Strategy. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities. This investment policy may be changed by the Fund upon 60 days prior written notice to shareholders. Frost Investment Advisors, LLC (the Adviser or Frost) actively manages the duration of the Fund and purchases securities such that the average effective duration of the Funds portfolio will typically range within plus or minus four years of the duration of the Bloomberg U.S. Aggregate Bond Index, the Funds benchmark. As of October 31, 2025, the duration of the Funds benchmark was 6.01 years. Accordingly, the average effective duration of the Funds portfolio would have been expected to range from … Show more… Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities. This investment policy may be changed by the Fund upon 60 days prior written notice to shareholders. Frost Investment Advisors, LLC (the Adviser or Frost) actively manages the duration of the Fund and purchases securities such that the average effective duration of the Funds portfolio will typically range within plus or minus four years of the duration of the Bloomberg U.S. Aggregate Bond Index, the Funds benchmark. As of October 31, 2025, the duration of the Funds benchmark was 6.01 years. Accordingly, the average effective duration of the Funds portfolio would have been expected to range from 2.01 to 10.01 years as of such date. 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. The Adviser, in constructing and maintaining the Funds portfolio, employs the following five primary strategies to varying degrees depending on its views of economic growth prospects, interest rate predictions and relative value assessments: determining an average interest rate target for the Fund based off analysis of duration and the yield curve; determining a best estimate of asset category allocations for the Fund; determining a balance of asset classes that offer the best potential performance given the Advisers estimates of economic growth, interest rate direction and relative value; determining the best credit sector allocation for the Fund, given those same inputs, defined by security ratings sourced from the national ratings agencies; and individual security selection. The total return sought by the Fund consists of income earned on the Funds investments, plus capital appreciation, if any, which generally arises from decreases in interest rates or improving credit fundamentals for a particular sector or security. The Fund typically invests in the following U.S. dollar-denominated fixed income securities: U.S. Treasury securities; governmental agency debt; corporate debt; asset-backed securities; taxable municipal bonds; collateralized loan obligations; collateralized mortgage obligations and residential and commercial mortgage-backed securities. The Funds fixed income investments focus primarily on investment grade securities (rated in one of the four highest rating categories by a rating agency), but may at times include securities rated below investment grade (high yield or junk bonds). In addition, the Funds fixed income securities may include unrated securities, if deemed by the Adviser to be of comparable quality to investment grade. The Fund may also enter into repurchase agreements. While not a primary focus, the Fund may at times have some allocation or exposure to distressed fixed income opportunities. Show less