Fund Overview Fund Overview Share Class Z N I Z NAV | as of 09/28/2022 $7.29 +$0.27 (+3.70%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 583 Small Growth funds as of 08/31/2022 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 01/01/2010 to 08/31/2022 = $44,605.80 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 800.835.3879. 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 2021 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 08/31/2022 Overall Rating (of 583) 3 Years (of 583) 5 Years (of 534) 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 800.835.3879. 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: 1.32% Net Expense Ratio: 0.90% Expense Cap Expiration Date: 03/01/2023 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 $0.049100 — — $0.049100 Dec 28, 2015 $3.087000 — $0.057300 $3.029700 Dec 26, 2014 $11.896300 — $2.477200 $9.419100 Dec 26, 2013 $3.039400 — $1.225900 $1.813500 From: To: Risk & Return Stats As of: 08/31/2022 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. 8.12 7.31 2.65 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. 28.12 25.70 20.83 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 0.52 0.60 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. 125.16 131.42 115.60 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. 94.45 95.26 97.90 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 1.07 1.04 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. 91.58 91.42 91.65 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. 8.38 7.70 6.07 View All Characteristics & Stats All Characteristics & Stats Frontier Small Cap Growth Fund (MSSYX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 2000® Growth Index Fund Assets (Mil.$) $20 Number of Holdings 115 1,136 Weighted Avg. Market Cap (Mil.$) $5,193 $2,922 Median Market Cap (Mil.$) $4,112 $1,154 Weighted Avg. P/E (1-yr Forward EPS) 12.40 13.92 Weighted Avg. P/E (Trailing EPS) 16.56 16.99 PEG Ratio 0.57 0.82 Weighted Avg. P/B 2.96 3.54 EPS Growth (Trailing 3-yr %) 3.94% 17.40% EPS Growth (Trailing 5-yr %) 9.43% 15.67% Forward EPS Growth (1-yr %) 12.37% 9.45% Forward EPS Growth (Long Term %) 18.91% 16.32% Revenue Growth (Trailing 5-yr %) 15.93% 12.66% Return on Equity -0.51% 5.23% Weighted Avg. Dividend Yield 0.33% 0.64% Debt to Equity 105.89 90.96 Trailing 12-Months Portfolio Turnover 217.11% As of: 06/30/2022 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. 8.12 7.31 2.65 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. 28.12 25.70 20.83 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 0.52 0.60 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. 125.16 131.42 115.60 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. 94.45 95.26 97.90 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 1.07 1.04 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. 91.58 91.42 91.65 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. 8.38 7.70 6.07 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 1.00 0.50 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. 12.75 12.45 12.09 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. -31.77 -31.77 -31.77 As of: 08/31/2022 Market Cap Fund Russell 2000® Growth Index Market Cap ($mm) 0 - 1,000 4.92% 13.37% Market Cap ($mm) 1,000 - 1,500 8.20% 11.04% Market Cap ($mm) 1,500 - 2,500 7.45% 20.96% Market Cap ($mm) 2,500 - 5,000 33.81% 45.11% Market Cap ($mm) 5,000 - 10,000 39.12% 8.93% Market Cap ($mm) 10,000 - 25,000 6.49% 0.49% Market Cap ($mm) 25,000 - 50,000 0.00% 0.10% Market Cap ($mm) 50,000 - 100,000 0.00% 0.00% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 06/30/2022 Valuation Characteristics Fund Russell 2000® Growth Index P/E 0-10 9.11% 9.83% P/E 10-15 6.77% 10.11% P/E 15-20 12.09% 9.45% P/E 20-25 10.64% 7.39% P/E 25-Above 20.43% 31.74% P/E – NA 40.96% 31.49% As of: 06/30/2022 Growth Characteristics Fund Russell 2000® Growth Index EPS Growth (Trailing 3-yr %) - Negative 23.42% 15.91% EPS Growth (Trailing 3-yr %) 0 - 5 2.00% 3.10% EPS Growth (Trailing 3-yr %) 5 - 10 5.20% 4.81% EPS Growth (Trailing 3-yr %) 10 - 15 2.28% 4.67% EPS Growth (Trailing 3-yr %) 15 - 20 0.01% 2.89% EPS Growth (Trailing 3-yr %) Above 20 17.08% 28.94% EPS Growth (Trailing 3-yr %) - NA 50.01% 39.67% As of: 06/30/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 06/30/2022 KBR Inc 4.58% Mattel Inc 4.00% Genpact Ltd 3.46% United Therapeutics Corp 3.09% Beacon Roofing Supply Inc 3.00% MasTec Inc 2.83% Elastic NV 2.67% Natera Inc 2.47% Dlocal Ltd, Class A 2.33% Switch Inc, Class A 2.05% % in Top 10 Holdings 30.48% View Holding Details Holding Details Frontier Small Cap Growth Fund (MSSYX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 06/30/2022 KBR Inc 4.58% Mattel Inc 4.00% Genpact Ltd 3.46% United Therapeutics Corp 3.09% Beacon Roofing Supply Inc 3.00% MasTec Inc 2.83% Elastic NV 2.67% Natera Inc 2.47% Dlocal Ltd, Class A 2.33% Switch Inc, Class A 2.05% % in Top 10 Holdings 30.48% As of: 06/30/2022 Download All Holdings (PDF) As of: 08/31/2022 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund KBR KBR Inc Industrials S US USD 22,104 48.30 $1,067,623 4.61% MTZ MasTec Inc Industrials S US USD 12,199 80.50 $982,020 4.24% G Genpact Ltd Information Technology S US USD 19,538 46.98 $917,895 3.96% MAT Mattel Inc Consumer Discretionary S US USD 34,307 22.12 $758,871 3.28% ARRY Array Technologies Inc Industrials S US USD 32,700 20.90 $683,430 2.95% CDEV Permian Resources Corp Energy S US USD 82,095 8.23 $675,642 2.92% BECN Beacon Roofing Supply Inc Industrials S US USD 11,734 54.91 $644,314 2.78% ESTC Elastic NV Information Technology S US USD 7,331 83.91 $615,144 2.66% SM SM Energy Co Energy S US USD 13,807 44.07 $608,474 2.63% UTHR United Therapeutics Corp Health Care S US USD 2,405 226.62 $545,021 2.35% MXL MaxLinear Inc, Class A Information Technology S US USD 14,678 35.93 $527,381 2.28% PDCE PDC Energy Inc Energy S US USD 7,390 67.91 $501,855 2.17% BMRN BioMarin Pharmaceutical Inc Health Care S US USD 5,164 89.20 $460,629 1.99% NTRA Natera Inc Health Care S US USD 9,251 49.26 $455,704 1.97% DLO Dlocal Ltd, Class A Information Technology S UY USD 17,896 24.87 $445,074 1.92% CAKE Cheesecake Factory Inc Consumer Discretionary S US USD 14,035 30.62 $429,752 1.86% AXNX Axonics Inc Health Care S US USD 5,751 72.25 $415,510 1.79% LNTH Lantheus Holdings Inc Health Care S US USD 5,233 78.80 $412,360 1.78% SITM SiTime Corp Information Technology S US USD 3,868 106.41 $411,594 1.78% JAZZ Jazz Pharmaceuticals PLC Health Care S IE USD 2,624 155.22 $407,297 1.76% PCRX Pacira BioSciences Inc Health Care S US USD 7,733 52.48 $405,828 1.75% TOST Toast Inc, Class A Information Technology S US USD 20,410 18.93 $386,361 1.67% CZR Caesars Entertainment Inc Consumer Discretionary S US USD 8,767 43.12 $378,033 1.63% INSP Inspire Medical Systems Inc Health Care S US USD 1,956 191.49 $374,554 1.62% CRSP CRISPR Therapeutics AG Health Care S CH USD 5,612 65.09 $365,285 1.58% AMBA Ambarella Inc Information Technology S US USD 5,261 67.88 $357,117 1.54% ATI ATI Inc Materials S US USD 11,357 29.93 $339,915 1.47% LESL Leslie's Inc Consumer Discretionary S US USD 23,878 14.18 $338,590 1.46% BE Bloom Energy Corp, Class A Industrials S US USD 13,269 25.41 $337,165 1.46% RADI Radius Global Infrastructure Inc, Class A Communication Services S US USD 24,150 13.77 $332,546 1.44% BLDR Builders FirstSource Inc Industrials S US USD 5,234 58.61 $306,765 1.32% CRS Carpenter Technology Corp Materials S US USD 8,117 33.97 $275,734 1.19% AVLR Avalara Inc Information Technology S US USD 2,917 91.59 $267,168 1.15% SHLS Shoals Technologies Group Inc, Class A Industrials S US USD 10,120 26.37 $266,864 1.15% CVET Covetrus Inc Health Care S US USD 12,640 20.87 $263,797 1.14% BIGC BigCommerce Holdings Inc Information Technology S US USD 15,721 16.67 $262,069 1.13% LAD Lithia Motors Inc, Class A Consumer Discretionary S US USD 963 265.44 $255,619 1.10% CHRD Chord Energy Corp Energy S US USD 1,794 141.55 $253,941 1.10% QTRX Quanterix Corp Health Care S US USD 27,006 9.35 $252,506 1.09% NMIH NMI Holdings Inc, Class A Financials S US USD 11,580 20.53 $237,737 1.03% AZUL Azul SA ADR Industrials S BR USD 25,122 9.35 $234,891 1.01% SUPN Supernus Pharmaceuticals Inc Health Care S US USD 6,302 34.23 $215,717 0.93% BASE Couchbase Inc Information Technology S US USD 12,880 16.59 $213,679 0.92% LTHM Livent Corp Materials S US USD 6,536 32.18 $210,328 0.91% ADC Agree Realty Corp Real Estate S US USD 2,608 75.32 $196,435 0.85% PATH UiPath Inc, Class A Information Technology S US USD 11,370 16.45 $187,037 0.81% WLDN Willdan Group Inc Industrials S US USD 7,889 22.76 $179,554 0.78% SWCH Switch Inc, Class A Information Technology S US USD 5,285 33.95 $179,426 0.77% ST Sensata Technologies Holding PLC Industrials S US USD 4,446 40.28 $179,085 0.77% SRPT Sarepta Therapeutics Inc Health Care S US USD 1,506 109.38 $164,726 0.71% UPWK Upwork Inc Industrials S US USD 9,126 17.40 $158,792 0.69% CYTK Cytokinetics Inc Health Care S US USD 2,609 52.96 $138,173 0.60% TWST Twist Bioscience Corp Health Care S US USD 3,197 40.12 $128,264 0.55% ENVX Enovix Corp Industrials S US USD 5,499 22.12 $121,638 0.53% NUVA NuVasive Inc Health Care S US USD 2,789 42.51 $118,560 0.51% INSW International Seaways Inc Energy S US USD 3,832 29.53 $113,159 0.49% FIVE Five Below Inc Consumer Discretionary S US USD 868 127.88 $111,000 0.48% TGI Triumph Group Inc Industrials S US USD 8,233 12.99 $106,947 0.46% VLRS Controladora Vuela Cia de Aviacion SAB de CV ADR Industrials S MX USD 11,460 8.88 $101,765 0.44% LPLA LPL Financial Holdings Inc Financials S US USD 431 221.33 $95,393 0.41% IIVI II-VI Inc Information Technology S US USD 1,950 47.23 $92,099 0.40% COUP Coupa Software Inc Information Technology S US USD 1,547 58.40 $90,345 0.39% DOOR Masonite International Corp Industrials S US USD 1,089 81.82 $89,102 0.38% AMWD American Woodmark Corp Industrials S US USD 1,706 51.83 $88,422 0.38% BFAM Bright Horizons Family Solutions Inc, Class A Consumer Discretionary S US USD 1,269 68.20 $86,546 0.37% ZEN Zendesk Inc Information Technology S US USD 1,095 76.77 $84,063 0.36% ACAD ACADIA Pharmaceuticals Inc Health Care S US USD 4,347 16.43 $71,421 0.31% KNX Knight-Swift Transportation Holdings Inc, Class A Industrials S US USD 1,308 50.51 $66,067 0.29% ATGE Adtalem Global Education Inc Consumer Discretionary S US USD 1,567 37.69 $59,060 0.26% MOD Modine Manufacturing Co Consumer Discretionary S US USD 3,767 14.98 $56,430 0.24% TILE Interface Inc, Class A Industrials S US USD 4,989 11.17 $55,727 0.24% XPOF Xponential Fitness Inc, Class A Consumer Discretionary S US USD 2,951 18.33 $54,092 0.23% UA Under Armour Inc, Class C Consumer Discretionary S US USD 6,751 7.59 $51,240 0.22% MTSI MACOM Technology Solutions Holdings Inc Information Technology S US USD 877 55.15 $48,367 0.21% SRI Stoneridge Inc Consumer Discretionary S US USD 2,536 19.00 $48,184 0.21% PNFP Pinnacle Financial Partners Inc Financials S US USD 597 80.71 $48,184 0.21% PAY Paymentus Holdings Inc, Class A Information Technology S US USD 3,977 11.91 $47,366 0.20% WCC WESCO International Inc Industrials S US USD 357 131.68 $47,010 0.20% RPD Rapid7 Inc Information Technology S US USD 801 57.50 $46,058 0.20% SITC SITE Centers Corp Real Estate S US USD 2,932 12.96 $37,999 0.16% LYFT Lyft Inc, Class A Industrials S US USD 2,560 14.73 $37,709 0.16% WTFC Wintrust Financial Corp Financials S US USD 419 84.34 $35,338 0.15% ADPT Adaptive Biotechnologies Corp Health Care S US USD 3,696 8.92 $32,968 0.14% WOLF Wolfspeed Inc Information Technology S US USD 278 113.47 $31,545 0.14% BYD Boyd Gaming Corp Consumer Discretionary S US USD 517 54.43 $28,140 0.12% STAG STAG Industrial Inc Real Estate S US USD 865 30.80 $26,642 0.12% ZUO Zuora Inc, Class A Information Technology S US USD 3,156 7.68 $24,238 0.10% EXAS Exact Sciences Corp Health Care S US USD 664 35.55 $23,605 0.10% IOVA Iovance Biotherapeutics Inc Health Care S US USD 1,986 10.72 $21,290 0.09% SWAV Shockwave Medical Inc Health Care S US USD 64 296.86 $18,999 0.08% ARVN Arvinas Inc Health Care S US USD 424 42.34 $17,952 0.08% AZEK AZEK Co Inc, Class A Industrials S US USD 913 18.25 $16,662 0.07% NCR NCR Corp Information Technology S US USD 481 31.05 $14,935 0.06% PWR Quanta Services Inc Industrials S US USD 87 141.30 $12,293 0.05% BWA BorgWarner Inc Consumer Discretionary S US USD 311 37.70 $11,725 0.05% EXP Eagle Materials Inc Materials S US USD 94 119.62 $11,244 0.05% MKSI MKS Instruments Inc Information Technology S US USD 102 99.61 $10,160 0.04% BRX Brixmor Property Group Inc Real Estate S US USD 415 21.48 $8,914 0.04% GH Guardant Health Inc Health Care S US USD 131 50.06 $6,558 0.03% FND Floor & Decor Holdings Inc, Class A Consumer Discretionary S US USD 78 81.36 $6,346 0.03% APLS Apellis Pharmaceuticals Inc Health Care S US USD 100 60.51 $6,051 0.03% WK Workiva Inc, Class A Information Technology S US USD 67 67.89 $4,549 0.02% MDB MongoDB Inc, Class A Information Technology S US USD 10 322.86 $3,229 0.01% BILL Bill.Com Holdings Inc Information Technology S US USD 17 161.88 $2,752 0.01% NVCR Novocure Ltd Health Care S JE USD 31 82.13 $2,546 0.01% PODD Insulet Corp Health Care S US USD 9 255.47 $2,299 0.01% MPWR Monolithic Power Systems Inc Information Technology S US USD 5 453.18 $2,266 0.01% FICO Fair Isaac Corp Information Technology S US USD 5 449.40 $2,247 0.01% HZNP Horizon Therapeutics Plc Health Care S US USD 37 59.21 $2,191 0.01% BL Blackline Inc Information Technology S US USD 32 67.94 $2,174 0.01% NARI Inari Medical Inc Health Care S US USD 28 69.35 $1,942 0.01% OLLI Ollie's Bargain Outlet Holdings Inc Consumer Discretionary S US USD 34 55.31 $1,881 0.01% FMC FMC Corp Materials S US USD 17 108.08 $1,837 0.01% ABMD ABIOMED Inc Health Care S US USD 7 259.28 $1,815 0.01% Cash & Equivalents Cash C US USD - - $79,639 0.34% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return United Therapeutics Corp 1 1.98% 31.34% Turning Point Therapeutics Inc 2 0.38% 180.26% Covetrus Inc 3 1.05% 23.59% Dlocal Ltd, Class A 4 1.17% -16.03% Lantheus Holdings Inc 5 1.04% 19.38% Switch Inc, Class A 6 1.71% 8.82% Ollie's Bargain Outlet Holdings Inc 7 0.24% 36.76% Radius Global Infrastructure Inc, Class A 8 1.25% 6.86% Bill.Com Holdings Inc 9 0.17% -4.12% Agree Realty Corp 10 0.66% 4.32% As of: 06/30/2022 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 Quanterix Corp 20 1.59% -44.54% MaxLinear Inc, Class A 19 1.63% -41.77% Cheesecake Factory Inc 18 1.61% -33.24% Zendesk Inc 17 1.16% -38.42% KBR Inc 16 4.70% -11.43% Inspire Medical Systems Inc 15 1.81% -28.84% Pacira BioSciences Inc 14 2.17% -23.61% MasTec Inc 13 2.33% -17.73% Beacon Roofing Supply Inc 12 2.50% -13.36% Centennial Resource Development Inc, Class A 11 0.23% -35.35% As of: 06/30/2022 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: 06/30/2022 View Allocation Details Allocation Details Frontier Small Cap Growth Fund (MSSYX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 2000® Growth Index Information Technology 25.61% 21.38% Health Care 21.72% 22.74% Industrials 21.41% 17.32% Consumer Discretionary 11.94% 10.44% Energy 4.86% 6.11% Cash & Other 4.75% 0.00% Financials 3.34% 5.92% Real Estate 2.43% 2.87% Materials 2.20% 4.39% Communication Services 1.74% 2.36% Consumer Staples 0.00% 4.68% Utilities 0.00% 1.79% As of: 06/30/2022 Investment Allocation 06/30/2022 Stocks 95.25% Bonds 0.00% Cash and Other 4.75% As of: 06/30/2022 Industry Fund Russell 2000® Growth Index Biotechnology 10.56% 8.43% Software 10.56% 8.99% IT Services 9.52% 3.39% Professional Services 6.25% 2.85% Semiconductors & Semiconductor Equipment 5.36% 5.02% Oil, Gas & Consumable Fuels 4.86% 4.33% Leisure Products 4.00% 0.34% Pharmaceuticals 3.86% 2.26% Electrical Equipment 3.77% 1.60% Specialty Retail 3.67% 1.60% % in Top 10 Industries 62.41% 38.81% As of: 06/30/2022 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 SmallCap 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 Founded 1980 Headquarters Boston Affiliate Since 2000 Discover how the boutique advantage helps generate alpha. Learn More About AMG