Frontier MFG Global Equity Fund
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
Number of Shares			Value
COMMON STOCKS 83.4%
		Belgium  1.1%
	260,443	Anheuser-Busch InBev SA/NV	$	11,503,745
		China 8.6%
	328,438	Alibaba Group Holding Ltd. - ADR (a)		63,874,622
	530,432	Tencent Holdings Ltd.		26,217,988
				90,092,610
		France  2.9%
	81,953	LVMH Moet Hennessy Louis Vuitton SE		30,056,401
		Germany  3.1%
	286,980	SAP SE		32,040,753
		Netherlands  1.0%
	128,747	Heineken NV		10,925,984
		Switzerland  8.0%
	381,310	Nestle SA		39,033,864
	541,237	Novartis AG		44,651,424
				83,685,288
		United Kingdom  4.0%
	553,823	Reckitt Benckiser Group PLC		42,187,701
		United States  54.7%
	6,127	Alphabet, Inc. - Class A (a)		7,119,268
	45,198	Alphabet, Inc. - Class C (a)		52,556,686
	269,548	Crown Castle International Corp.		38,922,731
	302,685	Eversource Energy		23,672,994
	337,190	Facebook, Inc. - Class A (a)		56,243,292
	249,628	HCA Healthcare, Inc.		22,429,076
	126,602	Mastercard, Inc. - Class A		30,581,979
	139,091	McDonald's Corp.		22,998,697
	482,868	Microsoft Corp.		76,153,112
	218,685	PepsiCo, Inc.		26,264,069
	775,608	Starbucks Corp.		50,988,470
	170,754	The Estee Lauder Companies, Inc. - Class A		27,207,942
	268,634	Visa, Inc. - Class A		43,282,310
	298,734	WEC Energy Group, Inc.		26,327,427
	645,302	Xcel Energy, Inc.		38,911,711
	441,400	Yum! Brands, Inc.		30,249,142
				573,908,906
		Total Common Stocks
		(Cost $674,030,484)		874,401,388
SHORT-TERM INVESTMENTS 16.1%
		Money Market Deposit Account 16.1%
	169,260,087	U.S. Bank N.A., 0.35% (b)		169,260,087
		Total Short-Term Investments
		(Cost $169,260,087)		169,260,087
		Total Investments 99.5%
		(Cost $843,290,571)		1,043,661,475
		Other Assets in Excess of Liabilities 0.5%		4,705,250
		TOTAL NET ASSETS 100.0%	$	1,048,366,725

(a) Non-Income Producing.

(b) The Money Market Deposit Account ("MMDA") is a short-term investment 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 may change daily and by any amount. The rate shown is as of March 31, 2020.

ADR - American Depositary Receipt

Frontier MFG Global Plus Fund
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
Number of Shares			Value
COMMON STOCKS 83.1%
		Belgium  1.1%
	98,450	Anheuser-Busch InBev SA/NV	$	4,348,528
		China  8.6%
	126,565	Alibaba Group Holding Ltd. - ADR (a)		24,614,361
	205,752	Tencent Holdings Ltd.		10,169,830
				34,784,191
		France  2.9%
	31,520	LVMH Moet Hennessy Louis Vuitton SE		11,560,013
		Germany  3.0%
	110,361	SAP SE		12,321,588
		Netherlands  1.0%
	48,816	Heineken NV		4,142,720
		Switzerland  8.0%
	146,294	Nestle SA		14,975,794
	208,766	Novartis AG		17,222,953
				32,198,747
		United Kingdom  4.0%
	213,772	Reckitt Benckiser Group PLC		16,284,173
		United States  54.5%
	2,304	Alphabet, Inc. - Class A (a)		2,677,133
	17,344	Alphabet, Inc. - Class C (a)		20,167,777
	103,367	Crown Castle International Corp.		14,926,195
	116,243	Eversource Energy		9,091,365
	130,065	Facebook, Inc. - Class A (a)		21,694,841
	95,568	HCA Healthcare, Inc.		8,586,785
	48,426	Mastercard, Inc. - Class A		11,697,785
	52,208	McDonald's Corp.		8,632,593
	186,350	Microsoft Corp.		29,389,259
	83,979	PepsiCo, Inc.		10,085,878
	295,690	Starbucks Corp.		19,438,661
	65,719	The Estee Lauder Companies, Inc. - Class A		10,471,665
	103,430	Visa, Inc. - Class A		16,664,642
	114,624	WEC Energy Group, Inc.		10,101,813
	246,997	Xcel Energy, Inc.		14,893,919
	169,138	Yum! Brands, Inc.		11,591,027
				220,111,338
		Total Common Stocks
		(Cost $291,779,410)		335,751,298
SHORT-TERM INVESTMENTS 16.4%
		Money Market Deposit Account 16.4%
	66,335,334	U.S. Bank N.A., 0.35% (b)		66,335,334
		Total Short-Term Investments
		(Cost $66,335,334)		66,335,334
		Total Investments 99.5%
		(Cost $358,114,744)		402,086,632
		Other Assets in Excess of Liabilities 0.5%		2,091,295
		TOTAL NET ASSETS 100.0%	$	404,177,927
(a) Non-Income Producing.
(b) The Money Market Deposit Account ("MMDA") is a short-term investment 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 may change daily and by any amount. The rate shown is as of March 31, 2020.
ADR - American Depositary Receipt

 

Frontier MFG Global Sustainable Fund
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
Number of Shares			Value
COMMON STOCKS 84.4%
		Belgium  1.6%
	3,312	Anheuser-Busch InBev SA/NV	$	146,291
		China  8.5%
	2,376	Alibaba Group Holding Ltd. - ADR (a)		462,084
	6,300	Tencent Holdings Ltd.		311,394
				773,478
		France  2.5%
	3,521	Danone SA		225,338
		Germany  3.6%
	2,963	SAP SE		330,813
		Italy  1.7%
	23,938	Terna Rete Elettrica Nazionale SpA		150,471
		Netherlands  4.1%
	7,530	Unilever NV		370,109
		Spain  1.7%
	8,426	Red Electrica Corp SA		151,411
		Switzerland  5.9%
	3,404	Nestle SA		348,461
	2,210	Novartis AG		182,322
				530,783
		United Kingdom  4.5%
	5,375	Reckitt Benckiser Group PLC		409,443
		United States  50.3%
	565	Alphabet, Inc. - Class C (a)		656,988
	468	Apple, Inc.		119,008
	413	Chipotle Mexican Grill, Inc. (a)		270,267
	2,948	Facebook, Inc. - Class A (a)		491,726
	2,689	HCA Healthcare, Inc.		241,607
	1,579	Mastercard, Inc. - Class A		381,423
	3,767	Microsoft Corp.		594,094
	3,636	Mondelez International, Inc. - Class A		182,091
	1,089	PepsiCo, Inc.		130,789
	5,397	Starbucks Corp.		354,799
	2,864	The Coca-Cola Co.		126,732
	2,673	Visa, Inc. - Class A		430,674
	1,621	Walmart, Inc.		184,178
	5,959	Yum! Brands, Inc.		408,370
				4,572,746
		Total Common Stocks
		(Cost $8,362,604)		7,660,883
SHORT-TERM INVESTMENTS 15.5%
		Money Market Deposit Account 15.5%
	1,410,675	U.S. Bank N.A., 0.35% (b)		1,410,675
		Total Short-Term Investments
		(Cost $1,410,675)		1,410,675
		Total Investments 99.9%
		(Cost $9,773,279)		9,071,558
		Other Assets in Excess of Liabilities 0.1%		12,186
		TOTAL NET ASSETS 100.0%	$	9,083,744
(a) Non-Income Producing.
(b) The Money Market Deposit Account ("MMDA") is a short-term investment 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 may change daily and by any amount. The rate shown is as of March 31, 2020.
ADR - American Depositary Receipt

Frontier MFG Core Infrastructure Fund
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
Number of Shares			Value
COMMON STOCKS 93.4%
		Australia  7.5%
	1,134,945	APA Group	$	7,202,093
	782,976	Atlas Arteria Ltd.		2,644,584
	3,292,161	AusNet Services		3,456,806
	1,457,254	Spark Infrastructure Group		1,759,718
	2,173,789	Sydney Airport		7,510,668
	2,267,570	Transurban Group		16,890,322
				39,464,191
		Canada  14.5%
	182,313	Canadian Utilities Ltd. - Class A		4,357,997
	231,946	Emera, Inc.		9,147,306
	586,903	Enbridge, Inc.		17,090,375
	445,848	Fortis, Inc.		17,193,328
	574,261	Hydro One Ltd.		10,340,207
	404,534	TC Energy Corp.		17,980,247
				76,109,460
		Chile  0.4%
	6,058,195	Aguas Andinas SA - Class A		1,783,696
		France  6.2%
	95,188	Aeroports de Paris		9,195,743
	529,072	Getlink SE		6,398,947
	207,631	Vinci SA		16,965,401
				32,560,091
		Germany  0.7%
	84,842	Fraport AG Frankfurt Airport Services Worldwide		3,415,325
		Hong Kong  2.3%
	2,053,573	Power Assets Holdings Ltd.		12,182,294
		Italy  6.7%
	118,297	ASTM SpA		2,071,536
	465,135	Enav SpA		2,050,888
	729,742	Italgas SpA		3,992,692
	3,266,126	Snam SpA		14,927,190
	1,933,783	Terna Rete Elettrica Nazionale SpA		12,155,514
				35,197,820
		Mexico  1.3%
	314,573	Grupo Aeroportuario del Centro Norte SAB de CV		1,064,555
	425,893	Grupo Aeroportuario del Pacifico SAB de CV - Class B		2,302,668
	249,648	Grupo Aeroportuario del Sureste SAB de CV - Class B		2,353,200
	311,934	Infraestructura Energetica Nova SAB de CV		957,400
				6,677,823
		Netherlands  1.2%
	116,730	Koninklijke Vopak NV		6,129,513
		New Zealand  0.9%
	1,107,818	Auckland International Airport Ltd.		3,300,990
	793,919	Vector Ltd.		1,494,022
				4,795,012
		Portugal  0.3%
	601,684	REN - Redes Energeticas Nacionais SGPS SA		1,536,549
		Spain  8.0%
	114,988	Aena SME SA		12,475,564
	330,764	Cellnex Telecom SA		15,004,287
	252,059	Enagas SA		4,972,422
	520,565	Red Electrica Corp. SA		9,354,301
				41,806,574
		Switzerland  0.6%
	27,688	Flughafen Zuerich AG		3,097,531
		United Kingdom  6.7%
	1,350,026	National Grid PLC		15,774,042
	404,926	Pennon Group PLC		5,414,323
	228,867	Severn Trent PLC		6,478,514
	655,851	United Utilities Group PLC		7,341,523
				35,008,402
		United States  36.1%
	16,782	ALLETE, Inc.		1,018,332
	76,307	Alliant Energy Corp.		3,684,865
	76,617	Ameren Corp.		5,580,016
	104,892	American Electric Power Co., Inc.		8,389,262
	11,919	American States Water Co.		974,259
	42,645	American Tower Corp.		9,285,949
	56,358	American Water Works Co., Inc.		6,738,162
	39,952	Atmos Energy Corp.		3,964,437
	96,229	Avangrid, Inc.		4,212,906
	23,385	Avista Corp.		993,629
	18,540	Black Hills Corp.		1,187,116
	15,472	California Water Service Group		778,551
	88,405	CMS Energy Corp.		5,193,794
	100,432	Consolidated Edison, Inc.		7,833,696
	66,951	Crown Castle International Corp.		9,667,724
	115,376	Dominion Energy Corp.		8,328,993
	59,824	DTE Energy Co.		5,681,485
	116,799	Duke Energy Corp.		9,446,703
	10,450	El Paso Electric Co.		710,182
	65,077	Entergy Corp.		6,115,286
	75,498	Essential Utilities, Inc.		3,072,769
	74,106	Evergy, Inc.		4,079,535
	102,751	Eversource Energy		8,036,156
	168,386	FirstEnergy Corp.		6,747,227
	15,244	IDACORP, Inc.		1,338,271
	10,756	MGE Energy, Inc.		704,195
	125,567	NiSource, Inc.		3,135,408
	8,491	Northwest Natural Holding Company		524,319
	14,825	NorthWestern Corp.		886,980
	16,430	ONE Gas, Inc.		1,373,877
	36,804	Pinnacle West Capital Corp.		2,789,375
	24,077	PNM Resources, Inc.		914,926
	28,735	Portland General Electric Co.		1,377,556
	251,841	PPL Corp.		6,215,436
	34,856	SBA Communications Corp.		9,410,074
	78,776	Sempra Energy		8,900,900
	8,232	SJW Group		475,563
	28,661	South Jersey Industries, Inc.		716,525
	15,523	Southwest Gas Holdings, Inc.		1,079,780
	15,572	Spire, Inc.		1,159,803
	165,591	The Southern Co.		8,965,097
	94,948	WEC Energy Group, Inc.		8,367,767
	150,888	Xcel Energy, Inc.		9,098,546
				189,155,432
		Total Common Stocks
		(Cost $467,459,382)		488,919,713
CLOSED-END FUNDS 1.2%
		United Kingdom  1.2%
	1,614,576	HICL Infrastructure PLC		3,234,599
	1,442,238	International Public Partnerships Ltd.		2,788,407
		Total Closed-End Funds
		(Cost $6,318,242)		6,023,006
SHORT-TERM INVESTMENTS 4.1%
		Money Market Deposit Account 4.1%
	21,426,190	U.S. Bank N.A., 0.35% (a)		21,426,190
		Total Short-Term Investments
		(Cost $21,426,190)		21,426,190
		Total Investments 98.7%
		(Cost $495,203,814)		516,368,909
		Other Assets in Excess of Liabilities 1.3%		7,069,096
		TOTAL NET ASSETS 100.0%	$	523,438,005
(a) The Money Market Deposit Account ("MMDA") is a short-term investment 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 may change daily and by any amount. The rate shown is as of March 31, 2020.

 

Frontier MFG Select Infrastructure Fund
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
Number of Shares			Value
COMMON STOCKS 86.4%
		Australia  12.3%
	199,574	APA Group	$	1,266,449
	634,069	Atlas Arteria Ltd.		2,141,635
	1,455,696	Spark Infrastructure Group		1,757,837
	227,680	Sydney Airport		786,658
	490,412	Transurban Group		3,652,904
				9,605,483
		Canada 5.9.%
	3,801	Canadian Pacific Railway Ltd.		838,770
	130,174	Enbridge, Inc.		3,790,614
				4,629,384
		Chile  0.9%
	2,305,075	Aguas Andinas SA - Class A		678,676
		France  5.8%
	12,235	Aeroports de Paris		1,181,976
	57,060	Getlink SE		690,121
	32,232	Vinci SA		2,633,657
				4,505,754
		Germany  0.8%
	15,659	Fraport AG Frankfurt Airport Services Worldwide		630,355
		Italy  7.1%
	77,223	ASTM SpA		1,352,276
	541,443	Snam SpA		2,474,560
	269,387	Terna Rete Elettrica Nazionale SpA		1,693,332
				5,520,168
		Netherlands  4.6%
	68,688	Koninklijke Vopak NV		3,606,820
		New Zealand  0.4%
	95,015	Auckland International Airport Ltd.		283,118
		Spain  7.1%
	14,662	Aena SME SA		1,590,746
	221,131	Red Electrica Corp. SA		3,973,617
				5,564,363
		Switzerland  0.8%
	5,967	Flughafen Zuerich AG		667,544
		United Kingdom  0.9%
	25,719	Severn Trent PLC		728,025
		United States  39.8%
	23,939	American Water Works Co., Inc.		2,862,147
	50,289	Atmos Energy Corp.		4,990,177
	27,072	Crown Castle International Corp.		3,909,197
	27,949	CSX Corp.		1,601,478
	48,383	Eversource Energy		3,784,035
	59,101	FirstEnergy Corp.		2,368,177
	29,912	Sempra Energy		3,379,757
	16,710	Union Pacific Corp.		2,356,778
	24,473	WEC Energy Group, Inc.		2,156,805
	60,363	Xcel Energy, Inc.		3,639,889
				31,048,440
		Total Common Stocks
		(Cost $72,795,005)		67,468,130
SHORT-TERM INVESTMENTS 13.1%
		Money Market Deposit Account 13.1%
	10,270,651	U.S. Bank N.A., 0.35% (a)		10,270,651
		Total Short-Term Investments
		(Cost $10,270,651)		10,270,651
		Total Investments 99.5%
		(Cost $83,065,656)		77,738,781
		Other Assets in Excess of Liabilities 0.5%		360,800
		TOTAL NET ASSETS 100.0%	$	78,099,581
(a) The Money Market Deposit Account ("MMDA") is a short-term investment 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 may change daily and by any amount. The rate shown is as of March 31, 2020.

Frontier Phocas Small Cap Value Fund
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
Number of Shares			Value
COMMON STOCKS 95.8%
		Communication Services  2.2%
	5,307	Nexstar Media Group, Inc. - Class A	$	306,373
	7,721	TEGNA, Inc.		83,850
				390,223
		Consumer Discretionary  6.4%
	7,221	Adtalem Global Education, Inc. (a)		193,450
	9,488	American Eagle Outfitters, Inc.		75,430
	8,898	Bloomin' Brands, Inc.		63,532
	13,234	Dana, Inc.		103,357
	9,175	Designer Brands, Inc. - Class A		45,692
	5,286	Hilton Grand Vacations, Inc. (a)		83,360
	15,685	Modine Manufacturing Co. (a)		50,976
	8,322	Penn National Gaming, Inc. (a)		105,273
	3,629	TopBuild Corp. (a)		259,982
	3,053	Williams-Sonoma, Inc.		129,814
				1,110,866
		Consumer Staples  2.4%
	18,018	Hostess Brands, Inc. (a)		192,072
	9,092	SpartanNash Co.		130,197
	2,674	Spectrum Brands Holdings, Inc.		97,253
				419,522
		Energy  2.1%
	4,979	International Seaways, Inc.		118,948
	8,643	Murphy Oil Corp.		52,982
	13,716	Parsley Energy, Inc. - Class A		78,593
	4,940	PDC Energy, Inc. (a)		30,677
	3,182	World Fuel Services Corp.		80,123
				361,323
		Financials  28.3%
	8,351	Ameris Bancorp		198,420
	11,317	Atlantic Union Bankshares Corp.		247,842
	2,540	Banner Corp.		83,922
	3,820	Blackstone Mortgage Trust, Inc. - Class A		71,128
	15,438	CenterState Bank Corp.		265,997
	7,513	Enterprise Financial Services Corp.		209,688
	32,477	F.N.B. Corp.		239,356
	7,334	FB Financial Corp.		144,626
	6,313	First Interstate BancSystem, Inc. - Class A		182,067
	7,483	First Merchants Corp.		198,225
	25,030	Heritage Insurance Holdings, Inc.		268,071
	5,491	Independent Bank Group, Inc.		130,027
	3,419	Kemper Corp.		254,271
	12,399	Meta Financial Group, Inc.		269,306
	14,893	OneMain Holdings, Inc.		284,754
	9,777	Pacific Premier Bancorp, Inc.		184,199
	5,615	Pinnacle Financial Partners, Inc.		210,787
	5,936	Preferred Bank		200,756
	2,107	Primerica, Inc.		186,427
	3,006	Selective Insurance Group, Inc.		149,398
	16,915	Sterling Bancorp		176,762
	4,011	Stifel Financial Corp.		165,574
	3,209	TCF Financial Corp.		72,716
	7,777	Triumph Bancorp, Inc. (a)		202,202
	12,292	Umpqua Holdings Corp.		133,983
	4,560	WesBanco, Inc.		108,072
	2,961	Wintrust Financial Corp.		97,298
				4,935,874
		Health Care  5.8%
	3,446	Avanos Medical, Inc. (a)		92,801
	5,194	Coherus Biosciences, Inc. (a)		84,247
	3,665	Emergent BioSolutions, Inc. (a)		212,057
	664	ICU Medical, Inc. (a)		133,975
	687	Intercept Pharmaceuticals, Inc. (a)		43,254
	6,924	Lannett Co., Inc. (a)		48,122
	1,699	Magellan Health, Inc. (a)		81,739
	1,749	NuVasive, Inc. (a)		88,604
	6,228	Patterson Companies, Inc.		95,226
	3,230	Syneos Health, Inc. (a)		127,327
				1,007,352
		Industrials  15.1%
	33,946	ADT, Inc.		146,647
	13,162	Air Transport Services Group, Inc. (a)		240,602
	10,416	Atkore International Group, Inc. (a)		219,465
	7,292	BMC Stock Holdings, Inc. (a)		129,287
	4,400	CBIZ, Inc. (a)		92,048
	6,459	Columbus McKinnon Corp.		161,475
	2,118	Cubic Corp.		87,494
	3,010	Ducommun, Inc. (a)		74,798
	2,854	EMCOR Group, Inc.		175,007
	2,292	Gibraltar Industries, Inc. (a)		98,373
	2,649	Hub Group, Inc. - Class A (a)		120,450
	1,309	Kadant, Inc.		97,717
	5,353	Kforce, Inc.		136,876
	7,766	Knoll, Inc.		80,145
	5,893	MYR Group, Inc. (a)		154,338
	1,517	Oshkosh Corp.		97,589
	7,414	Quanta Services, Inc.		235,246
	4,680	SkyWest, Inc.		122,569
	16,440	Sterling Construction Co., Inc. (a)		156,180
				2,626,306
		Information Technology  11.1%
	1,976	Advanced Energy Industries, Inc. (a)		95,816
	2,455	Belden, Inc.		88,577
	1,128	CACI International, Inc. - Class A (a)		238,177
	2,937	Cirrus Logic, Inc. (a)		192,755
	1,878	MAXIMUS, Inc.		109,300
	3,454	Methode Electronics, Inc.		91,289
	2,145	MKS Instruments, Inc.		174,710
	10,859	Nuance Communications, Inc. (a)		182,214
	12,566	Photronics, Inc. (a)		128,927
	2,175	Plexus Corp. (a)		118,668
	4,145	Progress Software Corp.		132,640
	2,712	SYNNEX Corp.		198,247
	4,473	Verint Systems, Inc. (a)		192,339
				1,943,659
		Materials  3.4%
	7,600	Ferro Corp. (a)		71,136
	2,376	HB Fuller Co.		66,362
	2,528	Kaiser Aluminum Corp.		175,140
	5,699	Koppers Holdings, Inc. (a)		70,496
	6,125	Materion Corp.		214,436
				597,570
		Real Estate  12.2%
	14,927	Essential Properties Realty Trust, Inc.		194,947
	16,308	Global Medical REIT, Inc.		165,037
	28,761	Independence Realty Trust, Inc.		257,123
	7,497	Jernigan Capital, Inc.		82,167
	6,054	Mack-Cali Realty Corp.		92,203
	4,153	National Storage Affiliates Trust		122,929
	1,505	PS Business Parks, Inc.		203,958
	6,791	QTS Realty Trust, Inc. - Class A		393,946
	9,001	Rexford Industrial Realty, Inc.		369,131
	11,124	Sabra Health Care REIT, Inc.		121,474
	2,263	Terreno Realty Corp.		117,110
				2,120,025
		Utilities  6.8%
	2,448	Black Hills Corp.		156,745
	8,612	Clearway Energy, Inc. - Class C		161,906
	2,749	IDACORP, Inc.		241,335
	3,215	New Jersey Resources Corp.		109,213
	3,617	Portland General Electric Co.		173,399
	6,209	South Jersey Industries, Inc.		155,225
	2,640	Spire, Inc.		196,627
				1,194,450
		Total Common Stocks
		(Cost $19,800,426)		16,707,170
SHORT-TERM INVESTMENTS 4.5%
		Money Market Deposit Account 4.5%
	784,447	U.S. Bank N.A., 0.35% (b)		784,447
		Total Short-Term Investments
		(Cost $784,447)		784,447
		Total Investments 100.3%
		(Cost $20,584,873)		17,491,617
		Liabilities in Excess of Other Assets (0.3)%		(55,492	)
		TOTAL NET ASSETS 100.0%	$	17,436,125
(a) Non-Income Producing.
(b) The Money Market Deposit Account ("MMDA") is a short-term investment 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 may change daily and by any amount. The rate shown is as of March 31, 2020.

Frontier Caravan Emerging Markets Fund
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
Number of Shares			Value
COMMON STOCKS 92.7%
		Argentina  1.3%
	2,400	Banco Macro SA - ADR	$	40,752
	1,400	Globant SA (a)		123,032
	5,700	Grupo Financiero Galicia SA - ADR		40,185
				203,969
		Brazil  2.0%
	4,600	B3 SA - Brasil Bolsa Balcao		31,543
	4,200	Banco Bradesco SA		15,269
	2,700	Banco do Brasil SA - ADR		14,472
	14,600	Cielo SA - ADR		11,604
	8,800	Cogna Educacao		6,944
	2,000	JBS SA - ADR		15,648
	4,800	Lojas Renner SA		31,048
	4,300	Magazine Luiza SA		32,589
	4,400	Petrobras Distribuidora SA		13,328
	3,300	Petroleo Brasileiro SA - ADR (a)		18,150
	1,600	Suzano SA - ADR		10,992
	9,300	Vale SA - ADR (a)		77,097
	5,100	YPF SA - ADR		21,267
				299,951
		Chile  2.0%
	2,800	Banco de Chile - ADR		45,108
	2,100	Banco Santander Chile - ADR		31,773
	22,857	Cencosud SA		23,771
	14,285	Empresas CMPC SA		30,429
	4,842	Empresas COPEC SA		27,735
	9,600	Enel Americas SA - ADR		58,176
	4,100	Latam Airlines Group SA - ADR		10,865
	22,686	SACI Falabella		49,861
	1,500	Sociedad Quimica y Minera de Chile SA - ADR		33,825
				311,543
		China  24.0%
	100	51job, Inc. - ADR (a)		6,139
	200	58.com, Inc. - ADR (a)		9,744
	6,500	AAC Technologies Holdings, Inc.		33,147
	67,000	Agricultural Bank of China Ltd.		26,751
	4,500	Alibaba Group Holding Ltd. - ADR (a)		875,161
	105	ANTA Sports Products Ltd. - ADR		19,081
	100	Autohome, Inc. - ADR (a)		7,102
	700	Baidu, Inc. - ADR (a)		70,553
	191,000	Bank of China Ltd.		72,707
	100	Baozun, Inc. - ADR (a)		2,794
	400	BEST, Inc. - ADR (a)		2,140
	242,000	China Construction Bank Corp.		196,709
	3,600	China Life Insurance Co. Ltd. - ADR		35,136
	24,000	China Mengniu Dairy Co. Ltd.		82,770
	9,500	China Merchants Bank Co. Ltd.		42,501
	2,900	China Mobile Ltd. - ADR		109,243
	10,000	China Overseas Land & Investment Ltd.		30,659
	6,400	China Pacific Insurance Group Co. Ltd.		19,163
	600	China Petroleum & Chemical Corp. - ADR		29,220
	6,000	China Resources Land Ltd.		24,489
	300	China Telecom Corp. Ltd. - ADR		9,156
	400	CNOOC Ltd. - ADR		41,388
	19,000	Country Garden Holdings Co. Ltd.		22,715
	12,000	CSPC Pharmaceutical Group Ltd.		23,605
	500	ENN Energy Holdings Ltd. - ADR		19,070
	500	GDS Holdings Ltd. - ADR (a)		28,985
	600	Geely Automobile Holdings Ltd. - ADR		17,519
	1,200	Hengan International Group Co. Ltd. - ADR		44,664
	300	Huazhu Group Ltd. - ADR		8,619
	100	Hutchison China MediTech Ltd. - ADR (a)		1,785
	100	HUYA, Inc. - ADR (a)		1,695
	158,000	Industrial & Commercial Bank Of China Ltd.		107,784
	300	iQIYI, Inc. - ADR (a)		5,340
	1,800	JD.com, Inc. - ADR (a)		72,900
	100	JOYY, Inc. - ADR (a)		5,326
	64,000	Lenovo Group Ltd.		33,904
	2,500	Meituan Dianping - Class B (a)		29,750
	400	Momo, Inc. - ADR		8,676
	200	NetEase, Inc. - ADR		64,192
	300	New Oriental Education & Technology Group, Inc. - ADR (a)		32,472
	1,500	NIO, Inc. - ADR (a)		4,170
	100	Noah Holdings Ltd. - ADR (a)		2,586
	500	PetroChina Co. Ltd. - ADR		18,000
	500	Pinduoduo, Inc. - ADR (a)		18,015
	6,800	Ping An Insurance Group Company of China Ltd. - ADR		133,892
	300	Qudian, Inc. - ADR (a)		540
	3,800	Semiconductor Manufacturing International Corp. - ADR (a)		29,735
	1,900	Shenzhou International Group Holdings Ltd.		19,931
	17,000	Sino Biopharmaceutical Ltd.		22,186
	20,500	Sun Art Retail Group Ltd.		30,158
	6,000	Sunac China Holdings Ltd.		27,365
	6,500	Sunny Optical Technology Group Co. Ltd.		85,981
	900	TAL Education Group - ADR (a)		47,934
	14,200	Tencent Holdings Ltd. - ADR		697,078
	200	Tencent Music Entertainment Group - ADR (a)		2,012
	18,000	Tingyi Cayman Islands Holding Corp.		29,265
	1,100	Trip.com Group Ltd. - ADR (a)		25,795
	1,100	Vipshop Holdings Ltd. - ADR (a)		17,138
	45,000	Want Want China Holdings Ltd.		32,450
	100	Weibo Corp. - ADR (a)		3,311
	51,800	Xiaomi Corp. - Class B (a)		68,779
	4,000	Yihai International Holding Ltd.		30,130
	900	Yum China Holdings, Inc.		38,367
	800	ZTO Express Cayman, Inc. - ADR (a)		21,184
				3,680,756
		Colombia  1.6%
	580	Banco de Credito e Inversiones SA		19,678
	7,786	Bancolombia SA		48,073
	5,400	Ecopetrol SA - ADR		51,354
	13,735	Grupo Argos SA		46,257
	19,856	Interconexion Electrica SA ESP		81,731
				247,093
		Czech Republic  1.8%
	10,757	CEZ AS		175,483
	3,590	Komercni banka AS		67,683
	18,870	Moneta Money Bank AS		38,864
				282,030
		Egypt  3.5%
	88,298	Commercial International Bank Egypt SAE		327,462
	53,953	Egyptian Financial Group-Hermes Holding Co.		28,406
	139,468	El Sewedy Electric Co.		69,330
	118,944	Heliopolis Housing		25,618
	511,159	Palm Hills Developments SAE (a)		34,851
	154,683	Talaat Moustafa Group		49,018
				534,685
		Greece  2.2%
	59,544	Alpha Bank AE (a)		44,076
	90,356	Eurobank Ergasias SA (a)		37,805
	10,712	Hellenic Telecommunications Organization SA		129,492
	5,858	JUMBO SA		78,639
	2,874	Motor Oil Hellas Corinth Refineries SA		35,079
	15,838	National Bank of Greece SA (a)		20,896
				345,987
		Hungary  1.4%
	5,788	MOL Hungarian Oil & Gas PLC		33,963
	3,810	OTP Bank NYRT		109,288
	3,495	Richter Gedeon NYRT		65,913
				209,164
		India  0.6%
	387	Axis Bank Ltd. - GDR		9,594
	2,100	ICICI Bank Ltd. - ADR		17,850
	3,200	Infosys Ltd. - ADR		26,272
	453	Larsen & Toubro Ltd. - GDR		4,918
	954	Reliance Industries Ltd. - GDR		29,219
	163	State Bank of India - GDR (a)		4,130
	600	Tata Motors Ltd. - ADR (a)		2,832
				94,815
		Indonesia  1.6%
	227,800	Astra International Tbk PT		54,159
	35,300	Bank Central Asia Tbk PT		59,478
	3,400	Bank Mandiri Persero Tbk PT - ADR		18,768
	199,900	Bank Rakyat Indonesia Persero Tbk PT		36,663
	2,800	Telekomunikasi Indonesia Persero Tbk PT - ADR		53,900
	45,500	Unilever Indonesia Tbk PT		20,121
				243,089
		Kuwait  3.8%
	36,541	Agility Public Warehousing Co. KSC		65,783
	6,098	Humansoft Holding Co. KSC		45,719
	58,838	Kuwait Finance House KSCP		117,629
	82,219	Mobile Telecommunications Co. KSC		134,927
	99,551	National Bank of Kuwait SAKP		226,907
				590,965
		Malaysia  2.3%
	37,000	CIMB Group Holdings BHD		30,789
	33,100	Dialog Group BHD		23,256
	28,300	DiGi.Com BHD		28,512
	8,500	Hartalega Holdings BHD		13,504
	29,500	Malayan Banking BHD		50,896
	21,700	Petronas Chemicals Group BHD		25,310
	24,100	Public Bank BHD		88,659
	27,300	Tenaga Nasional BHD		75,979
	7,600	Top Glove Corp. BHD		11,317
				348,222
		Mexico  2.6%
	10,900	Alsea SAB de CV (a)		6,915
	8,800	America Movil SAB de CV - ADR		103,664
	7,900	Cemex SAB De CV - ADR		16,748
	300	Coca-Cola Femsa SAB de CV - ADR		12,069
	4,100	El Puerto de Liverpool SAB de CV		8,833
	16,600	Fibra Uno Administracion SA de CV		13,029
	1,000	Fomento Economico Mexicano SAB de CV - ADR		60,510
	200	Grupo Aeroportuario del Pacifico SAB de CV - ADR		10,788
	100	Grupo Aeroportuario del Sureste SAB de CV - ADR		9,414
	13,600	Grupo Financiero Banorte SAB de CV		37,264
	18,500	Grupo Mexico SAB de CV - Class B		34,306
	2,500	Grupo Televisa SAB - ADR		14,500
	2,800	Wal-Mart de Mexico SAB de CV - ADR		65,100
				393,140
		Pakistan  3.8%
	85,400	Engro Corp. Ltd.		137,929
	136,000	Fauji Fertilizer Co. Ltd.		75,737
	26,600	Lucky Cement Ltd.		59,445
	102,800	MCB Bank Ltd.		91,502
	85,400	Oil & Gas Development Co. Ltd.		39,395
	190,500	The Hub Power Co. Ltd. (a)		78,299
	174,900	United Bank Ltd.		104,953
				587,260
		Peru  0.9%
	3,400	Cia de Minas Buenaventura SAA - ADR		24,786
	500	Credicorp Ltd.		71,534
	1,300	Southern Copper Corp.		36,608
				132,928
		Philippines  0.8%
	1,250	Ayala Corp.		11,429
	34,300	Ayala Land, Inc.		20,241
	8,940	BDO Unibank, Inc.		18,072
	8,040	Jollibee Foods Corp.		16,736
	1,130	SM Investments Corp.		18,077
	46,100	SM Prime Holdings, Inc.		25,601
	7,680	Universal Robina Corp.		15,709
				125,865
		Poland  2.6%
	1,829	Bank Polska Kasa Opieki SA		24,514
	1,020	CD Projekt SA		70,249
	1,865	Dino Polska SA (a)		72,547
	2,161	KGHM Polska Miedz SA (a)		30,886
	44	LPP SA		55,341
	2,427	Polski Koncern Naftowy ORLEN SA		32,478
	11,313	Powszechna Kasa Oszczednosci Bank Polski SA		61,407
	6,449	Powszechny Zaklad Ubezpieczen SA		48,446
				395,868
		Qatar  3.0%
	39,021	Industries Qatar QSC		71,048
	95,127	Mesaieed Petrochemical Holding Co.		37,982
	11,691	Qatar Electricity & Water Co. QSC		43,622
	11,190	Qatar Fuel QSC (a)		49,939
	11,211	Qatar Islamic Bank SAQ		43,920
	46,762	Qatar National Bank QPSC		213,691
				460,202
		Russia  7.0%
	16,747	Gazprom PJSC - ADR		75,943
	1,237	LUKOIL PJSC - ADR		72,899
	11,053	Magnit PJSC - GDR		97,506
	7,292	MMC Norilsk Nickel PJSC - ADR		180,625
	6,200	Mobile TeleSystems PJSC - ADR		47,120
	286	Novatek PJSC - GDR		32,430
	34,450	Sberbank of Russia PJSC- ADR		324,513
	803	Tatneft PJSC - ADR		33,505
	3,810	X5 Retail Group NV - GDR		101,803
	3,000	Yandex NV - Class A (a)		102,150
				1,068,494
		South Africa  2.7%
	2,622	Absa Group Ltd.		10,908
	1,700	AngloGold Ashanti Ltd. - ADR		28,271
	1,321	Bid Corp. Ltd.		15,571
	12,215	FirstRand Ltd.		27,412
	3,300	Gold Fields Ltd. - ADR		15,675
	3,100	Impala Platinum Holdings Ltd. - ADR		13,426
	6,643	MTN Group Ltd.		17,812
	6,300	Naspers Ltd. - ADR		179,172
	1,353	Nedbank Group Ltd.		6,287
	17,558	Old Mutual Ltd.		11,648
	1,907	Remgro Ltd.		13,038
	6,809	Sanlam Ltd.		19,389
	2,100	Sasol Ltd. - ADR (a)		4,221
	6,182	Standard Bank Group Ltd.		35,380
	2,499	Vodacom Group Ltd.		16,330
				414,540
		South Korea  5.0%
	177	Celltrion, Inc. (a)		33,006
	199	Hyundai Mobis Co. Ltd.		27,527
	587	Hyundai Motor Co.		42,288
	1,300	KB Financial Group, Inc. - ADR		35,347
	793	Kia Motors Corp.		16,692
	900	Korea Electric Power Corp. - ADR (a)		6,795
	87	LG Chem Ltd.		21,548
	33	LG Household & Health Care Ltd.		30,227
	254	NAVER Corp.		35,315
	600	POSCO - ADR		19,590
	385	Samsung Electronics Co. Ltd. - GDR		380,817
	1,400	Shinhan Financial Group Co. Ltd. - ADR		32,634
	1,014	SK Hynix, Inc.		68,551
	820	Woori Financial Group, Inc. - ADR		15,400
				765,737
		Taiwan 3.3%
	2,600	ASE Technology Holding Co. Ltd. - ADR		9,724
	23,000	CTBC Financial Holding Co. Ltd.		13,543
	7,000	Formosa Plastics Corp.		17,315
	9,000	Hon Hai Precision Industry Co. Ltd. - GDR		41,490
	2,000	Hotai Motor Co. Ltd.		32,295
	2,000	MediaTek, Inc.		21,466
	22,000	Mega Financial Holding Co. Ltd.		20,658
	3,000	President Chain Store Corp.		28,046
	5,900	Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		281,961
	22,000	Uni-President Enterprises Corp.		47,617
				514,115
		Thailand  1.8%
	5,600	Advanced Info Service PCL - NVDR		33,953
	20,600	Airports of Thailand PCL - NVDR		31,707
	11,400	Central Pattana PCL - NVDR (a)		14,637
	28,300	CP ALL PCL - NVDR		52,315
	93,100	Home Product Center PCL -NVDR		31,169
	9,500	Kasikornbank PCL - NVDR		26,422
	44,600	Minor International PCL - NVDR		22,840
	35,100	PTT PCL - NVDR		32,450
	3,700	The Siam Cement PCL - NVDR		36,304
				281,797
		Turkey  6.2%
	134,986	Akbank TAS (a)		113,346
	39,682	Arcelik AS (a)		80,831
	20,458	BIM Birlesik Magazalar AS		155,139
	81,694	Eregli Demir ve Celik Fabrikalari TAS		92,568
	11,816	Ford Otomotiv Sanayi AS		87,744
	44,511	KOC Holding AS		90,003
	7,268	Tupras Turkiye Petrol Rafinerileri AS		82,712
	60,209	Turkcell Iletisim Hizmetleri AS		111,833
	111,770	Turkiye Garanti Bankasi AS (a)		137,079
				951,255
		United Arab Emirates  3.1%
	44,004	Abu Dhabi Commercial Bank PJSC		54,920
	7,444	DP World PLC		111,895
	77,417	Emaar Properties PJSC		45,979
	41,208	Emirates Telecommunications Group Co. PJSC		155,699
	39,593	First Abu Dhabi Bank PJSC		102,085
				470,578
		Vietnam  1.8%
	5,800	Bank for Foreign Trade of Vietnam JSC		15,034
	36,530	Hoa Phat Group JSC (a)		25,743
	11,520	Masan Group Corp. (a)		23,806
	16,330	Vietnam Dairy Products JSC		62,367
	24,870	Vincom Retail JSC		19,802
	22,320	Vingroup JSC (a)		78,350
	22,410	Vinhomes JSC		51,602
				276,704
		Total Common Stocks
		(Cost $18,646,667)		14,230,752
PREFERRED STOCKS 2.1%
		Brazil  1.3%
	14,400	Banco Bradesco SA - ADR (b)		58,464
	14,000	Itau Unibanco Holdings SA - ADR (b)		62,860
	14,400	Itausa - Investimentos Itau SA (b)		24,110
	4,543	Lojas Americanas SA (b)		15,895
	4,600	Petroleo Brasileiro SA - ADR (b)		24,794
	1,300	Telefonica Brasil SA - ADR (b)		12,389
				198,512
		Colombia  0.8%
	5,100	Bancolombia SA - ADR (b)		127,296
		Total Preferred Stocks
		(Cost $558,825)		325,808
EXCHANGE-TRADED FUNDS 4.3%
	2,200	iShares MSCI Emerging Markets ETF		75,086
	24,500	iShares MSCI Saudi Arabia ETF		586,285
		Total Exchange-Traded Funds
		(Cost $826,844)		661,371
SHORT-TERM INVESTMENTS 0.3%
		Money Market Deposit Account 0.3%
	40,502	U.S. Bank N.A., 0.35% (c)		40,502
		Total Short-Term Investments
		(Cost $40,502)		40,502
		Total Investments 99.4%
		(Cost $20,072,838)		15,258,433
		Other Assets in Excess of Liabilities 0.6%		86,907
		TOTAL NET ASSETS 100.0%	$	15,345,340
(a) Non-Income Producing.
(b) Preferred stocks are shares that carry certain preferential rights. The dividend rate may not be consistent each pay period and could be zero for a particular year.
(c) The Money Market Deposit Account ("MMDA") is a short-term investment 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 may change daily and by any amount. The rate shown is as of March 31, 2020.
ADR - American Depositary Receipt
GDR - Global Depositary Receipt
NVDR - Non-Voting Depository Receipt

Investment Valuation - Equity securities, including preferred stocks, 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 threshold established by the Board of Directors (the "Board") and provided the fair value prices exceed a pre-established confidence level. The Funds will also value foreign securities at fair value using fair valuation procedures approved by the Board 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 Board has retained an independent fair value pricing service to assist in valuing foreign securities held by the Frontier MFG Global Equity, Frontier MFG Global Plus, Frontier MFG Global Sustainable, Frontier MFG Core Infrastructure, Frontier MFG Select Infrastructure and Frontier Caravan Emerging Markets 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 or subadvisers pursuant to guidelines established by the Board. The Board has appointed a Valuation Committee to assist the Board in its oversight of the Funds' valuation procedures.

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)

The following is a summary of inputs used to value the Funds’ securities as of March 31, 2020:

Frontier MFG Global Equity Fund
Description	Level 1		Level 2		Level 3		Total
Equity (a)
Common Stocks	$	637,783,528	$	236,617,860	$	-	$	874,401,388
Total Equity		637,783,528		236,617,860		-		874,401,388
Short-Term Investments		169,260,087		-		-		169,260,087
Total Investments in Securities	$	807,043,615	$	236,617,860	$	-	$	1,043,661,475
Frontier MFG Global Plus Fund
Description	Level 1		Level 2		Level 3		Total
Equity (a)
Common Stocks	$	244,725,698	$	91,025,600	$	-	$	335,751,298
Total Equity		244,725,698		91,025,600		-		335,751,298
Short-Term Investments		66,335,334		-		-		66,335,334
Total Investments in Securities	$	311,061,032	$	91,025,600	$	-	$	402,086,632
Frontier MFG Global Sustainable Fund
Description	Level 1		Level 2		Level 3		Total
Equity (a)
Common Stocks	$	5,034,830	$	2,626,053	$	-	$	7,660,883
Total Equity		5,034,830		2,626,053		-		7,660,883
Short-Term Investments		1,410,675		-		-		1,410,675
Total Investments in Securities	$	6,445,505	$	2,626,053	$	-	$	9,071,558
Frontier MFG Core Infrastructure Fund
Description	Level 1		Level 2		Level 3		Total
Equity (a)
Common Stocks	$	273,726,411	$	215,193,302	$	-	$	488,919,713
Closed-End Funds		-		6,023,006		-		6,023,006
Total Equity		273,726,411		221,216,308		-		494,942,719
Short-Term Investments		21,426,190		-		-		21,426,190
Total Investments in Securities	$	295,152,601	$	221,216,308	$	-	$	516,368,909
Frontier MFG Select Infrastructure Fund
Description	Level 1		Level 2		Level 3		Total
Equity (a)
Common Stocks	$	36,356,499	$	31,111,631	$	-	$	67,468,130
Total Equity		36,356,499		31,111,631		-		67,468,130
Short-Term Investments		10,270,651		-		-		10,270,651
Total Investments in Securities	$	46,627,150	$	31,111,631	$	-	$	77,738,781
Frontier Phocas Small Cap Value Fund
Description	Level 1		Level 2		Level 3		Total
Equity (a)
Common Stocks	$	16,707,170	$	-	$	-	$	16,707,170
Total Equity		16,707,170		-		-		16,707,170
Short-Term Investments		784,447		-		-		784,447
Total Investments in Securities	$	17,491,617	$	-	$	-	$	17,491,617
Frontier Caravan Emerging Markets Fund
Description	Level 1		Level 2		Level 3		Total
Equity (a)
Common Stocks	$	5,290,180	$	8,940,572	$	-	$	14,230,752
Preferred Stocks		325,808		-		-		325,808
Exchange-Traded Funds		661,371		-		-		661,371
Total Equity		6,277,359		8,940,572		-		15,217,931
Short-Term Investments		40,502		-		-		40,502
Total Investments in Securities	$	6,277,359	$	8,940,572	$	-	$	15,258,433
(a) See each Fund's Schedule of Investments for sector or country classifications.

Tax Disclosure - Each Fund intends 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. 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.