# EDGAR Filing Document

**Accession Number:** 0001014913
**File Stem:** 0001104659-23-027853
**Filing Date:** 2023-3
**Character Count:** 197753
**Document Hash:** ac3bea266ca0ab9a733b21d20d01bd16
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-027853.hdr.sgml**: 20230302

**ACCESSION NUMBER**: 0001104659-23-027853

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 70

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230302

**DATE AS OF CHANGE**: 20230302

**EFFECTIVENESS DATE**: 20230302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRONTIER FUNDS, INC.
- **CENTRAL INDEX KEY:** 0001014913
- **IRS NUMBER:** 364104131
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07685
- **FILM NUMBER:** 23698177

**BUSINESS ADDRESS:**
- **STREET 1:** U.S. BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 EAST MICHIGAN STREET, THIRD FLOOR
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 1-888-825-2100

**MAIL ADDRESS:**
- **STREET 1:** 400 SKOKIE BLVD
- **STREET 2:** SUITE 500
- **CITY:** NORTHBROOK
- **STATE:** IL
- **ZIP:** 60062

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRONTEGRA FUNDS INC
- **DATE OF NAME CHANGE:** 19960520

## Series and Classes Contracts Data

### Frontier MFG Global Equity Fund (Series ID: S000035416)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000108789 | Institutional Class | FMGEX           |

### Frontier MFG Core Infrastructure Fund (Series ID: S000035417)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000108790 | Institutional Class | FMGIX           |
| C000167328 | Service Class       | FCIVX           |

### Frontier MFG Global Plus Fund (Series ID: S000048580)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000153153 | Institutional Class | FMGPX           |
| C000167329 | Service Class       | FMPSX           |

### Frontier MFG Select Infrastructure Fund (Series ID: S000062285)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000201867 | Institutional Class Shares | FMSIX           |
| C000201868 | Service Class Shares       | FMSSX           |

### Frontier MFG Global Sustainable Fund (Series ID: S000063792)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000206680 | Institutional Class Shares | FMSGX           |
| C000206681 | Service Class Shares       | FMSRX           |

### Frontier HyperiUS Global Equity Fund (Series ID: S000065141)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000210899 | Institutional Class Shares | FHYPX           |
| C000210900 | Service Class Shares       | FHGSX           |

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED<br> MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-07685</u>**

**<u>Frontier Funds, Inc.</u>**

(Exact name of registrant as specified in charter)

**<u>400 Skokie Blvd.</u>**

**<u>Suite 500</u>**

**<u>Northbrook, IL 60062</u>**<br> (Address of principal executive offices) (Zip code)

**<u>William D. Forsyth III</u>**

**<u>400 Skokie Blvd., Suite 500</u>**

**<u>Northbrook, Illinois 60062</u>**<br> (Name and address of agent for service)

**<u>(847) 509-9860</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>June 30</u>**

Date of reporting period: **<u>December 31, 2022</u>**

**<u>Item 1. Reports to Stockholders.</u>**

![](j2314522_aa001.jpg)

**SEMI-ANNUAL REPORT**

Frontier MFG Global Equity Fund

Frontier MFG Global Plus Fund

Frontier MFG Global Sustainable Fund

Frontier MFG Core Infrastructure Fund

Frontier MFG Select Infrastructure Fund

Frontier HyperiUS Global Equity Fund

**Frontegra Asset Management, Inc.**

December 31, 2022

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**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| ***Shareholder Letter*** | *1* |
| ***Frontier MFG Global Equity Fund and Frontier MFG Global Plus Fund*** | ***Frontier MFG Global Equity Fund and Frontier MFG Global Plus Fund*** |
| *Report from MFG Asset Management* | *3* |
| *Investment Highlights* | *5* |
| ***Frontier MFG Global Sustainable Fund*** | ***Frontier MFG Global Sustainable Fund*** |
| *Report from MFG Asset Management* | *7* |
| *Investment Highlights* | *9* |
| ***Frontier MFG Core Infrastructure Fund and Frontier MFG Select Infrastructure Fund*** | ***Frontier MFG Core Infrastructure Fund and Frontier MFG Select Infrastructure Fund*** |
| *Report from MFG Asset Management* | *11* |
| *Investment Highlights* | *13* |
| ***Frontier HyperiUS Global Equity Fund*** | ***Frontier HyperiUS Global Equity Fund*** |
| *Report from H.A.M.L.* | *15* |
| *Investment Highlights* | *17* |
| ***Expense Example*** | *18* |
| ***Schedules of Investments*** | ***Schedules of Investments*** |
| *Frontier MFG Global Equity Fund* | *21* |
| *Frontier MFG Global Plus Fund* | *23* |
| *Frontier MFG Global Sustainable Fund* | *25* |
| *Frontier MFG Core Infrastructure Fund* | *27* |
| *Frontier MFG Select Infrastructure Fund* | *30* |
| *Frontier HyperiUS Global Equity Fund* | *32* |
| ***Statements of Assets and Liabilities*** | *33* |
| ***Statements of Operations*** | *35* |
| ***Statements of Changes in Net Assets*** | *37* |
| ***Financial Highlights*** | *40* |
| ***Notes to Financial Statements*** | *51* |
| ***Voting Results of Special Meeting of Shareholders*** | *60* |

---

This report is submitted for the general information of the shareholders of the above-listed Funds. It is not authorized for distribution to prospective investors unless accompanied or preceded by an effective Prospectus for the applicable Fund. The Prospectuses may be obtained by calling 1-888-825-2100. Each Prospectus includes more complete information about management fees and expenses, investment objectives, risks and operating policies of the applicable Fund. Please read the applicable Prospectus carefully.

Frontier Funds, Inc. are distributed by Frontegra Strategies, LLC, 400 Skokie Blvd., Suite 500, Northbrook, IL 60062. Frontegra Strategies, LLC, member of FINRA and SIPC, is an affiliate of Frontegra Asset Management, Inc., the Funds' investment adviser.

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![](j2314522_bc003.jpg)

**REPORT FROM FRONTEGRA ASSET MANAGEMENT** *(Unaudited)*

Dear Fellow Shareholders:

We are pleased to report on the progress of the Frontier Funds over the past six months ending December 31, 2022. The S&P 500 Index was up 2.31%. International stocks, as measured by the MSCI EAFE Index, returned 6.36% over the six-month period.

**Fund Results**

The Frontier MFG Global Equity Fund, Institutional Class, managed by MFG Asset Management ("MFG"), returned 0.89% (net) versus the MSCI World Index (Net) return of 2.97% for the six-month period ending December 31, 2022.

The Frontier MFG Global Plus Fund, Institutional Class, also managed by MFG, returned 2.46% (net) versus the MSCI World Index (Net) return of 2.97% for the six-month period ending December 31, 2022. The Service Class shares returned 2.46% (net) over the same time period.

The Frontier MFG Global Sustainable Fund, Institutional Class, also managed by MFG, returned -0.09% (net) versus the MSCI World Index (Net) return of 2.97% for the six-month period ending December 31, 2022. The Service Class shares returned -0.25% (net) over the same time period.

For the six-month period ending December 31, 2022, the Frontier MFG Core Infrastructure Fund, Institutional Class, also managed by MFG, returned -3.93% (net) versus the S&P Global Infrastructure Index return of 0.34%. The Service Class shares returned -3.95% (net) over the same time period.

For the six-month period ending December 31, 2022, the Frontier MFG Select Infrastructure Fund, Institutional Class, also managed by MFG, returned -2.43% (net) versus the S&P Global Infrastructure Index return of 0.34%. The Service Class shares returned -2.52% (net) over the same time period.

The Frontier HyperiUS Global Equity Fund, managed by H.A.M.L., returned -10.81% (net) versus the MSCI World Index (Net) return of 2.97% for the six-month period ending December 31, 2022. The Service Class shares returned -10.81% (net) over the same time period.

**Market Review**

In the second half of 2022, stock markets leveled off following a steep decline in the first half of the calendar year. Inflation has proven persistently stubborn, and investors are monitoring the market, hoping for a cooling economy that avoids a significant recession. Employment remains strong, although wage increases are moderating. Lastly, COVID continues to have an impact on the worldwide economy — most specifically in China — and its impact on supply chains and global travel remains to be seen.

We will continue to oversee the management of the Frontier Funds with the thoughtfulness and skill our shareholders have come to expect. As always, we appreciate your investment and continued confidence in us.

Best regards,

**William D. Forsyth, CFA**

President

Frontier Funds, Inc.

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![](j2314522_ca004.jpg)

**REPORT FROM MFG ASSET MANAGEMENT** *(Unaudited)*

Dear Fellow Shareholders:

The investment objective of the Frontier MFG Global Equity Fund and the Frontier MFG Global Plus Fund is capital appreciation. The performance of both Funds is measured against the MSCI World Index (Net).

**Performance Review**

The Frontier MFG Global Equity Fund (Institutional Class) returned 0.89%, net of fees, for the six-month period ending December 31, 2022, while the Frontier MFG Global Plus Fund (Institutional Class) returned 2.46%, net of fees, for the same time period. Both Funds underperformed the 2.97% return of their benchmark, the MSCI World Index (Net). For the year, the Global Equity Fund returned -20.92%, net of fees, and the Global Plus Fund returned -19.70%, net of fees, compared to the benchmark return of -18.14%.

The Funds both recorded a positive return for the six months. The stocks that contributed the most in local-currency terms over the six months included the investments in HCA Healthcare, Mastercard, Yum! Brands and McDonald's. All have been delivering strong results and managing the spike in inflation well.

The stocks that detracted in local-currency terms over the six months included Alphabet, Amazon and Crown Castle. Both Amazon and Alphabet have found themselves on the wrong side of excess demand driven by pandemic stimulus that is now unwinding and ultra-low interest rates. Both are needing to cut costs to realign to normalising revenues and margins have been pressured. Like most in real estate, Crown Castle has been de-rated on higher interest rates but is also experiencing a slower outlook for growth in 2023 on lower demand from its telecommunications customers. As a result, we sold down and exited Crown Castle over the six-month period.

**Fund Outlook and Strategy**

After the extremes of 2022 where returns across almost all, if not all, asset classes fell, 2023 looks to be shaping up as a year of two halves. The runaway inflation is finally starting to slow down, especially in the goods part of the measure, with the key piece to watch from here being wages inflation. If (when) this can be reined in, central banks will start to respond by leaning back on their aggressive interest-rate hiking. Even still, we believe the three-decade-long fall in interest rates has ended and our world is adjusting.

We are now a long way through the adjustment process in markets. The benchmark U.S. 10-year bond, used for discounting cash flows and thus crucial to determining valuations, is settling into a range in the high 3% at present. We think this looks sustainable and so while near-term volatility (associated with oscillations in this) is not off the table, the major repricing of duration is finished in our view. Elsewhere the tone of the Ukraine conflict also appears to have turned and while a compromise still lies ahead, it seems unlikely to create any further material new news to affect markets negatively. If anything, some sort of stalemate or solution would likely be positive.

The other major news in late 2022 was the change of tone and direction in China. We anticipate this will be the scene setter for 2023 and we will finally put COVID-related disruption in the rear-view mirror during the 2023 year. China has moved swiftly since first wavering on its strict zero-COVID policy and given the lack of truly effective vaccines, seems now to be pursuing a "herd immunity" response. The implications of this are, in our view, widespread and potentially materially positive for world markets. China is stimulating to rebuild domestic growth and confidence. It has eased aggressive regulatory constraints on the technology and other sectors with the recent capital raising by Ant Financial and Jack Ma ceding control all evidencing that shifts are underway. Stimulus in China flows out, especially to Europe. The opening of China's borders will allow the free distribution of the significant and well-educated Chinese population, potentially a material factor in addressing the labour shortages that have plagued many economies and held up wages.

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![](j2314522_ca005.jpg)

But these things will take time to flow through and the near-term risk of the reopening is a flare-up of COVID symptoms globally and the initial wave of pain inside China may hurt growth statistics. Further, the aggressive actions by western central banks have known lags in taking effect and the slowing, especially in the U.S., could be material. Parts of the economy built up unsustainably high-cost structures as excesses of stimulus drove extraordinary revenue growth; unwinding these costs takes time. So, we expect that margin pressures in parts of the U.S. lie ahead and it will be important to anticipate where earnings expectations are inappropriate as we traverse this first part of the year.

We continue to dig within our investment universe to find those companies that not only have strong competitive advantages but also can deliver cash flows and earnings that are resilient in the coming year. In December, we simultaneously increased cash and further de-risked portfolio exposure to deteriorating earnings, even in those operating from a position of strength, and feel some caution is prudent as equity prices do not appear to fully capture the downside risks associated with the economic slowdown. Our intention is to take advantage of opportunities in the coming months as the impacts of the economic slowdown become clearer. We believe the Funds can deliver our clients strong returns over coming years, even if broader indices fall further in the short term, as we continue to hold strong, well-capitalised and well-positioned companies that can benefit from the changing shape of economies and industries. We thank you for the trust you place in us.

Yours sincerely,

---

| | |
|:---|:---|
| **Nikki Thomas, CFA** | **Arvid Streimann, CFA** |
| Portfolio Manager | Portfolio Manager |
| MFG Asset Management | MFG Asset Management |

---

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![](j2314522_ca006.jpg)

**INVESTMENT HIGHLIGHTS**

*Growth of a $1,000,000 Investment (Unaudited)*

![](j2314522_ca007.jpg)

This chart assumes an initial gross investment of $1,000,000 made on 12/31/12. Returns shown include the reinvestment of all distributions. Past performance is not predictive of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. In the absence of existing fee waivers, total return would be reduced. To receive current to the most recent month-end performance, please call 1-888-825-2100.

The MSCI World Index (Net) represents large and mid cap equities across 23 Developed Markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country. The index does not reflect investment management fees, brokerage commissions and other expenses associated with investing in equity securities. A direct investment in the index is not possible.

Frontegra Asset Management, Inc. has contractually agreed through October 31, 2024, to waive its management fee and/or reimburse the Fund's operating expenses to the extent necessary to ensure that the Fund's total operating expenses (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses) do not exceed 0.80% of the Fund's average daily net assets for the Institutional Class. The expense ratios presented are based on the annualized expense ratios as reported in the Fund's current prospectus, which may differ from the expense ratios presented in the Fund's financial highlights.

\* The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Portfolio Total Return\*

---

| | | |
|:---|:---|:---|
| FOR PERIODS ENDED 12/31/22 | FUND | INDEX |
| SIX MONTHS | 0.89% | 2.97% |
| ONE YEAR | (20.92)% | (18.14)% |
| FIVE YEAR<br>AVERAGE ANNUAL | 4.91% | 6.14% |
| TEN YEAR |  |  |
| AVERAGE ANNUAL | 8.88% | 8.85% |

---

---

| | |
|:---|:---|
| Institutional Class Expenses | Institutional Class Expenses |
| GROSS EXPENSE RATIO | 0.86% |
| NET EXPENSE RATIO | 0.80% |

---

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![](j2314522_ca008.jpg)

**INVESTMENT HIGHLIGHTS**

*Growth of a $1,000,000 Investment (Unaudited)*

![](j2314522_ca009.jpg)

\* 3/23/15 commencement of operations.

This chart assumes an initial gross investment of $1,000,000 made on 3/23/15 (commencement of operations). Returns shown include the reinvestment of all distributions. Past performance is not predictive of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. In the absence of existing fee waivers, total return would be reduced. To receive current to the most recent month-end performance, please call 1-888-825-2100.

The MSCI World Index (Net) represents large and mid cap equities across 23 Developed Markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country. The index does not reflect investment management fees, brokerage commissions and other expenses associated with investing in equity securities. A direct investment in the index is not possible.

Frontegra Asset Management, Inc. has contractually agreed through October 31, 2024, to waive its management fee and/or reimburse the Fund's operating expenses to the extent necessary to ensure that the Fund's total operating expenses (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses) do not exceed 0.80% of the Fund's average daily net assets for the Institutional Class. The expense ratios presented are based on the annualized expense ratios as reported in the Fund's current prospectus, which may differ from the expense ratios presented in the Fund's financial highlights.

\*\* The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The above graph relates to Institutional Class shares of the Fund. Performance for Service Class shares will vary from the performance of the Institutional Class shares shown above due to differences in expenses.

Portfolio Total Return\*\*

---

| | | |
|:---|:---|:---|
| FOR PERIODS ENDED 12/31/22 | FUND | INDEX |
| SIX MONTHS | 2.46% | 2.97% |
| ONE YEAR | (19.70)% | (18.14)% |
| FIVE YEAR<br>AVERAGE ANNUAL | 5.19% | 6.14% |
| AVERAGE ANNUAL<br>SINCE INCEPTION | 6.59% | 6.93% |

---

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| | |
|:---|:---|
| Institutional Class Expenses | Institutional Class Expenses |
| GROSS EXPENSE RATIO | 0.90% |
| NET EXPENSE RATIO | 0.80% |

---

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![](j2314522_ca010.jpg)

**REPORT FROM MFG ASSET MANAGEMENT** *(Unaudited)*

Dear Fellow Shareholders:

The investment objective of the Frontier MFG Global Sustainable Fund is to seek attractive risk-adjusted returns over the medium to long-term while reducing the risk of permanent capital loss.

**Performance Review**

The Frontier MFG Global Sustainable Fund, Institutional Class, returned -0.09%, net of fees, for the six-month period ending December 31, 2022. The Fund underperformed the 2.97% return of the benchmark, the MSCI World Index (Net). For the year, the Fund returned -22.11%, net of fees, compared to the benchmark return of -18.14%.

Fund returns were flat over the six months. The largest contributors to returns were Walmart, Netflix and Yum! Brands. Walmart reported results notably better than expectations, gaining market share, including the benefit of higher-income consumers who traded down, an improving inventory position and tighter cost control. This led the company to revise guidance for the full year upwards. Netflix gained after the streaming TV leader reported it lost fewer-than-expected subscribers in the second quarter. Investor expectations were also buoyed by initiatives to rein in expenses and grow revenues via the introduction of an advertising-based tier and introducing measures to reduce password sharing across households. Yum! Brands, the owner of the KFC, Taco Bell and Pizza Hut franchises, reported results notably stronger than expected, demonstrating the strength and diversity of its operations across many geographies. An Investor Day towards year's end also provided further encouragement that the company's growth ambitions are likely to remain on-track for many years to come.

The largest detractors from returns included Alphabet, Amazon and Meta Platforms. Alphabet's share price reflected a combination of the cyclical challenge of slowing advertising revenue growth and contracting margins given investments and underwhelming cost control. Amazon continues to face various challenges. Its 3Q22 results missed expectations, with a cyclical slowdown and wage/energy inflation impacting growth and margins at its AWS cloud business and International Retail businesses. It also provided guidance for 4Q22 results significantly below expectations, as the company expects higher costs, including energy, to more than offset its ramping productivity efforts in the near term. We believe that these headwinds are transitory, and we retain confidence in the growth and competitiveness of Amazon's businesses over the medium term. Meta Platforms initially fell on poor revenue growth and margin challenges, then rebounded towards the end of the year following announced reductions in staff and costs.

**Fund Outlook and Strategy**

High levels of inflation appear to be slowing down, especially in the goods part of the measure. However, wage inflation continues to warrant close attention, as it is a strong contributor to elevated levels of inflation in the large services sectors of advanced economies. Central banks have been vocal in their determination to retain their restrictive stances until credible evidence emerges that inflation is being reined in, so while there remains uncertainty on the duration of higher levels of interest rates, there is greater market confidence in the levels at which they peak. This means it is likely the market's repricing of the level of long-term interest rates is mostly done and the levels of the benchmark U.S. 10-year bond appear to be settling into a range around the high 3%. Therefore, over coming quarters we expect the primary cause for movements in stock prices will be from the earnings prospects of individual companies and the path of their cash flows (rather than the discount rate applied to those cash flows).

This uncertainty on the duration of elevated rates and the real possibility that central banks are willing to tip economies into recession, if that is necessary to steadfastly reduce inflation, cause us to retain our cautious portfolio stance with our approximately 9% holding in

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![](j2314522_ca011.jpg)

cash and defensive tilt. The start of 2023 sees growing earnings risks in parts of the market for the coming year and we expect share prices to respond to these risks. The coming reporting season may result in stock price volatility that provides opportunities for capital to be redeployed into higher risk-adjusted returns. A significant proportion of Magellan's high-quality universe has what we believe are attractive medium-term return prospects that retains the quality and diversity and the longer-term prospects we seek for our companies. We believe these are advantaged companies with excellent business track records, skilled management, and disciplined capital management, and this gives us confidence that the strategy will be able to achieve its return objectives over the medium term.

Yours sincerely,

**Domenico Giuliano**

Portfolio Manager

MFG Asset Management

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![](j2314522_ca012.jpg)

**INVESTMENT HIGHLIGHTS**

*Growth of a $1,000,000 Investment (Unaudited)*

![](j2314522_ca013.jpg)

\* 10/9/19 commencement of operations.

This chart assumes an initial gross investment of $1,000,000 made on 10/9/19 (commencement of operations). Returns shown include the reinvestment of all distributions. Past performance is not predictive of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. In the absence of existing fee waivers, total return would be reduced. To receive current to the most recent month-end performance, please call 1-888-825-2100.

The MSCI World Index (Net) represents large and mid cap equities across 23 Developed Markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country. The index does not reflect investment management fees, brokerage commissions and other expenses associated with investing in equity securities. A direct investment in the index is not possible.

Frontegra Asset Management, Inc. has contractually agreed through October 31, 2024, to waive its management fee and/or reimburse the Fund's operating expenses to the extent necessary to ensure that the Fund's total operating expenses (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses) do not exceed 0.80% of the Fund's average daily net assets for the Institutional Class. The expense ratios presented are based on the annualized expense ratios as reported in the Fund's current prospectus, which may differ from the expense ratios presented in the Fund's financial highlights.

\*\* The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The above graph relates to Institutional Class shares of the Fund. Performance for Service Class shares will vary from the performance of the Institutional Class shares shown above due to differences in expenses.

Portfolio Total Return\*\*

---

| | | |
|:---|:---|:---|
| FOR PERIODS ENDED 12/31/22 | FUND | INDEX |
| SIX MONTHS | (0.09)% | 2.97% |
| ONE YEAR | (22.11)% | (18.14)% |
| AVERAGE ANNUAL<br>SINCE INCEPTION | 1.57% | 7.93% |

---

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| | |
|:---|:---|
| Institutional Class Expenses | Institutional Class Expenses |
| GROSS EXPENSE RATIO | 1.45% |
| NET EXPENSE RATIO | 0.80% |

---

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![](j2314522_ca014.jpg)

**REPORT FROM MFG ASSET MANAGEMENT** *(Unaudited)*

Dear Fellow Shareholders:

The investment objective of the Frontier MFG Core Infrastructure Fund is long-term capital appreciation. The investment objective of the Frontier MFG Select Infrastructure Fund is to seek attractive risk-adjusted returns over the medium- to long-term, while reducing the risk of permanent capital loss. The performance of both Funds is measured against the S&P Global Infrastructure Index.

**Performance Review**

The Frontier MFG Core Infrastructure Fund, Institutional Class, returned -3.93%, net of fees, for the six-month period ending December 31, 2022. The Fund's return underperformed the 0.34% return of its benchmark, the S&P Global Infrastructure Index. For the year, the Fund returned -7.66%, net of fees, compared to the benchmark's return of -0.17%.

The Frontier MFG Select Infrastructure Fund, Institutional Class, returned -2.43%, net of fees, for the six-month period ending December 31, 2022. The Fund's return underperformed the 0.34% return of its benchmark, the S&P Global Infrastructure Index. For the year, the Fund returned -7.52%, net of fees, compared to the benchmark's return of -0.17%.

Both Funds recorded a negative return for the six-month period. One of the largest detractors to both Funds in local currency terms over the six months ending December 31, 2022, was Dominion Energy. Dominion Energy declined as the management team announced a strategic review of the business that could lead to changes to earnings guidance.

Other detractors to the Frontier MFG Core Infrastructure Fund included Algonquin Power & Utilities and TC Energy. Shares of Canadian-based utility Algonquin Power & Utilities Corp. declined after the company published disappointing interim 3Q results during the period, obliging it to withdraw long-term growth objectives. TC Energy fell following lower-than-anticipated earnings guidance and the shutdown of the Keystone Pipeline due to a spill incident.

Other detractors to the Frontier MFG Select Infrastructure Fund included investments in U.S. tower companies Crown Castle and American Tower. Both companies fell as U.S. Treasury yields rose on inflation concerns.

One of the largest contributors to both Funds over the six months ending December 31, 2022, was Vinci. Shares of French toll road company, Vinci SA, rose following reports of better-than-expected performance across key business lines (Concessions and Contracting) that subsequently led to a more optimistic tone from management.

Hydro One of Canada and ASUR also contributed to the Frontier MFG Core Infrastructure Fund. Ontario Canada-based electricity transmission and distribution company Hydro One benefited from improving regulatory certainty and increasing allowed ROEs. Meanwhile, ASUR continued to see robust passenger growth in its key Mexico airports, even when compared to pre-pandemic (2019) levels of traffic.

U.S. rail company Norfolk Southern and Italian electricity transmission company Terna were the other contributors to the Frontier MFG Select Infrastructure Fund. Norfolk Southern advanced as the sector worked through some of the supply chain and staffing issues that had affected volumes and Congress intervened in a long-running labour dispute to force a settlement on the unions that were holding out. Terna stock rose following a positive interim earnings report as well as an upgrade to FY2022 earnings expectations.

**Fund Outlook and Strategy**

Notwithstanding our expectations for greater volatility in the short to medium term driven by inflation and interest rates, we are confident that the underlying businesses we have included in our defined universe and in our investment strategy will prove resilient over the longer term. We regard the businesses we invest in to be of high quality and, while short-term movements in share prices reflect issues of the

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![](j2314522_ca015.jpg)

day, we expect that share prices in the longer term will reflect the underlying cash flows leading to investment returns consistent with our expectations.

The strategy seeks to provide investors with attractive risk-adjusted returns from infrastructure securities. The Frontier MFG Core Infrastructure Fund does this by investing in a portfolio of listed infrastructure companies that meet our strict definition of infrastructure. The Frontier MFG Select Infrastructure Fund does this by investing in a portfolio of listed infrastructure companies that meet our strict definition of infrastructure at discounts to their assessed intrinsic value. We believe that infrastructure assets, with requisite earnings reliability and a linkage of earnings to inflation, offer attractive, long-term investment propositions. Furthermore, we believe the resilient nature of earnings and the structural linkage of those earnings to inflation means that investment returns typically generated by infrastructure stocks are different from standard asset classes and offer investors diversification when included in an investment portfolio. In the current uncertain economic and investment climate, the historically reliable financial performance of infrastructure investments makes them attractive, and an investment in listed infrastructure has the potential to reward patient investors with a long-term time frame.

Sincerely,

---

| | |
|:---|:---|
| **Gerald Stack** | **Ben McVicar** |
| Portfolio Manager | Portfolio Manager |
| Core and Select Infrastructure Funds | Core and Select Infrastructure Funds |
| MFG Asset Management | MFG Asset Management |
| **Jowell Amores** | **Ofer Karliner** |
| Portfolio Manager | Portfolio Manager |
| Core Infrastructure Fund | Select Infrastructure Fund |
| MFG Asset Management | MFG Asset Management |

---

------

![](j2314522_ca016.jpg)

**INVESTMENT HIGHLIGHTS**

*Growth of a $1,000,000 Investment (Unaudited)*

![](j2314522_ca017.jpg)

This chart assumes an initial gross investment of $1,000,000 made on 12/31/12. Returns shown include the reinvestment of all distributions. Past performance is not predictive of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. In the absence of existing fee waivers, total return would be reduced. To receive current to the most recent month-end performance, please call 1-888-825-2100.

The MSCI World Index (Net) represents large and mid cap equities across 23 Developed Markets countries and covers approximately 85% of the free float-adjusted market capitalization in each country. The S&P Global Infrastructure Index is a global developed markets infrastructure and utilities benchmark. Neither index reflects investment management fees, brokerage commissions or other expenses associated with investing in equity securities. A direct investment in an index is not possible.

Frontegra Asset Management, Inc. has contractually agreed through October 31, 2024, to waive its management fee and/or reimburse the Fund's operating expenses to the extent necessary to ensure that the Fund's total operating expenses (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses) do not exceed 0.50% of the Fund's average daily net assets for the Institutional Class. The expense ratios presented are based on the annualized expense ratios as reported in the Fund's current prospectus, which may differ from the expense ratios presented in the Fund's financial highlights.

\* The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The above graph relates to Institutional Class shares of the Fund. Performance for Service Class shares will vary from the performance of the Institutional Class shares shown above due to differences in expenses.

Portfolio Total Return\*

---

| | | | |
|:---|:---|:---|:---|
| FOR PERIODS <br>ENDED <br>12/31/22 | FUND | MSCI<br>INDEX | S&P<br>GLOBAL<br>INDEX |
| SIX MONTHS | (3.93)% | 2.97% | 0.34% |
| ONE YEAR | (7.66)% | (18.14)% | (0.17)% |
| FIVE YEAR <br>AVERAGE<br>ANNUAL | 4.38% | 6.14% | 3.88% |
| TEN YEAR<br>AVERAGE <br>ANNUAL | 7.46% | 8.85% | 6.51% |

---

---

| | |
|:---|:---|
| Institutional Class Expenses | Institutional Class Expenses |
| GROSS EXPENSE RATIO | 0.57% |
| NET EXPENSE RATIO | 0.50% |

---

------

![](j2314522_ca018.jpg)

**INVESTMENT HIGHLIGHTS**

*Growth of a $1,000,000 Investment (Unaudited)*

![](j2314522_ca019.jpg)

\* 7/2/18 commencement of operations.

This chart assumes an initial gross investment of $1,000,000 made on 7/2/18 (commencement of operations). Returns shown include the reinvestment of all distributions. Past performance is not predictive of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. In the absence of existing fee waivers, total return would be reduced. To receive current to the most recent month-end performance, please call 1-888-825-2100.

The MSCI World Index (Net) represents large and mid cap equities across 23 Developed Markets countries and covers approximately 85% of the free float-adjusted market capitalization in each country. The S&P Global Infrastructure Index is a global developed markets infrastructure and utilities benchmark. Neither index reflects investment management fees, brokerage commissions or other expenses associated with investing in equity securities. A direct investment in an index is not possible.

Frontegra Asset Management, Inc. has contractually agreed through October 31, 2024, to waive its management fee and/or reimburse the Fund's operating expenses to the extent necessary to ensure that the Fund's total operating expenses (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses) do not exceed 0.80% of the Fund's average daily net assets for the Institutional Class. The expense ratios presented are based on the annualized expense ratios as reported in the Fund's current prospectus, which may differ from the expense ratios presented in the Fund's financial highlights.

\*\* The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The above graph relates to Institutional Class shares of the Fund. Performance for Service Class shares will vary from the performance of the Institutional Class shares shown above due to differences in expenses.

Portfolio Total Return\*\*

---

| | | | |
|:---|:---|:---|:---|
| FOR PERIODS <br>ENDED <br>12/31/22 | FUND | MSCI<br>INDEX | S&P<br>GLOBAL<br>INDEX |
| SIX MONTHS | (2.43)% | 2.97% | 0.34% |
| ONE YEAR | (7.52)% | (18.14)% | (0.17)% |
| AVERAGE <br>ANNUAL<br>SINCE <br>INCEPTION | 3.54% | 6.83% | 5.13% |

---

---

| | |
|:---|:---|
| Institutional Class Expenses | Institutional Class Expenses |
| GROSS EXPENSE RATIO | 1.01% |
| NET EXPENSE RATIO | 0.80% |

---

------

![](j2314522_ca020.jpg)

**REPORT FROM H.A.M.L.** *(Unaudited)*

Dear Fellow Shareholders:

The investment objective of the Frontier HyperiUS Global Equity Fund is to seek long-term capital growth.

**Performance Review**

Global equity market indices were marginally higher over the period from July 1, 2022, to December 31, 2022, as global inflation, central bank policy tightening, and geopolitical tensions dominated headlines. In the U.S., the Federal Reserve continued with their hawkish narrative and raised the federal funds rate to 4.25%-4.50%, the highest level in 15 years, in an attempt to reduce inflation.

The Frontier HyperiUS Global Equity Fund, Institutional Class, returned -10.81% for the six months ended December 31, 2022, underperforming its benchmark, the MSCI World Index (Net), which returned 2.97% over the same time frame. For the year, the Fund returned -45.32% compared to the benchmark's return of -18.14%.

Hermes International, Workday, Inc., and Intuitive Surgical, Inc. were the top contributors to the Fund's performance while Tesla Inc., Amazon.com Inc., and ServiceNow, Inc. were the top detractors.

Hermes provided a strong trading update in October for the quarter ended September 2022, reporting revenue growth of 24.3% year-on-year in constant currency and continued outperformance against the broader luxury sector. Outperformance in the non-leather goods segments and strong growth in Asia Pacific (ex-Japan) continues to highlight the strength of the Hermes brand. This superior brand positioning is reflected in Hermes' pricing power, with the company suggesting it would look to increase prices by high-single digits in 2023 to offset increases in its cost base. In addition, the company is expected to benefit from the easing of COVID-19 restrictions in China and the re-opening of Chinese borders which should spur demand for luxury goods as cross-border travel resumes.

Regarding Tesla's recent underperformance, we believe it has primarily revolved around two main narratives: Elon Musk's purchase of Twitter (and accompanying share selling overhang) and a potential demand/production slowdown in its automotive business. The recent price reduction of Tesla's vehicles in China and short-term discounting in the U.S. have only further fuelled speculation of a weakening of demand and were not viewed favourably by the market. We believe these concerns about Tesla are short-term in nature. While automotive sales may fall short of their stated target of 50% growth per year in the short term, should a recession materialize, we believe Tesla's long-term growth will continue to be strong owing to their clear market leadership and low penetration rates. We believe the business fundamentals of Tesla remain robust with its innovative approach to manufacturing leading to wider profit margins, substantial competitive advantages in software, ability to attract the best engineers, and its dominant name in electric vehicles.

2022 was a very challenging year for the Fund and has been one of the more hostile equity markets we have seen in over 20 years.

We believe the rapid change in long-term bond yields, particularly over the past 12 months, has been the primary cause of the decline in the market value of the Fund. The Fund's underlying earnings per share (EPS) growth has been unable to offset the valuation impact from lower Price to Earnings (P/E) ratios due to this rapid change. This inability of EPS growth to offset the duration impact of higher bond yields is because EPS growth is time-dependent, whereas bond yield and P/E ratio changes are not time constrained. EPS growth tends to dominate valuations over more extended periods, but significant changes in bond yields over short periods can overwhelm the impact of EPS growth.

**Fund Outlook and Strategy**

Despite recent declines in the Fund, we believe the underlying fundamentals have not deteriorated, with our companies' competitive positions and long-term earnings growth profiles remaining strong. If the change in bond yields occurred over a more extended period, then the underlying increase in EPS and the associated increase in the intrinsic value of the Fund would have been able to counteract the impact of higher bond yields more effectively.

------

![](j2314522_ca021.jpg)

For the year ahead, while Hyperion believes that a cyclical recession is probable, we believe a recession is unlikely to impact the long-term EPS forecast of the Fund's portfolio holdings due to the strong value propositions of the portfolio companies relative to their peers, their high levels of innovation and their low penetration rates of their addressable markets.

The Fund continues to trade at an attractive discount to our long-term valuation. In a world where growth will likely become scarce again, we believe our companies' competitive positions and long-term earnings growth profiles will remain strong. Businesses that grow by taking market share will become more valuable and should be in a better position to produce attractive returns over the long term.

Yours sincerely,

---

| | |
|:---|:---|
| **Mark Arnold** | **Jason Orthman** |
| Lead Portfolio Manager | Lead Portfolio Manager |
| H.A.M.L. | H.A.M.L. |

---

------

![](j2314522_ca022.jpg)

**INVESTMENT HIGHLIGHTS**

*Growth of a $1,000,000 Investment (Unaudited)*

![](j2314522_ca023.jpg)

\* 12/15/21 commencement of operations.

This chart assumes an initial gross investment of $1,000,000 made on 12/15/21 (commencement of operations). Returns shown include the reinvestment of all distributions. Past performance is not predictive of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. In the absence of existing fee waivers, total return would be reduced. To receive current to the most recent month-end performance, please call 1-888-825-2100.

The MSCI World Index (Net) represents large and mid cap equities across 23 Developed Markets countries and covers approximately 85% of the free float-adjusted market capitalization in each country. The index does not reflect investment management fees, brokerage commissions and other expenses associated with investing in equity securities. A direct investment in the index is not possible.

Frontegra Asset Management, Inc. has contractually agreed through October 31, 2024, to waive its management fee and/or reimburse the Fund's operating expenses to the extent necessary to ensure that the Fund's total operating expenses (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses) do not exceed 0.80% of the Fund's average daily net assets for the Institutional Class. The expense ratios presented are based on the annualized expense ratios as reported in the Fund's current prospectus, which may differ from the expense ratios presented in the Fund's financial highlights.

\*\* The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The above graph relates to Institutional Class shares of the Fund. Performance for Service Class shares will vary from the performance of the Institutional Class shares shown above due to differences in expenses.

Portfolio Total Return\*\*

---

| | | |
|:---|:---|:---|
| FOR PERIODS <br>ENDED 12/31/22 | FUND | INDEX |
| SIX MONTHS | (10.81)% | 2.97% |
| ONE YEAR | (45.32)% | (18.14)% |
| AVERAGE <br>ANNUAL<br>SINCE <br>INCEPTION | (42.52)% | (16.01)% |

---

---

| | |
|:---|:---|
| Institutional Class Expenses | Institutional Class Expenses |
| GROSS EXPENSE RATIO | 2.28% |
| NET EXPENSE RATIO | 0.80% |

---

------

![](j2314522_cc024.jpg)

Frontier Funds

**EXPENSE EXAMPLE**

*December 31, 2022 (Unaudited)*

As a shareholder of a mutual fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other fund expenses. Although the Funds charge no sales loads, you will be assessed fees for outgoing wire transfers, returned checks and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, the Funds' transfer agent. A redemption fee of 2.00% of the then current value of the shares redeemed may be imposed on certain redemptions of shares made within 30 days of purchase for the Funds.

This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (7/1/22 – 12/31/22).

**Actual Expenses**

The first line of the table on the following page for each Fund provides information about actual account values and actual expenses. The Example includes management fees, registration fees, fee waivers/reimbursements and other expenses. However, the Example does not include portfolio trading commissions and related expenses and other extraordinary expenses as determined under generally accepted accounting principles. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

The second line of the table for each Fund provides information about hypothetical account values and hypothetical expenses based on each of the Fund's actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each of the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

------

![](j2314522_cc025.jpg)

Frontier Funds

**EXPENSE EXAMPLE** *(continued)*

*December 31, 2022 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning Account <br>Value 7/1/2022** | **Ending Account <br>Value 12/31/2022** | **Annualized <br>Expense Ratio\*** | **Expenses Paid <br>During the Period\*** |
| **MFG Global Equity <br>Fund – Institutional Class** | **MFG Global Equity <br>Fund – Institutional Class** | **MFG Global Equity <br>Fund – Institutional Class** | **MFG Global Equity <br>Fund – Institutional Class** | **MFG Global Equity <br>Fund – Institutional Class** |
| Actual Fund Return | $1000.00 | $1008.90 | 0.80% | $4.05 |
| Hypothetical 5% Return | $1000.00 | $1021.17 | 0.80% | $4.08 |
| **MFG Global Plus <br>Fund – Institutional Class** | **MFG Global Plus <br>Fund – Institutional Class** | **MFG Global Plus <br>Fund – Institutional Class** | **MFG Global Plus <br>Fund – Institutional Class** | **MFG Global Plus <br>Fund – Institutional Class** |
| Actual Fund Return | $1000.00 | $1024.60 | 0.80% | $4.08 |
| Hypothetical 5% Return | $1000.00 | $1021.17 | 0.80% | $4.08 |
| **MFG Global Plus <br>Fund – Service Class** | **MFG Global Plus <br>Fund – Service Class** | **MFG Global Plus <br>Fund – Service Class** | **MFG Global Plus <br>Fund – Service Class** | **MFG Global Plus <br>Fund – Service Class** |
| Actual Fund Return | $1000.00 | $1024.60 | 0.90% | $4.59 |
| Hypothetical 5% Return | $1000.00 | $1020.67 | 0.90% | $4.58 |
| **MFG Global Sustainable <br>Fund – Institutional Class** | **MFG Global Sustainable <br>Fund – Institutional Class** | **MFG Global Sustainable <br>Fund – Institutional Class** | **MFG Global Sustainable <br>Fund – Institutional Class** | **MFG Global Sustainable <br>Fund – Institutional Class** |
| Actual Fund Return | $1000.00 | $999.10 | 0.80% | $4.03 |
| Hypothetical 5% Return | $1000.00 | $1021.17 | 0.80% | $4.08 |
| **MFG Global Sustainable <br>Fund – Service Class** | **MFG Global Sustainable <br>Fund – Service Class** | **MFG Global Sustainable <br>Fund – Service Class** | **MFG Global Sustainable <br>Fund – Service Class** | **MFG Global Sustainable <br>Fund – Service Class** |
| Actual Fund Return | $1000.00 | $997.50 | 0.90% | $4.53 |
| Hypothetical 5% Return | $1000.00 | $1020.67 | 0.90% | $4.58 |
| **MFG Core Infrastructure <br>Fund – Institutional Class** | **MFG Core Infrastructure <br>Fund – Institutional Class** | **MFG Core Infrastructure <br>Fund – Institutional Class** | **MFG Core Infrastructure <br>Fund – Institutional Class** | **MFG Core Infrastructure <br>Fund – Institutional Class** |
| Actual Fund Return | $1000.00 | $960.70 | 0.50% | $2.47 |
| Hypothetical 5% Return | $1000.00 | $1022.68 | 0.50% | $2.55 |
| **MFG Core Infrastructure <br>Fund – Service Class** | **MFG Core Infrastructure <br>Fund – Service Class** | **MFG Core Infrastructure <br>Fund – Service Class** | **MFG Core Infrastructure <br>Fund – Service Class** | **MFG Core Infrastructure <br>Fund – Service Class** |
| Actual Fund Return | $1000.00 | $960.50 | 0.60% | $2.96 |
| Hypothetical 5% Return | $1000.00 | $1022.18 | 0.60% | $3.06 |
| **MFG Select Infrastructure <br>Fund – Institutional Class** | **MFG Select Infrastructure <br>Fund – Institutional Class** | **MFG Select Infrastructure <br>Fund – Institutional Class** | **MFG Select Infrastructure <br>Fund – Institutional Class** | **MFG Select Infrastructure <br>Fund – Institutional Class** |
| Actual Fund Return | $1000.00 | $975.70 | 0.80% | $3.98 |
| Hypothetical 5% Return | $1000.00 | $1021.17 | 0.80% | $4.08 |
| **MFG Select Infrastructure <br>Fund – Service Class** | **MFG Select Infrastructure <br>Fund – Service Class** | **MFG Select Infrastructure <br>Fund – Service Class** | **MFG Select Infrastructure <br>Fund – Service Class** | **MFG Select Infrastructure <br>Fund – Service Class** |
| Actual Fund Return | $1000.00 | $974.80 | 0.94% | $4.68 |
| Hypothetical 5% Return | $1000.00 | $1020.47 | 0.94% | $4.79 |

---

------

![](j2314522_cc026.jpg)

Frontier Funds

**EXPENSE EXAMPLE** *(continued)*

*December 31, 2022 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning Account <br>Value 7/1/2022** | **Ending Account <br>Value 12/31/2022** | **Annualized <br>Expense Ratio\*** | **Expenses Paid <br>During the Period\*** |
| **HyperiUS Global Equity <br>Fund – Institutional Class** | **HyperiUS Global Equity <br>Fund – Institutional Class** | **HyperiUS Global Equity <br>Fund – Institutional Class** | **HyperiUS Global Equity <br>Fund – Institutional Class** | **HyperiUS Global Equity <br>Fund – Institutional Class** |
| Actual Fund Return | $1000.00 | $891.90 | 0.80% | $3.81 |
| Hypothetical 5% Return | $1000.00 | $1021.17 | 0.80% | $4.08 |
| **HyperiUS Global Equity <br>Fund – Service Class** | **HyperiUS Global Equity <br>Fund – Service Class** | **HyperiUS Global Equity <br>Fund – Service Class** | **HyperiUS Global Equity <br>Fund – Service Class** | **HyperiUS Global Equity <br>Fund – Service Class** |
| Actual Fund Return | $1000.00 | $891.90 | 0.80% | $3.81 |
| Hypothetical 5% Return | $1000.00 | $1021.17 | 0.80% | $4.08 |

---

\* Expenses are equal to each Fund's annualized expense ratio indicated above, multiplied by the average account value over the period, multiplied by 184/365 to reflect the one-half year period.

------

![](j2314522_da027.jpg)

Frontier MFG Global Equity Fund

**SCHEDULE OF INVESTMENTS**

*December 31, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
| *Number of Shares* |  | *Value* |
| **COMMON STOCKS 88.7%** |  |  |
|  | *Canada 2.9%* | *Canada 2.9%* |
| 16458 | Brookfield Asset Management, <br>Inc. - Class A | $471253 |
| 63309 | Brookfield Corp. | 1990914 |
|  |  | 2462167 |
|  | *France 6.1%* | *France 6.1%* |
| 3664 | L'Oreal SA | 1312065 |
| 3297 | LVMH Moet Hennessy Louis <br>Vuitton SE | 2399196 |
| 11301 | Safran SA | 1415490 |
|  |  | 5126751 |
|  | *Germany 3.0%* | *Germany 3.0%* |
| 24046 | SAP SE | 2482518 |
|  | *Netherlands 3.8%* | *Netherlands 3.8%* |
| 5788 | ASML Holding NV | 3155907 |
|  | *Spain 1.6%* | *Spain 1.6%* |
| 25680 | Amadeus IT Group SA (a) | 1332216 |
|  | *Switzerland 6.8%* | *Switzerland 6.8%* |
| 25973 | Nestle SA | 3000127 |
| 29629 | Novartis AG | 2681349 |
|  |  | 5681476 |
|  | *United Kingdom 7.0%* | *United Kingdom 7.0%* |
| 70262 | Diageo PLC | 3075515 |
| 40419 | Reckitt Benckiser Group PLC | 2801712 |
|  |  | 5877227 |
|  | *United States 57.5%* | *United States 57.5%* |
| 10502 | Alphabet, Inc. - Class A (a) | 926592 |
| 20627 | Alphabet, Inc. - Class C (a) | 1830234 |
| 15856 | Amazon.com, Inc. (a) | 1331904 |
| 13321 | Apple, Inc. | 1730798 |
| 1515 | Chipotle Mexican Grill, Inc. (a) | 2102047 |
| 19749 | Eversource Energy | 1655756 |
| 10415 | HCA Healthcare, Inc. | 2499183 |

---

---

| | | |
|:---|:---|:---|
| *Number of Shares* |  | *Value* |
|  | *United States 57.5% (continued)* | *United States 57.5% (continued)* |
| 34303 | Intercontinental Exchange, Inc. | $3519145 |
| 7589 | Intuit, Inc. | 2953791 |
| 14169 | Lowe's Companies, Inc. | 2823032 |
| 9443 | Mastercard, Inc. - Class A | 3283614 |
| 12895 | McDonald's Corp. | 3398219 |
| 21061 | Microsoft Corp. | 5050849 |
| 8040 | PepsiCo, Inc. | 1452506 |
| 47567 | U.S. Bancorp | 2074397 |
| 2656 | UnitedHealth Group, Inc. | 1408158 |
| 17665 | Visa, Inc. - Class A | 3670080 |
| 18888 | WEC Energy Group, Inc. | 1770939 |
| 24287 | Xcel Energy, Inc. | 1702762 |
| 23778 | Yum! Brands, Inc. | 3045486 |
|  |  | 48229492 |
|  | **Total Common Stocks** | **Total Common Stocks** |
|  | (Cost $53,968,902) | **74347754** |
| *Principal Amount* |  |  |
| **SHORT-TERM INVESTMENTS 2.3%** |  |  |
|  | *Money Market Deposit Account 2.3%* | *Money Market Deposit Account 2.3%* |
| $1940161 | U.S. Bank N.A., 3.300% (b) | 1940161 |
|  | **Total Short-Term Investments** | **Total Short-Term Investments** |
|  | (Cost $1,940,161) | **1940161** |
|  | **Total Investments 91.0%** | **Total Investments 91.0%** |
|  | (Cost $55,909,063) | **76287915** |
|  | Other Assets in Excess of <br>Liabilities 9.0% | 7574676 |
|  | **TOTAL NET ASSETS 100.0%** | $**83862591** |

---

(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 December 31, 2022.

The accompanying notes are an integral part of these financial statements.<br>page 21

------

![](j2314522_da028.jpg)

Frontier MFG Global Equity Fund

**SCHEDULE OF INVESTMENTS** *(continued)*

*December 31, 2022 (Unaudited)*

**PORTFOLIO DIVERSIFICATION**

---

| | |
|:---|:---|
| *Sectors* | *Percentage* |
| Information Technology | 28.2% |
| Consumer Discretionary | 18.0 |
| Consumer Staples | 13.9 |
| Financials | 9.6 |
| Health Care | 7.9 |
| Utilities | 6.1 |
| Communication Services | 3.3 |
| Industrials | 1.7 |
| **Total Common Stocks** | **88.7** |
| **Total Short-Term Investments** | **2.3** |
| **Total Investments** | **91.0** |
| Other Assets in Excess of Liabilities | 9.0 |
| **Total Net Assets** | **100.0%** |

---

The accompanying notes are an integral part of these financial statements.<br>page 22

------

![](j2314522_da029.jpg)

Frontier MFG Global Plus Fund

**SCHEDULE OF INVESTMENTS**

*December 31, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
| *Number of Shares* |  | *Value* |
| **COMMON STOCKS 91.0%** |  |  |
|  | *Canada 3.0%* | *Canada 3.0%* |
| 3436 | Brookfield Asset Management, <br>Inc. - Class A | $98392 |
| 13280 | Brookfield Corp. | 417624 |
|  |  | 516016 |
|  | *France 6.2%* | *France 6.2%* |
| 770 | L'Oreal SA | 275734 |
| 693 | LVMH Moet Hennessy Louis <br>Vuitton SE | 504290 |
| 2368 | Safran SA | 296600 |
|  |  | 1076624 |
|  | *Germany 3.0%* | *Germany 3.0%* |
| 5052 | SAP SE | 521570 |
|  | *Netherlands 3.9%* | *Netherlands 3.9%* |
| 1233 | ASML Holding NV | 672293 |
|  | *Spain 1.6%* | *Spain 1.6%* |
| 5407 | Amadeus IT Group SA (a) | 280502 |
|  | *Switzerland 7.0%* | *Switzerland 7.0%* |
| 5455 | Nestle SA | 630104 |
| 6318 | Novartis AG | 571763 |
|  |  | 1201867 |
|  | *United Kingdom 7.2%* | *United Kingdom 7.2%* |
| 14767 | Diageo PLC | 646383 |
| 8495 | Reckitt Benckiser Group PLC | 588845 |
|  |  | 1235228 |
|  | *United States 59.1%* | *United States 59.1%* |
| 2205 | Alphabet, Inc. - Class A (a) | 194547 |
| 4323 | Alphabet, Inc. - Class C (a) | 383580 |
| 3326 | Amazon.com, Inc. (a) | 279384 |
| 2800 | Apple, Inc. | 363804 |
| 318 | Chipotle Mexican Grill, Inc. (a) | 441222 |
| 4151 | Eversource Energy | 348020 |
| 2184 | HCA Healthcare, Inc. | 524073 |

---

---

| | | |
|:---|:---|:---|
| *Number of Shares* |  | *Value* |
|  | *United States 59.1% (continued)* | *United States 59.1% (continued)* |
| 7210 | Intercontinental Exchange, Inc. | $739674 |
| 1618 | Intuit, Inc. | 629758 |
| 3024 | Lowe's Companies, Inc. | 602502 |
| 2013 | Mastercard, Inc. - Class A | 699981 |
| 2744 | McDonald's Corp. | 723126 |
| 4480 | Microsoft Corp. | 1074394 |
| 1686 | PepsiCo, Inc. | 304593 |
| 9975 | U.S. Bancorp | 435010 |
| 558 | UnitedHealth Group, Inc. | 295840 |
| 3761 | Visa, Inc. - Class A | 781385 |
| 3963 | WEC Energy Group, Inc. | 371571 |
| 5110 | Xcel Energy, Inc. | 358262 |
| 5065 | Yum! Brands, Inc. | 648725 |
|  |  | 10199451 |
|  | **Total Common Stocks** | **Total Common Stocks** |
|  | (Cost $12,099,553) | **15703551** |
| *Principal Amount* |  |  |
| **SHORT-TERM INVESTMENTS 6.4%** |  |  |
|  | *Money Market Deposit Account 6.4%* | *Money Market Deposit Account 6.4%* |
| $1105015 | U.S. Bank N.A., 3.300% (b) | 1105015 |
|  | **Total Short-Term Investments** | **Total Short-Term Investments** |
|  | (Cost $1,105,015) | **1105015** |
|  | **Total Investments 97.4%** | **Total Investments 97.4%** |
|  | (Cost $13,204,568) | **16808566** |
|  | Other Assets in Excess of <br>Liabilities 2.6% | 449648 |
|  | **TOTAL NET ASSETS 100.0%** | $**17258214** |

---

(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 December 31, 2022.

The accompanying notes are an integral part of these financial statements.<br>page 23

------

![](j2314522_da030.jpg)

Frontier MFG Global Plus Fund

**SCHEDULE OF INVESTMENTS** *(continued)*

*December 31, 2022 (Unaudited)*

**PORTFOLIO DIVERSIFICATION**

---

| | |
|:---|:---|
| *Sectors* | *Percentage* |
| Information Technology | 29.1% |
| Consumer Discretionary | 18.5 |
| Consumer Staples | 14.2 |
| Financials | 9.8 |
| Health Care | 8.1 |
| Utilities | 6.3 |
| Communication Services | 3.3 |
| Industrials | 1.7 |
| **Total Common Stocks** | **91.0** |
| **Total Short-Term Investments** | **6.4** |
| **Total Investments** | **97.4** |
| Other Assets in Excess of Liabilities | 2.6 |
| **Total Net Assets** | **100.0%** |

---

The accompanying notes are an integral part of these financial statements.<br>page 24

------

![](j2314522_da031.jpg)

Frontier MFG Global Sustainable Fund

**SCHEDULE OF INVESTMENTS**

*December 31, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
| *Number of Shares* |  | *Value* |
| **COMMON STOCKS 90.3%** |  |  |
|  | *Germany 6.3%* | *Germany 6.3%* |
| 12664 | Fraport AG Frankfurt Airport <br>Services Worldwide (a) | $512860 |
| 13391 | SAP SE | 1382492 |
|  |  | 1895352 |
|  | *Spain 2.2%* | *Spain 2.2%* |
| 5316 | Aena SME SA (a) | 666403 |
|  | *Switzerland 8.0%* | *Switzerland 8.0%* |
| 9561 | Nestle SA | 1104386 |
| 14333 | Novartis AG | 1297100 |
|  |  | 2401486 |
|  | *United Kingdom 7.7%* | *United Kingdom 7.7%* |
| 15070 | Reckitt Benckiser Group PLC | 1044603 |
| 25008 | Unilever PLC | 1254817 |
|  |  | 2299420 |
|  | *United States 66.1%* | *United States 66.1%* |
| 22786 | Alphabet, Inc. - Class C (a) | 2021802 |
| 13210 | Amazon.com, Inc. (a) | 1109640 |
| 2701 | American Tower Corp. | 572234 |
| 337 | Booking Holdings, Inc. (a) | 679149 |
| 520 | Chipotle Mexican Grill, Inc. (a) | 721495 |
| 6472 | Eversource Energy | 542612 |
| 10913 | Intercontinental Exchange, Inc. | 1119565 |
| 4423 | Mastercard, Inc. - Class A | 1538009 |
| 2239 | McDonald's Corp. | 590044 |
| 8933 | Meta Platforms, Inc. - Class A (a) | 1074997 |
| 8776 | Microsoft Corp. | 2104660 |
| 11505 | PayPal Holdings, Inc. (a) | 819386 |
| 3321 | Salesforce, Inc. (a) | 440331 |
| 7674 | The Procter & Gamble Co. | 1163071 |
| 20574 | U.S. Bancorp | 897232 |
| 7410 | Visa, Inc. - Class A | 1539502 |
| 10869 | Walmart, Inc. | 1541116 |

---

---

| | | |
|:---|:---|:---|
| *Number of Shares* |  | *Value* |
|  | *United States 66.1% (continued)* | *United States 66.1% (continued)* |
| 10705 | Yum! Brands, Inc. | $1371096 |
|  |  | 19845941 |
|  | **Total Common Stocks** | **Total Common Stocks** |
|  | (Cost $28,743,647) | **27108602** |
| *Principal Amount* |  |  |
| **SHORT-TERM INVESTMENTS 9.3%** | **SHORT-TERM INVESTMENTS 9.3%** | **SHORT-TERM INVESTMENTS 9.3%** |
|  | *Money Market Deposit Account 9.3%* | *Money Market Deposit Account 9.3%* |
| $2794301 | U.S. Bank N.A., 3.300% (b) | 2794301 |
|  | **Total Short-Term Investments** | **Total Short-Term Investments** |
|  | (Cost $2,794,301) | **2794301** |
|  | **Total Investments 99.6%** | **Total Investments 99.6%** |
|  | (Cost $31,537,948) | **29902903** |
|  | Other Assets in Excess of <br>Liabilities 0.4% | 105399 |
|  | **TOTAL NET ASSETS 100.0%** | $**30008302** |

---

(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 December 31, 2022.

The accompanying notes are an integral part of these financial statements.<br>page 25

------

![](j2314522_da032.jpg)

Frontier MFG Global Sustainable Fund

**SCHEDULE OF INVESTMENTS** *(continued)*

*December 31, 2022 (Unaudited)*

**PORTFOLIO DIVERSIFICATION**

---

| | |
|:---|:---|
| *Sectors* | *Percentage* |
| Information Technology | 26.1% |
| Consumer Staples | 20.4 |
| Consumer Discretionary | 14.9 |
| Communication Services | 10.3 |
| Financials | 6.7 |
| Health Care | 4.3 |
| Industrials | 3.9 |
| Real Estate | 1.9 |
| Utilities | 1.8 |
| **Total Common Stocks** | **90.3** |
| **Total Short-Term Investments** | **9.3** |
| **Total Investments** | **99.6** |
| Other Assets in Excess of Liabilities | 0.4 |
| **Total Net Assets** | **100.0%** |

---

The accompanying notes are an integral part of these financial statements.<br>page 26

------

![](j2314522_da033.jpg)

Frontier MFG Core Infrastructure Fund

**SCHEDULE OF INVESTMENTS**

*December 31, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
| *Number of Shares* |  | *Value* |
| **COMMON STOCKS 98.0%** |  |  |
|  | *Australia 5.0%* | *Australia 5.0%* |
| 857331 | APA Group | $6266590 |
| 1079968 | Atlas Arteria Ltd. | 4863612 |
| 1661084 | Transurban Group | 14614003 |
|  |  | 25744205 |
|  | *Belgium 1.5%* | *Belgium 1.5%* |
| 53367 | Elia Group SA/NV | 7586776 |
|  | *Canada 13.5%* | *Canada 13.5%* |
| 496797 | Algonquin Power & <br>Utilities Corp. | 3236152 |
| 143779 | Canadian Utilities Ltd. - Class A | 3891802 |
| 195010 | Emera, Inc. | 7453299 |
| 385678 | Enbridge, Inc. | 15073914 |
| 349106 | Fortis, Inc. (a) | 13969397 |
| 435174 | Hydro One Ltd. | 11657135 |
| 338022 | TC Energy Corp. | 13475944 |
|  |  | 68757643 |
|  | *Chile 0.2%* | *Chile 0.2%* |
| 5139087 | Aguas Andinas SA - Class A | 1183699 |
|  | *France 6.2%* | *France 6.2%* |
| 71929 | Aeroports de Paris | 9636413 |
| 399768 | Getlink SE (a) | 6401526 |
| 158032 | Vinci SA | 15753680 |
|  |  | 31791619 |
|  | *Germany 0.5%* | *Germany 0.5%* |
| 67539 | Fraport AG Frankfurt Airport <br>Services Worldwide (a) | 2735157 |
|  | *Hong Kong 1.6%* | *Hong Kong 1.6%* |
| 1548159 | Power Assets Holdings Ltd. | 8461417 |
|  | *Italy 5.9%* | *Italy 5.9%* |
| 155553 | ACEA SpA | 2149798 |
| 456572 | Enav SpA | 1936735 |

---

---

| | | |
|:---|:---|:---|
| *Number of Shares* |  | *Value* |
|  | *Italy 5.9% (continued)* | *Italy 5.9% (continued)* |
| 588922 | Italgas SpA | $3269922 |
| 2442864 | Snam SpA | 11845013 |
| 1460978 | Terna SpA | 10789576 |
|  |  | 29991044 |
|  | *Mexico 2.6%* | *Mexico 2.6%* |
| 248590 | Grupo Aeroportuario del <br>Centro Norte SAB de CV (a) | 1911259 |
| 306110 | Grupo Aeroportuario del <br>Pacifico SAB de CV - Class B | 4389046 |
| 201382 | Grupo Aeroportuario del <br>Sureste SAB de CV - Class B (a) | 4691938 |
| 277644 | Promotora y Operadora de <br>Infraestructura SAB de CV | 2259023 |
|  |  | 13251266 |
|  | *Netherlands 0.5%* | *Netherlands 0.5%* |
| 91843 | Koninklijke Vopak NV | 2731988 |
|  | *New Zealand 1.4%* | *New Zealand 1.4%* |
| 1070176 | Auckland International <br>Airport Ltd. | 5307639 |
| 808841 | Vector Ltd. | 2115645 |
|  |  | 7423284 |
|  | *Portugal 0.3%* | *Portugal 0.3%* |
| 512163 | REN - Redes Energeticas <br>Nacionais SGPS SA | 1381870 |
|  | *Spain 10.5%* | *Spain 10.5%* |
| 109029 | Aena SME SA (a) | 13667655 |
| 467746 | Cellnex Telecom SA | 15515663 |
| 190428 | Enagas SA | 3166523 |
| 544905 | Ferrovial SA | 14267049 |
| 393288 | Red Electrica Corp. SA | 6838535 |
|  |  | 53455425 |
|  | *Switzerland 0.7%* | *Switzerland 0.7%* |
| 22316 | Flughafen Zuerich AG (a) | 3453185 |

---

The accompanying notes are an integral part of these financial statements.<br>page 27

------

![](j2314522_da034.jpg)

Frontier MFG Core Infrastructure Fund

**SCHEDULE OF INVESTMENTS** *(continued)*

*December 31, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
| *Number of Shares* |  | *Value* |
| **COMMON STOCKS 98.0%** *(continued)* |  |  |
|  | *United Kingdom 5.8%* | *United Kingdom 5.8%* |
| 1308344 | National Grid PLC | $15673197 |
| 190844 | Pennon Group PLC | 2051886 |
| 182843 | Severn Trent PLC | 5841524 |
| 495661 | United Utilities Group PLC | 5922353 |
|  |  | 29488960 |
|  | *United States 41.8%* | *United States 41.8%* |
| 17508 | ALLETE, Inc. | 1129441 |
| 61175 | Alliant Energy Corp. | 3377472 |
| 63106 | Ameren Corp. | 5611385 |
| 108911 | American Electric Power <br>Co., Inc. | 10341099 |
| 10206 | American States Water Co. | 944565 |
| 47456 | American Tower Corp. | 10054028 |
| 44410 | American Water Works Co., Inc. | 6768972 |
| 34415 | Atmos Energy Corp. | 3856889 |
| 94433 | Avangrid, Inc. | 4058730 |
| 12011 | Avista Corp. | 532568 |
| 16787 | Black Hills Corp. | 1180798 |
| 14142 | California Water Service Group | 857571 |
| 153739 | CenterPoint Energy, Inc. | 4610633 |
| 5976 | Chesapeake Utilities Corp. | 706244 |
| 70892 | CMS Energy Corp. | 4489590 |
| 86673 | Consolidated Edison, Inc. | 8260804 |
| 73394 | Crown Castle International Corp. | 9955162 |
| 172462 | Dominion Energy Corp. | 10575370 |
| 47321 | DTE Energy Co. | 5561637 |
| 106170 | Duke Energy Corp. | 10934448 |
| 49701 | Entergy Corp. | 5591362 |
| 64753 | Essential Utilities, Inc. | 3090661 |
| 56048 | Evergy, Inc. | 3527101 |
| 85073 | Eversource Energy | 7132520 |
| 242166 | Exelon Corp. | 10468836 |
| 139650 | FirstEnergy Corp. | 5856921 |
| 13307 | IDACORP, Inc. | 1435160 |

---

---

| | | |
|:---|:---|:---|
| *Number of Shares* |  | *Value* |
|  | *United States 41.8% (continued)* | *United States 41.8% (continued)* |
| 9068 | MGE Energy, Inc. | $638387 |
| 6850 | Middlesex Water Co. | 538889 |
| 99921 | NiSource, Inc. | 2739834 |
| 7085 | Northwest Natural Holding Co. | 337175 |
| 17993 | NorthWestern Corp. | 1067705 |
| 49135 | OGE Energy Corp. | 1943289 |
| 13966 | ONE Gas, Inc. | 1057506 |
| 28764 | Pinnacle West Capital Corp. | 2187215 |
| 26330 | PNM Resources, Inc. | 1284641 |
| 19011 | Portland General Electric Co. | 931539 |
| 179844 | PPL Corp. | 5255042 |
| 121867 | Public Service Enterprise <br>Group, Inc. | 7466791 |
| 26370 | SBA Communications Corp. | 7391775 |
| 63901 | Sempra Energy | 9875261 |
| 7821 | SJW Group | 634987 |
| 37868 | South Jersey Industries, Inc. | 1345450 |
| 13542 | Spire, Inc. | 932502 |
| 146364 | The Southern Co. | 10451853 |
| 77044 | WEC Energy Group, Inc. | 7223645 |
| 133663 | Xcel Energy, Inc. | 9371113 |
|  |  | 213584566 |
|  | **Total Common Stocks** | **Total Common Stocks** |
|  | (Cost $403,721,787) | **501022104** |
| **CLOSED-END FUNDS 1.1%** |  |  |
|  | *United Kingdom 1.1%* | *United Kingdom 1.1%* |
| 1483788 | HICL Infrastructure PLC | 2930479 |
| 1396055 | International Public <br>Partnerships Ltd. | 2555281 |
|  |  | 5485760 |
|  | **Total Closed-End Funds** | **Total Closed-End Funds** |
|  | (Cost $5,722,265) | **5485760** |

---

The accompanying notes are an integral part of these financial statements.<br>page 28

------

![](j2314522_da035.jpg)

Frontier MFG Core Infrastructure Fund

**SCHEDULE OF INVESTMENTS** *(continued)*

*December 31, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
| *Principal Amount* |  | *Value* |
| **SHORT-TERM INVESTMENTS 2.5%** | **SHORT-TERM INVESTMENTS 2.5%** | **SHORT-TERM INVESTMENTS 2.5%** |
|  | *Money Market Deposit Account 2.5%* | *Money Market Deposit Account 2.5%* |
| $12682120 | U.S. Bank N.A., 3.300% (b) | $12682120 |
|  | **Total Short-Term Investments** | **Total Short-Term Investments** |
|  | (Cost $12,682,120) | **12682120** |
|  | **Total Investments 101.6%** | **Total Investments 101.6%** |
|  | (Cost $422,126,172) | **519189984** |
|  | Liabilities in Excess of <br>Other Assets (1.6)% | (8346347) |
|  | **TOTAL NET ASSETS 100.0%** | $**510843637** |

---

(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 December 31, 2022.

**PORTFOLIO DIVERSIFICATION**

---

| | |
|:---|:---|
| *Sectors* | *Percentage* |
| Integrated Power | 28.5% |
| Transmission & Distribution | 21.4 |
| Toll Roads | 11.4 |
| Airports | 9.3 |
| Communications | 8.4 |
| Energy Infrastructure | 7.3 |
| Water Utilities | 5.9 |
| Gas Utilities | 5.8 |
| **Total Common Stocks** | **98.0** |
| Social | 1.1 |
| **Total Closed-End Funds** | **1.1** |
| **Total Short-Term Investments** | **2.5** |
| **Total Investments** | **101.6** |
| Liabilities in Excess of Other Assets | (1.6) |
| **Total Net Assets** | **100.0%** |

---

The accompanying notes are an integral part of these financial statements.<br>page 29

------

![](j2314522_da036.jpg)

Frontier MFG Select Infrastructure Fund

**SCHEDULE OF INVESTMENTS**

*December 31, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
| *Number of Shares* |  | *Value* |
| **COMMON STOCKS 96.2%** |  |  |
|  | *Australia 11.7%* | *Australia 11.7%* |
| 1119405 | Atlas Arteria Ltd. | $5041216 |
| 972051 | Transurban Group | 8551979 |
|  |  | 13593195 |
|  | *Canada 2.2%* | *Canada 2.2%* |
| 66856 | Enbridge, Inc. | 2613013 |
|  | *France 9.6%* | *France 9.6%* |
| 20929 | Aeroports de Paris | 2803883 |
| 84635 | Vinci SA | 8436979 |
|  |  | 11240862 |
|  | *Italy 5.0%* | *Italy 5.0%* |
| 230409 | Italgas SpA | 1279320 |
| 471325 | Snam SpA | 2285371 |
| 309954 | Terna SpA | 2289064 |
|  |  | 5853755 |
|  | *Netherlands 1.4%* | *Netherlands 1.4%* |
| 53795 | Koninklijke Vopak NV | 1600202 |
|  | *New Zealand 1.0%* | *New Zealand 1.0%* |
| 243086 | Auckland International <br>Airport Ltd. | 1205608 |
|  | *Spain 11.4%* | *Spain 11.4%* |
| 41867 | Aena SME SA (a) | 5248362 |
| 224759 | Ferrovial SA | 5884783 |
| 125753 | Red Electrica Corp. SA | 2186607 |
|  |  | 13319752 |
|  | *United Kingdom 12.1%* | *United Kingdom 12.1%* |
| 515770 | National Grid PLC | 6178624 |
| 85648 | Severn Trent PLC | 2736308 |
| 433282 | United Utilities Group PLC | 5177024 |
|  |  | 14091956 |
|  | *United States 41.8%* | *United States 41.8%* |
| 29660 | Alliant Energy Corp. | 1637529 |
| 20814 | American Tower Corp. | 4409654 |

---

---

| | | |
|:---|:---|:---|
| *Number of Shares* |  | *Value* |
|  | *United States 41.8% (continued)* | *United States 41.8% (continued)* |
| 10472 | American Water Works Co., Inc. | $1596142 |
| 66176 | CMS Energy Corp. | 4190926 |
| 17120 | Crown Castle International Corp. | 2322157 |
| 115858 | CSX Corp. | 3589281 |
| 61791 | Dominion Energy Corp. | 3789024 |
| 70364 | Evergy, Inc. | 4428007 |
| 46388 | Eversource Energy | 3889170 |
| 18760 | Norfolk Southern Corp. | 4622839 |
| 35444 | Sempra Energy | 5477516 |
| 4798 | Union Pacific Corp. | 993522 |
| 36706 | WEC Energy Group, Inc. | 3441555 |
| 62140 | Xcel Energy, Inc. | 4356635 |
|  |  | 48743957 |
|  | **Total Common Stocks** | **Total Common Stocks** |
|  | (Cost $106,822,316) | **112262300** |
| *Principal Amount* |  |  |
| **SHORT-TERM INVESTMENTS 3.1%** |  |  |
|  | *Money Market Deposit Account 3.1%* | *Money Market Deposit Account 3.1%* |
| $3671179 | U.S. Bank N.A., 3.300% (b) | 3671179 |
|  | **Total Short-Term Investments** | **Total Short-Term Investments** |
|  | (Cost $3,671,179) | **3671179** |
|  | **Total Investments 99.3%** | **Total Investments 99.3%** |
|  | (Cost $110,493,495) | **115933479** |
|  | Other Assets in Excess of <br>Liabilities 0.7% | 772013 |
|  | **TOTAL NET ASSETS 100.0%** | $**116705492** |

---

(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 December 31, 2022.

The accompanying notes are an integral part of these financial statements.<br>page 30

------

![](j2314522_da037.jpg)

Frontier MFG Select Infrastructure Fund

**SCHEDULE OF INVESTMENTS** *(continued)*

*December 31, 2022 (Unaudited)*

**PORTFOLIO DIVERSIFICATION**

---

| | |
|:---|:---|
| *Sectors* | *Percentage* |
| Toll Roads | 23.9% |
| Integrated Power | 23.4 |
| Transmission & Distribution | 12.5 |
| Water Utilities | 8.1 |
| Airports | 7.9 |
| Rail | 7.9 |
| Communications | 5.8 |
| Energy Infrastructure | 3.6 |
| Gas Utilities | 3.1 |
| **Total Common Stocks** | **96.2** |
| **Total Short-Term Investments** | **3.1** |
| **Total Investments** | **99.3** |
| Other Assets in Excess of Liabilities | 0.7 |
| **Total Net Assets** | **100.0%** |

---

The accompanying notes are an integral part of these financial statements.<br>page 31

------

![](j2314522_da038.jpg)

Frontier HyperiUS Global Equity Fund

**SCHEDULE OF INVESTMENTS**

*December 31, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
| *Number of Shares* |  | *Value* |
| **COMMON STOCKS 98.5%** |  |  |
|  | *France 10.1%* | *France 10.1%* |
| 305 | Hermes International | $472093 |
| 597 | Kering SA | 303829 |
| 326 | LVMH Moet Hennessy Louis <br>Vuitton SE | 237227 |
|  |  | 1013149 |
|  | *Luxembourg 4.1%* | *Luxembourg 4.1%* |
| 5232 | Spotify Technology SA (a) | 413066 |
|  | *United States 84.3%* | *United States 84.3%* |
| 4822 | Airbnb, Inc. - Class A (a) | 412281 |
| 4568 | Alphabet, Inc. - Class A (a) | 403035 |
| 11555 | Amazon.com, Inc. (a) | 970620 |
| 7671 | Block, Inc. - Class A (a) | 482046 |
| 801 | Costco Wholesale Corp. | 365657 |
| 984 | Intuit, Inc. | 382992 |
| 1158 | Intuitive Surgical, Inc. (a) | 307275 |
| 1233 | Mastercard, Inc. - Class A | 428751 |
| 1203 | Meta Platforms, Inc. - Class A (a) | 144769 |
| 4223 | Microsoft Corp. | 1012759 |
| 37698 | Palantir Technologies, Inc. (a) | 242021 |
| 2534 | Roku, Inc. - Class A (a) | 103134 |
| 2306 | Salesforce, Inc. (a) | 305753 |
| 2576 | ServiceNow, Inc. (a) | 1000184 |
| 8059 | Tesla, Inc. (a) | 992708 |
| 2334 | Visa, Inc. - Class A | 484912 |
| 2758 | Workday, Inc. - Class A (a) | 461496 |
|  |  | 8500393 |
|  | **Total Common Stocks** | **Total Common Stocks** |
|  | (Cost $15,042,660) | **9926608** |

---

---

| | | |
|:---|:---|:---|
| *Principal Amount* |  | *Value* |
| **SHORT-TERM INVESTMENTS 1.5%** | **SHORT-TERM INVESTMENTS 1.5%** | **SHORT-TERM INVESTMENTS 1.5%** |
|  | *Money Market Deposit Account 1.5%* | *Money Market Deposit Account 1.5%* |
| $146770 | U.S. Bank N.A., 3.300% (b) | $146770 |
|  | **Total Money Market Funds** | **Total Money Market Funds** |
|  | (Cost $146,770) | **146770** |
|  | **Total Investments 100.0%** | **Total Investments 100.0%** |
|  | (Cost $15,189,430) | **10073378** |
|  | Other Assets in Excess of <br>Liabilities 0.0% | 3968 |
|  | **TOTAL NET ASSETS 100.0%** | $**10077346** |

---

(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 December 31, 2022.

**PORTFOLIO DIVERSIFICATION**

---

| | |
|:---|:---|
| *Sectors* | *Percentage* |
| Information Technology | 47.6% |
| Consumer Discretionary | 33.6 |
| Communication Services | 10.6 |
| Consumer Staples | 3.6 |
| Health Care | 3.1 |
| **Total Common Stocks** | **98.5** |
| **Total Short-Term Investments** | **1.5** |
| **Total Investments** | **100.0** |
| Other Assets in Excess of Liabilities | 0.0 |
| **Total Net Assets** | **100.0%** |

---

The accompanying notes are an integral part of these financial statements.<br>page 32

------

![](j2314522_ea039.jpg)

Frontier Funds

**STATEMENTS OF ASSETS AND LIABILITIES**

*December 31, 2022 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| | **MFG Global<br>Equity Fund** | **MFG Global<br>Plus Fund** | **MFG Global<br>Sustainable Fund** |
| **ASSETS:** | **ASSETS:** | **ASSETS:** | **ASSETS:** |
| Investments at cost | $55909063 | $13204568 | $31537948 |
| Foreign currency at cost | $61000 | $57287 | $44668 |
| Investments at value | $76287915 | $16808566 | $29902903 |
| Foreign currency at value | 59760 | 57170 | 44569 |
| Cash | 12888 |  |  |
| Receivable for investments sold | 5180433 |  |  |
| Dividends and interest receivable | 54527 | 15544 | 27270 |
| Receivable from Adviser |  | 794 | 19220 |
| Dividend tax reclaim receivable | 2332927 | 662330 | 41000 |
| Prepaid expenses and other assets | 24333 | 13879 | 23087 |
| Total assets | **83952783** | **17558283** | **30058049** |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Payable for Fund shares redeemed |  | 267462 |  |
| Payable to Adviser | 49609 |  | 21034 |
| Accrued shareholder servicing fees |  | 1845 | 1772 |
| Accrued expenses | 40583 | 30762 | 26941 |
| Total liabilities | 90192 | 300069 | 49747 |
| **Net Assets** | $**83862591** | $**17258214** | $**30008302** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital | $(26227464) | $8836082 | $34733729 |
| Total distributable earnings | 110090055 | 8422132 | (4725427) |
| **Net Assets** | $**83862591** | $**17258214** | $**30008302** |
| **CAPITAL STOCK, $0.01 PAR VALUE** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Net Assets | $83862591 | $14770974 | $11447580 |
| Authorized | 100000000 | 100000000 | 50000000 |
| Issued and Outstanding | 9136486 | 4123869 | 1135869 |
| **Net Asset Value, Redemption Price and Offering Price Per Share** | $**9.18** | $**3.58** | $**10.08** |
| **CAPITAL STOCK, $0.01 PAR VALUE** |  | **Service Class** | **Service Class** |
| Net Assets |  | $2487240 | $18560722 |
| Authorized |  | 50000000 | 50000000 |
| Issued and Outstanding |  | 694643 | 1842749 |
| **Net Asset Value, Redemption Price and Offering Price Per Share** |  | $**3.58** | $**10.07** |

---

The accompanying notes are an integral part of these financial statements.<br>page 33

------

![](j2314522_ea040.jpg)

Frontier Funds

**STATEMENTS OF ASSETS AND LIABILITIES** *(continued)*

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| | **MFG Core<br>Infrastructure Fund** | **MFG Select<br>Infrastructure Fund** | **HyperiUS Global<br>Equity Fund** |
| **ASSETS:** | **ASSETS:** | **ASSETS:** | **ASSETS:** |
| Investments at cost | $422126172 | $110493495 | $15189430 |
| Foreign currency at cost | $610573 | $151666 | $— |
| Investments at value | $519189984 | $115933479 | $10073378 |
| Foreign currency at value | 613633 | 153633 |  |
| Receivable for investments sold | 26266 |  | 19152 |
| Receivable for Fund shares sold | 379423 | 87980 |  |
| Dividends and interest receivable | 1573861 | 527968 | 590 |
| Receivable from Adviser |  |  | 21470 |
| Dividend tax reclaim receivable | 396730 | 81431 | 499 |
| Prepaid expenses and other assets | 32833 | 23565 | 1491 |
| Total assets | **522212730** | **116808056** | **10116580** |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Payable for investments purchased |  |  | 18227 |
| Payable for Fund shares redeemed | 11079840 |  |  |
| Payable to Adviser | 182232 | 51892 |  |
| Accrued shareholder servicing fees | 27999 | 16075 |  |
| Accrued expenses | 79022 | 34597 | 21007 |
| Total liabilities | 11369093 | 102564 | 39234 |
| **Net Assets** | $**510843637** | $**116705492** | $**10077346** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital | $423726111 | $112752322 | $17123882 |
| Total distributable earnings | 87117526 | 3953170 | (7046536) |
| **Net Assets** | $**510843637** | $**116705492** | $**10077346** |
| **CAPITAL STOCK, $0.01 PAR VALUE** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Net Assets | $320258994 | $80680204 | $10070134 |
| Authorized | 50000000 | 50000000 | 50000000 |
| Issued and Outstanding | 18815249 | 7606354 | 1793549 |
| **Net Asset Value, Redemption Price and Offering Price Per Share** | $**17.02** | $**10.61** | $**5.61** |
| **CAPITAL STOCK, $0.01 PAR VALUE** | **Service Class** | **Service Class** | **Service Class** |
| Net Assets | $190584643 | $36025288 | $7212 |
| Authorized | 50000000 | 50000000 | 50000000 |
| Issued and Outstanding | 11174300 | 3395341 | 1285 |
| **Net Asset Value, Redemption Price and Offering Price Per Share** | $**17.06** | $**10.61** | $**5.61** |

---

The accompanying notes are an integral part of these financial statements.<br>page 34

------

![](j2314522_ea041.jpg)

Frontier Funds

**STATEMENTS OF OPERATIONS**

*For the Six Months Ended December 31, 2022 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| | **MFG Global<br>Equity Fund** | **MFG Global<br>Plus Fund** | **MFG Global<br>Sustainable Fund** |
| **INVESTMENT INCOME:** | **INVESTMENT INCOME:** | **INVESTMENT INCOME:** | **INVESTMENT INCOME:** |
| Dividend income | $2408859<br><sup>(1)</sup> | $259434<br><sup>(2)</sup> | $160900<br><sup>(3)</sup> |
| Interest income | 173476 | 22492 | 37711 |
| Total investment income | 2582335 | 281926 | 198611 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees | 1546525 | 173123 | 135738 |
| Fund administration and accounting fees | 54685 | 17595 | 17600 |
| Custody fees | 27620 | 9347 | 6500 |
| Legal fees | 27110 | 27110 | 27039 |
| Reports to shareholders | 21544 | 11318 | 9718 |
| Directors' fees and related expenses | 16384 | 16382 | 16384 |
| Federal and state registration fees | 14186 | 23723 | 17931 |
| Transfer agent fees | 9957 | 8095 | 7678 |
| Audit and tax fees | 9813 | 10077 | 9320 |
| Shareholder servicing fees |  | 3493 | 11242 |
| Other | 9214 | 7454 | 5253 |
| Total expenses before waiver | 1737038 | 307717 | 264403 |
| Waiver of expenses by Adviser | (190515) | (131104) | (117424) |
| Net expenses | 1546523 | 176613 | 146979 |
| **Net Investment Income** | **1035812** | **105313** | **51632** |
| **REALIZED AND UNREALIZED GAIN (LOSS) <br>ON INVESTMENTS:** | **REALIZED AND UNREALIZED GAIN (LOSS) <br>ON INVESTMENTS:** | **REALIZED AND UNREALIZED GAIN (LOSS) <br>ON INVESTMENTS:** | **REALIZED AND UNREALIZED GAIN (LOSS) <br>ON INVESTMENTS:** |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| Investments | 142568186 | 9078386 | (2567709) |
| Foreign currency transactions | 93342 | 7801 | 6228 |
| Change in net unrealized appreciation/depreciation on: | Change in net unrealized appreciation/depreciation on: | Change in net unrealized appreciation/depreciation on: | Change in net unrealized appreciation/depreciation on: |
| Investments | (144114365) | (8101516) | 2613876 |
| Foreign currency translations | 60403 | 22632 | 1351 |
| **Net Realized and Unrealized Gain (Loss) on Investments** | **(1392434)** | **1007303** | **53746** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $**(356622)** | $**1112616** | $**105378** |

---

<sup>(1)</sup> Net of $23,494 in foreign withholding taxes.

<sup>(2)</sup> Net of $3,734 in foreign withholding taxes.

<sup>(3)</sup> Net of $2,001 in foreign withholding taxes.

The accompanying notes are an integral part of these financial statements.<br>page 35

------

![](j2314522_ea042.jpg)

Frontier Funds

**STATEMENTS OF OPERATIONS** *(continued)*

*For the Six Months Ended December 31, 2022 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| | **MFG Core<br>Infrastructure Fund** | **MFG Select<br>Infrastructure Fund** | **HyperiUS Global<br>Equity Fund** |
| **INVESTMENT INCOME:** | **INVESTMENT INCOME:** | **INVESTMENT INCOME:** | **INVESTMENT INCOME:** |
| Dividend income | $8625112<br><sup>(1)</sup> | $1588833<br><sup>(2)</sup> | $13448<br><sup>(3)</sup> |
| Interest income | 132887 | 53970 | 2276 |
| Total investment income | 8757999 | 1642803 | 15724 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees | 1540832 | 494391 | 46958 |
| Shareholder servicing fees | 121692 | 25575 |  |
| Fund administration and accounting fees | 85626 | 25450 | 13280 |
| Custody fees | 50076 | 13491 | 3632 |
| Transfer agent fees | 31864 | 13218 | 7239 |
| Reports to shareholders | 29816 | 13580 | 6161 |
| Legal fees | 25958 | 25975 | 27380 |
| Federal and state registration fees | 23647 | 18830 | 1196 |
| Directors' fees and related expenses | 16384 | 16384 | 16384 |
| Audit and tax fees | 9309 | 9309 | 9320 |
| Other | 10907 | 6762 | 5997 |
| Total expenses before waiver | 1946111 | 662965 | 137547 |
| Waiver and reimbursement of expenses by Adviser | (283588) | (142998) | (90590) |
| Net expenses | 1662523 | 519967 | 46957 |
| **Net Investment Income (Loss)** | **7095476** | **1122836** | **(31233)** |
| **REALIZED AND UNREALIZED GAIN (LOSS) <br>ON INVESTMENTS:** | **REALIZED AND UNREALIZED GAIN (LOSS) <br>ON INVESTMENTS:** | **REALIZED AND UNREALIZED GAIN (LOSS) <br>ON INVESTMENTS:** | **REALIZED AND UNREALIZED GAIN (LOSS) <br>ON INVESTMENTS:** |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| Investments | 6064770 | (1126539) | (918784) |
| Foreign currency transactions | (304124) | (66006) | (807) |
| Change in net unrealized appreciation/depreciation on: | Change in net unrealized appreciation/depreciation on: | Change in net unrealized appreciation/depreciation on: | Change in net unrealized appreciation/depreciation on: |
| Investments | (40981959) | (3710532) | (263082) |
| Foreign currency translations | 81562 | 19164 | 10 |
| **Net Realized and Unrealized Loss on Investments** | **(35139751)** | **(4883913)** | **(1182663)** |
| **Net Decrease in Net Assets Resulting from Operations** | $**(28044275)** | $**(3761077)** | $**(1213896)** |

---

<sup>(1)</sup> Net of $482,810 in foreign withholding taxes.

<sup>(2)</sup> Net of $59,267 in foreign withholding taxes.

<sup>(3)</sup> Net of $425 in foreign withholding taxes.

The accompanying notes are an integral part of these financial statements.<br>page 36

------

![](j2314522_ea043.jpg)

Frontier Funds

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **MFG Global Equity Fund** | **MFG Global Equity Fund** | **MFG Global Plus Fund** | **MFG Global Plus Fund** |
| | **For the<br>Six Months Ended<br>December 31, 2022<br>(Unaudited)** | **For the<br>Year Ended<br>June 30, 2022** | **For the<br>Six Months Ended<br>December 31, 2022<br>(Unaudited)** | **For the<br>Year Ended<br>June 30, 2022** |
| **OPERATIONS:** | **OPERATIONS:** | **OPERATIONS:** | **OPERATIONS:** | **OPERATIONS:** |
| Net investment income | $1035812 | $4590608 | $105313 | $293612 |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| Investments | 142568186 | 140749330 | 9078386 | 145308106 |
| Foreign currency transactions | 93342 | (45722) | 7801 | 120199 |
| Change in net unrealized appreciation/depreciation on: | Change in net unrealized appreciation/depreciation on: | Change in net unrealized appreciation/depreciation on: | Change in net unrealized appreciation/depreciation on: | Change in net unrealized appreciation/depreciation on: |
| Investments | (144114365) | (331083712) | (8101516) | (193968835) |
| Foreign currency translations | 60403 | (151653) | 22632 | (42126) |
| Net increase (decrease) in net assets resulting from operations | (356622) | (185941149) | 1112616 | (48289044) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |
| Institutional Class | (132709162) | (103961346) | (35005657) | (13559871) |
| Service Class |  |  | (7249482) | (14237291) |
| Decrease in net assets resulting from distributions paid | (132709162) | (103961346) | (42255139) | (27797162) |
| **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| Institutional Class | 780306 | 14889983 | 3219 | 11613720 |
| Service Class |  |  | 21658 | 38014869 |
| Shares issued to holders in reinvestment of distributions: | Shares issued to holders in reinvestment of distributions: | Shares issued to holders in reinvestment of distributions: | Shares issued to holders in reinvestment of distributions: | Shares issued to holders in reinvestment of distributions: |
| Institutional Class | 117692852 | 95109069 | 26550759 | 12805146 |
| Service Class |  |  | 5906734 | 14006237 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| Institutional Class | (608238576) | (394277207) | (20956203) | (282084944) |
| Service Class |  |  | (6284361) | (346035154) |
| Redemption fees: | Redemption fees: | Redemption fees: | Redemption fees: | Redemption fees: |
| Institutional Class | 375 | 1888 | 10 | 1057 |
| Service Class |  |  | 2 | 1004 |
| Net increase (decrease) in net assets resulting from capital share transactions | (489765043) | (284276267) | 5241818 | (551678065) |
| **Total Decrease in Net Assets** | **(622830827)** | **(574178762)** | **(35900705)** | **(627764271)** |
| **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| Beginning of Period | 706693418 | 1280872180 | 53158919 | 680923190 |
| End of Period | $**83862591** | $**706693418** | $**17258214** | $**53158919** |
| **TRANSACTIONS IN SHARES:** | **TRANSACTIONS IN SHARES:** | **TRANSACTIONS IN SHARES:** | **TRANSACTIONS IN SHARES:** | **TRANSACTIONS IN SHARES:** |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| Institutional Class | 48387 | 719612 | 268 | 704733 |
| Service Class  |  |  | 2036 | 2337799 |
| Shares issued to holders in reinvestment of distributions: | Shares issued to holders in reinvestment of distributions: | Shares issued to holders in reinvestment of distributions: | Shares issued to holders in reinvestment of distributions: | Shares issued to holders in reinvestment of distributions: |
| Institutional Class | 9325436 | 4494758 | 6549001 | 792888 |
| Service Class |  |  | 1445220 | 868872 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| Institutional Class | (42148321) | (20001505) | (5794000) | (18882773) |
| Service Class |  |  | (1517468) | (23067100) |
| Net increase (decrease) in shares outstanding | (32774498) | (14787135) | 685057 | (37245581) |

---

The accompanying notes are an integral part of these financial statements.<br>page 37

------

![](j2314522_ea044.jpg)

Frontier Funds

**STATEMENTS OF CHANGES IN NET ASSETS** *(continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **MFG Global Sustainable Fund** | **MFG Global Sustainable Fund** | **MFG Core Infrastructure Fund** | **MFG Core Infrastructure Fund** |
| | **For the<br>Six Months Ended<br>December 31, 2022<br>(Unaudited)** | **For the<br>Year Ended<br>June 30, 2022** | **For the<br>Six Months Ended<br>December 31, 2022<br>(Unaudited)** | **For the<br>Year Ended<br>June 30, 2022** |
| **OPERATIONS:** | **OPERATIONS:** | **OPERATIONS:** | **OPERATIONS:** | **OPERATIONS:** |
| Net investment income | $51632 | $146725 | $7095476 | $22068857 |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| Investments | (2567709) | 499847 | 6064770 | 19383218 |
| Foreign currency transactions | 6228 | (3678) | (304124) | (323920) |
| Change in net unrealized appreciation/depreciation on: | Change in net unrealized appreciation/depreciation on: | Change in net unrealized appreciation/depreciation on: | Change in net unrealized appreciation/depreciation on: | Change in net unrealized appreciation/depreciation on: |
| Investments | 2613876 | (8091286) | (40981959) | (8005615) |
| Foreign currency translations | 1351 | (1093) | 81562 | (35670) |
| Net increase (decrease) in net assets resulting from operations | 105378 | (7449485) | (28044275) | 33086870 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |
| Institutional Class | (71451) | (438819) | (16235700) | (14722801) |
| Service Class | (114799) | (799131) | (10628539) | (8388396) |
| Decrease in net assets resulting from distributions paid | (186250) | (1237950) | (26864239) | (23111197) |
| **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| Institutional Class |  | 1250000 | 29012201 | 189294330 |
| Service Class | 2635236 | 12337445 | 32160743 | 119620715 |
| Shares issued to holders in reinvestment of distributions: | Shares issued to holders in reinvestment of distributions: | Shares issued to holders in reinvestment of distributions: | Shares issued to holders in reinvestment of distributions: | Shares issued to holders in reinvestment of distributions: |
| Institutional Class | 61688 | 432046 | 13496207 | 12089237 |
| Service Class | 64157 | 406085 | 6623448 | 5504936 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| Institutional Class | (200000) |  | (87419499) | (336047574) |
| Service Class | (6793788) | (1834041) | (119033305) | (84274558) |
| Redemption fees: | Redemption fees: | Redemption fees: | Redemption fees: | Redemption fees: |
| Institutional Class | 1290 | 271 | 57 | 1646 |
| Service Class | 2501 | 482 | 32 | 801 |
| Net increase (decrease) in net assets resulting from capital <br>share transactions | (4228916) | 12592288 | (125160116) | (93810467) |
| **Total Increase (Decrease) in Net Assets** | **(4309788)** | **3904853** | **(180068630)** | **(83834794)** |
| **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| Beginning of Period | 34318090 | 30413237 | 690912267 | 774747061 |
| End of Period | $**30008302** | $**34318090** | $**510843637** | $**690912267** |
| **TRANSACTIONS IN SHARES:** | **TRANSACTIONS IN SHARES:** | **TRANSACTIONS IN SHARES:** | **TRANSACTIONS IN SHARES:** | **TRANSACTIONS IN SHARES:** |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| Institutional Class |  | 103391 | 1844092 | 10088963 |
| Service Class | 258027 | 975941 | 1890289 | 6237308 |
| Shares issued to holders in reinvestment of distributions: | Shares issued to holders in reinvestment of distributions: | Shares issued to holders in reinvestment of distributions: | Shares issued to holders in reinvestment of distributions: | Shares issued to holders in reinvestment of distributions: |
| Institutional Class | 5920 | 33701 | 754892 | 645530 |
| Service Class | 6153 | 31676 | 369475 | 292400 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| Institutional Class | (18802) |  | (5260976) | (17652880) |
| Service Class | (654424) | (157348) | (6926194) | (4289779) |
| Net increase (decrease) in shares outstanding | (403126) | 987361 | (7328422) | (4678458) |

---

The accompanying notes are an integral part of these financial statements.<br>page 38

------

![](j2314522_ea045.jpg)

Frontier Funds

**STATEMENTS OF CHANGES IN NET ASSETS** *(continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **MFG Select Infrastructure Fund** | **MFG Select Infrastructure Fund** | **HyperiUS Global Equity Fund** | **HyperiUS Global Equity Fund** |
| | **For the<br>Six Months Ended<br>December 31, 2022<br>(Unaudited)** | **For the<br>Year Ended<br>June 30, 2022** | **For the<br>Six Months Ended<br>December 31, 2022<br>(Unaudited)** | **For the Period<br>December 15, 2021<sup>(1)</sup>through<br>June 30, 2022** |
| **OPERATIONS:** | **OPERATIONS:** | **OPERATIONS:** | **OPERATIONS:** | **OPERATIONS:** |
| Net investment income (loss) | $1122836 | $2792349 | $(31233) | $(35413) |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| Investments | (1126539) | 4791838 | (918784) | (948389) |
| Foreign currency transactions | (66006) | (26541) | (807) | (545) |
| Change in net unrealized appreciation/depreciation on: | Change in net unrealized appreciation/depreciation on: | Change in net unrealized appreciation/depreciation on: | Change in net unrealized appreciation/depreciation on: | Change in net unrealized appreciation/depreciation on: |
| Investments | (3710532) | (4768431) | (263082) | (4852970) |
| Foreign currency translations | 19164 | (11757) | 10 | (1) |
| Net increase (decrease) in net assets resulting from operations | (3761077) | 2777458 | (1213896) | (5837318) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |
| Institutional Class | (973821) | (2101727) |  |  |
| Service Class | (399422) | (768214) |  |  |
| Decrease in net assets resulting from distributions paid | (1373243) | (2869941) |  |  |
| **CAPITAL SHARE TRANSACTIONS<sup>(2)</sup>:** | **CAPITAL SHARE TRANSACTIONS<sup>(2)</sup>:** | **CAPITAL SHARE TRANSACTIONS<sup>(2)</sup>:** | **CAPITAL SHARE TRANSACTIONS<sup>(2)</sup>:** | **CAPITAL SHARE TRANSACTIONS<sup>(2)</sup>:** |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| Institutional Class | 932666 | 7102890 |  | 17229479 |
| Service Class | 3271516 | 8031116 |  | 10501 |
| Shares issued to holders in reinvestment of distributions: | Shares issued to holders in reinvestment of distributions: | Shares issued to holders in reinvestment of distributions: | Shares issued to holders in reinvestment of distributions: | Shares issued to holders in reinvestment of distributions: |
| Institutional Class | 409714 | 896705 |  |  |
| Service Class | 159310 | 330181 |  |  |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| Institutional Class | (10018866) | (5688665) | (111420) |  |
| Service Class | (2440737) | (5544441) |  |  |
| Redemption fees: | Redemption fees: | Redemption fees: | Redemption fees: | Redemption fees: |
| Institutional Class |  | 23 |  |  |
| Service Class |  | 9 |  |  |
| Net increase (decrease) in net assets resulting from capital <br>share transactions | (7686397) | 5127818 | (111420) | 17239980 |
| **Total Increase (Decrease) in Net Assets** | **(12820717)** | **5035335** | **(1325316)** | **11402662** |
| **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| Beginning of Period | 129526209 | 124490874 | 11402662 |  |
| End of Period | $**116705492** | $**129526209** | $**10077346** | $**11402662** |
| **TRANSACTIONS IN SHARES:** | **TRANSACTIONS IN SHARES:** | **TRANSACTIONS IN SHARES:** | **TRANSACTIONS IN SHARES:** | **TRANSACTIONS IN SHARES:** |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| Institutional Class | 89421 | 625237 |  | 1811549 |
| Service Class  | 306075 | 707557 |  | 1285 |
| Shares issued to holders in reinvestment of distributions: | Shares issued to holders in reinvestment of distributions: | Shares issued to holders in reinvestment of distributions: | Shares issued to holders in reinvestment of distributions: | Shares issued to holders in reinvestment of distributions: |
| Institutional Class | 39414 | 80139 |  |  |
| Service Class | 15266 | 29523 |  |  |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| Institutional Class | (996183) | (497306) | (18000) |  |
| Service Class | (223495) | (478942) |  |  |
| Net increase (decrease) in shares outstanding | (769502) | 466208 | (18000) | 1812834 |

---

<sup>(1)</sup> Commencement of operations of the Institutional Class.

<sup>(2)</sup> HyperiUS Global Equity Fund — Service Class commenced operations on March 16, 2022.

The accompanying notes are an integral part of these financial statements.<br>page 39

------

![](j2314522_fa046.jpg)

Frontier MFG Global Equity Fund

**FINANCIAL HIGHLIGHTS**

*Selected Data and Ratios (for a share outstanding throughout the period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| | **Six Months<br>Ended<br>December 31,<br>2022<br>(Unaudited)** | **Year<br>Ended<br>June 30,<br>2022** | **Year<br>Ended<br>June 30,<br>2021** | **Year<br>Ended<br>June 30,<br>2020** | **Year<br>Ended<br>June 30,<br>2019** | **Year<br>Ended<br>June 30,<br>2018** |
| **Net Asset Value, Beginning of Period** | $**16.86** | $**22.59** | $**19.78** | $**19.72** | $**18.89** | $**17.25** |
| **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** |
| Net investment income | 0.04<br><sup>(1)</sup> | 0.09<br><sup>(1)</sup> | 0.09 | 0.11<br><sup>(1)</sup> | 0.17 | 0.13 |
| Net realized and unrealized gain (loss) on investments | 0.43 | (3.91) | 4.05 | 1.39 | 2.38 | 2.22 |
| **Total Income (Loss) from Investment Operations** | **0.47** | **(3.82)** | **4.14** | **1.50** | **2.55** | **2.35** |
| **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** |
| From net investment income | (0.16) | (0.10) | (0.01) | (0.14) | (0.17) | (0.14) |
| From net realized gain on investments | (7.99) | (1.81) | (1.32) | (1.30) | (1.55) | (0.57) |
| **Total Distributions** | **(8.15)** | **(1.91)** | **(1.33)** | **(1.44)** | **(1.72)** | **(0.71)** |
| Redemption fees retained<sup>(2)</sup> |  |  |  |  |  |  |
| **Net Asset Value, End of Period** | $**9.18** | $**16.86** | $**22.59** | $**19.78** | $**19.72** | $**18.89** |
| **Total Return** | 0.89%<sup>(3)</sup> | (18.61)% | 21.53% | 7.58% | 15.06% | 13.75% |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| Net assets, end of period (in thousands) | $83863 | $706693 | $1280872 | $1162448 | $1125305 | $1103521 |
| Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets |
| Before waivers and reimbursements | 0.90%<sup>(4)</sup> | 0.86% | 0.84% | 0.85% | 0.85% | 0.85% |
| Net of waivers and reimbursements | 0.80%<sup>(4)</sup> | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
| Ratio of net investment income to average net assets | Ratio of net investment income to average net assets | Ratio of net investment income to average net assets | Ratio of net investment income to average net assets | Ratio of net investment income to average net assets | Ratio of net investment income to average net assets | Ratio of net investment income to average net assets |
| Before waivers and reimbursements | 0.44%<sup>(4)</sup> | 0.36% | 0.37% | 0.49% | 0.80% | 0.64% |
| Net of waivers and reimbursements | 0.54%<sup>(4)</sup> | 0.42% | 0.41% | 0.54% | 0.85% | 0.69% |
| Portfolio turnover rate | 19%<sup>(3)</sup> | 32% | 25% | 45% | 34% | 28% |

---

<sup>(1)</sup> Per share net investment income has been calculated using the daily average share method.

<sup>(2)</sup> Less than one cent per share.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Annualized.

The accompanying notes are an integral part of these financial statements.<br>page 40

------

![](j2314522_fa047.jpg)

Frontier MFG Global Plus Fund

**FINANCIAL HIGHLIGHTS**

*Selected Data and Ratios (for a share outstanding throughout the period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| | **Six Months<br>Ended<br>December 31,<br>2022<br>(Unaudited)** | **Year<br>Ended<br>June 30,<br>2022** | **Year<br>Ended<br>June 30,<br>2021** | **Year<br>Ended<br>June 30,<br>2020** | **Year<br>Ended<br>June 30,<br>2019** | **Year<br>Ended<br>June 30,<br>2018** |
| **Net Asset Value, Beginning of Period** | $**12.87** | $**16.47** | $**13.69** | $**13.04** | $**12.72** | $**11.49** |
| **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** |
| Net investment income | 0.01<br><sup>(1)</sup> | 0.03<br><sup>(1)</sup> | 0.05 | 0.07<br><sup>(1)</sup> | 0.10<br><sup>(1)</sup> | 0.10 |
| Net realized and unrealized gain (loss) on investments | 0.47 | (2.96) | 2.86 | 0.93 | 1.60 | 1.40 |
| **Total Income (Loss) from Investment Operations** | **0.48** | **(2.93)** | **2.91** | **1.00** | **1.70** | **1.50** |
| **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** |
| From net investment income | (0.05) | (0.05) | (0.01) | (0.08) | (0.16) | (0.08) |
| From net realized gain on investments | (9.72) | (0.62) | (0.12) | (0.27) | (1.22) | (0.19) |
| **Total Distributions** | **(9.77)** | **(0.67)** | **(0.13)** | **(0.35)** | **(1.38)** | **(0.27)** |
| Redemption fees retained | —<br><sup>(2)</sup> | —<br><sup>(2)</sup> | —<br><sup>(2)</sup> | —<br><sup>(2)</sup> |  |  |
| **Net Asset Value, End of Period** | $**3.58** | $**12.87** | $**16.47** | $**13.69** | $**13.04** | $**12.72** |
| **Total Return** | 2.46%<sup>(3)</sup> | (18.64)% | 21.35% | 7.65% | 15.22% | 13.12% |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| Net assets, end of period (in thousands) | $14771 | $43342 | $341795 | $306283 | $215921 | $340204 |
| Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets |
| Before waivers and reimbursements | 1.41%<sup>(4)</sup> | 0.90% | 0.87% | 0.89% | 0.89% | 0.88% |
| Net of waivers and reimbursements | 0.80%<sup>(4)</sup> | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
| Ratio of net investment income (loss) to average net assets | Ratio of net investment income (loss) to average net assets | Ratio of net investment income (loss) to average net assets | Ratio of net investment income (loss) to average net assets | Ratio of net investment income (loss) to average net assets | Ratio of net investment income (loss) to average net assets | Ratio of net investment income (loss) to average net assets |
| Before waivers and reimbursements | (0.11)%<sup>(4)</sup> | 0.05% | 0.29% | 0.45% | 0.73% | 0.71% |
| Net of waivers and reimbursements | 0.50%<sup>(4)</sup> | 0.15% | 0.36% | 0.54% | 0.82% | 0.79% |
| Portfolio turnover rate<sup>(5)</sup> | 21%<sup>(3)</sup> | 27% | 29% | 44% | 56% | 59% |

---

<sup>(1)</sup> Per share net investment income has been calculated using the daily average share method.

<sup>(2)</sup> Less than one cent per share.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Annualized.

<sup>(5)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

The accompanying notes are an integral part of these financial statements.<br>page 41

------

![](j2314522_fa048.jpg)

Frontier MFG Global Plus Fund

**FINANCIAL HIGHLIGHTS**

*Selected Data and Ratios (for a share outstanding throughout the period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| | **Six Months<br>Ended<br>December 31,<br>2022<br>(Unaudited)** | **Year<br>Ended<br>June 30,<br>2022** | **Year<br>Ended<br>June 30,<br>2021** | **Year<br>Ended<br>June 30,<br>2020** | **Year<br>Ended<br>June 30,<br>2019** | **Year<br>Ended<br>June 30,<br>2018** |
| **Net Asset Value, Beginning of Period** | $**12.83** | $**16.44** | $**13.67** | $**13.03** | $**12.72** | $**11.49** |
| **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** |
| Net investment income (loss) | 0.01<br><sup>(1)</sup> | (0.01)<sup>(1)</sup> | 0.05 | 0.06<br><sup>(1)</sup> | 0.10<br><sup>(1)</sup> | 0.10 |
| Net realized and unrealized gain (loss) on investments | 0.48 | (2.94) | 2.84 | 0.92 | 1.58 | 1.39 |
| **Total Income (Loss) from Investment Operations** | **0.49** | **(2.95)** | **2.89** | **0.98** | **1.68** | **1.49** |
| **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** |
| From net investment income | (0.02) | (0.04) | —<br><sup>(2)</sup> | (0.07) | (0.15) | (0.07) |
| From net realized gain on investments | (9.72) | (0.62) | (0.12) | (0.27) | (1.22) | (0.19) |
| **Total Distributions** | **(9.74)** | **(0.66)** | **(0.12)** | **(0.34)** | **(1.37)** | **(0.26)** |
| Redemption fees retained | —<br><sup>(2)</sup> | —<br><sup>(2)</sup> | —<br><sup>(2)</sup> | —<br><sup>(2)</sup> |  |  |
| **Net Asset Value, End of Period** | $**3.58** | $**12.83** | $**16.44** | $**13.67** | $**13.03** | $**12.72** |
| **Total Return** | 2.46%<sup>(3)</sup> | (18.77)% | 21.25% | 7.50% | 15.09% | 13.01% |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| Net assets, end of period (in thousands) | $2487 | $9816 | $339128 | $230199 | $116849 | $74933 |
| Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets |
| Before waivers and reimbursements | 1.49%<sup>(4)</sup> | 0.98% | 0.97% | 0.99% | 0.98% | 0.95% |
| Net of waivers and reimbursements | 0.90%<sup>(4)</sup> | 0.90% | 0.90% | 0.90% | 0.89% | 0.88% |
| Ratio of net investment income (loss) to average net assets | Ratio of net investment income (loss) to average net assets | Ratio of net investment income (loss) to average net assets | Ratio of net investment income (loss) to average net assets | Ratio of net investment income (loss) to average net assets | Ratio of net investment income (loss) to average net assets | Ratio of net investment income (loss) to average net assets |
| Before waivers and reimbursements | (0.19)%<sup>(4)</sup> | (0.11)% | 0.24% | 0.37% | 0.68% | 0.60% |
| Net of waivers and reimbursements | 0.40%<sup>(4)</sup> | (0.03)% | 0.31% | 0.46% | 0.77% | 0.67% |
| Portfolio turnover rate<sup>(5)</sup> | 21%<sup>(3)</sup> | 27% | 29% | 44% | 56% | 59% |

---

<sup>(1)</sup> Per share net investment income has been calculated using the daily average share method.

<sup>(2)</sup> Less than one cent per share.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Annualized.

<sup>(5)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

The accompanying notes are an integral part of these financial statements.<br>page 42

------

![](j2314522_fa049.jpg)

Frontier MFG Global Sustainable Fund

**FINANCIAL HIGHLIGHTS**

*Selected Data and Ratios (for a share outstanding throughout the period)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| | **Six Months<br>Ended<br>December 31,<br>2022<br>(Unaudited)** | **Year<br>Ended<br>June 30,<br>2022** | **Year<br>Ended<br>June 30,<br>2021** | **Period<br>Ended<br>June 30,<br>2020<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $**10.15** | $**12.70** | $**10.43** | $**10.00** |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |
| Net investment income | 0.02 | 0.05 | 0.06 | 0.05 |
| Net realized and unrealized gain (loss) on investments | (0.03) | (2.16) | 2.24 | 0.39 |
| **Total Income (Loss) from Investment Operations** | **(0.01)** | **(2.11)** | **2.30** | **0.44** |
| **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** |
| From net investment income | (0.06) | (0.05) | (0.03) | (0.01) |
| From net realized gain on investments |  | (0.39) |  |  |
| **Total Distributions** | **(0.06)** | **(0.44)** | **(0.03)** | **(0.01)** |
| Redemption fees retained | —<br><sup>(2)</sup> | —<br><sup>(2)</sup> | —<br><sup>(2)</sup> |  |
| **Net Asset Value, End of Period** | $**10.08** | $**10.15** | $**12.70** | $**10.43** |
| **Total Return** | (0.09)%<sup>(3)</sup> | (17.37)% | 22.05% | 4.36%<sup>(3)</sup> |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| Net assets, end of period (in thousands) | $11448 | $11663 | $12851 | $10537 |
| Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets |
| Before waivers and reimbursements | 1.50%<sup>(4)</sup> | 1.45% | 2.03% | 2.26%<sup>(4)</sup> |
| Net of waivers and reimbursements | 0.80%<sup>(4)</sup> | 0.80% | 0.80% | 0.80%<sup>(4)</sup> |
| Ratio of net investment income (loss) to average net assets | Ratio of net investment income (loss) to average net assets | Ratio of net investment income (loss) to average net assets | Ratio of net investment income (loss) to average net assets | Ratio of net investment income (loss) to average net assets |
| Before waivers and reimbursements | (0.32)%<sup>(4)</sup> | (0.20)% | (0.74)% | (0.82)%<sup>(4)</sup> |
| Net of waivers and reimbursements | 0.38%<sup>(4)</sup> | 0.45% | 0.49% | 0.64%<sup>(4)</sup> |
| Portfolio turnover rate<sup>(5)</sup> | 18%<sup>(3)</sup> | 40% | 29% | 43%<sup>(3)</sup> |

---

<sup>(1)</sup> Commenced operations on October 9, 2019.

<sup>(2)</sup> Less than one cent per share.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Annualized.

<sup>(5)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

The accompanying notes are an integral part of these financial statements.<br>page 43

------

![](j2314522_fa050.jpg)

Frontier MFG Global Sustainable Fund

**FINANCIAL HIGHLIGHTS**

*Selected Data and Ratios (for a share outstanding throughout the period)*

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **Service Class** | **Service Class** |
| | **Six Months<br>Ended<br>December 31,<br>2022<br>(Unaudited)** | **Year<br>Ended<br>June 30,<br>2022** | **Period<br>Ended<br>June 30,<br>2021<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $**10.15** | $**12.70** | $**11.46** |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |
| Net investment income | 0.02 | 0.05<br><sup>(2)</sup> | 0.07 |
| Net realized and unrealized gain (loss) on investments | (0.04) | (2.17) | 1.20 |
| **Total Income (Loss) from Investment Operations** | **(0.02)** | **(2.12)** | **1.27** |
| **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** |
| From net investment income | (0.06) | (0.04) | (0.03) |
| From net realized gain on investments |  | (0.39) |  |
| **Total Distributions** | **(0.06)** | **(0.43)** | **(0.03)** |
| Redemption fees retained<sup>(3)</sup> |  |  |  |
| **Net Asset Value, End of Period** | $**10.07** | $**10.15** | $**12.70** |
| **Total Return** | (0.25)%<sup>(4)</sup> | (17.41)% | 11.07%<sup>(4)</sup> |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| Net assets, end of period (in thousands) | $18561 | $22655 | $17562 |
| Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets |
| Before waivers and reimbursements | 1.60%<sup>(5)</sup> | 1.55% | 1.90%<sup>(5)</sup> |
| Net of waivers and reimbursements | 0.90%<sup>(5)</sup> | 0.90% | 0.90%<sup>(5)</sup> |
| Ratio of net investment income (loss) to average net assets | Ratio of net investment income (loss) to average net assets | Ratio of net investment income (loss) to average net assets | Ratio of net investment income (loss) to average net assets |
| Before waivers and reimbursements | (0.43)%<sup>(5)</sup> | (0.27)% | (0.23)%<sup>(5)</sup> |
| Net of waivers and reimbursements | 0.27%<sup>(5)</sup> | 0.38% | 0.77%<sup>(5)</sup> |
| Portfolio turnover rate<sup>(6)</sup> | 18%<sup>(4)</sup> | 40% | 29%<sup>(4)</sup> |

---

<sup>(1)</sup> Commenced operations on October 20, 2020.

<sup>(2)</sup> Per share net investment income has been calculated using the daily average share method.

<sup>(3)</sup> Less than one cent per share.

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

The accompanying notes are an integral part of these financial statements.<br>page 44

------

![](j2314522_fa051.jpg)

Frontier MFG Core Infrastructure Fund

**FINANCIAL HIGHLIGHTS**

*Selected Data and Ratios (for a share outstanding throughout the period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| | **Six Months<br>Ended<br>December 31,<br>2022<br>(Unaudited)** | **Year<br>Ended<br>June 30,<br>2022** | **Year<br>Ended<br>June 30,<br>2021** | **Year<br>Ended<br>June 30,<br>2020** | **Year<br>Ended<br>June 30,<br>2019** | **Year<br>Ended<br>June 30,<br>2018** |
| **Net Asset Value, Beginning of Period** | $**18.50** | $**18.43** | $**16.34** | $**17.16** | $**15.40** | $**15.84** |
| **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** |
| Net investment income | 0.23 | 0.49<br><sup>(1)</sup> | 0.46 | 0.41 | 0.45 | 0.58<br><sup>(1)</sup> |
| Net realized and unrealized gain (loss) on investments | (0.93) | 0.13 | 2.09 | (0.81) | 1.77 | (0.48) |
| **Total Income (Loss) from Investment Operations** | **(0.70)** | **0.62** | **2.55** | **(0.40)** | **2.22** | **0.10** |
| **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** |
| From net investment income | (0.22) | (0.55) | (0.46) | (0.42) | (0.44) | (0.54) |
| From net realized gain on investments | (0.56) |  |  |  | (0.02) | —<br><sup>(2)</sup> |
| **Total Distributions** | **(0.78)** | **(0.55)** | **(0.46)** | **(0.42)** | **(0.46)** | **(0.54)** |
| Redemption fees retained | —<br><sup>(2)</sup> | —<br><sup>(2)</sup> | —<br><sup>(2)</sup> | —<br><sup>(2)</sup> |  |  |
| **Net Asset Value, End of Period** | $**17.02** | $**18.50** | $**18.43** | $**16.34** | $**17.16** | $**15.40** |
| **Total Return** | (3.93)%<sup>(3)</sup> | 3.33% | 15.72% | (2.40)% | 14.65% | 0.60% |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| Net assets, end of period (in thousands) | $320259 | $397226 | $523439 | $449609 | $402142 | $381749 |
| Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets |
| Before waivers and reimbursements | 0.59%<sup>(4)</sup> | 0.57% | 0.58%<sup>(5)</sup> | 0.58% | 0.79% | 0.81% |
| Net of waivers and reimbursements | 0.50%<sup>(4)</sup> | 0.50% | 0.50%<sup>(5)</sup> | 0.50% | 0.70% | 0.70% |
| Ratio of net investment income to average net assets | Ratio of net investment income to average net assets | Ratio of net investment income to average net assets | Ratio of net investment income to average net assets | Ratio of net investment income to average net assets | Ratio of net investment income to average net assets | Ratio of net investment income to average net assets |
| Before waivers and reimbursements | 2.30%<sup>(4)</sup> | 2.51% | 2.52%<sup>(6)</sup> | 2.41% | 2.74% | 3.57% |
| Net of waivers and reimbursements | 2.39%<sup>(4)</sup> | 2.58% | 2.60%<sup>(6)</sup> | 2.49% | 2.83% | 3.68% |
| Portfolio turnover rate<sup>(7)</sup> | 7%<sup>(3)</sup> | 32% | 17% | 18% | 18% | 19% |

---

<sup>(1)</sup> Per share net investment income has been calculated using the daily average share method.

<sup>(2)</sup> Less than one cent per share.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Annualized.

<sup>(5)</sup> The ratio of expenses to average net assets includes tax expense. For the period ended June 30, 2021, the ratio of expenses to average net assets excluding tax expense before waivers and reimbursements was 0.58%. Excluding tax expense, the ratio of expenses to average net assets net of waivers and reimbursements was 0.50%.

<sup>(6)</sup> The ratio of net investment income to average net assets includes tax expense. For the period ended June 30, 2021, the ratio of net investment income to average net assets excluding tax expense before waivers and reimbursements was 2.52%. Excluding tax expense, the ratio of net investment income to average net assets net of waivers and reimbursements was 2.60%.

<sup>(7)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

The accompanying notes are an integral part of these financial statements.<br>page 45

------

![](j2314522_fa052.jpg)

Frontier MFG Core Infrastructure Fund

**FINANCIAL HIGHLIGHTS**

*Selected Data and Ratios (for a share outstanding throughout the period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| | **Six Months<br>Ended<br>December 31,<br>2022<br>(Unaudited)** | **Year<br>Ended<br>June 30,<br>2022** | **Year<br>Ended<br>June 30,<br>2021** | **Year<br>Ended<br>June 30,<br>2020** | **Year<br>Ended<br>June 30,<br>2019** | **Year<br>Ended<br>June 30,<br>2018** |
| **Net Asset Value, Beginning of Period** | $**18.54** | $**18.48** | $**16.38** | $**17.20** | $**15.43** | $**15.85** |
| **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT <br>OPERATIONS:** |
| Net investment income | 0.19 | 0.49 | 0.43 | 0.43<br><sup>(1)</sup> | 0.65<br><sup>(1)</sup> | 0.53<br><sup>(1)</sup> |
| Net realized and unrealized gain (loss) on investments | (0.89) | 0.10 | 2.11 | (0.85) | 1.57 | (0.43) |
| **Total Income (Loss) from Investment Operations** | **(0.70)** | **0.59** | **2.54** | **(0.42)** | **2.22** | **0.10** |
| **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** |
| From net investment income | (0.22) | (0.53) | (0.44) | (0.40) | (0.43) | (0.52) |
| From net realized gain on investments | (0.56) |  |  |  | (0.02) | —<br><sup>(2)</sup> |
| **Total Distributions** | **(0.78)** | **(0.53)** | **(0.44)** | **(0.40)** | **(0.45)** | **(0.52)** |
| Redemption fees retained<sup>(2)</sup> |  |  |  |  |  |  |
| **Net Asset Value, End of Period** | $**17.06** | $**18.54** | $**18.48** | $**16.38** | $**17.20** | $**15.43** |
| **Total Return** | (3.95)%<sup>(3)</sup> | 3.16% | 15.63% | (2.49)% | 14.60% | 0.60% |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| Net assets, end of period (in thousands) | $190585 | $293686 | $251308 | $183676 | $105625 | $9054 |
| Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets |
| Before waivers and reimbursements | 0.69%<sup>(4)</sup> | 0.67% | 0.68%<sup>(5)</sup> | 0.69% | 0.90% | 0.91% |
| Net of waivers and reimbursements | 0.60%<sup>(4)</sup> | 0.60% | 0.60%<sup>(5)</sup> | 0.60% | 0.80% | 0.80% |
| Ratio of net investment income to average net assets | Ratio of net investment income to average net assets | Ratio of net investment income to average net assets | Ratio of net investment income to average net assets | Ratio of net investment income to average net assets | Ratio of net investment income to average net assets | Ratio of net investment income to average net assets |
| Before waivers and reimbursements | 2.08%<sup>(4)</sup> | 2.50% | 2.46%<sup>(6)</sup> | 2.44% | 3.89% | 3.30% |
| Net of waivers and reimbursements | 2.17%<sup>(4)</sup> | 2.57% | 2.54%<sup>(6)</sup> | 2.53% | 3.99% | 3.41% |
| Portfolio turnover rate<sup>(7)</sup> | 7%<sup>(3)</sup> | 32% | 17% | 18% | 18% | 19% |

---

<sup>(1)</sup> Per share net investment income has been calculated using the daily average share method.

<sup>(2)</sup> Less than one cent per share.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Annualized.

<sup>(5)</sup> The ratio of expenses to average net assets includes tax expense. For the period ended June 30, 2021, the ratio of expenses to average net assets excluding tax expense before waivers and reimbursements was 0.68%. Excluding tax expense, the ratio of expenses to average net assets net of waivers and reimbursements was 0.60%.

<sup>(6)</sup> The ratio of net investment income to average net assets includes tax expense. For the period ended June 30, 2021, the ratio of net investment income to average net assets excluding tax expense before waivers and reimbursements was 2.46%. Excluding tax expense, the ratio of net investment income to average net assets net of waivers and reimbursements was 2.54%.

<sup>(7)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

The accompanying notes are an integral part of these financial statements.<br>page 46

------

![](j2314522_fa053.jpg)

Frontier MFG Select Infrastructure Fund

**FINANCIAL HIGHLIGHTS**

*Selected Data and Ratios (for a share outstanding throughout the period)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| | **Six Months<br>Ended<br>December 31,<br>2022<br>(Unaudited)** | **Year<br>Ended<br>June 30,<br>2022** | **Year<br>Ended<br>June 30,<br>2021** | **Year<br>Ended<br>June 30,<br>2020** | **Period<br>Ended<br>June 30,<br>2019<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $**11.00** | $**11.01** | $**9.99** | $**11.18** | $**10.00** |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |
| Net investment income | 0.10 | 0.24 | 0.21 | 0.18 | 0.29<br><sup>(2)</sup> |
| Net realized and unrealized gain (loss) on investments | (0.37) | —<br><sup>(3)</sup> | 1.01 | (1.08) | 1.09 |
| **Total Income (Loss) from Investment Operations** | **(0.27)** | **0.24** | **1.22** | **(0.90)** | **1.38** |
| **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** |
| From net investment income | (0.08) | (0.25) | (0.20) | (0.18) | (0.20) |
| From net realized gain on investments | (0.04) |  |  | (0.11) |  |
| **Total Distributions** | **(0.12)** | **(0.25)** | **(0.20)** | **(0.29)** | **(0.20)** |
| Redemption fees retained |  | —<br><sup>(3)</sup> | —<br><sup>(3)</sup> | —<br><sup>(3)</sup> |  |
| **Net Asset Value, End of Period** | $**10.61** | $**11.00** | $**11.01** | $**9.99** | $**11.18** |
| **Total Return** | (2.43)%<sup>(4)</sup> | 2.13% | 12.32% | (8.26)% | 13.90%<sup>(4)</sup> |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| Net assets, end of period (in thousands) | $80680 | $93217 | $90998 | $78775 | $86833 |
| Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets |
| Before waivers and reimbursements | 1.03%<sup>(5)</sup> | 1.01% | 1.06%<sup>(6)</sup> | 1.08% | 1.24%<sup>(5)(7)</sup> |
| Net of waivers and reimbursements | 0.80%<sup>(5)</sup> | 0.80% | 0.80%<sup>(6)</sup> | 0.80% | 0.80%<sup>(5)(7)</sup> |
| Ratio of net investment income to average net assets | Ratio of net investment income to average net assets | Ratio of net investment income to average net assets | Ratio of net investment income to average net assets | Ratio of net investment income to average net assets | Ratio of net investment income to average net assets |
| Before waivers and reimbursements | 1.61%<sup>(5)</sup> | 1.91% | 1.72%<sup>(8)</sup> | 1.50% | 2.37%<sup>(5)(9)</sup> |
| Net of waivers and reimbursements | 1.84%<sup>(5)</sup> | 2.12% | 1.98%<sup>(8)</sup> | 1.78% | 2.81%<sup>(5)(9)</sup> |
| Portfolio turnover rate<sup>(10)</sup> | 14%<sup>(4)</sup> | 27% | 22% | 40% | 29%<sup>(4)</sup> |

---

<sup>(1)</sup> Commenced operations on July 2, 2018.

<sup>(2)</sup> Per share net investment income has been calculated using the daily average share method.

<sup>(3)</sup> Less than one cent per share.

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> The ratio of expenses to average net assets includes tax expense. For the period ended June 30, 2021, the ratio of expenses to average net assets excluding tax expense before waivers and reimbursements was 1.06%. Excluding tax expense, the ratio of expenses to average net assets net of waivers and reimbursements was 0.80%.

<sup>(7)</sup> The ratio of expenses to average net assets includes tax expense. For the period ended June 30, 2019, the ratio of expenses to average net assets excluding tax expense before waivers and reimbursements was 1.24%. Excluding tax expense, the ratio of expenses to average net assets net of waivers and reimbursements was 0.80%.

<sup>(8)</sup> The ratio of net investment income to average net assets includes tax expense. For the period ended June 30, 2021, the ratio of net investment income to average net assets excluding tax expense before waivers and reimbursements was 1.72%. Excluding tax expense, the ratio of net investment income to average net assets net of waivers and reimbursements was 1.98%.

<sup>(9)</sup> The ratio of net investment income to average net assets includes tax expense. For the period ended June 30, 2019, the ratio of net investment income to average net assets excluding tax expense before waivers and reimbursements was 2.38%. Excluding tax expense, the ratio of net investment income to average net assets net of waivers and reimbursements was 2.82%.

<sup>(10)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

The accompanying notes are an integral part of these financial statements.<br>page 47

------

![](j2314522_fa054.jpg)

Frontier MFG Select Infrastructure Fund

**FINANCIAL HIGHLIGHTS**

*Selected Data and Ratios (for a share outstanding throughout the period)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| | **Six Months<br>Ended<br>December 31,<br>2022<br>(Unaudited)** | **Year<br>Ended<br>June 30,<br>2022** | **Year<br>Ended<br>June 30,<br>2021** | **Year<br>Ended<br>June 30,<br>2020** | **Period<br>Ended<br>June 30,<br>2019<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $**11.01** | $**11.02** | $**10.00** | $**11.19** | $**10.33** |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |
| Net investment income | 0.08 | 0.22 | 0.24<br><sup>(2)</sup> | 0.23<br><sup>(2)</sup> | 0.17<br><sup>(2)</sup> |
| Net realized and unrealized gain (loss) on investments | (0.36) | —<br><sup>(3)</sup> | 0.97 | (1.14) | 0.82 |
| **Total Income (Loss) from Investment Operations** | **(0.28)** | **0.22** | **1.21** | **(0.91)** | **0.99** |
| **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** |
| From net investment income | (0.08) | (0.23) | (0.19) | (0.17) | (0.13) |
| From net realized gain on investments | (0.04) |  |  | (0.11) |  |
| **Total Distributions** | **(0.12)** | **(0.23)** | **(0.19)** | **(0.28)** | **(0.13)** |
| Redemption fees retained |  | —<br><sup>(3)</sup> | —<br><sup>(3)</sup> | —<br><sup>(3)</sup> | —<br><sup>(3)</sup> |
| **Net Asset Value, End of Period** | $**10.61** | $**11.01** | $**11.02** | $**10.00** | $**11.19** |
| **Total Return** | (2.52)%<sup>(4)</sup> | 1.99% | 12.22% | (8.32)% | 9.60%<sup>(4)</sup> |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| Net assets, end of period (in thousands) | $36025 | $36309 | $33493 | $8985 | $2296 |
| Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets |
| Before waivers and reimbursements | 1.17%<sup>(5)</sup> | 1.15% | 1.17%<sup>(6)</sup> | 1.18% | 1.35%<sup>(5)</sup> |
| Net of waivers and reimbursements | 0.94%<sup>(5)</sup> | 0.94% | 0.92%<sup>(6)</sup> | 0.90% | 0.90%<sup>(5)</sup> |
| Ratio of net investment income to average net assets | Ratio of net investment income to average net assets | Ratio of net investment income to average net assets | Ratio of net investment income to average net assets | Ratio of net investment income to average net assets | Ratio of net investment income to average net assets |
| Before waivers and reimbursements | 1.54%<sup>(5)</sup> | 1.78% | 1.99%<sup>(7)</sup> | 1.85% | 3.99%<sup>(5)</sup> |
| Net of waivers and reimbursements | 1.77%<sup>(5)</sup> | 1.99% | 2.24%<sup>(7)</sup> | 2.13% | 4.44%<sup>(5)</sup> |
| Portfolio turnover rate<sup>(8)</sup> | 14%<sup>(4)</sup> | 27% | 22% | 40% | 29%<sup>(4)</sup> |

---

<sup>(1)</sup> Commenced operations on February 19, 2019.

<sup>(2)</sup> Per share net investment income has been calculated using the daily average share method.

<sup>(3)</sup> Less than one cent per share.

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> The ratio of expenses to average net assets includes tax expense. For the period ended June 30, 2021, the ratio of expenses to average net assets excluding tax expense before waivers and reimbursements was 1.17%. Excluding tax expense, the ratio of expenses to average net assets net of waivers and reimbursements was 0.92%.

<sup>(7)</sup> The ratio of net investment income to average net assets includes tax expense. For the period ended June 30, 2021, the ratio of net investment income to average net assets excluding tax expense before waivers and reimbursements was 1.99%. Excluding tax expense, the ratio of net investment income to average net assets net of waivers and reimbursements was 2.24%.

<sup>(8)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

The accompanying notes are an integral part of these financial statements.<br>page 48

------

![](j2314522_fa055.jpg)

Frontier HyperiUS Global Equity Fund

**FINANCIAL HIGHLIGHTS**

*Selected Data and Ratios (for a share outstanding throughout the period)*

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **Institutional Class** |
| | **Six Months<br>Ended<br>December 31,<br>2022<br>(Unaudited)** | **Period<br>Ended<br>June 30,<br>2022<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $**6.29** | $**10.00** |
| **LOSS FROM INVESTMENT OPERATIONS:** | **LOSS FROM INVESTMENT OPERATIONS:** | **LOSS FROM INVESTMENT OPERATIONS:** |
| Net investment loss | (0.02) | (0.02) |
| Net realized and unrealized loss on investments | (0.66) | (3.69) |
| **Total Loss from Investment Operations** | **(0.68)** | **(3.71)** |
| **Net Asset Value, End of Period** | $**5.61** | $**6.29** |
| **Total Return** | (10.81)%<sup>(2)</sup> | (37.10)%<sup>(2)</sup> |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| Net assets, end of period (in thousands) | $10070 | $11395 |
| Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets |
| Before waivers and reimbursements | 2.34%<sup>(3)</sup> | 2.28%<sup>(3)</sup> |
| Net of waivers and reimbursements | 0.80%<sup>(3)</sup> | 0.80%<sup>(3)</sup> |
| Ratio of net investment loss to average net assets | Ratio of net investment loss to average net assets | Ratio of net investment loss to average net assets |
| Before waivers and reimbursements | (2.08)%<sup>(3)</sup> | (2.01)%<sup>(3)</sup> |
| Net of waivers and reimbursements | (0.54)%<sup>(3)</sup> | (0.53)%<sup>(3)</sup> |
| Portfolio turnover rate<sup>(4)</sup> | 13%<sup>(2)</sup> | 28%<sup>(2)</sup> |

---

<sup>(1)</sup> Commenced operations on December 15, 2021.

<sup>(2)</sup> Not annualized.

<sup>(3)</sup> Annualized.

<sup>(4)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

The accompanying notes are an integral part of these financial statements.<br>page 49

------

![](j2314522_fa056.jpg)

Frontier HyperiUS Global Equity Fund

**FINANCIAL HIGHLIGHTS**

*Selected Data and Ratios (for a share outstanding throughout the period)*

---

| | | |
|:---|:---|:---|
| | **Service Class** | **Service Class** |
| | **Six Months<br>Ended<br>December 31,<br>2022<br>(Unaudited)** | **Period<br>Ended<br>June 30,<br>2022<sup>(1)</sup>** |
| **Net Asset Value, Beginning of Period** | $**6.29** | $**8.17** |
| **LOSS FROM INVESTMENT OPERATIONS:** | **LOSS FROM INVESTMENT OPERATIONS:** | **LOSS FROM INVESTMENT OPERATIONS:** |
| Net investment loss | (0.02) | (0.01) |
| Net realized and unrealized loss on investments | (0.66) | (1.87) |
| **Total Loss from Investment Operations** | **(0.68)** | **(1.88)** |
| **Net Asset Value, End of Period** | $**5.61** | $**6.29** |
| **Total Return** | (10.81)%<sup>(2)</sup> | (23.01)%<sup>(2)</sup> |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| Net assets, end of period (in thousands) | $7 | $8 |
| Ratio of expenses to average net assets | Ratio of expenses to average net assets | Ratio of expenses to average net assets |
| Before waivers and reimbursements | 2.34%<sup>(3)</sup> | 2.23%<sup>(3)</sup> |
| Net of waivers and reimbursements | 0.80%<sup>(3)</sup> | 0.80%<sup>(3)</sup> |
| Ratio of net investment loss to average net assets | Ratio of net investment loss to average net assets | Ratio of net investment loss to average net assets |
| Before waivers and reimbursements | (2.08)%<sup>(3)</sup> | (1.91)%<sup>(3)</sup> |
| Net of waivers and reimbursements | (0.54)%<sup>(3)</sup> | (0.48)%<sup>(3)</sup> |
| Portfolio turnover rate<sup>(4)</sup> | 13%<sup>(2)</sup> | 28%<sup>(2)</sup> |

---

<sup>(1)</sup> Commenced operations on March 16, 2022.

<sup>(2)</sup> Not annualized.

<sup>(3)</sup> Annualized.

<sup>(4)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

The accompanying notes are an integral part of these financial statements.<br>page 50

------

![](j2314522_ga057.jpg)

**NOTES TO FINANCIAL STATEMENTS**

*December 31, 2022 (Unaudited)*

**(1) ORGANIZATION**

Frontier Funds, Inc. (the "Company") was incorporated on May 24, 1996, as a Maryland corporation and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end investment company issuing shares in series (each, a "Fund," or collectively, the "Funds"), each series representing a distinct portfolio with its own investment objectives and policies. The investment objective of each of the Frontier MFG Global Equity Fund (the "Global Equity Fund") and Frontier MFG Global Plus Fund (the "Global Plus Fund") is capital appreciation. The investment objective of each of the Frontier MFG Global Sustainable Fund (the "Sustainable Fund") and the Frontier MFG Select Infrastructure Fund (the "Select Fund") is to seek attractive risk-adjusted returns over the medium- to long-term, while reducing the risk of permanent capital loss. The investment objective of the Frontier MFG Core Infrastructure Fund (the "Core Fund") is long-term capital appreciation. The investment objective of the Frontier HyperiUS Global Equity Fund (the "HyperiUS Fund") is to seek long-term capital growth. The Core Fund is a diversified fund, and each of the Global Equity Fund, the Global Plus Fund, the Sustainable Fund, the Select Fund and the HyperiUS Fund is a non-diversified fund.

A summary of each Fund's investment adviser, subadviser and capital structure is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Investment Adviser** | **Subadviser** | **Capital Structure** | **Commencement<br>of Operations<br>of the Fund** |
| Global Equity Fund (a) | Frontegra Asset Management, Inc. ("Frontegra" or the "Adviser") | MFG Asset Management ("MFG") | Multi-Class<br>• Institutional<br>• Service Class (b) | Dec. 28, 2011 |
| Global Plus Fund (a) | Frontegra | MFG | Multi-Class<br>• Institutional<br>• Service Class<br>• Class Y (c) | Mar. 23, 2015 |
| Sustainable Fund (a) | Frontegra | MFG | Multi-Class<br>• Institutional<br>• Service Class | Oct. 9, 2019 |
| Core Fund (a) | Frontegra | MFG | Multi-Class<br>• Institutional<br>• Service Class | Jan. 18, 2012 |
| Select Fund (a) | Frontegra | MFG | Multi-Class<br>• Institutional<br>• Service Class | July 2, 2018 |
| HyperiUS Fund (a) | Frontegra | H.A.M.L. | Multi-Class<br>• Institutional<br>• Service Class | Dec. 15, 2021 |

---

(a) A redemption fee of 2.00% will be charged on shares of the Fund redeemed 30 days or less from their date of purchase.

(b) As of December 31, 2022, the Service Class shares of the Global Equity Fund had not commenced operations.

(c) As of December 31, 2022, the Class Y shares of the Global Plus Fund had not commenced operations.

------

![](j2314522_ga058.jpg)

**NOTES TO FINANCIAL STATEMENTS** *(continued)*

*December 31, 2022 (Unaudited)*

**(2) SIGNIFICANT ACCOUNTING POLICIES**

The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 Financial Services — Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements.

*(a) 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 1940 Act. 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)

------

![](j2314522_ga059.jpg)

**NOTES TO FINANCIAL STATEMENTS** *(continued)*

*December 31, 2022 (Unaudited)*

The following is a summary of the Funds' investments by the inputs used to value the investments as of December 31, 2022:

**Global Equity Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Equity <sup>(a)</sup>** | **Equity <sup>(a)</sup>** | **Equity <sup>(a)</sup>** | **Equity <sup>(a)</sup>** | **Equity <sup>(a)</sup>** |
| Common Stocks | $50691659 | $23656095 | $— | $74347754 |
| **Total Equity** | 50691659 | 23656095 |  | 74347754 |
| **Short-Term Investments** | 1940161 |  |  | 1940161 |
| **Total Investments in Securities** | $52631820 | $23656095 | $— | $76287915 |

---

**Global Plus Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Equity <sup>(a)</sup>** | **Equity <sup>(a)</sup>** | **Equity <sup>(a)</sup>** | **Equity <sup>(a)</sup>** | **Equity <sup>(a)</sup>** |
| Common Stocks | $10715467 | $4988084 | $— | $15703551 |
| **Total Equity** | 10715467 | 4988084 |  | 15703551 |
| **Short-Term Investments** | 1105015 |  |  | 1105015 |
| **Total Investments in Securities** | $11820482 | $4988084 | $— | $16808566 |

---

**Sustainable Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Equity <sup>(a)</sup>** | **Equity <sup>(a)</sup>** | **Equity <sup>(a)</sup>** | **Equity <sup>(a)</sup>** | **Equity <sup>(a)</sup>** |
| Common Stocks | $19845941 | $7262661 | $— | $27108602 |
| **Total Equity** | 19845941 | 7262661 |  | 27108602 |
| **Short-Term Investments** | 2794301 |  |  | 2794301 |
| **Total Investments in Securities** | $22640242 | $7262661 | $— | $29902903 |

---

**Core Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Equity <sup>(a)</sup>** | **Equity <sup>(a)</sup>** | **Equity <sup>(a)</sup>** | **Equity <sup>(a)</sup>** | **Equity <sup>(a)</sup>** |
| Common Stocks | $295593475 | $205428629 | $— | $501022104 |
| Closed-End Funds |  | 5485760 |  | 5485760 |
| **Total Equity** | 295593475 | 210914389 |  | 506507864 |
| **Short-Term Investments** | 12682120 |  |  | 12682120 |
| **Total Investments in Securities** | $308275595 | $210914389 | $— | $519189984 |

---

**Select Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Equity <sup>(a)</sup>** | **Equity <sup>(a)</sup>** | **Equity <sup>(a)</sup>** | **Equity <sup>(a)</sup>** | **Equity <sup>(a)</sup>** |
| Common Stocks | $51356970 | $60905330 | $— | $112262300 |
| **Total Equity** | 51356970 | 60905330 |  | 112262300 |
| **Short-Term Investments** | 3671179 |  |  | 3671179 |
| **Total Investments in Securities** | $55028149 | $60905330 | $— | $115933479 |

---

------

![](j2314522_ga060.jpg)

**NOTES TO FINANCIAL STATEMENTS** *(continued)*

*December 31, 2022 (Unaudited)*

**HyperiUS Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Equity <sup>(a)</sup>** | **Equity <sup>(a)</sup>** | **Equity <sup>(a)</sup>** | **Equity <sup>(a)</sup>** | **Equity <sup>(a)</sup>** |
| Common Stocks | $8913459 | $1013149 | $— | $9926608 |
| **Total Equity** | 8913459 | 1013149 |  | 9926608 |
| **Short-Term Investments** | 146770 |  |  | 146770 |
| **Total Investments in Securities** | $9060229 | $1013149 | $— | $10073378 |

---

(a) See each Fund's Schedule of Investments for sector or country classifications.

*(b) Federal Income Taxes*

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.

*(c) Distributions to Shareholders*

With the exception of the Core and Select Funds, dividends from net investment income are usually declared and paid annually. The Core and Select Funds usually declare and pay dividends quarterly. Distributions from net realized gains, if any, are declared and paid at least annually for all Funds. All short-term capital gains are included in ordinary income for tax purposes. Distributions to shareholders are recorded on the ex-dividend date. The Funds may utilize earnings and profits distributed to shareholders on redemption of shares as part of the dividends paid deduction.

The tax character of distributions paid during the six months ended December 31, 2022, and the fiscal year ended June 30, 2022, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended December 31, 2022** | **Six Months Ended December 31, 2022** | **Six Months Ended December 31, 2022** | **Year Ended June 30, 2022** | **Year Ended June 30, 2022** | **Year Ended June 30, 2022** |
|  | **Ordinary<br>Income** | **Long-Term<br>Capital Gains** | **Total<br>Distributions** | **Ordinary<br>Income** | **Long-Term<br>Capital Gains** | **Total<br>Distributions** |
| Global Equity Fund | $3072773 | $129636389 | $132709162 | $17605588 | $86355758 | $103961346 |
| Global Plus Fund | 211756 | 42043383 | 42255139 | 12720008 | 15077154 | 27797162 |
| Sustainable Fund | 186250 |  | 186250 | 646162 | 591788 | 1237950 |
| Core Fund | 12440775 | 14423464 | 26864239 | 23111197 |  | 23111197 |
| Select Fund | 1247452 | 125791 | 1373243 | 2869941 |  | 2869941 |

---

------

![](j2314522_ga061.jpg)

**NOTES TO FINANCIAL STATEMENTS** *(continued)*

*December 31, 2022 (Unaudited)*

At June 30, 2022, the Funds' most recent fiscal year end, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Global Equity<br>Fund** | **Global Plus<br>Fund** | **Sustainable<br>Fund** | **Core<br>Fund** | **Select<br>Fund** | **HyperiUS<br>Fund** |
| Cost of investments | $541732966 | $41095888 | $38452769 | $556088023 | $119844894 | $16612657 |
| Gross unrealized appreciation | $210563788 | $14770845 | $1590189 | $152437084 | $14485550 | $2128 |
| Gross unrealized depreciation | (48289519) | (3369188) | (5883743) | (29144020) | (6100719) | (5206238) |
| Net unrealized appreciation/depreciation | 162274269 | 11401657 | (4293554) | 123293064 | 8384831 | (5204110) |
| Undistributed ordinary income | 2171592 | 125154 | 138550 | 5722156 | 594703 |  |
| Undistributed long-term capital gain | 78997594 | 38064415 |  | 13098840 | 125709 |  |
| Other accumulated losses | (287616) | (26571) | (489551) | (88020) | (17753) | (628530) |
| Total distributable earnings/(losses) | $243155839 | $49564655 | $(4644555) | $142026040 | $9087490 | $(5832640) |

---

The difference between book-basis and tax-basis unrealized appreciation is attributable primarily to the tax deferral of losses on wash sales and mark-to-market on passive foreign investment companies. Other accumulated gains (losses) include unrealized appreciation/depreciation on foreign currency transactions.

During the fiscal year ended June 30, 2022, the Core Fund utilized a long-term capital loss carryforward of $4,515,845 and the Select Fund utilized short-term and long-term capital loss carryforwards of $251,225 and $3,946,110, respectively.

At June 30, 2022, the HyperiUS Fund had short-term capital loss carryforwards that will not expire of $594,749.

In order to meet certain excise tax requirements, the Funds are required to measure and distribute annually, net capital gains realized during the twelve month period ending October 31. In connection with this requirement, the Funds are permitted, for tax purposes, to defer into their next fiscal year any net capital losses incurred from November 1 through the end of the fiscal year. The Funds are also permitted to defer into their next fiscal year any net ordinary losses incurred from January 1 through the end of the fiscal year. As of the fiscal year ended June 30, 2022, the Sustainable Fund deferred, on a tax basis, a post-October loss of $482,932, and the HyperiUS Fund deferred, on a tax basis, an ordinary late-year loss of $33,780.

*(d) Foreign Currency Translation*

Values of investments denominated in foreign currencies are converted into U.S. dollars using a spot market rate of exchange each day. Purchases and sales of investments and dividend and interest income are translated to U.S. dollars using a spot market rate of exchange prevailing on the dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates and currency gains or losses realized between the trade and settlement dates on securities transactions from the fluctuations arising from changes in fair value of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments. Each Fund separately reports net realized foreign exchange gains and losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign currency transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign

------

![](j2314522_ga062.jpg)

**NOTES TO FINANCIAL STATEMENTS** *(continued)*

*December 31, 2022 (Unaudited)*

exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, which result from changes in exchange rates.

Each Fund, respectively, bears the risk of changes in the foreign currency exchange rates and their impact on the value of assets and liabilities denominated in foreign currency. Each Fund also bears the risk of a counterparty failing to fulfill its obligation under a foreign currency contract.

Investing in foreign companies involves risks not generally associated with investment in the securities of U.S. companies, including risks relating to political, social and economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices, including fluctuations in foreign currencies. The risks of foreign investments are typically greater in emerging and less developed markets.

*(e) Indemnifications*

Under the Funds' organizational documents, their officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

*(f) Subsequent Event*

On February 16, 2023, the Board approved a plan of liquidation for the Global Plus Fund, which will occur on or about May 11, 2023. After February 17, 2023, the Global Plus Fund will be closed to most new purchases and exchanges.

*(g) Other*

Investment transactions are accounted for on the trade date. The Funds determine the gain or loss realized from investment transactions by comparing the original cost of the specifically identified security lot sold with the net sale proceeds. Dividend income, less foreign taxes withheld, is recognized on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the information becomes available to the Funds. Interest income is recognized on an accrual basis. All discounts/premiums are accreted/amortized using the effective interest method and are included in interest income. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax codes and regulations.

Income, expenses (other than expenses attributable to a specific class) and realized and unrealized gains or losses on investments attributable to the Funds are generally allocated to each respective class in proportion to the relative net assets of each class. Expenses incurred that do not specifically relate to an individual Fund are allocated among all Funds in the Company in proportion to each Fund's relative net assets or by other equitable means.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

------

![](j2314522_ga063.jpg)

**NOTES TO FINANCIAL STATEMENTS** *(continued)*

*December 31, 2022 (Unaudited)*

Net investment income and realized gains and losses for federal income tax purposes may differ from that reported on the financial statements because of permanent book-to-tax differences. GAAP requires that permanent differences in distributable earnings due to differences between financial reporting and tax reporting be reclassified to or from paid in capital. These reclassifications have no effect on net assets or net asset value per share. For the fiscal year ended June 30, 2022, the following table shows the reclassifications made among tax components:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Global Equity<br>Fund** | **Global Plus<br>Fund** | **Sustainable<br>Fund** | **Core<br>Fund** | **Select<br>Fund** | **HyperiUS<br>Fund** |
| Paid in capital | $19690804 | $95180132 | $— | $— | $— | $(4678) |
| Total distributable earnings (accumulated losses) | (19690804) | (95180132) |  |  |  | 4678 |

---

The permanent differences primarily relate to equalization and net operating losses.

**(3) INVESTMENT ADVISER AND RELATED PARTIES**

Each of the Funds has entered into an agreement with Frontegra, with whom certain officers and a director of the Company are affiliated, to furnish investment advisory services to such Funds. Frontegra is a majority-owned subsidiary of Magellan Financial Group Limited and is an affiliate of MFG. William D. Forsyth III, the President and a director of the Company, is a control person of Frontegra.

Advisory fees are calculated daily and payable monthly, at annual rates set forth in the following table (expressed as a percentage of each Fund's average daily net assets). Pursuant to an expense cap/reimbursement agreement, Frontegra has agreed to waive its management fees and/or reimburse each Fund's operating expenses (exclusive of taxes, interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses) to ensure that each Fund's operating expenses do not exceed the expense limitation listed below. Expenses waived are netted with advisory fees payable on the Statements of Assets and Liabilities. On a monthly basis, these accounts are settled by each Fund making payment to the Adviser or the Adviser reimbursing the Fund if the reimbursement amount exceeds the advisory fee. If the amount of advisory fees waived exceeds the advisory fee earned, this is shown on the Statements of Assets and Liabilities as a receivable from the Adviser. The expense cap/reimbursement agreement will continue in effect until October 31, 2024, and may be terminated only by, or with the consent of, the Board.

---

| | | |
|:---|:---|:---|
| **Frontier Fund** | **Annual Advisory Fees** | **Expense Limitation** |
| Global Equity Fund - Institutional Class | 0.80% | 0.80% |
| Global Plus Fund - Institutional Class | 0.80% | 0.80% |
| Global Plus Fund - Service Class | 0.80% | 0.95% |
| Sustainable Fund - Institutional Class | 0.80% | 0.80% |
| Sustainable Fund - Service Class | 0.80% | 0.95% |
| Core Fund - Institutional Class | 0.50% | 0.50% |
| Core Fund - Service Class | 0.50% | 0.65% |
| Select Fund - Institutional Class | 0.80% | 0.80% |
| Select Fund - Service Class | 0.80% | 0.95% |
| HyperiUS Fund - Institutional Class | 0.80% | 0.80% |
| HyperiUS Fund - Service Class | 0.80% | 0.95% |

---

The Adviser is entitled to recoup the fees waived and/or expenses reimbursed within a three-year period from the date of the waiver or expense payment if such reimbursement will not cause a Fund's expense ratio to exceed the lesser of (a) the expense limitation in place at the time of the waiver and/or expense payment, or (b) the expense limitation in place at the time of recoupment. Expenses attributable to a specific class may only be recouped with respect to that class.

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![](j2314522_ga064.jpg)

**NOTES TO FINANCIAL STATEMENTS** *(continued)*

*December 31, 2022 (Unaudited)*

The following table shows the waived or reimbursed expenses subject to potential recovery expiring on:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2023** | **2024** | **2025** | **2026** | **Total** |
| Global Equity Fund | $286050 | $622657 | $614614 | $190515 | $1713836 |
| Global Plus Fund | 208135 | 471778 | 427054 | 131104 | 1238071 |
| Sustainable Fund | 72929<br> <sup>(a)</sup> | 220491 | 235935 | 117424 | 646779 |
| Core Fund | 236415 | 545610 | 621176 | 283588 | 1686789 |
| Select Fund | 125119 | 272450 | 279646 | 142998 | 820213 |
| HyperiUS Fund |  |  | 100350<br> <sup>(b)</sup> | 90590 | 190940 |

---

(a) Expenses waived/reimbursed were for the period January 1, 2020, through June 30, 2020.

(b) Expenses waived/reimbursed were for the period December 15, 2021, through June 30, 2022.

Frontegra has entered into a subadvisory agreement under which MFG serves as the subadviser to the Global Equity, Global Plus, Sustainable, Core Infrastructure and Select Infrastructure Funds, and subject to Frontegra's supervision, manages each Fund's portfolio assets. Under the agreement, for each Fund subadvised by MFG, MFG is paid the net advisory fee received by Frontegra after giving effect to any fee waiver or reimbursement by Frontegra pursuant to the expense cap/reimbursement agreement discussed above, less an annual flat fee retained by Frontegra; provided however, if the net advisory fee is less than such flat fee, Frontegra shall retain the entire net advisory fee and no subadvisory fee will be payable to MFG.

Frontegra has also entered into a subadvisory agreement under which H.A.M.L. serves as the subadviser to the HyperiUS Fund and, subject to Frontegra's supervision, manages the Fund's portfolio assets. Under the agreement, H.A.M.L. is compensated by Frontegra for its investment advisory services at the annual rate of 75% of the net advisory fee received by Frontegra from the Fund after giving effect to any fee waiver or reimbursement by Frontegra pursuant to the expense cap/reimbursement agreement.

The beneficial ownership, either directly or indirectly, of more than 25% of a Fund's voting securities creates a presumption of control. As of December 31, 2022, each Fund had individual shareholder accounts and/or omnibus shareholder accounts (comprised of a group of individual shareholders), which amounted to more than 25% of the total shares outstanding of the respective Fund. Affiliates of the Adviser own a controlling interest in the Global Plus Fund, the Sustainable Fund and the HyperiUS Fund. Shareholders with a controlling interest could affect the outcome of proxy voting or direction of management of a Fund.

**(4) INVESTMENT TRANSACTIONS**

The aggregate purchases and sales of securities, excluding short-term investments, for the Funds for the six months ended December 31, 2022, are summarized below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Equity<br>Fund** | **Global Plus<br>Fund** | **Sustainable<br>Fund** | **Core<br>Fund** | **Select<br>Fund** | **HyperiUS<br>Fund** |
| Purchases | $65672627 | $7842333 | $5246440 | $43063644 | $16044316 | $1522385 |
| Sales | $631539018 | $40996586 | $8485360 | $162146851 | $20856011 | $1676302 |

---

There were no purchases or sales of U.S. Government securities for the Funds.

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![](j2314522_ga065.jpg)

**NOTES TO FINANCIAL STATEMENTS** *(continued)*

*December 31, 2022 (Unaudited)*

**(5) DISTRIBUTION PLAN AND SHAREHOLDER SERVICING FEE**

The Company, on behalf of the Global Plus Fund, has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act for the Fund's Class Y shares (the "12b-1 Plan"). Pursuant to the 12b-1 Plan, the Class Y shares of the Fund pay an annual fee of up to 0.25% to Frontegra Strategies, LLC (the "Distributor"), an affiliate of Frontegra and MFG, for payments to brokers, dealers and other financial intermediaries who perform activities or incur expenses intended to result in the sale of Class Y shares of the Fund. As of December 31, 2022 the Class Y shares of the Fund had not commenced operations.

The Company has adopted a shareholder servicing plan (the "Service Plan") on behalf of the Class Y and Service Class shares offered by certain Funds. Pursuant to the Service Plan, the Class Y and Service Class shares of the applicable Funds pay an annual shareholder servicing fee of up to 0.15% per year to the Distributor for payments to brokers, dealers, and other financial intermediaries who provide on-going account services to shareholders. Those services include establishing and maintaining shareholder accounts, mailing prospectuses, account statements and other Fund documents to shareholders, processing shareholder transactions, and providing other recordkeeping and administrative services. As of December 31, 2022, the Class Y shares of the Global Plus Fund and the Service Class shares of the Global Equity Fund had not commenced operations. For the six months ended December 31, 2022, the Service Plan expenses were as follows:

---

| | |
|:---|:---|
| | **Service Plan Expenses** |
| Global Plus Fund - Service Class | $3493 |
| Sustainable Fund - Service Class | $11242 |
| Core Fund - Service Class | $121692 |
| Select Fund - Service Class | $25575 |
| HyperiUS Fund - Service Class | $— |

---

**(6) IMPACTS OF COVID-19**

The coronavirus (COVID-19) pandemic caused significant economic disruption in recent years as countries worked to limit the negative health impacts of the virus. While the virus appears to be entering an endemic stage, significant outbreaks or new variants present a continued risk to the global economy.

------

![](j2314522_ha066.jpg)

**VOTING RESULTS OF SPECIAL MEETING OF SHAREHOLDERS**

*(Unaudited)*

A special meeting of shareholders (the "Special Meeting") of Frontier Funds, Inc. (the "Company") was held on September 15, 2022. At the Special Meeting, shareholders voted on a proposal to elect four directors to serve on the Board of Directors. Further details regarding the proposal and the Special Meeting are contained in a definitive proxy statement filed with the SEC on July 7, 2022.

At the Special Meeting, the following individuals were elected to serve on the Board of Directors by the shareholders of each series of the Company, voting together in the aggregate:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Director**  | **For** | **For** | **Withhold** | **Withhold** |
| Erik D. Barefield |  | 40,276,193 |  | 357,907 |
| Pamela H. Conroy |  | 40,279,803 |  | 354,297 |
| Steven K. Norgaard |  | 40,276,921 |  | 357,179 |
| William D. Forsyth III |  | 40,286,656 |  | 347,444 |

---

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*This page intentionally left blank.*

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![](j2314522_za067.jpg)

**A NOTE ON FORWARD-LOOKING STATEMENTS**

This report includes forward-looking statements such as adviser, subadviser and/or portfolio manager predictions, opinions, assessments, analyses or outlooks for individual securities, industries, market sectors and/or markets. These statements involve risks and uncertainties. In addition to the general risks described for the Funds in the current Prospectuses, other factors bearing on these statements include the accuracy of the adviser's, subadvisers' or portfolio managers' forecasts and predictions, and the appropriateness of the investment programs designed by an adviser, subadviser or portfolio manager to implement their strategies efficiently and effectively. Any one or more of these factors, as well as other risks affecting the securities markets and investment instruments generally, could cause the actual results of the Funds to differ materially as compared to benchmarks associated with the Funds.

In addition, portfolio composition will change due to ongoing management of the Funds. Specific securities named in this report may not currently be owned by the applicable Fund, or the Fund's position in the securities may have changed.

**ADDITIONAL INFORMATION**

Frontier Funds has adopted proxy voting policies and procedures that delegate to Frontegra the authority to vote proxies. The proxy voting policies permit Frontegra to delegate its authority to vote proxies to a Fund's subadviser. A description of the Frontier Funds' proxy voting policies and procedures is available without charge, upon request, by calling the Funds toll free at 1-888-825-2100. A description of these policies and procedures is also included in the Funds' Statements of Additional Information, which is available on the SEC's website at http://www.sec.gov and the Funds' website at www.frontiermutualfunds.com or by calling the Funds toll free at 1-888-825-2100.

The actual voting records relating to each Fund's portfolio securities during the most recent twelve months ended June 30 are available without charge by calling the Funds toll free at 1-888-825-2100 or by accessing the SEC's website at http://www.sec.gov.

Each Fund files a complete schedule of portfolio holdings for its first and third fiscal quarters with the SEC on Part F of Form N-PORT. Part F of Form N-PORT is available on the SEC's website at http://www.sec.gov. Part F of Form N-PORT may also be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling toll-free 1-800-SEC-0330.

------

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

**<u>Item 6. Investments.</u>**

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not Applicable.

**<u>Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 8. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 10. Submission of Matters to a Vote of Security Holders.</u>**

Not Applicable.

**<u>Item 11. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based on an evaluation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940 (the "Act")) as of a date within 90 days prior to the filing date of this Form N-CSR, the registrant's
principal executive officer and principal financial officer have concluded that the disclosure controls and procedures are effective.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that
occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to
materially affect, the Registrant's internal control over financial reporting.

**<u>Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Exhibits.</u>**

[(a)](https://www.sec.gov/Archives/edgar/data/1014913/000110465918055083/a18-17190_1ex99dcodeeth.htm) [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Incorporated by reference to the Registrant's Form N-CSR filed September 4, 2018.](https://www.sec.gov/Archives/edgar/data/1014913/000110465918055083/a18-17190_1ex99dcodeeth.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) *A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](tm231452d1_ex99-cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Change in the registrant's independent public accountant.* Not Applicable.

 

[*(b)*](tm231452d1_ex99-906cert.htm) [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](tm231452d1_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Frontier Funds, Inc.

---

| | |
|:---|:---|
| By: | /s/ William D. Forsyth III |
|  | William D. Forsyth III, President and Secretary |
|  | (Principal Executive Officer) |
| Date: | 2/23/2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ William D. Forsyth III |
|  | William D. Forsyth III, President and Secretary |
|  | (Principal Executive Officer) |
| Date: | 2/23/2023 |

---

---

| | |
|:---|:---|
| By: | <u>/s/ Elyce D. Dilworth</u> |
|  | Elyce D. Dilworth, Treasurer and Assistant Secretary |
|  | (Principal Financial Officer) |
| Date: | <u>2/23/2023</u> |

---

## Ex-99.Cert

EX.99.CERT

**<u> </u>**

**<u>CERTIFICATIONS</u>**

I, William D. Forsyth III, certify that:

1. I have reviewed this report on Form N-CSR of Frontier Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based
on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>2/23/2023</u> | <u>/s/ William D. Forsyth III</u> |
|  | William D. Forsyth III |
|  | President and Secretary |
|  | (Principal Executive Officer) |

---

**<u>CERTIFICATIONS</u>**

I, Elyce D. Dilworth, certify that:

1. I have reviewed this report on Form N-CSR of Frontier Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>2/23/2023</u> | <u>/s/ Elyce D. Dilworth</u> |
|  | Elyce D. Dilworth |
|  | Treasurer and Assistant Secretary |
|  | (Principal Financial Officer) |

---

## Exhibit 99.906

**<u> </u>**

EX.99.906CERT

**<u> </u>**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Frontier Funds, Inc. does hereby certify, to such officer's knowledge, that the report on Form N-CSR of Frontier Funds, Inc. for the period ended December 31, 2022, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Frontier Funds, Inc. for the stated period.

---

| | |
|:---|:---|
| <u>/s/ William D. Forsyth III</u> | <u>/s/ Elyce D. Dilworth</u> |
| William D. Forsyth III | Elyce D. Dilworth |
| President and Secretary, Frontier Funds, Inc. | Treasurer and Assistant Secretary, Frontier Funds, Inc. |
| (Principal Executive Officer) | (Principal Financial Officer) |
| Dated: <u>2/23/2023</u> | Dated: <u>2/23/2023</u> |

---

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Frontier Funds, Inc. for purposes of Section 18 of the Securities Exchange Act of 1934.