NPORT-EX 2 frontier.htm N-PORT EX

Frontier MFG Global Sustainable Fund
  
Schedule of Investments
  
as of March 31, 2024 (Unaudited)
  
   
COMMON STOCKS - 97.5%
  
Shares
    
Value
  
Germany - 4.1%
        
SAP SE
    
6,188
    
$
1,204,741
  
                 
Spain - 3.1%
          
Aena SME SA
    
4,731
      
931,235
  
                 
Switzerland - 11.2%
          
Nestle SA
    
19,904
      
2,113,220
  
Novartis AG
    
12,252
      
1,186,957
  
             
3,300,177
  
                 
Taiwan, Province of China - 3.4%
          
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR
    
7,438
      
1,011,940
  
                 
United Kingdom - 5.1%
          
Reckitt Benckiser Group PLC
    
16,432
      
935,772
  
Unilever PLC
    
11,240
      
564,116
  
             
1,499,888
  
                 
United States - 70.6%(a)
          
Alphabet, Inc. - Class C(b)
    
13,973
      
2,127,529
  
Amazon.com, Inc.(b)
    
7,976
      
1,438,710
  
American Express Co.
    
2,734
      
622,504
  
American Tower Corp.
    
6,021
      
1,189,689
  
Booking Holdings, Inc.
    
336
      
1,218,968
  
Dollar General Corp.
    
7,446
      
1,162,023
  
Eversource Energy
    
20,704
      
1,237,478
  
Intercontinental Exchange, Inc.
    
8,794
      
1,208,560
  
Mastercard, Inc. - Class A
    
2,486
      
1,197,183
  
McDonald's Corp.
    
2,150
      
606,193
  
Meta Platforms, Inc. - Class A
    
2,788
      
1,353,797
  
Microsoft Corp.
    
5,298
      
2,228,975
  
Mondelez International, Inc. - Class A
    
7,549
      
528,430
  
Salesforce, Inc.
    
957
      
288,229
  
The Coca-Cola Co.
    
9,379
      
573,807
  
U.S. Bancorp
    
20,729
      
926,586
  
UnitedHealth Group, Inc.
    
2,441
      
1,207,563
  
Visa, Inc. - Class A
    
3,114
      
869,055
  
Yum! Brands, Inc.
    
6,446
      
893,738
  
             
20,879,017
  
TOTAL COMMON STOCKS (Cost $21,369,061)
      
28,826,998
  
                 
TOTAL INVESTMENTS - 97.5% (Cost $21,369,061)
    
$
28,826,998
  
Money Market Deposit Account - 3.1%(c)
      
910,002
  
Liabilities in Excess of Other Assets - (0.6)%
      
(180,127
)
TOTAL NET ASSETS - 100.0%
          
$
29,556,873
  
               
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 the 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 March 31, 2024 was 4.21%.


Frontier MFG Global Sustainable Fund
  
Schedule of Forward Currency Contracts
  
as of March 31, 2024 (Unaudited)
  
   
Settlement Date
Currency Purchased
  
Currency Sold
  
Counterparty
  
Value / Unrealized
Appreciation
(Depreciation)
  
                         
04/02/2024
GBP     
   
201,552
  
USD     
   
254,232
  
Northern Trust Securities, Inc.
  
$
164
  
                              
$
164
  


Frontier MFG Global Sustainable Fund
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
  Common Stocks
  
$
28,826,998
    
$
–
    
$
–
    
$
28,826,998
  
Total Assets
  
$
28,826,998
    
$
–
    
$
–
    
$
28,826,998
  
                                 
Other Financial Instruments*:
                                
Assets
                                
  Forwards
  
$
–
    
$
164
    
$
–
    
$
164
  
Total Assets
  
$
–
    
$
164
    
$
–
    
$
164
  
                                 
* The fair value of the Fund's investment represents the net unrealized appreciation (depreciation) as of March 31, 2024.
  
   
Refer to the Schedule of Investments for country classifications.
  


Frontier MFG Core Infrastructure Fund
  
Schedule of Investments
  
as of March 31, 2024 (Unaudited)
  
   
COMMON STOCKS - 96.4%
  
Shares
    
Value
  
Australia - 4.5%
        
APA Group
    
763,804
    
$
4,185,923
  
Atlas Arteria Ltd.
    
933,532
      
3,242,423
  
Transurban Group
    
1,507,045
      
13,081,084
  
             
20,509,430
  
                 
Belgium - 1.1%
          
Elia Group SA/NV
    
45,645
      
4,924,426
  
                 
Canada - 13.9%
          
Algonquin Power & Utilities Corp.
    
434,462
      
2,745,557
  
Brookfield Renewable Corp. - Class A
    
110,744
      
2,717,604
  
Canadian Utilities Ltd. - Class A
    
124,212
      
2,828,940
  
Emera, Inc.
    
173,252
      
6,097,171
  
Enbridge, Inc.
    
383,078
      
13,843,467
  
Fortis, Inc.
    
291,440
      
11,515,166
  
Hydro One Ltd.
    
356,067
      
10,383,261
  
TC Energy Corp.
    
335,774
      
13,494,915
  
             
63,626,081
  
                 
Chile - 0.2%
          
Aguas Andinas SA - Class A
    
3,344,924
      
976,401
  
                 
France - 5.9%
          
Getlink SE
    
335,576
      
5,712,949
  
Groupe ADP
    
58,915
      
8,078,558
  
Vinci SA
    
104,647
      
13,407,858
  
             
27,199,365
  
                 
Germany - 0.7%
          
Fraport AG Frankfurt Airport Services Worldwide(a)
    
56,977
      
3,003,416
  
                 
Hong Kong - 1.6%
          
Power Assets Holdings Ltd.
    
1,278,659
      
7,482,219
  
                 
Italy - 5.6%
          
ACEA SpA
    
128,258
      
2,272,061
  
Enav SpA
    
345,387
      
1,445,773
  
Italgas SpA
    
509,295
      
2,967,055
  
Snam SpA
    
1,981,741
      
9,355,923
  
Terna SpA
    
1,185,206
      
9,794,563
  
             
25,835,375
  
                 
Mexico - 3.0%
          
Grupo Aeroportuario del Centro Norte SAB de CV
    
205,357
      
2,022,874
  
Grupo Aeroportuario del Pacifico SAB de CV - Class B
    
259,254
      
4,178,598
  
Grupo Aeroportuario del Sureste SAB de CV - Class B
    
164,061
      
5,186,951
  
Promotora y Operadora de Infraestructura SAB de CV
    
232,288
      
2,464,912
  
             
13,853,335
  
                 
Netherlands - 0.7%
          
Koninklijke Vopak NV
    
78,988
      
3,044,785
  
                 
New Zealand - 1.6%
          
Auckland International Airport Ltd.
    
926,957
      
4,624,318
  
Chorus Ltd.
    
265,066
      
1,217,817
  
Vector Ltd.
    
624,675
      
1,444,331
  
             
7,286,466
  
                 
Portugal - 0.2%
          
REN - Redes Energeticas Nacionais SGPS SA
    
383,975
      
911,356
  
                 
Spain - 10.7%
          
Aena SME SA
    
70,432
      
13,863,610
  
Cellnex Telecom SA
    
367,085
      
12,977,932
  
Enagas SA
    
161,431
      
2,397,318
  
Ferrovial SE
    
355,432
      
14,065,277
  
Redeia Corp. SA
    
332,702
      
5,672,994
  
             
48,977,131
  
                 
Switzerland - 0.9%
          
Flughafen Zuerich AG
    
18,278
      
4,146,675
  
                 
United Kingdom - 5.7%
          
National Grid PLC
    
1,019,125
      
13,711,817
  
Pennon Group PLC
    
162,226
      
1,325,777
  
Severn Trent PLC
    
183,782
      
5,729,415
  
United Utilities Group PLC
    
418,127
      
5,430,426
  
             
26,197,435
  
                 
United States - 40.1%(b)
          
ALLETE, Inc.
    
12,451
      
742,578
  
Alliant Energy Corp.
    
60,109
      
3,029,494
  
Ameren Corp.
    
62,303
      
4,607,930
  
American Electric Power Co., Inc.
    
111,077
      
9,563,730
  
American States Water Co.
    
9,482
      
684,980
  
American Tower Corp.
    
47,765
      
9,437,886
  
American Water Works Co., Inc.
    
45,999
      
5,621,538
  
Atmos Energy Corp.
    
33,814
      
4,019,470
  
Avangrid, Inc.
    
92,785
      
3,381,085
  
Avista Corp.
    
11,347
      
397,372
  
Black Hills Corp.
    
15,397
      
840,676
  
California Water Service Group
    
13,139
      
610,701
  
CenterPoint Energy, Inc.
    
142,515
      
4,060,252
  
Chesapeake Utilities Corp.
    
1,671
      
179,298
  
CMS Energy Corp.
    
69,656
      
4,203,043
  
Consolidated Edison, Inc.
    
79,583
      
7,226,932
  
Crown Castle Corp.
    
85,243
      
9,021,267
  
Dominion Energy Corp.
    
186,602
      
9,178,952
  
DTE Energy Co.
    
46,521
      
5,216,865
  
Duke Energy Corp.
    
101,563
      
9,822,158
  
Entergy Corp.
    
50,907
      
5,379,852
  
Essential Utilities, Inc.
    
64,864
      
2,403,211
  
Evergy, Inc.
    
55,070
      
2,939,637
  
Eversource Energy
    
79,891
      
4,775,085
  
Exelon Corp.
    
229,684
      
8,629,228
  
FirstEnergy Corp.
    
138,142
      
5,335,044
  
IDACORP, Inc.
    
12,205
      
1,133,722
  
MGE Energy, Inc.
    
8,425
      
663,216
  
Middlesex Water Co.
    
6,365
      
334,163
  
NiSource, Inc.
    
100,092
      
2,768,545
  
Northwest Natural Holding Co.
    
7,085
      
263,704
  
NorthWestern Energy Group, Inc.
    
8,752
      
445,739
  
OGE Energy Corp.
    
49,066
      
1,682,964
  
ONE Gas, Inc.
    
12,810
      
826,629
  
Pinnacle West Capital Corp.
    
25,465
      
1,902,999
  
PNM Resources, Inc.
    
14,776
      
556,169
  
Portland General Electric Co.
    
17,663
      
741,846
  
PPL Corp.
    
172,287
      
4,743,061
  
Public Service Enterprise Group, Inc.
    
114,445
      
7,642,637
  
SBA Communications Corp.
    
24,764
      
5,366,359
  
Sempra
    
130,958
      
9,406,713
  
SJW Group
    
7,267
      
411,240
  
Spire, Inc.
    
12,582
      
772,157
  
The Southern Co.
    
138,637
      
9,945,818
  
WEC Energy Group, Inc.
    
72,687
      
5,969,056
  
Xcel Energy, Inc.
    
131,090
      
7,046,087
  
             
183,931,088
  
TOTAL COMMON STOCKS (Cost $350,287,456)
      
441,904,984
  
                 
CLOSED END FUNDS - 1.4%
  
Shares
    
Value
  
Republic of Korea - 0.6%
          
Macquarie Korea Infrastructure Fund
    
276,621
      
2,634,192
  
                 
United Kingdom - 0.8%
          
HICL Infrastructure PLC
    
1,209,455
      
1,929,511
  
International Public Partnerships Ltd.
    
1,135,987
      
1,777,892
  
             
3,707,403
  
TOTAL CLOSED END FUNDS (Cost $7,233,292)
      
6,341,595
  
                 
TOTAL INVESTMENTS - 97.8% (Cost $357,520,748)
    
$
448,246,579
  
Money Market Deposit Account - 2.1%(c)
      
9,654,882
  
Other Assets in Excess of Liabilities - 0.1%
      
321,643
  
TOTAL NET ASSETS - 100.0%
          
$
458,223,104
  
               
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 the 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 March 31, 2024 was 4.21%.


Frontier MFG Core Infrastructure Fund
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
  Common Stocks
  
$
441,904,984
    
$
–
    
$
–
    
$
441,904,984
  
  Closed End Funds
    
6,341,595
      
–
      
–
      
6,341,595
  
Total Assets
  
$
448,246,579
    
$
–
    
$
–
    
$
448,246,579
  
                                 
   
Refer to the Schedule of Investments for country classifications.
  


Frontier HyperiUS Global Equity Fund
  
Schedule of Investments
  
as of March 31, 2024 (Unaudited)
  
   
COMMON STOCKS - 97.6%
  
Shares
    
Value
  
France - 7.4%
        
Hermes International SCA
    
278
    
$
709,614
  
Kering SA
    
552
      
218,171
  
LVMH Moet Hennessy Louis Vuitton SE
    
466
      
419,139
  
             
1,346,924
  
                 
Luxembourg - 4.9%
          
Spotify Technology SA(a)
    
3,410
      
899,899
  
                 
Netherlands - 4.7%
          
ASML Holding NV
    
885
      
858,866
  
                 
United States - 80.6%(b)
          
Airbnb, Inc. - Class A(a)
    
3,618
      
596,825
  
Alphabet, Inc. - Class A(a)
    
2,834
      
427,736
  
Amazon.com, Inc.(a)
    
9,023
      
1,627,569
  
Block, Inc.(a)
    
12,306
      
1,040,842
  
Costco Wholesale Corp.
    
937
      
686,474
  
Intuit, Inc.
    
1,175
      
763,750
  
Intuitive Surgical, Inc.(a)
    
1,178
      
470,128
  
Mastercard, Inc. - Class A
    
1,402
      
675,161
  
Meta Platforms, Inc. - Class A
    
1,687
      
819,173
  
Microsoft Corp.
    
3,579
      
1,505,757
  
Palantir Technologies, Inc. - Class A(a)
    
27,541
      
633,718
  
Roku, Inc. - Class A(a)
    
2,878
      
187,559
  
Salesforce, Inc.
    
1,703
      
512,910
  
ServiceNow, Inc.(a)
    
1,991
      
1,517,939
  
Tesla, Inc.(a)
    
10,198
      
1,792,706
  
Visa, Inc. - Class A
    
2,575
      
718,631
  
Workday, Inc. - Class A(a)
    
2,972
      
810,613
  
             
14,787,491
  
TOTAL COMMON STOCKS (Cost $14,058,978)
      
17,893,180
  
                 
TOTAL INVESTMENTS - 97.6% (Cost $14,058,978)
    
$
17,893,180
  
Money Market Deposit Account - 2.2%(c)
      
411,158
  
Other Assets in Excess of Liabilities - 0.2%
      
39,661
  
TOTAL NET ASSETS - 100.0%
          
$
18,343,999
  
               
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 the 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 March 31, 2024 was 4.21%.


Frontier HyperiUS Global Equity Fund
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
  Common Stocks
  
$
17,893,180
    
$
–
    
$
–
    
$
17,893,180
  
Total Assets
  
$
17,893,180
    
$
–
    
$
–
    
$
17,893,180
  
                                 
   
Refer to the Schedule of Investments for country classifications.
  


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.