610 |
| &nbsp;&nbsp;GoldenTree Loan Management US CLO XIX, Ser 2024-19A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.784%, TSFR3M + 1.900%, 04/20/37 (A)(B) | 3000000 | 3010374 |
| &nbsp;&nbsp;Golub Capital Partners CLO XVII, Ser 2025-17A, Cl CRR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.498%, TSFR3M + 2.200%, 02/09/39 (A)(B) | 3000000 | 2992443 |
| &nbsp;&nbsp;LCM 42, Ser 2024-42A, Cl D1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.405%, TSFR3M + 3.500%, 01/15/38 (A)(B) | 5000000 | 4990960 |
| &nbsp;&nbsp;Magnetite XLI, Ser 2024-41A, Cl D1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.458%, TSFR3M + 2.600%, 01/25/38 (A)(B) | 750000 | 748673 |
| &nbsp;&nbsp;Magnetite XXIX, Ser 2024-29A, Cl BR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.655%, TSFR3M + 1.750%, 07/15/37 (A)(B) | 4000000 | 4002516 |
| &nbsp;&nbsp;Magnetite XXIX, Ser 2024-29A, Cl DR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.955%, TSFR3M + 3.050%, 07/15/37 (A)(B) | 3000000 | 3000252 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;Magnetite XXXVIII, Ser 2024-38A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.905%, TSFR3M + 2.000%, 04/15/37 (A)(B) | $| 2000000 | $| 2004886 |
| &nbsp;&nbsp;Magnetite XXXVIII, Ser 2024-38A, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.405%, TSFR3M + 3.500%, 04/15/37 (A)(B) |  | 1000000 |  | 1000763 |
| &nbsp;&nbsp;Magnetite XXXVIII, Ser 2024-38A, Cl E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.405%, TSFR3M + 6.500%, 04/15/37 (A)(B) |  | 1000000 |  | 994448 |
| &nbsp;&nbsp;MCF CLO VIII CLO, Ser 2024-1A, Cl BR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.284%, TSFR3M + 2.400%, 04/18/36 (A)(B) |  | 3000000 |  | 3011901 |
| &nbsp;&nbsp;Sycamore Tree CLO, Ser 2025-6A, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.084%, TSFR3M + 1.200%, 04/20/38 (A)(B) |  | 10120000 |  | 10091431 |
| &nbsp;&nbsp;Sycamore Tree CLO, Ser 2025-7A, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.282%, TSFR3M + 2.000%, 08/28/38 (A)(B) |  | 5000000 |  | 4996375 |
| &nbsp;&nbsp;Wise CLO, Ser 2025-3A, Cl B1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.853%, TSFR3M + 1.750%, 07/15/38 (A)(B) |  | 7500000 |  | 7502378 |
| Total Collateralized Loan Obligations  | Total Collateralized Loan Obligations  | Total Collateralized Loan Obligations  |  |  |
| &nbsp;&nbsp;(Cost $100,613,203)  |  |  |  | 100578076 |
| **ASSET-BACKED SECURITIES — 16.3%** | **ASSET-BACKED SECURITIES — 16.3%** | **ASSET-BACKED SECURITIES — 16.3%** | **ASSET-BACKED SECURITIES — 16.3%** | **ASSET-BACKED SECURITIES — 16.3%** |
| **Automotive — 9.1%** | **Automotive — 9.1%** | **Automotive — 9.1%** | **Automotive — 9.1%** | **Automotive — 9.1%** |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2023-3, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.820%, 10/12/29 (A) |  | 1000000 |  | 1019403 |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2023-4, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.650%, 09/12/30 (A) |  | 1000000 |  | 1033479 |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2024-3, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.040%, 07/12/30 (A) |  | 3000000 |  | 3058232 |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2024-4, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.340%, 08/12/31 (A) |  | 2000000 |  | 2006427 |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2025-3, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.190%, 07/12/32 (A) |  | 5000000 |  | 5015490 |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2025-4, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 09/12/31 (A) |  | 3000000 |  | 2998709 |
| &nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust, Ser 2024-1A, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.650%, 07/15/30 (A) |  | 1000000 |  | 1042116 |

---

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

**FROST CREDIT FUND October 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Face Amount** | **Value** |
| &nbsp;&nbsp;Avid Automobile Receivables Trust, Ser 2021-1, Cl F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.160%, 10/16/28 (A) | $2000000 | $1900945 |
| &nbsp;&nbsp;Bridgecrest Lending Auto Securitization Trust, Ser 2024-3, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.830%, 05/15/30  | 2250000 | 2277323 |
| &nbsp;&nbsp;CarNow Auto Receivables Trust, Ser 2021-2A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.450%, 02/15/28 (A) | 611780 | 607678 |
| &nbsp;&nbsp;Carvana Auto Receivables Trust, Ser 2021-N2, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.900%, 03/10/28 (A) | 743493 | 726733 |
| &nbsp;&nbsp;Credit Acceptance Auto Loan Trust, Ser 2024-2A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.700%, 10/16/34 (A) | 3000000 | 3100665 |
| &nbsp;&nbsp;Exeter Automobile Receivables Trust, Ser 2022-2A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.340%, 10/15/29 (A) | 1443000 | 1399265 |
| &nbsp;&nbsp;Exeter Automobile Receivables Trust, Ser 2024-5A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.220%, 05/17/32 (A) | 3250000 | 3326758 |
| &nbsp;&nbsp;Flagship Credit Auto Trust, Ser 2024-3, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.110%, 09/16/30 (A) | 4000000 | 3703312 |
| &nbsp;&nbsp;Foursight Capital Automobile Receivables Trust, Ser 2022-1, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.690%, 08/15/29 (A) | 1000000 | 997180 |
| &nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Ser 2021-4A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.430%, 10/16/28 (A) | 1500000 | 1475304 |
| &nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Ser 2024-3A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.250%, 06/16/31 (A) | 3000000 | 3059165 |
| &nbsp;&nbsp;GLS Auto Select Receivables Trust, Ser 2024-3A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.920%, 08/15/30 (A) | 1357000 | 1398858 |
| &nbsp;&nbsp;GLS Auto Select Receivables Trust, Ser 2025-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.260%, 03/15/31 (A) | 750000 | 761354 |
| &nbsp;&nbsp;Lendbuzz Securitization Trust, Ser 2024-3A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.900%, 11/15/31 (A) | 600000 | 590992 |
| &nbsp;&nbsp;Lendbuzz Securitization Trust, Ser 2025-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.990%, 01/15/32 (A) | 1250000 | 1227433 |
| &nbsp;&nbsp;Prestige Auto Receivables Trust, Ser 2024-1A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.210%, 02/15/30 (A) | 2000000 | 2031635 |
| &nbsp;&nbsp;Prestige Auto Receivables Trust, Ser 2024-2A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 11/17/31 (A) | 1500000 | 1466910 |
| &nbsp;&nbsp;SAFCO Auto Receivables Trust, Ser 2024-1A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.850%, 01/18/30 (A) | 500000 | 511569 |
| &nbsp;&nbsp;Tricolor Auto Securitization Trust, Ser 2022-1A, Cl F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.800%, 07/16/29 (A) | 1000000 | 803561 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;Tricolor Auto Securitization Trust, Ser 2023-1A, Cl F |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;16.000%, 06/17/30 (A) | $| 1000000 | $| 303477 |
| &nbsp;&nbsp;Tricolor Auto Securitization Trust, Ser 2025-1A, Cl E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.370%, 04/15/32 (A) |  | 500000 |  | 39999 |
|  |  |  |  | 47883972 |
| **Credit Card — 0.5%** | **Credit Card — 0.5%** | **Credit Card — 0.5%** | **Credit Card — 0.5%** | **Credit Card — 0.5%** |
| &nbsp;&nbsp;Mercury Financial Credit Card Master Trust, Ser 2024-2A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.560%, 07/20/29 (A) |  | 2500000 |  | 2514968 |
| **Other Asset-Backed Securities — 6.7%** | **Other Asset-Backed Securities — 6.7%** | **Other Asset-Backed Securities — 6.7%** | **Other Asset-Backed Securities — 6.7%** | **Other Asset-Backed Securities — 6.7%** |
| &nbsp;&nbsp;Amur Equipment Finance Receivables X, Ser 2022-1A, Cl E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.020%, 12/20/28 (A) |  | 1348000 |  | 1346630 |
| &nbsp;&nbsp;Amur Equipment Finance Receivables XIII, Ser 2024-1A, Cl E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.660%, 04/20/32 (A) |  | 1550000 |  | 1606355 |
| &nbsp;&nbsp;Amur Equipment Finance Receivables XIV, Ser 2024-2A, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.970%, 10/20/31 (A) |  | 800000 |  | 817536 |
| &nbsp;&nbsp;Aqua Finance Trust, Ser 2024-A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.810%, 04/18/50 (A) |  | 1444944 |  | 1457088 |
| &nbsp;&nbsp;BHG Securitization Trust, Ser 2022-B, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.690%, 06/18/35 (A) |  | 998895 |  | 1013876 |
| &nbsp;&nbsp;CIFC Funding, Ser 2025-4A, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.963%, TSFR3M + 1.850%, 10/24/38 (A)(B) |  | 10000000 |  | 9993630 |
| &nbsp;&nbsp;Credibly Asset Securitization II, Ser 2024-1A, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.620%, 11/15/29 (A) |  | 2537000 |  | 2567112 |
| &nbsp;&nbsp;Dext ABS, Ser 2025-1, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.650%, 02/15/36 (A) |  | 3000000 |  | 3051737 |
| &nbsp;&nbsp;EnFin Residential Solar Receivables Trust, Ser 2024-1A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.440%, 02/20/55 (A) |  | 825733 |  | 800416 |
| &nbsp;&nbsp;Kapitus Asset Securitization IV, Ser 2025-1A, Cl 1A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.490%, 09/10/31 (A) |  | 1000000 |  | 1006152 |
| &nbsp;&nbsp;Mosaic Solar Loans, Ser 2017-2A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.770%, 06/22/43 (A) |  | 129721 |  | 117220 |
| &nbsp;&nbsp;NMEF Funding, Ser 2024-A, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.330%, 12/15/31 (A) |  | 500000 |  | 510779 |
| &nbsp;&nbsp;NMEF Funding, Ser 2024-A, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.750%, 12/15/31 (A) |  | 1500000 |  | 1541191 |
| &nbsp;&nbsp;NMEF Funding, Ser 2025-A, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.070%, 07/15/32 (A) |  | 3000000 |  | 3041366 |

---

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

**FROST CREDIT FUND October 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;Pawneee Equipment Receivables, Ser 2021-1, Cl E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.210%, 05/15/28 (A) | $| 353000 | $| 352497 |
| &nbsp;&nbsp;Pawneee Equipment Receivables, Ser 2022-1, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.010%, 07/17/28 (A) |  | 1000000 |  | 1008462 |
| &nbsp;&nbsp;Textainer Marine Containers VII, Ser 2024-1A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.340%, 08/20/49 (A) |  | 2673500 |  | 2689503 |
| &nbsp;&nbsp;TIC Home Improvement Trust, Ser 2024-A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.890%, 10/15/46 (A) |  | 500000 |  | 520982 |
| &nbsp;&nbsp;Verizon Master Trust, Ser 2024-8, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.820%, 11/20/30  |  | 2120000 |  | 2143028 |
|  |  |  |  | 35585560 |
| Total Asset-Backed Securities  | Total Asset-Backed Securities  | Total Asset-Backed Securities  |  |  |
| &nbsp;&nbsp;(Cost $86,949,738)  |  |  |  | 85984500 |
| **MORTGAGE-BACKED SECURITIES — 9.7%** | **MORTGAGE-BACKED SECURITIES — 9.7%** | **MORTGAGE-BACKED SECURITIES — 9.7%** | **MORTGAGE-BACKED SECURITIES — 9.7%** | **MORTGAGE-BACKED SECURITIES — 9.7%** |
| **Commercial Mortgage-Backed Obligation — 1.8%** | **Commercial Mortgage-Backed Obligation — 1.8%** | **Commercial Mortgage-Backed Obligation — 1.8%** | **Commercial Mortgage-Backed Obligation — 1.8%** | **Commercial Mortgage-Backed Obligation — 1.8%** |
| &nbsp;&nbsp;Benchmark Mortgage Trust, Ser 2020-B21, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/17/53 (A) |  | 1000000 |  | 694589 |
| &nbsp;&nbsp;BXMT, Ser 2020-FL2, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.296%, TSFR1M + 1.264%, 02/15/38 (A)(B) |  | 81934 |  | 81728 |
| &nbsp;&nbsp;COMM Mortgage Trust, Ser 2014-UBS6, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.409%, 12/10/47 (B) |  | 391561 |  | 386675 |
| &nbsp;&nbsp;COMM Mortgage Trust, Ser 2015-DC1, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.289%, 02/10/48 (A)(B) |  | 1517000 |  | 1031560 |
| &nbsp;&nbsp;Greystone CRE Notes, Ser 2024-HC3, Cl AS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.864%, TSFR1M + 2.832%, 03/15/41 (A)(B) |  | 2000000 |  | 2007474 |
| &nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2025-NQM3, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.492%, 11/25/65 (A)(C) |  | 2802434 |  | 2802463 |
| &nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2025-PJ8, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/25/56 (A)(B) |  | 1944103 |  | 1928000 |
| &nbsp;&nbsp;WFRBS Commercial Mortgage Trust, Ser 2014-C25, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.803%, 11/15/47 (A)(B) |  | 590063 |  | 568089 |
|  |  |  |  | 9500578 |
| **Non-Agency Residential Mortgage-Backed Obligation — 7.9%** | **Non-Agency Residential Mortgage-Backed Obligation — 7.9%** | **Non-Agency Residential Mortgage-Backed Obligation — 7.9%** | **Non-Agency Residential Mortgage-Backed Obligation — 7.9%** | **Non-Agency Residential Mortgage-Backed Obligation — 7.9%** |
| &nbsp;&nbsp;Brean Asset Backed Securities Trust, Ser 2023-RM7, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/25/78 (A)(B) |  | 767227 |  | 755773 |
| &nbsp;&nbsp;Brean Asset Backed Securities Trust, Ser 2024-RM9, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/25/64 (A) |  | 931098 |  | 925260 |
| &nbsp;&nbsp;Brean Asset Backed Securities Trust, Ser 2025-RM11, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 05/25/65 (A)(B) |  | 2000000 |  | 1929946 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;Brean Asset Backed Securities Trust, Ser 2025-RM12, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/25/65 (A) | $| 2000000 | $| 1906290 |
| &nbsp;&nbsp;CAFL Issuer, Ser 2023-RTL1, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.300%, 12/28/30 (A)(C) |  | 2000000 |  | 2009602 |
| &nbsp;&nbsp;Chase Home Lending Mortgage Trust, Ser 2024-2, Cl A6 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 02/25/55 (A)(B) |  | 549737 |  | 555496 |
| &nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2024-PJ3, Cl B2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.067%, 08/25/54 (A)(B) |  | 966863 |  | 938583 |
| &nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2025-NQM2, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.800%, 06/25/65 (A)(B) |  | 4485506 |  | 4512928 |
| &nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2025-PJ6, Cl A5 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/25/55 (A)(B) |  | 4309102 |  | 4332610 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Ser 2024-NQM5, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.649%, 10/25/69 (A)(B) |  | 2118139 |  | 2128727 |
| &nbsp;&nbsp;New Residential Mortgage Loan Trust, Ser 2024-NQM1, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.129%, 03/25/64 (A)(C) |  | 1117297 |  | 1127219 |
| &nbsp;&nbsp;PRET Trust, Ser 2025-RPL2, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/25/64 (A)(C) |  | 2812548 |  | 2742651 |
| &nbsp;&nbsp;PRET Trust, Ser 2025-RPL3, Cl M2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.150%, 04/25/65 (A)(C) |  | 5000000 |  | 4460555 |
| &nbsp;&nbsp;PRET, Ser 2021-RN3, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.843%, 09/25/51 (A)(C) |  | 454291 |  | 454436 |
| &nbsp;&nbsp;PRET, Ser 2021-RN4, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.194%, 10/25/51 (A)(B) |  | 2020728 |  | 2022806 |
| &nbsp;&nbsp;PRET, Ser 2025-NPL2, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.835%, 03/25/55 (A)(C) |  | 2789518 |  | 2799778 |
| &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2025-6, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/25/55 (A)(B) |  | 4690257 |  | 4721222 |
| &nbsp;&nbsp;Toorak Mortgage Trust, Ser 2024-2, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.329%, 10/25/31 (A)(C) |  | 1000000 |  | 1003848 |
| &nbsp;&nbsp;Toorak Mortgage Trust, Ser 2024-RRTL2, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.504%, 09/25/39 (A)(C) |  | 1000000 |  | 1000433 |
| &nbsp;&nbsp;VOLT, Ser 2021-CF2, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.316%, 11/27/51 (A)(C) |  | 1054475 |  | 1043734 |
|  |  |  |  | 41371897 |
| Total Mortgage-Backed Securities  | Total Mortgage-Backed Securities  | Total Mortgage-Backed Securities  |  |  |
| &nbsp;&nbsp;(Cost $50,682,284)  |  |  |  | 50872475 |
| **MUNICIPAL BOND — 1.1%** | **MUNICIPAL BOND — 1.1%** | **MUNICIPAL BOND — 1.1%** | **MUNICIPAL BOND — 1.1%** | **MUNICIPAL BOND — 1.1%** |
| &nbsp;&nbsp;North Texas Tollway Authority, RB  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.718%, 01/01/49 |  | 5000000 |  | 5644251 |
| Total Municipal Bonds | Total Municipal Bonds | Total Municipal Bonds |  |  |
| &nbsp;&nbsp;(Cost $5,624,779)  | &nbsp;&nbsp;(Cost $5,624,779)  | &nbsp;&nbsp;(Cost $5,624,779)  |  | 5644251 |

---

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

**FROST CREDIT FUND October 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| **PREFERRED STOCK — 0.9%** | **PREFERRED STOCK — 0.9%** | **PREFERRED STOCK — 0.9%** |
| Communication Services — 0.0% | Communication Services — 0.0% | Communication Services — 0.0% |
| &nbsp;&nbsp;MYT Holding LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.000%, 06/07/29 (A) | 64528 | $76143 |
| Telecommunication Services — 0.9% | Telecommunication Services — 0.9% | Telecommunication Services — 0.9% |
| &nbsp;&nbsp;T-Mobile USA  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 09/01/69  | 118061 | 2947983 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/01/70  | 84848 | 1969322 |
| Total Preferred Stock  |  |  |
| &nbsp;&nbsp;(Cost $4,764,400)  |  | 4993448 |
|  | **Face Amount** |  |
| **COMMERCIAL PAPER — 0.8%** | **COMMERCIAL PAPER — 0.8%** | **COMMERCIAL PAPER — 0.8%** |
| &nbsp;&nbsp;Hilltop Securities  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.415%, 11/19/25 (D) | $4000000 | 3990888 |
| Total Commercial Paper | Total Commercial Paper |  |
| &nbsp;&nbsp;(Cost $3,991,200)  | &nbsp;&nbsp;(Cost $3,991,200)  | 3990888 |
| **REPURCHASE AGREEMENT(E) — 5.4%** | **REPURCHASE AGREEMENT(E) — 5.4%** | **REPURCHASE AGREEMENT(E) — 5.4%** |
| &nbsp;&nbsp;Tri Party Overnight |  |  |
| &nbsp;&nbsp;&nbsp;3.800%, dated 10/31/2025, to be repurchased on 11/01/2025, repurchase price $28,609,057 (collateralized by various Government Obligations, ranging in par value $25,000 - $10,025,040, 0.000% - 7.250%, 10/25/2026 - 07/17/2054, with a total market value of $34,319,999) | 28600000 | 28600000 |
| Total Repurchase Agreement |  |  |
| &nbsp;&nbsp;(Cost $28,600,000)  |  | 28600000 |
| Total Investments — 99.0% |  |  |
| &nbsp;&nbsp;(Cost $518,917,229)  |  | $521718681 |
| Percentages are based on Net Assets of $527,084,285. | Percentages are based on Net Assets of $527,084,285. | Percentages are based on Net Assets of $527,084,285. |

---

---

| | |
|:---|:---|
| *<sup>‡</sup>* | *Real Estate Investment Trust* |
| *(A)* | *Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total value of such securities at October 31, 2025 was $294,929,073 and represents 56.0% of Net Assets.* |
| *(B)* | *Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.* |
| *(C)* | *Step Bonds — The rate reflected on the Schedule of Investments is the effective yield on October 31, 2025. The coupon on a step bond changes on a specific date.* |
| *(D)* | *Interest rate represents the security's effective yield at the time of purchase.* |
| *(E)* | *Tri-Party Repurchase Agreement.* |

---

*For information on the Fund's policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund's most recent financial statements.* 

*See "Glossary" for abbreviations.*

 

*FIA-QH-001-3600* 

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

**FROST LOW DURATION BOND FUND October 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Face Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS — 42.7%** | **U.S. TREASURY OBLIGATIONS — 42.7%** | **U.S. TREASURY OBLIGATIONS — 42.7%** |
| &nbsp;&nbsp;U.S. Treasury Notes  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 11/30/28  | $20000000 | $20438281 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/31/29 to 02/28/30  | 80000000 | 80970899 |
| Total U.S. Treasury Obligations | Total U.S. Treasury Obligations |  |
| &nbsp;&nbsp;(Cost $99,470,736)  | &nbsp;&nbsp;(Cost $99,470,736)  | 101409180 |
| **ASSET-BACKED SECURITIES — 30.0%** | **ASSET-BACKED SECURITIES — 30.0%** | **ASSET-BACKED SECURITIES — 30.0%** |
| **Automotive — 18.0%** | **Automotive — 18.0%** | **Automotive — 18.0%** |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2024-3, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.730%, 07/12/30 (A) | 2000000 | 2020306 |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2025-1, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.090%, 08/12/31 (A) | 5000000 | 5033152 |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2025-3, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.950%, 07/12/32 (A) | 5000000 | 5031242 |
| &nbsp;&nbsp;BMW Vehicle Owner Trust, Ser 2025-A, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.660%, 12/27/32  | 3000000 | 3051356 |
| &nbsp;&nbsp;Bridgecrest Lending Auto Securitization Trust, Ser 2025-1, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.150%, 12/17/29  | 3810000 | 3823177 |
| &nbsp;&nbsp;Carmax Auto Owner Trust, Ser 2022-4, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.080%, 04/16/29  | 1500000 | 1553262 |
| &nbsp;&nbsp;Flagship Credit Auto Trust, Ser 2024-3, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.350%, 07/16/29 (A) | 5000000 | 4962041 |
| &nbsp;&nbsp;Foursight Capital Automobile Receivables Trust, Ser 2022-1, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.070%, 05/15/28 (A) | 4633140 | 4628761 |
| &nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Ser 2021-2A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.420%, 04/15/27 (A) | 2369 | 2361 |
| &nbsp;&nbsp;Lendbuzz Securitization Trust, Ser 2024-2A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.520%, 07/16/29 (A) | 1250000 | 1260027 |
| &nbsp;&nbsp;Prestige Auto Receivables Trust, Ser 2021-1A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.080%, 02/15/28 (A) | 4000000 | 3960927 |
| &nbsp;&nbsp;Prestige Auto Receivables Trust, Ser 2023-2A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.120%, 08/15/29 (A) | 4250000 | 4319122 |
| &nbsp;&nbsp;Westlake Automobile Receivables Trust, Ser 2023-2A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.010%, 11/15/28 (A) | 3000000 | 3054930 |
|  |  | 42700664 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Face Amount** | **Value** |
| **Credit Card — 0.9%** | **Credit Card — 0.9%** | **Credit Card — 0.9%** |
| &nbsp;&nbsp;World Financial Network Credit Card Master Trust, Ser 2024-A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.470%, 02/15/31  | $2000000 | $2039548 |
| **Other Asset-Backed Securities — 11.1%** | **Other Asset-Backed Securities — 11.1%** | **Other Asset-Backed Securities — 11.1%** |
| &nbsp;&nbsp;Aqua Finance Trust, Ser 2021-A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.400%, 07/17/46 (A) | 1000000 | 934570 |
| &nbsp;&nbsp;BXG Receivables Note Trust, Ser 2023-A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.770%, 11/15/38 (A) | 2023235 | 2061373 |
| &nbsp;&nbsp;CLI Funding VI, Ser 2020-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.080%, 09/18/45 (A) | 1216007 | 1142153 |
| &nbsp;&nbsp;Commonbond Student Loan Trust, Ser 2017-AGS, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.550%, 05/25/41 (A) | 227438 | 218056 |
| &nbsp;&nbsp;Dext ABS, Ser 2025-1, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.980%, 08/15/35 (A) | 2750000 | 2781439 |
| &nbsp;&nbsp;Hilton Grand Vacations Trust, Ser 2024-1B, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.990%, 09/15/39 (A) | 299806 | 304349 |
| &nbsp;&nbsp;Hilton Grand Vacations Trust, Ser 2024-2A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.990%, 03/25/38 (A) | 1461586 | 1482049 |
| &nbsp;&nbsp;Hilton Grand Vacations Trust, Ser 2024-3A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.980%, 08/27/40 (A) | 1977789 | 1997776 |
| &nbsp;&nbsp;Mosaic Solar Loan Trust, Ser 2021-3A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.920%, 06/20/52 (A) | 569937 | 439038 |
| &nbsp;&nbsp;Mosaic Solar Loans Trust, Ser 2017-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.450%, 06/20/42 (A) | 119033 | 116606 |
| &nbsp;&nbsp;New Economy Assets Phase 1 Sponsor, Ser 2021-1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.910%, 10/20/61 (A) | 2000000 | 1687511 |
| &nbsp;&nbsp;Oportun Issuance Trust, Ser 2021-B, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.470%, 05/08/31 (A) | 428009 | 419524 |
| &nbsp;&nbsp;T-Mobile US Trust, Ser 2025-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.740%, 11/20/29 (A) | 2500000 | 2530203 |
| &nbsp;&nbsp;Verizon Master Trust, Ser 2023-4, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.650%, 06/20/29  | 9700000 | 9768952 |
| &nbsp;&nbsp;Westgate Resorts, Ser 2022-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.488%, 08/20/36 (A) | 477828 | 472638 |
|  |  | 26356237 |
| Total Asset-Backed Securities  | Total Asset-Backed Securities  |  |
| &nbsp;&nbsp;(Cost $71,199,951)  |  | 71096449 |
| **CORPORATE OBLIGATIONS — 21.0%** | **CORPORATE OBLIGATIONS — 21.0%** | **CORPORATE OBLIGATIONS — 21.0%** |
| **Communication Services — 2.4%** | **Communication Services — 2.4%** | **Communication Services — 2.4%** |
| &nbsp;&nbsp;News  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 05/15/29 (A) | 6000000 | 5785998 |

---

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

**FROST LOW DURATION BOND FUND October 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Face Amount** | **Value** |
| **Consumer Discretionary — 1.7%** | **Consumer Discretionary — 1.7%** | **Consumer Discretionary — 1.7%** |
| &nbsp;&nbsp;Hyundai Capital America  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.300%, 01/08/29 (A) | $4000000 | $4104689 |
| **Energy — 4.4%** | **Energy — 4.4%** | **Energy — 4.4%** |
| &nbsp;&nbsp;EQT  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 06/01/27 | 5429000 | 5521787 |
| &nbsp;&nbsp;Societe Generale  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.512%, SOFRRATE + 1.650%, 05/22/31(A)(B) | 5000000 | 5141139 |
|  |  | 10662926 |
| **Financials — 4.0%** | **Financials — 4.0%** | **Financials — 4.0%** |
| &nbsp;&nbsp;Ally Financial  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.737%, SOFRINDX + 1.960%, 05/15/29(B) | 2000000 | 2040273 |
| &nbsp;&nbsp;Capital One Financial  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.463%, SOFRRATE + 1.560%, 07/26/30(B) | 4000000 | 4142200 |
| &nbsp;&nbsp;Golub Capital BDC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.050%, 12/05/28 | 1200000 | 1258923 |
| &nbsp;&nbsp;JPMorgan Chase  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.995%, SOFRRATE + 1.125%, 07/22/30(B) | 2000000 | 2051910 |
|  |  | 9493306 |
| **Industrials — 2.2%** | **Industrials — 2.2%** | **Industrials — 2.2%** |
| &nbsp;&nbsp;MasTec  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.625%, 08/15/29 (A) | 5173000 | 5193692 |
| **Information Technology — 5.0%** | **Information Technology — 5.0%** | **Information Technology — 5.0%** |
| &nbsp;&nbsp;Crowdstrike Holdings  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/15/29 | 7287000 | 6943275 |
| &nbsp;&nbsp;Gartner  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 06/15/29(A) | 5000000 | 4800118 |
|  |  | 11743393 |
| **Real Estate — 1.3%** | **Real Estate — 1.3%** | **Real Estate — 1.3%** |
| &nbsp;&nbsp;COPT Defense Properties  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 03/15/26 <sup>‡</sup> | 3000000 | 2970034 |
| Total Corporate Obligations  |  |  |
| &nbsp;&nbsp;(Cost $49,919,883)  |  | 49954038 |
| **U.S. GOVERNMENT AGENCY OBLIGATION — 3.0%** | **U.S. GOVERNMENT AGENCY OBLIGATION — 3.0%** | **U.S. GOVERNMENT AGENCY OBLIGATION — 3.0%** |
| &nbsp;&nbsp;FHLB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.050%, 10/24/31  | 7142857 | 7143040 |
| Total U.S. Government Agency Obligation  | Total U.S. Government Agency Obligation  |  |
| &nbsp;&nbsp;(Cost $7,142,857)  | &nbsp;&nbsp;(Cost $7,142,857)  | 7143040 |
| **MORTGAGE-BACKED SECURITIES — 1.5%** | **MORTGAGE-BACKED SECURITIES — 1.5%** | **MORTGAGE-BACKED SECURITIES — 1.5%** |
| **Commercial Mortgage-Backed Obligation — 1.3%** | **Commercial Mortgage-Backed Obligation — 1.3%** | **Commercial Mortgage-Backed Obligation — 1.3%** |
| &nbsp;&nbsp;Benchmark Mortgage Trust, Ser 2020-B19, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.691%, 09/15/53  | 216876 | 216335 |
| &nbsp;&nbsp;GNMA, Ser 2025-148, Cl PT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/16/64 (B) | 2995036 | 2860235 |
|  |  | 3076570 |
| **Non-Agency Residential Mortgage-Backed Obligation — 0.2%** | **Non-Agency Residential Mortgage-Backed Obligation — 0.2%** | **Non-Agency Residential Mortgage-Backed Obligation — 0.2%** |
| &nbsp;&nbsp;Chase Home Lending Mortgage Trust, Ser 2024-2, Cl A6 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 02/25/55 (A)(B) | 549737 | 555496 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Face Amount** | **Value** |
| Total Mortgage-Backed Securities  | Total Mortgage-Backed Securities  |  |
| &nbsp;&nbsp;(Cost $3,593,112)  |  | $3632066 |
| **REPURCHASE AGREEMENT(C) — 0.9%** | **REPURCHASE AGREEMENT(C) — 0.9%** | **REPURCHASE AGREEMENT(C) — 0.9%** |
| &nbsp;&nbsp;Tri Party Overnight |  |  |
| &nbsp;&nbsp;&nbsp;3.800%, dated 10/31/2025, to be repurchased on 11/01/2025, repurchase price $2,200,697 (collateralized by Government Obligations, par value of $2,637,558, 4.267%, 11/16/2026, with a total market value of $2,640,001) | $2200000 | 2200000 |
| Total Repurchase Agreement |  |  |
| &nbsp;&nbsp;(Cost $2,200,000)  |  | 2200000 |
| Total Investments — 99.1% |  |  |
| &nbsp;&nbsp;(Cost $233,526,539)  |  | $235434773 |
| Percentages are based on Net Assets of $237,462,234. | Percentages are based on Net Assets of $237,462,234. | Percentages are based on Net Assets of $237,462,234. |

---

---

| | |
|:---|:---|
| *<sup>‡</sup>* | *Real Estate Investment Trust* |
| *(A)* | *Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total value of such securities at October 31, 2025 was $76,441,286 and represents 32.2% of Net Assets.* |
| *(B)* | *Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.* |
| *(C)* | *Tri-Party Repurchase Agreement.* |

---

*For information on the Fund's policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund's most recent financial statements.*

 

*See "Glossary" for abbreviations.*

 

*FIA-QH-001-3600* 

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

**Glossary October 31, 2025 (Unaudited)**

---

| |
|:---|
| ***Fund Abbreviations*** |
| *ABS — Asset-Backed Security* |
| *Cl — Class* |
| *CLO — Collateralized Loan Obligation* |
| *FHLB — Federal Home Loan Bank* |
| *FHLMC — Federal Home Loan Mortgage Corporation* |
| *FNMA — Federal National Mortgage Association* |
| *GNMA — Government National Mortgage Association* |
| *GO — General Obligation* |
| *H15T1Y — 1 Year US Treasury Yield Curve Constant Maturity Rate* |
| *H15T5Y — 5 Year US Treasury Yield Curve Constant Maturity Rate* |
| *IO — Interest Only - face amount represents notional amount* |
| *LLC — Limited Liability Company* |
| *MTN — Medium Term Note* |
| *PSF-GTD — Texas Public School Fund Guarantee* |
| *RB — Revenue Bond* |
| *Ser — Series* |
| *SOFRINDX — Secured Overnight Financing Rate Index* |
| *SOFR30A — Secured Overnight Financing Rate 30 Day Average* |
| *SOFRRATE — Secured Overnight Financing Rate* |
| *STRIPS — Separately Traded Registered Interest and Principal Securities* |
| *TA — Tax Allocation* |
| *TSFR1M — 1 Month CME Term Secured* |
| *TSFR3M — 3 Month CME Term Secured* |
| *US0001M — ICE LIBOR USD 1 Month* |

---

---

| |
|:---|
| ***Currency Abbreviations*** |
| *USD — U.S. Dollar* |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Frost Family of Funds

- **b. Investment Company Act file number:** 811-23410

- **c. CIK number of Registrant:** 0001762332

- **d. LEI of Registrant:** 549300NT5CDF9X050U77

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

  - **Street Address 1:** ONE FREEDOM VALLEY DRIVE

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

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

- **a. Name of Series:** Frost Growth Equity Fund

- **b. EDGAR series identifier (if any):** S000065042

- **c. LEI of Series:** 5493005N0CZZPPG2BL58

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

- **a. Date of fiscal year-end:** 2026-07-31

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $251457998.92

**Total Liabilities:** $153862.69

**Net Assets:** $251304136.23

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000210577 | 3.78%                | 3.38%                | 0.88%                |
| Class ID C000210578 | 3.73%                | 3.37%                | 0.86%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1488189.12              | $7653767.47                                |
| Month 2  | $3125255.94              | $5047206.98                                |
| Month 3  | $1458787.78              | $385962.99                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| UBER TECHNOLOGIES, INC.                  | UBER TECHNOLOGIES INC COMMON STOCK            | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               |  | US        |     21069 | NS      | $2033158.50   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC.                            | BROADCOM INC COMMON STOCK                     | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               |  | US        |     32962 | NS      | $12183744.06  | 4.85%             |  |  |  | No            |                  1 | On Loan: No      |
| TESLA, INC.                              | TESLA INC COMMON STOCK                        | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               |  | US        |     10660 | NS      | $4866929.60   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| ARTHUR J. GALLAGHER & CO.                | ARTHUR J GALLAGHER & CO COMMON STOCK          | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               |  | US        |      4344 | NS      | $1083784.56   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORPORATION                       | ORACLE CORP COMMON STOCK                      | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               |  | US        |     16135 | NS      | $4237212.35   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| REDDIT INC.                              | REDDIT INC-CL A COMMON STOCK                  | CUSIP: 75734B100<br>LEI: 529900APN1YHPBHPI679 | Long             | EC               |  | US        |      2784 | NS      | $581716.80    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| EATON CORPORATION PUBLIC LIMITED COMPANY | EATON CORP PLC COMMON STOCK                   | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               |  | US        |      5694 | NS      | $2172602.64   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTCO WHOLESALE CORPORATION             | COSTCO WHOLESALE CORP COMMON STOCK            | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               |  | US        |      3201 | NS      | $2917551.45   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICENOW, INC.                         | SERVICENOW INC COMMON STOCK                   | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               |  | US        |      3499 | NS      | $3216560.72   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLASSIAN CORPORATION                    | ATLASSIAN CORP-CL A COMMON STOCK              | CUSIP: N/A<br>LEI: 549300V7ZY5P02D2MY38       | Long             | EC               |  | US        |      3653 | NS      | $618891.26    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| WORKDAY, INC.                            | WORKDAY INC-CLASS A COMMON STOCK              | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               |  | US        |      2658 | NS      | $637707.36    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY AND COMPANY                    | ELI LILLY & CO COMMON STOCK                   | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               |  | US        |      9397 | NS      | $8108295.42   | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC.                                | VISA INC-CLASS A SHARES COMMON STOCK          | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               |  | US        |     21115 | NS      | $7194725.10   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| SNOWFLAKE INC.                           | SNOWFLAKE INC COMMON STOCK                    | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               |  | US        |     12101 | NS      | $3326322.88   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANE TECHNOLOGIES PLC                   | TRANE TECHNOLOGIES PLC COMMON STOCK           | CUSIP: G8994E103<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               |  | US        |      3500 | NS      | $1570275.00   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORPORATION                       | NVIDIA CORP COMMON STOCK                      | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               |  | US        |    169362 | NS      | $34294111.38  | 13.65%            |  |  |  | No            |                  1 | On Loan: No      |
| THE TJX COMPANIES, INC.                  | TJX COMPANIES INC COMMON STOCK                | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               |  | US        |     11298 | NS      | $1583301.72   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORPORATION               | AMERICAN TOWER CORP REIT                      | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               |  | US        |      8514 | NS      | $1523835.72   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| MONSTER BEVERAGE CORPORATION             | MONSTER BEVERAGE CORP COMMON STOCK            | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               |  | US        |     10256 | NS      | $685408.48    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE, INC.                               | NIKE INC -CL B COMMON STOCK                   | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               |  | US        |      3543 | NS      | $228842.37    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                            | ALPHABET INC-CL C COMMON STOCK                | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               |  | US        |     33773 | NS      | $9517906.86   | 3.79%             |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX, INC.                            | NETFLIX INC COMMON STOCK                      | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               |  | US        |      5189 | NS      | $5805764.54   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED MICRO DEVICES, INC.             | ADVANCED MICRO DEVICES COMMON STOCK           | CUSIP: N/A<br>LEI: R2I72C950HOYXII45366       | Long             | EC               |  | US        |      7005 | NS      | $1794120.60   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL ELECTRIC COMPANY                 | GE AEROSPACE COMMON STOCK                     | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               |  | US        |     14388 | NS      | $4445172.60   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive, Inc.                | O'REILLY AUTOMOTIVE INC COMMON STOCK          | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               |  | US        |     34680 | NS      | $3275179.20   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOPSYS, INC.                           | SYNOPSYS INC COMMON STOCK                     | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               |  | US        |      1912 | NS      | $867703.84    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| DATADOG, INC.                            | DATADOG INC - CLASS A COMMON STOCK            | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               |  | US        |      8898 | NS      | $1448683.38   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| THE HOME DEPOT, INC.                     | HOME DEPOT INC COMMON STOCK                   | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               |  | US        |      6414 | NS      | $2434690.26   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| MONOLITHIC POWER SYSTEMS, INC.           | MONOLITHIC POWER SYSTEMS INC COMMON STOCK     | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               |  | US        |      1907 | NS      | $1916535.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                            | ALPHABET INC-CL A COMMON STOCK                | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               |  | US        |     30452 | NS      | $8562797.88   | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                               | APPLE INC COMMON STOCK                        | CUSIP: N/A<br>LEI: HWUPKR0MPOU8FGXBT394       | Long             | EC               |  | US        |     83019 | NS      | $22445847.03  | 8.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Adyen N.V.                               | ADYEN NV-UNSPON ADR DEPOSITARY RECEIPT        | CUSIP: 00783V104<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               |  | US        |     75795 | NS      | $1301400.15   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC.                              | ABBVIE INC COMMON STOCK                       | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               |  | US        |      9615 | NS      | $2096454.60   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUIT INC.                              | INTUIT INC COMMON STOCK                       | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               |  | US        |      3657 | NS      | $2441230.35   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUITIVE SURGICAL, INC.                 | INTUITIVE SURGICAL INC COMMON STOCK           | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               |  | US        |      8633 | NS      | $4612439.24   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM, INC.                         | AMAZON.COM INC COMMON STOCK                   | CUSIP: N/A<br>LEI: ZXTILKJKG63JELOEG630       | Long             | EC               |  | US        |     60993 | NS      | $14895710.46  | 5.93%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSDIGM GROUP INCORPORATED             | TRANSDIGM GROUP INC COMMON STOCK              | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               |  | US        |      1195 | NS      | $1563669.45   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES LTD.             | ROYAL CARIBBEAN CRUISES LTD COMMON STOCK      | CUSIP: V7780T103<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               |  | US        |      5090 | NS      | $1459964.70   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| SPOTIFY TECHNOLOGY S.A.                  | SPOTIFY TECHNOLOGY SA COMMON STOCK            | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               |  | US        |      4407 | NS      | $2887995.24   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INCORPORATED.                 | MASTERCARD INC - A COMMON STOCK               | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               |  | US        |     11020 | NS      | $6082929.80   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| THE COCA-COLA COMPANY                    | COCA-COLA CO/THE COMMON STOCK                 | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               |  | US        |     15573 | NS      | $1072979.70   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| MOODY'S CORPORATION                      | MOODY'S CORP COMMON STOCK                     | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               |  | US        |      5267 | NS      | $2529740.10   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PINTEREST, INC.                          | PINTEREST INC- CLASS A COMMON STOCK           | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               |  | US        |     26913 | NS      | $890820.30    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| CHIPOTLE MEXICAN GRILL, INC.             | CHIPOTLE MEXICAN GRILL INC COMMON STOCK       | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               |  | US        |     32841 | NS      | $1040731.29   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| THE SHERWIN-WILLIAMS COMPANY             | SHERWIN-WILLIAMS CO/THE COMMON STOCK          | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               |  | US        |      2805 | NS      | $967556.70    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| BOSTON SCIENTIFIC CORPORATION            | BOSTON SCIENTIFIC CORP COMMON STOCK           | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               |  | US        |     27163 | NS      | $2735857.36   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                        | ASML HOLDING NV-NY REG SHS DEPOSITARY RECEIPT | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               |  | US        |       523 | NS      | $553977.29    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| DANAHER CORPORATION                      | DANAHER CORP COMMON STOCK                     | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               |  | US        |      7755 | NS      | $1670271.90   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOKING HOLDINGS INC.                    | BOOKING HOLDINGS INC COMMON STOCK             | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               |  | US        |       452 | NS      | $2295138.48   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| ARISTA NETWORKS, INC.                    | ARISTA NETWORKS INC COMMON STOCK              | CUSIP: N/A<br>LEI: 635400H1WKBLOQERUU95       | Long             | EC               |  | US        |     21848 | NS      | $3445211.12   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                     | META PLATFORMS INC COMMON STOCK               | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               |  | US        |     17296 | NS      | $11213861.60  | 4.46%             |  |  |  | No            |                  1 | On Loan: No      |
| PALO ALTO NETWORKS, INC.                 | PALO ALTO NETWORKS INC COMMON STOCK           | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               |  | US        |     10075 | NS      | $2218918.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                    | MICROSOFT CORP COMMON STOCK                   | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               |  | US        |     54436 | NS      | $28187505.16  | 11.22%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-31

**Name of Applicant:** Frost Family of Funds

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

**Title:** CFO