NPORT-EX 2 d409243d8k.htm SCHEDULE F HTML
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FROST GROWTH EQUITY FUND OCTOBER 31, 2022 (UNAUDITED)

 

 

Description

     Shares        Value  

COMMON STOCK§ — 96.3%

     

Communication Services — 7.1%

     

Alphabet, Cl A *

     105,080      $ 9,931,111  

Alphabet, Cl C *

     105,400        9,977,164  

Match Group *

     2,000        86,400  

Meta Platforms, Cl A *

     9,690        902,720  
     

 

 

 
        20,897,395  
     

 

 

 

Consumer Discretionary — 19.1%

     

Airbnb, Cl A *

     12,500        1,336,375  

Amazon.com *

     217,420        22,272,505  

Booking Holdings *

     2,020        3,776,350  

Chipotle Mexican Grill, Cl A *

     3,150        4,719,739  

Floor & Decor Holdings, Cl A *

     5,000        366,850  

Home Depot

     24,590        7,281,837  

Lululemon Athletica *

     2,500        822,600  

NIKE, Cl B

     22,500        2,085,300  

O’Reilly Automotive *

     6,450        5,399,746  

Starbucks

     29,050        2,515,440  

Tesla *

     19,845        4,515,531  

TJX

     20,500        1,478,050  
     

 

 

 
        56,570,323  
     

 

 

 

Consumer Staples — 2.2%

     

Coca-Cola

     50,000        2,992,500  

Costco Wholesale

     6,882        3,451,323  
     

 

 

 
        6,443,823  
     

 

 

 

Energy — 1.1%

     

Diamondback Energy

     21,500        3,377,865  
     

 

 

 

Financials — 2.3%

     

JPMorgan Chase

     21,500        2,706,420  

Moody’s

     12,905        3,418,148  

S&P Global

     2,500        803,125  
     

 

 

 
        6,927,693  
     

 

 

 

Health Care — 15.9%

     

Abbott Laboratories

     35,000        3,462,900  

AbbVie

     15,000        2,196,000  

Boston Scientific *

     60,500        2,608,155  

Danaher

     22,500        5,662,575  

Edwards Lifesciences *

     36,000        2,607,480  

Eli Lilly

     28,000        10,138,520  

Humana

     6,500        3,627,520  

Intuitive Surgical *

     7,500        1,848,525  

Merck

     20,000        2,024,000  

Seagen *

     16,000        2,034,560  

UnitedHealth Group

     15,300        8,493,795  

Zoetis, Cl A

     17,235        2,598,693  
     

 

 

 
        47,302,723  
     

 

 

 

Industrials — 3.7%

     

Canadian Pacific Railway

     55,200        4,111,848  

Fortive

     32,000        2,044,800  

Uber Technologies *

     5,000        132,850  

Union Pacific

     23,000        4,534,220  
     

 

 

 
        10,823,718  
     

 

 

 

Information Technology — 43.5%

     

Adobe *

     13,300        4,236,050  

Advanced Micro Devices *

     49,500        2,972,970  

Apple

     216,084        33,134,321  

Intuit

     5,500        2,351,250  

Lam Research

     500        202,390  

Marvell Technology

     149,535        5,933,549  

Mastercard, Cl A

     34,660        11,374,719  

Microsoft

     153,550        35,643,561  

Description

     Shares        Value  

NVIDIA

     33,000      $ 4,454,010  

PayPal Holdings *

     29,270        2,446,386  

QUALCOMM

     27,500        3,235,650  

Salesforce *

     26,135        4,249,290  

ServiceNow *

     10,000        4,207,400  

Snowflake, Cl A *

     17,000        2,725,100  

Visa, Cl A

     53,100        11,000,196  

Workday, Cl A *

     6,500        1,012,830  
     

 

 

 
        129,179,672  
     

 

 

 

Materials — 1.0%
Sherwin-Williams

     13,500        3,037,905  
     

 

 

 

Real Estate — 0.4%
American Tower ‡

     6,000        1,243,140  
     

 

 

 

Total Common Stock
(Cost $139,700,425)

        285,804,257  
     

 

 

 

Total Investments — 96.3%
(Cost $139,700,425)

      $ 285,804,257  
     

 

 

 

Percentages are based on Net Assets of $296,934,200.

 

*

Non-income producing security.

§

Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

Real Estate Investment Trust

See “Glossary” for abbreviations.

As of October 31, 2022, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.

FIA-QH-001-3000

 

 

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FROST TOTAL RETURN BOND FUND OCTOBER 31, 2022 (UNAUDITED)

 

 

Description

     Face Amount        Value  

U.S. TREASURY OBLIGATIONS — 30.2%

 

  

U.S. Treasury Bill

4.306%, 04/13/23 (A)(B)

   $ 500,000      $ 490,181  

U.S. Treasury Bond

3.375%, 08/15/42

     85,000,000        73,325,781  

3.250%, 05/15/42

     190,000,000        160,639,062  

U.S. Treasury Notes

4.125%, 09/30/27

     145,000,000        144,207,031  

3.250%, 08/31/24

     195,000,000        190,551,563  

3.000%, 07/31/24

     100,000,000        97,332,031  

2.875%, 05/15/28

     128,000,000        119,145,000  
     

 

 

 

Total U.S. Treasury Obligations
(Cost $832,168,873)

        785,690,649  
     

 

 

 

COLLATERALIZED LOAN OBLIGATIONS — 18.8%

 

  

Apidos CLO Funding RR Subsidiary, Ser 2018-12RR, Cl A

     

5.609%, ICE LIBOR USD
3 Month + 1.530%,
04/15/31 (C)(D)

     3,000,000        2,958,660  

Apidos CLO XI, Ser 2021-11A, Cl CR3

     

6.079%, ICE LIBOR USD
3 Month + 2.000%,
04/17/34 (C)(D)

     13,750,000        12,397,646  

Apidos CLO XI, Ser 2021-11A, Cl ER3

10.649%, ICE LIBOR USD

3 Month + 6.570%,

04/17/34 (C)(D)

     5,000,000        4,209,105  

Apidos CLO XXVIII, Ser 2017-28A,
Cl A2

5.643%, ICE LIBOR USD

3 Month + 1.400%,

01/20/31 (C)(D)

     15,000,000        14,247,900  

Audax Senior Debt CLO 6, Ser 2021-6A, Cl B

6.193%, ICE LIBOR USD

3 Month + 1.950%,

10/20/33 (C)(D)

     8,000,000        7,133,176  

Battalion CLO 17, Ser 2021-17A, Cl B

5.843%, ICE LIBOR USD

3 Month + 1.600%,

03/09/34 (C)(D)

     5,000,000        4,693,425  

BCC Middle Market CLO,
Ser 2018-1A, Cl A1A

5.793%, ICE LIBOR USD

3 Month + 1.550%,

10/20/30 (C)(D)

     21,000,000        20,608,266  

Benefit Street Partners CLO III,
Ser 2017-IIIA, Cl DR

10.843%, ICE LIBOR USD

3 Month + 6.600%,

07/20/29 (C)(D)

     5,000,000        4,343,295  

Benefit Street Partners CLO III,
Ser 2021-IIIA, Cl BR2

6.643%, ICE LIBOR USD

3 Month + 2.400%,

07/20/29 (C)(D)

     15,000,000        14,274,525  

Description

     Face Amount        Value  

Benefit Street Partners CLO IV,
Ser 2021-IVA, Cl A2AR

5.793%, ICE LIBOR USD

3 Month + 1.550%,

01/20/32 (C)(D)

   $ 8,750,000      $ 8,288,324  

Benefit Street Partners CLO VIII,
Ser 2018-8A, Cl A1AR

5.343%, ICE LIBOR USD

3 Month + 1.100%,

01/20/31 (C)(D)

     5,450,000        5,327,331  

BlueMountain CLO XXX, Ser 2022-30A, Cl BR

5.764%, TSFR3M + 1.900%,

04/15/35 (C)(D)

     2,250,000        2,097,133  

BlueMountain CLO XXX, Ser 2022-30A, Cl DR

7.164%, TSFR3M + 3.300%,

04/15/35 (C)(D)

     1,250,000        1,086,039  

BlueMountain CLO XXX, Ser 2022-30A, Cl ER

10.564%, TSFR3M + 6.700%, 04/15/35
(C)(D)

     2,350,000        1,960,581  

BlueMountain CLO, Ser 2021-2A, Cl A2R2

4.684%, ICE LIBOR USD

3 Month + 1.700%,

08/20/32 (C)(D)

     10,000,000        9,398,340  

Carlyle Global Market Strategies, Ser 2018-1A, Cl CR2

5.879%, ICE LIBOR USD

3 Month + 1.800%,

04/17/31 (C)(D)

     4,500,000        4,094,352  

Carlyle Global Market Strategies,
Ser 2018-3A, Cl A1A2

5.191%, ICE LIBOR USD

3 Month + 1.180%,

01/14/32 (C)(D)

     24,855,641        24,222,991  

Carlyle Global Market Strategies,
Ser 2018-3A, Cl A2A2

5.861%, ICE LIBOR USD

3 Month + 1.850%,

01/14/32 (C)(D)

     7,000,000        6,704,418  

Carlyle Global Market Strategies,
Ser 2018-3RA, Cl A1A

5.408%, ICE LIBOR USD

3 Month + 1.050%,

07/27/31 (C)(D)

     14,877,491        14,464,328  

Carlyle Global Market Strategies,
Ser 2018-3RA, Cl A2

5.908%, ICE LIBOR USD

3 Month + 1.550%,

07/27/31 (C)(D)

     9,000,000        8,575,434  

Carlyle Global Market Strategies,
Ser 2018-5A, Cl A1RR

5.219%, ICE LIBOR USD

3 Month + 1.140%,

07/15/31 (C)(D)

     15,834,091        15,484,933  

CIFC Funding 2022-II, Ser 2022-2A, Cl A1

5.275%, TSFR3M + 1.320%,

04/19/35 (C)(D)

     4,500,000        4,291,411  
 

 

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FROST TOTAL RETURN BOND FUND OCTOBER 31, 2022 (UNAUDITED)

 

 

Description

     Face Amount        Value  

CIFC Funding 2022-II, Ser 2022-2A,
Cl B

5.805%, TSFR3M + 1.850%,

04/19/35 (C)(D)

   $ 9,125,000      $ 8,524,849  

CIFC Funding, Ser 2018-1A, Cl A

5.194%, ICE LIBOR USD

3 Month + 1.000%,

04/18/31 (C)(D)

     10,000,000        9,781,740  

CIFC Funding, Ser 2018-1A, Cl C

5.944%, ICE LIBOR USD

3 Month + 1.750%,

04/18/31 (C)(D)

     2,000,000        1,824,290  

Dryden 68 CLO, Ser 2021-68A, Cl BR

5.779%, ICE LIBOR USD

3 Month + 1.700%,

07/15/35 (C)(D)

     11,750,000        10,999,022  

Elmwood CLO 20, Ser 2022-7A, Cl B1

7.158%, TSFR3M + 2.750%,

10/17/34 (C)(D)

     5,625,000        5,589,799  

Galaxy XV CLO, Ser 2021-15A, Cl CRR

5.929%, ICE LIBOR USD

3 Month + 1.850%,

10/15/30 (C)(D)

     4,814,000        4,449,908  

Galaxy XXI, Ser 2015-21A, Cl AR

5.263%, ICE LIBOR USD

3 Month + 1.020%,

04/20/31 (C)(D)

     5,000,000        4,888,620  

GoldenTree Credit Opportunities Financing, Ser 2018-1A, Cl A1R

4.973%, ICE LIBOR USD

3 Month + 1.680%,

06/15/34 (C)(D)

     5,408,480        5,333,599  

Golub Capital Partners, Ser 2017-17A, Cl A1R

6.008%, ICE LIBOR USD

3 Month + 1.650%,

10/25/30 (C)(D)

     9,000,000        8,845,020  

Golub Capital Partners, Ser 2017-21A, Cl AR

5.828%, ICE LIBOR USD

3 Month + 1.470%,

01/25/31 (C)(D)

     11,000,000        10,659,110  

Golub Capital Partners, Ser 2017-22A, Cl AR

5.423%, ICE LIBOR USD

3 Month + 1.180%,

01/20/31 (C)(D)

     9,000,000        8,840,961  

Golub Capital Partners, Ser 2017-23A, Cl AR

5.443%, ICE LIBOR USD

3 Month + 1.200%,

01/20/31 (C)(D)

     20,000,000        19,632,580  

Golub Capital Partners, Ser 2017-24A, Cl AR

4.432%, ICE LIBOR USD

3 Month + 1.600%,

11/05/29 (C)(D)

     9,500,000        9,233,069  

Description

     Face Amount        Value  

Golub Capital Partners, Ser 2017-24A, Cl DR

6.732%, ICE LIBOR USD

3 Month + 3.900%,

11/05/29 (C)(D)

   $ 3,000,000      $ 2,625,603  

Golub Capital Partners, Ser 2018-26A, Cl BR

5.793%, ICE LIBOR USD

3 Month + 1.550%,

04/20/31 (C)(D)

     12,000,000        11,453,220  

Golub Capital Partners, Ser 2018-36A, Cl A

4.132%, ICE LIBOR USD

3 Month + 1.300%,

02/05/31 (C)(D)

     11,000,000        10,721,678  

Golub Capital Partners, Ser 2019-34A, Cl AR

4.532%, ICE LIBOR USD

3 Month + 1.700%,

03/14/31 (C)(D)

     7,000,000        6,811,350  

Golub Capital Partners, Ser 2021-19RA, Cl B1R2

5.793%, ICE LIBOR USD

3 Month + 1.550%,

04/20/34 (C)(D)

     20,000,000        18,767,380  

LCM Loan Income Fund I Income Note Issuer, Ser 2018-27A, Cl A

1 5.159%, ICE LIBOR USD

3 Month + 1.080%,

07/16/31 (C)(D)

     13,000,000        12,747,501  

NXT Capital CLO, Ser 2021-1A, Cl BRR

6.278%, ICE LIBOR USD

3 Month + 2.000%,

07/20/33 (C)(D)

     9,000,000        8,144,271  

NXT Capital, Ser 2020-1A, Cl B

6.643%, ICE LIBOR USD

3 Month + 2.400%,

01/20/31 (C)(D)

     2,250,000        2,099,734  

Oak Hill Credit Partners X-R, Ser 2021-10RA, Cl BR

5.793%, ICE LIBOR USD

3 Month + 1.550%,

04/20/34 (C)(D)

     8,000,000        7,382,600  

Oak Hill Credit Partners X-R, Ser 2021-10RA, Cl CR

6.243%, ICE LIBOR USD

3 Month + 2.000%,

04/20/34 (C)(D)

     5,100,000        4,635,548  

Oaktree CLO, Ser 2021-3A, Cl BR

5.993%, ICE LIBOR USD

3 Month + 1.750%,

10/20/34 (C)(D)

     13,500,000        12,519,900  

OHA Credit Funding 7, Ser 2022-7A, Cl AR

5.255%, TSFR3M + 1.300%,

02/24/37 (C)(D)

     25,000,000        23,916,125  

OHA Credit Funding 7, Ser 2022-7A, Cl ER

10.205%, TSFR3M + 6.250%, 02/24/37
(C)(D)

     2,500,000        2,079,492  
 

 

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FROST TOTAL RETURN BOND FUND OCTOBER 31, 2022 (UNAUDITED)

 

 

Description

     Face Amount        Value  

OZLM Funding IV, Ser 2017-4A, Cl A2R

6.025%, ICE LIBOR USD
3 Month + 1.700%, 10/22/30 (C)(D)

   $ 5,000,000      $ 4,785,445  

Thayer Park CLO, Ser 2021-1A, Cl A2AR

5.643%, ICE LIBOR USD
3 Month + 1.400%,
04/20/34 (C)(D)

     9,250,000        8,606,922  

Thayer Park CLO, Ser 2021-1A, Cl BR

6.043%, ICE LIBOR USD
3 Month + 1.800%,
04/20/34 (C)(D)

     9,500,000        8,653,702  

Venture 37 CLO, Ser 2021-37A, Cl BR

5.829%, ICE LIBOR USD
3 Month + 1.750%,
07/15/32 (C)(D)

     10,000,000        9,502,660  

Venture XIX, Ser 2018-19A, Cl ARR

5.339%, ICE LIBOR USD
3 Month + 1.260%,
01/15/32 (C)(D)

     19,250,000        18,821,437  

Zais, Ser 2017-1A, Cl A2

5.579%, ICE LIBOR USD
3 Month + 1.500%,
07/15/29 (C)(D)

     11,250,000        10,929,195  

Zais, Ser 2018-1A, Cl B

5.529%, ICE LIBOR USD
3 Month + 1.450%,
04/15/29 (C)(D)

     5,000,000        4,677,540  
     

 

 

 

Total Collateralized Loan Obligations
(Cost $513,648,159)

        489,345,483  
     

 

 

 

CORPORATE OBLIGATIONS — 17.9%

 

  

Consumer Discretionary — 3.9%

 

  

Choice Hotels International

3.700%, 12/01/29

     8,000,000        6,701,920  

3.700%, 01/15/31

     3,000,000        2,462,979  

Expedia

3.800%, 02/15/28

     5,915,000        5,259,505  

Ford Motor

4.346%, 12/08/26

     15,033,000        13,981,291  

General Motors Financial

1.200%, 10/15/24

     6,333,000        5,786,659  

Jaguar Land Rover Automotive

4.500%, 10/01/27 (D)

     6,000,000        4,252,947  

MajorDrive Holdings IV

6.375%, 06/01/29 (D)

     21,750,000        15,327,225  

Marriott International

3.500%, 10/15/32

     3,000,000        2,396,065  

2.850%, 04/15/31

     3,000,000        2,334,187  

NES Fircroft Bondco

11.750%, 09/29/26 (D)

     7,750,000        7,475,751  

Scientific Games International

8.625%, 07/01/25 (D)

     5,750,000        5,907,259  

STL Holding

7.500%, 02/15/26 (D)

     15,275,000        13,310,024  

VistaJet Malta Finance

7.875%, 05/01/27 (D)

     14,863,000        13,398,224  

Description

     Face Amount        Value  

6.375%, 02/01/30 (D)

   $ 2,000,000      $ 1,660,690  
     

 

 

 
        100,254,726  
     

 

 

 

Energy — 6.8%

 

  

Apache

7.750%, 12/15/29

     4,138,000        4,215,032  

Colonial Pipeline

8.375%, 11/01/30 (D)

     500,000        562,938  

Intesa Sanpaolo

4.000%, 09/23/29 (D)

     5,000,000        4,071,559  

Marathon Oil

4.400%, 07/15/27

     3,000,000        2,794,760  

New England Power

2.807%, 10/06/50 (D)

     5,000,000        2,770,301  

Noble Finance

11.000%, 02/15/28

     1,893,334        2,035,334  

11.000%, 02/15/28 (D)

     869,000        934,175  

Paratus Energy Services

10.000%, 07/15/26 (D)

     83,857,549        79,664,672  

Petroleos Mexicanos

6.700%, 02/16/32 (D)

     6,352,000        4,803,700  

Reliance Industries

2.875%, 01/12/32 (D)

     2,000,000        1,507,439  

Seadrill New Finance

10.000%, 07/15/26

     16,843,642        16,001,459  

Seamex Finance Ltd.

12.000%, 08/31/24

     7,801,736        8,338,105  

Tiger Holdco Pte

13.000%, 06/10/23 (D)

     19,751,730        19,554,213  

Transocean

11.500%, 01/30/27 (D)

     20,000,000        20,091,400  

Transocean Sentry

5.375%, 05/15/23 (D)

     8,297,030        8,151,832  
     

 

 

 
        175,496,919  
     

 

 

 

Financials — 2.4%

 

  

BAC Capital Trust XIV

5.630%, ICE LIBOR USD
3 Month + 0.400%, 09/15/71 (C)

     9,870,000        7,081,725  

Bank of Ireland Group

6.253%, US Treas Yield Curve
Rate T Note Const Mat 1 Yr +
2.650%, 09/16/26 (C)(D)

     7,000,000        6,752,278  

Charles Schwab

4.000%, US Treas Yield Curve
Rate T Note Const Mat 10 Yr +
3.079%, 03/01/71 (C)

     2,000,000        1,485,500  

Credit Suisse Group

5.100%, US Treas Yield Curve
Rate T Note Const Mat 5 Yr +
3.293%, 07/24/71 (C)

     10,000,000        6,134,544  

Credit Suisse NY

4.750%, 08/09/24

     2,530,000        2,401,422  

Deutsche Bank MTN

4.296%, USD Swap Semi
30/360 5 Yr Curr + 2.248%,
05/24/28 (C)

     12,000,000        10,982,937  

Enova International
8.500%, 09/15/25 (D)

     11,007,000        9,874,412  

Farmers Exchange Capital
7.050%, 07/15/28 (D)

     6,075,000        6,169,892  
 

 

4


                                                                                                                       LOGO
                                                                                                                 

 

FROST TOTAL RETURN BOND FUND OCTOBER 31, 2022 (UNAUDITED)

 

 

Description

     Face Amount        Value  

SBL Holdings

7.000%, US Treas Yield Curve
Rate T Note Const Mat 5 Yr +
5.580%, 05/13/71 (C)(D)

   $ 2,500,000      $ 2,012,500  

Synchrony Bank

5.400%, 08/22/25

     5,000,000        4,833,261  

Wachovia

6.605%, 10/01/25

     5,650,000        5,816,589  
     

 

 

 
        63,545,060  
     

 

 

 

Industrials — 1.8%

     

AerCap Ireland Capital DAC

1.750%, 10/29/24

     4,000,000        3,624,854  

Airswift Global

11.423%, ICE LIBOR USD
3 Month + 8.500%, 05/12/25 (C)(D)

     16,900,000        16,815,500  

American Airlines Group

3.750%, 03/01/25 (D)

     10,000,000        8,798,600  

Boeing

2.950%, 02/01/30

     3,344,000        2,678,807  

Brundage-Bone Concrete Pumping Holdings

6.000%, 02/01/26 (D)

     3,100,000        2,805,500  

Burlington Northern Santa Fe

7.290%, 06/01/36

     5,000,000        5,539,107  

Equifax

3.100%, 05/15/30

     3,000,000        2,450,281  

Flowserve

3.500%, 10/01/30

     4,000,000        3,184,654  

Leidos

2.300%, 02/15/31

     3,291,000        2,426,759  
     

 

 

 
        48,324,062  
     

 

 

 

Information Technology — 1.9%

     

Amkor Technology

6.625%, 09/15/27 (D)

     10,372,000        10,238,927  

Apple

3.850%, 05/04/43

     2,000,000        1,627,730  

Avaya

6.125%, 09/15/28 (D)

     9,325,000        3,918,272  

Avnet

3.000%, 05/15/31

     7,000,000        5,206,376  

Jabil

3.600%, 01/15/30

     4,496,000        3,769,205  

Kyndryl Holdings

4.100%, 10/15/41

     7,620,000        4,175,344  

Motorola Solutions

4.600%, 05/23/29

     21,435,000        19,705,145  
     

 

 

 
        48,640,999  
     

 

 

 

Materials — 0.3%

     

Mineral Resources

8.125%, 05/01/27 (D)

     8,136,000        8,095,320  

Nacional del Cobre de Chile

3.150%, 01/15/51 (D)

     500,000        303,310  
     

 

 

 
        8,398,630  
     

 

 

 

Real Estate — 0.2%

     

GLP Capital

3.250%, 01/15/32 ‡

     750,000        559,058  

Invitation Homes Operating Partnership

2.000%, 08/15/31 ‡

     2,000,000        1,403,959  

Description

     Face Amount        Value  

Sabra Health Care

3.200%, 12/01/31 ‡

   $ 3,920,000      $ 2,825,755  
     

 

 

 
        4,788,772  
     

 

 

 

Utilities — 0.6%

     

Georgia Power

3.250%, 03/15/51

     8,000,000        5,180,744  

Pacific Gas and Electric

4.500%, 07/01/40

     11,000,000        8,202,610  

3.750%, 08/15/42

     5,000,000        3,166,695  
     

 

 

 
        16,550,049  
     

 

 

 

Total Corporate Obligations
(Cost $519,227,277)

        465,999,217  
     

 

 

 

MORTGAGE-BACKED SECURITIES — 14.7%

 

  

Agency Mortgage-Backed Obligation — 3.1%

 

  

FHLMC

3.063%, ICE LIBOR USD 12 Month + 1.620%, 01/01/45 (C)

     2,847,736        2,766,948  

2.297%, ICE LIBOR USD 12 Month + 1.650%, 06/01/43 (C)

     2,049,247        2,050,198  

FHLMC, Ser 2011-3898, Cl FC

3.922%, LIBOR USD 1 Month + 0.510%, 11/15/36 (C)

     1,206,369        1,191,451  

FHLMC, Ser 2012-293, Cl IO, IO

4.000%, 11/15/32

     607,107        65,161  

FHLMC, Ser 2012-3996, Cl QL

4.000%, 02/15/42

     5,190,017        4,967,921  

FHLMC, Ser 2012-4029, Cl LI, IO

3.000%, 01/15/27

     1,508,923        42,991  

FHLMC, Ser 2012-4077, Cl AI, IO

3.000%, 01/15/27

     1,769,047        34,619  

FHLMC, Ser 2012-4106, Cl YI, IO

2.500%, 09/15/27

     1,294,774        57,135  

FHLMC, Ser 2012-4116, Cl MI, IO

4.000%, 10/15/42

     13,225,206        2,059,404  

FHLMC, Ser 2012-4116, Cl PI, IO

4.000%, 10/15/42

     4,246,670        938,943  

FHLMC, Ser 2012-4134, Cl BI, IO

2.500%, 11/15/27

     3,825,172        166,256  

FHLMC, Ser 2012-4136, Cl PI, IO

3.000%, 11/15/32

     8,679,866        952,929  

FHLMC, Ser 2012-4148, Cl LI, IO

2.500%, 12/15/27

     2,537,182        114,429  

FHLMC, Ser 2013-4213, Cl IG, IO

4.000%, 06/15/43

     6,597,103        854,147  

FHLMC, Ser 2014-4349, Cl KI, IO

3.000%, 04/15/33

     4,604,955        292,272  

FHLMC, Ser 2015-4457, Cl EI, IO

3.500%, 02/15/45

     267,983        26,223  

FHLMC, Ser 2017-4675, Cl VE

3.500%, 08/15/37

     4,707,000        4,452,958  

FHLMC, Ser 2019-4908, Cl AS, IO

2.514%, ICE LIBOR USD
1 Month + 6.100%,
01/25/45 (C)

     10,648,727        1,135,613  

FHLMC, Ser 2021-5085, Cl IG, IO

2.500%, 03/25/51

     22,022,031        3,069,550  

FHLMC, Ser 2022-5202, Cl KI, IO

3.500%, 06/25/49

     17,012,280        2,962,520  
 

 

5


                                                                                                                       LOGO
                                                                                                                 

 

FROST TOTAL RETURN BOND FUND OCTOBER 31, 2022 (UNAUDITED)

 

 

Description

     Face Amount        Value  

FNMA
5.500%, 05/01/44

   $ 3,831,089      $ 3,924,406  

5.234%, ICE LIBOR USD
12 Month + 1.700%, 10/01/42 (C)

     920,404        937,536  

4.500%, 08/01/41

     2,197,886        2,127,044  

3.000%, 10/01/32 to 11/01/46

     5,706,686        5,063,956  

1.997%, ICE LIBOR USD
12 Month + 1.747%, 02/01/42 (C)

     706,468        709,103  

FNMA STRIPS, Ser 2009-397, Cl 2, IO

     

5.000%, 09/25/39

     1,222,127        223,224  

FNMA STRIPS, Ser 2009-400, Cl 2, IO

     

4.500%, 11/25/39

     937,630        159,030  

FNMA STRIPS, Ser 2010-404, Cl 2, IO

     

4.500%, 05/25/40

     1,719,123        376,883  

FNMA STRIPS, Ser 2011-407, Cl 2, IO

     

4.000%, 03/25/41

     1,649,722        279,111  

FNMA, Ser 2011-103, Cl GI, IO
3.500%, 10/25/26

     830,561        27,739  

FNMA, Ser 2011-146, Cl AY
3.500%, 01/25/32

     2,377,629        2,261,551  

FNMA, Ser 2012-410, Cl C5, IO
3.500%, 05/25/27

     3,709,550        142,513  

FNMA, Ser 2012-61, Cl KI, IO
4.000%, 12/25/41

     3,275,131        278,371  

FNMA, Ser 2012-68, Cl GY
3.000%, 07/25/32

     5,000,000        4,575,853  

FNMA, Ser 2013-104, Cl TI, IO
3.000%, 08/25/32

     1,392,376        65,617  

FNMA, Ser 2013-36, Cl MH
2.500%, 12/25/36

     176,352        175,665  

FNMA, Ser 2014-40, Cl GI, IO
3.000%, 06/25/33

     4,664,262        483,843  

FNMA, Ser 2015-421, Cl C1, IO
3.000%, 05/25/30

     2,649,691        221,299  

FNMA, Ser 2017-52, Cl DI, IO
4.500%, 07/25/47

     7,880,507        1,409,236  

FNMA, Ser 2019-44, Cl CI, IO
4.000%, 08/25/59

     6,082,403        1,371,025  

FNMA, Ser 2019-44, Cl PI, IO
4.000%, 08/25/49

     5,071,276        865,025  

GNMA, Ser 2011-125, Cl BI, IO
4.000%, 12/20/30

     212,536        617  

GNMA, Ser 2013-170, Cl QI, IO
5.500%, 11/20/43 (C)

     7,983,716        1,335,495  

GNMA, Ser 2013-42, Cl MI, IO
3.500%, 04/20/41

     521,236        12,681  

GNMA, Ser 2013-62, Cl NI, IO
4.000%, 08/20/40

     2,929,830        201,025  

GNMA, Ser 2014-32, Cl CI, IO
4.000%, 03/20/43

     2,330,410        205,612  

GNMA, Ser 2014-44, Cl IO, IO
4.000%, 11/16/26

     3,262,037        123,566  

GNMA, Ser 2015-103, Cl CI, IO
4.000%, 07/20/45

     11,514,522        1,772,087  

Description

     Face Amount        Value  

GNMA, Ser 2015-17, Cl JI, IO
3.500%, 05/20/28

   $ 2,941,345      $ 101,510  

GNMA, Ser 2016-99, Cl ID, IO
4.500%, 04/16/44

     15,404,223        3,604,810  

GNMA, Ser 2017-137, Cl DI, IO
3.000%, 02/20/47

     979,522        23,435  

GNMA, Ser 2019-137, Cl GI, IO
4.000%, 11/20/49

     57,143,595        9,642,822  

GNMA, Ser 2020-189, Cl IJ, IO
2.500%, 12/20/50

     22,010,527        2,629,853  

GNMA, Ser 2020-191, Cl CT 1.
250%, 12/20/50

     4,270,737        3,242,234  

GNMA, Ser 2021-8, Cl IG, IO 2.500%, 01/20/51

     29,582,327        3,325,122  
     

 

 

 
        80,100,567  
     

 

 

 

Commercial Mortgage-Backed Obligation — 7.5%

  

280 Park Avenue Mortgage Trust,
Ser 201-280P, Cl F

     

6.128%, ICE LIBOR USD
1 Month + 2.827%,
09/15/34 (C)(D)

     12,500,000        11,407,583  

Bear Stearns Commercial
Mortgage Securities Trust,
Ser 2007-T26, Cl AJ

     

5.566%, 01/12/45 (C)

     131,129        126,029  

Benchmark Mortgage Trust,
Ser 2020-B18, Cl E

2.250%, 07/15/53 (D)

     8,000,000        4,505,328  

Benchmark Mortgage Trust,
Ser 2020-B21, Cl D

2.000%, 12/17/53 (D)

     13,000,000        7,509,042  

Benchmark Mortgage Trust,
Ser 2020-IG3, Cl A4

2.437%, 09/15/48 (D)

     10,000,000        7,964,896  

BX Commercial Mortgage Trust,
Ser 2020-VIV3, Cl B

3.544%, 03/09/44 (C)(D)

     8,000,000        6,284,464  

BXMT, Ser 2020-FL2, Cl A

4.390%, TSFR1M + 1.014%,
02/15/38 (C)(D)

     10,311,245        10,178,756  

Citigroup Commercial Mortgage Trust,
Ser 2015-GC31, Cl C

4.038%, 06/10/48 (C)

     5,000,000        4,354,001  

Commercial Mortgage Trust,
Ser 2012-CR2, Cl C

4.905%, 08/15/45 (C)

     1,000,000        960,000  

Commercial Mortgage Trust,
Ser 2012-CR2, Cl D

4.905%, 08/15/45 (C)(D)

     224,200        207,721  

Commercial Mortgage Trust,
Ser 2014-LC15, Cl D

5.002%, 04/10/47 (C)(D)

     9,500,000        8,741,494  

Commercial Mortgage Trust,
Ser 2014-UBS6, Cl C

4.439%, 12/10/47 (C)

     4,000,000        3,658,314  

Commercial Mortgage Trust,
Ser 2015-DC1, Cl D

4.298%, 02/10/48 (C)(D)

     9,000,000        7,276,451  
 

 

 

6


                                                                                                                       LOGO
                                                                                                                 

 

FROST TOTAL RETURN BOND FUND OCTOBER 31, 2022 (UNAUDITED)

 

 

Description

 

   Face Amount      Value  

Credit Suisse First Boston
Mortgage Securities, Ser 2005-
C2, Cl AMFL

3.662%, ICE LIBOR USD

1 Month + 0.250%,

04/15/37 (C)

   $ 47,284      $ 46,970  

Credit Suisse First Boston
Mortgage Securities, Ser 2005-
C2, Cl AMFX

4.877%, 04/15/37

     4,226        4,144  

CSMC Trust, Ser 2019-AFC1, Cl A1

2.573%, 07/25/49 (D)(E)

     2,682,168        2,465,695  

DROP Mortgage Trust, Ser 2021-
FILE, Cl D

6.160%, ICE LIBOR USD
1 Month + 2.750%,
10/15/43 (C)(D)

     15,000,000        13,760,615  

FHLMC Military Housing
Bonds Resecuritization Trust
Certificates, Ser 2015-R1, Cl C3

5.941%, 11/25/52 (C)(D)

     33,405,074        27,766,331  

FNMA, Ser 2020-44, Cl MI, IO

2.500%, 01/25/57

     12,950,395        2,090,883  

Fontainebleau Miami Beach Trust,
Ser 2019-FBLU, Cl A

3.144%, 12/10/36 (D)

     10,000,000        9,213,089  

FREMF Mortgage Trust, Ser 2016-
K54,Cl C

4.053%, 04/25/48 (C)(D)

     5,000,000        4,643,866  

FREMF Mortgage Trust, Ser 2016-
K57, Cl C

3.918%, 08/25/49 (C)(D)

     8,840,000        8,052,427  

Hudson Yards Mortgage Trust,
Ser 2019-30HY, Cl B

3.380%, 07/10/39 (C)(D)

     2,500,000        2,027,035  

JPMDB Commercial Mortgage
Securities Trust, Ser 2016-C2, Cl C

3.335%, 06/15/49 (C)

     4,328,000        3,485,272  

JPMorgan Chase Commercial
Mortgage Securities, Ser 2007-
LD12, Cl AJ

6.507%, 02/15/51 (C)

     1,763,153        1,646,949  

JPMorgan Chase Commercial
Mortgage Securities, Ser 2007-
LD12, Cl J

5.994%, 02/15/51 (C)(F)(G)

     1,000,000         

LStar Commercial Mortgage Trust,
Ser 2016-4, Cl AS

3.188%, 03/10/49 (D)

     3,000,000        2,740,339  

MFRA Trust, Ser 2022-INV1, Cl A3

4.250%, 04/25/66 (C)(D)

     4,000,000        3,398,104  

Morgan Stanley Bank of America
Merrill Lynch Trust, Ser 2016-
C29, Cl C

4.728%, 05/15/49 (C)

     2,413,000        2,123,878  

Morgan Stanley Capital I,
Ser 2007-T25, Cl AJ

5.574%, 11/12/49 (C)

     85,782        85,673  

 

Description

 

   Face Amount      Value  

UBS-Barclays Commercial
Mortgage Trust, Ser 2012-C4,Cl D

4.387%, 12/10/45 (C)(D)

   $  13,624,000      $ 13,355,076  

Wells Fargo Commercial Mortgage
Trust, Ser 2016-C32, Cl C

4.726%, 01/15/59 (C)

     5,000,000        4,524,521  

Wells Fargo Commercial Mortgage
Trust, Ser 2016-C32, Cl D

3.788%, 01/15/59 (C)(D)

     2,000,000        1,610,815  

Wells Fargo Commercial Mortgage
Trust, Ser 2016-C34, Cl B

4.089%, 06/15/49

     5,000,000        4,387,079  

Wells Fargo Commercial Mortgage
Trust, Ser 2018-AUS, Cl A

4.058%, 08/17/36 (C)(D)

     5,000,000        4,531,781  

WFRBS Commercial Mortgage
Trust, Ser 2013-UBS1, Cl C

5.024%, 03/15/46 (C)

     3,000,000        2,900,704  

WFRBS Commercial Mortgage
Trust, Ser 2014-C25, Cl D

3.803%, 11/15/47 (C)(D)

     7,310,000        6,235,105  
     

 

 

 
        194,270,430  
     

 

 

 

Non-Agency Residential Mortgage-Backed Obligation — 4.1%

510 Asset Backed Trust, Ser 2021-
NPL1, Cl A2

3.967%, 06/25/61 (D)(E)

     20,000,000        17,413,936  

510 Asset Backed Trust, Ser 2021-
NPL2, Cl A2

4.090%, 06/25/61 (D)(E)

     7,000,000        5,816,387  

Angel Oak Mortgage Trust,
Ser 2021-4, Cl A3

1.446%, 01/20/65 (C)(D)

     2,308,769        1,661,387  

Arroyo Mortgage Trust, Ser 2019-
2, Cl A2

3.498%, 04/25/49 (C)(D)

     2,438,299        2,256,338  

CAFL, Ser 2021-RTL1, Cl A1

2.239%, 03/28/29 (D)(E)

     2,000,000        1,797,485  

CAFL, Ser 2022-RTL1, Cl A1

4.250%, 05/28/29 (E)

     7,000,000        6,488,898  

Carrington Mortgage Loan Trust,
Ser 2007-FRE1, Cl M8

2.461%, ICE LIBOR USD
1 Month + 2.250%,
02/25/37 (C)(F)(G)

     1,000,000         

FirstKey Mortgage Trust, Ser 2015-
1, Cl A3

3.500%, 03/25/45 (C)(D)

     880,767        776,517  

Galton Funding Mortgage Trust,
Ser 2019-1, Cl A22

4.000%, 02/25/59 (C)(D)

     147,132        140,989  

Galton Funding Mortgage Trust,
Ser 2019-2, Cl A21

4.000%, 06/25/59 (C)(D)

     1,494,348        1,405,452  

PRET, Ser 2021-NPL3, Cl A2

3.721%, 07/25/51 (D)(E)

     2,000,000        1,738,601  

PRET, Ser 2021-NPL5, Cl A2

4.704%, 10/25/51 (D)(E)

     7,000,000        6,291,740  

PRET, Ser 2021-RN3, Cl A1

1.843%, 09/25/51 (D)(E)

     7,479,240        6,731,131  

PRET, Ser 2021-RN4, Cl A2

5.194%, 10/25/51 (C)(D)

     6,000,000        5,530,788  
 

 

7


                                                                                                                       LOGO
                                                                                                                 

 

FROST TOTAL RETURN BOND FUND OCTOBER 31, 2022 (UNAUDITED)

 

 

Description    Face Amount      Value  

Pretium Mortgage Credit Partners
I, Ser 2021-NPL1, Cl A2

4.213%, 09/27/60 (D)(E)

   $ 9,000,000      $ 8,376,099  

Pretium Mortgage Credit Partners
I, Ser 2021-NPL2, Cl A2

3.844%, 06/27/60 (D)(E)

     2,750,000        2,397,228  

PRPM, Ser 2021-10, Cl A2

4.826%, 10/25/26 (D)(E)

     8,000,000        6,548,722  

PRPM, Ser 2021-5, Cl A2

3.721%, 06/25/26 (D)(E)

     5,000,000        4,071,195  

PSMC Trust, Ser 2020-2, Cl A2

3.000%, 05/25/50 (C)(D)

     648,234        559,323  

RCO VI Mortgage, Ser 2022-1, Cl A2

5.250%, 01/25/27 (D)(E)

     5,000,000        4,519,062  

Sequoia Mortgage Trust,
Ser 2013-4, Cl AIO1, IO

0.849%, 04/25/43 (C)(D)

     51,316,194        1,560,017  

Sequoia Mortgage Trust, Ser 2017-
CH1, Cl A2

3.500%, 08/25/47 (C)(D)

     100,364        91,880  

Sequoia Mortgage Trust,
Ser 2018-CH4, Cl A2

4.000%, 10/25/48 (C)(D)

     63,703        62,830  

Toorak Mortgage, Ser 2021-1, Cl M1

5.805%, 06/25/24 (D)(E)

     15,000,000        13,627,296  

VOLT, Ser 2021-CF2, Cl A2

5.316%, 11/27/51 (D)(E)

     4,000,000        3,291,406  

Wells Fargo Mortgage Backed
Securities Trust, Ser 2020-1, Cl A1

3.000%, 12/25/49 (C)(D)

     2,623,074        2,140,379  

WinWater Mortgage Loan Trust,
Ser 2014-1, Cl A1

3.948%, 06/20/44 (C)(D)

     486,270        447,180  

WinWater Mortgage Loan Trust,
Ser 2014-2, Cl A1

4.000%, 09/20/44 (C)(D)

     146,325        131,834  

WinWater Mortgage Loan Trust,
Ser 2014-3, Cl A3

3.500%, 11/20/44 (C)(D)

     404,941        359,618  

WinWater Mortgage Loan Trust,
Ser 2015-2, Cl A11

3.500%, 02/20/45 (C)(D)

     451,925        391,084  

WinWater Mortgage Loan Trust,
Ser 2015-3, Cl A3 3.500%,

03/20/45 (C)(D)

     604,486        535,146  
     

 

 

 
        107,159,948  
     

 

 

 

Total Mortgage-Backed Securities
(Cost $433,628,715)

        381,530,945  
     

 

 

 

ASSET-BACKED SECURITIES — 13.3%

 

  

Automotive — 8.5%

     

ACC Auto Trust, Ser 2021-A, Cl D

6.100%, 06/15/29 (D)

     13,000,000        12,112,655  

American Credit Acceptance
Receivables Trust, Ser 2020-2, Cl E

7.600%, 02/16/27 (D)

     13,750,000        13,754,058  
Description    Face Amount      Value  

American Credit Acceptance
Receivables Trust, Ser 2020-3,
Cl D

2.400%, 06/15/26 (D)

   $ 6,500,000      $  6,318,283  

American Credit Acceptance
Receivables Trust, Ser 2020-4,
Cl E

3.650%, 12/14/26 (D)

     4,000,000        3,808,833  

American Credit Acceptance
Receivables Trust, Ser 2022-2,
Cl C

4.410%, 06/13/28 (D)

     5,000,000        4,814,292  

American Credit Acceptance
Receivables Trust, Ser 2022-3,
Cl C

4.860%, 10/13/28 (D)

     1,000,000        964,808  

Amur Equipment Finance
Receivables IX, Ser 2021-1A,
Cl D

2.300%, 11/22/27 (D)

     1,250,000        1,116,358  

Amur Equipment Finance
Receivables XI, Ser 2022-2A,
Cl E

9.320%, 10/22/29 (D)

     2,600,000        2,542,162  

Avid Automobile Receivables Trust,
Ser 2019-1, Cl D

4.030%, 07/15/26 (D)

     1,300,000        1,287,095  

CarNow Auto Receivables Trust,
Ser 2021-2A, Cl C

1.690%, 03/15/27 (D)

     3,330,000        3,134,353  

CarNow Auto Receivables Trust,
Ser 2021-2A, Cl E

4.450%, 02/15/28 (D)

     4,000,000        3,558,540  

Carvana Auto Receivables Trust,
Ser 2019-4A, Cl E

4.700%, 10/15/26 (D)

     1,000,000        933,095  

CIG Auto Receivables Trust,
Ser 2021-1A, Cl E

4.450%, 05/12/28 (D)

     7,000,000        6,354,081  

CPS Auto Receivables Trust,
Ser 2019-B, Cl F

7.480%, 06/15/26 (D)

     6,055,000        5,973,305  

CPS Auto Receivables Trust,
Ser 2019-D, Cl D

2.720%, 09/15/25 (D)

     2,136,917        2,114,217  

CPS Auto Receivables Trust,
Ser 2019-D, Cl E

3.860%, 10/15/25 (D)

     6,000,000        5,811,813  

DT Auto Owner Trust, Ser 2020-
1A, Cl E

3.480%, 02/16/27 (D)

     4,500,000        4,292,313  

DT Auto Owner Trust, Ser 2020-
3A, Cl D

1.840%, 06/15/26 (D)

     2,000,000        1,870,403  

DT Auto Owner Trust, Ser 2021-
1A, Cl E

2.380%, 01/18/28 (D)

     1,000,000        913,281  

DT Auto Owner Trust, Ser 2021-
3A, Cl D

1.310%, 05/17/27 (D)

     5,500,000        4,854,321  
 

 

8


                                                                                                                       LOGO
                                                                                                                 

 

FROST TOTAL RETURN BOND FUND OCTOBER 31, 2022 (UNAUDITED)

 

 

Description    Face Amount      Value  

Exeter Automobile Receivables
Trust, Ser 2020-1A, Cl D

2.730%, 12/15/25 (D)

   $ 2,500,000      $ 2,459,818  

First Investors Auto Owner Trust,
Ser 2020-1A, Cl D

3.150%, 04/15/26 (D)

     4,000,000        3,899,654  

First Investors Auto Owner Trust,
Ser 2020-1A, Cl E

4.630%, 06/16/26 (D)

     5,510,000        5,366,747  

First Investors Auto Owner Trust,
Ser 2020-1A, Cl F

7.070%, 06/15/27 (D)

     5,300,000        5,240,710  

First Investors Auto Owner Trust,
Ser 2022-1A, Cl E

5.410%, 06/15/29 (D)

     2,280,000        2,037,282  

Flagship Credit Auto Trust,
Ser 2019-2, Cl D

3.530%, 05/15/25 (D)

     5,190,000        5,016,955  

Flagship Credit Auto Trust,
Ser 2020-1, Cl E

3.520%, 06/15/27 (D)

     7,931,000        7,037,126  

Flagship Credit Auto Trust,
Ser 2020-2, Cl E

8.220%, 09/15/27 (D)

     8,000,000        8,036,084  

Foursight Capital Automobile
Receivables Trust, Ser 2020-1,
Cl E

3.490%, 04/15/26 (D)

     1,300,000        1,269,431  

Foursight Capital Automobile
Receivables Trust, Ser 2022-1,
Cl E

4.690%, 08/15/29 (D)

     4,230,000        3,710,099  

GLS Auto Receivables Issuer Trust,
Ser 2019-3A, Cl D

3.840%, 05/15/26 (D)

     6,000,000        5,805,526  

GLS Auto Receivables Issuer Trust,
Ser 2020-1A, Cl D

3.680%, 11/16/26 (D)

     5,000,000        4,793,680  

GLS Auto Receivables Issuer Trust,
Ser 2020-4A, Cl E

3.510%, 10/15/27 (D)

     650,000        607,063  

GLS Auto Receivables Issuer Trust,
Ser 2022-3A, Cl E

8.350%, 10/15/29 (D)

     1,990,000        1,872,687  

GLS Auto Receivables Trust,
Ser 2022-1A, Cl E

5.640%, 05/15/29 (D)

     4,000,000        3,527,267  

Hertz Vehicle Financing, Ser 2021-
1A, Cl D

3.980%, 12/26/25 (D)

     10,000,000        8,739,735  

Invesco CLO 2022-3, Ser 2022-
3A, Cl B 6.605%, TSFR3M +

2.750%, 10/22/35 (C)(D)

     6,000,000        5,867,226  

Santander Consumer Auto
Receivables Trust, Ser 2020-AA,
Cl E

7.690%, 05/15/26 (D)

     9,006,000        8,917,563  

Santander Consumer Auto
Receivables Trust, Ser 2020-AA,
Cl F

10.120%, 01/16/29 (D)

     27,740,000        28,651,714  
Description    Face Amount      Value  

Santander Consumer Auto
Receivables Trust, Ser 2020-BA,
Cl F

7.030%, 08/15/28 (D)

   $ 6,250,000      $ 6,183,949  

Santander Consumer Auto
Receivables Trust, Ser 2021-AA,
Cl E

3.280%, 03/15/27 (D)

     1,000,000        902,367  

Tricolor Auto Securitization Trust,
Ser 2021-1A, Cl C

1.330%, 09/16/24 (D)

     2,000,000        1,961,651  

Tricolor Auto Securitization Trust,
Ser 2022-1A, Cl F

9.800%, 07/16/29 (D)

     4,000,000        3,795,353  

United Auto Credit Securitization
Trust, Ser 2022-2, Cl D

6.840%, 01/10/28 (D)

     5,389,000        5,237,463  

Veros Auto Receivables Trust,
Ser 2021-1, Cl C

3.640%, 08/15/28 (D)

     4,320,000        3,998,596  
     

 

 

 
        221,464,012  
     

 

 

 

Credit Card — 0.3%

     

Master Credit Card Trust II,
Ser 2020-1A, Cl C

2.590%, 09/21/24 (D)

     2,000,000        1,971,974  

Mercury Financial Credit Card
Master Trust, Ser 2022-1A, Cl A

2.500%, 09/21/26 (D)

     3,000,000        2,830,231  

Mercury Financial Credit Card
Master Trust, Ser 2022-1A, Cl C

5.200%, 09/21/26 (D)

     1,780,000        1,606,908  
     

 

 

 
        6,409,113  
     

 

 

 

Other Asset-Backed Securities — 3.9%

 

  

BHG Securitization Trust,
Ser 2022-B, Cl D

6.690%, 06/18/35 (D)

     5,993,367        5,320,671  

CAL Funding IV, Ser 2020-1A, Cl B

3.500%, 09/25/45 (D)

     1,398,958        1,218,157  

CF Hippolyta Issuer, Ser 2020-1,
Cl A2

1.990%, 07/15/60 (D)

     5,370,382        4,383,142  

CP EF Asset Securitization I,
Ser 2022-1A, Cl A

5.960%, 04/15/30 (D)

     4,366,895        4,291,214  

Diamond Resorts Owner Trust,
Ser 2019-1A, Cl A

2.890%, 02/20/32 (D)

     1,148,780        1,118,346  

Global SC Finance VII Srl,
Ser 2020-1A, Cl A

2.170%, 10/17/40 (D)

     3,074,267        2,699,843  

Harley Marine Financing,
Ser 2018-1A, Cl A2

6.682%, 05/15/43 (D)(E)

     9,826,489        9,539,280  

Harley Marine Financing, Ser 2018-
1A, Cl B

8.869%, 05/15/43 (D)(E)

     6,000,000        5,664,510  

Harvest SBA Loan Trust, Ser 2018-
1, Cl A

5.334%, ICE LIBOR USD
1 Month + 2.250%,
08/25/44 (C)(D)

     2,003,815        1,981,031  
 

 

9


                                                                                                                       LOGO
                                                                                                                 

 

FROST TOTAL RETURN BOND FUND OCTOBER 31, 2022 (UNAUDITED)

 

 

Description    Face Amount      Value  

JG Wentworth XXI LLC, Ser 2010-
2A, Cl B

7.450%, 01/15/50 (D)

   $ 1,198,447      $ 1,198,030  

JGWPT XXV LLC, Ser 2012-1A, Cl B

7.140%, 02/15/67 (D)

     546,949        545,808  

JGWPT XXVI LLC, Ser 2012-2A,
Cl B

6.770%, 10/17/61 (D)

     1,458,522        1,455,813  

Kapitus Asset Securitization,
Ser 2022-1A, Cl A

3.382%, 07/10/28 (D)

     8,000,000        7,352,578  

Marlette Funding Trust, Ser 2020-
1A, Cl D

3.540%, 03/15/30 (D)

     1,379,282        1,337,160  

Mosaic Solar Loan Trust,
Ser 2020-2A, Cl B

2.210%, 08/20/46 (D)

     2,958,492        2,497,041  

Octane Receivables Trust,
Ser 2021-2A, Cl B

2.020%, 09/20/28 (D)

     3,000,000        2,673,733  

Oportun Issuance Trust, Ser 2022-
A, Cl C

7.400%, 06/09/31 (D)

     3,000,000        2,700,881  

Orange Lake Timeshare Trust,
Ser 2019-A, Cl C

3.610%, 04/09/38 (D)

     1,494,141        1,399,220  

Orange Lake Timeshare Trust,
Ser 2019-A, Cl D

4.930%, 04/09/38 (D)

     246,537        226,665  

Pawnee Equipment Receivables,
Ser 2019-1, Cl D

2.860%, 10/15/24 (D)

     5,500,000        5,334,124  

Pawnee Equipment Receivables,
Ser 2019-1, Cl E

3.800%, 01/15/26 (D)

     2,500,000        2,420,115  

Pawneee Equipment Receivables,
Ser 2021-1, Cl C

2.300%, 07/15/27 (D)

     4,700,000        4,119,227  

Pawneee Equipment Receivables,
Ser 2022-1, Cl C

6.010%, 07/17/28 (D)

     4,000,000        3,812,688  

Sapphire Aviation Finance I,
Ser 2018-1A, Cl B

5.926%, 03/15/40 (D)

     1,715,776        986,605  

Stack Infrastructure Issuer Series,
Ser 2019-1A, Cl A2

4.540%, 02/25/44 (D)

     3,468,000        3,376,859  

Textainer Marine Containers VII,
Ser 2020-2A, Cl B

3.340%, 09/20/45 (D)

     1,600,877        1,373,384  

Triton Container Finance VIII,
Ser 2020-1A, Cl B

3.740%, 09/20/45 (D)

     822,917        706,093  

TRTX Issuer, Ser 2021-FL4, Cl C

5.812%, ICE LIBOR USD
1 Month + 2.400%,
03/15/38 (C)(D)

     10,000,000        9,494,040  

VOLT CIII, Ser 2021-CF1, Cl A2

3.967%, 08/25/51 (D)(E)

     3,303,000        3,098,092  

VR Funding, Ser 2020-1A, Cl A

2.790%, 11/15/50 (D)

     6,699,819        5,836,860  
Description    Face Amount      Value  

VR Funding, Ser 2020-1A, Cl C

6.420%, 11/15/50 (D)

   $ 4,000,625      $ 3,673,075  
     

 

 

 
        101,834,285  
     

 

 

 

Student Loan — 0.6%

     

College Ave Student Loans,
Ser 2018-A, Cl A1

4.786%, ICE LIBOR USD
1 Month + 1.200%,
12/26/47 (C)(D)

     1,829,512        1,786,146  

Commonbond Student Loan Trust,
Ser 2017-AGS, Cl A1

2.550%, 05/25/41 (D)

     1,382,848        1,349,394  

Nelnet Student Loan Trust,
Ser 2013-3A, Cl B

5.086%, ICE LIBOR USD
1 Month + 1.500%,
07/25/47 (C)(D)

     10,000,000        9,368,288  

SLM Student Loan Trust,
Ser 2012-7, Cl B

5.386%, ICE LIBOR USD
1 Month + 1.800%,
09/25/43 (C)

     5,000,000        4,666,121  
     

 

 

 
        17,169,949  
     

 

 

 

Total Asset-Backed Securities
(Cost $364,234,105)

        346,877,359  
     

 

 

 

MUNICIPAL BONDS — 1.8%

     

GDB Debt Recovery Authority of
Puerto Rico, RB

7.500%, 08/20/40

     6,536,496        5,629,557  

Mission, Economic Development,
RB

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  

9.750%, 12/01/25(F)(G)

     3,045,000        30,450  

North Texas Tollway Authority, RB

8.410%, 02/01/30

     2,005,000        2,179,580  

Northwest Independent School
District, Ser A, GO, PSF-GTD

1.776%, 02/15/31

     2,000,000        1,547,397  

1.836%, 02/15/32

     1,890,000        1,421,517  

Rhode Island State, Health &
Educational System, Providence
Public Schools, Ser A, RB, CITY
APPROP ST AID WITHHLDG

8.000%, 05/15/29

     5,000,000        5,004,436  

San Juan, Higher Education
Finance Authority, RB

8.250%, 08/15/29

     4,400,000        4,407,397  

State of Illinois, Ser A, GO

3.140%, 10/01/24

     14,460,000        13,892,509  

Texas State, Public Finance
Authority Charter School,
Ser 2010-Q, RB

8.125%, 02/15/27

     1,900,000        1,967,485  

Texas State, Transportation
Commission State Highway Fund,
RB

4.000%, 10/01/33

     3,000,000        2,600,986  
 

 

10


                                                                                                                       LOGO
                                                                                                                 

 

FROST TOTAL RETURN BOND FUND OCTOBER 31, 2022 (UNAUDITED)

 

 

Description    Face Amount      Value  

Texas State, Transportation
Commission State Highway Fund,
Ser B-BUILD, RB

5.178%, 04/01/30

   $ 3,980,000      $ 3,918,681  

TransJamaican Highway

5.750%, 10/10/36(D)

     1,428,603        1,122,168  

University of Texas, Build America Bonds, Ser D, RB

5.134%, 08/15/42

     3,000,000        2,899,544  
     

 

 

 

Total Municipal Bonds
(Cost $58,546,115)

        46,676,107  
           

 

 

SOVEREIGN DEBT — 1.0%

     

Argentine Republic Government International Bond

     

1.500%, 07/09/35 (E)

     8,925,940        1,771,549  

1.000%, 07/09/29

     717,588        147,135  

0.500%, 07/09/30 (E)

     5,141,000        1,083,601  

Colombia Government International Bond

3.250%, 04/22/32

     5,000,000        3,318,256  

Oman Government International Bond

6.500%, 03/08/47 (D)

     15,000,000        12,340,410  

Provincia de Buenos Aires

5.250%, 09/01/37 (D)(E)

     333,959        100,571  

Suriname Government
International Bond

12.875%, 12/30/23

     8,000,000        6,440,000  

Ukraine Government International Bond

7.750%, 09/01/24 (G)

     5,000,000        1,176,820  
     

 

 

 

Total Sovereign Debt
(Cost $38,752,616)

        26,378,342  
     

 

 

 

U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.0%

 

FAMC

6.125%, 10/27/32

     3,000,000        2,993,533  

FFCB

5.490%, 09/22/42

     1,000,000        929,647  

2.920%, 04/29/26

     5,635,000        5,329,912  

2.070%, 12/21/40

     5,000,000        3,020,172  

FHLB

2.625%, 12/08/36

     1,000,000        734,390  

2.375%, 01/14/37

     3,000,000        2,124,610  

2.150%, 09/23/36

     1,500,000        1,038,468  

FNMA

2.250%, 10/30/24

     10,000,000        9,546,247  
     

 

 

 

Total U.S. Government Agency Obligations
(Cost $30,135,000)

 

     25,716,979  
     

 

 

 
     Shares         

COMMON STOCK — 0.6%

     

Paratus Energy Services Ltd.*(F)

     27,367        14,943,203  

Seadrill Ltd*

     305        9,740  
     

 

 

 

Total Common Stock
(Cost $536,742)

        14,952,943  
     

 

 

 

Total Investments — 99.3%
(Cost $2,790,877,602)

      $ 2,583,168,024  
     

 

 

 

Percentages are based on Net Assets of $2,600,438,752.

 

 

*

Non-income producing security.

Real Estate Investment Trust

(A)

At amortized cost

(B)

Rate shown represents the bond equivalent yield to maturity at date of purchase.

(C)

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.

(D)

Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total value of such securities at October 31, 2022 was $1,388,895,793 and represents 53.4% of Net Assets.

(E)

Step Bonds — The rate reflected on the Schedule of Investments is the effective yield on October 31, 2022. 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.

See “Glossary” for abbreviations.

The following is a summary of the level of inputs used as of October 31, 2022, in valuing the Fund’s investments carried at value:

 

Investments in
Securities
  Level 1     Level 2     Level 3(1)     Total  

U.S. Treasury

       

Obligations

  $ 377,116,093     $ 408,574,556     $     $ 785,690,649  

Collateralized Loan

       

Obligations

          489,345,483             489,345,483  

Corporate Obligations

          465,999,217             465,999,217  

Mortgage-Backed

       

Securities

          381,530,945             381,530,945  

Asset-Backed

       

Securities

          346,877,359             346,877,359  

Municipal Bonds

          46,591,257       84,850       46,676,107  

Sovereign Debt

          26,378,342             26,378,342  

U.S. Government

       

Agency Obligations

          25,716,979             25,716,979  

Common Stock

    9,740             14,943,203       14,952,943  

Total Investments in

       
 

 

 

   

 

 

   

 

 

   

 

 

 

Securities

  $ 377,125,833     $ 2,191,014,138     $ 15,028,053     $ 2,583,168,024  
 

 

 

   

 

 

   

 

 

   

 

 

 

(1) A reconciliation of Level 3 investments is presented when the fund has significant amount of Level 3 investments at the end of the period in relation to the net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

 

 

11


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FROST TOTAL RETURN BOND FUND OCTOBER 31, 2022 (UNAUDITED)

 

 

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining value as of October 31, 2022.

 

 

 
     Common Stock      Municipal Bond             Warrants     Total  

 

 

Balance as of July 31, 2022

   $ 14,943,121      $ 84,850      $          6,456,216     $ 21,484,187  

Realized gain/(loss)

                      1,408,229       1,408,229  

Change in unrealized appreciation/(depreciation)

     82                        82  

Purchases

                             

Sales

                      (7,864,445     (7,864,445

Net transfer into Level 3

                             

Net transfer out of Level 3

                             
  

 

 

 

Ending Balance as of October 31, 2022

   $ 14,943,203      $ 84,850      $              $ 15,028,053  
  

 

 

 

Change in unrealized gains/(losses) included in
earnings related to securities still held at
reporting date

   $ 82      $      $              $ 82  
  

 

 

 

 

Amounts designated as “—” are $0 or have been rounded to $0.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.

FIA-QH-001-3000

 

 

12


                                                                                                                       LOGO
                                                                                                                 

 

FROST CREDIT FUND OCTOBER 31, 2022 (UNAUDITED)

 

 

 

 
Description    Face Amount      Value  

 

 

CORPORATE OBLIGATIONS — 41.2%

     

Communication Services — 4.6%

     

ANGI Group

3.875%, 08/15/28 (A)

   $ 2,000,000      $ 1,465,060  

LCPR Senior Secured Financing DAC

6.750%, 10/15/27 (A)

     900,000        839,250  

Photo Holdings Merger Sub

8.500%, 10/01/26 (A)

     1,500,000        987,105  

Sprint

7.875%, 09/15/23

     1,500,000        1,524,604  

T-Mobile USA

3.500%, 04/15/31

     3,000,000        2,522,421  
     

 

 

 
        7,338,440  
     

 

 

 

Consumer Discretionary — 14.0%

     

APX Group

5.750%, 07/15/29 (A)

     2,000,000        1,574,700  

Beazer Homes USA

7.250%, 10/15/29 (A)

     1,000,000        827,500  

Bloomin’ Brands

5.125%, 04/15/29 (A)

     2,500,000        2,126,563  

Choice Hotels International

3.700%, 12/01/29

     2,000,000        1,675,480  

Dillard’s

7.000%, 12/01/28

     500,000        483,332  

Empire Resorts

7.750%, 11/01/26 (A)

     2,000,000        1,640,476  

Expedia

3.800%, 02/15/28

     2,000,000        1,778,362  

Imperial Brands Finance

6.125%, 07/27/27 (A)

     500,000        482,549  

Jaguar Land Rover Automotive

4.500%, 10/01/27 (A)

     2,000,000        1,417,649  

MajorDrive Holdings IV

6.375%, 06/01/29 (A)

     3,000,000        2,114,100  

Marriott International

3.500%, 10/15/32

     2,000,000        1,597,377  

NES Fircroft Bondco

11.750%, 09/29/26 (A)

     500,000        482,307  

Rent-A-Center

6.375%, 02/15/29 (A)

     1,000,000        779,030  

Scientific Games International

8.625%, 07/01/25 (A)

     2,000,000        2,054,699  

STL Holding

7.500%, 02/15/26 (A)

     1,500,000        1,307,040  

Under Armour

3.250%, 06/15/26

     2,000,000        1,725,000  
     

 

 

 
        22,066,164  
     

 

 

 

Energy — 3.8%

     

Colonial Pipeline

8.375%, 11/01/30 (A)

     1,500,000        1,688,814  

Murphy Oil

5.750%, 08/15/25

     768,000        757,164  

Tiger Holdco Pte

13.000%, 06/10/23 (A)

     2,084,434        2,063,590  

VistaJet Malta Finance

7.875%, 05/01/27 (A)

     1,500,000        1,352,172  
     

 

 

 
        5,861,740  
     

 

 

 

Financials — 3.9%

     

Athene Holding

6.150%, 04/03/30

     500,000        485,200  

 

 
Description    Face Amount      Value  

 

 

Credit Suisse Group

6.373%, U.S. SOFR + 3.340%,

     

07/15/26 (A)(B)

   $ 1,000,000      $ 930,385  

Deutsche Bank MTN

4.296%, USD Swap Semi

     

30/360 5 Yr Curr + 2.248%,

05/24/28 (B)

     2,500,000        2,288,112  

UBS

5.125%, 05/15/24

     1,500,000        1,445,868  

Westpac Banking

2.894%, US Treas Yield Curve

     

Rate T Note Const Mat 5 Yr +

1.350%, 02/04/30 (B)

     1,000,000        912,954  
     

 

 

 
        6,062,519  
     

 

 

 

Industrials — 7.2%

     

Airswift Global

     

11.423%, ICE LIBOR USD 3
Month + 8.500%, 05/12/25 (A)(B)

     2,000,000        1,990,000  

Boeing

     

5.150%, 05/01/30

     2,000,000        1,847,969  

2.196%, 02/04/26

     1,000,000        883,695  

Brundage-Bone Concrete Pumping
Holdings

     

6.000%, 02/01/26 (A)

     2,500,000        2,262,500  

Flowserve

3.500%, 10/01/30

     2,000,000        1,592,327  

Lockheed Martin

5.250%, 01/15/33

     1,500,000        1,504,528  

Masco

7.750%, 08/01/29

     1,088,000        1,173,954  
     

 

 

 
        11,254,973  
     

 

 

 

Information Technology — 4.8%

     

Amkor Technology

6.625%, 09/15/27 (A)

     1,000,000        987,170  

Apple

3.850%, 05/04/43

     2,000,000        1,627,730  

Castle US Holding

9.500%, 02/15/28 (A)

     1,000,000        453,750  

Consensus Cloud Solutions

6.000%, 10/15/26 (A)

     1,000,000        900,750  

Kyndryl Holdings

4.100%, 10/15/41

     1,829,000        1,002,192  

VeriSign

4.750%, 07/15/27

     1,000,000        958,753  

Western Digital

2.850%, 02/01/29

     2,000,000        1,546,360  
     

 

 

 
        7,476,705  
     

 

 

 

Materials — 0.3%

     

Mineral Resources

8.125%, 05/01/27 (A)

     420,000        417,900  
     

 

 

 

Real Estate — 2.1%

     

GLP Capital

3.250%, 01/15/32 ‡

     2,500,000        1,863,525  

Sabra Health Care

3.200%, 12/01/31 ‡

     2,000,000        1,441,712  
     

 

 

 
        3,305,237  
     

 

 

 

Utilities — 0.5%

     

Pacific Gas and Electric

4.500%, 07/01/40

     1,000,000        745,692  
     

 

 

 

Total Corporate Obligations
(Cost $75,272,224)

        64,529,370  
     

 

 

 

 

 

 

13


                                                                                                                       LOGO
                                                                                                                 

 

FROST CREDIT FUND OCTOBER 31, 2022 (UNAUDITED)

 

 

Description    Face Amount      Value  

COLLATERALIZED LOAN OBLIGATIONS —25.0%

     

Apidos CLO XI, Ser 2021-11A,
Cl ER3

     

10.649%, ICE LIBOR USD
3 Month + 6.570%,
04/17/34 (A)(B)

   $ 1,000,000      $ 841,821  

Audax Senior Debt CLO 6,
Ser 2021-6A, Cl B

     

6.193%, ICE LIBOR USD
3 Month + 1.950%,
10/20/33 (A)(B)

     1,000,000        891,647  

BCC Middle Market, Ser 2018-1A,
Cl B

     

7.243%, ICE LIBOR USD
3 Month + 3.000%,
10/20/30 (A)(B)

     1,000,000        921,851  

Benefit Street Partners CLO III,
Ser 2017-IIIA, Cl DR

     

10.843%, ICE LIBOR USD
3 Month + 6.600%,
07/20/29 (A)(B)

     2,500,000        2,171,647  

Benefit Street Partners III,
Ser 2017-IIIA, Cl CR

     

8.143%, ICE LIBOR USD
3 Month + 3.900%,
07/20/29 (A)(B)

     2,000,000        1,854,172  

BlueMountain CLO XXX, Ser 2022-
30A, Cl ER

     

10.564%, TSFR3M + 6.700%,
04/15/35 (A)(B)

     2,000,000        1,668,580  

Carlyle Global Market Strategies,
Ser 2018-1A, Cl CR2

     

5.879%, ICE LIBOR USD
3 Month + 1.800%,
04/17/31 (A)(B)

     1,250,000        1,137,320  

CARLYLE US, Ser 2018-1A, Cl B

     

6.093%, ICE LIBOR USD
3 Month + 1.850%,
04/20/31 (A)(B)

     2,000,000        1,823,198  

Chenango Park, Ser 2018-1A, Cl B

     

5.929%, ICE LIBOR USD
3 Month + 1.850%,
04/15/30 (A)(B)

     1,000,000        916,637  

CIFC Funding, Ser 2018-1A, Cl C

     

5.944%, ICE LIBOR USD
3 Month + 1.750%,
04/18/31 (A)(B)

     500,000        456,072  

Golub Capital Partners, Ser 2017-
17A, Cl BR

     

7.258%, ICE LIBOR USD
3 Month + 2.900%,
10/25/30 (A)(B)

     1,500,000        1,384,643  

Golub Capital Partners, Ser 2017-
21A, Cl CR

     

6.808%, ICE LIBOR USD
3 Month + 2.450%,
01/25/31 (A)(B)

     3,000,000        2,707,503  

Golub Capital Partners, Ser 2017-
22A, Cl CR

     

6.093%, ICE LIBOR USD
3 Month + 1.850%,
01/20/31 (A)(B)

     1,500,000        1,374,104  
Description    Face Amount      Value  

Golub Capital Partners, Ser 2017-
23A, Cl BR

     

5.793%, ICE LIBOR USD
3 Month + 1.550%,
01/20/31 (A)(B)

   $ 1,000,000      $ 928,220  

Golub Capital Partners, Ser 2017-
23A, Cl CR

     

6.043%, ICE LIBOR USD
3 Month + 1.800%,
01/20/31 (A)(B)

     2,000,000        1,830,034  

Golub Capital Partners, Ser 2017-
24A, Cl DR

     

6.732%, ICE LIBOR USD
3 Month + 3.900%,
11/05/29 (A)(B)

     2,000,000        1,750,402  

Golub Capital Partners, Ser 2018-
26A, Cl BR

     

5.793%, ICE LIBOR USD
3 Month + 1.550%,
04/20/31 (A)(B)

     1,000,000        954,435  

Golub Capital Partners, Ser 2018-
36A, Cl B

     

4.482%, ICE LIBOR USD
3 Month + 1.650%,
02/05/31 (A)(B)

     2,000,000        1,873,980  

Golub Capital Partners, Ser 2018-
36A, Cl C

     

4.932%, ICE LIBOR USD
3 Month + 2.100%,
02/05/31 (A)(B)

     1,500,000        1,355,061  

Jay Park, Ser 2018-1A, Cl BR

     

6.243%, ICE LIBOR USD
3 Month + 2.000%,
10/20/27 (A)(B)

     1,000,000        945,417  

LCM XXII, Ser 2018-22A, Cl BR

     

6.243%, ICE LIBOR USD
3 Month + 2.000%,
10/20/28 (A)(B)

     1,500,000        1,388,772  

MCF VIII, Ser 2018-1A, Cl B

     

5.944%, ICE LIBOR USD
3 Month + 1.750%,
07/18/30 (A)(B)

     3,000,000        2,824,158  

OZLM Funding IV, Ser 2017-4A,

Cl BR

     

6.525%, ICE LIBOR USD
3 Month + 2.200%,
10/22/30 (A)(B)

     2,000,000        1,874,810  

Race Point IX, Ser 2017-9A, Cl BR

     

6.229%, ICE LIBOR USD
3 Month + 2.150%,
10/15/30 (A)(B)

     4,000,000        3,671,592  

Race Point IX, Ser 2017-9A, Cl DR

     

10.979%, ICE LIBOR USD
3 Month + 6.900%,
10/15/30 (A)(B)

     2,000,000        1,665,678  
     

 

 

 

Total Collateralized Loan Obligations

     

(Cost $43,075,129)

        39,211,754  
     

 

 

 

ASSET-BACKED SECURITIES — 21.7%

     

Automotive — 12.4%

     

ACC Auto Trust, Ser 2021-A, Cl D

     

6.100%, 06/15/29 (A)

     1,000,000        931,743  

 

 

 

 

14


                                                                                                                       LOGO
                                                                                                                 

 

FROST CREDIT FUND OCTOBER 31, 2022 (UNAUDITED)

 

 

Description    Face Amount      Value  

American Credit Acceptance

     

Receivables Trust, Ser 2022-1, Cl F
4.870%, 11/13/28 (A)

   $ 2,600,000      $ 2,291,924  

Amur Equipment Finance

     

Receivables X, Ser 2022-1A, Cl E
5.020%, 12/20/28 (A)

     1,348,000        1,214,693  

Avid Automobile Receivables Trust,

     

Ser 2019-1, Cl E
6.760%, 05/17/27 (A)

     1,000,000        989,083  

Avid Automobile Receivables Trust,

     

Ser 2021-1, Cl F
5.160%, 10/16/28 (A)

     2,000,000        1,753,172  

CarNow Auto Receivables Trust,

     

Ser 2021-2A, Cl E
4.450%, 02/15/28 (A)

     1,000,000        889,635  

Carvana Auto Receivables Trust,

     

Ser 2021-N2, Cl E
2.900%, 03/10/28 (A)

     2,000,000        1,716,357  

CIG Auto Receivables Trust,

     

Ser 2021-1A, Cl E
4.450%, 05/12/28 (A)

     1,590,000        1,443,284  

CPS Auto Receivables Trust,

     

Ser 2019-B, Cl F
7.480%, 06/15/26 (A)

     500,000        493,254  

DT Auto Owner Trust, Ser 2019-
4A, Cl E
3.930%, 10/15/26 (A)

     2,000,000        1,924,369  

DT Auto Owner Trust, Ser 2020-
3A, Cl E
3.620%, 10/15/27 (A)

     1,500,000        1,406,907  

Exeter Automobile Receivables

     

Trust, Ser 2022-2A, Cl E
6.340%, 10/15/29 (A)

     1,443,000        1,282,668  

Foursight Capital Automobile

     

Receivables Trust, Ser 2022-1, Cl E

     

4.690%, 08/15/29 (A)

     1,000,000        877,092  

GLS Auto Receivables Issuer Trust,

     

Ser 2021-4A, Cl E
4.430%, 10/16/28 (A)

     1,500,000        1,251,091  

Tricolor Auto Securitization Trust,

     

Ser 2022-1A, Cl F
9.800%, 07/16/29 (A)

     1,000,000        948,838  
     

 

 

 
        19,414,110  
     

 

 

 

Credit Card — 1.8%

     

Mercury Financial Credit Card

     

Master Trust, Ser 2022-1A, Cl C
5.200%, 09/21/26 (A)

     2,000,000        1,805,514  

Mission Lane Credit Card Master

     

Trust, Ser 2021-A, Cl B
2.240%, 09/15/26 (A)

     1,000,000        959,949  
     

 

 

 
        2,765,463  
     

 

 

 

Other Asset-Backed Securities — 7.5%

     

BHG Securitization Trust,

     

Ser 2022-B, Cl D
6.690%, 06/18/35 (A)

     998,895        886,778  

CP EF Asset Securitization I,

     

Ser 2022-1A, Cl A
5.960%, 04/15/30 (A)

     873,379        858,243  
Description    Face Amount      Value  

Credibly Asset Securitization II,

     

Ser 2021-1A, Cl B
3.380%, 04/15/26 (A)

   $ 524,000      $ 475,318  

Harley Marine Financing,

     

Ser 2018-1A, Cl A2
6.682%, 05/15/43 (A)(C)

     1,723,945        1,673,558  

Kapitus Asset Securitization,

     

Ser 2022-1A, Cl A
3.382%, 07/10/28 (A)

     1,500,000        1,378,608  

Mosaic Solar Loans, Ser 2017-2A, Cl B 4.770%, 06/22/43 (A)

     214,186        196,861  

NMEF Funding, Ser 2021-A, Cl D
5.780%, 12/15/27 (A)

     1,300,000        1,248,823  

Pawnee Equipment Receivables,

     

Ser 2019-1, Cl E
3.800%, 01/15/26 (A)

     1,500,000        1,452,069  

Pawneee Equipment Receivables,

     

Ser 2021-1, Cl E
5.210%, 05/15/28 (A)

     353,000        309,219  

Pawneee Equipment Receivables,

     

Ser 2022-1, Cl C
6.010%, 07/17/28 (A)

     1,000,000        953,172  

Sapphire Aviation Finance I,

     

Ser 2018-1A, Cl B
5.926%, 03/15/40 (A)

     285,963        164,434  

SCF Equipment Leasing,

     

Ser 2021-1A, Cl D
1.930%, 09/20/30 (A)

     1,500,000        1,301,160  

Stack Infrastructure Issuer Series,

     

Ser 2019-1A, Cl A2
4.540%, 02/25/44 (A)

     963,333        938,016  
     

 

 

 
        11,836,259  
     

 

 

 

Total Asset-Backed Securities

     

(Cost $36,933,184)

        34,015,832  
     

 

 

 

MORTGAGE-BACKED SECURITIES — 8.0%

 

  

Automotive — 1.1%

     

PRET, Ser 2021-RN4, Cl A2
5.194%, 10/25/51 (A)(B)

     1,850,000        1,705,326  
     

 

 

 

Commercial Mortgage-Backed Obligation — 3.9%

 

  

Benchmark Mortgage Trust,
Ser 2020-B21, Cl D

2.000%, 12/17/53 (A)

     1,000,000        577,619  

BXMT, Ser 2020-FL2, Cl A

4.390%, TSFR1M + 1.014%,
02/15/38 (A)(B)

     793,173        782,981  

Cold Storage Trust, Ser 2020-ICE5,
Cl E

6.178%, ICE LIBOR USD
1 Month + 2.766%,
11/15/37 (A)(B)

     982,991        933,668  

Commercial Mortgage Trust,
Ser 2014-UBS6, Cl C

4.439%, 12/10/47 (B)

     1,000,000        914,579  

Commercial Mortgage Trust,
Ser 2015-DC1, Cl D

4.298%, 02/10/48 (A)(B)

     1,517,000        1,226,486  

FREMF Mortgage Trust, Ser 2016-
K54, Cl C

4.053%, 04/25/48 (A)(B)

     1,000,000        928,773  

 

 

 

 

15


                                                                                                                       LOGO
                                                                                                                 

 

FROST CREDIT FUND OCTOBER 31, 2022 (UNAUDITED)

 

 

Description    Face Amount      Value  

WFRBS Commercial Mortgage
Trust, Ser 2014-C25, Cl D

3.803%, 11/15/47 (A)(B)

   $ 1,000,000      $ 852,955  
     

 

 

 
        6,217,061  
     

 

 

 

Non-Agency Residential Mortgage-Backed Obligation — 3.0%

 

PRET, Ser 2021-NPL3, Cl A2

     

3.721%, 07/25/51 (A)(C)

     500,000        434,650  

PRET, Ser 2021-RN3, Cl A1

1.843%, 09/25/51 (A)(C)

     832,000        748,780  

Pretium Mortgage Credit Partners
I, Ser 2021-NPL1, Cl A2

4.213%, 09/27/60 (A)(C)

     1,000,000        930,678  

PRPM, Ser 2021-10, Cl A2

4.826%, 10/25/26 (A)(C)

     1,000,000        818,590  

RCO VI Mortgage, Ser 2022-1,
Cl A2

5.250%, 01/25/27 (A)(C)

     1,000,000        903,813  

VOLT, Ser 2021-CF2, Cl A2

5.316%, 11/27/51 (A)(C)

     1,000,000        822,851  
     

 

 

 
        4,659,362  
     

 

 

 

Total Mortgage-Backed Securities

     

(Cost $13,809,043)

        12,581,749  
     

 

 

 
     Shares         

PREFERRED STOCK — 0.1%

     

Communication Services — 0.1%

     

MYT Holding LLC
10.000%, 06/07/29 (A)

     64,528        58,075  
     

 

 

 

Total Preferred Stock
(Cost $64,528)

        58,075  
     

 

 

 

COMMON STOCK — 0.0%

     

Erickson*(D)

     3,761        6,838  
     

 

 

 

Total Common Stock
(Cost $1,829,567)

        6,838  
     

 

 

 

Total Investments — 96.0%
(Cost $170,983,675)

      $ 150,403,618  
     

 

 

 

Percentages are based on Net Assets of $156,748,742.

 

*

Non-income producing security.

Real Estate Investment Trust

(A)

Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total value of such securities at October 31, 2022 was $116,097,890 and represents 74.1% of Net Assets.

(B)

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

(C)

Step Bonds — The rate reflected on the Schedule of Investments is the effective yield on October 31, 2022. The coupon on a step bond changes on a specific date.

(D)

Level 3 security in accordance with fair value hierarchy.

See “Glossary” for abbreviations.

 

 

16


                                                                                                                       LOGO
                                                                                                                 

 

FROST CREDIT FUND OCTOBER 31, 2022 (UNAUDITED)

 

 

The following is a summary of the level of inputs used as of October 31, 2022, in valuing the Fund’s investments carried at value:

 

Investments in

Securities

   Level 1      Level 2      Level 3(1)      Total  

Corporate Obligations

   $      $ 64,529,370      $      $ 64,529,370  

Collateralized Loan

           

Obligations

            39,211,754               39,211,754  

Asset-Backed

           

Securities

            34,015,832               34,015,832  

Mortgage-Backed

           

Securities

            12,581,749               12,581,749  

Preferred Stock

            58,075               58,075  

Common Stock

                   6,838        6,838  
  

 

 

    

 

 

    

 

 

    

 

 

 
Total Investments in Securities    $      $ 150,396,780      $ 6,838      $ 150,403,618  
  

 

 

    

 

 

    

 

 

    

 

 

 

(1) A reconciliation of Level 3 investments is presented when the fund has significant amount of Level 3 investments at the end of the period in relation to the net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

Amounts designated as “—” are $0 or have been rounded to $0.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.

FIA-QH-001-3000

 

 

17


                                                                                                                       LOGO
                                                                                                                 

 

FROST LOW DURATION BOND FUND OCTOBER 31, 2022 (UNAUDITED)

 

 

Description    Face Amount      Value  

ASSET-BACKED SECURITIES — 52.7%

     

Automotive — 29.5%

     

ACC Auto Trust, Ser 2021-A, Cl A

1.080%, 04/15/27 (A)(B)

   $ 522,096      $ 513,208  

American Credit Acceptance
Receivables Trust, Ser 2021-4, Cl A

0.450%, 09/15/25 (B)

     416,439        414,002  

American Credit Acceptance
Receivables Trust, Ser 2022-2, Cl C

4.410%, 06/13/28 (B)

     2,000,000        1,925,717  

Arivo Acceptance Auto Loan
Receivables Trust, Ser 2021-1A, Cl A

1.190%, 01/15/27 (B)

     562,934        541,382  

Arivo Acceptance Auto Loan Receivables Trust, Ser 2022-1A, Cl A

3.930%, 05/15/28 (B)

     761,744        735,496  

Avid Automobile Receivables Trust,
Ser 2021-1, Cl D

1.990%, 04/17/28 (B)

     1,300,000        1,155,958  

Canadian Pacer Auto Receivables Trust,
Ser 2020-1A, Cl C

2.490%, 05/19/26 (B)

     5,000,000        4,802,187  

Canadian Pacer Auto Receivables Trust, Ser 2021-1A, Cl A3

0.500%, 10/20/25 (B)

     2,500,000        2,393,761  

Canadian Pacer Auto Receivables Trust,
Ser 2021-1A, Cl A4

0.820%, 07/20/26 (B)

     3,070,000        2,764,873  

Canadian Pacer Auto Receivables Trust,
Ser 2021-1A, Cl C

1.460%, 12/20/27 (B)

     2,000,000        1,802,473  

Carmax Auto Owner Trust,
Ser 2022-4, Cl C

6.490%, 07/17/28

     3,500,000        3,492,783  

CarNow Auto Receivables Trust,
Ser 2021-2A, Cl B

1.300%, 01/15/26 (B)

     5,403,293        5,285,528  

Credit Acceptance Auto Loan Trust, Ser 2021-3A, Cl A

1.000%, 05/15/30 (B)

     2,590,000        2,432,283  

Credit Acceptance Auto Loan Trust,
Ser 2021-3A, Cl C

1.630%, 09/16/30 (B)

     1,700,000        1,500,593  

DT Auto Owner Trust,
Ser 2020- 1A, Cl D

2.550%, 11/17/25 (B)

     5,500,000        5,342,848  

DT Auto Owner Trust, Ser 2020-
3A, Cl C

1.470%, 06/15/26 (B)

     1,410,000        1,361,655  

DT Auto Owner Trust, Ser 2022-
2A, Cl D

     

5.460%, 03/15/28 (B)

     4,000,000        3,719,082  

Exeter Automobile Receivables
Trust, Ser 2021-1A, Cl D

1.080%, 11/16/26

     2,500,000        2,344,118  

Exeter Automobile Receivables
Trust, Ser 2021-2A, Cl B

0.570%, 09/15/25

     374,314        370,268  
Description    Face Amount      Value  

First Investors Auto Owner Trust,
Ser 2022-1A, Cl A

2.030%, 01/15/27 (B)

   $ 1,641,974      $ 1,596,323  

Flagship Credit Auto Trust,
Ser 2022-4, Cl B

6.780%, 10/15/27 (B)

     1,500,000         

Foursight Capital Automobile Receivables Trust, Ser 2020-1, Cl D

2.600%, 01/15/26 (B)

     2,100,000        2,047,591  

Foursight Capital Automobile Receivables Trust, Ser 2021-2, Cl D

1.920%, 09/15/27 (B)

     5,500,000        4,925,906  

Foursight Capital Automobile Receivables Trust, Ser 2022-1, Cl D

3.070%, 05/15/28 (B)

     4,780,000        4,169,825  

GLS Auto Receivables Issuer Trust,
Ser 2021-1A, Cl D

1.680%, 01/15/27 (B)

     6,000,000        5,655,161  

GLS Auto Receivables Issuer Trust,
Ser 2021-2A, Cl D

1.420%, 04/15/27 (B)

     1,020,000        915,893  

GLS Auto Receivables Issuer Trust,
Ser 2021-3A, Cl D

1.480%, 07/15/27 (B)

     3,000,000        2,651,674  

GLS Auto Receivables Issuer Trust,
Ser 2021-4A, Cl A

0.840%, 07/15/25 (B)

     842,339        828,186  

Hertz Vehicle Financing III,
Ser 2021-2A, Cl A

1.680%, 12/27/27 (B)

     11,000,000        9,275,718  

Hertz Vehicle Financing, Ser 2021-1A, Cl A

1.210%, 12/26/25 (B)

     3,000,000        2,725,682  

Octane Receivables Trust, Ser 2021-1A, Cl A

0.930%, 03/22/27 (B)

     1,004,701        967,229  

Octane Receivables Trust, Ser 2021-2A, Cl A

1.210%, 09/20/28 (B)

     1,072,652        1,021,177  

Prestige Auto Receivables Trust, Ser 2021-1A, Cl D

2.080%, 02/15/28 (B)

     4,000,000        3,501,867  

Santander Drive Auto Receivables Trust,
Ser 2022-2, Cl C

3.760%, 07/16/29

     3,000,000        2,850,575  

United Auto Credit Securitization Trust,
Ser 2022-2, Cl D

6.840%, 01/10/28 (B)

     3,000,000        2,915,641  

Westlake Automobile Receivables Trust,
Ser 2020-2A, Cl D

2.760%, 01/15/26 (B)

     4,500,000        4,347,310  

Westlake Automobile Receivables Trust,
Ser 2020-3A, Cl C

1.240%, 11/17/25 (B)

     1,000,000        969,117  

Westlake Automobile Receivables Trust,
Ser 2021-1A, Cl D

1.230%, 04/15/26 (B)

     11,000,000        10,269,338  
 

 

18


                                                                                                                       LOGO
                                                                                                                 

 

FROST LOW DURATION BOND FUND OCTOBER 31, 2022 (UNAUDITED)

 

 

Description    Face Amount      Value  

Westlake Automobile Receivables

     

Trust, Ser 2022-3A, Cl D

6.680%, 04/17/28 (B)

   $ 7,000,000      $ 6,949,826  
     

 

 

 
        111,482,254  
     

 

 

 

Credit Card — 7.1%

     

American Express Credit Account Master Trust, Ser 2022-4, Cl A

4.950%, 10/15/27

     500,000         

Avant Credit Card Master Trust,
Ser 2021-1A, Cl A

1.370%, 04/15/27 (B)

     1,220,000        1,103,548  

Capital One Multi-Asset Execution Trust,
Ser 2019-A3, Cl A3

2.060%, 08/15/28

     5,000,000        4,488,362  

CARDS II Trust, Ser 2021-1A, Cl B

0.931%, 04/15/27 (B)

     7,250,000        6,769,673  

Continental Finance Credit Card
ABS Master Trust, Ser 2021-A, Cl A

2.550%, 12/17/29 (B)

     5,000,000        4,577,179  

Genesis Sales Finance Master
Trust, Ser 2021-AA, Cl A

1.200%, 12/21/26 (B)

     2,000,000        1,858,180  

Master Credit Card Trust II,
Ser 2020-1A, Cl C

2.590%, 09/21/24 (B)

     2,519,000        2,483,701  

Trillium Credit Card Trust II,
Ser 2021-1A, Cl B

2.026%, 10/26/29 (B)

     6,500,000        5,673,859  
     

 

 

 
        26,954,502  
     

 

 

 

Other Asset-Backed Securities — 12.7%

 

  

Amur Equipment Finance
Receivables IX, Ser 2021-1A, Cl C

1.750%, 06/21/27 (B)

     2,000,000        1,829,001  

Amur Equipment Finance
Receivables VIII, Ser 2020-1A, Cl B

2.500%, 03/20/26 (B)

     1,384,090        1,361,245  

Amur Equipment Finance
Receivables X, Ser 2022-1A, Cl C

2.370%, 04/20/28 (B)

     2,000,000        1,785,422  

Amur Equipment Finance
Receivables X, Ser 2022-1A, Cl D

2.910%, 08/21/28 (B)

     2,000,000        1,782,435  

Aqua Finance Trust, Ser 2021-A, Cl B

2.400%, 07/17/46 (B)

     1,000,000        824,210  

BHG Securitization Trust,
Ser 2021-B, Cl A

0.900%, 10/17/34 (B)

     1,170,660        1,097,396  

BHG Securitization Trust, Ser 2022-B, Cl A

3.750%, 06/18/35 (B)

     813,362        800,545  

CLI Funding VI, Ser 2020-1A, Cl A

2.080%, 09/18/45 (B)

     1,956,875        1,679,178  

CP EF Asset Securitization I,
Ser 2022-1A, Cl A

5.960%, 04/15/30 (B)

     3,493,516        3,432,971  

Diamond Resorts Owner Trust,
Ser 2019-1A, Cl A

2.890%, 02/20/32 (B)

     459,512        447,338  
Description    Face Amount      Value  

Marlette Funding Trust, Ser 2021- 2A, Cl C

1.500%, 09/15/31 (B)

   $ 2,000,000      $ 1,830,857  

Mosaic Solar Loan Trust,
Ser 2021-3A, Cl B

1.920%, 06/20/52 (B)

     837,197        671,345  

Mosaic Solar Loans, Ser 2017-1A, Cl A

4.450%, 06/20/42 (B)

     218,585        207,420  

New Economy Assets Phase 1
Sponsor, Ser 2021-1, Cl A1

1.910%, 10/20/61 (B)

     2,000,000        1,675,726  

Oportun Issuance Trust, Ser 2021- B, Cl A

1.470%, 05/08/31 (B)

     1,750,000        1,526,986  

Oportun Issuance Trust, Ser 2022- A, Cl C

7.400%, 06/09/31 (B)

     2,030,000        1,827,596  

Pawnee Equipment Receivables,
Ser 2019-1, Cl D

2.860%, 10/15/24 (B)

     5,000,000        4,849,204  

Pawnee Equipment Receivables,
Ser 2020-1, Cl A

1.370%, 11/17/25 (B)

     722,793        711,294  

Pawneee Equipment Receivables,
Ser 2022-1, Cl C

6.010%, 07/17/28 (B)

     5,000,000        4,765,860  

SCF Equipment Leasing,
Ser 2020-1A, Cl B

2.020%, 03/20/28 (B)

     2,000,000        1,850,108  

SCF Equipment Leasing,
Ser 2021-1A, Cl D

1.930%, 09/20/30 (B)

     2,600,000        2,255,344  

Sierra Timeshare Receivables
Funding, Ser 2021-2A, Cl B

1.800%, 09/20/38 (B)

     2,541,299        2,301,969  

Vantage Data Centers Issuer,
Ser 2018-2A, Cl A2

4.196%, 11/15/43 (B)

     3,843,333        3,758,146  

VFI ABS, Ser 2022-1A, Cl A

2.230%, 03/24/28 (B)

     1,991,096        1,929,084  

Westgate Resorts, Ser 2022-1A, Cl C

2.488%, 08/20/36 (B)

     3,176,341        2,972,659  
     

 

 

 
        48,173,339  
     

 

 

 

Student Loan — 3.4%

     

AccessLex Institute, Ser 2002-A, Cl A2

4.313%, 09/25/37 (A)

     50,000        49,820  

Commonbond Student Loan Trust,
Ser 2017-AGS, Cl A1

2.550%, 05/25/41 (B)

     534,833        521,894  

Commonbond Student Loan Trust,
Ser 2021-BGS, Cl B

1.640%, 09/25/51 (B)

     908,344        773,750  

Nelnet Student Loan Trust,
Ser 2012-6A, Cl B

5.086%, ICE LIBOR USD

1 Month + 1.500%,

08/26/52 (A)(B)

     3,000,000        2,870,409  
 

 

19


                                                                                                                       LOGO
                                                                                                                 

 

FROST LOW DURATION BOND FUND OCTOBER 31, 2022 (UNAUDITED)

 

 

Description

     Face Amount        Value  

Nelnet Student Loan Trust,
Ser 2013-3A, Cl B

5.086%, ICE LIBOR USD
1 Month + 1.500%,
07/25/47 (A)(B)

   $ 4,000,000      $ 3,747,315  

Nelnet Student Loan Trust,
Ser 2015-3A, Cl B

5.086%, ICE LIBOR USD
1 Month + 1.500%,
06/25/54 (A)(B)

     3,000,000        2,795,495  

Prodigy Finance DAC, Ser 2021-
1A, Cl A

4.836%, ICE LIBOR USD
1 Month + 1.250%,
07/25/51 (A)(B)

     503,048        484,634  

SLM Student Loan Trust,
Ser 2013-2, Cl B

5.086%, ICE LIBOR USD
1 Month + 1.500%,
06/25/43 (A)

     2,000,000        1,812,693  
     

 

 

 
        13,056,010  
     

 

 

 

Total Asset-Backed Securities
(Cost $215,910,086)

        199,666,105  
     

 

 

 

U.S. TREASURY OBLIGATIONS — 23.4%

 

  

U.S. Treasury Notes

4.250%, 09/30/24

     40,000,000        39,796,875  

3.500%, 09/15/25

     10,000,000        9,748,438  

3.000%, 07/31/24

     40,000,000        38,932,812  
     

 

 

 

Total U.S. Treasury Obligations

     

(Cost $89,604,902)

        88,478,125  
     

 

 

 

CORPORATE OBLIGATIONS — 18.7%

 

  

Consumer Discretionary — 1.6%

 

  

Hyatt Hotels

5.625%, 04/23/25

     6,000,000        5,894,672  
     

 

 

 

Financials — 6.5%

 

  

Bank of America MTN

1.319%, U.S. SOFR + 1.150%,
06/19/26 (A)

     5,000,000        4,414,500  

Capital One Financial

4.200%, 10/29/25

     10,000,000        9,488,956  

Danske Bank

3.875%, 09/12/23 (B)

     4,205,000        4,116,751  

Deutsche Bank

2.222%, U.S. SOFR + 2.159%,
09/18/24 (A)

     2,000,000        1,894,853  

Wells Fargo MTN

2.406%, U.S. SOFR + 1.087%,
10/30/25 (A)

     5,000,000        4,656,916  
     

 

 

 
        24,571,976  
     

 

 

 

Industrials — 4.7%

 

  

AerCap Ireland Capital DAC

1.750%, 01/30/26

     5,000,000        4,257,682  

1.750%, 10/29/24

     1,000,000        906,213  

Boeing

4.875%, 05/01/25

     4,000,000        3,903,185  

3.100%, 05/01/26

     4,290,000        3,873,730  

Delta Air Lines

7.000%, 05/01/25 (B)

     5,000,000        5,068,935  
     

 

 

 
        18,009,745  
     

 

 

 

Description

     Face Amount        Value  

Information Technology — 4.1%

     

Kyndryl Holdings

2.050%, 10/15/26

   $ 8,000,000      $ 6,256,162  

Molex Electronic Technologies

3.900%, 04/15/25 (B)

     9,675,000        9,166,627  
     

 

 

 
        15,422,789  
     

 

 

 

Real Estate — 1.8%

     

Corporate Office Properties

2.250%, 03/15/26 ‡

     3,000,000        2,599,703  

Equinix

1.000%, 09/15/25 ‡

     5,000,000        4,385,569  
     

 

 

 
        6,985,272  
     

 

 

 

Total Corporate Obligations
(Cost $77,956,705)

        70,884,454  
     

 

 

 

U.S. GOVERNMENT AGENCY OBLIGATIONS — 2.6%

 

  

FFCB

5.480%, 10/25/27

     5,000,000        4,987,954  

FHLMC

5.375%, 11/15/24

     5,000,000        4,997,256  
     

 

 

 

Total U.S. Government Agency Obligations
(Cost $10,000,000)

 

     9,985,210  
     

 

 

 

MORTGAGE-BACKED SECURITIES — 1.7%

 

  

Commercial Mortgage-Backed Obligation — 1.7%

 

  

Benchmark Mortgage Trust,
Ser 2020-B19, Cl A2

1.691%, 09/15/53

     1,305,000        1,162,687  

Cold Storage Trust, Ser 2020-ICE5,
Cl A

4.312%, ICE LIBOR USD
1 Month + 0.900%,
11/15/37 (A)(B)

     5,406,448        5,241,118  
     

 

 

 

Total Mortgage-Backed Securities
(Cost $6,748,626)

        6,403,805  
     

 

 

 

Total Investments — 99.1%
(Cost $400,220,319)

      $ 375,417,699  
     

 

 

 

Percentages are based on Net Assets of $378,666,995.

 

Real Estate Investment Trust

(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 October 31, 2022 was $207,850,917 and represents 54.9% of Net Assets.

See “Glossary” for abbreviations.

 

 

20


                                                                                                                       LOGO
                                                                                                                 

 

FROST LOW DURATION BOND FUND OCTOBER 31, 2022 (UNAUDITED)

 

 

The following is a summary of the level of inputs used as of October 31, 2022, in valuing the Fund’s investments carried at value:

 

Investments in

Securities

     Level 1        Level 2        Level 3        Total  

Asset-Backed

           

Securities

   $      $ 199,666,105      $      $ 199,666,105  

U.S. Treasury

           

Obligations

     38,932,812        49,545,313               88,478,125  

Corporate Obligations

            70,884,454               70,884,454  

U.S. Government

           

Agency Obligations

            9,985,210               9,985,210  

Mortgage-Backed

           

Securities

            6,403,805               6,403,805  

Total Investments in

           
  

 

 

    

 

 

    

 

 

    

 

 

 

Securities

   $ 38,932,812      $ 336,484,887      $      $ 375,417,699  
  

 

 

    

 

 

    

 

 

    

 

 

 

Amounts designated as “—” are $0 or have been rounded to $0.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.

FIA-QH-001-3000

 

 

21


                                                                                                                       LOGO
                                                                                                                 

 

FROST MUNICIPAL BOND FUND OCTOBER 31, 2022 (UNAUDITED)

 

 

Description

     Face Amount        Value  

MUNICIPAL BONDS — 87.0%

     

California — 3.8%

     

California State, Municipal Finance

     

Authority, Ser A, RB
5.000%, 03/01/25(A)

   $ 930,000      $ 914,319  

California State, School Finance

     

Authority, RB
5.350%, 08/01/24(A)

     195,000        198,493  

Mount Diablo Unified School

     

District, Ser A, GO
4.000%, 08/01/31

     100,000        102,620  
     

 

 

 
            1,215,432  
     

 

 

 

Colorado — 4.4%

     

El Paso County, School District No.
49 Falcon, Ser A, COP

5.000%, 12/15/24

     525,000        541,711  

El Paso County, School District No.
49 Falcon, Ser B, COP

5.000%, 12/15/24

     300,000        309,549  

5.000%, 12/15/26

     500,000        528,481  
     

 

 

 
            1,379,741  
     

 

 

 

Idaho — 1.2%

     

Idaho State, Housing & Finance

     

Association, RB

4.000%, 07/01/26(A)

     400,000        389,683  
     

 

 

 

Illinois — 2.4%

     

Lee & Ogle Counties, School

     

District No. 170 Dixon, GO, BAM

4.000%, 01/30/25

     760,000        769,026  
     

 

 

 

Kansas — 4.3%

     

Geary County, GO

5.000%, 09/01/25

     1,300,000        1,352,059  
     

 

 

 

Louisiana — 1.5%

     

Louisiana State, Gasoline & Fuels

     

Tax Revenue, Ser A, RB
0.600%, 05/01/43(B)

     500,000        490,465  
     

 

 

 

Michigan — 3.7%

     

Taylor, Brownfield Redevelopment

     

Authority, RB, NATL
4.000%, 05/01/28

     1,175,000        1,179,422  
     

 

 

 

Minnesota — 0.6%

     

Minnesota State, Housing Finance

     

Agency, Ser A, RB, GNMA

2.600%, 09/01/42

     219,280        204,564  
     

 

 

 

Ohio — 0.5%

     

City of Medina Ohio, GO

4.000%, 12/01/32

     140,000        141,776  
     

 

 

 

Oklahoma — 3.2%

     

University of Oklahoma, Ser C, RB

5.000%, 07/01/35

     1,000,000        1,025,305  
     

 

 

 

South Carolina — 4.0%

     

Hilton Head Island, Ser C, GO, ST

     

AID WITHHLDG
2.250%, 03/01/33

     530,000        425,161  

2.125%, 03/01/32

     520,000        423,669  

2.000%, 03/01/30

     495,000        420,813  
     

 

 

 
            1,269,643  
     

 

 

 

Description

     Face Amount        Value  

Texas — 57.4%

     

Azle Independent School District,

     

GO, PSF-GTD

4.000%, 02/15/47

   $ 500,000      $ 434,925  

Board of Regents of the University

of Texas System, Ser A, RB

2.000%, 08/15/36

     1,000,000        691,258  

Central Texas Turnpike System,

     

Sub-Ser C, RB

5.000%, 08/15/42

     1,000,000        1,003,062  

Clifton, Higher Education Finance,

     

RB, PSF-GTD
5.000%, 08/15/25

     700,000        718,030  

Clifton, Higher Education Finance,

     

Ser A, RB
3.375%, 12/01/24

     780,000        753,769  

Clifton, Higher Education Finance,

     

Ser B, RB
5.000%, 08/15/25

     460,000        472,119  

4.000%, 08/15/23

     500,000        500,951  

Crandall Independent School

     

District, GO, PSF-GTD
4.000%, 08/15/48

     500,000        434,085  

Cypress-Fairbanks Independent

     

School District, Ser A, GO,

     

PSF-GTD
5.000%, 02/15/30

     1,000,000        1,084,651  

Dallas Area, Rapid Transit, Ser A,

     

RB
5.000%, 12/01/22

     1,000,000        1,001,499  

Downtown Redevelopment

     

Authority, TA, BAM
5.000%, 09/01/25

     1,000,000        1,029,431  

Downtown Redevelopment

     

Authority, TA, BAM
5.000%, 09/01/29

     1,000,000        1,038,629  

El Paso County, Hospital District,

     

GO
5.000%, 08/15/25

     1,070,000        1,089,424  

Georgetown Independent School

     

District, Ser B-REMK, GO,

     

PSF-GTD
2.000%, 08/01/41(B)

     500,000        494,032  

La Vernia, Higher Education

     

Finance, Ser A, RB
5.250%, 08/15/35(A)

     1,435,000        1,479,673  

La Vernia, Higher Education

     

Finance, Ser A, RB
4.200%, 08/15/25(A)(C)

     325,000        328,529  

Liberty Hill Independent School

     

District, Ser A, GO,
PSF-GTD
5.000%, 02/01/41

     500,000        527,901  

Love Field Airport Modernization,

     

RB, AMT
5.000%, 11/01/22

     1,000,000        1,000,000  

Lower Colorado River Authority, RB

5.000%, 05/15/39

     1,000,000        1,035,871  

New Braunfels Independent

     

School District, Ser B, GO,

     

PSF-GTD
4.375%, 02/01/40

     500,000        491,863  
 

 

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                                                                                                                       LOGO
                                                                                                                 

 

FROST MUNICIPAL BOND FUND OCTOBER 31, 2022 (UNAUDITED)

 

 

Description

     Face Amount        Value  

Plainview Independent School

     

District, Ser A, GO, PSF-GTD

5.000%, 02/15/46

   $ 525,000      $ 546,040  

Pottsboro Independent School

     

District, GO, PSF-GTD
5.000%, 02/15/47

     500,000        518,502  

Seminole, Hospital District, GO

4.000%, 02/15/31

     545,000        542,961  

Texas A&M University, Permanent

     

University Fund, Ser B, RB

     

5.000%, 07/01/34

     1,000,000        1,032,458  
     

 

 

 
        18,249,663  
     

 

 

 

Total Municipal Bonds
(Cost $28,887,100)

        27,666,779  
     

 

 

 

Total Investments — 87.0%
(Cost $28,887,100)

      $ 27,666,779  
     

 

 

 

Percentages are based on Net Assets of $31,816,120.

 

(A)

Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total value of such securities at October 31, 2022 was $3,310,697 and represents 10.4% 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)

Escrowed to Maturity

See “Glossary” for abbreviations.

As of October 31, 2022, all of the Fund’s investments in securities were considered Level 2, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.

FIA-QH-001-3000

 

 

23


                                                                                                                       LOGO
                                                                                                                 

 

GLOSSARY OCTOBER 31, 2022 (UNAUDITED)

 

 

Portfolio Abbreviations    Currency Abbreviations
ABS — Asset-Backed Security    USD — U.S. Dollar
AMT — Alternative Minimum Tax (subject to)   
BAM — Build America Mutual   
Cl — Class   
CLO — Collateralized Loan Obligation   
COP — Certificate of Participation   
FAMC — Federal Agricultural Mortgage Corporation   
FFCB — Federal Farm Credit Bank   
FHLB — Federal Home Loan Bank   
FHLMC — Federal Home Loan Mortgage Corporation   
FNMA — Federal National Mortgage Association   
GNMA — Government National Mortgage Association   
GO — General Obligation   
ICE — Intercontinental Exchange   
IO — Interest Only-face amount represents notional amount   
LIBOR — London Interbank Offered Rate   
LLC — Limited Liability Company   
MTN — Medium Term Note   
NATL — National Public Finance Guaranty Corporation   
PSF - GTD — Texas Public School Fund Guarantee   
RB — Revenue Bond   
Ser — Series   
SOFR — Secured Overnight Financing Rate   
STRIPS — Separately Traded Registered Interest and Principal Securities   
TA — Tax Allocation   

 

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