Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class Z N I Z NAV | as of 11/08/2024 $11.20 +$0.26 (+2.38%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 542 Small Growth funds as of 10/31/2024 View Morningstar Details Morningstar Medalist Rating as of 08/31/2024 Analyst-Driven:10% | Data Coverage:100% Growth of $10,000 (Hypothetical) Since Inception 01/01/2010 to 10/31/2024 = $58,041.65 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 10/31/2024 Overall Rating (of 542) 3 Years (of 542) 5 Years (of 521) 10 Years (of 399) 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 an 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. Andrew B. Bennett, CFA PARTNER, PORTFOLIO MANAGER Drew is a Portfolio Manager for the Frontier Capital Appreciation strategy and an equity partner in the firm. Prior to joining Frontier in 1997, he was an Associate Analyst at Alex. Brown& Sons and a Research Analyst at Frontier Capital Management. He left Frontier to become an Assistant Portfolio Manager at Wellington Management Company, LLP prior to rejoining Frontier in 2003. Drew received a B.A. from Wheaton College. Drew also holds the Chartered Financial Analyst designation. Peter G. Kuechle PARTNER, PORTFOLIO MANAGER Peter is a Portfolio Manager for the Frontier Capital Appreciation 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 2002, he worked as an Associate at Bain Capital Ventures and as Manager, Corporate Development at Ariba. Prior to that, he was a Principal at Advent International and a Business Analyst at McKinsey &Company, Inc. Peter received a B.A. from Dartmouth College and an M.B.A. from Harvard Business School. Nathan A. Hayman Partner, Portfolio Manager Nathan Hayman is a co-Portfolio Manager of the Small Cap Growth Fund. He is also a Portfolio Manager of Frontier’s Focus strategy. He also serves as a Research Analyst and is an equity partner in the firm. He focuses his research efforts on Aerospace, Transportation and Housing. Prior to Frontier, he was a Senior Associate at the law firm, Yigal Arnon & Co. Nathan received a L.L.B. from the Hebrew University Law School and an M.B.A. from Dartmouth College Tuck School of Business. 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: 1.31% Net Expense Ratio: 0.91% 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 $0.102200 $0.102200 — — 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 Statistics As of: 10/31/2024 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. 3.81 5.22 3.05 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. 22.49 26.09 22.36 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. -0.10 0.42 0.43 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. 111.04 124.13 125.41 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. 96.86 97.94 99.08 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. 0.95 1.04 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. 91.37 91.20 91.46 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. 6.70 7.81 6.58 View All Characteristics & Statistics All Characteristics & Statistics 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.$) $80 Number of Holdings 119 1,120 Weighted Avg. Market Cap (Mil.$) $7,290 $4,239 Median Market Cap (Mil.$) $5,909 $1,227 Weighted Avg. P/E (1-yr Forward EPS) 19.96 21.68 Weighted Avg. P/E (Trailing EPS) 21.38 24.22 PEG Ratio 1.40 1.38 Weighted Avg. P/B 2.68 4.15 EPS Growth (Trailing 3-yr %) -0.50% 10.99% EPS Growth (Trailing 5-yr %) 24.15% 19.29% Forward EPS Growth (1-yr %) 2.07% 4.49% Forward EPS Growth (Long Term %) 16.06% 15.97% Revenue Growth (Trailing 5-yr %) 16.18% 13.38% Return on Equity 7.26% 4.68% Weighted Avg. Dividend Yield 0.44% 0.54% Debt to Equity 84.56 73.64 Trailing 12-Months Portfolio Turnover 229.92% As of: 09/30/2024 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. 3.81 5.22 3.05 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. 22.49 26.09 22.36 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. -0.10 0.42 0.43 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. 111.04 124.13 125.41 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. 96.86 97.94 99.08 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. 0.95 1.04 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. 91.37 91.20 91.46 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. 6.70 7.81 6.58 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. 0.56 0.70 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. -2.45 10.49 9.36 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: 10/31/2024 Market Cap Fund Russell 2000® Growth Index Market Cap ($mm) 0 - 1,000 2.82% 8.00% Market Cap ($mm) 1,000 - 1,500 3.16% 7.52% Market Cap ($mm) 1,500 - 2,500 8.07% 14.41% Market Cap ($mm) 2,500 - 5,000 17.92% 38.38% Market Cap ($mm) 5,000 - 10,000 50.29% 27.81% Market Cap ($mm) 10,000 - 25,000 17.49% 3.81% Market Cap ($mm) 25,000 - 50,000 0.24% 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 ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.06% As of: 09/30/2024 Valuation Characteristics Fund Russell 2000® Growth Index P/E 0-10 4.45% 3.21% P/E 10-15 8.28% 5.89% P/E 15-20 10.85% 8.74% P/E 20-25 7.77% 9.95% P/E 25-Above 36.10% 41.06% P/E – NA 32.56% 31.15% As of: 09/30/2024 Growth Characteristics Fund Russell 2000® Growth Index EPS Growth (Trailing 3-yr %) - Negative 25.74% 16.30% EPS Growth (Trailing 3-yr %) 0 - 5 2.53% 3.20% EPS Growth (Trailing 3-yr %) 5 - 10 8.11% 4.96% EPS Growth (Trailing 3-yr %) 10 - 15 4.02% 6.08% EPS Growth (Trailing 3-yr %) 15 - 20 0.33% 4.24% EPS Growth (Trailing 3-yr %) Above 20 16.50% 22.16% EPS Growth (Trailing 3-yr %) - NA 42.77% 43.06% As of: 09/30/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 09/30/2024 Eagle Materials Inc 3.86% Granite Construction Inc 3.50% Lithia Motors Inc, Class A 3.11% ATI Inc 2.97% FTAI Aviation Ltd 2.95% Summit Materials Inc, Class A 2.92% Beacon Roofing Supply Inc 2.87% Caesars Entertainment Inc 2.82% Credo Technology Group Holding Ltd 2.69% Coherent Corp 2.64% % in Top 10 Holdings 30.34% View Holding Details Holding Details Frontier Small Cap Growth Fund (MSSYX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 09/30/2024 Eagle Materials Inc 3.86% Granite Construction Inc 3.50% Lithia Motors Inc, Class A 3.11% ATI Inc 2.97% FTAI Aviation Ltd 2.95% Summit Materials Inc, Class A 2.92% Beacon Roofing Supply Inc 2.87% Caesars Entertainment Inc 2.82% Credo Technology Group Holding Ltd 2.69% Coherent Corp 2.64% % in Top 10 Holdings 30.34% As of: 09/30/2024 Download All Holdings (PDF) As of: 09/30/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund EXP Eagle Materials Inc Materials S US USD 10,792 287.65 $3,104,319 3.86% GVA Granite Construction Inc Industrials S US USD 35,505 79.28 $2,814,836 3.50% LAD Lithia Motors Inc, Class A Consumer Discretionary S US USD 7,863 317.64 $2,497,603 3.11% ATI ATI Inc Materials S US USD 35,713 66.91 $2,389,557 2.97% FTAI FTAI Aviation Ltd Industrials S KY USD 17,848 132.90 $2,371,999 2.95% SUM Summit Materials Inc, Class A Materials S US USD 60,118 39.03 $2,346,406 2.92% BECN Beacon Roofing Supply Inc Industrials S US USD 26,658 86.43 $2,304,051 2.87% CZR Caesars Entertainment Inc Consumer Discretionary S US USD 54,358 41.74 $2,268,903 2.82% CRDO Credo Technology Group Holding Ltd Information Technology S US USD 70,135 30.80 $2,160,158 2.69% COHR Coherent Corp Information Technology S US USD 23,909 88.91 $2,125,749 2.64% UTHR United Therapeutics Corp Health Care S US USD 5,786 358.35 $2,073,413 2.58% MXL MaxLinear Inc, Class A Information Technology S US USD 119,898 14.48 $1,736,123 2.16% MTH Meritage Homes Corp Consumer Discretionary S US USD 8,137 205.07 $1,668,655 2.08% CRS Carpenter Technology Corp Materials S US USD 10,230 159.58 $1,632,503 2.03% ALK Alaska Air Group Inc Industrials S US USD 35,623 45.21 $1,610,516 2.00% MAT Mattel Inc Consumer Discretionary S US USD 72,608 19.05 $1,383,182 1.72% INSM Insmed Inc Health Care S US USD 18,742 73.00 $1,368,166 1.70% INDI indie Semiconductor Inc, Class A Information Technology S US USD 338,077 3.99 $1,348,927 1.68% MOD Modine Manufacturing Co Consumer Discretionary S US USD 10,129 132.79 $1,345,030 1.67% RXO RXO Inc Industrials S US USD 46,213 28.00 $1,293,964 1.61% UCTT Ultra Clean Holdings Inc Information Technology S US USD 31,616 39.93 $1,262,427 1.57% RRX Regal Rexnord Corp Industrials S US USD 7,507 165.88 $1,245,261 1.55% BLDR Builders FirstSource Inc Industrials S US USD 6,410 193.86 $1,242,643 1.55% VKTX Viking Therapeutics Inc Health Care S US USD 19,201 63.31 $1,215,615 1.51% KNX Knight-Swift Transportation Holdings Inc, Class A Industrials S US USD 21,700 53.95 $1,170,715 1.46% ADC Agree Realty Corp Real Estate S US USD 14,791 75.33 $1,114,206 1.39% PLNT Planet Fitness Inc, Class A Consumer Discretionary S US USD 13,263 81.22 $1,077,221 1.34% DAR Darling Ingredients Inc Consumer Staples S US USD 28,044 37.16 $1,042,115 1.30% BPOP Popular Inc Financials S PR USD 10,320 100.27 $1,034,786 1.29% HALO Halozyme Therapeutics Inc Health Care S US USD 16,277 57.24 $931,695 1.16% LTH Life Time Group Holdings Inc Consumer Discretionary S US USD 35,647 24.42 $870,500 1.08% DBRG DigitalBridge Group Inc Financials S US USD 60,972 14.13 $861,534 1.07% ERO ERO Copper Corp Materials S CA USD 34,997 22.27 $779,383 0.97% KYMR Kymera Therapeutics Inc Health Care S US USD 16,154 47.33 $764,569 0.95% APGE Apogee Therapeutics Inc Health Care S US USD 12,826 58.74 $753,399 0.94% TGLS Tecnoglass Inc Industrials S US USD 10,937 68.66 $750,934 0.93% KNF Knife River Corp Materials S US USD 8,089 89.39 $723,076 0.90% ACVA ACV Auctions Inc, Class A Industrials S US USD 35,300 20.33 $717,649 0.89% MDB MongoDB Inc, Class A Information Technology S US USD 2,593 270.35 $701,018 0.87% KROS Keros Therapeutics Inc Health Care S US USD 11,839 58.07 $687,491 0.86% LGIH LGI Homes Inc Consumer Discretionary S US USD 5,764 118.52 $683,149 0.85% SANM Sanmina Corp Information Technology S US USD 9,809 68.45 $671,426 0.84% FR First Industrial Realty Trust Inc Real Estate S US USD 11,698 55.98 $654,854 0.81% TEM Tempus AI Inc, Class A Health Care S US USD 11,564 56.60 $654,522 0.81% QRVO Qorvo Inc Information Technology S US USD 6,314 103.30 $652,236 0.81% GBX Greenbrier Cos Inc Industrials S US USD 12,802 50.89 $651,494 0.81% DOCU DocuSign Inc, Class A Information Technology S US USD 9,818 62.09 $609,600 0.76% XPO XPO Inc Industrials S US USD 5,592 107.51 $601,196 0.75% HL Hecla Mining Co Materials S US USD 89,551 6.67 $597,305 0.74% IRT Independence Realty Trust Inc Real Estate S US USD 29,117 20.50 $596,899 0.74% LNTH Lantheus Holdings Inc Health Care S US USD 5,080 109.75 $557,530 0.69% KTOS Kratos Defense & Security Solutions Inc Industrials S US USD 23,816 23.30 $554,913 0.69% BBIO Bridgebio Pharma Inc Health Care S US USD 20,731 25.46 $527,811 0.66% LSCC Lattice Semiconductor Corp Information Technology S US USD 9,920 53.07 $526,454 0.65% SG Sweetgreen Inc, Class A Consumer Discretionary S US USD 14,848 35.45 $526,362 0.65% BILL BILL Holdings Inc Information Technology S US USD 9,636 52.76 $508,395 0.63% INSW International Seaways Inc Energy S US USD 9,321 51.56 $480,591 0.60% GMS GMS Inc Industrials S US USD 5,215 90.57 $472,323 0.59% VCEL Vericel Corp Health Care S US USD 10,928 42.25 $461,708 0.57% ASPN Aspen Aerogels Inc Materials S US USD 16,401 27.69 $454,144 0.57% CHEF Chefs' Warehouse Inc Consumer Staples S US USD 10,722 42.01 $450,431 0.56% NTRA Natera Inc Health Care S US USD 3,535 126.95 $448,768 0.56% AXSM Axsome Therapeutics Inc Health Care S US USD 4,966 89.87 $446,294 0.56% NVCR Novocure Ltd Health Care S JE USD 27,385 15.63 $428,028 0.53% BYD Boyd Gaming Corp Consumer Discretionary S US USD 6,610 64.65 $427,337 0.53% HLIO Helios Technologies Inc Industrials S US USD 8,773 47.70 $418,472 0.52% PSTG Pure Storage Inc, Class A Information Technology S US USD 8,047 50.24 $404,281 0.50% BASE Couchbase Inc Information Technology S US USD 23,864 16.12 $384,688 0.48% BURL Burlington Stores Inc Consumer Discretionary S US USD 1,454 263.48 $383,100 0.48% SYM Symbotic Inc, Class A Industrials S US USD 14,374 24.39 $350,582 0.44% SILA Sila Realty Trust Inc Real Estate S US USD 13,493 25.29 $341,238 0.42% BWXT BWX Technologies Inc Industrials S US USD 2,989 108.70 $324,904 0.40% ATMU Atmus Filtration Technologies Inc Industrials S US USD 8,563 37.53 $321,369 0.40% LRN Stride Inc Consumer Discretionary S US USD 3,161 85.31 $269,665 0.34% FMC FMC Corp Materials S US USD 4,039 65.94 $266,332 0.33% STAG STAG Industrial Inc Real Estate S US USD 6,789 39.09 $265,382 0.33% SHLS Shoals Technologies Group Inc, Class A Industrials S US USD 42,886 5.61 $240,590 0.30% GTLB Gitlab Inc, Class A Information Technology S US USD 4,555 51.54 $234,765 0.29% BWA BorgWarner Inc Consumer Discretionary S US USD 6,277 36.29 $227,792 0.28% ZI ZoomInfo Technologies Inc, Class A Communication Services S US USD 21,554 10.32 $222,437 0.28% NMIH NMI Holdings Inc, Class A Financials S US USD 5,348 41.19 $220,284 0.27% MP MP Materials Corp Materials S US USD 12,193 17.65 $215,206 0.27% ESTC Elastic NV Information Technology S US USD 2,535 76.76 $194,587 0.24% INSP Inspire Medical Systems Inc Health Care S US USD 918 211.05 $193,744 0.24% ST Sensata Technologies Holding PLC Industrials S US USD 5,089 35.86 $182,492 0.23% MPWR Monolithic Power Systems Inc Information Technology S US USD 174 924.50 $160,863 0.20% PATH UiPath Inc, Class A Information Technology S US USD 12,335 12.80 $157,888 0.20% CG Carlyle Group Inc Financials S US USD 3,648 43.06 $157,083 0.20% SGH SMART Global Holdings Inc Information Technology S US USD 6,352 20.95 $133,074 0.17% SGML Sigma Lithium Corp Materials S BR USD 10,656 12.36 $131,708 0.16% WOLF Wolfspeed Inc Information Technology S US USD 12,370 9.70 $119,989 0.15% SSYS Stratasys Ltd Industrials S US USD 14,349 8.31 $119,240 0.15% GTLS Chart Industries Inc Industrials S US USD 945 124.14 $117,312 0.15% BPMC Blueprint Medicines Corp Health Care S US USD 863 92.50 $79,828 0.10% BFAM Bright Horizons Family Solutions Inc, Class A Consumer Discretionary S US USD 555 140.13 $77,772 0.10% GDYN Grid Dynamics Holdings Inc Information Technology S US USD 4,734 14.00 $66,276 0.08% VLRS Controladora Vuela Cia de Aviacion SAB de CV ADR Industrials S MX USD 9,108 6.33 $57,654 0.07% PAY Paymentus Holdings Inc, Class A Financials S US USD 2,418 20.02 $48,408 0.06% GWRE Guidewire Software Inc Information Technology S US USD 264 182.94 $48,296 0.06% EXAS Exact Sciences Corp Health Care S US USD 598 68.12 $40,736 0.05% SRI Stoneridge Inc Consumer Discretionary S US USD 3,496 11.19 $39,120 0.05% TDW Tidewater Inc Energy S US USD 542 71.79 $38,910 0.05% OKTA Okta Inc, Class A Information Technology S US USD 427 74.34 $31,743 0.04% CCJ Cameco Corp Energy S CA USD 586 47.76 $27,987 0.03% CAVA Cava Group Inc Consumer Discretionary S US USD 203 123.85 $25,142 0.03% LCII LCI Industries Consumer Discretionary S US USD 201 120.54 $24,229 0.03% SRPT Sarepta Therapeutics Inc Health Care S US USD 193 124.89 $24,104 0.03% STVN Stevanato Group SpA Health Care S IT USD 1,001 20.00 $20,020 0.02% PWR Quanta Services Inc Industrials S US USD 65 298.15 $19,380 0.02% TOST Toast Inc, Class A Financials S US USD 593 28.31 $16,788 0.02% PR Permian Resources Corp, Class A Energy S US USD 1,191 13.61 $16,210 0.02% ZS Zscaler Inc Information Technology S US USD 80 170.94 $13,675 0.02% WDC Western Digital Corp Information Technology S US USD 137 68.29 $9,356 0.01% NET Cloudflare Inc, Class A Information Technology S US USD 110 80.89 $8,898 0.01% ENS EnerSys Industrials S US USD 79 102.05 $8,062 0.01% PODD Insulet Corp Health Care S US USD 34 232.75 $7,914 0.01% FND Floor & Decor Holdings Inc, Class A Consumer Discretionary S US USD 61 124.17 $7,574 0.01% FIVE Five Below Inc Consumer Discretionary S US USD 83 88.35 $7,333 0.01% SMCI Super Micro Computer Inc Information Technology S US USD 10 416.40 $4,164 0.01% Cash & Equivalents Cash C US USD - - $412,293 0.51% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Carpenter Technology Corp 1 2.25% 45.77% Granite Construction Inc 2 3.37% 28.08% Eagle Materials Inc 3 2.27% 32.36% FTAI Aviation Ltd 4 3.13% 29.11% Hecla Mining Co 5 1.85% 37.74% Coherent Corp 6 2.85% 22.70% ATI Inc 7 2.89% 20.67% Viking Therapeutics Inc 8 2.12% 19.43% Lithia Motors Inc, Class A 9 1.95% 25.99% Meritage Homes Corp 10 1.81% 27.03% As of: 09/30/2024 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 indie Semiconductor Inc, Class A 20 1.68% -35.33% MaxLinear Inc, Class A 19 2.47% -28.10% Ultra Clean Holdings Inc 18 2.65% -18.51% Azul S.A. Sponsored ADR Pfd 17 1.04% -23.50% Pacira Biosciences, Inc. 16 0.23% -56.41% International Seaways Inc 15 1.57% -10.06% Symbotic Inc, Class A 14 0.46% -30.63% Tidewater Inc 13 1.07% -24.60% Pure Storage Inc, Class A 12 1.36% -21.76% Blueprint Medicines Corp 11 0.82% -14.18% As of: 09/30/2024 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: 09/30/2024 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 24.84% 21.78% Information Technology 17.76% 19.63% Consumer Discretionary 17.18% 10.07% Materials 15.73% 3.93% Health Care 14.54% 25.60% Real Estate 3.70% 1.55% Financials 2.91% 8.29% Consumer Staples 1.86% 3.24% Energy 0.70% 3.43% Cash & Other 0.51% 0.00% Communication Services 0.28% 2.01% Utilities 0.00% 0.48% As of: 09/30/2024 Investment Allocation 09/30/2024 Stocks 99.49% Bonds 0.00% Cash and Other 0.51% As of: 09/30/2024 Industry Fund Russell 2000® Growth Index Biotechnology 11.67% 13.57% Semiconductors & Semiconductor Equipment 10.08% 3.46% Construction Materials 7.68% 0.46% Metals & Mining 7.15% 1.35% Hotels, Restaurants & Leisure 6.46% 2.61% Trading Companies & Distributors 6.41% 3.32% Ground Transportation 3.81% 0.54% Specialty Retail 3.60% 1.96% Construction & Engineering 3.53% 2.41% Electronic Equipment, Instruments & Components 3.48% 3.78% % in Top 10 Industries 63.87% 33.46% As of: 09/30/2024 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 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. Stay up-to-date Sign up to receive our latest views and thinking, in addition to other news and product-related information. CHOOSE SUBSCRIPTIONS