FROST FAMILY OF FUNDS | FROST GROWTH EQUITY FUND | |
SCHEDULE OF INVESTMENTS | April 30, 2021 (Unaudited) |
Description | Shares | Value | ||||||
COMMON STOCK§ — 99.2% | ||||||||
Communication Services — 13.6% | ||||||||
Alphabet, Cl C * | 6,920 | $ | 16,678,031 | |||||
Alphabet, Cl A * | 7,054 | 16,601,589 | ||||||
Facebook, Cl A * | 53,190 | 17,291,005 | ||||||
Netflix * | 16,000 | 8,215,520 | ||||||
|
|
| ||||||
58,786,145 | ||||||||
|
|
| ||||||
Consumer Discretionary — 20.8% | ||||||||
Amazon.com * | 12,471 | 43,242,195 | ||||||
Booking Holdings * | 2,170 | 5,351,394 | ||||||
Chipotle Mexican Grill, Cl A * | 3,500 | 5,222,105 | ||||||
Home Depot | 34,090 | 11,033,910 | ||||||
Lululemon Athletica * | 7,500 | 2,514,525 | ||||||
NIKE, Cl B | 32,500 | 4,310,150 | ||||||
O’Reilly Automotive * | 6,000 | 3,317,280 | ||||||
Starbucks | 47,550 | 5,443,999 | ||||||
Tesla * | 4,500 | 3,192,480 | ||||||
TJX | 83,000 | 5,893,000 | ||||||
|
|
| ||||||
89,521,038 | ||||||||
|
|
| ||||||
Consumer Staples — 0.8% | ||||||||
Costco Wholesale | 9,132 | 3,397,926 | ||||||
|
|
| ||||||
Financials — 2.6% | ||||||||
JPMorgan Chase | 43,500 | 6,690,735 | ||||||
Moody’s | 13,655 | 4,461,225 | ||||||
|
|
| ||||||
11,151,960 | ||||||||
|
|
| ||||||
Health Care — 12.4% | ||||||||
Abbott Laboratories | 50,000 | 6,004,000 | ||||||
Boston Scientific * | 135,000 | 5,886,000 | ||||||
Danaher | 27,000 | 6,856,380 | ||||||
Edwards Lifesciences * | 36,000 | 3,438,720 | ||||||
Eli Lilly and | 28,000 | 5,117,560 | ||||||
Humana | 11,500 | 5,120,260 | ||||||
Merck | 45,000 | 3,352,500 | ||||||
Seagen * | 20,000 | 2,875,200 | ||||||
UnitedHealth Group | 17,800 | 7,098,640 | ||||||
Vertex Pharmaceuticals * | 18,500 | 4,036,700 | ||||||
Zoetis, Cl A | 21,235 | 3,674,292 | ||||||
|
|
| ||||||
53,460,252 | ||||||||
|
|
| ||||||
Industrials — 3.4% | ||||||||
Canadian Pacific Railway | 13,040 | 4,865,615 | ||||||
Fortive | 32,000 | 2,266,240 | ||||||
Uber Technologies * | 40,000 | 2,190,800 | ||||||
Union Pacific | 24,000 | 5,330,160 | ||||||
|
|
| ||||||
14,652,815 | ||||||||
|
|
| ||||||
Information Technology — 41.7% | ||||||||
Adobe * | 19,750 | 10,039,715 | ||||||
Advanced Micro Devices * | 15,000 | 1,224,300 | ||||||
Apple | 233,584 | 30,706,953 | ||||||
Autodesk * | 10,000 | 2,919,100 | ||||||
Global Payments | 11,000 | 2,360,930 | ||||||
Marvell Technology | 104,535 | 4,726,027 | ||||||
Mastercard, Cl A | 39,910 | 15,248,015 | ||||||
Microsoft | 169,750 | 42,807,555 | ||||||
NVIDIA | 15,500 | 9,305,890 | ||||||
PayPal Holdings * | 50,520 | 13,250,891 | ||||||
QUALCOMM | 29,500 | 4,094,600 | ||||||
salesforce.com * | 48,135 | 11,086,453 | ||||||
ServiceNow * | 16,000 | 8,101,920 | ||||||
Twilio, Cl A * | 11,000 | 4,045,800 | ||||||
Visa, Cl A | 65,600 | 15,321,536 |
Description | Shares | Value | ||||||
Workday, Cl A * | 17,500 | $ | 4,322,500 | |||||
|
|
| ||||||
179,562,185 | ||||||||
|
|
| ||||||
Materials — 1.2% | ||||||||
Sherwin-Williams | 19,500 | 5,340,465 | ||||||
|
|
| ||||||
Real Estate — 0.5% | ||||||||
American Tower ‡ | 8,500 | 2,165,545 | ||||||
|
|
| ||||||
Telecommunication Services — 2.2% | ||||||||
Match Group * | 15,000 | 2,334,450 | ||||||
Pinterest, Cl A * | 20,000 | 1,327,400 | ||||||
Roku, Cl A * | 5,000 | 1,714,850 | ||||||
Snap, Cl A * | 67,500 | 4,172,850 | ||||||
|
|
| ||||||
9,549,550 | ||||||||
|
|
| ||||||
Total Common Stock | 427,587,881 | |||||||
|
|
| ||||||
Total Investments — 99.2% | $ | 427,587,881 | ||||||
|
|
|
Percentages are based on Net Assets of $431,146,467.
* | Non-income producing security. |
§ | Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting. |
‡ | Real Estate Investment Trust |
Cl — Class
As of April 30, 2021, 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 April 30, 2021, 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.
FIA-QH-001-2700
FROST FAMILY OF FUNDS | FROST TOTAL RETURN BOND FUND | |
SCHEDULE OF INVESTMENTS | APRIL 30, 2021 (Unaudited) |
Description | Face Amount | Value | ||||||
U.S. TREASURY OBLIGATIONS — 21.3% |
| |||||||
U.S. Treasury Bills | ||||||||
0.076%, 02/24/22 (A)(B) | $ | 5,000,000 | $ | 4,998,598 | ||||
0.063%, 01/27/22 (A)(B) | 5,000,000 | 4,998,674 | ||||||
U.S. Treasury Bonds | ||||||||
2.393%, 11/15/50 (C) | 5,000,000 | 2,493,821 | ||||||
1.875%, 02/15/41 | 20,000,000 | 19,012,500 | ||||||
1.375%, 11/15/40 | 30,000,000 | 26,118,750 | ||||||
1.250%, 05/15/50 | 25,000,000 | 19,363,281 | ||||||
U.S. Treasury Inflationary Protection Securities | ||||||||
1.000%, 02/15/46 to 02/15/48 | 17,325,920 | 21,768,886 | ||||||
0.875%, 01/15/29 | 31,248,900 | 36,257,675 | ||||||
U.S. Treasury Notes | ||||||||
2.875%, 05/15/28 | 200,000,000 | 221,070,312 | ||||||
2.375%, 05/15/29 | 17,000,000 | 18,191,328 | ||||||
1.500%, 08/15/26 | 15,000,000 | 15,432,422 | ||||||
1.250%, 03/31/28 to 04/30/28 | 30,000,000 | 29,873,437 | ||||||
1.125%, 02/15/31 | 65,000,000 | 62,034,375 | ||||||
0.875%, 11/15/30 | 25,000,000 | 23,363,281 | ||||||
0.125%, 08/31/22 to 11/30/22 | 116,000,000 | 116,018,828 | ||||||
0.070%, VAR US Treasury 3 Month Bill Money Market Yield+0.055%, 10/31/22 | 35,000,000 | 35,017,534 | ||||||
|
|
| ||||||
Total U.S. Treasury Obligations | 656,013,702 | |||||||
|
|
| ||||||
CORPORATE OBLIGATIONS — 20.0% | ||||||||
Communication Services — 0.6% | ||||||||
Telecom Argentina | ||||||||
8.500%, 08/06/25 (D) | 5,000,000 | 4,592,900 | ||||||
T-Mobile USA | ||||||||
2.625%, 02/15/29 | 2,000,000 | 1,948,250 | ||||||
2.550%, 02/15/31 (D) | 13,000,000 | 12,788,490 | ||||||
|
|
| ||||||
19,329,640 | ||||||||
|
|
| ||||||
Consumer Discretionary — 5.7% | ||||||||
Carnival | ||||||||
11.500%, 04/01/23 (D) | 2,500,000 | 2,873,000 | ||||||
Choice Hotels International | ||||||||
3.700%, 01/15/31 | 3,000,000 | 3,176,940 | ||||||
3.700%, 12/01/29 | 8,000,000 | 8,497,680 | ||||||
Expedia | ||||||||
3.800%, 02/15/28 | 5,915,000 | 6,340,676 | ||||||
Expedia Group | ||||||||
4.625%, 08/01/27 (D) | 5,000,000 | 5,621,754 | ||||||
Ford Motor | ||||||||
9.625%, 04/22/30 | 5,750,000 | 8,064,375 | ||||||
5.291%, 12/08/46 | 5,500,000 | 5,790,950 | ||||||
4.346%, 12/08/26 | 17,033,000 | 18,123,197 | ||||||
GameStop | ||||||||
10.000%, 03/15/23 (D) | 1,150,000 | 1,243,725 | ||||||
General Motors Financial | ||||||||
5.200%, 03/20/23 | 4,000,000 | 4,332,004 | ||||||
Jaguar Land Rover Automotive | ||||||||
4.500%, 10/01/27 (D) | 6,000,000 | 5,723,940 | ||||||
Macy’s | ||||||||
8.375%, 06/15/25 (D) | 7,000,000 | 7,722,610 | ||||||
Macy’s Retail Holdings | ||||||||
5.875%, 04/01/29 (D) | 1,000,000 | 1,026,200 |
Description | Face Amount | Value | ||||||
Marriott International | ||||||||
3.500%, 10/15/32 | $ | 3,000,000 | $ | 3,118,793 | ||||
2.850%, 04/15/31 | 3,000,000 | 2,980,344 | ||||||
Mohawk Industries | ||||||||
3.625%, 05/15/30 | 13,000,000 | 14,059,574 | ||||||
QVC | ||||||||
4.850%, 04/01/24 | 4,500,000 | 4,876,875 | ||||||
4.750%, 02/15/27 | 4,000,000 | 4,220,000 | ||||||
Scientific Games International | ||||||||
8.625%, 07/01/25 (D) | 5,750,000 | 6,288,660 | ||||||
Sodexo | ||||||||
2.718%, 04/16/31 (D) | 20,000,000 | 19,853,543 | ||||||
STL Holding | ||||||||
7.500%, 02/15/26 (D) | 12,500,000 | 13,078,125 | ||||||
TJX | ||||||||
3.875%, 04/15/30 | 5,000,000 | 5,624,890 | ||||||
TransJamaican Highway | ||||||||
5.750%, 10/10/36 (D) | 1,491,297 | 1,483,840 | ||||||
Under Armour | ||||||||
3.250%, 06/15/26 | 3,200,000 | 3,246,096 | ||||||
VistaJet Malta Finance | ||||||||
10.500%, 06/01/24 (D) | 16,799,000 | 18,100,922 | ||||||
|
|
| ||||||
175,468,713 | ||||||||
|
|
| ||||||
Energy — 4.7% | ||||||||
Antero Midstream Partners | ||||||||
7.875%, 05/15/26 (D) | 4,000,000 | 4,360,000 | ||||||
5.750%, 01/15/28 (D) | 15,000,000 | 15,285,150 | ||||||
Apache | ||||||||
7.750%, 12/15/29 | 4,138,000 | 4,847,874 | ||||||
Baytex Energy | ||||||||
8.750%, 04/01/27 (D) | 1,795,000 | 1,660,375 | ||||||
Diamondback Energy | ||||||||
3.125%, 03/24/31 | 2,000,000 | 2,018,840 | ||||||
Exxon Mobil | ||||||||
3.482%, 03/19/30 | 2,000,000 | 2,187,026 | ||||||
Intesa Sanpaolo | ||||||||
4.000%, 09/23/29 (D) | 5,000,000 | 5,429,643 | ||||||
Marathon Oil | ||||||||
4.400%, 07/15/27 | 3,000,000 | 3,344,899 | ||||||
New England Power | ||||||||
2.807%, 10/06/50 (D) | 5,000,000 | 4,460,373 | ||||||
Noble Holdings International Ltd. (F) | ||||||||
11.000%, 02/15/28 | 1,893,334 | 2,035,334 | ||||||
11.000%, 02/15/28 | 869,000 | 934,175 | ||||||
NuStar Logistics | ||||||||
6.000%, 06/01/26 | 1,000,000 | 1,083,750 | ||||||
Petroleos Mexicanos | ||||||||
6.840%, 01/23/30 | 4,000,000 | 4,110,000 | ||||||
5.350%, 02/12/28 | 7,000,000 | 6,876,800 | ||||||
Seadrill New Finance | ||||||||
12.000%, 07/15/25 | 13,575,356 | 8,145,214 | ||||||
12.000%, 07/15/25 (F) | 65,338,161 | 39,202,896 | ||||||
Talen Energy Supply | ||||||||
7.250%, 05/15/27 (D) | 1,500,000 | 1,541,250 | ||||||
Tallgrass Energy Partners | ||||||||
6.000%, 03/01/27 (D) | 1,000,000 | 1,014,700 | ||||||
Tiger Holdco Pte | ||||||||
13.000%, 06/10/23 (D) | 16,000,000 | 16,089,936 | ||||||
Transocean | ||||||||
11.500%, 01/30/27 (D) | 22,118,000 | 21,233,280 |
FROST FAMILY OF FUNDS | FROST TOTAL RETURN BOND FUND | |
SCHEDULE OF INVESTMENTS | APRIL 30, 2021 (Unaudited) |
Description | Face Amount | Value | ||||||
Weatherford International | ||||||||
11.000%, 12/01/24 (D) | $ | 584,000 | $ | 576,700 | ||||
|
|
| ||||||
146,438,215 | ||||||||
|
|
| ||||||
Financials — 3.4% | ||||||||
Aflac | ||||||||
3.600%, 04/01/30 | 5,000,000 | 5,527,950 | ||||||
Athene Holding | ||||||||
6.150%, 04/03/30 | 10,000,000 | 12,388,294 | ||||||
BAC Capital Trust XIV | ||||||||
5.630%, VAR ICE LIBOR USD 3 Month+0.400%, 03/15/12 | 6,870,000 | 6,827,063 | ||||||
BankUnited | ||||||||
5.125%, 06/11/30 | 9,450,000 | 10,717,949 | ||||||
Barclays MTN | ||||||||
4.972%, VAR ICE LIBOR USD 3 Month+1.902%, 05/16/29 | 2,000,000 | 2,317,086 | ||||||
Capital One Financial | ||||||||
3.800%, 01/31/28 | 5,000,000 | 5,560,330 | ||||||
Chubb INA Holdings | ||||||||
1.375%, 09/15/30 | 5,000,000 | 4,641,258 | ||||||
Credit Suisse Group | ||||||||
5.100%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.293%, 07/24/69 | 10,000,000 | 10,025,350 | ||||||
Enova International | ||||||||
8.500%, 09/15/25 (D) | 12,557,000 | 13,059,280 | ||||||
Farmers Exchange Capital | ||||||||
7.050%, 07/15/28 (D) | 6,075,000 | 7,451,362 | ||||||
Genworth Holdings | ||||||||
7.625%, 09/24/21 | 2,000,000 | 2,035,000 | ||||||
Huntington Bancshares | ||||||||
2.550%, 02/04/30 | 3,000,000 | 3,043,501 | ||||||
Nasdaq | ||||||||
1.650%, 01/15/31 | 5,000,000 | 4,628,692 | ||||||
Navient | ||||||||
5.000%, 03/15/27 | 1,000,000 | 1,007,500 | ||||||
Raymond James Financial | ||||||||
3.750%, 04/01/51 | 3,000,000 | 3,200,626 | ||||||
Societe Generale | ||||||||
5.000%, 01/17/24 (D) | 4,025,000 | 4,392,081 | ||||||
Wachovia | ||||||||
6.605%, 10/01/25 | 5,650,000 | 6,843,110 | ||||||
|
|
| ||||||
103,666,432 | ||||||||
|
|
| ||||||
Industrials — 2.1% | ||||||||
American Airlines Group | ||||||||
11.750%, 07/15/25 (D) | 5,000,000 | 6,262,500 | ||||||
3.750%, 03/01/25 (D) | 10,000,000 | 8,787,500 | ||||||
Boeing | ||||||||
2.950%, 02/01/30 | 3,344,000 | 3,354,141 | ||||||
2.850%, 10/30/24 | 1,625,000 | 1,699,365 | ||||||
Burlington Northern Santa Fe | ||||||||
7.290%, 06/01/36 | 5,000,000 | 7,488,190 | ||||||
Carrier Global | ||||||||
2.700%, 02/15/31 | 2,000,000 | 2,020,278 | ||||||
Equifax | ||||||||
3.100%, 05/15/30 | 3,000,000 | 3,149,702 | ||||||
FedEx | ||||||||
3.100%, 08/05/29 | 5,000,000 | 5,324,456 | ||||||
Flowserve | ||||||||
4.000%, 11/15/23 | 1,000,000 | 1,063,026 | ||||||
3.500%, 10/01/30 | 4,000,000 | 4,140,575 |
Description | Face Amount | Value | ||||||
General Electric MTN | ||||||||
5.875%, 01/14/38 | $ | 4,377,000 | $ | 5,724,192 | ||||
Great Lakes Dredge & Dock | ||||||||
8.000%, 05/15/22 | 1,913,000 | 1,917,553 | ||||||
RR Donnelley & Sons | ||||||||
6.125%, 11/01/26 (D) | 1,000,000 | 1,032,200 | ||||||
Teekay | ||||||||
9.250%, 11/15/22 (D) | 13,750,000 | 14,025,000 | ||||||
|
|
| ||||||
65,988,678 | ||||||||
|
|
| ||||||
Information Technology — 2.7% | ||||||||
Amkor Technology | ||||||||
6.625%, 09/15/27 (D) | 1,900,000 | 2,045,103 | ||||||
Avaya | ||||||||
6.125%, 09/15/28 (D) | 4,000,000 | 4,250,000 | ||||||
Castle US Holding | ||||||||
9.500%, 02/15/28 (D) | 1,000,000 | 1,029,480 | ||||||
Citrix Systems | ||||||||
3.300%, 03/01/30 | 6,000,000 | 6,263,948 | ||||||
Diebold Nixdorf | ||||||||
9.375%, 07/15/25 (D) | 500,000 | 556,875 | ||||||
8.500%, 04/15/24 | 26,371,000 | 26,931,384 | ||||||
Jabil | ||||||||
3.600%, 01/15/30 | 4,496,000 | 4,853,200 | ||||||
Juniper Networks | ||||||||
3.750%, 08/15/29 | 10,000,000 | 10,894,525 | ||||||
Motorola Solutions | ||||||||
4.600%, 05/23/29 | 21,435,000 | 24,621,304 | ||||||
QUALCOMM | ||||||||
2.150%, 05/20/30 | 3,000,000 | 3,002,780 | ||||||
|
|
| ||||||
84,448,599 | ||||||||
|
|
| ||||||
Materials — 0.1% | ||||||||
Cleveland-Cliffs | ||||||||
6.750%, 03/15/26 (D) | 1,500,000 | 1,627,500 | ||||||
Nacional del Cobre de Chile | ||||||||
3.150%, 01/15/51 (D) | 500,000 | 460,395 | ||||||
|
|
| ||||||
2,087,895 | ||||||||
|
|
| ||||||
Real Estate — 0.1% | ||||||||
Brookfield Property | ||||||||
5.750%, 05/15/26 ‡(D) | 2,000,000 | 2,090,000 | ||||||
|
|
| ||||||
Utilities — 0.6% | ||||||||
Georgia Power | ||||||||
3.250%, 03/15/51 | 8,000,000 | 7,770,964 | ||||||
Pacific Gas and Electric | ||||||||
4.500%, 07/01/40 | 5,000,000 | 5,024,363 | ||||||
3.750%, 08/15/42 | 5,000,000 | 4,510,334 | ||||||
|
|
| ||||||
17,305,661 | ||||||||
|
|
| ||||||
Total Corporate Obligations | 616,823,833 | |||||||
|
|
| ||||||
COLLATERALIZED LOAN OBLIGATIONS — 19.5% |
| |||||||
Collateralized Loan Obligation — 19.5% | ||||||||
Apidos CLO XI, Ser 2021-11A, Cl CR3 | ||||||||
2.167%, VAR ICE LIBOR USD 3 Month+2.000%, 04/17/34 (D) | 13,750,000 | 13,743,125 | ||||||
Apidos CLO XI, Ser 2021-11A, Cl ER3 | ||||||||
0.232%, VAR ICE LIBOR USD 3 Month+6.570%, 04/17/34 (D) | 5,000,000 | 4,849,495 |
FROST FAMILY OF FUNDS | FROST TOTAL RETURN BOND FUND | |
SCHEDULE OF INVESTMENTS | APRIL 30, 2021 (Unaudited) |
Description | Face Amount | Value | ||||||
Apidos Funding RR Subsidiary, | ||||||||
1.714%, VAR ICE LIBOR USD 3 Month+1.530%, 04/15/31 (D) | $ | 3,000,000 | $ | 3,026,850 | ||||
Apidos XXVIII, Ser 2017-28A, Cl A2 | ||||||||
1.588%, VAR ICE LIBOR USD 3 Month+1.400%, 01/20/31 (D) | 15,000,000 | 14,992,470 | ||||||
Avery Point IV, Ser 2017-1A, Cl BR | ||||||||
1.776%, VAR ICE LIBOR USD 3 Month+1.600%, 04/25/26 (D) | 3,287,735 | 3,291,930 | ||||||
Battalion Clo 17, Ser 2021-17A, Cl B | ||||||||
1.790%, VAR ICE LIBOR USD 3 Month+1.600%, 03/09/34 (D) | 5,000,000 | 4,997,445 | ||||||
BCC Funding XVI, Ser 2019-1A, Cl B | ||||||||
2.640%, 09/20/24 (D) | 6,000,000 | 6,062,816 | ||||||
BCC Funding XVI, Ser 2019-1A, Cl C | ||||||||
2.950%, 09/20/24 (D) | 500,000 | 503,633 | ||||||
BCC Middle Market, Ser 2018-1A, Cl A1A | ||||||||
1.738%, VAR ICE LIBOR USD 3 Month+1.550%, 10/20/30 (D) | 21,000,000 | 20,852,223 | ||||||
Benefit Street Partners CLO III, | ||||||||
%, VAR ICE LIBOR USD 3 Month+2.400%, 07/20/29 (D) | 15,000,000 | 15,000,000 | ||||||
Benefit Street Partners CLO IV, | ||||||||
1.738%, VAR ICE LIBOR USD 3 Month+1.550%, 01/20/32 (D) | 8,750,000 | 8,745,599 | ||||||
Benefit Street Partners III, Ser 2017-IIIA, Cl DR | ||||||||
6.788%, VAR ICE LIBOR USD 3 Month+6.600%, 07/20/29 (D) | 5,000,000 | 4,650,410 | ||||||
Benefit Street Partners VIII, Ser 2018-8A, Cl A1AR | ||||||||
1.288%, VAR ICE LIBOR USD 3 Month+1.100%, 01/20/31 (D) | 5,450,000 | 5,448,632 | ||||||
BlueMountain, Ser 2019-2A, Cl A2R | ||||||||
1.982%, VAR ICE LIBOR USD 3 Month+1.800%, 08/20/32 (D) | 23,000,000 | 23,048,990 | ||||||
Carlyle Global Market Strategies, | ||||||||
1.990%, VAR ICE LIBOR USD 3 Month+1.800%, 04/17/31 (D) | 4,500,000 | 4,479,673 | ||||||
Carlyle Global Market Strategies, | ||||||||
1.366%, VAR ICE LIBOR USD 3 Month+1.180%, 01/14/32 (D) | 24,855,641 | 24,341,850 | ||||||
Carlyle Global Market Strategies, | ||||||||
2.036%, VAR ICE LIBOR USD 3 Month+1.850%, 01/14/32 (D) | 7,000,000 | 7,065,023 | ||||||
Carlyle Global Market Strategies, | ||||||||
1.231%, VAR ICE LIBOR USD 3 Month+1.050%, 07/27/31 (D) | 14,877,491 | 14,889,735 | ||||||
Carlyle Global Market Strategies, | ||||||||
1.731%, VAR ICE LIBOR USD 3 Month+1.550%, 07/27/31 (D) | 9,000,000 | 8,985,600 |
Description | Face Amount | Value | ||||||
Carlyle Global Market Strategies, Ser 2018-5A, Cl A1RR | ||||||||
1.324%, VAR ICE LIBOR USD 3 Month+1.140%, 07/15/31 (D) | $ | 15,834,091 | $ | 15,864,160 | ||||
Carlyle Global Market Strategies, Ser 2019-2A, Cl A2A | ||||||||
1.934%, VAR ICE LIBOR USD 3 Month+1.750%, 07/15/32 (D) | 10,000,000 | 10,002,940 | ||||||
CIFC Funding, Ser 2018-1A, Cl A | ||||||||
1.190%, VAR ICE LIBOR USD 3 Month+1.000%, 04/18/31 (D) | 10,000,000 | 9,990,670 | ||||||
CIFC Funding, Ser 2018-1A, Cl C | ||||||||
1.940%, VAR ICE LIBOR USD 3 Month+1.750%, 04/18/31 (D) | 2,000,000 | 1,993,430 | ||||||
Dryden 68, Ser 2019-68A, Cl B | ||||||||
1.924%, VAR ICE LIBOR USD 3 Month+1.740%, 07/15/32 (D) | 11,750,000 | 11,754,864 | ||||||
Fortress Credit Opportunities IX, | ||||||||
1.744%, VAR ICE LIBOR USD 3 Month+1.550%, 11/15/29 (D) | 21,000,000 | 20,964,909 | ||||||
Galaxy XXI, Ser 2015-21A, Cl AR | ||||||||
1.208%, VAR ICE LIBOR USD 3 Month+1.020%, 04/20/31 (D) | 5,000,000 | 5,003,855 | ||||||
GoldenTree Credit Opportunities Financing, Ser 2018-1A, Cl A1R | ||||||||
1.864%, VAR ICE LIBOR USD 3 Month+1.680%, 06/15/34 (D) | 15,000,000 | 14,817,255 | ||||||
Golub Capital Partners CLO, | ||||||||
1.736%, VAR ICE LIBOR USD 3 Month+1.550%, 04/20/34 (D) | 20,000,000 | 19,989,940 | ||||||
Golub Capital Partners, Ser 2017-17A, Cl A1R | ||||||||
1.826%, VAR ICE LIBOR USD 3 Month+1.650%, 10/25/30 (D) | 9,000,000 | 8,975,754 | ||||||
Golub Capital Partners, Ser 2017-21A, Cl AR | ||||||||
1.646%, VAR ICE LIBOR USD 3 Month+1.470%, 01/25/31 (D) | 11,000,000 | 10,913,991 | ||||||
Golub Capital Partners, Ser 2017-21A, Cl CR | ||||||||
2.626%, VAR ICE LIBOR USD 3 Month+2.450%, 01/25/31 (D) | 2,000,000 | 1,948,804 | ||||||
Golub Capital Partners, Ser 2017-22A, Cl AR | ||||||||
1.368%, VAR ICE LIBOR USD 3 Month+1.180%, 01/20/31 (D) | 9,000,000 | 9,006,354 | ||||||
Golub Capital Partners, Ser 2017-23A, Cl AR | ||||||||
1.388%, VAR ICE LIBOR USD 3 Month+1.200%, 01/20/31 (D) | 20,000,000 | 19,930,800 | ||||||
Golub Capital Partners, Ser 2017-23A, Cl BR | ||||||||
1.738%, VAR ICE LIBOR USD 3 Month+1.550%, 01/20/31 (D) | 4,000,000 | 4,036,984 | ||||||
Golub Capital Partners, Ser 2017-24A, Cl AR | ||||||||
1.776%, VAR ICE LIBOR USD 3 Month+1.600%, 11/05/29 (D) | 9,500,000 | 9,497,691 |
FROST FAMILY OF FUNDS | FROST TOTAL RETURN BOND FUND | |
SCHEDULE OF INVESTMENTS | APRIL 30, 2021 (Unaudited) |
Description | Face Amount | Value | ||||||
Golub Capital Partners, Ser 2017-24A, Cl DR | ||||||||
4.076%, VAR ICE LIBOR USD 3 Month+3.900%, 11/05/29 (D) | $ | 3,000,000 | $ | 2,976,579 | ||||
Golub Capital Partners, Ser 2018-26A, Cl BR | ||||||||
1.738%, VAR ICE LIBOR USD 3 Month+1.550%, 04/20/31 (D) | 12,000,000 | 11,940,216 | ||||||
Golub Capital Partners, Ser 2018-36A, Cl A | ||||||||
1.476%, VAR ICE LIBOR USD 3 Month+1.300%, 02/05/31 (D) | 11,000,000 | 10,922,593 | ||||||
Golub Capital Partners, Ser 2019-34A, Cl AR | ||||||||
1.895%, VAR ICE LIBOR USD 3 Month+1.700%, 03/14/31 (D) | 7,000,000 | 6,955,669 | ||||||
LCM Loan Income Fund I Income Note Issuer, Ser 2018-27A, Cl A1 | ||||||||
1.264%, VAR ICE LIBOR USD 3 Month+1.080%, 07/16/31 (D) | 13,000,000 | 12,992,291 | ||||||
MCF IV, Ser 2017-1A, Cl AR | ||||||||
1.738%, VAR ICE LIBOR USD 3 Month+1.550%, 10/20/29 (D) | 10,000,000 | 9,946,910 | ||||||
MCF IV, Ser 2017-1A, Cl CR | ||||||||
2.838%, VAR ICE LIBOR USD 3 Month+2.650%, 10/20/29 (D) | 3,000,000 | 2,962,755 | ||||||
NewStar Berkeley Fund, Ser 2019-1A, Cl AR | ||||||||
1.776%, VAR ICE LIBOR USD 3 Month+1.600%, 10/25/28 (D) | 3,388,936 | 3,376,225 | ||||||
NXT Capital, Ser 2017-1A, Cl A | ||||||||
1.888%, VAR ICE LIBOR USD 3 Month+1.700%, 04/20/29 (D) | 9,000,000 | 8,997,750 | ||||||
NXT Capital, Ser 2020-1A, Cl B | ||||||||
2.588%, VAR ICE LIBOR USD 3 Month+2.400%, 01/20/31 (D) | 2,250,000 | 2,249,406 | ||||||
Oak Hill Credit Partners X-R, Ser 2021-10RA, Cl BR | ||||||||
1.738%, VAR ICE LIBOR USD 3 Month+1.550%, 04/20/34 (D) | 8,000,000 | 7,995,976 | ||||||
Oak Hill Credit Partners X-R, Ser 2021-10RA, Cl CR | ||||||||
2.188%, VAR ICE LIBOR USD 3 Month+2.000%, 04/20/34 (D) | 5,100,000 | 5,097,430 | ||||||
Oaktree EIF II, Ser 2017-IIIA, Cl A2 | ||||||||
1.640%, VAR ICE LIBOR USD 3 Month+1.450%, 07/17/29 (D) | 7,250,000 | 7,248,173 | ||||||
Oaktree, Ser 2019-3A, Cl B | ||||||||
2.188%, VAR ICE LIBOR USD 3 Month+2.000%, 07/20/31 (D) | 13,500,000 | 13,534,182 | ||||||
Oaktree, Ser 2019-4A, Cl B | ||||||||
2.188%, VAR ICE LIBOR USD 3 Month+2.000%, 10/20/32 (D) | 25,000,000 | 25,077,300 | ||||||
Octagon Investment Partners XX, Ser 2019-4A, Cl B | ||||||||
2.101%, VAR ICE LIBOR USD 3 Month+1.900%, 05/12/31 (D) | 9,500,000 | 9,528,927 | ||||||
OHA Credit Funding 7, Ser 2020-7A, Cl A | ||||||||
1.440%, VAR ICE LIBOR USD 3 Month+1.250%, 10/19/32 (D) | 17,000,000 | 17,015,470 | ||||||
OHA Credit Funding 7, Ser 2020-7A, Cl E | ||||||||
7.440%, VAR ICE LIBOR USD 3 Month+7.250%, 10/19/32 (D) | 2,500,000 | 2,498,762 |
Description | Face Amount | Value | ||||||
OZLM Funding IV, Ser 2017-4A, Cl A2R | ||||||||
1.884%, VAR ICE LIBOR USD 3 Month+1.700%, 10/22/30 (D) | $ | 5,000,000 | $ | 4,995,130 | ||||
RCO V Mortgage, Ser 2019-2, Cl A1 | ||||||||
3.475%, 11/25/24 (D) | 7,867,488 | 7,882,390 | ||||||
Sudbury Mill, Ser 2013-1A, Cl E | ||||||||
4.940%, VAR ICE LIBOR USD 3 Month+4.750%, 01/17/26 (D) | 1,500,000 | 1,341,454 | ||||||
Thayer Park CLO, Ser 2021-1A, Cl A2AR | ||||||||
1.588%, VAR ICE LIBOR USD 3 Month+1.400%, 04/20/34 (D) | 9,250,000 | 9,245,357 | ||||||
Thayer Park CLO, Ser 2021-1A, Cl BR | ||||||||
1.988%, VAR ICE LIBOR USD 3 Month+1.800%, 04/20/34 (D) | 9,500,000 | 9,495,222 | ||||||
Venture XIX, Ser 2018-19A, Cl ARR | ||||||||
1.444%, VAR ICE LIBOR USD 3 Month+1.260%, 01/15/32 (D) | 19,250,000 | 19,305,748 | ||||||
Venture, Ser 2019-37A, Cl BN | ||||||||
2.084%, VAR ICE LIBOR USD 3 Month+1.900%, 07/15/32 (D) | 10,000,000 | 10,017,340 | ||||||
Zais, Ser 2017-1A, Cl A2 | ||||||||
1.684%, VAR ICE LIBOR USD 3 Month+1.500%, 07/15/29 (D) | 11,250,000 | 11,087,460 | ||||||
Zais, Ser 2018-1A, Cl B | ||||||||
1.634%, VAR ICE LIBOR USD 3 Month+1.450%, 04/15/29 (D) | 5,000,000 | 4,856,460 | ||||||
|
|
| ||||||
Total Collateralized Loan Obligations | 603,211,075 | |||||||
|
|
| ||||||
MORTGAGE-BACKED SECURITIES — 17.8% |
| |||||||
Agency Mortgage-Backed Obligation — 3.8% |
| |||||||
FHLMC | ||||||||
3.060%, VAR ICE LIBOR USD 12 Month+1.620%, 01/01/45 | 4,229,262 | 4,422,573 | ||||||
2.363%, VAR ICE LIBOR USD 12 Month+1.650%, 06/01/43 | 4,586,536 | 4,758,752 | ||||||
FHLMC REMIC, Ser 2011-3898, Cl FC | ||||||||
0.625%, VAR LIBOR USD 1 Month+0.510%, 11/15/36 | 1,656,699 | 1,682,922 | ||||||
FHLMC, Ser 2012-293, Cl IO, IO | ||||||||
4.000%, 11/15/32 | 971,939 | 113,274 | ||||||
FHLMC, Ser 2012-3996, Cl QL | ||||||||
4.000%, 02/15/42 | 7,804,925 | 8,782,054 | ||||||
FHLMC, Ser 2012-4029, Cl LI, IO | ||||||||
3.000%, 01/15/27 | 3,703,768 | 159,572 | ||||||
FHLMC, Ser 2012-4054, Cl HI, IO | ||||||||
3.000%, 05/15/26 | 1,363,813 | 21,331 | ||||||
FHLMC, Ser 2012-4077, Cl AI, IO | ||||||||
3.000%, 01/15/27 | 4,981,025 | 174,273 | ||||||
FHLMC, Ser 2012-4106, Cl YI, IO | ||||||||
2.500%, 09/15/27 | 2,501,507 | 136,456 | ||||||
FHLMC, Ser 2012-4116, Cl MI, IO | ||||||||
4.000%, 10/15/42 | 20,458,476 | 2,740,679 | ||||||
FHLMC, Ser 2012-4116, Cl PI, IO | ||||||||
4.000%, 10/15/42 | 6,569,304 | 1,240,917 | ||||||
FHLMC, Ser 2012-4134, Cl BI, IO | ||||||||
2.500%, 11/15/27 | 6,795,263 | 364,582 | ||||||
FHLMC, Ser 2012-4136, Cl PI, IO | ||||||||
3.000%, 11/15/32 | 13,443,744 | 1,474,509 | ||||||
FHLMC, Ser 2012-4148, Cl LI, IO | ||||||||
2.500%, 12/15/27 | 4,377,840 | 239,107 |
FROST FAMILY OF FUNDS | FROST TOTAL RETURN BOND FUND | |
SCHEDULE OF INVESTMENTS | APRIL 30, 2021 (Unaudited) |
Description | Face Amount | Value | ||||||
FHLMC, Ser 2013-4213, Cl IG, IO | ||||||||
4.000%, 06/15/43 | $ | 10,593,196 | $ | 1,281,217 | ||||
FHLMC, Ser 2014-4349, Cl KI, IO | ||||||||
3.000%, 04/15/33 | 7,332,560 | 506,648 | ||||||
FHLMC, Ser 2015-4457, Cl EI, IO | ||||||||
3.500%, 02/15/45 | 645,924 | 47,881 | ||||||
FHLMC, Ser 2017-4655, Cl HA | ||||||||
3.500%, 01/15/42 | 675,975 | 676,426 | ||||||
FHLMC, Ser 2017-4662, Cl VC | ||||||||
3.500%, 08/15/35 | 5,000,000 | 5,125,303 | ||||||
FHLMC, Ser 2017-4671, Cl ME | ||||||||
3.000%, 02/15/43 | 3,290,579 | 3,328,512 | ||||||
FHLMC, Ser 2017-4675, Cl VE | ||||||||
3.500%, 08/15/37 | 4,707,000 | 5,054,642 | ||||||
FHLMC, Ser 2019-4908, Cl AS, IO | ||||||||
5.994%, VAR ICE LIBOR USD 1 Month+6.100%, 01/25/45 | 16,069,103 | 3,219,237 | ||||||
FNMA | ||||||||
5.500%, 05/01/44 | 5,569,056 | 6,469,887 | ||||||
4.500%, 08/01/41 | 3,896,620 | 4,397,411 | ||||||
4.000%, 03/01/47 | 1,032,590 | 1,128,304 | ||||||
3.234%, VAR ICE LIBOR USD 12 Month+1.745%, 02/01/42 | 2,251,422 | 2,382,951 | ||||||
3.000%, 10/01/32 to 01/01/50 | 10,257,065 | 10,896,302 | ||||||
2.862%, VAR ICE LIBOR USD 12 Month+1.700%, 10/01/42 | 1,839,208 | 1,952,906 | ||||||
2.710%, 08/01/23 | 257,579 | 267,507 | ||||||
2.250%, 10/30/24 | 10,000,000 | 10,633,549 | ||||||
FNMA REMIC, Ser 2017-52, Cl DI, IO | ||||||||
4.500%, 07/25/47 | 11,488,481 | 1,602,929 | ||||||
FNMA STRIPS, Ser 2009-397, Cl 2, IO | ||||||||
5.000%, 09/25/39 | 1,804,147 | 299,904 | ||||||
FNMA STRIPS, Ser 2009-400, Cl 2, IO | ||||||||
4.500%, 11/25/39 | 1,401,771 | 218,584 | ||||||
FNMA STRIPS, Ser 2010-404, Cl 2, IO | ||||||||
4.500%, 05/25/40 | 2,582,556 | 473,974 | ||||||
FNMA STRIPS, Ser 2010-405, Cl 2, IO | ||||||||
4.000%, 10/25/40 | 1,757,689 | 223,008 | ||||||
FNMA STRIPS, Ser 2011-407, Cl 2, IO | ||||||||
4.000%, 03/25/41 | 2,656,925 | 392,490 | ||||||
FNMA, Ser 2011-103, Cl GI, IO | ||||||||
3.500%, 10/25/26 | 1,734,506 | 83,873 | ||||||
FNMA, Ser 2011-146, Cl AY | ||||||||
3.500%, 01/25/32 | 3,674,864 | 3,936,463 | ||||||
FNMA, Ser 2012-31, Cl LI, IO | ||||||||
4.000%, 07/25/40 | 1,688,945 | 52,819 | ||||||
FNMA, Ser 2012-410, Cl C5, IO | ||||||||
3.500%, 05/25/27 | 6,339,923 | 338,439 | ||||||
FNMA, Ser 2012-61, Cl KI, IO | ||||||||
4.000%, 12/25/41 | 6,947,841 | 592,807 | ||||||
FNMA, Ser 2012-68, Cl GY | ||||||||
3.000%, 07/25/32 | 5,000,000 | 5,416,392 | ||||||
FNMA, Ser 2013-104, Cl TI, IO | ||||||||
3.000%, 08/25/32 | 3,139,482 | 129,295 | ||||||
FNMA, Ser 2013-36, Cl MH | ||||||||
2.500%, 12/25/36 | 3,988,458 | 4,062,071 | ||||||
FNMA, Ser 2014-40, Cl GI, IO | ||||||||
3.000%, 06/25/33 | 7,054,871 | 715,034 | ||||||
FNMA, Ser 2014-59, Cl CI, IO | ||||||||
3.000%, 08/25/40 | 734,787 | 9,876 | ||||||
FNMA, Ser 2015-421, Cl C1, IO | ||||||||
3.000%, 05/25/30 | 4,395,873 | 381,566 |
Description | Face Amount | Value | ||||||
FNMA, Ser 2017-4, Cl VD | ||||||||
3.500%, 06/25/37 | $ | 7,596,608 | $ | 7,641,991 | ||||
FNMA, Ser 2017-53, Cl KA | ||||||||
3.500%, 12/25/43 | 1,117,867 | 1,128,638 | ||||||
FNMA, Ser 2019-44, Cl CI, IO | ||||||||
4.000%, 08/25/59 | 9,522,644 | 1,834,760 | ||||||
FNMA, Ser 2019-44, Cl PI, IO | ||||||||
4.000%, 08/25/49 | 10,610,099 | 1,260,511 | ||||||
GNMA REMIC, Ser 2011-125, Cl BI, IO | ||||||||
4.000%, 12/20/30 | 2,106,789 | 24,557 | ||||||
GNMA, Ser 2013-170, Cl QI, IO | ||||||||
5.500%, 11/20/43 (E) | 11,755,423 | 2,299,337 | ||||||
GNMA, Ser 2013-42, Cl MI, IO | ||||||||
3.500%, 04/20/41 | 1,895,691 | 79,155 | ||||||
GNMA, Ser 2013-62, Cl NI, IO | ||||||||
4.000%, 08/20/40 | 4,982,070 | 418,091 | ||||||
GNMA, Ser 2014-32, Cl CI, IO | ||||||||
4.000%, 03/20/43 | 3,394,898 | 318,484 | ||||||
GNMA, Ser 2014-44, Cl IO, IO | ||||||||
4.000%, 11/16/26 | 6,613,579 | 400,911 | ||||||
GNMA, Ser 2015-17, Cl JI, IO | ||||||||
3.500%, 05/20/28 | 6,133,191 | 333,551 | ||||||
GNMA, Ser 2017-137, Cl DI, IO | ||||||||
3.000%, 02/20/47 | 3,360,367 | 77,589 | ||||||
|
|
| ||||||
118,426,783 | ||||||||
|
|
| ||||||
Commercial Mortgage-Backed Obligation — 11.7% |
| |||||||
280 Park Avenue Mortgage Trust, | ||||||||
2.942%, VAR ICE LIBOR USD 1 Month+2.827%, 09/15/34 (D) | 12,500,000 | 12,186,434 | ||||||
Banc of America Commercial Mortgage Trust, Ser 2008-1, Cl AJ | ||||||||
6.786%, 02/10/51 (E) | 240,943 | 242,116 | ||||||
Banc of America Commercial Mortgage Trust, Ser 2008-1, Cl B | ||||||||
6.786%, 02/10/51 (D)(E) | 4,925,000 | 4,326,120 | ||||||
BANK, Ser 2018-BN10, Cl A5 | ||||||||
3.688%, 02/15/61 | 10,000,000 | 11,115,515 | ||||||
BANK, Ser 2018-BN14, Cl A3 | ||||||||
3.966%, 09/15/60 | 10,000,000 | 11,184,102 | ||||||
Bear Stearns Commercial Mortgage Securities Trust, Ser 2007-T26, Cl AJ | ||||||||
5.541%, 01/12/45 (E) | 14,150,000 | 11,565,345 | ||||||
Benchmark Mortgage Trust, Ser 2020-B18, Cl E | ||||||||
2.250%, 07/15/53 (D) | 8,000,000 | 6,452,242 | ||||||
Benchmark Mortgage Trust, Ser 2020-B21, Cl D | ||||||||
2.000%, 12/17/53 (D) | 13,000,000 | 10,778,023 | ||||||
Benchmark Mortgage Trust, Ser 2020-IG3, Cl A4 | ||||||||
2.437%, 09/15/48 (D) | 10,000,000 | 10,186,721 | ||||||
Citigroup Commercial Mortgage Trust, Ser 2015-GC31, Cl C | ||||||||
4.189%, 06/10/48 (E) | 5,000,000 | 5,236,449 | ||||||
Commercial Mortgage Trust, Ser 2012- CR2, Cl C | ||||||||
4.992%, 08/15/45 (E) | 1,000,000 | 996,208 | ||||||
Commercial Mortgage Trust, Ser 2012- CR2, Cl D | ||||||||
4.992%, 08/15/45 (D)(E) | 224,200 | 210,516 |
FROST FAMILY OF FUNDS | FROST TOTAL RETURN BOND FUND | |
SCHEDULE OF INVESTMENTS | APRIL 30, 2021 (Unaudited) |
Description | Face Amount | Value | ||||||
Commercial Mortgage Trust, | ||||||||
5.151%, 04/10/47 (D)(E) | $ | 9,500,000 | $ | 9,516,122 | ||||
Commercial Mortgage Trust, | ||||||||
4.594%, 12/10/47 (E) | 4,000,000 | 4,194,170 | ||||||
Commercial Mortgage Trust, | ||||||||
4.451%, 02/10/48 (D)(E) | 9,000,000 | 7,561,537 | ||||||
Credit Suisse Commercial Mortgage Trust, Ser 2008-C1, Cl D | ||||||||
5.997%, 02/15/41 (D)(E) | 4,107,435 | 235,767 | ||||||
Credit Suisse First Boston Mortgage Securities, Ser 2005-C2, Cl AMFL | ||||||||
0.366%, VAR ICE LIBOR USD 1 Month+0.250%, 04/15/37 | 72,362 | 71,986 | ||||||
Credit Suisse First Boston Mortgage Securities, Ser 2005-C2, Cl AMFX | ||||||||
4.877%, 04/15/37 | 6,466 | 6,596 | ||||||
CSAIL Commercial Mortgage Trust, Ser 2019-C15, Cl A4 | ||||||||
4.053%, 03/15/52 | 10,000,000 | 11,303,138 | ||||||
CSMC Trust, Ser 2019-AFC1, Cl A1 | ||||||||
2.573%, 07/25/49 (D) | 8,370,140 | 8,495,962 | ||||||
DROP Mortgage Trust, Ser 2021-FILE, Cl D | ||||||||
2.860%, VAR ICE LIBOR USD 1 Month+2.750%, 04/15/26 (D) | 15,000,000 | 15,009,367 | ||||||
FHLMC Military Housing Bonds Resecuritization Trust Certificates, Ser 2015-R1, Cl C3 | ||||||||
5.938%, 11/25/52 (D)(E) | 36,358,811 | 36,193,117 | ||||||
FNMA, Ser 2020-44, Cl MI, IO | ||||||||
2.500%, 01/25/57 | 15,908,054 | 2,141,273 | ||||||
Fontainebleau Miami Beach Trust, Ser 2019-FBLU, Cl A | ||||||||
3.144%, 12/10/36 (D) | 10,000,000 | 10,525,095 | ||||||
FREMF Mortgage Trust, Ser 2015-K721, Cl C | ||||||||
3.673%, 11/25/47 (D)(E) | 14,000,000 | 14,445,770 | ||||||
FREMF Mortgage Trust, Ser 2016-K54, Cl C | ||||||||
4.189%, 04/25/48 (D)(E) | 5,000,000 | 5,377,243 | ||||||
FREMF Mortgage Trust, Ser 2016-K57, Cl C | ||||||||
4.050%, 08/25/49 (D)(E) | 8,840,000 | 9,416,020 | ||||||
FREMF Mortgage Trust, Ser 2017-K67, Cl B | ||||||||
4.079%, 09/25/49 (D)(E) | 2,000,000 | 2,183,129 | ||||||
FREMF Mortgage Trust, Ser 2017-K70, Cl B | ||||||||
3.934%, 12/25/49 (D)(E) | 3,403,000 | 3,698,105 | ||||||
GNMA, Ser 2015-103, Cl CI, IO | ||||||||
4.000%, 07/20/45 | 23,159,997 | 2,737,898 | ||||||
GNMA, Ser 2016-99, Cl ID, IO | ||||||||
4.500%, 04/16/44 | 20,699,159 | 4,745,951 | ||||||
GNMA, Ser 2019-137, Cl GI, IO | ||||||||
4.000%, 11/20/49 | 45,215,420 | 6,503,506 | ||||||
GNMA, Ser 2020-189, Cl IJ, IO | ||||||||
2.500%, 12/20/50 | 27,880,479 | 3,443,841 | ||||||
GNMA, Ser 2020-191, Cl CT | ||||||||
1.250%, 12/20/50 | 4,927,008 | 4,808,879 | ||||||
GNMA, Ser 2021-8, Cl IG, IO | ||||||||
2.500%, 01/20/51 | 33,865,145 | 3,928,682 | ||||||
GS Mortgage Securities Trust, | ||||||||
3.826%, 03/10/50 (E) | 3,500,000 | 3,831,384 |
Description | Face Amount | Value | ||||||
GS Mortgage Securities Trust, | ||||||||
3.992%, 03/10/51 (E) | $ | 10,000,000 | $ | 11,273,828 | ||||
Hudson Yards Mortgage Trust, | ||||||||
3.380%, 07/10/39 (D)(E) | 2,500,000 | 2,669,572 | ||||||
Impact Funding, Ser 2001-AA, Cl D | ||||||||
4.713%, 07/25/33 (D)(E) | 45,464 | 45,314 | ||||||
JPMDB Commercial Mortgage Securities Trust, Ser 2016-C2, Cl C | ||||||||
3.502%, 06/15/49 (E) | 4,328,000 | 3,999,539 | ||||||
JPMorgan Chase Commercial Mortgage Securities, Ser 2006-LDP9, Cl AMS | ||||||||
5.337%, 05/15/47 | 2,179,218 | 1,834,620 | ||||||
JPMorgan Chase Commercial Mortgage Securities, Ser 2007-LD12, Cl AJ | ||||||||
6.714%, 02/15/51 (E) | 1,907,152 | 1,757,956 | ||||||
JPMorgan Chase Commercial Mortgage Securities, Ser 2007-LD12, Cl J | ||||||||
5.994%, 02/15/51 (D)(E)(F)(G) | 1,000,000 | — | ||||||
LB-UBS Commercial Mortgage Trust, | ||||||||
6.444%, 07/15/40 (E) | 198,415 | 198,970 | ||||||
LStar Commercial Mortgage Trust, | ||||||||
3.188%, 03/10/49 (D) | 3,000,000 | 3,103,646 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2016-C29, Cl C | ||||||||
4.903%, 05/15/49 (E) | 2,413,000 | 2,535,991 | ||||||
Morgan Stanley Capital I, Ser 2007-T25, Cl AJ | ||||||||
5.574%, 11/12/49 (E) | 113,842 | 89,798 | ||||||
Morgan Stanley Capital I, Ser 2007-T27, Cl B | ||||||||
6.215%, 06/11/42 (D)(E) | 500,000 | 512,614 | ||||||
Pretium Mortgage Credit Partners I, | ||||||||
4.213%, 09/27/60 (D) | 9,000,000 | 8,992,247 | ||||||
UBS Commercial Mortgage Trust, | ||||||||
5.754%, 05/10/45 (D)(E) | 9,160,000 | 9,302,010 | ||||||
UBS-Barclays Commercial Mortgage Trust, Ser 2012-C2, Cl D | ||||||||
5.044%, 05/10/63 (D)(E) | 7,245,000 | 3,860,116 | ||||||
UBS-Barclays Commercial Mortgage Trust, Ser 2012-C2, Cl E | ||||||||
5.044%, 05/10/63 (D)(E) | 15,614,806 | 3,903,702 | ||||||
UBS-Barclays Commercial Mortgage Trust, Ser 2012-C3, Cl C | ||||||||
5.199%, 08/10/49 (D)(E) | 3,000,000 | 3,117,812 | ||||||
UBS-Barclays Commercial Mortgage Trust, Ser 2012-C4, Cl D | ||||||||
4.617%, 12/10/45 (D)(E) | 13,624,000 | 9,664,966 | ||||||
Wells Fargo Commercial Mortgage Trust, Ser 2016-C32, Cl C | ||||||||
4.871%, 01/15/59 (E) | 5,000,000 | 5,283,562 | ||||||
Wells Fargo Commercial Mortgage Trust, Ser 2016-C32, Cl D | ||||||||
3.788%, 01/15/59 (D)(E) | 2,000,000 | 1,949,570 | ||||||
Wells Fargo Commercial Mortgage Trust, Ser 2016-C34, Cl B | ||||||||
4.089%, 06/15/49 | 5,000,000 | 5,190,613 |
FROST FAMILY OF FUNDS | FROST TOTAL RETURN BOND FUND | |
SCHEDULE OF INVESTMENTS | APRIL 30, 2021 (Unaudited) |
Description | Face Amount | Value | ||||||
Wells Fargo Commercial Mortgage Trust, Ser 2018-AUS, Cl A | ||||||||
4.194%, 08/17/36 (D)(E) | $ | 5,000,000 | $ | 5,564,784 | ||||
Wells Fargo Commercial Mortgage Trust, Ser 2018-C43, Cl A4 | ||||||||
4.012%, 03/15/51 (E) | 6,000,000 | 6,766,440 | ||||||
West Town Mall Trust, Ser 2017-KNOX, Cl A | ||||||||
3.823%, 07/05/30 (D) | 4,830,469 | 4,845,663 | ||||||
WFRBS Commercial Mortgage Trust, Ser 2013-UBS1, Cl C | ||||||||
5.208%, 03/15/46 (E) | 3,000,000 | 3,050,975 | ||||||
WFRBS Commercial Mortgage Trust, Ser 2014-C25, Cl D | ||||||||
3.803%, 11/15/47 (D)(E) | 7,310,000 | 6,728,853 | ||||||
|
|
| ||||||
361,097,490 | ||||||||
|
|
| ||||||
Non-Agency Residential Mortgage-Backed Obligation — 2.3% |
| |||||||
Arroyo Mortgage Trust, Ser 2018-1, Cl A1 | ||||||||
3.763%, 04/25/48 (D)(E) | 8,224,750 | 8,239,983 | ||||||
Arroyo Mortgage Trust, Ser 2019-2, Cl A2 | ||||||||
3.498%, 04/25/49 (D)(E) | 6,162,327 | 6,304,792 | ||||||
Carrington Mortgage Loan Trust, Ser 2007-FRE1, Cl M8 | ||||||||
2.461%, VAR ICE LIBOR USD 1 Month+2.250%, 02/25/37 (F)(G) | 1,000,000 | — | ||||||
CSAIL Mortgage Trust, Ser 2018-CX11, Cl A5 | ||||||||
4.033%, 04/15/51 | 10,000,000 | 11,211,366 | ||||||
FirstKey Mortgage Trust, Ser 2015-1, Cl A3 | ||||||||
3.500%, 03/25/45 (D)(E) | 1,894,432 | 1,931,795 | ||||||
Galton Funding Mortgage Trust, Ser 2019- 1, Cl A22 | ||||||||
4.000%, 02/25/59 (D)(E) | 774,894 | 790,542 | ||||||
Galton Funding Mortgage Trust, Ser 2019- 2, Cl A21 | ||||||||
4.000%, 06/25/59 (D)(E) | 5,862,043 | 5,973,260 | ||||||
Homeward Opportunities Fund I Trust, Ser 2019-1, Cl A1 | ||||||||
3.454%, 01/25/59 (D)(E) | 1,733,326 | 1,751,235 | ||||||
Homeward Opportunities Fund I Trust, Ser 2019-3, Cl A1 | ||||||||
2.675%, 11/25/59 (D)(E) | 5,248,110 | 5,329,530 | ||||||
JPMorgan Mortgage Trust, Ser 2016-4, Cl A3 | ||||||||
3.500%, 10/25/46 (D)(E) | 664,611 | 673,590 | ||||||
JPMorgan Mortgage Trust, Ser 2017-1, Cl A3 | ||||||||
3.500%, 01/25/47 (E) | 185,578 | 185,767 | ||||||
JPMorgan Mortgage Trust, Ser 2019-1, Cl A3 | ||||||||
4.000%, 05/25/49 (D)(E) | 1,561,661 | 1,586,695 | ||||||
PSMC Trust, Ser 2020-2, Cl A2 | ||||||||
3.000%, 05/25/50 (D)(E) | 2,248,110 | 2,279,945 | ||||||
Sequoia Mortgage Trust, Ser 2013-4, Cl AIO1, IO | ||||||||
0.887%, 04/25/43 (D)(E) | 88,292,318 | 1,900,342 | ||||||
Sequoia Mortgage Trust, Ser 2017-2, Cl A4 | ||||||||
3.500%, 02/25/47 (D)(E) | 542,461 | 543,886 | ||||||
Sequoia Mortgage Trust, Ser 2017-CH1, Cl A2 | ||||||||
3.500%, 08/25/47 (D)(E) | 611,120 | 621,667 |
Description | Face Amount | Value | ||||||
Sequoia Mortgage Trust, Ser 2018-3, Cl A4 | ||||||||
3.500%, 03/25/48 (D)(E) | $ | 32,367 | $ | 32,337 | ||||
Sequoia Mortgage Trust, Ser 2018-CH4, Cl A2 | ||||||||
4.000%, 10/25/48 (D)(E) | 967,415 | 978,609 | ||||||
Sequoia Mortgage Trust, Ser 2019-CH1, Cl A1 | ||||||||
4.500%, 03/25/49 (D)(E) | 1,114,984 | 1,126,930 | ||||||
Wells Fargo Mortgage Backed Securities Trust, Ser 2019-1, Cl A1 | ||||||||
4.000%, 11/25/48 (D)(E) | 2,369,761 | 2,402,337 | ||||||
Wells Fargo Mortgage Backed Securities Trust, Ser 2019-2, Cl A1 | ||||||||
4.000%, 04/25/49 (D)(E) | 1,742,262 | 1,759,770 | ||||||
Wells Fargo Mortgage Backed Securities Trust, Ser 2019-3, Cl A1 | ||||||||
3.500%, 07/25/49 (D)(E) | 3,087,794 | 3,140,901 | ||||||
Wells Fargo Mortgage Backed Securities Trust, Ser 2020-1, Cl A1 | ||||||||
3.000%, 12/25/49 (D)(E) | 5,420,385 | 5,500,392 | ||||||
Wells Fargo Mortgage Backed Securities Trust, Ser 2020-4, Cl A2 | ||||||||
2.500%, 07/25/50 (D)(E) | 1,238,003 | 1,264,722 | ||||||
WinWater Mortgage Loan Trust, | ||||||||
3.849%, 06/20/44 (D)(E) | 1,204,954 | 1,221,606 | ||||||
WinWater Mortgage Loan Trust, | ||||||||
4.000%, 09/20/44 (D)(E) | 389,912 | 406,495 | ||||||
WinWater Mortgage Loan Trust, | ||||||||
3.500%, 11/20/44 (D)(E) | 799,043 | 829,182 | ||||||
WinWater Mortgage Loan Trust, | ||||||||
3.500%, 02/20/45 (D)(E) | 1,039,264 | 1,078,594 | ||||||
WinWater Mortgage Loan Trust, | ||||||||
3.500%, 03/20/45 (D)(E) | 1,214,632 | 1,245,188 | ||||||
|
|
| ||||||
70,311,458 | ||||||||
|
|
| ||||||
Total Mortgage-Backed Securities | 549,835,731 | |||||||
|
|
| ||||||
ASSET-BACKED SECURITIES — 13.6% | ||||||||
Automotive — 8.9% | ||||||||
American Credit Acceptance Receivables Trust, Ser 2018-3, Cl F | ||||||||
6.440%, 06/12/25 (D) | 4,000,000 | 4,202,114 | ||||||
American Credit Acceptance Receivables Trust, Ser 2020-1, Cl D | ||||||||
2.390%, 03/13/26 (D) | 2,000,000 | 2,056,339 | ||||||
American Credit Acceptance Receivables Trust, Ser 2020-2, Cl E | ||||||||
7.600%, 02/16/27 (D) | 13,750,000 | 15,339,892 | ||||||
American Credit Acceptance Receivables Trust, Ser 2020-3, Cl D | ||||||||
2.400%, 06/15/26 (D) | 6,500,000 | 6,712,845 | ||||||
American Credit Acceptance Receivables Trust, Ser 2020-4, Cl E | ||||||||
3.650%, 12/14/26 (D) | 4,000,000 | 4,172,350 | ||||||
Avid Automobile Receivables Trust, Ser 2019-1, Cl D | ||||||||
4.030%, 07/15/26 (D) | 1,300,000 | 1,321,621 |
FROST FAMILY OF FUNDS | FROST TOTAL RETURN BOND FUND | |
SCHEDULE OF INVESTMENTS | APRIL 30, 2021 (Unaudited) |
Description | Face Amount | Value | ||||||
Canadian Pacer Auto Receivables Trust, Ser 2019-1A, Cl A4 | ||||||||
2.960%, 06/19/24 (D) | $ | 5,000,000 | $ | 5,189,332 | ||||
CarMax Auto Owner Trust, Ser 2017-3, Cl D | ||||||||
3.460%, 10/16/23 | 250,000 | 252,671 | ||||||
CarMax Auto Owner Trust, Ser 2018-1, Cl D | ||||||||
3.370%, 07/15/24 | 1,485,000 | 1,517,457 | ||||||
Carmax Auto Owner Trust, Ser 2018-4, Cl D | ||||||||
4.150%, 04/15/25 | 1,000,000 | 1,052,487 | ||||||
Carnow Auto Receivables Trust, | ||||||||
2.720%, 11/15/22 (D) | 1,886,771 | 1,892,638 | ||||||
Carvana Auto Receivables Trust, | ||||||||
5.640%, 01/15/26 (D) | 8,000,000 | 8,505,934 | ||||||
Carvana Auto Receivables Trust, | ||||||||
4.600%, 07/15/26 (D) | 5,000,000 | 5,274,748 | ||||||
Carvana Auto Receivables Trust, | ||||||||
4.700%, 10/15/26 (D) | 6,000,000 | 6,325,671 | ||||||
CPS Auto Receivables Trust, Ser 2016-A, Cl F | ||||||||
7.650%, 03/15/23 (D) | 10,540,000 | 10,560,995 | ||||||
CPS Auto Receivables Trust, Ser 2016-B, Cl E | ||||||||
8.140%, 05/15/23 (D) | 6,500,000 | 6,580,666 | ||||||
CPS Auto Receivables Trust, Ser 2016-D, Cl E | ||||||||
6.860%, 04/15/24 (D) | 8,000,000 | 8,211,281 | ||||||
CPS Auto Receivables Trust, Ser 2017-B, Cl D | ||||||||
3.950%, 03/15/23 (D) | 794,290 | 796,129 | ||||||
CPS Auto Receivables Trust, Ser 2019-B, Cl F | ||||||||
7.480%, 06/15/26 (D) | 6,055,000 | 6,294,949 | ||||||
CPS Auto Receivables Trust, Ser 2019-D, Cl D | ||||||||
2.720%, 09/15/25 (D) | 3,000,000 | 3,066,923 | ||||||
CPS Auto Receivables Trust, Ser 2019-D, Cl E | ||||||||
3.860%, 10/15/25 (D) | 6,000,000 | 6,175,695 | ||||||
DT Auto Owner Trust, Ser 2018-3A, Cl D | ||||||||
4.190%, 07/15/24 (D) | 10,000,000 | 10,301,526 | ||||||
DT Auto Owner Trust, Ser 2020-1A, Cl E | ||||||||
3.480%, 02/16/27 (D) | 4,500,000 | 4,649,651 | ||||||
DT Auto Owner Trust, Ser 2020-3A, Cl D | ||||||||
1.840%, 06/15/26 (D) | 2,000,000 | 2,037,124 | ||||||
DT Auto Owner Trust, Ser 2021-1A, Cl E | ||||||||
2.380%, 01/18/28 (D) | 1,000,000 | 995,615 | ||||||
Exeter Automobile Receivables Trust, Ser 2018-1A, Cl D | ||||||||
3.530%, 11/15/23 (D) | 5,243,117 | 5,354,358 | ||||||
Exeter Automobile Receivables Trust, Ser 2020-1A, Cl D | ||||||||
2.730%, 12/15/25 (D) | 2,500,000 | 2,574,764 | ||||||
First Investors Auto Owner Trust, Ser 2019-1A, Cl D | ||||||||
3.550%, 04/15/25 (D) | 1,700,000 | 1,762,142 |
Description | Face Amount | Value | ||||||
First Investors Auto Owner Trust, | ||||||||
3.150%, 04/15/26 (D) | $ | 4,000,000 | $ | 4,159,577 | ||||
First Investors Auto Owner Trust, | ||||||||
4.630%, 06/16/26 (D) | 5,510,000 | 5,834,129 | ||||||
First Investors Auto Owner Trust, | ||||||||
7.070%, 06/15/27 (D) | 5,300,000 | 5,861,955 | ||||||
Flagship Credit Auto Trust, Ser 2017-4, Cl C | ||||||||
2.920%, 11/15/23 (D) | 3,710,713 | 3,742,110 | ||||||
Flagship Credit Auto Trust, Ser 2018-3, Cl D | ||||||||
4.150%, 12/16/24 (D) | 568,000 | 596,369 | ||||||
Flagship Credit Auto Trust, Ser 2019-2, Cl D | ||||||||
3.530%, 05/15/25 (D) | 5,190,000 | 5,444,021 | ||||||
Flagship Credit Auto Trust, Ser 2020-1, Cl E | ||||||||
3.520%, 06/15/27 (D) | 7,931,000 | 8,167,203 | ||||||
Flagship Credit Auto Trust, Ser 2020-2, Cl E | ||||||||
8.220%, 09/15/27 (D) | 8,000,000 | 9,357,434 | ||||||
Foursight Capital Automobile Receivables Trust, Ser 2018-2, Cl D | ||||||||
4.330%, 07/15/24 (D) | 4,650,000 | 4,846,996 | ||||||
Foursight Capital Automobile Receivables Trust, Ser 2020-1, Cl E | ||||||||
3.490%, 04/15/26 (D) | 1,300,000 | 1,354,835 | ||||||
Global SC Finance VII Srl, Ser 2020-1A, Cl A | ||||||||
2.170%, 10/17/40 (D) | 3,755,830 | 3,785,943 | ||||||
GLS Auto Receivables Issuer Trust, | ||||||||
3.840%, 05/15/26 (D) | 6,000,000 | 6,207,466 | ||||||
GLS Auto Receivables Issuer Trust, | ||||||||
3.680%, 11/16/26 (D) | 5,000,000 | 5,155,979 | ||||||
GLS Auto Receivables Issuer Trust, | ||||||||
3.510%, 10/15/27 (D) | 650,000 | 670,933 | ||||||
Octane Receivables Trust, Ser 2019-1A, Cl A | ||||||||
3.160%, 09/20/23 (D) | 2,933,748 | 2,963,989 | ||||||
Prestige Auto Receivables Trust, | ||||||||
2.700%, 10/15/24 (D) | 6,095,000 | 6,210,269 | ||||||
Santander Consumer Auto Receivables Trust, Ser 2020-AA, Cl E | ||||||||
7.690%, 05/15/26 (D) | 9,006,000 | 10,137,775 | ||||||
Santander Consumer Auto Receivables Trust, Ser 2020-AA, Cl F | ||||||||
10.120%, 01/16/29 (D) | 27,740,000 | 30,846,481 | ||||||
Santander Consumer Auto Receivables Trust, Ser 2020-BA, Cl F | ||||||||
7.030%, 08/15/28 (D) | 6,250,000 | 6,680,804 | ||||||
Santander Consumer Auto Receivables Trust, Ser 2021-AA, Cl E | ||||||||
3.280%, 03/15/27 (D) | 1,000,000 | 1,016,042 | ||||||
SFS Asset Securitization, Ser 2019-1, Cl A | ||||||||
4.238%, 06/10/25 (D) | 11,000,000 | 11,009,136 |
FROST FAMILY OF FUNDS | FROST TOTAL RETURN BOND FUND | |
SCHEDULE OF INVESTMENTS | APRIL 30, 2021 (Unaudited) |
Description | Face Amount | Value | ||||||
Skopos Auto Receivables Trust, | ||||||||
3.630%, 09/16/24 (D) | $ | 2,300,000 | $ | 2,355,514 | ||||
United Auto Credit Securitization Trust, Ser 2020-1, Cl F | ||||||||
9.080%, 01/12/26 (D) | 3,680,000 | 3,922,973 | ||||||
|
|
| ||||||
273,505,850 | ||||||||
|
|
| ||||||
Credit Card — 0.3% | ||||||||
Master Credit Card Trust II, | ||||||||
2.390%, 01/21/23 (D) | 5,582,000 | 5,603,549 | ||||||
Master Credit Card Trust II, | ||||||||
2.830%, 01/21/23 (D) | 1,509,000 | 1,515,132 | ||||||
Master Credit Card Trust II, | ||||||||
2.590%, 09/21/24 (D) | 2,000,000 | 2,060,392 | ||||||
|
|
| ||||||
9,179,073 | ||||||||
|
|
| ||||||
Other Asset-Backed Securities — 3.6% | ||||||||
321 Henderson Receivables I, | ||||||||
7.450%, 01/15/50 (D) | 1,759,271 | 1,946,093 | ||||||
321 Henderson Receivables I, | ||||||||
7.140%, 02/15/67 (D) | 628,758 | 781,981 | ||||||
321 Henderson Receivables I, | ||||||||
6.770%, 10/17/61 (D) | 1,693,652 | 2,058,030 | ||||||
Amur Equipment Finance Receivables IX, Ser 2021-1A, Cl D | ||||||||
2.300%, 11/22/27 (D) | 1,250,000 | 1,250,211 | ||||||
BX Commercial Mortgage Trust, | ||||||||
3.662%, 03/09/44 (D)(E) | 8,000,000 | 8,544,038 | ||||||
BXMT, Ser 2020-FL2, Cl A | ||||||||
1.016%, VAR ICE LIBOR USD 1 Month+0.900%, 02/16/37 (D) | 13,000,000 | 12,983,724 | ||||||
CAL Funding IV, Ser 2020-1A, Cl B | ||||||||
3.500%, 09/25/45 (D) | 1,615,708 | 1,643,158 | ||||||
CF Hippolyta, Ser 2020-1, Cl A2 | ||||||||
1.990%, 07/15/60 (D) | 5,683,246 | 5,692,766 | ||||||
Diamond Resorts Owner Trust, | ||||||||
2.890%, 02/20/32 (D) | 2,637,778 | 2,724,278 | ||||||
Harley Marine Financing, Ser 2018-1A, Cl A2 | ||||||||
5.682%, 05/15/43 (D) | 10,339,489 | 9,700,105 | ||||||
Harley Marine Financing, Ser 2018-1A, Cl B | ||||||||
7.869%, 05/15/43 (D)(G) | 6,000,000 | 5,231,556 | ||||||
Harvest SBA Loan Trust, Ser 2018-1, Cl A | ||||||||
2.359%, VAR ICE LIBOR USD 1 Month+2.250%, 08/25/44 (D) | 4,193,891 | 4,063,036 | ||||||
Marlette Funding Trust, Ser 2020-1A, Cl D | ||||||||
3.540%, 03/15/30 (D) | 1,500,000 | 1,556,998 | ||||||
MelTel Land Funding, Ser 2019-1A, Cl B | ||||||||
4.701%, 04/15/49 (D) | 1,300,000 | 1,370,309 | ||||||
Mosaic Solar Loan Trust, Ser 2020-2A, Cl B | ||||||||
2.210%, 08/20/46 (D) | 4,466,400 | 4,457,747 | ||||||
Orange Lake Timeshare Trust, | ||||||||
3.610%, 04/09/38 (D) | 2,758,191 | 2,848,817 |
Description | Face Amount | Value | ||||||
Orange Lake Timeshare Trust, | ||||||||
4.930%, 04/09/38 (D) | $ | 455,107 | $ | 460,270 | ||||
Pawnee Equipment Receivables Series, Ser 2019-1, Cl D | ||||||||
2.860%, 10/15/24 (D) | 5,500,000 | 5,402,805 | ||||||
Pawnee Equipment Receivables Series, Ser 2019-1, Cl E | ||||||||
3.800%, 01/15/26 (D) | 2,500,000 | 2,437,065 | ||||||
Pawnee Equipment Receivables Series, Ser 2020-1, Cl A | ||||||||
1.370%, 11/17/25 (D) | 2,113,560 | 2,123,823 | ||||||
Sapphire Aviation Finance I, | ||||||||
5.926%, 03/15/40 (D) | 2,011,922 | 1,753,591 | ||||||
Stack Infrastructure Issuer Series, | ||||||||
4.540%, 02/25/44 (D) | 3,522,000 | 3,751,324 | ||||||
Textainer Marine Containers VIII, Ser 2020-2A, Cl B | ||||||||
3.340%, 09/20/45 (D) | 1,891,271 | 1,892,316 | ||||||
Trip Rail Master Funding, Ser 2011-1A, Cl A2 | ||||||||
6.024%, 07/15/41 (D) | 2,995,483 | 3,017,760 | ||||||
Triton Container Finance VIII, | ||||||||
3.740%, 09/20/45 (D) | 950,417 | 973,946 | ||||||
TRTX Issuer, Ser 2021-FL4, Cl C | ||||||||
2.516%, VAR ICE LIBOR USD 1 Month+2.400%, 03/15/38 (D) | 10,000,000 | 9,999,990 | ||||||
Vericrest Opportunity Loan Trust, | ||||||||
Ser 2020-NPL6, Cl A1A 3.967%, 04/25/50 (D) | 5,043,718 | 5,071,519 | ||||||
VR Funding, Ser 2020-1A, Cl C | ||||||||
6.420%, 11/15/50 (D) | 7,545,500 | 7,430,577 | ||||||
|
|
| ||||||
111,167,833 | ||||||||
|
|
| ||||||
Student Loan — 0.8% | ||||||||
Brazos Student Finance, Ser 2009-1, Cl B | ||||||||
2.701%, VAR ICE LIBOR USD 3 Month+2.500%, 12/27/39 | 5,000,000 | 5,235,485 | ||||||
College Ave Student Loans, Ser 2018-A, Cl A1 | ||||||||
1.309%, VAR ICE LIBOR USD 1 Month+1.200%, 12/26/47 (D) | 2,547,360 | 2,563,097 | ||||||
Commonbond Student Loan Trust, | ||||||||
2.550%, 05/25/41 (D) | 2,451,119 | 2,500,263 | ||||||
Nelnet Student Loan Trust, Ser 2013-3A, Cl B | ||||||||
1.606%, VAR ICE LIBOR USD 1 Month+1.500%, 07/25/47 (D) | 10,000,000 | 10,016,666 | ||||||
SLM Student Loan Trust, Ser 2012-7, Cl B | ||||||||
1.906%, VAR ICE LIBOR USD 1 Month+1.800%, 09/25/43 | 5,000,000 | 4,999,998 | ||||||
|
|
| ||||||
25,315,509 | ||||||||
|
|
| ||||||
Total Asset-Backed Securities | 419,168,265 | |||||||
|
|
|
FROST FAMILY OF FUNDS | FROST TOTAL RETURN BOND FUND | |
SCHEDULE OF INVESTMENTS | APRIL 30, 2021 (Unaudited) |
Description | Face Amount | Value | ||||||
SOVEREIGN DEBT — 2.1% | ||||||||
Argentine Republic Government International Bond | ||||||||
1.125%, 07/09/35 | $ | 8,925,940 | $ | 2,811,760 | ||||
1.000%, 07/09/29 | 717,588 | 270,330 | ||||||
0.500%, 07/09/30 | 5,141,000 | 1,850,606 | ||||||
Colombia Government International Bond | ||||||||
3.250%, 04/22/32 | 1,000,000 | 980,440 | ||||||
Kenya Government International Bond | ||||||||
7.250%, 02/28/28 to 02/28/28 (D) | 4,000,000 | 4,334,472 | ||||||
Mexico Government International Bond | ||||||||
4.280%, 08/14/41 | 3,000,000 | 3,061,500 | ||||||
Oman Government International Bond | ||||||||
6.500%, 03/08/47 (D) | 15,000,000 | 14,662,500 | ||||||
Province of British Columbia Canada | ||||||||
1.300%, 01/29/31 | 8,000,000 | 7,602,907 | ||||||
Province of Ontario Canada | ||||||||
1.600%, 02/25/31 | 18,000,000 | 17,451,376 | ||||||
Provincia de Buenos Aires | ||||||||
7.875%, 06/15/27 (D)(F) | 300,000 | 131,250 | ||||||
Suriname Government International Bond | ||||||||
12.875%, 12/30/23 (D) | 8,000,000 | 5,640,000 | ||||||
Turkey Government International Bond | ||||||||
6.125%, 10/24/28 | 5,000,000 | 4,925,750 | ||||||
|
|
| ||||||
Total Sovereign Debt | 63,722,891 | |||||||
|
|
| ||||||
MUNICIPAL BONDS — 2.0% | ||||||||
Calhoun County, Navigation Industrial Development Authority, RB(D) | ||||||||
Callable 05/10/21 @ 100 10.500%, 07/27/21(E) | 10,000,000 | 9,999,815 | ||||||
Dallas County Schools, Taxable Public Property Finance, GO | ||||||||
3.450%, 06/01/22 | 339,678 | 339,678 | ||||||
3.200%, 06/01/21 | 333,260 | 333,260 | ||||||
Dallas County, Schools Tax, GO | ||||||||
4.000%, 06/01/19 | 343,423 | 343,423 | ||||||
3.000%, 06/01/19 | 195,813 | 195,813 | ||||||
GDB Debt Recovery Authority of Puerto Rico, RB | ||||||||
7.500%, 08/20/40 | 8,265,919 | 7,067,361 | ||||||
Mission, Economic Development, RB | ||||||||
Callable 06/01/21 @ 300 (F)(G) | ||||||||
10.875%, 12/01/28 | 3,315,000 | 33,150 | ||||||
9.750%, 12/01/25 | 3,045,000 | 30,450 | ||||||
8.550%, 12/01/21 | 2,125,000 | 1,062,500 | ||||||
Northwest Independent School District, | ||||||||
Callable 02/15/30 @ 200 | ||||||||
1.776%, 02/15/31 | 2,000,000 | 1,969,854 | ||||||
1.836%, 02/15/32 | 1,890,000 | 1,854,120 | ||||||
Rhode Island State, Health & Educational System, Providence Public Schools, | ||||||||
Callable 06/01/21 @ 100 | ||||||||
8.000%, 05/15/29 | 5,000,000 | 5,014,597 |
Description | Face Amount | Value | ||||||
San Juan, Higher Education Finance Authority, RB | ||||||||
Callable 06/01/21 @ 100 8.250%, 08/15/29 | $ | 4,400,000 | $ | 4,415,024 | ||||
State of Illinois, Ser A, GO | ||||||||
3.140%, 10/01/24 | 14,460,000 | 14,905,576 | ||||||
Texas State, Public Finance Authority Charter School, Ser 2010-Q, RB | ||||||||
8.125%, 02/15/27 | 1,900,000 | 2,313,148 | ||||||
Texas State, Transportation Commission State Highway Fund, RB | ||||||||
4.000%, 10/01/33 | 3,000,000 | 3,634,193 | ||||||
Texas State, Transportation Commission State Highway Fund, Ser B-BUILD, RB | ||||||||
5.178%, 04/01/30 | 3,980,000 | 4,962,124 | ||||||
University of Texas, Build America Bonds, Ser D, RB | ||||||||
5.134%, 08/15/42 | 3,000,000 | 4,009,465 | ||||||
|
|
| ||||||
Total Municipal Bonds | 62,483,551 | |||||||
|
|
| ||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.8% |
| |||||||
FFCB | ||||||||
2.920%, 04/29/26 | 5,635,000 | 5,787,755 | ||||||
2.070%, 12/21/40 | 5,000,000 | 4,701,819 | ||||||
FHLB | ||||||||
2.200%, 06/28/24 | 15,000,000 | 15,047,287 | ||||||
|
|
| ||||||
Total U.S. Government Agency Obligations | 25,536,861 | |||||||
|
|
| ||||||
COMMON STOCK — 0.2% | ||||||||
Noble Corp* | 64,980 | 1,221,624 | ||||||
Noble Corp* | 193,280 | 3,633,664 | ||||||
Seadrill Ltd.* | 39,323 | 8,848 | ||||||
Seadrill New Finance Ltd.* | 206,695 | 49,513 | ||||||
|
|
| ||||||
Total Common Stock | 4,913,649 | |||||||
|
|
| ||||||
WARRANTS — 0.1% | ||||||||
United States — 0.1% | ||||||||
Noble Corp, Expires 05/02/28* | 269,009 | 1,758,781 | ||||||
Noble Corp, Expires 05/02/28* | 269,009 | 1,452,649 | ||||||
|
|
| ||||||
Total Warrants | 3,211,430 | |||||||
|
|
| ||||||
COMMERCIAL PAPER — 0.9% | ||||||||
Amphenol Corp | ||||||||
0.150%, 05/12/21 | 1,500,000 | 1,499,922 | ||||||
Barton Cap SA | ||||||||
0.120%, 05/07/21 | 2,000,000 | 1,999,969 | ||||||
0.100%, 05/26/21 | 2,000,000 | 1,999,827 | ||||||
BAT International | ||||||||
0.260%, 05/28/21 | 1,500,000 | 1,499,793 | ||||||
0.220%, 05/27/21 | 1,500,000 | 1,499,802 |
FROST FAMILY OF FUNDS | FROST TOTAL RETURN BOND FUND | |
SCHEDULE OF INVESTMENTS | APRIL 30, 2021 (Unaudited) |
Description | Face Amount | Value | ||||||
Cigna Corp | ||||||||
0.200%, 05/13/21 | $ | 2,000,000 | $ | 1,999,887 | ||||
CNPC FIN Hong Kong LTD | ||||||||
0.320%, 05/14/21 | 1,450,000 | 1,449,961 | ||||||
0.320%, 05/25/21 | 1,500,000 | 1,499,920 | ||||||
0.320%, 05/17/21 | 1,500,000 | 1,499,950 | ||||||
0.300%, 05/06/21 | 1,075,000 | 1,074,989 | ||||||
DCAT LLC | ||||||||
0.100%, 05/05/21 | 1,450,000 | 1,449,982 | ||||||
Sheffield Receivables Corp | ||||||||
0.100%, 05/04/21 | 2,200,000 | 2,199,981 | ||||||
Simon Property Group LP | ||||||||
0.110%, 05/24/21 | 1,500,000 | 1,499,924 | ||||||
Toyota Motor Credit Corporation | ||||||||
0.070%, 05/03/21 | 2,000,000 | 1,999,991 | ||||||
VW Credit Inc | ||||||||
0.200%, 05/18/21 | 1,223,000 | 1,222,900 | ||||||
0.200%, 05/21/21 | 1,500,000 | 1,499,853 | ||||||
0.180%, 05/19/21 | 1,500,000 | 1,499,869 | ||||||
0.180%, 05/20/21 | 1,600,000 | 1,599,852 | ||||||
|
|
| ||||||
Total Commercial Paper | 28,996,372 | |||||||
|
|
| ||||||
CERTIFICATES OF DEPOSIT — 0.1% | ||||||||
Norinchukin BK | ||||||||
0.240%, 05/11/21 | 1,800,000 | 1,800,100 | ||||||
0.170%, 05/10/21 | 1,500,000 | 1,500,044 | ||||||
|
|
| ||||||
Total Certificates of Deposit | 3,300,144 | |||||||
|
|
| ||||||
Total Investments — 98.4% | $ | 3,037,217,504 | ||||||
|
|
|
Percentages are based on Net Assets of $3,086,158,262.
* | Non-income producing security. |
‡ | Real Estate Investment Trust |
(A) | At amortized cost |
(B) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
(C) | Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at the time of purchase. |
(D) | Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total value of such securities at April 30, 2021 was $1,572,096,537 and represents 50.9% of Net Assets. |
(E) | Variable or floating rate security, the interest rate of which adjusts periodically based prevailing interest rates. |
(F) | Security in default on interest payments. |
(G) | Level 3 security in accordance with fair value hierarchy. |
Cl — Class
CLO — Collateralized Loan Obligation
FHLB — Federal Home Loan Bank
FHLMC — Federal Home Loan Mortgage Corporation
FNMA — Federal National Mortgage Association
GNMA — Government National Mortgage Association
GO — General Obligation
IO — Interest Only - face amount represents notional amount
LLC — Limited Liability Company
L.P. — Limited Partnership
MTN — Medium Term Note
PSF-GTD — Texas Public School Fund Guarantee
RB — Revenue Bond
REMIC — Real Estate Mortgage Investment Conduit
Ser — Series
STRIPS — Separately Traded Registered Interest and Principal Securities
USD — U.S. Dollar
The following is a list of the level of inputs used as of April 30, 2021 in valuing the Fund’s investments carried at value:
Investments in Securities | Level 1 | Level 2 | Level 3(1) | Total | ||||||||||||
U.S. Treasury Obligations | $ | 656,013,702 | $ | — | $ | — | $ | 656,013,702 | ||||||||
Corporate Obligations | — | 616,823,833 | — | 616,823,833 | ||||||||||||
Collateralized Loan Obligations | — | 603,211,075 | — | 603,211,075 | ||||||||||||
Mortgage-Backed Securities | — | 549,835,731 | — | 549,835,731 | ||||||||||||
Asset-Backed | ||||||||||||||||
Securities | — | 413,936,709 | 5,231,556 | 419,168,265 | ||||||||||||
Sovereign Debt | — | 63,722,891 | — | 63,722,891 | ||||||||||||
Municipal Bonds | — | 61,357,451 | 1,126,100 | 62,483,551 | ||||||||||||
Commercial Paper | — | 28,996,372 | — | 28,996,372 | ||||||||||||
U.S. Government Agency Obligations | — | 25,536,861 | ��� | 25,536,861 | ||||||||||||
Common Stock | 4,913,649 | — | — | 4,913,649 | ||||||||||||
Certificates of Deposit | — | 3,300,144 | — | 3,300,144 | ||||||||||||
Warrants | — | 3,211,430 | — | 3,211,430 | ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||
Total Investments in Securities | $ | 660,927,351 | $ | 2,369,932,497 | $ | 6,357,656 | $ | 3,037,217,504 | ||||||||
|
|
|
|
|
|
|
|
|
FROST FAMILY OF FUNDS | FROST TOTAL RETURN BOND FUND | |
SCHEDULE OF INVESTMENTS | APRIL 30, 2021 (Unaudited) |
(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 April 30, 2021, 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 the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.
FIA-QH-001-2700
FROST FAMILY OF FUNDS | FROST CREDIT FUND | |
SCHEDULE OF INVESTMENTS | APRIL 30, 2021 (Unaudited) |
Description | Face Amount | Value | ||||||
CORPORATE OBLIGATIONS — 39.6% | ||||||||
Communication Services — 5.7% | ||||||||
ANGI Group | ||||||||
3.875%, 08/15/28 (A) | $ | 1,000,000 | $ | 993,750 | ||||
LCPR Senior Secured Financing DAC | ||||||||
6.750%, 10/15/27 (A) | 1,000,000 | 1,075,000 | ||||||
Photo Holdings Merger Sub | ||||||||
8.500%, 10/01/26 (A) | 1,500,000 | 1,642,500 | ||||||
Sprint | ||||||||
7.875%, 09/15/23 | 1,500,000 | 1,710,000 | ||||||
3.875%, 12/15/27 (A) | 2,000,000 | 2,105,000 | ||||||
ViacomCBS | ||||||||
5.850%, 09/01/43 | 2,000,000 | 2,559,178 | ||||||
|
|
| ||||||
10,085,428 | ||||||||
|
|
| ||||||
Consumer Discretionary — 17.2% | ||||||||
Beazer Homes USA | ||||||||
7.250%, 10/15/29 (A) | 1,000,000 | 1,110,000 | ||||||
Block Financial | ||||||||
3.875%, 08/15/30 | 2,000,000 | 2,125,046 | ||||||
Bloomin’ Brands | ||||||||
5.125%, 04/15/29 (A) | 500,000 | 509,525 | ||||||
Choice Hotels International | ||||||||
3.700%, 12/01/29 | 2,000,000 | 2,124,420 | ||||||
Dillard’s | ||||||||
7.000%, 12/01/28 | 500,000 | 560,654 | ||||||
Expedia | ||||||||
3.800%, 02/15/28 | 2,000,000 | 2,143,931 | ||||||
Ford Motor Credit | ||||||||
3.087%, 01/09/23 | 1,000,000 | 1,018,770 | ||||||
GameStop | ||||||||
10.000%, 03/15/23 (A) | 500,000 | 540,750 | ||||||
Jaguar Land Rover Automotive | ||||||||
4.500%, 10/01/27 (A) | 2,000,000 | 1,907,980 | ||||||
Macy’s | ||||||||
8.375%, 06/15/25 (A) | 500,000 | 551,615 | ||||||
Marriott International | ||||||||
3.500%, 10/15/32 | 2,000,000 | 2,079,195 | ||||||
Mohawk Industries | ||||||||
3.625%, 05/15/30 | 2,000,000 | 2,163,011 | ||||||
Mohegan Gaming & Entertainment | ||||||||
8.000%, 02/01/26 (A) | 1,000,000 | 1,014,900 | ||||||
QVC | ||||||||
5.450%, 08/15/34 | 1,000,000 | 1,027,000 | ||||||
4.850%, 04/01/24 | 500,000 | 541,875 | ||||||
4.750%, 02/15/27 | 1,000,000 | 1,055,000 | ||||||
Rent-A-Center | ||||||||
6.375%, 02/15/29 (A) | 1,000,000 | 1,084,480 | ||||||
Scientific Games International | ||||||||
8.625%, 07/01/25 (A) | 2,000,000 | 2,187,360 | ||||||
STL Holding | ||||||||
7.500%, 02/15/26 (A) | 1,500,000 | 1,569,375 | ||||||
Under Armour | ||||||||
3.250%, 06/15/26 | 2,000,000 | 2,028,810 | ||||||
VistaJet Malta Finance | ||||||||
10.500%, 06/01/24 (A) | 2,000,000 | 2,155,000 | ||||||
Whirlpool | ||||||||
4.600%, 05/15/50 | 1,000,000 | 1,184,690 | ||||||
|
|
| ||||||
30,683,387 | ||||||||
|
|
|
Description | Face Amount | Value | ||||||
Energy — 1.4% | ||||||||
Murphy Oil | ||||||||
6.875%, 08/15/24 | $ | 500,000 | $ | 511,250 | ||||
5.750%, 08/15/25 | 1,000,000 | 1,022,795 | ||||||
Tiger Holdco Pte | ||||||||
13.000%, 06/10/23 (A) | 1,000,000 | 1,005,621 | ||||||
|
|
| ||||||
2,539,666 | ||||||||
|
|
| ||||||
Financials — 3.6% | ||||||||
Athene Holding | ||||||||
6.150%, 04/03/30 | 500,000 | 619,415 | ||||||
Deutsche Bank MTN | ||||||||
4.296%, VAR USD Swap Semi 30/360 5 Yr Curr+ 2.248%, 05/24/28 | 500,000 | 518,935 | ||||||
HSBC Holdings | ||||||||
6.500%, 09/15/37 | 1,500,000 | 2,029,018 | ||||||
Springleaf Finance | ||||||||
5.375%, 11/15/29 | 500,000 | 538,750 | ||||||
UBS | ||||||||
5.125%, 05/15/24 | 1,500,000 | 1,653,750 | ||||||
Westpac Banking | ||||||||
2.894%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+ 1.350%, 02/04/30 | 1,000,000 | 1,034,520 | ||||||
|
|
| ||||||
6,394,388 | ||||||||
|
|
| ||||||
Industrials — 7.9% | ||||||||
Boeing | ||||||||
5.150%, 05/01/30 | 500,000 | 581,235 | ||||||
2.196%, 02/04/26 | 1,000,000 | 1,001,021 | ||||||
Brundage-Bone Concrete Pumping Holdings | ||||||||
6.000%, 02/01/26 (A) | 1,000,000 | 1,052,365 | ||||||
Builders FirstSource | ||||||||
6.750%, 06/01/27 (A) | 894,000 | 961,408 | ||||||
Flowserve | ||||||||
3.500%, 10/01/30 | 1,000,000 | 1,035,144 | ||||||
General Electric MTN | ||||||||
6.150%, 08/07/37 | 945,000 | 1,260,517 | ||||||
Great Lakes Dredge & Dock | ||||||||
8.000%, 05/15/22 | 2,010,000 | 2,014,784 | ||||||
Masco | ||||||||
7.750%, 08/01/29 | 1,088,000 | 1,454,790 | ||||||
Southwest Airlines | ||||||||
3.450%, 11/16/27 | 2,500,000 | 2,687,249 | ||||||
Teekay | ||||||||
9.250%, 11/15/22 (A) | 2,080,000 | 2,121,600 | ||||||
|
|
| ||||||
14,170,113 | ||||||||
|
|
| ||||||
Information Technology — 3.2% | ||||||||
Castle US Holding | ||||||||
9.500%, 02/15/28 (A) | 1,000,000 | 1,029,480 | ||||||
Diebold Nixdorf | ||||||||
9.375%, 07/15/25 (A) | 500,000 | 556,875 | ||||||
8.500%, 04/15/24 | 2,000,000 | 2,042,500 | ||||||
Shift4 Payments | ||||||||
4.625%, 11/01/26 (A) | 1,000,000 | 1,042,500 | ||||||
VeriSign | ||||||||
4.750%, 07/15/27 | 1,000,000 | 1,064,840 | ||||||
|
|
| ||||||
5,736,195 | ||||||||
|
|
|
FROST FAMILY OF FUNDS | FROST CREDIT FUND | |
SCHEDULE OF INVESTMENTS | APRIL 30, 2021 (Unaudited) |
Description | Face Amount | Value | ||||||
Materials — 0.6% | ||||||||
NOVA Chemicals | ||||||||
4.875%, 06/01/24 (A) | $ | 1,000,000 | $ | 1,054,260 | ||||
|
|
| ||||||
Total Corporate Obligations | 70,663,437 | |||||||
|
|
| ||||||
COLLATERALIZED LOAN OBLIGATIONS — 30.9% |
| |||||||
Apidos CLO XI, Ser 2021-11A, Cl ER3 | ||||||||
0.232%, VAR ICE LIBOR USD 3 Month+6.570%, 04/17/34 (A) | 1,000,000 | 969,899 | ||||||
BCC Funding XVI, Ser 2019-1A, Cl C | ||||||||
2.950%, 09/20/24 (A) | 1,500,000 | 1,510,898 | ||||||
BCC Middle Market, Ser 2018-1A, Cl B | ||||||||
3.188%, VAR ICE LIBOR USD 3 Month+3.000%, 10/20/30 (A) | 1,000,000 | 998,992 | ||||||
Benefit Street Partners III, Ser 2017-IIIA, Cl CR | ||||||||
4.088%, VAR ICE LIBOR USD 3 Month+ 3.900%, 07/20/29 (A) | 2,000,000 | 2,015,056 | ||||||
Benefit Street Partners III, Ser 2017-IIIA, Cl DR | ||||||||
6.788%, VAR ICE LIBOR USD 3 Month+ 6.600%, 07/20/29 (A) | 2,500,000 | 2,325,205 | ||||||
Carlyle Global Market Strategies, Ser 2018-1A, Cl CR2 | ||||||||
1.990%, VAR ICE LIBOR USD 3 Month+ 1.800%, 04/17/31 (A) | 1,250,000 | 1,244,354 | ||||||
CARLYLE US, Ser 2018-1A, Cl B | ||||||||
2.038%, VAR ICE LIBOR USD 3 Month+ 1.850%, 04/20/31 (A) | 2,000,000 | 1,943,570 | ||||||
Chenango Park, Ser 2018-1A, Cl B | ||||||||
2.034%, VAR ICE LIBOR USD 3 Month+1.850%, 04/15/30 (A) | 1,000,000 | 997,833 | ||||||
CIFC Funding, Ser 2018-1A, Cl C | ||||||||
1.940%, VAR ICE LIBOR USD 3 Month+1.750%, 04/18/31 (A) | 500,000 | 498,357 | ||||||
Fortress Credit Opportunities IX, Ser 2017-9A, Cl C | ||||||||
2.844%, VAR ICE LIBOR USD 3 Month+2.650%, 11/15/29 (A) | 1,400,000 | 1,395,411 | ||||||
Galaxy XXIX, Ser 2018-29A, Cl D | ||||||||
2.594%, VAR ICE LIBOR USD 3 Month+2.400%, 11/15/26 (A) | 500,000 | 499,423 | ||||||
Golub Capital Partners, Ser 2017-17A, Cl BR | ||||||||
3.076%, VAR ICE LIBOR USD 3 Month+ 2.900%, 10/25/30 (A) | 1,500,000 | 1,492,335 | ||||||
Golub Capital Partners, Ser 2017-21A, Cl CR | ||||||||
2.626%, VAR ICE LIBOR USD 3 Month+2.450%, 01/25/31 (A) | 3,000,000 | 2,923,206 | ||||||
Golub Capital Partners, Ser 2017-22A, Cl CR | ||||||||
2.038%, VAR ICE LIBOR USD 3 Month+1.850%, 01/20/31 (A) | 1,500,000 | 1,456,038 | ||||||
Golub Capital Partners, Ser 2017-23A, Cl BR | ||||||||
1.738%, VAR ICE LIBOR USD 3 Month+1.550%, 01/20/31 (A) | 1,000,000 | 1,009,246 |
Description | Face Amount | Value | ||||||
Golub Capital Partners, Ser 2017-23A, Cl CR | ||||||||
1.988%, VAR ICE LIBOR USD 3 Month+ 1.800%, 01/20/31 (A) | $ | 2,000,000 | $ | 1,950,280 | ||||
Golub Capital Partners, Ser 2017-24A, Cl DR | ||||||||
4.076%, VAR ICE LIBOR USD 3 Month+3.900%, 11/05/29 (A) | 2,000,000 | 1,984,386 | ||||||
Golub Capital Partners, Ser 2018-26A, Cl BR | ||||||||
1.738%, VAR ICE LIBOR USD 3 Month+1.550%, 04/20/31 (A) | 1,000,000 | 995,018 | ||||||
Golub Capital Partners, Ser 2018-36A, Cl B | ||||||||
1.826%, VAR ICE LIBOR USD 3 Month+1.650%, 02/05/31 (A) | 2,000,000 | 1,951,042 | ||||||
Golub Capital Partners, Ser 2018-36A, Cl C | ||||||||
2.276%, VAR ICE LIBOR USD 3 Month+2.100%, 02/05/31 (A) | 1,500,000 | 1,445,280 | ||||||
Jay Park, Ser 2018-1A, Cl BR | ||||||||
2.188%, VAR ICE LIBOR USD 3 Month+2.000%, 10/20/27 (A) | 1,000,000 | 999,496 | ||||||
LCM XXII, Ser 2018-22A, Cl BR | ||||||||
2.188%, VAR ICE LIBOR USD 3 Month+2.000%, 10/20/28 (A) | 1,500,000 | 1,487,124 | ||||||
Madison Park Funding XII, Ser 2014-12A, Cl D | ||||||||
3.688%, VAR ICE LIBOR USD 3 Month+3.500%, 07/20/26 (A) | 3,000,000 | 3,018,711 | ||||||
MCF IV, Ser 2017-1A, Cl CR | ||||||||
2.838%, VAR ICE LIBOR USD 3 Month+2.650%, 10/20/29 (A) | 1,000,000 | 987,585 | ||||||
MCF VIII, Ser 2018-1A, Cl B | ||||||||
1.940%, VAR ICE LIBOR USD 3 Month+1.750%, 07/18/30 (A) | 3,000,000 | 2,911,719 | ||||||
Northwoods Capital XV, Ser 2017-15A, Cl C | ||||||||
2.837%, VAR ICE LIBOR USD 3 Month+2.650%, 06/20/29 (A) | 1,000,000 | 995,367 | ||||||
OZLM Funding IV, Ser 2017-4A, Cl BR | ||||||||
2.384%, VAR ICE LIBOR USD 3 Month+2.200%, 10/22/30 (A) | 2,000,000 | 1,993,648 | ||||||
Race Point IX, Ser 2017-9A, Cl BR | ||||||||
2.334%, VAR ICE LIBOR USD 3 Month+2.150%, 10/15/30 (A) | 4,000,000 | 3,933,588 | ||||||
Race Point IX, Ser 2017-9A, Cl DR | ||||||||
7.084%, VAR ICE LIBOR USD 3 Month+6.900%, 10/15/30 (A) | 2,000,000 | 1,908,644 | ||||||
Sudbury Mill, Ser 2013-1A, Cl E | ||||||||
4.940%, VAR ICE LIBOR USD 3 Month+4.750%, 01/17/26 (A) | 4,700,000 | 4,203,224 | ||||||
TCI-Symphony, Ser 2018-1A, Cl BR | ||||||||
1.838%, VAR ICE LIBOR USD 3 Month+1.650%, 10/13/29 (A) | 2,000,000 | 2,005,380 | ||||||
Zais Clo 6, Ser 2017-1A, Cl C | ||||||||
2.984%, VAR ICE LIBOR USD 3 Month+2.800%, 07/15/29 (A) | 1,000,000 | 999,500 | ||||||
|
|
| ||||||
Total Collateralized Loan Obligations | 55,049,815 | |||||||
|
|
|
FROST FAMILY OF FUNDS | FROST CREDIT FUND | |
SCHEDULE OF INVESTMENTS | APRIL 30, 2021 (Unaudited) |
Description | Face Amount | Value | ||||||
ASSET-BACKED SECURITIES — 14.5% | ||||||||
Automotive — 10.1% | ||||||||
Avid Automobile Receivables Trust, Ser 2019-1, Cl E | ||||||||
6.760%, 05/17/27 (A) | $ | 1,000,000 | $ | 1,011,323 | ||||
Carvana Auto Receivables Trust, Ser 2019- 1A, Cl E | ||||||||
5.640%, 01/15/26 (A) | 1,584,000 | 1,684,175 | ||||||
Carvana Auto Receivables Trust, Ser 2019- 4A, Cl E | ||||||||
4.700%, 10/15/26 (A) | 1,000,000 | 1,054,278 | ||||||
CPS Auto Receivables Trust, Ser 2016-B, Cl E | ||||||||
8.140%, 05/15/23 (A) | 1,500,000 | 1,518,615 | ||||||
CPS Auto Receivables Trust, Ser 2016-D, Cl E | ||||||||
6.860%, 04/15/24 (A) | 1,155,000 | 1,185,504 | ||||||
CPS Auto Receivables Trust, Ser 2019-B, Cl F | ||||||||
7.480%, 06/15/26 (A) | 500,000 | 519,814 | ||||||
CPS Auto Receivables Trust, Ser 2019-D, Cl E | ||||||||
3.860%, 10/15/25 (A) | 2,000,000 | 2,058,565 | ||||||
Drive Auto Receivables Trust, Ser 2018-1, Cl D | ||||||||
3.810%, 05/15/24 | 1,003,090 | 1,019,706 | ||||||
DT Auto Owner Trust, Ser 2017-2A, Cl E | ||||||||
6.030%, 01/15/24 (A) | 1,209,279 | 1,215,787 | ||||||
DT Auto Owner Trust, Ser 2019-4A, Cl E | ||||||||
3.930%, 10/15/26 (A) | 2,000,000 | 2,087,211 | ||||||
DT Auto Owner Trust, Ser 2020-3A, Cl E | ||||||||
3.620%, 10/15/27 (A) | 1,500,000 | 1,557,656 | ||||||
First Investors Auto Owner Trust, Ser 2016-2A, Cl E | ||||||||
5.750%, 09/15/23 (A) | 1,250,000 | 1,251,797 | ||||||
Octane Receivables Trust, Ser 2019-1A, Cl A | ||||||||
3.160%, 09/20/23 (A) | 325,972 | 329,332 | ||||||
SFS Asset Securitization, Ser 2019-1, Cl A | ||||||||
4.238%, 06/10/25 (A) | 1,500,000 | 1,501,246 | ||||||
|
|
| ||||||
17,995,009 | ||||||||
|
|
| ||||||
Other Asset-Backed Securities — 4.4% |
| |||||||
BXMT, Ser 2020-FL2, Cl A | ||||||||
1.016%, VAR ICE LIBOR USD 1 Month+0.900%, 02/16/37 (A) | 1,000,000 | 998,748 | ||||||
Cold Storage Trust, Ser 2020-ICE5, Cl E | ||||||||
2.880%, VAR ICE LIBOR USD 1 Month+2.766%, 11/15/37 (A) | 982,991 | 986,070 | ||||||
Credibly Asset Securitization II, Ser 2021- 1A, Cl B | ||||||||
3.380%, 04/15/26 (A) | 524,000 | 524,487 | ||||||
Harley Marine Financing, Ser 2018-1A, Cl A2 | ||||||||
5.682%, 05/15/43 (A) | 1,813,945 | 1,701,773 | ||||||
MelTel Land Funding, Ser 2019-1A, | ||||||||
6.070%, 04/15/49 (A) | 500,000 | 526,480 | ||||||
Mosaic Solar Loans, Ser 2017-2A, Cl B | ||||||||
4.770%, 06/22/43 (A) | 314,421 | 340,950 | ||||||
Pawnee Equipment Receivables Series, Ser 2019-1, Cl E | ||||||||
3.800%, 01/15/26 (A) | 1,500,000 | 1,462,239 |
Description | Face Amount/Shares | Value | ||||||
Sapphire Aviation Finance I, Ser 2018-1A, Cl B | ||||||||
5.926%, 03/15/40 (A) | $ | 335,320 | $ | 292,265 | ||||
Stack Infrastructure Issuer Series, Ser 2019-1A, Cl A2 | ||||||||
4.540%, 02/25/44 (A) | 978,333 | 1,042,034 | ||||||
|
|
| ||||||
7,875,046 | ||||||||
|
|
| ||||||
Total Asset-Backed Securities | 25,870,055 | |||||||
|
|
| ||||||
MORTGAGE-BACKED SECURITIES — 6.9% |
| |||||||
Commercial Mortgage-Backed Obligation — 6.9% |
| |||||||
Benchmark Mortgage Trust, Ser 2020-B21, Cl D | ||||||||
2.000%, 12/17/53 (A) | 1,000,000 | 829,079 | ||||||
Commercial Mortgage Trust, Ser 2014- UBS6, Cl C | ||||||||
4.594%, 12/10/47 (B) | 1,000,000 | 1,048,543 | ||||||
Commercial Mortgage Trust, Ser 2015- DC1, Cl D | ||||||||
4.451%, 02/10/48 (A)(B) | 1,517,000 | 1,274,539 | ||||||
Credit Suisse Commercial Mortgage Trust, Ser 2008-C1, Cl D | ||||||||
5.997%, 02/15/41 (A)(B) | 574,219 | 32,960 | ||||||
FREMF Mortgage Trust, Ser 2016-K54, Cl C | ||||||||
4.189%, 04/25/48 (A)(B) | 1,000,000 | 1,075,449 | ||||||
FREMF Mortgage Trust, Ser 2016-K722, Cl B | ||||||||
3.978%, 07/25/49 (A)(B) | 1,500,000 | 1,585,478 | ||||||
FREMF Mortgage Trust, Ser 2017-K70, Cl B | ||||||||
3.934%, 12/25/49 (A)(B) | 2,000,000 | 2,173,438 | ||||||
FREMF Mortgage Trust, Ser 2017-K71, Cl B | ||||||||
3.881%, 11/25/50 (A)(B) | 1,250,000 | 1,354,418 | ||||||
Pretium Mortgage Credit Partners I, Ser 2021-NPL1, Cl A2 | ||||||||
4.213%, 09/27/60 (A) | 1,000,000 | 999,139 | ||||||
UBS Commercial Mortgage Trust, Ser 2012-C1, Cl C | ||||||||
5.754%, 05/10/45 (A)(B) | 1,000,000 | 1,015,503 | ||||||
WFRBS Commercial Mortgage Trust, Ser 2014-C25, Cl D | ||||||||
3.803%, 11/15/47 (A)(B) | 1,000,000 | 920,500 | ||||||
|
|
| ||||||
Total Mortgage-Backed Securities | 12,309,046 | |||||||
|
|
| ||||||
COMMON STOCK — 0.1% | ||||||||
Erickson*(C) | 3,761 | 81,388 | ||||||
|
|
| ||||||
Total Common Stock | 81,388 | |||||||
|
|
|
FROST FAMILY OF FUNDS | FROST CREDIT FUND | |
SCHEDULE OF INVESTMENTS | APRIL 30, 2021 (Unaudited) |
Description | Shares | Value | ||||||
PREFERRED STOCK — 0.0% | ||||||||
Communication Services — 0.0% | ||||||||
MYT Holdings LLC | ||||||||
10.000%, 06/07/29 * | 64,528 | $ | 64,851 | |||||
|
|
| ||||||
Total Preferred Stock | 64,851 | |||||||
|
|
| ||||||
Total Investments — 92.0% | $ | 164,038,592 | ||||||
|
|
|
Percentages are based on Net Assets of $178,295,316.
* | Non-income producing security. |
(A) | Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total value of such securities at April 30, 2021 was $118,432,011 and represents 66.4% of Net Assets. |
(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. |
Cl — Class
CLO — Collateralized Loan Obligation
FREMF — Freddie Mac Multi-Family
ICE — Intercontinental Exchange
LIBOR — London Interbank Offered Rate
LLC — Limited Liability Company
MTN — Medium Term Note
Ser — Series
USD — U.S. Dollar
VAR — Variable Security
The following is a list of the level of inputs used as of April 30, 2021 in valuing the Fund’s investments carried at value:
Investments in Securities | Level 1 | Level 2 | Level 3(1) | Total | ||||||||||||
Corporate Obligations | $ | — | $ | 70,663,437 | $ | — | $ | 70,663,437 | ||||||||
Collateralized Loan | ||||||||||||||||
Obligations | — | 55,049,815 | — | 55,049,815 | ||||||||||||
Asset-Backed Securities | — | 25,870,055 | — | 25,870,055 | ||||||||||||
Mortgage-Backed Securities | — | 12,309,046 | — | 12,309,046 | ||||||||||||
Common Stock | — | — | 81,388 | 81,388 | ||||||||||||
Preferred Stock | 64,851 | — | — | 64,851 | ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||
Total Investments in Securities | $ | 64,851 | $ | 163,892,353 | $ | 81,388 | $ | 164,038,592 | ||||||||
|
|
|
|
|
|
|
|
|
(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 April 30, 2021, there were no transfers in or out of Level 3.
Amounts designated as “—” are $0 or have been rounded to $0.
For more information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.
FIA-QH-001-2700
FROST FAMILY OF FUNDS | FROST LOW DURATION BOND FUND | |
SCHEDULE OF INVESTMENTS | APRIL 30, 2021 (Unaudited) |
Description | Face Amount | Value | ||||||
ASSET-BACKED SECURITIES — 51.4% | ||||||||
Automotive — 39.8% | ||||||||
American Credit Acceptance Receivables Trust, Ser 2019-3, Cl C | ||||||||
2.760%, 09/12/25 (A) | $ | 5,305,000 | $ | 5,373,670 | ||||
American Credit Acceptance Receivables Trust, Ser 2020-1, Cl C | ||||||||
2.190%, 03/13/26 (A) | 5,000,000 | 5,081,212 | ||||||
American Credit Acceptance Receivables Trust, Ser 2020-2, Cl B | ||||||||
2.480%, 09/13/24 (A) | 1,500,000 | 1,522,690 | ||||||
American Credit Acceptance Receivables Trust, Ser 2020-3, Cl A | ||||||||
0.620%, 10/13/23 (A) | 1,644,772 | 1,646,173 | ||||||
American Credit Acceptance Receivables Trust, Ser 2020-4, Cl C | ||||||||
1.310%, 12/14/26 (A) | 8,250,000 | 8,335,412 | ||||||
American Credit Acceptance Receivables Trust, Ser 2021-1, Cl A | ||||||||
0.350%, 05/13/24 (A) | 1,843,717 | 1,843,630 | ||||||
Amur Equipment Finance Receivables IX, Ser 2021-1A, Cl C | ||||||||
1.750%, 06/21/27 | 2,000,000 | 2,000,720 | ||||||
Amur Equipment Finance Receivables VIII, Ser 2020-1A, Cl B | ||||||||
2.500%, 03/20/26 (A) | 1,384,090 | 1,415,953 | ||||||
Arivo Acceptance Auto Loan Receivables Trust, Ser 2021-1A, Cl A | ||||||||
1.190%, 01/15/27 (A) | 1,786,575 | 1,793,508 | ||||||
Canadian Pacer Auto Receivables Trust, Ser 2019-1A, Cl C | ||||||||
3.750%, 07/21/25 (A) | 2,550,000 | 2,653,858 | ||||||
Canadian Pacer Auto Receivables Trust, Ser 2020-1A, Cl C | ||||||||
2.490%, 05/19/26 (A) | 5,000,000 | 5,139,635 | ||||||
Capital One Multi-Asset Execution Trust, Ser 2019-A3, Cl A3 | ||||||||
2.060%, 08/15/28 | 17,000,000 | 17,751,381 | ||||||
Carnow Auto Receivables Trust, Ser 2019- 1A, Cl A | ||||||||
2.720%, 11/15/22 (A) | 390,367 | 391,580 | ||||||
CLI Funding VI, Ser 2020-1A, Cl A | ||||||||
2.080%, 09/18/45 (A) | 2,329,167 | 2,349,598 | ||||||
Credit Acceptance Auto Loan Trust, Ser 2018-2A, Cl C | ||||||||
4.160%, 09/15/27 (A) | 4,500,000 | 4,585,139 | ||||||
DT Auto Owner Trust, Ser 2020-1A, Cl D | ||||||||
2.550%, 11/17/25 (A) | 5,500,000 | 5,676,178 | ||||||
DT Auto Owner Trust, Ser 2020-2A, Cl B | ||||||||
2.080%, 03/16/26 (A) | 2,000,000 | 2,036,180 | ||||||
DT Auto Owner Trust, Ser 2020-2A, Cl C | ||||||||
3.280%, 03/16/26 (A) | 2,250,000 | 2,356,243 | ||||||
DT Auto Owner Trust, Ser 2020-3A, Cl C | ||||||||
1.470%, 06/15/26 (A) | 1,410,000 | 1,428,145 | ||||||
Exeter Automobile Receivables Trust, Ser 2018-2A, Cl C | ||||||||
3.690%, 03/15/23 (A) | 38,933 | 38,989 | ||||||
Exeter Automobile Receivables Trust, Ser 2018-2A, Cl D | ||||||||
4.040%, 03/15/24 (A) | 5,250,000 | 5,374,145 |
Description | Face Amount | Value | ||||||
Exeter Automobile Receivables Trust, Ser 2019-2A, Cl C | ||||||||
3.300%, 03/15/24 (A) | $ | 2,565,000 | $ | 2,600,470 | ||||
Exeter Automobile Receivables Trust, Ser 2020-1A, Cl C | ||||||||
2.490%, 01/15/25 (A) | 1,500,000 | 1,531,021 | ||||||
Exeter Automobile Receivables Trust, Ser 2020-3A, Cl C | ||||||||
1.320%, 07/15/25 | 1,250,000 | 1,263,944 | ||||||
Exeter Automobile Receivables Trust, Ser 2021-1A, Cl D | ||||||||
1.080%, 11/16/26 | 2,500,000 | 2,484,223 | ||||||
First Investors Auto Owner Trust, Ser 2018-2A, Cl C | ||||||||
4.030%, 01/15/25 (A) | 8,800,000 | 8,965,347 | ||||||
First Investors Auto Owner Trust, Ser 2019-2A, Cl B | ||||||||
2.470%, 01/15/25 (A) | 6,000,000 | 6,139,897 | ||||||
First Investors Auto Owner Trust, Ser 2020-1A, Cl D | ||||||||
3.150%, 04/15/26 (A) | 3,000,000 | 3,119,683 | ||||||
Flagship Credit Auto Trust, Ser 2018-1, Cl B | ||||||||
3.130%, 01/17/23 (A) | 38,927 | 38,970 | ||||||
Flagship Credit Auto Trust, Ser 2018-4, Cl D | ||||||||
4.330%, 12/16/24 (A) | 4,935,000 | 5,187,316 | ||||||
Flagship Credit Auto Trust, Ser 2019-3, Cl C | ||||||||
2.740%, 10/15/25 (A) | 6,686,000 | 6,913,049 | ||||||
Flagship Credit Auto Trust, Ser 2019-4, Cl B | ||||||||
2.530%, 11/17/25 (A) | 4,550,000 | 4,677,380 | ||||||
Ford Credit Auto Owner Trust, Ser 2019-B, Cl B | ||||||||
2.400%, 11/15/24 | 1,365,000 | 1,409,171 | ||||||
Foursight Capital Automobile Receivables Trust, Ser 2020-1, Cl D | ||||||||
2.600%, 01/15/26 (A) | 2,100,000 | 2,158,041 | ||||||
GLS Auto Receivables Issuer Trust 2021-1, Ser 2021-1A, Cl C | ||||||||
1.200%, 01/15/27 (A) | 2,200,000 | 2,210,135 | ||||||
GLS Auto Receivables Issuer Trust 2021-1, Ser 2021-1A, Cl D | ||||||||
1.680%, 01/15/27 (A) | 6,000,000 | 6,027,035 | ||||||
GLS Auto Receivables Issuer Trust, Ser 2019-4A, Cl A | ||||||||
2.470%, 11/15/23 (A) | 939,162 | 947,106 | ||||||
GLS Auto Receivables Issuer Trust, Ser 2020-2A, Cl B | ||||||||
3.160%, 06/16/25 (A) | 1,750,000 | 1,818,292 | ||||||
GLS Auto Receivables Issuer Trust, Ser 2020-3A, Cl B | ||||||||
1.380%, 08/15/24 (A) | 1,000,000 | 1,007,741 | ||||||
GLS Auto Receivables Issuer Trust, Ser 2020-4A, Cl C | ||||||||
1.140%, 11/17/25 (A) | 1,000,000 | 1,004,914 | ||||||
OneMain Direct Auto Receivables Trust, Ser 2018-1A, Cl B | ||||||||
3.710%, 04/14/25 (A) | 3,750,000 | 3,805,604 | ||||||
OSCAR US Funding Trust IX, Ser 2018-2A, Cl A3 | ||||||||
3.390%, 09/12/22 (A) | 290,225 | 291,006 |
FROST FAMILY OF FUNDS | FROST LOW DURATION BOND FUND | |
SCHEDULE OF INVESTMENTS | APRIL 30, 2021 (Unaudited) |
Description | Face Amount | Value | ||||||
Prestige Auto Receivables Trust, Ser 2020- 1A, Cl C | ||||||||
1.310%, 11/16/26 (A) | $ | 2,000,000 | $ | 2,018,101 | ||||
Santander Consumer Auto Receivables Trust, Ser 2020-BA, Cl A4 | ||||||||
0.540%, 04/15/25 (A) | 1,000,000 | 1,001,931 | ||||||
United Auto Credit Securitization Trust, Ser 2020-1, Cl C | ||||||||
2.150%, 02/10/25 (A) | 3,000,000 | 3,035,256 | ||||||
United Auto Credit Securitization Trust, Ser 2021-1, Cl C | ||||||||
0.840%, 06/10/26 (A) | 5,500,000 | 5,495,375 | ||||||
Westlake Automobile Receivables Trust 2021-1, Ser 2021-1A, Cl D | ||||||||
1.230%, 04/15/26 (A) | 11,000,000 | 11,011,088 | ||||||
Westlake Automobile Receivables Trust, Ser 2018-2A, Cl E | ||||||||
4.860%, 01/16/24 (A) | 5,000,000 | 5,152,628 | ||||||
Westlake Automobile Receivables Trust, Ser 2019-1A, Cl D | ||||||||
3.670%, 03/15/24 (A) | 6,575,000 | 6,781,379 | ||||||
Westlake Automobile Receivables Trust, Ser 2020-2A, Cl C | ||||||||
2.010%, 07/15/25 (A) | 2,750,000 | 2,807,432 | ||||||
Westlake Automobile Receivables Trust, Ser 2020-2A, Cl D | ||||||||
2.760%, 01/15/26 (A) | 4,500,000 | 4,678,012 | ||||||
Westlake Automobile Receivables Trust, Ser 2020-3A, Cl C | ||||||||
1.240%, 11/17/25 (A) | 1,000,000 | 1,009,200 | ||||||
World Omni Auto Receivables Trust, Ser 2018-B, Cl B | ||||||||
3.170%, 01/15/25 | 1,520,000 | 1,554,989 | ||||||
|
|
| ||||||
186,939,775 | ||||||||
|
|
| ||||||
Credit Card — 4.3% | ||||||||
Synchrony Card Funding, Ser 2019-A1, Cl A | ||||||||
2.950%, 03/15/25 | 2,410,000 | 2,466,374 | ||||||
Synchrony Credit Card Master Note Trust, Ser 2018-2, Cl B | ||||||||
3.670%, 05/15/26 | 995,000 | 1,055,972 | ||||||
World Financial Network Credit Card Master Trust, Ser 2016-A, Cl M | ||||||||
2.330%, 04/15/25 | 2,000,000 | 2,004,341 | ||||||
World Financial Network Credit Card Master Trust, Ser 2019-B, Cl A | ||||||||
2.490%, 04/15/26 | 7,000,000 | 7,172,747 | ||||||
World Financial Network Credit Card Master Trust, Ser 2019-C, Cl M | ||||||||
2.710%, 07/15/26 | 7,495,000 | 7,694,878 | ||||||
|
|
| ||||||
20,394,312 | ||||||||
|
|
| ||||||
Other Asset-Backed Securities — 4.5% | ||||||||
Diamond Resorts Owner Trust, Ser 2019- 1A, Cl A | ||||||||
2.890%, 02/20/32 (A) | 1,055,111 | 1,089,711 | ||||||
Mosaic Solar Loans, Ser 2017-1A, Cl A | ||||||||
4.450%, 06/20/42 (A) | 336,897 | 368,485 | ||||||
Pawnee Equipment Receivables Series, Ser 2019-1, Cl A2 | ||||||||
2.290%, 10/15/24 (A) | 1,068,831 | 1,081,358 |
Description | Face Amount | Value | ||||||
Pawnee Equipment Receivables Series, Ser 2019-1, Cl D | ||||||||
2.860%, 10/15/24 (A) | $ | 5,000,000 | $ | 4,911,641 | ||||
Pawnee Equipment Receivables Series, Ser 2020-1, Cl A | ||||||||
1.370%, 11/17/25 (A) | 3,522,601 | 3,539,706 | ||||||
SCF Equipment Leasing 2021-1, Ser 2021- 1A, Cl D | ||||||||
1.930%, 09/20/30 (A) | 1,000,000 | 993,718 | ||||||
SCF Equipment Leasing, Ser 2020-1A, Cl B | ||||||||
2.020%, 03/20/28 (A) | 2,000,000 | 2,016,964 | ||||||
SoFi Consumer Loan Program, Ser 2019-1, Cl B | ||||||||
3.450%, 02/25/28 (A) | 2,400,000 | 2,423,109 | ||||||
SoFi Consumer Loan Program, | ||||||||
2.780%, 09/25/26 (A) | 226,599 | 227,616 | ||||||
Vantage Data Centers Issuer, Ser 2018-2A, Cl A2 | ||||||||
4.196%, 11/16/43 (A) | 3,903,333 | 4,076,753 | ||||||
|
|
| ||||||
20,729,061 | ||||||||
|
|
| ||||||
Student Loan — 2.8% | ||||||||
AccessLex Institute, Ser 2002-A, Cl A2 | ||||||||
4.000%, 09/25/37 (B) | 350,000 | 349,018 | ||||||
Commonbond Student Loan Trust, Ser 2017-AGS, Cl A1 | ||||||||
2.550%, 05/25/41 (A) | 948,000 | 967,007 | ||||||
Nelnet Student Loan Trust, Ser 2012-6A, Cl B | ||||||||
1.606%, VAR ICE LIBOR USD 1 Month+1.500%, 08/26/52 (A) | 3,000,000 | 3,013,132 | ||||||
Nelnet Student Loan Trust, Ser 2013-3A, Cl B | ||||||||
1.606%, VAR ICE LIBOR USD 1 Month+1.500%, 07/25/47 (A) | 4,000,000 | 4,006,666 | ||||||
Nelnet Student Loan Trust, Ser 2015-3A, Cl B | ||||||||
1.606%, VAR ICE LIBOR USD 1 Month+1.500%, 06/25/54 (A) | 3,000,000 | 2,885,215 | ||||||
SLM Student Loan Trust, Ser 2013-2, Cl B | ||||||||
1.606%, VAR ICE LIBOR USD 1 Month+1.500%, 06/25/43 | 2,000,000 | 1,968,711 | ||||||
|
|
| ||||||
13,189,749 | ||||||||
|
|
| ||||||
Total Asset-Backed Securities | 241,252,897 | |||||||
|
|
| ||||||
U.S. TREASURY OBLIGATIONS — 23.3% | ||||||||
U.S. Treasury Note | ||||||||
1.625%, 12/15/22 | 40,000,000 | 40,965,625 | ||||||
1.500%, 01/15/23 | 40,000,000 | 40,925,000 | ||||||
0.250%, 05/31/25 | 28,000,000 | 27,564,687 | ||||||
|
|
| ||||||
Total U.S. Treasury Obligations | 109,455,312 | |||||||
|
|
| ||||||
CORPORATE OBLIGATIONS — 18.4% | ||||||||
Energy — 1.1% | ||||||||
Marathon Petroleum | ||||||||
4.500%, 05/01/23 | 2,000,000 | 2,142,466 |
FROST FAMILY OF FUNDS | FROST LOW DURATION BOND FUND | |
SCHEDULE OF INVESTMENTS | APRIL 30, 2021 (Unaudited) |
Description | Face Amount | Value | ||||||
Schlumberger Finance Canada | ||||||||
1.400%, 09/17/25 | $ | 3,000,000 | $ | 3,039,182 | ||||
|
|
| ||||||
5,181,648 | ||||||||
|
|
| ||||||
Financials — 9.4% | ||||||||
Bank of Montreal MTN | ||||||||
1.850%, 05/01/25 | 3,000,000 | 3,094,946 | ||||||
Capital One Financial | ||||||||
4.200%, 10/29/25 | 10,000,000 | 11,135,308 | ||||||
Citigroup | ||||||||
3.106%, VAR United States Secured Overnight Financing Rate+2.750%, 04/08/26 | 2,000,000 | 2,144,520 | ||||||
Danske Bank | ||||||||
3.875%, 09/12/23 (A) | 4,205,000 | 4,494,588 | ||||||
Deutsche Bank NY | ||||||||
2.222%, VAR United States Secured Overnight Financing Rate+2.159%, 09/18/24 | 2,000,000 | 2,051,903 | ||||||
Lloyds Banking Group | ||||||||
4.050%, 08/16/23 | 9,000,000 | 9,697,487 | ||||||
Swedbank | ||||||||
1.300%, 06/02/23 | 1,000,000 | 1,015,681 | ||||||
0.600%, 09/25/23 (A) | 5,000,000 | 4,994,850 | ||||||
Wells Fargo MTN | ||||||||
2.406%, VAR United States Secured Overnight Financing Rate+1.087%, 10/30/25 | 5,000,000 | 5,228,511 | ||||||
|
|
| ||||||
43,857,794 | ||||||||
|
|
| ||||||
Health Care — 2.1% | ||||||||
Anthem | ||||||||
1.500%, 03/15/26 | 5,000,000 | 5,042,257 | ||||||
Johnson & Johnson | ||||||||
0.550%, 09/01/25 | 5,000,000 | 4,959,108 | ||||||
|
|
| ||||||
10,001,365 | ||||||||
|
|
| ||||||
Industrials — 1.1% | ||||||||
AerCap Ireland Capital DAC | ||||||||
4.500%, 09/15/23 | 3,000,000 | 3,229,800 | ||||||
1.750%, 01/30/26 | 2,000,000 | 1,960,087 | ||||||
|
|
| ||||||
5,189,887 | ||||||||
|
|
| ||||||
Information Technology — 0.5% | ||||||||
Broadcom | ||||||||
3.150%, 11/15/25 | 2,000,000 | 2,141,243 | ||||||
|
|
| ||||||
Materials — 1.8% | ||||||||
Eagle Materials | ||||||||
4.500%, 08/01/26 | 8,295,000 | 8,540,839 | ||||||
|
|
| ||||||
Real Estate — 2.1% | ||||||||
Corporate Office Properties | ||||||||
2.250%, 03/15/26 ‡ | 3,000,000 | 3,075,360 | ||||||
Equinix | ||||||||
1.000%, 09/15/25 ‡ | 5,000,000 | 4,929,406 | ||||||
Federal Realty Investment Trust | ||||||||
1.250%, 02/15/26 ‡ | 2,000,000 | 1,991,948 | ||||||
|
|
| ||||||
9,996,714 | ||||||||
|
|
| ||||||
Utilities — 0.3% | ||||||||
Duke Energy | ||||||||
0.900%, 09/15/25 | 1,400,000 | 1,378,510 | ||||||
|
|
| ||||||
Total Corporate Obligations | 86,288,000 | |||||||
|
|
|
Description | Face Amount | Value | ||||||
MORTGAGE-BACKED SECURITIES — 3.5% |
| |||||||
Commercial Mortgage-Backed Obligation — 3.5% |
| |||||||
Benchmark Mortgage Trust, Ser 2020-B19, Cl A2 | ||||||||
1.691%, 09/15/53 | $ | 1,305,000 | $ | 1,327,043 | ||||
Cold Storage Trust, Ser 2020-ICE5, Cl A | ||||||||
1.015%, VAR ICE LIBOR USD 1 Month+0.900%, 11/15/37 (A) | 5,406,448 | 5,430,588 | ||||||
COMM 2021-LBA Mortgage Trust, Ser 2021-LBA, Cl A | ||||||||
0.805%, VAR ICE LIBOR USD 1 Month+0.690%, 03/15/38 (A) | 9,900,000 | 9,888,068 | ||||||
|
|
| ||||||
Total Mortgage-Backed Securities | 16,645,699 | |||||||
|
|
| ||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.6% |
| |||||||
FFCB | ||||||||
0.570%, 08/12/25 | 5,000,000 | 4,906,362 | ||||||
FHLB | ||||||||
0.525%, 01/15/26 | 2,520,000 | 2,475,638 | ||||||
|
|
| ||||||
Total U.S. Government Agency Obligations | 7,382,000 | |||||||
|
|
| ||||||
Total Investments — 98.2% | $ | 461,023,908 | ||||||
|
|
|
Percentages are based on Net Assets of $469,528,479.
‡ | Real Estate Investment Trust |
(A) | Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total value of such securities at April 30, 2021 was $218,885,242 and represents 46.6% of Net Assets. |
(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. |
Cl — Class
DAC – Designated Activity Company
FFCB – Federal Farm Credit Bank
FHLB — Federal Home Loan Bank
ICE — Intercontinental Exchange
LIBOR — London Interbank Offered Rate
MTN — Medium Term Note
Ser — Series
USD — U.S. Dollar
VAR — Variable Rate Security
FROST FAMILY OF FUNDS | FROST LOW DURATION BOND FUND | |
SCHEDULE OF INVESTMENTS | APRIL 30, 2021 (Unaudited) |
The following is a list of the level of inputs used as of April 30, 2021 in valuing the Fund’s investments carried at value:
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Asset-Backed Securities | $ | — | $ | 241,252,897 | $ | — | $ | 241,252,897 | ||||||||
U.S. Treasury Obligations | 109,455,312 | — | — | 109,455,312 | ||||||||||||
Corporate Obligations | — | 86,288,000 | — | 86,288,000 | ||||||||||||
Mortgage-Backed Securities | — | 16,645,699 | — | 16,645,699 | ||||||||||||
U.S. Government Agency Obligations | — | 7,382,000 | — | 7,382,000 | ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||
Total Investments in Securities | $ | 109,455,312 | $ | 351,568,596 | $ | — | $ | 461,023,908 | ||||||||
|
|
|
|
|
|
|
|
|
For the period ended April 30, 2021, 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 the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.
FIA-QH-001-2700
FROST FAMILY OF FUNDS | FROST MUNICIPAL BOND FUND | |
SCHEDULE OF INVESTMENTS | APRIL 30, 2021 (Unaudited) |
Description | Face Amount | Value | ||||||
MUNICIPAL BONDS — 98.3% | ||||||||
California — 5.5% | ||||||||
California State, Municipal Finance Authority, Ser A, RB | ||||||||
5.000%, 03/01/25 | $ | 1,200,000 | $ | 1,234,477 | ||||
California State, School Finance Authority, RB | ||||||||
Callable 02/01/24 @ 100 5.350%, 08/01/24 | 370,000 | 390,066 | ||||||
Golden State, Tobacco Securitization, Ser A, RB, ST APPROP | ||||||||
4.000%, 06/01/21 | 1,000,000 | 1,002,894 | ||||||
|
|
| ||||||
2,627,437 | ||||||||
|
|
| ||||||
Colorado — 3.4% | ||||||||
El Paso County, School District No. 49 Falcon, Ser A, COP | ||||||||
5.000%, 12/15/24 | 525,000 | 608,785 | ||||||
El Paso County, School District No. 49 Falcon, Ser B, COP | ||||||||
5.000%, 12/15/24 | 300,000 | 347,877 | ||||||
5.000%, 12/15/26 | 500,000 | 615,964 | ||||||
|
|
| ||||||
1,572,626 | ||||||||
|
|
| ||||||
District of Columbia — 2.0% | ||||||||
District of Columbia, RB | ||||||||
4.000%, 10/01/22 | 895,000 | 910,349 | ||||||
|
|
| ||||||
Idaho — 1.1% | ||||||||
Idaho State, Housing & Finance Association, RB | ||||||||
4.000%, 07/01/26 | 500,000 | 531,094 | ||||||
|
|
| ||||||
Illinois — 1.8% | ||||||||
Lee & Ogle Counties, School District No. 170 Dixon, GO, BAM | ||||||||
4.000%, 01/30/25 | 760,000 | 844,338 | ||||||
|
|
| ||||||
Kansas — 3.3% | ||||||||
Geary County, GO | ||||||||
5.000%, 09/01/25 | 1,300,000 | 1,541,485 | ||||||
|
|
| ||||||
Michigan — 2.8% | ||||||||
Taylor, Brownfield Redevelopment Authority, RB, NATL | ||||||||
Callable 05/01/24 @ 100 4.000%, 05/01/28 | 1,175,000 | 1,292,007 | ||||||
|
|
| ||||||
Minnesota — 0.8% | ||||||||
Minnesota State, Housing Finance Agency, Ser A, RB, GNMA | ||||||||
Callable 07/01/22 @ 100 2.600%, 09/01/42 | 355,557 | 364,822 | ||||||
|
|
| ||||||
Missouri — 3.6% | ||||||||
Saint Louis, Municipal Finance, RB, AGM | ||||||||
5.000%, 07/15/22 | 1,575,000 | 1,663,392 | ||||||
|
|
| ||||||
New York — 0.6% | ||||||||
Niagara County, Tobacco Asset Securitization, RB | ||||||||
5.000%, 05/15/21 | 300,000 | 300,424 | ||||||
|
|
|
Description | Face Amount | Value | ||||||
Oklahoma — 4.9% | ||||||||
University of Oklahoma, Ser C, RB | ||||||||
Callable 07/01/25 @ 100 5.000%, 07/01/35 | $ | 2,000,000 | $ | 2,314,123 | ||||
|
|
| ||||||
South Carolina — 3.4% | ||||||||
Hilton Head Island, Ser C, GO, ST AID WITHHLDG | ||||||||
Callable 03/01/26 @ 100 | ||||||||
2.250%, 03/01/33 | 530,000 | 545,273 | ||||||
2.125%, 03/01/32 | 520,000 | 534,415 | ||||||
2.000%, 03/01/30 | 495,000 | 510,006 | ||||||
|
|
| ||||||
1,589,694 | ||||||||
|
|
| ||||||
Texas — 65.1% | ||||||||
Central Texas Regional Mobility Authority | ||||||||
Callable 01/01/26 @ 100 5.000%, 01/01/46 | 1,000,000 | 1,159,364 | ||||||
Central Texas Turnpike System, Sub-Ser C, RB | ||||||||
Callable 08/15/24 @ 100 5.000%, 08/15/42 | 2,000,000 | 2,224,787 | ||||||
Clifton, Higher Education Finance, Idea Public Schools Project, RB | ||||||||
4.800%, 08/15/21(A) | 110,000 | 111,421 | ||||||
Clifton, Higher Education Finance, RB, PSF-GTD | ||||||||
5.000%, 08/15/24 | 1,185,000 | 1,364,399 | ||||||
Clifton, Higher Education Finance, RB, PSF-GTD | ||||||||
Callable 08/15/24 @ 100 5.000%, 08/15/25 | 700,000 | 803,992 | ||||||
Clifton, Higher Education Finance, Ser A, RB | ||||||||
3.375%, 12/01/24 | 1,025,000 | 1,062,316 | ||||||
Clifton, Higher Education Finance, Ser B, RB | ||||||||
5.000%, 08/15/25 | 460,000 | 534,101 | ||||||
4.000%, 08/15/22 | 525,000 | 545,258 | ||||||
4.000%, 08/15/23 | 500,000 | 534,551 | ||||||
Cypress-Fairbanks Independent School District, Ser A, GO, PSF-GTD | ||||||||
Callable 02/15/29 @ 100 5.000%, 02/15/30 | 1,500,000 | 1,950,094 | ||||||
Dallas Area, Rapid Transit, Ser A, RB | ||||||||
5.000%, 12/01/22 | 1,000,000 | 1,076,268 | ||||||
Downtown Redevelopment Authority, TA, BAM | ||||||||
5.000%, 09/01/25 | 1,000,000 | 1,167,572 | ||||||
Downtown Redevelopment Authority, TA, BAM | ||||||||
Callable 09/01/25 @ 100 5.000%, 09/01/29 | 1,000,000 | 1,184,347 | ||||||
El Paso County, Hospital District, GO | ||||||||
5.000%, 08/15/25 | 2,070,000 | 2,380,051 | ||||||
Houston, Higher Education Finance, Ser A, RB, PSF-GTD | ||||||||
4.000%, 02/15/22 | 1,005,000 | 1,034,930 | ||||||
La Vernia, Higher Education Finance, Ser A, RB | ||||||||
4.200%, 08/15/25 | 500,000 | 526,939 | ||||||
La Vernia, Higher Education Finance, Ser A, RB | ||||||||
Callable 08/15/24 @ 100 5.250%, 08/15/35 | 2,435,000 | 2,636,954 | ||||||
Love Field Airport Modernization, AMT, RB | ||||||||
5.000%, 11/01/22 | 1,000,000 | 1,069,277 |
FROST FAMILY OF FUNDS | FROST MUNICIPAL BOND FUND | |
SCHEDULE OF INVESTMENTS | APRIL 30, 2021 (Unaudited) |
Description | Face Amount | Value | ||||||
Lower Colorado River Authority | ||||||||
Callable 05/15/30 @ 100 | $ | 1,875,000 | $ | 2,394,097 | ||||
San Antonio, Public Facilities, RB | ||||||||
Callable 09/15/22 @ 100 | 2,000,000 | 2,122,076 | ||||||
Seminole, Hospital District, GO | ||||||||
Callable 02/15/26 @ 100 | 545,000 | 581,798 | ||||||
Texas A&M University, Permanent University Fund, Ser B, RB | ||||||||
Callable 07/01/25 @ 100 | 1,000,000 | 1,179,531 | ||||||
Texas State, Public Finance Authority, Financing System, Texas Southern University, RB | ||||||||
5.625%, 05/01/21 | 1,440,000 | 1,440,000 | ||||||
Texas State, Public Finance Authority, RB, BAM | ||||||||
5.000%, 11/01/21 | 1,400,000 | 1,429,915 | ||||||
|
|
| ||||||
30,514,038 | ||||||||
|
|
| ||||||
Total Municipal Bonds | 46,065,829 | |||||||
|
|
| ||||||
Total Investments — 98.3% | $ | 46,065,829 | ||||||
|
|
|
Percentages are based on Net Assets of $46,869,767.
(A) | Security is escrowed to maturity. |
AGM — Assured Guaranty Municipal
AMT — Alternative Minimum Tax (subject to)
BAM — Build America Mutual
COP — Certificate of Participation
GNMA — Government National Mortgage Association
GO — General Obligation
NATL — National Public Finance Guaranty Corporation
PSF-GTD — Texas Public School Fund Guarantee
RB — Revenue Bond
Ser — Series
TA — Tax Allocation
As of April 30, 2021, 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 April 30, 2021, there have been no transfers in or out of Level 3.
For more information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.
FIA-QH-001-2700