| |
FROST GROWTH EQUITY FUND April 30, 2026 (Unaudited)
| Description | Shares | Value | ||||||
| COMMON STOCK§ — 99.8% | ||||||||
| Communication Services — 16.2% | ||||||||
| Alphabet, Cl C | 30,092 | $ | 11,493,339 | |||||
| Alphabet, Cl A | 24,898 | 9,580,750 | ||||||
| Meta Platforms, Cl A | 13,769 | 8,425,389 | ||||||
| Netflix * | 36,413 | 3,408,621 | ||||||
| Reddit, Cl A * | 2,013 | 296,374 | ||||||
| Spotify Technology * | 3,509 | 1,566,944 | ||||||
| 34,771,417 | ||||||||
| Consumer Discretionary — 13.2% | ||||||||
| Amazon.com * | 52,147 | 13,822,084 | ||||||
| Birkenstock Holding * | 15,246 | 590,630 | ||||||
| Booking Holdings | 7,025 | 1,182,729 | ||||||
| Chipotle Mexican Grill, Cl A * | 14,396 | 489,320 | ||||||
| Dutch Bros, Cl A * | 20,458 | 1,176,539 | ||||||
| Home Depot | 3,424 | 1,125,811 | ||||||
| O'Reilly Automotive * | 29,006 | 2,883,196 | ||||||
| Royal Caribbean Cruises | 6,160 | 1,624,762 | ||||||
| Tesla * | 10,001 | 3,816,682 | ||||||
| TJX | 11,012 | 1,726,131 | ||||||
| 28,437,884 | ||||||||
| Consumer Staples — 2.3% | ||||||||
| Coca-Cola | 14,695 | 1,157,378 | ||||||
| Costco Wholesale | 2,972 | 3,015,183 | ||||||
| Monster Beverage * | 9,678 | 745,884 | ||||||
| 4,918,445 | ||||||||
| Financials — 6.2% | ||||||||
| Adyen ADR * | 71,448 | 803,790 | ||||||
| Arthur J Gallagher | 3,749 | 773,794 | ||||||
| Mastercard, Cl A | 8,610 | 4,330,141 | ||||||
| Moody's | 4,891 | 2,258,908 | ||||||
| Visa, Cl A | 15,676 | 5,170,572 | ||||||
| 13,337,205 | ||||||||
| Health Care — 8.0% | ||||||||
| AbbVie | 6,261 | 1,323,074 | ||||||
| Danaher | 5,734 | 1,026,099 | ||||||
| Eli Lilly | 7,214 | 6,742,205 | ||||||
| Insmed * | 6,292 | 857,788 | ||||||
| Intuitive Surgical * | 8,503 | 3,891,058 | ||||||
| Medline, Cl A * | 28,568 | 1,270,419 | ||||||
| UnitedHealth Group | 2,986 | 1,106,253 | ||||||
| Vertex Pharmaceuticals * | 2,175 | 929,552 | ||||||
| 17,146,448 | ||||||||
| Industrials — 6.0% | ||||||||
| Boeing * | 6,324 | 1,448,386 | ||||||
| Eaton | 3,300 | 1,428,933 | ||||||
| GE Vernova | 2,407 | 2,607,888 | ||||||
| General Electric | 13,405 | 3,886,511 | ||||||
| Trane Technologies | 3,261 | 1,606,173 | ||||||
| TransDigm Group | 1,108 | 1,285,258 | ||||||
| Uber Technologies * | 9,985 | 744,981 | ||||||
| 13,008,130 | ||||||||
| Information Technology — 47.0% | ||||||||
| Advanced Micro Devices * | 7,572 | 2,684,198 | ||||||
| Apple | 74,094 | 20,105,407 | ||||||
| Arista Networks * | 14,760 | 2,549,200 | ||||||
| ASML Holding, Cl G | 809 | 1,164,143 | ||||||
| Broadcom | 31,259 | 13,048,444 | ||||||
| Description | Shares | Value | ||||||
| Datadog, Cl A * | 8,291 | $ | 1,095,987 | |||||
| Intuit | 2,944 | 1,143,744 | ||||||
| KLA | 721 | 1,262,003 | ||||||
| Microsoft | 44,894 | 18,306,875 | ||||||
| Monolithic Power Systems | 1,770 | 2,857,506 | ||||||
| NVIDIA | 146,510 | 29,239,001 | ||||||
| Oracle | 10,252 | 1,654,570 | ||||||
| Palantir Technologies, Cl A * | 6,567 | 913,535 | ||||||
| Palo Alto Networks * | 9,386 | 1,683,098 | ||||||
| ServiceNow * | 15,066 | 1,330,479 | ||||||
| Snowflake, Cl A * | 9,537 | 1,301,514 | ||||||
| Synopsys * | 1,775 | 856,615 | ||||||
| 101,196,319 | ||||||||
| Materials — 0.3% | ||||||||
| Sherwin-Williams | 1,969 | 633,250 | ||||||
| Real Estate — 0.6% | ||||||||
| American Tower ‡ | 6,586 | 1,203,328 | ||||||
| Total Common Stock | ||||||||
| (Cost $75,038,607) | 214,652,426 | |||||||
| Total Investments — 99.8% | ||||||||
| (Cost $75,038,607) | $ | 214,652,426 | ||||||
Percentages are based on Net Assets of $214,999,229.
| * | Non-income producing security. |
| § | Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting. |
| ‡ | Real Estate Investment Trust |
For information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund’s most recent financial statements.
See “Glossary” for abbreviations.
FIA-QH-001-3700
1
| |
FROST TOTAL RETURN BOND FUND April 30, 2026 (Unaudited)
| Description | Face Amount | Value | ||||||
| MORTGAGE-BACKED SECURITIES — 46.0% | ||||||||
| Agency Mortgage-Backed Obligation — 36.0% | ||||||||
| FHLMC | ||||||||
| 6.000%, 08/01/53 to 09/01/53 | $ | 32,972,378 | $ | 34,035,491 | ||||
| 5.500%, 08/01/54 to 11/01/54 | 139,560,051 | 140,769,000 | ||||||
| 5.000%, 06/01/54 | 27,419,498 | 27,080,878 | ||||||
| FHLMC Military Housing Bonds Resecuritization Trust Certificates, Ser 2015-R1, Cl C3 | ||||||||
| 5.947%, 11/25/52 (A)(B) | 30,062,155 | 25,959,061 | ||||||
| FHLMC, Ser 2012-3996, Cl QL | ||||||||
| 4.000%, 02/15/42 | 4,387,308 | 4,246,029 | ||||||
| FHLMC, Ser 2024-5406, Cl PO, PO | ||||||||
| 0.000%, 03/25/52 (C)(D) | 61,032,960 | 42,024,751 | ||||||
| FHLMC, Ser 2024-5417, Cl JA | ||||||||
| 5.500%, 08/25/44 | 64,025,549 | 65,110,430 | ||||||
| FHLMC, Ser 2024-5425, Cl A | ||||||||
| 5.500%, 09/25/44 | 57,613,815 | 58,593,273 | ||||||
| FHLMC, Ser 2024-5429, Cl DV | ||||||||
| 6.000%, 04/25/35 | 12,205,297 | 12,425,830 | ||||||
| FHLMC, Ser 2024-5491, Cl C | ||||||||
| 5.500%, 11/25/50 | 31,821,130 | 31,931,905 | ||||||
| FNMA | ||||||||
| 6.500%, 11/01/53 | 18,496,655 | 19,223,628 | ||||||
| 6.000%, 09/01/53 | 13,181,987 | 13,340,168 | ||||||
| 5.500%, 05/01/44 to 01/01/54 | 17,573,219 | 17,754,596 | ||||||
| 5.000%, 11/01/39 to 07/01/53 | 23,611,838 | 23,579,401 | ||||||
| 2.710%, 09/01/29 | 8,000,000 | 7,648,735 | ||||||
| FNMA, Ser 2012-68, Cl GY | ||||||||
| 3.000%, 07/25/32 | 3,661,057 | 3,551,120 | ||||||
| FNMA, Ser 2024-25, Cl A | ||||||||
| 6.000%, 03/25/44 | 9,955,933 | 10,216,964 | ||||||
| FNMA, Ser 2024-25, Cl AD | ||||||||
| 5.000%, 03/25/44 | 12,444,917 | 12,439,539 | ||||||
| GNMA | ||||||||
| 6.500%, 01/20/54 | 1,418,730 | 1,471,572 | ||||||
| 6.000%, 10/20/54 | 1,856,168 | 1,864,737 | ||||||
| 5.000%, 10/20/54 to 02/20/55 | 108,646,604 | 107,687,732 | ||||||
| GNMA, Ser 107, Cl B | ||||||||
| 4.750%, 03/16/53 | 35,000,000 | 33,917,405 | ||||||
| GNMA, Ser 130, Cl AG | ||||||||
| 4.500%, 04/16/59 | 49,574,437 | 47,472,694 | ||||||
| GNMA, Ser 142, Cl AD | ||||||||
| 5.000%, 05/16/67 (A) | 9,945,858 | 9,711,646 | ||||||
| GNMA, Ser 145, Cl AC | ||||||||
| 4.750%, 11/16/66 | 49,706,072 | 48,330,740 | ||||||
| GNMA, Ser 167, Cl A | ||||||||
| 4.500%, 04/01/60 (A) | 24,828,426 | 24,087,313 | ||||||
| GNMA, Ser 176, Cl AH | ||||||||
| 4.750%, 05/16/65 (A) | 31,464,832 | 30,314,663 | ||||||
| GNMA, Ser 182, Cl AC | ||||||||
| 4.750%, 12/16/66 | 94,800,105 | 92,507,146 | ||||||
| Description | Face Amount | Value | ||||||
| GNMA, Ser 2016-99, Cl ID, IO | ||||||||
| 4.500%, 04/16/44 | $ | 11,876,207 | $ | 2,322,870 | ||||
| GNMA, Ser 202, Cl AN | ||||||||
| 4.500%, 09/16/67 (A) | 24,918,587 | 23,675,964 | ||||||
| GNMA, Ser 2020-189, Cl IJ, IO | ||||||||
| 2.500%, 12/20/50 | 16,021,279 | 2,088,465 | ||||||
| GNMA, Ser 2021-8, Cl IG, IO | ||||||||
| 2.500%, 01/20/51 | 21,108,883 | 2,463,396 | ||||||
| GNMA, Ser 2022-182, Cl PO, PO | ||||||||
| 0.000%, 10/20/52 (C)(D) | 21,449,789 | 15,231,984 | ||||||
| GNMA, Ser 2022-201, Cl PO, PO | ||||||||
| 0.000%, 11/20/52 (C)(D) | 12,840,719 | 9,420,574 | ||||||
| GNMA, Ser 2023-122, Cl G | ||||||||
| 5.500%, 05/20/46 | 2,907,776 | 2,920,340 | ||||||
| GNMA, Ser 2023-151, Cl PO, PO | ||||||||
| 0.000%, 10/20/53 (C)(D) | 20,847,231 | 17,263,836 | ||||||
| GNMA, Ser 2023-163, Cl B | ||||||||
| 6.000%, 02/20/48 | 11,303,397 | 11,527,162 | ||||||
| GNMA, Ser 2023-163, Cl LB | ||||||||
| 6.000%, 02/20/48 | 10,000,000 | 10,221,067 | ||||||
| GNMA, Ser 2023-196, Cl QA | ||||||||
| 5.000%, 05/20/53 | 11,925,371 | 11,886,260 | ||||||
| GNMA, Ser 2023-93, Cl B | ||||||||
| 5.500%, 12/20/44 | 1,314,303 | 1,316,698 | ||||||
| GNMA, Ser 2024-1, Cl TA | ||||||||
| 5.500%, 08/20/48 | 1,823,988 | 1,828,432 | ||||||
| GNMA, Ser 2024-151, Cl DA | ||||||||
| 4.500%, 08/20/52 | 8,556,223 | 8,477,508 | ||||||
| GNMA, Ser 2024-151, Cl JA | ||||||||
| 4.500%, 10/20/53 | 13,618,315 | 13,562,236 | ||||||
| GNMA, Ser 2024-19, Cl H | ||||||||
| 5.500%, 12/20/51 | 1,288,818 | 1,299,283 | ||||||
| GNMA, Ser 2025-105, Cl DF | ||||||||
| 5.040%, SOFR30A + 1.400%, 06/20/55 (A) | 10,594,990 | 10,719,166 | ||||||
| GNMA, Ser 2025-148, Cl PT | ||||||||
| 4.500%, 12/16/64 (A) | 44,698,006 | 42,926,204 | ||||||
| GNMA, Ser 2025-177, Cl CM | ||||||||
| 5.500%, 10/20/55 | 9,647,664 | 9,668,326 | ||||||
| GNMA, Ser 2025-28, Cl FW | ||||||||
| 4.490%, SOFR30A + 0.850%, 04/20/54 (A) | 20,803,530 | 20,881,997 | ||||||
| GNMA, Ser 2025-71, Cl HT | ||||||||
| 5.000%, 04/20/55 | 46,880,988 | 46,670,887 | ||||||
| GNMA, Ser 212, Cl AE | ||||||||
| 4.500%, 01/16/68 | 99,669,357 | 95,795,409 | ||||||
| GNMA, Ser 29, Cl AH | ||||||||
| 4.500%, 10/16/60 | 32,819,099 | 31,779,580 | ||||||
| GNMA, Ser 39, Cl AJ | ||||||||
| 4.500%, 12/16/65 | 42,934,101 | 41,650,977 | ||||||
| GNMA, Ser 57, Cl PT | ||||||||
| 4.500%, 03/16/66 (A) | 49,953,038 | 47,824,384 | ||||||
| GNMA, Ser 70, Cl PT | ||||||||
| 4.500%, 03/16/66 (A) | 50,000,000 | 47,946,510 | ||||||
| 1,478,665,962 | ||||||||
2
| |
FROST TOTAL RETURN BOND FUND April 30, 2026 (Unaudited)
| Description | Face Amount | Value | ||||||
| Commercial Mortgage-Backed Obligation — 4.6% | ||||||||
| 280 Park Avenue Mortgage Trust, Ser 2017-280P, Cl F | ||||||||
| 6.788%, TSFR1M + 3.127%, 09/15/34 (A)(B) | $ | 12,500,000 | $ | 12,236,094 | ||||
| Bear Stearns Commercial Mortgage Securities Trust, Ser 2007-T26, Cl AJ | ||||||||
| 5.566%, 01/12/45 (A) | 37,913 | 37,658 | ||||||
| Benchmark Mortgage Trust, Ser 2020-B18, Cl E | ||||||||
| 2.250%, 07/15/53 (B) | 8,000,000 | 4,314,970 | ||||||
| Benchmark Mortgage Trust, Ser 2020-B21, Cl D | ||||||||
| 2.000%, 12/17/53 (B) | 13,000,000 | 9,038,797 | ||||||
| Benchmark Mortgage Trust, Ser 2020-IG3, Cl A4 | ||||||||
| 2.437%, 09/15/48 (B) | 10,000,000 | 8,572,122 | ||||||
| BX Commercial Mortgage Trust, Ser 2020-VIV3, Cl B | ||||||||
| 3.662%, 03/09/44 (A)(B) | 8,000,000 | 7,518,480 | ||||||
| BXMT, Ser 2020-FL2, Cl A | ||||||||
| 4.932%, TSFR1M + 1.264%, 02/15/38 (A)(B) | 335,681 | 335,445 | ||||||
| Citigroup Commercial Mortgage Trust, Ser 2015-GC31, Cl C | ||||||||
| 3.630%, 06/10/48 (A) | 5,000,000 | 935,505 | ||||||
| COMM Mortgage Trust, Ser 2015-DC1, Cl D | ||||||||
| 4.424%, 02/10/48 (A)(B) | 9,000,000 | 6,119,516 | ||||||
| CSMC Trust, Ser 2019-AFC1, Cl A1 | ||||||||
| 3.573%, 07/25/49 (B)(E) | 1,185,401 | 1,154,176 | ||||||
| GS Mortgage-Backed Securities Trust, Ser 2024-PJ3, Cl B2 | ||||||||
| 5.771%, 08/25/54 (A)(B) | 4,792,839 | 4,659,981 | ||||||
| GS Mortgage-Backed Securities Trust, Ser 2024-PJ5, Cl A4 | ||||||||
| 6.500%, 09/25/54 (A)(B) | 9,660,688 | 9,870,779 | ||||||
| GS Mortgage-Backed Securities Trust, Ser 2024-RPL2, Cl A2 | ||||||||
| 4.111%, 07/25/61 (A)(B) | 15,000,000 | 14,639,548 | ||||||
| GS Mortgage-Backed Securities Trust, Ser 2025-NQM2, Cl A2 | ||||||||
| 5.800%, 06/25/65 (B)(E) | 3,604,098 | 3,626,837 | ||||||
| GS Mortgage-Backed Securities Trust, Ser 2025-PJ11, Cl A5 | ||||||||
| 5.000%, 05/25/56 (A)(B) | 8,705,128 | 8,629,062 | ||||||
| GS Mortgage-Backed Securities Trust, Ser 2025-PJ2, Cl A1 | ||||||||
| 6.000%, 07/25/55 (A)(B) | 21,203,199 | 21,366,358 | ||||||
| GS Mortgage-Backed Securities Trust, Ser 2025-PJ6, Cl A5 | ||||||||
| 5.500%, 11/25/55 (A)(B) | 5,463,902 | 5,462,650 | ||||||
| GS Mortgage-Backed Securities Trust, Ser 2025-PJ7, Cl A5 | ||||||||
| 5.500%, 12/25/55 (A)(B) | 7,509,935 | 7,508,879 | ||||||
| GS Mortgage-Backed Securities Trust, Ser 2025-PJ8, Cl A3 | ||||||||
| 5.000%, 02/25/56 (A)(B) | 7,179,868 | 7,021,968 | ||||||
| Description | Face Amount | Value | ||||||
| GS Mortgage-Backed Securities Trust, Ser 2026-PJ1, Cl A2 | ||||||||
| 5.000%, 06/25/56 (A)(B) | $ | 7,026,788 | $ | 6,889,822 | ||||
| GS Mortgage-Backed Securities Trust, Ser 2026-PJ6, Cl A1 | ||||||||
| 5.500%, 09/25/56 (A)(B) | 13,000,000 | 12,938,556 | ||||||
| Hudson Yards Mortgage Trust, Ser 2019-30HY, Cl B | ||||||||
| 3.380%, 07/10/39 (A)(B) | 2,500,000 | 2,366,638 | ||||||
| JPMDB Commercial Mortgage Securities Trust, Ser 2016-C2, Cl C | ||||||||
| 3.526%, 06/15/49 (A) | 4,328,000 | 2,757,976 | ||||||
| JPMorgan Chase Commercial Mortgage Securities, Ser 2007-LD12, Cl AJ | ||||||||
| 6.560%, 02/15/51 (A) | 74,676 | 74,504 | ||||||
| JPMorgan Chase Commercial Mortgage Securities, Ser 2007-LD12, Cl J | ||||||||
| 5.994%, 02/15/51 (A)(F)(G) | 1,000,000 | — | ||||||
| Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2016-C29, Cl C | ||||||||
| 4.739%, 05/15/49 (A) | 2,413,000 | 2,232,049 | ||||||
| Sequoia Mortgage Trust, Ser 2026-5, Cl A1 | ||||||||
| 5.500%, 05/25/56 (A)(B) | 20,000,000 | 19,903,643 | ||||||
| Wells Fargo Commercial Mortgage Trust, Ser 2016-C32, Cl D | ||||||||
| 3.788%, 01/15/59 (A)(B) | 347,483 | 340,495 | ||||||
| Wells Fargo Commercial Mortgage Trust, Ser 2018-AUS, Cl A | ||||||||
| 4.194%, 08/17/36 (A)(B) | 5,000,000 | 4,898,769 | ||||||
| WFRBS Commercial Mortgage Trust, Ser 2014-C25, Cl D | ||||||||
| 3.803%, 11/15/47 (A)(B) | 3,111,755 | 3,047,809 | ||||||
| 188,499,086 | ||||||||
| Non-Agency Residential Mortgage-Backed Obligation — 5.4% | ||||||||
| Angel Oak Mortgage Trust, Ser 2021-4, Cl A3 | ||||||||
| 1.446%, 01/20/65 (A)(B) | 1,498,048 | 1,280,656 | ||||||
| Brean Asset Backed Securities Trust, Ser 2023-RM7, Cl A1 | ||||||||
| 4.500%, 03/25/78 (A)(B) | 6,755,896 | 6,673,823 | ||||||
| Brean Asset Backed Securities Trust, Ser 2024-RM9, Cl A1 | ||||||||
| 5.000%, 09/25/64 (B) | 4,131,925 | 4,110,630 | ||||||
| Brean Asset Backed Securities Trust, Ser 2025-RM11, Cl A2 | ||||||||
| 4.750%, 05/25/65 (A)(B) | 8,000,000 | 7,723,196 | ||||||
| Brean Asset Backed Securities Trust, Ser 2025-RM12, Cl A2 | ||||||||
| 4.500%, 07/25/65 (B) | 5,010,860 | 4,782,498 | ||||||
| Brean Asset Backed Securities Trust, Ser 2026-RM14, Cl A2 | ||||||||
| 4.250%, 01/25/66 (B) | 3,000,000 | 2,814,899 | ||||||
3
| |
FROST TOTAL RETURN BOND FUND April 30, 2026 (Unaudited)
| Description | Face Amount | Value | ||||||
| Carrington Mortgage Loan Trust, Ser 2007-FRE1, Cl M8 | ||||||||
| 2.461%, US0001M + 2.250%, 02/25/37 (A)(F)(G) | $ | 1,000,000 | $ | — | ||||
| Chase Home Lending Mortgage Trust, Ser 2024-2, Cl A6 | ||||||||
| 6.500%, 02/25/55 (A)(B) | 3,690,205 | 3,711,693 | ||||||
| Chase Home Lending Mortgage Trust, Ser 2025-2, Cl A5 | ||||||||
| 6.000%, 12/25/55 (A)(B) | 15,000,000 | 14,983,619 | ||||||
| Chase Home Lending Mortgage Trust, Ser 2025-3, Cl A2 | ||||||||
| 5.500%, 02/25/56 (A)(B) | 6,510,565 | 6,496,581 | ||||||
| Chase Home Lending Mortgage Trust, Ser 2025-5, Cl A4A | ||||||||
| 5.500%, 04/25/56 (A)(B) | 4,793,236 | 4,792,012 | ||||||
| FirstKey Mortgage Trust, Ser 2015-1, Cl A3 | ||||||||
| 3.500%, 03/25/45 (A)(B) | 667,383 | 625,152 | ||||||
| FIVE Mortgage Trust, Ser V1, Cl E | ||||||||
| 6.559%, 02/10/56 (A)(B) | 2,772,000 | 2,599,546 | ||||||
| Galton Funding Mortgage Trust, Ser 2019-1, Cl A22 | ||||||||
| 4.000%, 02/25/59 (A)(B) | 57,856 | 54,927 | ||||||
| Galton Funding Mortgage Trust, Ser 2019-2, Cl A21 | ||||||||
| 4.000%, 06/25/59 (A)(B) | 710,627 | 663,649 | ||||||
| JP Morgan Mortgage Trust Series, Ser 2024-3, Cl A3 | ||||||||
| 3.000%, 05/25/54 (A)(B) | 8,222,402 | 7,125,229 | ||||||
| JP Morgan Mortgage Trust Series, Ser 2025-CES1, Cl M1 | ||||||||
| 6.267%, 05/25/55 (A)(B) | 2,339,000 | 2,349,342 | ||||||
| JP Morgan Mortgage Trust, Ser 2024-2, Cl A3 | ||||||||
| 6.000%, 08/25/54 (A)(B) | 2,337,180 | 2,353,704 | ||||||
| JP Morgan Mortgage Trust, Ser 2024-2, Cl B2 | ||||||||
| 7.266%, 08/25/54 (A)(B) | 9,991,481 | 10,529,585 | ||||||
| JP Morgan Mortgage Trust, Ser 2024-7, Cl A4 | ||||||||
| 3.000%, 04/25/53 (A)(B) | 10,187,005 | 9,158,551 | ||||||
| JP Morgan Mortgage Trust, Ser 2024-9, Cl A4 | ||||||||
| 5.500%, 02/25/55 (A)(B) | 1,034,122 | 1,034,431 | ||||||
| JP Morgan Mortgage Trust, Ser 2024-9, Cl A5 | ||||||||
| 5.500%, 02/25/55 (A)(B) | 10,700,000 | 10,695,410 | ||||||
| JP Morgan Mortgage Trust, Ser 2025-1, Cl A4 | ||||||||
| 6.000%, 06/25/55 (A)(B) | 12,206,866 | 12,265,490 | ||||||
| MFA Trust, Ser 2022-INV1, Cl A3 | ||||||||
| 4.250%, 04/25/66 (A)(B) | 4,000,000 | 3,696,384 | ||||||
| Morgan Stanley Residential Mortgage Loan Trust, Ser 2024-NQM5, Cl A1 | ||||||||
| 5.649%, 10/25/69 (A)(B) | 2,744,518 | 2,759,963 | ||||||
| Description | Face Amount | Value | ||||||
| Morgan Stanley Residential Mortgage Loan Trust, Ser 2025-NQM1, Cl A2 | ||||||||
| 5.941%, 11/25/69 (B)(E) | $ | 3,039,355 | $ | 3,069,255 | ||||
| PRET Trust, Ser 2025-NPL4, Cl A1 | ||||||||
| 6.368%, 04/25/55 (B)(E) | 3,622,824 | 3,627,202 | ||||||
| PRET Trust, Ser 2025-RPL2, Cl A1 | ||||||||
| 4.000%, 08/25/64 (B)(E) | 4,499,450 | 4,367,777 | ||||||
| PRET Trust, Ser 2025-RPL3, Cl M2 | ||||||||
| 4.150%, 04/25/65 (B)(E) | 5,838,200 | 5,355,149 | ||||||
| Rate Mortgage Trust, Ser 2025-J1, Cl A1 | ||||||||
| 6.000%, 03/25/55 (A)(B) | 14,458,089 | 14,569,344 | ||||||
| RCKT Mortgage Trust, Ser 2025-1, Cl A1 | ||||||||
| 6.000%, 03/25/55 (A)(B) | 2,756,849 | 2,778,063 | ||||||
| Sequoia Mortgage Trust, Ser 2024-5, Cl A1 | ||||||||
| 6.500%, 06/25/54 (A)(B) | 3,374,732 | 3,448,122 | ||||||
| Sequoia Mortgage Trust, Ser 2024-9, Cl A5 | ||||||||
| 5.500%, 10/25/54 (A)(B) | 3,491,568 | 3,488,523 | ||||||
| Sequoia Mortgage Trust, Ser 2025-1, Cl A4 | ||||||||
| 6.000%, 01/25/55 (A)(B) | 7,223,337 | 7,246,678 | ||||||
| Sequoia Mortgage Trust, Ser 2025-12, Cl A4 | ||||||||
| 5.500%, 12/25/55 (A)(B) | 4,208,341 | 4,199,159 | ||||||
| Sequoia Mortgage Trust, Ser 2025-2, Cl A4 | ||||||||
| 6.000%, 03/25/55 (A)(B) | 10,603,563 | 10,635,644 | ||||||
| Sequoia Mortgage Trust, Ser 2025-3, Cl A2 | ||||||||
| 5.500%, 04/25/55 (A)(B) | 9,105,073 | 9,085,516 | ||||||
| Sequoia Mortgage Trust, Ser 2025-6, Cl A2 | ||||||||
| 5.500%, 07/25/55 (A)(B) | 4,204,180 | 4,182,116 | ||||||
| Sequoia Mortgage Trust, Ser 2025-9, Cl A2 | ||||||||
| 5.000%, 10/25/55 (A)(B) | 7,800,042 | 7,628,503 | ||||||
| Toorak Mortgage Trust, Ser 2024-2, Cl A1 | ||||||||
| 6.329%, 10/25/31 (B)(E) | 5,000,000 | 5,022,560 | ||||||
| Toorak Mortgage Trust, Ser 2024-RRTL1, Cl M1 | ||||||||
| 9.162%, 02/25/39 (A)(B) | 1,500,000 | 1,503,014 | ||||||
| Toorak Mortgage Trust, Ser 2024-RRTL2, Cl A1 | ||||||||
| 5.504%, 09/25/39 (B)(E) | 7,000,000 | 7,016,905 | ||||||
| 220,504,500 | ||||||||
| Total Mortgage-Backed Securities | ||||||||
| (Cost $1,879,714,745) | 1,887,669,548 | |||||||
| U.S. TREASURY OBLIGATIONS — 20.6% | ||||||||
| U.S. Treasury Bonds | ||||||||
| 4.875%, 08/15/45 | 75,000,000 | 74,074,219 | ||||||
4
| |
FROST TOTAL RETURN BOND FUND April 30, 2026 (Unaudited)
| Description | Face Amount | Value | ||||||
| 4.750%, 11/15/43 | $ | 100,000,000 | $ | 97,914,062 | ||||
| 4.625%, 11/15/44 to 11/15/45 | 310,000,000 | 297,064,452 | ||||||
| 4.125%, 08/15/44 | 115,000,000 | 103,392,187 | ||||||
| U.S. Treasury Notes | ||||||||
| 4.375%, 01/31/32 | 100,000,000 | 101,347,656 | ||||||
| 4.250%, 05/15/35 | 125,000,000 | 124,067,383 | ||||||
| 4.125%, 02/15/36 | 25,000,000 | 24,472,656 | ||||||
| 3.750%, 02/28/33 | 25,000,000 | 24,339,844 | ||||||
| Total U.S. Treasury Obligations | ||||||||
| (Cost $865,562,025) | 846,672,459 | |||||||
| CORPORATE OBLIGATIONS — 16.2% | ||||||||
| Communication Services — 1.3% | ||||||||
| OT Midco | ||||||||
| 10.000%, 02/15/30(B) | 92,000,000 | 35,880,000 | ||||||
| T-Mobile USA | ||||||||
| 6.700%, 12/15/33 | 13,679,000 | 15,010,080 | ||||||
| 50,890,080 | ||||||||
| Consumer Dicretionary — 0.0% | ||||||||
| Industrial F&B Investments III | ||||||||
| 7.750%, 02/11/33 (B) | 1,000,000 | 1,010,506 | ||||||
| Consumer Discretionary — 0.7% | ||||||||
| Choice Hotels International | ||||||||
| 3.700%, 01/15/31 | 3,000,000 | 2,812,556 | ||||||
| Cornell University | ||||||||
| 4.835%, 06/15/34 | 2,000,000 | 2,015,793 | ||||||
| Ford Motor Credit | ||||||||
| 5.869%, 10/31/35 | 5,000,000 | 4,872,019 | ||||||
| JBS USA Holding Lux Sarl | ||||||||
| 7.250%, 11/15/53 | 4,863,000 | 5,302,187 | ||||||
| 6.750%, 03/15/34 | 926,000 | 1,006,357 | ||||||
| Nissan Motor Acceptance | ||||||||
| 7.050%, 09/15/28(B) | 2,000,000 | 2,051,041 | ||||||
| STL Holding | ||||||||
| 8.750%, 02/15/29(B) | 8,600,000 | 8,923,962 | ||||||
| Velocity Vehicle Group | ||||||||
| 8.000%, 06/01/29(B) | 2,000,000 | 1,968,085 | ||||||
| 28,952,000 | ||||||||
| Consumer Staples — 0.1% | ||||||||
| JBS USA Holding Lux Sarl | ||||||||
| 6.500%, 12/01/52 | 5,000,000 | 5,014,545 | ||||||
| Energy — 3.3% | ||||||||
| Aircastle | ||||||||
| 5.250%, H15T5Y + 4.410%, 09/15/74(A)(B) | 14,347,000 | 14,321,900 | ||||||
| APA | ||||||||
| 7.750%, 12/15/29 | 4,138,000 | 4,535,331 | ||||||
| 6.000%, 01/15/37 | 250,000 | 253,888 | ||||||
| Avation Group S Pte MTN | ||||||||
| 8.500%, 05/15/31(B) | 2,000,000 | 1,868,070 | ||||||
| Barclays | ||||||||
| 9.625%, USISSO05 + 5.775%, 03/15/75(A) | 5,000,000 | 5,579,800 | ||||||
| 6.692%, SOFR + 2.620%, 09/13/34(A) | 2,000,000 | 2,165,519 | ||||||
| CrossCountry Intermediate HoldCo | ||||||||
| 6.500%, 10/01/30(B) | 2,000,000 | 1,964,911 | ||||||
| Description | Face Amount | Value | ||||||
| Howden UK Refinance | ||||||||
| 8.125%, 02/15/32(B) | $ | 5,075,000 | $ | 4,847,627 | ||||
| New England Power | ||||||||
| 2.807%, 10/06/50(B) | 5,000,000 | 3,002,474 | ||||||
| Paratus Energy Services | ||||||||
| 9.500%, 06/27/29 | 5,000,000 | 5,182,257 | ||||||
| PBF Holding | ||||||||
| 9.875%, 03/15/30(B) | 6,264,000 | 6,730,756 | ||||||
| Phillips 66 | ||||||||
| 5.875%, H15T5Y + 2.283%, 03/15/56(A) | 25,000,000 | 24,918,917 | ||||||
| Telford Finco | ||||||||
| 11.000%, 11/06/29 | 1,755,083 | 1,811,410 | ||||||
| Topaz Solar Farms | ||||||||
| 5.750%, 09/30/39(B) | 35,269,277 | 35,181,104 | ||||||
| Waldorf Energy Finance | ||||||||
| 15.000%, 09/02/74 | 1,832,387 | 423,281 | ||||||
| 0.000%, 12/02/74(C) | 24,427 | 5,643 | ||||||
| 0.000%, 12/02/74(C) | 68,715 | 15,873 | ||||||
| 0.000%, 12/02/74(C) | 814,237 | 188,089 | ||||||
| 0.000%, 06/02/74(C) | 224,563 | 51,874 | ||||||
| 0.000%, 06/02/74(C) | 68,715 | 15,873 | ||||||
| 0.000%, 07/01/74(C) | 5,336,964 | 1,232,839 | ||||||
| 0.000%, 07/01/74(C) | 72,359 | 16,715 | ||||||
| 0.000%, 09/02/74(C) | 68,715 | 15,873 | ||||||
| 0.000%, 09/02/74(C) | 1,334,241 | 308,210 | ||||||
| 0.000%, 09/02/74(C) | 64,454 | 14,889 | ||||||
| Waldorf Production UK | ||||||||
| 0.000%, 09/02/74(C) | 11,021,065 | 11,021,065 | ||||||
| 0.000%, 09/02/74(C) | 10,732,998 | 6,600,794 | ||||||
| 132,274,982 | ||||||||
| Financials — 5.7% | ||||||||
| Ares Capital | ||||||||
| 5.250%, 04/12/31 | 5,000,000 | 4,863,274 | ||||||
| BAC Capital Trust XIV | ||||||||
| 4.336%, TSFR3M + 0.662%, 09/15/74(A) | 13,738,000 | 11,430,891 | ||||||
| Bain Capital Specialty Finance | ||||||||
| 5.950%, 03/01/31 | 10,000,000 | 9,684,602 | ||||||
| Banco Santander | ||||||||
| 9.625%, H15T5Y + 5.298%, 02/21/75(A) | 5,000,000 | 5,936,980 | ||||||
| Barclays | ||||||||
| 8.000%, H15T5Y + 5.431%, 12/15/74(A) | 30,250,000 | 31,748,797 | ||||||
| Blue Owl Technology Finance | ||||||||
| 6.125%, 01/23/31 | 15,000,000 | 14,442,491 | ||||||
| Cantor Fitzgerald | ||||||||
| 7.200%, 12/12/28(B) | 1,000,000 | 1,043,946 | ||||||
| Citigroup | ||||||||
| 6.174%, SOFR + 2.661%, 05/25/34(A) | 5,000,000 | 5,208,935 | ||||||
| Credit Suisse Group | ||||||||
| 5.100%, H15T5Y + 3.293%, 07/24/74(G) | 10,000,000 | 2,400,000 | ||||||
| Danske Bank | ||||||||
| 5.705%, H15T1Y + 1.400%, 03/01/30(A)(B) | 5,000,000 | 5,138,262 | ||||||
5
| |
FROST TOTAL RETURN BOND FUND April 30, 2026 (Unaudited)
| Description | Face Amount | Value | ||||||
| Deutsche Bank NY | ||||||||
| 7.079%, SOFR + 3.650%, 02/10/34(A) | $ | 10,000,000 | $ | 10,750,438 | ||||
| 3.742%, SOFR + 2.257%, 01/07/33(A) | 2,000,000 | 1,825,464 | ||||||
| F&G Annuities & Life | ||||||||
| 7.400%, 01/13/28 | 7,000,000 | 7,139,011 | ||||||
| Farmers Exchange Capital | ||||||||
| 7.200%, 07/15/48(B) | 3,000,000 | 3,004,602 | ||||||
| 7.050%, 07/15/28(B) | 11,075,000 | 11,463,484 | ||||||
| FS KKR Capital | ||||||||
| 6.125%, 01/15/31 | 10,000,000 | 9,659,386 | ||||||
| Intesa Sanpaolo MTN | ||||||||
| 4.000%, 09/23/29(B) | 5,000,000 | 4,891,922 | ||||||
| Jefferies Financial Group MTN | ||||||||
| 7.000%, 04/16/46 | 11,000,000 | 10,923,859 | ||||||
| 6.000%, 09/16/36 | 4,732,000 | 4,641,465 | ||||||
| KeyBank MTN | ||||||||
| 5.000%, 01/26/33 | 5,000,000 | 4,951,252 | ||||||
| KeyCorp | ||||||||
| 6.401%, SOFRINDX + 2.420%, 03/06/35(A) | 5,000,000 | 5,315,736 | ||||||
| Old National Bancorp | ||||||||
| 5.768%, TSFR3M + 2.200%, 02/15/36(A) | 2,000,000 | 1,996,244 | ||||||
| Royal Bank of Canada MTN | ||||||||
| 5.750%, 10/30/30(A) | 5,000,000 | 4,832,000 | ||||||
| SBL Holdings | ||||||||
| 9.508%, H15T5Y + 5.580%, 05/13/74(A)(B) | 2,500,000 | 2,363,989 | ||||||
| 6.500%, H15T5Y + 5.620%, 11/13/74(A)(B) | 50,195,000 | 45,373,453 | ||||||
| Societe Generale | ||||||||
| 8.125%, H15T5Y + 3.790%, 05/21/74(A)(B) | 4,000,000 | 4,221,372 | ||||||
| Synovus Bank | ||||||||
| 5.625%, 02/15/28 | 8,000,000 | 8,059,614 | ||||||
| US Bancorp | ||||||||
| 5.836%, SOFR + 2.260%, 06/12/34(A) | 4,000,000 | 4,177,691 | ||||||
| 3.700%, H15T5Y + 2.541%, 01/15/75(A) | 3,273,000 | 3,221,329 | ||||||
| 240,710,489 | ||||||||
| Health Care — 0.1% | ||||||||
| DENTSPLY SIRONA | ||||||||
| 8.375%, H15T5Y + 4.379%, 09/12/55 (A) | 5,000,000 | 5,026,805 | ||||||
| Industrials — 2.8% | ||||||||
| Boeing | ||||||||
| 7.008%, 05/01/64 | 38,598,000 | 43,113,227 | ||||||
| 5.930%, 05/01/60 | 31,000,000 | 30,014,316 | ||||||
| 5.875%, 02/15/40 | 15,355,000 | 15,555,550 | ||||||
| 5.705%, 05/01/40 | 5,000,000 | 5,048,429 | ||||||
| 2.950%, 02/01/30 | 3,344,000 | 3,160,267 | ||||||
| Burlington Northern Santa Fe | ||||||||
| 7.290%, 06/01/36 | 5,000,000 | 5,955,300 | ||||||
| nVent Finance Sarl | ||||||||
| 5.650%, 05/15/33 | 3,000,000 | 3,076,303 | ||||||
| Regal Rexnord | ||||||||
| 6.300%, 02/15/30 | 4,500,000 | 4,708,796 | ||||||
| Description | Face Amount | Value | ||||||
| Twma Finance | ||||||||
| 12.250%, 02/10/29(B) | $ | 4,700,000 | $ | 4,770,500 | ||||
| 115,402,688 | ||||||||
| Information Technology — 1.5% | ||||||||
| Kyndryl Holdings | ||||||||
| 6.350%, 02/20/34 | 20,642,000 | 20,045,278 | ||||||
| 4.100%, 10/15/41 | 26,981,000 | 19,374,815 | ||||||
| Oracle | ||||||||
| 6.100%, 09/26/65 | 25,104,000 | 20,738,956 | ||||||
| 60,159,049 | ||||||||
| Materials — 0.5% | ||||||||
| Brightstar Resources | ||||||||
| 12.500%, 03/18/30(B) | 2,000,000 | 1,953,665 | ||||||
| Hillgrove Mines Pty | ||||||||
| 12.000%, 08/01/29 | 1,000,000 | 1,040,000 | ||||||
| Nacional del Cobre de Chile | ||||||||
| 3.150%, 01/15/51(B) | 500,000 | 317,572 | ||||||
| Newco Holding Eur 29 Sarl | ||||||||
| 11.000%, 02/20/30(B) | 15,125,000 | 14,280,508 | ||||||
| 17,591,745 | ||||||||
| Utilities — 0.2% | ||||||||
| Northwest Natural Holding | ||||||||
| 7.000%, H15T5Y + 2.701%, 09/15/55(A) | 2,000,000 | 2,072,834 | ||||||
| Sempra | ||||||||
| 6.000%, 10/15/39 | 6,000,000 | 6,131,733 | ||||||
| 8,204,567 | ||||||||
| Total Corporate Obligations | ||||||||
| (Cost $691,544,078) | 665,237,456 | |||||||
| ASSET-BACKED SECURITIES — 6.0% | ||||||||
| Automotive — 4.7% | ||||||||
| American Credit Acceptance Receivables Trust 2026-2, Ser 2026-2, Cl D | ||||||||
| 5.180%, 06/08/32 (B) | 25,000,000 | 24,885,195 | ||||||
| American Credit Acceptance Receivables Trust, Ser 2023-4, Cl D | ||||||||
| 7.650%, 09/12/30 (B) | 15,000,000 | 15,396,064 | ||||||
| American Credit Acceptance Receivables Trust, Ser 2024-3, Cl D | ||||||||
| 6.040%, 07/12/30 (B) | 8,000,000 | 8,127,287 | ||||||
| American Credit Acceptance Receivables Trust, Ser 2024-4, Cl D | ||||||||
| 5.340%, 08/12/31 (B) | 5,000,000 | 5,028,925 | ||||||
| American Credit Acceptance Receivables Trust, Ser 2025-1, Cl C | ||||||||
| 5.090%, 08/12/31 (B) | 15,000,000 | 15,073,282 | ||||||
| American Credit Acceptance Receivables Trust, Ser 2025-2, Cl D | ||||||||
| 5.500%, 08/12/31 (B) | 14,000,000 | 14,104,665 | ||||||
| American Credit Acceptance Receivables Trust, Ser 2025-3, Cl D | ||||||||
| 5.190%, 07/12/32 (B) | 10,000,000 | 10,008,494 | ||||||
6
| |
FROST TOTAL RETURN BOND FUND April 30, 2026 (Unaudited)
| Description | Face Amount | Value | ||||||
| American Credit Acceptance Receivables Trust, Ser 2025-4, Cl D | ||||||||
| 5.250%, 09/12/31 (B) | $ | 20,000,000 | $ | 19,974,464 | ||||
| American Credit Acceptance Receivables Trust, Ser 2026-1, Cl D | ||||||||
| 5.100%, 01/12/33 (B) | 15,000,000 | 14,902,691 | ||||||
| American Credit Acceptance Receivables Trust, Ser 2026-2, Cl E | ||||||||
| 6.900%, 02/08/34 (B) | 16,000,000 | 15,891,695 | ||||||
| Avid Automobile Receivables Trust, Ser 2023-1, Cl E | ||||||||
| 11.140%, 05/15/29 (B) | 5,595,000 | 5,820,999 | ||||||
| CarNow Auto Receivables Trust, Ser 2023-1A, Cl E | ||||||||
| 12.040%, 04/16/29 (B) | 5,000,000 | 346,759 | ||||||
| First Investors Auto Owner Trust, Ser 2023-1A, Cl D | ||||||||
| 7.740%, 01/15/31 (B) | 9,000,000 | 9,322,100 | ||||||
| Flagship Credit Auto Trust, Ser 2020-1, Cl E | ||||||||
| 3.520%, 06/15/27 (B) | 1,804,208 | 1,802,744 | ||||||
| Flagship Credit Auto Trust, Ser 2024-3, Cl C | ||||||||
| 5.410%, 09/16/30 (B) | 4,500,000 | 4,495,541 | ||||||
| Flagship Credit Auto Trust, Ser 2024-3, Cl D | ||||||||
| 6.110%, 09/16/30 (B) | 5,886,000 | 5,641,487 | ||||||
| GLS Auto Receivables Issuer Trust, Ser 2022-1A, Cl E | ||||||||
| 5.640%, 05/15/29 (B) | 4,000,000 | 4,029,972 | ||||||
| GLS Auto Receivables Issuer Trust, Ser 2022-3A, Cl E | ||||||||
| 8.350%, 10/15/29 (B) | 1,990,000 | 2,060,776 | ||||||
| GLS Auto Receivables Issuer Trust, Ser 2024-3A, Cl C | ||||||||
| 5.210%, 02/18/31 (B) | 2,250,000 | 2,269,758 | ||||||
| Tricolor Auto Securitization Trust, Ser 2022-1A, Cl F | ||||||||
| 9.800%, 07/16/29 (B) | 4,000,000 | 1,269,144 | ||||||
| Tricolor Auto Securitization Trust, Ser 2023-1A, Cl F | ||||||||
| 16.000%, 06/17/30 (B) | 11,910,000 | 3,553,051 | ||||||
| Tricolor Auto Securitization Trust, Ser 2025-1A, Cl A | ||||||||
| 4.940%, 02/15/29 (B) | 5,034,591 | 3,246,304 | ||||||
| WF Card Issuance Trust, Ser 2026-A1, Cl A | ||||||||
| 4.080%, 04/15/31 | 5,000,000 | 4,985,886 | ||||||
| 192,237,283 | ||||||||
| Other Asset-Backed Securities — 1.3% | ||||||||
| Amur Equipment Finance Receivables XI, Ser 2022-2A, Cl E | ||||||||
| 9.320%, 10/22/29 (B) | 2,600,000 | 2,621,433 | ||||||
| Aqua Finance Trust, Ser 2024-A, Cl A | ||||||||
| 4.810%, 04/18/50 (B) | 1,571,606 | 1,565,023 | ||||||
| Description | Face Amount | Value | ||||||
| BHG Securitization Trust, Ser 2022-B, Cl D | ||||||||
| 6.690%, 06/18/35 (B) | $ | 5,993,367 | $ | 6,048,429 | ||||
| CAL Funding IV, Ser 2020-1A, Cl B | ||||||||
| 3.500%, 09/25/45 (B) | 886,479 | 855,392 | ||||||
| CF Hippolyta Issuer, Ser 2020-1, Cl A2 | ||||||||
| 1.990%, 07/15/60 (B) | 5,098,484 | 4,164,040 | ||||||
| CIFC Funding, Ser 2025-2A, Cl BR | ||||||||
| 5.075%, TSFR3M + 1.400%, 04/19/35 (A)(B) | 9,125,000 | 9,114,780 | ||||||
| CIFC Funding, Ser 2025-4A, Cl C | ||||||||
| 5.517%, TSFR3M + 1.850%, 10/24/38 (A)(B) | 3,000,000 | 2,998,167 | ||||||
| Dext ABS, Ser 2025-1, Cl B | ||||||||
| 4.980%, 08/15/35 (B) | 5,000,000 | 5,030,991 | ||||||
| Dext ABS, Ser 2025-1, Cl D | ||||||||
| 5.650%, 02/15/36 (B) | 6,000,000 | 6,077,271 | ||||||
| EnFin Residential Solar Receivables Trust, Ser 2024-1A, Cl A | ||||||||
| 6.650%, 02/20/55 (B) | 3,917,783 | 3,526,770 | ||||||
| EnFin Residential Solar Receivables Trust, Ser 2024- 1A, Cl B | ||||||||
| 8.440%, 02/20/55 (B) | 3,134,227 | 2,718,588 | ||||||
| EverBright Solar Trust, Ser 2024-A, Cl B | ||||||||
| 8.130%, 06/22/54 (B) | 5,195,615 | 1,673,483 | ||||||
| Global SC Finance VII Srl, Ser 2020-1A, Cl A | ||||||||
| 2.170%, 10/17/40 (B) | 1,546,318 | 1,481,163 | ||||||
| Mosaic Solar Loan Trust, Ser 2020-2A, Cl B | ||||||||
| 2.210%, 08/20/46 (B) | 1,702,780 | 1,375,411 | ||||||
| VFI ABS, Ser 2023-1A, Cl B | ||||||||
| 7.780%, 08/24/29 (B) | 4,840,378 | 4,858,446 | ||||||
| 54,109,387 | ||||||||
| Student Loan — 0.0% | ||||||||
| Commonbond Student Loan Trust, Ser 2017-AGS, Cl A1 | ||||||||
| 2.550%, 05/25/41 (B) | 461,976 | 443,856 | ||||||
| Total Asset-Backed Securities | ||||||||
| (Cost $267,786,285) | 246,790,526 | |||||||
| COLLATERALIZED LOAN OBLIGATIONS — 2.4% | ||||||||
| Apidos CLO XXX, Ser 2024-XXXA, Cl BR | ||||||||
| 5.525%, TSFR3M + 1.850%, 10/18/31 (A)(B) | 5,170,000 | 5,172,730 | ||||||
| Battalion CLO XXIII, Ser 2024-23A, Cl DR1 | ||||||||
| 7.623%, TSFR3M + 3.950%, 10/15/37 (A)(B) | 5,000,000 | 5,005,725 | ||||||
| BSL CLO V, Ser 2024-5A, Cl B | ||||||||
| 5.375%, TSFR3M + 1.700%, 01/20/38 (A)(B) | 4,000,000 | 3,997,924 | ||||||
7
| |
FROST TOTAL RETURN BOND FUND April 30, 2026 (Unaudited)
| Description | Face Amount | Value | ||||||
| Elmwood CLO V, Ser 2024-2A, Cl D1RR | ||||||||
| 6.825%, TSFR3M + 3.150%, 10/20/37 (A)(B) | $ | 9,000,000 | $ | 9,000,477 | ||||
| Elmwood CLO XXIV, Ser 2024-3A, Cl BR | ||||||||
| 5.280%, TSFR3M + 1.600%, 01/17/38 (A)(B) | 4,600,000 | 4,600,253 | ||||||
| LCM 42, Ser 2024-42A, Cl D1 | ||||||||
| 7.173%, TSFR3M + 3.500%, 01/15/38 (A)(B) | 10,000,000 | 10,012,470 | ||||||
| Sycamore Tree CLO, Ser 2025-6A, Cl A1 | ||||||||
| 4.875%, TSFR3M + 1.200%, 04/20/38 (A)(B) | 27,000,000 | 26,954,829 | ||||||
| Sycamore Tree CLO, Ser 2025-6A, Cl C | ||||||||
| 5.475%, TSFR3M + 1.800%, 04/20/38 (A)(B) | 15,000,000 | 14,980,950 | ||||||
| Sycamore Tree CLO, Ser 2025-7A, Cl C | ||||||||
| 5.675%, TSFR3M + 2.000%, 08/28/38 (A)(B) | 5,000,000 | 5,006,660 | ||||||
| Venture XIX, Ser 2018-19A, Cl ARR | ||||||||
| 5.195%, TSFR3M + 1.522%, 01/15/32 (A)(B) | 3,241,326 | 3,241,293 | ||||||
| Wind River CLO, Ser 2024-1A, Cl D | ||||||||
| 7.925%, TSFR3M + 4.250%, 04/20/37 (A)(B) | 10,000,000 | 9,982,500 | ||||||
| Total Collateralized Loan Obligations | ||||||||
| (Cost $98,011,326) | 97,955,811 | |||||||
| Shares | ||||||||
| COMMON STOCK — 1.6% | ||||||||
| Energy — 1.6% | ||||||||
| Paratus Energy Services | 12,000,000 | 66,575,280 | ||||||
| Total Common Stock | ||||||||
| (Cost $–) | 66,575,280 | |||||||
| Face Amount | ||||||||
| SOVEREIGN DEBT — 1.4% | ||||||||
| Colombia Government International Bond | ||||||||
| 3.250%, 04/22/32 | 5,000,000 | 4,250,000 | ||||||
| Kingdom of Belgium Government International Bond | ||||||||
| 4.875%, 06/10/55 | 10,000,000 | 8,907,080 | ||||||
| 4.350%, 11/06/34 (B) | 40,000,000 | 39,425,758 | ||||||
| Provincia de Buenos Aires | ||||||||
| 6.625%, 09/01/37 (B)(E) | 297,023 | 228,840 | ||||||
| Ukraine Government International Bond | ||||||||
| 4.500%, 02/01/29 to 02/01/34 (E) | 2,403,678 | 1,749,319 | ||||||
| 0.000%, 02/01/30 to 02/01/36 (E) | 1,382,113 | 702,698 | ||||||
| Total Sovereign Debt | ||||||||
| (Cost $56,235,020) | 55,263,695 | |||||||
| Description | Face Amount | Value | ||||||
| MUNICIPAL BONDS — 1.2% | ||||||||
| Board of Regents of the University of Texas System, Ser C, RB | ||||||||
| 4.794%, 08/15/46 | $ | 4,670,000 | $ | 4,362,382 | ||||
| City of Houston Texas, GO | ||||||||
| 3.961%, 03/01/47 | 12,000,000 | 10,205,376 | ||||||
| GDB Debt Recovery Authority of Puerto Rico, RB | ||||||||
| 7.500%, 08/20/40 | 3,930,313 | 3,851,895 | ||||||
| Mission, Economic Development, RB | ||||||||
| 9.750%, 12/01/25(F)(G) | 3,045,000 | 30,450 | ||||||
| 8.550%, 12/01/21(F)(G) | 2,125,000 | 21,250 | ||||||
| Mission, Economic Development, RB | ||||||||
| 10.875%, 12/01/28(F)(G) | 3,315,000 | 33,150 | ||||||
| North Texas Tollway Authority, RB | ||||||||
| 8.410%, 02/01/30 | 1,211,000 | 1,297,635 | ||||||
| 6.718%, 01/01/49 | 2,287,000 | 2,461,291 | ||||||
| Northwest Independent School District, Ser A, GO, PSF-GTD | ||||||||
| 1.776%, 02/15/31 | 2,000,000 | 1,800,691 | ||||||
| 1.836%, 02/15/32 | 1,890,000 | 1,662,541 | ||||||
| Rhode Island State, Health & Educational System, Providence Public Schools, Ser A, Cl A, RB, CITY APPROP ST AID WITHHLDG | ||||||||
| 8.000%, 05/15/29 | 5,000,000 | 5,011,342 | ||||||
| Texas State, Transportation Commission State Highway Fund, Ser B-BUILD, RB | ||||||||
| 5.178%, 04/01/30 | 3,980,000 | 4,037,361 | ||||||
| TransJamaican Highway, RB | ||||||||
| 5.750%, 10/10/36(B) | 1,219,021 | 1,118,452 | ||||||
| USAFA Visitor's Center Business Improvement District, Ser B, RB | ||||||||
| 6.750%, 12/01/42(B) | 12,870,000 | 12,841,591 | ||||||
| William Marsh Rice University, RB | ||||||||
| 2.598%, 05/15/50 | 1,810,000 | 1,121,788 | ||||||
| Total Municipal Bonds | ||||||||
| (Cost $56,805,163) | 49,857,195 | |||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.7% | ||||||||
| FFCB | ||||||||
| 5.490%, 09/22/42 | 1,000,000 | 1,000,163 | ||||||
| 5.280%, 07/28/33 | 5,000,000 | 4,986,778 | ||||||
| 4.390%, 03/27/29 | 5,000,000 | 5,030,123 | ||||||
| FHLB | ||||||||
| 6.000%, 07/28/45 | 5,000,000 | 5,002,025 | ||||||
| 5.700%, 04/09/41 | 5,000,000 | 4,920,315 | ||||||
| 2.150%, 09/23/36 | 1,500,000 | 1,176,257 | ||||||
| Tennessee Valley Authority | ||||||||
| 4.250%, 09/15/52 | 7,521,000 | 6,275,565 | ||||||
| Total U.S. Government Agency Obligations | ||||||||
| (Cost $29,287,872) | 28,391,226 | |||||||
8
| |
FROST TOTAL RETURN BOND FUND April 30, 2026 (Unaudited)
| Description | Face Amount | Value | ||||||
| COMMERCIAL PAPER — 2.9% | ||||||||
| Alexandria Real Estate | ||||||||
| 4.239%, 05/01/26 (H) | $ | 2,000,000 | $ | 1,999,784 | ||||
| Altria Group | ||||||||
| 3.954%, 05/07/26 (H) | 2,500,000 | 2,498,065 | ||||||
| American Crystal Sugar | ||||||||
| 4.080%, 05/20/26 (H) | 2,200,000 | 2,195,072 | ||||||
| Brookfield Infrastructur | ||||||||
| 4.203%, 06/02/26 (H) | 2,500,000 | 2,490,343 | ||||||
| Brookfield Infrastructure | ||||||||
| 4.081%, 05/21/26 (H) | 2,250,000 | 2,244,504 | ||||||
| CBRE Services | ||||||||
| 3.996%, 05/13/26 (H) | 2,500,000 | 2,496,390 | ||||||
| 3.959%, 05/20/26 (H) | 2,250,000 | 2,244,960 | ||||||
| Clorox Company | ||||||||
| 4.099%, 05/26/26 (H) | 2,000,000 | 1,994,150 | ||||||
| Columbia Pipeline | ||||||||
| 4.136%, 05/20/26 (H) | 2,500,000 | 2,494,488 | ||||||
| Crown Castle International | ||||||||
| 4.280%, 05/05/26 (H) | 2,500,000 | 2,498,516 | ||||||
| ERP Operating | ||||||||
| 3.985%, 05/05/26 (H) | 2,500,000 | 2,498,623 | ||||||
| Essex Portfolio | ||||||||
| 4.058%, 05/04/26 (H) | 2,500,000 | 2,498,886 | ||||||
| Extra Space Storage | ||||||||
| 4.095%, 05/19/26 (H) | 2,500,000 | 2,494,660 | ||||||
| 4.049%, 05/06/26 (H) | 2,500,000 | 2,498,347 | ||||||
| Fastnet Funding Co | ||||||||
| 3.900%, 05/11/26 (H) | 2,500,000 | 2,497,144 | ||||||
| Fidelity National | ||||||||
| 4.077%, 05/01/26 (H) | 2,500,000 | 2,499,726 | ||||||
| Genuine Parts | ||||||||
| 4.435%, 05/08/26 (H) | 2,500,000 | 2,497,703 | ||||||
| Harley-Davidson | ||||||||
| 4.464%, 07/06/26 (H) | 1,000,000 | 992,031 | ||||||
| Healthcare Reality Holdings | ||||||||
| 4.129%, 05/05/26 (H) | 2,500,000 | 2,498,642 | ||||||
| HealthPeak OP | ||||||||
| 4.161%, 05/13/26 (H) | 5,000,000 | 4,992,726 | ||||||
| Hilltop | ||||||||
| 3.955%, 05/20/26 (H) | 5,000,000 | 4,988,400 | ||||||
| Humana | ||||||||
| 4.042%, 05/04/26 (H) | 4,000,000 | 3,998,239 | ||||||
| Jabil Inc | ||||||||
| 4.106%, 05/14/26 (H) | 2,500,000 | 2,495,651 | ||||||
| John Deere Financial | ||||||||
| 3.688%, 05/21/26 (H) | 2,750,000 | 2,743,961 | ||||||
| JTI Fin Services | ||||||||
| 3.905%, 05/04/26 (H) | 5,500,000 | 5,497,714 | ||||||
| Keurig Dr Pepper | ||||||||
| 4.374%, 06/01/26 (H) | 2,500,000 | 2,490,520 | ||||||
| 4.101%, 05/01/26 (H) | 2,800,000 | 2,799,679 | ||||||
| Keurig Dr Pepper Inc | ||||||||
| 4.310%, 05/04/26 (H) | 2,000,000 | 1,999,082 | ||||||
| Marsh & Mclennan | ||||||||
| 4.009%, 05/12/26 (H) | 4,650,000 | 4,643,809 | ||||||
| Northwest Natural Holding | ||||||||
| 4.170%, 05/28/26 (H) | 2,485,000 | 2,476,861 |
| Description | Face Amount | Value | ||||||
| Oracle | ||||||||
| 4.005%, 05/11/26 (H) | $ | 2,400,000 | $ | 2,397,011 | ||||
| Phillips 66 | ||||||||
| 4.320%, 05/04/26 (H) | 2,500,000 | 2,498,892 | ||||||
| Republic Services Inc | ||||||||
| 3.970%, 05/07/26 (H) | 5,000,000 | 4,996,131 | ||||||
| Rogers Communications | ||||||||
| 4.233%, 05/14/26 (H) | 4,000,000 | 3,993,667 | ||||||
| Safehold GL Holdings | ||||||||
| 4.262%, 05/15/26 (H) | 2,500,000 | 2,495,488 | ||||||
| SPIRE INC | ||||||||
| 4.062%, 05/12/26 (H) | 2,500,000 | 2,496,672 | ||||||
| Stellantis Financial | ||||||||
| 4.459%, 06/08/26 (H) | 2,900,000 | 2,886,265 | ||||||
| 4.408%, 05/19/26 (H) | 2,500,000 | 2,494,387 | ||||||
| Telus Corp | ||||||||
| 4.113%, 05/27/26 (H) | 1,500,000 | 1,495,115 | ||||||
| Triton Container | ||||||||
| 4.307%, 05/13/26 (H) | 2,500,000 | 2,496,030 | ||||||
| 4.257%, 05/12/26 (H) | 2,500,000 | 2,496,378 | ||||||
| Videotron | ||||||||
| 0.000%, 05/14/26 (H) | 3,850,000 | 3,843,467 | ||||||
| Total Commercial Paper | ||||||||
| (Cost $117,861,612) | 117,848,179 | |||||||
| REPURCHASE AGREEMENT(I) — 0.0% | ||||||||
| Tri-Party Overnight 3.550%, dated 04/30/2026, to be repurchased on 05/01/2026, repurchase price $1,400,138 (collateralized by various Government Obligations, ranging in par value $494,699 - $784,000, 8.875% - 10.600%, 10/01/2028 - 08/22/2050, with a total market value of $1,569,871) | 1,400,000 | 1,400,000 | ||||||
| Total Repurchase Agreement | ||||||||
| (Cost $1,400,000) | 1,400,000 | |||||||
| Total Investments — 99.0% | ||||||||
| (Cost $4,064,208,126) | $ | 4,063,661,375 | ||||||
Percentages are based on Net Assets of $4,103,176,189.
| (A) | Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates. |
| (B) | Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total value of such securities at April 30, 2026 was $1,038,873,758 and represents 25.3% of Net Assets. |
| (C) | Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at the time of purchase. |
| (D) | PO - Principal Only |
9
| |
FROST TOTAL RETURN BOND FUND April 30, 2026 (Unaudited)
| (E) | Step Bonds — The rate reflected on the Schedule of Investments is the effective yield on April 30, 2026. The coupon on a step bond changes on a specific date. |
| (F) | Level 3 security in accordance with fair value hierarchy. |
| (G) | Security in default on interest payments. |
| (H) | Interest rate represents the security’s effective yield at the time of purchase. |
| (I) | Tri-Party Repurchase Agreement. |
Amounts designated as “—“ are $0 or have been rounded to $0.
For information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund’s most recent financial statements.
See “Glossary” for abbreviations.
FIA-QH-001-3700
10
| |
FROST CREDIT FUND April 30, 2026 (Unaudited)
| Description | Face Amount | Value | ||||||
| CORPORATE OBLIGATIONS — 49.3% | ||||||||
| Communication Services — 6.0% | ||||||||
| AT&T | ||||||||
| 3.850%, 06/01/60 | $ | 6,000,000 | $ | 3,996,696 | ||||
| Fair Isaac | ||||||||
| 6.000%, 05/15/33(A) | 3,000,000 | 2,958,673 | ||||||
| Gray Media | ||||||||
| 5.375%, 11/15/31(A) | 3,000,000 | 2,342,970 | ||||||
| News | ||||||||
| 5.125%, 02/15/32(A) | 5,000,000 | 4,914,843 | ||||||
| OT Midco | ||||||||
| 10.000%, 02/15/30(A) | 8,000,000 | 3,120,000 | ||||||
| Sirius XM Radio | ||||||||
| 5.875%, 04/15/32(A) | 3,000,000 | 2,949,877 | ||||||
| 3.875%, 09/01/31(A) | 3,000,000 | 2,715,758 | ||||||
| Stagwell Global | ||||||||
| 5.625%, 08/15/29(A) | 2,000,000 | 1,902,509 | ||||||
| T-Mobile USA | ||||||||
| 6.700%, 12/15/33 | 4,000,000 | 4,389,233 | ||||||
| 29,290,559 | ||||||||
| Consumer Dicretionary — 1.2% | ||||||||
| Industrial F&B Investments III | ||||||||
| 7.750%, 02/11/33(A) | 2,000,000 | 2,021,012 | ||||||
| Specac International | ||||||||
| 10.174%, TSFR3M + 6.500%, 09/16/30(A)(B) | 3,500,000 | 3,608,645 | ||||||
| 5,629,657 | ||||||||
| Consumer Discretionary — 3.0% | ||||||||
| 180 Medical | ||||||||
| 5.300%, 10/08/35(A) | 4,000,000 | 3,908,425 | ||||||
| Amazon.com | ||||||||
| 4.100%, 04/13/62 | 4,000,000 | 2,950,936 | ||||||
| Beazer Homes USA | ||||||||
| 7.250%, 10/15/29(A) | 1,000,000 | 1,012,980 | ||||||
| Choice Hotels International | ||||||||
| 5.850%, 08/01/34 | 2,000,000 | 2,021,940 | ||||||
| Dillard's | ||||||||
| 7.000%, 12/01/28 | 500,000 | 519,327 | ||||||
| Ford Motor Credit | ||||||||
| 5.869%, 10/31/35 | 2,000,000 | 1,948,808 | ||||||
| JBS USA Holding Lux Sarl | ||||||||
| 6.750%, 03/15/34 | 186,000 | 202,141 | ||||||
| STL Holding | ||||||||
| 8.750%, 02/15/29(A) | 2,000,000 | 2,075,340 | ||||||
| 14,639,897 | ||||||||
| Consumer Staples — 2.2% | ||||||||
| JBS | ||||||||
| 6.375%, 04/15/66 | 2,500,000 | 2,407,020 | ||||||
| JBS USA Holding Lux Sarl | ||||||||
| 6.500%, 12/01/52 | 3,000,000 | 3,008,727 | ||||||
| Kraft Heinz Foods | ||||||||
| 4.625%, 10/01/39 | 4,352,000 | 3,845,554 | ||||||
| Philip Morris International | ||||||||
| 4.250%, 11/10/44 | 2,000,000 | 1,656,901 | ||||||
| 10,918,202 | ||||||||
| Energy — 11.3% | ||||||||
| Aircastle | ||||||||
| 5.750%, 10/01/31(A) | 3,500,000 | 3,588,394 | ||||||
| 5.250%, H15T5Y + 4.410%, 09/15/74(A)(B) | 1,000,000 | 998,250 | ||||||
| Description | Face Amount | Value | ||||||
| Asurion and Asurion -Issuer | ||||||||
| 8.375%, 02/01/34(A) | $ | 3,500,000 | $ | 3,453,128 | ||||
| Borr IHC | ||||||||
| 10.000%, 11/15/28(A) | 1,024,390 | 1,070,179 | ||||||
| BP Capital Markets | ||||||||
| 6.125%, H15T5Y + 1.924%, 06/18/74(B) | 5,000,000 | 5,112,475 | ||||||
| Colonial Pipeline | ||||||||
| 8.375%, 11/01/30(A) | 1,500,000 | 1,670,832 | ||||||
| Futura Resources | ||||||||
| 13.125%, 01/09/31 | 4,250,000 | 3,971,200 | ||||||
| HF Sinclair | ||||||||
| 5.500%, 09/01/32 | 5,000,000 | 5,059,680 | ||||||
| New England Power | ||||||||
| 2.807%, 10/06/50(A) | 1,990,000 | 1,194,985 | ||||||
| Oglethorpe Power | ||||||||
| 5.800%, 06/01/54 | 4,000,000 | 3,852,193 | ||||||
| PBF Holding | ||||||||
| 9.875%, 03/15/30(A) | 2,250,000 | 2,417,656 | ||||||
| Phoenix Aviation Capital | ||||||||
| 9.250%, 07/15/30(A) | 7,000,000 | 7,143,906 | ||||||
| SBL Holdings | ||||||||
| 6.500%, H15T5Y + 5.620%, 11/13/74(A)(B) | 3,000,000 | 2,711,831 | ||||||
| Southern Natural Gas | ||||||||
| 4.800%, 03/15/47(A) | 3,000,000 | 2,567,982 | ||||||
| Summit Midstream Holdings | ||||||||
| 8.625%, 10/31/29(A) | 500,000 | 522,785 | ||||||
| Telford Finco | ||||||||
| 11.000%, 11/06/29 | 3,623,034 | 3,739,310 | ||||||
| Topaz Solar Farms | ||||||||
| 5.750%, 09/30/39(A) | 5,955,926 | 5,941,036 | ||||||
| 55,015,822 | ||||||||
| Financials — 6.3% | ||||||||
| Apollo Global Management | ||||||||
| 5.700%, 03/30/36 | 1,500,000 | 1,505,605 | ||||||
| Arthur J Gallagher | ||||||||
| 5.750%, 07/15/54 | 3,000,000 | 2,862,593 | ||||||
| Bank of America | ||||||||
| 5.518%, SOFR + 1.738%, 10/25/35(B) | 3,000,000 | 3,022,276 | ||||||
| Brown & Brown | ||||||||
| 5.650%, 06/11/34 | 3,000,000 | 3,030,660 | ||||||
| F&G Annuities & Life | ||||||||
| 7.400%, 01/13/28 | 3,000,000 | 3,059,576 | ||||||
| LPL Holdings | ||||||||
| 6.000%, 05/20/34 | 3,000,000 | 3,067,350 | ||||||
| Pinnacle Financial | ||||||||
| 6.168%, SOFR + 2.347%, 11/01/30(B) | 2,500,000 | 2,565,188 | ||||||
| PNC Financial Services Group | ||||||||
| 3.400%, H15T5Y + 2.595%, 12/15/74(B) | 4,000,000 | 3,950,498 | ||||||
| Royal Bank of Canada MTN | ||||||||
| 5.200%, 01/31/33 | 1,000,000 | 994,158 | ||||||
| Swedbank | ||||||||
| 7.750%, H15T5Y + 3.657%, 09/17/74(B) | 2,000,000 | 2,124,410 | ||||||
11
| |
FROST CREDIT FUND April 30, 2026 (Unaudited)
| Description | Face Amount | Value | ||||||
| Synchrony Financial | ||||||||
| 5.019%, SOFR + 1.395%, 07/29/29(B) | $ | 2,000,000 | $ | 2,000,292 | ||||
| Zions Bancorp | ||||||||
| 6.816%, SOFR + 2.830%, 11/19/35(B) | 3,000,000 | 3,132,206 | ||||||
| 31,314,812 | ||||||||
| Health Care — 0.5% | ||||||||
| Perrigo | ||||||||
| 5.300%, 11/15/43 | 1,000,000 | 632,060 | ||||||
| Perrigo Finance Unlimited | ||||||||
| 6.125%, 09/30/32 | 2,000,000 | 1,881,936 | ||||||
| 2,513,996 | ||||||||
| Industrials — 7.5% | ||||||||
| AerCap Ireland Capital DAC | ||||||||
| 6.500%, H15T5Y + 2.441%, 01/31/56(B) | 7,000,000 | 7,126,056 | ||||||
| Boeing | ||||||||
| 8.625%, 11/15/31 | 2,594,000 | 3,033,875 | ||||||
| 5.930%, 05/01/60 | 7,000,000 | 6,777,426 | ||||||
| Burlington Northern Santa Fe | ||||||||
| 5.500%, 03/15/55 | 4,000,000 | 3,854,065 | ||||||
| GATX | ||||||||
| 6.050%, 03/15/34 | 2,000,000 | 2,113,138 | ||||||
| Huntington Ingalls Industries | ||||||||
| 5.749%, 01/15/35 | 5,000,000 | 5,171,015 | ||||||
| 4.200%, 05/01/30 | 3,000,000 | 2,947,670 | ||||||
| nVent Finance Sarl | ||||||||
| 5.650%, 05/15/33 | 3,000,000 | 3,076,304 | ||||||
| Twma Finance | ||||||||
| 12.250%, 02/10/29(A) | 3,000,000 | 3,045,000 | ||||||
| 37,144,549 | ||||||||
| Information Technology — 6.1% | ||||||||
| Corning | ||||||||
| 5.450%, 11/15/79 | 4,000,000 | 3,614,246 | ||||||
| Crowdstrike Holdings | ||||||||
| 3.000%, 02/15/29 | 3,000,000 | 2,858,488 | ||||||
| Flex | ||||||||
| 5.250%, 01/15/32 | 2,000,000 | 2,012,271 | ||||||
| Foundry JV Holdco | ||||||||
| 6.300%, 01/25/39(A) | 2,000,000 | 2,122,571 | ||||||
| 5.875%, 01/25/34(A) | 4,000,000 | 4,059,778 | ||||||
| Hewlett Packard Enterprise | ||||||||
| 5.000%, 10/15/34 | 4,000,000 | 3,908,478 | ||||||
| Kyndryl Holdings | ||||||||
| 4.100%, 10/15/41 | 8,929,000 | 6,411,835 | ||||||
| Oracle | ||||||||
| 6.100%, 09/26/65 | 6,000,000 | 4,956,730 | ||||||
| 29,944,397 | ||||||||
| Materials — 1.1% | ||||||||
| Brightstar Resources | ||||||||
| 12.500%, 03/18/30(A) | 3,000,000 | 2,930,498 | ||||||
| Hillgrove Mines Pty | ||||||||
| 12.000%, 08/01/29 | 2,500,000 | 2,600,000 | ||||||
| 5,530,498 | ||||||||
| Real Estate — 1.5% | ||||||||
| GLP Capital | ||||||||
| 6.750%, 12/01/33‡ | 1,000,000 | 1,061,488 | ||||||
| 3.250%, 01/15/32‡ | 2,500,000 | 2,240,437 | ||||||
| Description | Face Amount | Value | ||||||
| Host Hotels & Resorts | ||||||||
| 5.500%, 04/15/35‡ | $ | 2,000,000 | $ | 2,005,878 | ||||
| Sabra Health Care | ||||||||
| 3.200%, 12/01/31‡ | 2,000,000 | 1,808,111 | ||||||
| 7,115,914 | ||||||||
| Utilities — 2.6% | ||||||||
| CenterPoint Energy | ||||||||
| 5.950%, H15T5Y + 2.223%, 04/01/56(B) | 5,000,000 | 4,979,457 | ||||||
| Entergy | ||||||||
| 7.125%, H15T5Y + 2.670%, 12/01/54(B) | 3,000,000 | 3,088,434 | ||||||
| Entergy Texas | ||||||||
| 5.550%, 09/15/54 | 1,000,000 | 945,600 | ||||||
| NRG Energy | ||||||||
| 6.125%, 05/15/36(A) | 1,000,000 | 996,221 | ||||||
| 5.750%, 07/15/29(A) | 3,000,000 | 2,998,633 | ||||||
| 13,008,345 | ||||||||
| Total Corporate Obligations | ||||||||
| (Cost $245,984,727) | 242,066,648 | |||||||
| COLLATERALIZED LOAN OBLIGATIONS — 19.4% | ||||||||
| AMMC CLO XXVI, Ser 2025-26A, Cl B1R | ||||||||
| 5.573%, TSFR3M + 1.900%, 04/15/36 (A)(B) | 7,500,000 | 7,504,253 | ||||||
| Apidos CLO XL, Ser 2024-40A, Cl CR | ||||||||
| 5.623%, TSFR3M + 1.950%, 07/15/37 (A)(B) | 5,000,000 | 4,996,535 | ||||||
| Apidos CLO XL, Ser 2024-40A, Cl ER | ||||||||
| 9.273%, TSFR3M + 5.600%, 07/15/37 (A)(B) | 1,000,000 | 990,514 | ||||||
| Battalion CLO XVII, Ser 2024-17A, Cl CR | ||||||||
| 5.925%, TSFR3M + 2.250%, 03/09/34 (A)(B) | 5,000,000 | 4,999,460 | ||||||
| Battalion CLO XXIII, Ser 2024-23A, Cl BR | ||||||||
| 5.473%, TSFR3M + 1.800%, 10/15/37 (A)(B) | 2,000,000 | 2,002,322 | ||||||
| Battalion CLO XXIII, Ser 2024-23A, Cl DR1 | ||||||||
| 7.623%, TSFR3M + 3.950%, 10/15/37 (A)(B) | 3,000,000 | 3,003,435 | ||||||
| Battalion CLO XXVIII, Ser 2025-28A, Cl B | ||||||||
| 5.275%, TSFR3M + 1.600%, 01/20/38 (A)(B) | 1,340,000 | 1,340,079 | ||||||
| Battalion CLO XXVIII, Ser 2025-28A, Cl D1 | ||||||||
| 6.725%, TSFR3M + 3.050%, 01/20/38 (A)(B) | 2,000,000 | 2,002,608 | ||||||
| BlueMountain XXX, Ser 2022-30A, Cl ER | ||||||||
| 10.373%, TSFR3M + 6.700%, 04/15/35 (A)(B) | 2,000,000 | 1,826,876 | ||||||
12
| |
FROST CREDIT FUND April 30, 2026 (Unaudited)
| Description | Face Amount | Value | ||||||
| BSL CLO V, Ser 2024-5A, Cl B | ||||||||
| 5.375%, TSFR3M + 1.700%, 01/20/38 (A)(B) | $ | 5,000,000 | $ | 4,997,405 | ||||
| CIFC Funding, Ser 2024-4A, Cl CR | ||||||||
| 5.566%, TSFR3M + 1.900%, 07/23/37 (A)(B) | 1,750,000 | 1,748,812 | ||||||
| CLI Funding IX, Ser 2024-1A, Cl B | ||||||||
| 5.660%, 07/20/49 (A) | 1,676,500 | 1,667,951 | ||||||
| CLI Funding IX, Ser 2024-1A, Cl C | ||||||||
| 6.000%, 07/20/49 (A) | 838,250 | 827,072 | ||||||
| Dryden 76 CLO, Ser 2024-76A, Cl BR2 | ||||||||
| 5.423%, TSFR3M + 1.750%, 10/15/37 (A)(B) | 3,000,000 | 3,001,830 | ||||||
| Elmwood CLO XXIV, Ser 2024-3A, Cl BR | ||||||||
| 5.280%, TSFR3M + 1.600%, 01/17/38 (A)(B) | 4,000,000 | 4,000,220 | ||||||
| GoldenTree Loan Management US CLO XIV, Ser 2024-14A, Cl CR | ||||||||
| 5.575%, TSFR3M + 1.900%, 07/20/37 (A)(B) | 5,000,000 | 4,996,560 | ||||||
| Golub Capital Partners CLO XVII, Ser 2025-17A, Cl CRR | ||||||||
| 5.860%, TSFR3M + 2.200%, 02/09/39 (A)(B) | 3,000,000 | 2,983,419 | ||||||
| LCM 42, Ser 2024-42A, Cl D1 | ||||||||
| 7.173%, TSFR3M + 3.500%, 01/15/38 (A)(B) | 5,000,000 | 5,006,235 | ||||||
| Magnetite XLI, Ser 2024-41A, Cl D1 | ||||||||
| 6.267%, TSFR3M + 2.600%, 01/25/38 (A)(B) | 750,000 | 751,973 | ||||||
| Magnetite XXIX, Ser 2024-29A, Cl BR | ||||||||
| 5.423%, TSFR3M + 1.750%, 07/15/37 (A)(B) | 4,000,000 | 4,002,260 | ||||||
| Magnetite XXIX, Ser 2024-29A, Cl DR | ||||||||
| 6.723%, TSFR3M + 3.050%, 07/15/37 (A)(B) | 3,000,000 | 2,985,822 | ||||||
| Magnetite XXXVIII, Ser 2024-38A, Cl B | ||||||||
| 5.673%, TSFR3M + 2.000%, 04/15/37 (A)(B) | 2,000,000 | 2,002,166 | ||||||
| Magnetite XXXVIII, Ser 2024-38A, Cl D | ||||||||
| 7.173%, TSFR3M + 3.500%, 04/15/37 (A)(B) | 1,000,000 | 1,001,031 | ||||||
| Magnetite XXXVIII, Ser 2024-38A, Cl E | ||||||||
| 10.173%, TSFR3M + 6.500%, 04/15/37 (A)(B) | 1,000,000 | 998,827 | ||||||
| MCF CLO VIII CLO, Ser 2024-1A, Cl BR | ||||||||
| 6.075%, TSFR3M + 2.400%, 04/18/36 (A)(B) | 3,000,000 | 2,997,687 | ||||||
| Description | Face Amount | Value | ||||||
| Sycamore Tree CLO, Ser 2025-6A, Cl A1 | ||||||||
| 4.875%, TSFR3M + 1.200%, 04/20/38 (A)(B) | $ | 10,120,000 | $ | 10,103,069 | ||||
| Sycamore Tree CLO, Ser 2025-7A, Cl C | ||||||||
| 5.675%, TSFR3M + 2.000%, 08/28/38 (A)(B) | 5,000,000 | 5,006,660 | ||||||
| Wise CLO, Ser 2025-3A, Cl B1 | ||||||||
| 5.423%, TSFR3M + 1.750%, 07/15/38 (A)(B) | 7,500,000 | 7,504,755 | ||||||
| Total Collateralized Loan Obligations | ||||||||
| (Cost $95,474,471) | 95,249,836 | |||||||
| ASSET-BACKED SECURITIES — 17.1% | ||||||||
| Automotive — 10.1% | ||||||||
| American Credit Acceptance Receivables Trust, Ser 2023-3, Cl D | ||||||||
| 6.820%, 10/12/29 (A) | 1,000,000 | 1,017,956 | ||||||
| American Credit Acceptance Receivables Trust, Ser 2023-4, Cl D | ||||||||
| 7.650%, 09/12/30 (A) | 1,000,000 | 1,026,404 | ||||||
| American Credit Acceptance Receivables Trust, Ser 2024-3, Cl D | ||||||||
| 6.040%, 07/12/30 (A) | 3,000,000 | 3,047,733 | ||||||
| American Credit Acceptance Receivables Trust, Ser 2024-4, Cl D | ||||||||
| 5.340%, 08/12/31 (A) | 2,000,000 | 2,011,570 | ||||||
| American Credit Acceptance Receivables Trust, Ser 2025-3, Cl D | ||||||||
| 5.190%, 07/12/32 (A) | 5,000,000 | 5,004,247 | ||||||
| American Credit Acceptance Receivables Trust, Ser 2025-4, Cl D | ||||||||
| 5.250%, 09/12/31 (A) | 3,000,000 | 2,996,170 | ||||||
| American Credit Acceptance Receivables Trust, Ser 2026-2, Cl E | ||||||||
| 6.900%, 02/08/34 (A) | 4,000,000 | 3,972,924 | ||||||
| Arivo Acceptance Auto Loan Receivables Trust, Ser 2024-1A, Cl C | ||||||||
| 7.650%, 07/15/30 (A) | 1,000,000 | 1,032,656 | ||||||
| Avid Automobile Receivables Trust, Ser 2021-1, Cl F | ||||||||
| 5.160%, 10/16/28 (A) | 2,000,000 | 1,867,629 | ||||||
| Bridgecrest Lending Auto Securitization Trust, Ser 2024-3, Cl D | ||||||||
| 5.830%, 05/15/30 | 2,250,000 | 2,282,094 | ||||||
| Carvana Auto Receivables Trust, Ser 2021-N2, Cl E | ||||||||
| 2.900%, 03/10/28 (A) | 506,186 | 498,612 | ||||||
13
| |
FROST CREDIT FUND April 30, 2026 (Unaudited)
| Description | Face Amount | Value | ||||||
| Credit Acceptance Auto Loan Trust, Ser 2024-2A, Cl C | ||||||||
| 6.700%, 10/16/34 (A) | $ | 3,000,000 | $ | 3,092,314 | ||||
| Exeter Automobile Receivables Trust, Ser 2022-2A, Cl E | ||||||||
| 6.340%, 10/15/29 (A) | 1,443,000 | 1,396,099 | ||||||
| Exeter Automobile Receivables Trust, Ser 2024-5A, Cl E | ||||||||
| 7.220%, 05/17/32 (A) | 3,250,000 | 3,324,028 | ||||||
| Flagship Credit Auto Trust, Ser 2024-3, Cl D | ||||||||
| 6.110%, 09/16/30 (A) | 4,000,000 | 3,833,834 | ||||||
| GLS Auto Receivables Issuer Trust, Ser 2021-4A, Cl E | ||||||||
| 4.430%, 10/16/28 (A) | 1,500,000 | 1,498,185 | ||||||
| GLS Auto Receivables Issuer Trust, Ser 2024-3A, Cl E | ||||||||
| 7.250%, 06/16/31 (A) | 3,000,000 | 3,072,761 | ||||||
| GLS Auto Select Receivables Trust, Ser 2024-3A, Cl C | ||||||||
| 5.920%, 08/15/30 (A) | 1,357,000 | 1,389,184 | ||||||
| GLS Auto Select Receivables Trust, Ser 2025-1A, Cl C | ||||||||
| 5.260%, 03/15/31 (A) | 750,000 | 754,847 | ||||||
| Lendbuzz Securitization Trust, Ser 2024-3A, Cl C | ||||||||
| 5.900%, 11/15/31 (A) | 600,000 | 601,607 | ||||||
| Lendbuzz Securitization Trust, Ser 2025-1A, Cl C | ||||||||
| 5.990%, 01/15/32 (A) | 1,250,000 | 1,246,685 | ||||||
| Prestige Auto Receivables Trust, Ser 2024-1A, Cl D | ||||||||
| 6.210%, 02/15/30 (A) | 2,000,000 | 2,017,623 | ||||||
| Prestige Auto Receivables Trust, Ser 2024-2A, Cl E | ||||||||
| 6.750%, 11/17/31 (A) | 1,500,000 | 1,451,102 | ||||||
| SAFCO Auto Receivables Trust, Ser 2024-1A, Cl E | ||||||||
| 10.850%, 01/18/30 (A) | 500,000 | 509,748 | ||||||
| Tricolor Auto Securitization Trust, Ser 2022-1A, Cl F | ||||||||
| 9.800%, 07/16/29 (A) | 1,000,000 | 317,286 | ||||||
| Tricolor Auto Securitization Trust, Ser 2023-1A, Cl F | ||||||||
| 16.000%, 06/17/30 (A) | 1,000,000 | 298,325 | ||||||
| Tricolor Auto Securitization Trust, Ser 2025-1A, Cl E | ||||||||
| 10.370%, 04/15/32 (A) | 500,000 | 40,643 | ||||||
| 49,602,266 | ||||||||
| Credit Card — 0.5% | ||||||||
| Mercury Financial Credit Card Master Trust, Ser 2024-2A, Cl A | ||||||||
| 6.560%, 07/20/29 (A) | 2,500,000 | 2,502,260 | ||||||
| Other Asset-Backed Securities — 6.5% | ||||||||
| Amur Equipment Finance Receivables X, Ser 2022-1A, Cl E | ||||||||
| 5.020%, 12/20/28 (A) | 2,348,000 | 2,348,761 | ||||||
| Description | Face Amount | Value | ||||||
| Amur Equipment Finance Receivables XIII, Ser 2024-1A, Cl E | ||||||||
| 9.660%, 04/20/32 (A) | $ | 1,550,000 | $ | 1,598,471 | ||||
| Amur Equipment Finance Receivables XIV, Ser 2024-2A, Cl D | ||||||||
| 5.970%, 10/20/31 (A) | 800,000 | 810,438 | ||||||
| Aqua Finance Trust, Ser 2024-A, Cl A | ||||||||
| 4.810%, 04/18/50 (A) | 1,257,284 | 1,252,018 | ||||||
| BHG Securitization Trust, Ser 2022-B, Cl D | ||||||||
| 6.690%, 06/18/35 (A) | 998,895 | 1,008,071 | ||||||
| CIFC Funding, Ser 2025-4A, Cl C | ||||||||
| 5.517%, TSFR3M + 1.850%, 10/24/38 (A)(B) | 10,000,000 | 9,993,890 | ||||||
| Dext ABS, Ser 2025-1, Cl D | ||||||||
| 5.650%, 02/15/36 (A) | 3,000,000 | 3,038,635 | ||||||
| EnFin Residential Solar Receivables Trust, Ser 2024-1A, Cl B | ||||||||
| 8.440%, 02/20/55 (A) | 783,557 | 679,647 | ||||||
| Kapitus Asset Securitization IV, Ser 2025-1A, Cl 1A | ||||||||
| 5.490%, 09/10/31 (A) | 1,000,000 | 1,002,183 | ||||||
| Mosaic Solar Loans, Ser 2017-2A, Cl B | ||||||||
| 4.770%, 06/22/43 (A) | 118,394 | 106,801 | ||||||
| NMEF Funding, Ser 2024-A, Cl C | ||||||||
| 6.330%, 12/15/31 (A) | 500,000 | 509,380 | ||||||
| NMEF Funding, Ser 2024-A, Cl D | ||||||||
| 8.750%, 12/15/31 (A) | 1,500,000 | 1,545,862 | ||||||
| NMEF Funding, Ser 2025-A, Cl D | ||||||||
| 8.070%, 07/15/32 (A) | 3,000,000 | 3,052,713 | ||||||
| Textainer Marine Containers VII, Ser 2024-1A, Cl B | ||||||||
| 5.340%, 08/20/49 (A) | 2,558,000 | 2,513,155 | ||||||
| TIC Home Improvement Trust, Ser 2024-A, Cl B | ||||||||
| 7.890%, 10/15/46 (A) | 500,000 | 511,037 | ||||||
| Verizon Master Trust, Ser 2024-8, Cl B | ||||||||
| 4.820%, 11/20/30 | 2,120,000 | 2,131,100 | ||||||
| 32,102,162 | ||||||||
| Total Asset-Backed Securities | ||||||||
| (Cost $85,848,694) | 84,206,688 | |||||||
| MORTGAGE-BACKED SECURITIES — 8.1% | ||||||||
| Commercial Mortgage-Backed Obligation — 3.0% | ||||||||
| Benchmark Mortgage Trust, Ser 2020-B21, Cl D | ||||||||
| 2.000%, 12/17/53 (A) | 1,000,000 | 695,292 | ||||||
| BXMT, Ser 2020-FL2, Cl A | ||||||||
| 4.932%, TSFR1M + 1.264%, 02/15/38 (A)(B) | 25,822 | 25,803 | ||||||
14
| |
FROST CREDIT FUND April 30, 2026 (Unaudited)
| Description | Face Amount | Value | ||||||
| COMM Mortgage Trust, Ser 2015-DC1, Cl D | ||||||||
| 4.424%, 02/10/48 (A)(B) | $ | 1,517,000 | $ | 1,031,478 | ||||
| GS Mortgage-Backed Securities Trust, Ser 2024-PJ3, Cl B2 | ||||||||
| 5.771%, 08/25/54 (A)(B) | 955,692 | 929,200 | ||||||
| GS Mortgage-Backed Securities Trust, Ser 2025-NQM2, Cl A2 | ||||||||
| 5.800%, 06/25/65 (A)(C) | 3,584,740 | 3,607,357 | ||||||
| GS Mortgage-Backed Securities Trust, Ser 2025-NQM3, Cl A3 | ||||||||
| 5.492%, 11/25/65 (A)(C) | 2,292,178 | 2,296,691 | ||||||
| GS Mortgage-Backed Securities Trust, Ser 2025-PJ11, Cl A5 | ||||||||
| 5.000%, 05/25/56 (A)(B) | 1,741,026 | 1,725,812 | ||||||
| GS Mortgage-Backed Securities Trust, Ser 2025-PJ6, Cl A5 | ||||||||
| 5.500%, 11/25/55 (A)(B) | 2,483,592 | 2,483,023 | ||||||
| GS Mortgage-Backed Securities Trust, Ser 2025-PJ8, Cl A3 | ||||||||
| 5.000%, 02/25/56 (A)(B) | 1,435,974 | 1,404,394 | ||||||
| WFRBS Commercial Mortgage Trust, Ser 2014-C25, Cl D | ||||||||
| 3.803%, 11/15/47 (A)(B) | 425,685 | 416,937 | ||||||
| 14,615,987 | ||||||||
| Non-Agency Residential Mortgage-Backed Obligation — 5.1% | ||||||||
| Brean Asset Backed Securities Trust, Ser 2023-RM7, Cl A1 | ||||||||
| 4.500%, 03/25/78 (A)(B) | 750,655 | 741,536 | ||||||
| Brean Asset Backed Securities Trust, Ser 2024-RM9, Cl A1 | ||||||||
| 5.000%, 09/25/64 (A) | 826,385 | 822,126 | ||||||
| Brean Asset Backed Securities Trust, Ser 2025-RM11, Cl A2 | ||||||||
| 4.750%, 05/25/65 (A)(B) | 2,000,000 | 1,930,799 | ||||||
| Brean Asset Backed Securities Trust, Ser 2025-RM12, Cl A2 | ||||||||
| 4.500%, 07/25/65 (A) | 2,004,344 | 1,912,999 | ||||||
| Chase Home Lending Mortgage Trust, Ser 2024-2, Cl A6 | ||||||||
| 6.500%, 02/25/55 (A)(B) | 369,021 | 371,169 | ||||||
| Morgan Stanley Residential Mortgage Loan Trust, Ser 2024-NQM5, Cl A1 | ||||||||
| 5.649%, 10/25/69 (A)(B) | 1,715,324 | 1,724,977 | ||||||
| New Residential Mortgage Loan Trust, Ser 2024-NQM1, Cl A1 | ||||||||
| 6.129%, 03/25/64 (A)(C) | 925,056 | 931,168 | ||||||
| PRET Trust, Ser 2025-RPL2, Cl A1 | ||||||||
| 4.000%, 08/25/64 (A)(C) | 2,699,670 | 2,620,667 | ||||||
| PRET Trust, Ser 2025-RPL3, Cl M2 | ||||||||
| 4.150%, 04/25/65 (A)(C) | 5,000,000 | 4,586,301 | ||||||
| Sequoia Mortgage Trust, Ser 2025-12, Cl A4 | ||||||||
| 5.500%, 12/25/55 (A)(B) | 4,208,341 | 4,199,159 | ||||||
| Sequoia Mortgage Trust, Ser 2025-6, Cl A2 | ||||||||
| 5.500%, 07/25/55 (A)(B) | 3,503,483 | 3,485,097 | ||||||
| Description | Face Amount | Value | ||||||
| Toorak Mortgage Trust, Ser 2024-2, Cl A1 | ||||||||
| 6.329%, 10/25/31 (A)(C) | $ | 1,000,000 | $ | 1,004,512 | ||||
| Toorak Mortgage Trust, Ser 2024-RRTL2, Cl A1 | ||||||||
| 5.504%, 09/25/39 (A)(C) | 1,000,000 | 1,002,415 | ||||||
| 25,332,925 | ||||||||
| Total Mortgage-Backed Securities | ||||||||
| (Cost $39,835,636) | 39,948,912 | |||||||
| MUNICIPAL BOND — 1.1% | ||||||||
| North Texas Tollway Authority, RB | ||||||||
| 6.718%, 01/01/49 | 5,000,000 | 5,381,047 | ||||||
| Total Municipal Bonds | ||||||||
| (Cost $5,618,153) | 5,381,047 | |||||||
| Shares | ||||||||
| PREFERRED STOCK — 1.0% | ||||||||
| Communication Services — 1.0% | ||||||||
| T-Mobile USA | ||||||||
| 6.250%, 09/01/69 | 118,061 | 2,945,622 | ||||||
| 5.500%, 03/01/70 | 84,848 | 1,883,626 | ||||||
| Total Preferred Stock | ||||||||
| (Cost $4,699,872) | 4,829,248 | |||||||
| Face Amount | ||||||||
| COMMERCIAL PAPER — 3.0% | ||||||||
| Brookfield Infrastructure | ||||||||
| 4.081%, 05/21/26 (D) | 250,000 | 249,390 | ||||||
| CBRE Services | ||||||||
| 3.959%, 05/20/26 (D) | 250,000 | 249,440 | ||||||
| Extra Space Storage | ||||||||
| 4.095%, 05/19/26 (D) | 500,000 | 498,932 | ||||||
| Fidelity National | ||||||||
| 4.077%, 05/01/26 (D) | 500,000 | 499,946 | ||||||
| Genuine Parts | ||||||||
| 4.435%, 05/08/26 (D) | 400,000 | 399,632 | ||||||
| Humana | ||||||||
| 4.042%, 05/04/26 (D) | 750,000 | 749,670 | ||||||
| John Deere Financial | ||||||||
| 3.688%, 05/21/26 (D) | 250,000 | 249,451 | ||||||
| JTI Fin Services | ||||||||
| 3.905%, 05/04/26 (D) | 500,000 | 499,792 | ||||||
| Keurig Dr Pepper | ||||||||
| 4.374%, 06/01/26 (D) | 1,000,000 | 996,208 | ||||||
| 4.101%, 05/01/26 (D) | 8,300,000 | 8,299,048 | ||||||
| Marsh & Mclennan | ||||||||
| 4.009%, 05/12/26 (D) | 250,000 | 249,667 | ||||||
| Rogers Communications | ||||||||
| 4.233%, 05/14/26 (D) | 1,000,000 | 998,417 | ||||||
| SPIRE INC | ||||||||
| 4.062%, 05/12/26 (D) | 500,000 | 499,334 | ||||||
| Telus Corp | ||||||||
| 4.113%, 05/27/26 (D) | 100,000 | 99,674 | ||||||
| Total Commercial Paper | ||||||||
| (Cost $14,540,133) | 14,538,601 | |||||||
15
| |
FROST CREDIT FUND April 30, 2026 (Unaudited)
| Description | Face Amount | Value | ||||||
| REPURCHASE AGREEMENT(E) — 0.7% | ||||||||
| Tri-Party Overnight | ||||||||
| 3.550%, dated 04/30/2026, to be repurchased on 05/01/2026, repurchase price $3,600,355 (collateralized by various Government Obligations, ranging in par value $32 - $3,127,708, 0.000% - 9.450%, 05/15/2026 - 11/15/2042, with a total market value of $4,220,009) | $ | 3,600,000 | $ | 3,600,000 | ||||
| Total Repurchase Agreement | ||||||||
| (Cost $3,600,000) | 3,600,000 | |||||||
| Total Investments — 99.7% | ||||||||
| (Cost $495,601,686) | $ | 489,820,980 | ||||||
Percentages are based on Net Assets of $491,222,762.
| ‡ | Real Estate Investment Trust |
| (A) | Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total value of such securities at April 30, 2026 was $297,956,939 and represents 60.7% of Net Assets. |
| (B) | Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates. |
| (C) | Step Bonds — The rate reflected on the Schedule of Investments is the effective yield on April 30, 2026. The coupon on a step bond changes on a specific date. |
| (D) | Interest rate represents the security’s effective yield at the time of purchase. |
| (E) | Tri-Party Repurchase Agreement. |
For information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund’s most recent financial statements.
See “Glossary” for abbreviations.
FIA-QH-001-3700
16
| |
FROST LOW DURATION BOND FUND April 30, 2026 (Unaudited)
| Description | Face Amount | Value | ||||||
| U.S. TREASURY OBLIGATIONS — 45.0% | ||||||||
| U.S. Treasury Notes | ||||||||
| 4.000%, 01/31/29 to 02/28/30 | $ | 80,000,000 | $ | 80,125,391 | ||||
| 3.500%, 02/28/31 | 25,000,000 | 24,441,406 | ||||||
| Total U.S. Treasury Obligations | ||||||||
| (Cost $104,061,463) | 104,566,797 | |||||||
| ASSET-BACKED SECURITIES — 25.8% | ||||||||
| Automotive — 19.8% | ||||||||
| American Credit Acceptance Receivables Trust 2026-2, Ser 2026-2, Cl D | ||||||||
| 5.180%, 06/08/32 (A) | 5,000,000 | 4,977,039 | ||||||
| American Credit Acceptance Receivables Trust, Ser 2024-3, Cl C | ||||||||
| 5.730%, 07/12/30 (A) | 2,000,000 | 2,012,399 | ||||||
| American Credit Acceptance Receivables Trust, Ser 2025-1, Cl C | ||||||||
| 5.090%, 08/12/31 (A) | 5,000,000 | 5,024,427 | ||||||
| American Credit Acceptance Receivables Trust, Ser 2026-1, Cl D | ||||||||
| 5.100%, 01/12/33 (A) | 5,000,000 | 4,967,563 | ||||||
| Bridgecrest Lending Auto Securitization Trust, Ser 2025-1, Cl C | ||||||||
| 5.150%, 12/17/29 | 3,810,000 | 3,836,464 | ||||||
| Carmax Auto Owner Trust, Ser 2022-4, Cl D | ||||||||
| 8.080%, 04/16/29 | 1,500,000 | 1,535,920 | ||||||
| Flagship Credit Auto Trust, Ser 2024-3, Cl B | ||||||||
| 5.350%, 07/16/29 (A) | 5,000,000 | 5,008,738 | ||||||
| Lendbuzz Securitization Trust, Ser 2024-2A, Cl B | ||||||||
| 6.520%, 07/16/29 (A) | 1,250,000 | 1,266,482 | ||||||
| Prestige Auto Receivables Trust, Ser 2021-1A, Cl D | ||||||||
| 2.080%, 02/15/28 (A) | 2,271,414 | 2,253,082 | ||||||
| Prestige Auto Receivables Trust, Ser 2023-2A, Cl C | ||||||||
| 7.120%, 08/15/29 (A) | 4,250,000 | 4,271,420 | ||||||
| Westlake Automobile Receivables Trust, Ser 2023-2A, Cl D | ||||||||
| 7.010%, 11/15/28 (A) | 3,000,000 | 3,039,543 | ||||||
| WF Card Issuance Trust, Ser 2026-A1, Cl A | ||||||||
| 4.080%, 04/15/31 | 8,000,000 | 7,977,417 | ||||||
| 46,170,494 | ||||||||
| Credit Card — 0.9% | ||||||||
| World Financial Network Credit Card Master Trust, Ser 2024-A, Cl A | ||||||||
| 5.470%, 02/15/31 | 2,000,000 | 2,025,076 | ||||||
| Description | Face Amount | Value | ||||||
| Other Asset-Backed Securities — 5.1% | ||||||||
| Aqua Finance Trust, Ser 2021-A, Cl B | ||||||||
| 2.400%, 07/17/46 (A) | $ | 913,947 | $ | 849,051 | ||||
| BXG Receivables Note Trust, Ser 2023-A, Cl A | ||||||||
| 5.770%, 11/15/38 (A) | 1,556,586 | 1,575,928 | ||||||
| CLI Funding VI, Ser 2020-1A, Cl A | ||||||||
| 2.080%, 09/18/45 (A) | 1,094,286 | 1,028,116 | ||||||
| Commonbond Student Loan Trust, Ser 2017-AGS, Cl A1 | ||||||||
| 2.550%, 05/25/41 (A) | 178,675 | 171,667 | ||||||
| Dext ABS, Ser 2025-1, Cl B | ||||||||
| 4.980%, 08/15/35 (A) | 2,750,000 | 2,767,045 | ||||||
| Hilton Grand Vacations Trust, Ser 2024-1B, Cl B | ||||||||
| 5.990%, 09/15/39 (A) | 225,039 | 228,778 | ||||||
| Hilton Grand Vacations Trust, Ser 2024-2A, Cl C | ||||||||
| 5.990%, 03/25/38 (A) | 1,230,527 | 1,254,484 | ||||||
| Hilton Grand Vacations Trust, Ser 2024-3A, Cl A | ||||||||
| 4.980%, 08/27/40 (A) | 1,575,013 | 1,581,788 | ||||||
| Mosaic Solar Loan Trust, Ser 2021-3A, Cl B | ||||||||
| 1.920%, 06/20/52 (A) | 533,906 | 383,509 | ||||||
| Mosaic Solar Loans Trust, Ser 2017-1A, Cl A | ||||||||
| 4.450%, 06/20/42 (A) | 105,227 | 103,387 | ||||||
| New Economy Assets Phase 1 Sponsor, Ser 2021-1, Cl A1 | ||||||||
| 1.910%, 10/20/61 (A) | 2,000,000 | 1,680,000 | ||||||
| Oportun Issuance Trust, Ser 2021-B, Cl A | ||||||||
| 1.470%, 05/08/31 (A) | 214,042 | 210,631 | ||||||
| 11,834,384 | ||||||||
| Total Asset-Backed Securities | ||||||||
| (Cost $60,458,849) | 60,029,954 | |||||||
| CORPORATE OBLIGATIONS — 17.0% | ||||||||
| Communication Services — 5.1% | ||||||||
| News | ||||||||
| 3.875%, 05/15/29(A) | 6,000,000 | 5,803,847 | ||||||
| WMG Acquisition | ||||||||
| 3.750%, 12/01/29(A) | 6,500,000 | 6,170,527 | ||||||
| 11,974,374 | ||||||||
| Energy — 2.2% | ||||||||
| Societe Generale | ||||||||
| 5.512%, SOFR + 1.650%, 05/22/31 (A)(B) | 5,000,000 | 5,105,669 | ||||||
| Financials — 4.5% | ||||||||
| Ally Financial | ||||||||
| 5.737%, SOFRINDX + 1.960%, 05/15/29(B) | 2,000,000 | 2,030,454 | ||||||
| Capital One Financial | ||||||||
| 5.463%, SOFR + 1.560%, 07/26/30(B) | 4,000,000 | 4,085,162 | ||||||
17
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FROST LOW DURATION BOND FUND April 30, 2026 (Unaudited)
| Description | Face Amount | Value | ||||||
| Fidelity National Information Services | ||||||||
| 4.800%, 03/10/31 | $ | 1,000,000 | $ | 994,656 | ||||
| Golub Capital BDC | ||||||||
| 7.050%, 12/05/28 | 1,200,000 | 1,234,338 | ||||||
| JPMorgan Chase | ||||||||
| 4.995%, SOFR + 1.125%, 07/22/30(B) | 2,000,000 | 2,024,654 | ||||||
| 10,369,264 | ||||||||
| Industrials — 2.2% | ||||||||
| MasTec | ||||||||
| 6.625%, 08/15/29 (A) | 5,173,000 | 5,173,000 | ||||||
| Information Technology — 3.0% | ||||||||
| Kyndryl Holdings | ||||||||
| 2.050%, 10/15/26 | 7,000,000 | 6,908,088 | ||||||
| Total Corporate Obligations | ||||||||
| (Cost $39,550,509) | 39,530,395 | |||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS — 4.3% | ||||||||
| FHLB | ||||||||
| 4.500%, 04/08/31 | 5,000,000 | 4,969,436 | ||||||
| 4.000%, 12/23/30 | 5,000,000 | 4,937,901 | ||||||
| Total U.S. Government Agency Obligations | ||||||||
| (Cost $10,000,000) | 9,907,337 | |||||||
| MUNICIPAL BOND — 3.3% | ||||||||
| Texas State, Transportation Commission State Highway Fund, Ser B-BUILD, RB | ||||||||
| 5.178%, 04/01/30 | 7,625,000 | 7,734,893 | ||||||
| Total Municipal Bonds | ||||||||
| (Cost $7,798,092) | 7,734,893 | |||||||
| MORTGAGE-BACKED SECURITIES — 1.4% | ||||||||
| Agency Mortgage-Backed Obligation — 1.2% | ||||||||
| GNMA, Ser 2025-148, Cl PT | ||||||||
| 4.500%, 12/16/64 (B) | 2,979,867 | 2,861,747 | ||||||
| Commercial Mortgage-Backed Obligation — 0.0% | ||||||||
| Benchmark Mortgage Trust, Ser 2020-B19, Cl A2 | ||||||||
| 1.691%, 09/15/53 | 20,610 | 20,564 | ||||||
| Non-Agency Residential Mortgage-Backed Obligation — 0.2% | ||||||||
| Chase Home Lending Mortgage Trust, Ser 2024-2, Cl A6 | ||||||||
| 6.500%, 02/25/55 (A)(B) | 369,021 | 371,169 | ||||||
| Total Mortgage-Backed Securities | ||||||||
| (Cost $3,197,641) | 3,253,480 | |||||||
| COMMERCIAL PAPER — 2.3% | ||||||||
| Genuine Parts | ||||||||
| 4.435%, 05/08/26 (C) | 100,000 | 99,908 | ||||||
| Hilltop | ||||||||
| 3.955%, 05/20/26 (C) | 4,000,000 | 3,990,720 | ||||||
| Humana | ||||||||
| 4.042%, 05/04/26 (C) | 250,000 | 249,890 | ||||||
| Description | Face Amount | Value | ||||||
| Keurig Dr Pepper Inc | ||||||||
| 4.310%, 05/04/26 (C) | $ | 300,000 | $ | 299,862 | ||||
| Marsh & Mclennan | ||||||||
| 4.009%, 05/12/26 (C) | 100,000 | 99,867 | ||||||
| Oracle Corp | ||||||||
| 4.253%, 05/22/26 (C) | 500,000 | 498,752 | ||||||
| Total Commercial Paper | ||||||||
| (Cost $5,240,058) | 5,238,999 | |||||||
| Total Investments — 99.1% | ||||||||
| (Cost $230,306,612) | $ | 230,261,855 | ||||||
Percentages are based on Net Assets of $232,384,133.
| (A) | Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total value of such securities at April 30, 2026 was $67,279,289 and represents 29.0% of Net Assets. |
| (B) | Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates. |
| (C) | Interest rate represents the security’s effective yield at the time of purchase. |
For information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund’s most recent financial statements.
See “Glossary” for abbreviations.
FIA-QH-001-3700
18
| |
Glossary April 30, 2026 (Unaudited)
| Fund Abbreviations |
| ABS — Asset-Backed Security |
| Cl — Class |
| CLO — Collateralized Loan Obligation |
| FHLB — Federal Home Loan Bank |
| FHLMC — Federal Home Loan Mortgage Corporation |
| FNMA — Federal National Mortgage Association |
| GNMA — Government National Mortgage Association |
| GO — General Obligation |
| H15T1Y — 1 Year US Treasury Yield Curve Constant Maturity Rate |
| H15T5Y — 5 Year US Treasury Yield Curve Constant Maturity Rate |
| IO — Interest Only - face amount represents notional amount |
| MTN — Medium Term Note |
| PSF-GTD — Texas Public School Fund Guarantee |
| RB — Revenue Bond |
| Ser — Series |
| SOFRINDX — Secured Overnight Financing Rate Index |
| SOFR30A — Secured Overnight Financing Rate 30 Day Average |
| STRIPS — Separately Traded Registered Interest and Principal Securities |
| TA — Tax Allocation |
| TSFR1M — 1 Month CME Term Secured |
| TSFR3M — 3 Month CME Term Secured |
| US0001M — ICE LIBOR USD 1 Month |
| Currency Abbreviations |
| USD — U.S. Dollar |
19