Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class I N I Z NAV | as of 03/27/2024 $9.49 +$0.17 (+1.82%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 559 Small Growth funds as of 02/29/2024 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 09/24/1997 to 02/29/2024 = $100,099.26 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. SEE ALL PERFORMANCE 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. 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 2023 Distributions View All Documents Investment Style Frontier Small Cap Growth Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective Frontier Small Cap Growth Fund is categorized as Small-Growth. It invests in small-cap companies with high risk. Morningstar Ratings Risk-adjusted returns as of 02/29/2024 Overall Rating (of 559) 3 Years (of 559) 5 Years (of 527) 10 Years (of 405) Category Small Growth Read Important Investment Disclosures James A. Colgan PARTNER, PORTFOLIO MANAGER Jim is a Portfolio Manager for the Frontier Small Cap strategy and an equity partner in the firm. He also holds a leadership position as a member of Frontier’s Management Advisory Committee. Prior to joining Frontier in 1998, he served as Manager, Workstation Business Planning and Strategy for Digital Equipment Corporation. Prior to that, he was with United Technologies Corporation – Pratt and Whitney, as a Program Manager, during which time he was a MIT fellow. He received a B.S. from the University of Connecticut, an M.S. from the University of Massachusetts and an M.B.A. and M.S. from Massachusetts Institute of Technology. G. Michael Novak, Jr. PARTNER, PORTFOLIO MANAGER Mike is a Portfolio Manager for the Frontier Small Cap strategy and an equity partner in the firm. Prior to joining Frontier in 1998 he served as a Captain in the United States Army. Mike received a B.S. from The United States Military Academy at West Point and an M.B.A. from the Harvard Business School. 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 shorter than one year are not annualized. Expense Ratios Gross Expense Ratio: 1.38% Net Expense Ratio: 0.98% Expense Cap Expiration Date: 03/01/2025 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 14, 2023 $0.098100 $0.098100 — — Dec 15, 2021 $3.912500 — $1.888300 $2.024200 Dec 16, 2020 $0.392200 — $0.015600 $0.376600 Dec 16, 2019 $0.723300 — — $0.723300 Dec 27, 2018 $4.050300 — $1.955200 $2.095100 Dec 27, 2017 $2.996200 — $0.709000 $2.287200 Dec 27, 2016 $0.048300 — — $0.048300 Dec 28, 2015 $3.043900 — $0.056500 $2.987400 Dec 26, 2014 $11.760100 — $2.448900 $9.311200 Dec 26, 2013 $3.013600 — $1.215500 $1.798100 Dec 15, 2000 $1.684420 — $0.074080 $1.610340 Oct 25, 2000 $1.280000 — $1.280000 — Dec 15, 1999 $0.105800 — $0.105800 — Oct 26, 1999 $0.600000 — $0.600000 — Dec 15, 1997 $0.002670 $0.002670 — — Oct 31, 1997 $0.024000 $0.015000 $0.009000 — From: To: Risk & Return Statistics As of: 02/29/2024 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. 6.05 5.50 3.06 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. 22.37 26.28 22.60 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. -0.06 0.39 0.41 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. 115.53 125.71 126.33 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. 94.36 97.91 99.20 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 1.06 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. 90.95 92.03 92.14 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. 6.77 7.54 6.41 View All Characteristics & Statistics All Characteristics & Statistics Frontier Small Cap Growth Fund (MSSCX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 2000® Growth Index Fund Assets (Mil.$) $69 Number of Holdings 110 1,074 Weighted Avg. Market Cap (Mil.$) $6,357 $3,865 Median Market Cap (Mil.$) $5,647 $1,277 Weighted Avg. P/E (1-yr Forward EPS) 17.07 20.00 Weighted Avg. P/E (Trailing EPS) 19.68 22.82 PEG Ratio 1.87 1.18 Weighted Avg. P/B 2.81 3.98 EPS Growth (Trailing 3-yr %) 15.74% 18.25% EPS Growth (Trailing 5-yr %) 19.54% 18.76% Forward EPS Growth (1-yr %) -22.31% 3.34% Forward EPS Growth (Long Term %) 11.10% 15.29% Revenue Growth (Trailing 5-yr %) 17.31% 13.62% Return on Equity 2.87% 5.79% Weighted Avg. Dividend Yield 0.38% 0.59% Debt to Equity 89.81 76.63 Trailing 12-Months Portfolio Turnover 225.79% As of: 12/31/2023 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. 6.05 5.50 3.06 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. 22.37 26.28 22.60 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. -0.06 0.39 0.41 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. 115.53 125.71 126.33 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. 94.36 97.91 99.20 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 1.06 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. 90.95 92.03 92.14 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. 6.77 7.54 6.41 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. 0.86 0.76 0.51 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. -1.37 9.64 8.86 Max Drawdown Max Drawdown is the maximum loss from a peak to a trough of a portfolio, before a new peak is attained. Maximum Drawdown is an indicator of downside risk over a specified time period. -28.18 -31.70 -31.70 As of: 02/29/2024 Market Cap Fund Russell 2000® Growth Index Market Cap ($mm) 0 - 1,000 2.31% 9.39% Market Cap ($mm) 1,000 - 1,500 6.55% 7.59% Market Cap ($mm) 1,500 - 2,500 13.41% 16.34% Market Cap ($mm) 2,500 - 5,000 24.79% 42.50% Market Cap ($mm) 5,000 - 10,000 37.94% 23.09% Market Cap ($mm) 10,000 - 25,000 13.16% 1.07% Market Cap ($mm) 25,000 - 50,000 1.84% 0.00% Market Cap ($mm) 50,000 - 100,000 0.00% 0.00% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.02% As of: 12/31/2023 Valuation Characteristics Fund Russell 2000® Growth Index P/E 0-10 8.51% 4.12% P/E 10-15 13.60% 7.23% P/E 15-20 5.39% 9.69% P/E 20-25 2.88% 10.40% P/E 25-Above 37.14% 40.27% P/E – NA 32.47% 28.29% As of: 12/31/2023 Growth Characteristics Fund Russell 2000® Growth Index EPS Growth (Trailing 3-yr %) - Negative 19.52% 12.14% EPS Growth (Trailing 3-yr %) 0 - 5 0.13% 2.92% EPS Growth (Trailing 3-yr %) 5 - 10 0.69% 5.26% EPS Growth (Trailing 3-yr %) 10 - 15 0.90% 4.33% EPS Growth (Trailing 3-yr %) 15 - 20 1.20% 3.31% EPS Growth (Trailing 3-yr %) Above 20 28.31% 30.65% EPS Growth (Trailing 3-yr %) - NA 49.27% 41.40% As of: 12/31/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2023 FTAI Aviation Ltd 4.43% Sigma Lithium Corp 3.58% Eagle Materials Inc 3.32% Lithia Motors Inc, Class A 3.24% Coherent Corp 3.01% Beacon Roofing Supply Inc 2.95% Inspire Medical Systems Inc 2.94% Builders FirstSource Inc 2.92% MasTec Inc 2.75% Ultra Clean Holdings Inc 2.62% % in Top 10 Holdings 31.78% View Holding Details Holding Details Frontier Small Cap Growth Fund (MSSCX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2023 FTAI Aviation Ltd 4.43% Sigma Lithium Corp 3.58% Eagle Materials Inc 3.32% Lithia Motors Inc, Class A 3.24% Coherent Corp 3.01% Beacon Roofing Supply Inc 2.95% Inspire Medical Systems Inc 2.94% Builders FirstSource Inc 2.92% MasTec Inc 2.75% Ultra Clean Holdings Inc 2.62% % in Top 10 Holdings 31.78% As of: 12/31/2023 Download All Holdings (PDF) As of: 02/29/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund COHR Coherent Corp Information Technology S US USD 52,869 59.48 $3,144,648 4.09% PSTG Pure Storage Inc, Class A Information Technology S US USD 56,020 52.65 $2,949,453 3.84% EXP Eagle Materials Inc Materials S US USD 11,505 253.55 $2,917,093 3.80% FTAI FTAI Aviation Ltd Industrials S KY USD 47,477 56.29 $2,672,480 3.48% UCTT Ultra Clean Holdings Inc Information Technology S US USD 53,944 43.20 $2,330,381 3.03% LAD Lithia Motors Inc, Class A Consumer Discretionary S US USD 7,387 299.06 $2,209,156 2.88% BECN Beacon Roofing Supply Inc Industrials S US USD 25,193 85.89 $2,163,827 2.82% BLDR Builders FirstSource Inc Industrials S US USD 11,081 195.18 $2,162,790 2.81% ATI ATI Inc Materials S US USD 39,458 49.18 $1,940,544 2.53% INSW International Seaways Inc Energy S US USD 31,937 52.93 $1,690,425 2.20% GVA Granite Construction Inc Industrials S US USD 30,726 51.53 $1,583,311 2.06% ESTC Elastic NV Information Technology S US USD 11,472 133.81 $1,535,068 2.00% ALK Alaska Air Group Inc Industrials S US USD 40,977 37.39 $1,532,130 1.99% MDB MongoDB Inc, Class A Information Technology S US USD 3,403 447.58 $1,523,115 1.98% CRS Carpenter Technology Corp Materials S US USD 21,596 64.65 $1,396,181 1.82% CZR Caesars Entertainment Inc Consumer Discretionary S US USD 31,800 43.47 $1,382,346 1.80% CG Carlyle Group Inc Financials S US USD 29,702 45.85 $1,361,837 1.77% GMS GMS Inc Industrials S US USD 14,909 89.31 $1,331,523 1.73% MAT Mattel Inc Consumer Discretionary S US USD 66,482 19.70 $1,309,695 1.70% DBRG DigitalBridge Group Inc Real Estate S US USD 67,488 18.37 $1,239,755 1.61% MXL MaxLinear Inc, Class A Information Technology S US USD 63,468 19.44 $1,233,818 1.61% RXO RXO Inc Industrials S US USD 56,874 21.52 $1,223,928 1.59% RRX Regal Rexnord Corp Industrials S US USD 6,419 171.49 $1,100,794 1.43% BASE Couchbase Inc Information Technology S US USD 38,129 28.08 $1,070,662 1.39% AVTR Avantor Inc Health Care S US USD 43,184 24.64 $1,064,054 1.38% PCRX Pacira BioSciences Inc Health Care S US USD 35,757 29.72 $1,062,698 1.38% AZUL Azul SA ADR Industrials S BR USD 139,548 7.32 $1,021,491 1.33% PR Permian Resources Corp, Class A Energy S US USD 64,731 15.56 $1,007,214 1.31% GBX Greenbrier Cos Inc Industrials S US USD 18,177 51.75 $940,660 1.22% VKTX Viking Therapeutics Inc Health Care S US USD 11,967 77.05 $922,057 1.20% ASPN Aspen Aerogels Inc Materials S US USD 53,130 17.18 $912,773 1.19% INDI Indie Semiconductor Inc Information Technology S US USD 136,024 6.19 $841,989 1.10% MOD Modine Manufacturing Co Consumer Discretionary S US USD 9,158 89.71 $821,564 1.07% MKSI MKS Instruments Inc Information Technology S US USD 6,646 122.76 $815,863 1.06% RIOT Riot Platforms Inc Information Technology S US USD 56,289 14.12 $794,801 1.03% INSP Inspire Medical Systems Inc Health Care S US USD 4,268 179.04 $764,143 0.99% CRSP CRISPR Therapeutics AG Health Care S CH USD 8,736 84.22 $735,746 0.96% BYD Boyd Gaming Corp Consumer Discretionary S US USD 10,964 66.13 $725,049 0.94% ACAD ACADIA Pharmaceuticals Inc Health Care S US USD 28,980 23.24 $673,495 0.88% WDC Western Digital Corp Information Technology S US USD 11,206 59.47 $666,421 0.87% INSM Insmed Inc Health Care S US USD 23,446 27.72 $649,923 0.85% ZI ZoomInfo Technologies Inc, Class A Communication Services S US USD 36,226 16.76 $607,148 0.79% VCEL Vericel Corp Health Care S US USD 13,143 45.68 $600,372 0.78% DOOR Masonite International Corp Industrials S US USD 4,532 130.24 $590,248 0.77% SGH SMART Global Holdings Inc Information Technology S US USD 27,171 21.27 $577,927 0.75% BBIO Bridgebio Pharma Inc Health Care S US USD 16,814 34.15 $574,198 0.75% KNX Knight-Swift Transportation Holdings Inc, Class A Industrials S US USD 10,151 56.34 $571,907 0.74% SUM Summit Materials Inc, Class A Materials S US USD 12,461 42.71 $532,209 0.69% MTH Meritage Homes Corp Consumer Discretionary S US USD 3,323 157.66 $523,904 0.68% OKTA Okta Inc, Class A Information Technology S US USD 4,817 107.30 $516,864 0.67% SSYS Stratasys Ltd Industrials S US USD 39,894 12.35 $492,691 0.64% NVCR Novocure Ltd Health Care S JE USD 31,354 15.31 $480,030 0.62% GWRE Guidewire Software Inc Information Technology S US USD 3,791 119.34 $452,418 0.59% ARRY Array Technologies Inc Industrials S US USD 32,571 13.64 $444,268 0.58% BWXT BWX Technologies Inc Industrials S US USD 4,171 100.83 $420,562 0.55% HL Hecla Mining Co Materials S US USD 114,392 3.54 $404,948 0.53% SANM Sanmina Corp Information Technology S US USD 6,277 63.20 $396,706 0.52% BPMC Blueprint Medicines Corp Health Care S US USD 4,174 93.52 $390,352 0.51% SRPT Sarepta Therapeutics Inc Health Care S US USD 2,963 127.90 $378,968 0.49% KTOS Kratos Defense & Security Solutions Inc Industrials S US USD 20,354 18.24 $371,257 0.48% GDYN Grid Dynamics Holdings Inc Information Technology S US USD 27,263 13.49 $367,778 0.48% WFRD Weatherford International PLC Energy S US USD 3,551 102.61 $364,368 0.47% SRI Stoneridge Inc Consumer Discretionary S US USD 20,342 17.57 $357,409 0.47% AXSM Axsome Therapeutics Inc Health Care S US USD 4,361 81.38 $354,898 0.46% XPO XPO Inc Industrials S US USD 2,914 120.32 $350,612 0.46% NTRA Natera Inc Health Care S US USD 4,026 86.49 $348,209 0.45% ACVA ACV Auctions Inc, Class A Industrials S US USD 19,193 17.75 $340,676 0.44% BFAM Bright Horizons Family Solutions Inc, Class A Consumer Discretionary S US USD 2,951 114.86 $338,952 0.44% FR First Industrial Realty Trust Inc Real Estate S US USD 6,117 53.00 $324,201 0.42% ENS EnerSys Industrials S US USD 3,133 91.88 $287,860 0.37% SHLS Shoals Technologies Group Inc, Class A Industrials S US USD 22,243 12.83 $285,378 0.37% STNG Scorpio Tankers Inc Energy S MC USD 4,087 67.13 $274,360 0.36% PATH UiPath Inc, Class A Information Technology S US USD 11,127 23.75 $264,266 0.34% TDW Tidewater Inc Energy S US USD 3,570 70.03 $250,007 0.33% BWA BorgWarner Inc Consumer Discretionary S US USD 7,768 31.13 $241,818 0.31% VLRS Controladora Vuela Cia de Aviacion SAB de CV ADR Industrials S MX USD 27,773 7.23 $200,799 0.26% EXAS Exact Sciences Corp Health Care S US USD 3,423 57.53 $196,925 0.26% LCII LCI Industries Consumer Discretionary S US USD 1,394 125.98 $175,616 0.23% TWLO Twilio Inc, Class A Information Technology S US USD 2,873 59.59 $171,202 0.22% ERO ERO Copper Corp Materials S CA USD 9,543 17.06 $162,804 0.21% NMIH NMI Holdings Inc, Class A Financials S US USD 5,084 30.08 $152,927 0.20% ELAN Elanco Animal Health Inc Health Care S US USD 9,623 15.89 $152,909 0.20% MTZ MasTec Inc Industrials S US USD 2,017 75.46 $152,203 0.20% PAY Paymentus Holdings Inc, Class A Financials S US USD 9,724 15.56 $151,305 0.20% UA Under Armour Inc, Class C Consumer Discretionary S US USD 17,217 8.54 $147,033 0.19% MPWR Monolithic Power Systems Inc Information Technology S US USD 198 720.04 $142,568 0.19% DOCU DocuSign Inc, Class A Information Technology S US USD 2,490 53.27 $132,642 0.17% PACK Ranpak Holdings Corp, Class A Materials S US USD 25,859 4.75 $122,830 0.16% QTRX Quanterix Corp Health Care S US USD 4,560 23.96 $109,258 0.14% MP MP Materials Corp Materials S US USD 6,858 15.21 $104,310 0.14% LDOS Leidos Holdings Inc Industrials S US USD 666 127.86 $85,155 0.11% IRT Independence Realty Trust Inc Real Estate S US USD 5,696 14.64 $83,389 0.11% PODD Insulet Corp Health Care S US USD 450 164.00 $73,800 0.10% STAG STAG Industrial Inc Real Estate S US USD 1,439 37.14 $53,444 0.07% SGML Sigma Lithium Corp Materials S BR USD 2,801 14.22 $39,830 0.05% SMCI Super Micro Computer Inc Information Technology S US USD 41 866.12 $35,511 0.05% BE Bloom Energy Corp, Class A Industrials S US USD 3,805 8.77 $33,370 0.04% QRVO Qorvo Inc Information Technology S US USD 289 114.55 $33,105 0.04% CHRD Chord Energy Corp Energy S US USD 201 162.45 $32,652 0.04% HURN Huron Consulting Group Inc Industrials S US USD 332 98.13 $32,579 0.04% BMRN BioMarin Pharmaceutical Inc Health Care S US USD 316 86.28 $27,264 0.04% BILL BILL Holdings Inc Information Technology S US USD 413 63.33 $26,155 0.03% AA Alcoa Corp Materials S US USD 835 27.21 $22,720 0.03% PWR Quanta Services Inc Industrials S US USD 66 241.51 $15,940 0.02% WOLF Wolfspeed Inc Information Technology S US USD 596 26.02 $15,508 0.02% ST Sensata Technologies Holding PLC Industrials S US USD 416 34.42 $14,319 0.02% TOST Toast Inc, Class A Financials S US USD 594 23.00 $13,662 0.02% SITM SiTime Corp Information Technology S US USD 136 92.50 $12,580 0.02% VRT Vertiv Holdings Co, Class A Industrials S US USD 183 67.62 $12,374 0.02% CAVA Cava Group Inc Consumer Discretionary S US USD 203 58.41 $11,857 0.02% WCC WESCO International Inc Industrials S US USD 77 149.49 $11,511 0.01% FIVE Five Below Inc Consumer Discretionary S US USD 47 200.68 $9,432 0.01% KBR KBR Inc Industrials S US USD 132 60.03 $7,924 0.01% UTHR United Therapeutics Corp Health Care S US USD 34 225.64 $7,672 0.01% FND Floor & Decor Holdings Inc, Class A Consumer Discretionary S US USD 61 121.12 $7,388 0.01% JAZZ Jazz Pharmaceuticals PLC Health Care S IE USD 59 118.90 $7,015 0.01% SYM Symbotic Inc, Class A Industrials S US USD 130 39.40 $5,122 0.01% Cash & Equivalents Cash C US USD - - $2,321,643 3.02% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return FTAI Aviation Ltd 1 4.82% 31.48% MasTec Inc 2 1.84% 5.21% Insulet Corp 3 2.11% 36.05% Builders FirstSource Inc 4 1.62% 34.10% Granite Construction Inc 5 2.01% 34.01% Coherent Corp 6 1.86% 33.36% Eagle Materials Inc 7 2.28% 21.92% CRISPR Therapeutics AG 8 1.26% 37.92% ACADIA Pharmaceuticals Inc 9 1.00% 50.24% Beacon Roofing Supply Inc 10 2.57% 12.76% As of: 12/31/2023 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 SolarEdge Technologies, Inc. 20 0.38% -33.99% Mattel Inc 19 3.25% -14.30% KBR Inc 18 4.17% -5.82% BILL Holdings Inc 17 0.51% -24.85% Array Technologies Inc 16 0.71% -24.29% Xponential Fitness, Inc. Class A 15 0.62% -31.55% Belden Inc. 14 0.44% -23.12% Tidewater Inc 13 1.07% 1.46% Quanterix Corp 12 0.52% 0.74% Sigma Lithium Corp 11 3.01% -2.81% As of: 12/31/2023 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: 12/31/2023 View Allocation Details Allocation Details Frontier Small Cap Growth Fund (MSSCX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 2000® Growth Index Industrials 29.50% 20.04% Information Technology 16.63% 21.67% Health Care 15.49% 22.37% Materials 13.36% 4.15% Consumer Discretionary 12.79% 11.08% Energy 4.45% 4.47% Cash & Other 3.98% 0.00% Real Estate 2.23% 1.68% Communication Services 0.86% 2.17% Financials 0.69% 6.35% Consumer Staples 0.00% 4.50% Utilities 0.00% 1.53% As of: 12/31/2023 Investment Allocation 12/31/2023 Stocks 96.02% Bonds 0.00% Cash and Other 3.98% As of: 12/31/2023 Industry Fund Russell 2000® Growth Index Metals & Mining 9.14% 1.28% Trading Companies & Distributors 8.95% 2.03% Semiconductors & Semiconductor Equipment 6.35% 4.47% Health Care Equipment & Supplies 6.15% 4.21% Construction & Engineering 4.94% 2.42% Oil, Gas & Consumable Fuels 4.07% 1.67% Pharmaceuticals 4.06% 2.68% Building Products 4.03% 2.23% Biotechnology 3.96% 10.35% IT Services 3.34% 0.87% % in Top 10 Industries 54.99% 32.21% As of: 12/31/2023 Read Important Investment Disclosures About the Affiliate About Frontier Capital Management Frontier Capital Management Company, LLC, specializes in growth and value equity investments on behalf of institutional and individual clients. Learn More About Frontier Capital Management's Approach FOUNDED 1980 AMG AFFILIATE SINCE 2000 HEADQUARTERS Boston Portfolio Managers James A. Colgan PARTNER, PORTFOLIO MANAGER Read full bio G. Michael Novak, Jr. PARTNER, PORTFOLIO MANAGER Read full bio 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. 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