NPORT-EX 2 frontier.htm N-PORT EX

Frontier MFG Global Sustainable Fund
  
Schedule of Investments
  
September 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 95.1%
  
Shares
    
Value
 
Germany - 5.7%
        
adidas AG
    
3,237
    
$
685,862
  
SAP SE
    
4,384
      
1,173,895
  
             
1,859,757
  
                   
Hong Kong - 3.2%
          
AIA Group Ltd.
    
107,768
      
1,032,845
  
                   
Netherlands - 4.5%
          
ASML Holding NV
    
669
      
652,402
  
Universal Music Group NV
    
28,711
      
829,677
  
             
1,482,079
  
                   
Spain - 1.9%
          
Aena SME SA (a)
    
23,374
      
639,031
  
                   
Switzerland - 6.0%
          
Nestle SA
    
21,253
      
1,951,774
  
                   
Taiwan, Province of China - 5.6%
          
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR
    
6,530
      
1,823,764
  
                   
United Kingdom - 6.0%
          
Reckitt Benckiser Group PLC
    
17,056
      
1,313,346
  
Unilever PLC
    
10,692
      
635,069
  
             
1,948,415
  
                   
United States - 62.2%(a)
          
Alphabet, Inc. - Class C
    
4,528
      
1,102,794
  
Amazon.com, Inc. (b)
    
10,950
      
2,404,292
  
American Tower Corp.
    
5,008
      
963,139
  
Booking Holdings, Inc.
    
171
      
923,275
  
Dollar General Corp.
    
10,875
      
1,123,931
  
Eversource Energy
    
18,397
      
1,308,763
  
Intercontinental Exchange, Inc.
    
5,793
      
976,005
  
Mastercard, Inc. - Class A
    
2,683
      
1,526,117
  
Meta Platforms, Inc. - Class A
    
1,727
      
1,268,274
  
Microsoft Corp.
    
5,056
      
2,618,755
  
Mondelez International, Inc. - Class A
    
10,385
      
648,751
  
Thermo Fisher Scientific, Inc.
    
1,363
      
661,082
  
U.S. Bancorp
    
19,672
      
950,748
  
UnitedHealth Group, Inc.
    
3,268
      
1,128,440
  
Visa, Inc. - Class A
    
1,907
      
651,012
  
Yum! Brands, Inc.
    
7,375
      
1,121,000
  
Zimmer Biomet Holdings, Inc.
    
9,678
      
953,283
  
             
20,329,661
  
TOTAL COMMON STOCKS (Cost $21,104,686)
      
31,067,326
  
                   
TOTAL INVESTMENTS - 95.1% (Cost $21,104,686)
      
31,067,326
  
Money Market Deposit Account - 4.2% (c)
      
1,367,046
  
Other Assets in Excess of Liabilities - 0.7%
      
221,973
  
TOTAL NET ASSETS - 100.0%
   

 
$
32,656,345
  

     

Percentages are stated as a percent of net assets.
      


(a)
To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.
(b)
Non-income producing security.
(c)
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of September 30, 2025 was 3.06%.

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
22,153,425
    
$
8,913,901
    
$
–
    
$
31,067,326
  
Total Investments
  
$
22,153,425
    
$
8,913,901
    
$
–
    
$
31,067,326
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  


Frontier MFG Core Infrastructure Fund
  
Schedule of Investments
  
September 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 96.5%
  
Shares
    
Value
 
Australia - 4.2%
        
APA Group
    
223,504
    
$
1,312,112
  
Atlas Arteria Ltd.
    
236,905
      
769,326
  
Transurban Group
    
462,892
      
4,223,357
  
             
6,304,795
  
                   
Belgium - 1.4%
          
Elia Group SA/NV
    
18,260
      
2,109,603
  
                   
Canada - 14.8%
          
Algonquin Power & Utilities Corp.
    
110,368
      
593,197
  
Brookfield Renewable Corp.
    
20,500
      
705,723
  
Canadian Utilities Ltd. - Class A
    
31,075
      
869,261
  
Emera, Inc.
    
48,083
      
2,306,892
  
Enbridge, Inc.
    
90,274
      
4,554,241
  
Fortis, Inc.
    
80,918
      
4,104,334
  
Hydro One Ltd. (a)
    
96,371
      
3,438,112
  
South Bow Corp.
    
32,304
      
914,085
  
TC Energy Corp.
    
83,743
      
4,553,304
  
             
22,039,149
  
                   
Chile - 0.3%
          
Aguas Andinas SA - Class A
    
1,107,574
      
420,678
  
                   
France - 5.6%
          
Aeroports de Paris SA
    
15,978
      
2,116,763
  
Getlink SE
    
93,505
      
1,724,186
  
Vinci SA
    
32,623
      
4,533,696
  
             
8,374,645
  
                   
Germany - 0.9%
          
Fraport AG Frankfurt Airport Services Worldwide (a)
    
14,936
      
1,292,596
  
                   
Italy - 6.4%
          
ACEA SpA
    
36,135
      
871,397
  
Enav SpA (a)
    
88,516
      
449,895
  
Italgas SpA
    
171,647
      
1,581,183
  
Snam SpA
    
554,968
      
3,332,166
  
Terna - Rete Elettrica Nazionale
    
330,529
      
3,354,380
  
             
9,589,021
  
                   
Mexico - 3.2%
          
Grupo Aeroportuario del Centro Norte SAB de CV
    
57,069
      
736,582
  
Grupo Aeroportuario del Pacifico SAB de CV - Class B
    
70,035
      
1,649,466
  
Grupo Aeroportuario del Sureste SAB de CV - Class B
    
46,620
      
1,505,734
  
Promotora y Operadora de Infraestructura SAB de CV
    
66,137
      
905,301
  
             
4,797,083
  
                   
Netherlands - 0.7%
          
Koninklijke Vopak NV
    
21,220
      
973,952
  
                   
New Zealand - 1.4%
          
Auckland International Airport Ltd.
    
289,267
      
1,322,245
  
Chorus Ltd.
    
70,180
      
388,967
  
Vector Ltd.
    
164,315
      
455,407
  
             
2,166,619
  
                   
Portugal - 0.3%
          
REN - Redes Energeticas Nacionais SGPS SA
    
116,835
      
420,022
  
                   
Spain - 10.3%
          
Aena SME SA (a)
    
152,873
      
4,179,455
  
Cellnex Telecom SA (a)
    
118,252
      
4,095,955
  
Enagas SA
    
46,755
      
730,492
  
Ferrovial SE
    
81,007
      
4,653,076
  
Redeia Corp. SA
    
91,189
      
1,760,654
  
             
15,419,632
  
                   
Switzerland - 1.1%
          
Flughafen Zurich AG
    
5,129
      
1,570,444
  
                   
United Kingdom - 5.7%
          
National Grid PLC
    
309,539
      
4,447,662
  
Pennon Group PLC
    
79,280
      
500,121
  
Severn Trent PLC
    
50,643
      
1,765,747
  
United Utilities Group PLC
    
114,777
      
1,773,156
  
             
8,486,686
  
                   
United States - 40.2%(b)
          
ALLETE, Inc.
    
3,289
      
218,390
  
Alliant Energy Corp.
    
14,761
      
995,039
  
Ameren Corp.
    
15,532
      
1,621,230
  
American Electric Power Co., Inc.
    
25,860
      
2,909,250
  
American States Water Co.
    
1,774
      
130,070
  
American Tower Corp.
    
14,115
      
2,714,597
  
American Water Works Co., Inc.
    
11,022
      
1,534,152
  
Atmos Energy Corp.
    
8,973
      
1,532,140
  
Avista Corp.
    
4,778
      
180,656
  
Black Hills Corp.
    
4,021
      
247,653
  
California Water Service Group
    
2,780
      
127,574
  
CenterPoint Energy, Inc.
    
36,876
      
1,430,789
  
Chesapeake Utilities Corp.
    
872
      
117,450
  
CMS Energy Corp.
    
16,100
      
1,179,486
  
Consolidated Edison, Inc.
    
20,354
      
2,045,984
  
Crown Castle, Inc.
    
24,603
      
2,373,943
  
Dominion Energy, Inc.
    
48,180
      
2,947,171
  
DTE Energy Co.
    
11,724
      
1,658,125
  
Duke Energy Corp.
    
24,184
      
2,992,770
  
Entergy Corp.
    
25,852
      
2,409,148
  
Essential Utilities, Inc.
    
16,107
      
642,669
  
Evergy, Inc.
    
13,201
      
1,003,540
  
Eversource Energy
    
20,756
      
1,476,582
  
Exelon Corp.
    
56,727
      
2,553,282
  
FirstEnergy Corp.
    
34,274
      
1,570,435
  
H2O America
    
2,715
      
132,220
  
IDACORP, Inc.
    
3,129
      
413,497
  
MGE Energy, Inc.
    
2,060
      
173,411
  
Middlesex Water Co.
    
1,181
      
63,916
  
NextEra Energy, Inc.
    
41,173
      
3,108,150
  
NiSource, Inc.
    
24,837
      
1,075,442
  
Northwest Natural Holding Co.
    
1,850
      
83,120
  
Northwestern Energy Group, Inc.
    
3,184
      
186,614
  
OGE Energy Corp.
    
10,058
      
465,384
  
ONE Gas, Inc.
    
3,054
      
247,191
  
Pinnacle West Capital Corp.
    
6,769
      
606,909
  
Portland General Electric Co.
    
5,913
      
260,172
  
PPL Corp.
    
41,539
      
1,543,589
  
Public Service Enterprise Group, Inc.
    
28,038
      
2,340,051
  
SBA Communications Corp.
    
6,070
      
1,173,634
  
Sempra
    
35,820
      
3,223,084
  
Spire, Inc.
    
3,329
      
271,380
  
The Southern Co.
    
32,649
      
3,094,146
  
TXNM Energy, Inc.
    
4,945
      
279,640
  
WEC Energy Group, Inc.
    
17,932
      
2,054,828
  
Xcel Energy, Inc.
    
32,408
      
2,613,705
  
             
60,022,208
  
TOTAL COMMON STOCKS (Cost $105,529,135)
      
143,987,133
  
                   
CLOSED-END FUNDS - 1.1%
  
Shares
    
Value
 
Republic of Korea - 0.4%
          
Macquarie Korea Infrastructure Fund
    
75,460
      
619,191
  
                   
United Kingdom - 0.7%
          
HICL Infrastructure PLC
    
336,553
      
557,688
  
International Public Partnerships Ltd.
    
316,036
      
533,492
  
             
1,091,180
  
TOTAL CLOSED-END FUNDS (Cost $1,712,010)
      
1,710,371
  
                   
TOTAL INVESTMENTS - 97.6% (Cost $107,241,145)
      
145,697,504
  
Money Market Deposit Account - 1.9% (c)
      
2,858,033
  
Other Assets in Excess of Liabilities - 0.5%
      
711,201
  
TOTAL NET ASSETS - 100.0%

 


 
$
149,266,738
  


   

Percentages are stated as a percent of net assets.





(a)
Non-income producing security.
(b)
To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.
(c)
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of September 30, 2025 was 3.06%.

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
87,247,407
    
$
56,739,726
    
$
–
    
$
143,987,133
  
  Closed-End Funds
    
–
      
1,710,371
      
–
      
1,710,371
  
Total Investments
  
$
87,247,407
    
$
58,450,097
    
$
–
    
$
145,697,504
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  


Investment Valuation – Securities are valued at their fair value. Equity securities that are traded on a national securities exchange, except for those traded on NASDAQ Global Market, NASDAQ Global Select Market and NASDAQ Capital Market exchanges (together, “NASDAQ”), for which market quotations are readily available are valued at the last reported sale price on the national securities exchange on which such securities are principally traded. Equity securities that are traded on NASDAQ are valued using the NASDAQ Official Closing Price (“NOCP”). Equity securities for which there were no transactions on a given day or securities not listed on a national securities exchange are valued at the most recent quoted bid price. Debt securities are valued at the bid price provided by an independent pricing service, which uses valuation methods such as matrix pricing and other analytical pricing models, as well as market transactions and other market inputs. Shares of underlying mutual funds are valued at their respective Net Asset Value (“NAV”). Deposit accounts are valued at acquisition cost, which approximates fair value. Exchange traded funds and closed-end funds are valued at the last reported sale price on the exchange on which the security is principally traded. Securities that are primarily traded on foreign exchanges generally are valued at the last sale price of such securities on their respective exchange. In the case of foreign securities, the occurrence of events after the close of the foreign markets, but prior to the time a Fund’s NAV is calculated, will result in a systematic fair value adjustment to the trading prices of foreign securities provided that there is a movement in the markets that exceeds a predetermined threshold and provided the fair value prices exceed a pre-established confidence level. The Funds will also value foreign securities at fair value in accordance with the Adviser’s fair valuation procedures in the case of other significant events relating to a particular foreign issuer or market. In such cases, use of fair valuation can reduce an investor’s ability to seek to profit by estimating the Fund’s NAV in advance of the time the NAV is calculated. The Company has retained an independent fair value pricing service to assist in valuing foreign securities held by the Funds. In valuing assets, prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate, which approximates fair value. Any securities or other assets for which market quotations are not readily available are valued at their fair value as determined in good faith by the Adviser as “valuation designee” of the Board of Directors (the “Board”) pursuant to policies and procedures adopted pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended. The Adviser uses its Valuation Committee to make any required fair value determinations.

The Funds follow a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Funds’ own market assumptions (unobservable inputs). These inputs are used in determining the value of each Fund’s investments and are summarized in the following fair value hierarchy:

Level 1 — Quoted prices in active markets for identical securities that the Funds have the ability to access
Level 2 — Evaluated prices based on other significant observable inputs (including quoted prices for similar securities, foreign security indices, foreign exchange rates, fair value estimates for foreign securities and changes in benchmark securities indices)
Level 3 — Significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments)

Tax Disclosure - Each Fund intends to continue to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as a regulated investment company and to make the requisite distributions of income and capital gains to its shareholders sufficient to relieve it from all or substantially all federal income taxes. Therefore, no federal income tax provision has been provided.

The Funds have adopted financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations as incurred. During the period, the Funds did not incur any interest or penalties. The Funds have reviewed all open tax years and concluded that there is no effect to any of the Fund's financial positions or results of operations and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on a tax return. The Funds have no examinations in progress.