Fund Overview Fund Overview Share Class I N I Z NAV | as of 03/31/2023 $7.61 +$0.16 (+2.15%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 574 Small Growth funds as of 02/28/2023 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 09/24/1997 to 02/28/2023 = $83,120.89 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call 800.548.4539. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. View Performance Read Important Investment Disclosures Objective Seeks long-term capital appreciation by investing in a portfolio of small cap stocks. Why Consider May be appropriate for investors looking to gain exposure to small cap stocks Manager brings a long history of disciplined investing in small and mid cap stocks, emphasizing fundamental research and bottom-up stock selection Targets companies with solid business models with strong earnings power while selling at reasonable valuations Documents Fact Sheet Commentary Summary Prospectus Prospectus 2022 Year End Distributions View All Documents James A. Colgan SENIOR VICE PRESIDENT See Our Approach Read Bio G. Michael Novak, Jr. SENIOR VICE PRESIDENT See Our Approach Read Bio Investment Style Frontier Small Cap Growth Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective Frontier Small Cap Growth Fund is categorized as Small-Growth. It invests in small-cap companies with high risk. Morningstar Ratings Risk-adjusted returns as of 02/28/2023 Overall Rating (of 574) 3 Years (of 574) 5 Years (of 528) 10 Years (of 399) Category Small Growth Read Important Investment Disclosures James A. Colgan SENIOR VICE PRESIDENT Responsibility: Portfolio Manager, Frontier Small Cap Growth. Prior Experience: Manager, Digital Equipment Corporation, Program Manager, United Technologies Corporation. Education: BS University of Connecticut; MS. University of Massachusetts; MS, MBA MIT Sloan School of Management G. Michael Novak, Jr. SENIOR VICE PRESIDENT Responsibility: Portfolio Manager, Frontier Small Cap Growth; Prior Experience: Captain, United States Army; Education: BS United States Military Academy, MBA Harvard Graduate School of Business Administration Performance Performance Read Important Investment Disclosures Returns Trailing Returns Trailing Returns Monthly Quarterly Calendar Year Returns The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call 800.548.4539. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Returns for periods less than one year are not annualized. Expense Ratios Gross Expense Ratio: 1.38% Net Expense Ratio: 0.94% Expense Cap Expiration Date: 03/01/2024 Distributions & Pricing Distributions Distributions Chart List Historical Pricing Calendar Year Distributions Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains Dec 15, 2021 $3.912500 — $1.888300 $2.024200 Dec 16, 2020 $0.392200 — $0.015600 $0.376600 Dec 16, 2019 $0.723300 — — $0.723300 Dec 27, 2018 $4.050300 — $1.955200 $2.095100 Dec 27, 2017 $2.996200 — $0.709000 $2.287200 Dec 27, 2016 $0.048300 — — $0.048300 Dec 28, 2015 $3.043900 — $0.056500 $2.987400 Dec 26, 2014 $11.760100 — $2.448900 $9.311200 Dec 26, 2013 $3.013600 — $1.215500 $1.798100 Dec 15, 2000 $1.684420 — $0.074080 $1.610340 Oct 25, 2000 $1.280000 — $1.280000 — Dec 15, 1999 $0.105800 — $0.105800 — Oct 26, 1999 $0.600000 — $0.600000 — Dec 15, 1997 $0.002670 $0.002670 — — Oct 31, 1997 $0.024000 $0.015000 $0.009000 — From: To: Risk & Return Stats As of: 02/28/2023 3YR 5YR 10YR Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. 8.19 7.43 2.42 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 29.65 27.05 21.66 Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. 0.48 0.42 0.52 Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 129.03 137.85 119.97 Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 96.91 97.52 98.99 Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 1.08 1.08 1.05 R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 92.29 92.35 92.20 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 8.50 7.73 6.12 View All Characteristics & Stats All Characteristics & Stats Frontier Small Cap Growth Fund (MSSCX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 2000® Growth Index Fund Assets (Mil.$) $27 Number of Holdings 117 1,109 Weighted Avg. Market Cap (Mil.$) $5,481 $3,176 Median Market Cap (Mil.$) $3,644 $1,149 Weighted Avg. P/E (1-yr Forward EPS) 10.89 14.52 Weighted Avg. P/E (Trailing EPS) 11.96 14.76 PEG Ratio 0.75 0.85 Weighted Avg. P/B 2.38 3.39 EPS Growth (Trailing 3-yr %) 12.02% 22.59% EPS Growth (Trailing 5-yr %) 16.21% 18.42% Forward EPS Growth (1-yr %) 5.91% 8.17% Forward EPS Growth (Long Term %) 15.88% 14.71% Revenue Growth (Trailing 5-yr %) 17.23% 13.28% Return on Equity 6.25% 5.11% Weighted Avg. Dividend Yield 0.42% 0.70% Debt to Equity 93.77 85.14 Trailing 12-Months Portfolio Turnover 218.59% As of: 12/31/2022 Risk & Return 3 Years 5 Years 10 Years Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. 8.19 7.43 2.42 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 29.65 27.05 21.66 Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. 0.48 0.42 0.52 Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 129.03 137.85 119.97 Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 96.91 97.52 98.99 Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 1.08 1.08 1.05 R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 92.29 92.35 92.20 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 8.50 7.73 6.12 Information Ratio Information Ratio s a ratio of portfolio returns above the returns of a benchmark (usually an index) to the volatility of those returns. The information ratio (IR) measures a portfolio manager's ability to generate excess returns relative to a benchmark, but also attempts to identify the consistency of the investor. This ratio will identify if a manager has beaten the benchmark by a lot in a few months or a little every month. The higher the IR, the more consistent a manager is, and consistency is an ideal trait. 1.00 0.99 0.45 Treynor Ratio (%) Treynor Ratio (%) , which was developed by Jack Treynor, measures reward per unit of beta risk. It measures returns earned in excess of that which could have been earned on a less risk investment per each unit of market risk. The Treynor Ratio relates the difference between the portfolio return and the risk-free rate to the portfolio beta for a given time period. 13.08 10.50 10.76 Max Drawdown Max Drawdown is the maximum loss from a peak to a trough of a portfolio, before a new peak is attained. Maximum Drawdown is an indicator of downside risk over a specified time period. -28.18 -31.70 -31.70 As of: 02/28/2023 Market Cap Fund Russell 2000® Growth Index Market Cap ($mm) 0 - 1,000 6.68% 11.67% Market Cap ($mm) 1,000 - 1,500 3.72% 10.46% Market Cap ($mm) 1,500 - 2,500 14.51% 21.14% Market Cap ($mm) 2,500 - 5,000 27.81% 42.55% Market Cap ($mm) 5,000 - 10,000 37.72% 14.04% Market Cap ($mm) 10,000 - 25,000 9.56% 0.00% Market Cap ($mm) 25,000 - 50,000 0.00% 0.13% Market Cap ($mm) 50,000 - 100,000 0.00% 0.00% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 12/31/2022 Valuation Characteristics Fund Russell 2000® Growth Index P/E 0-10 21.46% 13.01% P/E 10-15 6.85% 11.10% P/E 15-20 3.71% 9.92% P/E 20-25 6.72% 8.72% P/E 25-Above 33.86% 28.46% P/E – NA 27.40% 28.80% As of: 12/31/2022 Growth Characteristics Fund Russell 2000® Growth Index EPS Growth (Trailing 3-yr %) - Negative 21.89% 12.40% EPS Growth (Trailing 3-yr %) 0 - 5 1.30% 2.37% EPS Growth (Trailing 3-yr %) 5 - 10 4.20% 2.92% EPS Growth (Trailing 3-yr %) 10 - 15 2.43% 4.49% EPS Growth (Trailing 3-yr %) 15 - 20 1.11% 4.58% EPS Growth (Trailing 3-yr %) Above 20 27.57% 32.73% EPS Growth (Trailing 3-yr %) - NA 41.49% 40.51% As of: 12/31/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2022 KBR Inc 4.70% United Therapeutics Corp 3.48% Builders FirstSource Inc 3.42% Genpact Ltd 3.39% Caesars Entertainment Inc 3.30% Inspire Medical Systems Inc 2.94% Beacon Roofing Supply Inc 2.79% Lithia Motors Inc, Class A 2.78% Jazz Pharmaceuticals PLC 2.60% ATI Inc 2.58% % in Top 10 Holdings 31.99% View Holding Details Holding Details Frontier Small Cap Growth Fund (MSSCX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2022 KBR Inc 4.70% United Therapeutics Corp 3.48% Builders FirstSource Inc 3.42% Genpact Ltd 3.39% Caesars Entertainment Inc 3.30% Inspire Medical Systems Inc 2.94% Beacon Roofing Supply Inc 2.79% Lithia Motors Inc, Class A 2.78% Jazz Pharmaceuticals PLC 2.60% ATI Inc 2.58% % in Top 10 Holdings 31.99% As of: 12/31/2022 Download All Holdings (PDF) As of: 02/28/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund KBR KBR Inc Industrials S US USD 24,469 55.11 $1,348,487 4.18% CZR Caesars Entertainment Inc Consumer Discretionary S US USD 22,326 50.76 $1,133,268 3.51% LAD Lithia Motors Inc, Class A Consumer Discretionary S US USD 4,315 255.18 $1,101,102 3.41% BECN Beacon Roofing Supply Inc Industrials S US USD 16,763 65.00 $1,089,595 3.37% G Genpact Ltd Information Technology S US USD 22,119 47.73 $1,055,740 3.27% INSP Inspire Medical Systems Inc Health Care S US USD 3,960 259.93 $1,029,323 3.19% ATI ATI Inc Materials S US USD 25,317 40.65 $1,029,136 3.19% NTRA Natera Inc Health Care S US USD 17,983 48.55 $873,075 2.70% CRS Carpenter Technology Corp Materials S US USD 18,057 48.33 $872,695 2.70% PR Permian Resources Corp, Class A Energy S US USD 76,430 10.81 $826,208 2.56% FTAI FTAI Aviation Ltd Industrials S KY USD 28,198 25.27 $712,563 2.21% XPO XPO Inc Industrials S US USD 21,103 33.36 $703,996 2.18% PDCE PDC Energy Inc Energy S US USD 10,167 67.11 $682,307 2.11% ARRY Array Technologies Inc Industrials S US USD 31,536 18.74 $590,985 1.83% CAKE Cheesecake Factory Inc Consumer Discretionary S US USD 15,452 37.44 $578,523 1.79% HL Hecla Mining Co Materials S US USD 108,546 5.15 $559,012 1.73% RADI Radius Global Infrastructure Inc, Class A Communication Services S US USD 40,877 13.63 $557,154 1.73% MAT Mattel Inc Consumer Discretionary S US USD 30,888 17.99 $555,675 1.72% PCRX Pacira BioSciences Inc Health Care S US USD 12,604 42.57 $536,552 1.66% MGNI Magnite Inc [MGNI] Consumer Discretionary S US USD 47,357 11.13 $527,083 1.63% ENS EnerSys Industrials S US USD 5,798 90.69 $525,821 1.63% BMRN BioMarin Pharmaceutical Inc Health Care S US USD 5,148 99.59 $512,689 1.59% KNX Knight-Swift Transportation Holdings Inc, Class A Industrials S US USD 8,452 56.84 $480,412 1.49% RXDX Prometheus Biosciences Inc Health Care S US USD 3,770 122.39 $461,410 1.43% SM SM Energy Co Energy S US USD 15,229 29.51 $449,408 1.39% LNTH Lantheus Holdings Inc Health Care S US USD 5,947 73.96 $439,840 1.36% NMIH NMI Holdings Inc, Class A Financials S US USD 18,603 23.34 $434,194 1.34% EXP Eagle Materials Inc Materials S US USD 3,072 140.32 $431,063 1.33% VRT Vertiv Holdings Co, Class A Industrials S US USD 24,836 16.25 $403,585 1.25% MOD Modine Manufacturing Co Consumer Discretionary S US USD 16,135 24.41 $393,855 1.22% SITM SiTime Corp Information Technology S US USD 3,055 124.15 $379,278 1.17% LCII LCI Industries Consumer Discretionary S US USD 3,330 112.81 $375,657 1.16% SHLS Shoals Technologies Group Inc, Class A Industrials S US USD 14,452 24.54 $354,652 1.10% DAN Dana Inc Consumer Discretionary S US USD 22,207 15.84 $351,759 1.09% BDC Belden Inc Information Technology S US USD 3,921 84.38 $330,854 1.02% BLDR Builders FirstSource Inc Industrials S US USD 3,844 84.78 $325,894 1.01% AA Alcoa Corp Materials S US USD 6,330 48.94 $309,790 0.96% EXAS Exact Sciences Corp Health Care S US USD 4,614 62.33 $287,591 0.89% TOST Toast Inc, Class A Information Technology S US USD 14,993 18.92 $283,668 0.88% BE Bloom Energy Corp, Class A Industrials S US USD 13,009 21.69 $282,165 0.87% QTRX Quanterix Corp Health Care S US USD 25,326 11.00 $278,586 0.86% MTZ MasTec Inc Industrials S US USD 2,828 97.72 $276,352 0.86% XPOF Xponential Fitness Inc, Class A Consumer Discretionary S US USD 10,880 25.39 $276,243 0.86% MXL MaxLinear Inc, Class A Information Technology S US USD 8,028 34.21 $274,638 0.85% RXO RXO Inc Industrials S US USD 12,854 20.57 $264,407 0.82% GVA Granite Construction Inc Industrials S US USD 5,977 43.20 $258,206 0.80% LTHM Livent Corp Materials S US USD 10,918 23.45 $256,027 0.79% MP MP Materials Corp Materials S US USD 7,106 35.00 $248,710 0.77% ROG Rogers Corp Information Technology S US USD 1,679 147.20 $247,149 0.77% VSCO Victoria's Secret & Co Consumer Discretionary S US USD 5,977 39.64 $236,928 0.73% IRT Independence Realty Trust Inc Real Estate S US USD 12,156 18.09 $219,902 0.68% DOOR Masonite International Corp Industrials S US USD 2,455 88.80 $218,004 0.68% AMBA Ambarella Inc Information Technology S US USD 2,246 94.31 $211,820 0.66% SRI Stoneridge Inc Consumer Discretionary S US USD 8,817 23.81 $209,933 0.65% INSW International Seaways Inc Energy S US USD 4,003 51.44 $205,914 0.64% BFAM Bright Horizons Family Solutions Inc, Class A Consumer Discretionary S US USD 2,492 78.84 $196,469 0.61% SYM Symbotic Inc, Class A Industrials S US USD 11,906 16.35 $194,663 0.60% WLDN Willdan Group Inc Industrials S US USD 10,312 18.06 $186,235 0.58% BWA BorgWarner Inc Consumer Discretionary S US USD 3,555 50.28 $178,745 0.55% UPWK Upwork Inc Industrials S US USD 14,552 11.34 $165,020 0.51% PWR Quanta Services Inc Industrials S US USD 769 161.40 $124,117 0.38% SUPN Supernus Pharmaceuticals Inc Health Care S US USD 3,280 37.59 $123,295 0.38% AMWD American Woodmark Corp Industrials S US USD 2,275 50.98 $115,980 0.36% WCC WESCO International Inc Industrials S US USD 697 165.58 $115,409 0.36% CHRD Chord Energy Corp Energy S US USD 846 134.62 $113,889 0.35% UTHR United Therapeutics Corp Health Care S US USD 461 246.04 $113,424 0.35% KTOS Kratos Defense & Security Solutions Inc Industrials S US USD 8,332 12.65 $105,400 0.33% ACAD ACADIA Pharmaceuticals Inc Health Care S US USD 4,896 20.69 $101,298 0.31% SGML Sigma Lithium Corp Materials S BR USD 2,734 35.96 $98,315 0.30% CRSP CRISPR Therapeutics AG Health Care S CH USD 1,979 49.32 $97,604 0.30% BASE Couchbase Inc Information Technology S US USD 5,945 16.26 $96,666 0.30% UCTT Ultra Clean Holdings Inc Information Technology S US USD 2,906 31.86 $92,585 0.29% ADC Agree Realty Corp Real Estate S US USD 1,259 70.78 $89,112 0.28% AXNX Axonics Inc Health Care S US USD 1,445 60.09 $86,830 0.27% VLRS Controladora Vuela Cia de Aviacion SAB de CV ADR Industrials S MX USD 7,213 11.72 $84,536 0.26% PACK Ranpak Holdings Corp, Class A Materials S US USD 13,277 6.30 $83,645 0.26% UA Under Armour Inc, Class C Consumer Discretionary S US USD 9,180 8.80 $80,784 0.25% BYD Boyd Gaming Corp Consumer Discretionary S US USD 1,231 65.13 $80,175 0.25% TILE Interface Inc, Class A Industrials S US USD 8,911 8.82 $78,595 0.24% AI C3.ai Inc, Class A Information Technology S US USD 3,443 22.58 $77,743 0.24% FMC FMC Corp Materials S US USD 530 129.15 $68,450 0.21% WOLF Wolfspeed Inc Information Technology S US USD 887 73.98 $65,620 0.20% LESL Leslie's Inc Consumer Discretionary S US USD 5,039 12.61 $63,542 0.20% AXSM Axsome Therapeutics Inc Health Care S US USD 881 68.19 $60,075 0.19% BIGC BigCommerce Holdings Inc Information Technology S US USD 5,589 9.52 $53,207 0.16% PAY Paymentus Holdings Inc, Class A Information Technology S US USD 5,288 8.95 $47,328 0.15% NUVA NuVasive Inc Health Care S US USD 1,039 43.23 $44,916 0.14% MTSI MACOM Technology Solutions Holdings Inc Information Technology S US USD 606 68.54 $41,535 0.13% PODD Insulet Corp Health Care S US USD 142 276.36 $39,243 0.12% FND Floor & Decor Holdings Inc, Class A Consumer Discretionary S US USD 421 91.81 $38,652 0.12% WTFC Wintrust Financial Corp Financials S US USD 358 92.13 $32,983 0.10% ST Sensata Technologies Holding PLC Industrials S US USD 649 50.58 $32,826 0.10% ESTC Elastic NV Information Technology S US USD 547 59.02 $32,284 0.10% PATH UiPath Inc, Class A Information Technology S US USD 2,107 14.84 $31,268 0.10% STAG STAG Industrial Inc Real Estate S US USD 734 33.64 $24,692 0.08% ZUO Zuora Inc, Class A Information Technology S US USD 2,362 8.47 $20,006 0.06% BILL BILL Holdings Inc Information Technology S US USD 189 84.63 $15,995 0.05% ATGE Adtalem Global Education Inc Consumer Discretionary S US USD 408 39.12 $15,961 0.05% PNFP Pinnacle Financial Partners Inc Financials S US USD 122 74.09 $9,039 0.03% COUP Coupa Software Inc Information Technology S US USD 97 81.00 $7,857 0.02% SWAV Shockwave Medical Inc Health Care S US USD 36 190.24 $6,849 0.02% WK Workiva Inc, Class A Information Technology S US USD 75 89.20 $6,690 0.02% SRPT Sarepta Therapeutics Inc Health Care S US USD 52 122.13 $6,351 0.02% LGIH LGI Homes Inc Consumer Discretionary S US USD 56 104.31 $5,841 0.02% LPLA LPL Financial Holdings Inc Financials S US USD 22 249.56 $5,490 0.02% FIVE Five Below Inc Consumer Discretionary S US USD 26 204.30 $5,312 0.02% AZUL Azul SA ADR Industrials S BR USD 921 4.08 $3,758 0.01% FICO Fair Isaac Corp Information Technology S US USD 5 677.39 $3,387 0.01% CYTK Cytokinetics Inc Health Care S US USD 75 43.36 $3,252 0.01% NVCR Novocure Ltd Health Care S JE USD 42 76.97 $3,233 0.01% JAZZ Jazz Pharmaceuticals PLC Health Care S IE USD 22 140.40 $3,089 0.01% COHR Coherent Corp Information Technology S US USD 71 43.13 $3,062 0.01% MPWR Monolithic Power Systems Inc Information Technology S US USD 5 484.29 $2,421 0.01% MDB MongoDB Inc, Class A Information Technology S US USD 11 209.52 $2,305 0.01% Cash & Equivalents Cash C US USD - - $743,696 2.30% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Permian Resources Corp, Class A 1 3.30% 38.68% KBR Inc 2 4.68% 22.36% MasTec Inc 3 2.63% 34.38% Caesars Entertainment Inc 4 3.82% 28.95% United Therapeutics Corp 5 3.15% 32.82% Inspire Medical Systems Inc 6 2.02% 42.01% SiTime Corp 7 2.09% 29.07% PDC Energy Inc 8 2.68% 11.08% Quanterix Corp 9 1.59% 25.68% Jazz Pharmaceuticals PLC 10 1.98% 19.52% As of: 12/31/2022 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Livent Corp 20 1.85% -35.17% Pacira BioSciences Inc 19 1.69% -27.41% Lantheus Holdings Inc 18 1.11% -27.54% CRISPR Therapeutics AG 17 0.47% -37.80% BigCommerce Holdings Inc 16 0.37% -40.95% Wolfspeed Inc 15 0.34% -33.20% Azul SA ADR 14 0.85% -24.94% Mattel Inc 13 2.51% -5.81% Leslie's Inc 12 0.85% -17.00% Elastic NV 11 0.20% -28.21% As of: 12/31/2022 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Read Important Investment Disclosures Read Important Investment Disclosures Sector Allocation (Equity) As of: 12/31/2022 View Allocation Details Allocation Details Frontier Small Cap Growth Fund (MSSCX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 2000® Growth Index Industrials 27.74% 17.85% Health Care 19.73% 23.23% Consumer Discretionary 16.56% 10.77% Information Technology 12.35% 19.80% Materials 8.91% 4.46% Cash & Other 6.34% 0.00% Energy 4.78% 7.37% Financials 1.52% 5.73% Communication Services 1.26% 2.30% Real Estate 0.81% 2.23% Consumer Staples 0.00% 4.52% Utilities 0.00% 1.74% As of: 12/31/2022 Investment Allocation 12/31/2022 Stocks 93.66% Bonds 0.00% Cash and Other 6.34% As of: 12/31/2022 Industry Fund Russell 2000® Growth Index Biotechnology 8.23% 9.08% Electrical Equipment 6.31% 2.13% Metals & Mining 5.80% 1.31% Hotels, Restaurants & Leisure 5.72% 3.18% Professional Services 5.57% 2.75% Semiconductors & Semiconductor Equipment 5.25% 4.34% Pharmaceuticals 5.11% 2.29% Oil, Gas & Consumable Fuels 4.78% 4.89% IT Services 4.77% 3.22% Health Care Equipment & Supplies 4.74% 6.61% % in Top 10 Industries 56.28% 39.8% As of: 12/31/2022 Read Important Investment Disclosures Investment Approach Investment Approach Frontier Small Cap Growth Fund The Fund invests primarily in common stocks of small U.S. companies whose market capitalization at the time of purchase is within the range of the Russell 2000® Index, the S&P Small Cap 600 Index, or the Dow Jones U.S. Small Cap Total Stock Market Index. Frontier utilizes and draws support from its entire team of investment professionals to identify opportunities and conduct fundamental research. Through fundamental bottom-up research, Frontier seeks long-term capital appreciation by investing in small cap companies that it believes have above-average earnings growth potential and are available at reasonable valuations. Keep Calm and Remain Diversified: Video A Short - and Long-Term Review on the Power of Diversification Read More About About Frontier Capital Management Background Frontier Capital Management Company, LLC, specializes in growth and value equity investments on behalf of institutional and individual clients. Learn More Read Important Investment Disclosures Founded 1980 Headquarters Boston Affiliate Since 2000 Discover how the boutique advantage helps generate alpha. Learn More About AMG