# EDGAR Filing Document

**Accession Number:** 0001762332
**File Stem:** 0001398344-25-021313
**Filing Date:** 2025-11
**Character Count:** 582551
**Document Hash:** 114bff495a49cb94fcf7d883fe6dc688
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-021313.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001398344-25-021313

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 35

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**EFFECTIVENESS DATE**: 20251128

**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:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23410
- **FILM NUMBER:** 251529377

**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
**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:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-229001
- **FILM NUMBER:** 251529376

**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 CREDIT FUND (Series ID: S000065041)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000210574 | Institutional Class Shares | FCFIX           |
| C000210575 | Investor Class Shares      | FCFAX           |
| C000210576 | A Class Shares             | FCFBX           |

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

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

### FROST LOW DURATION BOND FUND (Series ID: S000065043)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000210579 | Institutional Class Shares | FILDX           |
| C000210580 | Investor Class Shares      | FADLX           |

### 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           |

?xml version='1.0' encoding='ASCII'?

**AS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ON NOVEMBER 26, 2025**

File No. 333-229001

File No. 811-23410

**U.S. SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM N-1A**

**REGISTRATION STATEMENT UNDER THE**

**SECURITIES ACT OF 1933**

POST-EFFECTIVE AMENDMENT NO. 11 /X/

AND

**REGISTRATION STATEMENT UNDER THE**

**INVESTMENT COMPANY ACT OF 1940**

AMENDMENT NO. 13 /X/

**FROST FAMILY OF FUNDS**

(Exact Name of Registrant as Specified in Charter)

One Freedom Valley Drive

Oaks, Pennsylvania 19456

(Address of Principal Executive Offices, Zip Code)

1-877-713-7678

(Registrant's Telephone Number, including Area Code)

Michael Beattie

c/o SEI Investments

One Freedom Valley Drive

Oaks, Pennsylvania 19456

(Name and Address of Agent for Service)

Copies to:

David W. Freese, Esquire

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, Pennsylvania 19103

John J. O'Brien, Esq.

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, Pennsylvania 19103

It is proposed that this filing become effective (check appropriate box)

---

| | |
|:---|:---|
| / / | Immediately upon filing pursuant to paragraph (b) |
| /X/ | On November 28, 2025 pursuant to paragraph (b) |
| / / | 60 days after filing pursuant to paragraph (a)(1) |
| / / | 75 days after filing pursuant to paragraph (a)(2) |
| / / | On [date] pursuant to paragraph (a)(1) of Rule 485 |

---

![](fp0095498-1_i.jpg)

![](fp0095498-1_ia.jpg)

**Frost Family of Funds** 

**November 28, 2025**

---

| | |
|:---|:---|
| **FROST GROWTH EQUITY FUND** | **FROST LOW DURATION BOND FUND** |
| (Institutional Class Shares: FICEX) | (Institutional Class Shares: FILDX) |
| (Investor Class Shares: FACEX) | (Investor Class Shares: FADLX) |
| **FROST TOTAL RETURN BOND FUND** | **FROST CREDIT FUND** |
| (Institutional Class Shares: FIJEX) | (Institutional Class Shares: FCFIX)  |
| (Investor Class Shares: FATRX) | (Investor Class Shares: FCFAX) |
| (A Class Shares: FAJEX) | (A Class Shares: FCFBX) |

---

**Investment Adviser:** 

Frost Investment Advisors, LLC

The U.S. Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy or accuracy of this Prospectus.

Any representation to the contrary is a criminal offense.

#### About This Prospectus
This Prospectus has been arranged into different sections so that you can easily review this important information. For detailed information about each Fund, please see:

---

| | | |
|:---|:---|:---|
| [**Frost Growth Equity Fund**](#x137629788757608) | [**Frost Growth Equity Fund**](#x137629788757608) |  |
| [Investment Objective](#x48215873015873) | [Investment Objective](#x48215873015873) | [1](#x48215873015873) |
| [Fund Fees and Expenses](#x124138062402377) | [Fund Fees and Expenses](#x124138062402377) | [1](#x124138062402377) |
| [Principal Investment Strategies](#x026611096831051) | [Principal Investment Strategies](#x026611096831051) | [1](#x026611096831051) |
| [Principal Risks](#x176503590664273) | [Principal Risks](#x176503590664273) | [2](#x176503590664273) |
| [Performance Information](#x03922942206655) | [Performance Information](#x03922942206655) | [4](#x03922942206655) |
| [Investment Adviser](#x179449622725255) | [Investment Adviser](#x179449622725255) | [5](#x179449622725255) |
| [Portfolio Managers](#x006119891174762) | [Portfolio Managers](#x006119891174762) | [5](#x006119891174762) |
| [Tax Information](#x179193786982249) | [Tax Information](#x179193786982249) | [5](#x179193786982249) |
| [**Frost Total Return Bond Fund**](#x08220314033366) | [**Frost Total Return Bond Fund**](#x08220314033366) |  |
| [Investment Objective](#x191435042207124) | [Investment Objective](#x191435042207124) | [6](#x191435042207124) |
| [Fund Fees and Expenses](#x001960895117541) | [Fund Fees and Expenses](#x001960895117541) | [6](#x001960895117541) |
| [Principal Investment Strategies](#x112406371980167) | [Principal Investment Strategies](#x112406371980167) | [7](#x112406371980167) |
| [Principal Risks](#x837577815506508) | [Principal Risks](#x837577815506508) | [8](#x837577815506508) |
| [Performance Information](#x299101906158358) | [Performance Information](#x299101906158358) | [10](#x299101906158358) |
| [Investment Adviser](#x051720860232088) | [Investment Adviser](#x051720860232088) | [11](#x051720860232088) |
| [Portfolio Manager](#x231905482481667) | [Portfolio Manager](#x231905482481667) | [11](#x231905482481667) |
| [Tax Information](#x02643479539689) | [Tax Information](#x02643479539689) | [12](#x02643479539689) |
| [**Frost Credit Fund**](#x107111334002006) | [**Frost Credit Fund**](#x107111334002006) |  |
| [Investment Objective](#x037168301124892) | [Investment Objective](#x037168301124892) | [13](#x037168301124892) |
| [Fund Fees and Expenses](#x521143592572164) | [Fund Fees and Expenses](#x521143592572164) | [13](#x521143592572164) |
| [Principal Investment Strategies](#x016337679740246) | [Principal Investment Strategies](#x016337679740246) | [14](#x016337679740246) |
| [Principal Risks](#x123501199040767) | [Principal Risks](#x123501199040767) | [14](#x123501199040767) |
| [Performance Information](#x091728772533282) | [Performance Information](#x091728772533282) | [17](#x091728772533282) |
| [Investment Adviser](#x021526854559957) | [Investment Adviser](#x021526854559957) | [18](#x021526854559957) |
| [Portfolio Managers](#x148383531362255) | [Portfolio Managers](#x148383531362255) | [19](#x148383531362255) |
| [Tax Information](#x01774985649595) | [Tax Information](#x01774985649595) | [19](#x01774985649595) |
| [**Frost Low Duration Bond Fund**](#x434541666666667) | [**Frost Low Duration Bond Fund**](#x434541666666667) |  |
| [Investment Objective](#x929707893101305) | [Investment Objective](#x929707893101305) | [20](#x929707893101305) |
| [Fund Fees and Expenses](#x007853618421053) | [Fund Fees and Expenses](#x007853618421053) | [20](#x007853618421053) |
| [Principal Investment Strategies](#x145595792996295) | [Principal Investment Strategies](#x145595792996295) | [20](#x145595792996295) |
| [Principal Risks](#x01033732764281) | [Principal Risks](#x01033732764281) | [21](#x01033732764281) |
| [Performance Information](#x025154404079435) | [Performance Information](#x025154404079435) | [23](#x025154404079435) |
| [Investment Adviser](#x260087994971716) | [Investment Adviser](#x260087994971716) | [24](#x260087994971716) |
| [Portfolio Managers](#x04749307681096) | [Portfolio Managers](#x04749307681096) | [24](#x04749307681096) |
| [Tax Information](#x063284555100909) | [Tax Information](#x063284555100909) | [25](#x063284555100909) |
| [Summary Information About the Purchase and Sale of Fund Shares and Financial Intermediary Compensation](#x131233000906618) | [Summary Information About the Purchase and Sale of Fund Shares and Financial Intermediary Compensation](#x131233000906618) | [26](#x131233000906618) |
| [More Information About Risk](#x126741546649969) | [More Information About Risk](#x126741546649969) | [27](#x126741546649969) |
| [More Information About Fund Investments](#x098441642768248) | [More Information About Fund Investments](#x098441642768248) | [29](#x098441642768248) |
| [Information About Portfolio Holdings](#x069544131910766) | [Information About Portfolio Holdings](#x069544131910766) | [30](#x069544131910766) |
| [Investment Adviser](#x138026431718062) | [Investment Adviser](#x138026431718062) | [31](#x138026431718062) |
| [Portfolio Managers](#x451857682619647) | [Portfolio Managers](#x451857682619647) | [33](#x451857682619647) |
| [Purchasing, Selling and Exchanging Fund Shares](#x699601480216339) | [Purchasing, Selling and Exchanging Fund Shares](#x699601480216339) | [34](#x699601480216339) |
| [Sales Charges](#x212244487634877) | [Sales Charges](#x212244487634877) | [40](#x212244487634877) |
| [Payments to Financial Intermediaries](#x141968848868338) | [Payments to Financial Intermediaries](#x141968848868338) | [44](#x141968848868338) |
| [Other Policies](#x116737396819475) | [Other Policies](#x116737396819475) | [45](#x116737396819475) |
| [Dividends and Distributions](#x221165755919854) | [Dividends and Distributions](#x221165755919854) | [47](#x221165755919854) |
| [Taxes](#x036043360433604) | [Taxes](#x036043360433604) | [48](#x036043360433604) |
| [Additional Information](#x199636032757052) | [Additional Information](#x199636032757052) | [50](#x199636032757052) |
| [Financial Highlights](#x130722046968104) | [Financial Highlights](#x130722046968104) | [51](#x130722046968104) |
| [How to Obtain More Information About the Funds](#x088115121321816) | Back Cover | Back Cover |
| [Intermediary-Specific Sales Charge Discounts and Waivers](#x061385045918568) | Appendix A | Appendix A |

---

#### Frost Growth Equity Fund
**Investment Objective** 

The Frost Growth Equity Fund (the "Fund") seeks to achieve long-term capital appreciation.

**Fund Fees and Expenses** 

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Class Shares, which are not reflected in the table or the example below.** 

*Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)* 

---

| | | |
|:---|:---|:---|
|  | **Institutional Class <br> Shares** | **Investor Class <br> Shares** |
| Management Fees | 0.50% | 0.50% |
| Distribution (12b-1) Fees |  | 0.25% |
| Other Expenses | <u>0.16%</u>  | <u>0.16%</u>  |
| Total Annual Fund Operating Expenses | 0.66% | 0.91% |

---

**Example** 

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Institutional Class Shares | $67 | $211 | $368 | $822 |
| Investor Class Shares | $93 | $290 | $504 | $1120 |

---

**Portfolio Turnover** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During its most recent fiscal year, the Fund's portfolio turnover rate was 16% of the average value of its portfolio.

**Principal Investment Strategies** 

Under normal market conditions, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities. This investment policy may be changed by the Fund upon 60 days' prior written notice to shareholders. The Fund intends to invest in companies of any market capitalization that Frost Investment Advisors, LLC (the "Adviser" or "Frost") believes will have growing revenues and earnings. The Fund will generally invest in equity securities of domestic companies, but may also

1<br>

invest in equity securities of foreign companies and American Depositary Receipts ("ADRs"). The Adviser performs in-depth analyses of company fundamentals and factors affecting industries to identify companies displaying strong earnings and revenue growth relative to the overall market or relative to their peer group, improving returns on equity and a sustainable competitive advantage.

The Adviser focuses on a number of factors to assess the growth potential of individual companies, such as:

&nbsp;&nbsp;&nbsp;&nbsp;● Historical and expected organic revenue growth rates;

&nbsp;&nbsp;&nbsp;&nbsp;● Historical and expected earnings growth rates;

&nbsp;&nbsp;&nbsp;&nbsp;● Signs of accelerating growth potential;

&nbsp;&nbsp;&nbsp;&nbsp;● Positive earnings revisions;

&nbsp;&nbsp;&nbsp;&nbsp;● Earnings momentum;

&nbsp;&nbsp;&nbsp;&nbsp;● Improving margin and return on equity trends; and

&nbsp;&nbsp;&nbsp;&nbsp;● Positive price momentum.

When an attractive growth opportunity is identified, the Adviser seeks to independently develop an intrinsic valuation for the stock. The Adviser believes that the value of a company is determined by discounting the company's future cash flows or earnings. Valuation factors considered in identifying securities for the Fund's portfolio include:

&nbsp;&nbsp;&nbsp;&nbsp;● Price/earnings ratio;

&nbsp;&nbsp;&nbsp;&nbsp;● Price/sales ratio;

&nbsp;&nbsp;&nbsp;&nbsp;● Price/earnings to growth ratio;

&nbsp;&nbsp;&nbsp;&nbsp;● Enterprise value/earnings before interest, taxes, depreciation and amortization;

&nbsp;&nbsp;&nbsp;&nbsp;● Enterprise value/sales;

&nbsp;&nbsp;&nbsp;&nbsp;● Price/cash flow;

&nbsp;&nbsp;&nbsp;&nbsp;● Balance sheet strength; and

&nbsp;&nbsp;&nbsp;&nbsp;● Returns on equity and returns on invested capital.

The Adviser also seeks to understand a firm's competitive position and the industry dynamics in which the firm operates. The Adviser assesses industry growth potential, market share opportunities, cyclicality and pricing power. Further analysis focuses on corporate governance and management's ability to create value for shareholders.

The Adviser augments its independent fundamental research process with quantitative screens and models. The models are derived from proprietary research or securities industry research studies and score companies based upon a number of fundamental factors. The Adviser uses quantitative analysis to provide an additional layer of objectivity, discipline and consistency to its equity research process. This quantitative analysis complements the fundamental analyses that the Adviser conducts on companies during its stock selection process.

The Fund seeks to buy and hold securities for the long term and seeks to keep portfolio turnover to a minimum. However, the Adviser may sell a security if its price exceeds the Adviser's assessment of its fair value or in response to a negative company event, a change in management, poor relative price performance, achieved fair valuation, or a deterioration in a company's business prospects, performance or financial strength.

The Fund is classified as "non-diversified," which means that it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund.

**Principal Risks** 

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC, or any government agency.** The principal risks affecting shareholders' investments in the Fund are set forth below.

**Management Risk** – The risk that the investment techniques and risk analyses applied by the Adviser will not produce the desired results and that legislative, regulatory, or tax developments may affect the investment techniques available to the Adviser and the individual portfolio managers in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved.

2<br>

**Equity Risk** – Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. These factors contribute to price volatility, which is the principal risk of investing in the Fund.

**Growth Style Risk** – The price of equity securities rises and falls in response to many factors, including the historical and prospective earnings of the issuer of the stock, the value of its assets, general economic conditions, interest rates, investor perceptions, and market liquidity. The Fund may invest in securities of companies that the Adviser believes have superior prospects for robust and sustainable growth of revenues and earnings. These may be companies with new, limited or cyclical product lines, markets or financial resources, and the management of such companies may be dependent upon one or a few key people. The stocks of such companies can therefore be subject to more abrupt or erratic market movements than stocks of larger, more established companies or the stock market in general.

**Sector Focus Risk** – Because the Fund may, from time to time, be more heavily invested in particular sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

**Foreign Company Risk** – Investing in foreign companies, whether through investments made in foreign markets or made through the purchase of ADRs, which are traded on U.S. exchanges and represent an ownership in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign companies are generally denominated in a foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Fund's investments. These currency movements may occur separately from, and in response to, events that do not otherwise affect the value of the security in the issuer's home country. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission ("SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

**Small- and Mid-Capitalization Company Risk** – The small- and mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid- capitalization stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**Non-Diversified Risk** – The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. However, the Fund intends to satisfy the diversification requirements for qualifying as a regulated investment company (a "RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

**Large Shareholder Risk** – Institutional Investor(s) of the Fund may hold a proportion of the Fund's shares, alone or in the aggregate, greater than the average retail investor(s). Transactions (i.e., large purchase or large redemption) of an institutional investor could impact a retail investor in the process of actively managing the Fund. While it is impossible to predict the long-term impact of these transactions; such events could have an adverse effect on the Fund's performance, expenses, and taxes. Large purchases by an institutional investor may have an adverse effect on the Fund's performance, as it may take time to invest the cash and may require the Fund's portfolio managers to maintain a larger cash position than they would under normal market conditions.

3<br>

Large redemptions by an institutional investor may increase the Fund's transactional costs, expense ratio and may have an adverse tax effect for the remaining shareholders of the Fund by requiring a sale of portfolio securities that may have not been sold under normal market conditions.

**Performance Information** 

The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's Institutional Class Shares' performance from year to year and by showing how the Fund's average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance.

The Fund operated as the Frost Growth Equity Fund (the "Predecessor Growth Equity Fund"), a series of The Advisors' Inner Circle Fund II, prior to the Fund's acquisition of the assets and liabilities of the Predecessor Growth Equity Fund on June 24, 2019 (the "Growth Equity Fund Reorganization"). As a result of the Growth Equity Fund Reorganization, the Fund assumed the performance and accounting history of the Predecessor Growth Equity Fund. Accordingly, performance figures for periods prior to the date of the Growth Equity Fund Reorganization represent the performance of the Predecessor Growth Equity Fund.

Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.frostinv.com or by calling 1-877-71-FROST.

![](fp0095498-1_4.jpg)

---

| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| 26.63% | (20.82)% |
| 6/30/2020 | 6/30/2022 |

---

The performance information shown above is based on a calendar year. Year to date performance (non-annualized and before taxes) as of September 30, 2025: 14.38%.

*Average Annual Total Returns for Periods Ended December 31, 2024* 

This table compares the Fund's average annual total returns for the periods ended December 31, 2024 to those of an appropriate broad-based index and an additional index with characteristics relevant to the Fund's investment strategies.

Prior to March 31, 2015, Investor Class Shares of the Predecessor Growth Equity Fund were called "Class A Shares," and shareholders were charged a sales charge on certain purchases of Class A Shares. The Investor Class Shares performance information provided in the table below for the period prior to March 31, 2015 represents the performance of the Predecessor Growth Equity Fund's Investor Class Shares when they were called Class A Shares, but does not include the Maximum Sales Charge (Load) that was applicable to Class A Shares. If sales charges were included, the returns would be lower.

4<br>

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns will depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). After-tax returns are shown for Institutional Class Shares only. After-tax returns for Investor Class Shares will vary.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Frost Growth Equity Fund**<br>**Fund Returns Before Taxes** | **1 Year**<br>| **5 Years**<br>| **10 Years**<br>| **Since Inception<sup>1</sup>**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | 29.97% | 16.49% | 15.23% | 12.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class Shares | 29.56% | 16.21% | 14.94% | 12.12% |
| **Fund Returns After Taxes on Distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | 24.27% | 13.22% | 11.79% | 9.85% |
| **Fund Returns After Taxes on Distributions and Sale of Fund Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | 21.68% | 12.73% | 11.56% | 9.56% |
| **Russell 1000 Index (reflects no deduction for fees, expenses, or taxes)** | 24.51% | 14.28% | 12.87% | 11.10% |
| **Russell 1000 Growth Index (reflects no deduction for fees, expenses, or taxes)** | 33.36% | 18.96% | 16.78% | 13.83% |

---

<sup>1</sup> Institutional Class Shares were offered beginning April 25, 2008. Investor Class Shares were offered beginning June 30, 2008. Index comparison begins April 25, 2008.

**Investment Adviser** 

Frost Investment Advisors, LLC

**Portfolio Managers** 

John Lutz, CFA, Senior Research Analyst and Senior Fund Manager at Frost, has been a portfolio manager for the Fund since its inception in 2008.

Jonathan Waite, CFA, Senior Research Analyst and Fund Co-Manager at Frost, has been a portfolio manager for the Fund since 2022.

Mr. Lutz and Mr. Waite are supported by a team of appropriately trained, qualified analysts and traders.

**Tax Information** 

The Fund intends to make distributions that may be taxed as ordinary income, qualified dividend income, or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or IRA, in which case your distribution will be taxed when withdrawn from the tax-deferred account.

*For important information about the purchase and sale of Fund shares and financial intermediary compensation, please turn to "Summary Information about the Purchase and Sale of Fund Shares and Financial Intermediary Compensation" on page 26 of the Prospectus.* 

5<br>

#### Frost Total Return Bond Fund
**Investment Objective** 

The Frost Total Return Bond Fund (the "Fund") seeks to maximize total return, consisting of income and capital appreciation, consistent with the preservation of principal.

**Fund Fees and Expenses** 

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in A Class Shares of the Frost Funds. More information about these and other discounts is available from your financial professional and in the section "Sales Charges" on page 40 of this Prospectus. Investors investing in the Fund through an intermediary should consult Appendix A - Intermediary Specific Sales Charge Discounts and Waivers, which includes information regarding broker-defined sales charges and related discount and/or waiver policies that apply to purchases through certain intermediaries. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Class Shares, which are not reflected in the "Annual Fund Operating Expenses" table or the example below.** 

*Shareholder Fees (fees paid directly from your investment)* 

---

| | |
|:---|:---|
|  | **A Class Shares** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 2.50% |
| Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) | None<sup>1</sup> |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions (as a percentage of offering price) |  |
| Redemption Fee (as a percentage of amount redeemed, if applicable) |  |

---

<sup>1</sup> A Class Shares purchased without an initial sales charge may be subject to a 1.00% contingent deferred sales charge ("CDSC") if redeemed within 12 months of purchase. 

*Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Institutional Class <br> Shares** | **Investor Class <br> Shares** | **A Class <br> Shares** |
| Management Fees | 0.35% | 0.35% | 0.35% |
| Distribution (12b-1) Fees |  | 0.25% | 0.25% |
| Other Expenses | <u>0.11%</u>  | <u>0.11%</u>  | <u>0.21%</u>  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing Fees |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Operating Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11% |
| Total Annual Fund Operating Expenses | 0.46% | 0.71% | 0.81% |

---

6<br>

**Example** 

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Institutional Class Shares | $47 | $148 | $258 | $579 |
| Investor Class Shares | $73 | $227 | $395 | $883 |
| A Class Shares | $331 | $502 | $688 | $1227 |

---

**Portfolio Turnover** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During its most recent fiscal year, the Fund's portfolio turnover rate was 66% of the average value of its portfolio.

**Principal Investment Strategies** 

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities. This investment policy may be changed by the Fund upon 60 days' prior written notice to shareholders.

Frost Investment Advisors, LLC (the "Adviser" or "Frost") actively manages the duration of the Fund and purchases securities such that the average effective duration of the Fund's portfolio will typically range within plus or minus four years of the duration of the Bloomberg U.S. Aggregate Bond Index, the Fund's benchmark. As of October 31, 2025, the duration of the Fund's benchmark was 6.01 years. Accordingly, the average effective duration of the Fund's portfolio would have been expected to range from 2.01 to 10.01 years as of such date. The concept of duration is useful in assessing the sensitivity of a fixed income fund to interest rate movements, which are usually the main source of risk for most fixed income funds. Duration measures price volatility by estimating the change in price of a debt security for a 1% change in its yield. For example, a duration of five years means the price of a debt security will change about 5% for every 1% change in its yield. Thus, the higher the duration, the more volatile the security.

The Adviser, in constructing and maintaining the Fund's portfolio, employs the following five primary strategies to varying degrees depending on its views of economic growth prospects, interest rate predictions and relative value assessments: determining an average interest rate target for the Fund based off analysis of duration and the yield curve; determining a best estimate of asset category allocations for the Fund; determining a balance of asset classes that offer the best potential performance given the Adviser's estimates of economic growth, interest rate direction and relative value; determining the best credit sector allocation for the Fund, given those same inputs, defined by security ratings sourced from the national ratings agencies; and individual security selection. The "total return" sought by the Fund consists of income earned on the Fund's investments, plus capital appreciation, if any, which generally arises from decreases in interest rates or improving credit fundamentals for a particular sector or security.

The Fund typically invests in the following U.S. dollar-denominated fixed income securities: U.S. Treasury securities; governmental agency debt; corporate debt; asset-backed securities; taxable municipal bonds; collateralized loan obligations; collateralized mortgage obligations and residential and commercial mortgage-backed securities. The Fund's fixed income investments focus primarily on investment grade securities (rated in one of the four highest rating categories by a rating agency), but may at times include securities rated below investment grade (high yield or "junk" bonds). In addition, the Fund's fixed income securities may include unrated securities, if deemed by the Adviser to be of comparable quality to investment grade. The Fund may also enter into repurchase agreements. While not a primary focus, the Fund may at times have some allocation or exposure to distressed fixed income opportunities.

7<br>

**Principal Risks** 

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC, or any government agency.** The principal risks affecting shareholders' investments in the Fund are set forth below.

**Management Risk** – The risk that the investment techniques and risk analyses applied by the Adviser will not produce the desired results and that legislative, regulatory, or tax developments may affect the investment techniques available to the Adviser and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved.

**Interest Rate Risk** – As with most funds that invest in debt securities, changes in interest rates are one of the most important factors that could affect the value of your investment. Rising interest rates tend to cause the prices of debt securities (especially those with longer maturities) and the Fund's share price to fall.

The concept of duration is useful in assessing the sensitivity of a fixed income fund to interest rate movements, which are usually the main source of risk for most fixed income funds. Duration measures price volatility by estimating the change in price of a debt security for a 1% change in its yield. For example, a duration of five years means the price of a debt security will change about 5% for every 1% change in its yield. Thus, the higher the duration, the more volatile the security.

**Credit Risk** – The credit rating or financial condition of an issuer may affect the value of a debt security. Generally, the lower the quality rating of a security, the greater the risk that the issuer will fail to pay interest fully and return principal in a timely manner. If an issuer defaults or becomes unable to honor its financial obligations, the security may lose some or all of its value. The issuer of an investment-grade security is more likely to pay interest and repay principal than an issuer of a lower rated bond. Adverse economic conditions or changing circumstances, however, may weaken the capacity of the issuer to pay interest and repay principal.

U.S. government securities are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the government sponsored agency's own resources. As a result, investments in securities issued by government sponsored agencies that are not backed by the U.S. Treasury are subject to higher credit risk than those that are.

**Sector Focus Risk** – Because the Fund may, from time to time, be more heavily invested in particular sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

**High Yield Bond Risk** – High yield, or "junk," bonds are highly speculative securities that are usually issued by smaller less credit worthy and/or highly leveraged (indebted) companies. Compared with investment-grade bonds, high yield bonds carry a greater degree of risk and are less likely to make payments of interest and principal. Market developments and the financial and business conditions of the corporation issuing these securities influences their price and liquidity more than changes in interest rates, when compared to investment-grade debt securities. Insufficient liquidity in the junk bond market may make it more difficult to dispose of junk bonds and may cause the Fund to experience sudden and substantial price declines. A lack of reliable, objective data or market quotations may make it more difficult to value junk bonds accurately.

**Collateralized Loan Obligations Risk** – Collateralized loan obligations are investment vehicles typically collateralized by a pool of loans, which may include, among others, senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Collateralized loan obligations are subject to the risks of substantial losses due to actual defaults by borrowers of the loans underlying the collateralized loan obligations, which will be greater during periods of economic or financial stress. Collateralized loan obligations may also lose value due to collateral defaults and disappearance of subordinate tranches, market anticipation of defaults, and investor aversion to collateralized loan obligation securities as a class. The Fund may invest in collateralized loan obligations that hold loans of non-creditworthy borrowers or in subordinate tranches of a collateralized loan obligation, which may absorb losses from underlying borrower defaults before senior tranches. Investments in such collateralized loan obligations present a greater risk of loss. In addition, collateralized loan obligations are subject to interest rate risk and credit risk.

**Asset-Backed and Mortgage-Backed Securities Risk** – Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets, which raises the possibility that recoveries on repossessed collateral may not be available to support payments on these securities. Asset-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations. To lessen the effect of failures by obligors on underlying assets to make payments, the entity administering the pool of assets may agree to ensure the receipt of payments on the underlying pool occurs in a timely fashion

8<br>

("liquidity protection"). In addition, asset-backed securities may obtain insurance, such as guarantees, policies or letters of credit obtained by the issuer or sponsor from third parties, for some or all of the assets in the pool ("credit support"). Delinquency or loss more than that anticipated or failure of the credit support could adversely affect the return on an investment in such a security.

In addition, certain asset-backed securities may not have the benefit of any security interest in the related assets, which raises the possibility that recoveries on repossessed collateral may not be available to support payments on these securities. For example, credit card receivables are generally unsecured and the debtors are entitled to the protection of a number of state and federal consumer credit laws, many of which allow debtors to reduce their balances by offsetting certain amounts owed on the credit cards. Most issuers of asset-backed securities backed by automobile receivables permit the servicers of such receivables to retain possession of the underlying obligations. If the servicer were to sell these obligations to another party, there is a risk that the purchaser would acquire an interest superior to that of the holders of the related asset-backed securities. Due to the quantity of vehicles involved and requirements under state laws, asset-backed securities backed by automobile receivables may not have a proper security interest in all of the obligations backing such receivables.

Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations. In addition, a variety of economic, geographic, social and other factors, such as the sale of the underlying property, refinancing or foreclosure, can cause investors to repay the loans underlying a mortgage-backed security sooner than expected. If the prepayment rates increase, the Fund may have to reinvest its principal at a rate of interest that is lower than the rate on existing mortgage-backed securities.

**Prepayment and Extension Risk** – Prepayment and extension risk is the risk that a loan, bond or other security might be called or otherwise converted, prepaid or redeemed before maturity. This risk is primarily associated with corporate-backed, mortgage-backed and asset-backed securities. If a security is converted, prepaid or redeemed before maturity, particularly during a time of declining interest rates or spreads, the Fund may not be able to invest the proceeds in securities providing as high a level of income, resulting in a reduced yield to the Fund. Conversely, as interest rates rise or spreads widen, the likelihood of prepayment decreases. The Fund may be unable to capitalize on securities with higher interest rates or wider spreads because the Fund's investments are locked in at a lower rate for a longer period of time.

**Issuer Risk** – The risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

**Municipal Issuers Risk** – There may be economic or political changes that impact the ability of municipal issuers to repay principal and to make interest payments on municipal securities. Changes in the financial condition or credit rating of municipal issuers also may adversely affect the value of the Fund's municipal securities. Constitutional or legislative limits on borrowing by municipal issuers may result in reduced supplies of municipal securities. Moreover, certain municipal securities are backed only by a municipal issuer's ability to levy and collect taxes.

**Market Risk** – The risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**Liquidity Risk** – The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

**Repurchase Agreements Risk** – Under a repurchase agreement, the seller of a security to the Fund agrees to repurchase the security at a mutually agreed-upon time and price. If the seller in a repurchase agreement transaction defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement.

**Distressed Securities Risk –** Distressed securities are speculative and involve substantial risks in addition to the risks of investing in junk bonds. The Fund will generally not receive interest payments on the distressed securities and may incur costs to protect its investment. In addition, distressed securities involve the substantial risk that principal will not be repaid. These securities may present a substantial risk of default or may be in default at the time of investment. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal of or interest on its portfolio holdings. In any

9<br>

reorganization or liquidation proceeding relating to a company in the Fund's portfolio, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

**Performance Information** 

The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's Institutional Class Shares' performance from year to year and by showing how the Fund's average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance.

The Fund operated as the Frost Total Return Bond Fund (the "Predecessor Total Return Bond Fund"), a series of The Advisors' Inner Circle Fund II, prior to the Fund's acquisition of the assets and liabilities of the Predecessor Total Return Bond Fund on June 24, 2019 (the "Total Return Bond Fund Reorganization"). As a result of the Total Return Bond Fund Reorganization, the Fund assumed the performance and accounting history of the Predecessor Total Return Bond Fund. Accordingly, performance figures for periods prior to the date of the Total Return Bond Fund Reorganization represent the performance of the Predecessor Total Return Bond Fund.

Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.frostinv.com or by calling 1-877-71-FROST.

![](fp0095498-1_10.jpg)

---

| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| 5.50% | (5.62)% |
| 12/31/2023 | 3/31/2020 |

---

The performance information shown above is based on a calendar year. Year to date performance (non-annualized and before taxes) as of September 30, 2025: 5.18%.

10<br>

*Average Annual Total Returns for Periods Ended December 31, 2024* 

This table compares the Fund's average annual total returns (after applicable sales charges) for the periods ended December 31, 2024 to those of an appropriate broad-based index.

Prior to March 31, 2015, Investor Class Shares of the Predecessor Total Return Bond Fund were called "Class A Shares," and shareholders were charged a sales charge on certain purchases of Class A Shares. The Investor Class Shares performance information provided in the table below for the period prior to March 31, 2015 represents the performance of the Predecessor Total Return Bond Fund's Investor Class Shares when they were called Class A Shares, but does not include the Maximum Sales Charge (Load) that was applicable to Class A Shares. If sales charges were included, the returns would be lower.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns will depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). After-tax returns are shown for Institutional Class Shares only. After-tax returns for Investor Class Shares and A Class Shares will vary.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Frost Total Return Bond Fund**<br>**Fund Returns Before Taxes** | **1 Year**<br>| **5 Years**<br>| **10 Years**<br>| **Since<br> Inception<sup>1</sup>**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | 6.43% | 3.23% | 3.24% | 4.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class Shares | 6.16% | 2.97% | 2.99% | 4.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class Shares  | 3.36% | 2.38% | N/A | 2.73% |
| **Fund Returns After Taxes on Distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | 4.20% | 1.35% | 1.49% | 2.96% |
| **Fund Returns After Taxes on Distributions and Sale of Fund Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | 3.78% | 1.64% | 1.70% | 3.02% |
| **Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)** | 1.25% | (0.33)% | 1.35% | 2.72% |

---

<sup>1</sup> Institutional Class Shares were offered beginning April 25, 2008. Investor Class Shares were offered beginning June 30, 2008. A Class Shares were offered beginning June 1, 2018. Index comparison begins April 25, 2008.

**Investment Adviser** 

Frost Investment Advisors, LLC

**Portfolio Manager** 

Jeffery Elswick, Director of Fixed Income, Managing Director, Co-Chief Investment Officer and Senior Fund Manager at Frost, has been a portfolio manager for the Fund since its inception in 2008. Mr. Elswick is supported by a team of appropriately trained, qualified analysts and fixed income traders.

11<br>

**Tax Information** 

The Fund intends to make distributions that may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or IRA, in which case your distribution will be taxed when withdrawn from the tax-deferred account.

*For important information about the purchase and sale of Fund shares and financial intermediary compensation, please turn to "Summary Information about the Purchase and Sale of Fund Shares and Financial Intermediary Compensation" on page 26 of the Prospectus.* 

12<br>

#### Frost Credit Fund
**Investment Objective** 

The Frost Credit Fund (the "Fund") seeks to maximize total return, consisting of income and capital appreciation.

**Fund Fees and Expenses** 

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in A Class Shares of the Frost Funds. More information about these and other discounts is available from your financial professional and in the section "Sales Charges" on page 40 of this Prospectus. Investors investing in the Fund through an intermediary should consult Appendix A - Intermediary Specific Sales Charge Discounts and Waivers, which includes information regarding broker-defined sales charges and related discount and/or waiver policies that apply to purchases through certain intermediaries. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Class Shares, which are not reflected in the "Annual Fund Operating Expenses" table or the example below.** 

*Shareholder Fees (fees paid directly from your investment)* 

---

| | |
|:---|:---|
|  | **A Class Shares** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 2.50% |
| Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) | None<sup>1</sup> |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions (as a percentage of offering price) |  |
| Redemption Fee (as a percentage of amount redeemed, if applicable) |  |

---

<sup>1</sup> A Class Shares purchased without an initial sales charge may be subject to a 1.00% contingent deferred sales charge ("CDSC") if redeemed within 12 months of purchase. 

*Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Institutional Class <br> Shares** | **Investor Class <br> Shares** | **A Class <br> Shares** |
| Management Fees | 0.50% | 0.50% | 0.50% |
| Distribution (12b-1) Fees |  | 0.25% | 0.25% |
| Other Expenses | <u>0.16%</u>  | <u>0.16%</u>  | <u>0.16%</u>  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing Fees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Operating Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16% |
| Total Annual Fund Operating Expenses | 0.66% | 0.91% | 0.91% |

---

13<br>

**Example** 

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Institutional Class Shares | $67 | $211 | $368 | $822 |
| Investor Class Shares | $93 | $290 | $504 | $1120 |
| A Class Shares | $341 | $533 | $741 | $1342 |

---

**Portfolio Turnover** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During its most recent fiscal year, the Fund's portfolio turnover rate was 24% of the average value of its portfolio.

**Principal Investment Strategies** 

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities of U.S. and foreign corporate issuers, which will include corporate bonds, collateralized loan obligations and mortgage-backed and other asset-backed securities, and structured notes with economic characteristics similar to fixed income securities. This investment policy may be changed by the Fund upon 60 days' prior written notice to shareholders. The Fund will invest in callable bonds, as well as fixed income securities that pay a fixed or floating interest rate or interest that is payable in-kind or payable at maturity. The Fund will invest in high yield fixed income securities, also referred to as "junk" bonds, which are generally rated below BBB- by Standard & Poor's Ratings Services or Fitch, Inc. or Baa3 by Moody's Investor Service at the time of purchase or are unrated but judged to be of comparable quality by Frost Investment Advisors, LLC (the "Adviser" or "Frost"). The Fund may also enter into repurchase agreements. All securities in which the Fund invests will be denominated in U.S. dollars. While not a primary focus, the Fund may at times have some allocation or exposure to distressed fixed income opportunities.

The Fund seeks to achieve its objective through a combination of active portfolio management, sector weightings and individual asset selection with a focus on relative value opportunities. In selecting assets for the Fund, the Adviser uses a top-down approach to analyze industry fundamentals and select individual securities based on its view of their relative value and sensitivity to anticipated interest rate movement. The Adviser will also consider its view of the yield curve and the potential for individual securities to produce consistent income. The Adviser expects that a substantial portion of the Fund's returns will be derived from credit risk, rather than interest rate risk. The Adviser will manage the Fund balancing the emphasis between interest rate and credit risk dependent on its view of economic growth prospects, interest rate predictions and relative value assessments. The Adviser expects the Fund to own assets that represent a range of credit quality from investment grade to below investment grade in varying degrees dependent on expected market conditions.

**Principal Risks** 

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC, or any government agency.** The principal risks affecting shareholders' investments in the Fund are set forth below.

**Management Risk** – The risk that the investment techniques and risk analyses applied by the Adviser will not produce the desired results and that legislative, regulatory, or tax developments may affect the investment techniques available to the Adviser and the individual portfolio managers in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved.

14<br>

**Interest Rate Risk** – As with most funds that invest in debt securities, changes in interest rates are one of the most important factors that could affect the value of your investment. Rising interest rates tend to cause the prices of debt securities (especially those with longer maturities) and the Fund's share price to fall.

The concept of duration is useful in assessing the sensitivity of a fixed income fund to interest rate movements, which are usually the main source of risk for most fixed income funds. Duration measures price volatility by estimating the change in price of a debt security for a 1% change in its yield. For example, a duration of five years means the price of a debt security will change about 5% for every 1% change in its yield. Thus, the higher the duration, the more volatile the security.

**Credit Risk** – The credit rating or financial condition of an issuer may affect the value of a debt security. Generally, the lower the quality rating of a security, the greater the risk that the issuer will fail to pay interest fully and return principal in a timely manner. If an issuer defaults or becomes unable to honor its financial obligations, the security may lose some or all of its value. The issuer of an investment-grade security is more likely to pay interest and repay principal than an issuer of a lower rated bond. Adverse economic conditions or changing circumstances, however, may weaken the capacity of the issuer to pay interest and repay principal. For a Fund of this type, credit risk is an important contributing factor over time to the performance of the Fund.

**Sector Focus Risk** – Because the Fund may, from time to time, be more heavily invested in particular sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

**High Yield Bond Risk** – High yield, or "junk," bonds are highly speculative securities that are usually issued by smaller less credit worthy and/or highly leveraged (indebted) companies. Compared with investment-grade bonds, high yield bonds carry a greater degree of risk and are less likely to make payments of interest and principal. Market developments and the financial and business conditions of the corporation issuing these securities influences their price and liquidity more than changes in interest rates, when compared to investment-grade debt securities. Insufficient liquidity in the junk bond market may make it more difficult to dispose of junk bonds and may cause the Fund to experience sudden and substantial price declines. A lack of reliable, objective data or market quotations may make it more difficult to value junk bonds accurately.

**Collateralized Loan Obligations Risk** – Collateralized loan obligations are investment vehicles typically collateralized by a pool of loans, which may include, among others, senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Collateralized loan obligations are subject to the risks of substantial losses due to actual defaults by borrowers of the loans underlying the collateralized loan obligations, which will be greater during periods of economic or financial stress. Collateralized loan obligations may also lose value due to collateral defaults and disappearance of subordinate tranches, market anticipation of defaults, and investor aversion to collateralized loan obligation securities as a class. The Fund may invest in collateralized loan obligations that hold loans of non-creditworthy borrowers or in subordinate tranches of a collateralized loan obligation, which may absorb losses from underlying borrower defaults before senior tranches. Investments in such collateralized loan obligations present a greater risk of loss. In addition, collateralized loan obligations are subject to interest rate risk and credit risk.

A**sset-Backed and Mortgage-Backed Securities Risk** – Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets, which raises the possibility that recoveries on repossessed collateral may not be available to support payments on these securities. Asset-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations. To lessen the effect of failures by obligors on underlying assets to make payments, the entity administering the pool of assets may agree to ensure the receipt of payments on the underlying pool occurs in a timely fashion ("liquidity protection"). In addition, asset-backed securities may obtain insurance, such as guarantees, policies or letters of credit obtained by the issuer or sponsor from third parties, for some or all of the assets in the pool ("credit support"). Delinquency or loss more than that anticipated or failure of the credit support could adversely affect the return on an investment in such a security.

In addition, certain asset-backed securities may not have the benefit of any security interest in the related assets, which raises the possibility that recoveries on repossessed collateral may not be available to support payments on these securities. For example, credit card receivables are generally unsecured and the debtors are entitled to the protection of a number of state and federal consumer credit laws, many of which allow debtors to reduce their balances by offsetting certain amounts owed on the credit cards. Most issuers of asset-backed securities backed by automobile receivables permit the servicers of such receivables to retain possession of the underlying obligations. If the servicer were to sell these obligations to another party, there is a risk that the purchaser would acquire an interest superior to that of the holders of the related asset-backed securities. Due to the quantity of vehicles involved and requirements under state laws, asset-backed securities backed by automobile receivables may not have a proper security interest in all of the obligations backing such receivables.

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Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations. In addition, a variety of economic, geographic, social and other factors, such as the sale of the underlying property, refinancing or foreclosure, can cause investors to repay the loans underlying a mortgage-backed security sooner than expected. If the prepayment rates increase, the Fund may have to reinvest its principal at a rate of interest that is lower than the rate on existing mortgage-backed securities.

**Prepayment and Extension Risk** – Prepayment and extension risk is the risk that a loan, bond or other security might be called or otherwise converted, prepaid or redeemed before maturity. This risk is primarily associated with corporate-backed, mortgage-backed and asset-backed securities. If a security is converted, prepaid or redeemed before maturity, particularly during a time of declining interest rates or spreads, the Fund may not be able to invest the proceeds in securities providing as high a level of income, resulting in a reduced yield to the Fund. Conversely, as interest rates rise or spreads widen, the likelihood of prepayment decreases. The Fund may be unable to capitalize on securities with higher interest rates or wider spreads because the Fund's investments are locked in at a lower rate for a longer period of time.

**Issuer Risk** – The risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

**Market Risk** – The risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**Liquidity Risk** – The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

**Zero Coupon, Deferred Interest and Pay-In-Kind Bond Risk** – These bonds are issued at a discount from their face value because interest payments are typically postponed until maturity. Pay-in-kind ("PIK") securities are securities that have interest payable by the delivery of additional securities. The market prices of these securities generally are more volatile than the market prices of interest-bearing securities and are likely to respond to a greater degree to changes in interest rates than interest-bearing securities having similar maturities and credit quality. In addition, (1) the higher yields and interest rates on certain PIK securities reflect the payment deferral and increased credit risk associated with such instruments and such investments may represent a significantly higher credit risk than coupon loans; (2) PIK securities may be difficult to value accurately because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of any associated collateral; and (3) the deferral of PIK interest increases the loan-to-value ratio at a compounding rate.

**Structured Note Risk** – The Fund may invest in fixed income linked structured notes. Structured notes are typically privately negotiated transactions between two or more parties. The fees associated with a structured note may lead to increased tracking error. The Fund also bears the risk that the issuer of the structured note will default. The Fund bears the risk of loss of its principal investment and periodic payments expected to be received for the duration of its investment. In addition, a liquid market may not exist for the structured notes. The lack of a liquid market may make it difficult to sell the structured notes at an acceptable price or to accurately value them.

**Foreign Company Risk** – Investing in foreign companies poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign companies are generally denominated in a foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Fund's investments. These currency movements may occur separately from, and in response to, events that do not otherwise affect the value of the security in the issuer's home country. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission ("SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

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**Repurchase Agreements Risk** – Under a repurchase agreement, the seller of a security to the Fund agrees to repurchase the security at a mutually agreed-upon time and price. If the seller in a repurchase agreement transaction defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement.

**Distressed Securities Risk –** Distressed securities are speculative and involve substantial risks in addition to the risks of investing in junk bonds. The Fund will generally not receive interest payments on the distressed securities and may incur costs to protect its investment. In addition, distressed securities involve the substantial risk that principal will not be repaid. These securities may present a substantial risk of default or may be in default at the time of investment. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal of or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a company in the Fund's portfolio, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

**Performance Information** 

The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's Institutional Class Shares' performance from year to year and by showing how the Fund's average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance.

The Fund operated as the Frost Credit Fund (the "Predecessor Credit Fund"), a series of The Advisors' Inner Circle Fund II, prior to the Fund's acquisition of the assets and liabilities of the Predecessor Credit Fund on June 24, 2019 (the "Credit Fund Reorganization"). As a result of the Credit Fund Reorganization, the Fund assumed the performance and accounting history of the Predecessor Credit Fund. Accordingly, performance figures for periods prior to the date of the Credit Fund Reorganization represent the performance of the Predecessor Credit Fund.

Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.frostinv.com or by calling 1-877-71-FROST.

![](fp0095498-1_17.jpg)

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| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| 8.60% | (9.53)% |
| 6/30/2020 | 3/31/2020 |

---

The performance information shown above is based on a calendar year. Year to date performance (non-annualized and before taxes) as of September 30, 2025: 5.24%.

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*Average Annual Total Returns for Periods Ended December 31, 2024* 

This table compares the Fund's average annual total returns (after applicable sales charges) for the periods ended December 31, 2024 to those of an appropriate broad-based index and additional indices with characteristics relevant to the Fund's investment strategies.

Prior to March 31, 2015, Investor Class Shares of the Predecessor Credit Fund were called "Class A Shares," and shareholders were charged a sales charge on certain purchases of Class A Shares. The Investor Class Shares performance information provided in the table below for the period prior to March 31, 2015 represents the performance of the Predecessor Credit Fund's Investor Class Shares when they were called Class A Shares, but does not include the Maximum Sales Charge (Load) that was applicable to Class A Shares. If sales charges were included, the returns would be lower.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns will depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). After-tax returns are shown for Institutional Class Shares only. After-tax returns for Investor Class Shares and A Class Shares will vary.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Frost Credit Fund**<br>**Fund Returns Before Taxes** | **1 Year**<br>| **5 Years**<br>| **10 Years**<br>| **Since<br> Inception<sup>1</sup>**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | 8.25% | 4.57% | 4.70% | 4.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class Shares | 8.01% | 4.32% | 4.43% | 4.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class Shares | 5.15% | 3.77% | N/A | 3.87% |
| **Fund Returns After Taxes on Distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | 5.64% | 2.43% | 2.50% | 2.51% |
| **Fund Returns After Taxes on Distributions and Sale of Fund Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | 4.84% | 2.56% | 2.61% | 2.61% |
| **Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)** | 1.25% | (0.33)% | 1.35% | 1.42% |
| **Bloomberg U.S. Credit Index ("Credit Index") (reflects no deduction for fees, expenses, or taxes)** | 2.03% | 0.23% | 2.29% | 2.33% |
| **Bloomberg U.S. Corporate High Yield Bond Index ("Bond Index") (reflects no deduction for fees, expenses, or taxes)** | 8.19% | 4.21% | 5.17% | 5.21% |
| **Blended 50/50 Credit Index/Bond Index (reflects no deduction for fees, expenses, or taxes)** | 5.08% | 2.25% | 3.76% | 3.80% |

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<sup>1</sup> Institutional Class Shares and Investor Class Shares were offered beginning December 3, 2012. A Class Shares were offered beginning June 1, 2018. Index comparison begins December 3, 2012.

**Investment Adviser** 

Frost Investment Advisors, LLC

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**Portfolio Managers** 

Jeffery Elswick, Director of Fixed Income, Managing Director, Co-Chief Investment Officer and Senior Fund Manager at Frost, has been a portfolio manager for the Fund since its inception in 2012.

Tim Tucker, Senior Fixed Income Research Analyst and Fund Co-Manager at Frost, has been a portfolio manager for the Fund since 2015.

Messrs. Elswick and Tucker are supported by a team of appropriately trained, qualified analysts and fixed income traders.

**Tax Information** 

The Fund intends to make distributions that may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or IRA, in which case your distribution will be taxed when withdrawn from the tax-deferred account.

*For important information about the purchase and sale of Fund shares and financial intermediary compensation, please turn to "Summary Information about the Purchase and Sale of Fund Shares and Financial Intermediary Compensation" on page 26 of the Prospectus.* 

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#### Frost Low Duration Bond Fund
**Investment Objective** 

The Frost Low Duration Bond Fund (the "Fund") seeks to maximize total return, consisting of income and capital appreciation, consistent with the preservation of principal.

**Fund Fees and Expenses** 

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Class Shares, which are not reflected in the table or the example below.** 

*Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)* 

---

| | | |
|:---|:---|:---|
|  | **Institutional Class<br> Shares** | **Investor Class <br> Shares** |
| Management Fees | 0.30% | 0.30% |
| Distribution (12b-1) Fees |  | 0.25% |
| Other Expenses | <u>0.14%</u>  | <u>0.14%</u>  |
| Total Annual Fund Operating Expenses | 0.44% | 0.69% |

---

**Example** 

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 YEAR** | **3 YEARS** | **5 YEARS** | **10 YEARS** |
| Institutional Class Shares | $45 | $141 | $246 | $555 |
| Investor Class Shares | $70 | $221 | $384 | $859 |

---

**Portfolio Turnover** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During its most recent fiscal year, the Fund's portfolio turnover rate was 46% of the average value of its portfolio.

**Principal Investment Strategies** 

Under normal market conditions, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities. This investment policy may be changed by the Fund upon 60 days' prior written notice to shareholders. The Fund's emphasis is on total return with low volatility by investing primarily in shorter-term investment grade securities. Short-term bonds are considered more stable than longer-maturity bonds, but less stable than money market securities.

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To achieve its objective, the Fund invests in a diversified mix of taxable fixed income securities. Frost Investment Advisors, LLC (the "Adviser" or "Frost") actively manages the maturity of the Fund and purchases securities which will, on average, mature in less than 5 years. The Adviser actively manages the duration of the Fund and purchases securities such that the average weighted duration of the Fund's portfolio will typically range within plus or minus one year of the Bloomberg U.S. 1-5 Year Government Credit Index duration. The Fund seeks to maintain a low duration but may lengthen or shorten its duration within that range to reflect changes in the overall composition of the short-term investment-grade debt markets. Duration is a measure of a bond price's sensitivity to a given change in interest rates. Generally, the longer a bond's duration, the greater its price sensitivity to a change in interest rates. For example, the price of a bond with a duration of five years would be expected to fall approximately 5% if rates were to rise by one percentage point. Thus, the higher the duration, the more volatile the security. The Adviser, in constructing and maintaining the Fund's portfolio, employs the following four primary strategies to varying degrees depending on its views of economic growth prospects, interest rate predictions and relative value assessments: interest rate positioning based on duration and yield curve position; asset category allocations; credit sector allocations relating to security ratings by the national ratings agencies; and individual security selection.

The Fund typically invests in the following U.S. dollar-denominated fixed income securities: U.S. Treasury securities; governmental agency debt; corporate debt; collateralized loan obligations; asset-backed securities; taxable municipal bonds; and, to a lesser extent, residential and commercial mortgage-backed securities. The Fund's fixed income investments are primarily of investment grade (rated in one of the four highest rating categories by at least one rating agency), but may at times include securities rated below investment grade (high yield or "junk" bonds). In addition, the Fund's fixed income securities may include unrated securities, if deemed by the Adviser to be of comparable quality to investment grade. The Fund may also enter into repurchase agreements.

**Principal Risks** 

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC, or any government agency.** The principal risks affecting shareholders' investments in the Fund are set forth below.

**Management Risk** – The risk that the investment techniques and risk analyses applied by the Adviser will not produce the desired results and that legislative, regulatory, or tax developments may affect the investment techniques available to the Adviser and the individual portfolio managers in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved.

**Interest Rate Risk** – As with most funds that invest in debt securities, changes in interest rates are one of the most important factors that could affect the value of your investment. Rising interest rates tend to cause the prices of debt securities (especially those with longer maturities) and the Fund's share price to fall.

The concept of duration is useful in assessing the sensitivity of a fixed income fund to interest rate movements, which are usually the main source of risk for most fixed income funds. Duration measures price volatility by estimating the change in price of a debt security for a 1% change in its yield. For example, a duration of five years means the price of a debt security will change about 5% for every 1% change in its yield. Thus, the higher the duration, the more volatile the security.

**Credit Risk** – The credit rating or financial condition of an issuer may affect the value of a debt security. Generally, the lower the quality rating of a security, the greater the risk that the issuer will fail to pay interest fully and return principal in a timely manner. If an issuer defaults or becomes unable to honor its financial obligations, the security may lose some or all of its value. The issuer of an investment-grade security is more likely to pay interest and repay principal than an issuer of a lower rated bond. Adverse economic conditions or changing circumstances, however, may weaken the capacity of the issuer to pay interest and repay principal.

The Fund's U.S. government securities are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the government sponsored agency's own resources. As a result, investments in securities issued by government sponsored agencies that are not backed by the U.S. Treasury are subject to higher credit risk than those that are.

**Sector Focus Risk** – Because the Fund may, from time to time, be more heavily invested in particular sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

**High Yield Bond Risk** – High yield, or "junk," bonds are highly speculative securities that are usually issued by smaller less credit worthy and/or highly leveraged (indebted) companies. Compared with investment-grade bonds, high yield bonds carry a greater degree of risk and are less likely to make payments of interest and principal. Market developments and the financial and business conditions of the corporation issuing these securities influences their price and liquidity more than changes in interest rates, when

21<br>

compared to investment-grade debt securities. Insufficient liquidity in the junk bond market may make it more difficult to dispose of junk bonds and may cause the Fund to experience sudden and substantial price declines. A lack of reliable, objective data or market quotations may make it more difficult to value junk bonds accurately.

**Asset-Backed and Mortgage-Backed Securities Risk** – Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets, which raises the possibility that recoveries on repossessed collateral may not be available to support payments on these securities. Asset-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations. To lessen the effect of failures by obligors on underlying assets to make payments, the entity administering the pool of assets may agree to ensure the receipt of payments on the underlying pool occurs in a timely fashion ("liquidity protection"). In addition, asset-backed securities may obtain insurance, such as guarantees, policies or letters of credit obtained by the issuer or sponsor from third parties, for some or all of the assets in the pool ("credit support"). Delinquency or loss more than that anticipated or failure of the credit support could adversely affect the return on an investment in such a security.

In addition, certain asset-backed securities may not have the benefit of any security interest in the related assets, which raises the possibility that recoveries on repossessed collateral may not be available to support payments on these securities. For example, credit card receivables are generally unsecured and the debtors are entitled to the protection of a number of state and federal consumer credit laws, many of which allow debtors to reduce their balances by offsetting certain amounts owed on the credit cards. Most issuers of asset-backed securities backed by automobile receivables permit the servicers of such receivables to retain possession of the underlying obligations. If the servicer were to sell these obligations to another party, there is a risk that the purchaser would acquire an interest superior to that of the holders of the related asset-backed securities. Due to the quantity of vehicles involved and requirements under state laws, asset-backed securities backed by automobile receivables may not have a proper security interest in all of the obligations backing such receivables.

Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations. In addition, a variety of economic, geographic, social and other factors, such as the sale of the underlying property, refinancing or foreclosure, can cause investors to repay the loans underlying a mortgage-backed security sooner than expected. If the prepayment rates increase, the Fund may have to reinvest its principal at a rate of interest that is lower than the rate on existing mortgage-backed securities.

**Collateralized Loan Obligations Risk** – Collateralized loan obligations are subject to the risks of substantial losses due to actual defaults by underlying borrowers, which will be greater during periods of economic or financial stress. Collateralized loan obligations are investment vehicles typically collateralized by a pool of loans, which may include, among others, senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Collateralized loan obligations are subject to the risks of substantial losses due to actual defaults by borrowers of the loans underlying the collateralized loan obligations, which will be greater during periods of economic or financial stress. Collateralized loan obligations may also lose value due to collateral defaults and disappearance of subordinate tranches, market anticipation of defaults, and investor aversion to collateralized loan obligation securities as a class. The Fund may invest in collateralized loan obligations that hold loans of non-creditworthy borrowers or in subordinate tranches of a collateralized loan obligation, which may absorb losses from underlying borrower defaults before senior tranches. Investments in such collateralized loan obligations present a greater risk of loss. In addition, collateralized loan obligations are subject to interest rate risk and credit risk.

**Prepayment and Extension Risk** – Prepayment and extension risk is the risk that a loan, bond or other security might be called or otherwise converted, prepaid or redeemed before maturity. This risk is primarily associated with corporate-backed, mortgage-backed and asset-backed securities. If a security is converted, prepaid or redeemed before maturity, particularly during a time of declining interest rates or spreads, the Fund may not be able to invest the proceeds in securities providing as high a level of income, resulting in a reduced yield to the Fund. Conversely, as interest rates rise or spreads widen, the likelihood of prepayment decreases. The Fund may be unable to capitalize on securities with higher interest rates or wider spreads because the Fund's investments are locked in at a lower rate for a longer period of time.

**Issuer Risk** – The risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

**Market Risk** – The risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

22<br>

**Liquidity Risk** – The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

**Municipal Issuers Risk** – There may be economic or political changes that impact the ability of municipal issuers to repay principal and to make interest payments on municipal securities. Changes in the financial condition or credit rating of municipal issuers also may adversely affect the value of the Fund's municipal securities. Constitutional or legislative limits on borrowing by municipal issuers may result in reduced supplies of municipal securities. Moreover, certain municipal securities are backed only by a municipal issuer's ability to levy and collect taxes.

**Repurchase Agreements Risk** – Under a repurchase agreement, the seller of a security to the Fund agrees to repurchase the security at a mutually agreed-upon time and price. If the seller in a repurchase agreement transaction defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement.

**Performance Information** 

The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's Institutional Class Shares' performance from year to year and by showing how the Fund's average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance.

The Fund operated as the Frost Low Duration Bond Fund (the "Predecessor Low Duration Bond Fund"), a series of The Advisors' Inner Circle Fund II, prior to the Fund's acquisition of the assets and liabilities of the Predecessor Low Duration Bond Fund on June 24, 2019 (the "Low Duration Bond Fund Reorganization"). As a result of the Low Duration Bond Fund Reorganization, the Fund assumed the performance and accounting history of the Predecessor Low Duration Bond Fund. Accordingly, performance figures for periods prior to the date of the Low Duration Bond Fund Reorganization represent the performance of the Predecessor Low Duration Bond Fund.

Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.frostinv.com or by calling 1-877-71-FROST.

![](fp0095498-1_23.jpg)

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| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| 3.31% | (2.91)% |
| 6/30/2020 | 3/31/2022 |

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The performance information shown above is based on a calendar year. Year to date performance (non-annualized and before taxes) as of September 30, 2025: 4.76%.

23<br>

*Average Annual Total Returns for Periods Ended December 31, 2024* 

This table compares the Fund's average annual total returns for the periods ended December 31, 2024 to those of an appropriate broad-based index and an additional index with characteristics relevant to the Fund's investment strategies.

Prior to March 31, 2015, Investor Class Shares of the Predecessor Low Duration Bond Fund were called "Class A Shares," and shareholders were charged a sales charge on certain purchases of Class A Shares. The Investor Class Shares performance information provided in the table below for the period prior to March 31, 2015 represents the performance of the Predecessor Low Duration Bond Fund's Investor Class Shares when they were called Class A Shares, but does not include the Maximum Sales Charge (Load) that was applicable to Class A Shares. If sales charges were included, the returns would be lower.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns will depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). After-tax returns are shown for Institutional Class Shares only. After-tax returns for Investor Class Shares will vary.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Frost Low Duration Bond Fund**<br>**Fund Returns Before Taxes** | **1 Year**<br>| **5 Years**<br>| **10 Years**<br>| **Since Inception<sup>1</sup>**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | 4.86% | 1.85% | 1.83% | 2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class Shares | 4.70% | 1.59% | 1.59% | 2.30% |
| **Fund Returns After Taxes on Distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | 2.98% | 0.73% | 0.89% | 1.58% |
| **Fund Returns After Taxes on Distributions and Sale of Fund Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | 2.86% | 0.95% | 0.99% | 1.62% |
| **Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)** | 1.25% | (0.33)% | 1.35% | 2.72% |
| **Bloomberg U.S. 1-5 Year Government/Credit Index (reflects no deduction for fees, expenses, or taxes)** | 3.76% | 1.29% | 1.66% | 2.14% |

---

<sup>1</sup> Institutional Class Shares were offered beginning April 25, 2008. Investor Class Shares were offered beginning June 30, 2008. Index comparison begins April 25, 2008.

**Investment Adviser** 

Frost Investment Advisors, LLC

**Portfolio Managers** 

Jeffery Elswick, Director of Fixed Income, Managing Director, Co-Chief Investment Officer and Senior Fund Manager at Frost, has been a portfolio manager for the Fund since its inception in 2008.

Markie Atkission, Senior Fixed Income Trader and Fund Co-Manager at Frost, has been a portfolio manager for the Fund since 2019.

Mr. Elswick and Mrs. Atkission are supported by a team of appropriately trained, qualified analysts and fixed income traders.

24<br>

**Tax Information** 

The Fund intends to make distributions that may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or IRA, in which case your distribution will be taxed when withdrawn from the tax-deferred account.

*For important information about the purchase and sale of Fund shares and financial intermediary compensation, please turn to "Summary Information about the Purchase and Sale of Fund Shares and Financial Intermediary Compensation" on page 26 of the Prospectus.* 

25<br>

#### Summary Information About the Purchase and Sale of Fund Shares and Financial Intermediary Compensation
**Purchase and Sale of Fund Shares** 

To purchase Institutional Class Shares of a Fund for the first time, you must invest at least $1,000,000. There is no minimum for subsequent investments.

To purchase Investor Class Shares of a Fund for the first time, you must invest at least $2,500 ($1,500 for IRAs). Your subsequent investments must be made in amounts of at least $500. Systematic planned contributions are required to be at least $100.

To purchase A Class Shares of a Fund for the first time, you must invest at least $1,000. Your subsequent investments must be made in amounts of at least $500. Systematic planned contributions are required to be at least $50.

Each Fund reserves the right to waive the minimum investment amounts in its sole discretion.

If you own your shares directly, you may redeem your shares on any day that the New York Stock Exchange ("NYSE") is open for business (a "Business Day") via Automated Clearing House ("ACH") (subject to certain account minimums) or by contacting the Funds directly by mail at: Frost Funds, P.O. Box 219009, Kansas City, Missouri 64121-9009 (Express Mail Address: Frost Funds, c/o SS&C Global Investor & Distribution Solutions, Inc., 801 Pennsylvania Avenue, Suite 219009, Kansas City, Missouri 64105-1307) or telephone at 1-877-71-FROST.

If you own your shares through an account with a broker or other institution, contact that broker or institution to redeem your shares.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase shares of the Funds through a broker-dealer or other financial intermediary (such as a bank), the Funds and their related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Funds over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

26<br>

#### More Information About Risk
Investing in each Fund involves risk and there is no guarantee that each Fund will achieve its goals. The judgments of the Adviser about the markets, the economy, or companies may not anticipate actual market movements, economic conditions or company performance, and these judgments may affect the return on your investment. In fact, no matter how good of a job the Adviser does, you could lose money on your investment in a Fund, just as you could with similar investments.

The value of your investment in a Fund is based on the value of the securities the Fund holds. These prices change daily due to economic and other events that affect particular companies and other issuers. These price movements, sometimes called volatility, may be greater or lesser depending on the types of securities a Fund owns and the markets in which it trades. The effect on a Fund of a change in the value of a single security will depend on how widely the Fund diversifies its holdings. The Frost Growth Equity Fund is non-diversified, meaning that the Fund may invest a large percentage of its assets in a single issuer or a relatively small number of issuers. Accordingly, the Frost Growth Equity Fund will be more susceptible to negative events affecting a small number of holdings than a diversified fund. The risks disclosed below may not be applicable to each Fund.

**Equity Risk** (Frost Growth Equity Fund) – Equity securities in which the Fund invests include public and privately issued equity securities, common and preferred stocks, warrants, shares of American Depositary Receipts ("ADRs"), and rights to subscribe to common stock and convertible securities. Common stock represents an equity or ownership interest in an issuer. Preferred stock provides a fixed dividend that is paid before any dividends are paid to common stock holders, and which takes precedence over common stock in the event of a liquidation. Like common stock, preferred stocks represent partial ownership in a company, although preferred stock shareholders do not enjoy any of the voting rights of common stockholders. Also, unlike common stock, a preferred stock pays a fixed dividend that does not fluctuate, although the company does not have to pay this dividend if it lacks the financial ability to do so. Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. The value of such securities convertible into equity securities, such as warrants or convertible debt, is also affected by prevailing interest rates, the credit quality of the issuer and any call provision. Fluctuations in the value of equity securities in which a mutual fund invests will cause the fund's net asset value ("NAV") to fluctuate. An investment in a portfolio of equity securities may be more suitable for long-term investors who can bear the risk of these share price fluctuations.

**Fixed Income Risk** (Frost Total Return Bond Fund, Frost Credit Fund and Frost Low Duration Bond Fund) – The market values of fixed income investments change in response to interest rate changes and other factors. During periods of rising interest rates, the values of outstanding fixed income securities generally decrease. Moreover, while securities with longer maturities tend to produce higher yields, the prices of longer maturity securities are also subject to greater market value fluctuations as a result of changes in interest rates. During periods of falling interest rates, certain debt obligations with high interest rates may be prepaid (or "called") by the issuer prior to maturity, and during periods of rising interest rates, certain debt obligations with low interest rates may be extended beyond maturity. A rise in interest rates may, also, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Funds. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these market conditions, a Fund's value may fluctuate and/or a Fund may experience increased redemptions from shareholders, which may impact a Fund's liquidity or force a Fund to sell securities into a declining or illiquid market.

In addition to these risks, fixed income securities may be subject to credit risk, which is the possibility that an issuer will be unable or unwilling to make timely payments of either principal or interest.

**Foreign Security Risk** (Frost Growth Equity Fund and Frost Credit Fund) – Investments in securities of foreign companies or governments (including direct investments as well as investments through depositary receipts) can be more volatile than investments in U.S. companies or governments. Diplomatic, political, or economic developments, including nationalization or appropriation, could affect investments in foreign companies. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets. In addition, the value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Financial statements of foreign issuers are governed by different accounting, auditing, and financial reporting standards than the financial statements of U.S. issuers and may be less transparent and uniform than in the United States. Thus, there may be less information publicly available about foreign issuers than about most U.S. issuers. Transaction costs are generally higher than those in the United States and expenses for custodial arrangements of foreign securities may be somewhat greater than typical expenses for custodial arrangements of similar U.S. securities. Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries a portion of these taxes are recoverable, the non-recovered portion will reduce the income received from foreign securities. Additionally, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may result in a Fund having to sell such prohibited securities at inopportune times. Such prohibited securities may have less liquidity as a result of such U.S. Government designation and the market price of such prohibited securities may decline, which may cause the Fund to incur losses.

27<br>

**Market Risk** (All Funds) – The risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. A Fund's NAV per share will fluctuate with the market prices of its portfolio securities. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Markets for securities in which a Fund invests may decline significantly in response to adverse issuer, political, geopolitical (including war and armed conflict), regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which a Fund invests, which in turn could negatively impact a Fund's performance and cause losses on your investment in a Fund. Recent examples of events that have led to fluctuation in the equity markets include pandemic risks related to COVID-19 and aggressive measures taken worldwide in response by governments and businesses, elevated inflation levels, problems in the banking sector, wars in Europe and in the Middle East and the threat of and/or actual imposition of tariffs by the United States and other countries.

**Non-Diversified Risk** (Frost Growth Equity Fund) – The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. However, the Fund intends to satisfy the diversification requirements for qualifying as a RIC under Subchapter M of the Code.

28<br>

#### More Information About Fund Investments
Each Fund's investment objective may be changed without shareholder approval.

The investments and strategies described in this Prospectus are those that the Funds use under normal conditions. During unusual economic or market conditions, or for temporary defensive or liquidity purposes, each Fund may invest up to 100% of its assets in money market instruments or other cash equivalents that would not ordinarily be consistent with its investment objective. If a Fund invests in this manner, it may not achieve its investment objective. A Fund will do so only if the Adviser believes that the risk of loss outweighs the opportunity for a Fund to achieve its investment objective.

This Prospectus describes the Funds' principal investment strategies, and the Funds will normally invest in the types of investments described in this Prospectus. In addition to the securities and other investments and strategies described in this Prospectus, the Funds also may invest, to a lesser extent, in other securities, use other strategies and engage in other investment practices that are not part of their principal investment strategies. These investments and strategies, as well as those described in this Prospectus, are described in detail in the Funds' Statement of Additional Information ("SAI") (for information on how to obtain a copy of the SAI, see the back cover of this Prospectus). Of course, there is no guarantee that the Funds will achieve their investment goals.

The Funds define non-U.S. or foreign securities as securities issued by companies incorporated outside of the United States that do not maintain a headquarters or primary operation within the United States.

29<br>

#### Information About Portfolio Holdings
A description of the Funds' policies and procedures with respect to the circumstances under which the Funds disclose their portfolio holdings is available in the SAI. In addition to disclosure required by applicable law as discussed in the SAI, each Fund will post on the internet at https://frostfundholdings.seic.com a detailed list of its securities (portfolio holdings) daily. In addition, each Fund generally posts its top ten portfolio holdings, and the percentage that each of these holdings represents of the Fund's total assets, within 10 days after the end of each month. The portfolio holdings information placed on the Funds' website generally will remain there until information is included in a filing with the SEC. Additionally, each Fund publishes a quarterly fact sheet that includes, among other things, a list of its ten largest portfolio holdings, on a quarterly basis, generally within four (4) weeks after the end of each quarter. The fact sheets will be available without charge, upon request, by calling 1-877-71-FROST. The Funds' information available on the website is publicly available. The Adviser may exclude any portion of a Fund's portfolio holdings from such publication when deemed in the best interest of the Fund. Please consult the SAI for a full description of the policies and procedures that govern disclosure of the Funds' portfolio holdings.

30<br>

#### Investment Adviser
Frost Investment Advisors, LLC (the "Adviser"), a Delaware limited liability company formed in 2007, serves as the investment adviser to the Funds. The Adviser is a wholly owned non-banking subsidiary of Frost Bank. The Adviser's principal place of business is located at 111 West Houston Street, P.O. Box 2509, San Antonio, Texas 78299-2509. The Adviser manages and supervises the investment of the Funds' assets on a discretionary basis. As of September 30, 2025, the Adviser had approximately $5.4 billion in assets under management.

The Board of Trustees (the "Board") of Frost Family of Funds (the "Trust") oversees the Adviser and establishes policies that the Adviser must follow in its management activities.

For its services, the Adviser is entitled to a fee, which is calculated daily and paid monthly, at the following annual rates based on the average daily net assets of each Fund:

---

| | |
|:---|:---|
| **Fund** | **Advisory Fee Rate** |
| Frost Growth Equity Fund | 0.50% |
| Frost Total Return Bond Fund | 0.35% |
| Frost Credit Fund | 0.50% |
| Frost Low Duration Bond Fund | 0.30% |

---

The Adviser has contractually agreed to reduce its fees and/or reimburse expenses to the extent necessary to keep total annual Fund operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, extraordinary expenses, and any class-specific expenses (including distribution and/or service (12b-1) fees and shareholder servicing fees) (collectively, "excluded expenses")) for Institutional Class Shares, Investor Class Shares and A Class Shares from exceeding certain levels as set forth below until June 24, 2027 (each, a "contractual expense limitation"). This agreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on June 24, 2027.

---

| | |
|:---|:---|
| **Fund**  | **Contractual Expense <br> Limitation** |
| Frost Growth Equity Fund | 1.25% |
| Frost Total Return Bond Fund | 0.95% |
| Frost Credit Fund | 1.00% |
| Frost Low Duration Bond Fund | 0.95% |

---

In addition, the Adviser may receive from a Fund the difference between the Fund's total annual Fund operating expenses (not including excluded expenses) and the contractual expense limitation to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point total annual Fund operating expenses (not including excluded expenses) are below the contractual expense limitation: (i) at the time of the fee waiver and/or expense reimbursement; and (ii) at the time of the recoupment. The Adviser, however, will not be permitted to recoup the amount of any difference that is attributable to the contractual fee reduction.

31<br>

For the fiscal year ended July 31, 2025, the Adviser received advisory fees as a percentage of the average daily net assets of each Fund as follows:

---

| | |
|:---|:---|
| **Fund**  | **Advisory Fees Paid** |
| Frost Growth Equity Fund | 0.50% |
| Frost Total Return Bond Fund | 0.35% |
| Frost Credit Fund | 0.50% |
| Frost Low Duration Bond Fund | 0.30% |

---

A discussion regarding the basis for the Board's approval of the Funds' investment advisory contract with the Adviser is available in the Funds' reports filed on Form N-CSR for the fiscal year ended July 31, 2025.

32<br>

#### Portfolio Managers
John Lutz, CFA, Senior Research Analyst at Frost, serves as Senior Fund Manager of the Frost Growth Equity Fund. Mr. Lutz is jointly and primarily responsible for the day-to-day management of the Frost Growth Equity Fund. Mr. Lutz joined Frost Bank, the parent company of the Adviser, in 1995. He received a Bachelor of Business Administration from Texas A&M University and a Master of Business Administration from Our Lady of the Lake University.

Jonathan Waite, CFA, Senior Research Analyst at Frost, serves as a Fund Co-Manager of the Frost Growth Equity Fund. Mr. Waite is jointly and primarily responsible for the day-to-day management of the Frost Growth Equity Fund. Mr. Waite joined Frost in 2017. Prior to joining Frost, Mr. Waite was a Senior Equity Analyst at Hirzel Capital Management, LLC, an investment fund based in Dallas. Prior to that, he co-founded McKay Capital Management, LLC, which managed a long-short equity fund for individual investors and institutions. Previously, he was an analyst at KeyBanc Capital Markets. Mr. Waite earned a Bachelor of Science degree in Accounting and graduated with Magna Cum Laude honors from Brigham Young University.

Jeffery Elswick, Co-Chief Investment Officer, Managing Director, Director of Fixed Income and Senior Fund Manager at Frost, serves as Senior Fund Manager of the Frost Total Return Bond Fund, the Frost Credit Fund and the Frost Low Duration Bond Fund. Mr. Elswick is jointly and primarily responsible for the day-to-day management of the Frost Total Return Bond Fund, the Frost Credit Fund and the Frost Low Duration Bond Fund. Mr. Elswick joined Frost Bank, the parent company of the Adviser, in 2006. Prior to joining Frost Bank, Mr. Elswick served as a fixed income portfolio manager, analyst and trader at Capital One Financial Corporation from 2000 to 2006. He received a Master of Science in finance and a Bachelor of Business Administration from Texas A&M University.

Tim Tucker, Senior Fixed Income Research Analyst at Frost, serves as Fund Co-Manager of the Frost Credit Fund. Mr. Tucker is jointly and primarily responsible for the day-to-day management of the Frost Credit Fund. Mr. Tucker joined Frost Investment Advisors in 2011. Prior to joining Frost, he worked as a Director for THL Credit Group from 2007 to 2009. He received a Bachelor of Business Administration in finance with a minor in statistics from Southern Methodist University.

Markie Atkission, Senior Fixed Income Trader and Fund Manager at Frost, serves as Fund Co-Manager of the Frost Low Duration Bond Fund. Ms. Atkission is jointly and primarily responsible for the day-to day management of the Frost Low Duration Bond Fund. Ms. Atkission joined Frost Investments Advisors in 2006. She earned a Bachelor of Business Administration in finance from Texas Tech University.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed, and ownership of Fund shares.

33<br>

#### Purchasing, Selling and Exchanging Fund Shares
This section tells you how to purchase, sell (sometimes called "redeem") and exchange shares of the Funds.

For information regarding the federal income tax consequences of transactions in shares of the Funds, including information about cost basis reporting, see "Taxes."

**How to Choose a Share Class** 

The Funds offer the following classes of shares to investors:

&nbsp;&nbsp;&nbsp;&nbsp;● Frost Growth Equity Fund and Frost Low Duration Bond Fund: Institutional Class Shares and Investor Class Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;● Frost Total Return Bond Fund and Frost Credit Fund: Institutional Class Shares, Investor Class Shares and A Class Shares.

Each share class has its own cost structure and other features. The following summarizes the primary features of Institutional Class Shares, Investor Class Shares and A Class Shares. Contact your financial intermediary or a Fund for more information about each Fund's share classes and how to choose between them.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Investment Minimums** | **Features** |
| Institutional Class Shares | Initial: $1,000,000 <br>Subsequent: None | Front-End Sales Charge - None <br>CDSC - None <br>Rule 12b-1 Fee - None <br>Shareholder Servicing Fee - None |
| Investor Class Shares | Initial: $2,500 ($1,500 for IRAs) <br>Subsequent: $500 ($100 for systematic planned contributions) | Front-End Sales Charge - None <br>CDSC - None <br>Rule 12b-1 Fee - 0.25% <br>Shareholder Servicing Fee - None |
| A Class Shares | Initial: $1,000 <br>Subsequent: $500 ($50 for systematic planned contributions) | Front-End Sales Charge - Maximum of 2.50% <br>CDSC - None<sup>1</sup> <br>Rule 12b-1 Fee - 0.25% <br>Shareholder Servicing Fee - Up to 0.15% |

---

<sup>1</sup> A Class Shares purchased without an initial sales charge may be subject to a 1.00% contingent deferred sales charge ("CDSC") if redeemed within 12 months of purchase. 

An investor may be eligible to purchase more than one share class. However, if you purchase shares through a financial intermediary, you may only purchase that class of shares which your financial intermediary sells or services. Your financial intermediary can tell you which classes of shares are available through the intermediary.

For the Frost Total Return Bond Fund and the Frost Credit Fund, because Investor Class Shares will always be a more favorable investment than A Class Shares for investments of $2,500 or more, the Funds will take reasonable steps to identify and reject a purchase order placed directly with the Funds for A Class Shares in the amount of $2,500 or more. The Funds generally cannot identify such investments made through financial intermediaries, and, therefore, cannot monitor the minimum amounts of these investments.

34<br>

**How to Purchase Fund Shares** 

All investments must be made by check, wire or ACH. All checks must be made payable in U.S. dollars and drawn on U.S. financial institutions. The Funds do not accept purchases made by third-party checks, credit cards, credit card checks, cash, traveler's checks, money orders or cashier's checks.

The Funds reserve the right to reject any specific purchase order for any reason. The Funds are not intended for excessive trading by shareholders in response to short-term market fluctuations. For more information about the Funds' policy on excessive trading, see "Excessive Trading Policies and Procedures."

The Funds do not generally accept investments by non-U.S. persons. Non-U.S. persons may be permitted to invest in the Funds subject to the satisfaction of enhanced due diligence. Please contact the Funds for more information.

**By Mail** 

You can open an account with the Funds by sending a check and your account application to the address below. You can add to an existing account by sending the Funds a check and, if possible, the "Invest by Mail" stub that accompanies your confirmation statement. Be sure your check identifies clearly your name, your account number, the Fund name and the share class.

**Regular Mail Address** 

Frost Funds

P.O. Box 219009

Kansas City, MO 64121-9009

**Express Mail Address** 

Frost Funds

c/o SS&C Global Investor & Distribution Solutions, Inc.

801 Pennsylvania Avenue

Suite 219009

Kansas City, MO 64105-1307

The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services of purchase orders does not constitute receipt by the Funds' transfer agent. The share price used to fill the purchase order is the next price calculated by a Fund after the Funds' transfer agent receives and accepts the order in good order at the P.O. Box provided for regular mail delivery or the office address provided for express mail delivery.

**By Wire** 

To open an account by wire, call 1-877-71-FROST for details. To add to an existing account by wire, wire your money using the wiring instructions set forth below (be sure to include the Fund name, the share class and your account number). The share price used to fill the purchase order is the next price calculated by a Fund after the Funds' transfer agent receives and accepts the wire in good order.

**Wiring Instructions** 

UMB Bank, N.A.

ABA# 101000695

Frost Funds

DDA Acct. #9872324900

Ref: Fund name/account number/account name/share class

35<br>

**By Systematic Investment Plan (Via ACH) (Investor Class Shares and A Class Shares only)** 

If you have a checking or savings account with a bank, you may purchase shares automatically through regular deductions from your account.

You may not open an account via ACH. However, once you have established an account, you can set up a systematic investment plan by mailing a completed application to the Funds. These purchases can be made monthly, quarterly, semi-annually or annually in amounts of at least $100 for Investor Class Shares or $50 for A Class Shares. To cancel or change a plan, write to the Funds at Frost Funds, P.O. Box 219009, Kansas City, MO 64121-9009 (Express Mail Address: Frost Funds, c/o SS&C Global Investor & Solutions, Inc., 801 Pennsylvania Avenue, Suite 219009, Kansas City, MO 64105-1307). Allow up to 15 days to create the plan and 3 days to cancel or change it.

**Purchases In-Kind** 

Subject to the approval of the Funds, an investor may purchase shares of a Fund with liquid securities and other assets that are eligible for purchase by the Fund (consistent with the Fund's investment policies and restrictions) and that have readily available market quotations or whose fair value the Adviser can determine in good faith, subject to Board oversight. These transactions will be effected only if the Adviser deems the security to be an appropriate investment for a Fund. Assets purchased by a Fund in such a transaction will be valued in accordance with the valuation procedures used by the Funds. The Funds reserve the right to amend or terminate this practice at any time.

**Minimum Investments** 

You can open an account with a Fund with a minimum initial investment of $1,000,000 for Institutional Class Shares. There is no minimum for subsequent investments.

You can open an account with a Fund with a minimum initial investment of $2,500 or a minimum initial investment for IRA accounts of $1,500 for Investor Class Shares. Minimum subsequent investments are required to be at least $500. Systematic planned contributions are required to be at least $100.

You can open an account with a Fund with a minimum initial investment of $1,000 for A Class Shares. Minimum subsequent investments are required to be at least $500. Systematic planned contributions are required to be at least $50.

Each Fund reserves the right to waive the minimum investment amounts in its sole discretion.

**How to Redeem Fund Shares** 

By Mail

To redeem shares by mail, you may contact the Funds directly at: Frost Funds, P.O. Box 219009, Kansas City, MO 64121-9009 (Express Mail Address: Frost Funds, c/o SS&C Global Investor & Distribution Solutions, Inc., 801 Pennsylvania Avenue, Suite 219009, Kansas City, MO 64105-1307). Please send a letter to the Funds signed by all registered parties on the account specifying:

&nbsp;&nbsp;&nbsp;&nbsp;● The Fund name;

&nbsp;&nbsp;&nbsp;&nbsp;● The share class;

&nbsp;&nbsp;&nbsp;&nbsp;● The account number;

&nbsp;&nbsp;&nbsp;&nbsp;● The dollar amount or number of shares you wish to redeem;

&nbsp;&nbsp;&nbsp;&nbsp;● The account name(s); and

&nbsp;&nbsp;&nbsp;&nbsp;● The address to which redemption (sale) proceeds should be sent.

The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services of sell orders does not constitute receipt by the Funds' transfer agent. The share price used to fill the sell order is the next price calculated by a Fund after the Funds' transfer agent receives and accepts the order in good order at the P.O. Box provided for regular mail delivery or the office address provided for express mail delivery.

36<br>

All registered shareholders must sign the letter in the exact name(s) in which their account is registered and must designate any special capacity in which they are registered.

Certain redemption requests will require a signature guarantee by an eligible guarantor institution. Eligible guarantors include commercial banks, savings and loans, savings banks, trust companies, credit unions, member firms of a national stock exchange, or any other member or participant of an approved signature guarantor program. For example, signature guarantees may be required if your address of record has changed in the last 30 days, if you want the proceeds sent to a bank other than the bank of record on your account, or if you ask that the proceeds be sent to a different person or address. Please note that a notary public is not an acceptable provider of a signature guarantee and that we must be provided with the original guarantee. Signature guarantees are for the protection of Fund shareholders. Before they grant a redemption request, the Funds may require a shareholder to furnish additional legal documents to ensure proper authorization.

Accounts held by a corporation, trust, fiduciary or partnership, may require additional documentation along with a signature guaranteed letter of instruction. The Funds participate in the Paperless Legal Program (the "Program"), which eliminates the need for accompanying paper documentation on legal securities transfers. Requests received with a Medallion Signature Guarantee will be reviewed for the proper criteria to meet the guidelines of the Program and may not require additional documentation. Please contact Shareholder Services at 1-877-71-FROST for more information.

**By Telephone** 

You must first establish the telephone redemption privilege (and, if desired, the wire and/or ACH redemption privilege) by completing the appropriate sections of the account application. Call 1-877-71-FROST to redeem your shares. Based on your instructions, the Funds will mail your proceeds to you or send them to your bank via wire or ACH.

**By Systematic Withdrawal Plan (Via ACH) (Investor Class Shares and A Class Shares only)** 

If your account balance is at least $25,000, you may transfer as little as $100 per month from your account to another financial institution through a Systematic Withdrawal Plan (via ACH). To participate in this service, you must complete the appropriate sections of the account application and mail it to the Funds.

**Exchanging Shares** 

At no charge, you may exchange Institutional Class Shares, Investor Class Shares or A Class Shares of a Fund for Institutional Class Shares, Investor Class Shares or A Class Shares, respectively, of another fund in the Frost Funds complex by writing to or calling the Funds. At no charge, you may also convert one class of shares of a Fund directly to another class of shares of the same Fund, where offered, by writing to or calling the Fund, subject to the eligibility requirements and the fees and expenses of the share class you exchange into, as set forth in the Prospectus. You may only exchange or convert shares between accounts with identical registrations (i.e., the same names and addresses). A conversion between share classes of a Fund is not a taxable event.

The exchange privilege is not intended as a vehicle for short-term or excessive trading. The Funds may suspend or terminate your exchange privilege if you engage in a pattern of exchanges that is excessive, as determined in the sole discretion of the Funds. For more information about the Funds' policy on excessive trading, see "Excessive Trading Policies and Procedures."

**Transaction Policies** 

**Calculating Your Share Price** 

NAV for one Fund share is the value of that share's portion of the net assets of that Fund.

You may buy or sell shares of a Fund on any Business Day. Requests to buy and sell shares of a Fund are processed at the NAV next computed after the Fund or an authorized institution receives and accepts your order in good order. The Funds calculate NAV once each Business Day as of the close of normal trading on the NYSE (normally, 4:00 p.m. Eastern Time). To receive the NAV on any given day, a Fund or an authorized institution (defined below) must receive and accept your order in in good order (meaning that it is complete and contains all necessary information, and has all supporting documentation such as proper Medallion signature guarantees, IRA rollover forms, etc.) before the close of trading on the NYSE that day. If your purchase order is not received and accepted in good order before the close of normal trading on the NYSE, you will receive the NAV calculated on the subsequent

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Business Day on which your order is received and accepted in good order. Purchase orders that are not in good order cannot be accepted and processed even if money to purchase shares has been submitted by wire, check or ACH. If the NYSE closes early, as in the case of scheduled half-day trading or unscheduled suspensions of trading, each Fund reserves the right to calculate NAV as of the earlier closing time. A Fund will not accept orders that request a particular day or price for the transaction or any other special conditions. Shares will only be priced on Business Days. Since securities that are traded on foreign exchanges may trade on days that are not Business Days, the value of a Fund's assets may change on days when you are unable to purchase or redeem shares.

The NAV of a class of each Fund's shares is determined by dividing the total value of the Fund's portfolio investments and other assets attributable to the class, less any liabilities attributable to the class, by the total number of shares outstanding of the class. In calculating NAV, each Fund generally values its investment portfolio at market price. If market prices are not readily available or they are unreliable, such as in the case of a security value that has been materially affected by events occurring after the relevant market closes, securities are valued at fair value. The Board has designated the Adviser as the Funds' valuation designee to make all fair value determinations with respect to the Funds' portfolio investments, subject to the Board's oversight. The Adviser has adopted and implemented policies and procedures to be followed when making fair value determinations, and it has established a Valuation Committee through which the Adviser makes fair value determinations. The Adviser's determination of a security's fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value that is assigned to a security may be higher or lower than the security's value would be if a reliable market quotation for the security was readily available.

**Buying or Selling Shares through a Financial Intermediary** 

In addition to being able to buy and sell Fund shares directly from the Funds through their transfer agent, you may also buy or sell shares of the Funds through accounts with financial intermediaries such as brokers and other institutions that are authorized to place trades in Fund shares for their customers. When you purchase or sell Fund shares through a financial intermediary (rather than directly from the Funds), you may have to transmit your purchase and sale requests to the financial intermediary at an earlier time for your transaction to become effective that day. This allows the financial intermediary time to process your requests and transmit them to the Funds prior to the time the Funds calculate their NAV that day. Your financial intermediary is responsible for transmitting all purchase and redemption requests, investment information, documentation and money to the Funds on time. If your financial intermediary fails to do so, it may be responsible for any resulting fees or losses. Unless your financial intermediary is an authorized institution, orders transmitted by the financial intermediary and received by the Funds after the time NAV is calculated for a particular day will receive the following day's NAV.

Certain financial intermediaries, including certain broker-dealers and shareholder organizations, are authorized to act as agent on behalf of the Funds with respect to the receipt of purchase and redemption orders for Fund shares ("authorized institutions"). Authorized institutions are also authorized to designate other intermediaries to receive purchase and redemption orders on a Fund's behalf. A Fund will be deemed to have received a purchase or redemption order when an authorized institution or, if applicable, an authorized institution's designee, receives the order. Orders will be priced at a Fund's NAV next computed after they are received by an authorized institution or an authorized institution's designee. To determine whether your financial intermediary is an authorized institution or an authorized institution's designee such that it may act as agent on behalf of a Fund with respect to purchase and redemption orders for Fund shares, you should contact your financial intermediary directly.

If you deal directly with a financial intermediary, you will have to follow its procedures for transacting with the Funds. Your financial intermediary may charge a fee for your purchase and/or redemption transactions. For more information about how to purchase or sell Fund shares through a financial intermediary, you should contact your financial intermediary directly.

**Payment of Redemption Proceeds** 

Normally, a Fund will send your sale proceeds within one Business Day after it receives your redemption request. A Fund, however, may take up to seven days to pay redemption proceeds. Your proceeds can be wired to your bank account (may be subject to a $10 fee), sent to you by check or sent via ACH to your bank account if you have established banking instructions with a Fund. **If you are selling shares that were recently purchased by check or through ACH, redemption proceeds may not be available until your check has cleared or the ACH transaction has been completed (which may take up to 15 days from your date of purchase).**

A Fund typically expects to sell portfolio assets and/or hold cash or cash equivalents to meet redemption requests. On a less regular basis, a Fund may also meet redemption requests by, using short-term borrowings from its custodian, relying on an interfund loan through the Funds' interfund lending program (as described in the SAI) and/or redeeming shares in-kind (as described below). These methods may be used during both normal and stressed market conditions.

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**Redemptions In-Kind** 

The Funds generally pay sale (redemption) proceeds in cash. However, under unusual conditions that make the payment of cash unwise and for the protection of the Funds' remaining shareholders, the Funds might pay all or part of your redemption proceeds in liquid securities with a market value equal to the redemption price (redemption in-kind). It is highly unlikely that your shares would ever be redeemed in-kind, but if they were you would have to pay transaction costs to sell the securities distributed to you, as well as taxes on any capital gains from the sale as with any redemption. In addition, you would continue to be subject to the risks of any market fluctuation in the value of the securities you receive in-kind until they are sold.

**Involuntary Redemptions of Your Shares** 

If your account balance drops below $1,000 for Institutional Class Shares, $1,000 for Investor Class Shares or $500 for A Class Shares, you may be required to sell your shares. The Funds will provide you at least 30 days' written notice to give you time to add to your account and avoid the involuntary redemption of your shares.

**Suspension of Your Right to Sell Your Shares** 

The Funds may suspend your right to sell your shares or delay payment of redemption proceeds for more than seven days during times when the NYSE is closed, other than during customary weekends or holidays, or as otherwise permitted by the U.S. Securities and Exchange Commission (the "SEC"). More information about this is in the SAI.

**Telephone Transactions** 

Purchasing, selling and exchanging Fund shares over the telephone is extremely convenient, but not without risk. Although the Funds have certain safeguards and procedures to confirm the identity of callers and the authenticity of instructions, the Funds are not responsible for any losses or costs incurred by following telephone instructions they reasonably believe to be genuine. If you or your financial intermediary transact with the Funds over the telephone, you will generally bear the risk of any loss.

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#### Sales Charges
**Front-End Sales Charges – A Class Shares** 

The offering price of A Class Shares is the NAV next calculated after a Fund receives and accepts your request, plus the front-end sales load. Selling dealers are normally reallowed 100% of the sales charge by SEI Investments Distribution Co. (the "Distributor"). The amount of any front-end sales charge included in your offering price for A Class Shares varies, depending on the amount of your investment.

---

| | | |
|:---|:---|:---|
| **If Your Investment Is:** | **Your Sales Charge as a <br> Percentage of Offering <br> Price** | **Your Sales Charge as a <br> Percentage of Your Net <br> Investment** |
| Less than $100,000 | 2.50% | 2.56% |
| $100,000 but less than $250,000 | 2.00% | 2.04% |
| $250,000 but less than $500,000 | 1.50% | 1.52% |
| $500,000 but less than $1,000,000 | 1.00% | 1.01% |
| $1,000,000 and over\* |  |  |

---

\* If you are in a category of investors who may purchase Fund shares without a front-end sales charge, you may be subject to a 1.00% contingent deferred sales charge if you redeem your shares within 12 months of purchase. 

You may qualify for reduced sales charges or sales charge waivers. If you believe that you may qualify for a reduction or waiver of the sales charge, you should discuss this matter with your broker or other financial intermediary. To qualify for these reductions or waivers, you or your financial intermediary must provide sufficient information at the time of purchase to verify that your purchase qualifies for such treatment. This information could be used to aggregate, for example, holdings in retirement accounts, Fund shares owned by your immediate family members, and holdings in accounts at other brokers or financial intermediaries. In addition to breakpoint discounts, the following sections describe other circumstances in which sales charges are waived or otherwise may be reduced. See "Reduced Sales Charges" below. **Investors investing in the Fund through an intermediary should consult "Sales Charge Waivers and Reductions Available Through Certain Financial Intermediaries" below, and Appendix A - Intermediary Specific Sales Charge Discounts and Waivers, which includes information regarding broker-defined sales charges and related discount and/or waiver policies that apply to purchases through certain intermediaries.**

**Waiver of Front-End Sales Charge – A Class Shares** 

The front-end sales charge will be waived on A Class Shares purchased:

&nbsp;&nbsp;&nbsp;&nbsp;● through reinvestment of dividends and distributions;

&nbsp;&nbsp;&nbsp;&nbsp;● through an asset allocation account advised by the Adviser or one of its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;● by persons repurchasing shares they redeemed within the last 90 days (see "Repurchase of A Class Shares");

&nbsp;&nbsp;&nbsp;&nbsp;● by investors who purchase shares with redemption proceeds (but only to the extent of such redemption proceeds) from another investment company within 90 days of such redemption, provided that the investors paid either a front-end or contingent deferred sales charge on the original shares redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;● by employees, and members of their immediate family, of the Adviser and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;● by retirees of the Adviser and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;● by employees and retirees of the SEI Investments Global Funds Services (the "Administrator") or the Distributor;

&nbsp;&nbsp;&nbsp;&nbsp;● by Trustees and officers of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;● by persons reinvesting distributions from qualified employee benefit retirement plans and rollovers from IRAs previously with the Adviser;

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&nbsp;&nbsp;&nbsp;&nbsp;● by persons investing an amount less than or equal to the value of an account distribution when an account for which a bank affiliated with the Adviser acted in a fiduciary, administrative, custodial or investment advisory capacity is closed; or

&nbsp;&nbsp;&nbsp;&nbsp;● through dealers, retirement plans, asset allocation programs and financial institutions that, under their dealer agreements with the Distributor or otherwise, do not receive any portion of the front-end sales charge.

**Repurchase of A Class Shares** 

You may repurchase any amount of A Class Shares of any Fund at NAV (without the normal front-end sales charge), up to the limit of the value of any amount of A Class Shares (other than those which were purchased with reinvested dividends and distributions) that you redeemed within the past 90 days. In effect, this allows you to reacquire shares that you may have had to redeem, without repaying the front-end sales charge. To exercise this privilege, the Fund must receive your purchase order within 90 days of your redemption. In addition, you must notify the Fund when you send in your purchase order that you are repurchasing shares. Certain tax rules may limit your ability to recognize a loss on the redemption of your A Class Shares, and you should consult your tax advisor if recognizing such a loss is important to you.

**Reduced Sales Charges – A Class Shares** 

In addition to the above described reductions in front-end sales charges for purchases over a certain dollar size, you may also be eligible to participate in one or more of the programs described below to lower your initial sales charge. To be eligible to participate in these programs, you must inform your broker-dealer or financial advisor at the time you purchase shares that you would like to participate in one or more of the programs and provide information necessary to determine your eligibility to participate, including the account number(s) and names in which your accounts are registered at the time of purchase. In addition, a Fund or its agent may request account statements if they are unable to verify your account information.

**Rights of Accumulation** 

In calculating the appropriate sales charge rate, this right allows you to add the value of A Class Shares of all the Frost Funds you already own to the amount that you are currently purchasing. The value of your current purchases will be combined with the current value of A Class Shares of all other Frost Funds you purchased previously that are currently held for (i) your account, (ii) your spouse's account, (iii) a joint account with your spouse, or (iv) your minor children's trust or custodial accounts. A fiduciary purchasing shares for the same fiduciary account, trust or estate may also use this right of accumulation. If your investment qualifies for a reduced sales load due to accumulation of purchases, you must notify SS&C Global Investor & Distribution Solutions, Inc. (the "Transfer Agent") at the time of purchase of the existence of other accounts and/or holdings eligible to be aggregated to reduce or eliminate the sales load. You may be required to provide records, such as account statements, regarding the Fund shares held by you or related accounts at a Frost Fund or at other financial intermediaries in order to verify your eligibility for a breakpoint discount. You will receive the reduced sales load only on the additional purchases and not retroactively on previous purchases. The Funds may amend or terminate this right of accumulation at any time.

**Letter of Intent** 

You may purchase A Class Shares of one or more Frost Funds at the sales charge rate applicable to the total amount of the purchases you intend to make over a 13-month period. In other words, a Letter of Intent allows you to purchase A Class Shares of one or more Frost Funds over a 13-month period and receive the same sales charge as if you had purchased all the shares at the same time. Each Fund will only consider the value of A Class Shares sold subject to a sales charge. As a result, A Class Shares purchased with dividends or distributions will not be included in the calculation. To be entitled to a reduced sales charge on the purchase of A Class Shares based on shares you intend to purchase over the 13-month period, you must send a Fund a Letter of Intent. In calculating the total amount of purchases, you may include in your Letter purchases made up to 90 days before the date of the Letter. The 13-month period begins on the date of the first purchase, including those purchases made in the 90-day period before the date of the Letter. Please note that the purchase price of these prior purchases will not be adjusted.

You are not legally bound by the terms of your Letter of Intent to purchase the amount of your shares stated in the Letter. The Letter does, however, authorize a Fund to hold in escrow 5% of the total amount you intend to purchase. If you do not complete the total intended purchase of A Class Shares at the end of the 13-month period, the Funds' Transfer Agent will redeem the necessary portion of the escrowed shares to make up the difference between the reduced rate sales charge (based on the amount you intended to purchase) and the sales charge that would normally apply (based on the actual amount you purchased).

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**Combined Purchase/Quantity Discount Privilege** 

When calculating the appropriate sales charge rate, a Fund will combine purchases of A Class Shares (that are subject to a sales charge) of all Frost Funds made on the same day by you, your spouse and your minor children (under age 21). This combination also applies to A Class Shares you purchase with a Letter of Intent.

**Purchasers Qualifying for Reductions in Front-End Sales Charges** 

Only certain persons or groups are eligible for the reductions in initial sales charges described in the preceding section. These qualified purchasers include the following:

<u><u>**Individuals**</u></u>

&nbsp;&nbsp;&nbsp;&nbsp;● an individual, his or her spouse, or children residing in the same household;

&nbsp;&nbsp;&nbsp;&nbsp;● any trust established exclusively for the benefit of an individual;

<u><u>**Trustees and Fiduciaries**</u></u>

&nbsp;&nbsp;&nbsp;&nbsp;● a trustee or fiduciary purchasing for a single trust, estate or fiduciary account; and

<u><u>**Other Groups**</u></u>

&nbsp;&nbsp;&nbsp;&nbsp;● any organized group of persons, whether or not incorporated, purchasing Fund shares, provided that (i) the organization has been in existence for at least six months; and (ii) the organization has some purpose other than the purchase at a discount of redeemable securities of a registered investment company.

Investors or dealers seeking to qualify orders for a reduced front-end sales charge must identify such orders at the time of purchase and, if necessary, support their qualification for the reduced charge with appropriate documentation. Appropriate documentation includes, without limitation, account statements regarding shares of a Fund held in all accounts (*e.g.*, retirement accounts) by the investor, and, if applicable, his or her spouse and children residing in the same household, including accounts at broker-dealers or other financial intermediaries different than the broker-dealer of record for the current purchase of Fund shares. The Distributor reserves the right to determine whether any purchaser is entitled, by virtue of the foregoing, to the reduced initial sales charge. No person or entity may distribute shares of the Funds without payment of the applicable sales charge other than to persons or entities who qualify for a reduction in the sales charge as provided herein.

**Contingent Deferred Sales Charges ("CDSC") – A Class Shares** 

You will not pay a front-end sales charge if you purchase $1,000,000 or more of A Class Shares. However, you may pay a CDSC of 1.00% on any shares you sell within 12 months after your purchase. The CDSC will be based on the lesser of (1) the NAV of the shares at the time of purchase or (2) the NAV of the shares next calculated after the Funds receive your redemption request. The sales charge does not apply to shares you purchase through reinvestment of dividends or distributions. So, you never pay a deferred sales charge on any increase in your investment above the initial offering price. This sales charge does not apply to exchanges of A Class Shares of one fund for A Class Shares of another fund in the Frost Funds complex.

**Sales Charge Waivers and Reductions Available Through Certain Financial Intermediaries** 

The availability of certain sales charge waivers and discounts may depend on whether you purchase your shares directly from a Fund or through a financial intermediary. Different intermediaries may impose different sales charges (including potential reductions in or waivers of sales charges). Such intermediary-specific sales charge variations are described in Appendix A to this prospectus, entitled "Intermediary-Specific Sales Charge Discounts and Waivers." Appendix A is incorporated herein by reference and, therefore, is legally a part of this prospectus.

In all instances, it is the purchaser's responsibility to notify a Fund or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase Fund shares directly from a Fund or through another intermediary to receive such waivers or discounts.

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**General Information about Sales Charges** 

Your securities dealer is paid a commission when you buy your shares and is paid a servicing fee as long as you hold your shares. Your securities dealer or servicing agent may receive different levels of compensation depending on which class of shares you buy. From time to time, some financial institutions, including brokerage firms affiliated with the Adviser or the Distributor, may be reallowed up to the entire sales charge. Firms that receive a reallowance of the entire sales charge may be considered underwriters for the purpose of federal securities law.

The Distributor may, from time to time in its sole discretion, institute one or more promotional incentive programs for dealers, which will be paid for by the Distributor from any sales charge it receives or from any other source available to it. Under any such program, the Distributor may provide cash or non-cash compensation as recognition for past sales or encouragement for future sales that may include the following: merchandise, travel expenses, prizes, meals and lodgings, and gifts that do not exceed $100 per year, per individual.

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#### Payments to Financial Intermediaries
The Funds and/or the Adviser may compensate financial intermediaries for providing a variety of services to the Funds and/or their shareholders. Financial intermediaries include affiliated or unaffiliated brokers, dealers, banks (including bank trust departments), trust companies, registered investment advisers, financial planners, retirement plan administrators, insurance companies, and any other institution having a service, administration, or any similar arrangement with the Funds, their service providers or their respective affiliates. This section briefly describes how financial intermediaries may be paid for providing these services. For more information, please see "Payments to Financial Intermediaries" in the SAI.

**Distribution Plan** 

The Funds have adopted a distribution plan under Rule 12b-1 of the Investment Company Act of 1940, as amended, for Investor Class Shares and A Class Shares that allows the Funds to pay distribution and/or service fees for the sale and distribution of Fund shares, and for services provided to shareholders. Because these fees are paid out of a Fund's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. The maximum annual Rule 12b-1 fee for Investor Class Shares and A Class Shares of a Fund is 0.25%.

**Shareholder Servicing Plan** 

The Funds have adopted a shareholder servicing plan that provides that the Funds may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.15% based on the average daily net assets of the Funds' A Class Shares. The services for which financial intermediaries are compensated may include record keeping, transaction processing for shareholders' accounts and other shareholder services.

**Other Payments by the Funds** 

The Funds may enter into agreements with financial intermediaries pursuant to which the Funds may pay financial intermediaries for non-distribution-related sub-transfer agency, administrative, sub-accounting, and other shareholder services. Payments made pursuant to such agreements are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a financial intermediary, or (2) the number of Fund shareholders serviced by a financial intermediary. Any payments made pursuant to such agreements may be in addition to, rather than in lieu of, distribution or shareholder services fees the Funds may pay to financial intermediaries pursuant to the Funds' distribution plan or shareholder servicing plan.

**Payments by the Adviser** 

From time to time, the Adviser and/or its affiliates, in their discretion, may make payments to certain affiliated or unaffiliated financial intermediaries to compensate them for the costs associated with distribution, marketing, administration and shareholder servicing support for the Funds. These payments are sometimes characterized as "revenue sharing" payments and are made out of the Adviser's and/or its affiliates' own legitimate profits or other resources, and may be in addition to any payments made to financial intermediaries by the Funds. A financial intermediary may provide these services with respect to Fund shares sold or held through programs such as retirement plans, qualified tuition programs, fund supermarkets, fee-based advisory or wrap fee programs, bank trust programs, and insurance (e.g., individual or group annuity) programs. In addition, financial intermediaries may receive payments for making shares of the Funds available to their customers or registered representatives, including providing the Funds with "shelf space," placing them on a preferred or recommended fund list, or promoting the Funds in certain sales programs that are sponsored by financial intermediaries. To the extent permitted by SEC and Financial Industry Regulatory Authority ("FINRA") rules and other applicable laws and regulations, the Adviser and/or its affiliates may pay or allow other promotional incentives or payments to financial intermediaries.

The level of payments made by the Adviser and/or its affiliates to individual financial intermediaries varies in any given year and may be negotiated on the basis of sales of Fund shares, the amount of Fund assets serviced by the financial intermediary or the quality of the financial intermediary's relationship with the Adviser and/or its affiliates. These payments may be more or less than the payments received by the financial intermediaries from other mutual funds and may influence a financial intermediary to favor the sales of certain funds or share classes over others. In certain instances, the payments could be significant and may cause a conflict of interest for your financial intermediary. Any such payments will not change the NAV or price of a Fund's shares. Please contact your financial intermediary for information about any payments it may receive in connection with the sale of Fund shares or the provision of services to Fund shareholders.

In addition to these payments, your financial intermediary may charge you account fees, commissions or transaction fees for buying or redeeming shares of the Funds, or other fees for servicing your account. Your financial intermediary should provide a schedule of its fees and services to you upon request.

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#### Other Policies
**Excessive Trading Policies and Procedures** 

The Funds are intended for long-term investment purposes only and discourage shareholders from engaging in "market timing" or other types of excessive short-term trading. This frequent trading into and out of a Fund may present risks to the Fund's long-term shareholders, and could adversely affect shareholder returns. The risks posed by frequent trading include interfering with the efficient implementation of a Fund's investment strategies, triggering the recognition of taxable gains and losses on the sale of Fund investments, requiring the Fund to maintain higher cash balances to meet redemption requests, and experiencing increased transaction costs.

In addition, because the Funds may invest in foreign securities traded primarily on markets that close prior to the time the Funds determine their NAV, the risks posed by frequent trading may have a greater potential to dilute the value of Fund shares held by long-term shareholders than funds investing exclusively in U.S. securities. In instances where a significant event that affects the value of one or more foreign securities held by a Fund takes place after the close of the primary foreign market, but before the time that the Fund determines its NAV, certain investors may seek to take advantage of the fact that there will be a delay in the adjustment of the market price for a security caused by this event until the foreign market reopens (sometimes referred to as "price" or "time zone" arbitrage). Shareholders who attempt this type of arbitrage may dilute the value of the Fund's shares if the prices of the Fund's foreign securities do not reflect their fair value. Although the Adviser has procedures designed to determine the fair value of foreign securities for purposes of calculating the Funds' NAV when such an event has occurred, fair value pricing, because it involves judgments which are inherently subjective, may not always eliminate the risk of price arbitrage. For more information on how the Funds use fair value pricing, see "Calculating Your Share Price."

In addition, because the Funds may invest in small and mid-cap securities, which often trade in lower volumes and may be less liquid, the Funds may be more susceptible to the risks posed by frequent trading because frequent transactions in the Funds' shares may have a greater impact on the market prices of these types of securities.

The Funds' service providers will take steps reasonably designed to detect and deter frequent trading by shareholders pursuant to the Funds' policies and procedures described in this Prospectus and approved by the Board. For purposes of applying these policies, the Funds' service providers may consider the trading history of accounts under common ownership or control. The Funds' policies and procedures include the following:

&nbsp;&nbsp;&nbsp;&nbsp;● Shareholders are restricted from making more than five "round trips," including exchanges into or out of a Fund, per calendar year. If a shareholder exceeds this amount, the Fund and/or its service providers may, at their discretion, reject any additional purchase or exchange orders. The Funds define a round trip as a purchase or exchange into a Fund by a shareholder, followed by a subsequent redemption out of the Fund, of an amount the Adviser reasonably believes would be harmful or disruptive to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;● The Funds reserve the right to reject any purchase or exchange request by any investor or group of investors for any reason without prior notice, including, in particular, if a Fund or the Adviser reasonably believes that the trading activity would be harmful or disruptive to the Fund.

The Funds and/or their service providers seek to apply these policies to the best of their abilities uniformly and in a manner they believe is consistent with the interests of the Funds' long-term shareholders. The Funds do not knowingly accommodate frequent purchases and redemptions by Fund shareholders. Although these policies are designed to deter frequent trading, none of these measures alone nor all of them taken together eliminate the possibility that frequent trading in the Funds will occur. Systematic purchases and redemptions are exempt from these policies.

Financial intermediaries (such as investment advisers and broker-dealers) often establish omnibus accounts in the Funds for their customers through which transactions are placed. The Funds have entered into "information sharing agreements" with these financial intermediaries, which permit the Funds to obtain, upon request, information about the trading activity of the intermediary's customers that invest in the Funds. If the Funds or their service providers identify omnibus account level trading patterns that have the potential to be detrimental to the Funds, the Funds or their service providers may, in their sole discretion, request from the financial intermediary information concerning the trading activity of its customers. Based upon a review of that information, if the Funds or their service providers determine that the trading activity of any customer may be detrimental to the Funds, they may, in their sole discretion, request the financial intermediary to restrict or limit further trading in the Funds by that customer. If the Funds are not satisfied that the intermediary has taken appropriate action, the Funds may terminate the intermediary's ability to transact in Fund shares. When information regarding transactions in the Funds' shares is requested by the Funds and such information is in the possession of a person that is itself a financial intermediary to a financial intermediary (an "indirect intermediary"), any financial intermediary with whom the Funds have an information sharing agreement is obligated to obtain transaction information from the indirect intermediary or, if directed by the Funds, to restrict or prohibit the indirect intermediary from purchasing shares of the Funds on behalf of other persons.

The Funds and their service providers will use reasonable efforts to work with financial intermediaries to identify excessive short-term trading in omnibus accounts that may be detrimental to the Funds. However, there can be no assurance that the monitoring of omnibus account level trading will enable the Funds to identify or prevent all such trading by a financial intermediary's customers. Please contact your financial intermediary for more information.

45<br>

**Customer Identification and Verification** 

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means to you: When you open an account, the Funds will ask your name, address, date of birth, and other information that will allow the Funds to identify you. This information is subject to verification to ensure the identity of all persons opening a mutual fund account.

The Funds are required by law to reject your new account application if the required identifying information is not provided.

In certain instances, the Funds are required to collect documents to fulfill their legal obligation. Documents provided in connection with your application will be used solely to establish and verify your identity.

Attempts to collect the missing information required on the application will be performed by either contacting you or, if applicable, your broker. If this information is unable to be obtained within a reasonable timeframe established in the sole discretion of the Funds, your application will be rejected.

Upon receipt of your application in good order (or upon receipt of all identifying information required on the application), your investment will be accepted and your order will be processed at the next-determined NAV per share.

However, each Fund reserves the right to close or liquidate your account at the NAV next determined and remit proceeds to you via check if it is unable to verify your identity. Attempts to verify your identity will be performed within a reasonable timeframe established in the sole discretion of the Fund. Further, each Fund reserves the right to hold your proceeds until your original check clears the bank, which may take up to 15 days from the date of purchase. In such an instance, you may be subject to a gain or loss on Fund shares and will be subject to corresponding tax implications. You will not be entitled to recover any sales charges paid in connection with your purchase of Fund shares.

**Anti-Money Laundering Program** 

Customer identification and verification is part of the Funds' overall obligation to deter money laundering under federal law. The Funds have adopted an anti-money laundering compliance program designed to prevent the Funds from being used for money laundering or the financing of illegal activities. In this regard, the Funds reserve the right to: (i) refuse, cancel or rescind any purchase or exchange order; (ii) freeze any account and/or suspend account services; or (iii) involuntarily close your account in cases of threatening conduct or suspected fraudulent or illegal activity. These actions will be taken when, in the sole discretion of Fund management, they are deemed to be in the best interest of a Fund or in cases when a Fund is requested or compelled to do so by governmental or law enforcement authority. If your account is closed at the request of governmental or law enforcement authority, you may not receive proceeds of the redemption if the Funds are required to withhold such proceeds.

**Unclaimed Property** 

Each state has unclaimed property rules that generally provide for escheatment (or transfer) to the state of unclaimed property under various circumstances. Such circumstances include inactivity (e.g., no owner-initiated contact for a certain period), returned mail (e.g., when mail sent to a shareholder is returned by the post office, or "RPO," as undeliverable), or a combination of both inactivity and returned mail. Once it flags property as unclaimed, the applicable Fund will attempt to contact the shareholder, but if that attempt is unsuccessful, the account may be considered abandoned and escheated to the state.

Shareholders that reside in the state of Texas may designate a representative to receive escheatment notifications by completing and submitting a designation form that can be found on the website of the Texas Comptroller. While the designated representative does not have any rights to claim or access the shareholder's account or assets, the escheatment period will cease if the representative communicates knowledge of the shareholder's location and confirms that the shareholder has not abandoned his or her property. A completed designation form may be mailed to the Funds (if shares are held directly with the Funds) or to the shareholder's financial intermediary (if shares are not held directly with the Funds).

More information on unclaimed property and how to maintain an active account is available through your state or by calling 1-877-71-FROST.

46<br>

#### Dividends and Distributions
Normally, the Frost Growth Equity Fund distributes its net investment income and makes distributions of its net realized capital gains, if any, at least annually. Normally, the Frost Total Return Bond Fund, the Frost Credit Fund and the Frost Low Duration Bond Fund each distribute their net investment income, if any, monthly and make distributions of their net realized capital gains, if any, at least annually. If you own Fund shares on a Fund's record date, you will be entitled to receive the distribution.

Each Fund will automatically reinvest dividends and distributions in additional shares of the Fund, unless you elect on your account application to receive them in cash. To elect cash payment, you must notify the Funds in writing prior to the date of the distribution. Your election will be effective for dividends and distributions paid after the Funds receive your written notice. To cancel your election, simply send the Funds written notice.

47<br>

#### Taxes
**Please consult your tax advisor regarding your specific questions about U.S. federal, state and local income taxes.** The following is a summary of certain U.S. federal income tax consequences of investing in the Funds. This summary does not apply to shares held in an IRA or other tax-qualified plans, which are not subject to current tax. Transactions relating to shares held in such accounts may, however, be taxable at some time in the future. This summary is based on current tax laws, which may change.

Each Fund has elected and intends to qualify as a RIC as defined in Section 851 of the Code. See the SAI for more information regarding the RIC qualification tests.

Each Fund intends to distribute substantially all of its net investment income and its net realized capital gains, if any. The dividends and distributions you receive, whether in cash or reinvested in additional shares of the Funds may be subject to federal, state, and local taxation, depending upon your tax situation. Income distributions, including distributions of net short-term capital gains but excluding distributions of qualified dividend income, are generally taxable at ordinary income tax rates. Distributions that are reported by the Funds as long-term capital gains and as qualified dividend income are generally taxable at the rates applicable to long-term capital gains and currently set at a maximum tax rate for individuals at 20% (lower rates apply to individuals in lower tax brackets). Qualified dividend income is, in general, dividend income from taxable domestic corporations and certain foreign corporations (e.g., foreign corporations incorporated in a possession of the United States or in certain countries with a comprehensive tax treaty with the United States, or the stock of which is readily tradable on an established securities market in the United States). Distributions from the Frost Total Return Bond Fund, Frost Credit Fund and Frost Low Duration Bond Fund are not expected to qualify for the reduced tax rates on qualified dividend income.

A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j). This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j). In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in a Fund for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest Dividends, if so designated by a Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the Internal Revenue Service ("IRS").

Once a year the Funds (or their administrative agent) will send you a statement showing the types and total amount of distributions you received during the previous year.

You should note that if you purchase shares just before a distribution, the purchase price would reflect the amount of the upcoming distribution. In this case, you would be taxed on the entire amount of the distribution received, even though, as an economic matter, the distribution simply constitutes a return of your investment. This is known as "buying a dividend" and generally should be avoided by taxable investors. Call 1-877-71-FROST to find out when a Fund expects to make a distribution to shareholders.

Each sale of shares of a Fund may be a taxable event. For tax purposes, an exchange of your Fund shares for shares of a different fund is the same as a sale. Assuming you hold Fund shares as a capital asset, the gain or loss generally will be treated as short-term capital gain or loss if you held the shares 12 months or less, and long-term capital gain or loss if you held the shares for longer. Any capital loss arising from the sale or exchange of shares held for six months or less, however, will be treated as long-term capital loss to the extent of the amount of net long-term capital gain distributions or disallowed to the extent of the amount of exempt interest dividends received with respect to those shares.

U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) are subject to a 3.8% tax on their "net investment income," including interest, dividends, and capital gains (including capital gains realized on the sale or exchange of shares of a Fund).

Many states grant tax-free status to dividends paid to you from interest earned on direct obligations of the U.S. government, subject in some states to minimum investment requirements that must be met by the Funds. Investment in Government National Mortgage Association ("Ginnie Mae") or Federal National Mortgage Association ("Fannie Mae") securities, banker's acceptances, commercial paper, and repurchase agreements collateralized by U.S. government securities do not generally qualify for such tax-free treatment. The rules on exclusion of this income are different for corporate shareholders.

The Funds (or their administrative agent) must report to the IRS and furnish to Fund shareholders cost basis information for purchases of Fund shares. In addition to reporting the gross proceeds from the sale of Fund shares, a Fund (or its administrative agent) is also required to report the cost basis information for such shares and indicate whether these shares have a short-term or

48<br>

long-term holding period. For each sale of Fund shares, a Fund will permit shareholders to elect from among several IRS-accepted cost basis methods, including the average cost basis method. In the absence of an election, a Fund will use the average cost basis method as the default cost basis method. The cost basis method elected by a Fund shareholder (or the cost basis method applied by default) for each sale of Fund shares may not be changed after the settlement date of each such sale of Fund shares. Fund shareholders should consult their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about cost basis reporting. Shareholders also should carefully review the cost basis information provided to them by a Fund and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

To the extent that a Fund invests in foreign securities, it may be subject to foreign withholding taxes with respect to dividends or interest the Fund received from sources in foreign countries. If more than 50% of the total assets of a Fund consist of foreign securities, the Fund may elect to treat some of those taxes as a distribution to shareholders, which would allow shareholders to offset some of their U.S. federal income tax. A Fund (or its administrative agent) will notify you if it makes such an election and provide you with the information necessary to reflect foreign taxes paid on your income tax return.

Because each shareholder's tax situation is different, you should consult your tax advisor about the tax implications of an investment in the Funds.

**More information about taxes is in the SAI.**

49<br>

#### Additional Information
The Trust enters into contractual arrangements with various parties, including, among others, the Funds' investment adviser, custodian, transfer agent, accountants, administrator and distributor, who provide services to the Funds. Shareholders are not parties to, or intended (or "third-party") beneficiaries of, any of those contractual arrangements, and those contractual arrangements are not intended to create in any individual shareholder or group of shareholders any right to enforce the terms of the contractual arrangements against the service providers or to seek any remedy under the contractual arrangements against the service providers, either directly or on behalf of the Trust.

This Prospectus and the SAI provide information concerning the Trust and the Funds that you should consider in determining whether to purchase shares of the Funds. The Funds may make changes to this information from time to time. Neither this Prospectus, the SAI or any document filed as an exhibit to the Trust's registration statement, is intended to, nor does it, give rise to an agreement or contract between the Trust or the Funds and any shareholder, or give rise to any contract or other rights in any individual shareholder, group of shareholders or other person other than any rights conferred explicitly by federal or state securities laws that may not be waived.

50<br>

#### Financial Highlights
The table that follows presents performance information about each Fund. The financial highlights table is intended to help you understand each Fund's financial performance for the past five fiscal years. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in a Fund (assuming reinvestment of all dividends and distributions). The information has been audited by Ernst & Young LLP, independent registered public accounting firm for the Funds. The financial statements and the unqualified opinion of Ernst & Young LLP are included in the Funds' Form N-CSR filing for the fiscal year ending July 31, 2025, and are available upon request by calling 1-877-71-FROST.

51<br>

*For a Share Outstanding Throughout Each Year For the Years Ended July 31* 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Net Asset <br> Value, <br> Beginning of <br> Year | Net <br> Investment <br> Income <br> (Loss)<sup>(1)</sup> | Net Realized <br> and <br> Unrealized <br> Gain (Loss) | Total From <br> Operations | Dividends <br> From Net <br> Investment <br> Income | Distributions <br> From <br> Realized <br> Gains | Total <br> Dividends & <br> Distributions | Net Asset <br> Value, End <br> of Year | Total <br> Return† | Net Assets <br> End of Year <br> (000) | Ratio of <br> Expenses to <br> Average Net <br> Assets | Expenses <br> to Average <br> Net Assets <br> (Excluding <br> Waivers and <br> Fees Paid <br> Indirectly) | Ratio of Net <br> Investment <br> Income <br> (Loss) to <br> Average <br> Net Assets | Portfolio <br> Turnover <br> Rate |
| &nbsp;&nbsp;&nbsp;Growth Equity Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Growth Equity Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Growth Equity Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Growth Equity Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Growth Equity Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Growth Equity Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Growth Equity Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Growth Equity Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Growth Equity Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Growth Equity Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Growth Equity Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Growth Equity Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Growth Equity Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Growth Equity Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Growth Equity Fund <br>Institutional Class Shares |
| &nbsp;&nbsp;2025 | $17.25 | $(0.02) | $3.22 | $3.20 | $— | $(3.44) | $(3.44) | $17.01 | 20.89% | $222504 | 0.66% | 0.66% | (0.12)% | 16% |
| &nbsp;&nbsp;2024 | 15.75 | (0.01) | 3.87 | 3.86 | (0.01) | (2.35) | (2.36) | 17.25 | 27.87 | 223213 | 0.67 | 0.67 | (0.03) | 17 |
| &nbsp;&nbsp;2023 | 15.29 | 0.03 | 1.87 | 1.90 |  | (1.44) | (1.44) | 15.75 | 15.34 | 260597 | 0.63 | 0.63 | 0.21 | 12 |
| &nbsp;&nbsp;2022 | 20.28 | (0.02) | (2.56) | (2.58) |  | (2.41) | (2.41) | 15.29 | (14.97) | 287799 | 0.63 | 0.63 | (0.11) | 7 |
| &nbsp;&nbsp;2021 | 15.95 | (0.01) | 4.96 | 4.95 | (0.01) | (0.61) | (0.62) | 20.28 | 31.83 | 389166 | 0.63 | 0.63 | (0.06) | 17 |
| &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares |
| &nbsp;&nbsp;2025 | $16.62 | $(0.06) | $3.08 | $3.02 | $— | $(3.44) | $(3.44) | $16.20 | 20.56% | $19721 | 0.91% | 0.91% | (0.37)% | 16% |
| &nbsp;&nbsp;2024 | 15.28 | (0.04) | 3.73 | 3.69 |  | (2.35) | (2.35) | 16.62 | 27.55 | 17547 | 0.91 | 0.91 | (0.27) | 17 |
| &nbsp;&nbsp;2023 | 14.91 | (0.01) | 1.82 | 1.81 |  | (1.44) | (1.44) | 15.28 | 15.11 | 54604 | 0.88 | 0.88 | (0.05) | 12 |
| &nbsp;&nbsp;2022 | 19.89 | (0.06) | (2.51) | (2.57) |  | (2.41) | (2.41) | 14.91 | (15.24) | 50405 | 0.88 | 0.88 | (0.36) | 7 |
| &nbsp;&nbsp;2021 | 15.68 | (0.05) | 4.87 | 4.82 |  | (0.61) | (0.61) | 19.89 | 31.52 | 69343 | 0.88 | 0.88 | (0.31) | 17 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares and does not reflect the applicable sales charge, if applicable.  |

---

<sup>(1)</sup> Per share data calculated using average shares method.

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

52<br>

*For a Share Outstanding Throughout Each Year For the Years Ended July 31,* 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Net Asset <br> Value, <br> Beginning of <br> Year | Net <br> Investment <br> Income<sup>(1)</sup> | Net Realized <br> and <br> Unrealized <br> Gain (Loss)  | Total From <br> Operations | Dividends <br> From Net <br> Investment <br> Income | Distributions <br> From <br> Realized <br> Gains | Total <br> Dividends & <br> Distributions | Net Asset <br> Value, End <br> of Year | Total <br> Return† | Net Assets <br> End of Year <br> (000) | Ratio of <br> Expenses to <br> Average Net <br> Assets | Expenses <br> to Average <br> Net Assets <br> (Excluding <br> Waivers and <br> Fees Paid <br> Indirectly) | Ratio of Net <br> Investment <br> Income to <br> Average Net <br> Assets | Portfolio <br> Turnover <br> Rate |
| &nbsp;&nbsp;&nbsp;Total Return Bond Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Total Return Bond Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Total Return Bond Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Total Return Bond Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Total Return Bond Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Total Return Bond Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Total Return Bond Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Total Return Bond Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Total Return Bond Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Total Return Bond Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Total Return Bond Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Total Return Bond Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Total Return Bond Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Total Return Bond Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Total Return Bond Fund <br>Institutional Class Shares |
| &nbsp;&nbsp;2025 | $9.88 | $0.55 | $(0.24) | $0.31 | $(0.52) | $— | $(0.52) | $9.67 | 3.24% | $3616084 | 0.46% | 0.46% | 5.67% | 66% |
| &nbsp;&nbsp;2024 | 9.36 | 0.52 | 0.51 | 1.03 | (0.51) |  | (0.51) | 9.88 | 11.34 | 3150416 | 0.46 | 0.46 | 5.44 | 48 |
| &nbsp;&nbsp;2023 | 9.70 | 0.53 | (0.34) | 0.19 | (0.53) |  | (0.53) | 9.36 | 2.05 | 2474473 | 0.46 | 0.47 | 5.60 | 64 |
| &nbsp;&nbsp;2022 | 10.40 | 0.35 | (0.69) | (0.34) | (0.36) |  | (0.36) | 9.70 | (3.30) | 2437441 | 0.47 | 0.47 | 3.46 | 73 |
| &nbsp;&nbsp;2021 | 10.07 | 0.30 | 0.38 | 0.68 | (0.35) |  | (0.35) | 10.40 | 6.85 | 2741353 | 0.46 | 0.46 | 2.93 | 38 |
| &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares |
| &nbsp;&nbsp;2025 | $9.87 | $0.53 | $(0.23) | $0.30 | $(0.50) | $— | $(0.50) | $9.67 | 3.09% | $222122 | 0.71% | 0.71% | 5.41% | 66% |
| &nbsp;&nbsp;2024 | 9.36 | 0.49 | 0.50 | 0.99 | (0.48) |  | (0.48) | 9.87 | 10.94 | 219576 | 0.71 | 0.71 | 5.21 | 48 |
| &nbsp;&nbsp;2023 | 9.70 | 0.50 | (0.34) | 0.16 | (0.50) |  | (0.50) | 9.36 | 1.79 | 262100 | 0.71 | 0.72 | 5.34 | 64 |
| &nbsp;&nbsp;2022 | 10.40 | 0.32 | (0.68) | (0.36) | (0.34) |  | (0.34) | 9.70 | (3.55) | 302887 | 0.72 | 0.72 | 3.20 | 73 |
| &nbsp;&nbsp;2021 | 10.07 | 0.27 | 0.38 | 0.65 | (0.32) |  | (0.32) | 10.40 | 6.59 | 368782 | 0.71 | 0.71 | 2.67 | 38 |
| &nbsp;&nbsp;&nbsp;A Class Shares | &nbsp;&nbsp;&nbsp;A Class Shares | &nbsp;&nbsp;&nbsp;A Class Shares | &nbsp;&nbsp;&nbsp;A Class Shares | &nbsp;&nbsp;&nbsp;A Class Shares | &nbsp;&nbsp;&nbsp;A Class Shares | &nbsp;&nbsp;&nbsp;A Class Shares | &nbsp;&nbsp;&nbsp;A Class Shares | &nbsp;&nbsp;&nbsp;A Class Shares | &nbsp;&nbsp;&nbsp;A Class Shares | &nbsp;&nbsp;&nbsp;A Class Shares | &nbsp;&nbsp;&nbsp;A Class Shares | &nbsp;&nbsp;&nbsp;A Class Shares | &nbsp;&nbsp;&nbsp;A Class Shares | &nbsp;&nbsp;&nbsp;A Class Shares |
| &nbsp;&nbsp;2025 | $9.87 | $0.52 | $(0.24) | $0.28 | $(0.49) | $— | $(0.49) | $9.66 | 2.90% | $5632 | 0.81% | 0.81% | 5.34% | 66% |
| &nbsp;&nbsp;2024 | 9.35 | 0.49 | 0.50 | 0.99 | (0.47) |  | (0.47) | 9.87 | 10.96 | 3883 | 0.81 | 0.81 | 5.12 | 48 |
| &nbsp;&nbsp;2023 | 9.69 | 0.49 | (0.34) | 0.15 | (0.49) |  | (0.49) | 9.35 | 1.69 | 6075 | 0.81 | 0.82 | 5.23 | 64 |
| &nbsp;&nbsp;2022 | 10.40 | 0.32 | (0.69) | (0.37) | (0.34) |  | (0.34) | 9.69 | (3.63) | 10078 | 0.79 | 0.79 | 3.19 | 73 |
| &nbsp;&nbsp;2021 | 10.06 | 0.28 | 0.39 | 0.67 | (0.33) |  | (0.33) | 10.40 | 6.71 | 6894 | 0.72 | 0.72 | 2.69 | 38 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares and does not reflect the applicable sales charge, if applicable.  |

---

<sup>(1)</sup> Per share data calculated using average shares method.

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

53<br>

*For a Share Outstanding Throughout Each Year For the Years Ended July 31,* 

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Net Asset <br> Value, <br> Beginning <br> of Year | Net <br> Investment <br> Income<sup>(1)</sup> | Net <br> Realized <br> and <br> Unrealized <br> Gain (Loss)  | Total From <br> Operations | Dividends <br> From Net <br> Investment <br> Income | Distributions <br> From <br> Realized <br> Gains | | Return of <br> Capital | | Total <br> Dividends & <br> Distributions | Net Asset <br> Value, End <br> of Year | Total <br> Return† | Net Assets <br> End of Year <br> (000) | Ratio of <br> Expenses to <br> Average<br> Net Assets | Expenses <br> to Average <br> Net Assets <br> (Excluding <br> Waivers <br> and Fees <br> Paid <br> Indirectly) | Ratio of Net <br> Investment <br> Income to <br> Average Net <br> Assets | Portfolio <br> Turnover <br> Rate |
| &nbsp;&nbsp;&nbsp;Credit Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Credit Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Credit Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Credit Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Credit Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Credit Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Credit Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Credit Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Credit Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Credit Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Credit Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Credit Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Credit Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Credit Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Credit Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Credit Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Credit Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Credit Fund <br>Institutional Class Shares |
| &nbsp;&nbsp;2025 | $9.44 | $0.55 | $(0.04) | $0.51 | $(0.57) | $— |  | $— |  | $(0.57) | $9.38 | 5.60% | $405347 | 0.66% | 0.66% | 5.88% | 24% |
| &nbsp;&nbsp;2024 | 9.03 | 0.57 | 0.42 | 0.99 | (0.58) |  | ^^ |  | ^^ | (0.58) | 9.44 | 11.30 | 253573 | 0.70 | 0.70 | 6.18 | 26 |
| &nbsp;&nbsp;2023 | 9.11 | 0.53 | (0.07) | 0.46 | (0.54) |  |  |  |  | (0.54) | 9.03 | 5.31 | 128833 | 0.73 | 0.73 | 5.90 | 16 |
| &nbsp;&nbsp;2022 | 10.12 | 0.42 | (1.02) | (0.60) | (0.41) |  | ^^ |  |  | (0.41) | 9.11 | (6.05) | 143810 | 0.71 | 0.71 | 4.36 | 29 |
| &nbsp;&nbsp;2021 | 9.47 | 0.37 | 0.67 | 1.04 | (0.39) |  |  |  |  | (0.39) | 10.12 | 11.12 | 166805 | 0.71 | 0.71 | 3.78 | 21 |
| &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares |
| &nbsp;&nbsp;2025 | $9.42 | $0.53 | $(0.04) | $0.49 | $(0.55) | $— |  | $— |  | $(0.55) | $9.36 | 5.35% | $95721 | 0.91% | 0.91% | 5.64% | 24% |
| &nbsp;&nbsp;2024 | 9.01 | 0.55 | 0.41 | 0.96 | (0.55) |  | ^^ |  | ^^ | (0.55) | 9.42 | 11.05 | 61156 | 0.95 | 0.95 | 5.93 | 26 |
| &nbsp;&nbsp;2023 | 9.10 | 0.51 | (0.08) | 0.43 | (0.52) |  |  |  |  | (0.52) | 9.01 | 4.94 | 31396 | 0.98 | 0.98 | 5.72 | 16 |
| &nbsp;&nbsp;2022 | 10.10 | 0.40 | (1.01) | (0.61) | (0.39) |  | ^^ |  |  | (0.39) | 9.10 | (6.19) | 18380 | 0.96 | 0.96 | 4.18 | 29 |
| &nbsp;&nbsp;2021 | 9.46 | 0.35 | 0.65 | 1.00 | (0.36) |  |  |  |  | (0.36) | 10.10 | 10.74 | 9333 | 0.96 | 0.96 | 3.52 | 21 |
| &nbsp;&nbsp;&nbsp;A Class Shares | &nbsp;&nbsp;&nbsp;A Class Shares | &nbsp;&nbsp;&nbsp;A Class Shares | &nbsp;&nbsp;&nbsp;A Class Shares | &nbsp;&nbsp;&nbsp;A Class Shares | &nbsp;&nbsp;&nbsp;A Class Shares | &nbsp;&nbsp;&nbsp;A Class Shares | &nbsp;&nbsp;&nbsp;A Class Shares | &nbsp;&nbsp;&nbsp;A Class Shares | &nbsp;&nbsp;&nbsp;A Class Shares | &nbsp;&nbsp;&nbsp;A Class Shares | &nbsp;&nbsp;&nbsp;A Class Shares | &nbsp;&nbsp;&nbsp;A Class Shares | &nbsp;&nbsp;&nbsp;A Class Shares | &nbsp;&nbsp;&nbsp;A Class Shares | &nbsp;&nbsp;&nbsp;A Class Shares | &nbsp;&nbsp;&nbsp;A Class Shares | &nbsp;&nbsp;&nbsp;A Class Shares |
| &nbsp;&nbsp;2025 | $9.41 | $0.53 | $(0.04) | $0.49 | $(0.55) | $— |  | $— |  | $(0.55) | $9.35 | 5.35% | $2994 | 0.91% | 0.91% | 5.63% | 24% |
| &nbsp;&nbsp;2024 | 9.01 | 0.55 | 0.40 | 0.95 | (0.55) |  | ^^ |  | ^^ | (0.55) | 9.41 | 10.94 | 2735 | 0.95 | 0.95 | 5.94 | 26 |
| &nbsp;&nbsp;2023 | 9.09 | 0.51 | (0.07) | 0.44 | (0.52) |  |  |  |  | (0.52) | 9.01 | 5.06 | 1025 | 0.98 | 0.98 | 5.66 | 16 |
| &nbsp;&nbsp;2022 | 10.10 | 0.40 | (1.02) | (0.62) | (0.39) |  | ^^ |  |  | (0.39) | 9.09 | (6.30) | 1090 | 0.96 | 0.96 | 4.12 | 29 |
| &nbsp;&nbsp;2021 | 9.45 | 0.35 | 0.66 | 1.01 | (0.36) |  |  |  |  | (0.36) | 10.10 | 10.87 | 1022 | 0.96 | 0.96 | 3.51 | 21 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares and does not reflect the applicable sales charge, if applicable.  |

---

---

| | |
|:---|:---|
| <sup>^^</sup> | Amount is less than $0.005 per share.  |

---

<sup>(1)</sup> Per share data calculated using average shares method.

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

54<br>

*For a Share Outstanding Throughout Each Year For the Years Ended July 31,* 

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Net Asset <br> Value, <br> Beginning <br> of Year | Net <br> Investment <br> Income<sup>(1)</sup> | Net <br> Realized <br> and <br> Unrealized <br> Gain (Loss)  | Total From <br> Operations | Dividends <br> From Net <br> Investment <br> Income | Distributions <br> From <br> Realized <br> Gains | Return of <br> Capital | Total <br> Dividends & <br> Distributions | Net Asset <br> Value, End <br> of Year | Total <br> Return† | Net Assets <br> End of Year <br> (000) | Ratio of <br> Expenses to <br> Average <br> Net Assets | Expenses <br> to Average <br> Net Assets <br> (Excluding <br> Waivers <br> and Fees <br> Paid <br> Indirectly) | Ratio of Net <br> Investment <br> Income to <br> Average Net <br> Assets | Portfolio <br> Turnover <br> Rate |
| &nbsp;&nbsp;&nbsp;Low Duration Bond Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Low Duration Bond Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Low Duration Bond Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Low Duration Bond Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Low Duration Bond Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Low Duration Bond Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Low Duration Bond Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Low Duration Bond Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Low Duration Bond Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Low Duration Bond Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Low Duration Bond Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Low Duration Bond Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Low Duration Bond Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Low Duration Bond Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Low Duration Bond Fund <br>Institutional Class Shares | &nbsp;&nbsp;&nbsp;Low Duration Bond Fund <br>Institutional Class Shares |
| &nbsp;&nbsp;2025 | $9.86 | $0.39 | $0.08 | $0.47 | $(0.43) | $— | $— | $(0.43) | $9.90 | 4.90% | $263147 | 0.44% | 0.44% | 3.98% | 46% |
| &nbsp;&nbsp;2024 | 9.62 | 0.41 | 0.24 | 0.65 | (0.41) |  |  | (0.41) | 9.86 | 6.94 | 317687 | 0.45 | 0.45 | 4.20 | 72 |
| &nbsp;&nbsp;2023 | 9.81 | 0.29 | (0.19) | 0.10 | (0.29) |  |  | (0.29) | 9.62 | 1.05 | 317976 | 0.43 | 0.44 | 2.97 | 81 |
| &nbsp;&nbsp;2022 | 10.47 | 0.13 | (0.60) | (0.47) | (0.13) | (0.06) |  | (0.19) | 9.81 | (4.49) | 375615 | 0.43 | 0.43 | 1.32 | 36 |
| &nbsp;&nbsp;2021 | 10.47 | 0.16 | 0.03 | 0.19 | (0.17) | (0.02) |  | (0.19) | 10.47 | 1.82 | 454723 | 0.43 | 0.43 | 1.50 | 49 |
| &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;Investor Class Shares |
| &nbsp;&nbsp;2025 | $9.87 | $0.37 | $0.08 | $0.45 | $(0.41) | $— | $— | $(0.41) | $9.91 | 4.64% | $2917 | 0.69% | 0.69% | 3.73% | 46% |
| &nbsp;&nbsp;2024 | 9.63 | 0.37 | 0.26 | 0.63 | (0.39) |  |  | (0.39) | 9.87 | 6.64 | 2746 | 0.69 | 0.69 | 3.78 | 72 |
| &nbsp;&nbsp;2023 | 9.81 | 0.26 | (0.18) | 0.08 | (0.26) |  |  | (0.26) | 9.63 | 0.90 | 17535 | 0.68 | 0.69 | 2.72 | 81 |
| &nbsp;&nbsp;2022 | 10.48 | 0.11 | (0.61) | (0.50) | (0.11) | (0.06) |  | (0.17) | 9.81 | (4.83) | 22178 | 0.68 | 0.68 | 1.07 | 36 |
| &nbsp;&nbsp;2021 | 10.48 | 0.13 | 0.03 | 0.16 | (0.14) | (0.02) |  | (0.16) | 10.48 | 1.56 | 29523 | 0.68 | 0.68 | 1.25 | 49 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares and does not reflect the applicable sales charge, if applicable.  |

---

---

| | |
|:---|:---|
| <sup>^^</sup> | Amount is less than $0.005 per share.  |

---

<sup>(1)</sup> Per share data calculated using average shares method.

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

55<br>

#### Frost Family of Funds

#### Investment Adviser
Frost Investment Advisors, LLC

111 West Houston Street

P.O. Box 2509

San Antonio, Texas 78299-2509

#### Distributor
SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, Pennsylvania 19456

#### Legal Counsel
Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, Pennsylvania 19103

***More information about the Funds is available, without charge, through the following:***

**Appendix A to the prospectus - Intermediary-Specific Sales Charge Discounts and Waivers:** Appendix A contains more information about specific sales charge discounts and waivers available for shareholders who purchase Fund shares through a specific financial intermediary. Appendix A is incorporated by reference into this prospectus. This means that Appendix A, for legal purposes, is a part of this prospectus.

**Statement of Additional Information ("SAI"):** The SAI, dated November 28, 2025, as it may be amended from time to time, includes detailed information about the Funds and Frost Family of Funds. The SAI is on file with the U.S. Securities and Exchange Commission (the "SEC") and is incorporated by reference into this Prospectus. This means that the SAI, for legal purposes, is a part of this Prospectus.

**Annual and Semi-Annual Reports:** Additional information about the Funds' investments is available in the Funds' annual and semi-annual reports to shareholders and in Form N-CSR filed with the SEC. In the Funds' annual report, you will find a discussion of the market conditions and investment strategies that significantly affected each Fund's performance during its last fiscal year. In Form N-CSR, you will find the Funds' annual and semi-annual financial statements.

**To Obtain an SAI, Annual or Semi-Annual Report, Fund Financial Statements, or More Information:** 

---

| | |
|:---|:---|
| ***By Telephone:*** | **1-877-71-FROST (1-877-713-7678)** |
| ***By Mail:*** | **Frost Funds<br> P.O. Box 219009<br> Kansas City, MO 64121-9009** |
| ***By Internet:*** | **www.frostinv.com** |

---

***From the SEC:*** You can also obtain the SAI or the Annual and Semi-Annual Reports, as well as other information about Frost Family of Funds, from the EDGAR Database on the SEC's website at: https://www.sec.gov. You may also obtain this information, upon payment of a duplicating fee, by e-mailing the SEC at the following address: publicinfo@sec.gov.

**Frost Family of Funds' Investment Company Act registration number is 811-23410.** 

FIA-PS-001-2000

**Appendix A** 

#### Intermediary-Specific Sales Charge Discounts and Waivers
Specific intermediaries may have different policies and procedures regarding the availability of front-end sales charge or contingent deferred sales charge ("CDSC") waivers, which are discussed below. In all instances, it is the purchaser's responsibility to notify a Fund or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. **For waivers and discounts not available through a particular intermediary, shareholders will have to purchase Fund shares directly from a Fund or through another intermediary to receive such waivers or discounts.** Please see the "Sales Charges" section of the Funds' prospectus for more information on sales charge discounts and waivers.

The following descriptions of financial intermediary sales charge waivers, discounts, policies or procedures, as the case may be, are reproduced based on information provided by the intermediary. The financial intermediary sales charge waivers, discounts, policies or procedures disclosed in this Appendix may vary from those disclosed in the Funds' prospectus or SAI and are subject to change. This Appendix will be updated based on information provided by the financial intermediaries. Neither the Funds, nor the Adviser, nor the Distributor supervises the implementation of financial intermediary sales charge waivers, discounts, policies or procedures nor do they verify the intermediaries' administration of such waivers, discounts, policies or procedures.

The information in this Appendix is part of, and incorporated into, the Funds' prospectus.

***Morgan Stanley Wealth Management ("Morgan Stanley")*** 

Shareholders purchasing Fund shares through a Morgan Stanley brokerage account will be eligible only for the following front-end sales charge waivers with respect to A Class Shares, which may differ from and may be more limited than those disclosed elsewhere in the Funds' Prospectus or SAI.

**Front-end Sales Charge Waivers on A Class Shares available at Morgan Stanley** 

&nbsp;&nbsp;&nbsp;&nbsp;● Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

&nbsp;&nbsp;&nbsp;&nbsp;● Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules.

&nbsp;&nbsp;&nbsp;&nbsp;● Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same Fund.

&nbsp;&nbsp;&nbsp;&nbsp;● Shares purchased through a Morgan Stanley self-directed brokerage account.

&nbsp;&nbsp;&nbsp;&nbsp;● Shares purchased from the proceeds of redemptions within the Frost Family of Funds, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.

**Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and each entity's affiliates ("Raymond James")** 

Shareholders purchasing Fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in the Funds' prospectus or SAI.

**Front-end sales load waivers on A Class Shares available at Raymond James** 

&nbsp;&nbsp;&nbsp;&nbsp;● Shares purchased in an investment advisory program.

&nbsp;&nbsp;&nbsp;&nbsp;● Shares purchased within the Frost Family of Funds through a systematic reinvestment of capital gains and dividend distributions.

&nbsp;&nbsp;&nbsp;&nbsp;● Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

&nbsp;&nbsp;&nbsp;&nbsp;● Shares purchased from the proceeds of redemptions within the Frost Family of Funds, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

**CDSC Waivers on A Class Shares available at Raymond James** 

&nbsp;&nbsp;&nbsp;&nbsp;● Death or disability of the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;● Shares sold as part of a systematic withdrawal plan as described in the Funds' prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;● Return of excess contributions from an IRA Account.

&nbsp;&nbsp;&nbsp;&nbsp;● Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations.

&nbsp;&nbsp;&nbsp;&nbsp;● Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

&nbsp;&nbsp;&nbsp;&nbsp;● Shares acquired through a right of reinstatement.

**Front-end load discounts available at Raymond James: breakpoints, rights of accumulation, and/or letters of intent** 

&nbsp;&nbsp;&nbsp;&nbsp;● Breakpoints as described in the Funds' prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;● Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of Frost Family of Funds assets held by accounts within the purchaser's household at Raymond James. Eligible Frost Family of Funds assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets.

&nbsp;&nbsp;&nbsp;&nbsp;● Letters of intent which allow for breakpoint discounts based on anticipated purchases within the Frost Family of Funds, over a 13-month time period. Eligible Frost Family of Funds assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

**STATEMENT OF ADDITIONAL INFORMATION**

**FROST GROWTH EQUITY FUND**

**(Institutional Class Shares: FICEX)**

**(Investor Class Shares: FACEX)**

**FROST TOTAL RETURN BOND FUND**

**(Institutional Class Shares: FIJEX)**

**(Investor Class Shares: FATRX)**

**(A Class Shares: FAJEX)**

**FROST CREDIT FUND**

**(Institutional Class Shares: FCFIX)**

**(Investor Class Shares: FCFAX)**

**(A Class Shares: FCFBX)**

**FROST LOW DURATION BOND FUND**

**(Institutional Class Shares: FILDX)**

**(Investor Class Shares: FADLX)**

**each, a series of FROST FAMILY OF FUNDS**

**November 28, 2025**

**Investment Adviser:**

**Frost Investment Advisors, LLC**

This Statement of Additional Information ("SAI") is not a prospectus. This SAI is intended to provide additional information regarding the activities and operations of Frost Family of Funds (the "Trust") and the Frost Growth Equity Fund, the Frost Total Return Bond Fund, the Frost Credit Fund and the Frost Low Duration Bond Fund (each, a "Fund" and collectively, the "Funds"). This SAI is incorporated by reference into and should be read in conjunction with the Funds' prospectus, dated November 28, 2025, as it may be amended from time to time (the "Prospectus"). Capitalized terms not defined herein are defined in the Prospectus. The Funds' audited financial statements dated July 31, 2025, including notes thereto and the report of the Funds' independent registered public accounting firm thereon, are included in the most recent Form [N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/1762332/000139834425018832/fp0095469-1_ncsrixbrl.htm) for the Funds, and are incorporated by reference into this SAI. Shareholders may obtain copies of the Prospectus, the Funds' annual or semi-annual report, and other information such as the Funds' financial statements, free of charge by writing to the Funds at Frost Funds, P.O. Box 219009, Kansas City, Missouri 64121-9009 (Express Mail Address: Frost Funds, c/o SS&C Global Investor & Distribution Solutions, Inc., 801 Pennsylvania Avenue, Suite 219009, Kansas City, MO 64105-1307) or calling toll-free 1-877-71-FROST (1-877-713-7678).

i

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [THE TRUST](#sai_001) | [S-1](#sai_001) |
| [ADDITIONAL INFORMATION ABOUT INVESTMENT OBJECTIVES AND POLICIES](#sai_002) | [S-2](#sai_002) |
| [DESCRIPTION OF PERMITTED INVESTMENTS](#sai_003) | [S-3](#sai_003) |
| [INVESTMENT LIMITATIONS](#sai_004) | [S-43](#sai_004) |
| [THE ADVISER](#sai_005) | [S-46](#sai_005) |
| [PORTFOLIO MANAGERS](#sai_006) | [S-47](#sai_006) |
| [THE ADMINISTRATOR](#sai_007) | [S-50](#sai_007) |
| [THE DISTRIBUTOR](#sai_008) | [S-50](#sai_008) |
| [PAYMENTS TO FINANCIAL INTERMEDIARIES](#sai_009) | [S-51](#sai_009) |
| [THE TRANSFER AGENT](#sai_010) | [S-53](#sai_010) |
| [THE CUSTODIAN](#sai_011) | [S-54](#sai_011) |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#sai_012) | [S-54](#sai_012) |
| [LEGAL COUNSEL](#sai_013) | [S-54](#sai_013) |
| [SECURITIES LENDING](#sai_014) | [S-54](#sai_014) |
| [TRUSTEES AND OFFICERS OF THE TRUST](#sai_015) | [S-54](#sai_015) |
| [PURCHASING AND REDEEMING SHARES](#sai_16) | [S-64](#sai_16) |
| [DETERMINATION OF NET ASSET VALUE](#sai_017) | [S-64](#sai_017) |
| [TAXES](#sai_018) | [S-66](#sai_018) |
| [FUND TRANSACTIONS](#sai_019) | [S-78](#sai_019) |
| [PORTFOLIO HOLDINGS](#sai_020) | [S-81](#sai_020) |
| [DESCRIPTION OF SHARES](#sai_021) | [S-82](#sai_021) |
| [LIMITATION OF TRUSTEES' LIABILITY](#sai_022) | [S-82](#sai_022) |
| [PROXY VOTING](#sai_023) | [S-83](#sai_023) |
| [CODES OF ETHICS](#sai_024) | [S-83](#sai_024) |
| [PRINCIPAL SHAREHOLDERS AND CONTROL PERSONS](#sai_025) | [S-83](#sai_025) |
| [APPENDIX A – DESCRIPTION OF RATINGS](#sai_026) | [A-1](#sai_026) |
| [APPENDIX B – PROXY VOTING POLICIES AND PROCEDURES](#sai_027) | [B-1](#sai_027) |

---

November 28, 2025 FIA-SX-001-3100

ii

**THE TRUST**

**General.** Each Fund is a separate series of the Trust. The Trust is an open-end investment management company established under Delaware law as a Delaware statutory trust under a Declaration of Trust dated December 11, 2018 (the "Declaration of Trust"). The Declaration of Trust permits the Trust to offer separate series ("funds") of shares of beneficial interest ("shares"). The Trust reserves the right to create and issue shares of additional funds. Each fund is a separate mutual fund, and each share of each fund represents an equal proportionate interest in that fund. All consideration received by the Trust for shares of any fund and all assets of such fund belong solely to that fund and would be subject to any liabilities related thereto. Each fund of the Trust pays its (i) operating expenses, including fees of its service providers, expenses of preparing prospectuses, proxy solicitation material and reports to shareholders, costs of custodial services and registering its shares under federal and state securities laws, pricing and insurance expenses, brokerage costs, interest charges, taxes and organization expenses; and (ii) pro rata share of the fund's other expenses, including audit and legal expenses. Expenses attributable to a specific fund shall be payable solely out of the assets of that fund. Expenses not attributable to a specific fund are allocated across all of the funds on the basis of relative net assets.

**Description of Multiple Classes of Shares.** The Trust is authorized to offer shares of the Funds, except for the Frost Total Return Bond Fund and the Frost Credit Fund, in Institutional Class Shares and Investor Class Shares. The Trust is authorized to offer shares of the Frost Total Return Bond Fund and the Frost Credit Fund in Institutional Class Shares, Investor Class Shares and A Class Shares. The different classes provide for variations in sales charges, certain distribution and shareholder servicing expenses and minimum investment requirements. Minimum investment requirements and investor eligibility are described in the Prospectus. The Trust reserves the right to create and issue additional classes of shares. For more information on distribution and shareholder servicing expenses, see the "Payments to Financial Intermediaries" section in this SAI.

**History of Certain Funds.** Each Fund is a successor to a corresponding predecessor mutual fund of the same name that was a series of The Advisors' Inner Circle Fund II (each, a "Predecessor Fund" and collectively, the "Predecessor Funds"). Each Predecessor Fund was managed by Frost Investment Advisors, LLC (the "Adviser" or "Frost") using substantially the same investment objectives, strategies, policies and restrictions as those used by its corresponding Fund. Each Predecessor Fund was reorganized into its corresponding Fund on June 24, 2019 in connection with each Fund's commencement of operations.

**Voting Rights.** Each shareholder of record is entitled to one vote for each share held on the record date for the meeting. Each Fund will vote separately on matters relating solely to it. As a Delaware statutory trust, the Trust is not required, and does not intend, to hold annual meetings of shareholders. Approval of shareholders will be sought, however, for certain changes in the operation of the Trust and for the election of the Trust's Board of Trustees (each, a "Trustee" and collectively, the "Board") under certain circumstances. Under the Declaration of Trust, the Trustees have the power to liquidate one or more Funds without shareholder approval. While the Trustees have no present intention of exercising this power, they may do so if a Fund fails to reach a viable size within a reasonable amount of time or for such other reasons as may be determined by the Board.

In addition, a Trustee may be removed by the remaining Trustees or by shareholders at a special meeting called upon written request of shareholders owning at least 10% of the outstanding shares of the Trust. In the event that such a meeting is requested, the Trust will provide appropriate assistance and information to the shareholders requesting the meeting.

Any series of the Trust may reorganize or merge with one or more other series of the Trust or of another investment company. Any such reorganization or merger shall be pursuant to the terms and conditions specified in an agreement and plan of reorganization authorized and approved by the Trustees and entered into by the relevant series in connection therewith. In addition, such reorganization or merger may be authorized by vote of a majority of the Trustees then in office and, to the extent permitted by applicable law and the Declaration of Trust, without the approval of shareholders of any series.

**ADDITIONAL INFORMATION ABOUT INVESTMENT OBJECTIVES AND POLICIES**

Each Fund's investment objective and principal investment strategies are described in the Prospectus. Each Fund, except the Frost Growth Equity Fund, is classified as a "diversified" investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). This means that with respect to 75% of its total assets, a "diversified" Fund may not purchase securities of any issuer (other than obligations of, or guaranteed by, the U.S. government or its agencies or instrumentalities, or securities of other investment companies) if, as a result, more than 5% of the Fund's total assets would be invested in the securities of such issuer, or more than 10% of the issuer's voting securities would be held by the Fund. Under applicable federal securities laws, the diversification of a mutual fund's holdings is measured at the time a fund purchases a security. If a Fund holds securities that perform well on a relative basis, the value of those securities could appreciate such that the value of the Fund's securities that constitute more than 5% of the Fund's total assets, in the aggregate, might exceed 25% of the Fund's total assets. In these circumstances, the Adviser might determine that it is in the best interests of the Fund's shareholders not to reduce one or more of the Fund's holdings in securities that constitute more than 5% of the Fund's total assets. If the Adviser makes such a determination, the Fund's holdings in such securities would continue to exceed 25% of the Fund's total assets, and the Fund would not purchase any additional shares of securities that constituted more than 5% of the Fund's total assets. The Fund would continue to qualify as a "diversified" fund under applicable federal securities laws. If more than 25% of a Fund's assets were invested, in the aggregate, in securities of issuers that individually represented more than 5% of the Fund's total assets, the Fund would be subject to the risk that its performance could be disproportionately affected by the performance of such securities.

**Non-Diversification.** The Frost Growth Equity Fund is "non-diversified," as that term is defined under the 1940 Act, which means that it may invest a greater percentage of its total assets in the securities of fewer issuers than a "diversified" fund, which increases the risk that a change in the value of any one investment held by the Fund could affect the overall value the Fund more than it would affect that of a "diversified" fund holding a greater number of investments. Accordingly, the value of the shares of the Fund may be more susceptible to any single economic, political or regulatory occurrence than the shares of a "diversified" fund would be. The Fund, however, intends to satisfy the diversification requirements necessary to qualify as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"). For more information, see "Taxes" below.

The following information supplements, and should be read in conjunction with, the Prospectus. For a description of certain permitted investments, see the "Description of Permitted Investments" section in this SAI.

**Portfolio Turnover Rate.** Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the fiscal year by the monthly average value of portfolio securities owned during the fiscal year. Excluded from both the numerator and denominator are amounts relating to securities whose maturities at the time of acquisition were one year or less. Instruments excluded from the calculation of portfolio turnover may include futures contracts in which the Funds may invest since such contracts generally have remaining maturities of less than one year. The Funds may at times hold investments in other short-term instruments, such as repurchase agreements, which are excluded for purposes of computing portfolio turnover.

For the fiscal years ended July 31, 2024 and 2025, the portfolio turnover rates for each Fund were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | ***2024*** | ***2025*** |
| Frost Growth Equity Fund | 17% | 16% |
| Frost Total Return Bond Fund | 48% | 66% |
| Frost Credit Fund | 26% | 24% |
| Frost Low Duration Bond Fund | 72% | 46% |

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**DESCRIPTION OF PERMITTED INVESTMENTS**

The following are descriptions of the permitted investments and investment practices of the Funds and the associated risk factors. Each Fund may invest in any of the following instruments or engage in any of the following investment practices unless such investment or activity is inconsistent with or is not permitted by that Fund's stated investment policies, including those stated below.

**<u>Equity Securities</u>**

**Types of Equity Securities:**

**Common Stocks** – Common stocks represent units of ownership in a company. Common stocks usually carry voting rights and earn dividends. Unlike preferred stocks, which are described below, dividends on common stocks are not fixed but are declared at the discretion of the company's board of directors.

**Preferred Stocks** – Preferred stocks are also units of ownership in a company. Preferred stocks normally have preference over common stock in the payment of dividends and the liquidation of the company. However, in all other respects, preferred stocks are subordinated to the liabilities of the issuer. Unlike common stocks, preferred stocks are generally not entitled to vote on corporate matters. Types of preferred stocks include adjustable-rate preferred stock, fixed dividend preferred stock, perpetual preferred stock, and sinking fund preferred stock. Generally, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk.

**Convertible Securities** – Convertible securities are securities that may be exchanged for, converted into, or exercised to acquire a predetermined number of shares of the issuer's common stock at a Fund's option during a specified time period (such as convertible preferred stocks, convertible debentures and warrants). A convertible security is generally a fixed income security that is senior to common stock in an issuer's capital structure, but is usually subordinated to similar non-convertible securities. In exchange for the conversion feature, many corporations will pay a lower rate of interest on convertible securities than debt securities of the same corporation. In general, the market value of a convertible security is at least the higher of its "investment value" (*i.e.*, its value as a fixed income security) or its "conversion value" (*i.e.,* its value upon conversion into its underlying common stock).

Convertible securities are subject to the same risks as similar securities without the convertible feature. The price of a convertible security is more volatile during times of steady interest rates than other types of debt securities. The price of a convertible security tends to increase as the market value of the underlying stock rises, whereas it tends to decrease as the market value of the underlying common stock declines.

A synthetic convertible security is a combination investment in which a Fund purchases both (i) high-grade cash equivalents or a high grade debt obligation of an issuer or U.S. Government securities and (ii) call options or warrants on the common stock of the same or different issuer with some or all of the anticipated interest income from the associated debt obligation that is earned over the holding period of the option or warrant.

While providing a fixed income stream (generally higher in yield than the income derivable from common stock but lower than that afforded by a similar non-convertible security), a convertible security also affords an investor the opportunity, through its conversion feature, to participate in the capital appreciation attendant upon a market price advance in the convertible security's underlying common stock. A synthetic convertible position has similar investment characteristics, but may differ with respect to credit quality, time to maturity, trading characteristics, and other factors. Because a Fund will create synthetic convertible positions only out of high grade fixed income securities, the credit rating associated with the Fund's synthetic convertible investments is generally expected to be higher than that of the average convertible security, many of which are rated below high grade. However, because the options used to create synthetic convertible positions will generally have expirations between one month and three years of the time of purchase, the maturity of these positions will generally be shorter than average for convertible securities. Since the option component of a convertible security or synthetic convertible position is a wasting asset (in the sense of losing "time value" as maturity approaches), a synthetic convertible position may lose such value more rapidly than a convertible security of longer maturity; however, the gain in option value due to appreciation of the underlying stock may exceed such time value loss. The market price of the option component generally reflects these differences in maturities, and the Adviser takes such differences into account when evaluating such positions. When a synthetic convertible position "matures" because of the expiration of the associated option, a Fund may extend the maturity by investing in a new option with longer maturity on the common stock of the same or a different issuer. If a Fund does not so extend the maturity of a position, it may continue to hold the associated fixed income security.

**Rights and Warrants** – A right is a privilege granted to existing shareholders of a corporation to subscribe to shares of a new issue of common stock before it is issued. Rights normally have a short life, usually two to four weeks, are freely transferable and entitle the holder to buy the new common stock at a lower price than the public offering price. Warrants are securities that are usually issued together with a debt security or preferred stock and that give the holder the right to buy proportionate amounts of common stock at a specified price. Warrants are freely transferable and are traded on major exchanges. Unlike rights, warrants normally have a life that is measured in years and entitles the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Corporations often issue warrants to make the accompanying debt security more attractive.

An investment in warrants and rights may entail greater risks than certain other types of investments. Generally, rights and warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. Investing in rights and warrants increases the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities.

**Master Limited Partnerships ("MLPs") –** MLPs are limited partnerships or limited liability companies, whose partnership units or limited liability interests are listed and traded on a U.S. securities exchange, and are treated as publicly traded partnerships for federal income tax purposes. To qualify to be treated as a partnership for tax purposes, an MLP must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Code. These qualifying sources include activities such as the exploration, development, mining, production, processing, refining, transportation, storage and marketing of mineral or natural resources. To the extent that an MLP's interests are concentrated in a particular industry or sector, such as the energy sector, the MLP will be negatively impacted by economic events adversely impacting that industry or sector.

MLPs that are formed as limited partnerships generally have two classes of owners, the general partner and limited partners, while MLPs that are formed as limited liability companies generally have two analogous classes of owners, the managing member and the members. For purposes of this section, references to general partners also apply to managing members and references to limited partners also apply to members.

The general partner is typically owned by a major energy company, an investment fund, the direct management of the MLP or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an equity interest of as much as 2% in the MLP plus, in many cases, ownership of common units and subordinated units. A holder of general partner interests can be liable under certain circumstances for amounts greater than the amount of the holder's investment in the general partner interest. General partner interests are not publicly traded and generally cannot be converted into common units. The general partner interest can be redeemed by the MLP if the MLP unitholders choose to remove the general partner, typically with a supermajority vote by limited partner unitholders.

Limited partners own the remainder of the MLP through ownership of common units and have a limited role in the MLP's operations and management. Common units are listed and traded on U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the success of the MLP. Unlike owners of common stock of a corporation, owners of common units have limited voting rights and have no ability annually to elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt or preferred units, to the remaining assets of the MLP.

MLPs are typically structured such that common units and general partner interests have first priority to receive quarterly cash distributions up to an established minimum amount ("minimum quarterly distributions" or "MQD"). Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid. Once common and general partner interests have been paid, subordinated units receive distributions of up to the MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis. The general partner is also eligible to receive incentive distributions if the general partner operates the business in a manner which results in distributions paid per common unit surpassing specified target levels. As the general partner increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of the incremental cash distributions. A common arrangement provides that the general partner can reach a tier where it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive distributions encourage the general partner to streamline costs, increase capital expenditures and acquire assets in order to increase the partnership's cash flow and raise the quarterly cash distribution in order to reach higher tiers. Such results benefit all security holders of the MLP.

**Real Estate Investment Trusts ("REITs")** – A U.S. REIT is a corporation or business trust (that would otherwise be taxed as a corporation) which meets the definitional requirements of the Code. The Code permits a qualifying REIT to deduct from taxable income the dividends paid, thereby effectively eliminating corporate level federal income tax. To meet the definitional requirements of the Code, a REIT must, among other things: invest substantially all of its assets in interests in real estate (including mortgages and other REITs), cash and government securities; derive most of its income from rents from real property or interest on loans secured by mortgages on real property; and distribute annually 90% or more of its otherwise taxable income to shareholders.

REITs are sometimes informally characterized as Equity REITs and Mortgage REITs. An Equity REIT invests primarily in the fee ownership or leasehold ownership of land and buildings; a Mortgage REIT invests primarily in mortgages on real property, which may secure construction, development or long-term loans.

REITs may be affected by changes in underlying real estate values, which may have an exaggerated effect to the extent that REITs in which the Funds invest may concentrate investments in particular geographic regions or property types. Certain REITs have relatively small market capitalization, which may tend to increase the volatility of the market price of securities issued by such REITs. Additionally, rising interest rates may cause investors in REITs to demand a higher annual yield from future distributions, which may in turn decrease market prices for equity securities issued by REITs. Rising interest rates also generally increase the costs of obtaining financing, which could cause the value of a Fund's investments to decline. During periods of declining interest rates, certain Mortgage REITs may hold mortgages that the mortgagors elect to prepay, which prepayment may diminish the yield on securities issued by such Mortgage REITs. Equity and Mortgage REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. In addition, Mortgage REITs may be affected by the ability of borrowers to repay when due the debt extended by the REIT and Equity REITs may be affected by the ability of tenants to pay rent. The above factors may adversely affect a borrower's or a lessee's ability to meet its obligations to the REIT. In the event of default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments.

Furthermore, REITs are dependent upon specialized management skills, have limited diversification and are, therefore, subject to risks inherent in operating and financing a limited number of projects. By investing in REITs indirectly through a Fund, a shareholder will bear not only his proportionate share of the expenses of the Fund, but also, indirectly, similar expenses of the REITs. REITs depend generally on their ability to generate cash flow to make distributions to shareholders. In addition, REITs could possibly fail to qualify for tax free pass-through of income under the Code or to maintain their exemptions from registration under the 1940 Act.

**Exchange-Traded Funds ("ETFs")** – The Funds may invest in ETFs. ETFs may be structured as investment companies that are registered under the 1940 Act, typically as open-end funds or unit investment trusts. These ETFs are generally based on specific domestic and foreign market securities indices. An "index-based ETF" seeks to provide investment results that match the performance of an index by holding in its portfolio either the contents of the index or a representative sample of the securities in the index. An "enhanced ETF" seeks to provide investment results that match a positive or negative multiple of the performance of an underlying index. In seeking to provide such results, an ETF, in particular, an enhanced ETF, may engage in short sales of securities included in the underlying index and may invest in derivatives instruments, such as equity index swaps, futures contracts, and options on securities, futures contracts, and stock indices. Alternatively, ETFs may be structured as grantor trusts or other forms of pooled investment vehicles that are not registered or regulated under the 1940 Act. These ETFs typically hold commodities, precious metals, currency or other non-securities investments. ETFs, like mutual funds, have expenses associated with their operation, such as advisory and custody fees. When a Fund invests in an ETF, in addition to directly bearing expenses associated with its own operations, including the brokerage costs associated with the purchase and sale of shares of the ETF, the Fund will bear a pro rata portion of the ETF's expenses. In addition, it may be more costly to own an ETF than to directly own the securities or other investments held by the ETF because of ETF expenses. The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities or other investments held by the ETF, although lack of liquidity in the market for the shares of an ETF could result in the ETF's value being more volatile than the underlying securities or other investments.

**Risks of Investing in Equity Securities:**

**General Risks of Investing in Stocks** – While investing in stocks allows investors to participate in the benefits of owning a company, such investors must accept the risks of ownership. Unlike bondholders, who have preference to a company's earnings and cash flow, preferred stockholders, followed by common stockholders in order of priority, are entitled only to the residual amount after a company meets its other obligations. For this reason, the value of a company's stock will usually react more strongly to actual or perceived changes in the company's financial condition or prospects than its debt obligations. Stockholders of a company that fares poorly can lose money.

Stock markets tend to move in cycles with short or extended periods of rising and falling stock prices. The value of a company's stock may fall because of:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Factors that directly relate to that company, such as decisions made by its management or lower demand for
 the company's products or services;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Factors affecting an entire industry, such as increases in production costs; and

&nbsp;&nbsp;&nbsp;&nbsp;▪ Changes in financial market conditions that are relatively unrelated to the company or its industry, such
 as changes in interest rates, currency exchange rates or inflation rates.

Because preferred stock is generally junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics.

**Small and Medium-Sized Companies** – Investors in small and medium-sized companies typically take on greater risk and price volatility than they would by investing in larger, more established companies. This increased risk may be due to the greater business risks of their small or medium size, limited markets and financial resources, narrow product lines and frequent lack of management depth. The securities of small and medium-sized companies are often traded in the over-the-counter market and might not be traded in volumes typical of securities traded on a national securities exchange. Thus, the securities of small and medium capitalization companies are likely to be less liquid, and subject to more abrupt or erratic market movements, than securities of larger, more established companies.

**Technology Companies** – Stocks of technology companies have tended to be subject to greater volatility than securities of companies that are not dependent upon or associated with technological issues. Technology companies operate in various industries. Since these industries frequently share common characteristics, an event or issue affecting one industry may significantly influence other, related industries. For example, technology companies may be strongly affected by worldwide scientific or technological developments and their products and services may be subject to governmental regulation or adversely affected by governmental policies.

**Initial Public Offerings ("IPO")** – Each Fund may invest a portion of its assets in securities of companies offering shares in IPOs. IPOs may have a magnified performance impact on a Fund with a small asset base. A Fund may hold IPO shares for a very short period of time, which may increase the turnover of the Fund's portfolio and may lead to increased expenses for the Fund, such as commissions and transaction costs. By selling IPO shares, the Fund may realize taxable gains it will subsequently distribute to shareholders. In addition, the market for IPO shares can be speculative and/or inactive for extended periods of time. The limited number of shares available for trading in some IPOs may make it more difficult for a Fund to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices. Holders of IPO shares can be affected by substantial dilution in the value of their shares, by sales of additional shares and by concentration of control in existing management and principal shareholders.

A Fund's investment in IPO shares may include the securities of unseasoned companies (companies with less than three years of continuous operations), which presents risks considerably greater than common stocks of more established companies. These companies may have limited operating histories and their prospects for profitability may be uncertain. These companies may be involved in new and evolving businesses and, compared to their better-established, larger cap peers, may be more vulnerable to competition and changes in technology, markets and economic conditions. They may be more dependent on key managers and third parties and may have limited product lines.

**<u>Debt Securities</u>**

Corporations and governments use debt securities to borrow money from investors. Most debt securities promise a variable or fixed rate of return and repayment of the amount borrowed at maturity. Some debt securities, such as zero coupon bonds, do not pay current interest and are purchased at a discount from their face value.

**Types of Debt Securities:**

**U.S. Government Securities** – Each Fund may invest in U.S. Government securities. Securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities include U.S. Treasury securities, which are backed by the full faith and credit of the U.S. Treasury and which differ only in their interest rates, maturities, and times of issuance. U.S. Treasury bills have initial maturities of one-year or less; U.S. Treasury notes have initial maturities of one to ten years; and U.S. Treasury bonds generally have initial maturities of greater than ten years. U.S. Treasury notes and bonds typically pay coupon interest semi-annually and repay the principal at maturity. Certain U.S. Government securities are issued or guaranteed by agencies or instrumentalities of the U.S. Government including, but not limited to, obligations of U.S. Government agencies or instrumentalities such as the Federal National Mortgage Association ("Fannie Mae"), the Government National Mortgage Association ("Ginnie Mae"), the Small Business Administration, the Federal Farm Credit Administration, the Federal Home Loan Banks, Banks for Cooperatives (including the Central Bank for Cooperatives), the Federal Land Banks, the Federal Intermediate Credit Banks, the Tennessee Valley Authority, the Export-Import Bank of the United States, the Commodity Credit Corporation, the Federal Financing Bank, the Student Loan Marketing Association, the National Credit Union Administration and the Federal Agricultural Mortgage Corporation ("Farmer Mac").

Some obligations issued or guaranteed by U.S. Government agencies and instrumentalities, including, for example, Ginnie Mae pass-through certificates, are supported by the full faith and credit of the U.S. Treasury. Other obligations issued by or guaranteed by federal agencies, such as those securities issued by Fannie Mae, are supported by the discretionary authority of the U.S. Government to purchase certain obligations of the federal agency. Additionally, some obligations are issued by or guaranteed by federal agencies, such as those of the Federal Home Loan Banks, which are supported by the right of the issuer to borrow from the U.S. Treasury. While the U.S. Government provides financial support to such U.S. Government-sponsored federal agencies, no assurance can be given that the U.S. Government will always do so, since the U.S. Government is not so obligated by law. Guarantees of principal by U.S. Government agencies or instrumentalities may be a guarantee of payment at the maturity of the obligation so that in the event of a default prior to maturity there might not be a market and thus no means of realizing on the obligation prior to maturity. Guarantees as to the timely payment of principal and interest do not extend to the value or yield of these securities nor to the value of the Funds' shares.

On September 7, 2008, the U.S. Treasury announced a federal takeover of Fannie Mae and the Federal Home Loan Mortgage Corporation ("Freddie Mac"), placing the two federal instrumentalities in conservatorship. Under the takeover, the U.S. Treasury agreed to acquire $1 billion of senior preferred stock of each instrumentality and obtained warrants for the purchase of common stock of each instrumentality (the "Senior Preferred Stock Purchase Agreement" or "Agreement"). Under the Agreement, the U.S. Treasury pledged to provide up to $200 billion per instrumentality as needed, including the contribution of cash capital to the instrumentalities in the event their liabilities exceed their assets. This was intended to ensure that the instrumentalities maintain a positive net worth and meet their financial obligations, preventing mandatory triggering of receivership. On December 24, 2009, the U.S. Treasury announced that it was amending the Agreement to allow the $200 billion cap on the U.S. Treasury's funding commitment to increase as necessary to accommodate any cumulative reduction in net worth through the end of 2012.

On August 17, 2012, the U.S. Treasury announced that it was again amending the Agreement to terminate the requirement that Fannie Mae and Freddie Mac each pay a 10% annual dividend. Instead, the companies will transfer to the U.S. Treasury on a quarterly basis all profits earned during a quarter that exceed a capital reserve amount. The capital reserve amount was $3 billion in 2013, and decreased by $600 million in each subsequent year through 2017. It is believed that this amendment put Fannie Mae and Freddie Mac in a better position to service their debt because it eliminated the need for the companies to have to borrow from the U.S. Treasury to make fixed dividend payments. As part of the new terms, Fannie Mae and Freddie Mac also will be required to reduce their investment portfolios over time. On December 21, 2017, the U.S. Treasury announced that it was again amending the Agreement to reinstate the $3 billion capital reserve amount. On September 30, 2019, the U.S. Treasury announced that it was further amending the Agreement, permitting Fannie Mae and Freddie Mac to retain earnings beyond the $3 billion capital reserves previously allowed through the 2017 amendment.

Under a letter agreement entered into in January 2021, each company is permitted to retain earnings and raise private capital to enable them to meet the minimum capital requirements under the FHFA's Enterprise Regulatory Capital Framework ("ERCF"). The letter agreement also permits each company to develop a plan to exit conservatorship, but may not do so until all litigation involving the conservatorships is resolved and each company has the minimum capital required by FHFA's rules.

Fannie Mae and Freddie Mac are continuing to operate while in conservatorship and each remains liable for all of its obligations, including its guaranty obligations, associated with its mortgage-backed securities. The Agreement is intended to enhance each of Fannie Mae's and Freddie Mac's ability to meet its obligations. The FHFA has indicated that the conservatorship of each company will end when the director of FHFA determines that FHFA's plan to restore the company to a safe and solvent condition has been completed. Under amendments to the ERCF, Fannie Mae and Freddie Mac have published capital disclosures which provide additional information about their capital position and capital requirements on a quarterly basis since the first quarter of 2023 and delivered their first capital plans to FHFA in May 2023. The FHFA finalized amendments to certain provisions of the ERCF in November 2023 that modify various capital requirements for Freddie Mac and Fannie Mae. Should Fannie Mae and Freddie Mac be taken out of conservatorship, it is unclear whether the U.S. Treasury would continue to enforce its rights or perform its obligations under the Agreement. It is also unclear how the capital structure of Fannie Mae and Freddie Mac would be constructed post-conservatorship, and what effects, if any, the privatization of Fannie Mae and Freddie Mac will have on their creditworthiness and guarantees of certain mortgage-backed securities. The ERCF requires Fannie Mae and Freddie Mac, upon exit from conservatorship, to maintain higher levels of capital than prior to conservatorship to satisfy their risk-based capital requirements, leverage ratio requirements and prescribed buffer amounts. Accordingly, should the FHFA take Fannie Mae and Freddie Mac out of conservatorship, there could be an adverse impact on the value of their securities, which could cause a Fund's investments to lose value.

**Corporate Bonds –** Corporations issue bonds and notes to raise money for working capital or for capital expenditures such as plant construction, equipment purchases and expansion. In return for the money loaned to the corporation by investors, the corporation promises to pay investors interest, and repay the principal amount of the bond or note.

**Mortgage-Backed Securities –** Mortgage-backed securities are interests in pools of mortgage loans that various governmental, government-related and private organizations assemble as securities for sale to investors. Unlike most debt securities, which pay interest periodically and repay principal at maturity or on specified call dates, mortgage-backed securities make monthly payments that consist of both interest and principal payments. In effect, these payments are a "pass-through" of the monthly payments made by the individual borrowers on their mortgage loans, net of any fees paid to the issuer or guarantor of such securities. Since homeowners usually have the option of paying either part or all of the loan balance before maturity, the effective maturity of a mortgage-backed security is often shorter than is stated.

Governmental entities, private insurers and mortgage poolers may insure or guarantee the timely payment of interest and principal of these pools through various forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The Adviser will consider such insurance and guarantees and the creditworthiness of the issuers thereof in determining whether a mortgage-related security meets its investment quality standards. It is possible that the private insurers or guarantors will not meet their obligations under the insurance policies or guarantee arrangements.

Although the market for such securities is becoming increasingly liquid, securities issued by certain private organizations may not be readily marketable.

**Municipal Securities –** Municipal notes include, but are not limited to, general obligation notes, tax anticipation notes (notes sold to finance working capital needs of the issuer in anticipation of receiving taxes on a future date), revenue anticipation notes (notes sold to provide needed cash prior to receipt of expected non-tax revenues from a specific source), bond anticipation notes, certificates of indebtedness, demand notes and construction loan notes.

The Adviser may purchase industrial development and pollution control bonds if the interest paid is exempt from federal income tax. These bonds are issued by or on behalf of public authorities to raise money to finance various privately operated facilities for business and manufacturing, housing, sports, and pollution control. These bonds are also used to finance public facilities such as airports, mass transit systems, ports, and parking. The payment of the principal and interest on such bonds is dependent solely on the ability of the facility's user to meet its financial obligations and the pledge, if any, of real and personal property so financed as security for such payment.

Other types of tax-exempt instruments include floating rate notes. Investments in such floating rate instruments will normally involve industrial development or revenue bonds which provide that the rate of interest is set as a specific percentage of a designated base rate (such as the prime rate) at a major commercial bank, and that a Fund can demand payment of the obligation at all times or at stipulated dates on short notice (not to exceed 30 days) at par plus accrued interest. A Fund may use the longer of the period required before the Fund is entitled to prepayment under such obligations or the period remaining until the next interest rate adjustment date for purposes of determining the maturity. Such obligations are frequently secured by letters of credit or other credit support arrangements provided by banks. The quality of the underlying credit or of the bank, as the case may be, must in the Adviser's opinion be equivalent to the long-term bond or commercial paper ratings stated above. The Adviser will monitor the earning power, cash flow and liquidity ratios of the issuers of such instruments and the ability of an issuer of a demand instrument to pay principal and interest on demand. The Adviser may purchase other types of tax-exempt instruments as long as they are of a quality equivalent to the bond ratings in "Appendix A – Description of Ratings" or commercial paper ratings stated below.

The Adviser has the authority to purchase securities at a price which would result in a yield to maturity lower than that generally offered by the seller at the time of purchase when the Adviser can simultaneously acquire the right to sell the securities back to the seller, the issuer, or a third party (the "writer") at an agreed-upon price at any time during a stated period or on a certain date. Such a right is generally denoted as a "standby commitment" or a "put." The purpose of engaging in transactions involving puts is to maintain flexibility and liquidity to permit a Fund to meet redemptions and remain as fully invested as possible in municipal securities. Each Fund reserves the right to engage in put transactions. The right to put the securities depends on the writer's ability to pay for the securities at the time the put is exercised. Each Fund would limit its put transactions to institutions which the Adviser believes present minimum credit risks, and the Adviser would use its best efforts to initially determine and continue to monitor the financial strength of the sellers of the options by evaluating their financial statements and such other information as is available in the marketplace. It may, however, be difficult to monitor the financial strength of the writers because adequate current financial information may not be available. In the event that any writer is unable to honor a put for financial reasons, a Fund would be general creditor (*i.e*., on a parity with all other unsecured creditors) of the writer. Furthermore, particular provisions of the contract between a Fund and the writer may excuse the writer from repurchasing the securities; for example, a change in the published rating of the underlying municipal securities or any similar event that has an adverse effect on the issuer's credit or a provision in the contract that the put will not be exercised except in certain special cases, for example, to maintain portfolio liquidity. A Fund could, however, at any time sell the underlying portfolio security in the open market or wait until the portfolio security matures, at which time it should realize the full par value of the security.

The municipal securities purchased subject to a put may be sold to third persons at any time, even though the put is outstanding, but the put itself, unless it is an integral part of the security as originally issued, may not be marketable or otherwise assignable. Therefore, the put would have value only to the Fund. Sale of the securities to third parties or lapse of time with the put unexercised may terminate the right to put the securities. Prior to the expiration of any put option, a Fund could seek to negotiate terms for the extension of such an option. If such a renewal cannot be negotiated on terms satisfactory to the Fund, the Fund could, of course, sell the portfolio security. The maturity of the underlying security will generally be different from that of the put. There will be no limit to the percentage of portfolio securities that a Fund may purchase subject to a put but the amount paid directly or indirectly for puts which are not integral parts of the security as originally issued held in the Fund will not exceed 1/2 of 1% of the value of the total assets of such Fund calculated immediately after any such put is acquired. For the purpose of determining the "maturity" of securities purchased subject to an option to put, and for the purpose of determining the dollar-weighted average maturity of the Fund including such securities, the Trust will consider "maturity" to be the first date on which it has the right to demand payment from the writer of the put although the final maturity of the security is later than such date.

**General Considerations Relating to State Specific Municipal Securities –** With respect to municipal securities issued by a state and its political subdivisions, as well as certain other governmental issuers such as the Commonwealth of Puerto Rico, the Trust cannot predict what legislation, if any, may be proposed in the state's legislature in regards to the state's personal income tax status of interest on such obligations, or which proposals, if any, might be enacted. Such proposals, if enacted, might materially adversely affect the availability of the state's municipal securities for investment by a Fund and the value of a Fund's investments.

**Government National Mortgage Association –** Ginnie Mae is the principal governmental guarantor of mortgage-related securities. Ginnie Mae is a wholly owned corporation of the U.S. Government within the Department of Housing and Urban Development. Securities issued by Ginnie Mae are treasury securities, which means the full faith and credit of the U.S. Government backs them. Ginnie Mae guarantees the timely payment of principal and interest on securities issued by institutions approved by Ginnie Mae and backed by pools of FHA-insured or VA-guaranteed mortgages. Ginnie Mae does not guarantee the market value or yield of mortgage-backed securities or the value of a Fund's shares. To buy Ginnie Mae securities, a Fund may have to pay a premium over the maturity value of the underlying mortgages, which the Fund may lose if prepayment occurs.

**Federal National Mortgage Association –** Fannie Mae is a government-sponsored corporation owned entirely by private stockholders. Fannie Mae is regulated by the Secretary of Housing and Urban Development. Fannie Mae purchases conventional mortgages from a list of approved sellers and service providers, including state and federally-chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Securities issued by Fannie Mae are agency securities, which mean Fannie Mae, but not the U.S. Government, guarantees their timely payment of principal and interest.

**Federal Home Loan Mortgage Corporation –** Freddie Mac is a stockholder-owned corporation established by the U.S. Congress to create a continuous flow of funds to mortgage lenders. Freddie Mac supplies lenders with the money to make mortgages and packages the mortgages into marketable securities. The system is designed to create a stable mortgage credit system and reduce the rates paid by homebuyers. Freddie Mac, not the U.S. Government, guarantees timely payment of principal and interest.

**Risks of Mortgage-Backed Securities –** Yield characteristics of mortgage-backed securities differ from those of traditional debt securities in a variety of ways. The most significant differences of mortgage-backed securities are:

&nbsp;&nbsp;&nbsp;&nbsp;**▪** Payments of interest and principal are more frequent (usually monthly); and

&nbsp;&nbsp;&nbsp;&nbsp;**▪** Falling interest rates generally cause individual borrowers to pay off their mortgage earlier than expected,
 which results in prepayments of principal on the securities, thus forcing a Fund to reinvest the money at a lower interest rate.

In addition to the risks associated with changes in interest rates described in "Factors Affecting the Value of Debt Securities," a variety of economic, geographic, social and other factors, such as the sale of the underlying property, refinancing or foreclosure, can cause investors to repay the loans underlying a mortgage-backed security sooner than expected. If the prepayment rates increase, a Fund may have to reinvest the principal at a rate of interest that is lower than the rate on existing mortgage-backed securities.

**Other Asset-Backed Securities –** These securities are interests in pools of a broad range of assets other than mortgages, such as automobile loans, computer leases and credit card receivables. Like mortgage-backed securities, these securities are pass-through. In general, the collateral supporting these securities is of shorter maturity than mortgage loans and is less likely to experience substantial prepayments with interest rate fluctuations, but may still be subject to prepayment risk.

Asset-backed securities present certain risks that are not presented by mortgage-backed securities. Primarily, these securities may not have the benefit of any security interest in the related assets, which raises the possibility that recoveries on repossessed collateral may not be available to support payments on these securities. For example, credit card receivables are generally unsecured and the debtors are entitled to the protection of a number of state and federal consumer credit laws, many of which allow debtors to reduce their balances by offsetting certain amounts owed on the credit cards. Most issuers of asset-backed securities backed by automobile receivables permit the servicers of such receivables to retain possession of the underlying obligations. If the servicer were to sell these obligations to another party, there is a risk that the purchaser would acquire an interest superior to that of the holders of the related asset-backed securities. Due to the quantity of vehicles involved and requirements under state laws, asset-backed securities backed by automobile receivables may not have a proper security interest in all of the obligations backing such receivables.

To lessen the effect of failures by obligors on underlying assets to make payments, the entity administering the pool of assets may agree to ensure the receipt of payments on the underlying pool occurs in a timely fashion ("liquidity protection"). In addition, asset-backed securities may obtain insurance, such as guarantees, policies or letters of credit obtained by the issuer or sponsor from third parties, for some or all of the assets in the pool ("credit support"). Delinquency or loss more than that anticipated or failure of the credit support could adversely affect the return on an investment in such a security.

A Fund may also invest in residual interests in asset-backed securities, which consists of the excess cash flow remaining after making required payments on the securities and paying related administrative expenses. The amount of residual cash flow resulting from a particular issue of asset-backed securities depends in part on the characteristics of the underlying assets, the coupon rates on the securities, prevailing interest rates, the amount of administrative expenses and the actual prepayment experience on the underlying assets.

**Collateralized Bond Obligations, Collateralized Loan Obligations and other Collateralized Debt Obligations –** A Fund may invest in each of collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs"), other collateralized debt obligations ("CDOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is often backed by a diversified pool of high risk, below investment grade fixed income securities. The collateral can be from many different types of fixed income securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. CBOs, CLOs and other CDOs may charge management fees and administrative expenses.

For CBOs, CLOs and other CDOs, the cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since they are partially protected from defaults, senior tranches from a CBO trust, CLO trust or trust of another CDO typically have higher ratings and lower yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO, CLO or other CDO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class.

The risks of an investment in a CBO, CLO or other CDO depend largely on the type of the collateral securities and the class of the instrument in which a Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CBOs, CLOs and other CDOs may be characterized by the Funds as illiquid investments, however an active dealer market may exist for CBOs, CLOs and other CDOs allowing them to qualify for Rule 144A transactions. In addition to the normal risks associated with fixed income securities discussed elsewhere in this SAI and the Prospectus, CBOs, CLOs and other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the risk that Funds may invest in CBOs, CLOs or other CDOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

**Collateralized Mortgage Obligations ("CMOs") –** CMOs are one type of mortgage-backed security, which were first introduced in the early 1980s. CMOs generally retain many of the yield and credit quality characteristics as mortgage pass-through securities, while reducing some of the disadvantages of pass-throughs. CMOs may be backed by several types of varying mortgage collateral. The most prevalent types of collateral are: U.S. agency (e.g., Ginnie Mae, Fannie Mae, or Freddie Mac) guaranteed mortgage pass-through securities, non-agency guaranteed mortgage loans, and commercial mortgage loans.

Some CMOs are also characterized as a Real Estate Mortgage Investment Conduit ("REMIC"). A REMIC is a CMO that qualifies for special tax treatment under the Code and invests in certain mortgages primarily secured by interests in real property and other permitted investments.

A key difference between traditional mortgage pass-through securities and CMOs is the mechanics of the principal payment process. Unlike pass-through securities, which simply pay a pro rata distribution of any principal and interest payments from the underlying mortgage collateral, CMOs are structured into multiple classes, each bearing a different stated maturity and each potentially having different credit rating levels. Each class of CMO, often referred to as a "tranche", may be issued with a specific fixed interest rate or may pay a variable interest rate, which may change monthly. Each tranche must be fully retired by its final distribution date. Generally, all classes of CMOs pay or accrue interest monthly similar to pass-through securities.

The credit risk of all CMOs is not identical and must be assessed on a security by security basis. Generally, the credit risk of CMOs is heavily dependent upon the type of collateral backing the security. For example, a CMO collateralized by U.S. agency guaranteed pass-through securities will have a different credit risk profile compared to a CMO collateralized by commercial mortgage loans. Investing in the lowest tranche of CMO or REMIC certificates often involves risk similar to those associated with investing in non-investment grade rated corporate bonds. Additionally, CMOs may at times be less liquid than a regular mortgage pass-through security.

**Short-Term Investments –** To earn a return on uninvested assets, meet anticipated redemptions, or for temporary defensive purposes, a Fund may invest a portion of its assets in the short-term securities listed below, U.S. Government securities and investment-grade corporate debt securities. Unless otherwise specified, a short-term debt security has a maturity of one year or less.

&nbsp;&nbsp;&nbsp;&nbsp;**•** **Bank Obligations –** A Fund will only invest in a security issued by a commercial bank if the bank:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**▪** Has total assets of at least $1 billion, or the equivalent in other currencies (based on the most recent publicly
 available information about the bank); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**▪** Is a U.S. bank and a member of the Federal Deposit Insurance Corporation; or is a foreign branch of a U.S.
 bank and the Adviser believes the security is of an investment quality comparable with other debt securities that the Fund may purchase.

&nbsp;&nbsp;&nbsp;&nbsp;**•** **Time Deposits –** Time deposits are non-negotiable deposits, such as savings accounts or certificates
 of deposit, held by a financial institution for a fixed term with the understanding that the depositor can withdraw its money only by
 giving notice to the institution. However, there may be early withdrawal penalties depending upon market conditions and the remaining
 maturity of the obligation. A Fund may only purchase time deposits maturing from two calendar days through seven calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;**•** **Certificates of Deposit –** Certificates of deposit are negotiable certificates issued against
 funds deposited in a commercial bank or savings and loan association for a definite period of time and earning a specified return.

&nbsp;&nbsp;&nbsp;&nbsp;**•** **Bankers' Acceptance –** A bankers' acceptance is a time draft drawn on a commercial
 bank by a borrower, usually in connection with an international commercial transaction (to finance the import, export, transfer or storage
 of goods).

&nbsp;&nbsp;&nbsp;&nbsp;**•** **Commercial Paper –** Commercial paper is a short-term obligation with a maturity ranging from one
 to 270 days issued by banks, corporations and other borrowers. Such investments are unsecured and usually discounted. A Fund may invest
 in commercial paper rated A-1, A-2 or A-3 by S&P Global Ratings ("S&P") or P-1, P-2 or P-3 by Moody's Investors
 Services, Inc. ("Moody's") or equivalent ratings of another nationally recognized statistical rating organization ("NRSRO")
 or, if not rated, commercial paper of equivalent quality as determined by the Adviser. See "Appendix A – Description of Ratings"
 for a description of commercial paper ratings.

**Yankee Bonds –** Yankee bonds are dollar-denominated bonds issued inside the United States by foreign entities. Investments in these securities involve certain risks that are not typically associated with investing in domestic securities. See "Foreign Securities."

**Zero Coupon Bonds** – These securities are sold at a (usually substantial) discount and redeemed at face value at their maturity date without interim cash payments of interest or principal. When held to maturity, their entire income, which consists of accretion of discount, comes from the difference between the issue price and their value at maturity. The amount of the discount rate varies depending on factors including the time remaining until maturity, prevailing interest rates, the security's liquidity and the issuer's credit quality. The market prices of zero coupon securities are generally more volatile than the market prices of securities that have similar maturity but that pay interest periodically. Zero coupon securities are likely to respond to a greater degree to interest rate changes than are non-zero coupon securities with similar maturity and credit qualities. A Fund's investments in pay-in-kind, delayed and zero coupon bonds may require it to sell certain of its securities to generate sufficient cash to satisfy certain income distribution requirements.

These securities may include treasury securities, such as Separate Trading of Registered Interest and Principal of Securities ("STRIPS"), that have had their interest payments ("coupons") separated from the underlying principal ("corpus") by their holder, typically a custodian bank or investment brokerage firm. Once the holder of the security has stripped or separated corpus and coupons, it may sell each component separately. The principal or corpus is then sold at a deep discount because the buyer receives only the right to receive a future fixed payment on the security and does not receive any rights to periodic interest (cash) payments. Typically, the coupons are sold separately or grouped with other coupons with like maturity dates and sold bundled in such form. The underlying treasury security is held in book-entry form at the Federal Reserve Bank or, in the case of bearer securities (i.e., unregistered securities which are owned ostensibly by the bearer or holder thereof), in trust on behalf of the owners thereof. Purchasers of stripped obligations acquire, in effect, discount obligations that are economically identical to the zero coupon securities that the U.S. Treasury sells itself.

**Exchange-Traded Notes ("ETNs") –** Certain Funds may invest in exchange-traded notes. ETNs are debt obligations of investment banks which are traded on exchanges and the returns of which are linked to the performance of market indexes. In addition to trading ETNs on exchanges, investors may redeem ETNs directly with the issuer on a weekly basis, typically in a minimum amount of 50,000 units, or hold the ETNs until maturity. ETNs may be riskier than ordinary debt securities and may have no principal protection. A Fund's investment in an ETN may be influenced by many unpredictable factors, including highly volatile commodities prices, changes in supply and demand relationships, weather, agriculture, trade, changes in interest rates, and monetary and other governmental policies, action and inaction. Investing in ETNs is not equivalent to investing directly in index components or the relevant index itself. Because ETNs are debt securities, they possess credit risk; if the issuer has financial difficulties or goes bankrupt, the investor may not receive the return it was promised.

**Distressed Securities.** Distressed securities are securities of issuers that are in transition, out of favor, financially leveraged or troubled, or potentially troubled, and may be or have recently been involved in major strategic actions, restructurings, bankruptcy, reorganization or liquidation. Distressed securities are considered risky investments although they also may offer the potential for correspondingly high returns. Such companies' securities may be considered speculative, and the ability of such companies to pay their debts on schedule could be affected by adverse interest rate movements, changes in the general economic climate, economic factors affecting a particular industry or specific developments within such companies.

**Terms to Understand:**

**Maturity –** Every debt security has a stated maturity date when the issuer must repay the amount it borrowed (principal) from investors. Some debt securities, however, are callable, meaning the issuer can repay the principal earlier, on or after specified dates (call dates). Debt securities are most likely to be called when interest rates are falling because the issuer can refinance at a lower rate, similar to a homeowner refinancing a mortgage. The effective maturity of a debt security is usually its nearest call date.

A Fund that invests in debt securities has no real maturity. Instead, it calculates its weighted average maturity. This number is an average of the effective or anticipated maturity of each debt security held by a Fund, with the maturity of each security weighted by the percentage of the assets of the Fund it represents.

**Duration –** Duration is a calculation that seeks to measure the price sensitivity of a debt security, or a Fund that invests in debt securities, to changes in interest rates. Duration measures sensitivity more accurately than maturity because it takes into account the time value of cash flows generated over the life of a debt security. Future interest payments and principal payments are discounted to reflect their present value and then are multiplied by the number of years they will be received to produce a value expressed in years – the duration. Effective duration takes into account call features and sinking Fund prepayments that may shorten the life of a debt security.

An effective duration of four years, for example, would suggest that for each 1% reduction in interest rates at all maturity levels, the price of a security is estimated to increase by 4%. An increase in rates by the same magnitude is estimated to reduce the price of the security by 4%. By knowing the yield and the effective duration of a debt security, one can estimate total return based on an expectation of how much interest rates, in general, will change. While serving as a good estimator of prospective returns, effective duration is an imperfect measure.

**Factors Affecting the Value of Debt Securities –** The total return of a debt instrument is composed of two elements: the percentage change in the security's price and interest income earned. The yield to maturity of a debt security estimates its total return only if the price of the debt security remains unchanged during the holding period and coupon interest is reinvested at the same yield to maturity. The total return of a debt instrument, therefore, will be determined not only by how much interest is earned, but also by how much the price of the security and interest rates change.

**▪** **Interest Rates** 

The price of a debt security generally moves in the opposite direction from interest rates (*i.e.*, if interest rates go up, the value of the bond will go down, and vice versa).

**▪** **Prepayment Risk** 

This risk affects mainly mortgage-backed securities. Unlike other debt securities, falling interest rates can adversely affect the value of mortgage-backed securities, which may cause your share price to fall. Lower rates motivate borrowers to pay off the instruments underlying mortgage-backed and asset-backed securities earlier than expected, resulting in prepayments on the securities. A Fund may then have to reinvest the proceeds from such prepayments at lower interest rates, which can reduce its yield. The unexpected timing of mortgage and asset-backed prepayments caused by the variations in interest rates may also shorten or lengthen the average maturity of a Fund. If left unattended, drifts in the average maturity of a Fund can have the unintended effect of increasing or reducing the effective duration of the Fund, which may adversely affect the expected performance of the Fund.

**▪** **Extension Risk** 

The other side of prepayment risk occurs when interest rates are rising. Rising interest rates can cause a Fund's average maturity to lengthen unexpectedly due to a drop in mortgage prepayments. This relationship would increase both the sensitivity of a Fund to rising rates as well as the potential for price declines. Extending the average life of a mortgage-backed security increases the risk of depreciation due to future increases in market interest rates. For these reasons, mortgage-backed securities may be less effective than other types of U.S. Government securities as a means of "locking in" interest rates.

**▪** **Credit Rating** 

Coupon interest is offered to investors of debt securities as compensation for assuming risk, although short-term treasury securities, such as three-month treasury bills, are considered "risk free." Corporate securities offer higher yields than treasury securities because their payment of interest and complete repayment of principal is less certain. The credit rating or financial condition of an issuer may affect the value of a debt security. Generally, the lower the quality rating of a security, the greater the risks that the issuer will fail to pay interest and return principal. To compensate investors for taking on increased risk, issuers with lower credit ratings usually offer their investors a higher "risk premium" in the form of higher interest rates than those available from comparable treasury securities.

Changes in investor confidence regarding the certainty of interest and principal payments of a corporate debt security will result in an adjustment to this "risk premium." Since an issuer's outstanding debt carries a fixed coupon, adjustments to the risk premium must occur in the price, which affects the yield to maturity of the bond. If an issuer defaults or becomes unable to honor its financial obligations, the bond may lose some or all of its value.

A security rated within the four highest rating categories by a rating agency is called investment-grade because its issuer is more likely to pay interest and repay principal than an issuer of a lower rated bond. Adverse economic conditions or changing circumstances, however, may weaken the capacity of the issuer to pay interest and repay principal. If a security is not rated or is rated under a different system, the Adviser may determine that it is of investment-grade. The Adviser may retain securities that are downgraded, if the Adviser believes that keeping those securities is warranted.

Debt securities rated below investment-grade (junk bonds) are highly speculative securities that are usually issued by smaller, less credit worthy and/or highly leveraged (indebted) companies. A corporation may issue a junk bond because of a corporate restructuring or other similar event. Compared with investment-grade bonds, junk bonds carry a greater degree of risk and are less likely to make payments of interest and principal. Market developments and the financial and business condition of the issuer of these securities influence their price and liquidity more than changes in interest rates, when compared to investment-grade debt securities. Insufficient liquidity in the junk bond market may make it more difficult to dispose of junk bonds and may cause a Fund to experience sudden and substantial price declines. A lack of reliable, objective data or market quotations may make it more difficult to value junk bonds accurately.

Rating agencies are organizations that assign ratings to securities based primarily on the rating agency's assessment of the issuer's financial strength. The Funds currently use ratings compiled by Moody's, S&P and Fitch Ratings Inc. ("Fitch"). Credit ratings are only an agency's opinion, not an absolute standard of quality, and they do not reflect an evaluation of market risk.

The section "Appendix A – Description of Ratings" contains further information concerning the ratings of certain rating agencies and their significance.

The Adviser may use ratings produced by ratings agencies as guidelines to determine the rating of a security at the time a Fund buys it. A rating agency may change its credit ratings at any time. The Adviser monitors the rating of the security and will take such action, if any, it believes appropriate when it learns that a rating agency has reduced the security's rating. A Fund is not obligated to dispose of securities whose issuers subsequently are in default or which are downgraded below the above-stated ratings.

**<u>Foreign Securities</u>**

Foreign securities are debt and equity securities that are traded in markets outside of the United States. The markets in which these securities are located can be developed or emerging. Consistent with their respective investment strategies, the Funds can invest in foreign securities in a number of ways, including:

&nbsp;&nbsp;&nbsp;&nbsp;**▪** They can invest directly in foreign securities denominated in a foreign currency;

&nbsp;&nbsp;&nbsp;&nbsp;**▪** They can invest in American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs")
 and other similar global instruments; and

&nbsp;&nbsp;&nbsp;&nbsp;**▪** They can invest in investment funds.

**American Depositary Receipts** – ADRs as well as other "hybrid" forms of ADRs, including EDRs and Global Depositary Receipts ("GDRs"), are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depository banks and generally trade on an established market in the United States or elsewhere. A custodian bank or similar financial institution in the issuer's home country holds the underlying shares in trust. The depository bank may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. ADRs are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. ADRs are subject to many of the risks associated with investing directly in foreign securities. EDRs are similar to ADRs, except that they are typically issued by European banks or trust companies.

ADRs can be sponsored or unsponsored. While these types are similar, there are differences regarding a holder's rights and obligations and the practices of market participants. A depository may establish an unsponsored facility without participation by (or acquiescence of) the underlying issuer; typically, however, the depository requests a letter of non-objection from the underlying issuer prior to establishing the facility. Holders of unsponsored depositary receipts generally bear all the costs of the facility. The depository usually charges fees upon the deposit and withdrawal of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash distributions, and the performance of other services. Sponsored depositary receipt facilities are created in generally the same manner as unsponsored facilities, except that sponsored depositary receipts are established jointly by a depository and the underlying issuer through a deposit agreement. The deposit agreement sets out the rights and responsibilities of the underlying issuer, the depository, and the depositary receipt holders. With sponsored facilities, the underlying issuer typically bears some of the costs of the depositary receipts (such as dividend payment fees of the depository), although most sponsored depositary receipts holders may bear costs such as deposit and withdrawal fees. Depositories of most sponsored depositary receipts agree to distribute notices of shareholder meetings, voting instructions, and other shareholder communications and information to the depositary receipt holders at the underlying issuer's request. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through, to the holders of the receipts, voting rights with respect to the deposited securities.

**Emerging Markets** – An "emerging market country" is generally a country that the International Bank for Reconstruction and Development ("World Bank") and the International Finance Corporation would consider to be an emerging or developing country. Typically, emerging markets are in countries that are in the process of industrialization, with lower gross national products ("GNP") than more developed countries.

**Investment Funds –** Some emerging countries currently prohibit direct foreign investment in the securities of their companies. Certain emerging countries, however, permit indirect foreign investment in the securities of companies listed and traded on their stock exchanges through investment funds that they have specifically authorized. Investments in these investment funds are subject to the provisions of the 1940 Act. If a Fund invests in such investment funds, shareholders will bear not only their proportionate share of the expenses (including operating expenses and the fees of the Adviser), but also will indirectly bear similar expenses of the underlying investment funds. In addition, these investment funds may trade at a premium over their net asset value.

**Risks of Foreign Securities:**

Foreign securities, foreign currencies, and securities issued by U.S. entities with substantial foreign operations may involve significant risks in addition to the risks inherent in U.S. investments.

**Political and Economic Factors –** Local political, economic, regulatory, or social instability, military action or unrest, or adverse diplomatic developments may affect the value of foreign investments. Listed below are some of the more important political and economic factors that could negatively affect an investment in foreign securities:

&nbsp;&nbsp;&nbsp;&nbsp;**▪** The economies of foreign countries may differ from the economy of the United States in such areas as growth
 of GNP, rate of inflation, capital reinvestment, resource self-sufficiency, budget deficits and national debt;

&nbsp;&nbsp;&nbsp;&nbsp;**▪** Foreign governments sometimes participate to a significant degree, through ownership interests or regulation,
 in their respective economies. Actions by these governments could significantly influence the market prices of securities and payment
 of dividends;

&nbsp;&nbsp;&nbsp;&nbsp;**▪** The economies of many foreign countries are dependent on international trade and their trading partners and
 they could be severely affected if their trading partners were to enact protective trade barriers and economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;**▪** The internal policies of a particular foreign country may be less stable than in the United States. Other
 countries face significant external political risks, such as possible claims of sovereignty by other countries or tense and sometimes
 hostile border clashes;

&nbsp;&nbsp;&nbsp;&nbsp;**▪** A foreign government may act adversely to the interests of U.S. investors, including expropriation or nationalization
 of assets, confiscatory taxation and other restrictions on U.S. investment. A country may restrict or control foreign investments in its
 securities markets. These restrictions could limit a Fund's ability to invest in a particular country or make it very expensive
 for the Fund to invest in that country. Some countries require prior governmental approval, may limit the types or amount of securities
 or companies in which a foreigner can invest, or may restrict the ability of foreign investors to repatriate their investment income and
 capital gains; and

&nbsp;&nbsp;&nbsp;&nbsp;▪ Periodic U.S. Government restrictions on investments in issuers from certain foreign countries may result
 in a Fund having to sell such prohibited securities at inopportune times. Such prohibited securities may have less liquidity as a result
 of such U.S. Government designation and the market price of such prohibited securities may decline, which may cause the Fund to incur
 losses.

Given the increasing interdependence among global economies and markets, conditions in one country, region or market might adversely affect financial conditions or issuers in other countries, regions or markets. For example, on January 31, 2020, the United Kingdom (the "UK") formally withdrew from the European Union (the "EU") (commonly referred to as "Brexit"). Following a transition period, the UK and the EU signed a post-Brexit trade agreement governing their future economic relationship on December 30, 2020. This agreement became effective on a provisional basis on January 1, 2021 and formally entered into force on May 1, 2021. While the full impact of Brexit is unknown, Brexit has already resulted in volatility in European and global markets. The effects of Brexit on the UK and EU economies and the broader global economy could be significant, resulting in negative impacts, such as business and trade disruptions, increased volatility and illiquidity, and potentially lower economic growth of markets in the UK, EU and globally, which could negatively impact the value of a Fund's investments. Brexit could also lead to legal uncertainty and politically divergent national laws and regulations while the new relationship between the UK and EU is further defined and the UK determines which EU laws to replace or replicate. Additionally, depreciation of the British pound sterling and/or the euro in relation to the U.S. dollar following Brexit could adversely affect Fund investments denominated in the British pound sterling and/or the euro, regardless of the performance of the investment.

In addition, on February 24, 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Following Russia's actions, various countries, including the U.S., Canada, the UK, Germany, and France, as well as the EU, issued broad-ranging economic sanctions against Russia. The sanctions consist of the prohibition of trading in certain Russian securities and engaging in certain private transactions, the prohibition of doing business with certain Russian corporate entities, large financial institutions, officials and oligarchs, and the freezing of Russian assets. The extent and duration of the war in Ukraine and the longevity and severity of sanctions remain unknown, but they could have a significant adverse impact on the European economy as well as the price and availability of certain commodities, including oil and natural gas, throughout the world. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of a Fund, even if the Fund does not have direct exposure to securities of Russian issuers.

Whether or not a Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Fund's investments due to the interconnected nature of the global economy and capital markets.

Similarly, armed conflict between Israel and Hamas and other militant groups in the Middle East and related events could cause significant market disruptions and volatility. This conflict could disrupt regional trade and supply chains, potentially affecting U.S. businesses with exposure to the region. Additionally, the Middle East plays a pivotal role in the global energy sector, and prolonged instability could impact oil prices, leading to increased costs for businesses and consumers. These and any related events could significantly impact a Fund's performance and the value of an investment in a Fund, even if the Fund does not have direct exposure to affected issuers.

**Information and Supervision –** There is generally less publicly available information about foreign companies than companies based in the United States. For example, there are often no reports and ratings published about foreign companies comparable to the ones written about U.S. companies. Foreign companies are typically not subject to uniform accounting, auditing and financial reporting standards, practices and requirements comparable to those applicable to U.S. companies. The lack of comparable information makes investment decisions concerning foreign companies more difficult and less reliable than those concerning domestic companies.

**Stock Exchange and Market Risk** – The Adviser anticipates that in most cases an exchange or over-the-counter market located outside of the United States will be the best available market for foreign securities. Foreign stock markets, while growing in volume and sophistication, are generally not as developed as the markets in the United States. Foreign stock markets tend to differ from those in the United States in a number of ways.

Foreign stock markets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**▪** Are generally more volatile than, and not as developed or efficient as, those in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**▪** Have substantially less volume;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**▪** Trade securities that tend to be less liquid and experience rapid and erratic price movements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**▪** Have generally higher commissions and are subject to set minimum rates, as opposed to negotiated rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**▪** Employ trading, settlement and custodial practices less developed than those in U.S. markets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**▪** May have different settlement practices, which may cause delays and increase the potential for failed settlements.

Foreign markets may offer less protection to shareholders than U.S. markets because:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**▪** Foreign accounting, auditing, and financial reporting requirements may render a foreign corporate balance
 sheet more difficult to understand and interpret than one subject to U.S. law and standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**▪** Adequate public information on foreign issuers may not be available, and it may be difficult to secure dividends
 and information regarding corporate actions on a timely basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**▪** In general, there is less overall governmental supervision and regulation of securities exchanges, brokers,
 and listed companies than in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**▪** Over-the-counter markets tend to be less regulated than stock exchange markets and, in certain countries,
 may be totally unregulated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**▪** Economic or political concerns may influence regulatory enforcement and may make it difficult for shareholders
 to enforce their legal rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**▪** Restrictions on transferring securities within the United States or to U.S. persons may make a particular
 security less liquid than foreign securities of the same class that are not subject to such restrictions.

**Foreign Currency Risk –** While the Funds denominate their net asset value in U.S. dollars, the securities of foreign companies are frequently denominated in foreign currencies. Thus, a change in the value of a foreign currency against the U.S. dollar will result in a corresponding change in value of securities denominated in that currency. Some of the factors that may impair the investments denominated in a foreign currency are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**▪** It may be expensive to convert foreign currencies into U.S. dollars and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**▪** Complex political and economic factors may significantly affect the values of various currencies, including
 the U.S. dollar, and their exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**▪** Government intervention may increase risks involved in purchasing or selling foreign currency options, forward
 contracts and futures contracts, since exchange rates may not be free to fluctuate in response to other market forces;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**▪** There may be no systematic reporting of last sale information for foreign currencies or regulatory requirement
 that quotations available through dealers or other market sources be firm or revised on a timely basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**▪** Available quotation information is generally representative of very large round-lot transactions in the inter-bank
 market and thus may not reflect exchange rates for smaller odd-lot transactions (less than $1 million) where rates may be less favorable;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**▪** The inter-bank market in foreign currencies is a global, around-the-clock market. To the extent that a market
 is closed while the markets for the underlying currencies remain open, certain markets may not always reflect significant price and rate
 movements.

**Taxes –** Certain foreign governments levy withholding taxes on dividend and interest income. Although in some countries it is possible for a Fund to recover a portion of these taxes, the portion that cannot be recovered will reduce the income the Fund receives from its investments.

**Emerging Markets –** Investing in emerging markets may magnify the risks of foreign investing. Security prices in emerging markets can be significantly more volatile than those in more developed markets, reflecting the greater uncertainties of investing in less established markets and economies. In particular, countries with emerging markets may:

&nbsp;&nbsp;&nbsp;&nbsp;**▪** Have relatively unstable governments;

&nbsp;&nbsp;&nbsp;&nbsp;**▪** Present greater risks of nationalization of businesses, restrictions on foreign ownership and prohibitions
 on the repatriation of assets;

&nbsp;&nbsp;&nbsp;&nbsp;**▪** Offer less protection of property rights than more developed countries; and

&nbsp;&nbsp;&nbsp;&nbsp;**▪** Have economies that are based on only a few industries, may be highly vulnerable to changes in local or global
 trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates.

Local securities markets may trade a small number of securities and may be unable to respond effectively to increases in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times.

**<u>Investments in China</u>**

China is an emerging market, and as a result, investments in securities of companies organized and listed in China may be subject to liquidity constraints and significantly higher volatility, from time to time, than investments in securities of more developed markets. China may be subject to considerable government intervention and varying degrees of economic, political and social instability. These factors may result in, among other things, a greater risk of stock market, interest rate, and currency fluctuations, as well as inflation. Accounting, auditing and financial reporting standards in China are different from U.S. standards and, therefore, disclosure of certain material information may not be made, may be less available, or may be less reliable. It may also be difficult or impossible for a Fund to obtain or enforce a judgment in a Chinese court. In addition, periodically there may be restrictions on investments in Chinese companies. For example, on November 12, 2020, the President of the United States signed an Executive Order (the "November 2020 Executive Order") prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. Government as "Communist Chinese military companies" or in instruments that are derivative of, or are designed to provide investment exposure to, those companies. In addition, on August 9, 2023, the President of the United States signed an Executive Order (the "August 2023 Executive Order" and, together with the November 2020 Executive Order, the "Executive Orders") directing the U.S. Department of the Treasury (the "Treasury") to promulgate regulations requiring notification of, or restricting, investments in China in certain categories of national security technologies, including semiconductors and microelectronics, quantum information, and certain artificial intelligence technologies. On October 28, 2024, the Treasury released a final rule implementing the China-focused outbound investment program introduced by the August 2023 Executive Order.

The universe of securities affected by the Executive Orders and any related rules can change from time to time. As a result of an increase in the number of investors looking to sell such securities, or because of an inability to participate in an investment that the Adviser otherwise believes is attractive, a Fund may incur losses. Certain securities that are or become designated as prohibited securities may have less liquidity as a result of such designation and the market price of such prohibited securities may decline, potentially causing losses to a Fund. In addition, the market for securities of other Chinese-based issuers may also be negatively impacted, resulting in reduced liquidity and price declines.

**<u>Derivatives</u>**

Derivatives are financial instruments whose value is based on an underlying asset (such as a stock or a bond), an underlying economic factor (such as an interest rate) or a market benchmark. Unless otherwise stated in the Prospectus, the Funds may use derivatives for a number of purposes including managing risk, gaining exposure to various markets in a cost-efficient manner, reducing transaction costs, remaining fully invested and speculating. The Funds may also invest in derivatives with the goal of protecting themselves from broad fluctuations in market prices, interest rates or foreign currency exchange rates (a practice known as "hedging"). When hedging is successful, a Fund will have offset any depreciation in the value of its portfolio securities by the appreciation in the value of the derivative position. Although techniques other than the sale and purchase of derivatives could be used to control the exposure of the Funds to market fluctuations, the use of derivatives may be a more effective means of hedging this exposure. In the future, to the extent such use is consistent with the Funds' investment objectives and is legally permissible, the Funds may use instruments and techniques that are not presently contemplated, but that may be subsequently developed.

There can be no assurance that a derivative strategy, if employed, will be successful. Because many derivatives have a leverage or borrowing component, adverse changes in the value or level of the underlying asset, reference rate or index can result in a loss substantially greater than the amount invested in the derivative itself.

**Rule 18f-4 under the 1940 Act***.* Rule 18f-4 under the 1940 Act (the "Derivatives Rule") provides a comprehensive framework for the use of derivatives by registered investment companies. The Derivatives Rule permits a registered investment company, subject to various conditions described below, to enter into derivatives transactions and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Section 18 of the 1940 Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling any "senior security," other than borrowing from a bank (subject to a requirement to maintain 300% "asset coverage").

Registered investment companies that don't qualify as "limited derivatives users" as defined below, are required by the Derivatives Rule to, among other things, (i) adopt and implement a derivatives risk management program ("DRMP") and new testing requirements; (ii) comply with a relative or absolute limit on fund leverage risk calculated based on value-at-risk ("VaR"); and (iii) comply with new requirements related to Board and SEC reporting. The DRMP is administered by a "derivatives risk manager," who is appointed by the Board and periodically reviews the DRMP and reports to the Board.

The Derivatives Rule provides an exception from the DRMP, VaR limit and certain other requirements for a registered investment company that limits its "derivatives exposure" to no more than 10% of its net assets (as calculated in accordance with the Derivatives Rule) (a "limited derivatives user"), provided that the registered investment company establishes appropriate policies and procedures reasonably designed to manage derivatives risks, including the risk of exceeding the 10% "derivatives exposure" threshold.

The requirements of the Derivatives Rule may limit a Fund's ability to engage in derivatives transactions as part of its investment strategies. These requirements may also increase the cost of a Fund's investments and cost of doing business, which could adversely affect the value of the Fund's investments and/or the performance of the Fund. The rule also may not be effective to limit a Fund's risk of loss. In particular, measurements of VaR rely on historical data and may not accurately measure the degree of risk reflected in a Fund's derivatives or other investments. There may be additional regulation of the use of derivatives transactions by registered investment companies, which could significantly affect their use. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives transactions may make them more costly, limit their availability or utility, otherwise adversely affect their performance or disrupt markets.

**CFTC Regulations.** Pursuant to rules adopted under the Commodity Exchange Act ("CEA") by the Commodity Futures Trading Commission ("CFTC"), a Fund must either operate within certain guidelines and restrictions with respect to the Fund's use of futures, options on such futures, commodity options and certain swaps, or the Adviser will be subject to registration with the CFTC as a "commodity pool operator" ("CPO").

Consistent with the CFTC's regulations, the Adviser, on behalf of the Funds, has filed a notice of exclusion from the definition of the term CPO under the CEA pursuant to CFTC Rule 4.5 with respect to the Funds' operation. Therefore, the Funds are not subject to regulation as commodity pools under the CFA and the Adviser is not subject to registration or regulation as a CPO under the CEA with respect to the Funds. As a result, the Funds will be limited in their ability to use futures, options on such futures, commodity options and certain swaps. Complying with the limitations may restrict the Adviser's ability to implement the Funds' investment strategies and may adversely affect the Funds' performance.

**Types of Derivatives:**

**Futures –** A futures contract is an agreement between two parties whereby one party agrees to sell and the other party agrees to buy a specified amount of a financial instrument at an agreed upon price and time. The financial instrument underlying the contract may be a stock, stock index, bond, bond index, interest rate, foreign exchange rate or other similar instrument. Agreeing to buy the underlying financial instrument is called buying a futures contract or taking a long position in the contract. Likewise, agreeing to sell the underlying financial instrument is called selling a futures contract or taking a short position in the contract.

Futures contracts are traded in the United States on commodity exchanges or boards of trade (known as "contract markets") approved for such trading and regulated by the CFTC. These contract markets standardize the terms, including the maturity date and underlying financial instrument, of all futures contracts.

Unlike other securities, the parties to a futures contract do not have to pay for or deliver the underlying financial instrument until some future date (the "delivery date"). Contract markets require both the purchaser and seller to deposit "initial margin" with a futures broker, known as a futures commission merchant or custodian bank, when they enter into the contract. Initial margin deposits are typically equal to a percentage of the contract's value. Initial margin is similar to a performance bond or good faith deposit on a contract and is returned to the depositing party upon termination of the futures contract if all contractual obligations have been satisfied. After they open a futures contract, the parties to the transaction must compare the purchase price of the contract to its daily market value. If the value of the futures contract changes in such a way that a party's position declines, that party must make additional "variation margin" payments so that the margin payment is adequate. On the other hand, the value of the contract may change in such a way that there is excess margin on deposit, possibly entitling the party that has a gain to receive all or a portion of this amount. This process is known as "marking to the market." Variation margin does not represent a borrowing or loan by a party but is instead a settlement between the party and the futures broker of the amount one party would owe the other if the futures contract terminated. In computing daily net asset value, each party marks to market its open futures positions.

Although the terms of a futures contract call for the actual delivery of and payment for the underlying security, in many cases the parties may close the contract early by taking an opposite position in an identical contract. If the sale price upon closing out the contract is less than the original purchase price, the party closing out the contract will realize a loss. If the sale price upon closing out the contract is more than the original purchase price, the party closing out the contract will realize a gain. Conversely, if the purchase price upon closing out the contract is more than the original sale price, the party closing out the contract will realize a loss. If the purchase price upon closing out the contract is less than the original sale price, the party closing out the contract will realize a gain.

A Fund may incur commission expenses when it opens or closes a futures position.

**Options –** An option is a contract between two parties for the purchase and sale of a financial instrument for a specified price (known as the "strike price" or "exercise price") at any time during the option period. Unlike a futures contract, an option grants a right (not an obligation) to buy or sell a financial instrument. Generally, a seller of an option can grant a buyer two kinds of rights: a "call" (the right to buy the security) or a "put" (the right to sell the security). Options have various types of underlying instruments, including specific securities, indices of securities prices, foreign currencies, interest rates and futures contracts. Options may be traded on an exchange (exchange-traded options) or may be customized agreements between the parties (over-the-counter or "OTC" options). Like futures, a financial intermediary, known as a clearing corporation, financially backs exchange-traded options. However, OTC options have no such intermediary and are subject to the risk that the counterparty will not fulfill its obligations under the contract. The principal factors affecting the market value of an option include supply and demand, interest rates, the current market value of the underlying instrument relative to the exercise price of the option, the volatility of the underlying instrument, and the time remaining until the option expires.

**▪** **Purchasing Put and Call Options** 

When a Fund purchases a put option, it buys the right to sell the instrument underlying the option at a fixed strike price. In return for this right, the Fund pays the current market price for the option (known as the "option premium"). A Fund may purchase put options to offset or hedge against a decline in the market value of its securities ("protective puts") or to benefit from a decline in the price of securities that it does not own. A Fund would ordinarily realize a gain if, during the option period, the value of the underlying securities decreased below the exercise price sufficiently to cover the premium and transaction costs. However, if the price of the underlying instrument does not fall enough to offset the cost of purchasing the option, a put buyer would lose the premium and related transaction costs.

Call options are similar to put options, except that a Fund obtains the right to purchase, rather than sell, the underlying instrument at the option's strike price. A Fund would normally purchase call options in anticipation of an increase in the market value of securities it owns or wants to buy. A Fund would ordinarily realize a gain if, during the option period, the value of the underlying instrument exceeded the exercise price plus the premium paid and related transaction costs. Otherwise, the Fund would realize either no gain or a loss on the purchase of the call option.

The purchaser of an option may terminate its position by:

&nbsp;&nbsp;&nbsp;&nbsp;**▪** Allowing it to expire and losing its entire premium;

&nbsp;&nbsp;&nbsp;&nbsp;**▪** Exercising the option and either selling (in the case of a put option) or buying
 (in the case of a call option) the underlying instrument at the strike price; or

&nbsp;&nbsp;&nbsp;&nbsp;**▪** Closing it out in the secondary market at its current price.

**▪** **Selling (Writing) Put and Call Options** 

When a Fund writes a call option it assumes an obligation to sell specified securities to the holder of the option at a fixed strike price if the option is exercised at any time before the expiration date. Similarly, when a Fund writes a put option it assumes an obligation to purchase specified securities from the option holder at a fixed strike price if the option is exercised at any time before the expiration date. The Fund may terminate its position in an exchange-traded put option before exercise by buying an option identical to the one it has written. Similarly, the Fund may cancel an OTC option by entering into an offsetting transaction with the counterparty to the option.

A Fund could try to hedge against an increase in the value of securities it would like to acquire by writing a put option on those securities. If security prices rise, the Fund would expect the put option to expire and the premium it received to offset the increase in the security's value. If security prices remain the same over time, the Fund would hope to profit by closing out the put option at a lower price. If security prices fall, the Fund may lose an amount of money equal to the difference between the value of the security and the premium it received. Writing covered put options may deprive a Fund of the opportunity to profit from a decrease in the market price of the securities it would like to acquire.

The characteristics of writing call options are similar to those of writing put options, except that call writers expect to profit if prices remain the same or fall. A Fund could try to hedge against a decline in the value of securities it already owns by writing a call option. If the price of that security falls as expected, the Fund would expect the option to expire and the premium it received to offset the decline of the security's value. However, the Fund must be prepared to deliver the underlying instrument in return for the strike price, which may deprive it of the opportunity to profit from an increase in the market price of the securities it holds.

The Funds are permitted to write only "covered" options. At the time of selling a call option, a Fund may cover the option by owning, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;**▪** The underlying security (or securities convertible into the underlying security without additional consideration),
 index, interest rate, foreign currency or futures contract;

&nbsp;&nbsp;&nbsp;&nbsp;**▪** A call option on the same security or index with the same or lesser exercise price;

&nbsp;&nbsp;&nbsp;&nbsp;**▪** Cash or liquid securities equal to at least the market value of the optioned securities, interest rate, foreign
 currency or futures contract; or

&nbsp;&nbsp;&nbsp;&nbsp;**▪** In the case of an index, the portfolio of securities that corresponds to the index.

At the time of selling a put option, a Fund may cover the option by, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;**▪** Entering into a short position in the underlying security;

&nbsp;&nbsp;&nbsp;&nbsp;**▪** Purchasing a put option on the same security, index, interest rate, foreign
 currency or futures contract with the same or greater exercise price; or

&nbsp;&nbsp;&nbsp;&nbsp;**▪** Maintaining the entire exercise price in liquid securities.

**▪** **Options on Securities Indices** 

Options on securities indices are similar to options on securities, except that the exercise of securities index options requires cash settlement payments and does not involve the actual purchase or sale of securities. In addition, securities index options are designed to reflect price fluctuations in a group of securities or segment of the securities market rather than price fluctuations in a single security.

**▪** **Options on Credit Default Swaps** 

An option on a credit default swap gives the holder the right to enter into a credit default swap at a specified future date and under specified terms in exchange for a purchase price or premium. The writer of the option bears the risk of any unfavorable move in the value of the credit default swap relative to the market value on the exercise date, while the purchaser may allow the option to expire unexercised.

**▪** **Options on Futures** 

An option on a futures contract provides the holder with the right to buy a futures contract (in the case of a call option) or sell a futures contract (in the case of a put option) at a fixed time and price. Upon exercise of the option by the holder, the contract market clearing house establishes a corresponding short position for the writer of the option (in the case of a call option) or a corresponding long position (in the case of a put option). If the option is exercised, the parties will be subject to the futures contracts. In addition, the writer of an option on a futures contract is subject to initial and variation margin requirements on the option position. Options on futures contracts are traded on the same contract market as the underlying futures contract.

The buyer or seller of an option on a futures contract may terminate the option early by purchasing or selling an option of the same series (i.e., the same exercise price and expiration date) as the option previously purchased or sold. The difference between the premiums paid and received represents the trader's profit or loss on the transaction.

A Fund may purchase put and call options on futures contracts instead of selling or buying futures contracts. The Fund may buy a put option on a futures contract for the same reasons it would sell a futures contract. It also may purchase such a put option in order to hedge a long position in the underlying futures contract. A Fund may buy a call option on a futures contract for the same purpose as the actual purchase of a futures contract, such as in anticipation of favorable market conditions.

A Fund may write a call option on a futures contract to hedge against a decline in the prices of the instrument underlying the futures contracts. If the price of the futures contract at expiration were below the exercise price, the Fund would retain the option premium, which would offset, in part, any decline in the value of its portfolio securities.

The writing of a put option on a futures contract is similar to the purchase of the futures contracts, except that, if the market price declines, a Fund would pay more than the market price for the underlying instrument. The premium received on the sale of the put option, less any transaction costs, would reduce the net cost to the Fund.

**▪** **Options on Foreign Currencies** 

A put option on a foreign currency gives the purchaser of the option the right to sell a foreign currency at the exercise price until the option expires. A call option on a foreign currency gives the purchaser of the option the right to purchase the currency at the exercise price until the option expires. The Funds may purchase or write put and call options on foreign currencies for the purpose of hedging against changes in future currency exchange rates.

The Funds may use foreign currency options given the same circumstances under which they could use forward foreign currency exchange contracts. For example, a decline in the U.S. dollar value of a foreign currency in which a Fund's securities are denominated would reduce the U.S. dollar value of the securities, even if their value in the foreign currency remained constant. In order to hedge against such a risk, the Fund may purchase a put option on the foreign currency. If the value of the currency then declined, the Fund could sell the currency for a fixed amount in U.S. dollars and thereby offset, at least partially, the negative effect on its securities that otherwise would have resulted. Conversely, if a Fund anticipates a rise in the U.S. dollar value of a currency in which securities to be acquired are denominated, the Fund may purchase call options on the currency in order to offset, at least partially, the effects of negative movements in exchange rates. If currency exchange rates do not move in the direction or to the extent anticipated, the Funds could sustain losses on transactions in foreign currency options.

**▪** **Combined Positions** 

The Funds may purchase and write options in combination with each other, or in combination with futures or forward contracts or swap agreements, to adjust the risk and return characteristics of the overall position. For example, a Fund could construct a combined position whose risk and return characteristics are similar to selling a futures contract by purchasing a put option and writing a call option on the same underlying instrument. Alternatively, a Fund could write a call option at one strike price and buy a call option at a lower price to reduce the risk of the written call option in the event of a substantial price increase. Because combined options positions involve multiple trades, they result in higher transaction costs and may be more difficult to open and close out.

**Forward Foreign Currency Exchange Contracts –** A forward foreign currency contract involves an obligation to purchase or sell a specific amount of currency at a future date or date range at a specific price. In the case of a cancelable forward contract, the holder has the unilateral right to cancel the contract at maturity by paying a specified fee. Forward foreign currency exchange contracts differ from foreign currency futures contracts in certain respects. Unlike futures contracts, forward contracts:

&nbsp;&nbsp;&nbsp;&nbsp;**▪** Do not have standard maturity dates or amounts (i.e., the parties to the contract may fix the maturity date
 and the amount);

&nbsp;&nbsp;&nbsp;&nbsp;**▪** Are typically traded directly between currency traders (usually large commercial banks) and their customers
 in the inter-bank markets, as opposed to on exchanges regulated by the CFTC (note, however, that under definitions adopted by the CFTC
 and SEC, many non-deliverable foreign currency forwards will be considered swaps for certain purposes, including determination of whether
 such instruments must be traded on exchanges and centrally cleared);

&nbsp;&nbsp;&nbsp;&nbsp;**▪** Do not require an initial margin deposit; and

&nbsp;&nbsp;&nbsp;&nbsp;**▪** May be closed by entering into a closing transaction with the currency trader who is a party to the original
 forward contract, as opposed to with a commodities exchange.

**▪** **Foreign Currency Hedging Strategies** 

A "settlement hedge" or "transaction hedge" is designed to protect a Fund against an adverse change in foreign currency values between the date a security is purchased or sold and the date on which payment is made or received. Entering into a forward contract for the purchase or sale of the amount of foreign currency involved in an underlying security transaction for a fixed amount of U.S. dollars "locks in" the U.S. dollar price of the security. A Fund may also use forward contracts to purchase or sell a foreign currency when it anticipates purchasing or selling securities denominated in foreign currency, even if it has not yet selected the specific investments.

A Fund may use forward contracts to hedge against a decline in the value of existing investments denominated in foreign currency. Such a hedge, sometimes referred to as a "position hedge," would tend to offset both positive and negative currency fluctuations, but would not offset changes in security values caused by other factors. The Fund could also hedge the position by selling another currency expected to perform similarly to the currency in which the Fund's investment is denominated. This type of hedge, sometimes referred to as a "proxy hedge," could offer advantages in terms of cost, yield, or efficiency, but generally would not hedge currency exposure as effectively as a direct hedge into U.S. dollars. Proxy hedges may result in losses if the currency used to hedge does not perform similarly to the currency in which the hedged securities are denominated.

Transaction and position hedging do not eliminate fluctuations in the underlying prices of the securities that a Fund owns or intends to purchase or sell. They simply establish a rate of exchange that one can achieve at some future point in time. Additionally, these techniques tend to minimize the risk of loss due to a decline in the value of the hedged currency and to limit any potential gain that might result from the increase in value of such currency.

A Fund may enter into forward contracts to shift its investment exposure from one currency into another. Such transactions may call for the delivery of one foreign currency in exchange for another foreign currency, including currencies in which its securities are not then denominated. This may include shifting exposure from U.S. dollars to a foreign currency, or from one foreign currency to another foreign currency. This type of strategy, sometimes known as a "cross-hedge," will tend to reduce or eliminate exposure to the currency that is sold, and increase exposure to the currency that is purchased. Cross-hedges may protect against losses resulting from a decline in the hedged currency but will cause the Fund to assume the risk of fluctuations in the value of the currency it purchases. Cross-hedging transactions also involve the risk of imperfect correlation between changes in the values of the currencies involved.

It is difficult to forecast with precision the market value of portfolio securities at the expiration or maturity of a forward or futures contract. Accordingly, a Fund may have to purchase additional foreign currency on the spot (cash) market if the market value of a security it is hedging is less than the amount of foreign currency it is obligated to deliver. Conversely, the Fund may have to sell on the spot market some of the foreign currency it received upon the sale of a security if the market value of such security exceeds the amount of foreign currency it is obligated to deliver.

**Equity-Linked Securities –** The Funds may invest in privately issued securities whose investment results are designed to correspond generally to the performance of a specified stock index or "basket" of securities, or sometimes a single stock (referred to as "equity-linked securities"). These securities are used for many of the same purposes as derivative instruments and share many of the same risks. Equity-linked securities may be considered illiquid and thus subject to the Funds' restrictions on investments in illiquid investments.

**Swap Agreements –** A swap agreement is a financial instrument that typically involves the exchange of cash flows between two parties on specified dates (settlement dates), where the cash flows are based on agreed-upon prices, rates, indices, etc. The nominal amount on which the cash flows are calculated is called the notional amount. Swap agreements are individually negotiated and structured to include exposure to a variety of different types of investments or market factors, such as interest rates, foreign currency rates, mortgage securities, corporate borrowing rates, security prices or inflation rates.

Swap agreements may increase or decrease the overall volatility of the investments of a Fund and its share price. The performance of swap agreements may be affected by a change in the specific interest rate, currency, or other factors that determine the amounts of payments due to and from the Fund. If a swap agreement calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if the counterparty's creditworthiness declined, the value of a swap agreement would be likely to decline, potentially resulting in losses.

Generally, swap agreements have a fixed maturity date that will be agreed upon by the parties. The agreement can be terminated before the maturity date under certain circumstances, such as default by one of the parties or insolvency, among others, and can be transferred by a party only with the prior written consent of the other party. A Fund may be able to eliminate its exposure under a swap agreement either by assignment or by other disposition, or by entering into an offsetting swap agreement with the same party or a similarly creditworthy party. If the counterparty is unable to meet its obligations under the contract, declares bankruptcy, defaults or becomes insolvent, a Fund may not be able to recover the money it expected to receive under the swap agreement. The Funds will not enter into any swap agreement unless the Adviser believes that the counterparty to the transaction is creditworthy.

A swap agreement can be a form of leverage, which can magnify the Funds' gains or losses.

**▪** **Equity Swaps** 

In a typical equity swap, one party agrees to pay another party the return on a stock, stock index or basket of stocks in return for a specified interest rate. By entering into an equity index swap, for example, the index receiver can gain exposure to stocks making up the index of securities without actually purchasing those stocks. Equity index swaps involve not only the risk associated with investment in the securities represented in the index, but also the risk that the performance of such securities, including dividends, will not exceed the return on the interest rate that a Fund will be committed to pay.

▪ **Total Return Swaps** 

Total return swaps are contracts in which one party agrees to make payments of the total return from a reference instrument—which may be a single asset, a pool of assets or an index of assets—during a specified period, in return for payments equal to a fixed or floating rate of interest or the total return from another underlying reference instrument. The total return includes appreciation or depreciation on the underlying asset, plus any interest or dividend payments. Payments under the swap are based upon an agreed upon principal amount but, since the principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as notional. Total return swaps are marked to market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation or depreciation related to the change in the valuation of the notional amount of the swap is combined with the amount due to a Fund at termination or settlement. The primary risks associated with total return swaps are credit risks (if the counterparty fails to meet its obligations) and market risk (if there is no liquid market for the swap or unfavorable changes occur to the underlying reference instrument).

**▪** **Interest Rate Swaps** 

Interest rate swaps are financial instruments that involve the exchange of one type of interest rate for another type of interest rate cash flow on specified dates in the future. Some of the different types of interest rate swaps are "fixed-for-floating rate swaps," "termed basis swaps" and "index amortizing swaps." Fixed-for-floating rate swaps involve the exchange of fixed interest rate cash flows for floating rate cash flows. Termed basis swaps entail cash flows to both parties based on floating interest rates, where the interest rate indices are different. Index amortizing swaps are typically fixed-for-floating rate swaps where the notional amount changes if certain conditions are met.

As with a traditional investment in a debt security, a Fund could lose money by investing in an interest rate swap if interest rates change adversely. For example, if a Fund enters into a swap where it agrees to exchange a floating rate of interest for a fixed rate of interest, the Fund may have to pay more money than it receives. Similarly, if a Fund enters into a swap where it agrees to exchange a fixed rate of interest for a floating rate of interest, the Fund may receive less money than it has agreed to pay.

▪ **Currency Swaps** 

A currency swap is an agreement between two parties in which one party agrees to make interest rate payments in one currency and the other promises to make interest rate payments in another currency. A Fund may enter into a currency swap when it has one currency and desires a different currency. Typically, the interest rates that determine the currency swap payments are fixed, although occasionally one or both parties may pay a floating rate of interest. Unlike an interest rate swap, however, the principal amounts are exchanged at the beginning of the agreement and returned at the end of the agreement. Changes in foreign exchange rates and changes in interest rates, as described above, may negatively affect currency swaps.

**▪** **Inflation Swaps** 

Inflation swaps are fixed-maturity, over-the-counter derivatives where one party pays a fixed rate in exchange for payments tied to an inflation index, such as the Consumer Price Index. The fixed rate, which is set by the parties at the initiation of the swap, is often referred to as the "breakeven inflation" rate and generally represents the current difference between treasury yields and Treasury Inflation Protected Securities yields of similar maturities at the initiation of the swap agreement. Inflation swaps are typically designated as "zero coupon," where all cash flows are exchanged at maturity. The value of an inflation swap is expected to fluctuate in response to changes in the relationship between nominal interest rates and the rate of inflation. An inflation swap can lose value if the realized rate of inflation over the life of the swap is less than the fixed market implied inflation rate (the breakeven inflation rate) the investor agreed to pay at the initiation of the swap.

**▪** **Credit Default Swaps** 

A credit default swap is an agreement between a "buyer" and a "seller" for credit protection. The credit default swap agreement may have as reference obligations one or more securities that are not then held by a Fund. The protection buyer is generally obligated to pay the protection seller an upfront payment and/or a periodic stream of payments over the term of the agreement until a credit event on a reference obligation has occurred. If no default occurs, the seller would keep the stream of payments and would have no payment obligations. If a credit event occurs, the seller generally must pay the buyer the full notional amount (the "par value") of the swap.

**▪** **Caps, Collars and Floors** 

Caps and floors have an effect similar to buying or writing options. In a typical cap or floor agreement, one party agrees to make payments only under specified circumstances, usually in return for payment of a fee by the other party. For example, the buyer of an interest rate cap obtains the right to receive payments to the extent that a specified interest rate exceeds an agreed-upon level. The seller of an interest rate floor is obligated to make payments to the extent that a specified interest rate falls below an agreed-upon level. An interest rate collar combines elements of buying a cap and selling a floor.

**Risks of Derivatives:**

While transactions in derivatives may reduce certain risks, these transactions themselves entail certain other risks. For example, unanticipated changes in interest rates, securities prices or currency exchange rates may result in a poorer overall performance of the Funds than if they had not entered into any derivatives transactions. Derivatives may magnify the Funds' gains or losses, causing them to make or lose substantially more than they invested.

When used for hedging purposes, increases in the value of the securities a Fund holds or intends to acquire should offset any losses incurred with a derivative. Purchasing derivatives for purposes other than hedging could expose the Fund to greater risks.

Use of derivatives involves transaction costs, which may be significant, and may also increase the amount of taxable income to shareholders.

**Correlation of Prices –** The Funds' ability to hedge their securities through derivatives depends on the degree to which price movements in the underlying index or instrument correlate with price movements in the relevant securities. In the case of poor correlation, the price of the securities a Fund is hedging may not move in the same amount, or even in the same direction as the hedging instrument. The Adviser will try to minimize this risk by investing in only those contracts whose behavior it expects to correlate with the behavior of the portfolio securities it is trying to hedge. However, if the Adviser's prediction of interest and currency rates, market value, volatility or other economic factors is incorrect, a Fund may lose money, or may not make as much money as it expected.

Derivative prices can diverge from the prices of their underlying instruments, even if the characteristics of the underlying instruments are very similar to the derivative. Listed below are some of the factors that may cause such a divergence:

**▪** Current and anticipated short-term interest rates, changes in volatility of the underlying instrument, and
 the time remaining until expiration of the contract;

**▪** A difference between the derivatives and securities markets, including different levels of demand, how the
 instruments are traded, the imposition of daily price fluctuation limits or discontinued trading of an instrument; and

**▪** Differences between the derivatives, such as different margin requirements, different liquidity of such markets
 and the participation of speculators in such markets.

Derivatives based upon a narrower index of securities, such as those of a particular industry group, may present greater risk than derivatives based on a broad market index. Since narrower indices are made up of a smaller number of securities, they are more susceptible to rapid and extreme price fluctuations because of changes in the value of those securities.

While currency futures and options values are expected to correlate with exchange rates, they may not reflect other factors that affect the value of the investments of the Funds. A currency hedge, for example, should protect a yen-denominated security from a decline in the yen, but will not protect the Funds against a price decline resulting from deterioration in the issuer's creditworthiness. Because the value of the Funds' foreign-denominated investments changes in response to many factors other than exchange rates, it may not be possible to match the amount of currency options and futures to the value of the Funds' investments precisely over time.

**Lack of Liquidity –** Before a futures contract or option is exercised or expires, a Fund can terminate it only by entering into a closing purchase or sale transaction. Moreover, a Fund may close out a futures contract only on the exchange the contract was initially traded. Although the Funds intend to purchase options and futures only where there appears to be an active market, there is no guarantee that such a liquid market will exist. If there is no secondary market for the contract, or the market is illiquid, a Fund may not be able to close out its position. In an illiquid market, a Fund may:

**▪** Have to sell securities to meet its daily margin requirements at a time when it is disadvantageous to do so;

**▪** Have to purchase or sell the instrument underlying the contract;

**▪** Not be able to hedge its investments; and/or

**▪** Not be able to realize profits or limit its losses.

Derivatives may become illiquid (i.e., difficult to sell at a desired time and price) under a variety of market conditions. For example:

**▪** An exchange may suspend or limit trading in a particular derivative instrument, an entire category of derivatives
 or all derivatives, which sometimes occurs because of increased market volatility;

**▪** Unusual or unforeseen circumstances may interrupt normal operations of an exchange;

**▪** The facilities of the exchange may not be adequate to handle current trading volume;

**▪** Equipment failures, government intervention, insolvency of a brokerage firm or clearing house or other occurrences
 may disrupt normal trading activity; or

**▪** Investors may lose interest in a particular derivative or category of derivatives.

**Management Risk –** Successful use of derivatives by the Funds is subject to the ability of the Adviser to forecast stock market and interest rate trends. If the Adviser incorrectly predicts stock market and interest rate trends, the Funds may lose money by investing in derivatives. For example, if a Fund were to write a call option based on the Adviser's expectation that the price of the underlying security would fall, but the price were to rise instead, the Fund could be required to sell the security upon exercise at a price below the current market price. Similarly, if a Fund were to write a put option based on the Adviser's expectation that the price of the underlying security would rise, but the price were to fall instead, the Fund could be required to purchase the security upon exercise at a price higher than the current market price.

**Pricing Risk –** At times, market conditions might make it hard to value some investments. For example, if a Fund has valued its securities too high, shareholders may end up paying too much for Fund shares when they buy into the Fund. If the Fund underestimates its price, shareholders may not receive the full market value for their Fund shares when they sell.

**Margin –** Because of the low margin deposits required upon the opening of a derivative position, such transactions involve an extremely high degree of leverage. Consequently, a relatively small price movement in a derivative may result in an immediate and substantial loss (as well as gain) to a Fund and it may lose more than it originally invested in the derivative.

If the price of a futures contract changes adversely, a Fund may have to sell securities at a time when it is disadvantageous to do so to meet its minimum daily margin requirement. A Fund may lose its margin deposits if a broker-dealer with whom it has an open futures contract or related option becomes insolvent or declares bankruptcy.

**Volatility and Leverage –** The Funds' use of derivatives may have a leveraging effect. Leverage generally magnifies the effect of any increase or decrease in value of an underlying asset and results in increased volatility, which means the Funds will have the potential for greater gains, as well as the potential for greater losses, than if the Funds do not use derivative instruments that have a leveraging effect. The prices of derivatives are volatile (i.e., they may change rapidly, substantially and unpredictably) and are influenced by a variety of factors, including:

**▪** Actual and anticipated changes in interest rates;

**▪** Fiscal and monetary policies; and

**▪** National and international political events.

Most exchanges limit the amount by which the price of a derivative can change during a single trading day. Daily trading limits establish the maximum amount that the price of a derivative may vary from the settlement price of that derivative at the end of trading on the previous day. Once the price of a derivative reaches this value, the Funds may not trade that derivative at a price beyond that limit. The daily limit governs only price movements during a given day and does not limit potential gains or losses. Derivative prices have occasionally moved to the daily limit for several consecutive trading days, preventing prompt liquidation of the derivative.

**Government Regulation –** The regulation of derivatives markets in the U.S. is a rapidly changing area of law and is subject to modification by government and judicial action. For example, the Dodd-Frank Wall Street Reform and Consumer Protection Act, signed into law in 2010, granted significant new authority to the SEC and the CFTC to impose comprehensive regulations on the over-the-counter and cleared derivatives markets. These regulations include, but are not limited to, mandatory clearing of certain derivatives and requirements relating to disclosure, margin and trade reporting. The law and regulations may negatively impact the Funds by increasing transaction and/or regulatory compliance costs, limiting the availability of certain derivatives or otherwise adversely affecting the value or performance of the derivatives the Funds trade.

In addition, the SEC adopted the Derivatives Rule on October 28, 2020. Since its compliance date of August 19, 2022, the Derivatives Rule has replaced prior SEC and staff guidance with an updated, comprehensive framework for registered funds' use of derivatives. See "Derivatives — Rule 18f-4 under the 1940 Act" above for additional information on the requirements imposed on registered funds by the Derivatives Rule. Complying with the Derivatives Rule may increase the cost of the Funds' investments and cost of doing business, which could adversely affect investors. Other potentially adverse regulatory obligations can develop suddenly and without notice.

**<u>Investment Company Shares</u>**

The Funds may invest in shares of other investment companies, to the extent permitted by applicable law, subject to certain restrictions. These investment companies typically incur fees that are separate from those fees incurred directly by the Funds. A Fund's purchase of such investment company securities results in the layering of expenses, such that shareholders would indirectly bear a proportionate share of the operating expenses of such investment companies, including advisory fees, in addition to paying the Fund's expenses.

Generally, the federal securities laws limit the extent to which a Fund can invest in securities of other investment companies, subject to certain exceptions, For example, Section 12(d)(1)(A) of the 1940 Act prohibits a fund from (i) acquiring more than 3% of the voting shares of any one investment company, (ii) investing more than 5% of its total assets in any one investment company, and (iii) investing more than 10% of its total assets in all investment companies combined, including its ETF investments.

A Fund may rely on Section 12(d)(1)(F) of the 1940 Act, which provides an exemption from Section 12(d)(1) that allows a Fund to invest all of its assets in other registered funds, including ETFs, if, among other conditions, the Fund, together with its affiliates, acquires no more than 3% of the outstanding voting stock of any acquired fund. A Fund may also rely on Rule 12d1-4 under the 1940 Act. Rule 12d1-4 permits a Fund to invest in other investment companies beyond the statutory limits, subject to certain conditions specified in the Rule including, among other conditions, that the Fund and its advisory group will not control (individually or in the aggregate) an acquired fund (e.g., hold more than 25% of the outstanding voting securities of an acquired fund that is a registered open-end management investment company). In addition, a Fund may be able to rely on certain other rules under the 1940 Act to invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but subject to certain conditions.

For hedging or other purposes, the Funds may invest in investment companies that seek to track the composition and/or performance of specific indexes or portions of specific indexes. Certain of these investment companies, known as ETFs, are traded on a securities exchange. (See "Exchange-Traded Funds" above). The market prices of index-based investments will fluctuate in accordance with changes in the underlying portfolio securities of the investment company and also due to supply and demand of the investment company's shares on the exchange upon which the shares are traded. Index-based investments may not replicate or otherwise match the composition or performance of their specified index due to transaction costs, among other things.

**<u>Money Market Securities</u>**

Money market securities include short-term U.S. Government securities; custodial receipts evidencing separately traded interest and principal components of securities issued by the U.S. Treasury; commercial paper rated in the highest short-term rating category by an NRSRO or determined by the Adviser to be of comparable quality at the time of purchase; short-term bank obligations (certificates of deposit, time deposits and bankers' acceptances) of U.S. commercial banks with assets of at least $1 billion as of the end of their most recent fiscal year; and repurchase agreements involving such securities. Each of these money market securities are described above. For a description of ratings, see "Appendix A – Description of Ratings" to this SAI.

**<u>Repurchase Agreements</u>**

The Funds may enter into repurchase agreements with financial institutions. A repurchase agreement is an agreement under which a fund acquires a fixed income security (generally a security issued by the U.S. Government or an agency thereof, a banker's acceptance, or a certificate of deposit) from a commercial bank, broker, or dealer, and simultaneously agrees to resell such security to the seller at an agreed upon price and date (normally, the next business day). Because the security purchased constitutes collateral for the repurchase obligation, a repurchase agreement may be considered a loan that is collateralized by the security purchased. The Funds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions only with creditworthy financial institutions whose condition will be continually monitored by the Adviser. The repurchase agreements entered into by the Funds will provide that the underlying collateral at all times shall have a value at least equal to 102% of the resale price stated in the agreement and consist only of securities permissible under Section 101(47)(A)(i) of the Bankruptcy Code (the Adviser monitors compliance with this requirement). Under all repurchase agreements entered into by the Funds, the custodian or its agent must take possession of the underlying collateral. In the event of a default or bankruptcy by a selling financial institution, the Funds will seek to liquidate such collateral. However, the exercising of the Funds' right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, a Fund could suffer a loss. A Fund may enter into "tri-party" repurchase agreements. In "tri-party" repurchase agreements, an unaffiliated third-party custodian maintains accounts to hold collateral for the Fund and its counterparties and, therefore, the Fund may be subject to the credit risk of those custodians. The investments of a Fund in repurchase agreements, at times, may be substantial when, in the view of the Adviser, liquidity or other considerations so warrant.

**<u>Securities Lending</u>**

The Funds may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Board. These loans, if and when made, may not exceed 33 1/3% of the total asset value of a Fund (including the loan collateral). The Funds will not lend portfolio securities to the Adviser or its affiliates unless permissible under the 1940 Act and the rules and promulgations thereunder. Loans of portfolio securities will be fully collateralized by cash, letters of credit or U.S. Government securities, and the collateral will be maintained in an amount equal to at least 100% of the current market value of the loaned securities by marking to market daily. Any gain or loss in the market price of the securities loaned by a Fund that might occur during the term of the loan would be for the account of such Fund.

The Funds may pay a part of the interest earned from the investment of collateral, or other fee, to an unaffiliated third party for acting as the Funds' securities lending agent, but will bear all of any losses from the investment of collateral.

By lending its securities, a Fund may increase its income by receiving payments from the borrower that reflect the amount of any interest or any dividends payable on the loaned securities as well as by either investing cash collateral received from the borrower in short-term instruments or obtaining a fee from the borrower when U.S. Government securities or letters of credit are used as collateral. Each Fund will adhere to the following conditions whenever its portfolio securities are loaned: (i) the Fund must receive at least 100% cash collateral or equivalent securities of the type discussed above from the borrower; (ii) the borrower must increase such collateral whenever the market value of the securities rises above the level of such collateral; (iii) the Fund must be able to terminate the loan on demand; (iv) the Fund must receive reasonable interest on the loan, as well as any dividends, interest or other distributions on the loaned securities and any increase in market value; (v) the Fund may pay only reasonable fees in connection with the loan (which fees may include fees payable to the lending agent, the borrower, the Fund's administrator and the custodian); and (vi) voting rights on the loaned securities may pass to the borrower, provided, however, that if a material event adversely affecting the investment occurs, the Fund must terminate the loan and regain the right to vote the securities. The Board has adopted procedures reasonably designed to ensure that the foregoing criteria will be met. Loan agreements involve certain risks in the event of default or insolvency of the borrower, including possible delays or restrictions upon a Fund's ability to recover the loaned securities or dispose of the collateral for the loan, which could give rise to loss because of adverse market action, expenses and/or delays in connection with the disposition of the underlying securities.

**<u>Illiquid Investments</u>**

Illiquid investments are investments that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Because of their illiquid nature, illiquid investments must be priced at fair value as determined in good faith by the Adviser, subject to Board oversight. Despite such good faith efforts to determine fair value prices, a Fund's illiquid investments are subject to the risk that the investment's fair value price may differ from the actual price which the Fund may ultimately realize upon its sale or disposition. Difficulty in selling illiquid investments may result in a loss or may be costly to the Fund. Under the oversight of the Board, the Adviser determines the liquidity of the Funds' investments. A Fund may not acquire an illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets.

**<u>Restricted Securities</u>**

Restricted securities are securities that may not be sold freely to the public absent registration under the Securities Act of 1933, as amended (the "1933 Act") or an exemption from registration. As consistent with a Fund's investment objective, the Fund may invest in Section 4(a)(2) commercial paper. Section 4(a)(2) commercial paper is issued in reliance on an exemption from registration under Section 4(a)(2) of the 1933 Act and is generally sold to institutional investors who purchase for investment. Any resale of such commercial paper must be in an exempt transaction, usually to an institutional investor through the issuer or investment dealers who make a market in such commercial paper.

**<u>Short Sales</u>**

As consistent with a Fund's investment objective, the Fund may engage in short sales that are either "uncovered" or "against the box." A short sale is "against the box" if at all times during which the short position is open, a Fund owns at least an equal amount of the securities or securities convertible into, or exchangeable without further consideration for, securities of the same issue as the securities that are sold short. A short sale against the box is a taxable transaction to the Fund with respect to the securities that are sold short.

Uncovered short sales are transactions under which a Fund sells a security it does not own. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. The Fund then is obligated to replace the security borrowed by purchasing the security at the market price at the time of the replacement. The price at such time may be more or less than the price at which the security was sold by the Fund. Until the security is replaced, the Fund is required to pay the lender amounts equal to any dividends or interest that accrue during the period of the loan. To borrow the security, the Fund also may be required to pay a premium, which would increase the cost of the security sold. The proceeds of the short sale will be retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out.

**<u>InterFund Lending Program</u>**

The SEC has granted an exemptive order that permits the Funds to participate in an interfund lending program (the "Program") with (i) any existing or future series of the Trust and (ii) any existing or future registered open-end management investment company or existing or future series thereof advised by the Adviser and certain of its affiliates (the "Participating Funds"). The Program allows the Participating Funds to lend money to and borrow money from each other for temporary or emergency purposes. Participation in the Program is voluntary for both borrowing and lending Participating Funds. The interest rate charged to the Participating Funds on any interfund loan ("Interfund Loan Rate") consists of the average of the (i) "Repo Rate" and (ii) "Bank Loan Rate," each as defined below. The "Repo Rate" for any day would be the highest rate available to a lending Participating Fund from investing in overnight repurchase agreements. The "Bank Loan Rate" for any day would be calculated according to a formula established by the Board designed to approximate the lowest interest rate at which a bank short-term loan would be available to a borrowing Participating Fund. The Interfund Loan Rate will never be set at a rate (i) less favorable to the lending Participating Fund than the Repo Rate or (ii) less favorable to a borrowing Participating Fund than the Bank Loan Rate. Thus, no interfund loan would be made on terms unfavorable to either the lending Participating Fund or the borrowing Participating Fund relative to these measures.

All interfund loans and borrowings must comply with the conditions set forth in the exemptive order, which are designed to ensure fair and equitable treatment of all Participating Funds. Each Fund's participation in the Program must be consistent with its investment objectives, limitations and organizational documents and is subject to certain percentage limitations. The Adviser, together with the Fund's administrator, administers the Program according to procedures approved by the Board. In addition, the Program is subject to oversight and periodic review by the Board.

**<u>Special Risks of Cyber Attacks</u>**

As with any entity that conducts business through electronic means in the modern marketplace, a Fund, and its service providers, may be susceptible to operational and information security risks resulting from cyber attacks. Cyber attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized monitoring, release, misuse, loss, destruction or corruption of confidential information, unauthorized access to relevant systems, compromises to networks or devices that a Fund and its service providers use to service the Fund's operations, ransomware, operational disruption or failures in the physical infrastructure or operating systems that support the Fund and its service providers, or various other forms of cyber security breaches. Cyber attacks affecting a Fund or the Adviser, the Funds' distributor or custodian, or any other of the Funds' intermediaries or service providers may adversely impact the Fund and its shareholders, potentially resulting in, among other things, financial losses or the inability of Fund shareholders to transact business. For instance, cyber attacks may interfere with the processing of shareholder transactions, impact a Fund's ability to calculate its net asset value, cause the release of private shareholder information or confidential business information, impede trading, subject the Fund to regulatory fines or financial losses and/or cause reputational damage. A Fund may also incur additional costs for cyber security risk management purposes designed to mitigate or prevent the risk of cyber attacks. Such costs may be ongoing because threats of cyber attacks are constantly evolving as cyber attackers become more sophisticated and their techniques become more complex. Similar types of cyber security risks are also present for issuers of securities in which a Fund may invest, which could result in material adverse consequences for such issuers and may cause the Fund's investments in such companies to lose value. There can be no assurance that a Fund, the Fund's service providers, or the issuers of the securities in which the Fund invests will not suffer losses relating to cyber attacks or other information security breaches in the future.

**<u>General Market and Geopolitical Risk</u>**

Some countries and regions in which a Fund invests have experienced war (including ongoing armed conflict between Ukraine and Russia in Europe and Israel and Hamas in the Middle East), terrorism, social unrest, government defaults, government shutdowns, economic uncertainty, sanctions or the threat of sanctions, trade disputes with key trading partners and associated tariffs, natural and environmental disasters, the spread of infectious illness, widespread disease or other public health issues such as pandemics and epidemics (including those caused by COVID-19), and/or systemic market dislocations (including due to events outside of such countries or regions). Such events have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on the U.S. and world economies and markets generally. Whether or not a Fund invests in securities of issuers located in countries impacted by such events, these and other events could negatively affect the value and liquidity of the Fund's investments due to the interconnected nature of the global economy and capital markets, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**INVESTMENT LIMITATIONS**

**Fundamental Policies**

The following investment limitations are fundamental policies of each Fund that cannot be changed without the consent of the holders of a majority of a Fund's outstanding shares. The phrase "majority of the outstanding shares" means the vote of (i) 67% or more of a Fund's shares present at a meeting, if more than 50% of the outstanding shares of the Fund are present or represented by proxy, or (ii) more than 50% of a Fund's outstanding shares, whichever is less.

Each Fund may not:

1. Purchase securities of an issuer that would cause the Fund to fail to satisfy the diversification requirement
 for a diversified management company under the 1940 Act, the rules or regulations thereunder or any exemption therefrom, as such statute,
 rules or regulations may be amended or interpreted from time to time. This investment limitation does not apply to the Frost Growth Equity
 Fund.

2. Concentrate investments in a particular industry or group of industries, as concentration is defined under
 the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or
 interpreted from time to time.

3. Borrow money or issue senior securities (as defined under the 1940 Act), except to the extent permitted under
 the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or
 interpreted from time to time.

4. Make loans, except to the extent permitted under the 1940 Act, the rules and regulations thereunder or any
 exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

5. Purchase or sell commodities or real estate, except to the extent permitted under the 1940 Act, the rules
 and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to
 time.

6. Underwrite securities issued by other persons, except to the extent permitted under the 1940 Act, the rules
 and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to
 time.

**Non-Fundamental Policies**

In addition to each Fund's investment objective, the following investment limitations of each Fund are non-fundamental and may be changed by the Board without shareholder approval.

Each Fund may not:

1. Purchase securities of any issuer (except securities of other investment companies, securities issued or guaranteed
 by the U.S. Government, its agencies or instrumentalities and repurchase agreements involving such securities) if, as a result, more than
 5% of the total assets of the Fund would be invested in the securities of such issuer; or acquire more than 10% of the outstanding voting
 securities of any one issuer. This restriction applies to 75% of the Fund's total assets. This investment limitation does not apply
 to the Frost Growth Equity Fund.

2. Purchase any securities which would cause 25% or more of the net assets of the Fund to be invested in the
 securities of one or more issuers conducting their principal business activities in the same industry, provided that this limitation does
 not apply to investments in obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities and repurchase
 agreements involving such securities. For purposes of this limitation, (i) utility companies will be classified according to their services,
 for example, gas distribution, gas transmission, electric and telephone will each be considered a separate industry; and (ii) financial
 service companies will be classified according to the end users of their services, for example, automobile finance, bank finance and diversified
 finance will each be considered a separate industry.

3. Borrow money in an amount exceeding 33 1/3% of the value of its total assets, provided that investment strategies
 that either obligate the Fund to purchase securities or require the Fund to cover a position by segregating assets or entering into an
 offsetting position shall not be subject to this limitation. Asset coverage of at least 300% (including the amount borrowed) is required
 for all borrowing, except where the Fund has borrowed money for temporary purposes in an amount not exceeding 5% of its total assets.

4. Make loans if, as a result, more than 33 1/3% of its total assets would be lent to other parties, except that
 the Fund may (i) purchase or hold debt instruments in accordance with its investment objective and policies; (ii) enter into repurchase
 agreements; and (iii) lend its securities.

5. Purchase or sell real estate, real estate limited partnership interests, physical commodities or commodities
 contracts except that the Fund may purchase (i) marketable securities issued by companies which own or invest in real estate (including
 REITs), commodities or commodities contracts; and (ii) commodities contracts relating to financial instruments, such as financial futures
 contracts and options on such contracts.

For purposes of the Funds' concentration policy, the Funds may classify and re-classify companies in a particular industry and define and re-define industries in any reasonable manner, consistent with SEC and SEC staff guidance.

Further,

6. The Frost Low Duration Bond Fund and the Frost Total Return Bond Fund may not change their investment strategies
 to invest at least 80% of their net assets, plus any borrowings for investment purposes, in fixed income securities, without 60 days'
 prior written notice to shareholders.

7. The Frost Growth Equity Fund may not change its investment strategy to invest at least 80% of its net assets,
 plus any borrowings for investment purposes, in equity securities, without 60 days' prior written notice to shareholders.

8. The Frost Credit Fund may not change its investment strategy to invest at least 80% of its net assets, plus
 any borrowings for investment purposes, in fixed income securities of U.S. and foreign corporate issuers, which will include corporate
 bonds and mortgage-backed and other asset-backed securities, and structured notes with economic characteristics similar to fixed income
 securities, without 60 days' prior written notice to shareholders.

Except with respect to the Funds' policies concerning borrowing, if a percentage restriction is adhered to at the time of an investment, a later increase or decrease in percentage resulting from changes in values or assets will not constitute a violation of such restriction. With respect to the limitation on borrowing, in the event that a subsequent change in net assets or other circumstances causes a Fund to exceed its limitation, the Fund will take steps to bring the aggregate amount of borrowing back within the limitations within three days thereafter (not including Sundays and holidays).

**THE ADVISER**

**Investment Adviser**

Frost Investment Advisors, LLC, a wholly owned non-banking subsidiary of Frost Bank, is a professional investment management firm registered with the SEC under the Investment Advisers Act of 1940. The Adviser, a Delaware limited liability company, was established in December of 2007 and offers investment management services for institutions and retail clients. The Adviser's principal place of business is located at 111 West Houston Street, P.O. Box 2509, San Antonio, Texas 78299-2509. The Adviser is a wholly-owned non-banking subsidiary of Frost Bank, a state bank. Frost Bank is a subsidiary of Cullen/Frost Bankers, Inc., a Texas Corporation. As of September 30, 2025, the Adviser had approximately $5.4 billion in assets under management.

The Board oversees the Adviser and establishes policies that the Adviser must follow in its management activities.

**Advisory Agreement with the Trust.** The Trust and the Adviser have entered into an investment advisory agreement (the "Advisory Agreement") under which the Adviser serves as the investment adviser and makes investment decisions for each of the Funds and continuously reviews, supervises and administers the investment program of each Fund, subject to the oversight of, and policies established by, the Trustees. After the initial two-year term, the continuance of the Advisory Agreement must be specifically approved at least annually: (i) by the vote of the Trustees or by a vote of the majority of the outstanding voting securities of the Funds; and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or "interested persons" of any party thereto, cast in person at a meeting called for the purpose of voting on such approval. The Advisory Agreement will terminate automatically in the event of its assignment, and is terminable at any time without penalty by the Trustees or, with respect to any Fund, by a majority of the outstanding voting securities of that Fund, or by the Adviser on not less than 30 days' nor more than 60 days' written notice to the Trust. As used in the Advisory Agreement, the terms "majority of the outstanding voting securities," "interested persons" and "assignment" have the same meaning as such terms in the 1940 Act.

**Advisory Fees Paid to the Adviser.** For its services under the Advisory Agreement, the Adviser is entitled to a fee, which is calculated daily and paid monthly, at the following annual rates based on the average daily net assets of each Fund:

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| | |
|:---|:---|
| **Fund** | **Advisory Fee Rate** |
| Frost Growth Equity Fund | 0.50% |
| Frost Total Return Bond Fund | 0.35% |
| Frost Credit Fund | 0.50% |
| Frost Low Duration Bond Fund | 0.30% |

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The Adviser has contractually agreed to reduce its fees and/or reimburse expenses to the extent necessary to keep total annual Fund operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, extraordinary expenses, and any class-specific expenses (including distribution and/or service (12b-1) fees and shareholder servicing fees) (collectively, "excluded expenses")) for Institutional Class Shares, Investor Class Shares and A Class Shares from exceeding certain levels as set forth below until June 24, 2027 (each, a "contractual expense limitation"). This agreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on June 24, 2027.

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| | |
|:---|:---|
| **Fund** | **Contractual Expense Limitation** |
| Frost Growth Equity Fund | 1.25% |
| Frost Total Return Bond Fund | 0.95% |
| Frost Credit Fund | 1.00% |
| Frost Low Duration Bond Fund | 0.95% |

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In addition, the Adviser may receive from a Fund the difference between the Fund's total annual Fund operating expenses (not including excluded expenses) and the contractual expense limitation to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point total annual Fund operating expenses (not including excluded expenses) are below the contractual expense limitation: (i) at the time of the fee waiver and/or expense reimbursement; and (ii) at the time of the recoupment. The Adviser, however, will not be permitted to recoup the amount of any difference that is attributable to the contractual fee reduction.

For the fiscal years ended July 31, 2023, 2024 and 2025, the Funds paid the Adviser the following advisory fees:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **Fund** | **Contractual Advisory Fees** | **Contractual Advisory Fees** | **Contractual Advisory Fees** | **Fees Waived by the Adviser** | **Fees Waived by the Adviser** | **Fees Waived by the Adviser** | **Total Fees Paid to the Adviser <br> (After Waivers)** | **Total Fees Paid to the Adviser <br> (After Waivers)** | **Total Fees Paid to the Adviser <br> (After Waivers)** |
| <br> **Fund** | ***2023*** | ***2024*** | ***2025*** | ***2023*** | ***2024*** | ***2025*** | ***2023*** | ***2024*** | ***2025*** |
| Frost Growth Equity Fund | $1478611 | $1271123 | $1179353 | $0 | $0 | $0 | $1478611 | $1271123 | $1179353 |
| Frost Total Return Bond Fund | $9520185 | $10281854 | $12774656 | $0 | $0 | $0 | $9520185 | $10281854 | $12774656 |
| Frost Credit Fund | $793367 | $1032438 | $2166913 | $0 | $0 | $0 | $793367 | $1032438 | $2166913 |
| Frost Low Duration Bond Fund | $1107135 | $902705 | $814427 | $0 | $0 | $0 | $1107135 | $902705 | $814427 |

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**PORTFOLIO MANAGERS**

This section includes information about the Funds' portfolio managers, including information about other accounts managed, the dollar range of Fund shares owned and compensation.

**Compensation.** The Adviser compensates each Fund's portfolio managers for their management of the Funds. Compensation for the portfolio managers includes an annual salary, 401(k) retirement plan and, at the discretion of management, an annual bonus and company-wide profit sharing provided for employees of Frost Bank. Each portfolio manager currently named in the Prospectus also may own equity shares in Cullen/Frost Banker's Inc., a financial services holding company, either directly or through a 401(k) retirement savings plan. Both the salary and potential bonus are reviewed approximately annually for comparability with salaries of other portfolio managers in the industry, using survey data obtained from compensation consultants. The awarding of a bonus is subjective. Criteria that are considered in formulating a bonus include, but are not limited to, the following: revenues available to pay compensation of a manager and all other expenses related to supporting the accounts managed by the manager, including the manager's specific fund(s); multiple year historical total return of accounts managed by the manager, including the manager's specific fund(s), relative to market performance and similar investment companies; single year historical total return of accounts managed by the manager, including the manager's specific fund(s), relative to market performance and similar investment companies; and the degree of sensitivity of the manager to potential tax liabilities created for account holders in generating returns, relative to overall return. There is no material difference in the method used to calculate the manager's compensation with respect to the manager's specific fund(s) and other accounts managed by the manager, except that certain accounts managed by the manager may have no income or capital gains tax considerations. To the extent that a manager realizes benefits from capital appreciation and dividends paid to shareholders of the manager's specific fund(s), such benefits accrue from the overall financial performance of the manager's specific fund(s).

**Fund Shares Owned by Portfolio Managers.** The following table shows the dollar amount range of each portfolio manager's "beneficial ownership" of shares of the Funds. The information below is provided as of July 31, 2025. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the "1934 Act").

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| | |
|:---|:---|
| **Name** | **Dollar Range of Fund Shares Owned** |
| Jeffery Elswick | Over $1,000,000 (Frost Total Return Bond Fund)<br> $100,001 - $500,000 (Frost Credit Fund)<br> $500,001 - $1,000,000 (Frost Low Duration Bond Fund) |
| John Lutz | $100,001 - $500,000 (Frost Growth Equity Fund)<br> $50,001 - $100,000 (Frost Total Return Bond Fund) |
| Tim Tucker | <br> $50,001 - $100,000 (Frost Total Return Bond Fund) |
| Markie Atkission | $50,001 - $100,000 (Frost Total Return Bond Fund)<br> $10,001 - $50,000 (Frost Low Duration Bond Fund) |
| Jonathan Waite | $100,001 - $500,000 (Frost Growth Equity Fund) |

---

**Other Accounts.** In addition to the Funds, certain portfolio managers may also be responsible for the day-to-day management of certain other accounts, as indicated by the following table. None of the accounts included below are subject to performance-based advisory fees. The information below is provided as of July 31, 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name** | &nbsp;&nbsp; **Registered**<br> **Investment Companies** | &nbsp;&nbsp; **Registered**<br> **Investment Companies** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | &nbsp;&nbsp;**Other Accounts** | &nbsp;&nbsp;**Other Accounts** |
| **Name** | &nbsp;&nbsp;**Number of<br> Accounts** | &nbsp;&nbsp;**Total <br> Assets** | &nbsp;&nbsp;**Number of<br> Accounts** | **Total <br> Assets** | &nbsp;&nbsp;**Number of<br> Accounts** | **Total Assets<br> (in Millions)** |
| Jeffery Elswick | 0 | $0 | 0 | $0 | 7 | $500 |
| John Lutz | 0 | $0 | 0 | $0 | 0 | $0 |
| Tim Tucker | 0 | $0 | 0 | $0 | 0 | $0 |
| Markie Atkission | 0 | $0 | 0 | $0 | 0 | $0 |
| Jonathan Waite | 0 | $0 | 0 | $0 | 0 | $0 |

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**Conflicts of Interest.** Each portfolio manager's management of "other accounts" may give rise to potential conflicts of interest in connection with his or her management of the Funds' investments, on the one hand, and the investments of the other accounts, on the other. The other accounts may have the same investment objective as a Fund's. Therefore, a potential conflict of interest may arise as a result of the identical investment objective, whereby the portfolio manager could favor one account over another. Another potential conflict could include each portfolio manager's knowledge about the size, timing and possible market impact of a Fund's trade, whereby a portfolio manager could use this information to the advantage of other accounts and to the disadvantage of a Fund. However, the Adviser has established policies and procedures to ensure that the purchase and sale of securities among all accounts it manages are fairly and equitably allocated.

Potential conflicts of interest may arise because Frost engages in portfolio management activities for other clients. Frost uses a model portfolio management approach in which all accounts are mirrored to a selected model creating substantially equal treatment in terms of investment strategy and investment opportunity. Frost's trading allocation policy is designed to the best of its ability to ensure that the allocation of trades among its client accounts is done in a manner that is fair and equitable to all clients. When consistent with client objectives, orders are aggregated when possible. If a block trade is filled in different lots with the same broker, where possible, Frost will arrange for these trades to be priced at the average of all of the different lots to ensure that all the accounts executed at one broker receive the same price.

**THE ADMINISTRATOR**

**General.** SEI Investments Global Funds Services (the "Administrator"), a Delaware statutory trust, has its principal business offices at One Freedom Valley Drive, Oaks, Pennsylvania 19456. SEI Investments Management Corporation ("SIMC"), a wholly-owned subsidiary of SEI Investments Company ("SEI Investments"), is the owner of all beneficial interest in the Administrator. SEI Investments and its subsidiaries and affiliates, including the Administrator, are leading providers of fund valuation services, trust accounting systems, and brokerage and information services to financial institutions, institutional investors, and money managers. The Administrator and its affiliates also serve as administrator or sub-administrator to other mutual funds.

**Administration Agreement with the Trust.** The Trust and the Administrator have entered into an administration agreement (the "Administration Agreement") under which the Administrator provides the Trust with administrative services, including regulatory reporting and all necessary office space, equipment, personnel and facilities.

The Administration Agreement provides that the Administrator shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with the matters to which the Administration Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Administrator in the performance of its duties or from reckless disregard by it of its duties and obligations thereunder.

**Administration Fees Paid.** For its services under the Administration Agreement, the Administrator is paid a fee, which varies based on the average daily net assets of the Funds, subject to certain minimums. For the fiscal years ended July 31, 2023, 2024 and 2025, the Funds paid the following amounts for these services:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Administration Fees Paid** | **Administration Fees Paid** | **Administration Fees Paid** |
| **Fund** | ***2023*** | ***2024*** | ***2025*** |
| Frost Growth Equity Fund | $215279 | $184800 | $167239 |
| Frost Total Return Bond Fund | $1980052 | $2134695 | $2586917 |
| Frost Credit Fund | $115503 | $149962 | $307021 |
| Frost Low Duration Bond Fund | $268666 | $218699 | $192483 |

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**THE DISTRIBUTOR**

**General.** The Trust and SEI Investments Distribution Co. (the "Distributor"), a wholly-owned subsidiary of SEI Investments and an affiliate of the Administrator, are parties to a distribution agreement (the "Distribution Agreement"). The principal business address of the Distributor is One Freedom Valley Drive, Oaks, Pennsylvania 19456.

The continuance of the Distribution Agreement must be specifically approved at least annually (i) by the vote of the Trustees or by a vote of the majority of the outstanding voting securities of the Trust and (ii) by the vote of a majority of the Trustees who are not "interested persons" of the Trust and have no direct or indirect financial interest in the operation of the Distribution Agreement or any related agreement, cast in person at a meeting called for the purpose of voting on such approval. The Distribution Agreement will terminate automatically in the event of its assignment (as such term is defined in the 1940 Act), and is terminable at any time without penalty by the Trustees or by a majority of the outstanding voting securities of the Trust, or by the Distributor, upon not less than 60 days' written notice to the other party.

**PAYMENTS TO FINANCIAL INTERMEDIARIES**

**Distribution Plan.** The Trust has adopted a Distribution Plan with respect to the Investor Class Shares and A Class Shares (the "Plan") in accordance with the provisions of Rule 12b-1 under the 1940 Act, which regulates circumstances under which an investment company may directly or indirectly bear expenses relating to the distribution of its shares. Continuance of the Plan must be approved annually by a majority of the Trustees and by a majority of the Trustees who are not interested persons (as defined in the 1940 Act) of the Trust and have no direct or indirect financial interest in the Plan or in any agreements related to the Plan ("Qualified Trustees"). The Plan requires that quarterly written reports of amounts spent under the Plan and the purposes of such expenditures be furnished to and reviewed by the Trustees. The Plan may not be amended to increase materially the amount that may be spent thereunder without approval by a majority of the outstanding shares of the affected Funds. All material amendments of the Plan will require approval by a majority of the Trustees and of the Qualified Trustees.

The Plan provides a method of paying for distribution and shareholder services, which may help the Funds grow or maintain asset levels to provide operational efficiencies and economies of scale, provided by the Distributor or other financial intermediaries that enter into agreements with the Distributor. The Funds may make payments to financial intermediaries, such as banks, savings and loan associations, insurance companies, investment counselors, broker-dealers, mutual fund "supermarkets" and the Distributor's affiliates and subsidiaries, as compensation for services, reimbursement of expenses incurred in connection with distribution assistance or provision of shareholder services. The Distributor may, at its discretion, retain a portion of such payments to compensate itself for distribution services and distribution related expenses such as the costs of preparation, printing, mailing or otherwise disseminating sales literature, advertising, and prospectuses (other than those furnished to current shareholders of a Fund), promotional and incentive programs, and such other marketing expenses that the Distributor may incur.

Under the Plan, the Distributor or financial intermediaries may receive up to 0.25% of the average daily net assets of the Investor Class Shares and A Class Shares as compensation for distribution and shareholder services. The Plan is characterized as a compensation plan since the distribution fee will be paid to the Distributor without regard to the distribution or shareholder service expenses incurred by the Distributor or the amount of payments made to financial intermediaries. The Trust intends to operate the Plan in accordance with its terms and with Financial Industry Regulatory Authority ("FINRA") rules concerning sales charges.

**Payments Under the Distribution Plan.** For the fiscal years ended July 31, 2023, 2024 and 2025, the Funds paid the Distributor the following fees.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **12b-1 Fees Paid** | **12b-1 Fees Paid** | **12b-1 Fees Paid** | **12b-1 Fees Retained by the Distributor** | **12b-1 Fees Retained by the Distributor** | **12b-1 Fees Retained by the Distributor** |
| **Fund** | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** |
| Frost Growth Equity Fund | $123309 | $63689 | $46183 | $123309 | $0 | $0 |
| Frost Total Return Bond Fund | $720034 | $583785 | $572709 | $720034 | $1596 | $144 |
| Frost Credit Fund | $69202 | $100102 | $252530 | $69202 | $0 | $0 |
| Frost Low Duration Bond Fund | $50408 | $15068 | $6769 | $50408 | $0 | $0 |

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**Dealer Reallowances.** A Class Shares of the Funds are sold subject to a front-end sales charge as described in the Prospectus. Selling dealers are normally reallowed 100% of the sales charge by the Distributor. The following table shows the amount of the front-end sales charge that is reallowed to dealers as a percentage of the offering price of A Class Shares.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Less than <br> $100,000** | **$100,000 but less <br> than $250,000** | **$250,000 but less <br> than $500,000** | **$500,000 but less <br> than $1,000,000** | **$1,000,000 and <br> over** |
| 2.50% | 2.00% | 1.50% | 1.00% |  |

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**Shareholder Servicing Plan.** The Funds have adopted a shareholder servicing plan under which shareholder servicing fees of up to 0.15% of average daily net assets of A Class Shares will be paid to financial intermediaries. Under the plan, financial intermediaries may perform, or may compensate other financial intermediaries for performing, certain shareholder and/or administrative services or similar non-distribution services, including: (i) maintaining shareholder accounts; (ii) arranging for bank wires; (iii) responding to shareholder inquiries relating to the services performed by the financial intermediaries; (iv) responding to inquiries from shareholders concerning their investment in the Funds; (v) assisting shareholders in changing dividend options, account designations and addresses; (vi) providing information periodically to shareholders showing their position in the Funds; (vii) forwarding shareholder communications from the Funds such as proxies, shareholder reports, annual reports, and dividend and capital gain distribution and tax notices to shareholders; (viii) processing purchase, exchange and redemption requests from shareholders and placing orders with the Funds or their service providers; (ix) providing sub-accounting services; (x) processing dividend and capital gain payments from the Funds on behalf of shareholders; (xi) preparing tax reports; and (xii) providing such other similar non-distribution services as the Funds may reasonably request to the extent that the financial intermediary is permitted to do so under applicable laws or regulations.

**Other Payments by the Funds.** The Funds may enter into agreements with financial intermediaries pursuant to which the Funds may pay financial intermediaries for non-distribution-related sub-transfer agency, administrative, sub-accounting, and other shareholder services. Payments made pursuant to such agreements are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a financial intermediary, or (2) the number of Fund shareholders serviced by a financial intermediary. Any payments made pursuant to such agreements may be in addition to, rather than in lieu of, distribution or shareholder servicing fees the Funds may pay to financial intermediaries pursuant to the Funds' distribution plan or shareholder servicing plan.

**Payments by the Adviser.** The Adviser and/or its affiliates, in their discretion, may make payments from their own resources and not from Fund assets to affiliated or unaffiliated brokers, dealers, banks (including bank trust departments), trust companies, registered investment advisers, financial planners, retirement plan administrators, insurance companies, and any other institution having a service, administration, or any similar arrangement with the Funds, their service providers or their respective affiliates, as incentives to help market and promote the Funds and/or in recognition of their distribution, marketing, administrative services, and/or processing support.

These additional payments may be made to financial intermediaries that sell Fund shares or provide services to the Funds, the Distributor or shareholders of the Funds through the financial intermediary's retail distribution channel and/or fund supermarkets. Payments may also be made through the financial intermediary's retirement, qualified tuition, fee-based advisory, wrap fee bank trust, or insurance (e.g., individual or group annuity) programs. These payments may include, but are not limited to, placing the Funds in a financial intermediary's retail distribution channel or on a preferred or recommended fund list; providing business or shareholder financial planning assistance; educating financial intermediary personnel about the Funds; providing access to sales and management representatives of the financial intermediary; promoting sales of Fund shares; providing marketing and educational support; maintaining share balances and/or for sub-accounting, administrative or shareholder transaction processing services. A financial intermediary may perform the services itself or may arrange with a third party to perform the services.

The Adviser and/or its affiliates may also make payments from their own resources to financial intermediaries for costs associated with the purchase of products or services used in connection with sales and marketing, participation in and/or presentation at conferences or seminars, sales or training programs, client and investor entertainment and other sponsored events. The costs and expenses associated with these efforts may include travel, lodging, sponsorship at educational seminars and conferences, entertainment and meals to the extent permitted by law.

Revenue sharing payments may be negotiated based on a variety of factors, including the level of sales, the amount of Fund assets attributable to investments in the Funds by financial intermediaries' customers, a flat fee or other measures as determined from time to time by the Adviser and/or its affiliates. A significant purpose of these payments is to increase the sales of Fund shares, which in turn may benefit the Adviser through increased fees as Fund assets grow.

Investors should understand that some financial intermediaries may also charge their clients fees in connection with purchases of shares or the provision of shareholder services.

**THE TRANSFER AGENT**

SS&C Global Investor & Distribution Solutions, Inc., 1055 Broadway, Kansas City, Missouri 64105 (the "Transfer Agent"), serves as the Funds' transfer agent.

**THE CUSTODIAN**

Brown Brothers Harriman & Co., 40 Water Street, Boston, Massachusetts 02109 (the "Custodian"), acts as the custodian of the Funds. The Custodian holds cash, securities and other assets of the Funds as required by the 1940 Act.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Ernst & Young LLP, 111 West Houston Street, Suite 1901, San Antonio, Texas 78205, serves as independent registered public accounting firm for the Funds. The financial statements and notes thereto incorporated by reference have been audited by Ernst & Young LLP, as indicated in their report with respect thereto, and are incorporated by reference in reliance on the authority of their report as experts in accounting and auditing.

**LEGAL COUNSEL**

Morgan, Lewis & Bockius LLP, 2222 Market Street, Philadelphia, Pennsylvania 19103, serves as legal counsel to the Trust.

**SECURITIES LENDING**

The Funds did not engage in securities lending activities during the fiscal year ended July 31, 2025.

**TRUSTEES AND OFFICERS OF THE TRUST**

**Board Responsibilities.** The management and affairs of the Trust and its series, including the Funds described in this SAI, are overseen by the Trustees. The Board has approved contracts, as described above, under which certain companies provide essential management services to the Trust.

Like most mutual funds, the day-to-day business of the Trust, including the management of risk, is performed by third-party service providers, such as the Adviser, the Distributor and the Administrator. The Trustees are responsible for overseeing the Trust's service providers and, thus, have oversight responsibility with respect to risk management performed by those service providers. Risk management seeks to identify and address risks, i.e., events or circumstances that could have material adverse effects on the business, operations, shareholder services, investment performance or reputation of the funds. The funds and their service providers employ a variety of processes, procedures and controls to identify various possible events or circumstances, to lessen the probability of their occurrence and/or to mitigate the effects of such events or circumstances if they do occur. Each service provider is responsible for one or more discrete aspects of the Trust's business (e.g., the Adviser is responsible for the day-to-day management of each Fund's portfolio investments) and, consequently, for managing the risks associated with that business. The Board has emphasized to the funds' service providers the importance of maintaining vigorous risk management.

The Trustees' role in risk oversight begins before the inception of a fund, at which time certain of the fund's service providers present the Board with information concerning the investment objectives, strategies and risks of the fund as well as proposed investment limitations for the fund. Additionally, the fund's adviser provides the Board with an overview of, among other things, its investment philosophy, brokerage practices and compliance infrastructure. Thereafter, the Board continues its oversight function as various personnel, including the Trust's Chief Compliance Officer, as well as personnel of the adviser and other service providers, such as the fund's independent accountants, make periodic reports to the Audit Committee or to the Board with respect to various aspects of risk management. The Board and the Audit Committee oversee efforts by management and service providers to manage risks to which the funds may be exposed. The Board is responsible for overseeing the nature, extent and quality of the services provided to the funds by the adviser and receives information about those services at its regular meetings. In addition, on an annual basis, in connection with its consideration of whether to renew the advisory agreement with the adviser, the Board meets with the adviser to review such services. Among other things, the Board regularly considers the adviser's adherence to the funds' investment restrictions and compliance with various fund policies and procedures and with applicable securities regulations. The Board also reviews information about the funds' investments, including, for example, reports on the adviser's use of derivatives in managing the funds, if any, as well as reports on the funds' investments in other investment companies, if any.

The Trust's Chief Compliance Officer reports regularly to the Board to review and discuss compliance issues and fund and adviser risk assessments. At least annually, the Trust's Chief Compliance Officer provides the Board with a report reviewing the adequacy and effectiveness of the Trust's policies and procedures and those of its service providers, including the adviser. The report addresses the operation of the policies and procedures of the Trust and each service provider since the date of the last report; any material changes to the policies and procedures since the date of the last report; any recommendations for material changes to the policies and procedures; and any material compliance matters since the date of the last report.

The Board receives reports from the funds' service providers regarding operational risks and risks related to the valuation and liquidity of portfolio securities. The Adviser makes regular reports to the Board concerning investments for which market quotations are not readily available. Annually, the independent registered public accounting firm reviews with the Audit Committee its audit of the funds' financial statements, focusing on major areas of risk encountered by the funds and noting any significant deficiencies or material weaknesses in the funds' internal controls. Additionally, in connection with its oversight function, the Board oversees fund management's implementation of disclosure controls and procedures, which are designed to ensure that information required to be disclosed by the Trust in its periodic reports with the SEC are recorded, processed, summarized, and reported within the required time periods. The Board also oversees the Trust's internal controls over financial reporting, which comprise policies and procedures designed to provide reasonable assurance regarding the reliability of the Trust's financial reporting and the preparation of the Trust's financial statements.

From their review of these reports and discussions with the adviser, the Chief Compliance Officer, the independent registered public accounting firm and other service providers, the Board and the Audit Committee learn in detail about the material risks of the funds, thereby facilitating a dialogue about how management and service providers identify and mitigate those risks.

The Board recognizes that not all risks that may affect the funds can be identified and/or quantified, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as investment-related risks) to achieve the funds' goals, and that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness. Moreover, reports received by the Trustees as to risk management matters are typically summaries of the relevant information. Most of the funds' investment management and business affairs are carried out by or through the funds' service providers, each of which has an independent interest in risk management but whose policies and the methods by which one or more risk management functions are carried out may differ from the funds' and each other's in the setting of priorities, the resources available or the effectiveness of relevant controls. As a result of the foregoing and other factors, the Board's ability to monitor and manage risk, as a practical matter, is subject to limitations.

**Members of the Board.** There are five members of the Board, three of whom are not interested persons of the Trust, as that term is defined in the 1940 Act ("independent Trustees"). Robert Nesher, an interested person of the Trust, serves as Chairman of the Board. Joseph T. Grause, Jr., an independent Trustee, serves as the lead independent Trustee. The Trust has determined its leadership structure is appropriate given the specific characteristics and circumstances of the Trust. The Trust made this determination in consideration of, among other things, the fact that the chairperson of each Committee of the Board is an independent Trustee, the amount of assets under management in the Trust, and the number of funds (and classes of shares) overseen by the Board. The Board also believes that its leadership structure facilitates the orderly and efficient flow of information to the independent Trustees from fund management.

The Board has two standing committees: the Audit Committee and the Governance Committee. The Audit Committee and the Governance Committee are chaired by an independent Trustee and composed of all of the independent Trustees. In addition, the Board has a lead independent Trustee.

In his role as lead independent Trustee, Mr. Grause, among other things: (i) presides over Board meetings in the absence of the Chairman of the Board; (ii) presides over executive sessions of the independent Trustees; (iii) along with the Chairman of the Board, oversees the development of agendas for Board meetings; (iv) facilitates communication between the independent Trustees and management, and among the independent Trustees; (v) serves as a key point person for dealings between the independent Trustees and management; and (vi) has such other responsibilities as the Board or independent Trustees determine from time to time.

Set forth below are the names, years of birth, position with the Trust and length of time served, and the principal occupations and other directorships held during at least the last five years of each of the persons currently serving as a Trustee. There is no stated term of office for the Trustees. Nevertheless, an independent Trustee must retire from the Board as of the end of the calendar year in which such independent Trustee first attains the age of seventy-five years; provided, however, that, an independent Trustee may continue to serve for one or more additional one calendar year terms after attaining the age of seventy-five years (each calendar year a "Waiver Term") if, and only if, prior to the beginning of such Waiver Term: (1) the Governance Committee (a) meets to review the performance of the independent Trustee; (b) finds that the continued service of such independent Trustee is in the best interests of the Trust; and (c) unanimously approves excepting the independent Trustee from the general retirement policy set out above; and (2) a majority of the Trustees approves excepting the independent Trustee from the general retirement policy set out above. Unless otherwise noted, the business address of each Trustee is SEI Investments Company, One Freedom Valley Drive, Oaks, Pennsylvania 19456.

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| | | |
|:---|:---|:---|
| **Name and Year of Birth** | **Principal Occupations**<br> **in the Past 5 Years** | **Other Directorships Held in the Past 5 Years** |
| **<u>Interested Trustees</u>** | **<u>Interested Trustees</u>** | **<u>Interested Trustees</u>** |
| Robert Nesher<br> (Born: 1946)<br> Chairman of the Board of Trustees<sup>1</sup><br> (since 2019) | SEI employee 1974 to present; currently performs various services on behalf of SEI Investments for which Mr. Nesher is compensated. President, Chief Executive Officer and Trustee of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Asset Allocation Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund. President and Director of SEI Structured Credit Fund, LP. Vice Chairman of Winton Series Trust to 2017. Vice Chairman of Winton Diversified Opportunities Fund (closed-end investment company), The Advisors' Inner Circle Fund III, Gallery Trust, Schroder Series Trust and Schroder Global Series Trust to 2018. | Current Directorships: Trustee of The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, Bishop Street Funds, Catholic Responsible Investments Funds, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund. Director of SEI Structured Credit Fund, LP, SEI Global Master Fund plc, SEI Global Assets Fund plc, SEI Global Investments Fund plc, SEI Investments—Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe) Ltd., SEI Investments—Unit Trust Management (UK) Limited, SEI Multi-Strategy Funds PLC and SEI Global Nominee Ltd.<br>Former Directorships: Trustee of The KP Funds to 2022. |

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| | | | |
|:---|:---|:---|:---|
| Mace McCain<br> (Born: 1958) | Trustee<sup>1</sup><br> (since 2021) | President, Chief Investment Officer and Manager of Frost Investment Advisors LLC since 2021. Executive Vice President, Statewide Portfolio Management Team Leader of Frost Bank – Financial Services, 2017 to 2021. Managing Director and Regional Portfolio Manager of Frost Investment Advisors LLC, 2009 to 2016. |  |
| **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** |
| Joseph T. Grause, Jr.<br> (Born: 1952) | Trustee and<br> Lead Independent Trustee<br> (since 2019) | Self-Employed Consultant since 2012. Director of Endowments and Foundations, Morningstar Investment Management, Morningstar, Inc., 2010 to 2011. Director of International Consulting and Chief Executive Officer of Morningstar Associates Europe Limited, Morningstar, Inc., 2007 to 2010. Country Manager – Morningstar UK Limited, Morningstar, Inc., 2005 to 2007. | Current Directorships: Trustee of The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, Bishop Street Funds, and Catholic Responsible Investments Funds.<br>Former Directorships: Trustee of The KP Funds to 2022. |
| Robert Mulhall<br> (Born: 1958) | Trustee<br> (since 2019) | Partner, Ernst & Young LLP, from 1998 to 2018. | Current Directorships: Trustee of The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, Bishop Street Funds and Catholic Responsible Investments Funds.<br>Former Directorships: Trustee of Villanova University Alumni Board of Directors to 2018. Trustee of The KP Funds to 2022. |

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| | | | |
|:---|:---|:---|:---|
| Bruce Speca<br> (Born: 1956) | Trustee<br> (since 2019) | Global Head of Asset Allocation, Manulife Asset Management (subsidiary of Manulife Financial), 2010 to 2011. Executive Vice President – Investment Management Services, John Hancock Financial Services (subsidiary of Manulife Financial), 2003 to 2010. | Current Directorships: Trustee of The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, Bishop Street Funds and Catholic Responsible Investments Funds.<br>Former Directorships: Trustee of The KP Funds to 2022. Director of Stone Harbor Investments Funds (8 Portfolios), Stone Harbor Emerging Markets Income Fund (closed-end fund) and Stone Harbor Emerging Markets Total Income Fund (closed-end fund) to 2022. |

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| | |
|:---|:---|
| 1 | Mr. Nesher may be deemed to be an "interested" person, as that term is defined in the 1940 Act, of the Funds by virtue of his affiliation with SEI Investments Distribution Co. (the "Distributor") and/or its affiliates. Mr. McCain may be deemed to be an "interested" person, as that term is defined in the 1940 Act, of the Funds by virtue of his affiliation with the Adviser and/or its affiliate. |

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<u>Individual Trustee Qualifications</u>

The Trust has concluded that each of the Trustees should serve on the Board because of their ability to review and understand information about the funds provided to them by management, to identify and request other information they may deem relevant to the performance of their duties, to question management and other service providers regarding material factors bearing on the management and administration of the funds, and to exercise their business judgment in a manner that serves the best interests of the funds' shareholders. The Trust has concluded that each of the Trustees should serve as a Trustee based on their own experience, qualifications, attributes and skills as described below.

The Trust has concluded that Mr. Nesher should serve as Trustee because of the experience he has gained in his various roles with SEI Investments, which he joined in 1974, and his knowledge of and experience in the financial services industry.

The Trust has concluded that Mr. McCain should serve as Trustee because of the experience he has gained in his various roles with the Adviser, which he joined in 2009, and his knowledge of and experience in the investment management industry.

The Trust has concluded that Mr. Grause should serve as Trustee because of the knowledge and experience he gained in a variety of leadership roles with different financial institutions, his knowledge of the mutual fund and investment management industries, and his past experience as an interested trustee and chair of the investment committee for a multi-managed investment company.

The Trust has concluded that Mr. Mulhall should serve as Trustee because of the knowledge and experience he gained in a variety of leadership roles with an audit firm and various financial services firms, his experience in and knowledge of the financial services industry, and his experience serving in a variety of leadership capacities for non-profit organizations.

The Trust has concluded that Mr. Speca should serve as Trustee because of the knowledge and experience he gained serving as president of a mutual fund company and portfolio manager for a $95 billion complex of asset allocation funds, and his over 25 years of experience working in a management capacity with mutual fund boards.

In its periodic assessment of the effectiveness of the Board, the Board considers the complementary individual skills and experience of the individual Trustees primarily in the broader context of the Board's overall composition so that the Board, as a body, possesses the appropriate (and appropriately diverse) skills and experience to oversee the business of the funds.

**Board Committees.** The Board has established the following standing committees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Audit Committee.** The Board has a standing Audit Committee that
 is composed of each of the independent Trustees. The Audit Committee operates under a written charter approved by the Board. The principal
 responsibilities of the Audit Committee include: (i) recommending which firm to engage as each fund's independent registered public
 accounting firm and whether to terminate this relationship; (ii) reviewing the independent registered public accounting firm's compensation,
 the proposed scope and terms of its engagement, and the firm's independence; (iii) pre-approving audit and non-audit services provided
 by each fund's independent registered public accounting firm to the Trust and certain other affiliated entities; (iv) serving as
 a channel of communication between the independent registered public accounting firm and the Trustees; (v) reviewing the results of each
 external audit, including any qualifications in the independent registered public accounting firm's opinion, any related management
 letter, management's responses to recommendations made by the independent registered public accounting firm in connection with the
 audit, reports submitted to the Committee by the internal auditing department of the Administrator that are material to the Trust as a
 whole, if any, and management's responses to any such reports; (vi) reviewing each fund's audited financial statements and
 considering any significant disputes between the Trust's management and the independent registered public accounting firm that arose
 in connection with the preparation of those financial statements; (vii) considering, in consultation with the independent registered public
 accounting firm and the Trust's senior internal accounting executive, if any, the independent registered public accounting firms'
 reports on the adequacy of the Trust's internal financial controls; (viii) reviewing, in consultation with each fund's independent
 registered public accounting firm, major changes regarding auditing and accounting principles and practices to be followed when preparing
 each fund's financial statements; and (ix) other audit related matters. Messrs. Grause, Mulhall and Speca currently serve as members
 of the Audit Committee. Mr. Mulhall serves as the Chairman of the Audit Committee. The Audit Committee meets periodically, as necessary,
 and met three (3) times during the most recently completed fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Governance Committee.** The Board has a standing Governance Committee
 (formerly the Nominating Committee) that is composed of each of the independent Trustees. The Governance Committee operates under a written
 charter approved by the Board. The principal responsibilities of the Governance Committee include: (i) considering and reviewing Board
 governance and compensation issues; (ii) conducting a self-assessment of the Board's operations; (iii) selecting and nominating
 all persons to serve as independent Trustees; and (iv) reviewing shareholder recommendations for nominations to fill vacancies on the
 Board if such recommendations are submitted in writing and addressed to the Committee at the Trust's office. Messrs. Grause, Mulhall
 and Speca currently serve as members of the Governance Committee. Mr. Speca serves as the Chairman of the Governance Committee. The Governance
 Committee meets periodically, as necessary, and met one (1) time during the most recently completed fiscal year.

**Fund Shares Owned by Board Members.** The following table shows the dollar amount range of each Trustee's "beneficial ownership" of shares of each of the Funds as of the end of the most recently completed calendar year. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the 1934 Act.

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| | | |
|:---|:---|:---|
| **Name** | **Dollar Range of Fund Shares**<br> **(Fund)<sup>1</sup>** | **Aggregate Dollar Range of Shares**<br> **(All Funds in the Family of Investment Companies)<sup>1,2</sup>** |
| **<u>Interested Trustees</u>** | **<u>Interested Trustees</u>** | **<u>Interested Trustees</u>** |
| Nesher |  |  |
| McCain | Frost Growth Equity Fund<br> (Over $100,000)<br> Frost Low Duration Bond Fund<br> (Over $100,000)<br> Frost Total Return Bond Fund <br> (Over $100,000) | Over $100,000 |
| **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** |
| Grause |  |  |
| Mulhall |  |  |
| Speca |  |  |

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<sup>1</sup> Valuation date is December 31, 2024.

<sup>2</sup> The Funds are the only funds in the family of investment companies.

 

The Trustees and officers of the Trust own less than 1% of the outstanding shares of the Funds.

 

**Board Compensation.** The Trust paid the following fees to the Trustees during the Funds' most recently completed fiscal year:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Aggregate Compensation from the Trust** | **Pension or Retirement Benefits Accrued as Part of Fund Expenses** | **Estimated Annual Benefits Upon Retirement** | **Total Compensation from the Trust and Fund Complex<sup>1</sup>** |
| **<u>Interested Trustees</u>** | **<u>Interested Trustees</u>** | **<u>Interested Trustees</u>** | **<u>Interested Trustees</u>** | **<u>Interested Trustees</u>** |
| Nesher | $0 | N/A | N/A | &nbsp;&nbsp; $0 for service on one (1) board |
| McCain | $0 | N/A | N/A | &nbsp;&nbsp; $0 for service on one (1) board |
| **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** |
| Grause | $40000 | N/A | N/A | $40,000 for service on one (1) board |
| Mulhall | $40000 | N/A | N/A | $40,000 for service on one (1) board |
| Speca | $40000 | N/A | N/A | $40,000 for service on one (1) board |

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<sup>1</sup> All funds in the Fund Complex are series of the Trust.

 

**Trust Officers.** Set forth below are the names, years of birth, position with the Trust and length of time served, and the principal occupations for the last five years of each of the persons currently serving as executive officers of the Trust. There is no stated term of office for the officers of the Trust. Unless otherwise noted, the business address of each officer is SEI Investments Company, One Freedom Valley Drive, Oaks, Pennsylvania 19456. The Chief Compliance Officer is the only officer who receives compensation from the Trust for his services.

 

Certain officers of the Trust also serve as officers of one or more funds for which SEI Investments or its affiliates act as investment manager, administrator or distributor.

 

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| | | |
|:---|:---|:---|
| **Name and Year of Birth** | **Position with Trust and Length of Time Served** | **Principal Occupations in Past 5 Years** |
| Michael Beattie<br> (Born: 1965) | President<br> (since 2019) | Managing Director, SEI Investments, since 2021. Director of Client Service, SEI Investments, from 2004 to 2021. |
| James Bernstein<br> (Born: 1962) | Vice President and Assistant Secretary<br> (since 2019) | Attorney, SEI Investments, since 2017.<br>Prior Positions: Self-employed consultant, 2017. Associate General Counsel & Vice President, Nationwide Funds Group and Nationwide Mutual Insurance Company, from 2002 to 2016. Assistant General Counsel & Vice President, Market Street Funds and Provident Mutual Insurance Company, from 1999 to 2002. |
| John Bourgeois<br> (Born: 1973) | Assistant Treasurer<br> (since 2019) | Fund Accounting Manager, SEI Investments, since 2000. |
| Eric C. Griffith<br> (Born: 1969) | Vice President and Assistant Secretary<br> (since 2019) | Counsel at SEI Investments since 2019. Vice President and Assistant General Counsel, JPMorgan Chase & Co., from 2012 to 2018. |

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| | | |
|:---|:---|:---|
| Matthew M. Maher<br> (Born: 1975) | Vice President<br> (since 2019)<br>Secretary<br> (since 2020) | Counsel at SEI Investments since 2018. Attorney, Blank Rome LLP, from 2015 to 2018. Assistant Counsel & Vice President, Bank of New York Mellon, from 2013 to 2014. Attorney, Dilworth Paxson LLP, from 2006 to 2013. |
| Andrew Metzger<br> (Born: 1980) | Treasurer, Controller and Chief Financial Officer<br> (since 2021) | Director of Fund Accounting, SEI Investments, since 2020. Senior Director, Embark, from 2019 to 2020. Senior Manager, PricewaterhouseCoopers LLP, from 2002 to 2019. |
| Robert Morrow<br> (Born: 1968) | Vice President<br> (since 2019) | Account Manager, SEI Investments, since 2007. |
| Stephen F. Panner<br> (Born: 1970) | Chief Compliance Officer<br> (since 2022) | Chief Compliance Officer of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds, SEI Structured Credit Fund LP, The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, The Advisors' Inner Circle Fund III, Bishop Street Funds, Frost Family of Funds, Gallery Trust, Wilshire Private Assets Fund, Wilshire Private Assets Master Fund and Catholic Responsible Investments Funds since September 2022. Chief Compliance Officer of SEI Alternative Income Fund since May 2023. Chief Compliance Officer of Symmetry Panoramic Trust since December 2023. Fund Compliance Officer of SEI Investments Company from February 2011 to September 2022. Fund Accounting Director and CFO and Controller for the SEI Funds from July 2005 to February 2011. |

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| | | |
|:---|:---|:---|
| Alexander F. Smith<br> (Born: 1977) | Vice President and Assistant Secretary<br> (since 2020)<br>| Counsel at SEI Investments since 2020. Associate Counsel & Manager, Vanguard, 2012 to 2020. Attorney, Stradley Ronon Stevens & Young, LLP, 2008 to 2012. |
| Bridget E. Sudall<br> (Born: 1980) | Anti-Money Laundering Compliance Officer and Privacy Officer (from 2015 – May 2022; from November 2022 – June 2023; and since April 2024) | Chief Compliance Officer of SEI Operations since 2018. |

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**PURCHASING AND REDEEMING SHARES**

Purchases and redemptions may be made through the Transfer Agent on any day the New York Stock Exchange (the "NYSE") is open for business. Shares of the Funds are offered and redeemed on a continuous basis. Currently, the NYSE is closed for business when the following holidays are observed: New Year's Day, Martin Luther King Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving and Christmas.

It is currently the Trust's policy to pay all redemptions in cash. The Trust retains the right, however, to alter this policy to provide for redemptions in whole or in part by a distribution in-kind of securities held by a Fund in lieu of cash. Shareholders may incur brokerage charges on the sale of any such securities so received in payment of redemptions.

The Trust reserves the right to suspend the right of redemption and/or to postpone the date of payment upon redemption for more than seven days during times when the NYSE is closed, other than during customary weekends or holidays, for any period on which trading on the NYSE is restricted (as determined by the SEC by rule or regulation), or during the existence of an emergency (as determined by the SEC by rule or regulation) as a result of which the disposal or valuation of a Fund's securities is not reasonably practicable, or for such other periods as the SEC has by order permitted. The Trust also reserves the right to suspend sales of shares of any Fund for any period during which the NYSE, the Adviser, the Administrator, the Transfer Agent and/or the Custodian are not open for business.

**DETERMINATION OF NET ASSET VALUE**

**General Policy.** The Funds adhere to Section 2(a)(41), and Rules 2a-4 and 2a-5 thereunder, of the 1940 Act with respect to the valuation of portfolio securities. In general, securities for which market quotations are readily available are valued at current market value, and all other securities are valued at fair value by the Adviser in good faith, and subject to the oversight of the Board. In complying with the 1940 Act, the Trust relies on guidance provided by the SEC and by the SEC staff in various interpretive letters and other guidance.

**Equity Securities**. Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 p.m. Eastern Time if such exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If such prices are not available or determined to not represent the fair value of the security as of the Funds' pricing time, the security will be valued at fair value as determined in good faith by the Adviser, subject to Board oversight.

**Money Market Securities and other Debt Securities.** If available, money market securities and other debt securities are priced based upon valuations provided by recognized independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. Money market securities and other debt securities with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. If such prices are not available or determined to not represent the fair value of the security as of each Fund's pricing time, the security will be valued at fair value as determined in good faith by the Adviser, subject to Board oversight.

**Foreign Securities.** The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Exchange rates are provided daily by recognized independent pricing agents.

**Derivatives and Other Complex Securities.** Exchange traded options on securities and indices purchased by the Funds generally are valued at their last trade price or, if there is no last trade price, the last bid price. Exchange traded options on securities and indices written by the Funds generally are valued at their last trade price or, if there is no last trade price, the last asked price. In the case of options traded in the over-the-counter market, if the OTC option is also an exchange traded option, the Funds will follow the rules regarding the valuation of exchange traded options. If the OTC option is not also an exchange traded option, the security will be valued at fair value as determined in good faith by the Adviser, subject to Board oversight.

Futures and swaps cleared through a central clearing house ("centrally cleared swaps") are valued at the settlement price established each day by the board of the exchange on which they are traded. The daily settlement prices for financial futures are provided by an independent source. On days when there is excessive volume or market volatility, or the future or centrally cleared swap does not end trading by the time the Funds calculate net asset value, the settlement price may not be available at the time at which each Fund calculates its net asset value. On such days, the best available price (which is typically the last sales price) may be used to value a Fund's futures or centrally cleared swaps position.

Foreign currency forward contracts are valued at the current day's interpolated foreign exchange rate, as calculated using the current day's spot rate, and the thirty, sixty, ninety and one-hundred eighty day forward rates provided by an independent source.

If available, non-centrally cleared swaps, CDOs, CLOs and bank loans are priced based on valuations provided by an independent third-party pricing agent. If a price is not available from an independent third-party pricing agent, the security will be valued at fair value as determined in good faith by the Adviser, subject to Board oversight.

**Use of Third-Party Independent Pricing Services.** Pursuant to contracts with the Administrator, prices for most securities held by the Funds with readily available market quotations are provided by third-party independent pricing agents. The valuations for these securities are reviewed by the Administrator. In accordance with the Adviser's Valuation Procedures, the Adviser may also use third-party independent pricing agents (reviewed and approved by the Adviser) to fair value certain securities without readily available market quotations (or where market quotations are unreliable).

**Fair Value Procedures.** Securities for which market prices are not "readily available" or which cannot be valued using the methodologies described above are valued in accordance with Fair Value Procedures established by the Adviser and implemented through the Adviser's Valuation Committee. In establishing a fair value for an investment, the Adviser will use valuation methodologies established by the Adviser and may consider inputs and methodologies provided by, among others, third-party independent pricing agents, independent broker dealers and/or the Adviser's own personnel (including investment personnel). The members of the Adviser's Valuation Committee report, as necessary, to the Board regarding portfolio valuation determinations. The Board, from time to time, will review these methods of valuation and will recommend changes which may be necessary to assure that the investments of the Funds are valued at fair value.

Some of the more common reasons that may necessitate a security being valued using Fair Value Procedures include: the security's trading has been halted or suspended; the security has been de-listed from a national exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; trading of the security is subject to local government-imposed restrictions; or a significant event with respect to a security has occurred after the close of the market or exchange on which the security principally trades and before the time the Funds calculate net asset value. When a security is valued in accordance with the Fair Value Procedures, the Adviser's Valuation Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

**TAXES**

The following is only a summary of certain additional U.S. federal income tax considerations generally affecting the Funds and their shareholders that is intended to supplement the discussion contained in the Prospectus. No attempt is made to present a detailed explanation of the tax treatment of the Funds or their shareholders, and the discussion here and in the Prospectus is not intended as a substitute for careful tax planning. Shareholders are urged to consult their tax advisors with specific reference to their own tax situations, including their state, local, and foreign tax liabilities.

If you hold your shares in a tax-qualified retirement account, you generally will not be subject to federal taxation on income and capital gains distribution from a Fund, until you begin receiving payments from your retirement account. You should consult your tax adviser regarding the tax rules that apply to your retirement account.

The following general discussion of certain federal income tax consequences is based on the Code and the regulations issued thereunder as in effect on the date of this SAI. New legislation, as well as administrative changes or court decisions, may significantly change the conclusions expressed herein, and may have a retroactive effect with respect to the transactions contemplated herein.

**Qualification as a Regulated Investment Company.** Each Fund has elected and intends to qualify to be treated as a RIC under Subchapter M of the Code. By following such a policy, each Fund expects to eliminate or reduce to a nominal amount the federal taxes to which it may be subject. A Fund that qualifies as a RIC will generally not be subject to federal income taxes on the net investment income and net realized capital gains that the Fund distributes to its shareholders in a timely manner. The Board reserves the right not to maintain the qualification of a Fund as a RIC if it determines such course of action to be beneficial to shareholders.

In order to qualify as a RIC under the Code, each Fund must distribute annually to its shareholders at least 90% of its net investment income (which includes dividends, taxable interest, and the excess of net short-term capital gains over net long-term capital losses, less operating expenses) and at least 90% of its net tax exempt interest income, for each tax year, if any, to its shareholders (the "Distribution Requirement") and also must meet certain additional requirements. Among these requirements are the following: (i) at least 90% of each Fund's gross income each taxable year must be derived from dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities, or foreign currencies, or other income (including, but not limited to, gains from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies, and net income derived from an interest in a qualified publicly traded partnership (the "Qualifying Income Test"); and (ii) at the close of each quarter of each Fund's taxable year: (A) at least 50% of the value of each Fund's total assets must be represented by cash and cash items, U.S. Government securities, securities of other RICs and other securities, with such other securities limited, in respect to any one issuer, to an amount not greater than 5% of the value of each Fund's total assets and that does not represent more than 10% of the outstanding voting securities of such issuer, including the equity securities of a qualified publicly traded partnership, and (B) not more than 25% of the value of each Fund's total assets is invested, including through corporations in which the Fund owns a 20% or greater voting stock interest, in the securities (other than U.S. Government securities or the securities of other RICs) of any one issuer or the securities (other than the securities of another RIC) of two or more issuers that a Fund controls and which are engaged in the same or similar trades or businesses or related trades or businesses, or the securities of one or more qualified publicly traded partnerships (the "Asset Test").

Although each Fund intends to distribute substantially all of its net investment income and may distribute its capital gains for any taxable year, each Fund will be subject to federal income taxation to the extent any such income or gains are not distributed. Each Fund is treated as a separate corporation for federal income tax purposes. Each Fund is therefore considered to be a separate entity in determining its treatment under the rules for RICs described herein. Losses in one Fund do not offset gains in another and the requirements (other than certain organizational requirements) for qualifying RIC status are determined at the Fund level rather than at the Trust level.

If a Fund fails to satisfy the Qualifying Income Test or the Asset Test in any taxable year, such Fund may be eligible for relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain de minimis failures of the diversification requirements where the Fund corrects the failure within a specified period. If a Fund fails to maintain qualification as a RIC for any tax year, and the relief provisions are not available, such Fund will be subject to federal income tax at the regular corporate rate (currently 21%) without any deduction for distributions to shareholders. In such case, its shareholders would be taxed as if they received ordinary dividends to the extent of such Fund's current and accumulated earnings and profits, although corporate shareholders could be eligible for the dividends received deduction and individuals may be able to benefit from the lower tax rates available to qualified dividend income, both subject to certain limitations. In addition, a Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before requalifying as a RIC.

A Fund may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining the Fund's taxable income, net capital gain, net short-term capital gain, and earnings and profits. The effect of this election is to treat any such "qualified late year loss" as if it had been incurred in the succeeding taxable year in characterizing Fund distributions for any calendar year. A "qualified late year loss" generally includes net capital loss, net long-term capital loss, or net short-term capital loss incurred after October 31 of the current taxable year (commonly referred to as "post-October losses") and certain other late-year losses.

The treatment of capital loss carryovers for the Funds is similar to the rules that apply to capital loss carryovers of individuals, which provide that such losses be carried over indefinitely. If a Fund has a "net capital loss" (that is, capital losses in excess of capital gains), the excess of the Fund's net short-term capital losses over its net long-term capital gains is treated as a short-term capital loss arising on the first day of the Fund's next taxable year, and the excess (if any) of the Fund's net long-term capital losses over its net short-term capital gains is treated as a long-term capital loss arising on the first day of the Fund's next taxable year. The carryover of capital losses may be limited under the general loss limitation rules if a Fund experiences an ownership change as defined in the Code.

**Federal Excise Tax.** Notwithstanding the Distribution Requirement described above, which generally requires a Fund to distribute at least 90% of its annual investment company taxable income and the excess of its exempt interest income (but does not require any minimum distribution of net capital gain), a Fund will be subject to a nondeductible 4% federal excise tax to the extent it fails to distribute by the end of the calendar year at least 98% of its ordinary income and 98.2% of its capital gain net income (the excess of short- and long-term capital gains over short- and long-term capital losses) for the one-year period ending on October 31 of such year (including any retained amount from the prior calendar year on which a Fund paid no federal income tax). The Funds intend to make sufficient distributions to avoid liability for federal excise tax but can make no assurances that such tax will be completely eliminated. For example, a Fund may receive delayed or corrected tax reporting statements from its investments that cause such Fund to accrue additional income and gains after such Fund has already made its excise tax distributions for the year. In such a situation, a Fund may incur an excise tax liability resulting from such delayed receipt of such tax information statements. In addition, the Funds may in certain circumstances be required to liquidate Fund investments in order to make sufficient distributions to avoid federal excise tax liability at a time when the Adviser might not otherwise have chosen to do so, and liquidation of investments in such circumstances may affect the ability of the Funds to satisfy the requirement for qualification as RICs.

**Shareholder Treatment.** The Funds receive income generally in the form of dividends and interest on investments. This income, plus net short-term capital gains, if any, less expenses incurred in the operation of the Funds, constitutes the Funds' net investment income from which dividends may be paid to you. Any distributions by the Funds from such income will be taxable to you as ordinary income or at the lower capital gains rates that apply to individuals receiving qualified dividend income, whether you take them in cash or in additional shares.

Distributions by the Funds currently are eligible for the reduced maximum tax rate to individuals of 20% (lower rates apply to individuals in lower tax brackets) to the extent that the Funds receive qualified dividend income on the securities they hold and the Funds report the distribution as qualified dividend income. Qualified dividend income is, in general, dividend income from taxable domestic corporations and certain foreign corporations (e.g., foreign corporations incorporated in a possession of the United States or in certain countries with a comprehensive tax treaty with the United States, or the stock of which is readily tradable on an established securities market in the United States). A dividend will not be treated as qualified dividend income to the extent that (i) the shareholder has not held the shares on which the dividend was paid for more than 60 days during the 121-day period that begins on the date that is 60 days before the date on which the shares become "ex-dividend" (which is the day on which declared distributions (dividends or capital gains) are deducted from a Fund's assets before it calculates the net asset value) with respect to such dividend, (ii) a Fund has not satisfied similar holding period requirements with respect to the securities it holds that paid the dividends distributed to the shareholder, (iii) the shareholder is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to substantially similar or related property, or (iv) the shareholder elects to treat such dividend as investment income under section 163(d)(4)(B) of the Code. Therefore, if you lend your shares in a Fund, such as pursuant to a securities lending arrangement, you may lose the ability to treat dividends (paid while the shares are held by the borrower) as qualified dividend income. Distributions that a Fund receives from an underlying fund taxable as a RIC or from a REIT will be treated as qualified dividend income only to the extent so reported by such underlying fund or REIT. Distributions by a Fund of its net short-term capital gains will be taxable as ordinary income. Capital gain distributions consisting of a Fund's net capital gains will be taxable as long-term capital gains for individual shareholders at a maximum rate of 20% regardless of how long a Fund's shares have been held by the shareholder. Distributions from capital gains are generally made after applying any available capital loss carryforwards. Because the Frost Low Duration Bond Fund, Frost Credit Fund and Frost Total Return Bond Fund will receive income primarily in the form of interest derived from their investments, such Funds are generally not expected to make distributions eligible to be treated as qualified dividend income.

In the case of corporate shareholders, Fund distributions (other than capital gain distributions) generally qualify for the dividends received deduction to the extent such distributions are so reported and do not exceed the gross amount of qualifying dividends received by such Fund for the year. Generally, and subject to certain limitations (including certain holding period limitations), a dividend will be treated as a qualifying dividend if it has been received from a domestic corporation. Because the Frost Low Duration Bond Fund, Frost Credit Fund and Frost Total Return Bond Fund will receive income generally in the form of interest derived from their investments, none of their dividends are expected to qualify under the Code for the dividends received deductions for corporations. In addition, certain of the Frost Growth Equity Fund's investment strategies may limit its ability to make distributions that qualify for the dividends received deduction by corporate shareholders.

It is expected that the Frost Low Duration Bond Fund, Frost Credit Fund, and Frost Total Return Bond Fund receive income generally in the form of interest derived from such Fund's investments, and distributions of such earnings will be taxable to shareholders as ordinary income. However, these Funds may derive capital gains and losses in connection with sales or other dispositions of their portfolio securities. As discussed above, distributions of long-term capital gains are taxable as capital gains, while distributions of short-term capital gains and net investment income are generally taxable to shareholders as ordinary income.

To the extent that a Fund makes a distribution of income received by such Fund in lieu of dividends (a "substitute payment") with respect to securities on loan pursuant to a securities lending transaction, such income will not constitute qualified dividend income to individual shareholders and will not be eligible for the dividends received deduction for corporate shareholders.

If a Fund's distributions exceed its current and accumulated earnings and profits, all or a portion of the distributions made in the same taxable year may be re-characterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable, but will reduce each shareholder's cost basis in the Funds and result in a higher reported capital gain or lower reported capital loss when those shares on which the distribution was received are sold.

A dividend or distribution received shortly after the purchase of shares reduces the net asset value of the shares by the amount of the dividend or distribution and, although in effect a return of capital, will be taxable to the shareholder. If the net asset value of shares were reduced below the shareholder's cost by dividends or distributions representing gains realized on sales of securities, such dividends or distributions would be a return of investment though taxable to the shareholder in the same manner as other dividends or distributions.

The Funds will report annually to their shareholders the amount of ordinary income dividends, qualified dividend income and capital gains distributions, if any.

Shareholders who have not held Fund shares for a full year should be aware that a Fund may report and distribute, as ordinary income, qualified dividend income, or capital gain, a percentage of income that is not equal to the actual amount of such income earned during the period of your investment in such Fund.

Although dividends generally will be treated as distributed when paid, dividends declared to shareholders of record in October, November or December, and actually paid in the following January, will be treated as having been distributed by a Fund (and received by shareholders) on December 31 of the calendar year in which declared. Under this rule, therefore, a shareholder may be taxed in one year on dividends or distributions actually received in January of the following year.

A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j). This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j). In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in a Fund for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest Dividends, if so designated by the Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the Internal Revenue Service ("IRS").

**Sales, Exchanges or Redemptions.** Assuming a shareholder holds shares of a Fund as a capital asset, any gain or loss recognized on a sale, exchange, or redemption of shares of a Fund by a shareholder will generally be treated as a long-term capital gain or loss if the shares have been held for more than twelve months and otherwise will be treated as a short-term capital gain or loss. However, if shares on which a shareholder has received a net capital gain distribution are subsequently sold, exchanged, or redeemed and such shares have been held for six months or less, any loss recognized will be treated as a long-term capital loss to the extent of the net capital gain distribution or disallowed to the extent of tax-exempt interest dividend distributions. In addition, the loss realized on a sale or other disposition of shares will be disallowed to the extent a shareholder repurchases (or enters into a contract to or option to repurchase) shares within a period of 61 days (beginning 30 days before and ending 30 days after the disposition of the shares). This loss disallowance rule will apply to shares received through the reinvestment of dividends during the 61-day period. For tax purposes, an exchange of your Fund shares for shares of a different fund is the same as a sale.

U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) are subject to a 3.8% tax on their "net investment income," including interest, dividends, and capital gains (including capital gains realized on the sale or exchange of shares of a Fund). "Net investment income" does not include distributions of exempt-interest.

Each Fund (or its administrative agent) must report to the IRS and furnish to Fund shareholders the cost basis information for purchases of Fund shares. In addition to the requirement to report the gross proceeds from the sale of Fund shares, each Fund (or its administrative agent) is also required to report the cost basis information for such shares and indicate whether these shares have a short-term or long-term holding period. For each sale of Fund shares the Fund will permit Fund shareholders to elect from among several IRS-accepted cost basis methods, including the average cost basis method. In the absence of an election, a Fund will use the average cost basis method as the default cost basis method. The cost basis method elected by the Fund shareholder (or the cost basis method applied by default) for each sale of Fund shares may not be changed after the settlement date of each such sale of Fund shares. Fund shareholders should consult their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about how cost basis reporting applies to them. Shareholders also should carefully review the cost basis information provided to them and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

**State Taxes.** Depending upon state and local law, distributions by the Funds to their shareholders and the ownership of such shares may be subject to state and local taxes. Rules of state and local taxation of dividend and capital gains distributions from RICs often differ from the rules for federal income taxation described above. It is expected that each Fund will not be liable for any corporate excise, income or franchise tax in Delaware if it qualifies as a RIC for federal income tax purpose. Shareholders are urged to consult their tax advisors regarding state and local taxes applicable to an investment in the Funds.

Many states grant tax-free status to dividends paid to you from interest earned on direct obligations of the U.S. Government, subject in some states to minimum investment requirements that must be met by the Funds. Investment in Ginnie Mae or Fannie Mae securities, banker's acceptances, commercial paper, and repurchase agreements collateralized by U.S. Government securities do not generally qualify for such tax-free treatment. The rules on exclusion of this income are different for corporate shareholders.

Shareholders are urged to consult their tax advisors regarding state and local taxes applicable to an investment in the Funds.

**Tax Treatment of Complex Securities.** The Funds may invest in complex securities. These investments may be subject to numerous special and complex tax rules. These rules could affect the Funds' ability to qualify as RICs, affect whether gains and losses recognized by the Funds are treated as ordinary income or capital gain, accelerate the recognition of income to the Funds and/or defer the Funds' ability to recognize losses, and, in limited cases, subject the Funds to U.S. federal income tax on income from certain of their foreign securities. In turn, these rules may affect the amount, timing or character of the income distributed to you by the Funds.

Each Fund is required for federal income tax purposes to mark-to-market and recognize as income for each taxable year its net unrealized gains and losses on certain futures and options contracts subject to section 1256 of the Code ("Section 1256 Contracts") as of the end of the year as well as those actually realized during the year. Gain or loss from Section 1256 Contracts on broad-based indexes required to be marked to market will be 60% long-term and 40% short-term capital gain or loss. Application of this rule may alter the timing and character of distributions to shareholders. A Fund may be required to defer the recognition of losses on Section 1256 Contracts to the extent of any unrecognized gains on offsetting positions held by the Fund. These provisions may also require the Funds to mark-to-market certain types of positions in their portfolios (i.e., treat them as if they were closed out), which may cause a Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the Distribution Requirement and for avoiding the excise tax discussed above. Accordingly, in order to avoid certain income and excise taxes, a Fund may be required to liquidate its investments at a time when the investment adviser might not otherwise have chosen to do so.

With respect to investments in STRIPS, treasury receipts, and other zero coupon securities which are sold at original issue discount and thus do not make periodic cash interest payments, a Fund will be required to include as part of its current income the imputed interest on such obligations even though the Fund has not received any interest payments on such obligations during that period. Because each Fund intends to distribute all of its net investment income to its shareholders, a Fund may have to sell Fund securities to distribute such imputed income which may occur at a time when the Adviser would not have chosen to sell such securities and which may result in taxable gain or loss.

Any market discount recognized on a bond is taxable as ordinary income. A market discount bond is a bond acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original issue discount. Absent an election by a Fund to include the market discount in income as it accrues, gain on the Fund's disposition of such an obligation will be treated as ordinary income rather than capital gain to the extent of the accrued market discount.

A Fund may invest in inflation-linked debt securities. Any increase in the principal amount of an inflation-linked debt security will be original interest discount, which is taxable as ordinary income and is required to be distributed, even though the Fund will not receive the principal, including any increase thereto, until maturity. As noted above, if a Fund invests in such securities it may be required to liquidate other investments, including at times when it is not advantageous to do so, in order to satisfy its distribution requirements and to eliminate any possible taxation at the Fund level.

**MLPs.** In general, for purposes of the Qualifying Income Test described above, income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership that would be qualifying income if realized directly by a Fund. However, 100% of the net income derived from an interest in a "qualified publicly traded partnership" ("QPTP") (generally, a partnership (i) interests in which are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof, (ii) that derives at least 90% of its income from the passive income sources specified in Code section 7704(d), and (iii) that generally derives less than 90% of its income from the same sources as described in the Qualifying Income Test) will be treated as qualifying income. In addition, although in general the passive loss rules of the Code do not apply to RICs, such rules do apply to a RIC with respect to items attributable to an interest in a QPTP.

A Fund may invest in certain MLPs that may be treated as QPTPs. The net income from QPTPs is qualifying income for purposes of the Qualifying Income Test, but a Fund's investment in one or more of such QPTPs is limited under the Asset Test to no more than 25% of the value of the Fund's assets. The Funds will monitor their investments in such QPTPs in order to ensure compliance with the Qualifying Income Test and Asset Test. Please see the discussion regarding the consequences of failing to satisfy one of these RIC qualification tests set forth above. MLPs and other partnerships that the Funds may invest in will deliver a Schedule K-1 to the Funds to report their share of income, gains, losses, deductions and credits of the MLP or other partnership. The Schedule K-1 may be delayed and may not be received until after the time that a Fund issues its tax reporting statements. As a result, a Fund may at times find it necessary to reclassify the amount and character of its distributions to you after it issues you your tax reporting statement.

"Qualified publicly traded partnership income" within the meaning of Section 199A(e)(5) of the Code is eligible for a 20% deduction by non-corporate taxpayers. Qualified publicly traded partnership income is generally income of a "publicly traded partnership" that is not treated as a corporation for U.S. federal income tax purposes that is effectively connected with such entity's trade or business, but does not include certain investment income. A "publicly traded partnership" for purposes of this deduction is not necessarily the same as a "qualified publicly traded partnership," as defined above. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). The Code does not contain a provision permitting a RIC, such as a Fund, to pass the special character of this income through to its shareholders. Currently, direct investors in entities that generate "qualified publicly traded partnership income" will enjoy the lower rate, but investors in RICs that invest in such entities will not.

**Investment in Certain ETFs and ETNs.** The Funds may make investments into one or more exchange traded products, such as ETNs or ETFs, swaps or other derivative investments that may raise questions regarding the qualification of the income from such investments as qualifying income under the Qualifying Income Test. In addition, the determination of the value and the identity of the issuer of such investments are often unclear for purposes of the "Asset Test" described above. Each Fund intends to monitor its investments and the character of its income to ensure it will satisfy the Qualifying Income Test and to ensure that they are adequately diversified under the Asset Test, but it is possible that a Fund may fail to qualify as a RIC in a given tax year due to a failure to satisfy the Qualifying Income Test or Asset Test. Please see the discussion regarding the consequences of failing to satisfy one of these RIC qualification tests set forth above.

**REITs.** The Funds may invest in REITs. Investments in REIT equity securities may require a Fund to accrue and distribute income not yet received. To generate sufficient cash to make the requisite distributions, a Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold. A Fund's investments in REIT equity securities may at other times result in the Fund's receipt of cash in excess of the REIT's earnings if the Fund distributes these amounts, these distributions could constitute a return of capital to Fund shareholders for federal income tax purposes. Dividends paid by a REIT, other than capital gain distributions, will be taxable as ordinary income up to the amount of the REIT's current and accumulated earnings and profits. Capital gain dividends paid by a REIT to a Fund will be treated as long-term capital gains by the Fund and, in turn, may be distributed by the Fund to its shareholders as a capital gain distribution. Dividends received by a Fund from a REIT generally will not constitute qualified dividend income or qualify for the dividends received deduction. If a REIT is operated in a manner such that it fails to qualify as a REIT, an investment in the REIT would become subject to double taxation, meaning the taxable income of the REIT would be subject to federal income tax at the regular corporate rate without any deduction for dividends paid to shareholders and the dividends would be taxable to shareholders as ordinary income (or possibly as qualified dividend income) to the extent of the REIT's current and accumulated earnings and profits.

The Code treats "qualified REIT dividends" (i.e., ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income eligible for capital gain tax rates) as eligible for a 20% deduction by non-corporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). Distributions by a Fund to its shareholders that are attributable to qualified REIT dividends received by the Fund and which the Fund properly reports as "Section 199A dividends," are treated as "qualified REIT dividends" in the hands of non-corporate shareholders. A Section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. A Fund is permitted to report such part of its dividends as Section 199A dividends as are eligible, but is not required to do so.

U.S. REITs in which a Fund invests often do not provide complete and final tax information to the Funds until after the time that the Funds issue a tax reporting statement. As a result, a Fund may at times find it necessary to reclassify the amount and character of its distributions to you after it issues your tax reporting statement. When such reclassification is necessary, a Fund (or its administrative agent) will send you a corrected, final Form 1099-DIV to reflect the reclassified information. If you receive a corrected Form 1099-DIV, use the information on this corrected form, and not the information on the previously issued tax reporting statement, in completing your tax returns.

**Tax Shelter Reporting Regulations.** Under Treasury Regulations, generally, if an individual shareholder recognizes a loss of $2 million or more or if a corporate shareholder recognizes a loss of $10 million or more, the shareholder must file with the IRS a disclosure statement on Form 8886. Direct shareholders of securities are in many cases exempt from this reporting requirement, but under current guidance, shareholders of a RIC are not exempt. Future guidance may extend for current exemption from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their own tax advisors to determine the applicability of these regulations in light of their individual circumstances.

**Tax Considerations for Foreign Investments.** Dividends and interest received by a Fund may be subject to income, withholding or other taxes imposed by foreign countries and United States possessions that would reduce the yield on a Fund's securities. Tax conventions between certain countries and the United States may reduce or eliminate these taxes. Foreign countries generally do not impose taxes on capital gains with respect to investments by foreign investors. If more than 50% of the value of a Fund's total assets at the close of its taxable year consists of stocks or securities of foreign corporations, the Fund will be eligible to, and intends to, file an election with the IRS that may enable shareholders, in effect, to receive either the benefit of a foreign tax credit or a deduction with respect to any foreign and U.S. possessions income taxes paid by the Fund, subject to certain limitations. Pursuant to the election, the Fund will treat those taxes as dividends paid to its shareholders. Each such shareholder will be required to include a proportionate share of those taxes in gross income as income received from a foreign source and must treat the amount so included as if the shareholder had paid the foreign tax directly. The shareholder may then either deduct the taxes deemed paid by him or her in computing his or her taxable income or, alternatively, use the foregoing information in calculating any foreign tax credit they may be entitled to use against the shareholders' federal income tax. If a Fund makes the election, the Fund will report annually to its shareholders the respective amounts per share of the Fund's income from sources within, and taxes paid to, foreign countries and U.S. possessions.

In general, gains from "foreign currencies" and from foreign currency options, foreign currency futures, and forward foreign exchange contracts ("forward contracts") relating to investments in stock, securities, or foreign currencies will be qualifying income for purposes of determining whether a Fund qualifies as a RIC.

Under the Code, special rules are provided for certain transactions in a foreign currency other than the taxpayer's functional currency (*i.e.*, unless certain special rules apply, currencies other than the U.S. Dollar). In general, foreign currency gains or losses from forward contracts, from futures contracts that are not "regulated futures contracts," and from unlisted options will be treated as ordinary income or loss under the Code. Also, certain foreign exchange gains derived with respect to foreign fixed income securities are also subject to special treatment. In general, any such gains or losses will increase or decrease the amount of a Fund's investment company taxable income available to be distributed to shareholders as ordinary income, rather than increasing or decreasing the amount of a Fund's net capital gain. Additionally, if such losses exceed other investment company taxable income during a taxable year, a Fund would not be able to make any ordinary dividend distributions.

Most foreign exchange gains realized on the sale of debt securities are treated as ordinary income by the Funds. Similarly, foreign exchange losses realized by the Funds on the sale of debt securities are generally treated as ordinary losses by the Funds. These gains when distributed will be taxable to you as ordinary dividends, and any losses will reduce the Funds' ordinary income otherwise available for distribution to you. This treatment could increase or reduce the Funds' ordinary income distributions to you, and may cause some or all of the Funds' previously distributed income to be classified as a return of capital.

If a Fund owns shares in certain foreign investment entities, referred to as "passive foreign investment companies" or "PFICs", the Fund will generally be subject to one of the following special tax regimes: (i) the Fund may be liable for U.S. federal income tax, and an additional interest charge, on a portion of any "excess distribution" from such foreign entity or any gain from the disposition of such shares, even if the entire distribution or gain is paid out by the Fund as a dividend to its shareholders; (ii) if the Fund were able and elected to treat a PFIC as a "qualified electing fund" or "QEF", the Fund would be required each year to include in income, and distribute to shareholders in accordance with the distribution requirements set forth above, the Fund's pro rata share of the ordinary earnings and net capital gains of the PFIC, whether or not such earnings or gains are distributed to the Fund; or (iii) the Fund may be entitled to mark-to-market annually shares of the PFIC, and in such event would be required to distribute to shareholders any such mark-to-market gains in accordance with the distribution requirements set forth above. Each Fund intends to make the appropriate tax elections, if possible, and take any additional steps that are necessary to mitigate the effect of these rules. Amounts included in income each year by a Fund arising from a QEF election, will be "qualifying income" under the Qualifying Income Test (as described above) even if not distributed to the Fund, if the Fund derives such income from its business of investing in stock, securities or currencies.

**Backup Withholding.** In certain cases, a Fund will be required to withhold, and remit to the U.S. Treasury, 24% of any distributions paid to a shareholder who: (1) has failed to provide a correct taxpayer identification number or has provided no number at all; (2) is subject to backup withholding by the IRS; (3) has not certified to that Fund that such shareholder is not subject to backup withholding; or (4) has failed to certify that he or she is a U.S. person (including a citizen or U.S. resident alien).

**Non-U.S. Investors.** Non-U.S. investors in the Funds may be subject to U.S. withholding and estate tax and are encouraged to consult their tax advisors prior to investing in a Fund regarding the applicable rate of U.S. withholding tax on amounts treated as ordinary dividends from the Fund and the applicability of U.S. gift and estate taxes. Foreign shareholders (i.e., nonresident alien individuals and foreign corporations, partnerships, trusts and estates) are generally subject to U.S. withholding tax at the rate of 30% (or a lower tax treaty rate) on distributions derived from taxable ordinary income. The Fund may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met. Short-term capital gain dividends received by a nonresident alien individual who is present in the U.S. for a period or periods aggregating 183 days or more during the taxable year are not exempt from this 30% withholding tax. Gains realized by foreign shareholders from the sale or other disposition of shares of the Fund generally are not subject to U.S. taxation, unless the recipient is an individual who is physically present in the U.S. for 183 days or more per year. Foreign shareholders who fail to provide an applicable IRS form may be subject to backup withholding on certain payments from the Fund. Backup withholding will not be applied to payments that are subject to the 30% (or lower applicable treaty rate) withholding tax described in this paragraph. Different tax consequences may result if the foreign shareholder is engaged in a trade or business within the United States. In addition, the tax consequences to a foreign shareholder entitled to claim the benefits of a tax treaty may be different than those described above.

Under legislation generally known as "FATCA" (the Foreign Account Tax Compliance Act), the Funds are required to withhold 30% of certain ordinary dividends they pay to shareholders that fail to meet prescribed information reporting or certification requirements. In general, no such withholding will be required with respect to a U.S. person or non-U.S. person that timely provides the certifications required by the Funds or their agent on a valid IRS Form W-9 or applicable series of IRS Form W-8, respectively. Shareholders potentially subject to withholding include foreign financial institutions ("FFIs"), such as non-U.S. investment funds, and non-financial foreign entities ("NFFEs"). To avoid withholding under FATCA, an FFI generally must enter into an information sharing agreement with the IRS in which it agrees to report certain identifying information (including name, address, and taxpayer identification number) with respect to its U.S. account holders (which, in the case of an entity shareholder, may include its direct and indirect U.S. owners), and an NFFE generally must identify and provide other required information to the fund or other withholding agent regarding its U.S. owners, if any. Such non-U.S. shareholders also may fall into certain exempt, excepted or deemed compliant categories as established by regulations and other guidance. A non-U.S. shareholder resident or doing business in a country that has entered into an intergovernmental agreement with the U.S. to implement FATCA will be exempt from FATCA withholding provided that the shareholder and the applicable foreign government comply with the terms of the agreement.

A non-U.S. entity that invests in a Fund will need to provide such Fund with documentation properly certifying the entity's status under FATCA in order to avoid FATCA withholding. Non-U.S. investors in the Funds should consult their tax advisors in this regard.

Shareholders are urged to consult their own tax advisors regarding the application of the provisions of tax law described in this SAI in light of the particular tax situations of the shareholders and regarding specific questions as to federal, state, or local taxes.

**FUND TRANSACTIONS**

**Brokerage Transactions.** Generally, equity securities are bought and sold through brokerage transactions for which commissions are payable. Purchases from underwriters will include the underwriting commission or concession, and purchases from dealers serving as market makers will include a dealer's mark-up or reflect a dealer's mark-down. Money market securities and other debt securities are usually bought and sold directly from the issuer or an underwriter or market maker for the securities. Generally, the Funds will not pay brokerage commissions for such purchases. When a debt security is bought from an underwriter, the purchase price will usually include an underwriting commission or concession. The purchase price for securities bought from dealers serving as market makers will similarly include the dealer's mark up or reflect a dealer's mark down. When a Fund executes transactions in the over-the-counter market, it will generally deal with primary market makers unless prices that are more favorable are otherwise obtainable.

In addition, an adviser may place a combined order for two or more accounts it manages, including a Fund, engaged in the purchase or sale of the same security if, in its judgment, joint execution is in the best interest of each participant and will result in best price and execution. Transactions involving commingled orders are allocated in a manner deemed equitable to each account or Fund. Although it is recognized that, in some cases, the joint execution of orders could adversely affect the price or volume of the security that a particular account or Fund may obtain, it is the opinion of the advisers that the advantages of combined orders outweigh the possible disadvantages of combined orders.

For the fiscal years ended July 31, 2023, 2024 and 2025, the Funds paid the following aggregate brokerage commissions on portfolio transactions:

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| | | | |
|:---|:---|:---|:---|
| <br> **Fund** | **Aggregate Dollar Amount of Brokerage Commissions Paid** | **Aggregate Dollar Amount of Brokerage Commissions Paid** | **Aggregate Dollar Amount of Brokerage Commissions Paid** |
| <br> **Fund** | **2023** | **2024** | **2025** |
| Frost Growth Equity Fund | $29476 | $28202 | $17510 |
| Frost Total Return Bond Fund | $10768 | $53047 | $0 |
| Frost Credit Fund | $0 | $0 | $10145 |
| Frost Low Duration Bond Fund | $0 | $0 | $0 |

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**Brokerage Selection.** The Trust does not expect to use one particular broker or dealer, and when one or more brokers is believed capable of providing the best combination of price and execution, an adviser may select a broker based upon brokerage or research services provided to the adviser. The advisers may pay a higher commission than otherwise obtainable from other brokers in return for such services only if a good faith determination is made that the commission is reasonable in relation to the services provided.

Section 28(e) of the 1934 Act permits an adviser, under certain circumstances, to cause the Funds to pay a broker or dealer a commission for effecting a transaction in excess of the amount of commission another broker or dealer would have charged for effecting the transaction in recognition of the value of brokerage and research services provided by the broker or dealer. In addition to agency transactions, an adviser may receive brokerage and research services in connection with certain riskless principal transactions, in accordance with applicable SEC guidance. Brokerage and research services include: (1) furnishing advice as to the value of securities, the advisability of investing in, purchasing or selling securities, and the availability of securities or purchasers or sellers of securities; (2) furnishing analyses and reports concerning issuers, industries, securities, economic factors and trends, Fund strategy, and the performance of accounts; and (3) effecting securities transactions and performing functions incidental thereto (such as clearance, settlement, and custody). In the case of research services, the advisers believe that access to independent investment research is beneficial to their investment decision-making processes and, therefore, to the Funds.

To the extent that research services may be a factor in selecting brokers, such services may be in written form or through direct contact with individuals and may include information as to particular companies and securities as well as market, economic, or institutional areas and information which assists in the valuation and pricing of investments. Examples of research-oriented services for which the advisers might utilize Fund commissions include research reports and other information on the economy, industries, sectors, groups of securities, individual companies, statistical information, political developments, technical market action, pricing and appraisal services, credit analysis, risk measurement analysis, performance and other analysis. An adviser may use research services furnished by brokers in servicing all client accounts and not all services may necessarily be used in connection with the account that paid commissions to the broker providing such services. Information so received by the adviser will be in addition to and not in lieu of the services required to be performed by the Adviser under the Advisory Agreement. Any advisory or other fees paid to the advisers are not reduced as a result of the receipt of research services.

In some cases an adviser may receive a service from a broker that has both a "research" and a "non-research" use. When this occurs, the adviser makes a good faith allocation, under all the circumstances, between the research and non-research uses of the service. The percentage of the service that is used for research purposes may be paid for with client commissions, while the adviser will use its own funds to pay for the percentage of the service that is used for non-research purposes. In making this good faith allocation, the advisers face a potential conflict of interest, but the advisers believe that their allocation procedures are reasonably designed to ensure that they appropriately allocate the anticipated use of such services to their research and non-research uses.

From time to time, an adviser may purchase new issues of securities for clients, including the Funds, in a fixed price offering. In these situations, the seller may be a member of the selling group that will, in addition to selling securities, provide the advisers with research services. FINRA has adopted rules expressly permitting these types of arrangements under certain circumstances. Generally, the seller will provide research "credits" in these situations at a rate that is higher than that which is available for typical secondary market transactions. These arrangements may not fall within the safe harbor of Section 28(e).

For the fiscal year ended July 31, 2025, the Funds paid no commissions on brokerage transactions directed to brokers pursuant to an agreement or understanding whereby the broker provides third-party research services to the Adviser. The Adviser may, however, receive proprietary research from various full-service brokers, the cost of which is bundled with the cost of the broker's execution services.

**Brokerage with Fund Affiliates.** The Funds may execute brokerage or other agency transactions through registered broker-dealer affiliates of either the Funds or the Adviser for a commission in conformity with the 1940 Act and rules promulgated by the SEC. The 1940 Act requires that commissions paid to the affiliate by the Funds for exchange transactions not exceed "usual and customary" brokerage commissions. The rules define "usual and customary" commissions to include amounts which are "reasonable and fair compared to the commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions involving similar securities being purchased or sold on a securities exchange during a comparable period of time." The Trustees, including those who are not "interested persons" of the Funds, have adopted procedures for evaluating the reasonableness of commissions paid to affiliates and review these procedures periodically.

For the fiscal years ended July 31, 2023, 2024 and 2025, the Funds did not pay any brokerage commissions on portfolio transactions effected by affiliated brokers.

**Securities of "Regular Broker-Dealers."** The Funds are required to identify any securities of their "regular brokers and dealers" (as such term is defined in the 1940 Act) that each Fund held during its most recent fiscal year. During the most recent fiscal year, the following Funds held securities of their "regular brokers or dealers" as follows:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Name of Broker/Dealer** | **Type of Security<br> Held** | **Dollar Amount at FYE <br> (in thousands)** |
| Frost Low Duration Bond Fund | JP Morgan Chase | Debt | $2034 |
| Frost Total Return Bond Fund | Goldman Sachs | Debt | $94378 |
| Frost Total Return Bond Fund | JP Morgan Chase | Debt | $71081 |
| Frost Total Return Bond Fund | Wells Fargo | Debt | $32125 |
| Frost Total Return Bond Fund | Barclays | Debt | $32060 |
| Frost Total Return Bond Fund | Deutsche Bank | Debt | $16673 |
| Frost Total Return Bond Fund | Morgan Stanley | Debt | $9554 |
| Frost Credit Fund | Bank of America | Debt | $6640 |
| Frost Credit Fund | Bank of America | Debt | $3003 |
| Frost Credit Fund | Morgan Stanley | Debt | $2289 |
| Frost Credit Fund | Deutsche Bank Securities | Debt | $1022 |

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**PORTFOLIO HOLDINGS**

The Board has approved policies and procedures that govern the timing and circumstances regarding the disclosure of Fund portfolio holdings information to shareholders and third parties. These policies and procedures are designed to ensure that disclosure of information regarding the Funds' portfolio securities is in the best interests of Fund shareholders, and include procedures to address conflicts between the interests of the Funds' shareholders and those of the Adviser, principal underwriter or any affiliated person of the Funds, the Adviser or the principal underwriter. Pursuant to such procedures, the Board has authorized the Adviser's Chief Compliance Officer ("Adviser CCO") to authorize the release of the Funds' portfolio holdings, as necessary, in conformity with the foregoing principles. The Adviser CCO, either directly or through reports by the Funds' Chief Compliance Officer, reports quarterly to the Board regarding the operation and administration of such policies and procedures.

Pursuant to applicable law, the Funds are required to disclose their complete portfolio holdings quarterly, within 60 days of the end of each fiscal quarter (currently, each October 31, January 31, April 30, and July 31). Each Fund files with the SEC a complete schedule of investments following the first and third fiscal quarters as exhibits to Form N-PORT, and a complete schedule of investments following the second and fourth fiscal quarters on Form N-CSR.

Complete schedules of investments filed with the SEC on Form N-CSR and as exhibits to Form N-PORT are available, free of charge, on the SEC's website at www.sec.gov. The Funds' complete schedules of investments are also posted to https://frostfundholdings.seic.com and are distributed to Fund shareholders upon request.

Each Fund generally posts a detailed list of its securities (portfolio holdings) daily. In addition, each Fund generally posts its ten largest portfolio holdings, and the percentage that each of these holdings represents of the Fund's total assets, as of the most recent calendar month end, 10 calendar days after the end of the calendar month. These postings can be found on the internet at https://frostfundholdings.seic.com and generally remain until such information is included in a filing on Form N-PORT or Form N-CSR as described above. The Adviser may exclude any portion of a Fund's portfolio holdings from publication when deemed in the best interest of the Fund. Additionally, each Fund publishes a quarterly fact sheet that includes, among other things, a list of its ten largest portfolio holdings, on a quarterly basis, generally within four (4) weeks after the end of each quarter. The fact sheets will be available without charge, upon request, by calling 1-877-71-FROST.

In addition to information provided to shareholders and the general public, portfolio holdings information may be disclosed as frequently as daily to the Funds' Adviser, Administrator, Custodian, Transfer Agent, financial printer, pricing vendors, liquidity analytics vendors, class action reclaim vendors, foreign tax reclaim vendors and other vendors that provide the Adviser with various middle office, back office, client reporting and portfolio analytics services in connection with their services to the Funds. From time to time rating and ranking organizations, such as S&P, Lipper and Morningstar, Inc., may request non-public portfolio holdings information in connection with rating a Fund. Similarly, institutional investors, financial planners, pension plan sponsors and/or their consultants or other third parties may request portfolio holdings information in order to assess the risks of a Fund's portfolio along with related performance attribution statistics. The lag time for such disclosures will vary. The Funds believe that these third parties have legitimate objectives in requesting such portfolio holdings information. The Funds' Chief Compliance Officer will regularly review these arrangements and will make periodic reports to the Board regarding disclosure pursuant to such arrangements. The Adviser currently has no arrangements to provide non-public portfolio holdings information to any entity.

The Funds' policies and procedures provide that the Adviser's CCO may authorize disclosure of non-public portfolio holdings information to such parties at differing times and/or with different lag times. Prior to making any disclosure to a third party, the Adviser's CCO must determine that such disclosure serves a reasonable business purpose, is in the best interests of a Fund's shareholders and that to the extent conflicts between the interests of the Fund's shareholders and those of the Adviser, principal underwriter, or any affiliated person of the Fund exist, such conflicts are addressed. Portfolio holdings information may be disclosed no more frequently than monthly to ratings agencies, consultants and other qualified financial professionals or individuals. The disclosures will not be made sooner than three days after the date of the information.

With the exception of disclosures to rating and ranking organizations as described above, the Funds require any third party receiving non-public holdings information to enter into a confidentiality agreement with the Adviser. The confidentiality agreement provides, among other things, that non-public portfolio holdings information will be kept confidential and that the recipient has a duty not to trade on the non-public information and will use such information solely to analyze and rank the Funds, or to perform due diligence and asset allocation, depending on the recipient of the information.

The Funds' policies and procedures prohibit any compensation or other consideration from being paid to or received by any party in connection with the disclosure of portfolio holdings information, including the Funds, the Adviser and its affiliates or recipients of the Funds' portfolio holdings information.

The Adviser may manage other accounts that are not subject to these policies and procedures with investment objectives and strategies that are substantially similar to those of a Fund. Because the portfolio holdings of such accounts may be substantially similar, and in some cases nearly identical, to those of a Fund, an investor in such an account may be able to infer the portfolio holdings of a Fund from the portfolio holdings of the account.

**DESCRIPTION OF SHARES**

The Declaration of Trust authorizes the issuance of an unlimited number of funds and shares of each Fund, each of which represents an equal proportionate interest in the portfolio with each other share. Shares are entitled upon liquidation to a pro rata share in the net assets of a Fund. Shareholders have no preemptive rights. The Declaration of Trust provides that the Trustees may create additional series or classes of shares. All consideration received by the Trust for shares of any additional fund and all assets in which such consideration is invested would belong to that fund and would be subject to the liabilities related thereto. Share certificates representing shares will not be issued. The Funds' shares, when issued, are fully paid and non-assessable.

**LIMITATION OF TRUSTEES' LIABILITY**

The Declaration of Trust provides that a Trustee shall be liable only for his or her own willful defaults and, if reasonable care has been exercised in the selection of officers, agents, employees or investment advisers, shall not be liable for any neglect or wrongdoing of any such person. The Declaration of Trust also provides that the Trust will indemnify its Trustees and officers against liabilities and expenses incurred in connection with actual or threatened litigation in which they may be involved because of their offices with the Trust unless it is determined in the manner provided in the Declaration of Trust that they have not acted in good faith in the reasonable belief that their actions were in the best interests of the Trust. However, nothing in the Declaration of Trust shall protect or indemnify a Trustee against any liability for his or her willful misfeasance, bad faith, gross negligence or reckless disregard of his or her duties. Nothing contained in this section attempts to disclaim a Trustee's individual liability in any manner inconsistent with the federal securities laws.

**PROXY VOTING**

The Board has delegated responsibility for decisions regarding proxy voting for securities held by the Funds to the Adviser. The Adviser will vote such proxies in accordance with its proxy voting policies and procedures, which are included in Appendix B to this SAI.

The Trust is required to disclose annually the Funds' complete proxy voting record on Form N-PX. The Funds' proxy voting record for the most recent 12-month period ended June 30th is available: (i) without charge upon request by calling 1-877-71-FROST; (ii) by visiting www.frostinv.com; and (iii) on the SEC's website at www.sec.gov.

**CODES OF ETHICS**

The Board, on behalf of the Trust, has adopted a Code of Ethics pursuant to Rule 17j-1 under the 1940 Act. In addition, the Adviser, Distributor and Administrator have each adopted Codes of Ethics pursuant to Rule 17j-1. These Codes of Ethics apply to the personal investing activities of trustees, officers and certain employees ("Access Persons"). Rule 17j-1 and the Codes of Ethics are designed to prevent unlawful practices in connection with the purchase or sale of securities by Access Persons. Under each Code of Ethics, Access Persons are permitted to invest in securities, including securities that may be purchased or held by the Funds, but are required to report their personal securities transactions for monitoring purposes. In addition, certain Access Persons are required to obtain approval before investing in IPOs or private placements, or are prohibited from making such investments. Copies of these Codes of Ethics are on file with the SEC, and are available to the public.

**PRINCIPAL SHAREHOLDERS AND CONTROL PERSONS**

As of November 12, 2025, the following persons were record owners (or to the knowledge of the Trust, beneficial owners) of 5% or more of any class of the shares of the Funds. The Trust believes that most of the shares referred to below were held by the below persons in accounts for their fiduciary, agency or custodial customers. Persons beneficially owning more than 25% of a Fund's outstanding shares may be deemed to "control" the Fund within the meaning of the 1940 Act. Shareholders controlling a Fund may have a significant impact on any shareholder vote of the Fund.

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| | | |
|:---|:---|:---|
| **Frost Growth Equity Fund** | **Frost Growth Equity Fund** | **Frost Growth Equity Fund** |
| **Name and Address** | **Class of Shares** | **% of Class** |
| NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| Institutional | 33.39% |
| MUIR & CO<br> C/O FROST BANK TRUST DEPT<br> P.O. BOX 2950<br> SAN ANTONIO TX 78299-2950<br>| Institutional | 20.27% |
| MUIR & CO<br> C/O FROST BANK TRUST DEPT<br> P.O. BOX 2950<br> SAN ANTONIO TX 78299-2950 | Institutional | 20.17% |
| MUIR & CO<br> C/O FROST BANK TRUST DEPT<br> P.O. BOX 2950<br> SAN ANTONIO TX 78299-2950 | Institutional | 13.87% |
| HARTFORD LIFE INSURANCE CO<br> SEPARATE ACCOUNT<br> ATTN UIT OPERATIONS<br> PO BOX 2999<br> HARTFORD CT 06104-2999<br>| Investor | 48.80% |
| CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 101 MONTGOMERY ST<br> SAN FRANCISCO CA 94104-4151<br>| Investor | 17.28% |

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| | | |
|:---|:---|:---|
| **Frost Low Duration Bond Fund** | **Frost Low Duration Bond Fund** | **Frost Low Duration Bond Fund** |
| **Name and Address** | **Class of Shares** | **% of Class** |
| MUIR & CO<br> C/O FROST BANK TRUST DEPT<br> P.O. BOX 2950<br> SAN ANTONIO TX 78299-2950 | Institutional | 16.16% |
| MUIR & CO<br> C/O FROST BANK TRUST DEPT<br> P.O. BOX 2950<br> SAN ANTONIO TX 78299-2950 | Institutional | 15.38% |
| MUIR & CO<br> C/O FROST BANK TRUST DEPT<br> P.O. BOX 2950<br> SAN ANTONIO TX 78299-2950 | Institutional | 5.85% |
| NATIONAL FINANCIAL SERVICES LLC <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995  | Institutional | 5.03% |
| NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| Investor | 31.24% |

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| | | |
|:---|:---|:---|
| CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 101 MONTGOMERY ST<br> SAN FRANCISCO CA 94104-4151<br>| Investor | 12.34% |
| NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995 | Investor | 8.73% |

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| | | |
|:---|:---|:---|
| WELLS FARGO CLEARING SERVICES <br> A/C 3927-8427 2801 MARKET ST<br> SAINT LOUIS MO 63103-2523<br>| Investor | 5.33% |

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| | | |
|:---|:---|:---|
| **Frost Total Return Bond Fund** | **Frost Total Return Bond Fund** | **Frost Total Return Bond Fund** |
| **Name and Address** | **Class of Shares** | **% of Class** |
| CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 101 MONTGOMERY ST<br> SAN FRANCISCO CA 94104-4151<br>| Institutional | 25.69% |
| PERSHING LLC <br> 1 PERSHING PLZ <br> JERSEY CITY NJ 07399-0001 | Institutional | 14.09% |
| MUIR & CO<br> C/O FROST BANK TRUST DEPT<br> P.O. BOX 2950<br> SAN ANTONIO TX 78299-2950 | Institutional | 12.77% |
| MUIR & CO<br> C/O FROST BANK TRUST DEPT<br> P.O. BOX 2950<br> SAN ANTONIO TX 78299-2950 | Institutional | 5.64% |
| CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 101 MONTGOMERY ST<br> SAN FRANCISCO CA 94104-4151<br>| Investor | 5.53% |

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| | | |
|:---|:---|:---|
| NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995 | Class A | 17.60% |
| NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995 | Class A | 8.79% |
| NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995 | Class A | 6.80% |
| NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995 | Class A | 6.54% |

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| | | |
|:---|:---|:---|
| **Frost Credit Fund** | **Frost Credit Fund** | **Frost Credit Fund** |
| **Name and Address** | **Class of Shares** | **% of Class** |
| LPL FINANCIAL<br> FBO CUSTOMER ACCOUNTS<br> ATTN MUTUAL FUND OPERATIONS<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091<br>| Institutional | 24.98% |
| PERSHING LLC<br> PO BOX 2052<br> JERSEY CITY NJ 07303-2052 | Institutional | 18.53% |
| MUIR & CO<br> C/O FROST BANK TRUST DEPT<br> P.O. BOX 2950<br> SAN ANTONIO TX 78299-2950 | Institutional | 10.99% |
| MUIR & CO<br> C/O FROST BANK TRUST DEPT<br> P.O. BOX 2950<br> SAN ANTONIO TX 78299-2950 | Institutional | 9.96% |
| CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br>| Institutional | 5.69% |
| CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 101 MONTGOMERY ST<br> SAN FRANCISCO CA 94104-4151<br>| Investor | 40.76% |

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| | | |
|:---|:---|:---|
| STIFEL NICOLAUS & COMPANY, INC<br> A/C 1197-2318<br> 501 N BROADWAY FL 8<br> SAINT LOUIS MO 63102-2137<br>| Class A | 9.77% |
| NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br>| Class A | 6.76% |
| STIFEL NICOLAUS & COMPANY, INC <br> A/C 4351-2087 <br> 501 N BROADWAY FL 8 <br> SAINT LOUIS MO 63102-2137  | Class A | 5.18% |
| STIFEL NICOLAUS & COMPANY, INC<br> A/C 8082-2753<br> 501 N BROADWAY FL 8<br> SAINT LOUIS MO 63102-2137 | Class A | 5.12% |

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**APPENDIX A**

**DESCRIPTION OF RATINGS**

**Description of Ratings**

The following descriptions of securities ratings have been published by Moody's Investors Services, Inc. ("Moody's"), S&P Global Ratings ("S&P"), and Fitch Ratings ("Fitch"), respectively.

**Description of Moody's Global Ratings**

Ratings assigned on Moody's global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Long-term ratings are assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. Short-term ratings are assigned to obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment.

**Description of Moody's Global Long-Term Ratings**

**Aaa** Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

**Aa** Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

**A** Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

**Baa** Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

**Ba** Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

**B** Obligations rated B are considered speculative and are subject to high credit risk.

**Caa** Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

**Ca** Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

**C** Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

*Note*: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

**Hybrid Indicator (hyb)**

The hybrid indicator (hyb) is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms. By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.

**Description of Moody's Global Short-Term Ratings**

**P-1** Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.

**P-2** Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

**P-3** Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.

**NP** Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

**Description of Moody's U.S. Municipal Short-Term Obligation Ratings**

The Municipal Investment Grade ("MIG") scale is used to rate U.S. municipal cash flow notes, bond anticipation notes and certain other short-term obligations, which typically mature in three years or less.

Moody's U.S. municipal short-term obligation ratings are as follows:

**MIG 1** This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

**MIG 2** This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.

**MIG 3** This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

**SG** This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.

**Description of Moody's Demand Obligation Ratings**

In the case of variable rate demand obligations ("VRDOs"), Moody's assigns both a long-term rating and a short-term payment obligation rating. The long-term rating addresses the issuer's ability to meet scheduled principal and interest payments. The short-term payment obligation rating addresses the ability of the issuer or the liquidity provider to meet any purchase price payment obligation resulting from optional tenders ("on demand") and/or mandatory tenders of the VRDO. The short-term payment obligation rating uses the Variable Municipal Investment Grade ("VMIG") scale. Transitions of VMIG ratings with conditional liquidity support differ from transitions of Prime ratings reflecting the risk that external liquidity support will terminate if the issuer's long-term rating drops below investment grade. For VRDOs, Moody's typically assigns a VMIG rating if the frequency of the payment obligation is less than every three years. If the frequency of the payment obligation is less than three years, but the obligation is payable only with remarketing proceeds, the VMIG short-term rating is not assigned and it is denoted as "NR".

Moody's demand obligation ratings are as follows:

**VMIG 1** This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections.

**VMIG 2** This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections.

**VMIG 3** This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections.

**SG** This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the structural or legal protections.

**Description of S&P's Issue Credit Ratings**

An S&P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&P's view of the obligor's capacity and willingness to meet its financial commitments as they come due, and this opinion may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.

Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally assigned to those obligations considered short-term in the relevant market, typically with an original maturity of no more than 365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. S&P would typically assign a long-term issue credit rating to an obligation with an original maturity of greater than 365 days. However, the ratings S&P assigns to certain instruments may diverge from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.

Issue credit ratings are based, in varying degrees, on S&P's analysis of the following considerations:

&nbsp;&nbsp;&nbsp;&nbsp;• The likelihood of payment—the capacity and willingness of the obligor
 to meet its financial commitments on an obligation in accordance with the terms of the obligation;

&nbsp;&nbsp;&nbsp;&nbsp;• The nature and provisions of the financial obligation, and the promise S&P
 imputes; and

&nbsp;&nbsp;&nbsp;&nbsp;• The protection afforded by, and relative position of, the financial obligation
 in the event of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors'
 rights.

An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)

NR indicates that a rating has not been assigned or is no longer assigned.

**Description of S&P's Long-Term Issue Credit Ratings\***

**AAA** An obligation rated 'AAA' has the highest rating assigned by S&P. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

**AA** An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

**A** An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

**BBB** An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

**BB; B; CCC; CC; and C** Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

**BB** An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

**B** An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

**CCC** An obligation rated 'CCC' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

**CC** An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred but S&P expects default to be a virtual certainty, regardless of the anticipated time to default.

**C** An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

**D** An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

\* Ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

**Description of S&P's Short-Term Issue Credit Ratings**

**A-1** A short-term obligation rated 'A-1' is rated in the highest category by S&P. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

**A-2** A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

**A-3** A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

**B** A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

**C** A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

**D** A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

**Description of S&P's Municipal Short-Term Note Ratings**

An S&P U.S. municipal note rating reflects S&P's opinion about the liquidity factors and market access risks unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to assign, S&P's analysis will review the following considerations:

&nbsp;&nbsp;&nbsp;&nbsp;• Amortization schedule—the larger the final maturity relative to other
 maturities, the more likely it will be treated as a note; and

&nbsp;&nbsp;&nbsp;&nbsp;• Source of payment—the more dependent the issue is on the market for its
 refinancing, the more likely it will be treated as a note.

S&P's municipal short-term note ratings are as follows:

**SP-1** Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

**SP-2** Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

**SP-3** Speculative capacity to pay principal and interest.

**D** 'D' is assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions.

**Description of Fitch's Credit Ratings**

Fitch's credit ratings relating to issuers are forward looking opinions on the relative ability of an entity or obligation to meet financial commitments. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation. Credit ratings are used as indications of the likelihood of repayment in accordance with the terms of the issuance.

Fitch's credit rating scale for issuers and issues is expressed using the categories 'AAA' to 'BBB' (investment grade) and 'BB' to 'D' (speculative grade) with an additional +/- for AA through CCC levels indicating relative differences of probability of default or recovery for issues. The terms "investment grade" and "speculative grade" are market conventions and do not imply any recommendation or endorsement of a specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk, while ratings in the speculative grade categories signal either a higher level of credit risk or that a default has already occurred.

Fitch may also disclose issues relating to a rated issuer that are not and have not been rated. Such issues are also denoted as 'NR' on its webpage.

Fitch's credit ratings do not directly address any risk other than credit risk. Credit ratings do not deal with the risk of market value loss due to changes in interest rates, liquidity and/or other market considerations. However, market risk may be considered to the extent that it influences the ability of an issuer to pay or refinance a financial commitment. Ratings nonetheless do not reflect market risk to the extent that they influence the size or other conditionality of the obligation to pay upon a commitment (for example, in the case of payments linked to performance of an index).

Credit ratings are indications of the likelihood of repayment in accordance with the terms of the issuance. In limited cases, Fitch may include additional considerations (i.e. rate to a higher or lower standard than that implied in the obligation's documentation).

**Description of Fitch's Long-Term Corporate Finance Obligations Ratings**

**AAA** Highest credit quality. 'AAA' ratings denote the lowest expectation of credit risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

**AA** Very high credit quality. 'AA' ratings denote expectations of very low credit risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

**A** High credit quality. 'A' ratings denote expectations of low credit risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

**BBB** Good credit quality. 'BBB' ratings indicate that expectations of credit risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

**BB** Speculative. 'BB' ratings indicate an elevated vulnerability to credit risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be available to allow financial commitments to be met.

**B** Highly speculative. 'B' ratings indicate that material credit risk is present.

**CCC** Substantial credit risk. 'CCC' ratings indicate that substantial credit risk is present.

**CC** Very high levels of credit risk. 'CC' ratings indicate very high levels of credit risk.

**C** Exceptionally high levels of credit risk. 'C' ratings indicate exceptionally high levels of credit risk.

Ratings in the categories of 'CCC', 'CC' and 'C' can also relate to obligations or issuers that are in default. In this case, the rating does not opine on default risk but reflects the recovery expectation only.

Defaulted obligations typically are not assigned 'RD' or 'D' ratings, but are instead rated in the 'CCC' to 'C' rating categories, depending on their recovery prospects and other relevant characteristics. This approach better aligns obligations that have comparable overall expected loss but varying vulnerability to default and loss.

**Description of Fitch's Short-Term Ratings**

A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-Term Ratings are assigned to obligations whose initial maturity is viewed as "short term" based on market convention (a long-term rating can also be used to rate an issue with short maturity). Typically, this means up to 13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public finance markets.

Fitch's short-term ratings are as follows:

**F1** Highest short-term credit quality. Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

**F2** Good short-term credit quality. Good intrinsic capacity for timely payment of financial commitments.

**F3** Fair short-term credit quality. The intrinsic capacity for timely payment of financial commitments is adequate.

**B** Speculative short-term credit quality. Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

**C** High short-term default risk. Default is a real possibility.

**RD** Restricted default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.

**D** Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation.

**APPENDIX B**

**FROST INVESTMENT ADVISORS, LLC**

**PROXY VOTING POLICIES AND PROCEDURES**

Frost Investment Advisors, LLC has adopted the following proxy voting policies and procedures (the "Proxy Voting Policy") for the voting of proxies on behalf of client accounts for which Frost Investment Advisors, LLC has voting discretion by contract, including the Frost Investment Advisors, LLC Funds. Under this Proxy Voting Policy, shares are to be voted in a timely manner and in the best interests of the client. Frost Investment Advisors, LLC's CCO or their designee is responsible for monitoring compliance with these policies and procedures.

Frost Investment Advisors, LLC has retained an independent third party (the "Service Firm") to review proxy proposals and to vote proxies in a manner consistent with an approved set of guidelines (the "Proxy Guidelines"). The Proxy Guidelines are provided by the Service Provider and approved by the Chief Investment Officer ("CIO") of Frost Investment Advisors, LLC investment and the CCO or their designee. The CIO annually adopts the Proxy Guidelines concerning various corporate governance issues. The CIO has the ultimate responsibility for the content, interpretation and application of the Proxy Guidelines and may apply these Proxy Guidelines with a measure of flexibility. The CCO or their designee shall monitor the Service Firm to assure that all proxies are being properly voted and appropriate records are being retained.

Except as otherwise provided herein, the CIO may overrule the Service Firm and assert its authority to vote the proxies itself in instances where it is in disagreement with the Service Firm. The CIO may choose to vote contrary to the recommendations of the Service Firm, if it determines that such action is in the best interests of a Client. In exercising its discretion, the CIO may take into account a variety of factors relating to the matter under consideration, the nature of the proposal and the company involved. As a result, the CIO may vote in one manner in the case of one company and in a different manner in the case of another where, for example, the past history of the company, the character and integrity of its management, the role of outside directors, and the company's record of producing performance for investors justifies a high degree of confidence in the company and the effect of the proposal on the value of the investment.

Similarly, poor past performance, uncertainties about management and future directions, and other factors may lead the CIO to conclude that particular proposals present unacceptable investment risks and should not be supported. The CIO also evaluates proposals in context. A particular proposal may be acceptable standing alone, but objectionable when part of an existing or proposed package. Special circumstances may also justify casting different votes for different clients with respect to the same proxy vote.

Frost Investment Advisors, LLC may occasionally be subject to conflicts of interest in the voting of proxies due to business or personal relationships with persons having an interest in the outcome of certain votes. For example, Frost Investment Advisors, LLC or its affiliates may provide trust, custody, investment management, brokerage, underwriting, banking and related services to accounts owned or controlled by companies whose management is soliciting proxies. Occasionally, Frost Investment Advisors, LLC may also have business or personal relationships with other proponents of proxy proposals, participants in proxy contests, corporate directors or candidates for directorships. Frost Investment Advisors, LLC may also be required to vote proxies for securities issued by Cullen/Frost Bankers, Inc. or its affiliates or on matters in which Frost Investment Advisors, LLC has a direct financial interest, such as shareholder approval of a change in the advisory fees paid by a Fund.

Frost Investment Advisors, LLC seeks to address such conflicts of interest through various measures above, including and the retention of the Service Firm to perform proxy review and vote recommendation functions. The CIO has the responsibility to determine whether a proxy vote involves a potential conflict of interest and how the conflict should be addressed in conformance with the Proxy Voting Policy. The CIO would normally resolve such conflicts by allowing the Service Firm to vote in accordance with the Proxy Guidelines.

Frost Investment Advisors, LLC may choose to instruct the Service Firm not to vote proxies in certain situations or for a client. This may occur, for example, in situations where the exercise of voting rights could restrict the ability to freely trade the security in question (as is the case, for example, in certain foreign jurisdictions known as "blocking markets"). In addition, voting certain international securities may involve unusual costs to clients. In other cases it may not be possible to vote certain proxies despite good faith efforts to do so, for instance when inadequate notice of the matter is provided. In the instance of loan securities, voting of proxies typically requires termination of the loan, so it is not usually in the best economic interests of clients to vote proxies on loaned securities. Frost Investment Advisors, LLC typically will not, but reserves the right to, vote where share blocking restrictions, unusual costs or other barriers to efficient voting apply. If Frost Investment Advisors, LLC does not vote, it would have made the determination that the cost of voting exceeds the expected benefit to the client. The CIO shall record the reason for any proxy not being voted, which record shall be kept with the proxy voting records of Frost Investment Advisors, LLC.

In circumstances in which the Service Firm does not provide recommendations for a particular proxy, the CIO may obtain recommendations from analysts at Frost Investment Advisors, LLC who review the issuer in question or the industry in general. The CIO will apply the Proxy Guidelines as discussed above to any such recommendation.

Clients will be informed how they may obtain these proxy voting policies and procedures through Frost Investment Advisors, LLC's Part 2A of Form ADV, in the Funds' Statement of Additional Information ("SAI"). Further proxy voting information may be obtained in the Funds' SAI and shareholder's reports.

A report of proxies voted for the Funds is made quarterly to the Board, noting any proxies that were voted in exception to the Proxy Guidelines. Frost Investment Advisors, LLC's proxy voting record will also be filed on Form N-PX. An annual record of all proxy votes cast for the Funds during the most recent 12-month period ended June 30 can be obtained, free of charge, on the Fund's website, and on the SEC's website at www.sec.gov.

Frost Investment Advisors, LLC will prepare and maintain the following records of its proxy voting:

&nbsp;&nbsp;&nbsp;&nbsp;• The proxy voting policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;• Copies of proxy statements Frost Investment Advisors, LLC received for client
 securities;

&nbsp;&nbsp;&nbsp;&nbsp;• A record of each vote Frost Investment Advisors, LLC cast on behalf of a client;

&nbsp;&nbsp;&nbsp;&nbsp;• A copy of any document Frost Investment Advisors, LLC created that was material
 to making a decision on how to vote proxies on behalf of a client or that memorializes the basis for that decision; and

A copy of each written client request for information on how Frost Investment Advisors, LLC voted proxies on behalf of the client, and a copy of any written response by Frost Investment Advisors, LLC to any (written or oral) client request for that information on behalf of the requesting client.

**PART C: OTHER INFORMATION**

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| **<u>Item 28.</u>** | **<u>Exhibits</u>** |

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|:---|:---|
| (a)(1) | [Registrant's Certificate of Trust, dated December 11, 2018, is incorporated herein by reference to Exhibit (a)(1) of the Registrant's Registration Statement on Form N-1A (File No. 333-229001), filed with the U.S. Securities and Exchange Commission (the "SEC") via EDGAR Accession No. 0001398344-18-018438 on December 21, 2018.](http://www.sec.gov/Archives/edgar/data/1762332/000139834418018438/fp0037910_ex9928a1.htm) |

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|:---|:---|
| (a)(2) | [Registrant's Agreement and Declaration of Trust, dated December 11, 2018, is incorporated herein by reference to Exhibit (a)(2) of the Registrant's Registration Statement on Form N-1A (File No. 333-229001), filed with the SEC via EDGAR Accession No. 0001398344-21-022427 on November 24, 2021.](https://www.sec.gov/Archives/edgar/data/1762332/000139834421022427/fp0070275_ex9928a2.htm) |

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|:---|:---|
| (b)(1) | [Registrant's By-Laws are incorporated herein by reference to Exhibit (b) of the Registrant's Registration Statement on Form N-1A (File No. 333-229001), filed with the SEC via EDGAR Accession No. 0001398344-18-018438 on December 21, 2018.](http://www.sec.gov/Archives/edgar/data/1762332/000139834418018438/fp0037910_ex9928b.htm) |

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|:---|:---|
| (b)(2) | [Amendment No. 1, dated May 20, 2020, to the Registrant's By-Laws, is incorporated herein by reference to Exhibit (b)(2) of Post-Effective Amendment No. 6 to the Registrant's Registration Statement on Form N-1A (File No. 333-229001), filed with the SEC via EDGAR Accession No. 0001398344-20-023462 on November 25, 2020.](https://www.sec.gov/Archives/edgar/data/1762332/000139834420023462/fp0059430_ex9928b2.htm) |

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(c) [See Article III and Article V of the Registrant's Agreement and Declaration of Trust, which is incorporated herein by reference to Exhibit (c) of the Registrant's Registration Statement on Form N-1A (File No. 333-229001), filed with the SEC via EDGAR Accession No. 0001398344-18-018438 on December 21, 2018.](http://www.sec.gov/Archives/edgar/data/1762332/000139834418018438/fp0037910_ex9928a2.htm)

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| (d)(1)(i) | [Investment Advisory Agreement, dated May 31, 2019, between the Registrant and Frost Investment Advisors, LLC (the "Adviser"), is incorporated herein by reference to Exhibit (d)(1) of Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-1A (File No. 333-229001), filed with the SEC via EDGAR Accession No. 0001398344-19-009853 on May 30, 2019.](http://www.sec.gov/Archives/edgar/data/1762332/000139834419009853/fp0042641_ex9928d1.htm) |

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|:---|:---|
| (d)(1)(ii) | [Amended and Restated Schedule A, dated November 28, 2020, to the Investment Advisory Agreement, dated May 31, 2019, between the Registrant and the Adviser, is incorporated herein by reference to Exhibit (d)(1)(ii) of Post-Effective Amendment No. 6 to the Registrant's Registration Statement on Form N-1A (File No. 333-229001), filed with the SEC via EDGAR Accession No. 0001398344-20-023462 on November 25, 2020.](https://www.sec.gov/Archives/edgar/data/1762332/000139834420023462/fp0059430_ex9928d1ii.htm) |

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| (d)(2)(i) | [Expense Limitation Agreement, dated May 31, 2019, between the Registrant and the Adviser, is incorporated herein by reference to Exhibit (d)(2) of Pre-Effective Amendment No. 2 to the Registrant's Registration Statement on Form N-1A (File No. 333-229001), filed with the SEC via EDGAR Accession No. 0001398344-19-010543 on June 17, 2019.](http://www.sec.gov/Archives/edgar/data/1762332/000139834419010543/fp0043222_ex9928d2.htm) |

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| (d)(2)(ii) | [Amended and Restated Schedule A, dated August 31, 2019, to the Expense Limitation Agreement, dated May 31, 2019, between the Registrant and the Adviser, is incorporated herein by reference to Exhibit (d)(2)(ii) of Post-Effective Amendment No. 3 to the Registrant's Registration Statement on Form N-1A (File No. 333-229001), filed with the SEC via EDGAR Accession No. 0001398344-19-018200 on October 21, 2019.](http://www.sec.gov/Archives/edgar/data/1762332/000139834419018200/fp0046573_ex9928d2ii.htm) |

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(e) [Distribution Agreement, dated May 31, 2019, between the Registrant and SEI Investments Distribution Co. ("SIDCo."), is incorporated herein by reference to Exhibit (e) of Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-1A (File No. 333-229001), filed with the SEC via EDGAR Accession No. 0001398344-19-009853 on May 30, 2019.](http://www.sec.gov/Archives/edgar/data/1762332/000139834419009853/fp0042641_ex9928e.htm)

(f) Not Applicable.

(g) [Custodian Agreement, dated September 22, 2020, between the Registrant and Brown Brothers Harriman & Co., is incorporated herein by reference to Exhibit (g) of Post-Effective Amendment No. 6 to the Registrant's Registration Statement on Form N-1A (File No. 333-229001), filed with the SEC via EDGAR Accession No. 0001398344-20-023462 on November 25, 2020.](https://www.sec.gov/Archives/edgar/data/1762332/000139834420023462/fp0059430_ex9928g.htm)

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| (h)(1) | [Administration Agreement, dated May 31, 2019, between the Registrant and SEI Investments Global Funds Services ("SIGFS"), is incorporated herein by reference to Exhibit (h)(1) of Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-1A (File No. 333-229001), filed with the SEC via EDGAR Accession No. 0001398344-19-009853 on May 30, 2019.](http://www.sec.gov/Archives/edgar/data/1762332/000139834419009853/fp0042641_ex9928h1.htm) |

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|:---|:---|
| (h)(2) | [Transfer Agency Agreement, dated May 29, 2019, between the Registrant and DST Systems, Inc., is incorporated herein by reference to Exhibit (h)(2) of Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-1A (File No. 333-229001), filed with the SEC via EDGAR Accession No. 0001398344-19-009853 on May 30, 2019.](http://www.sec.gov/Archives/edgar/data/1762332/000139834419009853/fp0042641_ex9928h2.htm) |

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|:---|:---|
| (h)(3)(i) | [Shareholder Services Plan, is incorporated herein by reference to Exhibit (h)(3) of Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-1A (File No. 333-229001), filed with the SEC via EDGAR Accession No. 0001398344-19-009853 on May 30, 2019.](http://www.sec.gov/Archives/edgar/data/1762332/000139834419009853/fp0042641_ex9928h3.htm) |

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|:---|:---|
| (h)(3)(ii) | [Amended and Restated Exhibit A, dated August 21, 2019, to the Shareholder Services Plan, is incorporated herein by reference to Exhibit (h)(3)(ii) of Post-Effective Amendment No. 3 to the Registrant's Registration Statement on Form N-1A (File No. 333-229001), filed with the SEC via EDGAR Accession No. 0001398344-19-018200 on October 21, 2019.](http://www.sec.gov/Archives/edgar/data/1762332/000139834419018200/fp0046573_ex9928h3ii.htm) |

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(i) [Opinion and Consent of Counsel, Morgan, Lewis & Bockius LLP, is filed herewith.](fp0095498-4_ex9928i.htm)

(j) [Consent of Independent Registered Public Accounting Firm, Ernst & Young LLP, is filed herewith.](fp0095498-4_ex9928j.htm)

(k) Not applicable.

(l) Not applicable.

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|:---|:---|
| (m)(1) | [Distribution Plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the "1940 Act"), is incorporated herein by reference to Exhibit (m) of Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-1A (File No. 333-229001), filed with the SEC via EDGAR Accession No. 0001398344-19-009853 on May 30, 2019.](http://www.sec.gov/Archives/edgar/data/1762332/000139834419009853/fp0042641_ex9928m.htm) |

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|:---|:---|
| (m)(2) | [Amended and Restated Schedule A, dated August 21, 2019, to the Distribution Plan adopted pursuant to Rule 12b-1 under the 1940 Act, is incorporated herein by reference to Exhibit (m)(2) of the Registrant's Registration Statement on Form N-1A (File No. 333-229001), filed with the SEC via EDGAR Accession No. 0001398344-21-022427 on November 24, 2021.](https://www.sec.gov/Archives/edgar/data/1762332/000139834421022427/fp0070275_ex9928m2.htm) |

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|:---|:---|
| (n)(1) | [Multiple Class Plan adopted pursuant to Rule 18f-3 under the 1940 Act, is incorporated herein by reference to Exhibit (n) of Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-1A (File No. 333-229001), filed with the SEC via EDGAR Accession No. 0001398344-19-009853 on May 30, 2019.](http://www.sec.gov/Archives/edgar/data/1762332/000139834419009853/fp0042641_ex9928n.htm) |

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|:---|:---|
| (n)(2) | [Amended and Restated Schedule A to the Multiple Class Plan adopted pursuant to Rule 18f-3 under the 1940 Act, is incorporated herein by reference to Exhibit (n)(2) of Post-Effective Amendment No. 3 to the Registrant's Registration Statement on Form N-1A (File No. 333-229001), filed with the SEC via EDGAR Accession No. 0001398344-19-018200 on October 21, 2019.](http://www.sec.gov/Archives/edgar/data/1762332/000139834419018200/fp0046573_ex9928n2.htm) |

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(o) Not applicable.

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|:---|:---|
| (p)(1) | [Code of Ethics for the Registrant, is incorporated herein by reference to Exhibit (p)(1) of Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-1A (File No. 333-229001), filed with the SEC via EDGAR Accession No. 0001398344-19-009853 on May 30, 2019.](http://www.sec.gov/Archives/edgar/data/1762332/000139834419009853/fp0042641_ex9928p1.htm) |

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|:---|:---|
| (p)(2) | [Code of Ethics for the Adviser, is incorporated herein by reference to Exhibit (p)(2) of Post-Effective Amendment No. 9 to the Registrant's Registration Statement on Form N-1A (File No. 333-229001), filed with the SEC via EDGAR Accession No. 0001398344-23-021220 on November 28, 2023.](https://www.sec.gov/Archives/edgar/data/1762332/000139834423021220/fp0085999-1_ex9928p2.htm) |

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|:---|:---|
| (p)(3) | [Code of Ethics for SIDCo. is incorporated herein by reference to Exhibit (p)(3) of Post Effective Amendment No. 10 to the Registrant's Registration Statement on Form N-1A (File No. 333-229001), filed with the SEC via EDGAR Accession No. 0001398344-24-022184 on November 27, 2024.](https://www.sec.gov/Archives/edgar/data/1762332/000139834424022184/fp0091105-1_ex9928p3.htm) |

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|:---|:---|
| (p)(4) | [Code of Ethics for SIGFS is incorporated herein by reference to Exhibit (p)(4) of Post Effective Amendment No. 10 to the Registrant's Registration Statement on Form N-1A (File No. 333-229001), filed with the SEC via EDGAR Accession No. 0001398344-24-022184 on November 27, 2024.](https://www.sec.gov/Archives/edgar/data/1762332/000139834424022184/fp0091105-1_ex9928p4.htm) |

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|:---|:---|
| (q)(1) | [Powers of Attorney for Messrs. Robert A. Nesher, Joseph T. Grause, Jr., Bruce Speca, Robert Mulhall and Michael Beattie, are incorporated herein by reference to Exhibit (q)(1) of Post-Effective Amendment No. 6 to the Registrant's Registration Statement on Form N-1A (File No. 333-229001), filed with the SEC via EDGAR Accession No. 0001398344-20-023462 on November 25, 2020.](https://www.sec.gov/Archives/edgar/data/1762332/000139834420023462/fp0059430_ex9928q1.htm) |

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| | |
|:---|:---|
| (q)(2) | [Resolution adopted by the Board of Trustees of the Registrant on August 19, 2020, is incorporated herein by reference to Exhibit (q)(2) of Post-Effective Amendment No. 6 to the Registrant's Registration Statement on Form N-1A (File No. 333-229001), filed with the SEC via EDGAR Accession No. 0001398344-20-023462 on November 25, 2020.](https://www.sec.gov/Archives/edgar/data/1762332/000139834420023462/fp0059430_ex9928q2.htm) |

---

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| | |
|:---|:---|
| (q)(3) | [Power of Attorney for Mr. Mace McCain is incorporated herein by reference to Exhibit (q)(3) of Post-Effective Amendment No. 7 to the Registrant's Registration Statement on Form N-1A (File No. 333-229001), filed with the SEC via EDGAR Accession No. 0001398344-21-022427 on November 24, 2021.](https://www.sec.gov/Archives/edgar/data/1762332/000139834421022427/fp0070275_ex9928q3.htm) |

---

---

| | |
|:---|:---|
| (q)(4) | [Power of Attorney for Mr. Andrew Metzger is incorporated herein by reference to Exhibit (q)(4) of Post-Effective Amendment No. 7 to the Registrant's Registration Statement on Form N-1A (File No. 333-229001), filed with the SEC via EDGAR Accession No. 0001398344-21-022427 on November 24, 2021.](https://www.sec.gov/Archives/edgar/data/1762332/000139834421022427/fp0070275_ex9928q4.htm) |

---

**Item 29. *Persons Controlled by or Under Common Control with the Registrant:***

 ****

Not applicable.

**Item 30. *Indemnification:***

Please see Article VII of the Registrant's Agreement and Declaration of Trust.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "1933 Act") may be permitted to trustees, directors, officers and controlling persons of the Registrant by the Registrant pursuant to the Declaration of Trust or otherwise, the Registrant is aware that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Act and, therefore, is unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by trustees, directors, officers or controlling persons of the Registrant in connection with the successful defense of any act, suite or proceeding) is asserted by such trustees, directors, officers or controlling persons in connection with the shares being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issues.

**Item 31. *Business and Other Connections of the Investment Adviser:***

The principal business address for the Adviser is 111 West Houston Street, P.O. Box 2509, San Antonio, Texas 78299-2509. The Adviser is an investment adviser registered under the Investment Advisers Act of 1940, as amended. The information below is for the fiscal years ended July 31, 2024 and 2025.

---

| | | |
|:---|:---|:---|
| **Name and Position with Investment Adviser** | **Name and Principal Business Address of Other Company** | **Connection with Other Company** |
| Mace McCain, President, Chief Investment Officer and Manager | Frost Family of Funds<br> One Freedom Valley Drive<br> Oaks, PA 19456 | Trustee |

---

**Item 32. *Principal Underwriters***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's distributor, SEI Investments Distribution Co. (the "Distributor"), acts as distributor for:

SEI Daily Income Trust July 15, 1982 <br> SEI Tax Exempt Trust December 3, 1982 <br> SEI Institutional Managed Trust January 22, 1987

---

| | |
|:---|:---|
| SEI Institutional International Trust | August 30, 1988 |
| The Advisors' Inner Circle Fund | November 14, 1991 |
| The Advisors' Inner Circle Fund II | January 28, 1993 |
| Bishop Street Funds | January 27, 1995 |
| SEI Asset Allocation Trust | April 1, 1996 |
| SEI Institutional Investments Trust | June 14, 1996 |
| City National Rochdale Funds (f/k/a CNI Charter Funds) | April 1, 1999 |
| Causeway Capital Management Trust | September 20, 2001 |
| SEI Offshore Opportunity Fund II, Ltd. | September 1, 2005 |
| ProShares Trust | November 14, 2005 |
| Community Capital Trust (f/k/a Community Reinvestment Act Qualified Investment Fund) | January 8, 2007 |
| SEI Offshore Advanced Strategy Series SPC | July 31, 2007 |
| SEI Structured Credit Fund, LP | July 31, 2007 |
| Global X Funds | October 24, 2008 |
| ProShares Trust II | November 17, 2008 |
| SEI Special Situations Fund, Ltd. | July 1, 2009 |
| Exchange Traded Concepts Trust (f/k/a FaithShares Trust) | August 7, 2009 |
| Schwab Strategic Trust | October 12, 2009 |
| RiverPark Funds Trust | September 8, 2010 |
| Adviser Managed Trust | December 10, 2010 |
| SEI Core Property Fund | January 1, 2011 |
| New Covenant Funds | March 23, 2012 |
| KraneShares Trust | December 18, 2012 |
| The Advisors' Inner Circle Fund III | February 12, 2014 |
| SEI Catholic Values Trust | March 24, 2015 |
| SEI Hedge Fund SPC | June 26, 2015 |
| SEI Energy Debt Fund, LP | June 30, 2015 |
| Gallery Trust | January 8, 2016 |
| City National Rochdale Select Strategies Fund | March 1, 2017 |
| City National Rochdale Strategic Credit Fund | May 16, 2018 |
| Symmetry Panoramic Trust | July 23, 2018 |
| SEI Vista Fund, Ltd. | January 20, 2021 |
| Wilshire Private Assets Fund | March 22, 2021 |
| Catholic Responsible Investments Funds | November 17, 2021 |

---

---

| | |
|:---|:---|
| SEI Exchange Traded Funds | May 18, 2022 |
| SEI Global Private Assets VI, L.P. | July 29, 2022 |
| Quaker Investment Trust | June 8, 2023 |
| SEI Alternative Income Fund | September 1, 2023 |

---

The Distributor provides numerous financial services to investment managers, pension plan sponsors, and bank trust departments. These services include portfolio evaluation, performance measurement and consulting services ("Funds Evaluation") and automated execution, clearing and settlement of securities transactions ("MarketLink").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise noted, the business address of each of the following directors and officers of the Distributor is One Freedom Valley Drive, Oaks, PA 19456.

---

| | | |
|:---|:---|:---|
| Name | Position and Office<br> with Distributor | Positions and Offices<br> with Registrant |
| Paul F. Klauder | President, Chief Executive Officer & Director | -- |
| John C. Munch | General Counsel & Secretary | -- |
| William M. Doran | Director | -- |
| Kevin Crowe | Director | -- |
| Jason McGhin | Vice President & Chief Operations Officer | -- |
| John P. Coary | Vice President, Chief Financial Officer & Treasurer | -- |
| Jennifer H. Campisi | Chief Compliance Officer, Assistant Secretary &Anti-Money Laundering Officer | -- |
| William M. Martin | Vice President | -- |
| Christopher Rowan | Vice President | -- |
| Judith A. Rager | Vice President | -- |
| Gary Michael Reese | Vice President | -- |
| Robert M. Silvestri | Vice President | -- |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not applicable.

**Item 33. *Location of Accounts and Records:***

All accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules thereunder will be maintained at the offices of:

Frost Family of Funds

One Freedom Valley Drive

Oaks, Pennsylvania 19456

<u>The Registrant's custodian</u>

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, Massachusetts 02110

<u>The Registrant's administrator</u>

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, Pennsylvania 19456

<u>The Registrant's adviser</u>

Frost Investment Advisors, LLC

111 West Houston Street

P.O. Box 2509

San Antonio, Texas 78299-2509

<u>The Registrant's distributor</u>

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, Pennsylvania 19456

**<u>Item 34. *Management Services:*</u>**

None.

**<u>Item 35. *Undertakings:*</u>**

Not applicable.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933, as amended, and has duly caused this Post-Effective Amendment No. 11 to Registration Statement No. 333-229001 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Oaks, Commonwealth of Pennsylvania on the 26th day of November, 2025.

---

| |
|:---|
| **FROST FAMILY OF FUNDS** |
| By: \* |
| Michael Beattie, President and |
| Principal Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date(s) indicated.

---

| | | |
|:---|:---|:---|
| \* | Trustee | November 26, 2025 |
| Robert A. Nesher |  |  |
| \* | Trustee | November 26, 2025 |
| Mace McCain |  |  |
| \* | Trustee | November 26, 2025 |
| Joseph T. Grause, Jr. |  |  |
| \* | Trustee | November 26, 2025 |
| Bruce Speca |  |  |
| \* | Trustee | November 26, 2025 |
| Robert Mulhall |  |  |
| \* | President and Principal | November 26, 2025 |
| Michael Beattie | Executive Officer |  |
| \* | Treasurer, Controller | November 26, 2025 |
| Andrew Metzger | and Chief Financial Officer |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ Matthew M. Maher |
|  | Matthew M. Maher |
|  | Attorney-in-Fact |

---

**Exhibit Index**

[(i)](fp0095498-4_ex9928i.htm) [Opinion and Consent of Counsel, Morgan, Lewis & Bockius LLP](fp0095498-4_ex9928i.htm)

[(j)](fp0095498-4_ex9928j.htm) [Consent of Independent Registered Public Accounting Firm, Ernst & Young LLP](fp0095498-4_ex9928j.htm)

## Exhibit 99.28

![](mlewis_001.jpg)

November 26, 2025

Frost Family of Funds

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Re: <u>Opinion of Counsel regarding Post-Effective Amendment No. 11 to the Registration Statement filed on Form N-1A under the Securities Act of 1933 (File No. 333-229001)</u>

Ladies and Gentlemen:

We have acted as counsel to Frost Family of Funds (the "Trust"), a Delaware statutory trust, in connection with the above-referenced registration statement (as amended, the "Registration Statement"), which relates to the Trust's units of beneficial interest, with no par value per share (collectively, the "Shares"), of the following portfolios of the Trust: Frost Growth Equity Fund, Frost Total Return Bond Fund, Frost Credit Fund and Frost Low Duration Bond Fund (the "Funds"). This opinion is being delivered to you in connection with the Trust's filing of Post-Effective Amendment No. 11 to the Registration Statement (the "Amendment") with the U.S. Securities and Exchange Commission pursuant to Rule 485(b) under the Securities Act of 1933, as amended (the "1933 Act"). With your permission, all assumptions and statements of reliance herein have been made without any independent investigation or verification on our part except to the extent otherwise expressly stated, and we express no opinion with respect to the subject matter or accuracy of such assumptions or items relied upon.

In connection with this opinion, we have reviewed, among other things, copies of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a certificate of the State of Delaware certifying that the Trust is validly existing under the laws of
the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Trust's Agreement and Declaration of Trust dated December 11, 2018 (the "Declaration of
Trust") and By-Laws dated December 11, 2018, as amended May 20, 2020 (the "By-Laws");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a certificate executed by Matthew M. Maher, the Secretary of the Trust, certifying as to, and attaching
copies of, the Declaration of Trust and By-Laws and certain resolutions adopted by the Board of Trustees of the Trust authorizing the
issuance of the Shares of the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a printer's proof of the Amendment.

---

| | |
|:---|:---|
| **Morgan, Lewis & Bockius llp** |  |
| 2222 Market Street |  |
| Philadelphia, PA 19103-3007 | ![](mlewis_002.jpg) +1.215.963.5000 |
| United States | ![](mlewis_003.jpg) +1.215.963.5001 |

---

In our capacity as counsel to the Trust, we have examined the originals, or certified, conformed or reproduced copies, of all records, agreements, instruments and documents as we have deemed relevant or necessary as the basis for the opinion hereinafter expressed. In all such examinations, we have assumed the legal capacity of all natural persons executing documents, the genuineness of all signatures, the authenticity of all original or certified copies, and the conformity to original or certified copies of all copies submitted to us as conformed or reproduced copies. As to various questions of fact relevant to such opinion, we have relied upon, and assume the accuracy of, certificates and oral or written statements of public officials and officers and representatives of the Trust. We have assumed that the Amendment, as filed with the U.S. Securities and Exchange Commission, will be in substantially the form of the printer's proof referred to in paragraph (d) above.

Based upon, and subject to, the limitations set forth herein, we are of the opinion that the Shares, when issued and sold in accordance with the terms of purchase described in the Registration Statement, will be legally issued, fully paid and non-assessable under the laws of the State of Delaware.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving this consent, we do not concede that we are in the category of persons whose consent is required under Section 7 of the 1933 Act.

Very truly yours,

<u>/s/ Morgan, Lewis & Bockius LLP</u>

## Exhibit 99.28

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the references to our firm under the captions "Financial Highlights" in the Prospectus and "Independent Registered Public Accounting Firm" in the Statement of Additional Information, each dated November 28, 2025, and each included in this Post-Effective Amendment Number 11 to the Registration Statement (Form N-1A, File No. 333-229001) of Frost Family of Funds (the "Registration Statement").

We also consent to the incorporation by reference of our report dated September 25, 2025, with respect to the financial statements and financial highlights of Frost Credit Fund, Frost Growth Equity Fund, Frost Low Duration Bond Fund, and Frost Total Return Bond Fund (four of the funds constituting Frost Family of Funds), which are included in the Annual Report to Shareholders (Form N-CSR) for the year ended July 31, 2025, into this Registration Statement, filed with the Securities and Exchange Commission.

/s/ Ernst & Young LLP

San Antonio, Texas

November 26, 2025