Fund Overview Fund Overview Share Class Z N I Z NAV | as of 01/27/2023 $8.35 +$0.06 (+0.72%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 576 Small Growth funds as of 12/31/2022 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 01/01/2010 to 12/31/2022 = $42,352.96 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 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 12/31/2022 Overall Rating (of 576) 3 Years (of 576) 5 Years (of 530) 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: 12/31/2022 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. 8.04 7.97 2.46 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. 29.46 26.72 21.45 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. 0.25 0.38 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. 127.82 137.81 118.43 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. 97.37 96.85 98.80 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 1.04 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. 92.05 92.17 92.05 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. 8.56 7.71 6.11 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.$) $27 Number of Holdings 117 1,109 Weighted Avg. Market Cap (Mil.$) $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. 8.04 7.97 2.46 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. 29.46 26.72 21.45 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. 0.25 0.38 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. 127.82 137.81 118.43 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. 97.37 96.85 98.80 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 1.04 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. 92.05 92.17 92.05 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. 8.56 7.71 6.11 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. 0.87 1.03 0.46 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. 6.81 9.47 10.77 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: 12/31/2022 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 ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 12/31/2022 Valuation Characteristics Fund Russell 2000® Growth Index P/E 0-10 21.46% 13.01% P/E 10-15 6.85% 11.10% P/E 15-20 3.71% 9.92% P/E 20-25 6.72% 8.72% P/E 25-Above 33.86% 28.46% P/E – NA 27.40% 28.80% As of: 12/31/2022 Growth Characteristics Fund Russell 2000® Growth Index EPS Growth (Trailing 3-yr %) - Negative 21.89% 12.40% EPS Growth (Trailing 3-yr %) 0 - 5 1.30% 2.37% EPS Growth (Trailing 3-yr %) 5 - 10 4.20% 2.92% EPS Growth (Trailing 3-yr %) 10 - 15 2.43% 4.49% EPS Growth (Trailing 3-yr %) 15 - 20 1.11% 4.58% EPS Growth (Trailing 3-yr %) Above 20 27.57% 32.73% EPS Growth (Trailing 3-yr %) - NA 41.49% 40.51% As of: 12/31/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2022 KBR Inc 4.70% United Therapeutics Corp 3.48% Builders FirstSource Inc 3.42% Genpact Ltd 3.39% Caesars Entertainment Inc 3.30% Inspire Medical Systems Inc 2.94% Beacon Roofing Supply Inc 2.79% Lithia Motors Inc, Class A 2.78% Jazz Pharmaceuticals PLC 2.60% ATI Inc 2.58% % in Top 10 Holdings 31.99% View Holding Details Holding Details Frontier Small Cap Growth Fund (MSSYX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2022 KBR Inc 4.70% United Therapeutics Corp 3.48% Builders FirstSource Inc 3.42% Genpact Ltd 3.39% Caesars Entertainment Inc 3.30% Inspire Medical Systems Inc 2.94% Beacon Roofing Supply Inc 2.79% Lithia Motors Inc, Class A 2.78% Jazz Pharmaceuticals PLC 2.60% ATI Inc 2.58% % in Top 10 Holdings 31.99% As of: 12/31/2022 Download All Holdings (PDF) As of: 12/31/2022 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund KBR KBR Inc Industrials S US USD 23,781 52.80 $1,255,637 4.70% UTHR United Therapeutics Corp Health Care S US USD 3,340 278.09 $928,821 3.48% BLDR Builders FirstSource Inc Industrials S US USD 14,076 64.88 $913,251 3.42% G Genpact Ltd Information Technology S US USD 19,524 46.32 $904,352 3.39% CZR Caesars Entertainment Inc Consumer Discretionary S US USD 21,204 41.60 $882,086 3.30% INSP Inspire Medical Systems Inc Health Care S US USD 3,119 251.88 $785,614 2.94% BECN Beacon Roofing Supply Inc Industrials S US USD 14,108 52.79 $744,761 2.79% LAD Lithia Motors Inc, Class A Consumer Discretionary S US USD 3,624 204.74 $741,978 2.78% JAZZ Jazz Pharmaceuticals PLC Health Care S IE USD 4,355 159.31 $693,795 2.60% ATI ATI Inc Materials S US USD 23,085 29.86 $689,318 2.58% MTZ MasTec Inc Industrials S US USD 7,071 85.33 $603,368 2.26% PR Permian Resources Corp, Class A Energy S US USD 61,004 9.40 $573,438 2.15% MAT Mattel Inc Consumer Discretionary S US USD 29,509 17.84 $526,441 1.97% CRS Carpenter Technology Corp Materials S US USD 14,146 36.94 $522,553 1.96% SITM SiTime Corp Information Technology S US USD 4,320 101.62 $438,998 1.64% CAKE Cheesecake Factory Inc Consumer Discretionary S US USD 13,645 31.71 $432,683 1.62% ARRY Array Technologies Inc Industrials S US USD 22,286 19.33 $430,788 1.61% QTRX Quanterix Corp Health Care S US USD 29,788 13.85 $412,564 1.55% XPO XPO Inc Industrials S US USD 12,174 33.29 $405,272 1.52% MXL MaxLinear Inc, Class A Information Technology S US USD 11,398 33.95 $386,962 1.45% LTHM Livent Corp Materials S US USD 18,299 19.87 $363,601 1.36% SM SM Energy Co Energy S US USD 10,245 34.83 $356,833 1.34% KNX Knight-Swift Transportation Holdings Inc, Class A Industrials S US USD 6,758 52.41 $354,187 1.33% BMRN BioMarin Pharmaceutical Inc Health Care S US USD 3,378 103.49 $349,589 1.31% RADI Radius Global Infrastructure Inc, Class A Communication Services S US USD 28,570 11.82 $337,697 1.26% PDCE PDC Energy Inc Energy S US USD 5,231 63.48 $332,064 1.24% HL Hecla Mining Co Materials S US USD 58,530 5.56 $325,427 1.22% BE Bloom Energy Corp, Class A Industrials S US USD 16,985 19.12 $324,753 1.22% SHLS Shoals Technologies Group Inc, Class A Industrials S US USD 12,571 24.67 $310,127 1.16% PCRX Pacira BioSciences Inc Health Care S US USD 7,708 38.61 $297,606 1.11% EXAS Exact Sciences Corp Health Care S US USD 5,919 49.51 $293,050 1.10% RXDX Prometheus Biosciences Inc Health Care S US USD 2,618 110.00 $287,980 1.08% NMIH NMI Holdings Inc, Class A Financials S US USD 13,486 20.90 $281,857 1.06% TOST Toast Inc, Class A Information Technology S US USD 15,330 18.03 $276,400 1.04% ENS EnerSys Industrials S US USD 3,687 73.84 $272,248 1.02% MGNI Magnite Inc [MGNI] Consumer Discretionary S US USD 25,232 10.59 $267,207 1.00% EXP Eagle Materials Inc Materials S US USD 2,005 132.85 $266,364 1.00% VRT Vertiv Holdings Co, Class A Industrials S US USD 18,001 13.66 $245,894 0.92% SUPN Supernus Pharmaceuticals Inc Health Care S US USD 6,699 35.67 $238,953 0.90% LGIH LGI Homes Inc Consumer Discretionary S US USD 2,432 92.60 $225,203 0.84% AXNX Axonics Inc Health Care S US USD 3,334 62.53 $208,475 0.78% XPOF Xponential Fitness Inc, Class A Consumer Discretionary S US USD 8,968 22.93 $205,636 0.77% NTRA Natera Inc Health Care S US USD 4,868 40.17 $195,548 0.73% DAN Dana Inc Consumer Discretionary S US USD 12,142 15.13 $183,708 0.69% BWA BorgWarner Inc Consumer Discretionary S US USD 4,134 40.25 $166,394 0.62% WLDN Willdan Group Inc Industrials S US USD 9,309 17.85 $166,166 0.62% SRI Stoneridge Inc Consumer Discretionary S US USD 7,575 21.56 $163,317 0.61% MOD Modine Manufacturing Co Consumer Discretionary S US USD 8,023 19.86 $159,337 0.60% FND Floor & Decor Holdings Inc, Class A Consumer Discretionary S US USD 2,279 69.63 $158,687 0.59% AMBA Ambarella Inc Information Technology S US USD 1,858 82.23 $152,783 0.57% DOOR Masonite International Corp Industrials S US USD 1,863 80.61 $150,176 0.56% COHR Coherent Corp Information Technology S US USD 4,237 35.10 $148,719 0.56% ROG Rogers Corp Information Technology S US USD 1,222 119.34 $145,833 0.55% WOLF Wolfspeed Inc Information Technology S US USD 2,087 69.04 $144,086 0.54% FMC FMC Corp Materials S US USD 1,138 124.80 $142,022 0.53% AXSM Axsome Therapeutics Inc Health Care S US USD 1,686 77.13 $130,041 0.49% TGI Triumph Group Inc Industrials S US USD 11,722 10.52 $123,315 0.46% PWR Quanta Services Inc Industrials S US USD 859 142.50 $122,408 0.46% AMWD American Woodmark Corp Industrials S US USD 2,495 48.86 $121,906 0.46% FTAI FTAI Aviation Ltd Industrials S KY USD 6,945 17.12 $118,898 0.45% IRT Independence Realty Trust Inc Real Estate S US USD 6,954 16.86 $117,244 0.44% BDC Belden Inc Information Technology S US USD 1,609 71.90 $115,687 0.43% GVA Granite Construction Inc Industrials S US USD 3,284 35.07 $115,170 0.43% LNTH Lantheus Holdings Inc Health Care S US USD 2,186 50.96 $111,399 0.42% MKSI MKS Instruments Inc Information Technology S US USD 1,259 84.73 $106,675 0.40% LESL Leslie's Inc Consumer Discretionary S US USD 8,600 12.21 $105,006 0.39% UA Under Armour Inc, Class C Consumer Discretionary S US USD 10,556 8.92 $94,160 0.35% RXO RXO Inc Industrials S US USD 5,471 17.20 $94,101 0.35% UCTT Ultra Clean Holdings Inc Information Technology S US USD 2,828 33.15 $93,748 0.35% WTFC Wintrust Financial Corp Financials S US USD 1,014 84.52 $85,703 0.32% VLRS Controladora Vuela Cia de Aviacion SAB de CV ADR Industrials S MX USD 9,887 8.36 $82,655 0.31% ST Sensata Technologies Holding PLC Industrials S US USD 2,022 40.38 $81,648 0.31% ADC Agree Realty Corp Real Estate S US USD 1,097 70.93 $77,810 0.29% BFAM Bright Horizons Family Solutions Inc, Class A Consumer Discretionary S US USD 1,224 63.10 $77,234 0.29% SYM Symbotic Inc, Class A Industrials S US USD 6,459 11.94 $77,120 0.29% TILE Interface Inc, Class A Industrials S US USD 7,752 9.87 $76,512 0.29% KTOS Kratos Defense & Security Solutions Inc Industrials S US USD 7,248 10.32 $74,799 0.28% BASE Couchbase Inc Information Technology S US USD 5,496 13.26 $72,877 0.27% SMTC Semtech Corp Information Technology S US USD 2,444 28.69 $70,118 0.26% BILL Bill.Com Holdings Inc Information Technology S US USD 602 108.96 $65,594 0.25% UPWK Upwork Inc Industrials S US USD 6,205 10.44 $64,780 0.24% NUVA NuVasive Inc Health Care S US USD 1,514 41.24 $62,437 0.23% PACK Ranpak Holdings Corp, Class A Materials S US USD 9,663 5.77 $55,756 0.21% SWAV Shockwave Medical Inc Health Care S US USD 271 205.61 $55,720 0.21% BIGC BigCommerce Holdings Inc Information Technology S US USD 6,221 8.74 $54,372 0.20% WCC WESCO International Inc Industrials S US USD 410 125.20 $51,332 0.19% ACAD ACADIA Pharmaceuticals Inc Health Care S US USD 2,697 15.92 $42,936 0.16% CRSP CRISPR Therapeutics AG Health Care S CH USD 1,055 40.65 $42,886 0.16% SRPT Sarepta Therapeutics Inc Health Care S US USD 299 129.58 $38,744 0.15% PODD Insulet Corp Health Care S US USD 126 294.39 $37,093 0.14% PAY Paymentus Holdings Inc, Class A Information Technology S US USD 4,600 8.01 $36,846 0.14% ESTC Elastic NV Information Technology S US USD 690 51.50 $35,535 0.13% ADPT Adaptive Biotechnologies Corp Health Care S US USD 3,455 7.64 $26,396 0.10% PNFP Pinnacle Financial Partners Inc Financials S US USD 285 73.40 $20,919 0.08% ATGE Adtalem Global Education Inc Consumer Discretionary S US USD 589 35.50 $20,910 0.08% STAG STAG Industrial Inc Real Estate S US USD 638 32.31 $20,614 0.08% ENVX Enovix Corp Industrials S US USD 1,535 12.44 $19,095 0.07% ZUO Zuora Inc, Class A Information Technology S US USD 2,653 6.36 $16,873 0.06% CYTK Cytokinetics Inc Health Care S US USD 361 45.82 $16,541 0.06% CHRD Chord Energy Corp Energy S US USD 99 136.81 $13,544 0.05% WBS Webster Financial Corp Financials S US USD 273 47.34 $12,924 0.05% AA Alcoa Corp Materials S US USD 272 45.47 $12,368 0.05% BYD Boyd Gaming Corp Consumer Discretionary S US USD 138 54.53 $7,525 0.03% COUP Coupa Software Inc Information Technology S US USD 86 79.17 $6,809 0.03% WK Workiva Inc, Class A Information Technology S US USD 68 83.97 $5,710 0.02% MTSI MACOM Technology Solutions Holdings Inc Information Technology S US USD 89 62.98 $5,605 0.02% RPD Rapid7 Inc Information Technology S US USD 158 33.98 $5,369 0.02% AZUL Azul SA ADR Industrials S BR USD 802 6.11 $4,900 0.02% ARVN Arvinas Inc Health Care S US USD 141 34.21 $4,824 0.02% LPLA LPL Financial Holdings Inc Financials S US USD 20 216.17 $4,323 0.02% FIVE Five Below Inc Consumer Discretionary S US USD 24 176.87 $4,245 0.02% FICO Fair Isaac Corp Information Technology S US USD 5 598.58 $2,993 0.01% NVCR Novocure Ltd Health Care S JE USD 32 73.35 $2,347 0.01% MDB MongoDB Inc, Class A Information Technology S US USD 10 196.84 $1,968 0.01% NARI Inari Medical Inc Health Care S US USD 29 63.56 $1,843 0.01% MPWR Monolithic Power Systems Inc Information Technology S US USD 5 353.61 $1,768 0.01% GH Guardant Health Inc Health Care S US USD 52 27.20 $1,414 0.01% Cash & Equivalents Cash C US USD - - $1,692,840 6.34% 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 (MSSYX) 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 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