Frost Low Duration Bond FundQ U A R T E R LY R E P O R T

F O R T H E P E R I O D E N D I N G D E C E M B E R 3 1 , 2 0 1 7

For Investment Professional Use Only – Not Intended for Distribution to the General Public

TA B L E O F C O N T E N T S

Firm Overview 3

Portfolio Analysis 5 - 9

Portfolio Performance 11, 12

Management Team 14

Appendix 15

- Team Overview 16

- Disclosures 17, 18

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F I R M OV E RV I E W

Fixed Income Funds Category

Frost Total Return Bond Fund Core-Plus Bond

Frost Credit Fund Multi-Sector Bond

Frost Low Duration Bond Fund Short-Term Bond

Frost Municipal Bond Fund Muni National Intermediate Bond

Equity Funds Category

Frost Growth Equity Fund Large Growth Equity

Frost Value Equity Fund Large Value Equity

Frost Mid Cap Equity Fund Mid Cap Equity

Frost Investment Advisors, LLC is a wholly owned subsidiary of Frost Bank, a bank subsidiary of Cullen/Frost Bankers Inc. (NYSE:CFR)

Adviser to over $3.7 billion in assets under management as of December 31, 2017

Adviser to over $3.4 billion in mutual fund assets as of December 31, 2017

Registered with the SEC as an Investment Adviser in 2008, Part 2A of Form ADV available

Funds managed in-house:

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Fund AUM by Investment Discipline

Equity Funds11%

Frost Total Return Bond Fund

66%

Frost Low Duration Bond Fund

8%

Frost Municipal Bond Fund4%

Frost Credit Bond Fund5%

SMA6%

Frost Low Duration Bond FundPortfolio Analysis

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Ordinarily

Maintain portfolio’s rate duration position plus or minus 1 year of the benchmark over a long-term horizon

Long-only manager (no short positions)

Target 12 month minimum holding periods for securities seeking to enhance tax efficiency

Develop both a long-term strategic market outlook and a short-term tactical market outlook:

– Set future macroeconomic trends

– Interest rate forecast

– Yield curve shifts

– Volatility analysis

– Credit spread forecasts

– Technical market factors

Focus primarily on 1 to 5 year maturity sector and only investment grade or governance securities only

Style bias in allocation to securitized credit and corporate credit due to our expertise

P O R T F O L I O S T R U C T U R E

Under present conditions we choose to:

Avoid use of leverage

Maintain internal Credit expertise and make all credit decisions based on internal analysis

Risk controls rely on both qualitative analysis dependent largely on experienced staff and quantitative analysis using risk budgeting process

Avoid the use of instruments:

– Futures

– Options

– Credit Default Swaps

– Non-dollar denominated securities

– Convertible bonds

– Securities with other equity like characteristics

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S U M M A RYF O R T H E Q U A R T E R E N D I N G D E C E M B E R 3 1 , 2 0 1 7

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Sector Allocation Position Attribution Effect Relative to Benchmark

U.S. Treasuries Underweight Positive

Credit Markets Neutral Positive

Agency MBS Overweight Positive

ABS Overweight Positive

Cash Overweight Positive

Rate Position Range in Quarter Attribution Effect Relative to Benchmark

Effective Duration Range 1.40 to 1.60 Positive

Fund Return Benchmark Return

0.04% -0.30%

Sector allocations are subject to change over time.

Past performance is not indicative of similar future results.

Sector Frost Low Duration Bond FundBloomberg Barclays 1-5 Yr

G/C Bond Index

US Treasury Debt 35%60%

US Agency Debt (including MBS) 14% 4%

AAA 21% 6%

AA 6% 6%

A 9% 13%

BBB 8% 11%

Cash 7% ---

Credit sector allocations are subject to change over time.

Source: Bloomberg Barclays

The credit quality breakdown depicts the credit quality ratings of the Fund’s portfolio securities that are rated by one or more of the three major nationally recognized statistical rating organizations (“NRSRO”). These three NRSRO’s currently are Standard & Poor’s, Moody’s, and Fitch.

C R E D I T S EC TO R A L LO C AT I O N SF O R T H E P E R I O D E N D I N G D E C E M B E R 3 1 , 2 0 1 7

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Frost Low Duration Bond FundBloomberg Barclays 1-5 Yr

G/C Bond Index

Coupon 2.17 2.23

Effective Rate Position Duration 1.39 2.65

Effective Rate Position Convexity -0.16 0.09

Average Maturity 2.69 2.85

Portfolio metrics are subject to change over time.

Source: Bloomberg Barclays

P O R T F O L I O M E T R I C SF O R T H E P E R I O D E N D I N G D E C E M B E R 3 1 , 2 0 1 7

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Risk statistics are subject to change over time.

Risk Statistics* 3-Year 5-Year

Alpha 0.43 0.33

Beta 0.55 0.62

R-Squared 79.20 76.95

Up Market Capture Ratio 73.75 76.08

Down Market Capture Ratio 37.76 53.20

Information Ratio 0.10 0.04

Source: Morningstar* vs. Bloomberg Barclays 1-5 yr G/C

F R O S T LOW D U R AT I O N B O N D F U N D – VA LUAT I O N M E T R I C SF O R T H E P E R I O D E N D I N G D E C E M B E R 3 1 , 2 0 1 7

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Frost Low Duration Bond FundPerformance

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Annualized Return – (Net of Fees)Frost Low Duration

Bond FundBloomberg Barclays 1-5 Yr

US Govt/Credit Index

Year to Date 1.77 1.27

1 Year 1.77 1.27

3 Years 1.34 1.27

5 Years 1.12 1.10

Since Fund Inception (4/25/08) 2.99 2.37

Source: SEI

P E R F O R M A N C E S TAT I S T I C S F O R T H E P E R I O D E N D I N G D E C E M B E R 3 1 , 2 0 1 7

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Performance data quoted represents past performance. Past performance does not guarantee similar future results. The investmentperformance and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or lessthan their original cost and current performance may be lower or higher than the performance quoted. Expense ratio for the Fund is:0.46%; The Adviser has contractually agreed to waive fees and reimburse expenses until November 30, 2018. Absent these fee waivers,total return and yield would be reduced. For performance data current to the most recent month end, please call 1-877-71-FROST(37678).

Performance data quoted represents past performance. Past performance does not guarantee similar future results. The investmentperformance and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or lessthan their original cost and current performance may be lower or higher than the performance quoted. Expense ratio for the Fund is: 0.46%;The Adviser has contractually agreed to waive fees and reimburse expenses until November 30, 2018. Absent these fee waivers, total returnand yield would be reduced. For performance data current to the most recent month end, please call 1-877-71-FROST (37678).

P E R F O R M A N C E S TAT I S T I C S – C A L E N DA R Y EA R R E T U R N S

Year Frost Low Duration Bond Fund Bloomberg Barclays 1-5 Yr US Govt/Credit Index

2017 1.77% 1.27%

2016 1.69% 1.56%

2015 0.56% 0.97%

2014 1.71% 1.42%

2013 -0.09% 0.28%

2012 4.26% 2.24%

2011 2.74% 3.14%

2010 4.18% 4.08%

2009 12.03% 4.62%

Source: SEI

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Frost Low Duration Bond FundManagement Team

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Director of Fixed Income

Research and Analysis

Portfolio Analytics

1 Analyst

Credit Research

2 Senior Analysts

5 Analysts

Trading

1 Senior Trader

1 Trader

Team Organization

Frost Total Return Bond Fund Frost Credit Fund Frost Low Duration Bond Fund Frost Municipal Bond Fund

Jeffery Elswick – Co-Chief Investment Officer, Managing Director, Director of Fixed Income and Senior Fund Manager (2008 – Present)Sets and oversees the investment strategy for fixed income assets, manages all trading and analysis for fixed income efforts and is the day-to-day portfolio manager for fixed income mutual funds and other institutional separately managed accounts. Education: Texas A&M University - MS-Finance, 1995 / Texas A&M University - Commerce, TX - BBA-Finance and Accounting, 1993

Markie Atkission – Senior Fixed Income Trader and Research Analyst (2008 – Present)Specializes in all products, including government agency bonds, corporate bonds, asset-backed securities including CLOs, commercial mortgage backs and municipal bonds.Education: Texas Tech University - Lubbock, TX - BBA-Finance, 2006

Tim Tucker – Senior Fixed Income Research Analyst and Fund Co-Manager (2011 – Present)Primarily responsible for analyzing investment merits for all securities in the following sectors: all investment grade and high yield corporate bonds, excluding financials, in the securitized segment and all Collaterized Loan Obligations.Education: Southern Methodist University - Dallas, TX - BBA-Finance with a Minor in Statistics, 1995

Dave Tankin, CFA® – Senior Fixed Income Research Analyst and Portfolio Manager (2015 – Present)Primarily responsible for managing select segregated portfolios and analyzing bank credits.Education: Northwestern University’s J.L. Kellogg Graduate School of Management – Evanston, IL – MBA, 1986 / Northwestern University –Evanson, IL – BA in Economics, 1982

F I X E D I N C O M E S E N I O R T EA M M E M B E R S

CFA® and Chartered Financial Analyst (CFA®) are trademarks owned by the CFA Institute.

Appendix

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T EA M OV E RV I E WManaging Board

Marketing TeamHarold Clemons – Managing Director and National Sales ManagerVance Arnold, CFA® – Managing Director and Director of Institutional SalesJustin Hopkins, CIMA® – Research Analyst and Product SpecialistJeffrey Wright, CFP®, CWS® – Internal WholesalerMargaret Velasquez, AFIM® – Marketing Sales Support ManagerManuel Salazar – Marketing and Sales SpecialistAmanda Alonzo – Marketing and Sales SpecialistGrant Schallock, CFA® – Research Analyst

Tom L. Stringfellow, CFA®, CPA, CFP®, CIC, President,

Managing Director, CIO

Equity Research TeamJohn Lutz, CFA® – Sr. Fund Manager & Sr. Research AnalystTom Bergeron, CFA® – Sr. Fund Manager & Sr. Research AnalystRobert Bambace CFA®, CPA – Sr. Fund Manager & Sr. Portfolio ManagerAndrew Duncan, CFA® – Sr. Research AnalystA.B. Mendez, CFA® – Sr. Research AnalystJonathan Waite, CFA® – Sr. Research AnalystAustin Haworth – Investment Research AnalystOlivier Dardant – Investment Research AnalystDavid Telling, Jr. – Sr. Research AnalystJustin Hopkins, CIMA® – Research Analyst & Product Specialist

Fixed Income TeamJeffery Elswick – Co-CIO, Managing Director, Director of Fixed Income & Sr. Fund ManagerTim Tucker – Sr. Fixed Income Research Analyst & Fund Co-ManagerDave Tankin, CFA® – Sr. Fixed Income Research Analyst & Port. ManagerMarkie Atkission – Sr. Fixed Income Trader & Research AnalystJustin Nevels – Fixed Income Research AnalystDaniel Ortega – Fixed Income Research AnalystAlexander Stewart – Fixed Income TraderAntonio Debouse – Fixed Income Research AnalystAndrew Simms – Fixed Income Research AnalystBenjamin Warlow – Investment Research AnalystJared McFerron – Investment Research Analyst

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Compliance TeamBob Pfeifer – Chief Compliance OfficerFlorence Vargas – AnalystEric Gallardo – AnalystElizabeth Valenzuela – AnalystRyan Struski – Analyst

CFA® and Chartered Financial Analyst (CFA®) are trademarks owned by the CFA Institute.

D I S C LO S U R E S

Frost Investment Advisors, LLC is registered as an investment advisor with the SEC. Registration does not imply a certain level ofskills or training.

This presentation is furnished for informational purposes only and is not investment advice, a solicitation, an offer to buy or sell, ora recommendation of any security to any person. Opinions, beliefs and/or thoughts are as of the date given and are subject tochange without notice. The information presented in this presentation was obtained from sources considered to be reliable, but itsaccuracy and completeness is not guaranteed.

To determine if a Fund is an appropriate investment for you, carefully consider the Fund’s investment objectives, risk factors,charges and expenses before investing. This and other information can be found in the Fund’s prospectus, which may beobtained by calling 1-877-71Frost (37678). Please read the prospectus carefully before investing.

Unless otherwise indicated, returns are presented gross of management fees and other expenses. The deduction of investmentmanagement fees, as well as other expenses, will have an adverse, compounding effect on the investment performance of theportfolio. For example, a $100,000,000 portfolio charged an investment management fee of 0.25% annually of managed assetsearning a 6% gross-of-fee annualized rate of return over a five-year period would have a market value of cumulative gross of feereturns over five years of 33.8% (6% annualized) and a cumulative net of fee return of 32.18% (5.74% annualized). Investmentadvisory fees are described in Part 2A of our Form ADV.

Mutual fund investing involves risk, including possible loss of principal. In addition to the normal risks associated with investing,investments in smaller companies typically exhibit higher volatility; international investments may involve risk of capital loss fromunfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from social, economic orpolitical instability in other nations. Bond and bond funds are subject to interest rate risk and will decline in value as interest ratesrise. There can be no assurance that a Fund will achieve its stated objective.

Frost Investment Advisors, LLC (the “Advisor”) serves as the investment adviser to the Frost mutual funds. The Frost mutual fundsare distributed by SEI Investments Distribution Co., which is not affiliated with the Advisor or its affiliates.

Economic factors, market conditions, and investment strategies will affect the performance of any portfolio and there are noassurances that it will match or outperform any particular benchmark.

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D I S C LO S U R E S

Historical performance results for investment indexes and/or categories, generally do not reflect the deduction of transactionand/or custodial charges or the deduction of an investment-management fee, the incurrence of which could have the effect ofdecreasing historical performance results and therefore could be materially different from that of the portfolio. Investors cannotinvest directly in an index.

Benchmark Data: The Bloomberg Barclays 1-5 Year Govt/Credit Bond Index includes all medium and larger issues of U.S.government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities ofbetween 1 and 5 years and are publicly issued.

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