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

1

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

2

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

3

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

22

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

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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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