# EDGAR Filing Document

**Accession Number:** 0001762332
**File Stem:** 0002048251-25-003607
**Filing Date:** 2025-12
**Character Count:** 271958
**Document Hash:** c55ad465e38e11aee92b13d1d8c4005b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-003607.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0002048251-25-003607

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20260731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23410
- **FILM NUMBER:** 251608423

**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 TOTAL RETURN BOND FUND (Series ID: S000065046)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000210585 | A Class Shares             | FAJEX           |
| C000210586 | Institutional Class Shares | FIJEX           |
| C000210587 | Investor Class Shares      | FATRX           |

## Nport-Ex

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

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

---

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

---

---

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

---

---

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

---

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

 

*See "Glossary" for abbreviations.*

 

*FIA-QH-001-3600* 

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

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

---

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

---

---

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

---

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

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

---

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

---

---

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

---

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

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

---

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

---

---

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

---

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

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

---

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

---

---

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

---

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

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

---

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

---

---

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

---

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

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

---

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

---

---

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

---

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

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

---

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

---

---

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

---

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

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

---

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

---

---

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

---

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

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

---

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

---

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

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

*(C)* *PO - Principal Only* 

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

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

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

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

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

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

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

 

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

 

*See "Glossary" for abbreviations.*

 

*FIA-QH-001-3600* 

 

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

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

---

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

---

---

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

---

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

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

---

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

---

---

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

---

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

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

---

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

---

---

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

---

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

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

---

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

---

---

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

---

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

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

---

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

---

---

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

---

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

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

---

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

---

---

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

---

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

*See "Glossary" for abbreviations.*

 

*FIA-QH-001-3600* 

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

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

---

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

---

---

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

---

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

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

---

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

---

---

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

---

---

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

---

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

 

*See "Glossary" for abbreviations.*

 

*FIA-QH-001-3600* 

------

![](fp0096705-1_01.jpg)

![](fp0096705-1_02.jpg)

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

---

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

---

---

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

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

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

- **a. Name of Series:** Frost Total Return Bond Fund

- **b. EDGAR series identifier (if any):** S000065046

- **c. LEI of Series:** 5493003W0I0MNZ4A3J35

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $3969772776.00

**Total Liabilities:** $2754466.53

**Net Assets:** $3967018309.47

**Cash Not Reported:** $71330.18

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -7906.87001041 | **1-Year:** -102257.50861502 | **5-Year:** -190682.36355195 | **10-Year:** -255052.45351838 | **30-Year:** -123332.24123126

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

- **3-Month:** -7546.98435572 | **1-Year:** -85976.43800698 | **5-Year:** -177815.35501729 | **10-Year:** -176286.21872778 | **30-Year:** -35202.67689790

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000210586 | 0.43%                | 0.78%                | 1.25%                |
| Class ID C000210587 | 0.41%                | 0.86%                | 1.13%                |
| Class ID C000210585 | -2.10%               | -1.68%               | -1.43%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $109283.58               | $732675.47                                 |
| Month 2  | $-1459542.77             | $15469485.51                               |
| Month 3  | $-41281146.32            | $70919158.01                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                                                                          | TRI PARTY OVERNIGHT REPO REPURCHASE AGREEMENT                                     | CUSIP: RTR103125<br>LEI: N/A                  | Long             | RA               |  | US        |  17500000 | PA      | $17500000.00  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| ANGEL OAK MORTGAGE TRUST                                                     | ANGEL OAK MORTGAGE TRUST 2021-4 AOMT 2021-4 A3                                    | CUSIP: 03464EAC6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1628076 | PA      | $1391086.18   | 0.04%             | 2065-01-20      | Floating      | 1.45%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-177 CM                          | CUSIP: 38383BG97<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |  25000000 | PA      | $25000000.00  | 0.63%             | 2055-10-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                          | SAKS GLOBAL ENTERPRISES LLC 144A 11.000000% 12/15/2029                            | CUSIP: 79380MAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  19000000 | PA      | $8170000.00   | 0.21%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2                                   | GINNIE MAE II POOL G2 MA9953                                                      | CUSIP: 36180ABW2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   3573126 | PA      | $3594425.70   | 0.09%             | 2054-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COMM MORTGAGE TRUST                                                          | COMM 2014-UBS6 MORTGAGE TRUST COMM 2014-UBS6 C                                    | CUSIP: 12592PBL6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1566245 | PA      | $1546698.73   | 0.04%             | 2047-12-10      | Floating      | 4.41%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                        | FANNIE MAE POOL FN BC9003                                                         | CUSIP: 3140F5AD5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   3216151 | PA      | $2931077.35   | 0.07%             | 2046-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST                                          | GS MORTGAGE-BACKED SECURITIES TRUST 2025-PJ8 GSMBS 2025-PJ8 A3                    | CUSIP: 36272XAC6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   9720517 | PA      | $9640002.21   | 0.24%             | 2056-02-25      | Floating      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                        | FANNIE MAE POOL FN BM3279                                                         | CUSIP: 3140J7UD5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   2402565 | PA      | $2499376.41   | 0.06%             | 2044-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COMM MORTGAGE TRUST                                                          | COMM 2014-LC15 MORTGAGE TRUST COMM 2014-LC15 D                                    | CUSIP: 12591TAQ9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   2947074 | PA      | $2891138.45   | 0.07%             | 2047-04-10      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2024-151 JA                          | CUSIP: 38384WER2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |  15644208 | PA      | $15653283.11  | 0.39%             | 2053-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| THE BOEING COMPANY                                                           | BOEING CO/THE 5.930000% 05/01/2060                                                | CUSIP: 097023CX1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $14910760.05  | 0.38%             | 2060-05-01      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                        | FANNIE MAE REMICS FNR 2013-104 TI                                                 | CUSIP: 3136AGSR4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    363494 | PA      | $9999.69      | 0.00%             | 2032-08-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2                                   | GINNIE MAE II POOL G2 MB0191                                                      | CUSIP: 3618N5F95<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |  21874604 | PA      | $21693469.10  | 0.55%             | 2055-02-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-105 DF                          | CUSIP: 38381NCE6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |  44890467 | PA      | $45184746.29  | 1.14%             | 2055-06-20      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| BENCHMARK MORTGAGE TRUST                                                     | BENCHMARK 2020-B21 MORTGAGE TRUST BMARK 2020-B21 D                                | CUSIP: 08163LBC2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |  13000000 | PA      | $9029651.80   | 0.23%             | 2053-12-17      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| USAFA VISITORS CTR BUSINESS IMPT DIST COLO SPL REV                           | USAFA VISITORS CTR BUSINESS IM USAFA VISITOR'S CENTER BUSINESS IMPROVEMENT DISTRI | CUSIP: 917305AJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12870000 | PA      | $13059980.51  | 0.33%             | 2042-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST                                          | GS MORTGAGE-BACKED SECURITIES TRUST 2024-PJ3 GSMBS 2024-PJ3 B2                    | CUSIP: 36269TBU9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   4848864 | PA      | $4707034.34   | 0.12%             | 2054-08-25      | Floating      | 6.07%                 | Yes           |                  2 | On Loan: No      |
| U.S. BANCORP                                                                 | US BANCORP 3.700000% MATURITY: PERPETUAL                                          | CUSIP: 902973BC9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   3273000 | PA      | $3178947.40   | 0.08%             | 2174-01-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| RCKT MORTGAGE TRUST                                                          | RCKT MORTGAGE TRUST 2025-1 RCKT 2025-1 A1                                         | CUSIP: 749431AA0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   4178769 | PA      | $4233243.35   | 0.11%             | 2055-03-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| PRET LLC                                                                     | PRET 2025-NPL2 LLC PRET 2025-NPL2 A1                                              | CUSIP: 69392JAA7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   4649196 | PA      | $4666296.69   | 0.12%             | 2055-03-25      | Fixed         | 5.84%                 | Yes           |                  2 | On Loan: No      |
| CARNOW AUTO RECEIVABLES TRUST                                                | CARNOW AUTO RECEIVABLES TRUST 2023-1 CNART 2023-1A E                              | CUSIP: 14367RAJ7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   5000000 | PA      | $2149387.00   | 0.05%             | 2029-04-16      | Fixed         | 12.04%                | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                  | FREDDIE MAC POOL FR SD6571                                                        | CUSIP: 3132DUJQ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |  27040425 | PA      | $27370131.04  | 0.69%             | 2054-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WALDORF ENERGY FINANCE PLC                                                   | WALDORF ENERGY FINANCE PLC 0.000000% MATURITY: PERPETUAL                          | CUSIP: N/A<br>LEI: 213800W5YHZI9F3LY484       | Long             | DBT              | NUSS              | GB        |    224563 | PA      | $57937.25     | 0.00%             | 2174-06-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                  | FREDDIE MAC REMICS FHR 3996 QL                                                    | CUSIP: 3137ALV89<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   4600881 | PA      | $4489066.98   | 0.11%             | 2042-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHASE HOME LENDING MORTGAGE TRUST                                            | CHASE HOME LENDING MORTGAGE TRUST SERIES 2025-2 CHASE 2025-2 A5                   | CUSIP: 16159VAG1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |  15000000 | PA      | $15290811.00  | 0.39%             | 2055-12-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| BARCLAYS PLC                                                                 | BARCLAYS PLC 8.000000% MATURITY: PERPETUAL                                        | CUSIP: 06738EBX2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | NUSS              | GB        |  30250000 | PA      | $32194984.25  | 0.81%             | 2173-12-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                  | FREDDIE MAC REMICS FHR 4134 BI                                                    | CUSIP: 3137AVZX8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    795278 | PA      | $14185.69     | 0.00%             | 2027-11-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST                                        | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2016-C34 WFCM 2016-C34 B                    | CUSIP: 95000DBJ9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   5000000 | PA      | $4847671.50   | 0.12%             | 2049-06-15      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| CAL FUNDING LIMITED                                                          | CAL FUNDING IV LTD CAI 2020-1A B                                                  | CUSIP: 12807CAC7<br>LEI: N/A                  | Long             | ABS-MBS          |  | BM        |    960854 | PA      | $920509.26    | 0.02%             | 2045-09-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                  | FREDDIE MAC REMICS FHR 4106 YI                                                    | CUSIP: 3137AU2M0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    275210 | PA      | $4844.78      | 0.00%             | 2027-09-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MISSION TEX ECONOMIC DEV CORP PWR PUR AGREEMENT REV                          | MISSION TX ECON DEV CORP PWR P MISSION ECONOMIC DEVELOPMENT CORP                  | CUSIP: 605147AA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2125000 | PA      | $21250.00     | 0.00%             | 2021-12-01      | Fixed         | 8.55%                 | No            |                  3 | On Loan: No      |
| United States of America                                                     | US TREASURY N/B 4.375000% 01/31/2032                                              | CUSIP: 91282CMK4<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        | 100000000 | PA      | $102976562.00 | 2.60%             | 2032-01-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| OCTANE RECEIVABLES TRUST                                                     | OCTANE RECEIVABLES TRUST 2021-2 OCTL 2021-2A B                                    | CUSIP: 67578AAB4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1175838 | PA      | $1171128.50   | 0.03%             | 2028-09-20      | Fixed         | 2.02%                 | Yes           |                  2 | On Loan: No      |
| PBF HOLDING COMPANY LLC                                                      | PBF HOLDING CO LLC / PBF FINANCE CORP 144A 9.875000% 03/15/2030                   | CUSIP: 69318FAM0<br>LEI: 549300TILVIIV9FLL461 | Long             | DBT              | CORP              | US        |  18000000 | PA      | $19082448.00  | 0.48%             | 2030-03-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST                                                 | BX COMMERCIAL MORTGAGE TRUST 2020-VIV3 BX 2020-VIV3 B                             | CUSIP: 05608EAA2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   8000000 | PA      | $7531865.60   | 0.19%             | 2044-03-09      | Floating      | 3.54%                 | Yes           |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                                                       | SEQUOIA MORTGAGE TRUST 2025-9 SEMT 2025-9 A2                                      | CUSIP: 81750BAB3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   9781010 | PA      | $9735547.70   | 0.25%             | 2055-10-25      | Floating      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| DEUTSCHE BANK AG NEW YORK BRANCH                                             | DEUTSCHE BANK AG/NEW YORK NY 7.146000% 07/13/2027                                 | CUSIP: 25160PAN7<br>LEI: N/A                  | Long             | DBT              | NUSS              | DE        |   4000000 | PA      | $4075288.24   | 0.10%             | 2027-07-13      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTIONS, INC.                                              | CONSENSUS CLOUD SOLUTIONS INC 144A 6.000000% 10/15/2026                           | CUSIP: 20848VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1160000 | PA      | $1160000.00   | 0.03%             | 2026-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Transjamaican Highway Limited                                                | TRANSJAMAICAN HIGHWAY LTD 144A 5.750000% 10/10/2036                               | CUSIP: 893727AA5<br>LEI: 254900AWJ3QIGYQ04W45 | Long             | DBT              | NUSS              | JM        |   1255729 | PA      | $1167828.30   | 0.03%             | 2036-10-10      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BHG SECURITIZATION TRUST                                                     | BHG SECURITIZATION TRUST 2022-B BHG 2022-B D                                      | CUSIP: 05553DAD3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   5993367 | PA      | $6083256.24   | 0.15%             | 2035-06-18      | Fixed         | 6.69%                 | Yes           |                  2 | On Loan: No      |
| BENCHMARK MORTGAGE TRUST                                                     | BENCHMARK 2020-IG3 MORTGAGE TRUST BMARK 2020-IG3 A4                               | CUSIP: 08162QAE9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |  10000000 | PA      | $8722267.00   | 0.22%             | 2048-09-15      | Fixed         | 2.44%                 | No            |                  2 | On Loan: No      |
| Republic of Ukraine                                                          | UKRAINE GOVERNMENT 4.500000% 02/01/2029                                           | CUSIP: N/A<br>LEI: 6354001WLTJXOMEXPY07       | Long             | DBT              | NUSS              | UA        |   1682575 | PA      | $1156857.44   | 0.03%             | 2029-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHOICE HOTELS INTERNATIONAL, INC.                                            | CHOICE HOTELS INTERNATIONAL INC 3.700000% 01/15/2031                              | CUSIP: 169905AG1<br>LEI: 5493003CYRY5RFGTIR97 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2813444.70   | 0.07%             | 2031-01-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX                                                                  | HOUSTON TX CITY OF HOUSTON TX                                                     | CUSIP: 4423313K8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $10623244.80  | 0.27%             | 2047-03-01      | Fixed         | 3.96%                 | No            |                  2 | On Loan: No      |
| DANSKE BANK A/S                                                              | DANSKE BANK A/S 144A 5.705000% 03/01/2030                                         | CUSIP: 23636ABH3<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | NUSS              | DK        |   5000000 | PA      | $5198365.95   | 0.13%             | 2030-03-01      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANKS FUNDING CORPORATION                                | FEDERAL FARM CREDIT BANK 5.490000% 09/22/2042                                     | CUSIP: 3133ENN55<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGA              | US        |   1000000 | PA      | $995868.90    | 0.03%             | 2042-09-22      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                        | FANNIE MAE POOL FN MA5246                                                         | CUSIP: 31418EZL7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |  17171747 | PA      | $17388535.40  | 0.44%             | 2054-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| KEYBANK NATIONAL ASSOCIATION                                                 | KEYBANK NA/CLEVELAND OH MTN 5.000000% 01/26/2033                                  | CUSIP: 49327M3H5<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5034683.15   | 0.13%             | 2033-01-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST                               | MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST 202 MSRM 2024-NQM5 A1              | CUSIP: 61777QAA3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   3389022 | PA      | $3405962.46   | 0.09%             | 2069-10-25      | Floating      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                        | FANNIE MAE INTEREST STRIP FNS 421 C1                                              | CUSIP: 31397VFY8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    921970 | PA      | $41228.02     | 0.00%             | 2030-05-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                        | FANNIE MAE POOL FN AI8800                                                         | CUSIP: 3138ANX65<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1573952 | PA      | $1582776.35   | 0.04%             | 2041-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2014-32 CI                           | CUSIP: 38378YW62<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   1193325 | PA      | $69129.05     | 0.00%             | 2043-03-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST                                 | AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2025- ACAR 2025-3 D                  | CUSIP: 02528EAG3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |  10000000 | PA      | $10030980.00  | 0.25%             | 2032-07-12      | Fixed         | 5.19%                 | Yes           |                  2 | On Loan: No      |
| LSTAR COMMERCIAL MORTGAGE TRUST                                              | LSTAR COMMERCIAL MORTGAGE TRUST 2016-4 LNSTR 2016-4 AS                            | CUSIP: 50219QAG9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1839677 | PA      | $1829194.33   | 0.05%             | 2049-03-10      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2020-189 IJ                          | CUSIP: 38382MFX2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |  16442807 | PA      | $2162289.97   | 0.05%             | 2050-12-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                        | FANNIE MAE POOL FN FS6356                                                         | CUSIP: 3140XNB29<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |  15366608 | PA      | $15386717.58  | 0.39%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MFA TRUST                                                                    | MFA 2022-INV1 TRUST MFRA 2022-INV1 A3                                             | CUSIP: 55284TAC1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   4000000 | PA      | $3625596.80   | 0.09%             | 2066-04-25      | Floating      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| GLOBAL SC FUNDING LIMITED                                                    | GLOBAL SC FINANCE VII SRL SEACO 2020-1A A                                         | CUSIP: 37959PAA5<br>LEI: N/A                  | Long             | ABS-MBS          |  | BB        |   1763467 | PA      | $1680081.13   | 0.04%             | 2040-10-17      | Fixed         | 2.17%                 | No            |                  2 | On Loan: No      |
| AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST                                 | AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2025- ACAR 2025-3 C                  | CUSIP: 02528EAE8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   5000000 | PA      | $5031241.50   | 0.13%             | 2032-07-12      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| GLS AUTO RECEIVABLES TRUST                                                   | GLS AUTO RECEIVABLES ISSUER TRUST 2024-3 GCAR 2024-3A C                           | CUSIP: 37989AAJ3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   2250000 | PA      | $2273234.63   | 0.06%             | 2031-02-18      | Fixed         | 5.21%                 | Yes           |                  2 | On Loan: No      |
| COREVEST AMERICAN FINANCE                                                    | CAFL 2023-RTL1 ISSUER LLC CAFL 2023-RTL1 A2                                       | CUSIP: 124762AB1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |  15000000 | PA      | $15072013.50  | 0.38%             | 2030-12-28      | Fixed         | 9.30%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                                                   | JP MORGAN MORTGAGE TRUST 2025-1 JPMMT 2025-1 A4                                   | CUSIP: 46658UAE1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |  15878125 | PA      | $16102889.78  | 0.41%             | 2055-06-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| JEFFERIES FINANCIAL GROUP INC.                                               | JEFFERIES FINANCIAL GROUP INC MTN 6.000000% 09/16/2036                            | CUSIP: 47233WHA0<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |   4732000 | PA      | $4755464.95   | 0.12%             | 2036-09-16      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DT AUTO OWNER TRUST                                                          | DT AUTO OWNER TRUST 2021-3 DTAOT 2021-3A D                                        | CUSIP: 23344QAD1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   2189847 | PA      | $2172821.13   | 0.05%             | 2027-05-17      | Fixed         | 1.31%                 | Yes           |                  2 | On Loan: No      |
| BREAN ASSET BACKED SECURITIES TRUST                                          | BREAN ASSET BACKED SECURITIES TRUST 2023-RM7 BABS 2023-RM7 A1                     | CUSIP: 10638BAA2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   6905041 | PA      | $6801958.94   | 0.17%             | 2078-03-25      | Floating      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                                                          | INTESA SANPAOLO SPA MTN 4.000000% 09/23/2029                                      | CUSIP: 46115HBL0<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | NUSS              | IT        |   5000000 | PA      | $4915102.00   | 0.12%             | 2029-09-23      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP COMMERCIAL MORTGAGE TRUST                                          | CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-GC31 CGCMT 2015-GC31 C                   | CUSIP: 17323YAH2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   5000000 | PA      | $894317.50    | 0.02%             | 2048-06-10      | Floating      | 3.69%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST                                          | GS MORTGAGE-BACKED SECURITIES TRUST 2025-PJ2 GSMBS 2025-PJ2 A1                    | CUSIP: 362957AA0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |  25963317 | PA      | $26319949.42  | 0.66%             | 2055-07-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                                             | PACIFIC GAS AND ELECTRIC CO 3.750000% 08/15/2042                                  | CUSIP: 694308HA8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $3814951.20   | 0.10%             | 2042-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                  | FREDDIE MAC REMICS FHR 4675 VE                                                    | CUSIP: 3137BXQ21<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   2575494 | PA      | $2554200.78   | 0.06%             | 2037-08-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                          | RJ OBRIEN FUTURES COLLATERAL                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |     43631 | PA      | $43630.61     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2021-8 IG                            | CUSIP: 38382MA25<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |  22036083 | PA      | $2611921.46   | 0.07%             | 2051-01-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PRET LLC                                                                     | PRET 2025-RPL3 TRUST PRET 2025-RPL3 M2                                            | CUSIP: 69382RAG8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   5838200 | PA      | $5208323.02   | 0.13%             | 2065-04-25      | Fixed         | 4.15%                 | Yes           |                  2 | On Loan: No      |
| FORD MOTOR CREDIT COMPANY LLC                                                | FORD MOTOR CREDIT CO LLC 5.869000% 10/31/2035                                     | CUSIP: 345397H89<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4939845.75   | 0.12%             | 2035-10-31      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| NORTHWEST TEX INDPT SCH DIST                                                 | NORTHWEST TX INDEP SCH DIST NORTHWEST INDEPENDENT SCHOOL DISTRICT                 | CUSIP: 667826AJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1792923.40   | 0.05%             | 2031-02-15      | Fixed         | 1.78%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                                                       | SEQUOIA MORTGAGE TRUST 2024-9 SEMT 2024-9 A5                                      | CUSIP: 81749PAE0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   7486229 | PA      | $7514143.70   | 0.19%             | 2054-10-25      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association 2                                   | GINNIE MAE II POOL G2 CZ5436                                                      | CUSIP: 3618GHBD2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   2064557 | PA      | $2114730.66   | 0.05%             | 2054-01-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG NEW YORK BRANCH                                             | DEUTSCHE BANK AG/NEW YORK NY 3.742000% 01/07/2033                                 | CUSIP: 25160PAG2<br>LEI: N/A                  | Long             | DBT              | NUSS              | DE        |   2000000 | PA      | $1845859.50   | 0.05%             | 2033-01-07      | Fixed         | 3.74%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2013-62 NI                           | CUSIP: 38378MPK5<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    994983 | PA      | $24677.28     | 0.00%             | 2040-08-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                          | ROYAL BANK OF CANADA MTN VARIABLE RATE 10/30/2030                                 | CUSIP: 78014RL99<br>LEI: N/A                  | Long             | DBT              | NUSS              | CA        |   5000000 | PA      | $4980000.00   | 0.13%             | 2030-10-30      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| CHASE HOME LENDING MORTGAGE TRUST                                            | CHASE HOME LENDING MORTGAGE TRUST SERIES 2024-2 CHASE 2024-2 A6                   | CUSIP: 161929AH7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   3298424 | PA      | $3332978.07   | 0.08%             | 2055-02-25      | Floating      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| BAC CAPITAL TRUST XIV                                                        | BAC CAPITAL TRUST XIV MATURITY: PERPETUAL                                         | CUSIP: 05518VAA3<br>LEI: 549300QO5OB3VGJT6S64 | Long             | DBT              | CORP              | US        |   9870000 | PA      | $8386551.53   | 0.21%             | 2174-09-15      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| SYCAMORE TREE CLO LTD                                                        | SYCAMORE TREE CLO 2025-7 LTD STCP 2025-7A C                                       | CUSIP: 87122KAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $4996375.00   | 0.13%             | 2038-08-28      | Floating      | 6.28%                 | Yes           |                  2 | On Loan: No      |
| CITIGROUP INC.                                                               | CITIGROUP INC 6.174000% 05/25/2034                                                | CUSIP: 17327CAR4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5309997.20   | 0.13%             | 2034-05-25      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-28 FW                           | CUSIP: 38385C6D5<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |  28402765 | PA      | $28421135.47  | 0.72%             | 2054-04-20      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST                                          | GS MORTGAGE-BACKED SECURITIES TRUST 2024-RPL2 GSMBS 2024-RPL2 A2                  | CUSIP: 36269MAB7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |  15000000 | PA      | $14595156.00  | 0.37%             | 2061-07-25      | Floating      | 4.06%                 | Yes           |                  2 | On Loan: No      |
| Regal Rexnord Corporation                                                    | REGAL REXNORD CORP 6.300000% 02/15/2030                                           | CUSIP: 758750AN3<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4762961.69   | 0.12%             | 2030-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| NORTHWEST NATURAL HOLDING COMPANY                                            | NORTHWEST NATURAL HOLDING CO 7.000000% 09/15/2055                                 | CUSIP: 66765NAA3<br>LEI: 254900PSJL6ZEC8FR782 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2084132.00   | 0.05%             | 2055-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| COREVEST AMERICAN FINANCE                                                    | CAFL 2022-RTL1 ISSUER LLC CAFL 2022-RTL1 A1                                       | CUSIP: 124764AA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1147695 | PA      | $1147694.60   | 0.03%             | 2029-05-28      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| WALDORF ENERGY FINANCE PLC                                                   | WALDORF ENERGY FINANCE PLC 0.000000% MATURITY: PERPETUAL                          | CUSIP: N/A<br>LEI: 213800W5YHZI9F3LY484       | Long             | DBT              | NUSS              | GB        |     72359 | PA      | $18668.62     | 0.00%             | 2174-07-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| THE FEDERAL HOME LOAN BANKS                                                  | FEDERAL HOME LOAN BANK 2.150000% 09/23/2036                                       | CUSIP: 3130AP3R4<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   1500000 | PA      | $1193610.00   | 0.03%             | 2036-09-23      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                        | FANNIE MAE INTEREST STRIP FNS 410 C5                                              | CUSIP: 31395QCQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    228788 | PA      | $1964.45      | 0.00%             | 2027-05-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CANTOR FITZGERALD, L.P.                                                      | CANTOR FITZGERALD LP 144A 7.200000% 12/12/2028                                    | CUSIP: 138616AM9<br>LEI: 549300RLUEEVQEMX0450 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1062304.72   | 0.03%             | 2028-12-12      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                  | FREDDIE MAC REMICS FHR 4908 AS                                                    | CUSIP: 3137FNBR0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   7693892 | PA      | $878095.47    | 0.02%             | 2045-01-25      | Floating      | 1.80%                 | No            |                  2 | On Loan: No      |
| Corporacion Nacional del Cobre de Chile                                      | CORP NACIONAL DEL COBRE DE CHILE 144A 3.150000% 01/15/2051                        | CUSIP: 21987BBD9<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | NUSS              | CL        |    500000 | PA      | $330134.25    | 0.01%             | 2051-01-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                                                   | JP MORGAN MORTGAGE TRUST 2024-7 JPMMT 2024-7 A4                                   | CUSIP: 465971AH2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |  10660045 | PA      | $9646401.73   | 0.24%             | 2053-04-25      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                  | FREDDIE MAC REMICS FHR 4136 PI                                                    | CUSIP: 3137AWL94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   4762222 | PA      | $351888.69    | 0.01%             | 2032-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST                                        | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2016-C32 WFCM 2016-C32 C                    | CUSIP: 94989YBF9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   5000000 | PA      | $4751970.50   | 0.12%             | 2059-01-15      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| F&G ANNUITIES & LIFE, INC.                                                   | F&G ANNUITIES & LIFE INC 7.400000% 01/13/2028                                     | CUSIP: 30190AAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7000000 | PA      | $7343836.71   | 0.19%             | 2028-01-13      | Fixed         | 7.40%                 | No            |                  2 | On Loan: No      |
| HILLGROVE MINES PTY LTD                                                      | HILLGROVE MINES PTY LTD 12.000000% 08/01/2029                                     | CUSIP: Q46156AA5<br>LEI: 254900I859RDK4UJY156 | Long             | DBT              | NUSS              | AU        |   1000000 | PA      | $1013283.16   | 0.03%             | 2029-08-01      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| ELMWOOD CLO                                                                  | ELMWOOD CLO V LTD ELMW5 2020-2A D1RR                                              | CUSIP: 29003BAW1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   9000000 | PA      | $8972226.00   | 0.23%             | 2037-10-20      | Floating      | 7.03%                 | Yes           |                  2 | On Loan: No      |
| Paratus Energy Services Ltd.                                                 | PARATUS ENERGY SERVICES LTD 9.500000% 06/27/2029                                  | CUSIP: N/A<br>LEI: 549300XB7T5BX418QX67       | Long             | DBT              | NUSS              | GB        |  47400000 | PA      | $46956901.96  | 1.18%             | 2029-06-27      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ENFIN RESIDENTIAL SOLAR RECEIVABLES TRUST                                    | ENFIN RESIDENTIAL SOLAR RECEIVABLES TRUST 2024-1 ENFIN 2024-1A B                  | CUSIP: 29281LAB8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   3302931 | PA      | $3201662.20   | 0.08%             | 2055-02-20      | Fixed         | 8.44%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                  | FREDDIE MAC POOL FR SD3586                                                        | CUSIP: 3132DQ6X9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |  31968044 | PA      | $33115343.24  | 0.83%             | 2053-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AIRCASTLE LIMITED                                                            | AIRCASTLE LTD 144A 5.250000% MATURITY: PERPETUAL                                  | CUSIP: 00928QAW1<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | NUSS              | US        |   3736000 | PA      | $3712701.93   | 0.09%             | 2174-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BURLINGTON NORTHERN SANTA FE, LLC                                            | BURLINGTON NORTHERN SANTA FE LLC 7.290000% 06/01/2036                             | CUSIP: 12189TAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $6073205.45   | 0.15%             | 2036-06-01      | Fixed         | 7.29%                 | No            |                  2 | On Loan: No      |
| WIND RIVER CLO LTD.                                                          | WIND RIVER 2024-1 CLO LTD WINDR 2024-1A D                                         | CUSIP: 97317AAG6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  10000000 | PA      | $10013840.00  | 0.25%             | 2037-04-20      | Floating      | 8.13%                 | Yes           |                  2 | On Loan: No      |
| VOLT LLC                                                                     | VOLT CV LLC VOLT 2021-CF2 A2                                                      | CUSIP: 91835GAB0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   4217898 | PA      | $4174934.67   | 0.11%             | 2051-11-27      | Fixed         | 5.32%                 | Yes           |                  2 | On Loan: No      |
| BANQUE ROYALE DU CANADA                                                      | ROYAL BANK OF CANADA MTN 5.200000% 01/31/2033                                     | CUSIP: 78014RKL3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | NUSS              | CA        |   3000000 | PA      | $3032666.10   | 0.08%             | 2033-01-31      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-142 AD                          | CUSIP: 38381MR85<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   9987189 | PA      | $9867405.08   | 0.25%             | 2067-05-16      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2015-17 JI                           | CUSIP: 38379JKD2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     89441 | PA      | $371.62       | 0.00%             | 2028-05-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PRET LLC                                                                     | PRET 2021-RN3 LLC PRET 2021-RN3 A1                                                | CUSIP: 74143JAA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   4088620 | PA      | $4089927.14   | 0.10%             | 2051-09-25      | Fixed         | 5.84%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                  | FREDDIE MAC POOL FR SE9080                                                        | CUSIP: 3133SKCR0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   6935606 | PA      | $7005988.72   | 0.18%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OT MIDCO INC.                                                                | OT MIDCO INC 144A 10.000000% 02/15/2030                                           | CUSIP: 68877AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  25000000 | PA      | $14625641.25  | 0.37%             | 2030-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                        | FANNIE MAE POOL FN BL3864                                                         | CUSIP: 3140HVJJ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   8000000 | PA      | $7626103.92   | 0.19%             | 2029-09-01      | Fixed         | 2.71%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST                                                | COMMONBOND STUDENT LOAN TRUST 2017-A-GS CBSLT 2017-AGS A1                         | CUSIP: 20267VAA5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    588056 | PA      | $563798.37    | 0.01%             | 2041-05-25      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                  | FREDDIE MAC POOL FR RJ2837                                                        | CUSIP: 3142GTEK8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |  29403158 | PA      | $29728414.78  | 0.75%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                                                   | JP MORGAN MORTGAGE TRUST SERIES 2025-CES1 JPMMT 2025-CES1 M1                      | CUSIP: 46658XAF2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   2339000 | PA      | $2366020.13   | 0.06%             | 2055-05-25      | Floating      | 6.27%                 | Yes           |                  2 | On Loan: No      |
| CHASE HOME LENDING MORTGAGE TRUST                                            | CHASE HOME LENDING MORTGAGE TRUST 2025-3 CHASE 2025-3 A2                          | CUSIP: 16160MAA1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   8073469 | PA      | $8116677.79   | 0.20%             | 2056-02-25      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| LCM LTD.                                                                     | LCM 42 LTD LCM 42A D1                                                             | CUSIP: 52113AAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  10000000 | PA      | $9981920.00   | 0.25%             | 2038-01-15      | Floating      | 7.40%                 | Yes           |                  2 | On Loan: No      |
| United States of America                                                     | US TREASURY N/B 4.750000% 11/15/2043                                              | CUSIP: 912810TW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 100000000 | PA      | $101855469.00 | 2.57%             | 2043-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FOURSIGHT CAPITAL AUTOMOBILE RECEIVABLES TRUST                               | FOURSIGHT CAPITAL AUTOMOBILE RECEIVABLES TRUST 202 FCRT 2022-1 E                  | CUSIP: 35105JAG3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   4230000 | PA      | $4218072.25   | 0.11%             | 2029-08-15      | Fixed         | 4.69%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                  | FREDDIE MAC POOL FR SD6782                                                        | CUSIP: 3132DURB5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |  51127717 | PA      | $52034894.86  | 1.31%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LCM LTD.                                                                     | LCM LOAN INCOME FUND I INCOME NOTE ISSUER LTD LCM 27A A1                          | CUSIP: 50200JAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     94500 | PA      | $94470.47     | 0.00%             | 2031-07-16      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2023-163 B                           | CUSIP: 38384DMU8<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |  13781082 | PA      | $14157769.80  | 0.36%             | 2048-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SYCAMORE TREE CLO LTD                                                        | SYCAMORE TREE CLO 2025-6 LTD STCP 2025-6A A1                                      | CUSIP: 87122HAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  27000000 | PA      | $26923779.00  | 0.68%             | 2038-04-20      | Floating      | 5.08%                 | Yes           |                  2 | On Loan: No      |
| GDB DEBT RECOVERY AUTH OF COMWLTH PUERTO RICO                                | GDB DEBT RECOVERY AUTH OF CMWL GDB DEBT RECOVERY AUTHORITY OF PUERTO RICO         | CUSIP: 36829QAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   4160882 | PA      | $4050842.07   | 0.10%             | 2040-08-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| WFRBS COMMERCIAL MORTGAGE TRUST                                              | WFRBS COMMERCIAL MORTGAGE TRUST 2014-C25 WFRBS 2014-C25 D                         | CUSIP: 92939LAU0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   4313360 | PA      | $4152729.99   | 0.10%             | 2047-11-15      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| STL HOLDING COMPANY LLC                                                      | STL HOLDING CO LLC 144A 8.750000% 02/15/2029                                      | CUSIP: 861036AB7<br>LEI: 984500BC2I63E7F48656 | Long             | DBT              | CORP              | US        |   8600000 | PA      | $9017349.40   | 0.23%             | 2029-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2024-151 DA                          | CUSIP: 38384WDJ1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   6020547 | PA      | $5985695.14   | 0.15%             | 2052-08-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FLAGSHIP CREDIT AUTO TRUST                                                   | FLAGSHIP CREDIT AUTO TRUST 2020-1 FCAT 2020-1 E                                   | CUSIP: 33843FAJ7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   4595836 | PA      | $4590837.93   | 0.12%             | 2027-06-15      | Fixed         | 3.52%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                                                   | JP MORGAN MORTGAGE TRUST 2024-9 JPMMT 2024-9 A5                                   | CUSIP: 46593DAG2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |  10700000 | PA      | $10765625.24  | 0.27%             | 2055-02-25      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| BLACKSTONE MORTGAGE TRUST                                                    | BXMT 2020-FL2 LTD BXMT 2020-FL2 A                                                 | CUSIP: 12434LAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1065142 | PA      | $1062470.36   | 0.03%             | 2038-02-15      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| NORTH TEX TWY AUTH REV                                                       | N TX TOLLWAY AUTH REVENUE NORTH TEXAS TOLLWAY AUTHORITY                           | CUSIP: 66285WFT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1474000 | PA      | $1588511.08   | 0.04%             | 2030-02-01      | Fixed         | 8.41%                 | No            |                  2 | On Loan: No      |
| TWMA FINANCE AS                                                              | TWMA FINANCE AS 13.000000% 02/08/2027                                             | CUSIP: R9T86AAA3<br>LEI: 894500BICEAQTNG2A469 | Long             | DBT              | NUSS              | NO        |   3500000 | PA      | $3569910.72   | 0.09%             | 2027-02-08      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| KEYCORP                                                                      | KEYCORP 6.401000% 03/06/2035                                                      | CUSIP: 49326EEP4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5419755.55   | 0.14%             | 2035-03-06      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| BATTALION CLO LTD                                                            | BATTALION CLO XXIII LTD BATLN 2022-23A DR1                                        | CUSIP: 07135LAS5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5013980.00   | 0.13%             | 2037-10-15      | Floating      | 7.85%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                  | FREDDIE MAC POOL FR SD5771                                                        | CUSIP: 3132DTMU1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |  29655008 | PA      | $29564349.56  | 0.75%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| THE FEDERAL HOME LOAN BANKS                                                  | FEDERAL HOME LOAN BANK 5.625000% 02/23/2039                                       | CUSIP: 3130B02G3<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   2000000 | PA      | $2000848.12   | 0.05%             | 2039-02-23      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PHILLIPS 66 COMPANY                                                          | PHILLIPS 66 CO 5.875000% 03/15/2056                                               | CUSIP: 718547AZ5<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |  17000000 | PA      | $16898579.70  | 0.43%             | 2056-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-71 HT                           | CUSIP: 38385F3J8<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |  48963387 | PA      | $48807482.54  | 1.23%             | 2055-04-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOSAIC SOLAR LOAN TRUST                                                      | MOSAIC SOLAR LOAN TRUST 2020-2 MSAIC 2020-2A B                                    | CUSIP: 61946PAB9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1858212 | PA      | $1534137.16   | 0.04%             | 2046-08-20      | Fixed         | 2.21%                 | Yes           |                  2 | On Loan: No      |
| GREYSTONE COMMERCIAL REAL ESTATE NOTES LTD                                   | GREYSTONE CRE NOTES 2024-HC3 GSTNE 2024-HC3 AS                                    | CUSIP: 39808MAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  18000000 | PA      | $18067262.40  | 0.46%             | 2041-03-15      | Floating      | 6.86%                 | Yes           |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                                                       | SEQUOIA MORTGAGE TRUST 2013-4 SEMT 2013-4 AIO1                                    | CUSIP: 81745UAA1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |  40496847 | PA      | $924992.52    | 0.02%             | 2043-04-25      | Floating      | 0.84%                 | No            |                  2 | On Loan: No      |
| WALDORF ENERGY FINANCE PLC                                                   | WALDORF ENERGY FINANCE PLC 0.000000% MATURITY: PERPETUAL                          | CUSIP: N/A<br>LEI: 213800W5YHZI9F3LY484       | Long             | DBT              | NUSS              | GB        |   5336964 | PA      | $1376936.71   | 0.03%             | 2174-07-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TOORAK MORTGAGE TRUST                                                        | TOORAK MORTGAGE TRUST 2024-RRTL1 TRK 2024-RRTL1 M1                                | CUSIP: 89054YAC7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1500000 | PA      | $1509350.40   | 0.04%             | 2039-02-25      | Floating      | 9.16%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST                                 | AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2025- ACAR 2025-2 D                  | CUSIP: 024938AG7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |  14000000 | PA      | $14167060.60  | 0.36%             | 2031-07-14      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                        | FANNIE MAE REMICS FNR 2024-25 AD                                                  | CUSIP: 3136BRTV9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |  17385060 | PA      | $17369420.19  | 0.44%             | 2044-03-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SEMPRA                                                                       | SEMPRA 6.000000% 10/15/2039                                                       | CUSIP: 816851AP4<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6268210.98   | 0.16%             | 2039-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SYCAMORE TREE CLO LTD                                                        | SYCAMORE TREE CLO 2025-6 LTD STCP 2025-6A C                                       | CUSIP: 87122HAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  15000000 | PA      | $14950380.00  | 0.38%             | 2038-04-20      | Floating      | 5.68%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-145 AC                          | CUSIP: 38381MB41<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |  49848758 | PA      | $48911904.94  | 1.23%             | 2066-11-16      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HUDSON YARDS MORTGAGE TRUST                                                  | HUDSON YARDS 2019-30HY MORTGAGE TRUST HY 2019-30HY B                              | CUSIP: 44421GAE3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   2500000 | PA      | $2366637.75   | 0.06%             | 2039-07-10      | Floating      | 3.38%                 | No            |                  2 | On Loan: No      |
| TOORAK MORTGAGE TRUST                                                        | TOORAK MORTGAGE TRUST 2024-RRTL2 TRK 2024-RRTL2 A1                                | CUSIP: 89055JAA3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   7000000 | PA      | $7003028.90   | 0.18%             | 2039-09-25      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| TEXAS TRANSN COMMN ST HWY FD REV                                             | TEXAS TRANSPRTN COMMISSION ST TEXAS DEPARTMENT OF TRANSPORTATION STATE HIGHWAY F  | CUSIP: 88283LHU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3980000 | PA      | $4064928.82   | 0.10%             | 2030-04-01      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| PRET LLC                                                                     | PRET 2024-NPL6 LLC PRET 2024-NPL6 A2                                              | CUSIP: 69381QAB2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   3000000 | PA      | $3001340.10   | 0.08%             | 2054-10-25      | Fixed         | 8.72%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST                                 | AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2024- ACAR 2024-4 D                  | CUSIP: 024945AG2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   5000000 | PA      | $5016068.50   | 0.13%             | 2031-08-12      | Fixed         | 5.34%                 | Yes           |                  2 | On Loan: No      |
| PRET LLC                                                                     | PRET 2025-RPL2 TRUST PRET 2025-RPL2 A1                                            | CUSIP: 69392LAA2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   4687580 | PA      | $4571084.82   | 0.12%             | 2064-08-25      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Royaume de Belgique                                                          | BELGIUM KINGDOM 4.875000% 06/10/2055                                              | CUSIP: N/A<br>LEI: 549300SZ25JZFHRHWD76       | Long             | DBT              | NUSS              | BE        |  10000000 | PA      | $9194610.00   | 0.23%             | 2055-06-10      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Company                           | AERCAP IRELAND CAPITAL DAC / AERCAP GLOBAL AVIATIO 6.450000% 04/15/2027           | CUSIP: 00774MBG9<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | NUSS              | IE        |   3662000 | PA      | $3769981.87   | 0.10%             | 2027-04-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Republic of Ukraine                                                          | UKRAINE GOVERNMENT 4.500000% 02/01/2034                                           | CUSIP: N/A<br>LEI: 6354001WLTJXOMEXPY07       | Long             | DBT              | NUSS              | UA        |    721103 | PA      | $403897.90    | 0.01%             | 2034-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NORTHWEST TEX INDPT SCH DIST                                                 | NORTHWEST TX INDEP SCH DIST NORTHWEST INDEPENDENT SCHOOL DISTRICT                 | CUSIP: 667826AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1890000 | PA      | $1656620.91   | 0.04%             | 2032-02-15      | Fixed         | 1.84%                 | No            |                  2 | On Loan: No      |
| CARNOW AUTO RECEIVABLES TRUST                                                | CARNOW AUTO RECEIVABLES TRUST 2021-2 CNART 2021-2A E                              | CUSIP: 14369HAJ7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   2447119 | PA      | $2430711.83   | 0.06%             | 2028-02-15      | Fixed         | 4.45%                 | Yes           |                  2 | On Loan: No      |
| BANQUE ROYALE DU CANADA                                                      | ROYAL BANK OF CANADA MTN 5.500000% 04/28/2033                                     | CUSIP: 78014RMJ6<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | NUSS              | CA        |  10000000 | PA      | $10025877.80  | 0.25%             | 2033-04-28      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PRET LLC                                                                     | PRET 2024-NPL8 LLC PRET 2024-NPL8 A1                                              | CUSIP: 69392DAA0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   2923163 | PA      | $2924328.62   | 0.07%             | 2054-11-25      | Fixed         | 5.96%                 | Yes           |                  2 | On Loan: No      |
| WALDORF PRODUCTION UK PLC                                                    | WALDORF PRODUCTION UK PLC 0.000000% MATURITY: PERPETUAL                           | CUSIP: N/A<br>LEI: 254900FUKD3GJRFOPD65       | Long             | DBT              | NUSS              | US        |  10732998 | PA      | $7234040.65   | 0.18%             | 2174-09-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SBL HOLDINGS, INC.                                                           | SBL HOLDINGS INC 144A 6.500000% MATURITY: PERPETUAL                               | CUSIP: 78397DAC2<br>LEI: 635400MJW3QDSBJRKQ59 | Long             | DBT              | CORP              | US        |  12492000 | PA      | $11996743.42  | 0.30%             | 2173-11-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                  | FREDDIE MAC STRIPS FHS 293 IO                                                     | CUSIP: 31283DAG9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    318477 | PA      | $23362.77     | 0.00%             | 2032-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2023-196 QA                          | CUSIP: 38384GUW8<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |  17862209 | PA      | $17900945.43  | 0.45%             | 2053-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST                                 | AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2024- ACAR 2024-3 D                  | CUSIP: 02490BAG3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   8000000 | PA      | $8155285.60   | 0.21%             | 2030-07-12      | Fixed         | 6.04%                 | Yes           |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                                                       | SEQUOIA MORTGAGE TRUST 2025-6 SEMT 2025-6 A2                                      | CUSIP: 81749YAB7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   5628309 | PA      | $5665466.85   | 0.14%             | 2055-07-25      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| BREAN ASSET BACKED SECURITIES TRUST                                          | BREAN ASSET BACKED SECURITIES TRUST 2025-RM12 BABS 2025-RM12 A2                   | CUSIP: 10638KAB0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   5000000 | PA      | $4765726.00   | 0.12%             | 2065-07-25      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| BARCLAYS PLC                                                                 | BARCLAYS PLC 9.625000% MATURITY: PERPETUAL                                        | CUSIP: 06738ECN3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | NUSS              | GB        |   5000000 | PA      | $5661740.00   | 0.14%             | 2174-03-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| THE BOEING COMPANY                                                           | BOEING CO/THE 5.705000% 05/01/2040                                                | CUSIP: 097023CV5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5098371.60   | 0.13%             | 2040-05-01      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-107 B                           | CUSIP: 38381MUL2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |  35000000 | PA      | $34305715.50  | 0.86%             | 2053-03-16      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2022-182 PO                          | CUSIP: 38383U5Q9<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |  23780727 | PA      | $17166634.10  | 0.43%             | 2052-10-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Republic of Ukraine                                                          | UKRAINE GOVERNMENT 0.000000% 02/01/2030                                           | CUSIP: N/A<br>LEI: 6354001WLTJXOMEXPY07       | Long             | DBT              | NUSS              | UA        |    131300 | PA      | $68989.58     | 0.00%             | 2030-02-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| COMM MORTGAGE TRUST                                                          | COMM 2015-DC1 MORTGAGE TRUST COMM 2015-DC1 D                                      | CUSIP: 12629NAX3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   9000000 | PA      | $6120000.00   | 0.15%             | 2048-02-10      | Floating      | 4.29%                 | No            |                  2 | On Loan: No      |
| FIRSTKEY MORTGAGE TRUST                                                      | FIRSTKEY MORTGAGE TRUST 2015-1 FKMT 2015-1 A3                                     | CUSIP: 33767CAD9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    698443 | PA      | $649990.82    | 0.02%             | 2045-03-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TRICOLOR AUTO SECURITIZATION TRUST                                           | TRICOLOR AUTO SECURITIZATION TRUST 2025-1 TAST 2025-1A A                          | CUSIP: 89617CAA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   5034591 | PA      | $3549386.62   | 0.09%             | 2029-02-15      | Fixed         | 4.94%                 | Yes           |                  2 | On Loan: No      |
| PANORO ENERGY ASA                                                            | PANORO ENERGY ASA 10.250000% 12/11/2029                                           | CUSIP: N/A<br>LEI: 5967007LIEEXZXGWM030       | Long             | DBT              | NUSS              | NO        |   2500000 | PA      | $2544589.40   | 0.06%             | 2029-12-11      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2024-1 TA                            | CUSIP: 38384H4S4<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   3888035 | PA      | $3883109.93   | 0.10%             | 2048-08-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2015-103 CI                          | CUSIP: 38379MDY7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   8188080 | PA      | $1206867.30   | 0.03%             | 2045-07-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC.                                                         | DENTSPLY SIRONA INC 8.375000% 09/12/2055                                          | CUSIP: 24906PAB5<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5148631.50   | 0.13%             | 2055-09-12      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| AB BSL CLO LTD                                                               | AB BSL CLO 5 LTD ABBSL 2024-5A B                                                  | CUSIP: 00038GAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   4000000 | PA      | $4000368.00   | 0.10%             | 2038-01-20      | Floating      | 5.58%                 | Yes           |                  2 | On Loan: No      |
| APIDOS CLO                                                                   | APIDOS CLO XXX APID XXXA BR                                                       | CUSIP: 03768CAU3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5170000 | PA      | $5172486.77   | 0.13%             | 2031-10-18      | Floating      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| EXETER AUTOMOBILE RECEIVABLES TRUST                                          | EXETER AUTOMOBILE RECEIVABLES TRUST 2025-4 EART 2025-4A A1                        | CUSIP: 30167KAA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    940902 | PA      | $940980.41    | 0.02%             | 2026-09-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST                           | MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST MSBAM 2016-C29 C               | CUSIP: 61766EBK0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   2413000 | PA      | $2239077.96   | 0.06%             | 2049-05-15      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG NEW YORK BRANCH                                             | DEUTSCHE BANK AG/NEW YORK NY 7.079000% 02/10/2034                                 | CUSIP: 251526CT4<br>LEI: N/A                  | Long             | DBT              | NUSS              | DE        |  10000000 | PA      | $10961844.90  | 0.28%             | 2034-02-10      | Fixed         | 7.08%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2023-163 LB                          | CUSIP: 38384DMQ7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |  10000000 | PA      | $10303563.00  | 0.26%             | 2048-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Cornell University                                                           | CORNELL UNIVERSITY 4.835000% 06/15/2034                                           | CUSIP: 219207AC1<br>LEI: 549300ZZIJPNT0RZWP17 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2041320.26   | 0.05%             | 2034-06-15      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                        | FANNIE MAE REMICS FNR 2024-25 A                                                   | CUSIP: 3136BRTN7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |  13908048 | PA      | $14288039.34  | 0.36%             | 2044-03-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| T-MOBILE US TRUST                                                            | T-MOBILE US TRUST 2025-1 TMUST 2025-1A A                                          | CUSIP: 872974AA8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   5000000 | PA      | $5060405.00   | 0.13%             | 2029-11-20      | Fixed         | 4.74%                 | Yes           |                  2 | On Loan: No      |
| TRICOLOR AUTO SECURITIZATION TRUST                                           | TRICOLOR AUTO SECURITIZATION TRUST 2022-1 TAST 2022-1A F                          | CUSIP: 89616BAF1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   4000000 | PA      | $3214245.20   | 0.08%             | 2029-07-16      | Fixed         | 9.80%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                  | FREDDIE MAC REMICS FHR 4457 EI                                                    | CUSIP: 3137BHW29<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    225335 | PA      | $39652.99     | 0.00%             | 2045-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2013-170 QI                          | CUSIP: 38378U6W2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   5507071 | PA      | $524143.17    | 0.01%             | 2043-11-20      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| FARMERS EXCHANGE CAPITAL                                                     | FARMERS EXCHANGE CAPITAL 144A 7.200000% 07/15/2048                                | CUSIP: 309588AE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3077329.77   | 0.08%             | 2048-07-15      | Fixed         | 7.20%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                        | FANNIE MAE REMICS FNR 2012-68 GY                                                  | CUSIP: 3136A7AL6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   4138966 | PA      | $4020960.03   | 0.10%             | 2032-07-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PRET LLC                                                                     | PRET 2021-RN4 LLC PRET 2021-RN4 A2                                                | CUSIP: 69359QAB0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   6553712 | PA      | $6560452.45   | 0.17%             | 2051-10-25      | Floating      | 9.19%                 | Yes           |                  2 | On Loan: No      |
| BREAN ASSET BACKED SECURITIES TRUST                                          | BREAN ASSET BACKED SECURITIES TRUST 2025-RM11 BABS 2025-RM11 A2                   | CUSIP: 10638GAB9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   8000000 | PA      | $7719782.40   | 0.19%             | 2065-05-25      | Floating      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-167 A                           | CUSIP: 38381M3Q1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |  24975914 | PA      | $24484075.57  | 0.62%             | 2060-04-01      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2024-30 NP                           | CUSIP: 38384JKL7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   3992696 | PA      | $3881010.94   | 0.10%             | 2054-02-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST                                          | GS MORTGAGE-BACKED SECURITIES TRUST 2025-PJ6 GSMBS 2025-PJ6 A5                    | CUSIP: 36272KAE0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   9480024 | PA      | $9531742.17   | 0.24%             | 2055-11-25      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| FLAGSHIP CREDIT AUTO TRUST                                                   | FLAGSHIP CREDIT AUTO TRUST 2024-3 FCAT 2024-3 C                                   | CUSIP: 33843YAE7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   4500000 | PA      | $4376865.15   | 0.11%             | 2030-09-16      | Fixed         | 5.41%                 | Yes           |                  2 | On Loan: No      |
| GLS AUTO RECEIVABLES TRUST                                                   | GLS AUTO RECEIVABLES ISSUER TRUST 2022-1 GCAR 2022-1A E                           | CUSIP: 36263XAJ2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   4000000 | PA      | $3988243.20   | 0.10%             | 2029-05-15      | Fixed         | 5.64%                 | Yes           |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANKS FUNDING CORPORATION                                | FEDERAL FARM CREDIT BANK 5.280000% 07/28/2033                                     | CUSIP: 3133ETQZ3<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGA              | US        |   5000000 | PA      | $5048449.60   | 0.13%             | 2033-07-28      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                  | FREDDIE MAC REMICS FHR 4148 LI                                                    | CUSIP: 3137AWYU3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    693400 | PA      | $14087.11     | 0.00%             | 2027-12-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PRET LLC                                                                     | PRET 2024-NPL7 LLC PRET 2024-NPL7 A2                                              | CUSIP: 74136TAB4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   4250000 | PA      | $4252820.73   | 0.11%             | 2054-10-25      | Fixed         | 8.96%                 | Yes           |                  2 | On Loan: No      |
| THE BOEING COMPANY                                                           | BOEING CO/THE 2.950000% 02/01/2030                                                | CUSIP: 097023CN3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   3344000 | PA      | $3157543.71   | 0.08%             | 2030-02-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| ELMWOOD CLO                                                                  | ELMWOOD CLO 24 LTD ELM24 2023-3A BR                                               | CUSIP: 290020AN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4600000 | PA      | $4597562.00   | 0.12%             | 2038-01-17      | Floating      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST                                 | AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2025- ACAR 2025-1 C                  | CUSIP: 02528DAE0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |  40000000 | PA      | $40265216.00  | 1.01%             | 2031-08-12      | Fixed         | 5.09%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                        | FANNIE MAE REMICS FNR 2012-61 KI                                                  | CUSIP: 3136A6QT4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1374600 | PA      | $53429.31     | 0.00%             | 2041-12-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                     | US TREASURY N/B 4.250000% 05/15/2035                                              | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        | 125000000 | PA      | $126679687.50 | 3.19%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2017-137 DI                          | CUSIP: 38380GWE0<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    458335 | PA      | $7406.93      | 0.00%             | 2047-02-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA FINANCE P.L.C.                                                | VISTAJET MALTA FINANCE PLC / VISTA MANAGEMENT HOLD 6.375000% 02/01/2030           | CUSIP: 92840JAB5<br>LEI: 5299001UK94VGT0CPQ36 | Long             | DBT              | NUSS              | CH        |   2000000 | PA      | $1931603.20   | 0.05%             | 2030-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST                                 | AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2024- ACAR 2024-3 C                  | CUSIP: 02490BAE8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   8000000 | PA      | $8081225.60   | 0.20%             | 2030-07-12      | Fixed         | 5.73%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                        | FANNIE MAE POOL FN BL5311                                                         | CUSIP: 3140HW3V2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   5000000 | PA      | $4885835.60   | 0.12%             | 2027-01-01      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| APA CORPORATION                                                              | APA CORP 6.000000% 01/15/2037                                                     | CUSIP: 03743QBA5<br>LEI: 549300VCIWLRHYVSHC79 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248065.01    | 0.01%             | 2037-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WALDORF ENERGY FINANCE PLC                                                   | WALDORF ENERGY FINANCE PLC 15.000000% MATURITY: PERPETUAL                         | CUSIP: N/A<br>LEI: 213800W5YHZI9F3LY484       | Long             | DBT              | NUSS              | GB        |   1832387 | PA      | $472755.85    | 0.01%             | 2174-09-02      | Fixed         | 15.00%                | No            |                  2 | On Loan: No      |
| 280 PARK AVENUE MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES | 280 PARK AVENUE 2017-280P MORTGAGE TRUST PRK 2017-280P F                          | CUSIP: 90205FAQ3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |  12500000 | PA      | $12167458.75  | 0.31%             | 2034-09-15      | Floating      | 7.21%                 | No            |                  2 | On Loan: No      |
| APA CORPORATION                                                              | APA CORP 7.750000% 12/15/2029                                                     | CUSIP: 03743QAY4<br>LEI: 549300VCIWLRHYVSHC79 | Long             | DBT              | CORP              | US        |   4138000 | PA      | $4476321.22   | 0.11%             | 2029-12-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| THE BOEING COMPANY                                                           | BOEING CO/THE 5.875000% 02/15/2040                                                | CUSIP: 097023BA2<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |  15355000 | PA      | $15882111.05  | 0.40%             | 2040-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2023-151 PO                          | CUSIP: 38384DKS5<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |  24629555 | PA      | $20794371.25  | 0.52%             | 2053-10-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                                                   | JP MORGAN MORTGAGE TRUST 2024-2 JPMMT 2024-2 B2                                   | CUSIP: 46657TBD6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |  10070847 | PA      | $10776389.09  | 0.27%             | 2054-08-25      | Floating      | 7.30%                 | Yes           |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                                                       | SEQUOIA MORTGAGE TRUST 2025-1 SEMT 2025-1 A4                                      | CUSIP: 81743EAD3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |  10906925 | PA      | $11014697.49  | 0.28%             | 2055-01-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST                                 | AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2023- ACAR 2023-4 D                  | CUSIP: 02530CAG3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |  15000000 | PA      | $15502177.50  | 0.39%             | 2030-09-12      | Fixed         | 7.65%                 | Yes           |                  2 | On Loan: No      |
| JBS USA Holding Lux S.a r.l.                                                 | JBS USA HOLDING LUX SARL/ JBS USA FOOD CO/ JBS LUX 7.250000% 11/15/2053           | CUSIP: 47214BAD0<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | NUSS              | US        |   4863000 | PA      | $5509210.03   | 0.14%             | 2053-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TOORAK MORTGAGE TRUST                                                        | TOORAK MORTGAGE TRUST 2024-2 TRK 2024-2 A1                                        | CUSIP: 89055KAA0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   5000000 | PA      | $5019239.00   | 0.13%             | 2031-10-25      | Fixed         | 6.33%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ukraine                                                          | UKRAINE GOVERNMENT 0.000000% 02/01/2034                                           | CUSIP: N/A<br>LEI: 6354001WLTJXOMEXPY07       | Long             | DBT              | NUSS              | UA        |    490651 | PA      | $203266.33    | 0.01%             | 2034-02-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| BREAN ASSET BACKED SECURITIES TRUST                                          | BREAN ASSET BACKED SECURITIES TRUST 2024-RM9 BABS 2024-RM9 A1                     | CUSIP: 10638DAA8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   4655488 | PA      | $4626299.91   | 0.12%             | 2064-09-25      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2022-201 PO                          | CUSIP: 38383LPH7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |  14273778 | PA      | $10672632.65  | 0.27%             | 2052-11-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WALDORF ENERGY FINANCE PLC                                                   | WALDORF ENERGY FINANCE PLC 0.000000% MATURITY: PERPETUAL                          | CUSIP: N/A<br>LEI: 213800W5YHZI9F3LY484       | Long             | DBT              | NUSS              | GB        |     68715 | PA      | $17728.47     | 0.00%             | 2174-06-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| WALDORF ENERGY FINANCE PLC                                                   | WALDORF ENERGY FINANCE PLC 12.000000% 03/02/2026                                  | CUSIP: N/A<br>LEI: 213800W5YHZI9F3LY484       | Long             | DBT              | NUSS              | GB        |    814237 | PA      | $210073.15    | 0.01%             | 2026-03-02      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST                               | MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST 202 MSRM 2025-NQM1 A2              | CUSIP: 617932AD0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   3507497 | PA      | $3537464.91   | 0.09%             | 2069-11-25      | Fixed         | 5.94%                 | Yes           |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                                                       | SEQUOIA MORTGAGE TRUST 2025-3 SEMT 2025-3 A2                                      | CUSIP: 817370AB5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |  12521762 | PA      | $12557474.40  | 0.32%             | 2055-04-25      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| United States of America                                                     | US TREASURY N/B 4.000000% 11/15/2042                                              | CUSIP: 912810TM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  50000000 | PA      | $46599609.50  | 1.17%             | 2042-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COMERICA INCORPORATED                                                        | COMERICA INC 4.000000% 02/01/2029                                                 | CUSIP: 200340AT4<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | DBT              | CORP              | US        |  13300000 | PA      | $13155881.20  | 0.33%             | 2029-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CIFC FUNDING LTD                                                             | CIFC FUNDING 2022-II LTD CIFC 2022-2A BR                                          | CUSIP: 12567MAS0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   9125000 | PA      | $9076947.75   | 0.23%             | 2035-04-19      | Floating      | 5.28%                 | Yes           |                  2 | On Loan: No      |
| Telford Finco                                                                | TELFORD FINCO 11.000000% 11/06/2029                                               | CUSIP: N/A<br>LEI: 254900ZUP0HIIEI95F15       | Long             | DBT              | NUSS              | AE        |  14162756 | PA      | $14339323.36  | 0.36%             | 2029-11-06      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS, INC.                                                       | KYNDRYL HOLDINGS INC 4.100000% 10/15/2041                                         | CUSIP: 50155QAM2<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |  26481000 | PA      | $21278465.15  | 0.54%             | 2041-10-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                        | FANNIE MAE REMICS FNR 2014-40 GI                                                  | CUSIP: 3136AKLU5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   2653158 | PA      | $205373.52    | 0.01%             | 2033-06-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AVID AUTOMOBILE RECEIVABLES TRUST                                            | AVID AUTOMOBILE RECEIVABLES TRUST 2023-1 AVID 2023-1 E                            | CUSIP: 05368QAE7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   5595000 | PA      | $5729391.90   | 0.14%             | 2029-05-15      | Fixed         | 11.14%                | Yes           |                  2 | On Loan: No      |
| PRET LLC                                                                     | PRET 2025-NPL4 LLC PRET 2025-NPL4 A1                                              | CUSIP: 74136UAA3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   4030594 | PA      | $4054777.25   | 0.10%             | 2055-04-25      | Fixed         | 6.37%                 | Yes           |                  2 | On Loan: No      |
| AMUR EQUIPMENT FINANCE RECEIVABLES LLC                                       | AMUR EQUIPMENT FINANCE RECEIVABLES XI LLC AXIS 2022-2A E                          | CUSIP: 03236XAF4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   2600000 | PA      | $2632722.82   | 0.07%             | 2029-10-22      | Fixed         | 9.32%                 | Yes           |                  2 | On Loan: No      |
| Golub Capital Private Credit Fund                                            | GOLUB CAPITAL PRIVATE CREDIT FUND 5.800000% 09/12/2029                            | CUSIP: 38179RAB1<br>LEI: 254900B5KBW6OY1F9951 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2030551.04   | 0.05%             | 2029-09-12      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| ENFIN RESIDENTIAL SOLAR RECEIVABLES TRUST                                    | ENFIN RESIDENTIAL SOLAR RECEIVABLES TRUST 2024-1 ENFIN 2024-1A A                  | CUSIP: 29281LAA0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   4128664 | PA      | $4121409.33   | 0.10%             | 2055-02-20      | Fixed         | 6.65%                 | Yes           |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                                      | HYUNDAI CAPITAL AMERICA 144A 5.300000% 01/08/2029                                 | CUSIP: 44891ACU9<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5130860.90   | 0.13%             | 2029-01-08      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| FARMERS EXCHANGE CAPITAL                                                     | FARMERS EXCHANGE CAPITAL 144A 7.050000% 07/15/2028                                | CUSIP: 309588AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11075000 | PA      | $11635700.01  | 0.29%             | 2028-07-15      | Fixed         | 7.05%                 | Yes           |                  2 | On Loan: No      |
| FREDDIE MAC MILITARY HOUSING BONDS RESECURITIZATION TRUST                    | FREDDIE MAC MILITARY HOUSING BONDS RESECURITIZATIO FMMHR 2015-R1 C3               | CUSIP: 35563CAY4<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |  30676994 | PA      | $26937376.60  | 0.68%             | 2052-11-25      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                        | FANNIE MAE REMICS FNR 2011-103 GI                                                 | CUSIP: 3136A1CD5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |      6256 | PA      | $3.63         | 0.00%             | 2026-10-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Paratus Energy Services Ltd.                                                 | PARATUS ENERGY SERVICES LTD COMMON STOCK                                          | CUSIP: G6904D108<br>LEI: 549300XB7T5BX418QX67 | Long             | EC               |  | NO        |  12500000 | NS      | $51262433.05  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| MISSION TEX ECONOMIC DEV CORP PWR PUR AGREEMENT REV                          | MISSION TX ECON DEV CORP PWR P MISSION ECONOMIC DEVELOPMENT CORP                  | CUSIP: 605147AB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3045000 | PA      | $30450.00     | 0.00%             | 2025-12-01      | Fixed         | 9.75%                 | No            |                  3 | On Loan: No      |
| Royaume de Belgique                                                          | KINGDOM OF BELGIUM GOVERNMENT INTERNATIONAL BOND 1 4.350000% 11/06/2034           | CUSIP: N/A<br>LEI: 549300SZ25JZFHRHWD76       | Long             | DBT              | NUSS              | BE        |  40000000 | PA      | $40215960.40  | 1.01%             | 2034-11-06      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2024-176 AH                          | CUSIP: 38381LZV7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |  31747645 | PA      | $30976945.67  | 0.78%             | 2065-05-16      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANKS FUNDING CORPORATION                                | FEDERAL FARM CREDIT BANK 5.370000% 04/08/2038                                     | CUSIP: 3133ERWS6<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGA              | US        |   2000000 | PA      | $2000171.32   | 0.05%             | 2038-04-08      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| TENNESSEE VALLEY AUTHORITY                                                   | TENN VALLEY AUTHORITY 4.250000% 09/15/2052                                        | CUSIP: 880591EY4<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |   7521000 | PA      | $6552861.08   | 0.17%             | 2052-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                  | FREDDIE MAC POOL FR SD8475                                                        | CUSIP: 3132DWMY6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |  52086570 | PA      | $52630723.97  | 1.33%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2023-122 G                           | CUSIP: 38384CR84<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   4134347 | PA      | $4159729.25   | 0.10%             | 2046-05-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SBL HOLDINGS, INC.                                                           | SBL HOLDINGS INC 144A 9.508000% MATURITY: PERPETUAL                               | CUSIP: 78397DAA6<br>LEI: 635400MJW3QDSBJRKQ59 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2583607.50   | 0.07%             | 2174-05-13      | Fixed         | 9.51%                 | No            |                  2 | On Loan: No      |
| Hawaiian Airlines Pass Through Trust                                         | HAWAIIAN AIRLINES 2013-1 CLASS A PASS THROUGH CERT 3.900000% 01/15/2026           | CUSIP: 419838AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4972961 | PA      | $4940722.52   | 0.12%             | 2026-01-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Rice University                                                              | WILLIAM MARSH RICE UNIVERSITY 2.598000% 05/15/2050                                | CUSIP: 96926GAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1810000 | PA      | $1172104.63   | 0.03%             | 2050-05-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| U.S. BANCORP                                                                 | US BANCORP 5.836000% 06/12/2034                                                   | CUSIP: 91159HJN1<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4265388.56   | 0.11%             | 2034-06-12      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                                                       | SEQUOIA MORTGAGE TRUST 2025-2 SEMT 2025-2 A4                                      | CUSIP: 816935AD2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |  19464198 | PA      | $19749104.75  | 0.50%             | 2055-03-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2024-19 H                            | CUSIP: 38384KAY7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   1824475 | PA      | $1841267.25   | 0.05%             | 2051-12-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW ENGLAND POWER COMPANY                                                    | NEW ENGLAND POWER CO 144A 2.807000% 10/06/2050                                    | CUSIP: 644188BG8<br>LEI: 549300DTVRGN9GYD5U85 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $3173276.50   | 0.08%             | 2050-10-06      | Fixed         | 2.81%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                  | FREDDIE MAC REMICS FHR 5417 JA                                                    | CUSIP: 3137HDFH8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |  80382861 | PA      | $81997061.38  | 2.07%             | 2044-08-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TOPAZ SOLAR FARMS LLC                                                        | TOPAZ SOLAR FARMS LLC 144A 5.750000% 09/30/2039                                   | CUSIP: 89054XAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  15028875 | PA      | $15028875.00  | 0.38%             | 2039-09-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VENTURE CLO LIMITED                                                          | VENTURE XIX CLO LTD VENTR 2014-19A ARR                                            | CUSIP: 92330EAP2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6750921 | PA      | $6752581.88   | 0.17%             | 2032-01-15      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| DROP MORTGAGE TRUST                                                          | DROP MORTGAGE TRUST 2021-FILE DROP 2021-FILE D                                    | CUSIP: 26210YAL0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |  15000000 | PA      | $12666675.00  | 0.32%             | 2043-10-15      | Floating      | 6.90%                 | Yes           |                  2 | On Loan: No      |
| HILLTOP SECURITIES INC.                                                      | HILLTOP SECURITIES INC 0% CP                                                      | CUSIP: 43276TYK3<br>LEI: 549300IXU82PMU6XZT45 | Long             | ABS-APCP         |  | US        |   5000000 | PA      | $4988610.00   | 0.13%             | 2025-11-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COMERICA INCORPORATED                                                        | COMERICA INC 5.982000% 01/30/2030                                                 | CUSIP: 200340AW7<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10403675.10  | 0.26%             | 2030-01-30      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| RATE MORTGAGE TRUST                                                          | RATE MORTGAGE TRUST 205-J1 RATE 2025-J1 A1                                        | CUSIP: 75410CAA7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |  18654832 | PA      | $18911074.55  | 0.48%             | 2055-03-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                          | GOVERNMENT NATIONAL MORTGAGE A JPM 6166 12/31/2049                                | CUSIP: BCCJ78H14<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |  95000000 | PA      | $94050000.00  | 2.37%             | 2049-12-31      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| BENCHMARK MORTGAGE TRUST                                                     | BENCHMARK 2020-B18 MORTGAGE TRUST BMARK 2020-B18 E                                | CUSIP: 08163AAV5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   8000000 | PA      | $4213815.20   | 0.11%             | 2053-07-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                                                       | SEQUOIA MORTGAGE TRUST 2024-5 SEMT 2024-5 A1                                      | CUSIP: 81743CAA3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   4668979 | PA      | $4756835.08   | 0.12%             | 2054-06-25      | Floating      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ukraine                                                          | UKRAINE GOVERNMENT 0.000000% 02/01/2036                                           | CUSIP: N/A<br>LEI: 6354001WLTJXOMEXPY07       | Long             | DBT              | NUSS              | UA        |    345528 | PA      | $175691.82    | 0.00%             | 2036-02-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CHASE HOME LENDING MORTGAGE TRUST                                            | CHASE HOME LENDING MORTGAGE TRUST 2025-5 CHASE 2025-5 A4A                         | CUSIP: 161935AE1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   7107980 | PA      | $7152140.76   | 0.18%             | 2056-04-25      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| SOCIETE GENERALE SA                                                          | SOCIETE GENERALE SA 144A 8.125000% MATURITY: PERPETUAL                            | CUSIP: 83370RAE8<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | NUSS              | FR        |   4000000 | PA      | $4182572.00   | 0.11%             | 2174-05-21      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| CARRINGTON MORTGAGE LOAN TRUST                                               | CARRINGTON MORT M8                                                                | CUSIP: 144527AM0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1000000 | PA      | $0.01         | 0.00%             | 2037-02-25      | Floating      | 2.46%                 | No            |                  3 | On Loan: No      |
| EVERBRIGHT SOLAR TRUST                                                       | EVERBRIGHT SOLAR TRUST 2024-A EVBRT 2024-A B                                      | CUSIP: 29977FAB0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   5418042 | PA      | $5044230.36   | 0.13%             | 2054-06-22      | Fixed         | 8.13%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2023-93 B                            | CUSIP: 38384A4B6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   3359131 | PA      | $3368926.06   | 0.08%             | 2044-12-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-130 AG                          | CUSIP: 38381MXT2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |  49860565 | PA      | $48174056.47  | 1.21%             | 2059-04-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GALTON FUNDING MORTGAGE TRUST                                                | GALTON FUNDING MORTGAGE TRUST 2019-2 GFMT 2019-2 A21                              | CUSIP: 36418AAG2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    899747 | PA      | $843363.54    | 0.02%             | 2059-06-25      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                  | FREDDIE MAC REMICS FHR 5406 PO                                                    | CUSIP: 3137HC4A7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |  63015474 | PA      | $43199042.17  | 1.09%             | 2052-03-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST                                 | AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2025- ACAR 2025-4 D                  | CUSIP: 024948AG6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |  20000000 | PA      | $19991392.00  | 0.50%             | 2031-09-12      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST                                          | GS MORTGAGE-BACKED SECURITIES TRUST 2024-PJ5 GSMBS 2024-PJ5 A4                    | CUSIP: 36269XAG2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |  12484581 | PA      | $12719503.06  | 0.32%             | 2054-09-25      | Floating      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2016-99 ID                           | CUSIP: 38379XN71<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |  12327739 | PA      | $2481337.20   | 0.06%             | 2044-04-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2014-44 IO                           | CUSIP: 38379AUY4<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    166121 | PA      | $827.83       | 0.00%             | 2026-11-16      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CIFC FUNDING LTD                                                             | CIFC FUNDING 2025-IV LTD CIFC 2025-4A C                                           | CUSIP: 12575MAD3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $2998089.00   | 0.08%             | 2038-10-24      | Floating      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| Republica de Colombia                                                        | REPUBLIC OF COLOMBIA 3.250000% 04/22/2032                                         | CUSIP: 195325DZ5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   5000000 | PA      | $4262500.00   | 0.11%             | 2032-04-22      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST                                          | GS MORTGAGE-BACKED SECURITIES TRUST 2025-NQM2 GSMBS 2025-NQM2 A2                  | CUSIP: 36272EAB0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   4509728 | PA      | $4537297.30   | 0.11%             | 2065-06-25      | Floating      | 5.80%                 | Yes           |                  2 | On Loan: No      |
| WALDORF PRODUCTION UK PLC                                                    | WALDORF PRODUCTION UK PLC 0.000000% MATURITY: PERPETUAL                           | CUSIP: N/A<br>LEI: 254900FUKD3GJRFOPD65       | Long             | DBT              | NUSS              | US        |  11021065 | PA      | $11021065.00  | 0.28%             | 2174-09-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| WALDORF ENERGY FINANCE PLC                                                   | WALDORF ENERGY FINANCE PLC 0.000000% MATURITY: PERPETUAL                          | CUSIP: N/A<br>LEI: 213800W5YHZI9F3LY484       | Long             | DBT              | NUSS              | GB        |   1334241 | PA      | $344234.18    | 0.01%             | 2174-09-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST                                        | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2016-C32 WFCM 2016-C32 D                    | CUSIP: 94989YAJ2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   2000000 | PA      | $1840788.20   | 0.05%             | 2059-01-15      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                        | FANNIE MAE POOL FN MA5152                                                         | CUSIP: 31418EWN6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |  16973921 | PA      | $17223974.28  | 0.43%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                                 | BARCLAYS PLC 6.692000% 09/13/2034                                                 | CUSIP: 06738ECL7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | NUSS              | GB        |   2000000 | PA      | $2214716.38   | 0.06%             | 2034-09-13      | Fixed         | 6.69%                 | No            |                  2 | On Loan: No      |
| United States of America                                                     | US TREASURY N/B 4.625000% 11/15/2044                                              | CUSIP: 912810UF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 250000000 | PA      | $249697265.00 | 6.29%             | 2044-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| VFI ABS LLC                                                                  | VFI ABS 2023-1 LLC VFI 2023-1A B                                                  | CUSIP: 92555QAB4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |  10000000 | PA      | $10146147.00  | 0.26%             | 2029-08-24      | Fixed         | 7.78%                 | Yes           |                  2 | On Loan: No      |
| United States of America                                                     | US TREASURY N/B 4.875000% 08/15/2045                                              | CUSIP: 912810UN6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  75000000 | PA      | $77250000.00  | 1.95%             | 2045-08-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| JPMDB COMMERCIAL MORTGAGE SECURITIES TRUST                                   | JPMDB COMMERCIAL MORTGAGE SECURITIES TRUST 2016-C2 JPMDB 2016-C2 C                | CUSIP: 46590LAZ5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   4328000 | PA      | $2732555.94   | 0.07%             | 2049-06-15      | Floating      | 3.32%                 | No            |                  2 | On Loan: No      |
| GALTON FUNDING MORTGAGE TRUST                                                | GALTON FUNDING MORTGAGE TRUST 2019-1 GFMT 2019-1 A22                              | CUSIP: 36418WAJ8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     76446 | PA      | $72702.08     | 0.00%             | 2059-02-25      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| COREVEST AMERICAN FINANCE                                                    | CAFL 2021-RTL1 ISSUER LLC CAFL 2021-RTL1 A1                                       | CUSIP: 12468RAA8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    332913 | PA      | $332912.75    | 0.01%             | 2029-03-28      | Fixed         | 4.24%                 | Yes           |                  2 | On Loan: No      |
| GLS AUTO RECEIVABLES TRUST                                                   | GLS AUTO RECEIVABLES ISSUER TRUST 2022-3 GCAR 2022-3A E                           | CUSIP: 38014QAF3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1990000 | PA      | $2048663.21   | 0.05%             | 2029-10-15      | Fixed         | 8.35%                 | Yes           |                  2 | On Loan: No      |
| nVent Finance S.a r.l.                                                       | NVENT FINANCE SARL 5.650000% 05/15/2033                                           | CUSIP: 67078AAF0<br>LEI: 549300KO1OQ4MVFB6X02 | Long             | DBT              | NUSS              | GB        |   3000000 | PA      | $3138396.90   | 0.08%             | 2033-05-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST                       | JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRU JPMCC 2007-LD12 AJ             | CUSIP: 46632HAL5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    260444 | PA      | $259579.36    | 0.01%             | 2051-02-15      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                                                | GOLDMAN SACHS GROUP INC/THE 3.800000% MATURITY: PERPETUAL                         | CUSIP: 38144GAE1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4926467.00   | 0.12%             | 2173-11-10      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                                             | PACIFIC GAS AND ELECTRIC CO 4.500000% 07/01/2040                                  | CUSIP: 694308JQ1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |  11000000 | PA      | $9562459.50   | 0.24%             | 2040-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DEXT ABS LLC                                                                 | DEXT ABS 2025-1 LLC DEXT 2025-1 D                                                 | CUSIP: 252154AF6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   6000000 | PA      | $6103473.60   | 0.15%             | 2036-02-15      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| RHODE ISLAND ST HEALTH & EDL BLDG CORP                                       | RHODE ISLAND ST HLTH & EDUCTNL RHODE ISLAND HEALTH AND EDUCATIONAL BUILDING CORP  | CUSIP: 762243Y31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5011863.00   | 0.13%             | 2029-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FIRST INVESTORS AUTO OWNER TRUST                                             | FIRST INVESTORS AUTO OWNER TRUST 2023-1 FIAOT 2023-1A D                           | CUSIP: 320986AG7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   9000000 | PA      | $9416705.40   | 0.24%             | 2031-01-15      | Fixed         | 7.74%                 | Yes           |                  2 | On Loan: No      |
| CHOICE HOTELS INTERNATIONAL, INC.                                            | CHOICE HOTELS INTERNATIONAL INC 3.700000% 12/01/2029                              | CUSIP: 169905AF3<br>LEI: 5493003CYRY5RFGTIR97 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7680110.16   | 0.19%             | 2029-12-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| PEARL STREET MORTGAGE COMPANY TRUST (PSMC)                                   | PSMC 2020-2 TRUST PSMC 2020-2 A2                                                  | CUSIP: 693652AB5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |         0 | PA      | $0.04         | 0.00%             | 2050-05-25      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY TEX UNIV REVS                                                     | UNIV OF TEXAS TX BOARD OF REGENTS OF THE UNIVERSITY OF TEXAS SYSTEM               | CUSIP: 9151375R0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4670000 | PA      | $4525862.79   | 0.11%             | 2046-08-15      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| FLAGSHIP CREDIT AUTO TRUST                                                   | FLAGSHIP CREDIT AUTO TRUST 2024-3 FCAT 2024-3 D                                   | CUSIP: 33843YAG2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   5886000 | PA      | $5449424.20   | 0.14%             | 2030-09-16      | Fixed         | 6.11%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                                                   | JP MORGAN MORTGAGE TRUST SERIES 2024-3 JPMMT 2024-3 A3                            | CUSIP: 46657QAE1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   8637967 | PA      | $7542241.26   | 0.19%             | 2054-05-25      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| THE BOEING COMPANY                                                           | BOEING CO/THE 7.008000% 05/01/2064                                                | CUSIP: 097023DU6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |  38598000 | PA      | $44175785.79  | 1.11%             | 2064-05-01      | Fixed         | 7.01%                 | No            |                  2 | On Loan: No      |
| MISSION TEX ECONOMIC DEV CORP PWR PUR AGREEMENT REV                          | MISSION TX ECON DEV CORP PWR P MISSION ECONOMIC DEVELOPMENT CORP                  | CUSIP: 605147AC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3315000 | PA      | $33150.00     | 0.00%             | 2028-12-01      | Fixed         | 10.88%                | No            |                  3 | On Loan: No      |
| CF HIPPOLYTA ISSUER LLC                                                      | CF HIPPOLYTA ISSUER LLC SORT 2020-1 A2                                            | CUSIP: 12530MAB1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   5174183 | PA      | $4330051.62   | 0.11%             | 2060-07-15      | Fixed         | 1.99%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                        | FANNIE MAE POOL FN DC6605                                                         | CUSIP: 3140AUKT9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   9965312 | PA      | $10071418.58  | 0.25%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                                                   | JP MORGAN MORTGAGE TRUST 2024-9 JPMMT 2024-9 A4                                   | CUSIP: 46593DAD9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   2722146 | PA      | $2730926.20   | 0.07%             | 2055-02-25      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| SAKS GLOBAL ENTERPRISES LLC                                                  | SAKS GLOBAL ENTERPRISES LLC 144A 11.000000% 12/15/2029                            | CUSIP: 79380MAC9<br>LEI: 5493007HQSJGRH78Q684 | Long             | DBT              | CORP              | US        |   9500000 | PA      | $2113750.00   | 0.05%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| CSMC TRUST                                                                   | CSMC 2019-AFC1 TRUST CSMC 2019-AFC1 A1                                            | CUSIP: 12596XAA0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1579372 | PA      | $1523420.27   | 0.04%             | 2049-07-25      | Fixed         | 3.57%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST                       | JP MORGAN CHASE COMMERCIAL MORTGAGE SERIES  2007-LD12  CLASS J                    | CUSIP: 46632HAW1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1000000 | PA      | $0.09         | 0.00%             | 2051-02-15      | Fixed         | 5.99%                 | No            |                  3 | On Loan: No      |
| Republic of Ukraine                                                          | UKRAINE GOVERNMENT 0.000000% 02/01/2035                                           | CUSIP: N/A<br>LEI: 6354001WLTJXOMEXPY07       | Long             | DBT              | NUSS              | UA        |    414634 | PA      | $211051.18    | 0.01%             | 2035-02-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Provincia de Buenos Aires                                                    | PROVINCIA DE BUENOS AIRES/GOVERNMENT BONDS MTN 6.625000% 09/01/2037               | CUSIP: N/A<br>LEI: 549300L6AYROPOTQ4L07       | Long             | DBT              | NUSS              | AR        |    306708 | PA      | $224663.57    | 0.01%             | 2037-09-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                  | FREDDIE MAC REMICS FHR 5429 DV                                                    | CUSIP: 3137HDSN1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |  12714450 | PA      | $13055874.69  | 0.33%             | 2035-04-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SGUS LLC                                                                     | SGUS LLC 144A 11.000000% 12/15/2029                                               | CUSIP: 81880AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  12263636 | PA      | $10577508.69  | 0.27%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| T-MOBILE USA, INC.                                                           | T-MOBILE USA INC 6.700000% 12/15/2033                                             | CUSIP: 87264ADV4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |  13679000 | PA      | $15301407.64  | 0.39%             | 2033-12-15      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST                                        | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2018-AUS WFCM 2018-AUS A                    | CUSIP: 94990EAA2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   5000000 | PA      | $4908863.00   | 0.12%             | 2036-08-17      | Floating      | 4.06%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                  | FREDDIE MAC REMICS FHR 5491 C                                                     | CUSIP: 3137HHVH1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |  46290598 | PA      | $46629148.80  | 1.18%             | 2050-11-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TPG REAL ESTATE FINANCE ISSUER LTD                                           | TRTX 2021-FL4 ISSUER LTD TRTX 2021-FL4 C                                          | CUSIP: 87276WAG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  10000000 | PA      | $9975850.00   | 0.25%             | 2038-03-15      | Floating      | 6.55%                 | Yes           |                  2 | On Loan: No      |
| JBS USA Holding Lux S.a r.l.                                                 | JBS USA HOLDING LUX SARL/ JBS USA FOOD CO/ JBS LUX 6.500000% 12/01/2052           | CUSIP: 46590XAX4<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | NUSS              | US        |   5000000 | PA      | $5186550.00   | 0.13%             | 2052-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CRUISE YACHT UPPER HOLDCO LTD                                                | CRUISE YACHT UPPER HOLDCO LTD 11.875000% 07/05/2028                               | CUSIP: N/A<br>LEI: 984500DE088QEE80G074       | Long             | DBT              | NUSS              | LU        |   4000000 | PA      | $3574509.80   | 0.09%             | 2028-07-05      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| AQUA FINANCE TRUST                                                           | AQUA FINANCE TRUST 2024-A AQFIT 2024-A A                                          | CUSIP: 03837DAA2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   3973595 | PA      | $4006990.70   | 0.10%             | 2050-04-18      | Fixed         | 4.81%                 | Yes           |                  2 | On Loan: No      |
| GARTNER, INC.                                                                | GARTNER INC 144A 3.625000% 06/15/2029                                             | CUSIP: 366651AG2<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2880071.10   | 0.07%             | 2029-06-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| JBS USA Holding Lux S.a r.l.                                                 | JBS USA HOLDING LUX SARL/ JBS USA FOOD CO/ JBS LUX 6.750000% 03/15/2034           | CUSIP: 47214BAC2<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | NUSS              | US        |  10000000 | PA      | $11032530.00  | 0.28%             | 2034-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                        | FANNIE MAE POOL FN CB7449                                                         | CUSIP: 3140QTH36<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |  29105050 | PA      | $30218246.49  | 0.76%             | 2053-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Group AG                                                       | CREDIT SUISSE GROUP AG 5.100000% MATURITY: PERPETUAL                              | CUSIP: H3698DCV4<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | NUSS              | CH        |  10000000 | PA      | $2700000.00   | 0.07%             | 2174-07-24      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST                                          | GS MORTGAGE-BACKED SECURITIES TRUST 2025-PJ7 GSMBS 2025-PJ7 A5                    | CUSIP: 36272MAE6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |  11791400 | PA      | $11846752.77  | 0.30%             | 2055-12-25      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| TEXTAINER MARINE CONTAINERS LIMITED                                          | TEXTAINER MARINE CONTAINERS VII LTD TMCL 2024-1A A                                | CUSIP: 88316AAA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | BM        |   6238167 | PA      | $6264847.94   | 0.16%             | 2049-08-20      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2025-148 PT                          | CUSIP: 38381ME55<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |  44925538 | PA      | $42903520.02  | 1.08%             | 2064-12-16      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE COMPANY LLC                                          | NISSAN MOTOR ACCEPTANCE CO LLC 144A 7.050000% 09/15/2028                          | CUSIP: 65480CAF2<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2080702.16   | 0.05%             | 2028-09-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY TEX UNIV REVS                                                     | UNIV OF TEXAS TX BOARD OF REGENTS OF THE UNIVERSITY OF TEXAS SYSTEM               | CUSIP: 9151375F6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3058594.80   | 0.08%             | 2042-08-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                  | FREDDIE MAC REMICS FHR 5425 A                                                     | CUSIP: 3137HCYU0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |  72339172 | PA      | $73794404.86  | 1.86%             | 2044-09-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VOLT LLC                                                                     | VOLT CIII LLC VOLT 2021-CF1 A2                                                    | CUSIP: 92873JAB5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   3493736 | PA      | $3460343.31   | 0.09%             | 2051-08-25      | Fixed         | 7.97%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                                                   | JP MORGAN MORTGAGE TRUST 2024-2 JPMMT 2024-2 A3                                   | CUSIP: 46657TAB1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   3479740 | PA      | $3529625.05   | 0.09%             | 2054-08-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Banco Santander, S.A.                                                        | BANCO SANTANDER SA 9.625000% MATURITY: PERPETUAL                                  | CUSIP: 05971KAQ2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | NUSS              | ES        |   5000000 | PA      | $6096735.00   | 0.15%             | 2174-02-21      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| PAWNEE EQUIPMENT RECEIVABLES LLC                                             | PAWNEEE EQUIPMENT RECEIVABLES SERIES 2022-1 LLC PWNE 2022-1 C                     | CUSIP: 70410DAE8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   4000000 | PA      | $4033848.80   | 0.10%             | 2028-07-17      | Fixed         | 6.01%                 | Yes           |                  2 | On Loan: No      |
| United States of America                                                     | US TREASURY N/B 4.125000% 08/15/2044                                              | CUSIP: 912810UD8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 200000000 | PA      | $187195312.00 | 4.72%             | 2044-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Synovus Bank                                                                 | SYNOVUS BANK/COLUMBUS GA 5.625000% 02/15/2028                                     | CUSIP: 87164DVJ6<br>LEI: DX0JX77PRMOELF7VG772 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $8165240.16   | 0.21%             | 2028-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                  | FREDDIE MAC REMICS FHR 4349 KI                                                    | CUSIP: 3137BBG87<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |   1790962 | PA      | $93089.16     | 0.00%             | 2033-04-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| THE FEDERAL HOME LOAN BANKS                                                  | FEDERAL HOME LOAN BANK 6.000000% 07/28/2045                                       | CUSIP: 3130B72Q6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   5000000 | PA      | $5051966.95   | 0.13%             | 2045-07-28      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TRICOLOR AUTO SECURITIZATION TRUST                                           | TRICOLOR AUTO SECURITIZATION TRUST 2023-1 TAST 2023-1A F                          | CUSIP: 89616KAF1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |  11910000 | PA      | $3614411.07   | 0.09%             | 2030-06-17      | Fixed         | 16.00%                | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2023-59 G                            | CUSIP: 38383XUL6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   1552614 | PA      | $1550832.09   | 0.04%             | 2050-03-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.                             | BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES TRUST BSCMS 2007-T26 AJ               | CUSIP: 07388VAH1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     52593 | PA      | $52084.65     | 0.00%             | 2045-01-12      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| DEXT ABS LLC                                                                 | DEXT ABS 2025-1 LLC DEXT 2025-1 B                                                 | CUSIP: 252154AD1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   5000000 | PA      | $5057161.50   | 0.13%             | 2035-08-15      | Fixed         | 4.98%                 | Yes           |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

**Title:** CFO