# EDGAR Filing Document

**Accession Number:** 0001762332
**File Stem:** 0001752724-25-161317
**Filing Date:** 2025-6
**Character Count:** 131963
**Document Hash:** 19af24e47766ca327ae71e9f89f7c341
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-161317.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001752724-25-161317

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 42

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**PERIOD START**: 20250731

**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:** 251083163

**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

![](fp0094001-1_01.jpg)

![](fp0094001-1_02.jpg)

**FROST GROWTH EQUITY FUND April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| **COMMON STOCK§ — 99.0%** | **COMMON STOCK§ — 99.0%** | **COMMON STOCK§ — 99.0%** |
| Communication Services — 15.2% | Communication Services — 15.2% |  |
| &nbsp;&nbsp;Alphabet, Cl C  | 37787 | $6079550 |
| &nbsp;&nbsp;Alphabet, Cl A  | 42403 | 6733596 |
| &nbsp;&nbsp;Meta Platforms, Cl A  | 19601 | 10760949 |
| &nbsp;&nbsp;Netflix \* | 5269 | 5963033 |
| &nbsp;&nbsp;Spotify Technology \* | 4557 | 2797907 |
|  |  | 32335035 |
| Consumer Discretionary — 14.6% | Consumer Discretionary — 14.6% |  |
| &nbsp;&nbsp;Amazon.com \* | 77274 | 14250871 |
| &nbsp;&nbsp;Booking Holdings  | 452 | 2304875 |
| &nbsp;&nbsp;Chipotle Mexican Grill, Cl A \* | 50387 | 2545551 |
| &nbsp;&nbsp;Home Depot  | 7684 | 2770005 |
| &nbsp;&nbsp;Lululemon Athletica \* | 1215 | 328986 |
| &nbsp;&nbsp;NIKE, Cl B  | 6731 | 379628 |
| &nbsp;&nbsp;O'Reilly Automotive \* | 2312 | 3271942 |
| &nbsp;&nbsp;Royal Caribbean Cruises  | 5090 | 1093892 |
| &nbsp;&nbsp;Tesla \* | 9215 | 2600104 |
| &nbsp;&nbsp;TJX  | 11298 | 1453827 |
|  |  | 30999681 |
| Consumer Staples — 2.8% | Consumer Staples — 2.8% |  |
| &nbsp;&nbsp;Coca-Cola  | 26063 | 1890871 |
| &nbsp;&nbsp;Costco Wholesale  | 3201 | 3183394 |
| &nbsp;&nbsp;Monster Beverage \* | 15626 | 939435 |
|  |  | 6013700 |
| Energy — 0.4% | Energy — 0.4% |  |
| &nbsp;&nbsp;Hess  | 7353 | 948905 |
| Financials — 8.8% | Financials — 8.8% |  |
| &nbsp;&nbsp;Arthur J Gallagher  | 4738 | 1519429 |
| &nbsp;&nbsp;Mastercard, Cl A  | 11873 | 6507117 |
| &nbsp;&nbsp;Moody's  | 5778 | 2618127 |
| &nbsp;&nbsp;Visa, Cl A  | 23191 | 8012491 |
|  |  | 18657164 |
| Health Care — 10.4% | Health Care — 10.4% |  |
| &nbsp;&nbsp;AbbVie  | 10115 | 1973437 |
| &nbsp;&nbsp;Boston Scientific \* | 31919 | 3283507 |
| &nbsp;&nbsp;Danaher  | 8763 | 1746729 |
| &nbsp;&nbsp;Eli Lilly  | 10181 | 9152210 |
| &nbsp;&nbsp;Intuitive Surgical \* | 8096 | 4175917 |
| &nbsp;&nbsp;Regeneron Pharmaceuticals  | 1084 | 649056 |
| &nbsp;&nbsp;UnitedHealth Group  | 2876 | 1183301 |
|  |  | 22164157 |
| Industrials — 4.3% | Industrials — 4.3% |  |
| &nbsp;&nbsp;Canadian Pacific Kansas City  | 13368 | 968779 |
| &nbsp;&nbsp;Eaton  | 3662 | 1077983 |
| &nbsp;&nbsp;General Electric  | 14388 | 2899757 |
| &nbsp;&nbsp;Trane Technologies  | 3500 | 1341585 |
| &nbsp;&nbsp;Uber Technologies \* | 32985 | 2672115 |
|  |  | 8960219 |
| Information Technology — 40.9% | Information Technology — 40.9% |  |
| &nbsp;&nbsp;Adobe \* | 4929 | 1848276 |
| &nbsp;&nbsp;Apple  | 82444 | 17519350 |
| &nbsp;&nbsp;ASML Holding, Cl G  | 1549 | 1034856 |
| &nbsp;&nbsp;Atlassian, Cl A \* | 6130 | 1399540 |
| &nbsp;&nbsp;Broadcom  | 30817 | 5931348 |
| &nbsp;&nbsp;Datadog, Cl A \* | 10680 | 1091069 |
| &nbsp;&nbsp;Globant \* | 4537 | 533415 |
| &nbsp;&nbsp;Intuit  | 3657 | 2294658 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp;Marvell Technology  | 15907 | $928492 |
| &nbsp;&nbsp;Microsoft  | 58533 | 23135754 |
| &nbsp;&nbsp;NVIDIA  | 164309 | 17896536 |
| &nbsp;&nbsp;Oracle  | 12824 | 1804593 |
| &nbsp;&nbsp;Palo Alto Networks \* | 8814 | 1647601 |
| &nbsp;&nbsp;QUALCOMM  | 5576 | 827813 |
| &nbsp;&nbsp;Salesforce  | 4488 | 1205970 |
| &nbsp;&nbsp;ServiceNow \* | 3753 | 3584153 |
| &nbsp;&nbsp;Snowflake, Cl A \* | 9747 | 1554549 |
| &nbsp;&nbsp;Synopsys \* | 2436 | 1118148 |
| &nbsp;&nbsp;Workday, Cl A \* | 6344 | 1554280 |
|  |  | 86910401 |
| Materials — 0.7% | Materials — 0.7% |  |
| &nbsp;&nbsp;Sherwin-Williams  | 4205 | 1484029 |
| Real Estate — 0.9% | Real Estate — 0.9% |  |
| &nbsp;&nbsp;American Tower <sup>‡</sup> | 8514 | 1919141 |
| Total Common Stock  |  |  |
| &nbsp;&nbsp;(Cost $90,148,386)  |  | 210392432 |
| Total Investments — 99.0% |  |  |
| &nbsp;&nbsp;(Cost $90,148,386)  |  | $210392432 |
| Percentages are based on Net Assets of $212,588,741. | Percentages are based on Net Assets of $212,588,741. | Percentages are based on Net Assets of $212,588,741. |

---

---

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

---

*See "Glossary" for abbreviations.* 

*FIA-QH-001-3500* 

![](fp0094001-1_03.jpg)

![](fp0094001-1_04.jpg)

**FROST TOTAL RETURN BOND FUND April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Face Amount** | **Value** |
| **MORTGAGE-BACKED SECURITIES — 38.3%** | **MORTGAGE-BACKED SECURITIES — 38.3%** | **MORTGAGE-BACKED SECURITIES — 38.3%** |
| **Agency Mortgage-Backed Obligation — 23.5%** | **Agency Mortgage-Backed Obligation — 23.5%** | **Agency Mortgage-Backed Obligation — 23.5%** |
| &nbsp;&nbsp;FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/01/53 to 09/01/53  | $42170979 | $42927527 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/01/54 to 11/01/54  | 172511199 | 172590336 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/54  | 30502692 | 29928125 |
| &nbsp;&nbsp;FHLMC STRIPS, Ser 2012-293, Cl IO, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/32  | 349506 | 27379 |
| &nbsp;&nbsp;FHLMC, Ser 2012-3996, Cl QL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/42  | 4676331 | 4531222 |
| &nbsp;&nbsp;FHLMC, Ser 2012-4106, Cl YI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/15/27  | 420282 | 8503 |
| &nbsp;&nbsp;FHLMC, Ser 2012-4134, Cl BI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/15/27  | 1157267 | 23466 |
| &nbsp;&nbsp;FHLMC, Ser 2012-4136, Cl PI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/15/32  | 5315804 | 423745 |
| &nbsp;&nbsp;FHLMC, Ser 2012-4148, Cl LI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/15/27  | 936115 | 21276 |
| &nbsp;&nbsp;FHLMC, Ser 2014-4349, Cl KI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/15/33  | 2192562 | 94681 |
| &nbsp;&nbsp;FHLMC, Ser 2015-4457, Cl EI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/15/45  | 230477 | 32642 |
| &nbsp;&nbsp;FHLMC, Ser 2017-4675, Cl VE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/15/37  | 3410932 | 3372502 |
| &nbsp;&nbsp;FHLMC, Ser 2019-4908, Cl AS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.632%, SOFR30A + 5.986%, 01/25/45 (A) | 8052513 | 927231 |
| &nbsp;&nbsp;FHLMC, Ser 2024-5406, Cl PO, PO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 03/25/52 (B)(C) | 65018599 | 43433094 |
| &nbsp;&nbsp;FHLMC, Ser 2024-5417, Cl JA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/25/44  | 87006251 | 88496416 |
| &nbsp;&nbsp;FHLMC, Ser 2024-5425, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/25/44  | 78302086 | 79649000 |
| &nbsp;&nbsp;FHLMC, Ser 2024-5429, Cl DV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/25/35  | 13208592 | 13810254 |
| &nbsp;&nbsp;FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 11/01/53  | 34622378 | 35795995 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 09/01/53  | 17686764 | 17808356 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/01/44 to 01/01/54  | 20743227 | 20793897 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/39 to 07/01/53  | 29064939 | 28822194 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/01/41  | 1632423 | 1618008 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/46  | 3353987 | 2980229 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.710%, 09/01/29  | 8000000 | 7562983 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.180%, 01/01/27  | 5000000 | 4844683 |
| &nbsp;&nbsp;FNMA STRIPS, Ser 2012-410, Cl C5, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/25/27  | 503032 | 6383 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Face Amount** | **Value** |
| &nbsp;&nbsp;FNMA STRIPS, Ser 2015-421, Cl C1, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/25/30  | $1107580 | $56234 |
| &nbsp;&nbsp;FNMA, Ser 2011-103, Cl GI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/25/26  | 76313 | 525 |
| &nbsp;&nbsp;FNMA, Ser 2012-61, Cl KI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/25/41  | 1715621 | 77791 |
| &nbsp;&nbsp;FNMA, Ser 2012-68, Cl GY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/25/32  | 4641618 | 4511947 |
| &nbsp;&nbsp;FNMA, Ser 2013-104, Cl TI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/25/32  | 461276 | 14932 |
| &nbsp;&nbsp;FNMA, Ser 2014-40, Cl GI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/25/33  | 2949297 | 241856 |
| &nbsp;&nbsp;FNMA, Ser 2024-25, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/25/44  | 15900738 | 16365418 |
| &nbsp;&nbsp;FNMA, Ser 2024-25, Cl AD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/25/44  | 19875922 | 19989849 |
| &nbsp;&nbsp;GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 01/20/54  | 3467212 | 3521530 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 10/20/54  | 4789171 | 4815941 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/20/55  | 23442883 | 22839340 |
| &nbsp;&nbsp;GNMA, Ser 2013-170, Cl QI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/20/43 (A) | 5891191 | 623359 |
| &nbsp;&nbsp;GNMA, Ser 2013-62, Cl NI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/20/40  | 1247739 | 40163 |
| &nbsp;&nbsp;GNMA, Ser 2014-32, Cl CI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/20/43  | 1352353 | 86380 |
| &nbsp;&nbsp;GNMA, Ser 2014-44, Cl IO, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/16/26  | 399234 | 2221 |
| &nbsp;&nbsp;GNMA, Ser 2015-103, Cl CI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/20/45  | 8452134 | 1291741 |
| &nbsp;&nbsp;GNMA, Ser 2015-17, Cl JI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/20/28  | 332130 | 1764 |
| &nbsp;&nbsp;GNMA, Ser 2016-99, Cl ID, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/16/44  | 12803292 | 2644531 |
| &nbsp;&nbsp;GNMA, Ser 2017-137, Cl DI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/20/47  | 568240 | 9893 |
| &nbsp;&nbsp;GNMA, Ser 2020-189, Cl IJ, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/20/50  | 17377212 | 2221871 |
| &nbsp;&nbsp;GNMA, Ser 2020-191, Cl CT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.250%, 12/20/50  | 3404279 | 2648214 |
| &nbsp;&nbsp;GNMA, Ser 2021-8, Cl IG, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/20/51  | 23200528 | 2976760 |
| &nbsp;&nbsp;GNMA, Ser 2022-182, Cl PO, PO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/20/52 (B)(C) | 27008462 | 19584981 |
| &nbsp;&nbsp;GNMA, Ser 2022-201, Cl PO, PO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 11/20/52 (B)(C) | 16098286 | 12113678 |
| &nbsp;&nbsp;GNMA, Ser 2023-122, Cl G |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/20/46  | 5532157 | 5598794 |
| &nbsp;&nbsp;GNMA, Ser 2023-151, Cl PO, PO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/20/53 (B)(C) | 27656053 | 23252872 |
| &nbsp;&nbsp;GNMA, Ser 2023-163, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 02/20/48  | 16518566 | 16984599 |
| &nbsp;&nbsp;GNMA, Ser 2023-163, Cl LB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 02/20/48  | 10000000 | 10289089 |
| &nbsp;&nbsp;GNMA, Ser 2023-196, Cl QA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/20/53  | 21530736 | 21536597 |
| &nbsp;&nbsp;GNMA, Ser 2023-59, Cl G |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/20/50  | 3391304 | 3412941 |

---

![](fp0094001-1_05.jpg)

![](fp0094001-1_06.jpg)

**FROST TOTAL RETURN BOND FUND April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;GNMA, Ser 2023-93, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/20/44  | $| 4526980 | $| 4620071 |
| &nbsp;&nbsp;GNMA, Ser 2024-1, Cl TA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/20/48  |  | 5241793 |  | 5287677 |
| &nbsp;&nbsp;GNMA, Ser 2024-151, Cl DA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/20/52  |  | 6786764 |  | 6684994 |
| &nbsp;&nbsp;GNMA, Ser 2024-151, Cl JA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/20/53  |  | 17528202 |  | 17380246 |
| &nbsp;&nbsp;GNMA, Ser 2024-19, Cl H |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/20/51  |  | 2336655 |  | 2362876 |
| &nbsp;&nbsp;GNMA, Ser 2024-30, Cl NP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/20/54  |  | 5152575 |  | 5066167 |
| &nbsp;&nbsp;GNMA, Ser 2025-28, Cl FW |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.200%, SOFR30A + 0.850%, 04/20/54 (A) |  | 46966597 |  | 46909673 |
|  |  |  |  | 886597642 |
| **Commercial Mortgage-Backed Obligation — 7.6%** | **Commercial Mortgage-Backed Obligation — 7.6%** | **Commercial Mortgage-Backed Obligation — 7.6%** | **Commercial Mortgage-Backed Obligation — 7.6%** | **Commercial Mortgage-Backed Obligation — 7.6%** |
| &nbsp;&nbsp;280 Park Avenue Mortgage Trust, Ser 2017-280P, Cl F |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.428%, TSFR1M + 3.127%, 09/15/34 (A)(D) |  | 12500000 |  | 11710362 |
| &nbsp;&nbsp;Bear Stearns Commercial Mortgage Securities Trust, Ser 2007-T26, Cl AJ |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.566%, 01/12/45 (A) |  | 66788 |  | 65931 |
| &nbsp;&nbsp;Benchmark Mortgage Trust, Ser 2020-B18, Cl E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 07/15/53 (D) |  | 8000000 |  | 4146186 |
| &nbsp;&nbsp;Benchmark Mortgage Trust, Ser 2020-B21, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/17/53 (D) |  | 13000000 |  | 8553792 |
| &nbsp;&nbsp;Benchmark Mortgage Trust, Ser 2020-IG3, Cl A4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.437%, 09/15/48 (D) |  | 10000000 |  | 8600917 |
| &nbsp;&nbsp;BX Commercial Mortgage Trust, Ser 2020-VIV3, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.662%, 03/09/44 (A)(D) |  | 8000000 |  | 7346821 |
| &nbsp;&nbsp;BXMT, Ser 2020-FL2, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.593%, TSFR1M + 1.264%, 02/15/38 (A)(D) |  | 2158124 |  | 2143886 |
| &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 |  | 14977536 |
| &nbsp;&nbsp;Chase Home Lending Mortgage Trust, Ser 2025-3, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/25/56 (A)(D) |  | 8842523 |  | 8745808 |
| &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2015-GC31, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.082%, 06/10/48 (A) |  | 5000000 |  | 1092520 |
| &nbsp;&nbsp;COMM Mortgage Trust, Ser 2014-UBS6, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.399%, 12/10/47 (A) |  | 1787227 |  | 1760419 |
| &nbsp;&nbsp;COMM Mortgage Trust, Ser 2015-DC1, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.430%, 02/10/48 (A)(D) |  | 9000000 |  | 5655600 |
| &nbsp;&nbsp;Commercial Mortgage Trust, Ser 2014-LC15, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.929%, 04/10/47 (A)(D) |  | 4266817 |  | 4136252 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Face Amount** | **Value** |
| &nbsp;&nbsp;CSMC Trust, Ser 2019-AFC1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.573%, 07/25/49 (D)(E) | $1763321 | $1692141 |
| &nbsp;&nbsp;DROP Mortgage Trust, Ser 2021-FILE, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.187%, TSFR1M + 2.864%, 10/15/43 (A)(D) | 15000000 | 12710025 |
| &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) | 31189387 | 27153106 |
| &nbsp;&nbsp;FHLMC, Ser 2024-5491, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/25/50  | 52562434 | 53306466 |
| &nbsp;&nbsp;FREMF Mortgage Trust, Ser 2016-K54, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.208%, 04/25/48 (A)(D) | 5000000 | 4942473 |
| &nbsp;&nbsp;FREMF Mortgage Trust, Ser 2016-K57, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.050%, 08/25/49 (A)(D) | 8840000 | 8704856 |
| &nbsp;&nbsp;Hudson Yards Mortgage Trust, Ser 2019-30HY, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.380%, 07/10/39 (A)(D) | 2500000 | 2303223 |
| &nbsp;&nbsp;JP Morgan Mortgage Trust Series, Ser 2025-CES1, Cl M1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.267%, 05/25/55 (A)(D) | 2339000 | 2345496 |
| &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2024-9, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/25/55 (A)(D) | 3839232 | 3837932 |
| &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2025-1, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/25/55 (A)(D) | 18935619 | 19119037 |
| &nbsp;&nbsp;JPMDB Commercial Mortgage Securities Trust, Ser 2016-C2, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.473%, 06/15/49 (A) | 4328000 | 2567169 |
| &nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities, Ser 2007-LD12, Cl AJ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.560%, 02/15/51 (A) | 338124 | 336782 |
| &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) | 3000000 | 2941412 |
| &nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2016-C29, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.871%, 05/15/49 (A) | 2413000 | 2221007 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Ser 2024-NQM5, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.649%, 10/25/69 (A)(D) | 3780410 | 3795970 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Ser 2025-NQM1, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.941%, 11/25/69 (D)(E) | 3829098 | 3852926 |
| &nbsp;&nbsp;Rate Mortgage Trust, Ser 2025-J1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/25/55 (A)(D) | 20375702 | 20456084 |

---

![](fp0094001-1_07.jpg)

![](fp0094001-1_08.jpg)

**FROST TOTAL RETURN BOND FUND April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;RCKT Mortgage Trust, Ser 2025-1, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/25/55 (A)(D) | $| 4891600 | $| 4910897 |
| &nbsp;&nbsp;TRTX Issuer, Ser 2021-FL4, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.843%, TSFR1M + 2.514%, 03/15/38 (A)(D) |  | 10000000 |  | 9952500 |
| &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2016-C32, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.856%, 01/15/59 (A) |  | 5000000 |  | 4897590 |
| &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2016-C32, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.788%, 01/15/59 (A)(D) |  | 2000000 |  | 1897560 |
| &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2016-C34, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.089%, 06/15/49  |  | 5000000 |  | 4771005 |
| &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2018-AUS, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.194%, 08/17/36 (A)(D) |  | 5000000 |  | 4889493 |
| &nbsp;&nbsp;WFRBS Commercial Mortgage Trust, Ser 2014-C25, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.803%, 11/15/47 (A)(D) |  | 6094367 |  | 5636070 |
|  |  |  |  | 288177250 |
| **Non-Agency Residential Mortgage-Backed Obligation — 7.2%** | **Non-Agency Residential Mortgage-Backed Obligation — 7.2%** | **Non-Agency Residential Mortgage-Backed Obligation — 7.2%** | **Non-Agency Residential Mortgage-Backed Obligation — 7.2%** | **Non-Agency Residential Mortgage-Backed Obligation — 7.2%** |
| &nbsp;&nbsp;Angel Oak Mortgage Trust, Ser 2021-4, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.446%, 01/20/65 (A)(D) |  | 1706631 |  | 1440406 |
| &nbsp;&nbsp;Brean Asset Backed Securities Trust, Ser 2023-RM7, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/25/78 (A)(D) |  | 7662969 |  | 7471469 |
| &nbsp;&nbsp;Brean Asset Backed Securities Trust, Ser 2024-RM9, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/25/64 (D) |  | 4936465 |  | 4859596 |
| &nbsp;&nbsp;CAFL Issuer, Ser 2023-RTL1, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.300%, 12/28/30 (D)(E) |  | 15000000 |  | 15240906 |
| &nbsp;&nbsp;CAFL, Ser 2021-RTL1, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.239%, 03/28/29 (D)(E) |  | 770063 |  | 768176 |
| &nbsp;&nbsp;CAFL, Ser 2022-RTL1, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 05/28/29 (E) |  | 2651430 |  | 2644723 |
| &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, Ser 2024-2, Cl A6 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 02/25/55 (A)(D) |  | 4007370 |  | 4049206 |
| &nbsp;&nbsp;FirstKey Mortgage Trust, Ser 2015-1, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/25/45 (A)(D) |  | 714975 |  | 663304 |
| &nbsp;&nbsp;Galton Funding Mortgage Trust, Ser 2019-1, Cl A22 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/25/59 (A)(D) |  | 85690 |  | 81482 |
| &nbsp;&nbsp;Galton Funding Mortgage Trust, Ser 2019-2, Cl A21 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/25/59 (A)(D) |  | 940067 |  | 880582 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Face Amount** | **Value** |
| &nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2024-PJ5, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 09/25/54 (A)(D) | $14991299 | $15253054 |
| &nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2024-RPL2, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.033%, 07/25/61 (A)(D) | 15000000 | 14344584 |
| &nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2025-PJ2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/25/55 (A)(D) | 29323723 | 29439405 |
| &nbsp;&nbsp;JP Morgan Mortgage Trust Series, Ser 2024-3, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/25/54 (A)(D) | 9081711 | 7713782 |
| &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2024-2, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/25/54 (A)(D) | 4466913 | 4484535 |
| &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2024-2, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.347%, 08/25/54 (A)(D) | 10145963 | 10792326 |
| &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2024-7, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/25/53 (A)(D) | 11195742 | 10036762 |
| &nbsp;&nbsp;MFA Trust, Ser 2022-INV1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 04/25/66 (A)(D) | 4000000 | 3513168 |
| &nbsp;&nbsp;PRET Trust, Ser 2025-RPL2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/25/64 (D)(E) | 4948544 | 4759065 |
| &nbsp;&nbsp;PRET, Ser 2021-NPL5, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.704%, 10/25/51 (D)(E) | 7194337 | 7110429 |
| &nbsp;&nbsp;PRET, Ser 2021-RN3, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.843%, 09/25/51 (D)(E) | 5108198 | 5088349 |
| &nbsp;&nbsp;PRET, Ser 2021-RN4, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.194%, 10/25/51 (A)(D) | 6260367 | 6252152 |
| &nbsp;&nbsp;PRET, Ser 2024-NPL3, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.520%, 04/27/54 (D)(E) | 5469823 | 5487904 |
| &nbsp;&nbsp;PRET, Ser 2024-NPL5, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.963%, 09/25/54 (D)(E) | 3856197 | 3839034 |
| &nbsp;&nbsp;PRET, Ser 2024-NPL6, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.716%, 10/25/54 (D)(E) | 3000000 | 2970221 |
| &nbsp;&nbsp;PRET, Ser 2024-NPL7, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.956%, 10/25/54 (D)(E) | 4250000 | 4225924 |
| &nbsp;&nbsp;PRET, Ser 2024-NPL8, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.963%, 11/25/54 (D)(E) | 3237615 | 3230640 |
| &nbsp;&nbsp;PRET, Ser 2024-RN2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.125%, 04/25/54 (D)(E) | 4762358 | 4790277 |
| &nbsp;&nbsp;PRET, Ser 2025-NPL2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.835%, 03/25/55 (D)(E) | 4931783 | 4911418 |
| &nbsp;&nbsp;PRPM, Ser 2024-2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.026%, 03/25/29 (D)(E) | 1685792 | 1689286 |
| &nbsp;&nbsp;PRPM, Ser 2024-3, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.994%, 05/25/29 (D)(E) | 4265337 | 4274092 |
| &nbsp;&nbsp;PSMC Trust, Ser 2020-2, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/25/50 (A)(D) | 445076 | 396917 |
| &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2013-4, Cl AIO1, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.842%, 04/25/43 (A)(D) | 41552659 | 957273 |
| &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2024-5, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 06/25/54 (A)(D) | 5506814 | 5602966 |

---

![](fp0094001-1_09.jpg)

![](fp0094001-1_10.jpg)

**FROST TOTAL RETURN BOND FUND April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2024-9, Cl A5 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/25/54 (A)(D) | $| 10561146 | $| 10596660 |
| &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2025-1, Cl A4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/25/55 (A)(D) |  | 13023009 |  | 13188215 |
| &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2025-2, Cl A4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/25/55 (A)(D) |  | 24061045 |  | 24300159 |
| &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2025-3, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/25/55 (A)(D) |  | 5715700 |  | 5662115 |
| &nbsp;&nbsp;Toorak Mortgage Trust, Ser 2024-2, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.329%, 10/25/31 (D)(E) |  | 5000000 |  | 5007433 |
| &nbsp;&nbsp;Toorak Mortgage Trust, Ser 2024-RRTL1, Cl M1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.162%, 02/25/39 (A)(D) |  | 1500000 |  | 1522606 |
| &nbsp;&nbsp;Toorak Mortgage Trust, Ser 2024-RRTL2, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.504%, 09/25/39 (D)(E) |  | 7000000 |  | 6970381 |
| &nbsp;&nbsp;VOLT CIII, Ser 2021-CF1, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.967%, 08/25/51 (D)(E) |  | 3402585 |  | 3087628 |
| &nbsp;&nbsp;VOLT, Ser 2021-CF2, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.316%, 11/27/51 (D)(E) |  | 4107504 |  | 4011270 |
|  |  |  |  | 273609880 |
| Total Mortgage-Backed Securities  | Total Mortgage-Backed Securities  | Total Mortgage-Backed Securities  |  |  |
| &nbsp;&nbsp;(Cost $1,446,458,304)  |  |  |  | 1448384772 |
| **U.S. TREASURY OBLIGATIONS — 23.9%** | **U.S. TREASURY OBLIGATIONS — 23.9%** | **U.S. TREASURY OBLIGATIONS — 23.9%** | **U.S. TREASURY OBLIGATIONS — 23.9%** | **U.S. TREASURY OBLIGATIONS — 23.9%** |
| &nbsp;&nbsp;U.S. Treasury Bonds  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 11/15/43  |  | 100000000 |  | 101031250 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 11/15/44  |  | 225000000 |  | 222750000 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 08/15/44  |  | 200000000 |  | 185375000 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/42  |  | 80000000 |  | 73762500 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 05/15/42  |  | 120000000 |  | 100181250 |
| &nbsp;&nbsp;U.S. Treasury Notes  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/31/31  |  | 90000000 |  | 93076172 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 01/31/32  |  | 100000000 |  | 102664062 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/30/32  |  | 25000000 |  | 25109375 |
| Total U.S. Treasury Obligations | Total U.S. Treasury Obligations | Total U.S. Treasury Obligations |  |  |
| &nbsp;&nbsp;(Cost $930,438,845)  | &nbsp;&nbsp;(Cost $930,438,845)  | &nbsp;&nbsp;(Cost $930,438,845)  |  | 903949609 |
| **CORPORATE OBLIGATIONS — 16.4%** | **CORPORATE OBLIGATIONS — 16.4%** | **CORPORATE OBLIGATIONS — 16.4%** | **CORPORATE OBLIGATIONS — 16.4%** | **CORPORATE OBLIGATIONS — 16.4%** |
| **Communication Services — 0.9%** | **Communication Services — 0.9%** | **Communication Services — 0.9%** | **Communication Services — 0.9%** | **Communication Services — 0.9%** |
| &nbsp;&nbsp;OT Midco  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.000%, 02/15/30(D) |  | 24000000 |  | 19527476 |
| &nbsp;&nbsp;Warnermedia Holdings  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.391%, 03/15/62 |  | 15000000 |  | 10203850 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.279%, 03/15/32 |  | 5000000 |  | 4281402 |
|  |  |  |  | 34012728 |
| **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 |  | 2728597 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 12/01/29 |  | 8000000 |  | 7501111 |
| &nbsp;&nbsp;Cornell University  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.835%, 06/15/34 |  | 2000000 |  | 1981151 |
| &nbsp;&nbsp;Cruise Yacht Upper HoldCo  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.875%, 07/05/28 |  | 2000000 |  | 1942500 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;Hyundai Capital America  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.300%, 01/08/29(D) | $| 5000000 | $| 5046650 |
| &nbsp;&nbsp;JBS USA Holding Lux Sarl  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.250%, 11/15/53 |  | 4863000 |  | 5458197 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 03/15/34 |  | 10000000 |  | 10841190 |
| &nbsp;&nbsp;Nissan Motor Acceptance  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.050%, 09/15/28(D) |  | 2000000 |  | 2044742 |
| &nbsp;&nbsp;Saks Global Enterprises  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.000%, 12/15/29(D) |  | 33000000 |  | 20015733 |
| &nbsp;&nbsp;STL Holding  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.750%, 02/15/29(D) |  | 8600000 |  | 8733971 |
| &nbsp;&nbsp;TransJamaican Highway  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 10/10/36(D) |  | 1287278 |  | 1177859 |
| &nbsp;&nbsp;VistaJet Malta Finance  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.375%, 02/01/30(D) |  | 2000000 |  | 1726731 |
| &nbsp;&nbsp;William Marsh Rice University  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.598%, 05/15/50 |  | 1810000 |  | 1114506 |
|  |  |  |  | 70312938 |
| **Consumer Staples — 0.3%** | **Consumer Staples — 0.3%** | **Consumer Staples — 0.3%** | **Consumer Staples — 0.3%** | **Consumer Staples — 0.3%** |
| &nbsp;&nbsp;J M Smucker  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.200%, 11/15/33 |  | 5000000 |  | 5332669 |
| &nbsp;&nbsp;JBS USA Holding Lux Sarl  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 12/01/52 |  | 5000000 |  | 5147580 |
|  |  |  |  | 10480249 |
| **Energy — 3.6%** | **Energy — 3.6%** | **Energy — 3.6%** | **Energy — 3.6%** | **Energy — 3.6%** |
| &nbsp;&nbsp;APA  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.750%, 12/15/29(D) |  | 4133862 |  | 4358615 |
| &nbsp;&nbsp;Barclays  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.625%, USISSO05 + 5.775%, 03/15/74(A) |  | 5000000 |  | 5458300 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.692%, SOFRRATE + 2.620%, 09/13/34(A) |  | 2000000 |  | 2136396 |
| &nbsp;&nbsp;Danske Bank  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.705%, H15T1Y + 1.400%, 03/01/30(A)(D) |  | 5000000 |  | 5157281 |
| &nbsp;&nbsp;Golub Capital Private Credit Fund  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.800%, 09/12/29(D) |  | 2000000 |  | 1968021 |
| &nbsp;&nbsp;New England Power  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.807%, 10/06/50(D) |  | 5000000 |  | 2997725 |
| &nbsp;&nbsp;Panoro Energy  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.250%, 12/11/29 |  | 2500000 |  | 2508767 |
| &nbsp;&nbsp;Paratus Energy Services  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.000% PIK, 07/15/26 |  | 2114563 |  | 2109720 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.000% PIK, 07/15/26(D) |  | 4433363 |  | 4423210 |
| &nbsp;&nbsp;Paratus Energy Services  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.500%, 06/27/29 |  | 47400000 |  | 46392750 |
| &nbsp;&nbsp;PBF Holding  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.875%, 03/15/30(D) |  | 18000000 |  | 15843541 |
| &nbsp;&nbsp;Societe Generale  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.125%, H15T5Y + 3.790%, 05/21/73(A)(D) |  | 4000000 |  | 3948492 |
| &nbsp;&nbsp;Telford Finco  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.000%, 11/06/29 |  | 13000000 |  | 12683060 |
| &nbsp;&nbsp;Topaz Solar Farms  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 09/30/39(D) |  | 2050000 |  | 1916073 |
| &nbsp;&nbsp;Waldorf Energy Finance  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;15.000%, 09/02/73 |  | 1832387 |  | 1095768 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.000%, 03/02/26(G) |  | 7485442 |  | 4551149 |

---

![](fp0094001-1_11.jpg)

![](fp0094001-1_12.jpg)

**FROST TOTAL RETURN BOND FUND April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;Waldorf Production UK  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;13.000%, 09/02/25 | $| 11021065 | $| 10801117 |
| &nbsp;&nbsp;&nbsp;&nbsp;13.000%, 09/02/25 |  | 10732998 |  | 10518803 |
|  |  |  |  | 138868788 |
| **Financials — 5.8%** | **Financials — 5.8%** | **Financials — 5.8%** | **Financials — 5.8%** | **Financials — 5.8%** |
| &nbsp;&nbsp;BAC Capital Trust XIV  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.961%, TSFR3M + 0.662%, 09/15/73(A) |  | 9870000 |  | 8073370 |
| &nbsp;&nbsp;Banco Santander  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.625%, H15T5Y + 5.298%, 02/21/74(A) |  | 5000000 |  | 5648455 |
| &nbsp;&nbsp;Barclays  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.000%, H15T5Y + 5.431%, 12/15/73(A) |  | 30250000 |  | 30903972 |
| &nbsp;&nbsp;Cantor Fitzgerald  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.200%, 12/12/28(D) |  | 1000000 |  | 1053920 |
| &nbsp;&nbsp;Citigroup  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.174%, SOFRRATE + 2.661%, 05/25/34(A) |  | 5000000 |  | 5117826 |
| &nbsp;&nbsp;Comerica  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.982%, SOFRRATE + 2.155%, 01/30/30(A) |  | 10000000 |  | 10122823 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/29 |  | 13300000 |  | 12695238 |
| &nbsp;&nbsp;Comerica Bank  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.875%, 09/15/26 |  | 24790000 |  | 25624236 |
| &nbsp;&nbsp;Credit Suisse Group  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.100%, H15T5Y + 3.293%, 07/24/73(G) |  | 10000000 |  | 700000 |
| &nbsp;&nbsp;Deutsche Bank NY  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.146%, SOFRRATE + 2.520%, 07/13/27(A) |  | 4000000 |  | 4103840 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.079%, SOFRRATE + 3.650%, 02/10/34(A) |  | 10000000 |  | 10445375 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.742%, SOFRRATE + 2.257%, 01/07/33(A) |  | 2000000 |  | 1764090 |
| &nbsp;&nbsp;F&G Annuities & Life  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.400%, 01/13/28 |  | 7000000 |  | 7311562 |
| &nbsp;&nbsp;Farmers Exchange Capital  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.200%, 07/15/48(D) |  | 3000000 |  | 3004061 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.050%, 07/15/28(D) |  | 11075000 |  | 11647447 |
| &nbsp;&nbsp;Goldman Sachs Group  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.800%, H15T5Y + 2.969%, 11/10/73(A) |  | 5000000 |  | 4825754 |
| &nbsp;&nbsp;Intesa Sanpaolo MTN  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/23/29(D) |  | 5000000 |  | 4821655 |
| &nbsp;&nbsp;Jefferies Financial Group MTN  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 09/16/36 |  | 4732000 |  | 4610305 |
| &nbsp;&nbsp;JPMorgan Chase  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.979%, SOFRRATE + 0.930%, 07/22/28(A) |  | 10000000 |  | 10116593 |
| &nbsp;&nbsp;KeyBank MTN  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/26/33 |  | 5000000 |  | 4814908 |
| &nbsp;&nbsp;KeyCorp  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.401%, SOFRINDX + 2.420%, 03/06/35(A) |  | 5000000 |  | 5237641 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.100%, 04/30/28 |  | 7113000 |  | 7013660 |
| &nbsp;&nbsp;Royal Bank of Canada MTN  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/28/33 |  | 10000000 |  | 9905050 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.200%, 01/31/33 |  | 3000000 |  | 2945370 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;SBL Holdings  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.000%, H15T5Y + 5.580%, 05/13/73(A)(D) | $| 2500000 | $| 2361474 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, H15T5Y + 5.620%, 11/13/73(A)(D) |  | 12492000 |  | 10931758 |
| &nbsp;&nbsp;Synovus Bank  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 02/15/28 |  | 8000000 |  | 8027263 |
| &nbsp;&nbsp;US Bancorp  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.836%, SOFRRATE + 2.260%, 06/12/34(A) |  | 4000000 |  | 4129810 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, H15T5Y + 2.541%, 01/15/74(A) |  | 3273000 |  | 3057618 |
|  |  |  |  | 221015074 |
| **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 |  | 3775332 |
| &nbsp;&nbsp;Boeing  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.008%, 05/01/64 |  | 38598000 |  | 41262911 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.930%, 05/01/60 |  | 15000000 |  | 13835055 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 02/15/40 |  | 15355000 |  | 15043661 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.705%, 05/01/40 |  | 5000000 |  | 4853819 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.950%, 02/01/30 |  | 3344000 |  | 3068245 |
| &nbsp;&nbsp;Burlington Northern Santa Fe  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.290%, 06/01/36 |  | 5000000 |  | 5866915 |
| &nbsp;&nbsp;Hawaiian Airlines 2013-1 Class A Pass Through Certificates  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 01/15/26 |  | 5252338 |  | 5126785 |
| &nbsp;&nbsp;nVent Finance Sarl  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.650%, 05/15/33 |  | 3000000 |  | 2971228 |
| &nbsp;&nbsp;Regal Rexnord  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.300%, 02/15/30 |  | 4500000 |  | 4647707 |
| &nbsp;&nbsp;Twma Finance  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;13.000%, 02/08/27 |  | 3500000 |  | 3616780 |
|  |  |  |  | 104068438 |
| **Information Technology — 0.6%** | **Information Technology — 0.6%** | **Information Technology — 0.6%** | **Information Technology — 0.6%** | **Information Technology — 0.6%** |
| &nbsp;&nbsp;Gartner  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 06/15/29(D) |  | 3000000 |  | 2813589 |
| &nbsp;&nbsp;Kyndryl Holdings  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.100%, 10/15/41 |  | 26481000 |  | 19962144 |
|  |  |  |  | 22775733 |
| **Materials — 0.0%** | **Materials — 0.0%** | **Materials — 0.0%** | **Materials — 0.0%** | **Materials — 0.0%** |
| &nbsp;&nbsp;Nacional del Cobre de Chile  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.150%, 01/15/51 (D) |  | 500000 |  | 304654 |
| **Utilities — 0.5%** | **Utilities — 0.5%** | **Utilities — 0.5%** | **Utilities — 0.5%** | **Utilities — 0.5%** |
| &nbsp;&nbsp;Northwest Natural Holding  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.000%, H15T5Y + 2.701%, 09/15/55(A) |  | 2000000 |  | 1944988 |
| &nbsp;&nbsp;Pacific Gas and Electric  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/01/40 |  | 11000000 |  | 9120038 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 08/15/42 |  | 5000000 |  | 3573179 |
| &nbsp;&nbsp;Sempra  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 10/15/39 |  | 6000000 |  | 5957891 |
|  |  |  |  | 20596096 |
| Total Corporate Obligations  |  |  |  |  |
| &nbsp;&nbsp;(Cost $641,978,357)  |  |  |  | 622434698 |

---

![](fp0094001-1_13.jpg)

![](fp0094001-1_14.jpg)

**FROST TOTAL RETURN BOND FUND April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Face Amount** | **Value** |
| **ASSET-BACKED SECURITIES — 8.6%** | **ASSET-BACKED SECURITIES — 8.6%** | **ASSET-BACKED SECURITIES — 8.6%** |
| **Automotive — 6.3%** | **Automotive — 6.3%** | **Automotive — 6.3%** |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2023-4, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.650%, 09/12/30 (D) | $15000000 | $15553066 |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2024-3, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.730%, 07/12/30 (D) | 8000000 | 8074315 |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2024-3, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.040%, 07/12/30 (D) | 8000000 | 8112343 |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2024-4, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.340%, 08/12/31 (D) | 5000000 | 4997929 |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2025-1, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.090%, 08/12/31 (D) | 44000000 | 44214082 |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2025-1, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.540%, 08/12/31 (D) | 25000000 | 25147205 |
| &nbsp;&nbsp;Avid Automobile Receivables Trust, Ser 2023-1, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.140%, 05/15/29 (D) | 5595000 | 5741140 |
| &nbsp;&nbsp;CarNow Auto Receivables Trust, Ser 2021-2A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.450%, 02/15/28 (D) | 4000000 | 3977366 |
| &nbsp;&nbsp;CarNow Auto Receivables Trust, Ser 2023-1A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12.040%, 04/16/29 (D) | 5000000 | 4043024 |
| &nbsp;&nbsp;Centerline Logistics, Ser 2023-1, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.750%, 12/15/27 (D) | 9966003 | 10013561 |
| &nbsp;&nbsp;CIFC Funding, Ser 2025-2A, Cl BR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.670%, TSFR3M + 1.400%, 04/19/35 (A)(D) | 9125000 | 9005910 |
| &nbsp;&nbsp;CIG Auto Receivables Trust, Ser 2021-1A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.450%, 05/12/28 (D) | 7000000 | 6991033 |
| &nbsp;&nbsp;Dext ABS, Ser 2025-1, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.650%, 02/15/36 (D) | 6000000 | 6028837 |
| &nbsp;&nbsp;DT Auto Owner Trust, Ser 2021-3A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.310%, 05/17/27 (D) | 3826965 | 3750163 |
| &nbsp;&nbsp;First Investors Auto Owner Trust, Ser 2022-1A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.410%, 06/15/29 (D) | 2280000 | 2223377 |
| &nbsp;&nbsp;First Investors Auto Owner Trust, Ser 2023-1A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.740%, 01/15/31 (D) | 9000000 | 9540039 |
| &nbsp;&nbsp;Flagship Credit Auto Trust, Ser 2020-1, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.520%, 06/15/27 (D) | 7931000 | 7909599 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $| 4547568 |
| &nbsp;&nbsp;Flagship Credit Auto Trust, Ser 2024-3, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.110%, 09/16/30 (D) |  | 5886000 |  | 5884333 |
| &nbsp;&nbsp;Ford Credit Auto Lease Trust, Ser 2023-B, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.430%, 04/15/27  |  | 5000000 |  | 5053895 |
| &nbsp;&nbsp;Ford Credit Auto Owner Trust, Ser 2024-D, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.604%, 12/15/25  |  | 437217 |  | 437212 |
| &nbsp;&nbsp;Foursight Capital Automobile Receivables Trust, Ser 2022-1, Cl E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.690%, 08/15/29 (D) |  | 4230000 |  | 4088864 |
| &nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Ser 2022-1A, Cl E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.640%, 05/15/29 (D) |  | 4000000 |  | 3983697 |
| &nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Ser 2022-3A, Cl E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.350%, 10/15/29 (D) |  | 1990000 |  | 2068037 |
| &nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Ser 2024-3A, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.210%, 02/18/31 (D) |  | 2250000 |  | 2260236 |
| &nbsp;&nbsp;Octane Receivables Trust, Ser 2021-2A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.020%, 09/20/28 (D) |  | 3000000 |  | 2961296 |
| &nbsp;&nbsp;Prestige Auto Receivables Trust, Ser 2024-2A, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.150%, 07/15/30 (D) |  | 4000000 |  | 3996706 |
| &nbsp;&nbsp;Santander Consumer Auto Receivables Trust, Ser 2020-BA, Cl F |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.030%, 08/15/28 (D) |  | 3369449 |  | 3377862 |
| &nbsp;&nbsp;Tricolor Auto Securitization Trust, Ser 2022-1A, Cl F |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.800%, 07/16/29 (D) |  | 4000000 |  | 4089980 |
| &nbsp;&nbsp;Tricolor Auto Securitization Trust, Ser 2023-1A, Cl F |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;16.000%, 06/17/30 (D) |  | 11910000 |  | 12555024 |
| &nbsp;&nbsp;Tricolor Auto Securitization Trust, Ser 2025-1A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.940%, 02/15/29 (D) |  | 6686194 |  | 6686864 |
| &nbsp;&nbsp;Veros Auto Receivables Trust, Ser 2021-1, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.640%, 08/15/28 (D) |  | 2227830 |  | 2212413 |
|  |  |  |  | 239526976 |
| **Other Asset-Backed Securities — 2.3%** | **Other Asset-Backed Securities — 2.3%** | **Other Asset-Backed Securities — 2.3%** | **Other Asset-Backed Securities — 2.3%** | **Other Asset-Backed Securities — 2.3%** |
| &nbsp;&nbsp;Amur Equipment Finance Receivables XI, Ser 2022-2A, Cl E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.320%, 10/22/29 (D) |  | 2600000 |  | 2638321 |
| &nbsp;&nbsp;Aqua Finance Trust, Ser 2024-A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.810%, 04/18/50 (D) |  | 4664855 |  | 4648638 |
| &nbsp;&nbsp;BHG Securitization Trust, Ser 2022-B, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.690%, 06/18/35 (D) |  | 5993367 |  | 6062788 |

---

![](fp0094001-1_15.jpg)

![](fp0094001-1_16.jpg)

**FROST TOTAL RETURN BOND FUND April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Face Amount** | **Value** |
| &nbsp;&nbsp;CAL Funding IV, Ser 2020-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/25/45 (D) | $1035229 | $978700 |
| &nbsp;&nbsp;CF Hippolyta Issuer, Ser 2020-1, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.990%, 07/15/60 (D) | 5217140 | 4802496 |
| &nbsp;&nbsp;Dext ABS, Ser 2025-1, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.980%, 08/15/35 (D) | 5000000 | 5020239 |
| &nbsp;&nbsp;EnFin Residential Solar Receivables Trust, Ser 2024-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.650%, 02/20/55 (D) | 4443886 | 4392410 |
| &nbsp;&nbsp;EnFin Residential Solar Receivables Trust, Ser 2024-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.440%, 02/20/55 (D) | 3555109 | 3434965 |
| &nbsp;&nbsp;EverBright Solar Trust, Ser 2024-A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.130%, 06/22/54 (D) | 5790344 | 5287173 |
| &nbsp;&nbsp;Global SC Finance VII Srl, Ser 2020-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.170%, 10/17/40 (D) | 1966091 | 1860253 |
| &nbsp;&nbsp;JGWPT XXVI LLC, Ser 2012-2A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.770%, 10/17/61 (D) | 1139778 | 1157780 |
| &nbsp;&nbsp;Libra Solutions, Ser 2023-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.000%, 02/15/35 (D) |  |  |
| &nbsp;&nbsp;Libra Solutions, Ser 2023-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.250%, 02/15/35 (D) | 1307341 | 1295023 |
| &nbsp;&nbsp;Mosaic Solar Loan Trust, Ser 2020-2A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.210%, 08/20/46 (D) | 2027752 | 1649873 |
| &nbsp;&nbsp;Oportun Issuance Trust, Ser 2022-A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.400%, 06/09/31 (D) | 3000000 | 3053117 |
| &nbsp;&nbsp;Pawneee Equipment Receivables, Ser 2021-1, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.300%, 07/15/27 (D) | 4700000 | 4654396 |
| &nbsp;&nbsp;Pawneee Equipment Receivables, Ser 2022-1, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.010%, 07/17/28 (D) | 4000000 | 4043334 |
| &nbsp;&nbsp;Sapphire Aviation Finance I, Ser 2018-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.926%, 03/15/40 (D) | 98942 | 97953 |
| &nbsp;&nbsp;Textainer Marine Containers VII, Ser 2024-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 08/20/49 (D) | 6552000 | 6537993 |
| &nbsp;&nbsp;T-Mobile US Trust, Ser 2025-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.740%, 11/20/29 (D) | 5000000 | 5061179 |
| &nbsp;&nbsp;VFI ABS, Ser 2023-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.780%, 08/24/29 (D) | 10000000 | 10192155 |
| &nbsp;&nbsp;VR Funding, Ser 2020-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.790%, 11/15/50 (D) | 4905613 | 4616245 |
| &nbsp;&nbsp;VR Funding, Ser 2020-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.420%, 11/15/50 (D) | 1928882 | 1900211 |
|  |  | 83385242 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Face Amount** | **Value** |
| **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) | $717167 | $677424 |
| Total Asset-Backed Securities  | Total Asset-Backed Securities  |  |
| &nbsp;&nbsp;(Cost $322,336,547)  |  | 323589642 |
| **COLLATERALIZED LOAN OBLIGATIONS — 4.9%** | **COLLATERALIZED LOAN OBLIGATIONS — 4.9%** | **COLLATERALIZED LOAN OBLIGATIONS — 4.9%** |
| &nbsp;&nbsp;Apidos CLO XXX, Ser 2024-XXXA, Cl BR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.120%, TSFR3M + 1.850%, 10/18/31 (A)(D) | 5170000 | 5136183 |
| &nbsp;&nbsp;Battalion CLO XXIII, Ser 2024-23A, Cl DR1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.206%, TSFR3M + 3.950%, 10/15/37 (A)(D) | 5000000 | 5015265 |
| &nbsp;&nbsp;BSL CLO 5, Ser 2024-5A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.015%, TSFR3M + 1.700%, 01/20/38 (A)(D) | 4000000 | 3965220 |
| &nbsp;&nbsp;Carlyle Global Market Strategies, Ser 2018-3A, Cl A1A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.683%, TSFR3M + 1.442%, 01/14/32 (A)(D) | 10760456 | 10759617 |
| &nbsp;&nbsp;Carlyle Global Market Strategies, Ser 2018-5A, Cl A1RR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.658%, TSFR3M + 1.402%, 07/15/31 (A)(D) | 6274860 | 6273799 |
| &nbsp;&nbsp;Elmwood CLO 24, Ser 2024-3A, Cl BR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.880%, TSFR3M + 1.600%, 01/17/38 (A)(D) | 4600000 | 4582561 |
| &nbsp;&nbsp;Elmwood CLO V, Ser 2024-2A, Cl D1RR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.420%, TSFR3M + 3.150%, 10/20/37 (A)(D) | 9000000 | 8983944 |
| &nbsp;&nbsp;Golub Capital Partners, Ser 2017-24A, Cl AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.165%, TSFR3M + 1.862%, 11/05/29 (A)(D) | 1076868 | 1076501 |
| &nbsp;&nbsp;Golub Capital Partners, Ser 2021-19RA, Cl B1R2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.081%, TSFR3M + 1.812%, 04/20/34 (A)(D) | 20000000 | 19950660 |
| &nbsp;&nbsp;Greystone CRE Notes, Ser 2024-HC3, Cl AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.153%, TSFR1M + 2.832%, 03/15/41 (A)(D) | 18000000 | 17868920 |
| &nbsp;&nbsp;LCM 42, Ser 2024-42A, Cl D1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.756%, TSFR3M + 3.500%, 01/15/38 (A)(D) | 10000000 | 10003030 |
| &nbsp;&nbsp;LCM Loan Income Fund I Income Note Issuer, Ser 2018-27A, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.602%, TSFR3M + 1.342%, 07/16/31 (A)(D) | 3214679 | 3214068 |
| &nbsp;&nbsp;OHA Credit Funding 7, Ser 2022-7A, Cl AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.570%, TSFR3M + 1.300%, 02/24/37 (A)(D) | 25000000 | 24954850 |

---

![](fp0094001-1_17.jpg)

![](fp0094001-1_18.jpg)

**FROST TOTAL RETURN BOND FUND April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;Sycamore Tree CLO, Ser 2025-6A, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.482%, TSFR3M + 1.200%, 04/20/38 (A)(D) | $| 25000000 | $| 24747700 |
| &nbsp;&nbsp;Sycamore Tree CLO, Ser 2025-6A, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.082%, TSFR3M + 1.800%, 04/20/38 (A)(D) |  | 15000000 |  | 14700195 |
| &nbsp;&nbsp;Texas Debt Capital CLO, Ser 2023-1A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.072%, TSFR3M + 1.800%, 04/20/36 (A)(D) |  | 4000000 |  | 4001668 |
| &nbsp;&nbsp;Venture XIX, Ser 2018-19A, Cl ARR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.778%, TSFR3M + 1.522%, 01/15/32 (A)(D) |  | 11719220 |  | 11718740 |
| &nbsp;&nbsp;Wind River CLO, Ser 2024-1A, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.520%, TSFR3M + 4.250%, 04/20/37 (A)(D) |  | 10000000 |  | 9991430 |
| Total Collateralized Loan Obligations  | Total Collateralized Loan Obligations  | Total Collateralized Loan Obligations  |  |  |
| &nbsp;&nbsp;(Cost $187,772,422)  |  |  |  | 186944351 |
| **SOVEREIGN DEBT — 1.6%** | **SOVEREIGN DEBT — 1.6%** | **SOVEREIGN DEBT — 1.6%** | **SOVEREIGN DEBT — 1.6%** | **SOVEREIGN DEBT — 1.6%** |
| &nbsp;&nbsp;Colombia Government International Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 04/22/32  |  | 5000000 |  | 3852265 |
| &nbsp;&nbsp;Kenya Government International Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.250%, 02/28/28 (D) |  | 3000000 |  | 2820000 |
| &nbsp;&nbsp;Kingdom of Belgium Government International Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 06/10/55  |  | 10000000 |  | 9273033 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.350%, 11/06/34 (D) |  | 40000000 |  | 39903517 |
| &nbsp;&nbsp;Provincia de Buenos Aires |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.625%, 09/01/37 (D)(E) |  | 314222 |  | 210529 |
| &nbsp;&nbsp;Romanian Government International Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 02/10/37 (D) |  | 1000000 |  | 995100 |
| &nbsp;&nbsp;Ukraine Government International Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 08/01/25 to 08/01/25 (E) |  | 2403678 |  | 1376346 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 02/01/27 to 02/01/27 (E) |  | 1382113 |  | 625188 |
| Total Sovereign Debt  | Total Sovereign Debt  | Total Sovereign Debt  |  |  |
| &nbsp;&nbsp;(Cost $59,598,945)  |  |  |  | 59055978 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.3%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.3%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.3%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.3%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.3%** |
| &nbsp;&nbsp;FFCB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.010%, 03/28/44  |  | 2000000 |  | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.940%, 01/08/44  |  | 7500000 |  | 7427076 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.490%, 09/22/42  |  | 1000000 |  | 998316 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.370%, 04/08/38  |  | 2000000 |  | 1985881 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.360%, 06/16/33  |  | 2000000 |  | 2000890 |
| &nbsp;&nbsp;FHLB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 10/28/54  |  | 2000000 |  | 1999378 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.125%, 10/30/54  |  | 1375000 |  | 1372228 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/12/38 to 07/15/39  | $| 17101132 | $| 17101498 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.940%, 04/20/43  |  | 2000000 |  | 2000179 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 02/14/34 to 02/23/39  |  | 4333333 |  | 4337826 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.150%, 09/23/36  |  | 1500000 |  | 1168454 |
| &nbsp;&nbsp;Tennessee Valley Authority |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 09/15/52  |  | 7521000 |  | 6271124 |
| Total U.S. Government Agency Obligations  | Total U.S. Government Agency Obligations  | Total U.S. Government Agency Obligations  |  |  |
| &nbsp;&nbsp;(Cost $49,583,968)  | &nbsp;&nbsp;(Cost $49,583,968)  | &nbsp;&nbsp;(Cost $49,583,968)  |  | 48662850 |
|  | **<br> Shares** | **<br> Shares** |  |  |
| **COMMON STOCK — 1.2%** | **COMMON STOCK — 1.2%** | **COMMON STOCK — 1.2%** | **COMMON STOCK — 1.2%** | **COMMON STOCK — 1.2%** |
| Energy — 1.2% | Energy — 1.2% | Energy — 1.2% |  |  |
| &nbsp;&nbsp;Paratus Energy Services \* |  | 12800000 |  | 43628814 |
| Total Common Stock  |  |  |  |  |
| &nbsp;&nbsp;(Cost $–)  |  |  |  | 43628814 |
|  | **Face Amount** | **Face Amount** |  |  |
| **MUNICIPAL BONDS — 1.2%** | **MUNICIPAL BONDS — 1.2%** | **MUNICIPAL BONDS — 1.2%** | **MUNICIPAL BONDS — 1.2%** | **MUNICIPAL BONDS — 1.2%** |
| &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 |  | 2956786 |
| &nbsp;&nbsp;Board of Regents of the University of Texas System, Ser C, RB  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.794%, 08/15/46 |  | 4670000 |  | 4370011 |
| &nbsp;&nbsp;City of Houston Texas, GO  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.961%, 03/01/47 |  | 12000000 |  | 10040940 |
| &nbsp;&nbsp;GDB Debt Recovery Authority of Puerto Rico, RB  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 08/20/40 |  | 4495742 |  | 4341456 |
| &nbsp;&nbsp;Mission, Economic Development, RB  |  |  |  |  |
| &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;&nbsp;&nbsp;9.750%, 12/01/25(F)(G) |  | 3045000 |  | 30450 |
| &nbsp;&nbsp;North Texas Tollway Authority, RB  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.410%, 02/01/30 |  | 1474000 |  | 1613068 |
| &nbsp;&nbsp;Northwest Independent School District, Ser A, GO, PSF-GTD |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.776%, 02/15/31 |  | 2000000 |  | 1751151 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.836%, 02/15/32 |  | 1890000 |  | 1612057 |
| &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 |  | 5011920 |
| &nbsp;&nbsp;Texas State, Transportation Commission State Highway Fund, Ser B-BUILD, RB  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.178%, 04/01/30 |  | 3980000 |  | 4071630 |

---

![](fp0094001-1_19.jpg)

![](fp0094001-1_20.jpg)

**FROST TOTAL RETURN BOND FUND April 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Face Amount** | **Face Amount** | **Value** |
| &nbsp;&nbsp;USAFA Visitor's Center Business Improvement District, Ser B, RB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 12/01/42(D) | $| 12570000 | $10920829 |
| Total Municipal Bonds | Total Municipal Bonds | Total Municipal Bonds |  |
| &nbsp;&nbsp;(Cost $55,340,525)  | &nbsp;&nbsp;(Cost $55,340,525)  | &nbsp;&nbsp;(Cost $55,340,525)  | 46774698 |
|  | **<br> Shares** | **<br> Shares** |  |
| **COMMERCIAL PAPER — 1.7%** | **COMMERCIAL PAPER — 1.7%** | **COMMERCIAL PAPER — 1.7%** | **COMMERCIAL PAPER — 1.7%** |
| &nbsp;&nbsp;Brunswick Corporation  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.106%, 05/01/25 (H) |  | 2800000 | 2799617 |
| &nbsp;&nbsp;Crown Castle Inc.  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.934%, 05/01/25 (H) |  | 2500000 | 2499665 |
| &nbsp;&nbsp;Dentsply Sirona Inc  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.166%, 05/12/25 (H) |  | 2500000 | 2495728 |
| &nbsp;&nbsp;Discovery Communications LLC  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.424%, 05/29/25 (H) |  | 5000000 | 4978183 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.172%, 05/22/25 (H) |  | 2500000 | 2491759 |
| &nbsp;&nbsp;Edison International  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.651%, 05/01/25 (H) |  | 15000000 | 14998095 |
| &nbsp;&nbsp;FMC Corp  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 05/30/25 (H) |  | 2500000 | 2489326 |
| &nbsp;&nbsp;Globe Life Inc  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.698%, 10/03/25 (H) |  | 2000000 | 1961087 |
| &nbsp;&nbsp;International Flavors & Fragrance  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.118%, 05/16/25 (H) |  | 2300000 | 2295276 |
| &nbsp;&nbsp;Leggett & Platt Inc  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.165%, 05/19/25 (H) |  | 2500000 | 2493889 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.111%, 05/07/25 (H) |  | 2000000 | 1998215 |
| &nbsp;&nbsp;Quanta Services Inc  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.902%, 05/02/25 (H) |  | 6050000 | 6048393 |
| &nbsp;&nbsp;Sonoco Products Company  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.971%, 05/01/25 (H) |  | 10000000 | 9998604 |
| &nbsp;&nbsp;Telus Corp  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.988%, 05/21/25 (H) |  | 2500000 | 2493235 |
| &nbsp;&nbsp;Whirlpool Corp  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.258%, 05/09/25 (H) |  | 5000000 | 4993670 |
| Total Commercial Paper | Total Commercial Paper | Total Commercial Paper |  |
| &nbsp;&nbsp;(Cost $65,040,714)  | &nbsp;&nbsp;(Cost $65,040,714)  | &nbsp;&nbsp;(Cost $65,040,714)  | 65034742 |
| Total Investments — 99.1% |  |  |  |
| &nbsp;&nbsp;(Cost $3,758,548,627)  |  |  | $3748460154 |
| Percentages are based on Net Assets of $3,783,854,257. | Percentages are based on Net Assets of $3,783,854,257. | Percentages are based on Net Assets of $3,783,854,257. | Percentages are based on Net Assets of $3,783,854,257. |

---

*\** *Non-income producing security.*

*(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 April 30, 2025 was $1,183,841,057 and represents 31.3% of Net Assets.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| *(E)* | *Step Bonds — The rate reflected on the Schedule of Investments is the effective yield on April 30, 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.* |
| *Amounts designated as " --" are $0 or have been rounded to $0.* | *Amounts designated as " --" are $0 or have been rounded to $0.* |

---

*See "Glossary" for abbreviations.* 

*FIA-QH-001-3500* 

![](fp0094001-1_21.jpg)

![](fp0094001-1_22.jpg)

**FROST CREDIT FUND April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS — 51.5%** | **CORPORATE OBLIGATIONS — 51.5%** | **CORPORATE OBLIGATIONS — 51.5%** |
| **Communication Services — 4.4%** | **Communication Services — 4.4%** | **Communication Services — 4.4%** |
| &nbsp;&nbsp;AMC Networks  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 02/15/29 | $4000000 | $2945080 |
| &nbsp;&nbsp;News  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.125%, 02/15/32(A) | 5000000 | 4770063 |
| &nbsp;&nbsp;OT Midco  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.000%, 02/15/30(A) | 4000000 | 3254579 |
| &nbsp;&nbsp;Sirius XM Radio  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 09/01/31(A) | 3000000 | 2574269 |
| &nbsp;&nbsp;Stagwell Global  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 08/15/29(A) | 2000000 | 1887237 |
| &nbsp;&nbsp;United States Cellular  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.700%, 12/15/33 | 2000000 | 2165027 |
| &nbsp;&nbsp;Warnermedia Holdings  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.279%, 03/15/32 | 2750000 | 2354771 |
|  |  | 19951026 |
| **Consumer Discretionary — 8.3%** | **Consumer Discretionary — 8.3%** | **Consumer Discretionary — 8.3%** |
| &nbsp;&nbsp;Airswift Global  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.000%, 02/28/29(A) | 3000000 | 3019121 |
| &nbsp;&nbsp;Amazon.com  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.100%, 04/13/62 | 4000000 | 3115036 |
| &nbsp;&nbsp;American Axle & Manufacturing  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/29 | 4000000 | 3507984 |
| &nbsp;&nbsp;Beazer Homes USA  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.250%, 10/15/29(A) | 1000000 | 970748 |
| &nbsp;&nbsp;Bloomin' Brands  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.125%, 04/15/29(A) | 2500000 | 2158416 |
| &nbsp;&nbsp;Choice Hotels International  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.850%, 08/01/34 | 2000000 | 1962741 |
| &nbsp;&nbsp;Cruise Yacht Upper HoldCo  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.875%, 07/05/28 | 4000000 | 3885000 |
| &nbsp;&nbsp;Dillard's  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.000%, 12/01/28 | 500000 | 524307 |
| &nbsp;&nbsp;JBS USA Holding Lux Sarl  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 03/15/34 | 2000000 | 2168238 |
| &nbsp;&nbsp;Newell Brands  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.375%, 05/15/30 | 5000000 | 4551471 |
| &nbsp;&nbsp;Nissan Motor Acceptance  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.050%, 09/15/28(A) | 4000000 | 4089484 |
| &nbsp;&nbsp;Saks Global Enterprises  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.000%, 12/15/29(A) | 5000000 | 3032687 |
| &nbsp;&nbsp;STL Holding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.750%, 02/15/29(A) | 2000000 | 2031156 |
| &nbsp;&nbsp;VistaJet Malta Finance  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.875%, 05/01/27(A) | 2500000 | 2427837 |
|  |  | 37444226 |
| **Consumer Staples — 2.0%** | **Consumer Staples — 2.0%** | **Consumer Staples — 2.0%** |
| &nbsp;&nbsp;J M Smucker  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 11/15/53 | 2000000 | 2126490 |
| &nbsp;&nbsp;JBS USA Holding Lux Sarl  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 12/01/52 | 3000000 | 3088548 |
| &nbsp;&nbsp;Philip Morris International  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.125%, 02/15/30 | 2000000 | 2051578 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 11/10/44 | 2000000 | 1658683 |
|  |  | 8925299 |
| **Energy — 9.7%** | **Energy — 9.7%** | **Energy — 9.7%** |
| &nbsp;&nbsp;Aircastle  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 10/01/31(A) | 3500000 | 3535087 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;Borr IHC  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.000%, 11/15/28(A) | $| 1112195 | $| 945922 |
| &nbsp;&nbsp;BP Capital Markets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.125%, H15T5Y + 1.924%, 06/18/73(B) |  | 5000000 |  | 4826319 |
| &nbsp;&nbsp;Colonial Pipeline  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.375%, 11/01/30(A) |  | 1500000 |  | 1727299 |
| &nbsp;&nbsp;New England Power  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.807%, 10/06/50(A) |  | 1990000 |  | 1193095 |
| &nbsp;&nbsp;Oglethorpe Power  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.800%, 06/01/54(A) |  | 4000000 |  | 3846676 |
| &nbsp;&nbsp;Panoro Energy  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.250%, 12/11/29 |  | 5000000 |  | 5017534 |
| &nbsp;&nbsp;PBF Holding  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.875%, 03/15/30(A) |  | 10000000 |  | 8801967 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.875%, 09/15/30(A) |  | 2000000 |  | 1645335 |
| &nbsp;&nbsp;Southern Natural Gas  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.800%, 03/15/47(A) |  | 3000000 |  | 2473075 |
| &nbsp;&nbsp;Summit Midstream Holdings  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.625%, 10/31/29(A) |  | 500000 |  | 492568 |
| &nbsp;&nbsp;Telford Finco  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.000%, 11/06/29 |  | 3900000 |  | 3809442 |
| &nbsp;&nbsp;Topaz Solar Farms  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 09/30/39(A) |  | 6364845 |  | 5949030 |
|  |  |  |  | 44263349 |
| **Financials — 5.9%** | **Financials — 5.9%** | **Financials — 5.9%** | **Financials — 5.9%** | **Financials — 5.9%** |
| &nbsp;&nbsp;Arthur J Gallagher  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 07/15/54 |  | 3000000 |  | 2890794 |
| &nbsp;&nbsp;Bank of America  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.518%, SOFRRATE + 1.738%, 10/25/35(B) |  | 3000000 |  | 2942501 |
| &nbsp;&nbsp;Brown & Brown  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.650%, 06/11/34 |  | 3000000 |  | 3033828 |
| &nbsp;&nbsp;Deutsche Bank NY  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.146%, SOFRRATE + 2.520%, 07/13/27(B) |  | 1000000 |  | 1025960 |
| &nbsp;&nbsp;Discover Financial Services  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.700%, 11/29/32 |  | 2000000 |  | 2132810 |
| &nbsp;&nbsp;F&G Annuities & Life  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.400%, 01/13/28 |  | 3000000 |  | 3133527 |
| &nbsp;&nbsp;Golub Capital BDC  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.050%, 12/05/28 |  | 800000 |  | 834233 |
| &nbsp;&nbsp;LPL Holdings  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 05/20/34 |  | 3000000 |  | 3052268 |
| &nbsp;&nbsp;Royal Bank of Canada MTN  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.200%, 01/31/33 |  | 1000000 |  | 981790 |
| &nbsp;&nbsp;Swedbank  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.750%, H15T5Y + 3.657%, 09/17/73(B) |  | 2000000 |  | 2050000 |
| &nbsp;&nbsp;Synovus Financial  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.168%, SOFRRATE + 2.347%, 11/01/30(B) |  | 2500000 |  | 2522500 |
| &nbsp;&nbsp;US Bancorp  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.836%, SOFRRATE + 2.260%, 06/12/34(B) |  | 1000000 |  | 1032453 |
| &nbsp;&nbsp;Zions Bancorp  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.816%, SOFRRATE + 2.830%, 11/19/35(B) |  | 1000000 |  | 986272 |
|  |  |  |  | 26618936 |

---

![](fp0094001-1_23.jpg)

![](fp0094001-1_24.jpg)

**FROST CREDIT FUND April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Face Amount** | **Value** |
| **Industrials — 9.4%** | **Industrials — 9.4%** | **Industrials — 9.4%** |
| &nbsp;&nbsp;AerCap Ireland Capital DAC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, H15T5Y + 2.441%, 01/31/56(B) | $7000000 | $6797652 |
| &nbsp;&nbsp;Boeing  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.930%, 05/01/60 | 3000000 | 2767011 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.150%, 05/01/30 | 2000000 | 2019055 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.196%, 02/04/26 | 1000000 | 979770 |
| &nbsp;&nbsp;Burlington Northern Santa Fe  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/15/55 | 4000000 | 3928050 |
| &nbsp;&nbsp;Concentrix  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.850%, 08/02/33 | 2000000 | 2026529 |
| &nbsp;&nbsp;Contships Logistics  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.000%, 02/11/30 | 4500000 | 4432513 |
| &nbsp;&nbsp;GATX  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.050%, 03/15/34 | 2000000 | 2079522 |
| &nbsp;&nbsp;Huntington Ingalls Industries  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.749%, 01/15/35 | 5000000 | 5094916 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.200%, 05/01/30 | 3000000 | 2895193 |
| &nbsp;&nbsp;Icahn Enterprises  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.750%, 01/15/29 | 1000000 | 987000 |
| &nbsp;&nbsp;Lockheed Martin  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 01/15/33 | 1500000 | 1548118 |
| &nbsp;&nbsp;nVent Finance Sarl  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.650%, 05/15/33 | 3000000 | 2971228 |
| &nbsp;&nbsp;Owens Corning  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.950%, 06/15/54 | 3000000 | 2961644 |
| &nbsp;&nbsp;Twma Finance  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;13.000%, 02/08/27 | 1500000 | 1550049 |
|  |  | 43038250 |
| **Information Technology — 6.4%** | **Information Technology — 6.4%** | **Information Technology — 6.4%** |
| &nbsp;&nbsp;Apple  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.850%, 05/04/43 | 2000000 | 1658140 |
| &nbsp;&nbsp;Consensus Cloud Solutions  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 10/15/26(A) | 2000000 | 1994380 |
| &nbsp;&nbsp;Corning  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.450%, 11/15/79 | 4000000 | 3438289 |
| &nbsp;&nbsp;Crowdstrike Holdings  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/15/29 | 3000000 | 2781846 |
| &nbsp;&nbsp;Flex  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 01/15/32 | 2000000 | 1965036 |
| &nbsp;&nbsp;Hewlett Packard Enterprise  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/34 | 4000000 | 3861884 |
| &nbsp;&nbsp;Kyndryl Holdings  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.100%, 10/15/41 | 8929000 | 6730939 |
| &nbsp;&nbsp;Micron Technology  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.800%, 01/15/35 | 4000000 | 3975541 |
| &nbsp;&nbsp;TD SYNNEX  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.650%, 08/09/31 | 3000000 | 2531746 |
|  |  | 28937801 |
| **Materials — 0.9%** | **Materials — 0.9%** | **Materials — 0.9%** |
| &nbsp;&nbsp;ATI  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 12/01/27  | 4165000 | 4155056 |
| **Real Estate — 1.5%** | **Real Estate — 1.5%** | **Real Estate — 1.5%** |
| &nbsp;&nbsp;GLP Capital  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 12/01/33<sup>‡</sup> | 1000000 | 1054278 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 01/15/32<sup>‡</sup> | 2500000 | 2154072 |
| &nbsp;&nbsp;Host Hotels & Resorts  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/15/35<sup>‡</sup> | 2000000 | 1931139 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;Sabra Health Care  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 12/01/31<sup>‡</sup> | $| 2000000 | $| 1768378 |
|  |  |  |  | 6907867 |
| **Technology — 1.3%** | **Technology — 1.3%** | **Technology — 1.3%** | **Technology — 1.3%** | **Technology — 1.3%** |
| &nbsp;&nbsp;Foundry JV Holdco  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.300%, 01/25/39(A) |  | 2000000 |  | 2075675 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 01/25/34(A) |  | 4000000 |  | 4016872 |
|  |  |  |  | 6092547 |
| **Utilities — 1.7%** | **Utilities — 1.7%** | **Utilities — 1.7%** | **Utilities — 1.7%** | **Utilities — 1.7%** |
| &nbsp;&nbsp;Entergy  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.125%, H15T5Y + 2.670%, 12/01/54(B) |  | 3000000 |  | 3016305 |
| &nbsp;&nbsp;Entergy Texas  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.550%, 09/15/54 |  | 1000000 |  | 945335 |
| &nbsp;&nbsp;NRG Energy  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 07/15/29(A) |  | 3000000 |  | 2985887 |
| &nbsp;&nbsp;Pacific Gas and Electric  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/01/40 |  | 1000000 |  | 829095 |
|  |  |  |  | 7776622 |
| Total Corporate Obligations  |  |  |  |  |
| &nbsp;&nbsp;(Cost $241,820,111)  |  |  |  | 234110979 |
| **COLLATERALIZED LOAN OBLIGATIONS — 20.4%** | **COLLATERALIZED LOAN OBLIGATIONS — 20.4%** | **COLLATERALIZED LOAN OBLIGATIONS — 20.4%** | **COLLATERALIZED LOAN OBLIGATIONS — 20.4%** | **COLLATERALIZED LOAN OBLIGATIONS — 20.4%** |
| &nbsp;&nbsp;610 Funding CLO 2, Ser 2024-2RA, Cl BR3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.620%, TSFR3M + 2.350%, 01/20/34 (A)(B) |  | 2000000 |  | 1997776 |
| &nbsp;&nbsp;AMMC CLO 26, Ser 2025-26A, Cl B1R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.156%, TSFR3M + 1.900%, 04/15/36 (A)(B) |  | 7500000 |  | 7476532 |
| &nbsp;&nbsp;Apidos CLO XL, Ser 2024-40A, Cl CR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.206%, TSFR3M + 1.950%, 07/15/37 (A)(B) |  | 5000000 |  | 4957195 |
| &nbsp;&nbsp;Apidos CLO XL, Ser 2024-40A, Cl ER |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.856%, TSFR3M + 5.600%, 07/15/37 (A)(B) |  | 1000000 |  | 986908 |
| &nbsp;&nbsp;Battalion CLO 17, Ser 2024-17A, Cl CR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.520%, TSFR3M + 2.250%, 03/09/34 (A)(B) |  | 5000000 |  | 4993655 |
| &nbsp;&nbsp;Battalion CLO XXIII, Ser 2024-23A, Cl BR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.056%, TSFR3M + 1.800%, 10/15/37 (A)(B) |  | 2000000 |  | 1997668 |
| &nbsp;&nbsp;Battalion CLO XXIII, Ser 2024-23A, Cl DR1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.206%, TSFR3M + 3.950%, 10/15/37 (A)(B) |  | 3000000 |  | 3009159 |
| &nbsp;&nbsp;Battalion CLO XXVIII, Ser 2025-28A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.923%, TSFR3M + 1.600%, 01/20/38 (A)(B) |  | 1340000 |  | 1330883 |
| &nbsp;&nbsp;Battalion CLO XXVIII, Ser 2025-28A, Cl D1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.373%, TSFR3M + 3.050%, 01/20/38 (A)(B) |  | 2000000 |  | 1965542 |

---

![](fp0094001-1_25.jpg)

![](fp0094001-1_26.jpg)

**FROST CREDIT FUND April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Face Amount** | **Value** |
| &nbsp;&nbsp;BlueMountain XXX, Ser 2022-30A, Cl ER |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.956%, TSFR3M + 6.700%, 04/15/35 (A)(B) | $2000000 | $1987404 |
| &nbsp;&nbsp;BSL CLO 5, Ser 2024-5A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.015%, TSFR3M + 1.700%, 01/20/38 (A)(B) | 5000000 | 4956525 |
| &nbsp;&nbsp;Carlyle Global Market Strategies, Ser 2018-1A, Cl CR2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.341%, TSFR3M + 2.062%, 04/17/31 (A)(B) | 1250000 | 1244151 |
| &nbsp;&nbsp;CIFC Funding, Ser 2024-4A, Cl CR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.179%, TSFR3M + 1.900%, 07/23/37 (A)(B) | 1750000 | 1730533 |
| &nbsp;&nbsp;CLI Funding IX, Ser 2024-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.660%, 07/20/49 (A) | 1862417 | 1861409 |
| &nbsp;&nbsp;CLI Funding IX, Ser 2024-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/20/49 (A) | 931208 | 922227 |
| &nbsp;&nbsp;Dryden 76 CLO, Ser 2024-76A, Cl BR2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.006%, TSFR3M + 1.750%, 10/15/37 (A)(B) | 3000000 | 2992647 |
| &nbsp;&nbsp;Elmwood CLO 24, Ser 2024-3A, Cl BR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.880%, TSFR3M + 1.600%, 01/17/38 (A)(B) | 4000000 | 3984836 |
| &nbsp;&nbsp;GoldenTree Loan Management US CLO 14, Ser 2024-14A, Cl CR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.170%, TSFR3M + 1.900%, 07/20/37 (A)(B) | 5000000 | 4950940 |
| &nbsp;&nbsp;GoldenTree Loan Management US CLO 19, Ser 2024-19A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.170%, TSFR3M + 1.900%, 04/20/37 (A)(B) | 3000000 | 2998431 |
| &nbsp;&nbsp;Golub Capital Partners CLO 17, Ser 2025-17A, Cl CRR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.502%, TSFR3M + 2.200%, 02/09/39 (A)(B) | 3000000 | 2989881 |
| &nbsp;&nbsp;Golub Capital Partners, Ser 2017-24A, Cl DR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.465%, TSFR3M + 4.162%, 11/05/29 (A)(B) | 2000000 | 1994234 |
| &nbsp;&nbsp;Golub Capital Partners, Ser 2018-36A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.171%, TSFR3M + 1.912%, 02/05/31 (A)(B) | 2000000 | 1998238 |
| &nbsp;&nbsp;Golub Capital Partners, Ser 2018-36A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.621%, TSFR3M + 2.362%, 02/05/31 (A)(B) | 1500000 | 1498031 |
| &nbsp;&nbsp;Greystone CRE Notes, Ser 2024-HC3, Cl AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.153%, TSFR1M + 2.832%, 03/15/41 (A)(B) | 2000000 | 1985436 |
| &nbsp;&nbsp;LCM 42, Ser 2024-42A, Cl D1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.756%, TSFR3M + 3.500%, 01/15/38 (A)(B) | 5000000 | 5001515 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;LCM XXII, Ser 2018-22A, Cl BR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.531%, TSFR3M + 2.262%, 10/20/28 (A)(B) | $| 384133 | $| 383548 |
| &nbsp;&nbsp;Magnetite XLI, Ser 2024-41A, Cl D1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.913%, TSFR3M + 2.600%, 01/25/38 (A)(B) |  | 750000 |  | 748351 |
| &nbsp;&nbsp;Magnetite XXIX, Ser 2024-29A, Cl BR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.006%, TSFR3M + 1.750%, 07/15/37 (A)(B) |  | 4000000 |  | 3992944 |
| &nbsp;&nbsp;Magnetite XXIX, Ser 2024-29A, Cl DR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.306%, TSFR3M + 3.050%, 07/15/37 (A)(B) |  | 3000000 |  | 2961219 |
| &nbsp;&nbsp;Magnetite XXXVIII, Ser 2024-38A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.256%, TSFR3M + 2.000%, 04/15/37 (A)(B) |  | 2000000 |  | 2002490 |
| &nbsp;&nbsp;Magnetite XXXVIII, Ser 2024-38A, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.756%, TSFR3M + 3.500%, 04/15/37 (A)(B) |  | 1000000 |  | 999078 |
| &nbsp;&nbsp;Magnetite XXXVIII, Ser 2024-38A, Cl E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.756%, TSFR3M + 6.500%, 04/15/37 (A)(B) |  | 1000000 |  | 988558 |
| &nbsp;&nbsp;MCF CLO VIII, Ser 2024-1A, Cl BR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.670%, TSFR3M + 2.400%, 04/18/36 (A)(B) |  | 3000000 |  | 2996898 |
| &nbsp;&nbsp;Race Point IX, Ser 2017-9A, Cl BR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.668%, TSFR3M + 2.412%, 10/15/30 (A)(B) |  | 4000000 |  | 3992680 |
| &nbsp;&nbsp;Race Point IX, Ser 2017-9A, Cl DR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.418%, TSFR3M + 7.162%, 10/15/30 (A)(B) |  | 2000000 |  | 1877694 |
| Total Collateralized Loan Obligations  | Total Collateralized Loan Obligations  | Total Collateralized Loan Obligations  |  |  |
| &nbsp;&nbsp;(Cost $93,233,168)  |  |  |  | 92755216 |
| **ASSET-BACKED SECURITIES — 17.0%** | **ASSET-BACKED SECURITIES — 17.0%** | **ASSET-BACKED SECURITIES — 17.0%** | **ASSET-BACKED SECURITIES — 17.0%** | **ASSET-BACKED SECURITIES — 17.0%** |
| **Automotive — 12.2%** | **Automotive — 12.2%** | **Automotive — 12.2%** | **Automotive — 12.2%** | **Automotive — 12.2%** |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2021-4, Cl E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.120%, 02/14/28 (A) |  | 1500000 |  | 1497985 |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2022-1, Cl F |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.870%, 11/13/28 (A) |  | 2600000 |  | 2589889 |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2023-3, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.820%, 10/12/29 (A) |  | 1000000 |  | 1020767 |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2023-4, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.650%, 09/12/30 (A) |  | 1000000 |  | 1036871 |

---

![](fp0094001-1_27.jpg)

![](fp0094001-1_28.jpg)

**FROST CREDIT FUND April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Face Amount** | **Value** |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2024-3, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.040%, 07/12/30 (A) | $3000000 | $3042129 |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2024-4, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.340%, 08/12/31 (A) | 2000000 | 1999172 |
| &nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust, Ser 2024-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.650%, 07/15/30 (A) | 1000000 | 1050908 |
| &nbsp;&nbsp;Avid Automobile Receivables Trust, Ser 2021-1, Cl F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.160%, 10/16/28 (A) | 2000000 | 1995138 |
| &nbsp;&nbsp;Bridgecrest Lending Auto Securitization Trust, Ser 2024-3, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.830%, 05/15/30  | 2250000 | 2282002 |
| &nbsp;&nbsp;CarNow Auto Receivables Trust, Ser 2021-2A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.450%, 02/15/28 (A) | 1000000 | 994342 |
| &nbsp;&nbsp;Carvana Auto Receivables Trust, Ser 2021-N2, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.900%, 03/10/28 (A) | 1019983 | 981461 |
| &nbsp;&nbsp;CIG Auto Receivables Trust, Ser 2021-1A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.450%, 05/12/28 (A) | 1590000 | 1587963 |
| &nbsp;&nbsp;Credit Acceptance Auto Loan Trust, Ser 2024-2A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.700%, 10/16/34 (A) | 3000000 | 3107042 |
| &nbsp;&nbsp;Dext ABS, Ser 2025-1, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.650%, 02/15/36 (A) | 3000000 | 3014418 |
| &nbsp;&nbsp;Exeter Automobile Receivables Trust, Ser 2022-2A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.340%, 10/15/29 (A) | 1443000 | 1330496 |
| &nbsp;&nbsp;Exeter Automobile Receivables Trust, Ser 2024-5A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.220%, 05/17/32 (A) | 3250000 | 3232456 |
| &nbsp;&nbsp;Flagship Credit Auto Trust, Ser 2024-3, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.110%, 09/16/30 (A) | 4000000 | 3998867 |
| &nbsp;&nbsp;Foursight Capital Automobile Receivables Trust, Ser 2022-1, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.690%, 08/15/29 (A) | 1000000 | 966634 |
| &nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Ser 2021-4A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.430%, 10/16/28 (A) | 1500000 | 1454064 |
| &nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Ser 2024-3A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.250%, 06/16/31 (A) | 3000000 | 2973434 |
| &nbsp;&nbsp;GLS Auto Select Receivables Trust, Ser 2024-3A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.920%, 08/15/30 (A) | 1357000 | 1398271 |
| &nbsp;&nbsp;GLS Auto Select Receivables Trust, Ser 2025-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.260%, 03/15/31 (A) | 750000 | 759824 |
| &nbsp;&nbsp;Lendbuzz Securitization Trust, Ser 2024-3A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.900%, 11/15/31 (A) | 600000 | 608790 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;Lendbuzz Securitization Trust, Ser 2025-1A, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.990%, 01/15/32 (A) | $| 1250000 | $| 1270341 |
| &nbsp;&nbsp;NMEF Funding, Ser 2024-A, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.750%, 12/15/31 (A) |  | 1500000 |  | 1525758 |
| &nbsp;&nbsp;NMEF Funding, Ser 2025-A, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.070%, 07/15/32 (A) |  | 3000000 |  | 3013829 |
| &nbsp;&nbsp;Prestige Auto Receivables Trust, Ser 2024-1A, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.210%, 02/15/30 (A) |  | 2000000 |  | 2040307 |
| &nbsp;&nbsp;Prestige Auto Receivables Trust, Ser 2024-2A, Cl E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 11/17/31 (A) |  | 1500000 |  | 1463962 |
| &nbsp;&nbsp;SAFCO Auto Receivables Trust, Ser 2024-1A, Cl E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.850%, 01/18/30 (A) |  | 500000 |  | 517292 |
| &nbsp;&nbsp;Tricolor Auto Securitization Trust, Ser 2022-1A, Cl F |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.800%, 07/16/29 (A) |  | 1000000 |  | 1022495 |
| &nbsp;&nbsp;Tricolor Auto Securitization Trust, Ser 2023-1A, Cl F |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;16.000%, 06/17/30 (A) |  | 1000000 |  | 1054158 |
| &nbsp;&nbsp;Tricolor Auto Securitization Trust, Ser 2025-1A, Cl E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.370%, 04/15/32 (A) |  | 500000 |  | 504472 |
|  |  |  |  | 55335537 |
| **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 |  | 2530372 |
| **Other Asset-Backed Securities — 4.3%** | **Other Asset-Backed Securities — 4.3%** | **Other Asset-Backed Securities — 4.3%** | **Other Asset-Backed Securities — 4.3%** | **Other Asset-Backed Securities — 4.3%** |
| &nbsp;&nbsp;Amur Equipment Finance Receivables X, Ser 2022-1A, Cl E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.020%, 12/20/28 (A) |  | 1348000 |  | 1344832 |
| &nbsp;&nbsp;Amur Equipment Finance Receivables XIII, Ser 2024-1A, Cl E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.660%, 04/20/32 (A) |  | 1550000 |  | 1611336 |
| &nbsp;&nbsp;Amur Equipment Finance Receivables XIV, Ser 2024-2A, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.970%, 10/20/31 (A) |  | 800000 |  | 819877 |
| &nbsp;&nbsp;Aqua Finance Trust, Ser 2024-A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.810%, 04/18/50 (A) |  | 1696311 |  | 1690414 |
| &nbsp;&nbsp;Audax Senior Debt 6, Ser 2021-6A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.481%, TSFR3M + 2.212%, 10/20/33 (A)(B) |  | 1000000 |  | 1000499 |
| &nbsp;&nbsp;BHG Securitization Trust, Ser 2022-B, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.690%, 06/18/35 (A) |  | 998895 |  | 1010465 |
| &nbsp;&nbsp;Credibly Asset Securitization II, Ser 2024-1A, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.620%, 11/15/29 (A) |  | 2537000 |  | 2602040 |

---

![](fp0094001-1_29.jpg)

![](fp0094001-1_30.jpg)

**FROST CREDIT FUND April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;EnFin Residential Solar Receivables Trust, Ser 2024-1A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.440%, 02/20/55 (A) | $| 888777 | $| 858741 |
| &nbsp;&nbsp;Kapitus Asset Securitization IV, Ser 2025-1A, Cl 1A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.490%, 09/10/31 (A) |  | 1000000 |  | 1000854 |
| &nbsp;&nbsp;Libra Solutions, Ser 2023-1A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.250%, 02/15/35 (A) |  | 180174 |  | 178476 |
| &nbsp;&nbsp;Mosaic Solar Loans, Ser 2017-2A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.770%, 06/22/43 (A) |  | 142490 |  | 127698 |
| &nbsp;&nbsp;NMEF Funding, Ser 2024-A, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.330%, 12/15/31 (A) |  | 500000 |  | 504254 |
| &nbsp;&nbsp;Pawneee Equipment Receivables, Ser 2021-1, Cl E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.210%, 05/15/28 (A) |  | 353000 |  | 349469 |
| &nbsp;&nbsp;Pawneee Equipment Receivables, Ser 2022-1, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.010%, 07/17/28 (A) |  | 1000000 |  | 1010834 |
| &nbsp;&nbsp;Sapphire Aviation Finance I, Ser 2018-1A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.926%, 03/15/40 (A) |  | 16490 |  | 16326 |
| &nbsp;&nbsp;Textainer Marine Containers VII, Ser 2024-1A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.340%, 08/20/49 (A) |  | 2808000 |  | 2789999 |
| &nbsp;&nbsp;TIC Home Improvement Trust, Ser 2024-A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.890%, 10/15/46 (A) |  | 500000 |  | 514215 |
| &nbsp;&nbsp;Verizon Master Trust, Ser 2024-8, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.820%, 11/20/30  |  | 2120000 |  | 2132482 |
|  |  |  |  | 19562811 |
| Total Asset-Backed Securities  | Total Asset-Backed Securities  | Total Asset-Backed Securities  |  |  |
| &nbsp;&nbsp;(Cost $76,905,581)  |  |  |  | 77428720 |
| **MORTGAGE-BACKED SECURITIES — 5.7%** | **MORTGAGE-BACKED SECURITIES — 5.7%** | **MORTGAGE-BACKED SECURITIES — 5.7%** | **MORTGAGE-BACKED SECURITIES — 5.7%** | **MORTGAGE-BACKED SECURITIES — 5.7%** |
| **Commercial Mortgage-Backed Obligation — 1.7%** | **Commercial Mortgage-Backed Obligation — 1.7%** | **Commercial Mortgage-Backed Obligation — 1.7%** | **Commercial Mortgage-Backed Obligation — 1.7%** | **Commercial Mortgage-Backed Obligation — 1.7%** |
| &nbsp;&nbsp;Benchmark Mortgage Trust, Ser 2020-B21, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/17/53 (A) |  | 1000000 |  | 657984 |
| &nbsp;&nbsp;BXMT, Ser 2020-FL2, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.593%, TSFR1M + 1.264%, 02/15/38 (A)(B) |  | 166010 |  | 164914 |
| &nbsp;&nbsp;COMM Mortgage Trust, Ser 2014-UBS6, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.399%, 12/10/47 (B) |  | 446807 |  | 440105 |
| &nbsp;&nbsp;COMM Mortgage Trust, Ser 2015-DC1, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.430%, 02/10/48 (A)(B) |  | 1517000 |  | 953283 |
| &nbsp;&nbsp;FREMF Mortgage Trust, Ser 2016-K54, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.208%, 04/25/48 (A)(B) |  | 1000000 |  | 988495 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Ser 2024-NQM5, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.649%, 10/25/69 (A)(B) |  | 2362757 |  | 2372481 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;New Residential Mortgage Loan Trust 2024-NQM1, Ser 2024-NQM1, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.129%, 03/25/64 (A)(C) | $| 1305416 | $| 1312820 |
| &nbsp;&nbsp;WFRBS Commercial Mortgage Trust, Ser 2014-C25, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.803%, 11/15/47 (A)(B) |  | 833703 |  | 771008 |
|  |  |  |  | 7661090 |
| **Non-Agency Residential Mortgage-Backed Obligation — 4.0%** | **Non-Agency Residential Mortgage-Backed Obligation — 4.0%** | **Non-Agency Residential Mortgage-Backed Obligation — 4.0%** | **Non-Agency Residential Mortgage-Backed Obligation — 4.0%** | **Non-Agency Residential Mortgage-Backed Obligation — 4.0%** |
| &nbsp;&nbsp;Brean Asset Backed Securities Trust, Ser 2023-RM7, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/25/78 (A)(B) |  | 851441 |  | 830163 |
| &nbsp;&nbsp;Brean Asset Backed Securities Trust, Ser 2024-RM9, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/25/64 (A) |  | 987293 |  | 971919 |
| &nbsp;&nbsp;CAFL Issuer, Ser 2023-RTL1, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.300%, 12/28/30 (A)(C) |  | 2000000 |  | 2032121 |
| &nbsp;&nbsp;Chase Home Lending Mortgage Trust, Ser 2024-2, Cl A6 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 02/25/55 (A)(B) |  | 667895 |  | 674868 |
| &nbsp;&nbsp;PRET Trust, Ser 2025-RPL2, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/25/64 (A)(C) |  | 2969126 |  | 2855439 |
| &nbsp;&nbsp;PRET, Ser 2021-RN3, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.843%, 09/25/51 (A)(C) |  | 567578 |  | 565372 |
| &nbsp;&nbsp;PRET, Ser 2021-RN4, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.194%, 10/25/51 (A)(B) |  | 1930280 |  | 1927747 |
| &nbsp;&nbsp;PRET, Ser 2024-RN2, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.125%, 04/25/54 (A)(C) |  | 2158300 |  | 2170954 |
| &nbsp;&nbsp;PRET, Ser 2025-NPL2, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.835%, 03/25/55 (A)(C) |  | 2959070 |  | 2946851 |
| &nbsp;&nbsp;Toorak Mortgage Trust, Ser 2024-2, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.329%, 10/25/31 (A)(C) |  | 1000000 |  | 1001486 |
| &nbsp;&nbsp;Toorak Mortgage Trust, Ser 2024-RRTL2, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.504%, 09/25/39 (A)(C) |  | 1000000 |  | 995769 |
| &nbsp;&nbsp;VOLT, Ser 2021-CF2, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.316%, 11/27/51 (A)(C) |  | 1026876 |  | 1002817 |
|  |  |  |  | 17975506 |
| Total Mortgage-Backed Securities  | Total Mortgage-Backed Securities  | Total Mortgage-Backed Securities  |  |  |
| &nbsp;&nbsp;(Cost $25,920,456)  |  |  |  | 25636596 |
|  | **<br> Shares** | **<br> Shares** |  |  |
| **PREFERRED STOCK — 0.8%** | **PREFERRED STOCK — 0.8%** | **PREFERRED STOCK — 0.8%** | **PREFERRED STOCK — 0.8%** | **PREFERRED STOCK — 0.8%** |
| Communication Services — 0.8% | Communication Services — 0.8% | Communication Services — 0.8% | Communication Services — 0.8% | Communication Services — 0.8% |
| &nbsp;&nbsp;MYT Holding LLC  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.000%, 06/07/29 (A) |  | 64528 |  | 83564 |
| &nbsp;&nbsp;United States Cellular  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 09/01/69  |  | 80989 |  | 1911340 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/01/70  |  | 83271 |  | 1828631 |
| Total Preferred Stock  |  |  |  |  |
| &nbsp;&nbsp;(Cost $3,851,607)  |  |  |  | 3823535 |
| **COMMERCIAL PAPER — 2.4%** | **COMMERCIAL PAPER — 2.4%** | **COMMERCIAL PAPER — 2.4%** | **COMMERCIAL PAPER — 2.4%** | **COMMERCIAL PAPER — 2.4%** |
| &nbsp;&nbsp;Brunswick Corporation  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.160%, 05/01/25 (D) |  | 1500000 |  | 1499795 |

---

![](fp0094001-1_31.jpg)

![](fp0094001-1_32.jpg)

**FROST CREDIT FUND April 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Shares** | **Shares** | **Value** |
| &nbsp;&nbsp;Crown Castle Inc.  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.934%, 05/01/25 (D) | $| 1500000 | $1499799 |
| &nbsp;&nbsp;Dentsply Sirona Inc  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.161%, 05/06/25 (D) |  | 2000000 | 1998305 |
| &nbsp;&nbsp;Discovery Communications LLC  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.424%, 05/29/25 (D) |  | 2000000 | 1991273 |
| &nbsp;&nbsp;FMC Corp  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.374%, 05/23/25 (D) |  | 1500000 | 1495062 |
| &nbsp;&nbsp;Telus Corp  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.988%, 05/21/25 (D) |  | 1000000 | 997294 |
| &nbsp;&nbsp;Whirlpool Corp  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.258%, 05/09/25 (D) |  | 1350000 | 1348290 |
| Total Commercial Paper | Total Commercial Paper | Total Commercial Paper |  |
| &nbsp;&nbsp;(Cost $10,830,940)  | &nbsp;&nbsp;(Cost $10,830,940)  | &nbsp;&nbsp;(Cost $10,830,940)  | 10829818 |
| **REPURCHASE AGREEMENT(E) — 0.6%** | **REPURCHASE AGREEMENT(E) — 0.6%** | **REPURCHASE AGREEMENT(E) — 0.6%** | **REPURCHASE AGREEMENT(E) — 0.6%** |
| &nbsp;&nbsp;Tri Party Overnight |  |  |  |
| &nbsp;&nbsp;&nbsp;4.300%, dated 04/30/2025, to be repurchased on 05/01/2025, repurchase price $2,500,299 (collateralized by various Government Obligations, ranging in par value $2,000 - $1,719,360, 1.480% - 8.000%, 09/15/2027 - 01/25/2065, with a total market value of $2,651,742) |  | 2500000 | 2500000 |
| Total Repurchase Agreement |  |  |  |
| &nbsp;&nbsp;(Cost $2,500,000)  |  |  | 2500000 |
| Total Investments — 98.4% |  |  |  |
| &nbsp;&nbsp;(Cost $455,061,863)  |  |  | $447084864 |
| Percentages are based on Net Assets of $454,333,071. | Percentages are based on Net Assets of $454,333,071. | Percentages are based on Net Assets of $454,333,071. | Percentages are based on Net Assets of $454,333,071. |

---

---

| | |
|:---|:---|
| *<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 April 30, 2025 was $262,947,972 and represents 57.9% 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 April 30, 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.* |

---

*See "Glossary" for abbreviations.* 

*FIA-QH-001-3500* 

![](fp0094001-1_33.jpg)

![](fp0094001-1_34.jpg)

**FROST LOW DURATION BOND FUND April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Face Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS — 44.0%** | **U.S. TREASURY OBLIGATIONS — 44.0%** | **U.S. TREASURY OBLIGATIONS — 44.0%** |
| &nbsp;&nbsp;U.S. Treasury Notes  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 11/30/28  | $20000000 | $20489844 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/31/29 to 02/28/30  | 95000000 | 96196875 |
| Total U.S. Treasury Obligations | Total U.S. Treasury Obligations |  |
| &nbsp;&nbsp;(Cost $114,299,160)  | &nbsp;&nbsp;(Cost $114,299,160)  | 116686719 |
| **ASSET-BACKED SECURITIES — 28.3%** | **ASSET-BACKED SECURITIES — 28.3%** | **ASSET-BACKED SECURITIES — 28.3%** |
| **Automotive — 14.5%** | **Automotive — 14.5%** | **Automotive — 14.5%** |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2024-3, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.730%, 07/12/30 (A) | 2000000 | 2018579 |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Ser 2025-1, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.090%, 08/12/31 (A) | 5000000 | 5024327 |
| &nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust, Ser 2022-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.930%, 05/15/28 (A) | 78804 | 78572 |
| &nbsp;&nbsp;BMW Vehicle Owner Trust, Ser 2025-A, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.660%, 12/27/32  | 3000000 | 3041084 |
| &nbsp;&nbsp;Bridgecrest Lending Auto Securitization Trust, Ser 2025-1, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.150%, 12/17/29  | 3810000 | 3835559 |
| &nbsp;&nbsp;Carmax Auto Owner Trust, Ser 2022-4, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.080%, 04/16/29  | 1500000 | 1579276 |
| &nbsp;&nbsp;Flagship Credit Auto Trust, Ser 2024-3, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.350%, 07/16/29 (A) | 5000000 | 5059232 |
| &nbsp;&nbsp;Foursight Capital Automobile Receivables Trust, Ser 2022-1, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.070%, 05/15/28 (A) | 4780000 | 4723922 |
| &nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Ser 2021-2A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.420%, 04/15/27 (A) | 9002 | 8898 |
| &nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Ser 2024-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.490%, 07/17/28 (A) | 400000 | 402481 |
| &nbsp;&nbsp;Lendbuzz Securitization Trust, Ser 2024-2A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.520%, 07/16/29 (A) | 1250000 | 1291162 |
| &nbsp;&nbsp;Octane Receivables Trust, Ser 2021-2A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.210%, 09/20/28 (A) | 7696 | 7681 |
| &nbsp;&nbsp;Prestige Auto Receivables Trust, Ser 2021-1A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.080%, 02/15/28 (A) | 4000000 | 3902462 |
| &nbsp;&nbsp;Prestige Auto Receivables Trust, Ser 2023-2A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.120%, 08/15/29 (A) | 4250000 | 4364130 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;Westlake Automobile Receivables Trust, Ser 2023-2A, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.010%, 11/15/28 (A) | $| 3000000 | $| 3075502 |
|  |  |  |  | 38412867 |
| **Credit Card — 1.3%** | **Credit Card — 1.3%** | **Credit Card — 1.3%** | **Credit Card — 1.3%** | **Credit Card — 1.3%** |
| &nbsp;&nbsp;Continental Finance Credit Card ABS Master Trust, Ser 2021-A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.550%, 12/17/29 (A) |  | 1523692 |  | 1519882 |
| &nbsp;&nbsp;World Financial Network Credit Card Master Trust, Ser 2024-A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.470%, 02/15/31  |  | 2000000 |  | 2045481 |
|  |  |  |  | 3565363 |
| **Other Asset-Backed Securities — 12.4%** | **Other Asset-Backed Securities — 12.4%** | **Other Asset-Backed Securities — 12.4%** | **Other Asset-Backed Securities — 12.4%** | **Other Asset-Backed Securities — 12.4%** |
| &nbsp;&nbsp;Amur Equipment Finance Receivables X, Ser 2022-1A, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.910%, 08/21/28 (A) |  | 2000000 |  | 1983813 |
| &nbsp;&nbsp;Aqua Finance Trust, Ser 2021-A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.400%, 07/17/46 (A) |  | 1000000 |  | 896898 |
| &nbsp;&nbsp;BXG Receivables Note Trust, Ser 2023-A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.770%, 11/15/38 (A) |  | 2759087 |  | 2810845 |
| &nbsp;&nbsp;CLI Funding VI, Ser 2020-1A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.080%, 09/18/45 (A) |  | 1339757 |  | 1237354 |
| &nbsp;&nbsp;Dext ABS, Ser 2025-1, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.980%, 08/15/35 (A) |  | 2750000 |  | 2761132 |
| &nbsp;&nbsp;Hilton Grand Vacations Trust, Ser 2024-1B, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.990%, 09/15/39 (A) |  | 435082 |  | 443478 |
| &nbsp;&nbsp;Hilton Grand Vacations Trust, Ser 2024-2A, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.990%, 03/25/38 (A) |  | 1777580 |  | 1803119 |
| &nbsp;&nbsp;Hilton Grand Vacations Trust, Ser 2024-3A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.980%, 08/27/40 (A) |  | 2549784 |  | 2573414 |
| &nbsp;&nbsp;Mosaic Solar Loan Trust, Ser 2021-3A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.920%, 06/20/52 (A) |  | 606508 |  | 465469 |
| &nbsp;&nbsp;Mosaic Solar Loans, Ser 2017-1A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.450%, 06/20/42 (A) |  | 134441 |  | 129702 |
| &nbsp;&nbsp;New Economy Assets Phase 1 Sponsor, Ser 2021-1, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.910%, 10/20/61 (A) |  | 2000000 |  | 1878057 |
| &nbsp;&nbsp;Oportun Issuance Trust, Ser 2021-B, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.470%, 05/08/31 (A) |  | 762986 |  | 743296 |
| &nbsp;&nbsp;Oportun Issuance Trust, Ser 2022-A, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.400%, 06/09/31 (A) |  | 2030000 |  | 2065942 |
| &nbsp;&nbsp;T-Mobile US Trust, Ser 2025-1A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.740%, 11/20/29 (A) |  | 2500000 |  | 2530589 |

---

![](fp0094001-1_35.jpg)

![](fp0094001-1_36.jpg)

**FROST LOW DURATION BOND FUND April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Face Amount** | **Value** |
| &nbsp;&nbsp;Verizon Master Trust, Ser 2023-4, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.650%, 06/20/29  | 9700000 | 9778882 |
| &nbsp;&nbsp;Westgate Resorts, Ser 2022-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.488%, 08/20/36 (A) | 863777 | 852097 |
|  |  | 32954087 |
| **Student Loan — 0.1%** | **Student Loan — 0.1%** | **Student Loan — 0.1%** |
| &nbsp;&nbsp;Commonbond Student Loan Trust, Ser 2017-AGS, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.550%, 05/25/41 (A) | 277374 | 262003 |
| Total Asset-Backed Securities  | Total Asset-Backed Securities  |  |
| &nbsp;&nbsp;(Cost $75,038,460)  |  | 75194320 |
| **CORPORATE OBLIGATIONS — 18.6%** | **CORPORATE OBLIGATIONS — 18.6%** | **CORPORATE OBLIGATIONS — 18.6%** |
| **Communication Services — 2.1%** | **Communication Services — 2.1%** | **Communication Services — 2.1%** |
| &nbsp;&nbsp;News  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 05/15/29 (A) | 6000000 | 5645193 |
| **Consumer Discretionary — 1.5%** | **Consumer Discretionary — 1.5%** | **Consumer Discretionary — 1.5%** |
| &nbsp;&nbsp;Hyundai Capital America  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.300%, 01/08/29 (A) | 4000000 | 4037320 |
| **Financials — 2.8%** | **Financials — 2.8%** | **Financials — 2.8%** |
| &nbsp;&nbsp;Capital One Financial  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.463%, SOFRRATE + 1.560%, 07/26/30(B) | 4000000 | 4064895 |
| &nbsp;&nbsp;Golub Capital BDC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.050%, 12/05/28 | 1200000 | 1251349 |
| &nbsp;&nbsp;JPMorgan Chase  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.995%, SOFRRATE + 1.125%, 07/22/30(B) | 2000000 | 2028919 |
|  |  | 7345163 |
| **Industrials — 3.9%** | **Industrials — 3.9%** | **Industrials — 3.9%** |
| &nbsp;&nbsp;Delta Air Lines  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.000%, 05/01/25(A) | 5000000 | 5000000 |
| &nbsp;&nbsp;MasTec  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.625%, 08/15/29(A) | 5173000 | 5165240 |
|  |  | 10165240 |
| **Information Technology — 7.2%** | **Information Technology — 7.2%** | **Information Technology — 7.2%** |
| &nbsp;&nbsp;Crowdstrike Holdings  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/15/29 | 7287000 | 6757103 |
| &nbsp;&nbsp;Gartner  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 06/15/29(A) | 5000000 | 4689315 |
| &nbsp;&nbsp;Kyndryl Holdings  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.050%, 10/15/26 | 8000000 | 7716256 |
|  |  | 19162674 |
| **Real Estate — 1.1%** | **Real Estate — 1.1%** | **Real Estate — 1.1%** |
| &nbsp;&nbsp;COPT Defense Properties  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 03/15/26 <sup>‡</sup> | 3000000 | 2926959 |
| Total Corporate Obligations  |  |  |
| &nbsp;&nbsp;(Cost $50,292,533)  |  | 49282549 |
| **U.S. GOVERNMENT AGENCY OBLIGATION — 3.8%** | **U.S. GOVERNMENT AGENCY OBLIGATION — 3.8%** | **U.S. GOVERNMENT AGENCY OBLIGATION — 3.8%** |
| &nbsp;&nbsp;FHLB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.050%, 10/24/31  | 10000000 | 9999455 |
| Total U.S. Government Agency Obligation  | Total U.S. Government Agency Obligation  |  |
| &nbsp;&nbsp;(Cost $10,000,000)  | &nbsp;&nbsp;(Cost $10,000,000)  | 9999455 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Face Amount** | **Value** |
| **MORTGAGE-BACKED SECURITIES — 0.6%** | **MORTGAGE-BACKED SECURITIES — 0.6%** | **MORTGAGE-BACKED SECURITIES — 0.6%** |
| **Commercial Mortgage-Backed Obligation — 0.3%** | **Commercial Mortgage-Backed Obligation — 0.3%** | **Commercial Mortgage-Backed Obligation — 0.3%** |
| &nbsp;&nbsp;Benchmark Mortgage Trust, Ser 2020-B19, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.691%, 09/15/53  | $935695 | $920680 |
| **Non-Agency Residential Mortgage-Backed Obligation — 0.3%** | **Non-Agency Residential Mortgage-Backed Obligation — 0.3%** | **Non-Agency Residential Mortgage-Backed Obligation — 0.3%** |
| &nbsp;&nbsp;Chase Home Lending Mortgage Trust, Ser 2024-2, Cl A6 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 02/25/55 (A)(B) | 667895 | 674868 |
| Total Mortgage-Backed Securities  | Total Mortgage-Backed Securities  |  |
| &nbsp;&nbsp;(Cost $1,627,745)  |  | 1595548 |
|  | **<br> Shares** |  |
| **COMMERCIAL PAPER — 1.9%** | **COMMERCIAL PAPER — 1.9%** | **COMMERCIAL PAPER — 1.9%** |
| &nbsp;&nbsp;Dentsply Sirona Inc  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.161%, 05/06/25 (C) | 1216000 | 1214969 |
| &nbsp;&nbsp;HA Sustainable  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.211%, 05/06/25 (C) | 1000000 | 999115 |
| &nbsp;&nbsp;Leggett & Platt Inc  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.165%, 05/19/25 (C) | 1000000 | 997555 |
| &nbsp;&nbsp;Whirlpool Corp  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.258%, 05/09/25 (C) | 2000000 | 1997468 |
| Total Commercial Paper | Total Commercial Paper |  |
| &nbsp;&nbsp;(Cost $5,209,500)  | &nbsp;&nbsp;(Cost $5,209,500)  | 5209107 |
| **REPURCHASE AGREEMENT(D) — 2.4%** | **REPURCHASE AGREEMENT(D) — 2.4%** | **REPURCHASE AGREEMENT(D) — 2.4%** |
| &nbsp;&nbsp;Tri Party Overnight |  |  |
| &nbsp;&nbsp;&nbsp;4.300%, dated 04/30/2025, to be repurchased on 05/01/2025, repurchase price $6,300,753 (collateralized by various Government Obligations, ranging in par value $500,000 - $3,810,000, 3.875% - 8.375%, 12/10/2027 - 02/15/2061, with a total market value of $6,482,339) | 6300000 | 6300000 |
| Total Repurchase Agreement |  |  |
| &nbsp;&nbsp;(Cost $6,300,000)  |  | 6300000 |
| Total Investments — 99.6% |  |  |
| &nbsp;&nbsp;(Cost $262,767,398)  |  | $264267698 |
| Percentages are based on Net Assets of $265,317,666. | Percentages are based on Net Assets of $265,317,666. | Percentages are based on Net Assets of $265,317,666. |

---

---

| | |
|:---|:---|
| *<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 April 30, 2025 was $80,125,974 and represents 30.2% 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)* | *Interest rate represents the security's effective yield at the time of purchase.* |

---

![](fp0094001-1_37.jpg)

![](fp0094001-1_38.jpg)

**FROST LOW DURATION BOND FUND April 30, 2025 (Unaudited)**

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

*See "Glossary" for abbreviations.* 

*FIA-QH-001-3500* 

![](fp0094001-1_39.jpg)

![](fp0094001-1_40.jpg)

**Glossary April 30, 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:** 00000000000000000000

- **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:** 2025-07-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $212732476.30

**Total Liabilities:** $137429.25

**Net Assets:** $212595047.05

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000210577 | 1.91%                | -8.77%               | -2.39%               |
| Class ID C000210578 | 1.85%                | -8.79%               | -2.44%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3643883.26              | $234424.99                                 |
| Month 2  | $4957204.73              | $-25545274.13                              |
| Month 3  | $1842825.61              | $-7763957.17                               |

### 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        |     32985 | NS      | $2672114.85   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENERON PHARMACEUTICALS, INC.          | REGENERON PHARMACEUTICALS COMMON STOCK        | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               |  | US        |      1084 | NS      | $649055.84    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC.                            | BROADCOM INC COMMON STOCK                     | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               |  | US        |     30817 | NS      | $5931347.99   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| TESLA, INC.                              | TESLA INC COMMON STOCK                        | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               |  | US        |      9215 | NS      | $2600104.40   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ARTHUR J. GALLAGHER & CO.                | ARTHUR J GALLAGHER & CO COMMON STOCK          | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               |  | US        |      4738 | NS      | $1519429.22   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORPORATION                       | ORACLE CORP COMMON STOCK                      | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               |  | US        |     12824 | NS      | $1804593.28   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBANT S.A.                             | GLOBANT SA COMMON STOCK                       | CUSIP: L44385109<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               |  | US        |      4537 | NS      | $533415.09    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| EATON CORPORATION PUBLIC LIMITED COMPANY | EATON CORP PLC COMMON STOCK                   | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               |  | US        |      3662 | NS      | $1077982.94   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTCO WHOLESALE CORPORATION             | COSTCO WHOLESALE CORP COMMON STOCK            | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               |  | US        |      3201 | NS      | $3183394.50   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICENOW, INC.                         | SERVICENOW INC COMMON STOCK                   | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               |  | US        |      3753 | NS      | $3584152.53   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| ADOBE INC.                               | ADOBE INC COMMON STOCK                        | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               |  | US        |      4929 | NS      | $1848276.42   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| WORKDAY, INC.                            | WORKDAY INC-CLASS A COMMON STOCK              | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               |  | US        |      6344 | NS      | $1554280.00   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| LULULEMON ATHLETICA INC.                 | LULULEMON ATHLETICA INC COMMON STOCK          | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               |  | US        |      1215 | NS      | $328985.55    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY AND COMPANY                    | ELI LILLY & CO COMMON STOCK                   | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               |  | US        |     10181 | NS      | $9152209.95   | 4.30%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC.                                | VISA INC-CLASS A SHARES COMMON STOCK          | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               |  | US        |     23191 | NS      | $8012490.50   | 3.77%             |  |  |  | No            |                  1 | On Loan: No      |
| SNOWFLAKE INC.                           | SNOWFLAKE INC-CLASS A COMMON STOCK            | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               |  | US        |      9747 | NS      | $1554549.03   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANE TECHNOLOGIES PLC                   | TRANE TECHNOLOGIES PLC COMMON STOCK           | CUSIP: G8994E103<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               |  | US        |      3500 | NS      | $1341585.00   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORPORATION                       | NVIDIA CORP COMMON STOCK                      | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               |  | US        |    164309 | NS      | $17896536.28  | 8.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadien Pacifique Kansas City Limitee   | CANADIAN PACIFIC KANSAS CITY COMMON STOCK     | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               |  | US        |     13368 | NS      | $968778.96    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TJX COMPANIES, INC.                  | TJX COMPANIES INC COMMON STOCK                | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               |  | US        |     11298 | NS      | $1453826.64   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORPORATION               | AMERICAN TOWER CORP REIT                      | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               |  | US        |      8514 | NS      | $1919140.74   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| HESS CORPORATION                         | HESS CORP COMMON STOCK                        | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               |  | US        |      7353 | NS      | $948904.65    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| MONSTER BEVERAGE CORPORATION             | MONSTER BEVERAGE CORP COMMON STOCK            | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               |  | US        |     15626 | NS      | $939435.12    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE, INC.                               | NIKE INC -CL B COMMON STOCK                   | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               |  | US        |      6731 | NS      | $379628.40    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                               | APPLE INC COMMON STOCK                        | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               |  | US        |     82444 | NS      | $17519350.00  | 8.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                            | ALPHABET INC-CL C COMMON STOCK                | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               |  | US        |     37787 | NS      | $6079550.43   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX, INC.                            | NETFLIX INC COMMON STOCK                      | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               |  | US        |      5269 | NS      | $5963032.68   | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL ELECTRIC COMPANY                 | GE AEROSPACE COMMON STOCK                     | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               |  | US        |     14388 | NS      | $2899757.52   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive, Inc.                | O'REILLY AUTOMOTIVE INC COMMON STOCK          | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               |  | US        |      2312 | NS      | $3271942.40   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM, INC.                         | AMAZON.COM INC COMMON STOCK                   | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               |  | US        |     79036 | NS      | $14575819.12  | 6.86%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOPSYS, INC.                           | SYNOPSYS INC COMMON STOCK                     | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               |  | US        |      2436 | NS      | $1118148.36   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| DATADOG, INC.                            | DATADOG INC - CLASS A COMMON STOCK            | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               |  | US        |     10680 | NS      | $1091068.80   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| MARVELL TECHNOLOGY, INC                  | MARVELL TECHNOLOGY INC COMMON STOCK           | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               |  | US        |     15907 | NS      | $928491.59    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| THE HOME DEPOT, INC.                     | HOME DEPOT INC COMMON STOCK                   | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               |  | US        |      7684 | NS      | $2770005.16   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                            | ALPHABET INC-CL A COMMON STOCK                | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               |  | US        |     42403 | NS      | $6733596.40   | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC.                              | ABBVIE INC COMMON STOCK                       | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               |  | US        |     10115 | NS      | $1973436.50   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUIT INC.                              | INTUIT INC COMMON STOCK                       | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               |  | US        |      3657 | NS      | $2294657.79   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUITIVE SURGICAL, INC.                 | INTUITIVE SURGICAL INC COMMON STOCK           | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               |  | US        |      8096 | NS      | $4175916.80   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INCORPORATED                    | QUALCOMM INC COMMON STOCK                     | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               |  | US        |      5576 | NS      | $827812.96    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLASSIAN CORPORATION                    | ATLASSIAN CORP-CL A COMMON STOCK              | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               |  | US        |      6130 | NS      | $1399540.30   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| SALESFORCE, INC.                         | SALESFORCE INC COMMON STOCK                   | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               |  | US        |      4488 | NS      | $1205970.48   | 0.57%             |  |  |  | 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      | $1093891.90   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| SPOTIFY TECHNOLOGY S.A.                  | SPOTIFY TECHNOLOGY SA COMMON STOCK            | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               |  | US        |      4557 | NS      | $2797906.86   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED          | UNITEDHEALTH GROUP INC COMMON STOCK           | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               |  | US        |      2876 | NS      | $1183301.44   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INCORPORATED.                 | MASTERCARD INC - A COMMON STOCK               | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               |  | US        |     11873 | NS      | $6507116.38   | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| THE COCA-COLA COMPANY                    | COCA-COLA CO/THE COMMON STOCK                 | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               |  | US        |     26063 | NS      | $1890870.65   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| MOODY'S CORPORATION                      | MOODY'S CORP COMMON STOCK                     | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               |  | US        |      5778 | NS      | $2618127.36   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | BROWN BROTHERS HARRIMAN SWEEP INTEREST        | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   1961195 | PA      | $1961194.91   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| CHIPOTLE MEXICAN GRILL, INC.             | CHIPOTLE MEXICAN GRILL INC COMMON STOCK       | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               |  | US        |     50387 | NS      | $2545551.24   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| THE SHERWIN-WILLIAMS COMPANY             | SHERWIN-WILLIAMS CO/THE COMMON STOCK          | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               |  | US        |      4205 | NS      | $1484028.60   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| BOSTON SCIENTIFIC CORPORATION            | BOSTON SCIENTIFIC CORP COMMON STOCK           | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               |  | US        |     31919 | NS      | $3283507.53   | 1.54%             |  |  |  | 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        |      1549 | NS      | $1034855.92   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| DANAHER CORPORATION                      | DANAHER CORP COMMON STOCK                     | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               |  | US        |      8763 | NS      | $1746728.79   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOKING HOLDINGS INC.                    | BOOKING HOLDINGS INC COMMON STOCK             | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               |  | US        |       452 | NS      | $2304874.56   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                     | META PLATFORMS INC COMMON STOCK               | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               |  | US        |     19601 | NS      | $10760949.00  | 5.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PALO ALTO NETWORKS, INC.                 | PALO ALTO NETWORKS INC COMMON STOCK           | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               |  | US        |      8814 | NS      | $1647601.02   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                    | MICROSOFT CORP COMMON STOCK                   | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               |  | US        |     58533 | NS      | $23135753.58  | 10.88%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-04-30

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

**Signature:** Eric Olsen

**Name of Signer:** Eric Olsen

**Title:** CFO