Advisors Inner Circle Fund II

(Registrant)

Frost Family of Funds

By (Signature and Title)

/s/ Michael Beattie

Michael Beattie

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

The Funds file their complete schedule of investments of portfolio holdings with the Securities and Exchange Commission (“Commission”) for the first and third quarters of each fiscal year on Form N-PORT within sixty days after period end. The Funds’ Forms N-PORT are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities, as well as information relating to how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-877-71-FROST; and (ii) on the Commission’s website at http://www.sec.gov.

SECTOR WEIGHTINGS†

LOGO

†	Percentages are based on total investments.

SCHEDULE OF INVESTMENTS


Description	Shares		Value
COMMON STOCK§ — 99.2%

Communication Services — 12.0%

Alphabet, Cl A*		7,254	$	13,255,669

Alphabet, Cl C*		7,220		13,254,043

Facebook, Cl A*		53,190		13,740,573

Netflix*		16,000		8,518,240

				48,768,525


Consumer Discretionary — 20.8%

Amazon.com*		12,871		41,267,000

Booking Holdings*		2,170		4,219,196

Chipotle Mexican Grill, Cl A*		4,000		5,920,000

Home Depot		35,590		9,638,484

Lululemon Athletica*		7,500		2,465,100

NIKE, Cl B		40,000		5,343,600

O’Reilly Automotive*		6,000		2,552,820

Starbucks		47,550		4,603,315

Tesla*		4,500		3,570,885

TJX		83,000		5,315,320

				84,895,720


Consumer Staples — 1.1%

Costco Wholesale		12,632		4,451,896


Financials — 2.5%

JPMorgan Chase		46,000		5,918,820

Moody’s		15,905		4,234,865

				10,153,685


Health Care — 13.4%

Abbott Laboratories		50,000		6,179,500

Boston Scientific*		160,000		5,670,400

Danaher		28,500		6,778,440

Edwards Lifesciences*		28,500		2,353,530


Description	Shares		Value

Eli Lilly and		30,000	$	6,239,100

Humana		11,500		4,405,765

Merck		55,000		4,238,850

Seagen*		20,000		3,285,400

UnitedHealth Group		17,800		5,937,724

Vertex Pharmaceuticals*		24,500		5,612,460

Zoetis, Cl A		26,235		4,046,749

				54,747,918


Industrials — 3.6%

Canadian Pacific Railway		18,040		6,065,409

Fortive		42,000		2,775,360

Uber Technologies*		40,000		2,037,200

Union Pacific		20,000		3,949,400

				14,827,369


Information Technology — 42.8%

Adobe*		21,000		9,634,170

Advanced Micro Devices*		15,000		1,284,600

Apple		233,584		30,823,745

Autodesk*		10,000		2,774,300

Global Payments		11,000		1,941,720

Inphi*		45,000		7,587,450

Mastercard, Cl A		43,410		13,730,149

Microsoft		174,000		40,361,040

NVIDIA		15,500		8,053,645

PayPal Holdings*		54,020		12,657,426

QUALCOMM		29,500		4,610,260

salesforce.com*		48,135		10,857,330

ServiceNow*		16,000		8,690,560

Twilio, Cl A*		10,000		3,594,300

Visa, Cl A		71,600		13,836,700

Workday, Cl A*		17,500		3,981,775

				174,419,170


Materials — 1.2%

Sherwin-Williams		7,000		4,842,600


Real Estate — 0.6%

American Tower ‡		10,500		2,387,280


Telecommunication Services — 1.2%

Pinterest, Cl A*		30,000		2,055,300

Snap, Cl A*		55,000		2,911,700

				4,967,000


Total Common Stock (Cost $ 172,552,797)				404,461,163


Total Investments — 99.2% (Cost $ 172,552,797)			$	404,461,163

As of January 31, 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 January 31, 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.

SECTOR WEIGHTINGS†

LOGO

†	Percentages are based on total investments.

SCHEDULE OF INVESTMENTS


Description	Face Amount		Value
CORPORATE OBLIGATIONS — 20.9%

Communication Services — 0.7%

Telecom Argentina 8.500%, 08/06/25 (A)	$	5,000,000	$	4,443,750

T-Mobile USA
2.625%, 02/15/29		2,000,000		2,010,400
2.550%, 02/15/31 (A)		13,000,000		13,315,640

Zayo Group Holdings 4.000%, 03/01/27 (A)		1,000,000		1,002,820

				20,772,610


Consumer Discretionary — 6.7%

Air Canada 7.750%, 04/15/21 (A)		1,995,000		2,007,469

Capitol Investment Merger Sub 2 10.000%, 08/01/24 (A)		10,000,000		10,900,000

Carnival 11.500%, 04/01/23 (A)		2,500,000		2,837,500

Choice Hotels International
3.700%, 01/15/31		3,000,000		3,262,350
3.700%, 12/01/29		8,000,000		8,710,160


Description	Face Amount		Value

Expedia 3.800%, 02/15/28	$	5,915,000	$	6,299,786

Expedia Group 4.625%, 08/01/27 (A)		5,000,000		5,540,501

Ford Motor
9.625%, 04/22/30		5,750,000		8,148,834
9.000%, 04/22/25		1,412,000		1,717,246
5.291%, 12/08/46		5,500,000		5,793,865
4.346%, 12/08/26		19,033,000		20,349,893

Ford Motor Credit
5.125%, 06/16/25		1,000,000		1,086,250
4.375%, 08/06/23		2,000,000		2,082,920

GameStop
10.000%, 03/15/23 (A)		1,150,000		1,201,031
6.750%, 03/15/21 (A)		2,137,000		2,137,000

General Motors Financial
5.200%, 03/20/23		4,000,000		4,371,187
4.000%, 01/15/25		11,126,000		12,235,846

Jaguar Land Rover Automotive 4.500%, 10/01/27 (A)		6,000,000		5,821,395

Macy’s 8.375%, 06/15/25 (A)		7,000,000		7,752,500

Marriott International 3.500%, 10/15/32		3,000,000		3,179,307

Mohawk Industries 3.625%, 05/15/30		13,000,000		14,521,810

Mohegan Gaming & Entertainment 8.000%, 02/01/26 (A)		9,000,000		9,007,920

QVC
4.850%, 04/01/24		4,500,000		4,888,125
4.750%, 02/15/27		4,000,000		4,288,500

Scientific Games International 8.625%, 07/01/25 (A)		5,750,000		6,217,187

Staples 10.750%, 04/15/27 (A)		2,850,000		2,764,073

STL Holding 7.500%, 02/15/26 (A)		12,500,000		13,000,000

TJX 3.875%, 04/15/30		5,000,000		5,852,249

TransJamaican Highway 5.750%, 10/10/36 (A)		1,500,000		1,530,000

Under Armour 3.250%, 06/15/26		3,200,000		3,207,312

VistaJet Malta Finance 10.500%, 06/01/24 (A)		26,799,000		27,401,977

				208,114,193


Energy — 3.7%

Antero Midstream Partners
7.875%, 05/15/26 (A)		4,000,000		4,280,500
5.750%, 01/15/28 (A)		15,000,000		15,000,000

Apache 7.750%, 12/15/29		4,138,000		4,665,595


Description	Face Amount		Value

Colbun 3.150%, 03/06/30	$	200,000	$	213,939

Exxon Mobil 3.482%, 03/19/30		2,000,000		2,265,910

Intesa Sanpaolo 4.000%, 09/23/29 (A)		5,000,000		5,583,365

Lukoil International Finance BV 4.563%, 04/24/23		3,000,000		3,199,410

New England Power 2.807%, 10/06/50 (A)		5,000,000		4,851,332

Noble Holding International
6.050%, 03/01/41 (B)		13,462,000		269,240
4.900%, 08/01/20 (B)		16,451,000		329,020
4.625%, 03/01/21 (B)		57,294,000		1,145,880

NuStar Logistics 6.000%, 06/01/26		1,000,000		1,062,500

Petroleos Mexicanos
6.840%, 01/23/30		4,000,000		4,020,000
5.350%, 02/12/28		7,000,000		6,713,000

Seadrill New Finance
12.000%, 07/15/25		13,575,356		6,176,787
12.000%, 07/15/25 (B)		65,338,161		29,728,863

Standard Chartered 0.991%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+0.780%, 01/12/25 (A)		1,000,000		1,000,453

Suriname Government International Bond 9.875%, 12/30/23 (A)		8,000,000		5,440,000

Talen Energy Supply 7.250%, 05/15/27 (A)		1,500,000		1,586,250

Tallgrass Energy Partners 6.000%, 03/01/27 (A)		1,000,000		1,010,000

Transocean 11.500%, 01/30/27 (A)		22,118,000		17,086,155

Weatherford International 11.000%, 12/01/24 (A)		584,000		500,780

				116,128,979


Financials — 4.0%

Aflac 3.600%, 04/01/30		5,000,000		5,749,302

Assured Guaranty US Holdings 5.000%, 07/01/24		5,000,000		5,728,416

Athene Holding 6.150%, 04/03/30		10,000,000		12,440,784

BankUnited 5.125%, 06/11/30		9,450,000		10,973,371

Barclays MTN 4.972%, VAR ICE LIBOR USD 3 Month+1.902%, 05/16/29		2,000,000		2,379,121

Capital One Financial 3.800%, 01/31/28		5,000,000		5,693,970


Description	Face Amount		Value

Chubb INA Holdings 1.375%, 09/15/30	$	5,000,000	$	4,881,766

Deutsche Bank 4.500%, 04/01/25		15,000,000		16,043,427

Enova International 8.500%, 09/15/25 (A)		15,557,000		15,168,075

Farmers Exchange Capital 7.050%, 07/15/28 (A)		6,075,000		7,572,512

Genworth Holdings 7.625%, 09/24/21		4,750,000		4,750,000

Huntington Bancshares 2.550%, 02/04/30		3,000,000		3,198,487

Nasdaq 1.650%, 01/15/31		5,000,000		4,876,422

Navient 5.000%, 03/15/27		1,000,000		1,016,250

Societe Generale 5.000%, 01/17/24 (A)		4,025,000		4,449,709

Synchrony Financial 4.500%, 07/23/25		9,905,000		11,167,253

Wachovia 6.605%, 10/01/25		5,650,000		6,976,641

				123,065,506


Industrials — 2.2%

American Airlines Group 11.750%, 07/15/25 (A)		5,000,000		5,800,500
3.750%, 03/01/25 (A)		10,000,000		7,657,800

Boeing 2.950%, 02/01/30		3,344,000		3,403,989
2.850%, 10/30/24		1,625,000		1,713,134
2.300%, 08/01/21		2,688,000		2,712,827

Burlington Northern Santa Fe 7.290%, 06/01/36		5,000,000		7,977,883

Carrier Global 2.700%, 02/15/31		2,000,000		2,112,550

Equifax 3.100%, 05/15/30		3,000,000		3,276,370

FedEx 3.100%, 08/05/29		5,000,000		5,486,229

Flowserve 4.000%, 11/15/23		1,000,000		1,057,599
3.500%, 10/01/30		4,000,000		4,257,189

General Electric MTN 5.875%, 01/14/38		4,377,000		5,848,614

Great Lakes Dredge & Dock 8.000%, 05/15/22		1,410,000		1,432,913

Teekay 9.250%, 11/15/22 (A)		13,750,000		13,887,500

				66,625,097


Information Technology — 3.1%

Amkor Technology 6.625%, 09/15/27 (A)		1,900,000		2,068,625


Description	Face Amount		Value

Avaya 6.125%, 09/15/28 (A)	$	4,000,000	$	4,260,000

Castle US Holding 9.500%, 02/15/28 (A)		1,000,000		1,026,610

Citrix Systems 3.300%, 03/01/30		6,000,000		6,452,960

Diebold Nixdorf 9.375%, 07/15/25 (A)		500,000		553,125
8.500%, 04/15/24		26,371,000		26,898,420

Jabil 3.600%, 01/15/30		4,496,000		4,936,169

Juniper Networks 3.750%, 08/15/29		10,000,000		11,253,921

Micron Technology 4.185%, 02/15/27		10,000,000		11,611,823

Motorola Solutions 4.600%, 05/23/29		21,435,000		25,433,963

QUALCOMM 2.150%, 05/20/30		3,000,000		3,114,845

				97,610,461


Materials — 0.1%

Cleveland-Cliffs 6.750%, 03/15/26 (A)		1,500,000		1,614,060

Nacional del Cobre de Chile 3.150%, 01/15/51 (A)		500,000		487,208

				2,101,268


Real Estate — 0.1%

Brookfield Property 5.750%, 05/15/26 ‡(A)		2,000,000		2,080,000


Utilities — 0.3%

Pacific Gas and Electric 4.500%, 07/01/40		5,000,000		5,456,353
3.750%, 08/15/42		5,000,000		4,911,687

				10,368,040


Total Corporate Obligations (Cost $703,005,155)				646,866,154

COLLATERALIZED LOAN OBLIGATIONS — 19.1%

Collateralized Loan Obligation — 19.1%

Apidos Funding RR Subsidiary, Ser 2018-12RR, Cl A 1.771%, VAR ICE LIBOR USD 3 Month+1.530%, 04/15/31 (A)		3,000,000		2,999,655

Apidos XI, Ser 2019-11A, Cl BRR 1.923%, VAR ICE LIBOR USD 3 Month+1.700%, 10/17/30 (A)		15,000,000		15,037,920

Apidos XXVIII, Ser 2017-28A, Cl A2 1.624%, VAR ICE LIBOR USD 3 Month+1.400%, 01/20/31 (A)		15,000,000		14,977,935


Description	Face Amount		Value

Avery Point IV, Ser 2017-1A, Cl BR 1.818%, VAR ICE LIBOR USD 3 Month+1.600%, 04/25/26 (A)	$	7,500,000	$	7,505,602

BCC Middle Market, Ser 2018-1A, Cl A1A 1.774%, VAR ICE LIBOR USD 3 Month+1.550%, 10/20/30 (A)		21,000,000		20,767,278

Benefit Street Partners III, Ser 2017-IIIA, Cl A1R 1.474%, VAR ICE LIBOR USD 3 Month+1.250%, 07/20/29 (A)		14,975,799		14,964,403

Benefit Street Partners III, Ser 2017-IIIA, Cl DR 6.824%, VAR ICE LIBOR USD 3 Month+6.600%, 07/20/29 (A)		5,000,000		4,516,950

Benefit Street Partners IV, Ser 2019-IVA, Cl A1RR 1.474%, VAR ICE LIBOR USD 3 Month+1.250%, 01/20/29 (A)		10,000,000		9,992,390

Benefit Street Partners VIII, Ser 2018-8A, Cl A1AR 1.324%, VAR ICE LIBOR USD 3 Month+1.100%, 01/20/31 (A)		5,450,000		5,446,806

BlueMountain, Ser 2019-2A, Cl A2R 2.024%, VAR ICE LIBOR USD 3 Month+1.800%, 08/20/32 (A)		23,000,000		23,053,843

Carlyle Global Market Strategies, Ser 2018-1A, Cl CR2 2.023%, VAR ICE LIBOR USD 3 Month+1.800%, 04/17/31 (A)		4,500,000		4,295,308

Carlyle Global Market Strategies, Ser 2018-3A, Cl A1A2 1.414%, VAR ICE LIBOR USD 3 Month+1.180%, 01/14/32 (A)		24,855,641		24,289,678

Carlyle Global Market Strategies, Ser 2018-3A, Cl A2A2 2.084%, VAR ICE LIBOR USD 3 Month+1.850%, 01/14/32 (A)		7,000,000		7,052,472

Carlyle Global Market Strategies, Ser 2018-3RA, Cl A1A 1.263%, VAR ICE LIBOR USD 3 Month+1.050%, 07/27/31 (A)		14,877,491		14,875,854

Carlyle Global Market Strategies, Ser 2018-3RA, Cl A2 1.763%, VAR ICE LIBOR USD 3 Month+1.550%, 07/27/31 (A)		9,000,000		8,967,321

Carlyle Global Market Strategies, Ser 2018-5A, Cl A1RR 1.381%, VAR ICE LIBOR USD 3 Month+1.140%, 07/15/31 (A)		15,834,091		15,850,352

Carlyle Global Market Strategies, Ser 2019-2A, Cl A2A 1.991%, VAR ICE LIBOR USD 3 Month+1.750%, 07/15/32 (A)		10,000,000		9,992,980


Description	Face Amount		Value

CIFC Funding, Ser 2018-1A, Cl A 1.223%, VAR ICE LIBOR USD 3 Month+1.000%, 04/18/31 (A)	$	10,000,000	$	9,969,330

CIFC Funding, Ser 2018-1A, Cl C 1.973%, VAR ICE LIBOR USD 3 Month+1.750%, 04/18/31 (A)		2,000,000		1,989,248

Dryden 68, Ser 2019-68A, Cl B 1.981%, VAR ICE LIBOR USD 3 Month+1.740%, 07/15/32 (A)		11,750,000		11,744,936

Fortress Credit Opportunities IX, Ser 2017- 9A, Cl A1T 1.771%, VAR ICE LIBOR USD 3 Month+1.550%, 11/15/29 (A)		21,000,000		20,938,995

Galaxy XXI, Ser 2015-21A, Cl AR 1.244%, VAR ICE LIBOR USD 3 Month+1.020%, 04/20/31 (A)		5,000,000		4,988,320

GoldenTree Credit Opportunities Financing, Ser 2018-1A, Cl A1R 1.930%, VAR ICE LIBOR USD 3 Month+1.680%, 06/15/34 (A)		15,000,000		14,788,350

Golub Capital Partners, Ser 2017-17A, Cl A1R 1.865%, VAR ICE LIBOR USD 3 Month+1.650%, 10/25/30 (A)		9,000,000		8,941,734

Golub Capital Partners, Ser 2017-19RA, Cl A1A 1.515%, VAR ICE LIBOR USD 3 Month+1.300%, 07/26/29 (A)		20,000,000		20,018,300

Golub Capital Partners, Ser 2017-21A, Cl AR 1.685%, VAR ICE LIBOR USD 3 Month+1.470%, 01/25/31 (A)		11,000,000		10,894,279

Golub Capital Partners, Ser 2017-21A, Cl CR 2.665%, VAR ICE LIBOR USD 3 Month+2.450%, 01/25/31 (A)		2,000,000		1,941,806

Golub Capital Partners, Ser 2017-22A, Cl AR 1.404%, VAR ICE LIBOR USD 3 Month+1.180%, 01/20/31 (A)		9,000,000		8,997,885

Golub Capital Partners, Ser 2017-23A, Cl AR 1.424%, VAR ICE LIBOR USD 3 Month+1.200%, 01/20/31 (A)		20,000,000		19,907,000

Golub Capital Partners, Ser 2017-23A, Cl BR 1.774%, VAR ICE LIBOR USD 3 Month+1.550%, 01/20/31 (A)		4,000,000		4,030,268

Golub Capital Partners, Ser 2017-24A, Cl AR 1.825%, VAR ICE LIBOR USD 3 Month+1.600%, 11/05/29 (A)		9,500,000		9,464,565


Description	Face Amount		Value

Golub Capital Partners, Ser 2017-24A, Cl DR 4.125%, VAR ICE LIBOR USD 3 Month+3.900%, 11/05/29 (A)	$	3,000,000	$	2,954,946

Golub Capital Partners, Ser 2018-26A, Cl BR 1.774%, VAR ICE LIBOR USD 3 Month+1.550%, 04/20/31 (A)		12,000,000		11,914,452

Golub Capital Partners, Ser 2018-36A, Cl A 1.495%, VAR ICE LIBOR USD 3 Month+1.300%, 02/05/31 (A)		11,000,000		10,904,399

Golub Capital Partners, Ser 2019-34A, Cl AR 1.895%, VAR ICE LIBOR USD 3 Month+1.700%, 03/14/31 (A)		7,000,000		6,926,829

LCM Loan Income Fund I Income Note Issuer, Ser 2018-27A, Cl A1 1.303%, VAR ICE LIBOR USD 3 Month+1.080%, 07/16/31 (A)		13,000,000		13,007,228

MCF IV, Ser 2017-1A, Cl AR 1.774%, VAR ICE LIBOR USD 3 Month+1.550%, 10/20/29 (A)		10,000,000		9,905,680

MCF IV, Ser 2017-1A, Cl CR 2.874%, VAR ICE LIBOR USD 3 Month+2.650%, 10/20/29 (A)		3,000,000		2,954,445

NewStar Berkeley Fund, Ser 2019-1A, Cl AR 1.818%, VAR ICE LIBOR USD 3 Month+1.600%, 10/25/28 (A)		4,176,678		4,154,675

NXT Capital, Ser 2017-1A, Cl A 1.924%, VAR ICE LIBOR USD 3 Month+1.700%, 04/20/29 (A)		9,000,000		8,947,260

NXT Capital, Ser 2020-1A, Cl B 2.560%, VAR ICE LIBOR USD 3 Month+2.400%, 01/20/31 (A)		2,250,000		2,244,335

Oak Hill Credit Partners X-R, Ser 2018- 10RA, Cl B 1.973%, VAR ICE LIBOR USD 3 Month+1.750%, 12/12/30 (A)		8,000,000		8,054,120

Oak Hill Credit Partners X-R, Ser 2018- 10RA, Cl C 2.423%, VAR ICE LIBOR USD 3 Month+2.200%, 12/12/30 (A)		5,100,000		5,145,900

Oaktree EIF II, Ser 2017-IIIA, Cl A2 1.673%, VAR ICE LIBOR USD 3 Month+1.450%, 07/17/29 (A)		7,250,000		7,251,660

Oaktree, Ser 2019-3A, Cl B 2.224%, VAR ICE LIBOR USD 3 Month+2.000%, 07/20/31 (A)		13,500,000		13,529,119


Description	Face Amount		Value

Oaktree, Ser 2019-4A, Cl B 2.224%, VAR ICE LIBOR USD 3 Month+2.000%, 10/20/32 (A)	$	25,000,000	$	25,058,400

Octagon Investment Partners XX, Ser 2019-4A, Cl B 2.114%, VAR ICE LIBOR USD 3 Month+1.900%, 05/12/31 (A)		9,500,000		9,515,894

OHA Credit Partners VII, Ser 2016-7A, Cl DR 4.424%, VAR ICE LIBOR USD 3 Month+4.200%, 11/20/27 (A)		6,500,000		6,498,174

OZLM Funding IV, Ser 2017-4A, Cl A2R 1.922%, VAR ICE LIBOR USD 3 Month+1.700%, 10/22/30 (A)		5,000,000		5,007,090

OZLM XVI, Ser 2017-16A, Cl A1 1.481%, VAR ICE LIBOR USD 3 Month+1.260%, 05/16/30 (A)		9,947,888		9,967,186

Sudbury Mill, Ser 2013-1A, Cl E 4.973%, VAR ICE LIBOR USD 3 Month+4.750%, 01/17/26 (A)		1,500,000		1,195,170

Thayer Park, Ser 2017-1A, Cl B 2.574%, VAR ICE LIBOR USD 3 Month+2.350%, 04/20/29 (A)		9,500,000		9,504,152

Venture 35, Ser 2018-35A, Cl BL 2.072%, VAR ICE LIBOR USD 3 Month+1.850%, 10/22/31 (A)		20,000,000		20,154,600

Venture XIX, Ser 2018-19A, Cl ARR 1.501%, VAR ICE LIBOR USD 3 Month+1.260%, 01/15/32 (A)		19,250,000		19,290,252

Venture, Ser 2019-37A, Cl BN 2.141%, VAR ICE LIBOR USD 3 Month+1.900%, 07/15/32 (A)		10,000,000		10,025,520

Zais, Ser 2017-1A, Cl A2 1.741%, VAR ICE LIBOR USD 3 Month+1.500%, 07/15/29 (A)		11,250,000		11,063,723

Zais, Ser 2018-1A, Cl B 1.691%, VAR ICE LIBOR USD 3 Month+1.450%, 04/15/29 (A)		5,000,000		4,835,585


Total Collateralized Loan Obligations (Cost $594,865,660)				593,212,557

MORTGAGE-BACKED SECURITIES — 18.9%

Agency Mortgage-Backed Obligation — 4.5%

FHLMC 3.069%, VAR ICE LIBOR USD 12 Month+1.620%, 01/01/45		4,987,352		5,204,782


Description	Face Amount		Value
2.359%, VAR ICE LIBOR USD 12 Month+1.650%, 06/01/43	$	5,367,975	$	5,555,627

FHLMC REMIC, Ser 2011-3898, Cl FC 0.637%, VAR LIBOR USD 1 Month+0.510%, 11/15/36		1,722,442		1,740,758

FHLMC, Ser 2012-293, Cl IO, IO 4.000%, 11/15/32		1,089,113		128,491

FHLMC, Ser 2012-3996, Cl QL 4.000%, 02/15/42		8,847,611		10,070,461

FHLMC, Ser 2012-4029, Cl LI, IO 3.000%, 01/15/27		4,172,426		188,878

FHLMC, Ser 2012-4054, Cl HI, IO 3.000%, 05/15/26		1,724,861		35,164

FHLMC, Ser 2012-4077, Cl AI, IO 3.000%, 01/15/27		5,693,339		212,120

FHLMC, Ser 2012-4106, Cl YI, IO 2.500%, 09/15/27		2,713,424		151,934

FHLMC, Ser 2012-4116, Cl MI, IO 4.000%, 10/15/42		23,252,197		3,081,593

FHLMC, Ser 2012-4116, Cl PI, IO 4.000%, 10/15/42		7,466,380		1,387,933

FHLMC, Ser 2012-4134, Cl BI, IO 2.500%, 11/15/27		7,629,548		417,513

FHLMC, Ser 2012-4136, Cl PI, IO 3.000%, 11/15/32		14,734,037		1,504,049

FHLMC, Ser 2012-4148, Cl LI, IO 2.500%, 12/15/27		4,785,628		265,551

FHLMC, Ser 2013-4213, Cl IG, IO 4.000%, 06/15/43		12,133,412		1,439,276

FHLMC, Ser 2014-4349, Cl KI, IO 3.000%, 04/15/33		7,982,711		551,239

FHLMC, Ser 2015-4457, Cl EI, IO 3.500%, 02/15/45		988,028		68,425

FHLMC, Ser 2017-4655, Cl HA 3.500%, 01/15/42		2,504,709		2,517,800

FHLMC, Ser 2017-4662, Cl VC 3.500%, 08/15/35		5,000,000		5,193,029

FHLMC, Ser 2017-4671, Cl ME 3.000%, 02/15/43		6,505,207		6,618,599


Description	Face Amount		Value

FHLMC, Ser 2017-4675, Cl VE 3.500%, 08/15/37	$	4,707,000	$	5,094,078

FHLMC, Ser 2018-4773, Cl DM 4.000%, 09/15/42		775,337		775,282

FHLMC, Ser 2019-4908, Cl AS, IO 5.970%, VAR ICE LIBOR USD 1 Month+6.100%, 01/25/45		17,901,807		3,506,185

FNMA 5.500%, 04/01/38 to 05/01/44		5,950,585		6,949,162
4.500%, 08/01/41		4,288,998		4,826,096
4.000%, 03/01/47		1,203,594		1,327,202
3.261%, VAR ICE LIBOR USD 12 Month+1.755%, 02/01/42		2,670,894		2,798,855
3.000%, 10/01/32 to 01/01/50		11,864,722		12,686,834
2.840%, VAR ICE LIBOR USD 12 Month+1.700%, 10/01/42		2,482,553		2,593,093
2.710%, 08/01/23		259,243		272,300
2.250%, 10/30/24		10,000,000		10,698,104

FNMA REMIC, Ser 2017-52, Cl DI, IO 4.500%, 07/25/47		12,362,006		1,715,132

FNMA STRIPS, Ser 2009-397, Cl 2, IO 5.000%, 09/25/39		2,100,557		347,850

FNMA STRIPS, Ser 2009-400, Cl 2, IO 4.500%, 11/25/39		1,722,758		265,371

FNMA STRIPS, Ser 2010-404, Cl 2, IO 4.500%, 05/25/40		3,093,733		503,885

FNMA STRIPS, Ser 2010-405, Cl 2, IO 4.000%, 10/25/40		2,238,493		275,336

FNMA STRIPS, Ser 2011-407, Cl 2, IO 4.000%, 03/25/41		3,464,947		493,409

FNMA, Ser 2011-103, Cl GI, IO 3.500%, 10/25/26		1,938,607		98,339

FNMA, Ser 2011-146, Cl AY 3.500%, 01/25/32		4,039,727		4,334,990

FNMA, Ser 2012-31, Cl LI, IO 4.000%, 07/25/40		1,921,487		68,164

FNMA, Ser 2012-410, Cl C5, IO 3.500%, 05/25/27		7,924,957		441,829

FNMA, Ser 2012-61, Cl KI, IO 4.000%, 12/25/41		8,478,515		704,014

FNMA, Ser 2012-68, Cl GY 3.000%, 07/25/32		5,000,000		5,525,551


Description	Face Amount		Value

FNMA, Ser 2013-104, Cl TI, IO 3.000%, 08/25/32	$	4,193,330	$	182,674

FNMA, Ser 2013-36, Cl MH 2.500%, 12/25/36		5,004,046		5,091,634

FNMA, Ser 2014-40, Cl GI, IO 3.000%, 06/25/33		7,732,721		752,450

FNMA, Ser 2014-59, Cl CI, IO 3.000%, 08/25/40		1,214,483		34,890

FNMA, Ser 2015-421, Cl C1, IO 3.000%, 05/25/30		5,316,280		451,061

FNMA, Ser 2017-4, Cl VD 3.500%, 06/25/37		10,000,000		10,123,952

FNMA, Ser 2017-53, Cl KA 3.500%, 12/25/43		1,915,527		1,940,730

FNMA, Ser 2019-44, Cl CI, IO 4.000%, 08/25/59		10,560,728		1,936,867

FNMA, Ser 2019-44, Cl PI, IO 4.000%, 08/25/49		12,269,344		1,248,051

GNMA REMIC, Ser 2011-125, Cl BI, IO 4.000%, 12/20/30		2,332,194		29,800

GNMA, Ser 2013-170, Cl QI, IO 5.500%, 11/20/43 (C)		12,558,825		2,377,016

GNMA, Ser 2013-42, Cl MI, IO 3.500%, 04/20/41		2,281,359		83,760

GNMA, Ser 2013-62, Cl NI, IO 4.000%, 08/20/40		5,407,029		454,753

GNMA, Ser 2014-32, Cl CI, IO 4.000%, 03/20/43		3,605,664		332,302

GNMA, Ser 2014-44, Cl IO, IO 4.000%, 11/16/26		7,372,603		472,387

GNMA, Ser 2015-17, Cl JI, IO 3.500%, 05/20/28		6,831,373		393,894

GNMA, Ser 2017-137, Cl DI, IO 3.000%, 02/20/47		4,671,577		108,888

				138,649,392


Description	Face Amount		Value

Commercial Mortgage-Backed Obligation — 12.1%

Banc of America Commercial Mortgage Trust, Ser 2008-1, Cl AJ 6.786%, 02/10/51 (C)	$	240,943	$	244,532

Banc of America Commercial Mortgage Trust, Ser 2008-1, Cl B 6.786%, 02/10/51 (A) (C)		4,925,000		4,301,495

BANK, Ser 2018-BN10, Cl A5 3.688%, 02/15/61		10,000,000		11,409,577

BANK, Ser 2018-BN14, Cl A3 3.966%, 09/15/60		10,000,000		11,577,554

Bear Stearns Commercial Mortgage Securities Trust, Ser 2007-T26, Cl AJ 5.432%, 01/12/45 (C)		14,150,000		11,611,844

Benchmark Mortgage Trust, Ser 2020-B18, Cl E 2.250%, 07/15/53 (A)		8,000,000		6,708,097

Benchmark Mortgage Trust, Ser 2020-B21, Cl D 2.000%, 12/17/53 (A)		13,000,000		11,121,257

Benchmark Mortgage Trust, Ser 2020-IG3, Cl A4 2.437%, 09/15/48 (A)		10,000,000		10,622,050

Citigroup Commercial Mortgage Trust, Ser 2015-GC31, Cl C 4.055%, 06/10/48 (C)		5,000,000		5,288,293

Commercial Mortgage Trust, Ser 2012- CR2, Cl C 4.831%, 08/15/45 (C)		1,000,000		995,184

Commercial Mortgage Trust, Ser 2012- CR2, Cl D 4.831%, 08/15/45 (A) (C)		224,200		207,614

Commercial Mortgage Trust, Ser 2014- LC15, Cl D 4.984%, 04/10/47 (A) (C)		9,500,000		9,513,948

Commercial Mortgage Trust, Ser 2014- UBS6, Cl C 4.446%, 12/10/47 (C)		4,000,000		3,957,588

Commercial Mortgage Trust, Ser 2015- DC1, Cl D 4.308%, 02/10/48 (A) (C)		9,000,000		7,010,698

Credit Suisse Commercial Mortgage Trust, Ser 2008-C1, Cl D 5.997%, 02/15/41 (A) (C)		4,107,435		239,874

Credit Suisse First Boston Mortgage Securities, Ser 2005-C2, Cl AMFL 0.377%, VAR ICE LIBOR USD 1 Month+0.250%, 04/15/37		76,581		72,752


Description	Face Amount		Value

Credit Suisse First Boston Mortgage Securities, Ser 2005-C2, Cl AMFX 4.877%, 04/15/37	$	6,855	$	6,786

CSAIL Commercial Mortgage Trust, Ser 2019-C15, Cl A4 4.053%, 03/15/52		10,000,000		11,665,471

CSMC Trust, Ser 2019-AFC1, Cl A1 2.573%, 07/25/49 (A)		9,480,173		9,733,211

DBUBS Mortgage Trust, Ser 2011-LC1A, Cl C 5.535%, 11/10/46 (A) (C)		1,450,000		1,449,597

FHLMC Military Housing Bonds Resecuritization Trust Certificates, Ser 2015-R1, Cl C3 6.002%, 11/25/52 (A) (C)		36,542,471		34,777,462

FNMA, Ser 2020-44, Cl MI, IO 2.500%, 01/25/57		16,475,222		2,192,796

Fontainebleau Miami Beach Trust, Ser 2019-FBLU, Cl A 3.144%, 12/10/36 (A)		5,000,000		5,330,842

FREMF Mortgage Trust, Ser 2012-K21, Cl C 3.935%, 07/25/45 (A) (C)		5,000,000		5,172,046

FREMF Mortgage Trust, Ser 2012-K22, Cl C 3.686%, 08/25/45 (A) (C)		4,500,000		4,651,405

FREMF Mortgage Trust, Ser 2013-K26, Cl C 3.597%, 12/25/45 (A) (C)		5,000,000		5,204,880

FREMF Mortgage Trust, Ser 2015-K720, Cl B 3.394%, 07/25/22 (A) (C)		5,000,000		5,159,047

FREMF Mortgage Trust, Ser 2015-K720, Cl C 3.394%, 07/25/22 (A) (C)		8,000,000		8,195,630

FREMF Mortgage Trust, Ser 2015-K721, Cl C 3.565%, 11/25/47 (A) (C)		14,000,000		14,388,479

FREMF Mortgage Trust, Ser 2016-K54, Cl C 4.051%, 04/25/48 (A) (C)		5,000,000		5,475,954

FREMF Mortgage Trust, Ser 2016-K57, Cl C 3.919%, 08/25/49 (A) (C)		8,840,000		9,605,679

FREMF Mortgage Trust, Ser 2017-K67, Cl B 3.944%, 09/25/49 (A) (C)		2,000,000		2,226,797

FREMF Mortgage Trust, Ser 2017-K70, Cl B 3.804%, 12/25/49 (A) (C)		3,403,000		3,766,814

Galton Funding Mortgage Trust, Ser 2019-1, Cl A22 4.000%, 02/25/59 (A) (C)		963,552		995,810


Description	Face Amount		Value

Galton Funding Mortgage Trust, Ser 2019-2, Cl A21 4.000%, 06/25/59 (A) (C)	$	7,612,869	$	7,818,745

GNMA, Ser 2015-103, Cl CI, IO 4.000%, 07/20/45		26,316,047		2,559,604

GNMA, Ser 2016-99, Cl ID, IO 4.500%, 04/16/44		22,022,130		4,689,824

GNMA, Ser 2019-137, Cl GI, IO 4.000%, 11/20/49		51,356,182		5,919,247

GNMA, Ser 2020-189, Cl IJ, IO 2.500%, 12/20/50		28,158,934		3,131,932

GS Mortgage Securities Trust, Ser 2017- G5, Cl AS 3.826%, 03/10/50 (C)		3,500,000		3,919,425

GS Mortgage Securities Trust, Ser 2018- GS9, Cl A4 3.992%, 03/10/51 (C)		10,000,000		11,591,218

Homeward Opportunities Fund I Trust, Ser 2019-1, Cl A1 3.454%, 01/25/59 (A) (C)		2,136,811		2,161,514

Homeward Opportunities Fund I Trust, Ser 2019-3, Cl A1 2. 675%, 11/25/59 (A) (C)		6,892,011		7,040,902

Hudson Yards Mortgage Trust, Ser 2019-30HY, Cl B 3.380%, 07/10/39 (A) (C)		2,500,000		2,793,897

Impact Funding, Ser 2001-AA, Cl D 5.036%, 07/25/33 (A) (C)		62,892		62,685

JPMDB Commercial Mortgage Securities Trust, Ser 2016-C2, Cl C 3.350%, 06/15/49 (C)		4,328,000		4,149,105

JPMorgan Chase Commercial Mortgage Securities, Ser 2006-LDP9, Cl AMS 5.337%, 05/15/47		2,238,223		1,556,588

JPMorgan Chase Commercial Mortgage Securities, Ser 2007-LD12, Cl AJ 6.523%, 02/15/51 (C)		1,923,542		1,792,386

JPMorgan Chase Commercial Mortgage Securities, Ser 2007-LD12, Cl J 5.994%, 02/15/51 (A) (B) (C) (D)		1,000,000		—

LB-UBS Commercial Mortgage Trust, Ser 2007-C6, Cl AJ 6.242%, 07/15/40 (C)		218,665		210,118


Description	Face Amount		Value

LStar Commercial Mortgage Trust, Ser 2016-4, Cl AS 3.188%, 03/10/49 (A)	$	3,000,000	$	3,160,293

Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2016-C29, Cl C 4.746%, 05/15/49 (C)		2,413,000		2,440,115

Morgan Stanley Capital I, Ser 2007-T25, Cl AJ 5.574%, 11/12/49 (C)		114,635		91,351

Morgan Stanley Capital I, Ser 2007-T27, Cl B 6.014%, 06/11/42 (A) (C)		500,000		516,616

New Residential Mortgage Loan Trust, Ser 2020-NPL1, Cl A1 4.335%, 07/25/60 (A)		9,406,087		9,555,320

PSMC Trust, Ser 2020-2, Cl A2 3.000%, 05/25/50 (A) (C)		3,535,010		3,609,998

UBS Commercial Mortgage Trust, Ser 2012-C1, Cl C 5.569%, 05/10/45 (A) (C)		9,160,000		9,045,210

UBS-Barclays Commercial Mortgage Trust, Ser 2012-C2, Cl D 4.889%, 05/10/63 (A) (C)		7,245,000		4,305,615

UBS-Barclays Commercial Mortgage Trust, Ser 2012-C2, Cl E 4.889%, 05/10/63 (A) (C)		15,614,806		7,596,420

UBS-Barclays Commercial Mortgage Trust, Ser 2012-C3, Cl C 5.031%, 08/10/49 (A) (C)		3,000,000		3,149,971

UBS-Barclays Commercial Mortgage Trust, Ser 2012-C4, Cl D 4.470%, 12/10/45 (A) (C)		13,624,000		8,127,561

Wells Fargo Commercial Mortgage Trust, Ser 2016-C32, Cl C 4.709%, 01/15/59 (C)		5,000,000		5,351,933

Wells Fargo Commercial Mortgage Trust, Ser 2016-C32, Cl D 3.788%, 01/15/59 (A) (C)		2,000,000		1,961,350

Wells Fargo Commercial Mortgage Trust, Ser 2016-C34, Cl B 4.089%, 06/15/49		5,000,000		5,266,181

Wells Fargo Commercial Mortgage Trust, Ser 2018-AUS, Cl A 4.058%, 08/17/36 (A) (C)		5,000,000		5,640,921


Description	Face Amount		Value

Wells Fargo Commercial Mortgage Trust, Ser 2018-C43, Cl A4 4.012%, 03/15/51 (C)	$	6,000,000	$	6,962,696

West Town Mall Trust, Ser 2017-KNOX, Cl A 3.823%, 07/05/30 (A)		4,866,338		4,887,433

WFRBS Commercial Mortgage Trust, Ser 2013-UBS1, Cl C 5.040%, 03/15/46 (C)		3,000,000		3,059,663

WFRBS Commercial Mortgage Trust, Ser 2014-C25, Cl D 3.803%, 11/15/47 (A) (C)		7,310,000		6,623,640

				375,630,540


Non-Agency Residential Mortgage-Backed Obligation — 2.3%

Arroyo Mortgage Trust, Ser 2018-1, Cl A1 3.763%, 04/25/48 (A) (C)		9,413,758		9,578,052

Arroyo Mortgage Trust, Ser 2019-2, Cl A2 3.498%, 04/25/49 (A) (C)		6,958,734		7,211,401

Carrington Mortgage Loan Trust, Ser 2007-FRE1, Cl M8 2.461%, VAR ICE LIBOR USD 1 Month+2.250%, 02/25/37 (B) (D)		1,000,000		—

CSAIL Mortgage Trust, Ser 2018-CX11, Cl A5 4.033%, 04/15/51		10,000,000		11,550,416

Deephaven Residential Mortgage Trust, Ser 2018-2A, Cl A1 3.479%, 04/25/58 (A) (C)		1,317,035		1,345,222

FirstKey Mortgage Trust, Ser 2015-1, Cl A3 3.500%, 03/25/45 (A) (C)		2,156,252		2,203,051

JPMorgan Mortgage Trust, Ser 2016-4, Cl A3 3.500%, 10/25/46 (A) (C)		857,916		872,482

JPMorgan Mortgage Trust, Ser 2017-1, Cl A3 3.500%, 01/25/47 (A) (C)		479,001		480,189

JPMorgan Mortgage Trust, Ser 2019-1, Cl A3 4.000%, 05/25/49 (A) (C)		2,217,373		2,275,174

Sequoia Mortgage Trust, Ser 2013-4, Cl AIO1, IO 0.887%, 04/25/43 (A) (C)		106,398,177		2,124,176

Sequoia Mortgage Trust, Ser 2017-2, Cl A4 3.500%, 02/25/47 (A) (C)		963,716		969,553

Sequoia Mortgage Trust, Ser 2017-6, Cl A4 3.500%, 09/25/47 (A) (C)		790,031		791,470


Description	Face Amount		Value

Sequoia Mortgage Trust, Ser 2017-CH1, Cl A2 3.500%, 08/25/47 (A) (C)	$	793,236	$	812,585

Sequoia Mortgage Trust, Ser 2018-3, Cl A4 3.500%, 03/25/48 (A) (C)		699,754		700,535

Sequoia Mortgage Trust, Ser 2018-CH4, Cl A2 4.000%, 10/25/48 (A) (C)		1,373,858		1,404,083

Sequoia Mortgage Trust, Ser 2019-CH1, Cl A1 4.500%, 03/25/49 (A) (C)		1,842,355		1,890,267

Wells Fargo Mortgage Backed Securities Trust, Ser 2019-1, Cl A1 4.000%, 11/25/48 (A) (C)		3,161,874		3,229,410

Wells Fargo Mortgage Backed Securities Trust, Ser 2019-2, Cl A1 4.000%, 04/25/49 (A) (C)		2,565,434		2,614,825

Wells Fargo Mortgage Backed Securities Trust, Ser 2019-3, Cl A1 3.500%, 07/25/49 (A) (C)		4,106,090		4,219,005

Wells Fargo Mortgage Backed Securities Trust, Ser 2020-1, Cl A1 3.000%, 12/25/49 (A) (C)		7,330,234		7,497,166

Wells Fargo Mortgage Backed Securities Trust, Ser 2020-4, Cl A2 2.500%, 07/25/50 (A) (C)		1,609,702		1,656,808

Wells Fargo Mortgage Backed Securities, Ser 2018-1, Cl A7 3.500%, 07/25/47 (A) (C)		241,451		241,383

WinWater Mortgage Loan Trust, Ser 2014-1, Cl A1 3.847%, 06/20/44 (A) (C)		1,436,482		1,484,561

WinWater Mortgage Loan Trust, Ser 2014-2, Cl A1 4.000%, 09/20/44 (A) (C)		531,433		552,956

WinWater Mortgage Loan Trust, Ser 2014-3, Cl A3 3.500%, 11/20/44 (A) (C)		1,069,225		1,108,553

WinWater Mortgage Loan Trust, Ser 2015-2, Cl A11 3.500%, 02/20/45 (A) (C)		1,471,021		1,525,311

WinWater Mortgage Loan Trust, Ser 2015-3, Cl A3 3.500%, 03/20/45 (A) (C)		1,699,190		1,736,931

				70,075,565


Total Mortgage-Backed Securities (Cost $620,590,367)				584,355,497


Description	Face Amount		Value
U.S. TREASURY OBLIGATIONS — 18.1%

U.S. Treasury Bonds 1.375%, 11/15/40	$	30,000,000	$	28,514,062
1.250%, 05/15/50		25,000,000		21,539,062

U.S. Treasury Inflationary Protection Securities 1.000%, 02/15/46 to 02/15/48		17,142,420		23,297,588
0.875%, 01/15/29		30,918,000		36,513,031

U.S. Treasury Notes 2.875%, 05/15/28		200,000,000		229,320,312
2.375%, 05/15/29		17,000,000		18,961,641
1.500%, 08/15/26		15,000,000		15,783,398
0.875%, 11/15/30		15,000,000		14,697,656
0.125%, 08/31/22 to 11/30/22		141,000,000		141,023,165

0.120%, VAR US Treasury 3 Month Bill Money Market Yield+0.055%, 10/31/22		30,000,000		30,009,430


Total U.S. Treasury Obligations (Cost $518,827,960)				559,659,345

ASSET-BACKED SECURITIES — 17.5%

Automotive — 13.5%

American Credit Acceptance Receivables Trust, Ser 2017-3, Cl E 5.170%, 06/10/24 (A)		2,180,000		2,186,793

American Credit Acceptance Receivables Trust, Ser 2018-3, Cl F 6.440%, 06/12/25 (A)		4,000,000		4,232,043

American Credit Acceptance Receivables Trust, Ser 2018-4, Cl D 4.400%, 01/13/25 (A)		12,605,000		13,058,271

American Credit Acceptance Receivables Trust, Ser 2019-3, Cl C 2.760%, 09/12/25 (A)		6,500,000		6,615,269

American Credit Acceptance Receivables Trust, Ser 2020-1, Cl D 2.390%, 03/13/26 (A)		2,000,000		2,056,875

American Credit Acceptance Receivables Trust, Ser 2020-2, Cl E 7.600%, 02/16/27 (A)		13,750,000		15,536,704

American Credit Acceptance Receivables Trust, Ser 2020-3, Cl D 2.400%, 06/15/26 (A)		6,500,000		6,744,696

American Credit Acceptance Receivables Trust, Ser 2020-4, Cl E 3.650%, 12/14/26 (A)		4,000,000		4,186,172

AmeriCredit Automobile Receivables Trust, Ser 2017-2, Cl D 3.420%, 04/18/23		8,570,000		8,783,690


Description	Face Amount		Value

Avid Automobile Receivables Trust, Ser 2019-1, Cl D 4.030%, 07/15/26 (A)	$	1,300,000	$	1,324,029

Benefit Street Partners CLO IV, Ser 2021- IVA, Cl A2AR %, VAR ICE LIBOR USD 3 Month+1.550%, 01/20/32 (A)		8,750,000		8,750,000

Canadian Pacer Auto Receivables Trust, Ser 2019-1A, Cl A4 2.960%, 06/19/24 (A)		5,000,000		5,215,822

CarMax Auto Owner Trust, Ser 2017-3, Cl D 3.460%, 10/16/23		250,000		253,697

CarMax Auto Owner Trust, Ser 2018-1, Cl D 3.370%, 07/15/24		1,485,000		1,541,887

Carmax Auto Owner Trust, Ser 2018-4, Cl D 4.150%, 04/15/25		1,000,000		1,054,545

Carnow Auto Receivables Trust, Ser 2019-1A, Cl A 2.720%, 11/15/22 (A)		3,296,749		3,314,678

Carvana Auto Receivables Trust, Ser 2019-1A, Cl E 5.640%, 01/15/26 (A)		8,000,000		8,561,037

Carvana Auto Receivables Trust, Ser 2019-2A, Cl B 2.740%, 12/15/23 (A)		9,000,000		9,131,227

Carvana Auto Receivables Trust, Ser 2019-3A, Cl E 4.600%, 07/15/26 (A)		5,000,000		5,260,235

Carvana Auto Receivables Trust, Ser 2019-4A, Cl E 4.700%, 10/15/26 (A)		6,000,000		6,409,926

CF Hippolyta, Ser 2020-1, Cl A2 1.990%, 07/15/60 (A)		5,697,478		5,753,716

CPS Auto Receivables Trust, Ser 2016-A, Cl F 7.650%, 03/15/23 (A)		10,540,000		10,561,814

CPS Auto Receivables Trust, Ser 2016-B, Cl E 8.140%, 05/15/23 (A)		6,500,000		6,609,287

CPS Auto Receivables Trust, Ser 2016-D, Cl E 6.860%, 04/15/24 (A)		8,000,000		8,142,660

CPS Auto Receivables Trust, Ser 2017-B, Cl D 3.950%, 03/15/23 (A)		1,763,296		1,771,903

CPS Auto Receivables Trust, Ser 2019-B, Cl F 7.480%, 06/15/26 (A)		6,055,000		6,319,781


Description	Face Amount		Value

CPS Auto Receivables Trust, Ser 2019-D, Cl D 2.720%, 09/15/25 (A)	$	3,000,000	$	3,077,526

CPS Auto Receivables Trust, Ser 2019-D, Cl E 3.860%, 10/15/25 (A)		6,000,000		6,287,552

DT Auto Owner Trust, Ser 2018-3A, Cl D 4.190%, 07/15/24 (A)		10,000,000		10,399,288

DT Auto Owner Trust, Ser 2020-1A, Cl E 3.480%, 02/16/27 (A)		4,500,000		4,669,853

DT Auto Owner Trust, Ser 2020-3A, Cl D 1.840%, 06/15/26 (A)		2,000,000		2,037,669

DT Auto Owner Trust, Ser 2021-1A, Cl E 2.380%, 01/18/28 (A)		1,000,000		998,839

Exeter Automobile Receivables Trust, Ser 2018-1A, Cl D 3.530%, 11/15/23 (A)		5,500,000		5,649,159

Exeter Automobile Receivables Trust, Ser 2019-3A, Cl C 2.790%, 05/15/24 (A)		7,000,000		7,148,673

Exeter Automobile Receivables Trust, Ser 2020-1A, Cl D 2.730%, 12/15/25 (A)		2,500,000		2,596,570

First Investors Auto Owner Trust, Ser 2019-1A, Cl D 3.550%, 04/15/25 (A)		1,700,000		1,770,357

First Investors Auto Owner Trust, Ser 2020-1A, Cl D 3.150%, 04/15/26 (A)		4,000,000		4,145,664

First Investors Auto Owner Trust, Ser 2020-1A, Cl E 4.630%, 06/16/26 (A)		5,510,000		5,869,628

First Investors Auto Owner Trust, Ser 2020-1A, Cl F 7.070%, 06/15/27 (A)		5,300,000		5,924,392

Flagship Credit Auto Trust, Ser 2017-4, Cl C 2.920%, 11/15/23 (A)		4,466,000		4,520,391

Flagship Credit Auto Trust, Ser 2018-3, Cl D 4.150%, 12/16/24 (A)		568,000		600,219

Flagship Credit Auto Trust, Ser 2019-2, Cl D 3.530%, 05/15/25 (A)		5,190,000		5,478,707

Flagship Credit Auto Trust, Ser 2020-1, Cl E 3.520%, 06/15/27 (A)		7,931,000		8,236,094


Description	Face Amount		Value

Flagship Credit Auto Trust, Ser 2020-2, Cl E 8.220%, 09/15/27 (A)	$	8,000,000	$	9,554,934

Foursight Capital Automobile Receivables Trust, Ser 2017-1, Cl C 3.470%, 12/15/22 (A)		2,200,000		2,207,478

Foursight Capital Automobile Receivables Trust, Ser 2018-2, Cl D 4.330%, 07/15/24 (A)		4,650,000		4,879,155

Foursight Capital Automobile Receivables Trust, Ser 2020-1, Cl E 3.490%, 04/15/26 (A)		1,300,000		1,319,674

Global SC Finance VII Srl, Ser 2020-1A, Cl A 2.170%, 10/17/40 (A)		3,860,321		3,909,930

GLS Auto Receivables Issuer Trust, Ser 2019-3A, Cl D 3.840%, 05/15/26 (A)		6,000,000		6,245,357

GLS Auto Receivables Issuer Trust, Ser 2020-1A, Cl D 3.680%, 11/16/26 (A)		5,000,000		5,194,949

GLS Auto Receivables Issuer Trust, Ser 2020-4A, Cl E 3.510%, 10/15/27 (A)		650,000		678,593

Marlette Funding Trust, Ser 2020-1A, Cl D 3.540%, 03/15/30 (A)		1,500,000		1,560,257

Master Credit Card Trust II, Ser 2019-2A, Cl B 2.390%, 01/21/23 (A)		5,582,000		5,626,284

Master Credit Card Trust II, Ser 2019-2A, Cl C 2.830%, 01/21/23 (A)		1,509,000		1,521,947

Master Credit Card Trust II, Ser 2020-1A, Cl C 2.590%, 09/21/24 (A)		2,000,000		2,069,277

MelTel Land Funding, Ser 2019-1A, Cl B 4.701%, 04/15/49 (A)		1,300,000		1,350,550

Mosaic Solar Loan Trust, Ser 2020-2A, Cl B 2.210%, 08/20/46 (A)		4,799,933		4,842,758

Octane Receivables Trust, Ser 2019-1A, Cl A 3.160%, 09/20/23 (A)		3,890,973		3,940,559

OHA Credit Funding 7, Ser 2020-7A, Cl A 1.475%, VAR ICE LIBOR USD 3 Month+1.250%, 10/19/32 (A)		17,000,000		17,008,993

OHA Credit Funding 7, Ser 2020-7A, Cl E 7.475%, VAR ICE LIBOR USD 3 Month+7.250%, 10/19/32 (A)		2,500,000		2,485,662


Description	Face Amount		Value

Orange Lake Timeshare Trust, Ser 2019-A, Cl D 4.930%, 04/09/38 (A)	$	482,816	$	490,486

OSCAR US Funding Trust V, Ser 2016-2A, Cl A4 2.990%, 12/15/23 (A)		3,527,228		3,542,030

Pawnee Equipment Receivables Series, Ser 2019-1, Cl D 2.860%, 10/15/24 (A)		5,500,000		5,389,827

Pawnee Equipment Receivables Series, Ser 2020-1, Cl A 1.370%, 11/17/25 (A)		2,474,921		2,483,872

Prestige Auto Receivables Trust, Ser 2019-1A, Cl C 2.700%, 10/15/24 (A)		6,095,000		6,266,667

Pretium Mortgage Credit Partners I, Ser 2020-NPL1, Cl A2 3.967%, 05/27/59 (A)		7,000,000		6,893,656

RCO V Mortgage, Ser 2019-2, Cl A1 3.475%, 11/25/24 (A)		8,089,185		8,109,363

Santander Consumer Auto Receivables Trust, Ser 2020-AA, Cl E 7.690%, 05/15/26 (A)		9,006,000		10,270,945

Santander Consumer Auto Receivables Trust, Ser 2020-AA, Cl F 10.120%, 01/16/29 (A)		27,740,000		31,227,573

Santander Consumer Auto Receivables Trust, Ser 2020-BA, Cl F 7.030%, 08/15/28 (A)		6,250,000		6,746,586

Santander Consumer Auto Receivables Trust, Ser 2021-AA, Cl E 3.280%, 03/15/27 (A)		1,000,000		1,003,718

SFS Asset Securitization, Ser 2019-1, Cl A 4.238%, 06/10/25 (A)		11,000,000		11,019,059

Skopos Auto Receivables Trust, Ser 2019-1A, Cl C 3.630%, 09/16/24 (A)		2,300,000		2,359,065

Textainer Marine Containers VIII, Ser 2020-2A, Cl B 3.340%, 09/20/45 (A)		1,937,961		1,957,163

United Auto Credit Securitization Trust, Ser 2020-1, Cl F 9.080%, 01/12/26 (A)		3,680,000		3,977,055

VR Funding, Ser 2020-1A, Cl C 6.420%, 11/15/50 (A)		7,798,000		7,701,429

				416,622,189


Description	Face Amount		Value
Other Asset-Backed Securities — 3.2%

321 Henderson Receivables I, Ser 2010-2A, Cl B 7.450%, 01/15/50 (A)	$	1,870,122	$	2,077,131

321 Henderson Receivables I, Ser 2012-1A, Cl B 7.140%, 02/15/67 (A)		650,478		825,533

321 Henderson Receivables I, Ser 2012-2A, Cl B 6.770%, 10/17/61 (A)		1,747,241		2,168,253

BCC Funding XVI, Ser 2019-1A, Cl B 2.640%, 09/20/24 (A)		6,000,000		6,076,902

BCC Funding XVI, Ser 2019-1A, Cl C 2.950%, 09/20/24 (A)		500,000		504,877

Business Jet Securities, Ser 2018-2, Cl A 4.447%, 06/15/33 (A)		3,880,497		3,968,450

Business Jet Securities, Ser 2018-2, Cl C 6.656%, 06/15/33 (A)		1,159,429		1,165,324

BX Commercial Mortgage Trust, Ser 2020- VIV3, Cl B 3.544%, 03/09/44 (A) (C)		8,000,000		8,744,628

BXMT, Ser 2020-FL2, Cl A 1.027%, VAR ICE LIBOR USD 1 Month+0.900%, 02/16/37 (A)		13,000,000		12,983,750

CAL Funding IV, Ser 2020-1A, Cl B 3.500%, 09/25/45 (A)		1,651,833		1,671,076

CFG Investments, Ser 2019-1, Cl A 5.560%, 08/15/29 (A)		7,800,000		7,829,348

Credibly Asset Securitization, Ser 2018-1A, Cl A 4.800%, 11/15/23 (A)		6,000,000		6,011,201

Credibly Asset Securitization, Ser 2018-1A, Cl C 6.760%, 11/15/23 (A)(D)		5,201,000		756,225

Diamond Resorts Owner Trust, Ser 2019-1A, Cl A 2.890%, 02/20/32 (A)		2,936,299		3,050,693

Harley Marine Financing, Ser 2018-1A, Cl A2 5.682%, 05/15/43 (A)		10,424,989		9,472,551

Harley Marine Financing, Ser 2018-1A, Cl B 7.869%, 05/15/43 (A)(D)		6,000,000		5,021,766

Harvest SBA Loan Trust, Ser 2018-1, Cl A 2.380%, VAR ICE LIBOR USD 1 Month+2.250%, 08/25/44 (A)		4,470,973		4,327,473


Description	Face Amount		Value

Orange Lake Timeshare Trust, Ser 2019-A, Cl C 3.610%, 04/09/38 (A)	$	2,926,125	$	3,038,364

Pawnee Equipment Receivables Series, Ser 2019-1, Cl E 3.800%, 01/15/26 (A)		2,500,000		2,429,168

PRPM, Ser 2019-4A, Cl A1 3.351%, 11/25/24 (A)		1,656,569		1,663,982

Sapphire Aviation Finance I, Ser 2018-1A, Cl B 5.926%, 03/15/40 (A)		2,011,922		1,832,127

Stack Infrastructure Issuer Series, Ser 2019-1A, Cl A2 4.540%, 02/25/44 (A)		3,531,000		3,766,454

Trip Rail Master Funding, Ser 2011-1A, Cl A2 6.024%, 07/15/41 (A)		2,995,483		3,044,518

Triton Container Finance VIII, Ser 2020-1A, Cl B 3.740%, 09/20/45 (A)		971,667		996,222

Vericrest Opportunity Loan Trust, Ser 2020-NPL6, Cl A1A 3.967%, 04/25/50 (A)		5,548,349		5,578,776

				99,004,792


Student Loan — 0.8%

Brazos Student Finance, Ser 2009-1, Cl B 2.751%, VAR ICE LIBOR USD 3 Month+2.500%, 12/27/39		5,000,000		5,203,870

College Ave Student Loans, Ser 2018-A, Cl A1 1.330%, VAR ICE LIBOR USD 1 Month+1.200%, 12/26/47 (A)		2,685,848		2,701,380

Commonbond Student Loan Trust, Ser 2017-AGS, Cl A1 2.550%, 05/25/41 (A)		2,878,936		2,957,861

Nelnet Student Loan Trust, Ser 2013-3A, Cl B 1.630%, VAR ICE LIBOR USD 1 Month+1.500%, 07/25/47 (A)		10,000,000		9,847,768

SLM Student Loan Trust, Ser 2012-7, Cl B 1.930%, VAR ICE LIBOR USD 1 Month+1.800%, 09/25/43		5,000,000		4,935,854

				25,646,733


Total Asset-Backed Securities (Cost $522,696,023)				541,273,714


MUNICIPAL BONDS — 2.2%

Calhoun County Navigation Industrial Development Authority, RB(A) Callable 03/01/21 @ 100 10.500%, 07/27/21(E)		10,000,000		10,000,600


Description	Face Amount		Value

Dallas County Schools, Taxable Public Property Finance, GO 3.450%, 06/01/22	$	806,474	$	770,183
3.200%, 06/01/21		804,988		768,764

Dallas County, Schools Tax, GO 4.000%, 06/01/19		784,793		776,945
3.000%, 06/01/19		476,529		471,764

GDB Debt Recovery Authority of Puerto Rico, RB 7.500%, 08/20/40		8,264,850		6,622,211

Mission, Economic Development, RB(B) Callable 03/08/21 @ 300 10.875%, 12/01/28(D)		3,315,000		33,150
9.750%, 12/01/25(D)		3,045,000		30,450
8.550%, 12/01/21(D)		2,125,000		1,168,750

Northwest Independent School District, Ser A, GO, PSF-GTD Callable 02/15/30 @ 200 1.776%, 02/15/31		2,000,000		2,082,700
1.836%, 02/15/32		1,890,000		1,962,500

Rhode Island State, Health & Educational System, Providence Public Schools, Ser A, RB, CITY APPROP ST AID WITHHLDG Callable 03/08/21 @ 100 8.000%, 05/15/29		5,000,000		5,017,900

San Juan, Higher Education Finance Authority, RB Callable 03/08/21 @ 100 8.250%, 08/15/29		4,400,000		4,418,084

State of Illinois, Ser A, GO 3.140%, 10/01/24		18,170,000		18,247,223

Texas State, Public Finance Authority Charter School, Charter Education New Frontiers, Ser Q, RB Callable 03/08/21 @ 100 8.750%, 08/15/27		955,000		955,401

Texas State, Public Finance Authority Charter School, Ser 2010-Q, RB 8.125%, 02/15/27		1,900,000		2,381,346

Texas State, Transportation Commission State Highway Fund, RB 4.000%, 10/01/33		3,000,000		3,780,810

Texas State, Transportation Commission State Highway Fund, Ser B-BUILD, RB 5.178%, 04/01/30		3,980,000		5,070,918


Description	Face Amount/ Shares		Value

University of Texas, Build America Bonds, Ser D, RB 5.134%, 08/15/42	$	3,000,000	$	4,158,030


Total Municipal Bonds (Cost $73,230,807)				68,717,729


SOVEREIGN DEBT — 1.2%

Argentine Republic Government International Bond 1.125%, 07/09/35		8,925,940		3,050,529
1.000%, 07/09/29		717,588		297,799
0.500%, 07/09/30		5,141,000		1,967,769

Kenya Government International Bond 7.250%, 02/28/28 to 02/28/28 (A)		4,000,000		4,467,432

Oman Government International Bond 6.500%, 03/08/47 (A)		15,000,000		14,610,300

Province of British Columbia Canada 1.300%, 01/29/31		8,000,000		7,983,058

Provincia de Buenos Aires 7.875%, 06/15/27 (A)(B)		300,000		111,375

Turkey Government International Bond 6.125%, 10/24/28		5,000,000		5,310,520


Total Sovereign Debt (Cost $36,914,984)				37,798,782

U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.8%

FFCB 2.920%, 04/29/26		5,635,000		5,813,277
2.070%, 12/21/40		5,000,000		4,978,610

FHLB 2.200%, 06/28/24		15,000,000		15,108,092


Total U.S. Government Agency Obligations (Cost $25,635,000)				25,899,979

COMMON STOCK — 0.0%
Energy — 0.0%

Seadrill Ltd.*		39,323		10,287

Seadrill New Finance Ltd.*		206,695		56,466


Total Common Stock (Cost $536,742)				66,753


Total Investments — 98.7% (Cost $3,096,302,698)			$	3,057,850,510

Percentages are based on Net Assets of $3,099,006,722.

*	Non-income producing security.

‡	Real Estate Investment Trust

(A)

Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of

1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total value of such securities at January 31, 2021 was $1,693,072,825 and represents 54.6% of Net Assets.

(B)

Security in default on interest payments.

(C)

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.

(D)

Level 3 security in accordance with fair value hierarchy.

(E)

Variable or floating rate security, the interest rate of which adjusts periodically based prevailing interest rates.

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

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 January 31, 2021 in valuing the Fund’s investments carried at value:


Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Corporate Obligations	$	—	$	646,866,154	$	—	$	646,866,154
Collateralized Loan Obligations		—		593,212,557		—		593,212,557
Mortgage-Backed Securities		—		584,355,497		—		584,355,497
U.S. Treasury Obligations		559,659,345		—		—		559,659,345
Asset-Backed Securities		—		535,495,723		5,777,991		541,273,714
Municipal Bonds		—		67,485,379		1,232,350		68,717,729
Sovereign Debt		—		37,798,782		—		37,798,782
U.S. Government Agency Obligations		—		25,899,979		—		25,899,979
Common Stock		66,753		—		—		66,753

Total Investments in Securities	$	559,726,098	$	2,491,114,071	$	7,010,341	$	3,057,850,510

(1)

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

For the period ended January 31, 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 valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

SECTOR WEIGHTINGS†

LOGO

†	Percentages are based on total investments.

SCHEDULE OF INVESTMENTS


Description	Face Amount		Value
CORPORATE OBLIGATIONS — 38.9%

Communication Services — 5.6%

ANGI Group 3.875%, 08/15/28 (A)	$	1,000,000	$	996,250

LCPR Senior Secured Financing DAC 6.750%, 10/15/27 (A)		1,000,000		1,077,780

Photo Holdings Merger Sub 8.500%, 10/01/26 (A)		1,500,000		1,582,500

Sprint 7.875%, 09/15/23		1,500,000		1,732,500

Twitter 3.875%, 12/15/27 (A)		2,000,000		2,104,920

ViacomCBS 5.850%, 09/01/43		2,000,000		2,713,193

				10,207,143


Consumer Discretionary — 16.4%

Beazer Homes USA 7.250%, 10/15/29 (A)		1,000,000		1,122,500

Block Financial 3.875%, 08/15/30		2,000,000		2,134,660

Choice Hotels International 3.700%, 12/01/29		2,000,000		2,177,540

Dillard’s 7.000%, 12/01/28		500,000		544,984

Expedia 3.800%, 02/15/28		2,000,000		2,130,105

Expedia Group 7.000%, 05/01/25 (A)		500,000		547,347

Ford Motor Credit 3.087%, 01/09/23		1,000,000		1,011,050

GameStop 10.000%, 03/15/23 (A)		500,000		522,187

Jaguar Land Rover Automotive 4.500%, 10/01/27 (A)		2,000,000		1,940,465

Macy’s 8.375%, 06/15/25 (A)		500,000		553,750


Description	Face Amount		Value

Marriott International 3.500%, 10/15/32	$	2,000,000	$	2,119,538

Mohawk Industries 3.625%, 05/15/30		2,000,000		2,234,125

Mohegan Gaming & Entertainment 8.000%, 02/01/26 (A)		1,000,000		1,000,880

QVC 5.450%, 08/15/34		1,000,000		1,065,000
4.850%, 04/01/24		500,000		543,125
4.750%, 02/15/27		1,000,000		1,072,125

Scientific Games International 8.625%, 07/01/25 (A)		2,000,000		2,162,500

STL Holding 7.500%, 02/15/26 (A)		1,500,000		1,560,000

Under Armour 3.250%, 06/15/26		2,000,000		2,004,570

VistaJet Malta Finance 10.500%, 06/01/24 (A)		2,000,000		2,045,000

Whirlpool 4.600%, 05/15/50		1,000,000		1,252,776

				29,744,227


Energy — 0.8%

Murphy Oil 6.875%, 08/15/24		500,000		488,750
5.750%, 08/15/25		1,000,000		961,460

				1,450,210


Financials — 3.6%

Athene Holding 6.150%, 04/03/30		500,000		622,039

Deutsche Bank MTN 4.296%, VAR USD Swap Semi 30/360 5 Yr Curr+2.248%, 05/24/28		500,000		512,984

HSBC Holdings 6.500%, 09/15/37		1,500,000		2,137,071

Springleaf Finance 5.375%, 11/15/29		500,000		550,000

UBS 5.125%, 05/15/24		1,500,000		1,658,430

Westpac Banking 2.894%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+1.350%, 02/04/30		1,000,000		1,047,821

				6,528,345


Industrials — 8.7%

Boeing 5.150%, 05/01/30		500,000		593,053

Brundage-Bone Concrete Pumping Holdings 6.000%, 02/01/26 (A)		1,000,000		1,017,500

Builders FirstSource 6.750%, 06/01/27 (A)		1,000,000		1,076,250


Description	Face Amount		Value

Flowserve 3.500%, 10/01/30	$	1,000,000	$	1,064,297

General Electric MTN 6.150%, 08/07/37		945,000		1,274,308

Great Lakes Dredge & Dock 8.000%, 05/15/22		2,010,000		2,042,662

Masco 7.750%, 08/01/29		1,088,000		1,499,082

Owens Corning 3.950%, 08/15/29		2,000,000		2,306,015

Southwest Airlines 3.450%, 11/16/27		2,500,000		2,712,406

Teekay 9.250%, 11/15/22 (A)		2,080,000		2,100,800

				15,686,373


Information Technology — 3.2%

Castle US Holding 9.500%, 02/15/28 (A)		1,000,000		1,026,610

Diebold Nixdorf 9.375%, 07/15/25 (A)		500,000		553,125
8.500%, 04/15/24		2,000,000		2,040,000

Shift4 Payments 4.625%, 11/01/26 (A)		1,000,000		1,042,500

VeriSign 4.750%, 07/15/27		1,000,000		1,062,590

				5,724,825


Materials — 0.6%

NOVA Chemicals 4.875%, 06/01/24 (A)		1,000,000		1,025,000


Total Corporate Obligations (Cost $65,399,136)				70,366,123

COLLATERALIZED LOAN OBLIGATIONS — 32.5%

Automotive — 32.5%

BCC Middle Market, Ser 2018-1A, Cl B 3.224%, VAR ICE LIBOR USD 3 Month+3.000%, 10/20/30 (A)		1,000,000		992,492

Benefit Street Partners III, Ser 2017-IIIA, Cl CR 4.124%, VAR ICE LIBOR USD 3 Month+3.900%, 07/20/29 (A)		2,000,000		1,999,776

Benefit Street Partners III, Ser 2017-IIIA, Cl DR 6.824%, VAR ICE LIBOR USD 3 Month+6.600%, 07/20/29 (A)		2,500,000		2,258,475

Benefit Street Partners IV, Ser 2016-IVA, Cl DR 7.474%, VAR ICE LIBOR USD 3 Month+7.250%, 01/20/29 (A)		3,000,000		2,786,883

Carlyle Global Market Strategies, Ser 2018-1A, Cl CR2 2.023%, VAR ICE LIBOR USD 3 Month+1.800%, 04/17/31 (A)		1,250,000		1,193,141


Description	Face Amount		Value

CARLYLE US, Ser 2018-1A, Cl B 2.074%, VAR ICE LIBOR USD 3 Month+1.850%, 04/20/31 (A)	$	2,000,000	$	1,938,238

Chenango Park, Ser 2018-1A, Cl B 2.091%, VAR ICE LIBOR USD 3 Month+1.850%, 04/15/30 (A)		1,000,000		1,000,345

CIFC Funding, Ser 2018-1A, Cl C 1.973%, VAR ICE LIBOR USD 3 Month+1.750%, 04/18/31 (A)		500,000		497,312

Fortress Credit Opportunities IX, Ser 2017-9A, Cl C 2.871%, VAR ICE LIBOR USD 3 Month+2.650%, 11/15/29 (A)		1,400,000		1,392,327

Galaxy XXIX, Ser 2018-29A, Cl D 2.621%, VAR ICE LIBOR USD 3 Month+2.400%, 11/15/26 (A)		500,000		499,952

Golub Capital Partners, Ser 2017-17A, Cl BR 3.115%, VAR ICE LIBOR USD 3 Month+2.900%, 10/25/30 (A)		1,500,000		1,482,135

Golub Capital Partners, Ser 2017-19RA, Cl B 2.765%, VAR ICE LIBOR USD 3 Month+2.550%, 07/26/29 (A)		2,000,000		2,007,840

Golub Capital Partners, Ser 2017-21A, Cl CR 2.665%, VAR ICE LIBOR USD 3 Month+2.450%, 01/25/31 (A)		3,000,000		2,912,709

Golub Capital Partners, Ser 2017-22A, Cl CR 2.074%, VAR ICE LIBOR USD 3 Month+1.850%, 01/20/31 (A)		1,500,000		1,451,829

Golub Capital Partners, Ser 2017-23A, Cl BR 1.774%, VAR ICE LIBOR USD 3 Month+1.550%, 01/20/31 (A)		1,000,000		1,007,567

Golub Capital Partners, Ser 2017-23A, Cl CR 2.024%, VAR ICE LIBOR USD 3 Month+1.800%, 01/20/31 (A)		2,000,000		1,919,736

Golub Capital Partners, Ser 2017-24A, Cl DR 4.125%, VAR ICE LIBOR USD 3 Month+3.900%, 11/05/29 (A)		2,000,000		1,969,964

Golub Capital Partners, Ser 2018-26A, Cl BR 1.774%, VAR ICE LIBOR USD 3 Month+1.550%, 04/20/31 (A)		1,000,000		992,871

Golub Capital Partners, Ser 2018-36A, Cl B 1.845%, VAR ICE LIBOR USD 3 Month+1.650%, 02/05/31 (A)		2,000,000		1,944,604


Description	Face Amount		Value

Golub Capital Partners, Ser 2018-36A, Cl C 2.295%, VAR ICE LIBOR USD 3 Month+2.100%, 02/05/31 (A)	$	1,500,000	$	1,440,010

Jay Park, Ser 2018-1A, Cl BR 2.224%, VAR ICE LIBOR USD 3 Month+2.000%, 10/20/27 (A)		1,000,000		1,004,235

LCM XXII, Ser 2018-22A, Cl BR 2.224%, VAR ICE LIBOR USD 3 Month+2.000%, 10/20/28 (A)		1,500,000		1,486,761

Madison Park Funding XII, Ser 2014-12A, Cl D 3.724%, VAR ICE LIBOR USD 3 Month+3.500%, 07/20/26 (A)		3,000,000		2,991,867

MCF IV, Ser 2017-1A, Cl CR 2.874%, VAR ICE LIBOR USD 3 Month+2.650%, 10/20/29 (A)		1,000,000		984,815

MCF VIII, Ser 2018-1A, Cl B 1.973%, VAR ICE LIBOR USD 3 Month+1.750%, 07/18/30 (A)		3,000,000		2,899,530

Northwoods Capital XV, Ser 2017-15A, Cl C 2.889%, VAR ICE LIBOR USD 3 Month+2.650%, 06/20/29 (A)		1,000,000		993,117

OZLM Funding IV, Ser 2017-4A, Cl BR 2.422%, VAR ICE LIBOR USD 3 Month+2.200%, 10/22/30 (A)		2,000,000		1,993,900

OZLM XVI, Ser 2017-16A, Cl B 2.771%, VAR ICE LIBOR USD 3 Month+2.550%, 05/16/30 (A)		1,000,000		997,630

Race Point IX, Ser 2017-9A, Cl BR 2.391%, VAR ICE LIBOR USD 3 Month+2.150%, 10/15/30 (A)		4,000,000		3,924,604

Race Point IX, Ser 2017-9A, Cl DR 7.141%, VAR ICE LIBOR USD 3 Month+6.900%, 10/15/30 (A)		2,000,000		1,989,570

Sudbury Mill, Ser 2013-1A, Cl E 4.973%, VAR ICE LIBOR USD 3 Month+4.750%, 01/17/26 (A)		4,700,000		3,744,866

TCI-Symphony, Ser 2018-1A, Cl BR 1.874%, VAR ICE LIBOR USD 3 Month+1.650%, 10/13/29 (A)		2,000,000		2,001,774

Thayer Park, Ser 2017-1A, Cl D 6.324%, VAR ICE LIBOR USD 3 Month+6.100%, 04/20/29 (A)		1,000,000		989,970


Description	Face Amount		Value

Zais Clo 6, Ser 2017-1A, Cl C 3.041%, VAR ICE LIBOR USD 3 Month+2.800%, 07/15/29 (A)	$	1,000,000	$	981,644


Total Collateralized Loan Obligations (Cost $59,861,797)				58,672,489

ASSET-BACKED SECURITIES — 19.9%

Automotive — 13.1%

American Credit Acceptance Receivables Trust, Ser 2017-3, Cl E 5.170%, 06/10/24 (A)		2,500,000		2,507,790

Avid Automobile Receivables Trust, Ser 2019-1, Cl E 6.760%, 05/17/27 (A)		1,000,000		1,012,278

Carvana Auto Receivables Trust, Ser 2019-1A, Cl E 5.640%, 01/15/26 (A)		1,584,000		1,695,085

Carvana Auto Receivables Trust, Ser 2019-4A, Cl E 4.700%, 10/15/26 (A)		1,000,000		1,068,321

CPS Auto Receivables Trust, Ser 2015-C, Cl F 7.510%, 11/15/22 (A)		1,500,000		1,503,952

CPS Auto Receivables Trust, Ser 2016-B, Cl E 8.140%, 05/15/23 (A)		1,500,000		1,525,220

CPS Auto Receivables Trust, Ser 2016-D, Cl E 6.860%, 04/15/24 (A)		1,155,000		1,175,597

CPS Auto Receivables Trust, Ser 2019-B, Cl F 7.480%, 06/15/26 (A)		500,000		521,865

CPS Auto Receivables Trust, Ser 2019-D, Cl E 3.860%, 10/15/25 (A)		2,000,000		2,095,851

Drive Auto Receivables Trust, Ser 2018-1, Cl D 3.810%, 05/15/24		1,332,808		1,357,859

DT Auto Owner Trust, Ser 2017-2A, Cl E 6.030%, 01/15/24 (A)		1,500,000		1,526,687

DT Auto Owner Trust, Ser 2019-4A, Cl E 3.930%, 10/15/26 (A)		2,000,000		2,098,942

DT Auto Owner Trust, Ser 2020-3A, Cl E 3.620%, 10/15/27 (A)		1,500,000		1,565,431

First Investors Auto Owner Trust, Ser 2016-2A, Cl E 5.750%, 09/15/23 (A)		1,250,000		1,258,764

Flagship Credit Auto Trust, Ser 2016-2, Cl D 8.560%, 11/15/23 (A)		900,000		908,930


Description	Face Amount		Value

Octane Receivables Trust, Ser 2019-1A, Cl A 3.160%, 09/20/23 (A)	$	432,330	$	437,840

SFS Asset Securitization, Ser 2019-1, Cl A 4.238%, 06/10/25 (A)		1,500,000		1,502,599

				23,763,011


Other Asset-Backed Securities — 6.8%

BCC Funding XVI, Ser 2019-1A, Cl C 2.950%, 09/20/24 (A)		1,500,000		1,514,630

Business Jet Securities, Ser 2018-2, Cl A 4.447%, 06/15/33 (A)		401,431		410,529

Business Jet Securities, Ser 2018-2, Cl C 6.656%, 06/15/33 (A)		267,561		268,921

BXMT, Ser 2020-FL2, Cl A 1.027%, VAR ICE LIBOR USD 1 Month+0.900%, 02/16/37 (A)		1,000,000		998,750

CFG Investments, Ser 2019-1, Cl A 5.560%, 08/15/29 (A)		1,200,000		1,204,515

Cold Storage Trust, Ser 2020-ICE5, Cl E 2.892%, VAR ICE LIBOR USD 1 Month+2.766%, 11/15/37 (A)		1,000,000		1,003,095

Credibly Asset Securitization, Ser 2018-1A, Cl A 4.800%, 11/15/23 (A)		1,500,000		1,502,800

Harley Marine Financing, Ser 2018-1A, Cl A2 5.682%, 05/15/43 (A)		1,828,945		1,661,851

MelTel Land Funding, Ser 2019-1A, Cl C 6.070%, 04/15/49 (A)		500,000		528,525

Mosaic Solar Loans, Ser 2017-2A, Cl B 4.770%, 06/22/43 (A)		334,778		365,590

Pawnee Equipment Receivables Series, Ser 2019-1, Cl E 3.800%, 01/15/26 (A)		1,500,000		1,457,501

Sapphire Aviation Finance I, Ser 2018-1A, Cl B 5.926%, 03/15/40 (A)		335,320		305,355

Stack Infrastructure Issuer Series, Ser 2019-1A, Cl A2 4.540%, 02/25/44 (A)		980,833		1,046,237

				12,268,299


Total Asset-Backed Securities (Cost $35,056,287)				36,031,310


Description	Face Amount/ Shares		Value
MORTGAGE-BACKED SECURITIES — 6.2%

Commercial Mortgage-Backed Obligation — 6.2%

Benchmark 2020-B21 Mortgage Trust, Ser B21, Cl D 2.000%, 12/17/53 (A)	$	1,000,000	$	855,481

Commercial Mortgage Trust, Ser 2014-UBS6, Cl C 4.446%, 12/10/47 (B)		1,000,000		989,397

Commercial Mortgage Trust, Ser 2015-DC1, Cl D 4.308%, 02/10/48 (A)(B)		1,517,000		1,181,692

Credit Suisse Commercial Mortgage Trust, Ser 2008-C1, Cl D 5.997%, 02/15/41 (A)(B)		574,219		33,534

FREMF Mortgage Trust, Ser 2016-K54, Cl C 4.051%, 04/25/48 (A)(B)		1,000,000		1,095,191

FREMF Mortgage Trust, Ser 2016-K722, Cl B 3.845%, 07/25/49 (A)(B)		1,500,000		1,586,522

FREMF Mortgage Trust, Ser 2017-K70, Cl B 3.804%, 12/25/49 (A)(B)		2,000,000		2,213,820

FREMF Mortgage Trust, Ser 2017-K71, Cl B 3.753%, 11/25/50 (A)(B)		1,250,000		1,379,114

UBS Commercial Mortgage Trust, Ser 2012-C1, Cl C 5.569%, 05/10/45 (A)(B)		1,000,000		987,468

WFRBS Commercial Mortgage Trust, Ser 2014-C25, Cl D 3.803%, 11/15/47 (A)(B)		1,000,000		906,107


Total Mortgage-Backed Securities (Cost $11,035,288)				11,228,326

PREFERRED STOCK — 0.1%

Communication Services — 0.1%

MYT Holdings LLC 10.000%, 06/07/29 *		76,092		87,506


Total Preferred Stock (Cost $76,092)				87,506

COMMON STOCK — 0.0%

Industrials — 0.0%

Erickson*(C)		3,761		81,388


Total Common Stock (Cost $1,829,567)				81,388


Total Investments — 97.6% (Cost $173,258,167)			$	176,467,142

Percentages are based on Net Assets of $180,789,817.

*	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 January 31, 2021 was $128,642,733 and represents 71.2% 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

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 January 31, 2021 in valuing the Fund’s investments carried at value:


Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Corporate Obligations	$	—	$	70,366,123	$	—	$	70,366,123
Collateralized Loan Obligations		—		58,672,489		—		58,672,489
Asset-Backed Securities		—		36,031,310		—		36,031,310
Mortgage-Backed Securities		—		11,228,326		—		11,228,326
Common Stock		—		—		81,388		81,388
Preferred Stock		87,506		—		—		87,506

Total Investments in Securities	$	87,506	$	176,298,248	$	81,388	$	176,467,142

(1)

For the period ended January 31, 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 valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

SECTOR WEIGHTINGS†

LOGO

†	Percentages are based on total investments.

SCHEDULE OF INVESTMENTS


Description	Face Amount		Value
ASSET-BACKED SECURITIES — 51.1%
Automotive — 47.7%

American Credit Acceptance Receivables Trust, Ser 2019-3, Cl C 2.760%, 09/12/25 (A)	$	5,305,000	$	5,399,077

American Credit Acceptance Receivables Trust, Ser 2020-1, Cl C 2.190%, 03/13/26 (A)		5,000,000		5,098,627

American Credit Acceptance Receivables Trust, Ser 2020-2, Cl B 2.480%, 09/13/24 (A)		1,500,000		1,535,002

American Credit Acceptance Receivables Trust, Ser 2020-3, Cl A 0.620%, 10/13/23 (A)		2,579,871		2,582,976

American Credit Acceptance Receivables Trust, Ser 2020-4, Cl C 1.310%, 12/14/26 (A)		8,250,000		8,310,903

American Credit Acceptance Receivables Trust, Ser 2021-1, Cl A 0.350%, 05/13/24 (A)		2,250,000		2,251,255

Amur Equipment Finance Receivables VIII, Ser 2020-1A, Cl B 2.500%, 03/20/26 (A)		1,384,090		1,420,753


Description	Face Amount		Value

Arivo Acceptance Auto Loan Receivables Trust, Ser 2021-1A, Cl A 1.190%, 01/15/27 (A)	$	2,000,000	$	2,007,863

Canadian Pacer Auto Receivables Trust, Ser 2019-1A, Cl C 3.750%, 07/21/25 (A)		2,550,000		2,663,866

Canadian Pacer Auto Receivables Trust, Ser 2020-1A, Cl C 2.490%, 05/19/26 (A)		5,000,000		5,169,148

Capital One Multi-Asset Execution Trust, Ser 2019-A3, Cl A3 2.060%, 08/15/28		3,000,000		3,201,742

Carnow Auto Receivables Trust, Ser 2019-1A, Cl A 2.720%, 11/15/22 (A)		682,086		685,795

CLI Funding VI, Ser 2020-1A, Cl A 2.080%, 09/18/45 (A)		2,391,667		2,435,372

Credit Acceptance Auto Loan Trust, Ser 2018-2A, Cl C 4.160%, 09/15/27 (A)		4,500,000		4,615,660

Credit Acceptance Auto Loan Trust, Ser 2019-1A, Cl B 3.750%, 04/17/28 (A)		2,700,000		2,812,420

Drive Auto Receivables Trust, Ser 2020-1, Cl C 2.360%, 03/16/26		2,750,000		2,818,779

DT Auto Owner Trust, Ser 2018-3A, Cl D 4.190%, 07/15/24 (A)		5,000,000		5,199,644

DT Auto Owner Trust, Ser 2019-4A, Cl C 2.730%, 07/15/25 (A)		2,000,000		2,048,979

DT Auto Owner Trust, Ser 2020-1A, Cl D 2.550%, 11/17/25 (A)		5,500,000		5,699,824

DT Auto Owner Trust, Ser 2020-2A, Cl B 2.080%, 03/16/26 (A)		2,000,000		2,043,386

DT Auto Owner Trust, Ser 2020-2A, Cl C 3.280%, 03/16/26 (A)		2,250,000		2,362,476

DT Auto Owner Trust, Ser 2020-3A, Cl C 1.470%, 06/15/26 (A)		1,410,000		1,437,007

Exeter Automobile Receivables Trust, Ser 2018-2A, Cl C 3.690%, 03/15/23 (A)		463,451		465,276

Exeter Automobile Receivables Trust, Ser 2018-2A, Cl D 4.040%, 03/15/24 (A)		5,250,000		5,408,435


Description	Face Amount		Value

Exeter Automobile Receivables Trust, Ser 2019-2A, Cl C 3.300%, 03/15/24 (A)	$	2,565,000	$	2,613,990

Exeter Automobile Receivables Trust, Ser 2020-1A, Cl C 2.490%, 01/15/25 (A)		1,500,000		1,536,568

Exeter Automobile Receivables Trust, Ser 2020-3A, Cl C 1.320%, 07/15/25		1,250,000		1,268,360

Exeter Automobile Receivables Trust, Ser 2021-1A, Cl D 1.080%, 11/16/26		2,500,000		2,501,422

First Investors Auto Owner Trust, Ser 2017-1A, Cl D 3.600%, 04/17/23 (A)		5,000,000		5,092,646

First Investors Auto Owner Trust, Ser 2018-2A, Cl C 4.030%, 01/15/25 (A)		8,800,000		9,041,076

First Investors Auto Owner Trust, Ser 2019-2A, Cl B 2.470%, 01/15/25 (A)		6,000,000		6,174,857

First Investors Auto Owner Trust, Ser 2020-1A, Cl D 3.150%, 04/15/26 (A)		3,000,000		3,109,248

Flagship Credit Auto Trust, Ser 2016-4, Cl C 2.710%, 11/15/22 (A)		10,228		10,245

Flagship Credit Auto Trust, Ser 2018-1, Cl B 3.130%, 01/17/23 (A)		276,746		277,778

Flagship Credit Auto Trust, Ser 2018-4, Cl D 4.330%, 12/16/24 (A)		4,935,000		5,222,256

Flagship Credit Auto Trust, Ser 2019-3, Cl C 2.740%, 10/15/25 (A)		6,686,000		6,948,483

Flagship Credit Auto Trust, Ser 2019-4, Cl B 2.530%, 11/17/25 (A)		4,550,000		4,711,592

Ford Credit Auto Owner Trust, Ser 2019-B, Cl B 2.400%, 11/15/24		1,365,000		1,416,648

Foursight Capital Automobile Receivables Trust, Ser 2020-1, Cl D 2.600%, 01/15/26 (A)		2,100,000		2,158,016

GLS Auto Receivables Issuer Trust, Ser 2019-4A, Cl A 2.470%, 11/15/23 (A)		1,313,562		1,326,687

GLS Auto Receivables Issuer Trust, Ser 2020-2A, Cl B 3.160%, 06/16/25 (A)		1,750,000		1,835,328


Description	Face Amount		Value

GLS Auto Receivables Issuer Trust, Ser 2020-3A, Cl B 1.380%, 08/15/24 (A)	$	1,000,000	$	1,011,308

GLS Auto Receivables Issuer Trust, Ser 2020-4A, Cl C 1.140%, 11/17/25 (A)		1,000,000		1,005,296

NextGear Floorplan Master Owner Trust, Ser 2018-1A, Cl A2 3.220%, 02/15/23 (A)		1,500,000		1,501,854

OneMain Direct Auto Receivables Trust, Ser 2018-1A, Cl B 3.710%, 04/14/25 (A)		3,750,000		3,825,626

OSCAR US Funding Trust IX, Ser 2018-2A, Cl A3 3.390%, 09/12/22 (A)		598,413		601,418

Pawnee Equipment Receivables Series, Ser 2019-1, Cl A2 2.290%, 10/15/24 (A)		1,317,423		1,330,952

Pawnee Equipment Receivables Series, Ser 2019-1, Cl D 2.860%, 10/15/24 (A)		5,000,000		4,899,843

Pawnee Equipment Receivables Series, Ser 2020-1, Cl A 1.370%, 11/17/25 (A)		4,124,868		4,139,786

Prestige Auto Receivables Trust, Ser 2020-1A, Cl C 1.310%, 11/16/26 (A)		2,000,000		2,018,268

Santander Consumer Auto Receivables Trust, Ser 2020-BA, Cl A4 0.540%, 04/15/25 (A)		1,000,000		1,003,353

SCF Equipment Leasing, Ser 2020-1A, Cl B 2.020%, 03/20/28 (A)		2,000,000		2,040,647

SoFi Consumer Loan Program, Ser 2019-1, Cl B 3.450%, 02/25/28 (A)		2,400,000		2,434,344

Synchrony Card Funding, Ser 2019-A1, Cl A 2.950%, 03/15/25		2,410,000		2,483,090

Synchrony Credit Card Master Note Trust, Ser 2018-2, Cl B 3.670%, 05/15/26		995,000		1,065,200

United Auto Credit Securitization Trust, Ser 2020-1, Cl C 2.150%, 02/10/25 (A)		3,000,000		3,045,302

Vantage Data Centers Issuer, Ser 2018-2A, Cl A2 4.196%, 11/16/43 (A)		3,913,333		4,198,356


Description	Face Amount		Value

Volvo Financial Equipment, Ser 2018-1A, Cl A4 2.760%, 10/17/22 (A)	$	4,500,000	$	4,547,129

Westlake Automobile Receivables Trust, Ser 2018-2A, Cl E 4.860%, 01/16/24 (A)		5,000,000		5,207,567

Westlake Automobile Receivables Trust, Ser 2019-1A, Cl D 3.670%, 03/15/24 (A)		6,575,000		6,821,561

Westlake Automobile Receivables Trust, Ser 2020-2A, Cl C 2.010%, 07/15/25 (A)		2,750,000		2,817,558

Westlake Automobile Receivables Trust, Ser 2020-2A, Cl D 2.760%, 01/15/26 (A)		4,5020,000		4,702,205

Westlake Automobile Receivables Trust, Ser 2020-3A, Cl C 1.240%, 11/17/25 (A)		1,000,000		1,010,441

World Financial Network Credit Card Master Trust, Ser 2016-A, Cl M 2.330%, 04/15/25		2,000,000		2,012,991

World Financial Network Credit Card Master Trust, Ser 2019-B, Cl A 2.490%, 04/15/26		7,000,000		7,210,830

World Financial Network Credit Card Master Trust, Ser 2019-C, Cl M 2.710%, 07/15/26		7,495,000		7,729,588

W orld Omni Auto Receivables Trust, Ser 2018-B, Cl B 3.170%, 01/15/25		1,520,000		1,564,4 55

				213,148,433


Other Asset-Backed Securities — 0.5%

Diamond Resorts Owner Trust, Ser 2019-1A, Cl A 2.890%, 02/20/32 (A)		1,174,520		1,220,277

Mosaic Solar Loans, Ser 2017-1A, Cl A 4.450%, 06/20/42 (A)		361,362		390,087

SoFi Consumer Loan Program, Ser 2017-5, Cl A2 2.780%, 09/25/26 (A)		423,539		426,600

				2,036,964


Student Loan — 2.9%

AccessLex Institute, Ser 2002-A, Cl A2 4.000%, 09/25/37 (B)		350,000		349,284


Description	Face Amount		Value

Commonbond Student Loan Trust, Ser 2017-AGS, Cl A1 2.550%, 05/25/41 (A)	$	1,113,463	$	1,143,988

Nelnet Student Loan Trust, Ser 2012-6A, Cl B 1.630%, VAR ICE LIBOR USD 1 Month+1.500%, 08/26/52 (A)		3,000,000		2,754,758

Nelnet Student Loan Trust, Ser 2013-3A, Cl B 1.630%, VAR ICE LIBOR USD 1 Month+1.500%, 07/25/47 (A)		4,000,000		3,939,107

Nelnet Student Loan Trust, Ser 2015-3A, Cl B 1.630%, VAR ICE LIBOR USD 1 Month+1.500%, 06/25/54 (A)		3,000,000		2,861,900

SLM Student Loan Trust, Ser 2013-2, Cl B 1.630%, VAR ICE LIBOR USD 1 Month+1.500%, 06/25/43		2,000,000		1,925,017

				12,974,054


Total Asset-Backed Securities (Cost $222,711,635)				228,159,451

U.S. TREASURY OBLIGATIONS — 23.5%

U.S. Treasury Note 1.625%, 12/15/22		40,000,000		41,121,875
1.500%, 01/15/23		40,000,000		41,067,188
0.120%, VAR US Treasury 3 Month Bill Money Market Yield+0.055%, 10/31/22		5,000,000		5,001,572

United States Treasury Bill 0.125%, 10/07/21 (C)(D)(E)		18,000,000		17,990,080


Total U.S. Treasury Obligations (Cost $102,961,462)				105,180,715

CORPORATE OBLIGATIONS — 21.7%

Consumer Discretionary — 0.7%

Hyundai Capital America 5.750%, 04/06/23 (A)		3,000,000		3,316,283


Energy — 3.3%

Marathon Petroleum 4.500%, 05/01/23		2,000,000		2,163,552

Nationwide Building Society 2.000%, 01/27/23 (A)		9,000,000		9,281,789

Schlumberger Finance Canada 1.400%, 09/17/25		3,000,000		3,050,142

				14,495,483


Financials — 11.6%

Athene Global Funding 2.500%, 01/14/25 (A)		10,000,000		10,507,662

Bank of Montreal MTN 1.850%, 05/01/25		3,000,000		3,131,949

Capital One Financial 4.200%, 10/29/25		10,000,000		11,331,040


Description	Face Amount		Value

Citigroup 3.106%, VAR United States Secured Overnight Financing Rate+2.750%, 04/08/26	$	2,000,000	$	2,169,774

Danske Bank 3.875%, 09/12/23 (A)		4,205,000		4,525,856

Deutsche Bank NY 2.222%, VAR United States Secured Overnight Financing Rate+2.159%, 09/18/24		2,000,000		2,056,309

Lloyds Banking Group 4.050%, 08/16/23		9,000,000		9,777,090

Royal Bank of Scotland Group 3.498%, VAR ICE LIBOR USD 3 Month+1.480%, 05/15/23		2,328,000		2,414,220

Swedbank 1.300%, 06/02/23		1,000,000		1,019,648
0.600%, 09/25/23 (A)		5,000,000		5,008,500

				51,942,048


Health Care — 1.1%

Johnson & Johnson 0.550%, 09/01/25		5,000,000		4,994,979


Industrials — 1.2%

AerCap Ireland Capital DAC 4.500%, 09/15/23		3,000,000		3,247,557
1.750%, 01/30/26		2,000,000		1,969,737

				5,217,294


Information Technology — 0.5%

Broadcom 3.150%, 11/15/25		2,000,000		2,170,519


Materials — 0.7%

Eagle Materials 4.500%, 08/01/26		2,939,000		3,045,385


Real Estate — 2.3%

Corporate Office Properties 2.250%, 03/15/26 ‡		3,000,000		3,114,190

Equinix 1.000%, 09/15/25 ‡		5,000,000		5,000,225

Federal Realty Investment Trust 1.250%, 02/15/26 ‡		2,000,000		2,023,985

				10,138,400


Utilities — 0.3%

Duke Energy 0.900%, 09/15/25		1,400,000		1,403,363


Total Corporate Obligations (Cost $94,013,158)				96,723,754


U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.7%

FFCB 0.570%, 08/12/25		5,000,000		4,981,197


Description	Face Amount		Value

FHLB 0.525%, 01/15/26	$	2,520,000	$	2,517,834


Total U.S. Government Agency Obligations (Cost $7,518,217)				7,499,031

MORTGAGE-BACKED SECURITIES — 1.5%

Commercial Mortgage-Backed Obligation — 1.5%

Benchmark Mortgage Trust, Ser 2020-B19, Cl A2 1.691%, 09/15/53		1,305,000		1,342,338

Cold Storage Trust, Ser 2020-ICE5, Cl A 1.027%, VAR ICE LIBOR USD 1 Month+0.900%, 11/15/37 (A)		5,500,000		5,523,390


Total Mortgage-Backed Securities (Cost $6,843,792)				6,865,728


Total Investments — 99.5% (Cost $434,048,264)			$	444,428,679

Percentages are based on Net Assets of $446,467,721.

‡	Real Estate Investment Trust

(A)

(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)

At amortized cost

(D)

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

(E)

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

Cl — Class

DAC — Designated Activity Company

FFCB — Federal Farm Credit Bank

FHLB — Federal Home Loan Bank

MTN — Medium Term Note

Ser — Series

USD — U.S. Dollar

The following is a list of the level of inputs used as of January 31, 2021 in valuing the Fund’s investments carried at value:


Investments in Securities	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	—	$	228,159,451	$	—	$	228,159,451
U.S. Treasury Obligations		105,180,715		—		—		105,180,715
Corporate Obligations		—		96,723,754		—		96,723,754
U.S. Government Agency Obligations		—		7,499,031		—		7,499,031
Mortgage-Backed Securities		—		6,865,728		—		6,865,728

Total Investments in Securities	$	105,180,715	$	339,247,964	$	—	$	444,428,679

For the period ended January 31, 2021, there have been no transfers in or out of Level 3.

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

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

SECTOR WEIGHTINGS†

LOGO

†	Percentages are based on total investments.

SCHEDULE OF INVESTMENTS


Description	Face Amount		Value
MUNICIPAL BONDS — 95.6%

California — 5.5%

California State, Municipal Finance Authority, Ser A, RB 5.000%, 03/01/25	$	1,450,000	$	1,485,395

California State, School Finance Authority, RB Callable 02/01/24 @ 100 5.350%, 08/01/24		370,000		391,767

Golden State, Tobacco Securitization, Ser A, RB, ST APPROP 4.000%, 06/01/21		1,000,000		1,012,680

				2,889,842


Colorado — 3.0%

El Paso County, School District No. 49 Falcon, Ser A, COP 5.000%, 12/15/24		525,000		617,190

El Paso County, School District No. 49 Falcon, Ser B, COP
5.000%, 12/15/24		300,000		352,680
5.000%, 12/15/26		500,000		628,080

				1,597,950


District of Columbia — 1.7%

District of Columbia, RB 4.000%, 10/01/22		895,000		892,682


Idaho — 1.0%

Idaho State, Housing & Finance Association, RB 4.000%, 07/01/26		500,000		536,375


Illinois — 1.6%

Lee & Ogle Counties, School District No. 170 Dixon, GO, BAM 4.000%, 01/30/25		760,000		854,012


Description	Face Amount		Value

Kansas — 3.0%

Geary County, GO 5.000%, 09/01/25	$	1,300,000	$	1,567,098


Michigan — 2.5%

Taylor, Brownfield Redevelopment Authority, RB, NATL Callable 05/01/24 @ 100 4.000%, 05/01/28		1,175,000		1,296,930


Minnesota — 0.7%

Minnesota State, Housing Finance Agency, Ser A, RB, GNMA Callable 07/01/22 @ 100 2.600%, 09/01/42		378,611		388,807


Missouri — 3.2%

Saint Louis, Municipal Finance, RB, AGM 5.000%, 07/15/22		1,575,000		1,678,178


New York — 0.6%

Niagara County, Tobacco Asset Securitization, RB 5.000%, 05/15/21		300,000		302,838


Oklahoma — 4.4%

University of Oklahoma, Ser C, RB Callable 07/01/25 @ 100 5.000%, 07/01/35		2,000,000		2,321,400


South Carolina — 3.1%

Hilton Head Island, Ser C, GO, ST AID WITHHLDG Callable 03/01/26 @ 100
2.250%, 03/01/33		530,000		552,011
2.125%, 03/01/32		520,000		540,306
2.000%, 03/01/30		495,000		516,928

				1,609,245


Texas — 61.5%

Central Texas Regional Mobility Authority Callable 01/01/26 @ 100 5.000%, 01/01/46		1,000,000		1,151,640

Central Texas Turnpike System, Sub-Ser C, RB Callable 08/15/24 @ 100 5.000%, 08/15/42		2,000,000		2,248,860

Clifton, Higher Education Finance, Idea Public Schools Project, RB 4.800%, 08/15/21(A)		110,000		112,728

Clifton, Higher Education Finance, RB, PSF-GTD 5.000%, 08/15/24		1,185,000		1,380,347

Clifton, Higher Education Finance, RB, PSF-GTD Callable 08/15/24 @ 100 5.000%, 08/15/25		700,000		814,317


Description	Face Amount		Value

Clifton, Higher Education Finance, Ser A, RB 3.375%, 12/01/24	$	1,025,000	$	1,062,874

Clifton, Higher Education Finance, Ser B, RB 5.000%, 08/15/25		460,000		541,613
4.000%, 08/15/22		525,000		549,197
4.000%, 08/15/23		500,000		538,250

Cypress-Fairbanks Independent School District, Ser A, GO, PSF-GTD Callable 02/15/29 @ 100 5.000%, 02/15/30		1,500,000		1,999,215

Dallas Area, Rapid Transit, Ser A, RB 5.000%, 12/01/22		1,000,000		1,088,240

Downtown Redevelopment Authority, TA, BAM 5.000%, 09/01/25		1,000,000		1,185,960

Downtown Redevelopment Authority, TA, BAM Callable 09/01/25 @ 100 5.000%, 09/01/29		1,000,000		1,196,910

El Paso County, Hospital District, GO 5.000%, 08/15/25		2,070,000		2,410,225

Houston, Higher Education Finance, Ser A, RB, PSF-GTD 4.000%, 02/15/22		1,005,000		1,043,974

La Vernia, Higher Education Finance, Ser A, RB 4.200%, 08/15/25		500,000		528,225

La Vernia, Higher Education Finance, Ser A, RB Callable 08/15/24 @ 100 5.250%, 08/15/35		2,435,000		2,644,337

Love Field Airport Modernization, AMT, RB 5.000%, 11/01/22		1,000,000		1,070,540

Lower Colorado River Authority Callable 05/15/30 @ 100 5.000%, 05/15/39		1,875,000		2,464,875

New Hope, Cultural Education Facilities, RB 5.000%, 04/01/21		355,000		356,193

San Antonio, Public Facilities, RB Callable 09/15/22 @ 100 5.000%, 09/15/26		2,000,000		2,144,600

Seminole, Hospital District, GO Callable 02/15/26 @ 100 4.000%, 02/15/31		545,000		591,265

Texas A&M University, Permanent University Fund, Ser B, RB Callable 07/01/25 @ 100 5.000%, 07/01/34		1,000,000		1,198,300


Description	Face Amount		Value

Texas State, Public Finance Authority, Financing System, Texas Southern University, RB 5.625%, 05/01/21	$	1,440,000	$	1,453,133

Texas State, Public Finance Authority, New Frontiers School, Ser A, RB Callable 03/08/21 @ 100 5.800%, 08/15/40		1,100,000		1,102,244

Texas State, Public Finance Authority, RB, BAM 5.000%, 11/01/21		1,400,000		1,440,600

				32,318,662


Virginia — 3.8%

Virginia Commonwealth, Housing Development Authority, Sub-Ser C-3, RB 2.150%, 04/01/21		2,000,000		2,005,920


Total Municipal Bonds (Cost $47,735,144)				50,259,939


Total Investments — 95.6% (Cost $47,735,144)			$	50,259,939

Percentages are based on Net Assets of $52,565,660.

(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 January 31, 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 January 31, 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 valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

For the Six Months Ended January 31, 2021 (Unaudited) and the Years Ended July 31,

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

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

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

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

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

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

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

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

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

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

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

For the period ended January 31, 2021, there have been no changes to the Funds’ fair value methodologies.

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

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more- likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review

and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last 3 tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the period ended January 31, 2021, the Funds did not have liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the period ended January 31, 2021, the Funds did not incur any interest or penalties.

The Funds may also be subject to taxes imposed by governments of countries in which they invest. Such taxes are generally based on either income or gains earned or repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned. In some cases, the Funds may be entitled to reclaim all or a portion of such taxes, and such reclaim amounts, if any, are reflected as an asset on the Funds’ books. In many cases, however, the Funds may not receive such amounts for an extended period of time, depending on the country of investment. Upon the Fund’s receipt of reclaims, the reclaims are recorded as a reduction to foreign taxes withheld.

Security Transactions and Investment Income — Security transactions are accounted for on trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sales of investment securities are based on the specific identification method. Dividend income is recognized on the ex-dividend date, interest income is recognized on an accrual basis and includes the amortization of premiums and the accretion of discount. Realized gains (losses) on paydowns of mortgage-backed and asset-backed securities are recorded as an adjustment to interest income. Litigation income received during the year is recorded as realized gains by the Fund when such information becomes known. Gains of this type are infrequent to the Fund and are not expected to reoccur on a consistent basis.

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

Futures Contracts — To the extent consistent with its investment objective and strategies, the Fund may use futures contracts for tactical hedging purposes as well as to enhance the Fund’s returns. The Fund’s investments in futures contracts are designed to enable the Fund to more closely approximate the performance of its benchmark indices. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked-to-market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When contracts are closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract. Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Finally, futures contracts involve the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction.

For the period ended January 31, 2021, the Funds did not hold any Futures Contracts.

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

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

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

Interfund Lending — The SEC has granted an exemption that permits the Funds to participate in an interfund lending program (the “Interfund Lending Program”) whereby the Funds may lend money to, and borrow money from, each other for

temporary or emergency purposes, subject to certain terms and conditions. Participation in the Interfund Lending Program is voluntary for both borrowing and lending Funds.

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

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

The Funds and the Administrator are parties to an Administration Agreement under which the Administrator provides administrative services to the Fund. For these services, the Administrator is paid an asset-based fee, which will vary depending on the number of share classes and the average daily net assets of the Funds. For the period ended January 31, 2021, the Funds were charged as follows for these services: $151,528 in the Growth Equity Fund, $1,160,186 in the Total Return Bond Fund, $72,487 in the Credit Fund, $159,738 in the Low Duration Bond Fund, and $20,486 in the Municipal Bond Fund.

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

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

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

Brown Brothers Harriman & Co. serves as Custodian for the Funds. The Custodian plays no role in determining the investment policies of the Funds or which securities are to be purchased or sold by the Funds.

The Adviser serves as the investment adviser to the Funds. The Adviser is a wholly owned non-banking subsidiary of Cullen/ Frost Bankers, Inc. (“Frost Bank”). For its services, the Adviser is entitled to a fee, which is calculated daily and paid monthly, at the following annual rates based on the average daily net assets of each Fund. The Adviser has contractually agreed to reduce its fees and/or reimburse expenses for certain Funds to the extent necessary to keep total annual Fund operating expenses from exceeding certain levels as set forth below until June 24, 2022 (the “Contractual Expense Limitation”) for the Growth Equity Fund, Total Return Bond Fund, Credit Fund and Low Duration Bond Fund. The Adviser is entitled to the same fee for its services to each Predecessor Fund as it is for each Predecessor Fund’s corresponding Fund. In addition, the Adviser agreed to the same Contractual Expense Limitation and Voluntary Expense Limitation, as applicable, for each Predecessor Fund as with its corresponding Fund.

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

Prior to November 28, 2020, the Adviser had contractually agreed to waive the advisory fee for the Municipal Bond Fund by 0.01% (the “contractual fee reduction”) and had voluntarily agreed to reduce the advisory fee by an additional 0.09% (the “voluntary fee reduction”). In addition, the Adviser has voluntarily agreed to reduce its fees and/or reimburse expenses of the Frost Municipal Bond Fund to the extent necessary to keep total annual Fund operating expenses (not including excluded expenses) for Institutional Class Shares and Investor Class Shares from exceeding 1.05% (the “voluntary expense limitation”). The Adviser intends to continue this voluntary expense limitation until further notice, but may discontinue all or part of these fee reductions or expense reimbursements at any time.

If at any point it becomes unnecessary for the Adviser to make Expense Limitation reimbursements, the Adviser may retain the difference between the “Total Annual Fund Operating Expenses” and the aforementioned Expense Limitations to recapture all or a portion of its prior Expense Limitation reimbursements made during the preceding three year period up to the expense cap in place at the time the expenses were waived. The Adviser, however, will not be permitted to recapture any amount that is attributable to its Voluntary Fee Reduction. During the period ended January 31, 2021, the Adviser did not recapture previously waived/reimbursed fees for the Funds.

The cost of security purchases and the proceeds from the sales and maturities of securities, other than short-term investments, for the period ended January 31, 2021 were as follows:

The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to Rule 17a-7 of the 1940 Act. These transactions are effected at market rates without incurring broker commissions.

The timing and characterization of certain income and capital gains distributions are determined annually in accordance with federal tax regulations which may differ from U.S. generally accepted accounting principles. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to distributable earnings or paid-in capital, as appropriate, in the period that the differences arise. The permanent differences primarily consist of reclassification of long term capital gain distribution on REITs, market discount adjustment, amortization adjustment on premium bond sold, gains and losses on paydowns of mortgage and asset-backed securities for tax purposes, and distribution reclassification. There were no permanent difference that is credited or charged to Paid-in Capital and Distributable Earnings as of July 31, 2020.

The tax character of dividends and distributions declared during the years ended July 31, 2020 and July 31, 2019 was as follows:

As of July 31, 2020, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

Post-October capital losses represent capital losses realized on investment transactions from November 1, 2019 through July 31, 2020, that, in accordance with Federal income tax regulations, the Funds may elect to defer and treat as having arisen in the following fiscal year.

Deferred late-year losses represent ordinary losses realized on investment transactions from January 1, 2020 through July 31, 2020 and specified losses realized on investment transactions from November 1, 2019 through July 31, 2020, that, in accordance with Federal income tax regulations, the Funds may elect to defer and treat as having arisen in the following fiscal year.

During the year ended July 31, 2020, Low Duration Bond Fund utilized $994,101 in capital loss carryforwards to offset capital gains.

The aggregate cost of investments for federal income tax purposes at January 31, 2021 is different from book purposes primarily due to wash sales loss deferrals and the difference due premium amortization on callable securities. The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at January 31, 2021 were as follows:

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

In addition, certain asset-backed securities may not have the benefit of any security interest in the related assets, which raises the possibility that recoveries on repossessed collateral may not be available to support payments on these securities. For example, credit card receivables are generally unsecured and the debtors are entitled to the protection of a number of state and federal consumer credit laws, many of which allow debtors to reduce their balances by offsetting certain amounts owed on the credit cards. Most issuers of asset-backed securities backed by automobile receivables permit the servicers of such receivables to retain possession of the underlying obligations. If the servicer were to sell these obligations to another party, there is a risk that the purchaser would acquire an interest superior to that of the holders of the related asset-backed securities. Due to the quantity of vehicles involved and requirements under state laws, asset-backed securities backed by automobile receivables may not have a proper security interest in all of the obligations backing such receivables.

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

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

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

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

High yield, or “junk,” bonds are highly speculative securities that are usually issued by smaller less credit worthy and/or highly leveraged (indebted) companies. Compared with investment-grade bonds, high yield bonds carry a greater degree of risk and are less likely to make payments of interest and principal. Market developments and the financial and business conditions of the corporation issuing these securities influences their price and liquidity more than changes in interest rates, when compared

to investment-grade debt securities. Insufficient liquidity in the junk bond market may make it more difficult to dispose of junk bonds and may cause the Fund to experience sudden and substantial price declines. A lack of reliable, objective data or market quotations may make it more difficult to value junk bonds accurately.

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

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

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

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

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

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

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

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

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

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

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

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

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

Management Risk (Each Fund): The risk that the investment techniques and risk analyses applied by the Adviser will not pro- duce the desired results and that legislative, regulatory, or tax developments may affect the investment techniques available to the Adviser and the individual portfolio manager in connection with managing each Fund. There is no guarantee that the investment objective of a Fund will be achieved.

Market Risk (Each Fund): The risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which a Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. Global health events and pandemics, such as COVID-19, have the ability to affect —quickly, drastically and substantially the economies of many nations, states, individual companies and the markets in general and can cause disruptions that cannot necessarily be foreseen. The spread of COVID-19 around the world in 2020 resulted in a substantial number of nations implementing social distancing measures, quarantines, and the shutdown of non-essential businesses and governmental services. Further, it has caused significant volatility in U.S. and international markets. The impact of the outbreak may be short term or may last for an extended period of time.

Municipal Issuers Risk (Low Duration Bond Fund, Municipal Bond Fund, Total Return Bond Fund): There may be economic or political changes that impact the ability of municipal issuers to repay principal and to make interest payments on municipal securities. Changes in the financial condition or credit rating of municipal issuers also may adversely affect the value of each

Fund’s municipal securities. Constitutional or legislative limits on borrowing by municipal issuers may result in reduced supplies of municipal securities. Moreover, certain municipal securities are backed only by a municipal issuer’s ability to levy and collect taxes.

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

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

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

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

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

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

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

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

On January 31, 2021, the number of shareholders below held the following percentage of the outstanding shares of the Funds:

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

In March 2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (the “ASU”) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Under the new standard, the Total Return Bond Fund, Credit Fund, and Municipal Bond Fund have changed the amortization period for the premium on certain purchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Funds applied the amendments on a modified retrospective basis beginning with the fiscal period ended January 31, 2021. The adjustments to the cost basis of securities at the beginning of the period are as follows:

This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on accumulated earnings (loss) or the net asset value of the Funds.

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements as of January 31, 2021.

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

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

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (August 1, 2020 to January 31, 2021).

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

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

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

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


	Beginning Account Value 7/31/2020		Ending Account Value 1/31/2021		Annualized Expense Ratios			Expense Paid During Period*

Growth Equity Fund
Actual Fund Return
Institutional Class Shares	$	1,000.00	$	1,108.30		0.63	%	$	3.35
Investor Class Shares	$	1,000.00	$	1,106.90		0.87	%	$	4.62
Hypothetical 5% Return
Institutional Class Shares	$	1,000.00	$	1,022.03		0.63	%	$	3.21
Investor Class Shares	$	1,000.00	$	1,020.82		0.87	%	$	4.43

Total Return Bond Fund
Actual Fund Return
Institutional Class Shares	$	1,000.00	$	1,043.80		0.47	%	$	2.42
Investor Class Shares	$	1,000.00	$	1,042.50		0.72	%	$	3.71
A Class Shares	$	1,000.00	$	1,042.70		0.72	%	$	3.71
Hypothetical 5% Return
Institutional Class Shares	$	1,000.00	$	1,022.84		0.47	%	$	2.40
Investor Class Shares	$	1,000.00	$	1,021.58		0.72	%	$	3.67
A Class Shares	$	1,000.00	$	1,021.58		0.72	%	$	3.67

Credit Fund
Actual Fund Return
Institutional Class Shares	$	1,000.00	$	1,077.20		0.71	%	$	3.72
Investor Class Shares	$	1,000.00	$	1,074.80		0.96	%	$	5.02
A Class Shares	$	1,000.00	$	1,076.00		0.96	%	$	5.02
Hypothetical 5% Return
Institutional Class Shares	$	1,000.00	$	1,021.63		0.71	%	$	3.62
Investor Class Shares	$	1,000.00	$	1,020.37		0.96	%	$	4.89
A Class Shares	$	1,000.00	$	1,020.37		0.96	%	$	4.89


	Beginning Account Value 7/31/2020		Ending Account Value 1/31/2021		Annualized Expense Ratios			Expense Paid During Period*

Low Duration Bond Fund
Actual Fund Return
Institutional Class Shares	$	1,000.00	$	1,015.70		0.43	%	$	2.18
Investor Class Shares	$	1,000.00	$	1,013.50		0.68	%	$	3.45
Hypothetical 5% Return
Institutional Class Shares	$	1,000.00	$	1,023.04		0.43	%	$	2.19
Investor Class Shares	$	1,000.00	$	1,021.78		0.68	%	$	3.47

Municipal Bond Fund
Actual Fund Return
Institutional Class Shares	$	1,000.00	$	1,016.20		0.54	%		0.27	%
Investor Class Shares	$	1,000.00		1,015.90		0.79	%		4.01	%
Hypothetical 5% Return
Institutional Class Shares	$	1,000.00	$	1,022.48		0.54	%		0.28	%
Investor Class Shares	$	1,000.00	$	1,021.22		0.79	%		4.02	%

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

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

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

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

(b) There has been no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR § 270.3a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

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

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


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



TABLE OF CONTENTS

	Page

Schedules of Investments		1

Statements of Assets and Liabilities		28

Statements of Operations		30

Statements of Changes in Net Assets		32

Financial Highlights		36

Notes to Financial Statements		39

Disclosure of Fund Expenses		50


	Growth Equity Fund		Total Return Bond Fund
Assets:
Investments at Value	$	404,461,163	$	3,057,850,510
Cash		3,250,634		36,551,750
Receivable for Investment Securities Sold		—		2,390,364
Receivable for Capital Shares Sold		271,645		7,537,342
Dividends and Interest Receivable		62,636		17,222,105
Prepaid Expenses		19,709		45,205


Total Assets		408,065,787		3,121,597,276


Liabilities:
Payable for Investment Securities Purchased		—		17,257,528
Payable for Capital Shares Redeemed		152,901		3,857,677
Payable Due to Investment Adviser		176,293		914,394
Shareholder Servicing Fees Payable — A Class Shares		—		1,010
Professional Fees Payable		17,408		44,600
Payable Due to Administrator		25,738		190,696
Payable Due to Distributor — Investor Class Shares		12,694		75,885
Payable Due to Distributor — A Class Shares		—		812
Payable Due to Trustees		3,384		26,938
Chief Compliance Officer Fees Payable		680		5,641
Transfer Agent Fees Payable		9,692		97,427
Pricing Fees Payable		—		40,256
Other Accrued Expenses		7,907		77,690


Total Liabilities		406,697		22,590,554


Net Assets	$	407,659,090	$	3,099,006,722


NET ASSETS:
Paid-in Capital	$	153,215,927	$	3,190,627,012
Total Distributable Earnings (Loss)		254,443,163		(91,620,290	)


Net Assets	$	407,659,090	$	3,099,006,722


Institutional Class Shares:
Net Assets	$	346,946,362	$	2,714,776,238
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		20,346,981		262,728,406
Net Asset Value, Offering and Redemption Price Per Share	$	17.05	$	10.33


Investor Class Shares:
Net Assets	$	60,712,728	$	380,172,959
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		3,626,429		36,808,767
Net Asset Value, Offering and Redemption Price Per Share	$	16.74	$	10.33


A Class Shares:
Net Assets	$	n/a	$	4,057,525
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		n/a		392,995
Net Asset Value, Offering and Redemption Price Per Share	$	n/a	$	10.32

Maximum Offering Price Per Share — Class A	$	n/a	$	10.67

Cost of Investments	$	172,552,797	$	3,096,302,698


	Credit Fund		Low Duration Bond Fund		Municipal Bond Fund

Assets:
Investments at Value	$	176,467,142	$	444,428,679	$	50,259,939
Cash		3,061,344		3,775,330		1,647,700
Receivable for Capital Shares Sold		76,781		294,811		19,114
Dividends and Interest Receivable		1,356,496		1,133,694		666,223
Prepaid Expenses		27,879		23,152		15,170


Total Assets		180,989,642		449,655,666		52,608,146


Liabilities:
Payable for Investment Securities Purchased		—		2,499,195		—
Payable for Capital Shares Redeemed		50,045		491,859		—
Payable Due to Investment Adviser		76,591		113,906		11,168
Shareholder Servicing Fees Payable — A Class Shares		299		—		—
Professional Fee Payable		26,741		19,669		18,643
Payable Due to Administrator		11,181		27,715		3,261
Payable Due to Distributor — Investor Class Shares		1,880		6,221		928
Payable Due to Distributor — A Class Shares		197		—		—
Payable Due to Trustees		1,677		3,717		473
Chief Compliance Officer Fees Payable		346		770		100
Transfer Agent Fees Payable		9,466		11,083		5,265
Pricing Fees Payable		16,296		3,241		2,648
Other Accrued Expenses		5,106		10,569		—


Total Liabilities		199,825		3,187,945		42,486


Net Assets	$	180,789,817	$	446,467,721	$	52,565,660


NET ASSETS:
Paid-in Capital	$	179,695,816	$	434,932,214	$	49,696,062
Distributable Earnings		1,094,001		11,535,507		2,869,598


Net Assets	$	180,789,817	$	446,467,721	$	52,565,660


Institutional Class Shares:
Net Assets	$	170,836,268	$	415,875,444	$	47,892,722
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		17,088,475		39,544,701		4,670,400
Net Asset Value, Offering and Redemption Price Per Share	$	10.00	$	10.52	$	10.25


Investor Class Shares:
Net Assets	$	9,264,288	$	30,592,277	$	4,672,938
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		927,992		2,908,199		455,556
Net Asset Value, Offering and Redemption Price Per Share	$	9.98	$	10.52	$	10.26


A Class Shares:
Net Assets	$	689,261	$	n/a	$	n/a
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		69,074		n/a		n/a
Net Asset Value, Offering and Redemption Price Per Share	$	9.98	$	n/a	$	n/a


Maximum Offering Price Per Share — Class A	$	10.21	$	n/a	$	n/a

Cost of Investments	$	173,258,167	$	434,048,264	$	47,735,144


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


	Growth Equity Fund			Total Return Bond Fund

Investment Income:

Dividend Income	$	1,279,045		$	2,797

Interest income		—			58,032,858

Foreign Taxes Withheld		(10,433	)		—


Total Investment Income		1,268,612			58,035,655


Expenses:

Investment Advisory Fees		1,039,335			5,570,581

Administration Fees		151,528			1,160,186

Distribution Fees — Investor Class Shares		75,249			504,183

Distribution Fees — A Class Shares		—			3,147

Trustees’ Fees		5,771			46,241

Chief Compliance Officer Fees		1,028			8,087

Transfer Agent Fees		30,632			223,763

Professional Fees		22,819			85,876

Registration Fees		23,137			49,711

Printing Fees		11,781			93,308

Custodian Fees		8,486			65,377

Insurance and Other Expenses		7,368			142,053


Total Expenses		1,377,134			7,952,513

Less: Fees Paid Indirectly		(60	)		(1,113	)


Net Expenses		1,377,074			7,951,400


Net Investment Income		(108,462	)		50,084,255


Net Realized Gain (Loss) from Investments		27,800,868			(17,923,754	)

Net Change in Unrealized Appreciation (Depreciation) on Investments		14,541,076			102,435,072


Net Realized and Unrealized Gain on Investments		42,341,944			84,511,318


Increase in Net Assets Resulting from Operations	$	42,233,482		$	134,595,573


	Growth Equity Fund
	Six Months Ended January 31, 2021 (Unaudited)			Year Ended July 31, 2020
Operations:
Net Investment Income (Loss)	$	(108,462	)	$	568,009
Net Realized Gain on Investments		27,800,868			19,362,795
Net Change in Unrealized Appreciation (Depreciation) on Investments		14,541,076			68,019,731

Net Increase in Net Assets Resulting from Operations		42,233,482			87,950,535

Distributions:
Net Investment Income:
Institutional Class Shares		(12,687,207	)		(29,507,815	)
Investor Class Shares		(2,146,616	)		(4,828,153	)
A Class Shares		n/a			n/a

Total Distributions		(14,833,823	)		(34,335,968	)

Capital Share Transactions:
Institutional Class Shares:
Issued		12,347,160			36,374,424
Reinvestment of Dividends		6,400,714			13,734,711
Redeemed		(34,880,043	)		(47,331,688	)

Net Increase (Decrease) in Net Assets from Institutional Class Share Transactions		(16,132,169	)		2,777,447

Investor Class Shares:
Issued		990,235			2,867,306
Reinvestment of Dividends		2,109,846			4,729,005
Redeemed		(3,062,576	)		(5,518,481	)

Net Increase (Decrease) in Net Assets from Investor Class Share Transactions		37,505			2,077,830

A Class Shares:
Issued		n/a			n/a
Reinvestment of Dividends		n/a			n/a
Redeemed		n/a			n/a

Net Increase (Decrease) in Net Assets from A Class Share Transactions		n/a			n/a

Net Increase (Decrease) in Net Assets from Capital Share Transactions		(16,094,664	)		4,855,277

Total Increase (Decrease) in Net Assets		11,304,995			58,469,844

Net assets:
Beginning of Year / Period		396,354,095			337,884,251

End of Year / Period	$	407,659,090		$	396,354,095

Share Transactions:
Institutional Class Shares:
Issued		728,421			2,670,702
Reinvestment of Dividends		378,398			1,035,347
Redeemed		(2,051,050	)		(3,456,764	)

Total Increase (Decrease) in Institutional Class Shares		(944,231	)		249,285

Investor Class Shares:
Issued		59,324			211,039
Reinvestment of Dividends		127,099			362,875
Redeemed		(183,844	)		(411,217	)

Total Increase (Decrease) in Investor Class Shares		2,579			162,697

A Class Shares:
Issued		n/a			n/a
Reinvestment of Dividends		n/a			n/a
Redeemed		n/a			n/a

Total Increase (Decrease) in Investor Class Shares		n/a			n/a

Net Increase (Decrease) in Shares Outstanding		(941,652	)		411,982


Total Return Bond Fund
Six Months Ended January 31, 2021 (Unaudited)			Year Ended July 31, 2020

$	50,084,255		$	135,771,673
	(17,923,754	)		4,524,747
	102,435,072			(138,036,077	)

	134,595,573			2,260,343



	(47,850,467	)		(125,231,018	)
	(6,404,003	)		(18,817,985	)
	(43,781	)		(69,877	)

	(54,298,251	)		(144,118,880	)



	350,378,072			814,585,252
	28,679,587			72,744,679
	(569,000,634	)		(1,124,079,814	)


	(189,942,975	)		(236,749,883	)


	20,687,513			172,446,248
	5,632,111			16,980,474
	(85,428,241	)		(258,805,689	)


	(59,108,617	)		(69,378,967	)


	2,246,639			2,069,964
	26,107			42,319
	(68,999	)		(1,249,029	)


	2,203,747			863,254


	(246,847,845	)		(305,265,596	)

	(166,550,523	)		(447,124,133	)


	3,265,557,245			3,712,681,378

$	3,099,006,722		$	3,265,557,245



	34,375,863			79,535,260
	2,814,822			7,166,892
	(55,938,054	)		(111,528,936	)

	(18,747,369	)		(24,826,784	)


	2,029,034			16,716,875
	553,064			1,672,615
	(8,398,936	)		(25,724,465	)

	(5,816,838	)		(7,334,975	)


	219,594			199,402
	2,563			4,202
	(6,787	)		(121,865	)

	215,370			81,739

	(24,348,837	)		(32,080,020	)


	Credit Fund
	Six Months Ended January 31, 2021 (Unaudited)			Year Ended July 31, 2020
Operations:
Net Investment Income	$	3,861,746		$	9,128,196
Net Realized Gain (Loss) on Investments		(480,070	)		1,467,102
Net Change in Unrealized Appreciation (Depreciation) on Investments		11,121,433			(7,833,816	)

Net Increase (Decrease) in Net Assets Resulting from Operations		14,503,109			2,761,482

Distributions:
Institutional Class Shares		(3,666,857	)		(8,661,274	)
Investor Class Shares		(184,855	)		(490,081	)
A Class Shares		(12,220	)		(20,588	)
Return of Capital:
Institutional Class Shares		—			—
Investor Class Shares		—			—
A Class Shares		—			—

Total Distributions		(3,863,932	)		(9,171,943	)

Capital Share Transactions:
Institutional Class Shares:
Issued		7,636,171			37,159,580
Reinvestment of Dividends		727,987			1,647,783
Redeemed		(41,762,489	)		(38,439,618	)

Net Increase (Decrease) in Net Assets from Institutional Class Share Transactions		(33,398,331	)		367,745

Investor Class Shares:
Issued		256,440			1,414,840
Reinvestment of Dividends		181,012			480,065
Redeemed		(2,540,408	)		(4,031,933	)

Net Increase (Decrease) in Net Assets from Investor Class Share Transactions		(2,102,956	)		(2,137,028	)

A Class Shares:
Issued		97,818			310,042
Reinvestment of Dividends		10,783			19,157
Redeemed		(91,954	)		(69,939	)

Net Increase in Net Assets from A Class Share Transactions		16,647			259,260

Net Increase (Decrease) in Net Assets from Capital Share Transactions		(35,484,640	)		(1,510,023	)

Total Increase (Decrease) in Net Assets		(24,845,463	)		(7,920,484	)

Net assets:
Beginning of Year / Period		205,635,280			213,555,764

End of Year / Period	$	180,789,817		$	205,635,280

Share Transactions:
Institutional Class Shares:
Issued		785,181			3,884,745
Reinvestment of Dividends		74,966			174,523
Redeemed		(4,275,750	)		(4,104,654	)

Total Increase (Decrease) in Institutional Class Shares		(3,415,603	)		(45,386	)

Investor Class Shares:
Issued		26,248			151,235
Reinvestment of Dividends		18,637			50,921
Redeemed		(260,633	)		(435,001	)

Total Increase (Decrease) in Investor Class Shares		(215,748	)		(232,845	)

A Class Shares:
Issued		9,885			32,436
Reinvestment of Dividends		1,110			2,046
Redeemed		(9,394	)		(7,195	)

Total Increase in A Class Shares		1,601			27,287

Net Increase (Decrease) in Shares Outstanding		(3,629,750	)		(250,944	)


Low Duration Bond Fund						Municipal Bond Fund
Six Months Ended January 31, 2021 (Unaudited)			Year Ended July 31, 2020			Six Months Ended January 31, 2021 (Unaudited)	Year Ended July 31, 2020

$	3,744,047		$	7,235,891		$ 915,433	$	2,501,812
	1,665,202			1,033,047		284,829		1,898,942
	1,035,786			7,328,623		(293,853)		(583,889	)

	6,445,035			15,597,561		906,409		3,816,865


	(3,633,109	)		(6,816,119	)	(2,489,867)		(2,608,571	)
	(226,247	)		(420,280	)	(234,876)		(126,907	)
	—			—		—		—

	(776,070	)		—		—		—
	(62,644	)		—		—		—
	—			—		—		—

	(4,698,070	)		(7,236,399	)	(2,724,743)		(2,735,478	)



	60,694,366			150,697,807		1,297,633		4,238,557
	1,622,660			2,152,221		1,160,875		639,131
	(51,052,703	)		(75,899,277	)	(8,194,145)		(105,843,582	)


	11,264,323			76,950,751		(5,735,637)		(100,965,894	)


	9,965,695			11,294,065		6,100,974		326,068
	283,867			411,230		233,831		109,020
	(7,185,699	)		(10,306,698	)	(6,230,191)		(2,051,724	)

	3,063,863			1,398,597		104,614		(1,616,636	)


	n/a			n/a		n/a		n/a
	n/a			n/a		n/a		n/a
	n/a			n/a		n/a		n/a

	n/a			n/a		n/a		n/a

	14,328,186			78,349,348		(5,631,023)		(102,582,530	)

	16,075,151			86,710,510		(7,449,357)		(101,501,143	)


	430,392,570			343,682,060		60,015,017		161,516,160

$	446,467,721		$	430,392,570		$52,565,660	$	60,015,017



	5,776,330			14,667,017		122,434		402,897
	154,508			208,486		112,628		60,856
	(4,858,850	)		(7,368,009	)	(775,727)		(10,024,880	)

	1,071,988			7,507,494		(540,665)		(9,561,127	)


	948,472			1,099,000		573,497		31,047
	27,019			39,819		22,673		10,376
	(683,893	)		(999,666	)	(586,108)		(194,614	)

	291,598			139,153		10,062		(153,191	)


	n/a			n/a		n/a		n/a
	n/a			n/a		n/a		n/a
	n/a			n/a		n/a		n/a

	n/a			n/a		n/a		n/a

	1,363,586			7,646,647		(530,603)		(9,714,318	)


FROST GROWTH EQUITY FUND


FROST GROWTH EQUITY FUND


FROST TOTAL RETURN BOND FUND


FROST TOTAL RETURN BOND FUND



	Net Asset Value, Beginning of Year		Net Investment Income (Loss)⁽¹⁾			Net Realized and Unrealized Gains (Losses) on Investments			Total From Operations			Dividends From Net Investment Income			Distributions From Realized Gains			Total Dividends & Distributions			Net Asset Value, End of Year		Total Return†			Net Assets End of Year (000)		Ratio of Expenses to Average Net Assets			Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate

Growth Equity Fund

Institutional Class Shares
2021***	$	15.95	$	—		$	1.72		$	1.72		$	(0.01	)	$	(0.61	)	$	(0.62	)	$	17.05		10.83	%	$	346,946		0.63	%*		0.63	%*		(0.02	)%*		11	%**
2020		13.82		0.03			3.53			3.56			(0.04	)		(1.39	)		(1.43	)		15.95		27.91			339,542		0.64			0.64			0.20			17
2019		14.49		0.05			1.09			1.14			(0.04	)		(1.77	)		(1.81	)		13.82		10.34			290,773		0.63			0.63			0.34			25
2018		14.82		0.04			3.18			3.22			(0.03	)		(3.52	)		(3.55	)		14.49		25.05			272,509		0.65			0.65			0.26			15
2017		13.61		0.04			2.51			2.55			(0.02	)		(1.32	)		(1.34	)		14.82		20.54			251,675		0.79			0.79			0.27			16
2016		15.61		0.02			(0.32	)		(0.30	)		(0.02	)		(1.68	)		(1.70	)		13.61		(1.72	)		348,935		0.80			0.80			0.11			23

Investor Class Shares
2021***	$	15.68	$	(0.02	)	$	1.69		$	1.67		$	—		$	(0.61	)	$	(0.61	)	$	16.74		10.69	%	$	60,713		0.87	%*		0.87	%*		(0.27	)%*		11	%**
2020		13.61		(0.01	)		3.48			3.47			(0.01	)		(1.39	)		(1.40	)		15.68		27.62			56,812		0.89			0.89			(0.05	)		17
2019		14.30		0.01			1.08			1.09			(0.01	)		(1.77	)		(1.78	)		13.61		10.05			47,111		0.88			0.88			0.09			25
2018		14.70		—			3.15			3.15			(0.03	)		(3.52	)		(3.55	)		14.30		24.72			46,266		0.90			0.90			0.01			15
2017		13.51		0.01			2.50			2.51			—			(1.32	)		(1.32	)		14.70		20.33			40,287		1.04			1.04			0.04			16
2016		15.53		(0.02	)		(0.32	)		(0.34	)		—			(1.68	)		(1.68	)		13.51		(2.01	)		64,238		1.05			1.05			(0.14	)		23



	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gains (Losses) on Investments			Total From Operations		Dividends From Net Investment Income			Distributions From Realized Gains			Total Dividends & Distributions			Net Asset Value, End of Period		Total Return†			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate

Total Return Bond Fund

Institutional Class Shares
2021***	$	10.07	$	0.16	$	0.28		$	0.44	$	(0.18	)	$	—		$	(0.18	)	$	10.33		4.38	%	$	2,714,776		0.47	%		0.47	%		3.17	%		20	%
2020		10.42		0.38		(0.32	)		0.06		(0.41	)		—			(0.41	)		10.07		0.60			2,834,690		0.47			0.47			3.74			48
2019		10.28		0.39		0.13			0.52		(0.38	)		—			(0.38	)		10.42		5.19			3,191,392		0.47			0.48			3.77			40
2018		10.50		0.37		(0.20	)		0.17		(0.37	)		(0.02	)		(0.39	)		10.28		1.60			2,349,388		0.48			0.48			3.60			15
2017		10.52		0.39		(0.02	)		0.37		(0.38	)		(0.01	)		(0.39	)		10.50		3.63			1,918,126		0.51			0.51			3.68			24
2016		10.56		0.41		—			0.41		(0.40	)		(0.05	)		(0.45	)		10.52		4.02			1,606,097		0.52			0.52			3.90			32

Investor Class Shares
2021***	$	10.07	$	0.15	$	0.28		$	0.43	$	(0.17	)	$	—			(0.17	)	$	10.33		4.25	%	$	380,173		0.72	%		0.72	%		2.92	%		20	%
2020		10.41		0.35		(0.31	)		0.04		(0.38	)		—			(0.38	)		10.07		0.44			429,079		0.72			0.72			3.47			48
2019		10.28		0.36		0.13			0.49		(0.36	)		—			(0.36	)		10.41		4.83			520,291		0.72			0.73			3.51			40
2018		10.50		0.35		(0.21	)		0.14		(0.34	)		(0.02	)		(0.36	)		10.28		1.35			374,298		0.73			0.73			3.35			15
2017		10.52		0.36		(0.02	)		0.34		(0.35	)		(0.01	)		(0.36	)		10.50		3.37			324,772		0.76			0.76			3.43			24
2016		10.56		0.38		—			0.38		(0.37	)		(0.05	)		(0.42	)		10.52		3.76			260,702		0.77			0.77			3.65			32

A Class Shares
2021***	$	10.06	$	0.15	$	0.28		$	0.43	$	(0.17	)	$	—			(0.17	)	$	10.32		4.27	%	$	4,058		0.72	%		0.72	%		2.94	%		20	%
2020		10.41		0.35		(0.32	)		0.03		(0.38	)		—			(0.38	)		10.06		0.34			1,788		0.72			0.72			3.47			48
2019		10.28		0.36		0.11			0.47		(0.34	)		—			(0.34	)		10.41		4.69			998		0.82			0.83			3.49			40
2018(a)		10.29		0.05		(0.01	)		0.04		(0.05	)		—			(0.05	)		10.28		0.44	**		193		0.88	*		0.88	*		3.05	*		15	**

Credit Fund

Institutional Class Shares
2021***	$	9.47	$	0.18	$	0.54		$	0.72	$	(0.19	)	$	—			(0.19	)	$	10.00		7.72	%	$	170,836		0.71	%		0.71	%		3.68	%		11	%
2020		9.72		0.41		(0.25	)		0.16		(0.41	)		—			(0.41	)		9.47		1.79			194,182		0.71			0.71			4.35			35
2019		9.78		0.40		0.06			0.46		(0.49	)		(0.03	)		(0.52	)		9.72		4.88			199,800		0.70			0.70			4.18			19
2018		9.99		0.56		(0.17	)		0.39		(0.47	)		(0.13	)		(0.60	)		9.78		3.96			197,014		0.71			0.71			5.67			33
2017		9.63		0.55		0.30			0.85		(0.49	)		—			(0.49	)		9.99		9.08			163,210		0.81			0.81			5.57			27
2016		9.86		0.49		(0.24	)		0.25		(0.48	)^		—			(0.48	)		9.63		2.79			129,395		0.83			0.83			5.27			36

Investor Class Shares
2021***	$	9.46	$	0.17	$	0.53		$	0.70	$	(0.18	)	$	—			(0.18	)	$	9.98		7.48	%	$	9,265		0.96	%		0.96	%		3.43	%		11	%
2020		9.71		0.39		(0.25	)		0.14		(0.39	)		—			(0.39	)		9.46		1.53			10,815		0.96			0.96			4.11			35
2019		9.77		0.38		0.05			0.43		(0.46	)		(0.03	)		(0.49	)		9.71		4.62			13,366		0.95			0.95			3.93			19
2018		9.98		0.54		(0.18	)		0.36		(0.44	)		(0.13	)		(0.57	)		9.77		3.71			13,779		0.96			0.96			5.41			33
2017		9.62		0.52		0.31			0.83		(0.47	)		—			(0.47	)		9.98		8.82			13,317		1.06			1.06			5.28			27
2016		9.85		0.47		(0.25	)		0.22		(0.45	)^		—			(0.45	)		9.62		2.54			10,565		1.08			1.08			5.02			36

A Class Shares
2021***	$	9.45	$	0.17	$	0.54		$	0.71	$	(0.18	)	$	—			(0.18	)	$	9.98		7.60	%	$	689		0.96	%		0.96	%		3.43	%		11	%
2020		9.71		0.38		(0.25	)		0.13		(0.39	)		—			(0.39	)		9.45		1.44			638		0.96			0.96			4.06			35
2019		9.76		0.37		0.06			0.43		(0.45	)		(0.03	)		(0.48	)		9.71		4.60			390		1.05			1.05			3.83			19
2018(a)		9.80		0.08		(0.04	)		0.04		(0.08	)		—			(0.08	)		9.76		0.36			160		1.11	*		1.11	*		4.68	*		33	**


Fund	Advisory Fee Before Contractual Fee Reduction	Institutional Class Shares Contractual Expense Limitation	Investor Class Shares Contractual Expense Limitation*	A Class Shares Contractual Expense Limitation**

Growth Equity Fund†	0.50%	1.25%	1.25%	N/A

Total Return Bond Fund	0.35%	0.95%	0.95%	0.95%

Credit Fund††	0.50%	1.00%	1.00%	1.00%

Low Duration Bond Fund	0.30%	0.95%	0.95%	N/A

Municipal Bond Fund†††	0.25%	N/A	N/A	N/A


	U.S. Government		Other		Total

Growth Equity Fund
Purchases	$	—	$	46,058,485	$	46,058,485
Sales		—		73,804,372		73,804,372

Total Return Bond Fund
Purchases		340,581,766		242,458,670		583,040,436
Sales		255,759,654		533,343,634		789,103,288

Credit Fund
Purchases		—		17,974,942		17,974,942
Sales		—		33,712,386		33,712,386


	Tax Exempt		Ordinary Income		Long-Term Capital Gains		Return of Capital		Total
Growth Equity Fund
2020	$	—	$	895,116	$	33,440,852	$	—	$	34,335,968
2019		—		792,945		38,925,590		—		39,718,535
Total Return Bond Fund
2020		—		144,118,880		—		—		144,118,880
2019		—		118,764,303		—		—		118,764,303
Credit Fund
2020		—		9,171,943		—		—		9,171,943
2019		—		10,589,414		753,974		—		11,343,388
Low Duration Bond Fund
2020		—		7,236,399		—		—		7,236,399
2019		—		6,717,942		—		—		6,717,942
Municipal Bond Fund
2020		2,486,538		221,093		27,847		—		2,735,478
2019		3,585,302		215,090		—		—		3,800,392


	Undistributed Ordinary Income		Undistributed Tax-Exempt Income		Undistributed Long-Term Capital Gain		Capital Loss Carryforwards			Post-October Losses		Late-Year Loss Deferral		Unrealized Appreciation (Depreciation)			Other Temporary Differences			Total Distributable Earnings (Accumulated Losses)
Growth Equity Fund	$	238,205	$	—	$	9,438,002	$	—		$	—	$	—	$	217,367,290		$	7		$	227,043,504
Total Return Bond Fund		151,075		—		—		(24,924,090	)		—		—		(147,144,623	)		26			(171,917,612	)
Credit Fund		14,190		—		—		(1,449,822	)		—		—		(8,109,541	)		(3	)		(9,545,176	)
Low Duration Bond Fund		171,736		—		—		(566,543	)		—		—		9,344,629			6			8,949,828
Municipal Bond Fund		459,725		—		1,409,563		—			—		—		2,818,648			(4	)		4,687,932


	Short-Term Loss		Long-Term Loss		Total
Total Return Bond Fund	$	9,664,851	$	15,259,239	$	24,924,090
Credit Fund		716,817		733,005		1,449,822
Low Duration Bond Fund		298,043		268,500		566,543


	Federal Tax Cost		Appreciated Securities		Depreciated Securities			Net Unrealized Appreciation (Depreciation)
Growth Equity Fund	$	172,552,797	$	233,203,149	$	(1,294,782)		$	231,908,367
Total Return Bond Fund		3,104,217,220		161,524,972		(207,891,682	)		(46,366,710	)
Credit Fund		173,469,821		7,022,744		(4,025,423	)		2,997,321
Low Duration Bond Fund		434,048,264		10,567,385		(186,970	)		10,380,415
Municipal Bond Fund		47,735,144		2,533,094		(8,299	)		2,524,795


	# of Shareholders		% of Outstanding Shares
Growth Equity Fund
Institutional Class Shares		3		71.40%
Investor Class Shares		1		79.05%

Total Return Bond Fund
Institutional Class Shares		3		51.87%
Investor Class Shares		1		19.69%
A Class Shares		2		32.24%

Credit Fund
Institutional Class Shares		2		79.91%
Investor Class Shares		1		73.90%
A Class Shares		1		40.24%

Low Duration Bond Fund
Institutional Class Shares		2		55.54%
Investor Class Shares		1		57.46%

Municipal Bond Fund
Institutional Class Shares		1		42.07%
Investor Class Shares		2		91.30%


Total Return Bond Fund	$	5,755,424
Credit Fund		197,083
Municipal Bond Fund		186,081