Frost Family of Funds N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-23410

FROST FAMILY OF FUNDS

(Exact name of registrant as specified in charter)

One Freedom Valley Drive

Oaks, PA 19456

(Address of Principal Executive Offices, Zip code)

Michael Beattie

c/o SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and Address of Agent for Service)

Registrant’s telephone number, including area code: 1-877-713-7678

Date of fiscal year end: July 31, 2020

Date of reporting period: January 31, 2020

Item 1. Reports to Stockholders.

A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act or 1940, as amended (the “Act”) (17 CFR § 270.30e-1), is attached hereto.

FROST FAMILY OF FUNDS F R O S T   F U N D S   |   J A N U A R Y   3 1,   2 0 2 0

TABLE OF CONTENTS
	Page
Shareholders’ Letter		1
Schedules of Investments		2
Statements of Assets and Liabilities		37
Statements of Operations		39
Statements of Changes in Net Assets		42
Financial Highlights		46
Notes to Financial Statements		49
Disclosure of Fund Expenses		61
Board Considerations in Approving the Advisory Agreement		63

The Funds file their complete schedule of investments of portfolio holdings with the Securities and Exchange Commission (“Commission”) for the first and third quarters of each fiscal year on Form N-PORT within sixty days after period end. The Funds’ Forms N-PORT are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling1-800-SEC-0330.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities, as well as information relating to how the Funds voted proxies relating to portfolio securities during the most recent12-month period ended June 30, is available (i) without charge, upon request, by calling1-877-71-FROST; and (ii) on the Commission’s website at http://www.sec.gov.

FROST FAMILY OF FUNDS F R O S T   F U N D S   |   J A N U A R Y   3 1,   2 0 2 0   (U n a u d i t e d)

LETTER TO SHAREHOLDERS (Unaudited)

Dear Shareholders:

Following 2018’s fourth-quarter market relapse, global equity returns for 2019 heralded a broad recovery, easily surpassing investor expectations. Although investors have been generally skeptical since the beginning of the market’s decade-long recovery, this distrust was especially appropriate during the last quarter of 2018 on the heels of Fed rate hikes, trade warflare-ups, anemic corporate earnings and polarizing politics. By the close of 2019, a number of issues that were earlier market concerns had been or were being resolved.

There is now a signed agreement with China which should help mitigate simmering trade tensions in Asia, and reduce cross-tariff threats and investor concerns. This agreement followed a recently approved treaty between the U.S., Canada and Mexico, mitigating some uncertainty facing the manufacturing sector in 2020, perhaps helping counter last year’s downward trend in factory output.

Other positive developments included some resolution for Brexit, with the country’smid-December elections reaffirming that the British were indeed exiting the European Union. While the final economic effect is still an unknown, the exit decision has removed one of the unresolved issues impacting markets globally over the pastthree-and-a-half years. Here at home, investors are factoring in the state of monetary policies, manufacturing and our global trading partners, while also gauging the health of the consumer, the improving jobs markets and housing. The housing slowdown of 2018 has turned the corner courtesy of lower interest rates and we also expect that the recent negative turn in corporate earnings will shortly reverse back into positive territory, given signs that the global economy is gaining some traction.

To date, the momentum carrying the markets last year has continued into 2020, despite headwinds wrought by a new viral outbreak from China (Coronavirus). There are still some unknowns, including the ultimate loss of life but past history has shown the effect of these outbreaks are often short-lived and followed by market recoveries. There are also other distinct concerns globally (Russia, Iran and North Korea) and at home (upcoming elections). We continue to see positive economic data relating to the consumer amid still muted inflation fears. As we’ve noted in past commentaries, Frost Investment Advisors will continue to work to provide shareholders with a slate of quality offerings to manage through these challenging markets and economic volatility.

We appreciate your continued confidence in our team.

Sincerely,

Tom Stringfellow

President, Frost Investment Advisors

Past performance does not guarantee future results. The investment performance and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost, and current performance may be lower or higher than the performance quoted. Investment performance reflects voluntary fee waivers in effect. Absent these waivers, total return and yield would be reduced. There can be no assurance that Frost Investment Advisors, LLC will continue to waive fees. For performance data current to the most recent month end, please call 877.713.7678.

The information provided in this report should not be considered a recommendation to purchase or sell any particular security. These views are subject to change and are not intended to predict or guarantee the future performance of any individual security or the markets in general. There is no assurance that any securities discussed herein will remain in an account’s portfolio at the time you receive this report or that securities sold have not been repurchased. The securities discussed do not represent an account’s entire portfolio and in the aggregate may represent only a small percentage of an account’s portfolio holdings.

Mutual fund investing involves risk including possible loss of principal. International investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from social, economic or political instability in other nations. Bond and bond funds are subject to interest rate risk and will decline in value as interest rates rise. REIT investments are subject to changes in economic conditions, credit risk and interest rate fluctuations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Derivatives are often more volatile than other investments and may magnify the Fund’s gains or losses. The primary risk of derivative instruments is that changes in the market value of securities held by the fund and of the derivative instruments relating to those securities may not be proportionate. Derivatives are also subject to illiquidity and counter party risk. Diversification does not protect against market loss.

1

FROST FAMILY OF FUNDS F R O S T   F U N D S   |   J A N U A R Y   3 1,   2 0 2 0   (U n a u d i t e d)

FROST GROWTH EQUITY FUND

SECTOR WEIGHTINGS†

† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value
COMMON STOCK§ — 99.0%
Communication Services — 13.8%
Alphabet, Cl A*		8,254	$	11,826,166
Alphabet, Cl C*		7,720		11,072,256
Comcast, Cl A		131,000		5,657,890
Electronic Arts*		38,000		4,100,960
Facebook, Cl A*		57,690		11,648,188
Netflix*		13,000		4,486,170
				48,791,630
Consumer Discretionary — 18.5%
Alibaba Group Holding ADR*		25,000		5,164,750
Amazon.com*		13,121		26,356,415
Booking Holdings*		2,170		3,972,294
Home Depot		43,090		9,828,829
Las Vegas Sands		49,000		3,200,190
NIKE, Cl B		40,000		3,852,000
O’Reilly Automotive*		10,000		4,061,000
Starbucks		52,550		4,457,816
TJX		73,000		4,309,920
				65,203,214
Consumer Staples — 1.5%
Costco Wholesale		17,132		5,234,169
Energy — 1.0%
EOG Resources		46,500		3,390,315
Financials — 3.1%
JPMorgan Chase		48,500		6,419,460
Moody’s		17,405		4,469,430
				10,888,890

Description	Shares		Value
Health Care — 15.5%
AbbVie		60,000	$	4,861,200
Becton Dickinson		19,750		5,434,805
Boston Scientific*		155,000		6,489,850
Danaher		43,750		7,038,063
Edwards Lifesciences*		9,500		2,088,670
Humana*		16,000		5,379,840
Merck		65,000		5,553,600
UnitedHealth Group		22,800		6,211,860
Vertex Pharmaceuticals*		29,000		6,584,450
Zoetis, Cl A		36,735		4,930,204
				54,572,542
Industrials — 5.0%
Canadian Pacific Railway		21,540		5,725,547
Fortive		52,000		3,896,360
Northrop Grumman		12,000		4,494,840
Union Pacific		20,000		3,588,400
				17,705,147
Information Technology — 36.7%
Adobe*		19,000		6,671,660
Apple		58,396		18,074,146
Applied Materials		90,000		5,219,100
Autodesk*		18,000		3,543,300
Mastercard, Cl A		49,410		15,610,595
Microsoft		180,500		30,726,515
PayPal Holdings*		57,520		6,550,953
salesforce.com*		60,635		11,054,367
ServiceNow*		19,000		6,426,370
Visa, Cl A		84,600		16,832,862
Workday, Cl A*		34,000		6,277,420
Xilinx		28,000		2,365,440
				129,352,728
Materials — 2.6%
Sherwin-Williams		9,000		5,012,910
Vulcan Materials		30,000		4,248,900
				9,261,810
Real Estate — 1.3%
American Tower‡		19,500		4,518,930
Total Common Stock (Cost $180,238,219)				348,919,375
CASH EQUIVALENT — 1.0%
Federated Government Obligations Fund, Cl I, 1.450%** (Cost $3,430,139)		3,430,138		3,430,138
Total Investments — 100.0% (Cost $183,668,358)			$	352,349,513

The accompanying notes are an integral part of the financial statements.

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FROST FAMILY OF FUNDS F R O S T   F U N D S   |   J A N U A R Y   3 1,   2 0 2 0   (U n a u d i t e d)

FROST GROWTH EQUITY FUND

Percentages are based on Net Assets of $352,348,070.

* Non-income producing security.

** Rate shown is the7-day effective yield as of January 31, 2020.

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

‡ Real Estate Investment Trust

ADR — American Depositary Receipt

Cl — Class

As of January 31, 2020, 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 the period ended January 31, 2020, there have been no transfers in or out of Level 3.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

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FROST FAMILY OF FUNDS F R O S T   F U N D S   |   J A N U A R Y   3 1,   2 0 2 0   (U n a u d i t e d)

FROST VALUE EQUITY FUND

SECTOR WEIGHTINGS†

† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value
COMMON STOCK — 97.1%
Communication Services — 6.4%
Comcast, Cl A		4,677	$	202,000
Fox		6,746		250,142
Verizon Communications		5,725		340,294
Walt Disney		779		107,743
				900,179
Consumer Discretionary — 8.7%
Carnival		5,033		219,087
Expedia Group		1,876		203,452
Las Vegas Sands		2,688		175,553
Lowe’s		2,346		272,699
PVH		1,108		96,584
Sony ADR		3,798		266,544
				1,233,919
Consumer Staples — 10.1%
Constellation Brands, Cl A		1,174		221,064
CVS Health		4,167		282,606
Ingredion		2,554		224,752
Philip Morris International		2,775		229,492
Procter & Gamble		1,643		204,751
Tyson Foods, Cl A		3,230		266,895
				1,429,560
Energy — 7.5%
Chevron		3,074		329,348
Occidental Petroleum		7,678		304,970
Royal Dutch Shell ADR, Cl B		4,095		218,182

Description	Shares		Value
Valero Energy		2,461	$	207,487
				1,059,987
Financials — 24.3%
American Express		2,674		347,272
American International Group		3,634		182,645
Aon		686		151,092
Bank of America		11,219		368,320
Berkshire Hathaway, Cl B*		1,621		363,801
Capital One Financial		2,487		248,203
Cboe Global Markets		917		112,993
Chubb		932		141,655
Citigroup		2,942		218,914
Fidelity National Financial		6,658		324,577
JPMorgan Chase		3,260		431,494
KeyCorp		7,271		136,040
Nasdaq		1,667		194,139
Progressive		1,500		121,035
Wells Fargo		2,161		101,437
				3,443,617
Health Care — 12.9%
AbbVie		1,897		153,695
Anthem		1,232		326,825
AstraZeneca ADR		5,777		281,340
Bristol-Myers Squibb		2,251		141,700
Elanco Animal Health*		7,152		220,997
Johnson & Johnson		1,972		293,572
Medtronic		2,204		254,430
Merck		1,808		154,475
				1,827,034
Industrials — 10.8%
Delta Air Lines		4,549		253,561
Eaton		2,609		246,472
Johnson Controls International		3,851		151,922
Kansas City Southern		892		150,472
L3Harris Technologies		825		182,597
Raytheon		1,487		328,538
Union Pacific		1,169		209,742
				1,523,304
Information Technology — 7.4%
Cisco Systems		3,163		145,403
Corning		10,854		289,693
Fidelity National Information Services		2,278		327,258
Microsoft		1,626		276,794
				1,039,148

The accompanying notes are an integral part of the financial statements.

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FROST FAMILY OF FUNDS F R O S T   F U N D S   |   J A N U A R Y   3 1,   2 0 2 0   (U n a u d i t e d)

FROST VALUE EQUITY FUND

Description	Shares		Value
Materials — 1.4%
DuPont de Nemours		3,901	$	199,652
Real Estate — 2.9%
Healthpeak Properties‡		4,538		163,323
Weyerhaeuser‡		8,733		252,820
				416,143
Utilities — 4.7%
Entergy		1,735		228,187
Evergy		3,045		219,727
FirstEnergy		4,244		215,553
				663,467
Total Common Stock (Cost $12,615,392)				13,736,010
CASH EQUIVALENT — 4.0%
Federated Government Obligations Fund, Cl I, 1.450%** (Cost $566,548)		566,548		566,548
Total Investments — 101.1% (Cost $13,181,940)			$	14,302,558

Percentages are based on Net Assets of $14,151,449.

* Non-income producing security.

** Rate shown is the7-day effective yield as of January 31, 2020.

‡ Real Estate Investment Trust

ADR — American Depositary Receipt

Cl — Class

As of January 31, 2020, 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 the period ended January 31, 2020 , there have been no transfers in or out of Level 3.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

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FROST FAMILY OF FUNDS F R O S T   F U N D S   |   J A N U A R Y   3 1,   2 0 2 0   (U n a u d i t e d)

FROST MID CAP EQUITY FUND

SECTOR WEIGHTINGS†

† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value
COMMON STOCK — 98.2%
Communication Services — 2.9%
Omnicom Group		438	$	32,986
Take-Two Interactive Software*		193		24,055
				57,041
Consumer Discretionary — 10.5%
Advance Auto Parts		135		17,786
Best Buy		148		12,534
Columbia Sportswear		94		8,829
Darden Restaurants		75		8,732
Dollar Tree*		193		16,805
DR Horton		274		16,221
Expedia Group		68		7,375
Garmin		135		13,088
H&R Block		407		9,442
Hilton Worldwide Holdings		94		10,133
Leggett & Platt		303		14,420
MGM Resorts International		407		12,641
Thor Industries		193		15,540
Tractor Supply		270		25,097
Vail Resorts		25		5,863
VF		126		10,454
				204,960
Consumer Staples — 3.6%
Archer-Daniels-Midland		578		25,871
Church & Dwight		213		15,809
Clorox		68		10,697
Hormel Foods		400		18,904
				71,281

Description	Shares		Value
Energy — 3.0%
Diamondback Energy		220	$	16,368
Noble Energy		848		16,765
Patterson-UTI Energy		1,123		8,917
Williams		773		15,993
				58,043
Financials — 12.9%
Cboe Global Markets		185		22,796
Cincinnati Financial		389		40,825
Commerce Bancshares		427		28,891
Discover Financial Services		294		22,088
First Republic Bank		83		9,203
M&T Bank		185		31,176
Progressive		565		45,590
Tradeweb Markets, Cl A		337		15,563
Webster Financial		365		16,374
Western Alliance Bancorp		351		19,386
				251,892
Health Care — 11.4%
ABIOMED*		74		13,785
BioMarin Pharmaceutical*		135		11,272
Cardinal Health		174		8,911
Centene*		468		29,395
Cerner		295		21,190
Charles River Laboratories International*		137		21,177
DENTSPLY SIRONA		213		11,928
Elanco Animal Health*		759		23,453
Exact Sciences*		165		15,391
Neurocrine Biosciences*		85		8,507
Quest Diagnostics		137		15,162
Sage Therapeutics*		193		12,792
Zimmer Biomet Holdings		193		28,545
				221,508
Industrials — 14.1%
Hexcel		165		12,246
Huntington Ingalls Industries		123		32,103
Ingersoll-Rand		193		25,714
JB Hunt Transport Services		244		26,335
Macquarie Infrastructure		630		27,789
Masco		687		32,646
Parker-Hannifin		176		34,442
Republic Services, Cl A		303		28,800
Robert Half International		687		39,963
Snap-on		94		15,005
				275,043

The accompanying notes are an integral part of the financial statements.

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FROST FAMILY OF FUNDS F R O S T   F U N D S   |   J A N U A R Y   3 1,   2 0 2 0   (U n a u d i t e d)

FROST MID CAP EQUITY FUND

Description	Shares		Value
Information Technology — 19.1%
Advanced Micro Devices*		450	$	21,150
Akamai Technologies*		225		21,004
Amphenol, Cl A		138		13,727
ANSYS*		74		20,300
Atlassian, Cl A*		82		12,054
Coherent*		92		13,012
EPAM Systems*		92		20,989
Fiserv*		245		29,059
Global Payments		108		21,109
IAC/InterActiveCorp*		38		9,256
Keysight Technologies *		138		12,833
KLA		82		13,591
Lam Research		48		14,314
Marvell Technology Group		772		18,559
Motorola Solutions		119		21,063
NortonLifeLock		387		10,998
Palo Alto Networks*		38		8,922
Paycom Software*		33		10,499
Splunk*		133		20,650
Square, Cl A*		297		22,183
Synopsys*		138		20,356
Western Digital		274		17,947
				373,575
Materials — 4.4%
Celanese, Cl A		244		25,254
Newmont Goldcorp		517		23,296
Packaging Corp of America		101		9,671
Vulcan Materials		193		27,334
				85,555
Real Estate — 9.2%
Apartment Investment & Management, Cl A‡		517		27,251
AvalonBay Communities‡		81		17,552
Boston Properties‡		193		27,667
Digital Realty Trust‡		193		23,737
Regency Centers‡		352		21,838
SBA Communications, Cl A‡		40		9,982
Welltower‡		303		25,728
WP Carey‡		303		25,488
				179,243
Utilities — 7.1%
CenterPoint Energy		848		22,455
Evergy		352		25,400
FirstEnergy		630		31,998
WEC Energy Group		303		30,267

Description	Shares		Value
Xcel Energy		407	$	28,160
				138,280
Total Common Stock (Cost $1,745,558)				1,916,421
CASH EQUIVALENT — 1.8%
Federated Government Obligations Fund, Cl I, 1.450%** (Cost $34,522)		34,522		34,522
Total Investments — 100.0% (Cost $1,780,080)			$	1,950,943
				��

Percentages are based on Net Assets of $1,950,357.

* Non-income producing security.

** Rate shown is the7-day effective yield as of January 31, 2020.

‡ Real Estate Investment Trust

Cl — Class

As of January 31, 2020, 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 the period ended January 31, 2020, there have been no transfers in or out of Level 3.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

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FROST FAMILY OF FUNDS F R O S T   F U N D S   |   J A N U A R Y   3 1,   2 0 2 0   (U n a u d i t e d)

FROST TOTAL RETURN BOND FUND

SECTOR WEIGHTINGS†

† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS

Description	Face Amount		Value
MORTGAGE-BACKED SECURITIES — 25.4%
Agency Mortgage-Backed Obligation — 12.1%
FHLMC
3.084%, VAR ICE LIBOR USD 12 Month+1.620%, 01/01/45	$	7,181,470	$	7,400,347
3.000%, 07/01/34		90,893,455		93,682,269
2.500%, 07/01/34		51,550,635		52,483,788
2.372%, VAR ICE LIBOR USD 12 Month+1.650%, 06/01/43		7,861,328		7,984,707
1.125%, 08/12/21		1,000,000		995,694
FHLMC REMIC, Ser 2010-3747, Cl HX 4.500%, 11/15/39		14,773,000		15,673,428
FHLMC REMIC, Ser 2011-3898, Cl FC 2.186%, VAR LIBOR USD 1 Month+0.510%, 11/15/36		2,038,255		2,043,147
FHLMC, Ser2012-293, Cl IO, IO 4.000%, 11/15/32		1,445,679		206,235
FHLMC, Ser 2012-3996, Cl QL 4.000%, 02/15/42		9,034,408		10,144,803

Description	Face Amount		Value
FHLMC, Ser 2012-4029, Cl LI, IO 3.000%, 01/15/27	$	6,115,420	$	356,841
FHLMC, Ser 2012-4054, Cl HI, IO 3.000%, 05/15/26		3,364,449		119,002
FHLMC, Ser 2012-4077, Cl AI, IO 3.000%, 01/15/27		9,270,318		486,094
FHLMC, Ser 2012-4106, Cl YI, IO 2.500%, 09/15/27		3,678,823		235,597
FHLMC, Ser 2012-4116, Cl MI, IO 4.000%, 10/15/42		33,068,257		4,412,999
FHLMC, Ser 2012-4116, Cl PI, IO 4.000%, 10/15/42		10,618,358		1,982,152
FHLMC, Ser 2012-4134, Cl BI, IO 2.500%, 11/15/27		10,501,316		653,003
FHLMC, Ser 2012-4136, Cl PI, IO 3.000%, 11/15/32		19,416,002		2,005,848
FHLMC, Ser 2012-4148, Cl LI, IO 2.500%, 12/15/27		6,311,744		403,532
FHLMC, Ser 2013-4213, Cl IG, IO 4.000%, 06/15/43		17,697,191		2,235,789
FHLMC, Ser 2014-4349, Cl KI, IO 3.000%, 04/15/33		11,344,707		854,678
FHLMC, Ser 2015-4457, Cl EI, IO 3.500%, 02/15/45		2,116,659		181,712
FHLMC, Ser 2015-4492, Cl MA 4.000%, 07/15/43		4,416,679		4,610,099
FHLMC, Ser 2016-4572, Cl LG 2.500%, 08/15/45		2,975,607		3,050,131
FHLMC, Ser 2017-4655, Cl HA 3.500%, 01/15/42		10,155,891		10,399,107
FHLMC, Ser 2017-4662, Cl VC 3.500%, 08/15/35		5,000,000		5,285,245
FHLMC, Ser 2017-4671, Cl ME 3.000%, 02/15/43		12,726,000		13,019,221
FHLMC, Ser 2017-4675, Cl VE 3.500%, 08/15/37		4,707,000		5,062,511

The accompanying notes are an integral part of the financial statements.

8

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FROST TOTAL RETURN BOND FUND

Description	Face Amount		Value
FHLMC, Ser 2017-4679, Cl HA 4.000%, 06/15/44	$	4,840,129	$	5,015,561
FHLMC, Ser 2017-4747, Cl HP 3.500%, 02/15/45		2,445,019		2,542,074
FHLMC, Ser 2018-4773, Cl DM 4.000%, 09/15/42		5,000,000		5,212,755
FHLMC, Ser 2019-4908, Cl AS, IO 4.424%, VAR ICE LIBOR USD 1 Month+6.100%, 01/25/45		25,667,243		4,631,788
FNMA
5.500%, 04/01/38 to 05/01/44		7,405,599		8,344,826
4.500%, 08/01/41		5,479,939		5,989,659
4.354%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+2.260%, 01/01/38		1,841,190		1,948,716
4.000%, 03/01/47		1,748,131		1,882,145
3.314%, VAR ICE LIBOR USD 12 Month+1.755%, 02/01/42		3,585,801		3,694,781
3.000%, 10/01/32 to 01/01/50		66,733,719		68,089,304
2.875%, 10/30/20		5,000,000		5,049,310
2.810%, VAR ICE LIBOR USD 12 Month+1.700%, 10/01/42		4,152,889		4,255,715
2.710%, 08/01/23		265,532		273,771
2.500%, 11/01/31		15,644,413		16,029,510
2.250%, 10/30/24		10,000,000		10,397,680
FNMA REMIC, Ser2017-52, Cl DI, IO 4.500%, 07/25/47		15,849,456		1,994,155
FNMA STRIPS, Ser2009-397, Cl 2, IO 5.000%, 09/25/39		2,680,107		474,468
FNMA STRIPS, Ser2009-400, Cl 2, IO 4.500%, 11/25/39		2,197,157		287,535
FNMA STRIPS, Ser2010-404, Cl 2, IO 4.500%, 05/25/40		4,171,852		606,852
FNMA STRIPS, Ser2010-405, Cl 2, IO 4.000%, 10/25/40		2,974,690		375,894
FNMA STRIPS, Ser2011-407, Cl 2, IO 4.000%, 03/25/41		4,563,635		600,840
FNMA, Ser2010-155, Cl JC 4.000%, 12/25/39		23,867,925		24,936,903
FNMA, Ser2011-103, Cl GI, IO 3.500%, 10/25/26		2,846,202		206,929

Description	Face Amount		Value
FNMA, Ser2011-146, Cl AY 3.500%, 01/25/32	$	5,000,000	$	5,199,459
FNMA, Ser2012-31, Cl LI, IO 4.000%, 07/25/40		4,461,428		228,130
FNMA, Ser2012-410, Cl C5, IO 3.500%, 05/25/27		10,612,877		707,899
FNMA, Ser2012-61, Cl KI, IO 4.000%, 12/25/41		14,883,424		1,414,291
FNMA, Ser2012-68, Cl GY 3.000%, 07/25/32		5,000,000		5,287,998
FNMA, Ser2013-104, Cl TI, IO 3.000%, 08/25/32		8,046,914		414,185
FNMA, Ser2013-36, Cl MH 2.500%, 12/25/36		7,985,202		8,087,772
FNMA, Ser2014-40, Cl GI, IO 3.000%, 06/25/33		10,216,640		1,028,355
FNMA, Ser2014-59, Cl CI, IO 3.000%, 08/25/40		2,994,164		180,279
FNMA, Ser2015-421, Cl C1, IO 3.000%, 05/25/30		7,091,956		615,560
FNMA, Ser2017-4, Cl VD 3.500%, 06/25/37		10,000,000		10,453,234
FNMA, Ser2017-53, Cl KA 3.500%, 12/25/43		5,666,572		5,848,483
FNMA, Ser2019-44, Cl CI, IO 4.000%, 08/25/59		14,794,971		2,748,910
FNMA, Ser2019-44, Cl PI, IO 4.000%, 08/25/49		17,983,821		2,378,956
GNMA REMIC, Ser2011-125, Cl BI, IO 4.000%, 12/20/30		3,899,168		114,885
GNMA, Ser2013-170, Cl QI, IO 5.500%, 11/20/43 (A)		16,280,914		3,398,942
GNMA, Ser2013-36, Cl GD 3.000%, 03/20/43		2,000,000		2,105,565
GNMA, Ser2013-42, Cl MI, IO 3.500%, 04/20/41		3,265,125		244,595

The accompanying notes are an integral part of the financial statements.

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FROST TOTAL RETURN BOND FUND

Description	Face Amount		Value
GNMA, Ser2013-62, Cl NI, IO 4.000%, 08/20/40	$	7,482,880	$	701,636
GNMA, Ser2014-151, Cl HI, IO 3.500%, 07/20/39		4,593,029		86,182
GNMA, Ser2014-32, Cl CI, IO 4.000%, 03/20/43		4,503,404		468,207
GNMA, Ser2014-44, Cl IO, IO 4.000%, 11/16/26		10,916,079		831,112
GNMA, Ser2015-17, Cl JI, IO 3.500%, 05/20/28		10,242,094		703,885
GNMA, Ser2016-H14, Cl FA 2.494%, VAR ICE LIBOR USD 1 Month+0.800%, 06/20/66		2,636,665		2,654,991
GNMA, Ser2017-137, Cl DI, IO 3.000%, 02/20/47		10,239,165		393,137
GNMA, Ser 53, Cl A 2.250%, 09/16/44		4,665,634		4,674,632
				479,780,430
Commercial Mortgage-Backed Obligation — 10.4%
Banc of America Commercial Mortgage Trust, Ser2008-1, Cl AJ 6.786%, 02/10/51 (A)		240,943		246,203
Banc of America Commercial Mortgage Trust, Ser2008-1, Cl B 6.786%, 02/10/51 (A) (B)		4,925,000		3,201,250
BANK, Ser 2018-BN10, Cl A5 3.688%, 02/15/61		10,000,000		11,117,855
BANK, Ser 2018-BN13, Cl A5 4.217%, 08/15/61 (A)		3,000,000		3,462,001
BANK, Ser 2018-BN14, Cl A3 3.966%, 09/15/60		10,000,000		11,382,164
BANK, Ser 2019-BN16, Cl A4 4.005%, 02/15/52		4,500,000		5,147,109
BBCMS Trust, Ser2015-STP, Cl D 4.427%, 09/10/28 (A) (B)		5,000,000		5,021,806
Bear Stearns Commercial Mortgage Securities Trust, Ser2007-T26, Cl AJ 5.561%, 01/12/45 (A)		14,150,000		12,217,510

Description	Face Amount		Value
Citigroup Commercial Mortgage Trust, Ser 2015-GC31, Cl C 4.192%, 06/10/48 (A)	$	5,000,000	$	5,269,513
Citigroup Commercial Mortgage Trust, Ser2017-P8, Cl A4 3.465%, 09/15/50		5,000,000		5,456,713
Commercial Mortgage Trust, Ser 2012- CR2, Cl C 4.992%, 08/15/45 (A)		1,000,000		1,037,845
Commercial Mortgage Trust, Ser 2012- CR2, Cl D 4.992%, 08/15/45 (A) (B)		224,200		231,039
Commercial Mortgage Trust, Ser 2014- LC15, Cl D 5.150%, 04/10/47 (A) (B)		9,500,000		9,784,747
Commercial Mortgage Trust, Ser 2014- UBS6, Cl C 4.597%, 12/10/47 (A)		4,000,000		4,154,103
Commercial Mortgage Trust, Ser 2015- DC1, Cl D 4.455%, 02/10/48 (A) (B)		9,000,000		8,327,981
Credit Suisse Commercial Mortgage Trust, Ser2008-C1, Cl D 5.997%, 02/15/41 (A) (B)		4,107,435		254,661
Credit Suisse First Boston Mortgage Securities, Ser2005-C2, Cl AMFL 1.919%, VAR ICE LIBOR USD 1 Month+0.250%, 04/15/37		112,303		107,731
Credit Suisse First Boston Mortgage Securities, Ser2005-C2, Cl AMFX 4.877%, 04/15/37		10,037		9,980
CSAIL Commercial Mortgage Trust, Ser2019-C15, Cl A4 4.053%, 03/15/52		10,000,000
				11,379,585
CSMC Trust, Ser 2019-AFC1, Cl A1 2.573%, 07/25/49 (B)		13,675,030		13,738,814
DBUBS Mortgage Trust, Ser 2011-LC1A, Cl C 5.878%, 11/10/46 (A) (B)		1,450,000		1,484,294
Deutsche Bank Commercial Mortgage Trust, Ser2017-C6, Cl A5 3.328%, 06/10/50		5,000,000		5,405,506
FHLMC Military Housing Bonds Resecuritization Trust Certificates, Ser2015-R1, Cl C3 8.248%, 11/25/52 (A) (B)		37,278,197		37,446,408

The accompanying notes are an integral part of the financial statements.

10

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FROST TOTAL RETURN BOND FUND

Description	Face Amount		Value
FREMF Mortgage Trust, Ser2011-K15, Cl B 5.129%, 08/25/44 (A) (B)	$	4,000,000	$	4,151,494
FREMF Mortgage Trust, Ser2012-K21, Cl C 4.068%, 07/25/45 (A) (B)		5,000,000		5,194,232
FREMF Mortgage Trust, Ser2012-K22, Cl C 3.812%, 08/25/45 (A) (B)		4,500,000		4,658,986
FREMF Mortgage Trust, Ser2013-K26, Cl C 3.721%, 12/25/45 (A) (B)		5,000,000		5,186,688
FREMF Mortgage Trust, Ser 2015-K720, Cl B 3.509%, 07/25/22 (A) (B)		5,000,000		5,128,831
FREMF Mortgage Trust, Ser 2015-K720, Cl C 3.509%, 07/25/22 (A) (B)		8,000,000		8,094,055
FREMF Mortgage Trust, Ser 2015-K721, Cl C 3.681%, 11/25/47 (A) (B)		14,000,000		14,338,337
FREMF Mortgage Trust, Ser2016-K54, Cl C 4.189%, 04/25/48 (A) (B)		5,000,000		5,285,059
FREMF Mortgage Trust, Ser2016-K57, Cl C 4.053%, 08/25/49 (A) (B)		7,840,000		8,160,864
FREMF Mortgage Trust, Ser2017-K67, Cl B 4.079%, 09/25/49 (A) (B)		2,000,000		2,154,546
FREMF Mortgage Trust, Ser2017-K70, Cl B 3.934%, 12/25/49 (A) (B)		3,403,000		3,650,768
Galton Funding Mortgage Trust, Ser 2019- 1, Cl A22 4.000%, 02/25/59 (A) (B)		1,813,196		1,849,806
Galton Funding Mortgage Trust, Ser 2019- 2, Cl A21 4.000%, 06/25/59 (A) (B)		15,012,805		15,358,143
GS Mortgage Securities Trust, Ser 2017- G5, Cl AS 3.826%, 03/10/50 (A)		3,500,000		3,825,110
GS Mortgage Securities Trust, Ser 2017- GS7, Cl A4 3.430%, 08/10/50		5,000,000		5,457,068
GS Mortgage Securities Trust, Ser 2018- GS9, Cl A4 3.992%, 03/10/51 (A)		10,000,000		11,280,279
GS Mortgage Securities Trust, Ser 2019- GC39, Cl A4 3.567%, 05/10/52		4,000,000		4,431,932
GS Mortgage Securities Trust, Ser 2019- GC40, Cl A4 3.160%, 07/10/52		4,000,000		4,307,437

Description	Face Amount		Value
GS Mortgage-Backed Securities Trust, Ser2019-PJ2, Cl A6 4.000%, 11/25/49 (A) (B)	$	5,854,167	$	5,886,722
Homeward Opportunities Fund I Trust, Ser2019-1, Cl A1 3.454%, 01/25/59 (A) (B)		3,595,854		3,638,522
Homeward Opportunities Fund I Trust, Ser2019-3, Cl A1 2.675%, 11/25/59 (A) (B)		11,515,442		11,600,841
Hudson Yards Mortgage Trust, Ser 2019- 30HY, Cl B 3.380%, 07/10/39 (A) (B)		2,500,000		2,685,644
Impact Funding, Ser2001-AA, Cl C 5.159%, 07/25/33 (A) (B)		56,094		55,908
Impact Funding, Ser2001-AA, Cl D 5.619%, 07/25/33 (A) (B)		87,994		87,642
JPMDB Commercial Mortgage Securities Trust, Ser2016-C2, Cl C 3.552%, 06/15/49 (A)		3,328,000		3,394,438
JPMorgan Chase Commercial Mortgage Securities, Ser 2006-LDP9, Cl AMS 5.337%, 05/15/47		2,330,460		2,270,692
JPMorgan Chase Commercial Mortgage Securities, Ser 2007-LD12, Cl AJ 6.651%, 02/15/51 (A)		2,040,761		1,942,151
JPMorgan Chase Commercial Mortgage Securities, Ser 2007-LD12, Cl J 5.994%, 02/15/51 (A) (B)		111,787		—
LB-UBS Commercial Mortgage Trust, Ser2007-C6, Cl AJ 6.470%, 07/15/40 (A)		677,565		680,757
LStar Commercial Mortgage Trust, Ser2016-4, Cl AS 3.188%, 03/10/49 (B)		3,000,000		3,042,893
Morgan Stanley Bank of America Merrill Lynch Trust, Ser2016-C29, Cl C 4.907%, 05/15/49 (A)		2,413,000		2,594,197
Morgan Stanley Capital I, Ser2007-T25, Cl AJ 5.574%, 11/12/49 (A)		118,481		119,185
Morgan Stanley Capital I, Ser2007-T27, Cl AJ 6.144%, 06/11/42 (A)		6,934,555		7,326,594

The accompanying notes are an integral part of the financial statements.

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FROST TOTAL RETURN BOND FUND

Description	Face Amount		Value
Morgan Stanley Capital I, Ser2007-T27, Cl B 6.144%, 06/11/42 (A) (B)	$	500,000	$	528,155
Morgan Stanley Capital I, Ser2011-C1, Cl C 5.554%, 09/15/47 (A) (B)		2,000,000		2,049,205
UBS Commercial Mortgage Trust, Ser2012-C1, Cl C 5.756%, 05/10/45 (A) (B)		9,160,000		9,653,770
UBS-Barclays Commercial Mortgage Trust, Ser2012-C2, Cl D 5.047%, 05/10/63 (A) (B)		7,095,000		7,034,901
UBS-Barclays Commercial Mortgage Trust, Ser2012-C2, Cl E 5.047%, 05/10/63 (A) (B)		15,339,806		12,896,258
UBS-Barclays Commercial Mortgage Trust, Ser2012-C3, Cl C 5.198%, 08/10/49 (A) (B)		3,000,000		3,176,275
UBS-Barclays Commercial Mortgage Trust, Ser2012-C4, Cl D 4.626%, 12/10/45 (A) (B)		13,384,000		13,364,364
Wells Fargo Commercial Mortgage Trust, Ser2016-C32, Cl C 4.877%, 01/15/59 (A)		5,000,000		5,341,207
Wells Fargo Commercial Mortgage Trust, Ser2016-C32, Cl D 3.788%, 01/15/59 (A) (B)		2,000,000		1,917,915
Wells Fargo Commercial Mortgage Trust, Ser2016-C34, Cl B 4.089%, 06/15/49		5,000,000		5,292,128
Wells Fargo Commercial Mortgage Trust, Ser2017-C39, Cl A5 3.418%, 09/15/50		3,500,000		3,804,450
Wells Fargo Commercial Mortgage Trust, Ser2017-RC1, Cl A4 3.631%, 01/15/60		3,788,000		4,162,244
Wells Fargo Commercial Mortgage Trust, Ser2018-AUS, Cl A 4.194%, 08/17/36 (A) (B)		5,000,000		5,641,311
Wells Fargo Commercial Mortgage Trust, Ser2018-C43, Cl A4 4.012%, 03/15/51 (A)		6,000,000		6,763,042
Wells Fargo Mortgage Backed Securities Trust, Ser2019-3, Cl A1 3.500%, 07/25/49 (A) (B)		10,115,804		10,324,696

Description	Face Amount		Value
WFRBS Commercial Mortgage Trust, Ser 2013-UBS1, Cl C 4.897%, 03/15/46 (A)	$	3,000,000	$	3,198,140
WFRBS Commercial Mortgage Trust, Ser2014-C25, Cl D 3.803%, 11/15/47 (A) (B)		7,310,000		6,967,012
				415,839,712
Non-Agency Residential Mortgage-Backed Obligation — 2.9%
Arroyo Mortgage Trust, Ser2018-1, Cl A1 3.763%, 04/25/48 (A) (B)		13,514,983		13,685,459
Arroyo Mortgage Trust, Ser2019-2, Cl A2 3.498%, 04/25/49 (A) (B)		9,387,876		9,531,528
Carrington Mortgage Loan Trust, Ser 2007-FRE1, Cl M8 2.461%, VAR ICE LIBOR USD 1 Month+2.250%, 02/25/37		1,000,000		—
CSAIL Mortgage Trust, Ser 2018-CX11, Cl A5 4.033%, 04/15/51		10,000,000		11,275,406
Deephaven Residential Mortgage Trust, Ser2018-2A, Cl A1 3.479%, 04/25/58 (A) (B)		2,241,683		2,262,208
FirstKey Mortgage Trust, Ser2015-1, Cl A3 3.500%, 03/25/45 (A) (B)		4,205,948		4,284,109
Flagstar Mortgage Trust, Ser2018-2, Cl A6 3.500%, 04/25/48 (A) (B)		5,241,568		5,336,008
JPMorgan Mortgage Trust, Ser2016-4, Cl A3 3.500%, 10/25/46 (A) (B)		1,546,921		1,583,661
JPMorgan Mortgage Trust, Ser2017-1, Cl A3 3.500%, 01/25/47 (A) (B)		1,647,886		1,687,206
JPMorgan Mortgage Trust, Ser2019-1, Cl A3 4.000%, 05/25/49 (A) (B)		5,544,011		5,651,426
Sequoia Mortgage Trust, Ser2013-4, Cl AIO1, IO 0.895%, 04/25/43 (A) (B)		180,545,461		4,669,863
Sequoia Mortgage Trust, Ser2017-2, Cl A4 3.500%, 02/25/47 (A) (B)		2,579,499		2,650,334
Sequoia Mortgage Trust, Ser2017-6, Cl A4 3.500%, 09/25/47 (A) (B)		4,974,056		5,105,675
Sequoia Mortgage Trust, Ser2017-CH1, Cl A2 3.500%, 08/25/47 (A) (B)		1,561,077		1,598,053

The accompanying notes are an integral part of the financial statements.

12

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FROST TOTAL RETURN BOND FUND

Description	Face Amount		Value
Sequoia Mortgage Trust, Ser2018-3, Cl A4 3.500%, 03/25/48 (A) (B)	$	2,987,359	$	3,034,253
Sequoia Mortgage Trust, Ser2018-CH4, Cl A2 4.000%, 10/25/48 (A) (B)		2,844,749		2,902,384
Sequoia Mortgage Trust, Ser2019-CH1, Cl A1 4.500%, 03/25/49 (A) (B)		2,799,666		2,865,343
Wells Fargo Mortgage Backed Securities Trust, Ser2019-1, Cl A1 4.000%, 11/25/48 (A) (B)		9,299,397		9,514,445
Wells Fargo Mortgage Backed Securities Trust, Ser2019-2, Cl A1 4.000%, 04/25/49 (A) (B)		8,605,828		8,804,838
Wells Fargo Mortgage Backed Securities, Ser2018-1, Cl A7 3.500%, 07/25/47 (A) (B)		4,816,869		4,869,780
WinWater Mortgage Loan Trust, Ser 2014- 1, Cl A1 3.835%, 06/20/44 (A) (B)		2,619,042		2,688,853
WinWater Mortgage Loan Trust, Ser 2014- 2, Cl A1 4.000%, 09/20/44 (A) (B)		1,595,049		1,646,140
WinWater Mortgage Loan Trust, Ser 2014- 3, Cl A3 3.500%, 11/20/44 (A) (B)		2,239,958		2,296,727
WinWater Mortgage Loan Trust, Ser 2015- 2, Cl A11 3.500%, 02/20/45 (A) (B)		3,106,938		3,184,127
WinWater Mortgage Loan Trust, Ser 2015- 3, Cl A3 3.500%, 03/20/45 (A) (B)		3,538,092		3,634,284
				114,762,110
Total Mortgage-Backed Securities (Cost $1,018,112,847)				1,010,382,252
CORPORATE OBLIGATIONS — 18.4%
Communication Services — 1.2%
AT&T 4.350%, 03/01/29		5,000,000		5,639,716
4.300%, 02/15/30		12,905,000		14,596,649
Frontier Communications 8.500%, 04/15/20		54,892,000		25,936,470
				46,172,835
Consumer Discretionary — 2.8%
Block Financial 4.125%, 10/01/20		5,000,000		5,057,827
Capitol Investment Merger Sub 2 10.000%, 08/01/24 (B)		13,000,000		13,503,750

Description	Face Amount		Value
Choice Hotels International 3.700%, 12/01/29	$	8,000,000	$	8,209,680
Ford Motor Credit 4.375%, 08/06/23		2,000,000		2,096,018
General Motors Financial 4.000%, 01/15/25		15,126,000		16,036,008
Jaguar Land Rover Automotive 4.500%, 10/01/27 (B)		6,000,000		5,502,000
L Brands 6.950%, 03/01/33		8,150,000		7,335,000
Lear 5.250%, 01/15/25		1,500,000		1,543,411
McDonald’s MTN 2.625%, 01/15/22		3,000,000		3,053,872
Panther BF Aggregator 2 8.500%, 05/15/27 (B)		16,000,000		17,200,000
Tupperware Brands 4.750%, 06/01/21		2,000,000		1,974,144
Under Armour 3.250%, 06/15/26		3,200,000		3,127,779
VistaJet Malta Finance 10.500%, 06/01/24 (B)		29,129,000		27,599,727
				112,239,216
Energy — 4.2%
Antero Midstream Partners 5.750%, 01/15/28 (B)		15,000,000		11,665,500
Apache 7.750%, 12/15/29		4,138,000		5,268,669
Baytex Energy 8.750%, 04/01/27 (B)		4,000,000		3,895,000
Lukoil International Finance BV 4.563%, 04/24/23		3,000,000		3,176,250
Noble Holding International 6.050%, 03/01/41		13,462,000		4,442,460
4.625%, 03/01/21		44,470,000		37,354,800
NuStar Logistics 6.000%, 06/01/26		1,000,000		1,052,200
Petrobras Global Finance BV 8.750%, 05/23/26		2,000,000		2,613,000
Petroleos Mexicanos 6.840%, 01/23/30 (B)		4,000,000		4,334,000
5.350%, 02/12/28		7,000,000		7,063,350
Seadrill New Finance 12.000% cash/0% PIK, 07/15/25 (B) (C)		51,526,251		42,251,526
Suriname Government International Bond 9.875%, 12/30/23 (B)		8,000,000		7,730,000
Talen Energy Supply 7.250%, 05/15/27 (B)		2,000,000		2,050,000
Teekay 9.250%, 11/15/22 (B)		10,250,000		10,660,000
Transocean 7.250%, 11/01/25 (B)		5,000,000		4,712,500
6.500%, 11/15/20		19,277,000		19,566,155

The accompanying notes are an integral part of the financial statements.

13

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FROST TOTAL RETURN BOND FUND

Description	Face Amount		Value
Weatherford International 11.000%, 12/01/24 (B)	$	584,000	$	620,074
				168,455,484
Financials — 6.2%
Assured Guaranty US Holdings 5.000%, 07/01/24		7,272,000		8,154,962
Bank of Nova Scotia 3.125%, 04/20/21		6,300,000		6,419,042
Barclays MTN 4.972%, VAR ICE LIBOR USD 3 Month+1.902%, 05/16/29		2,000,000		2,319,301
Capital One Financial 3.800%, 01/31/28		5,000,000		5,444,326
Commonwealth Bank of Australia NY 2.550%, 03/15/21		10,390,000		10,493,012
Deutsche Bank 7.500%, VAR USD Swap Semi 30/360 5 Yr Curr+5.003%, 04/30/68		2,000,000		2,082,500
Deutsche Bank NY 3.150%, 01/22/21		85,847,000		86,578,557
Enova International 8.500%, 09/15/25 (B)		15,000,000		14,884,950
Farmers Exchange Capital 7.050%, 07/15/28 (B)		6,075,000		7,630,139
First American Financial 4.300%, 02/01/23		1,000,000		1,046,935
Genworth Holdings 7.625%, 09/24/21		8,000,000		8,440,000
Navient 5.000%, 03/15/27		1,000,000		997,500
3.914%, VAR CPI YOY+2.150%, 12/15/20		3,525,000		3,502,969
PNC Bank 3.250%, 01/22/28		5,000,000		5,385,065
Royal Bank of Canada MTN 10.000%, 08/14/20		25,000,000		25,875,000
9.000%, 06/10/20		5,000,000		3,992,500
7.375%, 05/29/20		10,000,000		6,570,000
Royal Bank of Scotland Group 7.500%, VAR USD Swap Semi 30/360 5 Yr Curr+5.800%, 09/30/68		4,000,000		4,092,000
Societe Generale 5.000%, 01/17/24 (B)		4,025,000		4,392,236
Synchrony Financial 4.500%, 07/23/25		9,905,000		10,766,698
4.375%, 03/19/24		1,000,000		1,074,248
2.700%, 02/03/20		10,155,000		10,155,000
TMX Finance 11.125%, 04/01/23 (B)		12,250,000		11,438,437
Wachovia 6.605%, 10/01/25		5,650,000		6,886,572
				248,621,949

Description	Face Amount		Value
Health Care — 0.0%
CHS 5.125%, 08/01/21	$	1,000,000	$	1,000,800
Industrials — 1.0%
Burlington Northern Santa Fe 7.290%, 06/01/36		5,000,000		7,573,192
FedEx 3.100%, 08/05/29		12,000,000		12,280,808
Flowserve 4.000%, 11/15/23		1,000,000		1,046,702
General Electric MTN 5.875%, 01/14/38		4,377,000		5,614,457
5.300%, 02/11/21		8,000,000		8,244,176
Great Lakes Dredge & Dock 8.000%, 05/15/22		1,410,000		1,480,500
Hertz 5.500%, 10/15/24 (B)		1,000,000		1,014,580
Owens Corning 3.950%, 08/15/29		3,000,000		3,253,056
				40,507,471
Information Technology — 1.8%
Amkor Technology 6.625%, 09/15/27 (B)		1,900,000		2,063,875
Apple 3.200%, 05/13/25		17,712,000		18,980,459
Jabil 3.600%, 01/15/30		3,000,000		3,081,509
Juniper Networks 3.750%, 08/15/29		10,000,000		10,628,144
Keysight Technologies 4.550%, 10/30/24		1,000,000		1,107,191
3.000%, 10/30/29		2,000,000		2,061,856
Micron Technology 4.185%, 02/15/27		10,000,000		10,892,803
Motorola Solutions 4.600%, 05/23/29		21,435,000		24,103,169
				72,919,006
Materials — 0.6%
First Quantum Minerals 7.250%, 05/15/22 (B)		20,920,000		20,867,700
7.000%, 02/15/21 (B)		1,077,000		1,077,969
				21,945,669
Real Estate — 0.2%
Brookfield Property 5.750%, 05/15/26‡ (B)		2,000,000		2,086,860
CBL & Associates 5.250%, 12/01/23‡		4,881,000		2,928,600
4.600%, 10/15/24‡		2,000,000		1,080,000
				6,095,460
Sovereign — 0.4%
Andina de Fomento 2.750%, 01/06/23		5,000,000		5,095,050

The accompanying notes are an integral part of the financial statements.

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FROST TOTAL RETURN BOND FUND

Description	Face Amount		Value
Kreditanstalt fuer Wiederaufbau 2.125%, 01/17/23	$	10,000,000	$	10,215,535
				15,310,585
Total Corporate Obligations (Cost $763,428,170)				733,268,475
U.S. TREASURY OBLIGATIONS — 18.0%
U.S. Treasury Inflationary Protection Securities 1.125%, 01/15/21		5,878,950		5,922,367
1.000%, 02/15/46 to 02/15/48		16,943,420		20,114,918
0.875%, 01/15/29		30,559,200		33,309,751
U.S. Treasury Notes 2.875%, 05/15/28		200,000,000		221,781,250
2.375%, 08/15/24 to 05/15/29		180,000,000		192,033,593
2.250%, 11/15/24 to 08/15/49		80,000,000		83,442,383
1.625%, 03/15/20 to 08/15/29		60,000,000		60,424,962
1.500%, 01/15/23 to 08/15/26		50,000,000		50,264,648
1.375%, 02/15/20		50,000,000		49,995,838
U.S. Treasury STRIPS 3.287%, 02/15/46 (D)		2,000,000		1,143,670
Total U.S. Treasury Obligations (Cost $677,120,215)				718,433,380
ASSET-BACKED SECURITIES — 16.7%
Asset Backed Securities — 4.4%
American Credit Acceptance Receivables Trust, Ser2017-4, Cl C 2.940%, 01/10/24 (B)		515,700		516,444
American Credit Acceptance Receivables Trust, Ser2017-4, Cl D 3.570%, 01/10/24 (B)		1,952,000		1,976,354
American Credit Acceptance Receivables Trust, Ser2019-3, Cl C 2.760%, 09/12/25 (B)		6,500,000		6,592,947
Apidos CLO XI, Ser2019-11A, Cl BRR 3.536%, VAR ICE LIBOR USD 3 Month+1.700%, 10/17/30 (B)		15,000,000		15,022,425
BCC Funding XVI, Ser2019-1A, Cl B 2.640%, 09/20/24 (B)		6,000,000		6,029,125
BCC Funding XVI, Ser2019-1A, Cl C 2.950%, 09/20/24 (B)		500,000		502,601
BlueMountain CLO, Ser2019-2A, Cl A2R 3.699%, VAR ICE LIBOR USD 3 Month+1.800%, 08/20/32 (B)		23,000,000		22,976,701

Description	Face Amount		Value
Capital One Prime Auto Receivables Trust, Ser2019-2, Cl A2 2.060%, 09/15/22	$	8,000,000	$	8,024,638
Drive Auto Receivables Trust, Ser2017-3, Cl D 3.530%, 12/15/23 (B)		1,000,000		1,010,500
Drive Auto Receivables Trust, Ser2018-2, Cl C 3.630%, 08/15/24		1,548,762		1,558,681
Drive Auto Receivables Trust, Ser2018-3, Cl D 4.300%, 09/16/24		7,966,000		8,214,848
Drive Auto Receivables Trust, Ser2019-1, Cl C 3.780%, 04/15/25		2,230,000		2,274,321
Drive Auto Receivables Trust, Ser2019-2, Cl B 3.170%, 11/15/23		4,750,000		4,810,174
DT Auto Owner Trust, Ser2017-3A, Cl D 3.580%, 05/15/23 (B)		495,000		498,408
DT Auto Owner Trust, Ser2018-2A, Cl C 3.670%, 03/15/24 (B)		1,000,000		1,009,093
Exeter Automobile Receivables Trust, Ser2018-4A, Cl C 3.970%, 09/15/23 (B)		5,350,000		5,452,475
Flagship Credit Auto Trust, Ser2017-4, Cl C 2.920%, 11/15/23 (B)		4,466,000		4,525,510
Flagship Credit Auto Trust, Ser2019-2, Cl D 3.530%, 05/15/25 (B)		5,190,000		5,355,635
Master Credit Card Trust II, Ser2019-2A, Cl B 2.390%, 01/21/23 (B)		5,582,000		5,599,309
Master Credit Card Trust II, Ser2019-2A, Cl C 2.830%, 01/21/23 (B)		1,509,000		1,513,523
Oaktree CLO, Ser2019-3A, Cl B 3.819%, VAR ICE LIBOR USD 3 Month+2.000%, 07/20/31 (B)		13,500,000		13,520,291
Oaktree CLO, Ser2019-4A, Cl B 3.919%, VAR ICE LIBOR USD 3 Month+2.000%, 10/20/32 (B)		25,000,000		25,044,750
Pawnee Equipment Receivables Series, Ser2019-1, Cl A1 2.294%, 10/15/20 (B)		1,327,889		1,328,193
Pawnee Equipment Receivables Series, Ser2019-1, Cl E 3.800%, 01/15/26 (B)		2,500,000		2,512,319

The accompanying notes are an integral part of the financial statements.

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FROST TOTAL RETURN BOND FUND

Description	Face Amount		Value
Pretium Mortgage Credit Partners I, Ser 2019-NPL3, Cl A1 3.105%, 07/27/59 (B)	$	6,169,066	$	6,173,656
Skopos Auto Receivables Trust, Ser 2019- 1A, Cl C 3.630%, 09/16/24 (B)		2,300,000		2,316,530
Venture 35 CLO, Ser2018-35A, Cl BL 3.652%, VAR ICE LIBOR USD 3 Month+1.850%, 10/22/31 (B)		20,000,000		20,008,340
Westlake Automobile Receivables Trust, Ser2018-1A, Cl C 2.920%, 05/15/23 (B)		310,000		310,644
				174,678,435
Automotive — 8.7%
Ally Auto Receivables Trust, Ser2019-2, Cl A2 2.340%, 06/15/22		2,236,881		2,243,496
American Credit Acceptance Receivables Trust, Ser2016-3, Cl C 4.260%, 08/12/22 (B)		1,797,021		1,802,539
American Credit Acceptance Receivables Trust, Ser2017-1, Cl E 5.440%, 03/13/24 (B)		1,000,000		1,022,701
American Credit Acceptance Receivables Trust, Ser2017-2, Cl C 2.860%, 06/12/23 (B)		852,223		852,860
American Credit Acceptance Receivables Trust, Ser2017-3, Cl C 2.720%, 06/10/22 (B)		291,785		291,837
American Credit Acceptance Receivables Trust, Ser2017-3, Cl E 5.170%, 06/10/24 (B)		2,180,000		2,220,220
American Credit Acceptance Receivables Trust, Ser2018-1, Cl D 3.930%, 04/10/24 (B)		4,200,000		4,271,282
American Credit Acceptance Receivables Trust, Ser2018-4, Cl D 4.400%, 01/13/25 (B)		17,605,000		18,238,440
American Credit Acceptance Receivables Trust, Ser2019-1, Cl C 3.500%, 04/14/25 (B)		4,600,000		4,683,876
AmeriCredit Automobile Receivables Trust, Ser2017-2, Cl D 3.420%, 04/18/23		8,570,000		8,751,768

Description	Face Amount		Value
Canadian Pacer Auto Receivables Trust, Ser2019-1A, Cl A4 2.960%, 06/19/24 (B)	$	5,000,000	$	5,166,416
CarMax Auto Owner Trust, Ser2016-4, Cl D 2.910%, 04/17/23		3,500,000		3,522,302
CarMax Auto Owner Trust, Ser2017-3, Cl D 3.460%, 10/16/23		5,250,000		5,339,285
Carnow Auto Receivables Trust, Ser 2017- 1A, Cl C 5.750%, 10/16/23 (B)		2,000,000		2,025,406
Carnow Auto Receivables Trust, Ser 2019- 1A, Cl A 2.720%, 11/15/22 (B)		10,283,517		10,304,537
Carvana Auto Receivables Trust, Ser 2019- 1A, Cl E 5.640%, 01/15/26 (B)		5,000,000		5,281,554
Carvana Auto Receivables Trust, Ser 2019- 2A, Cl B 2.740%, 12/15/23 (B)		9,000,000		9,110,590
CPS Auto Receivables Trust, Ser2014-D, Cl E 6.210%, 02/15/22 (B)		4,000,000		3,999,662
CPS Auto Receivables Trust, Ser2015-C, Cl E 6.540%, 08/16/21 (B)		5,250,000		5,383,920
CPS Auto Receivables Trust, Ser2016-A, Cl E 7.650%, 12/15/21 (B)		6,000,000		6,242,498
CPS Auto Receivables Trust, Ser2016-A, Cl F 7.650%, 03/15/23 (B)		10,540,000		10,782,248
CPS Auto Receivables Trust, Ser2016-B, Cl C 4.220%, 03/15/22 (B)		1,203,155		1,207,462
CPS Auto Receivables Trust, Ser2016-B, Cl E 8.140%, 05/15/23 (B)		6,500,000		6,851,871
CPS Auto Receivables Trust, Ser2016-D, Cl E 6.860%, 04/15/24 (B)		8,000,000		8,337,604
CPS Auto Receivables Trust, Ser2017-B, Cl D 3.950%, 03/15/23 (B)		3,500,000		3,553,374
CPS Auto Receivables Trust, Ser2019-B, Cl F 7.480%, 06/15/26 (B)		6,055,000		6,353,359
Diamond Resorts Owner Trust, Ser 2019- 1A, Cl A 2.890%, 02/20/32 (B)		4,234,280		4,293,874
Drive Auto Receivables Trust, Ser 2016- BA, Cl D 4.530%, 08/15/23 (B)		1,298,643		1,312,444

The accompanying notes are an integral part of the financial statements.

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FROST TOTAL RETURN BOND FUND

Description	Face Amount		Value
Drive Auto Receivables Trust, Ser2018-1, Cl D 3.810%, 05/15/24	$	7,835,000	$	7,979,618
DT Auto Owner Trust, Ser2016-4A, Cl E 6.490%, 09/15/23 (B)		3,520,000		3,604,648
DT Auto Owner Trust, Ser2017-2A, Cl E 6.030%, 01/15/24 (B)		2,750,000		2,871,283
DT Auto Owner Trust, Ser2019-4A, Cl C 2.730%, 07/15/25 (B)		2,000,000		2,029,635
DT Auto Owner Trust, Ser2020-1A, Cl E 3.480%, 02/16/27 (B)		4,500,000		4,513,751
Exeter Automobile Receivables Trust, Ser2015-3A, Cl D 6.550%, 10/17/22 (B)		5,000,000		5,031,363
Exeter Automobile Receivables Trust, Ser2016-1A, Cl C 5.520%, 10/15/21 (B)		404,224		405,139
Exeter Automobile Receivables Trust, Ser2017-1A, Cl B 3.000%, 12/15/21 (B)		165,025		165,094
Exeter Automobile Receivables Trust, Ser2018-1A, Cl D 3.530%, 11/15/23 (B)		5,500,000		5,616,671
Exeter Automobile Receivables Trust, Ser2019-3A, Cl C 2.790%, 05/15/24 (B)		7,000,000		7,103,676
Exeter Automobile Receivables Trust, Ser2020-1A, Cl D 2.730%, 12/15/25 (B)		2,500,000		2,530,306
First Investors Auto Owner Trust, Ser2019-1A, Cl D 3.550%, 04/15/25 (B)		1,700,000		1,753,447
Flagship Credit Auto Trust, Ser2015-3, Cl D 7.120%, 11/15/22 (B)		5,000,000		5,111,196
Flagship Credit Auto Trust, Ser2016-1, Cl D 8.590%, 05/15/23 (B)		15,380,000		16,017,340
Flagship Credit Auto Trust, Ser2016-3, Cl D 3.890%, 11/15/22 (B)		5,000,000		5,106,169
Flagship Credit Auto Trust, Ser2018-2, Cl C 3.890%, 09/16/24 (B)		11,286,000		11,642,226

Description	Face Amount		Value
Ford Credit Auto Owner Trust, Ser2018-A, Cl A3 3.030%, 11/15/22	$	6,360,447	$	6,425,866
Ford Credit Auto Owner Trust, Ser2019-A, Cl B 3.020%, 10/15/24		15,000,000		15,572,736
Foursight Capital Automobile Receivables Trust, Ser2017-1, Cl C 3.470%, 12/15/22 (B)		2,200,000		2,223,630
Foursight Capital Automobile Receivables Trust, Ser2018-2, Cl D 4.330%, 07/15/24 (B)		4,650,000		4,852,520
GLS Auto Receivables Trust, Ser2016-1A, Cl D 9.130%, 01/18/22 (B)		7,075,000		7,323,894
GM Financial Consumer Automobile Receivables Trust, Ser2019-3, Cl B 2.320%, 12/16/24		2,250,000		2,285,983
Marlette Funding Trust, Ser2020-1A, Cl D 3.540%, 03/15/30 (B)		1,500,000		1,516,265
Master Credit Card Trust II, Ser2020-1A, Cl C 2.590%, 09/23/24 (B)		2,000,000		2,015,146
MelTel Land Funding, Ser2019-1A, Cl B 4.701%, 04/15/49 (B)		1,300,000		1,348,829
Octane Receivables Trust2019-1, Ser2019-1A, Cl A 3.160%, 09/20/23 (B)		8,590,938		8,607,197
OSCAR US Funding Trust V, Ser2016-2A, Cl A4 2.990%, 12/15/23 (B)		12,257,753		12,315,645
Pawnee Equipment Receivables Series, Ser2019-1, Cl D 2.860%, 10/15/24 (B)		5,500,000		5,527,256
Prestige Auto Receivables Trust, Ser 2019- 1A, Cl C 2.700%, 10/15/24 (B)		4,000,000		4,071,216
RCO V Mortgage, Ser2019-2, Cl A1 3.475%, 11/25/24 (B)		9,707,754		9,728,943
SFS Asset Securitization, Ser2019-1, Cl A 4.238%, 06/10/25 (B)		11,000,000		11,217,305
United Auto Credit Securitization Trust, Ser2018-1, Cl E 4.840%, 08/10/23 (B)		5,000,000		5,078,561
Westlake Automobile Receivables Trust, Ser2017-1A, Cl D 3.460%, 10/17/22 (B)		7,100,000		7,142,852

The accompanying notes are an integral part of the financial statements.

17

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FROST TOTAL RETURN BOND FUND

Description	Face Amount		Value
Westlake Automobile Receivables Trust, Ser2018-1A 3.410%, 09/15/22	$	13,195,000	$	13,357,865
				345,540,696
Consumer Discretionary — 0.3%
CPS Auto Receivables Trust, Ser2017-D, Cl B 2.430%, 01/18/22 (B)		3,627,041		3,628,574
CPS Auto Receivables Trust, Ser2019-D, Cl D 2.720%, 09/15/25 (B)		3,000,000		3,024,045
CPS Auto Receivables Trust, Ser2019-D, Cl E 3.860%, 10/15/25 (B)		6,000,000		6,047,403
				12,700,022
Credit Card — 0.5%
Fortiva Retail Credit Master Note Business Trust, Ser2018-ONE, Cl A 5.540%, 11/15/23 (B)		13,000,000		13,269,165
Synchrony Card Funding, Ser2019-A2, Cl A 2.340%, 06/15/25		2,000,000		2,035,096
World Financial Network Credit Card Master Trust, Ser2016-A, Cl A 2.030%, 04/15/25		6,000,000		6,027,708
				21,331,969
Financials — 0.1%
PRPM, Ser2019-4A, Cl A1 3.351%, 11/25/24 (B)		1,973,504		1,981,784
Information Technology — 0.0%
Avid Automobile Receivables Trust, Ser2019-1, Cl D 4.030%, 07/15/26 (B)		1,300,000		1,315,807
Other Asset-Backed Securities — 2.0%
321 Henderson Receivables I, Ser 2010- 2A, Cl B 7.450%, 01/15/50 (B)		2,264,183		2,493,533
321 Henderson Receivables I, Ser 2012- 1A, Cl B 7.140%, 02/15/67 (B)		715,277		883,016
321 Henderson Receivables I, Ser 2012- 2A, Cl B 6.770%, 10/17/61 (B)		1,905,792		2,335,341
Business Jet Securities, Ser2018-2, Cl A 4.447%, 06/15/33 (B)		5,097,897		5,226,772

Description	Face Amount		Value
Business Jet Securities, Ser2018-2, Cl C 6.656%, 06/15/33 (B)	$	1,888,298	$	1,921,474
CFG Investments, Ser2019-1, Cl A 5.560%, 08/15/29 (B)		7,800,000		7,847,358
Credibly Asset Securitization, Ser2018-1A, Cl A 4.800%, 11/15/23 (B)		6,000,000		6,137,263
Credibly Asset Securitization, Ser2018-1A, Cl C 6.760%, 11/15/23 (B)		5,201,000		5,308,104
Harley Marine Financing, Ser2018-1A, Cl A2 5.682%, 05/15/43 (B)		10,766,989		9,704,793
Harley Marine Financing, Ser2018-1A, Cl B 7.869%, 05/15/43 (B) (E)		6,000,000		1,763,400
Harvest SBA Loan Trust, Ser2018-1, Cl A 3.911%, VAR ICE LIBOR USD 1 Month+2.250%, 08/25/44 (B)		5,992,611		5,981,528
Kabbage Funding, Ser2019-1, Cl A 3.825%, 03/15/24 (B)		9,600,000		9,742,445
Orange Lake Timeshare Trust, Ser2019-A, Cl C 3.610%, 04/09/38 (B)		3,901,494		3,983,728
Sapphire Aviation Finance I, Ser2018-1A, Cl B 5.926%, 03/15/40 (B)		2,331,566		2,420,721
Stack Infrastructure Issuer Series, Ser2019-1A, Cl A2 4.540%, 02/25/44 (B)		3,567,000		3,799,608
TAL Advantage V, Ser2014-3A, Cl B 4.150%, 11/21/39 (B)		3,552,500		3,515,109
Trip Rail Master Funding, Ser2011-1A, Cl A2 6.024%, 07/15/41 (B)		2,995,483		3,122,842
Triton Container Finance V, Ser2018-1A, Cl A 3.950%, 03/20/43 (B)		2,450,000		2,465,718
				78,652,753
Student Loan — 0.7%
Brazos Student Finance, Ser2009-1, Cl B 4.447%, VAR ICE LIBOR USD 3 Month+2.500%, 12/27/39		5,000,000		4,662,475
College Ave Student Loans, Ser2018-A, Cl A1 2.861%, VAR ICE LIBOR USD 1 Month+1.200%, 12/26/47 (B)		3,374,420		3,323,962

The accompanying notes are an integral part of the financial statements.

18

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FROST TOTAL RETURN BOND FUND

Description	Face Amount		Value
Commonbond Student Loan Trust, Ser2017-AGS, Cl A1 2.550%, 05/25/41 (B)	$	4,893,596	$	4,935,216
Nelnet Student Loan Trust, Ser2013-3A, Cl B 3.161%, VAR ICE LIBOR USD 1 Month+1.500%, 07/25/47 (B)		10,000,000		9,868,916
SLM Student Loan Trust, Ser2012-7, Cl B 3.461%, VAR ICE LIBOR USD 1 Month+1.800%, 09/25/43		5,000,000		4,900,060
				27,690,629
Total Asset-Backed Securities (Cost $658,252,060)				663,892,095
COLLATERALIZED LOAN OBLIGATIONS — 13.2%
Collateralized Loan Obligation — 13.2%
Apidos Funding RR Subsidiary, Ser 2018- 12RR, Cl A 3.361%, VAR ICE LIBOR USD 3 Month+1.530%, 04/15/31 (B)		2,993,565		2,995,020
Apidos XXVIII, Ser2017-28A, Cl A2 3.219%, VAR ICE LIBOR USD 3 Month+1.400%, 01/20/31 (B)		15,000,000		14,816,295
Avery Point IV CLO, Ser2017-1A, Cl BR 3.394%, VAR ICE LIBOR USD 3 Month+1.600%, 04/25/26 (B)		7,500,000		7,497,607
BCC Middle Market, Ser2018-1A, Cl A1A 3.369%, VAR ICE LIBOR USD 3 Month+1.550%, 10/20/30 (B)		21,000,000		20,899,284
Benefit Street Partners CLO IV, Ser 2019- IVA, Cl A1RR 3.069%, VAR ICE LIBOR USD 3 Month+1.250%, 01/20/29 (B)		10,000,000		10,017,030
Benefit Street Partners III, Ser 2017-IIIA, Cl A1R 3.069%, VAR ICE LIBOR USD 3 Month+1.250%, 07/20/29 (B)		15,000,000		14,995,530
Benefit Street Partners III, Ser 2017-IIIA, Cl DR 8.419%, VAR ICE LIBOR USD 3 Month+6.600%, 07/20/29 (B)		5,000,000		4,685,585
Benefit Street Partners VIII, Ser2018-8A, Cl A1AR 2.919%, VAR ICE LIBOR USD 3 Month+1.100%, 01/20/31 (B)		5,450,000		5,451,760
Carlyle Global Market Strategies, Ser2018-1A, Cl CR2 3.636%, VAR ICE LIBOR USD 3 Month+1.800%, 04/17/31 (B)		4,500,000		4,359,168

Description	Face Amount		Value
Carlyle Global Market Strategies, Ser2018-3A, Cl A1A2 3.018%, VAR ICE LIBOR USD 3 Month+1.180%, 01/14/32 (B)	$	25,000,000	$	24,533,950
Carlyle Global Market Strategies, Ser2018-3A, Cl A2A2 3.688%, VAR ICE LIBOR USD 3 Month+1.850%, 01/14/32 (B)		7,000,000		7,006,055
Carlyle Global Market Strategies, Ser2018-3RA, Cl A1A 2.844%, VAR ICE LIBOR USD 3 Month+1.050%, 07/27/31 (B)		15,000,000		14,996,550
Carlyle Global Market Strategies, Ser2018-3RA, Cl A2 3.344%, VAR ICE LIBOR USD 3 Month+1.550%, 07/27/31 (B)		5,750,000		5,726,546
Carlyle Global Market Strategies, Ser2018-5A, Cl A1RR 2.971%, VAR ICE LIBOR USD 3 Month+1.140%, 07/15/31 (B)		15,845,000		15,851,465
Carlyle Global Market Strategies, Ser2019-2A, Cl A2A 3.581%, VAR ICE LIBOR USD 3 Month+1.750%, 07/15/32 (B)		10,000,000		10,011,240
CIFC Funding, Ser2018-1A, Cl A 2.819%, VAR ICE LIBOR USD 3 Month+1.000%, 04/18/31 (B)		10,000,000		9,937,520
CIFC Funding, Ser2018-1A, Cl C 3.569%, VAR ICE LIBOR USD 3 Month+1.750%, 04/18/31 (B)		2,000,000		1,929,176
Dryden 68 CLO, Ser2019-68A, Cl B 3.571%, VAR ICE LIBOR USD 3 Month+1.740%, 07/15/32 (B)		11,750,000		11,763,207
Emerson Park, Ser2017-1A, Cl DR 5.231%, VAR ICE LIBOR USD 3 Month+3.400%, 07/15/25 (B)		4,500,000		4,516,447
Fortress Credit Opportunities IX, Ser 2017- 9A, Cl A1T 3.460%, VAR ICE LIBOR USD 3 Month+1.550%, 11/15/29 (B)		21,000,000		20,846,553
Galaxy XXI, Ser2015-21A, Cl AR 2.839%, VAR ICE LIBOR USD 3 Month+1.020%, 04/20/31 (B)		5,000,000		4,973,235
GoldenTree Credit Opportunities Financing, Ser2018-1A, Cl A1R 3.574%, VAR ICE LIBOR USD 3 Month+1.680%, 06/15/34 (B)		15,000,000		15,002,670
GoldentTree Loan Management US, Ser2017-1A, Cl A 3.039%, VAR ICE LIBOR USD 3 Month+1.220%, 04/20/29 (B)		17,000,000		17,014,552

The accompanying notes are an integral part of the financial statements.

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FROST TOTAL RETURN BOND FUND

Description	Face Amount		Value
Golub Capital Partners CLO 34M, Ser2019-34A, Cl AR 3.591%, VAR ICE LIBOR USD 3 Month+1.700%, 03/14/31 (B)	$	7,000,000	$	6,973,960
Golub Capital Partners, Ser2017-17A, Cl A1R 3.444%, VAR ICE LIBOR USD 3 Month+1.650%, 10/25/30 (B)		9,000,000		8,995,068
Golub Capital Partners, Ser 2017-19RA, Cl A1A 3.094%, VAR ICE LIBOR USD 3 Month+1.300%, 07/26/29 (B)		20,000,000		20,031,540
Golub Capital Partners, Ser2017-21A, Cl AR 3.264%, VAR ICE LIBOR USD 3 Month+1.470%, 01/25/31 (B)		11,000,000		10,939,115
Golub Capital Partners, Ser2017-21A, Cl CR 4.244%, VAR ICE LIBOR USD 3 Month+2.450%, 01/25/31 (B)		2,000,000		1,893,708
Golub Capital Partners, Ser2017-22A, Cl AR 2.999%, VAR ICE LIBOR USD 3 Month+1.180%, 01/20/31 (B)		9,000,000		8,969,157
Golub Capital Partners, Ser2017-23A, Cl AR 3.019%, VAR ICE LIBOR USD 3 Month+1.200%, 01/20/31 (B)		20,000,000		19,947,840
Golub Capital Partners, Ser2017-23A, Cl BR 3.369%, VAR ICE LIBOR USD 3 Month+1.550%, 01/20/31 (B)		4,000,000		3,929,232
Golub Capital Partners, Ser2017-24A, Cl AR 3.491%, VAR ICE LIBOR USD 3 Month+1.600%, 11/05/29 (B)		9,500,000		9,492,875
Golub Capital Partners, Ser2017-24A, Cl DR 5.791%, VAR ICE LIBOR USD 3 Month+3.900%, 11/05/29 (B)		3,000,000		2,954,745
Golub Capital Partners, Ser2018-26A, Cl BR 3.369%, VAR ICE LIBOR USD 3 Month+1.550%, 04/20/31 (B)		12,000,000		11,783,004
Golub Capital Partners, Ser2018-36A, Cl A 3.191%, VAR ICE LIBOR USD 3 Month+1.300%, 02/05/31 (B)		11,000,000		10,822,933
LCM Loan Income Fund I Income Note Issuer, Ser2018-27A, Cl A1 2.923%, VAR ICE LIBOR USD 3 Month+1.080%, 07/16/31 (B)		13,000,000		13,004,667
MCF IV, Ser2017-1A, Cl AR 3.369%, VAR ICE LIBOR USD 3 Month+1.550%, 10/20/29 (B)		10,000,000		9,995,160

Description	Face Amount		Value
MCF IV, Ser2017-1A, Cl CR 4.469%, VAR ICE LIBOR USD 3 Month+2.650%, 10/20/29 (B)	$	3,000,000	$	2,960,016
NewStar Berkeley Fund CLO, Ser2019-1A, Cl AR 3.394%, VAR ICE LIBOR USD 3 Month+1.600%, 10/25/28 (B)		5,000,000		4,983,015
NXT Capital, Ser2017-1A, Cl A 3.519%, VAR ICE LIBOR USD 3 Month+1.700%, 04/20/29 (B)		9,000,000		9,001,215
Oak Hill Credit PartnersX-R, Ser 2018- 10RA, Cl B 3.577%, VAR ICE LIBOR USD 3 Month+1.750%, 12/12/30 (B)		8,000,000		8,011,392
Oak Hill Credit PartnersX-R, Ser 2018- 10RA, Cl C 4.027%, VAR ICE LIBOR USD 3 Month+2.200%, 12/12/30 (B)		5,100,000		5,116,713
Oaktree EIF II, Ser 2017-IIIA, Cl A2 3.286%, VAR ICE LIBOR USD 3 Month+1.450%, 07/17/29 (B)		7,250,000		7,246,295
Octagon Investment Partners XX, Ser2019-4A, Cl B 3.801%, VAR ICE LIBOR USD 3 Month+1.900%, 05/12/31 (B)		9,500,000		9,514,269
OHA Credit Partners VII, Ser2016-7A, Cl DR 6.099%, VAR ICE LIBOR USD 3 Month+4.200%, 11/20/27 (B)		6,500,000		6,486,591
OZLM Funding IV, Ser2017-4A, Cl A2R 3.502%, VAR ICE LIBOR USD 3 Month+1.700%, 10/22/30 (B)		5,000,000		4,996,570
OZLM XVI, Ser2017-16A, Cl A1 3.164%, VAR ICE LIBOR USD 3 Month+1.260%, 05/16/30 (B)		10,000,000		10,013,350
Parallel, Ser2015-1A, Cl AR 2.669%, VAR ICE LIBOR USD 3 Month+0.850%, 07/20/27 (B)		3,395,780		3,392,473
Parallel, Ser2017-1A, Cl A1 3.129%, VAR ICE LIBOR USD 3 Month+1.310%, 07/20/29 (B)		8,500,000		8,495,750
Sudbury Mill, Ser2013-1A, Cl E 6.586%, VAR ICE LIBOR USD 3 Month+4.750%, 01/17/26 (B)		1,500,000		1,312,711
Thayer Park, Ser2017-1A, Cl B 4.169%, VAR ICE LIBOR USD 3 Month+2.350%, 04/20/29 (B)		9,500,000		9,483,850

The accompanying notes are an integral part of the financial statements.

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FROST TOTAL RETURN BOND FUND

Description	Face Amount		Value
Venture 37 CLO, Ser2019-37A, Cl BN 3.731%, VAR ICE LIBOR USD 3 Month+1.900%, 07/15/32 (B)	$	10,000,000	$	10,011,200
Venture XIX, Ser2018-19A, Cl ARR 3.091%, VAR ICE LIBOR USD 3 Month+1.260%, 01/15/32 (B)		19,250,000		19,268,788
Zais, Ser2017-1A, Cl A2 3.331%, VAR ICE LIBOR USD 3 Month+1.500%, 07/15/29 (B)		10,000,000		9,999,430
Zais, Ser2018-1A, Cl B 3.281%, VAR ICE LIBOR USD 3 Month+1.450%, 04/15/29 (B)		5,000,000		4,971,435
Total Collateralized Loan Obligations (Cost $526,183,718)				524,824,512
U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.9%
FFCB 3.270%, 06/26/34		20,000,000		20,039,269
3.000%, 07/29/32		5,500,000		5,513,337
2.920%, 04/29/26		5,635,000		5,783,252
2.770%, 07/24/28		10,000,000		10,039,452
2.590%, 08/27/29		5,000,000		5,023,687
2.580%, 03/30/28		10,000,000		10,000,142
FHLB 2.625%, 04/15/24		5,000,000		5,007,933
2.200%, 06/28/24		15,000,000		15,097,905
Total U.S. Government Agency Obligations (Cost $76,107,188)				76,504,977
MUNICIPAL BONDS — 1.3%
Allentown, Neighborhood Improvement Zone Development Authority, Ser B, RB 5.220%, 05/01/20		2,425,000		2,428,759
California State, Build America Bonds, GO Callable 03/02/20 @ 100 7.950%, 03/01/36		3,000,000		3,014,610
Dallas County Schools, Taxable Public Property Finance, GO (F) 3.450%, 06/01/22		1,214,550		1,159,895
3.200%, 06/01/21		1,218,588		1,163,752
Dallas County, Schools Tax, GO (F) 4.000%, 06/01/19		1,168,142		1,156,461
3.000%, 06/01/19		723,226		715,994
GDB Debt Recovery Authority of Puerto Rico, RB 7.500%, 08/20/40		8,230,281		6,501,922

Description	Face Amount		Value
Mission, Economic Development, RB Callable 12/01/20 @ 300 10.875%, 12/01/28 (E)	$	3,315,000	$	33,150
9.750%, 12/01/25 (E)		3,045,000		30,450
8.550%, 12/01/21 (E)		2,125,000		1,729,155
North Texas, Tollway Authority, Build America Bonds, RB (G),Pre-Refunded @ 100 8.910%, 02/01/30		16,540,000		16,540,000
Rhode Island State, Health & Educational System, Providence Public Schools, Ser A, RB Callable 05/15/20 @ 100 8.000%, 05/15/29		5,000,000		5,057,800
San Juan, Higher Education Finance Authority, RB Callable 08/15/20 @ 100 8.250%, 08/15/29		4,400,000		4,512,024
Texas State, Public Finance Authority Charter School, Charter Education New Frontiers, Ser Q, RB Callable 08/15/20 @ 100 8.750%, 08/15/27		1,070,000		1,076,816
Texas State, Public Finance Authority Charter School, Ser2010-Q, RB 8.125%, 02/15/27		1,900,000		2,385,526
University of Texas, Build America Bonds, Ser D, RB 5.134%, 08/15/42		3,000,000		4,016,250
Total Municipal Bonds (Cost $56,134,160)				51,522,564
SOVEREIGN DEBT — 0.5%
Government — 0.5%
Argentine Republic Government International Bond 6.875%, 04/22/21 to 01/11/48		14,502,000		6,712,745
Brazilian Government International Bond 4.625%, 01/13/28		2,000,000		2,206,020
Kenya Government International Bond 7.250%, 02/28/28 to 02/28/28 (B)		4,000,000		4,317,888
Oman Government International Bond 6.500%, 03/08/47 (B)		2,000,000		1,972,500
Provincia de Buenos Aires 7.875%, 06/15/27 (B)		300,000		111,750

The accompanying notes are an integral part of the financial statements.

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FROST TOTAL RETURN BOND FUND

Description	Face Amount		Value
Turkey Government International Bond 6.125%, 10/24/28	$	1,000,000	$	1,059,920
4.250%, 04/14/26		1,000,000		977,500
Ukraine Government International Bond 7.750%, 09/01/20		2,000,000		2,048,760
Total Sovereign Debt (Cost $22,804,997)				19,407,083
COMMON STOCK — 0.0%
Seadrill Ltd.*		206,695		279,550
Seadrill Ltd.*		39,323		53,873
Total Common Stock (Cost $536,742)				333,423
CASH EQUIVALENT — 0.0%
Federated Government Obligations Fund, Cl I, 1.450%** (Cost $758,568)		758,568		758,568
REPURCHASE AGREEMENTS (H) — 4.1%
KGS Alpha Overnight*** 1.690%, dated 01/06/2020, to be repurchased on 02/06/2020, repurchase price $10,014,553 (collateralized by various SBA obligations, par value $10,258,333, 3.775%, 04/12/2047, with total market value of $11,000,000)		10,000,000		10,000,000
KGS Alpha Overnight*** 1.600%, dated 01/31/2020, to be repurchased on 02/03/2020, repurchase price $ 154,020,533(collateralized by various FMAC/FNMA/GNMA/SBA obligations, par value $582,095 - $37,142,857, 0.000% - 9.387%, 09/25/2027 - 10/20/2069, with total market value of $158,736,608)		154,000,000		154,000,000
Total Repurchase Agreements (Cost $164,000,000)				164,000,000
Total Investments — 99.5% (Cost $3,963,438,665)			$	3,963,327,329

Percentages are based on Net Assets of $3,981,373,905.

* Non-income producing security.

** Rate shown is the7-day effective yield as of January 31, 2020.

*** Repurchase date stated is the termination date of the repurchase agreement. This repurchase agreement is terminable daily upon demand, which is reflective of the repurchase price stated.

‡ Real Estate Investment Trust

(A) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

(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 January 31, 2020 was $1,669,974,724 and represents 41.9% of Net Assets.

(C) Distributions arepaid-in-kind.

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

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

(F) Security in default on interest payments.

(G) Pre-Refunded Securities — The maturity date shown is thepre-refunded date.

(H) Tri-Party Repurchase Agreement.

Cl — Class

CLO — Collateralized Loan Obligation

CPI YOY — Consumer Price Index Year Over Year

FFCB — Federal Farm Credit Bank

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FMAC — Freddie Mac

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 Rate

MTN — Medium Term Note

PIK —Payment-in-Kind

RB — Revenue Bond

REMIC — Real Estate Mortgage Investment Conduit

Ser — Series

STRIPS — Separately Traded Registered Interest and Principal Securities

USD — U.S. Dollar

VAR — Variable

The following is a list of the level of inputs used as of January 31, 2020 in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Mortgage-Backed
Securities	$	—	$	1,010,382,252	$	—	$	1,010,382,252
Corporate Obligations		—		733,268,475		—		733,268,475
U.S. Treasury Obligations		718,433,380		—		—		718,433,380
Asset-Backed Securities		—		662,128,695		1,763,400		663,892,095
Collateralized Loan Obligations		—		524,824,512		—		524,824,512
U.S. Government Agency Obligations		—		76,504,977		—		76,504,977
Municipal Bonds		—		49,729,809		1,792,755		51,522,564
Sovereign Debt		—		19,407,083		—		19,407,083
Common Stock		333,423		—		—		333,423
Cash Equivalent		758,568		—		—		758,568
Repurchase Agreements		—		164,000,000		—		164,000,000
Total Investments in Securities	$	719,525,371	$	3,240,245,803	$	3,556,155	$	3,963,327,329

(1) A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments is only presented when the Fund has over 1% of Level 3 investments at the beginning and/or end of the period in relation to net assets.

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

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

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

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FROST CREDIT FUND

SECTOR WEIGHTINGS†

† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS

Description	Face Amount		Value
CORPORATE OBLIGATIONS — 31.8%
Communication Services — 3.3%
AT&T 4.300%, 02/15/30	$	2,639,000	$	2,984,933
Frontier Communications 8.500%, 04/15/20		1,000,000		472,500
Gogo Intermediate Holdings 9.875%, 05/01/24 (A)		375,000		403,140
LCPR Senior Secured Financing 6.750%, 10/15/27 (A)		1,000,000		1,057,540
Photo Holdings Merger Sub 8.500%, 10/01/26 (A)		1,000,000		935,000
Sprint 7.875%, 09/15/23		1,500,000		1,593,585
				7,446,698
Consumer Discretionary — 9.4%
Beazer Homes USA 7.250%, 10/15/29 (A)		1,000,000		1,092,500
Choice Hotels International 3.700%, 12/01/29		2,000,000		2,052,420
Dillard’s 7.000%, 12/01/28		500,000		577,556
Expedia 3.800%, 02/15/28		2,000,000		2,074,433
Ford Motor Credit 3.087%, 01/09/23		1,000,000		1,008,616

Description	Face Amount		Value
Fresenius Medical Care US Finance II 4.750%, 10/15/24 (A)	$	400,000	$	441,228
Guanay Finance 6.000%, 12/15/20 (A)		112,252		112,926
Jaguar Land Rover Automotive 4.500%, 10/01/27 (A)		2,000,000		1,834,000
L Brands 6.950%, 03/01/33		1,867,000		1,680,300
Neiman Marcus Group 8.000%, 10/25/24 (A)		373,000		121,225
Panther BF Aggregator 2 8.500%, 05/15/27 (A)		3,000,000		3,225,000
QVC 5.450%, 08/15/34		1,000,000		1,013,238
Staples 10.750%, 04/15/27 (A)		1,500,000		1,524,450
Under Armour 3.250%, 06/15/26		2,000,000		1,954,861
VistaJet Malta Finance 10.500%, 06/01/24 (A)		2,500,000		2,368,750
				21,081,503
Energy — 3.6%
Cimarex Energy 4.375%, 06/01/24		1,000,000		1,062,935
Danske Bank 3.244%, VAR ICE LIBOR USD 3 Month+1.591%, 12/20/25 (A)		1,500,000		1,552,425
Murphy Oil 6.875%, 08/15/24		500,000		521,875
5.750%, 08/15/25		1,000,000		1,029,380
ONEOK 7.500%, 09/01/23		1,704,000		1,998,380
Springleaf Finance 5.375%, 11/15/29		500,000		519,950
Transocean 7.250%, 11/01/25 (A)		1,500,000		1,413,750
				8,098,695
Financials — 4.1%
Barclays 4.375%, 09/11/24		1,500,000		1,606,181
Credit Suisse Group 4.282%, 01/09/28 (A)		500,000		553,295
Credit Suisse Group Funding Guernsey 3.750%, 03/26/25		1,000,000		1,071,901
Deutsche Bank MTN 4.296%, VAR USD Swap Semi 30/360 5 Yr Curr+2.248%, 05/24/28		500,000		495,968
Deutsche Bank NY 3.950%, 02/27/23		1,000,000		1,037,831

The accompanying notes are an integral part of the financial statements.

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FROST CREDIT FUND

Description	Face Amount		Value
HSBC Holdings 6.500%, 09/15/37	$	1,500,000	$	2,110,880
Lloyds Banking Group 4.500%, 11/04/24		500,000		544,484
UBS 5.125%, 05/15/24		1,500,000		1,618,125
				9,038,665
Health Care — 0.7%
Express Scripts Holding 3.400%, 03/01/27		1,500,000		1,555,823
Industrials — 3.7%
General Electric MTN 3.100%, 01/09/23		1,500,000		1,548,551
Great Lakes Dredge & Dock 8.000%, 05/15/22		2,010,000		2,110,500
Masco 7.750%, 08/01/29		1,088,000		1,454,068
Owens Corning 3.950%, 08/15/29		2,000,000		2,168,704
Resideo Funding 6.125%, 11/01/26 (A)		1,000,000		982,450
				8,264,273
Information Technology — 2.5%
Avnet 4.625%, 04/15/26		1,000,000		1,097,815
Diebold Nixdorf 8.500%, 04/15/24		1,000,000		960,000
Keysight Technologies 4.600%, 04/06/27		1,000,000		1,137,669
Motorola Solutions 4.600%, 05/23/29		1,175,000		1,321,261
VeriSign 4.750%, 07/15/27		1,000,000		1,055,000
				5,571,745
Materials — 3.6%
First Quantum Minerals 7.250%, 05/15/22 (A)		1,500,000		1,496,250
Georgia-Pacific 7.750%, 11/15/29		2,221,000		3,222,228
NOVA Chemicals 4.875%, 06/01/24 (A)		1,000,000		1,015,000
Vale Overseas 6.250%, 08/10/26		1,000,000		1,180,500
WRKCo 3.375%, 09/15/27		1,000,000		1,045,745
				7,959,723
Telecommunication Services — 0.9%
Twitter 3.875%, 12/15/27 (A)		2,000,000		2,002,500
Total Corporate Obligations (Cost $68,283,904)				71,019,625

Description	Face Amount		Value
COLLATERALIZED LOAN OBLIGATIONS — 27.5%
Automotive — 1.6%
Benefit Street Partners III, Ser 2017-IIIA, Cl CR 5.719%, VAR ICE LIBOR USD 3 Month+3.900%, 07/20/29 (A)	$	2,000,000	$	1,987,608
LCM XXII, Ser2018-22A, Cl BR 3.819%, VAR ICE LIBOR USD 3 Month+2.000%, 10/20/28 (A)		1,500,000		1,500,891
				3,488,499
Collateralized Loan Obligation — 25.9%
BCC Funding XIII, Ser2016-1, Cl E 6.000%, 11/20/22 (A)		1,500,000		1,507,241
BCC Middle Market, Ser2018-1A, Cl B 4.819%, VAR ICE LIBOR USD 3 Month+3.000%, 10/20/30 (A)		1,000,000		980,605
Benefit Street Partners III, Ser 2017-IIIA, Cl DR 8.419%, VAR ICE LIBOR USD 3 Month+6.600%, 07/20/29 (A)		2,500,000		2,342,792
Benefit Street Partners IV, Ser2016-IVA, Cl DR 9.069%, VAR ICE LIBOR USD 3 Month+7.250%, 01/20/29 (A)		3,000,000		2,981,427
Carlyle Global Market Strategies, Ser2018-1A, Cl B 3.669%, VAR ICE LIBOR USD 3 Month+1.850%, 04/20/31 (A)		2,000,000		1,977,636
Carlyle Global Market Strategies, Ser2018-1A, Cl CR2 3.636%, VAR ICE LIBOR USD 3 Month+1.800%, 04/17/31 (A)		1,250,000		1,210,880
Chenango Park, Ser2018-1A, Cl B 3.681%, VAR ICE LIBOR USD 3 Month+1.850%, 04/15/30 (A)		1,000,000		988,785
CIFC Funding, Ser2018-1A, Cl C 3.569%, VAR ICE LIBOR USD 3 Month+1.750%, 04/18/31 (A)		500,000		482,294
Fortress Credit Opportunities IX, Ser 2017- 9A, Cl C 4.560%, VAR ICE LIBOR USD 3 Month+2.650%, 11/15/29 (A)		1,400,000		1,364,983
Galaxy XXIX, Ser2018-29A, Cl D 4.310%, VAR ICE LIBOR USD 3 Month+2.400%, 11/15/26 (A)		500,000		499,184
Golub Capital Partners, Ser2017-17A, Cl BR 4.694%, VAR ICE LIBOR USD 3 Month+2.900%, 10/25/30 (A)		1,500,000		1,470,111

The accompanying notes are an integral part of the financial statements.

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Description	Face Amount		Value
Golub Capital Partners, Ser 2017-19RA, Cl B 4.344%, VAR ICE LIBOR USD 3 Month+2.550%, 07/26/29 (A)	$	2,000,000	$	1,996,666
Golub Capital Partners, Ser2017-21A, Cl CR 4.244%, VAR ICE LIBOR USD 3 Month+2.450%, 01/25/31 (A)		3,000,000		2,840,562
Golub Capital Partners, Ser2017-22A, Cl CR 3.669%, VAR ICE LIBOR USD 3 Month+1.850%, 01/20/31 (A)		1,500,000		1,422,997
Golub Capital Partners, Ser2017-23A, Cl BR 3.369%, VAR ICE LIBOR USD 3 Month+1.550%, 01/20/31 (A)		1,000,000		982,308
Golub Capital Partners, Ser2017-23A, Cl CR 3.619%, VAR ICE LIBOR USD 3 Month+1.800%, 01/20/31 (A)		2,000,000		1,891,102
Golub Capital Partners, Ser2017-24A, Cl DR 5.791%, VAR ICE LIBOR USD 3 Month+3.900%, 11/05/29 (A)		2,000,000		1,969,830
Golub Capital Partners, Ser2018-26A, Cl BR 3.369%, VAR ICE LIBOR USD 3 Month+1.550%, 04/20/31 (A)		1,000,000		981,917
Golub Capital Partners, Ser2018-36A, Cl B 3.541%, VAR ICE LIBOR USD 3 Month+1.650%, 02/05/31 (A)		2,000,000		1,931,338
Golub Capital Partners, Ser2018-36A, Cl C 3.991%, VAR ICE LIBOR USD 3 Month+2.100%, 02/05/31 (A)		1,500,000		1,392,407
Jay Park, Ser2018-1A, Cl BR 3.819%, VAR ICE LIBOR USD 3 Month+2.000%, 10/20/27 (A)		1,000,000		1,000,528
Madison Park Funding XII, Ser2014-12A, Cl D 5.319%, VAR ICE LIBOR USD 3 Month+3.500%, 07/20/26 (A)		3,000,000		3,014,796
MCF IV, Ser2017-1A, Cl CR 4.469%, VAR ICE LIBOR USD 3 Month+2.650%, 10/20/29 (A)		1,000,000		986,672
MCF VIII, Ser2018-1A, Cl B 3.569%, VAR ICE LIBOR USD 3 Month+1.750%, 07/18/30 (A)		3,000,000		2,918,697
Northwoods Capital XV, Ser2017-15A, Cl C 4.558%, VAR ICE LIBOR USD 3 Month+2.650%, 06/20/29 (A)		1,000,000		997,967

Description	Face Amount		Value
OZLM Funding IV, Ser2017-4A, Cl BR 4.002%, VAR ICE LIBOR USD 3 Month+2.200%, 10/22/30 (A)	$	2,000,000	$	1,978,446
OZLM XVI, Ser2017-16A, Cl B 4.454%, VAR ICE LIBOR USD 3 Month+2.550%, 05/16/30 (A)		1,000,000		998,709
Parallel, Ser2017-1A, Cl C 4.269%, VAR ICE LIBOR USD 3 Month+2.450%, 07/20/29 (A)		1,000,000		998,000
Race Point IX, Ser2017-9A, Cl BR 3.981%, VAR ICE LIBOR USD 3 Month+2.150%, 10/15/30 (A)		4,000,000		3,851,988
Race Point IX, Ser2017-9A, Cl DR 8.731%, VAR ICE LIBOR USD 3 Month+6.900%, 10/15/30 (A)		2,000,000		1,893,940
Sudbury Mill, Ser2013-1A, Cl E 6.586%, VAR ICE LIBOR USD 3 Month+4.750%, 01/17/26 (A)		4,700,000		4,113,163
TCI-Symphony, Ser2018-1A, Cl BR 3.498%, VAR ICE LIBOR USD 3 Month+1.650%, 10/13/29 (A)		2,000,000		2,002,810
Thayer Park, Ser2017-1A, Cl D 7.919%, VAR ICE LIBOR USD 3 Month+6.100%, 04/20/29 (A)		1,000,000		990,859
Zais, Ser2017-1A, Cl C 4.631%, VAR ICE LIBOR USD 3 Month+2.800%, 07/15/29 (A)		1,000,000		980,218
				57,941,858
Total Collateralized Loan Obligations (Cost $62,182,587)				61,430,357
ASSET-BACKED SECURITIES — 26.0%
Asset Backed Securities — 1.3%
BCC Funding XVI, Ser2019-1A, Cl C 2.950%, 09/20/24 (A)		1,500,000		1,507,803
Pawnee Equipment Receivables Series, Ser2019-1, Cl E 3.800%, 01/15/26 (A)		1,500,000		1,507,392
				3,015,195
Automotive — 12.3%
American Credit Acceptance Receivables Trust, Ser2017-1, Cl E 5.440%, 03/13/24 (A)		2,000,000		2,045,402

The accompanying notes are an integral part of the financial statements.

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Description	Face Amount		Value
American Credit Acceptance Receivables Trust, Ser2017-3, Cl C 2.720%, 06/10/22 (A)	$	81,618	$	81,633
American Credit Acceptance Receivables Trust, Ser2017-3, Cl E 5.170%, 06/10/24 (A)		2,500,000		2,546,124
Carnow Auto Receivables Trust, Ser 2017- 1A, Cl C 5.750%, 10/16/23 (A)		2,000,000		2,025,406
Carvana Auto Receivables Trust2019-4, Ser2019-4A, Cl E 4.700%, 10/15/26 (A)		1,000,000		1,016,248
Carvana Auto Receivables Trust, Ser 2019- 1A, Cl E 5.640%, 01/15/26 (A)		500,000		528,155
CPS Auto Receivables Trust, Ser2016-B, Cl E 8.140%, 05/15/23 (A)		1,500,000		1,581,201
CPS Auto Receivables Trust, Ser2016-D, Cl E 6.860%, 04/15/24 (A)		1,155,000		1,203,742
CPS Auto Receivables Trust, Ser2019-B, Cl F 7.480%, 06/15/26 (A)		500,000		524,637
Drive Auto Receivables Trust, Ser2018-1, Cl D 3.810%, 05/15/24		2,000,000		2,036,916
DT Auto Owner Trust, Ser2016-2A, Cl D 5.430%, 11/15/22 (A)		770,282		773,213
DT Auto Owner Trust, Ser2017-2A, Cl E 6.030%, 01/15/24 (A)		1,500,000		1,566,154
DT Auto Owner Trust, Ser2019-4A, Cl E 3.930%, 10/15/26 (A)		2,000,000		2,023,753
Exeter Automobile Receivables Trust, Ser2015-2A, Cl D 5.790%, 05/16/22 (A)		1,391,218		1,392,832
Exeter Automobile Receivables Trust, Ser2015-3A, Cl D 6.550%, 10/17/22 (A)		1,500,000		1,509,409
First Investors Auto Owner Trust, Ser2016-2A, Cl E 5.750%, 09/15/23 (A)		1,250,000		1,286,028
Flagship Credit Auto Trust, Ser2016-2, Cl D 8.560%, 11/15/23 (A)		900,000		958,524
Ford Credit Auto Owner Trust, Ser2018-A, Cl A3 3.030%, 11/15/22		1,817,271		1,835,962

Description	Face Amount		Value
Octane Receivables Trust2019-1, Ser2019-1A, Cl A 3.160%, 09/20/23 (A)	$	954,549	$	956,355
SFS Asset Securitization, Ser2019-1, Cl A 4.238%, 06/10/25 (A)		1,500,000		1,529,633
				27,421,327
Consumer Discretionary — 2.1%
CPS Auto Receivables Trust, Ser2015-A, Cl E 6.190%, 05/16/22 (A)		1,100,000		1,102,104
CPS Auto Receivables Trust, Ser2015-C, Cl F 7.510%, 11/15/22 (A)		1,500,000		1,533,422
CPS Auto Receivables Trust, Ser2019-D, Cl E 3.860%, 10/15/25 (A)		2,000,000		2,015,801
				4,651,327
Credit Card — 4.7%
American Express Credit Account Master Trust, Ser2018-5, Cl A 2.016%, VAR ICE LIBOR USD 1 Month+0.340%, 12/15/25		8,500,000		8,491,780
Fortiva Retail Credit Master Note Business Trust, Ser2018-ONE, Cl A 5.540%, 11/15/23 (A)		2,000,000		2,041,410
				10,533,190
Information Technology — 0.5%
Avid Automobile Receivables Trust, Ser2019-1, Cl E 6.760%, 05/17/27 (A)		1,000,000		1,011,196
Other Asset-Backed Securities — 5.1%
Business Jet Securities, Ser2018-2, Cl A 4.447%, 06/15/33 (A)		527,369		540,701
Business Jet Securities, Ser2018-2, Cl C 6.656%, 06/15/33 (A)		435,761		443,417
CFG Investments, Ser2019-1, Cl A 5.560%, 08/15/29 (A)		1,200,000		1,207,286
CLI Funding, Ser2018-1A, Cl B 4.930%, 04/18/43 (A)		815,307		836,257
Credibly Asset Securitization, Ser2018-1A, Cl A 4.800%, 11/15/23 (A)		1,500,000		1,534,316
Harley Marine Financing, Ser2018-1A, Cl A2 5.682%, 05/15/43 (A)		1,888,945		1,702,595

The accompanying notes are an integral part of the financial statements.

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Description	Face Amount		Value
Kabbage Funding, Ser2019-1, Cl A 3.825%, 03/15/24 (A)	$	1,000,000	$	1,014,838
Kabbage Funding, Ser2019-1, Cl C 4.611%, 03/15/24 (A)		789,000		796,627
MelTel Land Funding, Ser2019-1A, Cl C 6.070%, 04/15/49 (A)		500,000		521,157
Mosaic Solar Loans, Ser2017-2A, Cl B 4.770%, 06/22/43 (A)		409,029		425,527
Sapphire Aviation Finance I, Ser2018-1A, Cl B 5.926%, 03/15/40 (A)		388,594		403,453
Stack Infrastructure Issuer Series, Ser2019-1A, Cl A2 4.540%, 02/25/44 (A)		990,833		1,055,447
Vantage Data Centers Issuer, Ser2018-1A, Cl A2 4.072%, 02/16/43 (A)		980,833		1,021,649
				11,503,270
Total Asset-Backed Securities (Cost $57,062,294)				58,135,505
MORTGAGE-BACKED SECURITIES — 4.7%
Commercial Mortgage-Backed Obligation — 4.7%
Commercial Mortgage Trust, Ser 2014- UBS6, Cl C 4.597%, 12/10/47 (B)		1,000,000		1,038,526
Commercial Mortgage Trust, Ser 2015- DC1, Cl D 4.455%, 02/10/48 (A) (B)		1,517,000		1,403,727
Credit Suisse Commercial Mortgage Trust, Ser2008-C1, Cl D 5.997%, 02/15/41 (A) (B)		574,219		35,602
FREMF Mortgage Trust, Ser2016-K54, Cl C 4.189%, 04/25/48 (A) (B)		1,000,000		1,057,012
FREMF Mortgage Trust, Ser 2016-K722, Cl B 3.975%, 07/25/49 (A) (B)		1,500,000		1,566,256
FREMF Mortgage Trust, Ser2017-K70, Cl B 3.934%, 12/25/49 (A) (B)		2,000,000		2,145,617
FREMF Mortgage Trust, Ser2017-K71, Cl B 3.882%, 11/25/50 (A) (B)		1,250,000		1,328,772
UBS Commercial Mortgage Trust, Ser2012-C1, Cl C 5.756%, 05/10/45 (A) (B)		1,000,000		1,053,905

Description	Face Amount		Value
WFRBS Commercial Mortgage Trust, Ser2014-C25, Cl D 3.803%, 11/15/47 (A) (B)	$	1,000,000	$	953,080
				10,582,497
Total Mortgage-Backed Securities (Cost $10,220,440)				10,582,497
COMMON STOCK — 0.1%
Industrials — 0.1%
Erickson* (C)		3,761		143,445
Total Common Stock (Cost $1,829,568)				143,445
PREFERRED STOCK — 0.0%
Communication Services — 0.0%
MYT Holding 10.000%, 06/07/29 (A)		76,092		68,483
Total Preferred Stock (Cost $76,092)				68,483
CASH EQUIVALENT — 0.2%
Federated Government Obligations Fund, Cl I, 1.450%** (Cost $452,108)		452,108		452,108
REPURCHASE AGREEMENT (D) — 9.0%
KGS Alpha Overnight*** 1.650%, dated 01/31/20, to be repurchased on 02/03/20, repurchase price $20,002,750 (collateralized by various FNMA/GNMA obligations, par value $416,783 - $24,000,000, 2.011% - 5.500%, 06/25/36 - 02/01/50, with total market value of $20,563,572)		20,000,000		20,000,000
Total Repurchase Agreement (Cost $20,000,000)				20,000,000
Total Investments — 99.3% (Cost $220,106,993)			$	221,832,020

Percentages are based on Net Assets of $223,489,486.

* Non-income producing security.

** Rate shown is the7-day effective yield as of January 31, 2020.

*** Repurchase date stated is the termination date of the repurchase agreement. This repurchase agreement is terminable daily upon demand, which is reflective of the repurchase price stated.

(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 January 31, 2020 was $138,945,087 and represents 62.2% of Net Assets.

The accompanying notes are an integral part of the financial statements.

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(B) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

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

(D) Tri-Party Repurchase Agreement.

Cl — Class

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

Ser — Series

USD — U.S. Dollar

VAR — Variable Rate Security

The following is a list of the level of inputs used as of January 31, 2020 in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Corporate Obligations	$	—	$	71,019,625	$	—	$	71,019,625
Collateralized Loan Obligations		—		61,430,357		—		61,430,357
Asset-Backed Securities		—		58,135,505		—		58,135,505
Mortgage-Backed Securities		—		10,582,497		—		10,582,497
Common Stock		—		—		143,445		143,445
Preferred Stock		—		68,483		—		68,483
Cash Equivalent		452,108		—		—		452,108
Repurchase Agreement		—		20,000,000		—		20,000,000
Total Investments in Securities	$	452,108	$	221,236,467	$	143,445	$	221,832,020

(1) A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments is only presented when the Fund has over 1% of Level 3 investments at the beginning and/or end of the period in relation to net assets.

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

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

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

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SECTOR WEIGHTINGS†

† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS

Description	Face Amount		Value
ASSET-BACKED SECURITIES — 45.2%
Automotive — 30.5%
AccessLex Institute, Ser2002-A, Cl A2 4.000%, 09/25/37 (A)	$	400,000	$	395,544
Ally Auto Receivables Trust, Ser2019-2, Cl A2 2.340%, 06/15/22		1,826,026		1,831,426
American Credit Acceptance Receivables Trust, Ser2017-2, Cl C 2.860%, 06/12/23 (B)		125,327		125,421
California Republic Auto Receivables Trust, Ser2016-1, Cl C 4.560%, 12/15/22		1,000,000		1,005,927
Canadian Pacer Auto Receivables Trust, Ser2019-1A, Cl C 3.750%, 07/21/25 (B)		2,550,000		2,652,008
Carnow Auto Receivables Trust, Ser 2019- 1A, Cl A 2.720%, 11/15/22 (B)		2,127,624		2,131,973
CPS Auto Receivables Trust, Ser2018-D, Cl D 4.340%, 09/16/24 (B)		1,500,000		1,552,718
Credit Acceptance Auto Loan Trust, Ser2019-1A, Cl B 3.750%, 04/17/28 (B)		2,700,000		2,792,922

Description	Face Amount		Value
Diamond Resorts Owner Trust, Ser 2019- 1A, Cl A 2.890%, 02/20/32 (B)	$	1,693,712	$	1,717,549
Drive Auto Receivables Trust2020-1, Ser2020-1, Cl C 2.360%, 03/16/26		2,750,000		2,771,425
DT Auto Owner Trust, Ser2019-4A, Cl C 2.730%, 07/15/25 (B)		2,000,000		2,029,635
Exeter Automobile Receivables Trust2020-1, Ser2020-1A, Cl C 2.490%, 01/15/25 (B)		1,500,000		1,512,533
Exeter Automobile Receivables Trust, Ser2018-1A, Cl D 3.530%, 11/15/23 (B)		3,000,000		3,063,639
Exeter Automobile Receivables Trust, Ser2019-2A, Cl B 3.060%, 05/15/23 (B)		3,200,000		3,233,265
First Investors Auto Owner Trust, Ser2017-1A, Cl D 3.600%, 04/17/23 (B)		5,000,000		5,094,345
Flagship Credit Auto Trust, Ser2016-4, Cl C 2.710%, 11/15/22 (B)		99,000		99,224
Flagship Credit Auto Trust, Ser2018-4, Cl D 4.330%, 12/16/24 (B)		4,935,000		5,187,770
Ford Credit Auto Owner Trust, Ser2019-B, Cl B 2.400%, 11/15/24		1,365,000		1,385,731
GLS Auto Receivables Issuer Trust, Ser2019-4A, Cl A 2.470%, 11/15/23 (B)		3,234,978		3,248,007
GM Financial Automobile Leasing Trust, Ser2018-1, Cl A4 2.680%, 12/20/21		2,000,000		2,006,131
GM Financial Consumer Automobile Receivables Trust, Ser2018-1, Cl B 2.570%, 07/17/23		1,240,000		1,256,363
Hertz Vehicle Financing, Ser2018-2A, Cl A 3.650%, 06/27/22 (B)		3,000,000		3,069,835
Master Credit Card Trust II, Ser2018-1A, Cl A 2.144%, VAR ICE LIBOR USD 1 Month+0.490%, 07/21/24 (B)		5,000,000		5,017,539
Master Credit Card Trust II, Ser2019-2A, Cl A 2.044%, VAR ICE LIBOR USD 1 Month+0.390%, 01/21/23 (B)		3,500,000		3,503,750

The accompanying notes are an integral part of the financial statements.

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Description	Face Amount		Value
Master Credit Card Trust, Ser2019-1A, Cl A 2.134%, VAR ICE LIBOR USD 1 Month+0.480%, 07/21/22 (B)	$	3,000,000	$	3,007,737
NextGear Floorplan Master Owner Trust, Ser2018-1A, Cl A2 3.220%, 02/15/23 (B)		1,500,000		1,522,105
Nissan Auto Receivables Owner Trust, Ser2017-C, Cl A3 2.120%, 04/18/22		2,740,325		2,746,826
OneMain Direct Auto Receivables Trust, Ser2018-1A, Cl B 3.710%, 04/14/25 (B)		3,750,000		3,859,229
OSCAR US Funding Trust IX, Ser2018-2A, Cl A3 3.390%, 09/12/22 (B)		1,250,000		1,267,469
OSCAR US Funding Trust VI, Ser2017-1A, Cl A3 2.820%, 06/10/21 (B)		146,629		146,733
OSCAR US Funding Trust VII, Ser2017-2A, Cl A3 2.450%, 12/10/21 (B)		1,492,918		1,494,865
Pawnee Equipment Receivables Series, Ser2019-1, Cl A2 2.290%, 10/15/24 (B)		1,900,000		1,900,278
Pawnee Equipment Receivables Series, Ser2019-1, Cl D 2.860%, 10/15/24 (B)		5,000,000		5,024,779
Santander Drive Auto Receivables Trust, Ser2018-3, Cl B 3.290%, 10/17/22		1,899,483		1,904,866
Santander Drive Auto Receivables Trust, Ser2018-4, Cl C 3.560%, 07/15/24		1,250,000		1,270,813
SoFi Consumer Loan Program, Ser2019-1, Cl B 3.450%, 02/25/28 (B)		2,400,000		2,447,483
Synchrony Card Issuance Trust, Ser 2018- A1, Cl A 3.380%, 09/15/24		3,100,000		3,186,450
Synchrony Credit Card Master Note Trust, Ser2015-1, Cl A 2.370%, 03/15/23		1,785,000		1,786,331
United Auto Credit Securitization Trust, Ser2018-2, Cl B 3.560%, 08/10/22 (B)		412,720		412,888
Vantage Data Centers Issuer, Ser2018-2A, Cl A2 4.196%, 11/16/43 (B)		3,953,333		4,132,349

Description	Face Amount		Value
Volvo Financial Equipment, Ser2018-1A, Cl A4 2.760%, 10/17/22 (B)	$	4,500,000	$	4,563,013
Westlake Automobile Receivables Trust, Ser2017-1A, Cl D 3.460%, 10/17/22 (B)		2,000,000		2,012,071
Westlake Automobile Receivables Trust, Ser2019-2A, Cl C 2.840%, 07/15/24 (B)		2,650,000		2,688,386
World Financial Network Credit Card Master Trust, Ser2016-A, Cl M 2.330%, 04/15/25		2,000,000		2,011,149
World Omni Auto Receivables Trust, Ser2018-B, Cl B 3.170%, 01/15/25		1,520,000		1,562,221
World Omni Auto Receivables Trust, Ser2018-C, Cl A3 3.130%, 11/15/23		3,000,000		3,058,697
World Omni Automobile Lease Securitization Trust, Ser2019-A, Cl A4 3.010%, 07/15/24		1,750,000		1,785,241
				110,476,659
Credit Cards — 10.0%
Capital One Multi-Asset Execution Trust, Ser2017-A2, Cl A2 2.086%, VAR ICE LIBOR USD 1 Month+0.410%, 01/15/25		5,000,000		5,021,918
Capital One Multi-Asset Execution Trust, Ser2017-A5, Cl A5 2.256%, VAR ICE LIBOR USD 1 Month+0.580%, 07/15/27		9,000,000		9,056,671
Citibank Credit Card Issuance Trust, Ser2017-A5, Cl A5 2.273%, VAR ICE LIBOR USD 1 Month+0.620%, 04/22/26		7,000,000		7,050,875
Discover Card Execution Note Trust, Ser2017-A7, Cl A7 2.036%, VAR ICE LIBOR USD 1 Month+0.360%, 04/15/25		5,000,000		5,014,745
Golden Credit Card Trust, Ser2019-1A, Cl A 2.126%, VAR ICE LIBOR USD 1 Month+0.450%, 12/15/22 (B)		5,000,000		5,010,950
Trillium Credit Card Trust II, Ser2019-1A, Cl A 2.141%, VAR ICE LIBOR USD 1 Month+0.480%, 01/26/24 (B)		5,000,000		5,013,965
				36,169,124

The accompanying notes are an integral part of the financial statements.

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FROST LOW DURATION BOND FUND

Description	Face Amount			Value
Other Asset-Backed Securities — 1.0%
Mosaic Solar Loans, Ser2017-1A, Cl A 4.450%, 06/20/42 (B)	$	456,643		$	480,866
SCF Equipment Leasing, Ser2017-1A, Cl A 3.770%, 01/20/23 (B)		528,603			535,341
SoFi Consumer Loan Program, Ser2017-5, Cl A2 2.780%, 09/25/26 (B)		1,386,588			1,394,638
TAL Advantage V, Ser2013-1A, Cl B 3.960%, 02/22/38 (B)		1,233,333			1,244,229
					3,655,074
Student Loan — 3.7%
Commonbond Student Loan Trust, Ser2017-AGS, Cl A1 2.550%, 05/25/41 (B)		1,892,657			1,908,754
Nelnet Student Loan Trust, Ser2012-6A, Cl B 3.161%, VAR ICE LIBOR USD 1 Month+1.500%, 08/26/52 (B)		3,000,000			2,886,917
Nelnet Student Loan Trust, Ser2013-3A, Cl B 3.161%, VAR ICE LIBOR USD 1 Month+1.500%, 07/25/47 (B)		4,000,000			3,947,566
Nelnet Student Loan Trust, Ser2015-3A, Cl B 3.161%, VAR ICE LIBOR USD 1 Month+1.500%, 06/25/54 (B)		3,000,000			2,882,514
SLM Student Loan Trust, Ser2013-2, Cl B 3.161%, VAR ICE LIBOR USD 1 Month+1.500%, 06/25/43		2,000,000			1,922,206
					13,547,957
Total Asset-Backed Securities (Cost $160,914,576)					163,848,814
U.S. TREASURY OBLIGATIONS — 33.3%
U.S. Treasury Note 1.625%, 11/15/22 to 12/15/22		80,000,000			80,695,313
1.500%, 01/15/23		40,000,000			40,221,875
Total U.S. Treasury Obligations (Cost $119,980,089)					120,917,188
CORPORATE OBLIGATIONS — 17.1%
Communication Services — 1.4%
BellSouth 4.266%, 04/26/20 (B)		5,000,000			5,025,150
Consumer Discretionary — 0.8%
BMW US Capital 2.950%, 04/14/22 (B)		3,000,000			3,072,276
			��
Energy — 5.2%
Barclays 3.200%, 08/10/21		3,000,000			3,051,119

Description	Face Amount		Value
Danske Bank MTN 2.800%, 03/10/21 (B)	$	3,000,000	$	3,032,176
Nationwide Building Society 2.000%, 01/27/23 (B)		9,000,000		9,050,597
Standard Chartered MTN 2.250%, 04/17/20 (B)		2,300,000		2,300,713
Swedbank 2.594%, VAR ICE LIBOR USD 3 Month+0.700%, 03/14/22 (B)		1,600,000		1,608,076
				19,042,681
Financials — 7.6%
Athene Global Funding 2.500%, 01/14/25 (B)		11,800,000		11,909,606
Bank of America MTN 3.764%, VAR CPI YOY+2.000%, 01/14/21		1,000,000		990,000
Capital One 2.150%, 09/06/22		1,350,000		1,360,490
Capital One Financial 3.200%, 01/30/23		2,000,000		2,074,512
Credit Suisse NY 2.100%, 11/12/21		1,000,000		1,006,656
Deutsche Bank 3.209%, VAR ICE LIBOR USD 3 Month+1.310%, 08/20/20		4,400,000		4,415,514
JPMorgan Chase MTN 3.051%, VAR CPI YOY+1.000%, 08/17/22		1,250,000		1,242,375
Royal Bank of Canada MTN 2.750%, 02/01/22		2,000,000		2,044,989
Royal Bank of Scotland Group 3.498%, VAR ICE LIBOR USD 3 Month+1.480%, 05/15/23		2,328,000		2,393,665
				27,437,807
Health Care — 0.6%
AbbVie 2.150%, 11/19/21 (B)		2,000,000		2,012,759
Industrials — 1.1%
Masco 5.950%, 03/15/22		3,574,000		3,868,783
Information Technology — 0.4%
Jabil 4.700%, 09/15/22		1,365,000		1,458,466
Total Corporate Obligations (Cost $61,230,805)				61,917,922
U.S. GOVERNMENT AGENCY OBLIGATION — 1.4%
Tennessee Valley Authority 3.875%, 02/15/21		5,000,000		5,116,446
Total U.S. Government Agency Obligation (Cost $5,095,309)				5,116,446

The accompanying notes are an integral part of the financial statements.

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FROST LOW DURATION BOND FUND

Description	Face Amount		Value
MORTGAGE-BACKED SECURITY — 0.6%
Agency Mortgage-Backed Obligation — 0.6%
FHLMC REMIC, Ser 2010-3747, Cl UF 2.156%, VAR LIBOR USD 1 Month+0.480%, 10/15/40	$	2,173,175	$	2,166,354
Total Mortgage-Backed Security (Cost $2,170,281)				2,166,354
CASH EQUIVALENT — 0.1%
Federated Government Obligations Fund, Cl I, 1.450%* (Cost $287,510)		287,510		287,510
REPURCHASE AGREEMENT (C) — 0.8%
KGS Alpha Overnight** 1.600%, dated 01/31/20, to be repurchased on 02/03/20, repurchase price $3,000,400 (collateralized by various GNMA obligations, par value $2,927,176, 3.500%, 01/20/50, with total market value of $3,060,001)		3,000,000		3,000,000
Total Repurchase Agreement (Cost $3,000,000)				3,000,000
Total Investments — 98.5% (Cost $352,678,570)			$	357,254,234

Percentages are based on Net Assets of $362,838,033.

* Rate shown is the7-day effective yield as of January 31, 2020.

** Repurchase date stated is the termination date of the repurchase agreement. This repurchase agreement is terminable daily upon demand, which is reflective of the repurchase price stated.

(A) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

(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 January 31, 2020 was $143,828,611 and represents 39.6% of Net Assets.

(C) Tri-Party Repurchase Agreement.

Cl — Class

CPI YOY — Consumer Price Index Year Over Year

FHLMC — Federal Home Loan Mortgage Corporation

GNMA — Government National Mortgage Association

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

REMIC — Real Estate Mortgage Investment Conduit

Ser — Series

USD — U.S. Dollar

VAR — Variable

The following is a list of the level of inputs used as of January 31, 2020 in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	—	$	163,848,814	$	—	$	163,848,814
U.S. Treasury Obligations		120,917,188		—		—		120,917,188
Corporate Obligations		—		61,917,922		—		61,917,922
U.S. Government Agency Obligation		—		5,116,446		—		5,116,446
Mortgage-Backed Security		—		2,166,354		—		2,166,354
Cash Equivalent		287,510		—		—		287,510
Repurchase Agreement		—		3,000,000		—		3,000,000
Total Investments in Securities	$	121,204,698	$	236,049,536	$	—	$	357,254,234

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

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

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

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FROST MUNICIPAL BOND FUND

SECTOR WEIGHTINGS†

† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS

Description	Face Amount		Value
MUNICIPAL BONDS — 92.1%
Arizona — 1.2%
University of Arizona, Ser B, RB 4.000%, 06/01/25	$	1,000,000	$	1,157,860
California — 3.3%
California State, Municipal Finance Authority, Ser A, RB 5.000%, 03/01/25		1,610,000		1,660,683
California State, School Finance Authority, RB Callable 02/01/24 @ 100 5.350%, 08/01/24		450,000		481,545
Golden State, Tobacco Securitization, Ser A, RB, ST APPROP 4.000%, 06/01/21		1,000,000		1,041,690
				3,183,918
Colorado — 2.5%
El Paso County, School District No. 49 Falcon, Ser A, COP 5.000%, 12/15/24		525,000		624,530
5.000%, 12/15/25		460,000		564,218
El Paso County, School District No. 49 Falcon, Ser B, COP 5.000%, 12/15/23		250,000		287,843
5.000%, 12/15/24		300,000		356,874
5.000%, 12/15/26		500,000		627,140
				2,460,605
Delaware — 2.4%
University of Delaware, RB 5.000%, 11/01/23		2,000,000		2,305,340

Description	Face Amount		Value
District of Columbia — 1.3%
District of Columbia, RB 4.000%, 10/01/20	$	305,000	$	307,089
4.000%, 10/01/22		895,000		926,844
				1,233,933
Florida — 2.1%
Florida State, Department of Education, Ser A, RB Callable 07/01/20 @ 101 4.375%, 07/01/30		2,000,000		2,048,120
Idaho — 0.6%
Idaho State, Housing & Finance Association, RB 4.000%, 07/01/26		500,000		535,425
Illinois — 4.5%
Chicago, O’Hare International Airport, Ser B, RBPre-Refunded @ 100 5.500%, 01/01/21 (A)		1,030,000		1,073,425
Lee & Ogle Counties, School District No. 170 Dixon, GO, BAM 4.000%, 01/30/25		760,000		850,334
Railsplitter, Tobacco Settlement Authority, RB 5.250%, 06/01/20		2,410,000		2,442,077
				4,365,836
Kansas — 3.1%
Geary County, GO 5.000%, 09/01/24		1,240,000		1,449,324
5.000%, 09/01/25		1,300,000		1,563,562
				3,012,886
Maryland — 2.8%
Maryland State, GO 5.000%, 03/15/29		2,000,000		2,672,720
Massachusetts — 1.1%
City of Fall River Massachussetts, GO, ST AID WITHHLDG 2.000%, 12/01/24		1,015,000		1,060,391
Michigan — 1.3%
Taylor, Brownfield Redevelopment Authority, RB, NATL Callable 05/01/24 @ 100 4.000%, 05/01/28		1,175,000		1,257,274
Minnesota — 0.6%
Minnesota State, Housing Finance Agency, Ser A, RB, GNMA Callable 07/01/22 @ 100 2.600%, 09/01/42		554,972		565,561

The accompanying notes are an integral part of the financial statements.

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FROST MUNICIPAL BOND FUND

Description	Face Amount		Value
Missouri — 1.8%
Saint Louis, Municipal Finance, RB, AGM 5.000%, 07/15/22	$	1,575,000	$	1,725,302
New Hampshire — 1.2%
Grafton County, GO 3.000%, 07/01/22		1,140,000		1,194,116
New York — 2.2%
Dunkirk City, School District, GO, AGM 4.000%, 06/15/21		550,000		574,744
4.000%, 06/15/22		835,000		898,468
Niagara County, Tobacco Asset Securitization, RB 5.000%, 05/15/20		350,000		353,108
5.000%, 05/15/21		300,000		311,547
				2,137,867
Ohio — 1.1%
Ohio State, Ser A, GO Callable 08/01/21 @ 100 5.000%, 02/01/31		1,000,000		1,058,940
Oklahoma — 3.0%
Oklahoma State, Housing Finance Agency, RB, GNMA Callable 03/01/23 @ 100 3.750%, 03/01/44		503,889		531,346
University of Oklahoma, Ser C, RB Callable 07/01/25 @ 100 5.000%, 07/01/35		2,000,000		2,362,500
				2,893,846
Rhode Island — 2.2%
Rhode Island State, Ser A, GO Callable 05/01/27 @ 100 3.000%, 05/01/33		2,000,000		2,132,800
South Carolina — 1.6%
Hilton Head Island, Ser C, GO, ST AID WITHHLDG Callable 03/01/26 @ 100 2.250%, 03/01/33		530,000		537,680
2.125%, 03/01/32		520,000		525,054
2.000%, 03/01/30		495,000		502,603
				1,565,337
Texas — 47.4%
Andrews County, Hospital District, GO 2.750%, 03/15/20		1,250,000		1,252,412
Capital Area, Cultural Education Facilities Finance, Roman Catholic Diocese, RB 5.125%, 04/01/20		685,000		688,939

Description	Face Amount		Value
Central Texas, Turnpike System, Ser C, RB 5.000%, 08/15/24	$	750,000	$	877,943
Clifton, Higher Education Finance, Idea Public Schools Project, RB 4.800%, 08/15/21 (B)		215,000		222,884
Clifton, Higher Education Finance, RB, PSF-GTD 5.000%, 08/15/24		1,185,000		1,391,735
Clifton, Higher Education Finance, RB, PSF-GTD Callable 08/15/24 @ 100 5.000%, 08/15/25		700,000		822,507
Clifton, Higher Education Finance, Ser A, RB 3.375%, 12/01/24		1,260,000		1,301,378
Clifton, Higher Education Finance, Ser B, RB 5.000%, 08/15/25		460,000		548,762
4.000%, 08/15/22		525,000		561,115
4.000%, 08/15/23		500,000		545,615
Cypress-Fairbanks Independent School District, Ser A,PSF-GTD Callable 02/15/29 @ 100 5.000%, 02/15/30		1,500,000		1,964,025
Dallas Area, Rapid Transit, Ser A, RB 5.000%, 12/01/22		1,000,000		1,114,320
Downtown Redevelopment Authority, TA, BAM 5.000%, 09/01/25		1,000,000		1,185,550
Downtown Redevelopment Authority, TA, BAM Callable 09/01/25 @ 100 5.000%, 09/01/29		1,000,000		1,201,550
El Paso County, Hospital District, GO 5.000%, 08/15/25		3,070,000		3,601,601
Georgetown, Utility System Revenue, RB Callable 08/15/26 @ 100 4.000%, 08/15/29		1,000,000		1,154,870
Houston, Higher Education Finance, Ser A, RB,PSF-GTD 4.000%, 02/15/22		1,005,000		1,063,149
La Vernia, Higher Education Finance, Ser A, RB 4.200%, 08/15/25		575,000		602,853
La Vernia, Higher Education Finance, Ser A, RB Callable 08/15/24 @ 100 5.250%, 08/15/35		3,435,000		3,750,951
Love Field, Airport Modernization, Southwest Airlines Project, RB Callable 11/01/20 @ 100 5.250%, 11/01/40		2,500,000		2,573,225

The accompanying notes are an integral part of the financial statements.

34

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FROST MUNICIPAL BOND FUND

Description	Face Amount		Value
Love Field, Airport Modernization, AMT, RB 5.000%, 11/01/22	$	1,000,000	$	1,105,540
New Hope, Cultural Education Facilities, RB 5.000%, 04/01/21		355,000		363,786
4.000%, 04/01/20		210,000		210,405
North Harris County, Regional Water Authority, RB 3.000%, 12/15/20		1,000,000		1,017,500
San Antonio, Public Facilities, RB Callable 09/15/22 @ 100 5.000%, 09/15/26		2,000,000		2,201,440
Seminole, Hospital District, GO Callable 02/15/26 @ 100 4.000%, 02/15/31		545,000		592,802
Texas A&M University, Permanent University Fund, Ser B, RB Callable 07/01/25 @ 100 5.000%, 07/01/34		1,000,000		1,187,810
Texas State, College Student Loan, GO Callable 08/01/20 @ 100 5.000%, 08/01/21		1,000,000		1,020,470
Texas State, Highway Improvement, GO 5.000%, 04/01/22		2,500,000		2,722,050
Texas State, Public Finance Authority, Financing System, Texas Southern University, RB 5.625%, 05/01/21		1,440,000		1,506,557
5.375%, 05/01/20		1,365,000		1,376,521
Texas State, Public Finance Authority, New Frontiers School, Ser A, RB Callable 08/15/20 @ 100 5.800%, 08/15/40		1,100,000		1,117,479
Texas State, Public Finance Authority, RB, BAM 5.000%, 11/01/21		1,400,000		1,486,394
Texas State, University System, Ser A, RB 5.000%, 03/15/21		1,000,000		1,045,100
Texas Tech University, Ser A, RB Callable 02/15/27 @ 100 5.000%, 02/15/28		2,000,000		2,532,860
				45,912,098
Virginia — 3.1%
Virginia Commonwealth, Housing Development Authority, Sub-SerC-3, RB 2.150%, 04/01/21		3,000,000		3,036,510

Description	Face Amount		Value
Wisconsin — 1.7%
Oshkosh City, Ser H, GO Callable 08/01/24 @ 100 2.375%, 08/01/30	$	585,000	$	602,737
Wisconsin State, Ser B, GOPre-Refunded @ 100 4.500%, 05/01/21 (A)		1,000,000		1,044,590
				1,647,327
Total Municipal Bonds (Cost $85,417,190)				89,164,012
CASH EQUIVALENT — 7.2%
Federated Government Obligations Fund, Cl I, 1.450%* (Cost $7,020,771)		7,020,771		7,020,771
Total Investments — 99.3% (Cost $92,437,961)			$	96,184,783

Percentages are based on Net Assets of $96,828,953.

* Rate shown is the7-day effective yield as of January 31, 2020.

(A) Pre-Refunded Securities — The maturity date shown is thepre-refunded date.

(B) Security is escrowed to maturity.

AGM — Assured Guaranty Municipal

AMT — Alternative Minimum Tax (subject to)

BAM — Build America Mutual

Cl — Class

COP — Certificate of Participation

GNMA — Government National Mortgage Association

GO — General Obligation

NATL — National Public Finance Guaranty Corporation

PSF-GTD — Texas Permanent School Fund Guarantee

RB — Revenue Bond

Ser — Series

TA — Tax Allocation

The following is a list of the level of inputs used as of January 31, 2020 in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	89,164,012	$	—	$	89,164,012
Cash Equivalent		7,020,771		—		—		7,020,771
Total Investments in Securities	$	7,020,771	$	89,164,012	$	—	$	96,184,783

For the period ended January 31, 2020, there have been no transfers in or out of Level 3.

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

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

35

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FROST GLOBAL BOND FUND

SECTOR WEIGHTINGS†

† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS

Description	Face Amount		Value
U.S. TREASURY OBLIGATION — 33.9%
U.S. Treasury Note 1.500%, 10/31/21	$	350,000	$	350,779
Total U.S. Treasury Obligation (Cost $349,334)				350,779
CORPORATE OBLIGATIONS — 20.9%
Energy — 17.3%
Barclays MTN 0.750%, VAR EUSA1+1.050%, 06/09/25		100,000		111,864
Westpac Banking MTN 1.522%, VAR BBSW3M+0.620%, 05/16/22		100,000		67,045
				178,909
Financials — 3.6%
Royal Bank of Canada 2.410%, VAR CDOR03+0.360%, 03/23/20		50,000		37,807
Total Corporate Obligations (Cost $217,485)				216,716
ASSET-BACKED SECURITY — 12.7%
Automotive — 12.7%
Penarth Master Issuer, Ser2018-1X, Cl A2 1.226%, VAR SONIA1M IR+0.515%, 03/18/25		100,000		131,287
Total Asset-Backed Security (Cost $131,332)				131,287
SOVEREIGN DEBT — 5.0%
Mexican Bonos 6.500%, 06/09/22		974,700		51,416
Total Sovereign Debt (Cost $50,970)				51,416

Description	Face Amount		Value
CASH EQUIVALENT — 26.3%
Union Bank of California, 0.300%* (Cost $272,319)	$	272,319	$	272,319
Total Investments — 98.8% (Cost $1,021,440)			$	1,022,517

Percentages are based on Net Assets of $1,034,490.

* Rate shown is the7-day effective yield as of January 31, 2020.

Cl — Class

MTN — Medium Term Note

Ser — Series

VAR — Variable

As of January 31, 2020, 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 the period ended January 31, 2020, there have been no transfers in or out of Level 3.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

36

FROST FAMILY OF FUNDS F R O S T   F U N D S   |   J A N U A R Y   3 1,   2 0 2 0   (U n a u d i t e d)

STATEMENTS OF ASSETS AND LIABILITIES

	Growth Equity Fund		Value Equity Fund		Mid Cap Equity Fund		Total Return Bond Fund
Assets:
Investments at Value	$	352,349,513	$	14,302,558	$	1,950,943	$	3,799,327,329
Repurchase Agreements at Value		—		—		—		164,000,000
Receivable for Investment Securities Sold		—		—		—		7,608,077
Receivable for Capital Shares Sold		438,003		523		—		9,060,069
Receivable Due from Investment Adviser		—		—		3,298		—
Dividends and Interest Receivable		99,990		14,451		381		24,005,669
Receivable from Investment Adviser		—		—		—		—
Foreign Tax Reclaim Receivable		1,484		8,049		—		—
Prepaid Expenses		14,837		12,045		15,268		74,147
Total Assets		352,903,827		14,337,626		1,969,890		4,004,075,291
Liabilities:
Payable for Investment Securities Purchased		—		159,631		—		17,853,135
Payable for Capital Shares Redeemed		349,632		2		—		3,035,895
Payable Due to Investment Adviser		149,929		6,281		—		1,165,093
Shareholder Servicing Fees Payable — A Class Shares		—		—		—		1,010
Professional Fees Payable		10,637		10,558		10,579		23,876
Payable Due to Administrator		21,735		911		124		241,272
Payable Due to Distributor — Investor Class Shares		10,637		829		87		108,869
Payable Due to Distributor — A Class Shares		—		—		—		556
Transfer Agent Fees Payable		3,476		7,415		7,412		124,199
Payable Due to Trustees		1,369		68		9		15,170
Chief Compliance Officer Fees Payable		424		33		4		4,716
Pricing Fees Payable		831		449		191		42,769
Income Distribution Payable		—		—		—		2,180
Other Accrued Expenses		7,087		—		1,127		82,646
Total Liabilities		555,757		186,177		19,533		22,701,386
Net Assets	$	352,348,070	$	14,151,449	$	1,950,357	$	3,981,373,905
NET ASSETS:
Paid-in Capital	$	177,079,117	$	12,566,683	$	1,611,825	$	4,008,637,706
Total Distributable Earnings (Loss)		175,268,953		1,584,766		338,532		(27,263,801	)
Net Assets	$	352,348,070	$	14,151,449	$	1,950,357	$	3,981,373,905
Institutional Class Shares:
Net Assets	$	301,431,764	$	9,489,789	$	1,689,094	$	3,414,155,723
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		21,739,620		1,391,664		319,773		327,479,001
Net Asset Value, Offering and Redemption Price Per Share	$	13.87	$	6.82	$	5.28	$	10.43
Investor Class Shares:
Net Assets	$	50,916,306	$	4,661,660	$	261,263	$	564,519,296
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		3,730,808		685,635		50,871		54,174,371
Net Asset Value, Offering and Redemption Price Per Share	$	13.65	$	6.80	$	5.14	$	10.42
A Class Shares:
Net Assets	$	—	$	—	$	—	$	2,698,886
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		—		—		—		259,018
Net Asset Value, Offering and Redemption Price Per Share	$	—	$	—	$	—	$	10.42
Maximum Offering Price Per Share — Class A	$	—	$	—	$	—	$	10.77
Cost of Investments	$	183,668,358	$	13,181,940	$	1,780,080	$	3,963,438,665
Cost of Affiliated Investment		—		—		—		—

Amounts designated as “—” are $0.

The accompanying notes are an integral part of the financial statements.

37

FROST FAMILY OF FUNDS F R O S T   F U N D S   |   J A N U A R Y   3 1,   2 0 2 0   (U n a u d i t e d)

STATEMENTS OF ASSETS AND LIABILITIES

	Credit Fund			Low Duration Bond Fund		Municipal Bond Fund		Global Bond Fund
Assets:
Investments at Value	$	201,832,020		$	354,254,234	$	96,184,783	$	1,022,517
Repurchase Agreements at Value		20,000,000			3,000,000		—		—
Receivable for Investment Securities Sold		—			4,878,281		—		—
Receivable for Capital Shares Sold		413,405			2,236,672		—		—
Dividends and Interest Receivable		1,539,396			1,056,079		1,118,598		2,360
Receivable from Investment Adviser		—			—		—		22,379
Deferred Offering Costs		—			—		—		16,006
Prepaid Expenses		24,892			17,832		11,150		1,398
Total Assets		223,809,713			365,443,098		97,314,531		1,064,660
Liabilities:
Securities Sold Short, at Value		—			2,000,000		—		—
Payable for Capital Shares Redeemed		157,395			458,708		415,722		—
Payable Due to Investment Adviser		94,450			91,167		32,181		436
Shareholder Servicing Fees Payable — A Class Shares		299			—		—		—
Professional Fee Payable		17,614			11,564		11,496		11,753
Payable Due to Administrator		13,691			22,026		9,330		6,352
Payable Due to Distributor — Investor Class Shares		2,541			4,583		1,249		—
Payable Due to Distributor — A Class Shares		168			—		—		—
Payable Due to Trustees		839			1,374		597		2
Chief Compliance Officer Fees Payable		266			436		200		—
Transfer Agent Fees Payable		9,765			5,390		6,917		11,325
Pricing Fees Payable		18,428			4,552		5,371		302
Other Accrued Expenses		4,771			5,265		2,515		—
Total Liabilities		320,227			2,605,065		485,578		30,170
Net Assets	$	223,489,486		$	362,838,033	$	96,828,953	$	1,034,490
NET ASSETS:
Paid-in Capital	$	224,830,936		$	359,642,292	$	92,181,544	$	1,033,333
Distributable Earnings (Loss)		(1,341,450	)		3,195,741		4,647,409		1,157
Net Assets	$	223,489,486		$	362,838,033	$	96,828,953	$	1,034,490
Institutional Class Shares:
Net Assets	$	210,134,928		$	340,086,946	$	90,543,593	$	1,034,290
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		21,440,788			32,853,547		8,567,402		103,310
Net Asset Value, Offering and Redemption Price Per Share	$	9.80		$	10.35	$	10.57	$	10.01
Investor Class Shares:
Net Assets	$	12,765,692		$	22,751,087	$	6,285,360	$	100
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		1,304,363			2,197,026		594,527		10
Net Asset Value, Offering and Redemption Price Per Share	$	9.79		$	10.36	$	10.57	$	10.02
A Class Shares:
Net Assets	$	588,866		$	—	$	—	$	100
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		60,191			—		—		10
Net Asset Value, Offering and Redemption Price Per Share	$	9.78		$	—	$	—	$	10.02
Maximum Offering Price Per Share — Class A	$	10.01		$	—	$	—	$	10.23
Cost of Investments	$	220,106,993		$	352,678,570	$	92,437,961	$	1,021,440
Cost of Repurchase Agreements		—			—		—		—

“n/a” designates that the Fund does not offer this class.

Amounts designated as “—” are $0.

The accompanying notes are an integral part of the financial statements.

38

FROST FAMILY OF FUNDS F R O S T   F U N D S   |   F O R   T H  E   S I X   M O N T H S   E N D E D   J A N U A R Y   3 1,   2  0 2 0 (Unaudited)

STATEMENTS OF OPERATIONS

	Growth Equity Fund			Value Equity Fund			Mid Cap Equity Fund			Total Return Bond Fund
Investment Income:
Dividend Income	$	1,553,316		$	337,309		$	30,039		$	9,546
Interest income		—			—			765			78,845,062
Foreign Taxes Withheld		(2,982	)		—			—			—
Total Investment Income		1,550,334			337,309			30,804			78,854,608
Expenses:
Investment Advisory Fees		854,973			53,322			7,451			6,759,307
Administration Fees		124,040			7,737			1,081			1,400,843
Distribution Fees — Investor Class Shares		60,556			6,496			642			679,604
Distribution Fees — A Class Shares		—			—			—			2,553
Trustees’ Fees		4,307			305			43			48,587
Chief Compliance Officer Fees		721			48			6			8,145
Transfer Agent Fees		22,869			7,276			5,802			233,646
Professional Fees		24,586			20,080			19,766			98,519
Registration Fees		19,686			13,743			14,647			107,755
Printing Fees		10,133			713			121			111,709
Custodian Fees		6,809			980			2,515			78,783
Interest Expense on Borrowings		—			300			163			—
Insurance and Other Expenses		4,981			676			405			132,889
Total Expenses		1,133,661			111,676			52,642			9,662,340
Less: Investment Advisory Fees Waived		—			—			(28,713	)		—
Less: Fees Paid Indirectly		(1,077	)		(481	)		(190	)		(33,842	)
Net Expenses		1,132,584			111,195			23,739			9,628,498
Net Investment Income		417,750			226,114			7,065			69,226,110
Net Realized Gain from Investments		16,424,638			1,858,254			311,215			2,475,695
Net Change in Unrealized Appreciation (Depreciation) on Investments		19,333,596			(1,442,461	)		(259,289	)		2,739,847
Net Realized and Unrealized Gain on Investments		35,758,234			415,793			51,926			5,215,542
Increase in Net Assets Resulting from Operations	$	36,175,984		$	641,907		$	58,991		$	74,441,652

Amounts designated as “—” are $0.

The accompanying notes are an integral part of the financial statements.

39

FROST FAMILY OF FUNDS F R O S T   F U N D S   |   F O R   T H  E   S I X   M O N T H S   E N D E D   J A N U A R Y   3 1,   2  0 2 0 (Unaudited)

STATEMENTS OF OPERATIONS

	Credit Fund			Low Duration Bond Fund			Municipal Bond Fund			Global Bond Fund*
Investment Income:
Interest Income	$	5,366,301		$	4,367,090		$	1,820,964		$	3,607
Dividend Income		5,139			5,184			106,805			—
Total Investment Income		5,371,440			4,372,274			1,927,769			3,607
Expenses:
Investment Advisory Fees		553,750			526,756			277,730			1,205
Administration Fees		80,333			127,366			57,560			18,887
Distribution Fees — Investor Class Shares		16,112			30,620			7,956			—
Distribution Fees — A Class Shares		497			—			—			—
Trustees’ Fees		2,809			4,434			2,033			3
Chief Compliance Officer Fees		471			740			337			1
Transfer Agent Fees		20,236			23,931			13,926			11,338
Registration Fees		22,557			20,342			13,951			148
Professional Fees		34,191			27,364			24,681			11,754
Printing Fees		6,521			10,172			4,661			51
Custodian Fees		4,889			8,072			3,284			632
Offering Costs		—			—			—			24,071
Insurance and Other Expenses		37,711			13,535			11,094			351
Total Expenses		780,077			793,332			417,213			68,441
Less: Investment Advisory Fees Waived		—			—			(79,351	)		(66,033	)
Less: Fees Paid Indirectly		(1,233	)		(1,116	)		(101	)		(2	)
Net Expenses		778,844			792,216			337,761			2,406
Net Investment Income		4,592,596			3,580,058			1,590,008			1,201
Net Realized Gain (Loss) from Investments		368,799			42,267			974,533			38
Net Change in Unrealized Appreciation (Depreciation) on Investments		1,803,669			2,559,658			344,285			1,077
Net Realized and Unrealized Loss on Investments		2,172,468			2,601,925			1,318,818			1,115
Increase (Decrease) in Net Assets Resulting from Operations	$	6,765,064		$	6,181,983		$	2,908,826		$	2,316

“n/a” designates that the Fund does not offer this class.

Amounts designated as “—” are $0.

* Fund commenced operations on October 31, 2019.

The accompanying notes are an integral part of the financial statements.

40

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FROST FAMILY OF FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	Growth Equity Fund
	Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31, 2019
Operations:
Net Investment Income (Loss)	$	417,750		$	930,902
Net Realized Gain on Investments		16,424,638			29,612,815
Net Change in Unrealized Appreciation (Depreciation) on Investments		19,333,596			(1,306,421	)
Net Increase in Net Assets Resulting from Operations		36,175,984			29,237,296
Distributions:
Net Investment Income:
Institutional Class Shares		(859,170	)		(34,131,973	)
Investor Class Shares		(35,946	)		(5,586,562	)
A Class Shares		—			—
Return of Capital:
Institutional Class Shares		(28,648,645	)		—
Investor Class Shares		(4,792,207	)		—
Total Distributions		(34,335,968	)		(39,718,535	)
Capital Share Transactions:
Institutional Class Shares:
Issued		18,190,287			49,641,365
Reinvestment of Dividends		13,734,711			15,323,192
Redeemed		(22,766,447	)		(37,485,376	)
Net Increase (Decrease) in Net Assets from Institutional Class Share Transactions		9,158,551			27,479,181
Investor Class Shares:
Issued		1,168,065			2,582,372
Reinvestment of Dividends		4,729,005			5,463,581
Redeemed		(2,431,818	)		(5,934,245	)
Net Increase (Decrease) in Net Assets from Investor Class Share Transactions		3,465,252			2,111,708
A Class Shares:
Issued		n/a			n/a
Reinvestment of Dividends		n/a			n/a
Redeemed		n/a			n/a
Net Increase (Decrease) in Net Assets from A Class Share Transactions		n/a			n/a
Net Increase (Decrease) in Net Assets from Capital Share Transactions		12,623,803			29,590,889
Total Increase (Decrease) in Net Assets		14,463,819			19,109,650
Net assets:
Beginning of Year		337,884,251			318,774,601
End of Year	$	352,348,070		$	337,884,251
Share Transactions:
Institutional Class Shares:
Issued		1,314,688			3,741,882
Reinvestment of Dividends		1,035,347			1,321,795
Redeemed		(1,652,341	)		(2,831,757	)
Total Increase (Decrease) in Institutional Class Shares		697,694			2,231,920
Investor Class Shares:
Issued		85,048			196,563
Reinvestment of Dividends		362,875			478,924
Redeemed		(178,269	)		(450,708	)
Total Increase (Decrease) in Investor Class Shares		269,654			224,779
A Class Shares:
Issued		n/a			n/a
Reinvestment of Dividends		n/a			n/a
Redeemed		n/a			n/a
Total Increase (Decrease) in Investor Class Shares		n/a			n/a
Net Increase (Decrease) in Shares Outstanding		967,348			2,456,699

Amounts designated as “—” are $0.

“n/a” designates that the Fund does not offer this class.

The accompanying notes are an integral part of the financial statements.

42

F R O S T   F U N D S

Value Equity Fund						Mid Cap Equity Fund						Total Return Bond Fund
Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31, 2019			Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31, 2019			Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31, 2019
$	226,114		$	1,178,014		$	7,065		$	16,649		$	69,226,110		$	119,076,528
	1,858,254			6,592,172			311,215			1,603,969			2,475,695			(19,700,120	)
	(1,442,461	)		(14,708,765	)		(259,289	)		(1,494,426	)		2,739,847			65,485,924
	641,907			(6,938,579	)		58,991			126,192			74,441,652			164,862,332
	(135,976	)		(7,698,849	)		(3,663	)		(2,233,008	)		(62,106,823	)		(103,743,506	)
	(46,087	)		(2,390,282	)		—			(210,593	)		(9,503,333	)		(14,981,109	)
	—			—			—			—			(36,222	)		(39,688	)
	(1,664,693	)		—			(664,127	)		—			—			—
	(781,033	)		—			(116,993	)		—			—			—
	(2,627,789	)		(10,089,131	)		(784,783	)		(2,443,601	)		(71,646,378	)		(118,764,303	)
	78,915			2,725,486			—			217,618			492,483,457			1,275,659,383
	763,186			3,824,810			258,784			304,641			36,279,904			52,809,404
	(13,880,448	)		(44,219,339	)		(1,709,855	)		(7,320,407	)		(308,445,526	)		(526,537,951	)
	(13,038,347	)		(37,669,043	)		(1,451,071	)		(6,798,148	)		220,317,835			801,930,836
	14,198			191,873			73,695			91,953			119,337,315			234,367,919
	509,918			2,073,351			94,883			207,521			8,675,985			13,491,205
	(720,552	)		(20,361,275	)		(454,593	)		(317,117	)		(84,133,313	)		(107,868,376	)
	(196,436	)		(18,096,051	)		(286,015	)		(17,643	)		43,879,987			139,990,748
	n/a			n/a			n/a			n/a			1,802,993			2,591,910
	n/a			n/a			n/a			n/a			15,136			22,168
	n/a			n/a			n/a			n/a			(118,698	)		(1,831,189	)
	n/a			n/a			n/a			n/a			1,699,431			782,889
	(13,234,783	)		(55,765,094	)		(1,737,086	)		(6,815,791	)		265,897,253			942,704,473
	(15,220,665	)		(72,792,804	)		(2,462,878	)		(9,133,200	)		268,692,527			988,802,502
	29,372,114			102,164,918			4,413,235			13,546,435			3,712,681,378			2,723,878,876
$	14,151,449		$	29,372,114		$	1,950,357		$	4,413,235		$	3,981,373,905		$	3,712,681,378
	10,909			317,617			—			26,188			47,340,874			123,734,964
	110,442			503,138			49,573			46,745			3,493,766			5,119,434
	(1,817,909	)		(5,651,432	)		(235,375	)		(841,693	)		(29,658,198	)		(51,060,500	)
	(1,696,558	)		(4,830,677	)		(185,802	)		(768,760	)		21,176,442			77,793,898
	1,901			21,988			13,721			14,604			11,477,239			22,702,677
	73,965			270,930			18,752			32,633			835,743			1,309,140
	(95,615	)		(2,810,677	)		(70,036	)		(44,857	)		(8,099,191	)		(10,473,089	)
	(19,749	)		(2,517,759	)		(37,563	)		2,380			4,213,791			13,538,728
	n/a			n/a			n/a			n/a			173,089			251,341
	n/a			n/a			n/a			n/a			1,458			2,154
	n/a			n/a			n/a			n/a			(11,415	)		(176,437	)
	n/a			n/a			n/a			n/a			163,132			77,058
	(1,716,307	)		(7,348,436	)		(223,365	)		(766,380	)		25,553,365			91,409,684

The accompanying notes are an integral part of the financial statements.

43

FROST FAMILY OF FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	Credit Fund
	Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31, 2019
Operations:
Net Investment Income	$	4,592,596		$	8,805,288
Net Realized Gain (Loss) on Investments		368,799			(1,012,683	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		1,803,669			2,373,819
Net Increase (Decrease) in Net Assets Resulting from Operations		6,765,064			10,166,424
Distributions:
Institutional Class Shares		(4,690,538	)		(10,632,463	)
Investor Class Shares		(272,317	)		(695,665	)
A Class Shares		(8,944	)		(15,260	)
Return of Capital:
Institutional Class Shares		—			—
Investor Class Shares		—			—
A Class Shares		—			—
Total Distributions		(4,971,799	)		(11,343,388	)
Capital Share Transactions:
Institutional Class Shares:
Issued		22,021,157			32,336,884
Reinvestment of Dividends		904,503			1,746,933
Redeemed		(14,279,395	)		(30,213,513	)
Net Increase in Net Assets from Institutional Class Share Transactions		8,646,265			3,870,304
Investor Class Shares:
Issued		567,918			2,631,594
Reinvestment of Dividends		266,759			623,737
Redeemed		(1,534,565	)		(3,577,126	)
Net Increase in Net Assets from Investor Class Share Transactions		(699,888	)		(321,795	)
A Class Shares:
Issued		255,422			215,918
Reinvestment of Dividends		8,597			15,260
Redeemed		(69,939	)		—
Net Increase in Net Assets from A Class Share Transactions		194,080			231,178
Net Increase in Net Assets from Capital Share Transactions		8,140,457			3,779,687
Total Increase (Decrease) in Net Assets		9,933,722			2,602,723
Net assets:
Beginning of Year		213,555,764			210,953,041
End of Year	$	223,489,486		$	213,555,764
Share Transactions:
Institutional Class Shares:
Issued		2,265,814			3,341,399
Reinvestment of Dividends		93,219			181,262
Redeemed		(1,467,709	)		(3,120,283	)
Total Increase (Decrease) in Institutional Class Shares		891,324			402,378
Investor Class Shares:
Issued		58,434			271,984
Reinvestment of Dividends		27,531			64,781
Redeemed		(158,187	)		(371,231	)
Total Increase (Decrease) in Investor Class Shares		(72,222	)		(34,466	)
A Class Shares:
Issued		26,313			22,266
Reinvestment of Dividends		887			1,586
Redeemed		(7,195	)		—
Total Increase in A Class Shares		20,005			23,852
Net Increase (Decrease) in Shares Outstanding		839,107			391,764

“n/a” designates that the Fund does not offer this class.

Amounts designated as “—” are $0.

* Fund commenced operations on October 31, 2019.

The accompanying notes are an integral part of the financial statements.

44

F R O S T   F U N D S

Low Duration Bond Fund						Municipal Bond Fund						Global Bond Fund*
Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31, 2019			Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31, 2019			Period Ended January 31, 2020 (Unaudited)
$	3,580,058		$	6,904,478		$	1,590,008		$	3,754,046		$	1,201
	42,267			(47,515	)		974,533			27,584			38
	2,559,658			4,287,164			344,285			4,748,549			1,077
	6,181,983			11,144,127			2,908,826			8,530,179			2,316
	(3,355,325	)		(6,209,133	)		(1,767,519	)		(3,702,767	)		(1,159	)
	(219,583	)		(508,809	)		(72,596	)		(97,625	)		—
	—			—			—			—			—
	—			—			(26,692	)		—			—
	—			—			(1,155	)		—			—
	—			—			—			—			—
	(3,574,908	)		(6,717,942	)		(1,867,962	)		(3,800,392	)		(1,159	)
	52,321,994			92,727,991			4,088,214			18,945,654			1,033,112
	1,018,043			1,740,731			360,014			713,820			30
	(33,903,147	)		(60,805,994	)		(70,132,137	)		(36,122,733	)		(9	)
	19,436,890			33,662,728			(65,683,909	)		(16,463,259	)		1,033,133
	2,888,106			3,583,916			136,238			2,117,279			100
	214,482			475,937			55,872			89,852			—
	(5,990,580	)		(7,221,447	)		(236,272	)		(133,770	)		—
	(2,887,992	)		(3,161,594	)		(44,162	)		2,073,361			100
	n/a			n/a			n/a			n/a			100
	n/a			n/a			n/a			n/a			—
	n/a			n/a			n/a			n/a			—
	n/a			n/a			n/a			n/a			100
	16,548,898			30,501,134			(65,728,071	)		(14,389,898	)		1,033,333
	19,155,973			34,927,319			(64,687,207	)		(9,660,111	)		1,034,490
	343,682,060			308,754,741			161,516,160			171,176,271			—
$	362,838,033		$	343,682,060		$	96,828,953		$	161,516,160		$	1,034,490
	5,077,840			9,066,205			388,454			1,841,451			103,308
	98,805			170,373			34,242			69,464			3
	(3,288,317	)		(5,947,520	)		(6,628,866	)		(3,525,533	)		(1	)
	1,888,328			3,289,058			(6,206,170	)		(1,614,618	)		103,310
	280,100			350,504			12,965			203,466			10
	20,805			46,595			5,313			8,736			—
	(581,327	)		(704,905	)		(22,436	)		(12,797	)		—
	(280,422	)		(307,806	)		(4,158	)		199,405			10
	n/a			n/a			n/a			n/a			10
	n/a			n/a			n/a			n/a			—
	n/a			n/a			n/a			n/a			—
	n/a			n/a			n/a			n/a			10
	1,607,906			2,981,252			(6,210,328	)		(1,415,213	)		103,330

The accompanying notes are an integral part of the financial statements.

45

FROST FAMILY OF FUNDS F R O S T   F U N D S

FINANCIAL HIGHLIGHTS

For a Share Outstanding Throughout Each Period

For the Six Months Ended January 31, 2020 (Unaudited) and the Years Ended July 31,

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gains (Losses) on Investments			Total From Operations			Dividends From Net Investment Income			Distributions From Realized Gains			Total Dividends & Distributions			Net Asset Value, End of Year		Total Return†			Net Assets End of Year (000)		Ratio of Expenses to Average Net Assets			Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
Growth Equity Fund
Institutional Class Shares
2020***	$	13.82	$	0.02		$	1.46		$	1.48		$	(0.04	)	$	(1.39	)	$	(1.43	)	$	13.87		11.23	%	$	301,432		0.63	%*		0.63	%*		0.28	%*		11	%**
2019		14.49		0.05			1.09			1.14			(0.04	)		(1.77	)		(1.81	)		13.82		10.34			290,773		0.63			0.63			0.34			25
2018		14.82		0.04			3.18			3.22			(0.03	)		(3.52	)		(3.55	)		14.49		25.05			272,509		0.65			0.65			0.26			15
2017		13.61		0.04			2.51			2.55			(0.02	)		(1.32	)		(1.34	)		14.82		20.54			251,675		0.79			0.79			0.27			16
2016		15.61		0.02			(0.32	)		(0.30	)		(0.02	)		(1.68	)		(1.70	)		13.61		(1.72	)		348,935		0.80			0.80			0.11			23
2015		14.49		0.03			2.00			2.03			(0.03	)		(0.88	)		(0.91	)		15.61		14.45			388,998		0.80			0.80			0.21			19
Investor Class Shares
2020***	$	13.61	$	—		$	1.44		$	1.44		$	(0.01	)	$	(1.39	)	$	(1.40	)	$	13.65		11.09	%	$	50,916		0.88	%*		0.88	%*		0.03	%*		11	%**
2019		14.30		0.01			1.08			1.09			(0.01	)		(1.77	)		(1.78	)		13.61		10.05			47,111		0.88			0.88			0.09			25
2018		14.70		—			3.15			3.15			(0.03	)		(3.52	)		(3.55	)		14.30		24.72			46,266		0.90			0.90			0.01			15
2017		13.51		0.01			2.50			2.51			—			(1.32	)		(1.32	)		14.70		20.33			40,287		1.04			1.04			0.04			16
2016		15.53		(0.02	)		(0.32	)		(0.34	)		—			(1.68	)		(1.68	)		13.51		(2.01	)		64,238		1.05			1.05			(0.14	)		23
2015		14.43		(0.01	)		1.99			1.98			—			(0.88	)		(0.88	)		15.53		14.17			64,522		1.05			1.05			(0.03	)		19
Value Equity Fund
Institutional Class Shares
2020***	$	7.75	$	0.08		$	0.28		$	0.36		$	(0.08	)	$	(1.21	)	$	(1.29	)	$	6.82		4.56	%	$	9,490		0.98	%*		0.98	%*		2.16	%*		35	%**
2019		9.17		0.15			(0.34	)		(0.19	)		(0.15	)		(1.08	)		(1.23	)		7.75		(1.12	)		23,922		0.74			0.74			1.79			41
2018		9.11		0.14			0.70			0.84			(0.14	)		(0.64	)		(0.78	)		9.17		9.37			72,653		0.70			0.70			1.50			26
2017		10.02		0.19			1.19			1.38			(0.19	)		(2.10	)		(2.29	)		9.11		14.48			88,541		0.80			0.80			1.90			35
2016		11.20		0.15			(0.16	)‡		(0.01	)		(0.15	)		(1.02	)		(1.17	)		10.02		0.55			315,388		0.80			0.80			1.54			52
2015		11.18		0.15			1.04			1.19			(0.16	)		(1.01	)		(1.17	)		11.20		11.14			273,297		0.80			0.80			1.37			53
Investor Class Shares
2020***	$	7.73	$	0.08		$	0.27		$	0.35		$	(0.07	)	$	(1.21	)	$	(1.28	)	$	6.80		4.44	%	$	4,661		1.26	%*		1.26	%*		2.00	%*		35	%**
2019		9.16		0.15			(0.37	)		(0.22	)		(0.13	)		(1.08	)		(1.21	)		7.73		(1.46	)		5,450		0.99			0.99			1.77			41
2018		9.10		0.11			0.71			0.82			(0.12	)		(0.64	)		(0.76	)		9.16		9.16			29,512		0.95			0.95			1.23			26
2017		10.01		0.17			1.18			1.35			(0.16	)		(2.10	)		(2.26	)		9.10		14.20			28,678		1.05			1.05			1.69			35
2016		11.19		0.13			(0.17	)‡		(0.04	)		(0.12	)		(1.02	)		(1.14	)		10.01		0.30			60,576		1.05			1.05			1.29			52
2015		11.17		0.13			1.03			1.16			(0.13	)		(1.01	)		(1.14	)		11.19		10.90			57,837		1.05			1.05			1.13			53
Mid Cap Equity Fund
Institutional Class Shares
2020***	$	7.45	$	0.02		$	0.22		$	0.24		$	(0.01	)	$	(2.40	)	$	(2.41	)	$	5.28		3.66	%	$	1,689		1.55	%*		3.47	%*		0.51	%*		21	%**
2019		9.97		0.02			0.14			0.16			(0.02	)		(2.66	)		(2.68	)		7.45		5.67			3,767		1.55			1.90			0.25			57
2018		10.65		0.01			1.41			1.42			—			(2.10	)		(2.10	)		9.97		14.09			12,701		1.34			1.34			0.08			55
2017		9.85		(0.01	)		1.48			1.47			—			(0.67	)		(0.67	)		10.65		15.47			10,606		1.36			1.36			(0.15	)		38
2016		13.73		(0.06	)		(1.30	)		(1.36	)		—			(2.52	)		(2.52	)		9.85		(9.08	)		10,576		1.45			1.45			(0.57	)		102
2015		14.57		(0.15	)		1.91			1.76			—			(2.60	)		(2.60	)		13.73		14.26			15,971		1.47	(2)		1.42			(1.08	)		80
Investor Class Shares
2020***	$	7.30	$	0.01		$	0.23		$	0.24		$	—		$	(2.40	)	$	(2.40	)	$	5.14		3.78	%	$	261		1.78	%*		3.86	%*		0.29	%*		21	%**
2019		9.82		—			0.15			0.15			(0.01	)		(2.66	)		(2.67	)		7.30		5.60			646		1.80			2.25			(0.01	)		57
2018		10.52		—			1.40			1.40			—			(2.10	)		(2.10	)		9.82		14.04			845		1.52			1.52			0.01			55
2017		9.74		(0.04	)		1.49			1.45			—			(0.67	)		(0.67	)		10.52		15.43			6,531		1.62			1.62			(0.41	)		38
2016		13.65		(0.04	)		(1.35	)		(1.39	)		—			(2.52	)		(2.52	)		9.74		(9.38	)		3,421		1.73			1.73			(0.43	)		102
2015		14.53		(0.19	)		1.91			1.72			—			(2.60	)		(2.60	)		13.65		14.01			583		1.74	(2)		1.70			(1.39	)		80

* Annualized.

** Not annualized.

*** Six Months Ended January 31, 2020.

† Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

†† Total return would have been lower had certain expenses not been waived and assumed by the Adviser during the period.

‡ The amount shown for a share outstanding throughout the period does not accord with the aggregate net gains on investments for that period because of the sales and repurchases of Fund shares in relation to fluctuating market value of the investments of the Fund.

(1) Per share data calculated using the average shares method.

(2) Ratio includes previously waived investment advisory fees recovered.

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

The accompanying notes are an integral part of the financial statements.

46

FROST FAMILY OF FUNDS F R O S T   F U N D S

FINANCIAL HIGHLIGHTS

For a Share Outstanding Throughout Each Period

For the Six Months Ended January 31, 2020 (Unaudited) and the Years Ended July 31,

	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gains (Losses) on Investments			Total From Operations		Dividends From Net Investment Income			Distributions From Realized Gains			Total Dividends & Distributions			Net Asset Value, End of Period		Total Return†			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
Total Return Bond Fund
Institutional Class Shares
2020***	$	10.42	$	0.19	$	0.02			0.21	$	(0.20	)	$	—		$	(0.20	)	$	10.43		1.99	%	$	3,414,156		0.46	%*		0.46	%*		3.63	%*		15	%**
2019		10.28		0.39		0.13			0.52		(0.38	)		—			(0.38	)		10.42		5.19	%		3,191,392		0.47			0.48			3.77			40
2018		10.50		0.37		(0.20	)		0.17		(0.37	)		(0.02	)		(0.39	)		10.28		1.60			2,349,388		0.48			0.48			3.60			15
2017		10.52		0.39		(0.02	)		0.37		(0.38	)		(0.01	)		(0.39	)		10.50		3.63			1,918,126		0.51			0.51			3.68			24
2016		10.56		0.41		—			0.41		(0.40	)		(0.05	)		(0.45	)		10.52		4.02			1,606,097		0.52			0.52			3.90			32
2015		10.90		0.38		(0.21	)		0.17		(0.38	)		(0.13	)		(0.51	)		10.56		1.58			1,565,895		0.51			0.51			3.51			49
Investor Class Shares
2020***	$	10.41	$	0.18	$	0.01			0.19	$	(0.18	)	$	—			(0.18	)	$	10.42		1.86	%	$	564,519		0.71	%*		0.71	%*		3.38	%*		15	%**
2019		10.28		0.36		0.13			0.49		(0.36	)		—			(0.36	)		10.41		4.83			520,291		0.72			0.73			3.51			40
2018		10.50		0.35		(0.21	)		0.14		(0.34	)		(0.02	)		(0.36	)		10.28		1.35			374,298		0.73			0.73			3.35			15
2017		10.52		0.36		(0.02	)		0.34		(0.35	)		(0.01	)		(0.36	)		10.50		3.37			324,772		0.76			0.76			3.43			24
2016		10.56		0.38		—			0.38		(0.37	)		(0.05	)		(0.42	)		10.52		3.76			260,702		0.77			0.77			3.65			32
2015		10.90		0.35		(0.20	)		0.15		(0.36	)		(0.13	)		(0.49	)		10.56		1.33			253,157		0.75			0.75			3.26			49
A Class Shares
2020***	$	10.41	$	0.18	$	0.01			0.19	$	(0.18	)	$	—			(0.18	)	$	10.42		1.87	%	$	2,699		0.72	%*		0.72	%*		3.38	%*		15	%**
2019		10.28		0.36		0.11			0.47		(0.34	)		—			(0.34	)		10.41		4.69			998		0.82			0.83			3.49			40
2018(a)		10.29		0.05		(0.01	)		0.04		(0.05	)		—			(0.05	)		10.28		0.44			193		0.88	*		0.88	*		3.05	*		15	**
Credit Fund
Institutional Class Shares
2020***	$	9.72	$	0.20	$	0.10			0.30	$	(0.22	)	$	—			(0.22	)	$	9.80		3.13	%	$	210,135		0.69	%		0.69	%		4.17	%*		13	%**
2019		9.78		0.40		0.06			0.46		(0.49	)		(0.03	)		(0.52	)		9.72		4.88			199,800		0.70			0.70			4.18			19
2018		9.99		0.56		(0.17	)		0.39		(0.47	)		(0.13	)		(0.60	)		9.78		3.96			197,014		0.71			0.71			5.67			33
2017		9.63		0.55		0.30			0.85		(0.49	)		—			(0.49	)		9.99		9.08			163,210		0.81			0.81			5.57			27
2016		9.86		0.49		(0.24	)		0.25		(0.48	)^		—			(0.48	)		9.63		2.79			129,395		0.83			0.83			5.27			36
2015		10.27		0.49		(0.34	)		0.15		(0.49	)		(0.07	)		(0.56	)		9.86		1.45			88,349		0.84			0.84			4.83			47
Investor Class Shares
2020***	$	9.71	$	0.19	$	0.10			0.29	$	(0.21	)	$	—			(0.21	)	$	9.79		3.00	%	$	12,765		0.94	%		0.94	%		3.93	%*		13	%**
2019		9.77		0.38		0.05			0.43		(0.46	)		(0.03	)		(0.49	)		9.71		4.62			13,366		0.95			0.95			3.93			19
2018		9.98		0.54		(0.18	)		0.36		(0.44	)		(0.13	)		(0.57	)		9.77		3.71			13,779		0.96			0.96			5.41			33
2017		9.62		0.52		0.31			0.83		(0.47	)		—			(0.47	)		9.98		8.82			13,317		1.06			1.06			5.28			27
2016		9.85		0.47		(0.25	)		0.22		(0.45	)^		—			(0.45	)		9.62		2.54			10,565		1.08			1.08			5.02			36
2015		10.26		0.46		(0.34	)		0.12		(0.46	)		(0.07	)		(0.53	)		9.85		1.19			9,671		1.08			1.08			4.58			47
A Class Shares
2020***	$	9.71	$	0.19	$	0.09			0.28	$	(0.21	)	$	—			(0.21	)	$	9.78		2.91	%	$	589		0.94	%		0.94	%		3.91	%*		13	%**
2019		9.76		0.37		0.06			0.43		(0.45	)		(0.03	)		(0.48	)		9.71		4.60			390		1.05			1.05			3.83			19
2018(a)		9.80		0.08		(0.04	)		0.04		(0.08	)		—			(0.08	)		9.76		0.36			160		1.11	*		1.11	*		4.68	*		33	**
Low Duration Bond Fund
Institutional Class Shares
2020***	$	10.28	$	0.11	$	0.07			0.18	$	(0.11	)	$	—			(0.11	)	$	10.35		1.73	%	$	340,087		0.43	%*		0.43	%*		2.06	%*		51	%**
2019		10.14		0.22		0.13			0.35		(0.21	)		—			(0.21	)		10.28		3.52			318,215		0.43			0.43			2.16			23
2018		10.25		0.19		(0.11	)		0.08		(0.19	)^		—			(0.19	)		10.14		0.80			280,519		0.45			0.45			1.83			20
2017		10.28		0.18		(0.03	)		0.15		(0.18	)		—			(0.18	)		10.25		1.48			244,575		0.46			0.46			1.80			26
2016		10.30		0.16		(0.01	)		0.15		(0.17	)		—			(0.17	)		10.28		1.43			214,708		0.51			0.51			1.58			36
2015		10.30		0.13		—			0.13		(0.13	)		—			(0.13	)		10.30		1.30			214,904		0.52			0.52			1.29			52
Investor Class Shares
2020***	$	10.28	$	0.09	$	0.08			0.17	$	(0.09	)	$	—			(0.09	)	$	10.36		1.70	%	$	22,751		0.69	%*		0.69	%*		1.81	%*		51	%**
2019		10.14		0.19		0.14			0.33		(0.19	)		—			(0.19	)		10.28		3.26			25,467		0.68			0.68			1.90			23
2018		10.25		0.16		(0.10	)		0.06		(0.17	)^		—			(0.17	)		10.14		0.54			28,236		0.70			0.70			1.58			20
2017		10.28		0.16		(0.03	)		0.13		(0.16	)		—			(0.16	)		10.25		1.24			28,317		0.71			0.71			1.55			26
2016		10.30		0.14		(0.02	)		0.12		(0.14	)		—			(0.14	)		10.28		1.18			19,678		0.76			0.76			1.33			36
2015		10.30		0.11		—			0.11		(0.11	)		—			(0.11	)		10.30		1.05			19,026		0.77			0.77			1.04			52

* Annualized.

** Not annualized.

*** Six Months Ended January 31, 2020.

† Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

^ Includes a return of capital of less than $0.01 per share.

(a) Commenced operations on June 1, 2018.

(1) Per share data calculated using the average shares method.

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

The accompanying notes are an integral part of the financial statements.

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FINANCIAL HIGHLIGHTS

For a Share Outstanding Throughout Each Period

For the Six Months Ended January 31, 2020 (Unaudited) and the Years Ended July 31,

	Net Asset Value, Beginning of Year		Net Investment Income(1)		Net Realized and Unrealized Gains (Losses) on Investments			Total From Operations			Dividends From Net Investment Income			Distributions From Realized Gains			Total Dividends & Distributions			Net Asset Value, End of Year		Total Return†			Net Assets End of Year (000)			Ratio of Expenses to Average Net Assets			Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
Municipal Bond Fund
Institutional Class Shares
2020***	$	10.51	$	0.11	$	0.08		$	0.19		$	(0.13	)	$	—		$	(0.13	)	$	10.57		1.88	%††	$	90,544			0.42	%*		0.52	%*		2.02	%*		10	%**
2019		10.20		0.24		0.31			0.55			(0.24	)		—	^^		(0.24	)		10.51		5.49	%††		155,224			0.41			0.51			2.31			9
2018		10.46		0.24		(0.21	)		0.03			(0.25	)		(0.04	)		(0.29	)		10.20		0.26	††		167,105			0.43			0.53			2.35			3
2017		10.70		0.24		(0.24	)		—			(0.24	)		—			(0.24	)		10.46		0.00	††		259,606			0.42			0.52			2.28			21
2016		10.51		0.26		0.18			0.44			(0.25	)		—			(0.25	)		10.70		4.22	††		265,697			0.42			0.52			2.45			5
2015		10.52		0.26		0.01			0.27			(0.27	)		(0.01	)		(0.28	)		10.51		2.52	††		234,565			0.42			0.52			2.49			9
Investor Class Shares
2020***	$	10.51	$	0.09	$	0.09		$	0.18		$	(0.12	)	$	—		$	(0.12	)	$	10.57		1.75	%††	$	6,285			0.67	%*		0.77	%*		1.77	%*		10	%**
2019		10.20		0.21		0.31			0.52			(0.21	)		—	^^		(0.21	)		10.51		5.21	%††		6,292			0.66			0.76			2.07			9
2018		10.46		0.22		(0.22	)		—			(0.22	)		(0.04	)		(0.26	)		10.20		0.00	††		4,071			0.68			0.78			2.12			3
2017		10.70		0.21		(0.24	)		(0.03	)		(0.21	)		—			(0.21	)		10.46		(0.25	)††		5,440			0.67			0.77			2.03			21
2016		10.50		0.23		0.19			0.42			(0.22	)		—			(0.22	)		10.70		4.06	††		5,432			0.67			0.77			2.18			5
2015		10.52		0.24		(0.01	)		0.23			(0.24	)		(0.01	)		(0.25	)		10.50		2.16	††		3,906			0.67			0.77			2.25			9
Global Bond Fund
Institutional Class Shares
2020****	$	10.00	$	0.01	$	0.01		$	0.02		$	(0.01	)	$	—		$	(0.01	)	$	10.01		0.22	%††	$	1,034			1.00	%*		27.66	%*(2)		0.50	%*		87	%**
Investor Class Shares
2020****	$	10.00	$	—	$	0.03		$	0.03		$	(0.01	)	$	—		$	(0.01	)	$	10.02		0.32	%††	$	—	(3)		0.20	%*		3735.94	%*(2)		(0.08	)%*		87	%**
A Class Shares
2020****	$	10.00	$	—	$	0.03		$	0.03		$	(0.01	)	$	—		$	(0.01	)	$	10.02		0.32	%††	$	—	(3)		0.04	%*		3735.78	%*(2)		0.08	%*		87	%**

* Annualized.

** Not annualized.

*** Six Months Ended January 31, 2020.

**** Fund commenced operations on October 31, 2019.

† Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

†† Total return would have been lower had certain expenses not been waived and assumed by the Adviser during the period.

^^ Amount is less than $0.005 per share.

(1) Per share data calculated using the average shares method.

(2) Ratio reflects the impact of the low level of average Net Assets.

(3) Amount is less than $500.

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

The accompanying notes are an integral part of the financial statements.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. Organization:

The Frost Family of Funds (the “Trust”) is anopen-end investment management company established under Delaware law as a Delaware statutory trust under a Declaration of Trust dated December 11, 2018. The Frost Family of Funds include the Frost Growth Equity Fund (the “Growth Equity Fund”), Frost Value Equity Fund (the “Value Equity Fund”), Frost Mid Cap Equity Fund (the “Mid Cap Equity Fund”), Frost Total Return Bond Fund (the “Total Return Bond Fund”), Frost Credit Fund (the “Credit Fund”), Frost Low Duration Bond Fund (the “Low Duration Bond Fund”), Frost Municipal Bond Fund (the “Municipal Bond Fund”), and Frost Global Fund (“Global Bond Fund”) (each a “Fund” and, collectively, the “Funds”). Each Fund is classified as a “diversified” investment company under the 1940 Act. The Growth Equity Fund seeks to achieve long-term capital appreciation. The Value Equity Fund seeks to achieve long-term capital appreciation and current income. The Mid Cap Equity Fund seeks to maximize long-term capital appreciation. The Total Return Bond Fund, Credit Fund and Low Duration Bond Fund seek to maximize total return, consisting of income and capital appreciation, consistent with the preservation of principal. The Municipal Bond Fund seeks to provide a consistent level of current income exempt from federal income tax with a secondary emphasis on maximizing total return through capital appreciation. The Global Bond Fund seeks to maximize total return, consisting of income and capital appreciation. The Funds may change their investment objective without shareholder approval. The assets of each Fund of the Trust are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. Certain of the Funds currently offer Institutional Class Shares, Investor Class Shares and A Class Shares.

Each Fund, except for the Global Bond Fund, is a successor to a corresponding predecessor mutual fund of the same name that was a series of The Advisors’ Inner Circle Fund II (each, a “Predecessor Fund” and, collectively, the “Predecessor Funds”). Each Predecessor Fund was managed by Frost Investment Advisors, LLC (the “Adviser” or “Frost”) using substantially the same investment objectives, strategies, policies and restrictions as those used by its corresponding Fund. Each Predecessor Fund was reorganized into its corresponding Fund on June 24, 2019 in connection with each Fund’s commencement of operations (each, a “Reorganization”). Each Predecessor Fund is treated as the survivor of the relevant Reorganization for accounting and performance reporting purposes. Accordingly, all performance and other information shown for the Funds (excluding the Global Bond Fund) for periods prior to June 24, 2019 is that of the Predecessor Funds.

2. Significant Accounting Policies:

The following are significant accounting policies, which are consistently followed in preparation of the financial statements of the Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board (“FASB”).

Use of Estimates — The preparation of financial statements, in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 p.m. Eastern Time if such exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Debt securities are priced based upon valuations provided by independent, third-party pricing agents, if avail- able. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. On the first day a new debt security purchase is recorded, if a price is not avail- able on the automated pricing feeds from the primary and secondary pricing vendors nor is it available from an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Trust’s fair value procedures until an independent source can be secured. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value provided that it is determined the amortized cost continues to approximate fair value. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the amortized

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cost method may not be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.

Exchange-traded registered investment companies are valued at the closing price from the primary exchange.

Open-end investment companies held in the Funds’ portfolios are valued at the published net asset value.

Securities for which market prices are not “readily available” are valued in accordance with fair value procedures established by the Funds’ Board of Trustees (the “Board”). The Funds’ fair value procedures are implemented through a fair value pricing committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using fair value procedures include: the security’s trading has been halted or suspended; the security has beende-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. When a security is valued in accordance with the fair value procedures, the Committee will determine its value after taking into consideration relevant information reasonably available to the Committee.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time a Fund calculates net asset value if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that a Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which a Fund calculates net asset value, it may request that a Committee meeting be called. In addition, SEI Investments Global Funds Services (the “Administrator”), a wholly owned subsidiary of SEI Investments Company, monitors price movements among certain selected indices, securities and/or baskets of securities that may be an indicator that the closing prices received earlier from foreign exchanges or markets may not reflect market value at the time a Fund calculates net asset value. If price movements in a monitored index or security exceed levels established by the Administrator, the Administrator notifies the Adviser if a Fund is holding a relevant security that such limits have been exceeded. In such event, the Adviser makes the determination whether a Committee meeting should be called based on the information provided.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Fundsdis- close fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

The three levels of the fair value hierarchy are described below:

• Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

• Level 2 — Quoted prices which are not active, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

• Level  3 — Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

For the period ended January 31, 2020, there have been no changes to the Funds’ fair value methodologies.

Federal Income Taxes — It is each Fund’s intention to continue to qualify as a regulated investment company underSub- chapter M of the Internal Revenue Code and to distribute substantially all of its taxable income. Accordingly, no provision for Federal income taxes has been made in the financial statements.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is“more-likely-than-not” (i.e., greater than50-percent) that each tax position will be sustained upon

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examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last 3 tax year ends, as applicable),on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the period ended January 31, 2020, the Funds did not have liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the period ended January 31, 2020, the Funds did not incur any interest or penalties.

Security Transactions and Investment Income — Security transactions are accounted for on trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sales of investment securities are based on the specific identification method. Dividend income is recognized on theex-dividend date, interest income is recognized on an accrual basis and includes the amortization of premiums and the accretion of discount. Realized gains (losses) on paydowns of mortgage-backed and asset-backed securities are recorded as an adjustment to interest income.

Repurchase Agreements — In connection with transactions involving repurchase agreements, a third party custodian bank takes possession of the underlying securities (“collateral”), the value of which exceeds the principal amount of the repurchase transaction, including accrued interest. Such collateral will be cash, debt securities issued or guaranteed by the U.S. Government, securities that at the time the repurchase agreement is entered into are rated in the highest category by a nationally recognized statistical rating organization (“NRSRO”) or unrated category by an NRSRO, as determined by the Adviser. In the event of default on the obligation to repurchase, the Funds have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings.

Expenses — Expenses of the Trust that can be directly attributed to a particular fund are borne by that fund. Expenses which cannot be directly attributed to a fund are apportioned among the funds of the Trust based on the number of funds and/or relative net assets.

Classes — Class specific expenses are borne by the specific class of shares. Income, realized and unrealized gain (loss), andnon-class specific expenses are allocated to the respective class on the basis of relative daily net assets.

Dividends and Distributions to Shareholders — The Growth Equity Fund and Mid Cap Equity Fund each distribute their net investment income and make distributions of their net realized capital gains, if any, at least annually. The Value Equity Fund, Total Return Bond Fund, Credit Fund, Low Duration Bond Fund, Municipal Bond Fund, and Global Bond Fund each distribute their net investment income monthly, as available, and make distributions of their net realized capital gains, if any, at least annually.

Line of Credit — The Funds entered into an agreement which enables them to participate in a $100 million unsecured committed revolving line of credit on a first come, first serve basis, with MUFG Union Bank, N.A. (the “Custodian”) which expires June 30, 2020. The proceeds from the borrowings shall be used to finance the Funds’ short-term general working capital requirements, including the funding of shareholder redemptions. Interest is charged to the Funds based on their borrowings during the year at the Custodian’s current reference rate. As of January 31, 2020, there were no borrowingsout- standing. Listed below are Funds which had borrowings during the period ended January 31, 2020:

	Maximum Amount Borrowed		Number of Days Outstanding		Average Outstanding Balance		Daily Weighted Average Interest Rate			Interest Paid
Value Equity Fund	$	1,339,708		15	$	127,226		4.95	%	$	300
Mid Cap Equity Fund		246,874		9		133,433		4.94			163

3. Transactions with Affiliates:

Certain officers and a trustee of the Trust are also employees of the Administrator, and/or SEI Investments Distribution Co. (the “Distributor”). Such officers and the trustee are paid no fees by the Trust for serving as officers and trustee of the Trust. A portion of the services provided by the Chief Compliance Officer (“CCO”) and his staff, whom are the employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s advisers and service providers as required by SEC regulations. The CCO’s services have been approved by and are reviewed by the Board.

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4. Administration, Distribution, Shareholder Servicing, Transfer Agent and Custodian Agreements:

The Funds and the Administrator are parties to an Administration Agreement under which the Administrator provides administrative services to the Fund. For these services, the Administrator is paid an asset-based fee, which will vary depending on the number of share classes and the average daily net assets of the Funds. For the period ended January 31, 2020, the Funds were charged as follows for these services: $124,040 in the Growth Equity Fund, $7,737 in the Value Equity Fund, $1,081 in the Mid Cap Equity Fund, $1,400,843 in the Total Return Bond Fund, $80,333 in the Credit Fund, $127,366 in the Low Duration Bond Fund, $57,560 in the Municipal Bond Fund, and $18,887 in the Global Bond Fund.

The Funds have adopted a Distribution Plan (the “Plan”) for the Investor Class Shares and A Class Shares. Under the Plan, the Distributor, or third parties that enter into agreements with the Distributor, may receive up to 0.25% of each Fund’s average net assets attributable to the Investor Class Shares and A Class Shares as compensation for distribution services.

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

DST Systems, Inc. serves as the transfer agent and dividend disbursing agent for the Funds under a transfer agency agreement with the Trust. The Funds may earn cash management credits which can be used to offset transfer agent expenses. These credit amounts are listed as “Fees Paid Indirectly” on the Statements of Operations.

MUFG Union Bank, N.A. serves as Custodian for the Funds. The Custodian plays no role in determining the investment policies of the Funds or which securities are to be purchased or sold by the Funds.

5. Investment Advisory Agreement:

The Adviser serves as the investment adviser to the Funds. The Adviser is a wholly ownednon-banking subsidiary of Cullen/ Frost Bankers, Inc. (“Frost Bank”). For its services, the Adviser is entitled to a fee, which is calculated daily and paid monthly, at the following annual rates based on the average daily net assets of each Fund. The Adviser has contractually agreed to reduce its fees and/or reimburse expenses for certain Funds to the extent necessary to keep total annual Fund operating expenses from exceeding certain levels as set forth below until June 24, 2021 (the “Contractual Expense Limitation”) for the Growth Equity Fund, Value Equity Fund, Mid Cap Equity Fund, Total Return Bond Fund, Credit Fund and Low Duration Bond Fund. The Adviser is entitled to the same fee for its services to each Predecessor Fund as it is for each Predecessor Fund’s corresponding Fund. In addition, the Adviser agreed to the same Contractual Expense Limitation and Voluntary Expense Limitation, as applicable, for each Predecessor Fund as with its corresponding Fund. The Adviser has also contractually agreed to reduce its fees and/or reimburse expenses for the Global Bond Fund to the extent necessary to keep total annual Fund operating expenses from exceeding certain levels as set forth below until November 30, 2020.

The table below shows the rate of each Fund’s investment advisory fee and the Adviser’s Contractual Expense Limitation for each Fund:

Fund	Advisory Fee Before Contractual Fee Reduction	Institutional Class Shares Contractual Expense Limitation	Investor Class Shares Contractual Expense Limitation	A Class Shares Contractual Expense Limitation
Growth Equity Fund†	0.50%	1.25%	1.50%	N/A
Value Equity Fund†	0.50%	1.25%	1.50%	N/A
Mid Cap Equity Fund†	0.50%	1.55%	1.80%	N/A
Total Return Bond Fund	0.35%	0.95%	1.20%	1.35%
Credit Fund††	0.50%	1.00%	1.25%	1.40%
Low Duration Bond Fund	0.30%	0.95%	1.20%	N/A
Global Bond Fund	0.50%	1.00%	1.25%	1.40%

† Prior to September 1, 2017, the investment advisory fee was 0.65%.

†† Prior to September 1, 2017, the investment advisory fee was 0.60%.

The Adviser has voluntarily agreed to reduce its investment advisory fees for the Municipal Bond Fund as set forth below (“Voluntary Fee Reduction”). In addition, the Adviser has voluntarily agreed to further reduce its fees and/or reimburse expenses to the extent necessary to keep from exceeding certain levels as set forth below (“Voluntary Expense Limitation”). The Adviser may discontinue all or part of these fee reductions or reimbursements at any time.

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The table below shows the rate of the Municipal Bond Fund’s investment advisory fee and the Adviser’s Voluntary Fee Reduction and Voluntary Expense Limitation.

Fund	Advisory Fee Before Voluntary Fee Reduction	Adviser’s Voluntary Fee Reduction	Institutional Class Shares Voluntary Expense Limitation	Investor Class Shares Voluntary Expense Limitation
Municipal Bond Fund	0.35%	0.10%	1.05%	1.30%

If at any point it becomes unnecessary for the Adviser to make Expense Limitation reimbursements, the Adviser may retain the difference between the “Total Annual Fund Operating Expenses” and the aforementioned Expense Limitations to recapture all or a portion of its prior Expense Limitation reimbursements made during the preceding three year period up to the expense cap in place at the time the expenses were waived. The Adviser, however, will not be permitted to recapture any amount that is attributable to its Voluntary Fee Reduction. During the period ended January 31, 2020, the Adviser did not recapture previously waived/reimbursed fees for the Funds. As of January 31, 2020, the Mid Cap Equity Fund and Global Bond Fund had $44,469 and $66,033, respectively, of advisory fees waived which may be recouped by the Advisor through their expiration in 2022. A liability was not recorded as of January 31, 2020 due to the Advisor’s assessment this recoupment is unlikely.

6. Investment Transactions:

The cost of security purchases and the proceeds from the sales and maturities of securities, other than short-term investments, for the period ended January 31, 2020 were as follows:

	U.S. Government		Other		Total
Growth Equity Fund
Purchases	$	—	$	34,678,550	$	34,678,550
Sales		—		39,240,639		39,240,639
Value Equity Fund
Purchases		—		7,360,620		7,360,620
Sales		—		22,845,586		22,845,586
Mid Cap Equity Fund
Purchases		—		608,198		608,198
Sales		—		2,935,666		2,935,666
Total Return Bond Fund
Purchases		282,647,275		480,862,915		763,510,190
Sales		182,918,609		332,171,367		515,089,976

	U.S. Government		Other		Total
Credit Fund
Purchases	$	—	$	31,807,725	$	31,807,725
Sales		—		23,044,312		23,044,312
Low Duration Bond Fund
Purchases		122,977,591		64,240,008		187,217,599
Sales		114,343,710		46,066,559		160,410,269
Municipal Bond Fund
Purchases		—		12,384,374		12,384,374
Sales		—		60,930,708		60,930,708
Global Bond Fund
Purchases		947,959		293,441		1,241,400
Sales		599,285		—		599,285

The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to Rule17a-7 of the 1940 Act. These transactions are effected at market rates without incurring broker commissions. During the period ended January 31, 2020, there were no17a-7 transactions.

7. Federal Tax Information:

The timing and characterization of certain income and capital gains distributions are determined annually in accordance with federal tax regulations which may differ from U.S. generally accepted accounting principles. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to distributable earnings orpaid-in capital, as appropriate, in the period that the differences arise. During the year ended July 31, 2019, there were no such permanent reclassifications.

The tax character of dividends and distributions declared during the years ended July 31, 2019 and July 31, 2018 was as follows:

	Tax Exempt		Ordinary Income		Long-Term Capital Gains		Return of Capital		Total
Growth Equity Fund
2019	$	—	$	792,945	$	38,925,590	$	—	$	39,718,535
2018		—		2,140,905		66,489,932		—		68,630,837
Value Equity Fund
2019		—		1,288,977		8,800,154		—		10,089,131
2018		—		1,879,241		7,090,261		—		8,969,502

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	Tax Exempt		Ordinary Income		Long-Term Capital Gains		Return of Capital		Total
Mid Cap Equity Fund
2019	$	—	$	170,406	$	2,273,195	$	—	$	2,443,601
2018		—		106,520		2,287,565		—		2,394,085
Total Return Bond Fund
2019		—		118,764,303		—		—		118,764,303
2018		—		89,599,810		2,753,642		—		92,353,452
Credit Fund
2019		—		10,589,414		753,974		—		11,343,388
2018		—		9,436,328		2,211,045		—		11,647,373
Low Duration Bond Fund
2019		—		6,717,942		—		—		6,717,942
2018		—		5,332,442		—		123,530		5,455,972
Municipal Bond Fund
2019		3,585,302		215,090		—		—		3,800,392
2018		4,691,519		71,882		866,538		—		5,629,939

As of July 31, 2019, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Tax-Exempt Income		Undistributed Long-Term Capital Gain		Capital Loss Carryforwards			Post-October Loss			Late-Year Losses Deferral		Unrealized Appreciation (Depreciation)			Other Temporary Differences			Earnings (Accumulated Losses)
Growth Equity Fund	$	560,769	$	—	$	23,520,604	$	—		$	—		$	—	$	149,347,559		$	5		$	173,428,937
Value Equity Fund		16,695		—		1,297,572		—			—			—		2,256,378			3			3,570,648
Mid Cap Equity Fund		—		—		652,227		—			—			—		412,095			2			1,064,324
Total Return Bond Fund		197,689		—		—		(9,979,178	)		(17,434,191	)		—		(2,843,414	)		19			(30,059,075	)
Credit Fund		19,447		—		—		—			(3,075,517	)		—		(78,642	)		(3	)		(3,134,715	)
Low Duration Bond Fund		171,263		—		—		(1,560,644	)		(37,965	)		—		2,016,006			6			588,666
Municipal Bond Fund		—		81,144		27,584		—			—			—		3,497,820			(3	)		3,606,545

Post-October capital losses represent capital losses realized on investment transactions from November 1, 2018 through July 31, 2019, that, in accordance with Federal income tax regulations, the Funds may elect to defer and treat as having arisen in the following fiscal year.

Deferred late-year losses represent ordinary losses realized on investment transactions from January 1, 2019 through July 31, 2019 and specified losses realized on investment transactions from November 1, 2018 through July 31, 2019, that, in accordance with Federal income tax regulations, the Funds may elect to defer and treat as having arisen in the following fiscal year.

Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. Losses carried forward under these new provisions are as follows:

	Short-Term Loss		Long -Term Loss		Total
Total Return Bond Fund	$	—	$	9,979,178	$	9,979,178
Low Duration Bond Fund		1,293,712		266,932		1,560,644

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The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at January 31, 2020 were as follows:

	Federal Tax Cost		Appreciated Securities		Depreciated Securities			Net Unrealized Appreciation (Depreciation)
Growth Equity Fund	$	183,668,358	$	168,681,155	$	—		$	168,681,155
Value Equity Fund		13,181,940		1,559,862		(439,244	)		1,120,618
Mid Cap Equity Fund		1,780,080		232,913		(62,050	)		170,863
Total Return Bond Fund		3,963,438,665		121,060,732		(121,172,068	)		(111,336	)
Credit Fund		220,106,993		6,022,472		(4,297,445	)		1,725,027
Low Duration Bond Fund		352,678,570		4,596,596		(20,932	)		4,575,664
Municipal Bond Fund		92,437,961		3,746,822		—			3,746,822
Global Bond Fund		1,021,440		2,596		(1,519	)		1,077

8. Risks:

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

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

Convertible Securities Risk (Mid Cap Equity Fund): The value of a convertible security is influenced by changes in interest rates (with investment value declining as interest rates increase and increasing as interest rates decline) and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the under- lying common stock because of the conversion or exercise feature.

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

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

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

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

Currency Risk (Global Bond Fund): As a result of the Fund’s investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

Derivatives Risk (Global Bond Fund): The Fund’s use of options, futures contracts and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk, leverage risk and liquidity risk are described elsewhere in this section. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund’s use of swap agreements is also subject to credit risk and valuation risk. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Credit risk is described elsewhere in this section. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators are in the process of adopting and implementing regulations governing derivatives markets, the ultimate impact of which remains unclear.

Equity Risk (Growth Equity Fund, Value Equity Fund, Mid Cap Equity Fund): Since they purchase equity securities, the Funds are subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of each Fund’s equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is the principal risk of investing in each Fund.

Foreign Company/Emerging Markets Risk (Global Bond Fund): Investing in foreign companies poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign companies are generally denominated in a foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Fund’s investments. These currency movements may occur separately from, and in response to, events that do not otherwise affect the value of the security in the issuer’s home country. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (“SEC”) and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund’s portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries.

Foreign Company Risk (Growth Equity Fund, Value Equity Fund, Credit Fund, Global Bond Fund): Investing in foreign companies, whether through investments made in foreign markets or made through the purchase of ADRs, which are traded on U.S. exchanges and represent an ownership in a foreign security, poses additional risks since political and economic events unique

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to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign companies are generally denominated in a foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of a Fund’s investments. These currency movements may occur separately from, and in response to, events that do not otherwise affect the value of the security in the issuer’s home country. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (“SEC”) and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publically available information about foreign securities than is available about domestic securities. Income from foreign securities owned by a Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund’s portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

Foreign Sovereign Debt Securities Risk (Global Bond Fund): The risks that: (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

Geographic Focus Risk (Global Bond Fund): To the extent that it focuses its investments in a particular country or geographic region, the Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within that country or geographic region. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

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

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

Interest Rate Risk (Total Return Bond Fund, Credit Fund, Low Duration Bond Fund, Municipal Bond Fund, Global Bond Fund): As with most funds that invest in debt securities, changes in interest rates are one of the most important factors that could affect the value of your investment. Rising interest rates tend to cause the prices of debt securities (especially those with longer maturities) and the Fund’s share price to fall. Risks associated with rising interest rates are heightened given that interest rates in the U.S. are at, or near, historic lows.

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

Debt securities have a stated maturity date when the issuer must repay the principal amount of the bond. Some debt securities, known as callable bonds, may repay the principal earlier than the stated maturity date. Debt securities are most likely to be called when interest rates are falling because the issuer can refinance at a lower rate.

Rising interest rates may also cause investors to pay off mortgage-backed and asset-backed securities later than anticipated, forcing the Fund to keep its money invested at lower rates. Falling interest rates, however, generally cause investors to pay off

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mortgage-backed and asset-backed securities earlier than expected, forcing the Fund to reinvest the money at a lower interest rate.

Mutual funds that invest in debt securities have no real maturity. Instead, they calculate their weighted average maturity. This number is an average of the effective or anticipated maturity of each debt security held by the mutual fund, with the maturity of each security weighted by the percentage of its assets of the mutual fund it represents.

Issuer Risk (Total Return Bond Fund, Credit Fund, Low Duration Bond Fund, Global Bond Fund): The risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services.

Leverage Risk (Credit Fund): The use of leverage can amplify the effects of market volatility on the Fund’s share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations.

LIBOR Replacement Risk (Total Return Bond Fund, Credit Fund, Low Duration Bond Fund, Municipal Bond Fund and Global Bond Fund): The elimination of the London Inter-Bank Offered Rate (“LIBOR”) may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. The U.K. Financial Conduct Authority has announced that it intends to stop compelling or inducing banks to submit LIBOR rates after 2021. However, it remains unclear if LIBOR will continue to exist in its current, or a modified, form. Alternatives to LIBOR are established or in development in most major currencies, including the Secured Overnight Financing Rate (“SOFR”), which is intended to replace U.S. dollar LIBOR. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Fund. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Fund until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

Liquidity Risk (Total Return Bond Fund, Credit Fund, Low Duration Bond Fund, Global Bond Fund): The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

Management Risk (Each Fund): The risk that the investment techniques and risk analyses applied by the Adviser will notpro- duce the desired results and that legislative, regulatory, or tax developments may affect the investment techniques available to the Adviser and the individual portfolio manager in connection with managing each Fund. There is no guarantee that the investment objective of a Fund will be achieved.

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

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

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

Preferred Stock Risk (Mid Cap Equity Fund): Preferred stocks are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on

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the distribution of a company’s assets in the event of a liquidation are generally subordinate to the rights associated with a company’s debt securities.

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

Repurchase Agreement Risk (Credit Bond Fund, Global Bond Fund, Low Duration Bond Fund, Total Return Bond Fund): Under a repurchase agreement, the seller of a security to the Fund agrees to repurchase the security at a mutually agreed-upon time and price. If the seller in a repurchase agreement transaction defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement.

Rights and Warrants Risk (Mid Cap Equity Fund): The purchase of rights or warrants involves the risk that the Fund could lose the purchase value of a right or warrant if the right to subscribe to additional shares is not executed prior to the right’s orwar- rant’s expiration. Also, the purchase of rights and/or warrants involves the risk that the effective price paid for the right and/or warrant added to the subscription price of the related security may exceed the value of the subscribed security’s market price such as when there is no movement in the level of the underlying security.

Sector Focus Risk (Growth Equity Fund, Mid-Cap Equity Fund, Value Equity Fund, Credit Fund, Global Bond Fund, Low Duration Bond Fund, Total Return Bond Fund): Because the Fund may, from time to time, be more heavily invested in particular sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Fund’s share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

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

State-Specific Risk (Municipal Bond Fund): The Fund is subject to the risk that the economy of the states in which it invests, and the revenues underlying state municipal bonds, may decline. Investing primarily in a single state means that the Fund is more exposed to negative political or economic factors in that state than a fund that invests more widely.

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

Value Style Risk (Value Equity Fund): The Fund pursues a “value style” of investing. Value investing focuses on companies with stocks that appear undervalued in light of factors such as the company’s earnings, book value, revenues or cash flow. If the Adviser’s assessment of market conditions or a company’s value or prospects for exceeding earnings expectations is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. In addition, “value stocks” can continue to be undervalued by the market for long periods of time.

Zero Coupon, Deferred Interest andPay-In-Kind Bond Risk (Credit Fund): These bonds are issued at a discount from their face value because interest payments are typically postponed until maturity.Pay-in-kind securities are securities that have interest payable by the delivery of additional securities. The market prices of these securities generally are more volatile than the market prices of interest-bearing securities and are likely to respond to a greater degree to changes in interest rates than interest- bearing securities having similar maturities and credit quality.

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In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claims is considered remote.

9. Other:

On January 31, 2020, the number of shareholders below held the following percentage of the outstanding shares of the Funds:

	# of Shareholders		% of Outstanding Shares
Growth Equity Fund
Institutional Class Shares		3		72.07%
Investor Class Shares		1		84.80%
Value Equity Fund
Institutional Class Shares		3		89.39%
Investor Class Shares		1		14.72%
Mid Cap Equity Fund
Institutional Class Shares		3		94.50%
Investor Class Shares		2		77.84%
Total Return Bond Fund
Institutional Class Shares		4		56.33%
Investor Class Shares		1		16.30%
A Class Shares		2		53.30%
Credit Fund
Institutional Class Shares		3		86.94%
Investor Class Shares		1		83.12%
A Class Shares		2		44.42%
Low Duration Bond Fund
Institutional Class Shares		3		68.14%
Investor Class Shares		1		53.27%
Municipal Bond Fund
Institutional Class Shares		2		62.49%
Investor Class Shares		3		90.26%
Global Bond Fund
Institutional Class Shares		1		96.80%
Investor Class Shares		1		100.00%
A Class Shares		1		100.00%

These shareholders are comprised of omnibus accounts, which are held on behalf of various individual shareholders.

10. Regulatory Matters:

On August 17, 2018, the SEC adopted amendments to RegulationS-X. These changes are effective for periods after November 5, 2018. The updates to Registered Investment Companies were mainly focused on simplifying the presentation of distributable earnings by eliminating the need to present the components of distributable earnings on a book basis in the Statements of Assets and Liabilities. The update also impacted the presentation of undistributed net investment income and distribution to shareholders on the Statements of Changes in Net Assets. The amounts presented in the current Statements of Changes in Net Assets represent the aggregated total distributions of net investment income and realized capital gains, except for distributions classified as return of capital which are still presented separately.

11. New Accounting Pronouncements:

In August 2018, the FASB issued Accounting Standards Update2018-13, Fair Value Measurement (Topic 820). The new guidance includes additions and modifications to disclosures requirements for fair value measurements. For public entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years.

12. Subsequent Events:

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements as of January 31, 2020.

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DISCLOSURE OF FUND EXPENSES (Unaudited)

All mutual funds have operating expenses. As a shareholder of a fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from a fund’s gross income and directly reduce its final investment return. These expenses are expressed as a percentage of a fund’s average net assets; this percentage is known as a fund’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (August 1, 2019 to January 31, 2020).

The table on the next page illustrates your Fund’s costs in two ways:

•Actual fund return. This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual starting account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”

•Hypothetical 5% return. This section helps you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown do not apply to your specific investment.

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DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

	Beginning Account Value 8/1/2019		Ending Account Value 1/31/2020		Annualized Expense Ratios			Expenses Paid During Period*
Growth Equity Fund
Actual Fund Return
Institutional Class Shares	$	1,000.00	$	1,112.30		0.63	%	$	3.35
Investor Class Shares	$	1,000.00	$	1,110.90		0.88	%	$	4.67
Hypothetical 5% Return
Institutional Class Shares	$	1,000.00	$	1,021.97		0.63	%	$	3.20
Investor Class Shares	$	1,000.00	$	1,020.71		0.88	%	$	4.47
Value Equity Fund
Actual Fund Return
Institutional Class Shares	$	1,000.00	$	1,045.60		0.98	%	$	5.04
Investor Class Shares	$	1,000.00	$	1,044.40		1.28	%	$	6.48
Hypothetical 5% Return
Institutional Class Shares	$	1,000.00	$	1,020.21		0.98	%	$	4.98
Investor Class Shares	$	1,000.00	$	1,018.80		1.26	%	$	6.39
Mid Cap Equity Fund
Actual Fund Return
Institutional Class Shares	$	1,000.00	$	1,036.60		1.55	%	$	7.93
Investor Class Shares	$	1,000.00	$	1,037.80		1.78	%	$	9.32
Hypothetical 5% Return
Institutional Class Shares	$	1,000.00	$	1,017.34		1.55	%	$	7.86
Investor Class Shares	$	1,000.00	$	1,015.99		1.82	%	$	9.22
Total Return Bond Fund
Actual Fund Return
Institutional Class Shares	$	1,000.00	$	1,019.90		0.46	%	$	2.34
Investor Class Shares	$	1,000.00	$	1,018.60		0.71	%	$	3.60
A Class Shares	$	1,000.00	$	1,018.70		0.72	%	$	3.65
Hypothetical 5% Return
Institutional Class Shares	$	1,000.00	$	1,022.82		0.46	%	$	2.34
Investor Class Shares	$	1,000.00	$	1,021.57		0.71	%	$	3.61
A Class Shares	$	1,000.00	$	1,021.52		0.72	%	$	3.66

	Beginning Account Value 8/1/2019		Ending Account Value 1/31/2020		Annualized Expense Ratios			Expenses Paid During Period*
Credit Fund
Actual Fund Return
Institutional Class Shares	$	1,000.00	$	1,031.30		0.69	%	$	3.52
Investor Class Shares	$	1,000.00	$	1,030.00		0.94	%	$	4.80
A Class Shares	$	1,000.00	$	1,029.10		0.94	%	$	4.79
Hypothetical 5% Return
Institutional Class Shares	$	1,000.00	$	1,021.67		0.69	%	$	3.51
Investor Class Shares	$	1,000.00	$	1,020.41		0.94	%	$	4.77
A Class Shares	$	1,000.00	$	1,020.41		0.94	%	$	4.77
Low Duration Bond Fund
Actual Fund Return
Institutional Class Shares	$	1,000.00	$	1,017.30		0.43	%	$	2.18
Investor Class Shares	$	1,000.00	$	1,017.00		0.69	%	$	3.50
Hypothetical 5% Return
Institutional Class Shares	$	1,000.00	$	1,022.97		0.43	%	$	2.19
Investor Class Shares	$	1,000.00	$	1,021.67		0.69	%	$	3.51
Municipal Bond Fund
Actual Fund Return
Institutional Class Shares	$	1,000.00	$	1,018.80		0.42	%	$	2.13
Investor Class Shares	$	1,000.00	$	1,017.50		0.67	%	$	3.40
Hypothetical 5% Return
Institutional Class Shares	$	1,000.00	$	1,023.03		0.42	%	$	2.14
Investor Class Shares	$	1,000.00	$	1,021.77		0.67	%	$	3.40
Global Bond Fund**
Actual Fund Return
Institutional Class Shares	$	1,000.00	$	1,002.10		1.00	%	$	2.51
Investor Class Shares	$	1,000.00	$	1,003.20		0.20	%	$	0.50
A Class Shares	$	1,000.00	$	1,003.20		0.04	%	$	0.10
Hypothetical 5% Return
Institutional Class Shares	$	1,000.00	$	1,010.05		1.00	%	$	2.53
Investor Class Shares	$	1,000.00	$	1,000.00		0.20	%	$	0.50
A Class Shares	$	1,000.00	$	1,000.00		0.04	%	$	0.10

* Unless otherwise indicated, expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the account period, multiplied by 184/366 (to reflect the one-half year period).

** Fund commenced operations on October 31, 2019.

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BOARD CONSIDERATIONS IN APPROVING THE ADVISORY AGREEMENT (Unaudited)

Frost Global Bond Fund

Pursuant to Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Fund’s advisory agreement (the “Agreement”) must be approved: (i) by a vote of a majority of the shareholders of the Fund; and (ii) by the vote of a majority of the members of the Board of Trustees (the “Board” or the “Trustees”) of Frost Family of Funds (the “Trust”) who are not parties to the Agreement or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

A Board meeting was held on August 21, 2019 to decide whether to approve the Agreement for an initialtwo-year term. In preparation for the meeting, the Trustees requested that the Adviser furnish information necessary to evaluate the terms of the Agreement. The Trustees used this information, as well as other information that the Adviser and other service providers of the Fund presented or submitted to the Board at the meeting, to help them decide whether to approve the Agreement for an initialtwo-year term.

Specifically, the Board requested and received written materials from the Adviser and other service providers of the Fund regarding: (i) the nature, extent and quality of the services to be provided by the Adviser; (ii) the Adviser’s investment management personnel; (iii) the Adviser’s operations; (iv) the Adviser’s brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the Fund’s proposed advisory fee to be paid to the Adviser and overall fees and operating expenses compared with a peer group of mutual funds; (vi) the Adviser’s compliance program, including a description of material compliance matters and material compliance violations; (vii) the Adviser’s policies on and compliance procedures for personal securities transactions; (viii) the Adviser’s investment experience; and (ix) the Adviser’s rationale for introducing the Fund as well as the Fund’s proposed objective and strategy.

Representatives from the Adviser, along with other Fund service providers, presented additional information and participated in question and answer sessions at the meeting to help the Trustees evaluate the Adviser’s services, fee and other aspects of the Agreement. The Independent Trustees received advice from independent counsel and met in executive session outside the presence of Fund management and the Adviser.

At the Board meeting, the Trustees, including all of the Independent Trustees, based on their evaluation of the information provided by the Adviser and other service providers of the Fund, approved the Agreement. In considering the approval of the Agreement, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Adviser; and (ii) the fees to be paid to the Adviser, as discussed in further detail below.

Nature, Extent and Quality of Services to be Provided by the Adviser

In considering the nature, extent and quality of the services to be provided by the Adviser, the Board reviewed the portfolio management services to be provided by the Adviser to the Fund, including the quality and continuity of the Adviser’s portfolio management personnel, the resources of the Adviser, and the Adviser’s compliance history and compliance program. The Trustees reviewed the terms of the proposed Agreement. The Trustees also reviewed the Adviser’s proposed investment and risk management approaches for the Fund. The most recent investment adviser registration form (“Form ADV”) for the Adviser was available to the Board, as was the response of the Adviser to a detailed series of questions which included, among other things, information about the investment advisory services to be provided by the Adviser to the Fund.

The Trustees also considered other services to be provided to the Fund by the Adviser such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund’s investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services to be provided to the Fund by the Adviser would be satisfactory.

Costs of Advisory Services

In considering the advisory fee payable by the Fund to the Adviser, the Trustees reviewed, among other things, a report of the proposed advisory fee to be paid to the Adviser. The Trustees also reviewed reports prepared by the Fund’s administrator comparing the Fund’s net and gross expense ratios and advisory fees to those paid by a peer group of mutual funds as classified by Lipper, an independent provider of investment company data. The Trustees reviewed pro forma fee and expense information. The Board concluded, within the context of its full deliberations, that the advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Adviser. The Board also considered the Adviser’s commitment to managing the Fund and its willingness to enter into an expense limitation and fee waiver arrangement with the Fund.

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BOARD CONSIDERATIONS IN APPROVING THE ADVISORY AGREEMENT (Unaudited) (Continued)

Investment Performance, Profitability and Economies of Scale

Because the Fund was new and had not commenced operations, it did not yet have an investment performance record and it was not possible to determine the profitability that the Adviser might achieve with respect to the Fund or the extent to which economies of scale would be realized by the Adviser as the assets of the Fund grow. Accordingly, the Trustees did not make any conclusions regarding the Fund’s investment performance, the Adviser’s profitability, or the extent to which economies of scale would be realized by the Adviser as the assets of the Fund grow, but will do so during future considerations of the Agreement.

Approval of the Agreement

Based on the Board’s deliberations and its evaluation of the information described above and other factors and information it believed relevant in the exercise of its reasonable business judgment, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously concluded that the terms of the Agreement, including the fees to be paid thereunder, were fair and reasonable and agreed to approve the Agreement for an initial term of two years. In its deliberations, the Board did not identify any absence of information as material to its decision, or any particular factor (or conclusion with respect thereto) or single piece of information that wasall-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

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Frost Family of Funds

Annual Report

Investment Adviser

Frost Investment Advisors, LLC

111 Houston Street, 10^th Floor

San Antonio, Texas 78205

Independent Registered Public Accounting Firm

Ernst & Young LLP

111 West Houston St., Suite 1901

San Antonio, Texas 78205

Distributor

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Administrator

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Legal Counsel

Morgan, Lewis & Bockius, LLP

1701 Market Street

Philadelphia, Pennsylvania 19103-2921

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6. Schedule of Investments.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end management investment companies. Effective for closed-end management investment companies for fiscal-years-ending on or after December 31, 2005.

Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees during the period covered by this report.

Item 11. Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There has been no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Items  12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Items  13. Exhibits.

(a)(1) Not applicable for semi-annual report.

(a)(2)A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), is filed herewith.

(b)Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as an exhibit.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	Frost Family of Funds
By (Signature and Title)	/s/ Michael Beattie
	Michael Beattie
	President

Date: April 9, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Michael Beattie
	Michael Beattie
	President

Date: April 9, 2020

By (Signature and Title)	/s/ Stephen Connors
	Stephen Connors,
	Treasurer, Controller, and CFO

Date: April 9, 2020