Frontier MFG Global Equity Fund
SCHEDULE OF INVESTMENTS
September 30, 2022 (Unaudited)
Number of Shares			Value
COMMON STOCKS 95.2%
		Canada  2.1%
	112,813	Brookfield Asset Management, Inc. - Class A	$	4,615,096
		France  5.4%
	10,743	L'Oreal SA		3,434,976
	9,261	LVMH Moet Hennessy Louis Vuitton SE		5,460,031
	33,062	Safran SA		3,008,292
				11,903,299
		Germany  2.5%
	68,314	SAP SE		5,567,240
		Netherlands  3.4%
	17,680	ASML Holding NV		7,324,426
		Spain  1.6%
	75,296	Amadeus IT Group SA (a)		3,490,908
		Switzerland  6.7%
	72,494	Nestle SA		7,840,757
	88,907	Novartis AG		6,778,002
				14,618,759
		United Kingdom  8.6%
	204,402	Diageo PLC		8,603,963
	4,035,901	Lloyds Banking Group PLC		1,824,172
	125,972	Reckitt Benckiser Group PLC		8,349,575
				18,777,710
		United States  64.9%
	30,746	Alphabet, Inc. - Class A (a)		2,940,855
	78,210	Alphabet, Inc. - Class C (a)		7,519,892
	55,340	Amazon.com, Inc. (a)		6,253,420
	34,073	Apple, Inc.		4,708,889
	4,570	Chipotle Mexican Grill, Inc. (a)		6,867,613
	31,936	Crown Castle International Corp.		4,616,349
	49,963	Eversource Energy		3,895,115
	28,638	HCA Healthcare, Inc.		5,263,378
	102,157	Intercontinental Exchange, Inc.		9,229,885
	18,058	Intuit, Inc.		6,994,225
	42,415	Lowe's Companies, Inc.		7,965,961
	37,362	Mastercard, Inc. - Class A		10,623,511
	42,299	McDonald's Corp.		9,760,071
	68,226	Microsoft Corp.		15,889,835
	23,337	PepsiCo, Inc.		3,809,999
	144,239	U.S. Bancorp		5,815,716
	68,504	Visa, Inc. - Class A		12,169,736
	47,439	WEC Energy Group, Inc.		4,242,470
	61,883	Xcel Energy, Inc.		3,960,512
	89,392	Yum! Brands, Inc.		9,505,945
				142,033,377
		Total Common Stocks
		(Cost $163,638,934)		208,330,815
Principal Amount
SHORT-TERM INVESTMENTS 9.5%
		Money Market Deposit Account  9.5%
$	20,801,278	U.S. Bank N.A., 2.300% (b)		20,801,278
		Total Short-Term Investments
		(Cost $20,801,278)		20,801,278
		Total Investments 104.7%
		(Cost $184,440,212)		229,132,093
		Liabilities in Excess of Other Assets (4.7)%		(10,310,253	)
		TOTAL NET ASSETS 100.0%	$	218,821,840
(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 September 30, 2022.

Frontier MFG Global Plus Fund
SCHEDULE OF INVESTMENTS
September 30, 2022 (Unaudited)
Number of Shares			Value
COMMON STOCKS 94.3%
		Canada  1.7%
	16,169	Brookfield Asset Management, Inc. - Class A	$	661,462
		France  5.4%
	1,854	L'Oreal SA		592,800
	1,611	LVMH Moet Hennessy Louis Vuitton SE		949,801
	5,685	Safran SA		517,275
				2,059,876
		Germany  2.5%
	11,866	SAP SE		967,018
		Netherlands  3.3%
	3,070	ASML Holding NV		1,271,832
		Spain  1.6%
	13,186	Amadeus IT Group SA (a)		611,335
		Switzerland  6.7%
	12,616	Nestle SA		1,364,513
	15,426	Novartis AG		1,176,032
				2,540,545
		United Kingdom  8.6%
	35,517	Diageo PLC		1,495,028
	716,492	Lloyds Banking Group PLC		323,845
	21,875	Reckitt Benckiser Group PLC		1,449,901
				3,268,774
		United States  64.5%
	5,291	Alphabet, Inc. - Class A (a)		506,084
	13,574	Alphabet, Inc. - Class C (a)		1,305,140
	9,595	Amazon.com, Inc. (a)		1,084,235
	5,911	Apple, Inc.		816,900
	793	Chipotle Mexican Grill, Inc. (a)		1,191,689
	5,548	Crown Castle International Corp.		801,963
	8,680	Eversource Energy		676,693
	4,976	HCA Healthcare, Inc.		914,539
	17,724	Intercontinental Exchange, Inc.		1,601,363
	3,130	Intuit, Inc.		1,212,312
	7,352	Lowe's Companies, Inc.		1,380,779
	6,493	Mastercard, Inc. - Class A		1,846,220
	7,348	McDonald's Corp.		1,695,477
	11,847	Microsoft Corp.		2,759,166
	4,047	PepsiCo, Inc.		660,713
	25,077	U.S. Bancorp		1,011,105
	11,890	Visa, Inc. - Class A		2,112,259
	8,223	WEC Energy Group, Inc.		735,383
	10,767	Xcel Energy, Inc.		689,088
	15,534	Yum! Brands, Inc.		1,651,886
				24,652,994
		Total Common Stocks
		(Cost $30,326,338)		36,033,836
Principal Amount
SHORT-TERM INVESTMENTS 4.3%
		Money Market Deposit Account  4.3%
$	1,655,990	U.S. Bank N.A., 2.300% (b)		1,655,990
		Total Short-Term Investments
		(Cost $1,655,990)		1,655,990
		Total Investments 98.6%
		(Cost $31,982,328)		37,689,826
		Other Assets in Excess of Liabilities 1.4%		548,923
		TOTAL NET ASSETS 100.0%	$	38,238,749
(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 September 30, 2022.

Frontier MFG Global Sustainable Fund
SCHEDULE OF INVESTMENTS
September 30, 2022 (Unaudited)
Number of Shares			Value
COMMON STOCKS 86.5%
		Germany  5.4%
	14,153	Fraport AG Frankfurt Airport Services Worldwide (a)	$	508,921
	15,179	SAP SE		1,237,010
				1,745,931
		Spain  1.9%
	5,995	Aena SME SA (a)		622,156
		Switzerland  7.5%
	10,839	Nestle SA		1,172,317
	16,250	Novartis AG		1,238,851
				2,411,168
		United Kingdom  7.4%
	17,093	Reckitt Benckiser Group PLC		1,132,945
	28,346	Unilever PLC		1,247,681
				2,380,626
		United States  64.3%
	22,645	Alphabet, Inc. - Class C (a)		2,177,316
	14,968	Amazon.com, Inc. (a)		1,691,384
	3,030	American Tower Corp.		650,541
	383	Booking Holdings, Inc. (a)		629,349
	587	Chipotle Mexican Grill, Inc. (a)		882,120
	7,336	Eversource Energy		571,915
	12,366	Intercontinental Exchange, Inc.		1,117,268
	5,012	Mastercard, Inc. - Class A		1,425,113
	2,493	McDonald's Corp.		575,235
	7,957	Meta Platforms, Inc. - Class A (a)		1,079,606
	9,944	Microsoft Corp.		2,315,958
	6,915	PayPal Holdings, Inc. (a)		595,174
	3,751	Salesforce, Inc. (a)		539,544
	8,636	The Procter & Gamble Co.		1,090,295
	23,162	U.S. Bancorp		933,892
	8,397	Visa, Inc. - Class A		1,491,727
	12,316	Walmart, Inc.		1,597,385
	12,129	Yum! Brands, Inc.		1,289,798
				20,653,620
		Total Common Stocks
		(Cost $32,572,019)		27,813,501
Principal Amount
SHORT-TERM INVESTMENTS 12.8%
		Money Market Deposit Account  12.8%
$	4,113,785	U.S. Bank N.A., 2.300% (b)		4,113,785
		Total Short-Term Investments
		(Cost $4,113,785)		4,113,785
		Total Investments 99.3%
		(Cost $36,685,804)		31,927,286
		Other Assets in Excess of Liabilities 0.7%		224,602
		TOTAL NET ASSETS 100.0%	$	32,151,888
(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 September 30, 2022.

Frontier MFG Core Infrastructure Fund
SCHEDULE OF INVESTMENTS
September 30, 2022 (Unaudited)
Number of Shares			Value
COMMON STOCKS 94.6%
		Australia  4.9%
	1,114,518	APA Group	$	6,857,590
	1,370,458	Atlas Arteria Ltd.		5,457,259
	2,015,790	Transurban Group		15,919,590
				28,234,439
		Canada  14.6%
	600,788	Algonquin Power & Utilities Corp.		6,563,066
	175,714	Canadian Utilities Ltd. - Class A		4,570,459
	234,694	Emera, Inc.		9,495,818
	451,848	Enbridge, Inc.		16,754,374
	426,134	Fortis, Inc. (a)		16,189,606
	541,314	Hydro One Ltd.		13,237,476
	409,286	TC Energy Corp.		16,485,809
				83,296,608
		Chile  0.2%
	5,274,187	Aguas Andinas SA - Class A		1,023,988
		France  6.3%
	96,104	Aeroports de Paris		11,105,784
	519,513	Getlink SE (a)		8,056,235
	211,497	Vinci SA		17,101,746
				36,263,765
		Germany  0.5%
	87,345	Fraport AG Frankfurt Airport Services Worldwide (a)		3,140,797
		Hong Kong  1.8%
	2,016,159	Power Assets Holdings Ltd.		10,106,550
		Italy  5.7%
	218,923	ACEA SpA		2,376,812
	553,771	Enav SpA		2,015,073
	765,333	Italgas SpA		3,554,003
	3,174,495	Snam SpA		12,831,050
	1,898,575	Terna SpA		11,563,283
				32,340,221
		Mexico  2.7%
	352,819	Grupo Aeroportuario del Centro Norte SAB de CV (a)		2,219,451
	401,942	Grupo Aeroportuario del Pacifico SAB de CV - Class B		5,089,263
	276,117	Grupo Aeroportuario del Sureste SAB de CV - Class B (a)		5,429,248
	379,114	Promotora y Operadora de Infraestructura SAB de CV		2,579,131
				15,317,093
		Netherlands  0.4%
	118,774	Koninklijke Vopak NV		2,161,045
		New Zealand  1.4%
	1,391,082	Auckland International Airport Ltd.		5,575,905
	1,026,332	Vector Ltd.		2,313,016
				7,888,921
		Portugal  0.3%
	625,045	REN - Redes Energeticas Nacionais SGPS SA		1,477,804
		Spain  10.5%
	144,105	Aena SME SA (a)		14,955,106
	563,825	Cellnex Telecom SA		17,392,013
	265,689	Enagas SA		4,112,572
	694,062	Ferrovial SA		15,754,190
	511,087	Red Electrica Corp. SA		7,842,905
				60,056,786
		Switzerland  0.7%
	29,000	Flughafen Zuerich AG (a)		4,286,368
		United Kingdom  5.5%
	1,650,697	National Grid PLC		16,992,381
	250,174	Pennon Group PLC		2,182,815
	236,426	Severn Trent PLC		6,180,526
	644,099	United Utilities Group PLC		6,359,906
				31,715,628
		United States  39.1%
	17,968	ALLETE, Inc.		899,299
	78,845	Alliant Energy Corp.		4,177,997
	76,108	Ameren Corp.		6,130,499
	126,583	American Electric Power Co., Inc.		10,943,100
	10,474	American States Water Co.		816,448
	51,397	American Tower Corp.		11,034,936
	55,938	American Water Works Co., Inc.		7,280,890
	42,368	Atmos Energy Corp.		4,315,181
	115,934	Avangrid, Inc.		4,834,448
	12,327	Avista Corp.		456,715
	21,285	Black Hills Corp.		1,441,633
	19,450	California Water Service Group		1,024,821
	190,261	CenterPoint Energy, Inc.		5,361,555
	6,133	Chesapeake Utilities Corp.		707,687
	83,389	CMS Energy Corp.		4,856,575
	105,832	Consolidated Edison, Inc.		9,076,152
	77,706	Crown Castle International Corp.		11,232,402
	155,793	Dominion Energy Corp.		10,766,854
	59,845	DTE Energy Co.		6,885,167
	114,691	Duke Energy Corp.		10,668,557
	62,546	Entergy Corp.		6,294,004
	76,852	Essential Utilities, Inc.		3,180,136
	67,924	Evergy, Inc.		4,034,686
	103,858	Eversource Energy		8,096,770
	175,352	FirstEnergy Corp.		6,488,024
	13,657	IDACORP, Inc.		1,352,180
	9,306	MGE Energy, Inc.		610,753
	7,030	Middlesex Water Co.		542,716
	129,312	NiSource, Inc.		3,257,369
	7,085	Northwest Natural Holding Co.		307,347
	18,466	NorthWestern Corp.		910,005
	59,816	OGE Energy Corp.		2,180,891
	18,398	ONE Gas, Inc.		1,295,035
	31,025	Pinnacle West Capital Corp.		2,001,423
	27,022	PNM Resources, Inc.		1,235,716
	19,511	Portland General Electric Co.		847,948
	214,629	PPL Corp.		5,440,845
	152,420	Public Service Enterprise Group, Inc.		8,570,577
	33,196	SBA Communications Corp.		9,449,241
	73,462	Sempra Energy		11,014,892
	12,488	SJW Group		719,309
	38,864	South Jersey Industries, Inc.		1,298,835
	18,858	Spire, Inc.		1,175,419
	163,300	The Southern Co.		11,104,400
	96,300	WEC Energy Group, Inc.		8,612,109
	167,750	Xcel Energy, Inc.		10,736,000
				223,667,546
		Total Common Stocks
		(Cost $494,040,483)		540,977,559
CLOSED-END FUNDS 1.1%
		United Kingdom  1.1%
	1,989,831	HICL Infrastructure PLC		3,578,201
	1,780,996	International Public Partnerships Ltd.		3,013,008
				6,591,209
		Total Closed-End Funds
		(Cost $7,637,994)		6,591,209
Principal Amount
SHORT-TERM INVESTMENTS 3.8%
		Money Market Deposit Account  3.8%
$	21,555,770	U.S. Bank N.A., 2.300% (b)		21,555,770
		Total Short-Term Investments
		(Cost $21,555,770)		21,555,770
		Total Investments 99.5%
		(Cost $523,234,247)		569,124,538
		Other Assets in Excess of Liabilities 0.5%		2,790,970
		TOTAL NET ASSETS 100.0%	$	571,915,508
(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 September 30, 2022.

Frontier MFG Select Infrastructure Fund
SCHEDULE OF INVESTMENTS
September 30, 2022 (Unaudited)
Number of Shares			Value
COMMON STOCKS 96.0%
		Australia  12.3%
	1,336,433	Atlas Arteria Ltd.	$	5,321,770
	1,039,750	Transurban Group		8,211,368
				13,533,138
		Canada  2.4%
	71,512	Enbridge, Inc.		2,651,641
		France  8.8%
	22,671	Aeroports de Paris		2,619,862
	87,521	Vinci SA		7,076,989
				9,696,851
		Italy  7.1%
	195,950	Atlantia SpA		4,323,753
	130,296	Italgas SpA		605,060
	556,386	Snam SpA		2,248,867
	109,126	Terna SpA		664,633
				7,842,313
		Netherlands  0.6%
	35,035	Koninklijke Vopak NV		637,448
		New Zealand  0.9%
	261,096	Auckland International Airport Ltd.		1,046,557
		Spain  6.6%
	36,822	Aena SME SA (a)		3,821,358
	37,933	Ferrovial SA		861,024
	167,079	Red Electrica Corp. SA		2,563,917
				7,246,299
		United Kingdom  11.2%
	524,610	National Grid PLC		5,400,369
	91,613	Severn Trent PLC		2,394,900
	463,457	United Utilities Group PLC		4,576,227
				12,371,496
		United States  46.1%
	31,869	Alliant Energy Corp.		1,688,738
	22,263	American Tower Corp.		4,779,866
	11,115	American Water Works Co., Inc.		1,446,728
	59,962	CMS Energy Corp.		3,492,187
	27,198	Crown Castle International Corp.		3,931,471
	123,927	CSX Corp.		3,301,415
	77,085	Dominion Energy Corp.		5,327,344
	61,151	Evergy, Inc.		3,632,369
	54,541	Eversource Energy		4,252,016
	20,067	Norfolk Southern Corp.		4,207,047
	37,912	Sempra Energy		5,684,525
	5,016	Union Pacific Corp.		977,217
	43,530	WEC Energy Group, Inc.		3,892,888
	66,468	Xcel Energy, Inc.		4,253,953
				50,867,764
		Total Common Stocks
		(Cost $112,789,148)		105,893,507
Principal Amount
SHORT-TERM INVESTMENTS 4.3%
		Money Market Deposit Account  4.3%
$	4,761,452	U.S. Bank N.A., 2.300% (b)		4,761,452
		Total Short-Term Investments
		(Cost $4,761,452)		4,761,452
		Total Investments 100.3%
		(Cost $117,550,600)		110,654,959
		Liabilities in Excess of Other Assets (0.3)%		(374,781	)
		TOTAL NET ASSETS 100.0%	$	110,280,178
(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 September 30, 2022.

 

Frontier HyperiUS Global Equity Fund
SCHEDULE OF INVESTMENTS
September 30, 2022 (Unaudited)
Number of Shares			Value
COMMON STOCKS 99.3%
		France  7.3%
	357	Hermes International	$	419,873
	548	Kering SA		243,064
	235	LVMH Moet Hennessy Louis Vuitton SE		138,550
				801,487
		Sweden  3.9%
	5,061	Spotify Technology SA (a)		436,764
		United States  88.1%
	4,699	Airbnb, Inc. - Class A (a)		493,583
	4,740	Alphabet, Inc. - Class A (a)		453,381
	11,555	Amazon.com, Inc. (a)		1,305,715
	9,426	Block, Inc. - Class A (a)		518,336
	884	Costco Wholesale Corp.		417,487
	1,016	Intuit, Inc.		393,517
	1,432	Intuitive Surgical, Inc. (a)		268,414
	1,195	Mastercard, Inc. - Class A		339,786
	1,378	Meta Platforms, Inc. - Class A (a)		186,967
	5,113	Microsoft Corp.		1,190,817
	37,698	Palantir Technologies, Inc. (a)		306,485
	3,685	Roku, Inc.- Class A (a)		207,834
	2,532	Salesforce, Inc. (a)		364,203
	2,606	ServiceNow, Inc. (a)		984,051
	4,904	Tesla, Inc. (a)		1,300,786
	2,613	Visa, Inc. - Class A		464,200
	3,417	Workday, Inc. - Class A (a)		520,136
				9,715,698
		Total Common Stocks
		(Cost $15,987,294)		10,953,949
Principal Amount
SHORT-TERM INVESTMENTS 1.3%
		Money Market Deposit Account  1.3%
$	138,119	U.S. Bank N.A., 2.300% (b)		138,119
		Total Short-Term Investments
		(Cost $138,119)		138,119
		Total Investments 100.6%
		(Cost $16,125,413)		11,092,068
		Liabilities in Excess of Other Assets (0.6)%		(63,183	)
		TOTAL NET ASSETS 100.0%	$	11,028,885
(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 September 30, 2022.

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 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 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 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 September 30, 2022:

Global Equity Fund
Description	Level 1		Level 2		Level 3		Total
Equity (a)
Common Stocks	$	146,648,473	$	61,682,342	$	-	$	208,330,815
Total Equity		146,648,473		61,682,342		-		208,330,815
Short-Term Investments		20,801,278		-		-		20,801,278
Total Investments in Securities	$	167,449,751	$	61,682,342	$	-	$	229,132,093
Global Plus Fund
Description	Level 1		Level 2		Level 3		Total
Equity (a)
Common Stocks	$	25,314,455	$	10,719,381	$	-	$	36,033,836
Total Equity		25,314,455		10,719,381		-		36,033,836
Short-Term Investments		1,655,990		-		-		1,655,990
Total Investments in Securities	$	26,970,445	$	10,719,381	$	-	$	37,689,826
Sustainable Fund
Description	Level 1		Level 2		Level 3		Total
Equity (a)
Common Stocks	$	20,653,620	$	7,159,881	$	-	$	27,813,501
Total Equity		20,653,620		7,159,881		-		27,813,501
Short-Term Investments		4,113,785		-		-		4,113,785
Total Investments in Securities	$	24,767,405	$	7,159,881	$	-	$	31,927,286
Core Fund
Description	Level 1		Level 2		Level 3		Total
Equity (a)
Common Stocks	$	323,305,235	$	217,672,324	$	-	$	540,977,559
Closed-End Funds		-		6,591,209		-		6,591,209
Total Equity		323,305,235		224,263,533		-		547,568,768
Short-Term Investments		21,555,770		-		-		21,555,770
Total Investments in Securities	$	344,861,005	$	224,263,533	$	-	$	569,124,538
Select Fund
Description	Level 1		Level 2		Level 3		Total
Equity (a)
Common Stocks	$	53,519,405	$	52,374,102	$	-	$	105,893,507
Total Equity		53,519,405		52,374,102		-		105,893,507
Short-Term Investments		4,761,452		-		-		4,761,452
Total Investments in Securities	$	58,280,857	$	52,374,102	$	-	$	110,654,959
HyperiUS Fund
Description	Level 1		Level 2		Level 3		Total
Equity (a)
Common Stocks	$	10,152,462	$	801,487	$	-	$	10,953,949
Total Equity		10,152,462		801,487		-		10,953,949
Short-Term Investments		138,119		-		-		138,119
Total Investments in Securities	$	10,290,581	$	801,487	$	-	$	11,092,068
(a) See each Fund's Schedule of Investments for sector or country classifications.

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, 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.