Fund Overview Fund Overview Share Class Z N I Z NAV | as of 06/02/2023 $8.67 +$0.20 (+2.36%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 561 Small Growth funds as of 04/30/2023 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 01/01/2010 to 05/31/2023 = $46,971.72 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 04/30/2023 Overall Rating (of 561) 3 Years (of 561) 5 Years (of 522) 10 Years (of 388) 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: 1.34% Net Expense Ratio: 0.90% 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 $0.049100 — — $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: 05/31/2023 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. 10.21 7.26 3.15 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. 22.36 26.85 21.67 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. 0.61 0.31 0.48 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. 126.96 134.32 127.51 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. 88.24 97.33 98.92 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. 0.97 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. 89.47 92.15 91.94 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. 7.29 7.73 6.23 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.$) $33 Number of Holdings 113 1,095 Weighted Avg. Market Cap (Mil.$) $5,000 $3,430 Median Market Cap (Mil.$) $3,864 $1,209 Weighted Avg. P/E (1-yr Forward EPS) 13.76 15.93 Weighted Avg. P/E (Trailing EPS) 13.10 15.98 PEG Ratio 0.78 1.04 Weighted Avg. P/B 2.84 3.44 EPS Growth (Trailing 3-yr %) 13.24% 20.20% EPS Growth (Trailing 5-yr %) 6.50% 17.91% Forward EPS Growth (1-yr %) -6.50% -1.04% Forward EPS Growth (Long Term %) 16.83% 16.06% Revenue Growth (Trailing 5-yr %) 16.47% 13.76% Return on Equity 5.64% 10.97% Weighted Avg. Dividend Yield 0.56% 0.70% Debt to Equity 91.60 81.99 Trailing 12-Months Portfolio Turnover 218.44% As of: 03/31/2023 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. 10.21 7.26 3.15 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. 22.36 26.85 21.67 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. 0.61 0.31 0.48 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. 126.96 134.32 127.51 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. 88.24 97.33 98.92 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. 0.97 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. 89.47 92.15 91.94 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. 7.29 7.73 6.23 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. 1.41 0.92 0.56 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. 14.16 7.75 9.95 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. -28.25 -31.77 -31.77 As of: 05/31/2023 Market Cap Fund Russell 2000® Growth Index Market Cap ($mm) 0 - 1,000 5.17% 10.04% Market Cap ($mm) 1,000 - 1,500 5.83% 8.65% Market Cap ($mm) 1,500 - 2,500 12.95% 20.00% Market Cap ($mm) 2,500 - 5,000 31.46% 40.20% Market Cap ($mm) 5,000 - 10,000 37.67% 20.94% Market Cap ($mm) 10,000 - 25,000 6.92% 0.00% Market Cap ($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 ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.04% As of: 03/31/2023 Valuation Characteristics Fund Russell 2000® Growth Index P/E 0-10 15.35% 11.50% P/E 10-15 9.85% 10.07% P/E 15-20 7.83% 9.60% P/E 20-25 5.24% 8.71% P/E 25-Above 26.36% 33.68% P/E – NA 35.36% 26.44% As of: 03/31/2023 Growth Characteristics Fund Russell 2000® Growth Index EPS Growth (Trailing 3-yr %) - Negative 18.28% 12.38% EPS Growth (Trailing 3-yr %) 0 - 5 1.70% 3.52% EPS Growth (Trailing 3-yr %) 5 - 10 3.85% 4.51% EPS Growth (Trailing 3-yr %) 10 - 15 1.65% 3.74% EPS Growth (Trailing 3-yr %) 15 - 20 0.96% 3.72% EPS Growth (Trailing 3-yr %) Above 20 26.15% 33.59% EPS Growth (Trailing 3-yr %) - NA 47.41% 38.54% As of: 03/31/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 03/31/2023 KBR Inc 4.35% Genpact Ltd 3.32% Beacon Roofing Supply Inc 3.10% Inspire Medical Systems Inc 2.91% Natera Inc 2.82% FTAI Aviation Ltd 2.79% ATI Inc 2.76% Carpenter Technology Corp 2.54% C3.ai Inc, Class A 2.24% Lithia Motors Inc, Class A 2.07% % in Top 10 Holdings 28.91% View Holding Details Holding Details Frontier Small Cap Growth Fund (MSSYX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 03/31/2023 KBR Inc 4.35% Genpact Ltd 3.32% Beacon Roofing Supply Inc 3.10% Inspire Medical Systems Inc 2.91% Natera Inc 2.82% FTAI Aviation Ltd 2.79% ATI Inc 2.76% Carpenter Technology Corp 2.54% C3.ai Inc, Class A 2.24% Lithia Motors Inc, Class A 2.07% % in Top 10 Holdings 28.91% As of: 03/31/2023 Download All Holdings (PDF) As of: 04/30/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund KBR KBR Inc Industrials S US USD 28,370 56.73 $1,609,430 4.83% INSP Inspire Medical Systems Inc Health Care S US USD 4,435 267.63 $1,186,939 3.56% BECN Beacon Roofing Supply Inc Industrials S US USD 17,790 60.18 $1,070,602 3.21% FTAI FTAI Aviation Ltd Industrials S KY USD 37,137 28.45 $1,056,548 3.17% CRS Carpenter Technology Corp Materials S US USD 17,544 52.74 $925,271 2.78% G Genpact Ltd Industrials S US USD 20,171 44.55 $898,618 2.70% BLDR Builders FirstSource Inc Industrials S US USD 9,345 94.77 $885,626 2.66% PR Permian Resources Corp, Class A Energy S US USD 75,726 10.45 $791,337 2.37% ATI ATI Inc Materials S US USD 20,449 38.62 $789,740 2.37% EXP Eagle Materials Inc Materials S US USD 5,295 148.21 $784,772 2.35% NTRA Natera Inc Health Care S US USD 15,117 50.72 $766,734 2.30% SGML Sigma Lithium Corp Materials S BR USD 21,645 34.81 $753,462 2.26% PDCE PDC Energy Inc Energy S US USD 11,152 65.05 $725,438 2.18% HL Hecla Mining Co Materials S US USD 114,946 6.05 $695,423 2.09% PCRX Pacira BioSciences Inc Health Care S US USD 15,290 45.31 $692,790 2.08% LAD Lithia Motors Inc, Class A Consumer Discretionary S US USD 2,949 220.89 $651,405 1.95% SM SM Energy Co Energy S US USD 22,646 28.08 $635,900 1.91% LNTH Lantheus Holdings Inc Health Care S US USD 7,386 85.45 $631,134 1.89% MAT Mattel Inc Consumer Discretionary S US USD 30,621 18.00 $551,178 1.65% SYM Symbotic Inc, Class A Industrials S US USD 19,708 26.56 $523,444 1.57% AZUL Azul SA ADR Industrials S BR USD 80,030 6.51 $520,995 1.56% ENS EnerSys Industrials S US USD 6,152 82.97 $510,431 1.53% BYD Boyd Gaming Corp Consumer Discretionary S US USD 7,238 69.40 $502,317 1.51% ARRY Array Technologies Inc Industrials S US USD 24,292 20.45 $496,771 1.49% XPO XPO Inc Industrials S US USD 10,941 44.18 $483,373 1.45% MTZ MasTec Inc Industrials S US USD 5,350 88.81 $475,134 1.43% NMIH NMI Holdings Inc, Class A Financials S US USD 19,744 23.40 $462,010 1.39% LGIH LGI Homes Inc Consumer Discretionary S US USD 3,875 118.80 $460,350 1.38% MP MP Materials Corp Materials S US USD 20,767 21.67 $450,021 1.35% KNX Knight-Swift Transportation Holdings Inc, Class A Industrials S US USD 7,546 56.32 $424,991 1.27% LCII LCI Industries Consumer Discretionary S US USD 3,675 112.96 $415,128 1.25% DOOR Masonite International Corp Industrials S US USD 4,435 91.41 $405,403 1.22% CHRD Chord Energy Corp Energy S US USD 2,827 142.33 $402,367 1.21% INSW International Seaways Inc Energy S US USD 9,594 39.82 $382,033 1.15% XPOF Xponential Fitness Inc, Class A Consumer Discretionary S US USD 11,548 33.08 $382,008 1.15% MOD Modine Manufacturing Co Consumer Discretionary S US USD 17,889 20.91 $374,059 1.12% RXDX Prometheus Biosciences Inc Health Care S US USD 1,842 193.95 $357,256 1.07% BMRN BioMarin Pharmaceutical Inc Health Care S US USD 3,618 96.04 $347,473 1.04% MGNI Magnite Inc [MGNI] Consumer Discretionary S US USD 35,527 9.40 $333,954 1.00% ERO ERO Copper Corp Materials S CA USD 15,883 19.69 $312,736 0.94% BDC Belden Inc Information Technology S US USD 3,800 78.89 $299,782 0.90% CAKE Cheesecake Factory Inc Consumer Discretionary S US USD 8,541 33.69 $287,746 0.86% EXAS Exact Sciences Corp Health Care S US USD 4,483 64.07 $287,226 0.86% GVA Granite Construction Inc Industrials S US USD 6,621 38.13 $252,459 0.76% GWRE Guidewire Software Inc Information Technology S US USD 3,226 76.19 $245,789 0.74% QTRX Quanterix Corp Health Care S US USD 19,137 12.64 $241,892 0.73% SWAV Shockwave Medical Inc Health Care S US USD 798 290.16 $231,548 0.69% BFAM Bright Horizons Family Solutions Inc, Class A Consumer Discretionary S US USD 2,645 76.12 $201,337 0.60% BILL BILL Holdings Inc Information Technology S US USD 2,607 76.81 $200,244 0.60% JAZZ Jazz Pharmaceuticals PLC Health Care S IE USD 1,374 140.47 $193,006 0.58% BWXT BWX Technologies Inc Industrials S US USD 2,909 64.58 $187,863 0.56% AI C3.ai Inc, Class A Information Technology S US USD 10,088 17.82 $179,768 0.54% SITM SiTime Corp Information Technology S US USD 1,607 108.47 $174,311 0.52% RXO RXO Inc Industrials S US USD 9,353 18.09 $169,196 0.51% ACAD ACADIA Pharmaceuticals Inc Health Care S US USD 7,682 21.33 $163,857 0.49% CRSP CRISPR Therapeutics AG Health Care S CH USD 3,267 48.94 $159,887 0.48% RADI Radius Global Infrastructure Inc, Class A Communication Services S US USD 10,844 14.69 $159,298 0.48% CZR Caesars Entertainment Inc Consumer Discretionary S US USD 3,448 45.29 $156,160 0.47% UPWK Upwork Inc Industrials S US USD 15,446 9.57 $147,818 0.44% SHLS Shoals Technologies Group Inc, Class A Industrials S US USD 7,035 20.89 $146,961 0.44% PATH UiPath Inc, Class A Information Technology S US USD 10,190 14.08 $143,475 0.43% VRT Vertiv Holdings Co, Class A Industrials S US USD 9,276 14.92 $138,398 0.42% FVRR Fiverr International Ltd Industrials S IL USD 3,578 36.52 $130,669 0.39% AXNX Axonics Inc Health Care S US USD 2,245 57.46 $128,998 0.39% KTOS Kratos Defense & Security Solutions Inc Industrials S US USD 8,842 12.90 $114,062 0.34% ROG Rogers Corp Information Technology S US USD 690 160.95 $111,056 0.33% PWR Quanta Services Inc Industrials S US USD 641 169.64 $108,739 0.33% UCTT Ultra Clean Holdings Inc Information Technology S US USD 3,724 28.54 $106,283 0.32% VSCO Victoria's Secret & Co Consumer Discretionary S US USD 3,370 31.01 $104,504 0.31% AMWD American Woodmark Corp Industrials S US USD 2,008 50.52 $101,444 0.30% BE Bloom Energy Corp, Class A Industrials S US USD 5,964 16.65 $99,301 0.30% WCC WESCO International Inc Industrials S US USD 608 144.00 $87,552 0.26% BASE Couchbase Inc Information Technology S US USD 5,412 15.36 $83,128 0.25% DAN Dana Inc Consumer Discretionary S US USD 5,367 14.79 $79,378 0.24% VLRS Controladora Vuela Cia de Aviacion SAB de CV ADR Industrials S MX USD 6,468 11.76 $76,064 0.23% WLDN Willdan Group Inc Industrials S US USD 4,965 14.65 $72,737 0.22% FMC FMC Corp Materials S US USD 563 123.58 $69,576 0.21% SUPN Supernus Pharmaceuticals Inc Health Care S US USD 1,878 36.86 $69,223 0.21% GDYN Grid Dynamics Holdings Inc Information Technology S US USD 6,321 10.87 $68,709 0.21% PACK Ranpak Holdings Corp, Class A Materials S US USD 14,093 4.08 $57,499 0.17% UTHR United Therapeutics Corp Health Care S US USD 224 230.13 $51,549 0.15% PODD Insulet Corp Health Care S US USD 146 318.04 $46,434 0.14% PAY Paymentus Holdings Inc, Class A Financials S US USD 5,613 8.23 $46,195 0.14% SRI Stoneridge Inc Consumer Discretionary S US USD 2,441 18.83 $45,964 0.14% AXSM Axsome Therapeutics Inc Health Care S US USD 546 71.53 $39,055 0.12% LESL Leslie's Inc Consumer Discretionary S US USD 3,108 10.85 $33,722 0.10% IRT Independence Realty Trust Inc Real Estate S US USD 1,990 16.65 $33,134 0.10% AA Alcoa Corp Materials S US USD 890 37.14 $33,055 0.10% STAG STAG Industrial Inc Real Estate S US USD 777 33.87 $26,317 0.08% UA Under Armour Inc, Class C Consumer Discretionary S US USD 3,248 8.04 $26,114 0.08% TOST Toast Inc, Class A Financials S US USD 1,331 18.20 $24,224 0.07% BIGC BigCommerce Holdings Inc Information Technology S US USD 3,184 7.39 $23,530 0.07% ZUO Zuora Inc, Class A Information Technology S US USD 2,193 7.79 $17,083 0.05% WOLF Wolfspeed Inc Information Technology S US USD 296 46.55 $13,779 0.04% MXL MaxLinear Inc, Class A Information Technology S US USD 568 24.13 $13,706 0.04% ESTC Elastic NV Information Technology S US USD 176 57.25 $10,076 0.03% ST Sensata Technologies Holding PLC Industrials S US USD 225 43.45 $9,776 0.03% WK Workiva Inc, Class A Information Technology S US USD 76 93.42 $7,100 0.02% DOCU DocuSign Inc, Class A Information Technology S US USD 133 49.44 $6,576 0.02% SRPT Sarepta Therapeutics Inc Health Care S US USD 52 122.77 $6,384 0.02% BWA BorgWarner Inc Consumer Discretionary S US USD 131 48.13 $6,305 0.02% MTSI MACOM Technology Solutions Holdings Inc Information Technology S US USD 103 58.34 $6,009 0.02% FIVE Five Below Inc Consumer Discretionary S US USD 26 197.36 $5,131 0.02% LPLA LPL Financial Holdings Inc Financials S US USD 22 208.84 $4,594 0.01% FICO Fair Isaac Corp Information Technology S US USD 5 727.95 $3,640 0.01% FND Floor & Decor Holdings Inc, Class A Consumer Discretionary S US USD 36 99.34 $3,576 0.01% ATGE Adtalem Global Education Inc Consumer Discretionary S US USD 85 40.57 $3,448 0.01% TILE Interface Inc, Class A Industrials S US USD 439 7.84 $3,442 0.01% CYTK Cytokinetics Inc Health Care S US USD 76 37.40 $2,842 0.01% NVCR Novocure Ltd Health Care S JE USD 42 65.90 $2,768 0.01% AMBA Ambarella Inc Information Technology S US USD 44 61.98 $2,727 0.01% MDB MongoDB Inc, Class A Information Technology S US USD 11 239.96 $2,640 0.01% COHR Coherent Corp Information Technology S US USD 72 34.14 $2,458 0.01% MPWR Monolithic Power Systems Inc Information Technology S US USD 5 461.97 $2,310 0.01% Cash & Equivalents Cash C US USD - - $1,608,935 4.83% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return ATI Inc 1 3.02% 32.15% Builders FirstSource Inc 2 2.03% 36.84% Natera Inc 3 2.21% 38.21% FTAI Aviation Ltd 4 1.67% 65.29% C3.ai Inc, Class A 5 0.23% 49.80% Lantheus Holdings Inc 6 1.09% 62.01% Symbotic Inc, Class A 7 0.66% 91.29% SiTime Corp 8 1.31% 39.96% Carpenter Technology Corp 9 2.54% 21.52% Exact Sciences Corp 10 1.03% 36.96% As of: 03/31/2023 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 SM Energy Co 20 1.18% -18.90% MP Materials Corp 19 0.52% -21.89% United Therapeutics Corp 18 1.63% -19.46% Inspire Medical Systems Inc 17 2.88% -7.07% Magnite Inc [MGNI] 16 1.24% -12.56% XPO Inc 15 1.98% -4.18% Quanterix Corp 14 1.10% -18.63% Alcoa Corp 13 0.48% -6.28% Victoria's Secret & Co 12 0.41% -18.98% PDC Energy Inc 11 1.52% 1.52% As of: 03/31/2023 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: 03/31/2023 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 Industrials 33.08% 19.76% Health Care 14.68% 21.62% Materials 14.15% 4.69% Consumer Discretionary 14.12% 11.47% Information Technology 8.98% 18.37% Energy 5.65% 6.50% Cash & Other 5.51% 0.00% Financials 1.88% 6.57% Communication Services 1.73% 2.48% Real Estate 0.22% 2.12% Consumer Staples 0.00% 4.68% Utilities 0.00% 1.73% As of: 03/31/2023 Investment Allocation 03/31/2023 Stocks 94.49% Bonds 0.00% Cash and Other 5.51% As of: 03/31/2023 Industry Fund Russell 2000® Growth Index Metals & Mining 11.61% 1.43% Professional Services 8.54% 3.91% Trading Companies & Distributors 6.17% 1.84% Biotechnology 6.08% 8.01% Electrical Equipment 5.68% 2.21% Oil, Gas & Consumable Fuels 5.65% 4.31% Health Care Equipment & Supplies 5.11% 6.57% Hotels, Restaurants & Leisure 4.91% 3.51% Software 4.34% 8.10% Ground Transportation 3.55% 0.82% % in Top 10 Industries 61.64% 40.71% As of: 03/31/2023 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 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 Read Important Investment Disclosures Founded 1980 Headquarters Boston Affiliate Since 2000 Discover how the boutique advantage helps generate alpha. Learn More About AMG