Fund Overview Fund Overview Share Class N N I Z NAV | as of 09/21/2023 $7.24 -$0.14 (-1.90%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 562 Small Growth funds as of 08/31/2023 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 01/01/2010 to 08/31/2023 = $48,180.79 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 08/31/2023 Overall Rating (of 562) 3 Years (of 562) 5 Years (of 526) 10 Years (of 393) 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: 1.74% Net Expense Ratio: 1.30% 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 $0.047500 — — $0.047500 Dec 28, 2015 $3.000400 — $0.055700 $2.944700 Dec 26, 2014 $11.624800 — $2.420700 $9.204100 Dec 26, 2013 $2.984900 — $1.203900 $1.781000 From: To: Risk & Return Stats As of: 08/31/2023 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. 10.30 7.15 2.80 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. 23.14 27.10 21.89 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. 0.49 0.28 0.47 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. 127.49 133.18 125.03 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. 89.14 97.54 99.12 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. 0.98 1.07 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. 89.29 92.18 91.79 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. 7.59 7.77 6.36 View All Characteristics & Stats All Characteristics & Stats Frontier Small Cap Growth Fund (MSSVX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 2000® Growth Index Fund Assets (Mil.$) $42 Number of Holdings 119 1,089 Weighted Avg. Market Cap (Mil.$) $5,839 $3,393 Median Market Cap (Mil.$) $4,645 $1,294 Weighted Avg. P/E (1-yr Forward EPS) 17.84 19.04 Weighted Avg. P/E (Trailing EPS) 18.59 20.87 PEG Ratio 1.17 1.11 Weighted Avg. P/B 3.32 4.03 EPS Growth (Trailing 3-yr %) 18.71% 20.72% EPS Growth (Trailing 5-yr %) 19.11% 18.48% Forward EPS Growth (1-yr %) -16.27% 3.37% Forward EPS Growth (Long Term %) 12.84% 14.80% Revenue Growth (Trailing 5-yr %) 16.86% 13.21% Return on Equity 5.45% 5.49% Weighted Avg. Dividend Yield 0.42% 0.60% Debt to Equity 99.35 82.90 Trailing 12-Months Portfolio Turnover 211.63% As of: 06/30/2023 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. 10.30 7.15 2.80 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. 23.14 27.10 21.89 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. 0.49 0.28 0.47 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. 127.49 133.18 125.03 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. 89.14 97.54 99.12 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. 0.98 1.07 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. 89.29 92.18 91.79 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. 7.59 7.77 6.36 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. 1.35 0.89 0.49 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. 11.52 7.21 9.73 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. -28.44 -31.91 -31.91 As of: 08/31/2023 Market Cap Fund Russell 2000® Growth Index Market Cap ($mm) 0 - 1,000 3.15% 9.59% Market Cap ($mm) 1,000 - 1,500 1.29% 9.73% Market Cap ($mm) 1,500 - 2,500 15.26% 18.74% Market Cap ($mm) 2,500 - 5,000 29.11% 43.96% Market Cap ($mm) 5,000 - 10,000 40.20% 16.85% Market Cap ($mm) 10,000 - 25,000 10.04% 0.97% Market Cap ($mm) 25,000 - 50,000 0.95% 0.16% Market Cap ($mm) 50,000 - 100,000 0.00% 0.00% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 06/30/2023 Valuation Characteristics Fund Russell 2000® Growth Index P/E 0-10 9.96% 5.44% P/E 10-15 10.94% 7.71% P/E 15-20 6.62% 9.60% P/E 20-25 1.07% 8.40% P/E 25-Above 39.61% 37.38% P/E – NA 31.80% 31.47% As of: 06/30/2023 Growth Characteristics Fund Russell 2000® Growth Index EPS Growth (Trailing 3-yr %) - Negative 22.54% 12.83% EPS Growth (Trailing 3-yr %) 0 - 5 0.13% 4.20% EPS Growth (Trailing 3-yr %) 5 - 10 1.95% 3.32% EPS Growth (Trailing 3-yr %) 10 - 15 1.99% 3.60% EPS Growth (Trailing 3-yr %) 15 - 20 1.10% 3.92% EPS Growth (Trailing 3-yr %) Above 20 31.35% 30.57% EPS Growth (Trailing 3-yr %) - NA 40.95% 41.56% As of: 06/30/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 06/30/2023 KBR Inc 4.47% Azul SA ADR 3.95% Beacon Roofing Supply Inc 3.93% Eagle Materials Inc 3.80% FTAI Aviation Ltd 3.78% Inspire Medical Systems Inc 3.72% Lithia Motors Inc, Class A 3.04% Sigma Lithium Corp 2.62% XPO Inc 2.54% Builders FirstSource Inc 2.31% % in Top 10 Holdings 34.17% View Holding Details Holding Details Frontier Small Cap Growth Fund (MSSVX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 06/30/2023 KBR Inc 4.47% Azul SA ADR 3.95% Beacon Roofing Supply Inc 3.93% Eagle Materials Inc 3.80% FTAI Aviation Ltd 3.78% Inspire Medical Systems Inc 3.72% Lithia Motors Inc, Class A 3.04% Sigma Lithium Corp 2.62% XPO Inc 2.54% Builders FirstSource Inc 2.31% % in Top 10 Holdings 34.17% As of: 06/30/2023 Download All Holdings (PDF) As of: 08/31/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund FTAI FTAI Aviation Ltd Industrials S KY USD 78,279 36.96 $2,893,192 4.89% KBR KBR Inc Industrials S US USD 36,485 61.52 $2,244,557 3.79% CZR Caesars Entertainment Inc Consumer Discretionary S US USD 38,338 55.26 $2,118,558 3.58% AZUL Azul SA ADR Industrials S BR USD 226,058 8.69 $1,964,444 3.32% MAT Mattel Inc Consumer Discretionary S US USD 87,782 22.16 $1,945,249 3.29% BE Bloom Energy Corp, Class A Industrials S US USD 114,139 14.99 $1,710,944 2.89% LAD Lithia Motors Inc, Class A Consumer Discretionary S US USD 5,359 308.02 $1,650,679 2.79% CRS Carpenter Technology Corp Materials S US USD 25,551 62.63 $1,600,259 2.70% EXP Eagle Materials Inc Materials S US USD 7,898 189.32 $1,495,249 2.53% PR Permian Resources Corp, Class A Energy S US USD 91,314 14.18 $1,294,833 2.19% MOD Modine Manufacturing Co Consumer Discretionary S US USD 26,255 47.59 $1,249,475 2.11% RXO RXO Inc Industrials S US USD 66,045 18.08 $1,194,094 2.02% WFRD Weatherford International PLC Energy S US USD 13,216 88.52 $1,169,880 1.98% ATI ATI Inc Materials S US USD 24,694 45.33 $1,119,379 1.89% WOLF Wolfspeed Inc Information Technology S US USD 22,749 47.82 $1,087,857 1.84% SGML Sigma Lithium Corp Materials S BR USD 34,657 30.64 $1,061,890 1.79% UCTT Ultra Clean Holdings Inc Information Technology S US USD 28,958 35.16 $1,018,163 1.72% XPO XPO Inc Industrials S US USD 13,148 74.63 $981,235 1.66% BECN Beacon Roofing Supply Inc Industrials S US USD 12,056 79.85 $962,672 1.63% BILL BILL Holdings Inc Information Technology S US USD 7,643 115.30 $881,238 1.49% GMS GMS Inc Industrials S US USD 12,300 69.34 $852,882 1.44% PCRX Pacira BioSciences Inc Health Care S US USD 23,720 35.30 $837,316 1.41% INSW International Seaways Inc Energy S US USD 18,735 42.97 $805,043 1.36% GVA Granite Construction Inc Industrials S US USD 19,086 41.29 $788,061 1.33% SM SM Energy Co Energy S US USD 18,303 42.31 $774,400 1.31% MP MP Materials Corp Materials S US USD 36,173 20.94 $757,463 1.28% SEDG SolarEdge Technologies Inc Information Technology S IL USD 4,611 162.57 $749,610 1.27% INSP Inspire Medical Systems Inc Health Care S US USD 3,223 226.88 $731,234 1.24% AXSM Axsome Therapeutics Inc Health Care S US USD 8,942 80.80 $722,514 1.22% ARRY Array Technologies Inc Industrials S US USD 27,328 24.87 $679,647 1.15% QTRX Quanterix Corp Health Care S US USD 24,645 26.80 $660,486 1.12% DOOR Masonite International Corp Industrials S US USD 6,351 102.71 $652,311 1.10% LCII LCI Industries Consumer Discretionary S US USD 5,151 125.28 $645,317 1.09% ACAD ACADIA Pharmaceuticals Inc Health Care S US USD 23,346 27.02 $630,809 1.07% CHRD Chord Energy Corp Energy S US USD 3,867 161.50 $624,521 1.06% BYD Boyd Gaming Corp Consumer Discretionary S US USD 8,792 66.87 $587,921 0.99% CRSP CRISPR Therapeutics AG Health Care S CH USD 11,380 50.01 $569,114 0.96% BWA BorgWarner Inc Consumer Discretionary S US USD 13,840 40.75 $563,980 0.95% CTLT Catalent Inc Health Care S US USD 11,191 49.97 $559,214 0.94% MPWR Monolithic Power Systems Inc Information Technology S US USD 1,042 521.21 $543,101 0.92% LNTH Lantheus Holdings Inc Health Care S US USD 7,862 68.44 $538,075 0.91% COHR Coherent Corp Information Technology S US USD 14,237 37.63 $535,738 0.91% GBX Greenbrier Cos Inc Industrials S US USD 12,199 42.56 $519,189 0.88% ENS EnerSys Industrials S US USD 4,660 104.98 $489,207 0.83% AXNX Axonics Inc Health Care S US USD 8,381 57.30 $480,231 0.81% BWXT BWX Technologies Inc Industrials S US USD 6,445 73.76 $475,383 0.80% ELAN Elanco Animal Health Inc Health Care S US USD 37,673 12.20 $459,611 0.78% NTRA Natera Inc Health Care S US USD 7,622 58.73 $447,640 0.76% HURN Huron Consulting Group Inc Industrials S US USD 4,352 99.95 $434,982 0.73% ERO ERO Copper Corp Materials S CA USD 20,897 20.68 $432,150 0.73% BDC Belden Inc Information Technology S US USD 4,511 93.90 $423,583 0.72% XPOF Xponential Fitness Inc, Class A Consumer Discretionary S US USD 19,548 21.66 $423,410 0.72% DBRG DigitalBridge Group Inc Real Estate S US USD 23,711 17.42 $413,046 0.70% SRPT Sarepta Therapeutics Inc Health Care S US USD 3,140 121.01 $379,971 0.64% KNX Knight-Swift Transportation Holdings Inc, Class A Industrials S US USD 6,480 54.82 $355,234 0.60% QRVO Qorvo Inc Information Technology S US USD 3,271 107.39 $351,273 0.59% TWLO Twilio Inc, Class A Information Technology S US USD 5,505 63.71 $350,724 0.59% GDYN Grid Dynamics Holdings Inc Information Technology S US USD 28,239 11.63 $328,420 0.55% SSYS Stratasys Ltd Information Technology S US USD 22,232 14.70 $326,810 0.55% VLRS Controladora Vuela Cia de Aviacion SAB de CV ADR Industrials S MX USD 32,481 10.00 $324,810 0.55% NMIH NMI Holdings Inc, Class A Financials S US USD 10,773 28.62 $308,323 0.52% HL Hecla Mining Co Materials S US USD 69,269 4.39 $304,091 0.51% BFAM Bright Horizons Family Solutions Inc, Class A Consumer Discretionary S US USD 3,213 94.42 $303,371 0.51% INDI Indie Semiconductor Inc Information Technology S US USD 42,718 6.70 $286,211 0.48% FR First Industrial Realty Trust Inc Real Estate S US USD 5,176 51.94 $268,841 0.45% GWRE Guidewire Software Inc Information Technology S US USD 2,857 86.43 $246,931 0.42% SRI Stoneridge Inc Consumer Discretionary S US USD 11,447 20.55 $235,236 0.40% ESTC Elastic NV Information Technology S US USD 3,637 61.88 $225,058 0.38% NVCR Novocure Ltd Health Care S JE USD 9,592 22.06 $211,600 0.36% BMRN BioMarin Pharmaceutical Inc Health Care S US USD 1,798 91.38 $164,301 0.28% PACK Ranpak Holdings Corp, Class A Materials S US USD 25,739 6.33 $162,928 0.28% BASE Couchbase Inc Information Technology S US USD 9,172 17.10 $156,841 0.26% SHLS Shoals Technologies Group Inc, Class A Industrials S US USD 6,776 19.68 $133,352 0.23% JAZZ Jazz Pharmaceuticals PLC Health Care S IE USD 918 143.36 $131,604 0.22% PAY Paymentus Holdings Inc, Class A Financials S US USD 8,595 15.06 $129,441 0.22% ZI ZoomInfo Technologies Inc, Class A Communication Services S US USD 6,337 18.02 $114,193 0.19% MXL MaxLinear Inc, Class A Information Technology S US USD 4,517 23.50 $106,150 0.18% PATH UiPath Inc, Class A Information Technology S US USD 6,298 15.81 $99,571 0.17% SYM Symbotic Inc, Class A Industrials S US USD 2,345 41.79 $97,998 0.17% APLS Apellis Pharmaceuticals Inc Health Care S US USD 2,141 42.21 $90,372 0.15% IRT Independence Realty Trust Inc Real Estate S US USD 4,823 16.83 $81,171 0.14% RRX Regal Rexnord Corp Industrials S US USD 487 162.19 $78,987 0.13% BIGC BigCommerce Holdings Inc Information Technology S US USD 7,383 10.60 $78,260 0.13% WLDN Willdan Group Inc Industrials S US USD 2,679 24.14 $64,671 0.11% VSCO Victoria's Secret & Co Consumer Discretionary S US USD 2,958 19.18 $56,734 0.10% STAG STAG Industrial Inc Real Estate S US USD 1,216 36.53 $44,420 0.08% FMC FMC Corp Materials S US USD 515 86.23 $44,408 0.08% MDGL Madrigal Pharmaceuticals Inc Health Care S US USD 237 180.00 $42,660 0.07% MTZ MasTec Inc Industrials S US USD 319 99.49 $31,737 0.05% AMBA Ambarella Inc Information Technology S US USD 478 62.15 $29,708 0.05% AA Alcoa Corp Materials S US USD 709 30.08 $21,327 0.04% VRT Vertiv Holdings Co, Class A Industrials S US USD 451 39.39 $17,765 0.03% SITM SiTime Corp Information Technology S US USD 118 132.69 $15,657 0.03% WK Workiva Inc, Class A Information Technology S US USD 137 111.85 $15,323 0.03% ST Sensata Technologies Holding PLC Industrials S US USD 350 37.62 $13,167 0.02% PWR Quanta Services Inc Industrials S US USD 61 209.87 $12,802 0.02% DOCU DocuSign Inc, Class A Information Technology S US USD 235 50.30 $11,821 0.02% WCC WESCO International Inc Industrials S US USD 71 161.85 $11,491 0.02% LGIH LGI Homes Inc Consumer Discretionary S US USD 92 123.10 $11,325 0.02% MKSI MKS Instruments Inc Information Technology S US USD 112 100.23 $11,226 0.02% TOST Toast Inc, Class A Financials S US USD 500 22.17 $11,085 0.02% MGNI Magnite Inc [MGNI] Consumer Discretionary S US USD 1,326 8.25 $10,940 0.02% G Genpact Ltd Industrials S US USD 286 37.33 $10,676 0.02% UA Under Armour Inc, Class C Consumer Discretionary S US USD 1,471 6.89 $10,135 0.02% ROG Rogers Corp Information Technology S US USD 65 144.51 $9,393 0.02% FICO Fair Isaac Corp Information Technology S US USD 10 904.59 $9,046 0.02% LPLA LPL Financial Holdings Inc Financials S US USD 36 230.59 $8,301 0.01% MDB MongoDB Inc, Class A Information Technology S US USD 21 381.30 $8,007 0.01% SWAV Shockwave Medical Inc Health Care S US USD 36 220.39 $7,934 0.01% FIVE Five Below Inc Consumer Discretionary S US USD 42 171.96 $7,222 0.01% UPWK Upwork Inc Industrials S US USD 430 14.81 $6,368 0.01% BLDR Builders FirstSource Inc Industrials S US USD 41 145.04 $5,947 0.01% FND Floor & Decor Holdings Inc, Class A Consumer Discretionary S US USD 55 99.70 $5,484 0.01% EXAS Exact Sciences Corp Health Care S US USD 63 83.67 $5,271 0.01% FVRR Fiverr International Ltd Industrials S IL USD 187 28.15 $5,264 0.01% AI C3.ai Inc, Class A Information Technology S US USD 161 31.02 $4,994 0.01% UTHR United Therapeutics Corp Health Care S US USD 21 224.36 $4,712 0.01% KRTX Karuna Therapeutics Inc Health Care S US USD 20 187.76 $3,755 0.01% PODD Insulet Corp Health Care S US USD 15 191.71 $2,876 0.00% Cash & Equivalents Cash C US USD - - $2,717,266 4.59% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Azul SA ADR 1 2.53% 91.47% XPO Inc 2 2.02% 84.95% Beacon Roofing Supply Inc 3 3.38% 41.00% Symbotic Inc, Class A 4 1.42% 87.43% Inspire Medical Systems Inc 5 3.48% 38.69% Builders FirstSource Inc 6 2.48% 53.19% KBR Inc 7 4.76% 18.36% Eagle Materials Inc 8 2.78% 27.16% Quanterix Corp 9 1.07% 100.09% Lithia Motors Inc, Class A 10 2.24% 33.06% As of: 06/30/2023 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 Xponential Fitness Inc, Class A 20 1.28% -43.24% Genpact Ltd 19 1.43% -18.42% SiTime Corp 18 0.41% -17.06% Hecla Mining Co 17 1.74% -18.57% MP Materials Corp 16 1.52% -18.84% Natera Inc 15 2.06% -12.36% Bloom Energy Corp, Class A 14 0.56% -17.96% C3.ai Inc, Class A 13 0.78% 8.52% UiPath Inc, Class A 12 0.34% -5.64% Victoria's Secret & Co 11 0.28% -48.96% As of: 06/30/2023 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: 06/30/2023 View Allocation Details Allocation Details Frontier Small Cap Growth Fund (MSSVX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 2000® Growth Index Industrials 38.71% 20.05% Health Care 14.72% 23.65% Information Technology 14.38% 21.11% Consumer Discretionary 13.81% 10.83% Materials 13.27% 4.33% Energy 2.26% 4.49% Cash & Other 1.40% 0.00% Financials 0.96% 5.95% Communication Services 0.32% 2.13% Real Estate 0.17% 1.60% Consumer Staples 0.00% 4.24% Utilities 0.00% 1.62% As of: 06/30/2023 Investment Allocation 06/30/2023 Stocks 98.60% Bonds 0.00% Cash and Other 1.40% As of: 06/30/2023 Industry Fund Russell 2000® Growth Index Metals & Mining 9.22% 1.29% Trading Companies & Distributors 9.11% 1.77% Semiconductors & Semiconductor Equipment 6.81% 4.74% Electrical Equipment 6.64% 2.64% Health Care Equipment & Supplies 5.78% 5.14% Ground Transportation 5.29% 0.41% Professional Services 5.16% 3.65% Biotechnology 4.62% 10.05% Software 4.45% 9.92% Passenger Airlines 4.33% 0.17% % in Top 10 Industries 61.41% 39.78% As of: 06/30/2023 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 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