09/05/2024 | Press release | Distributed by Public on 09/05/2024 11:43
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-07685
Frontier Funds, Inc.
(Exact name of registrant as specified in charter)
400 Skokie Boulevard, Suite 500
Northbrook, Illinois 60062
(Address of principal executive offices) (Zip code)
Charles S. Thompson II
400 Skokie Boulevard, Suite 500
Northbrook, Illinois 60062
(Name and address of agent for service)
(847) 509-9860
Registrant's telephone number, including area code
Date of fiscal year end: June 30
Date of reporting period: June 30, 2024
Item 1. Reports to Stockholders.
(a) |
Frontier MFG Global Sustainable Fund
|
||
Institutional Class| FMSGX
|
||
Annual Shareholder Report | June 30, 2024
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Institutional Class
|
$89
|
0.80%
|
Frontier MFG Global Sustainable Fund | PAGE 1 | TSR_AR_35908Y773 |
1 Year
|
Since Inception
(10/09/2019) |
|
Institutional Class
|
21.81
|
9.47
|
MSCI The World Index Net (USD)
|
20.19
|
12.83
|
* | The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets
|
$28,295,529
|
Number of Holdings
|
27
|
Net Advisory Fee
|
$0
|
Portfolio Turnover
|
43%
|
Top Sectors
|
(%)
|
Consumer Staples
|
19.1%
|
Financials
|
17.4%
|
Information Technology
|
16.4%
|
Consumer Discretionary
|
14.0%
|
Communication Services
|
11.1%
|
Health Care
|
8.1%
|
Real Estate
|
3.8%
|
Utilities
|
3.6%
|
Industrials
|
3.1%
|
Cash & Other
|
3.4%
|
Top Issuers
|
(%)
|
Microsoft Corp.
|
7.6%
|
Nestle SA
|
6.7%
|
Amazon.com, Inc.
|
6.4%
|
Alphabet, Inc.
|
6.1%
|
Booking Holdings, Inc.
|
4.8%
|
Taiwan Semiconductor Mfg. Co. Ltd. - ADR
|
4.8%
|
Novartis AG
|
4.2%
|
SAP SE
|
4.0%
|
Meta Platforms, Inc.
|
3.9%
|
Intercontinental Exch., Inc.
|
3.9%
|
Top Countries
|
(%)
|
United States
|
66.2%
|
Switzerland
|
10.9%
|
United Kingdom
|
5.7%
|
Taiwan, Province of China
|
4.8%
|
Germany
|
4.0%
|
Spain
|
3.1%
|
Hong Kong
|
1.9%
|
Cash & Other
|
3.4%
|
Frontier MFG Global Sustainable Fund | PAGE 2 | TSR_AR_35908Y773 |
Frontier MFG Global Sustainable Fund | PAGE 3 | TSR_AR_35908Y773 |
Frontier MFG Global Sustainable Fund
|
||
Service Class| FMSRX
|
||
Annual Shareholder Report | June 30, 2024
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Service Class
|
$100
|
0.90%
|
Frontier MFG Global Sustainable Fund | PAGE 1 | TSR_AR_35908Y765 |
1 Year
|
Since Inception
(10/20/2020) |
|
Service Class
|
21.76
|
8.10
|
MSCI The World Index Net (USD)
|
20.19
|
12.31
|
* | The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets
|
$28,295,529
|
Number of Holdings
|
27
|
Net Advisory Fee
|
$0
|
Portfolio Turnover
|
43%
|
Top Sectors
|
(%)
|
Consumer Staples
|
19.1%
|
Financials
|
17.4%
|
Information Technology
|
16.4%
|
Consumer Discretionary
|
14.0%
|
Communication Services
|
11.1%
|
Health Care
|
8.1%
|
Real Estate
|
3.8%
|
Utilities
|
3.6%
|
Industrials
|
3.1%
|
Cash & Other
|
3.4%
|
Top Issuers
|
(%)
|
Microsoft Corp.
|
7.6%
|
Nestle SA
|
6.7%
|
Amazon.com, Inc.
|
6.4%
|
Alphabet, Inc.
|
6.1%
|
Booking Holdings, Inc.
|
4.8%
|
Taiwan Semiconductor Mfg. Co. Ltd. - ADR
|
4.8%
|
Novartis AG
|
4.2%
|
SAP SE
|
4.0%
|
Meta Platforms, Inc.
|
3.9%
|
Intercontinental Exch., Inc.
|
3.9%
|
Top Countries
|
(%)
|
United States
|
66.2%
|
Switzerland
|
10.9%
|
United Kingdom
|
5.7%
|
Taiwan, Province of China
|
4.8%
|
Germany
|
4.0%
|
Spain
|
3.1%
|
Hong Kong
|
1.9%
|
Cash & Other
|
3.4%
|
Frontier MFG Global Sustainable Fund | PAGE 2 | TSR_AR_35908Y765 |
Frontier MFG Global Sustainable Fund | PAGE 3 | TSR_AR_35908Y765 |
Frontier MFG Core Infrastructure Fund
|
||
Institutional Class| FMGIX
|
||
Annual Shareholder Report | June 30, 2024
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Institutional Class
|
$50
|
0.50%
|
Frontier MFG Core Infrastructure Fund | PAGE 1 | TSR_AR_35908Y807 |
1 Year
|
5 Year
|
10 Year
|
|
Institutional Class
|
(0.89)
|
2.83
|
5.02
|
MSCI The World Index Net (USD)
|
20.19
|
11.78
|
9.16
|
S&P Global Infrastructure Total Return Index
|
7.02
|
4.33
|
4.58
|
* | The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets
|
$415,702,548
|
Number of Holdings
|
92
|
Net Advisory Fee
|
$1,646,469
|
Portfolio Turnover
|
19%
|
Top Sectors
|
(%)
|
Integrated Power
|
28.7%
|
Transmission and Distribution
|
18.8%
|
Toll Roads
|
11.6%
|
Airports
|
9.9%
|
Communications
|
8.2%
|
Energy Infrastructure
|
7.5%
|
Water Utilities
|
5.4%
|
Gas Utilities
|
5.1%
|
Social
|
0.9%
|
Cash & Other
|
3.9%
|
Top Issuers
|
(%)
|
Aena SME SA
|
3.0%
|
Enbridge, Inc.
|
3.0%
|
National Grid PLC
|
3.0%
|
Ferrovial SE
|
2.9%
|
Cellnex Telecom SA
|
2.9%
|
TC Energy Corp.
|
2.9%
|
Transurban Group
|
2.9%
|
Vinci SA
|
2.9%
|
Fortis, Inc.
|
2.6%
|
Hydro One Ltd.
|
2.3%
|
Top Countries
|
(%)
|
United States
|
39.2%
|
Canada
|
13.9%
|
Spain
|
10.7%
|
United Kingdom
|
6.5%
|
France
|
5.8%
|
Italy
|
5.4%
|
Australia
|
4.5%
|
Mexico
|
3.0%
|
New Zealand
|
1.6%
|
Cash & Other
|
9.4%
|
Frontier MFG Core Infrastructure Fund | PAGE 2 | TSR_AR_35908Y807 |
Frontier MFG Core Infrastructure Fund | PAGE 3 | TSR_AR_35908Y807 |
Frontier MFG Core Infrastructure Fund
|
||
Service Class| FCIVX
|
||
Annual Shareholder Report | June 30, 2024
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Service Class
|
$60
|
0.60%
|
Frontier MFG Core Infrastructure Fund | PAGE 1 | TSR_AR_35908Y849 |
1 Year
|
5 Year
|
Since Inception
(07/15/2016) |
|
Service Class
|
(0.98)
|
2.72
|
4.43
|
MSCI The World Index Net (USD)
|
20.19
|
11.78
|
11.43
|
S&P Global Infrastructure Total Return Index
|
7.02
|
4.33
|
5.83
|
* | The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets
|
$415,702,548
|
Number of Holdings
|
92
|
Net Advisory Fee
|
$1,646,469
|
Portfolio Turnover
|
19%
|
Top Sectors
|
(%)
|
Integrated Power
|
28.7%
|
Transmission and Distribution
|
18.8%
|
Toll Roads
|
11.6%
|
Airports
|
9.9%
|
Communications
|
8.2%
|
Energy Infrastructure
|
7.5%
|
Water Utilities
|
5.4%
|
Gas Utilities
|
5.1%
|
Social
|
0.9%
|
Cash & Other
|
3.9%
|
Top Issuers
|
(%)
|
Aena SME SA
|
3.0%
|
Enbridge, Inc.
|
3.0%
|
National Grid PLC
|
3.0%
|
Ferrovial SE
|
2.9%
|
Cellnex Telecom SA
|
2.9%
|
TC Energy Corp.
|
2.9%
|
Transurban Group
|
2.9%
|
Vinci SA
|
2.9%
|
Fortis, Inc.
|
2.6%
|
Hydro One Ltd.
|
2.3%
|
Top Countries
|
(%)
|
United States
|
39.2%
|
Canada
|
13.9%
|
Spain
|
10.7%
|
United Kingdom
|
6.5%
|
France
|
5.8%
|
Italy
|
5.4%
|
Australia
|
4.5%
|
Mexico
|
3.0%
|
New Zealand
|
1.6%
|
Cash & Other
|
9.4%
|
Frontier MFG Core Infrastructure Fund | PAGE 2 | TSR_AR_35908Y849 |
Frontier MFG Core Infrastructure Fund | PAGE 3 | TSR_AR_35908Y849 |
(b) | Not applicable. |
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.
A copy of the registrant's Code of Ethics is incorporated by reference. See Item 19(a)(1).
Item 3. Audit Committee Financial Expert.
The registrant's board of directors has determined that there is at least one audit committee financial expert serving on its audit committee. Pamela H. Conroy and Steven K. Norgaard are the "audit committee financial experts" and are considered to be "independent" as each term is defined in Item 3(a)(2) of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit related services, tax services and other services during the past two fiscal years. In the following table, "Audit Fees" are fees billed for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for the past two fiscal years. "Tax Fees" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. The "All Other Fees" for fiscal year 2024 relate to the principal accountant's review of the registrant's semi-annual report for the period ended December 31, 2023. The "All Other Fees" for fiscal year 2023 relate to the principal accountant's review of the registrant's semi-annual report for the period ended December 31, 2022. There were no other services provided by the principal accountant during the last two fiscal years. The following table details the aggregate fees billed for each of the last two fiscal years by the principal accountant.
FYE 6/30/2024 | FYE 6/30/2023 | |
(a) Audit Fees | $30,000 | $72,500 |
(b) Audit-Related Fees | $0 | $0 |
(c) Tax Fees | $8,500 | $21,500 |
(d) All Other Fees | $2,144 | $2,202 |
(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.
(e)(2) The percentage of fees billed by Cohen & Company, Ltd., the registrant's principal accountant, applicable to non-audit services pursuant to waiver of pre-approval requirement for each of the last two fiscal years were as follows:
FYE 6/30/2024 | FYE 6/30/2023 | |
Audit-Related Fees | 0% | 0% |
Tax Fees | 0% | 0% |
All Other Fees | 0% | 0% |
(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was zero percent (0%).
(g) The following table indicates the non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for each of the last two fiscal years on behalf of the Funds.
Non-Audit Related Fees | FYE 6/30/2024 | FYE 6/30/2023 |
Registrant | $0 | $0 |
Registrant's Investment Adviser | $0 | $0 |
(h) Not applicable.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) | Schedule of Investments is included within the financial statements filed under Item 7 of this report. |
(b) | Not Applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
(a) |
Page
|
|||
Schedules of Investments
|
|||
Frontier MFG Global Sustainable Fund
|
1
|
||
Frontier MFG Core Infrastructure Fund
|
2
|
||
Statements of Assets and Liabilities
|
5
|
||
Statements of Operations
|
6
|
||
Statements of Changes in Net Assets
|
7
|
||
Financial Highlights
|
|||
Frontier MFG Global Sustainable Fund
|
8
|
||
Frontier MFG Core Infrastructure Fund
|
10
|
||
Notes to the Financial Statements
|
12
|
||
Report of Independent Registered Public Accounting Firm
|
18
|
||
Additional Information
|
19
|
||
Board of Directors' Approval of Advisory and Subadvisory Agreements
|
20
|
||
TABLE OF CONTENTS
Shares
|
Value
|
|||||
COMMON STOCKS - 96.6%
|
||||||
Germany - 4.0%
|
||||||
SAP SE
|
5,663
|
$ 1,137,559
|
||||
Hong Kong - 1.9%
|
||||||
AIA Group Ltd.
|
78,065
|
528,168
|
||||
Spain - 3.1%
|
||||||
Aena SME SA
|
4,267
|
864,056
|
||||
Switzerland - 10.9%
|
||||||
Nestle SA
|
18,607
|
1,899,297
|
||||
Novartis AG
|
11,216
|
1,194,186
|
||||
3,093,483
|
||||||
Taiwan, Province of China - 4.8%
|
||||||
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR
|
7,824
|
1,359,889
|
||||
United Kingdom - 5.7%
|
||||||
Reckitt Benckiser Group PLC
|
19,405
|
1,049,792
|
||||
Unilever PLC
|
10,138
|
556,133
|
||||
1,605,925
|
||||||
United States - 66.2%(a)
|
||||||
Alphabet, Inc. - Class C
|
9,345
|
1,714,060
|
||||
Amazon.com, Inc.(b)
|
9,339
|
1,804,762
|
||||
American Express Co.
|
2,466
|
571,002
|
||||
American Tower Corp.
|
5,571
|
1,082,891
|
||||
Booking Holdings, Inc.
|
344
|
1,362,756
|
||||
Dollar General Corp.
|
6,226
|
823,264
|
||||
Eversource Energy
|
18,159
|
1,029,797
|
||||
Intercontinental Exchange, Inc.
|
8,049
|
1,101,828
|
||||
Mastercard, Inc. - Class A
|
2,439
|
1,075,989
|
||||
Shares
|
Value
|
|||||
Meta Platforms, Inc. - Class A
|
2,216
|
$1,117,351
|
||||
Microsoft Corp.
|
4,793
|
2,142,231
|
||||
Mondelez International,
Inc. - Class A
|
8,088
|
529,279
|
||||
Netflix, Inc.(b)
|
482
|
325,292
|
||||
The Coca-Cola Co.
|
8,459
|
538,415
|
||||
U.S. Bancorp
|
20,644
|
819,567
|
||||
Ulta Beauty, Inc.(b)
|
717
|
276,669
|
||||
UnitedHealth Group, Inc.
|
2,152
|
1,095,927
|
||||
Visa, Inc. - Class A
|
3,074
|
806,833
|
||||
Yum! Brands, Inc.
|
3,944
|
522,422
|
||||
18,740,335
|
||||||
TOTAL COMMON STOCKS
(Cost $19,895,764)
|
27,329,415
|
|||||
TOTAL INVESTMENTS - 96.6%
(Cost $19,895,764)
|
$27,329,415
|
|||||
Money Market Deposit
Account - 3.0%(c)
|
846,326
|
|||||
Other Assets in Excess of
Liabilities - 0.4%
|
119,788
|
|||||
TOTAL NET ASSETS - 100.0%
|
$28,295,529
|
|||||
(a)
|
To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting the country or region.
|
(b)
|
Non-income producing security.
|
(c)
|
The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2024 was 4.21%.
|
Value
|
(% of
Net Assets)
|
|||||
Consumer Staples
|
$5,396,180
|
19.1%
|
||||
Financials
|
4,903,387
|
17.4
|
||||
Information Technology
|
4,639,679
|
16.4
|
||||
Consumer Discretionary
|
3,966,609
|
14.0
|
||||
Communication Services
|
3,156,703
|
11.1
|
||||
Health Care
|
2,290,113
|
8.1
|
||||
Real Estate
|
1,082,891
|
3.8
|
||||
Utilities
|
1,029,797
|
3.6
|
||||
Industrials
|
864,056
|
3.1
|
||||
Total Common Stocks
|
27,329,415
|
96.6
|
||||
Money Market Deposit Account
|
846,326
|
3.0
|
||||
Other Assets in Excess of Liabilities
|
119,788
|
0.4
|
||||
$28,295,529
|
100.0%
|
|||||
1
|
TABLE OF CONTENTS
Shares
|
Value
|
|||||
COMMON STOCKS - 94.7%
|
||||||
Australia - 4.5%
|
||||||
APA Group
|
735,000
|
$3,906,861
|
||||
Atlas Arteria Ltd.
|
818,770
|
2,783,170
|
||||
Transurban Group
|
1,463,620
|
12,071,283
|
||||
18,761,314
|
||||||
Belgium - 0.9%
|
||||||
Elia Group SA/NV
|
41,010
|
3,830,201
|
||||
Canada - 13.9%
|
||||||
Algonquin Power & Utilities
Corp.
|
384,601
|
2,260,292
|
||||
Brookfield Renewable Corp. - Class A
|
97,440
|
2,760,699
|
||||
Canadian Utilities Ltd. - Class A
|
110,032
|
2,376,701
|
||||
Emera, Inc.
|
159,718
|
5,329,576
|
||||
Enbridge, Inc.
|
347,673
|
12,368,879
|
||||
Fortis, Inc.
|
274,985
|
10,687,440
|
||||
Hydro One Ltd.
|
334,150
|
9,733,473
|
||||
TC Energy Corp.
|
319,816
|
12,123,576
|
||||
57,640,636
|
||||||
Chile - 0.2%
|
||||||
Aguas Andinas SA - Class A
|
3,218,783
|
879,047
|
||||
France - 5.8%
|
||||||
Getlink SE
|
310,377
|
5,139,034
|
||||
Groupe ADP
|
55,198
|
6,723,173
|
||||
Vinci SA
|
114,081
|
12,024,643
|
||||
23,886,850
|
||||||
Germany - 0.6%
|
||||||
Fraport AG Frankfurt Airport Services Worldwide(a)
|
51,579
|
2,668,935
|
||||
Hong Kong - 1.5%
|
||||||
Power Assets Holdings Ltd.
|
1,188,659
|
6,424,072
|
||||
Italy - 5.4%
|
||||||
ACEA SpA
|
123,422
|
1,997,475
|
||||
Enav SpA
|
332,362
|
1,321,371
|
||||
Italgas SpA
|
452,506
|
2,234,634
|
||||
Snam SpA
|
1,864,889
|
8,235,376
|
||||
Terna SpA
|
1,115,314
|
8,597,546
|
||||
22,386,402
|
||||||
Mexico - 3.0%
|
||||||
Grupo Aeroportuario del Centro Norte SAB de CV
|
197,613
|
1,676,929
|
||||
Grupo Aeroportuario del Pacifico SAB de CV - Class B
|
238,341
|
3,745,712
|
||||
Grupo Aeroportuario del Sureste SAB de CV - Class B
|
157,874
|
4,759,519
|
||||
Shares
|
Value
|
|||||
Promotora y Operadora de Infraestructura SAB de CV
|
223,528
|
$2,068,505
|
||||
12,250,665
|
||||||
Netherlands - 0.7%
|
||||||
Koninklijke Vopak NV
|
70,960
|
2,948,114
|
||||
New Zealand - 1.6%
|
||||||
Auckland International Airport Ltd.
|
835,371
|
3,882,323
|
||||
Chorus Ltd.
|
255,070
|
1,194,740
|
||||
Vector Ltd.
|
601,118
|
1,358,380
|
||||
6,435,443
|
||||||
Portugal - 0.2%
|
||||||
REN - Redes Energeticas Nacionais
SGPS SA
|
374,498
|
919,627
|
||||
Spain - 10.7%
|
||||||
Aena SME SA
|
61,492
|
12,451,962
|
||||
Cellnex Telecom SA
|
372,787
|
12,124,704
|
||||
Enagas SA
|
155,343
|
2,309,938
|
||||
Ferrovial SE
|
315,697
|
12,264,163
|
||||
Redeia Corp. SA
|
301,807
|
5,277,525
|
||||
44,428,292
|
||||||
Switzerland - 0.9%
|
||||||
Flughafen Zuerich AG
|
17,589
|
3,893,497
|
||||
United Kingdom - 5.6%
|
||||||
National Grid PLC
|
1,100,455
|
12,287,783
|
||||
Pennon Group PLC
|
156,108
|
1,133,480
|
||||
Severn Trent PLC
|
166,363
|
5,007,392
|
||||
United Utilities Group PLC
|
380,341
|
4,724,814
|
||||
23,153,469
|
||||||
United States - 39.2%(b)
|
||||||
ALLETE, Inc.
|
12,144
|
757,178
|
||||
Alliant Energy Corp.
|
49,275
|
2,508,097
|
||||
Ameren Corp.
|
50,747
|
3,608,619
|
||||
American Electric Power Co., Inc.
|
92,421
|
8,109,019
|
||||
American States Water Co.
|
6,387
|
463,505
|
||||
American Tower Corp.
|
42,512
|
8,263,483
|
||||
American Water Works Co., Inc.
|
37,652
|
4,863,132
|
||||
Atmos Energy Corp.
|
28,618
|
3,338,290
|
||||
Avangrid, Inc.
|
77,667
|
2,759,509
|
||||
Avista Corp.
|
11,347
|
392,720
|
||||
Black Hills Corp.
|
15,017
|
816,624
|
||||
California Water Service Group
|
12,815
|
621,399
|
||||
CenterPoint Energy, Inc.
|
123,172
|
3,815,869
|
||||
Chesapeake Utilities Corp.
|
1,671
|
177,460
|
||||
CMS Energy Corp.
|
59,045
|
3,514,949
|
||||
Consolidated Edison, Inc.
|
67,459
|
6,032,184
|
||||
2
|
TABLE OF CONTENTS
Shares
|
Value
|
|||||
COMMON STOCKS - (Continued)
|
||||||
United States - (Continued)
|
||||||
Crown Castle, Inc.
|
84,626
|
$8,267,960
|
||||
Dominion Energy, Inc.
|
160,683
|
7,873,467
|
||||
DTE Energy Co.
|
40,936
|
4,544,305
|
||||
Duke Energy Corp.
|
80,907
|
8,109,309
|
||||
Entergy Corp.
|
41,024
|
4,389,568
|
||||
Essential Utilities, Inc.
|
55,090
|
2,056,510
|
||||
Evergy, Inc.
|
44,907
|
2,378,724
|
||||
Eversource Energy
|
67,032
|
3,801,385
|
||||
Exelon Corp.
|
189,544
|
6,560,118
|
||||
FirstEnergy Corp.
|
110,581
|
4,231,935
|
||||
IDACORP, Inc.
|
9,447
|
879,988
|
||||
MGE Energy, Inc.
|
8,217
|
613,974
|
||||
Middlesex Water Co.
|
6,365
|
332,635
|
||||
NextEra Energy, Inc.
|
110,787
|
7,844,827
|
||||
NiSource, Inc.
|
81,011
|
2,333,927
|
||||
Northwest Natural Holding Co.
|
7,085
|
255,839
|
||||
Northwestern Energy Group, Inc.
|
8,752
|
438,300
|
||||
OGE Energy Corp.
|
40,340
|
1,440,138
|
||||
ONE Gas, Inc.
|
12,494
|
797,742
|
||||
Pinnacle West Capital Corp.
|
21,698
|
1,657,293
|
||||
PNM Resources, Inc.
|
14,411
|
532,631
|
||||
Portland General Electric Co.
|
17,227
|
744,895
|
||||
PPL Corp.
|
143,561
|
3,969,462
|
||||
Public Service Enterprise Group, Inc.
|
94,796
|
6,986,465
|
||||
SBA Communications Corp.
|
20,578
|
4,039,461
|
||||
Sempra
|
107,618
|
8,185,425
|
||||
SJW Group
|
7,267
|
394,017
|
||||
Spire, Inc.
|
12,271
|
745,218
|
||||
The Southern Co.
|
104,728
|
8,123,751
|
||||
WEC Energy Group, Inc.
|
60,979
|
4,784,412
|
||||
Xcel Energy, Inc.
|
108,214
|
5,779,710
|
||||
163,135,428
|
||||||
TOTAL COMMON STOCKS
|
||||||
(Cost $317,706,459)
|
393,641,992
|
|||||
Shares
|
Value
|
|||||
CLOSED END FUNDS - 1.4%
|
||||||
Republic of Korea - 0.5%
|
||||||
Macquarie Korea Infrastructure Fund
|
243,145
|
$2,182,279
|
||||
United Kingdom - 0.9%
|
||||||
HICL Infrastructure PLC
|
1,163,845
|
1,827,830
|
||||
International Public Partnerships Ltd.
|
1,093,147
|
1,762,337
|
||||
3,590,167
|
||||||
TOTAL CLOSED END FUNDS
|
||||||
(Cost $6,710,244)
|
5,772,446
|
|||||
TOTAL INVESTMENTS - 96.1%
|
||||||
(Cost $324,416,703)
|
$399,414,438
|
|||||
Money Market Deposit
Account - 1.1%(c)
|
4,593,080
|
|||||
Other Assets in Excess of
Liabilities - 2.8%
|
11,695,030
|
|||||
TOTAL NET
ASSETS - 100.0%
|
$415,702,548
|
|||||
(a)
|
Non-income producing security.
|
(b)
|
To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting the country or region.
|
(c)
|
The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2024 was 4.21%.
|
3
|
TABLE OF CONTENTS
Value
|
(% of
Net Assets)
|
|||||
Integrated Power
|
$119,444,464
|
28.7%
|
||||
Transmission & Distribution
|
77,944,537
|
18.8
|
||||
Toll Roads
|
46,350,798
|
11.1
|
||||
Airports
|
41,123,421
|
9.9
|
||||
Communications
|
33,890,348
|
8.2
|
||||
Energy Infrastructure
|
31,347,430
|
7.5
|
||||
Water Utilities
|
22,473,406
|
5.4
|
||||
Gas Utilities
|
21,067,588
|
5.1
|
||||
Total Common Stocks
|
393,641,992
|
94.7
|
||||
Social
|
3,590,167
|
0.9
|
||||
Toll Roads
|
2,182,279
|
0.5
|
||||
Total Closed End Funds
|
5,772,446
|
1.4
|
||||
Money Market Deposit Account
|
4,593,080
|
1.1
|
||||
Other Assets in Excess of Liabilities
|
11,695,030
|
2.8
|
||||
$415,702,548
|
100.0%
|
|||||
4
|
TABLE OF CONTENTS
MFG Global
Sustainable Fund
|
MFG Core
Infrastructure Fund
|
|||||
ASSETS:
|
||||||
Investments at cost
|
$ 19,895,764
|
$ 324,416,703
|
||||
Foreign currency at cost
|
$44,479
|
$2,750,951
|
||||
Investments at value
|
$27,329,415
|
$399,414,438
|
||||
Foreign currency at value
|
44,281
|
2,751,679
|
||||
Cash equivalents
|
846,326
|
4,593,080
|
||||
Receivable for investments sold
|
-
|
4,063,994
|
||||
Receivable for Fund shares sold
|
-
|
4,889,525
|
||||
Dividends and interest receivable
|
34,419
|
1,895,143
|
||||
Receivable from Adviser
|
32,194
|
-
|
||||
Dividend tax reclaim receivable
|
37,396
|
345,314
|
||||
Prepaid expenses and other assets
|
10,392
|
30,559
|
||||
Total assets
|
28,334,423
|
417,983,732
|
||||
LIABILITIES:
|
||||||
Payable for investments purchased
|
-
|
1,577,120
|
||||
Payable for Fund shares redeemed
|
-
|
521,714
|
||||
Payable to Adviser
|
-
|
97,361
|
||||
Accrued shareholder servicing fees
|
1,271
|
12,976
|
||||
Accrued expenses
|
37,623
|
72,013
|
||||
Total liabilities
|
38,894
|
2,281,184
|
||||
NET ASSETS
|
$28,295,529
|
$415,702,548
|
||||
Net Assets Consist of:
|
||||||
Paid in capital
|
$22,036,873
|
$348,011,988
|
||||
Total distributable earnings
|
6,258,656
|
67,690,560
|
||||
Net assets
|
$28,295,529
|
$415,702,548
|
||||
CAPITAL STOCK, $0.01 PAR VALUE
|
||||||
Institutional Class
|
||||||
Net Assets
|
$15,291,009
|
$298,570,222
|
||||
Authorized
|
50,000,000
|
50,000,000
|
||||
Issued and Outstanding
|
1,049,267
|
18,277,441
|
||||
Net asset value, redemption price and offering price per share
|
$14.57
|
$16.34
|
||||
Service Class
|
||||||
Net Assets
|
$13,004,520
|
$117,132,326
|
||||
Authorized
|
50,000,000
|
50,000,000
|
||||
Issued and Outstanding
|
892,958
|
7,161,144
|
||||
Net asset value, redemption price and offering price per share
|
$14.56
|
$16.36
|
||||
5
|
TABLE OF CONTENTS
MFG Global
Sustainable Fund
|
MFG Core
Infrastructure Fund
|
|||||
INVESTMENT INCOME:
|
||||||
Dividend income
|
$499,030(1)
|
$17,552,482(2)
|
||||
Interest income
|
61,369
|
388,915
|
||||
Total investment income
|
560,399
|
17,941,397
|
||||
EXPENSES:
|
||||||
Investment advisory fees
|
228,274
|
2,264,803
|
||||
Legal fees
|
89,551
|
87,772
|
||||
Directors' fees and related expenses
|
57,875
|
57,875
|
||||
Federal and state registration fees
|
37,524
|
43,563
|
||||
Fund administration and accounting fees
|
34,162
|
173,320
|
||||
Reports to shareholders
|
20,758
|
29,033
|
||||
Audit and tax fees
|
19,037
|
20,537
|
||||
Transfer agent fees
|
17,555
|
85,101
|
||||
Shareholder servicing fees
|
14,675
|
145,853
|
||||
Custody fees
|
13,241
|
82,365
|
||||
Other
|
10,880
|
38,768
|
||||
Total expenses before waiver
|
543,532
|
3,028,990
|
||||
Waiver and reimbursement of expenses by Adviser
|
(300,584)
|
(618,334)
|
||||
Net expenses
|
242,948
|
2,410,656
|
||||
Net Investment Income
|
317,451
|
15,530,741
|
||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
|
||||||
Net realized gain (loss) on:
|
||||||
Investments
|
1,939,333
|
5,668,057
|
||||
Foreign currency transactions
|
(6,168)
|
50,501
|
||||
Change in net unrealized appreciation/depreciation on:
|
||||||
Investments
|
3,433,930
|
(24,734,558)
|
||||
Foreign currency translation
|
(1,539)
|
(44,687)
|
||||
Net Realized and Unrealized Gain (Loss) on Investments
|
5,365,556
|
(19,060,687)
|
||||
Net Increase (Decrease) in Net Assets Resulting from Operations
|
$5,683,007
|
$(3,529,946)
|
||||
(1)
|
Net of $38,188 in foreign withholding taxes.
|
(2)
|
Net of $1,488,188 in foreign withholding taxes.
|
6
|
TABLE OF CONTENTS
MFG Global Sustainable Fund
|
MFG Core Infrastructure Fund
|
|||||||||||
For the Year Ended June 30
|
||||||||||||
2024
|
2023
|
2024
|
2023
|
|||||||||
OPERATIONS:
|
||||||||||||
Net investment income
|
$317,451
|
$201,725
|
$15,530,741
|
$15,096,356
|
||||||||
Net realized gain (loss) on:
|
||||||||||||
Investments
|
1,939,333
|
(2,817,137)
|
5,668,057
|
13,248,601
|
||||||||
Foreign currency transactions
|
(6,168)
|
10,952
|
50,501
|
(295,943)
|
||||||||
Change in net unrealized appreciation/depreciation on:
|
||||||||||||
Investments
|
3,433,930
|
8,248,642
|
(24,734,558)
|
(38,313,478)
|
||||||||
Foreign currency translation
|
(1,539)
|
3,216
|
(44,687)
|
107,391
|
||||||||
Net increase (decrease) in net assets resulting from operations
|
5,683,007
|
5,647,398
|
(3,529,946)
|
(10,157,073)
|
||||||||
DISTRIBUTIONS TO SHAREHOLDERS:
|
||||||||||||
Institutional Class
|
(124,915)
|
(71,451)
|
(15,366,942)
|
(20,932,508)
|
||||||||
Service Class
|
(116,029)
|
(114,799)
|
(7,164,469)
|
(13,222,631)
|
||||||||
Decrease in net assets resulting from distributions paid
|
(240,944)
|
(186,250)
|
(22,531,411)
|
(34,155,139)
|
||||||||
CAPITAL SHARE TRANSACTIONS:
|
||||||||||||
Shares sold:
|
||||||||||||
Institutional Class
|
-
|
-
|
40,085,024
|
46,023,259
|
||||||||
Service Class
|
753,708
|
3,402,561
|
61,692,186
|
48,101,000
|
||||||||
Shares issued to holders in reinvestment of distributions:
|
||||||||||||
Institutional Class
|
106,177
|
61,688
|
13,009,666
|
17,097,757
|
||||||||
Service Class
|
40,562
|
64,157
|
4,909,773
|
8,251,459
|
||||||||
Shares redeemed:
|
||||||||||||
Institutional Class
|
-
|
(1,253,938)
|
(49,007,436)
|
(122,370,023)
|
||||||||
Service Class
|
(9,750,886)
|
(10,353,592)
|
(117,599,722)
|
(155,032,914)
|
||||||||
Redemption fees:
|
||||||||||||
Institutional Class
|
-
|
1,290
|
2,116
|
457
|
||||||||
Service Class
|
-
|
2,501
|
978
|
270
|
||||||||
Net decrease in net assets resulting from capital share transactions
|
(8,850,439)
|
(8,075,333)
|
(46,907,415)
|
(157,928,735)
|
||||||||
Total Decrease in Net Assets
|
(3,408,376)
|
(2,614,185)
|
(72,968,772)
|
(202,240,947)
|
||||||||
NET ASSETS:
|
||||||||||||
Beginning of Period
|
31,703,905
|
34,318,090
|
488,671,320
|
690,912,267
|
||||||||
End of Period
|
$28,295,529
|
$31,703,905
|
$415,702,548
|
$488,671,320
|
||||||||
TRANSACTIONS IN SHARES:
|
||||||||||||
Shares sold:
|
||||||||||||
Institutional Class
|
-
|
-
|
2,426,095
|
2,816,080
|
||||||||
Service Class
|
58,298
|
328,166
|
3,892,651
|
2,798,284
|
||||||||
Shares issued to holders in reinvestment of distributions:
|
||||||||||||
Institutional Class
|
8,062
|
5,920
|
780,720
|
962,634
|
||||||||
Service Class
|
3,082
|
6,153
|
294,137
|
463,213
|
||||||||
Shares redeemed:
|
||||||||||||
Institutional Class
|
-
|
(113,466)
|
(2,953,614)
|
(7,231,715)
|
||||||||
Service Class
|
(757,346)
|
(978,388)
|
(7,155,948)
|
(8,971,923)
|
||||||||
Net decrease in shares outstanding
|
(687,904)
|
(751,615)
|
(2,715,959)
|
(9,163,427)
|
||||||||
7
|
TABLE OF CONTENTS
Institutional Class
|
|||||||||||||||
Year Ended June 30
|
Period Ended
June 30, 2020(1)
|
||||||||||||||
2024
|
2023
|
2022
|
2021
|
||||||||||||
Net Asset Value, Beginning of
Period
|
$12.06
|
$10.15
|
$12.70
|
$10.43
|
$10.00
|
||||||||||
INCOME (LOSS) FROM INVESTMENT
OPERATIONS:
|
|||||||||||||||
Net investment income
|
0.16
|
0.08
|
0.05
|
0.06
|
0.05
|
||||||||||
Net realized and unrealized gain (loss) on investments
|
2.47
|
1.89
|
(2.16)
|
2.24
|
0.39
|
||||||||||
Total income (loss) from investment operations
|
2.63
|
1.97
|
(2.11)
|
2.30
|
0.44
|
||||||||||
LESS DISTRIBUTIONS:
|
|||||||||||||||
From net investment income
|
(0.12)
|
(0.06)
|
(0.05)
|
(0.03)
|
(0.01)
|
||||||||||
From net realized gain on
investments
|
-
|
-
|
(0.39)
|
-
|
-
|
||||||||||
Total distributions
|
(0.12)
|
(0.06)
|
(0.44)
|
(0.03)
|
(0.01)
|
||||||||||
Redemption fees retained
|
-
|
-(2)
|
-(2)
|
-(2)
|
-
|
||||||||||
Net asset value, end of period
|
$14.57
|
$12.06
|
$10.15
|
$12.70
|
$10.43
|
||||||||||
Total Return
|
21.81%
|
19.63%
|
(17.37)%
|
22.05%
|
4.36%(3)
|
||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
|||||||||||||||
Net assets, end of period (in thousands)
|
$15,291
|
$12,559
|
$11,663
|
$12,851
|
$10,537
|
||||||||||
Ratio of expenses to average net assets
|
|||||||||||||||
Before waivers and
reimbursements
|
1.87%
|
1.50%
|
1.45%
|
2.03%
|
2.26%(4)
|
||||||||||
Net of waivers and
reimbursements
|
0.80%
|
0.80%
|
0.80%
|
0.80%
|
0.80%(4)
|
||||||||||
Ratio of net investment income (loss) to average net assets
|
|||||||||||||||
Before waivers and
reimbursements
|
0.12%
|
0.01%
|
(0.20)%
|
(0.74)%
|
(0.82)%(4)
|
||||||||||
Net of waivers and
reimbursements
|
1.19%
|
0.71%
|
0.45%
|
0.49%
|
0.64%(4)
|
||||||||||
Portfolio turnover rate(5)
|
43%
|
49%
|
40%
|
29%
|
43%(3)
|
||||||||||
(1)
|
Commenced operations on October 9, 2019.
|
(2)
|
Less than one cent per share.
|
(3)
|
Not annualized.
|
(4)
|
Annualized.
|
(5)
|
Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
|
8
|
TABLE OF CONTENTS
Service Class
|
||||||||||||
Year Ended June 30
|
Period Ended
June 30, 2021(1)
|
|||||||||||
2024
|
2023
|
2022
|
||||||||||
Net Asset Value, Beginning of Period
|
$12.05
|
$10.15
|
$12.70
|
$11.46
|
||||||||
INCOME (LOSS) FROM INVESTMENT
OPERATIONS:
|
||||||||||||
Net investment income
|
0.14(2)
|
0.07
|
0.05(2)
|
0.07
|
||||||||
Net realized and unrealized gain (loss) on investments
|
2.47
|
1.89
|
(2.17)
|
1.20
|
||||||||
Total income (loss) from investment
operations
|
2.61
|
1.96
|
(2.12)
|
1.27
|
||||||||
LESS DISTRIBUTIONS:
|
||||||||||||
From net investment income
|
(0.10)
|
(0.06)
|
(0.04)
|
(0.03)
|
||||||||
From net realized gain on investments
|
-
|
-
|
(0.39)
|
-
|
||||||||
Total distributions
|
(0.10)
|
(0.06)
|
(0.43)
|
(0.03)
|
||||||||
Redemption fees retained
|
-
|
-(3)
|
-(3)
|
-(3)
|
||||||||
Net asset value, end of period
|
$14.56
|
$12.05
|
$10.15
|
$12.70
|
||||||||
Total Return
|
21.76%
|
19.36%
|
(17.41)%
|
11.07%(4)
|
||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||
Net assets, end of period (in thousands)
|
$13,005
|
$19,145
|
$22,655
|
$17,562
|
||||||||
Ratio of expenses to average net assets
|
||||||||||||
Before waivers and reimbursements
|
1.94%
|
1.60%
|
1.55%
|
1.90%(5)
|
||||||||
Net of waivers and reimbursements
|
0.90%
|
0.90%
|
0.90%
|
0.90%(5)
|
||||||||
Ratio of net investment income (loss) to average
net assets
|
||||||||||||
Before waivers and reimbursements
|
0.00% (6)
|
(0.13)%
|
(0.27)%
|
(0.23)%(5)
|
||||||||
Net of waivers and reimbursements
|
1.04%
|
0.57%
|
0.38%
|
0.77%(5)
|
||||||||
Portfolio turnover rate(7)
|
43%
|
49%
|
40%
|
29%(4)
|
||||||||
(1)
|
Commenced operations on October 20, 2020.
|
(2)
|
Per share net investment income has been calculated using the daily average share method.
|
(3)
|
Less than one cent per share.
|
(4)
|
Not annualized.
|
(5)
|
Annualized.
|
(6)
|
Less than 0.01%.
|
(7)
|
Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
|
9
|
TABLE OF CONTENTS
Institutional Class
|
|||||||||||||||
Year Ended June 30
|
|||||||||||||||
2024
|
2023
|
2022
|
2021
|
2020
|
|||||||||||
Net Asset Value, Beginning of Period
|
$17.35
|
$18.50
|
$18.43
|
$16.34
|
$17.16
|
||||||||||
INCOME (LOSS) FROM INVESTMENT
OPERATIONS:
|
|||||||||||||||
Net investment income
|
0.58
|
0.49(1)
|
0.49(1)
|
0.46
|
0.41
|
||||||||||
Net realized and unrealized gain (loss) on investments
|
(0.74)
|
(0.60)
|
0.13
|
2.09
|
(0.81)
|
||||||||||
Total income (loss) from investment operations
|
(0.16)
|
(0.11)
|
0.62
|
2.55
|
(0.40)
|
||||||||||
LESS DISTRIBUTIONS:
|
|||||||||||||||
From net investment income
|
(0.58)
|
(0.48)
|
(0.55)
|
(0.46)
|
(0.42)
|
||||||||||
From net realized gain on investments
|
(0.27)
|
(0.56)
|
-
|
-
|
-
|
||||||||||
Total distributions
|
(0.85)
|
(1.04)
|
(0.55)
|
(0.46)
|
(0.42)
|
||||||||||
Redemption fees retained(2)
|
-
|
-
|
-
|
-
|
-
|
||||||||||
Net asset value, end of period
|
$16.34
|
$17.35
|
$18.50
|
$18.43
|
$16.34
|
||||||||||
Total Return
|
(0.89)%
|
(0.60)%
|
3.33%
|
15.72%
|
(2.40)%
|
||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
|||||||||||||||
Net assets, end of period (in thousands)
|
$298,570
|
$312,651
|
$397,226
|
$523,439
|
$449,609
|
||||||||||
Ratio of expenses to average net assets
|
|||||||||||||||
Before waivers and reimbursements
|
0.64%
|
0.60%
|
0.57%
|
0.58% (3)
|
0.58%
|
||||||||||
Net of waivers and reimbursements
|
0.50%
|
0.50%
|
0.50%
|
0.50% (3)
|
0.50%
|
||||||||||
Ratio of net investment income to average
net assets
|
|||||||||||||||
Before waivers and reimbursements
|
3.37%
|
2.67%
|
2.51%
|
2.52% (4)
|
2.41%
|
||||||||||
Net of waivers and reimbursements
|
3.51%
|
2.77%
|
2.58%
|
2.60% (4)
|
2.49%
|
||||||||||
Portfolio turnover rate(5)
|
19%
|
12%
|
32%
|
17%
|
18%
|
||||||||||
(1)
|
Per share net investment income has been calculated using the daily average share method.
|
(2)
|
Less than one cent per share.
|
(3)
|
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%.
|
(4)
|
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%.
|
(5)
|
Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
|
10
|
TABLE OF CONTENTS
Service Class
|
|||||||||||||||
Year Ended June 30
|
|||||||||||||||
2024
|
2023
|
2022
|
2021
|
2020
|
|||||||||||
Net Asset Value, Beginning of Period
|
$17.38
|
$18.54
|
$18.48
|
$16.38
|
$17.20
|
||||||||||
INCOME (LOSS) FROM INVESTMENT
OPERATIONS:
|
|||||||||||||||
Net investment income
|
0.54(1)
|
0.46
|
0.49
|
0.43
|
0.43(1)
|
||||||||||
Net realized and unrealized gain (loss) on investments
|
(0.71)
|
(0.59)
|
0.10
|
2.11
|
(0.85)
|
||||||||||
Total income (loss) from investment operations
|
(0.17)
|
(0.13)
|
0.59
|
2.54
|
(0.42)
|
||||||||||
LESS DISTRIBUTIONS:
|
|||||||||||||||
From net investment income
|
(0.58)
|
(0.47)
|
(0.53)
|
(0.44
|
(0.40)
|
||||||||||
From net realized gain on investments
|
(0.27)
|
(0.56)
|
-
|
-
|
-
|
||||||||||
Total distributions
|
(0.85)
|
(1.03)
|
(0.53)
|
(0.44)
|
(0.40)
|
||||||||||
Redemption fees retained(2)
|
-
|
-
|
-
|
-
|
-
|
||||||||||
Net asset value, end of period
|
$16.36
|
$17.38
|
$18.54
|
$18.48
|
$16.38
|
||||||||||
Total Return
|
(0.98)%
|
(0.70)%
|
3.16%
|
15.63%
|
(2.49)%
|
||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
|||||||||||||||
Net assets, end of period (in thousands)
|
$117,133
|
$176,020
|
$293,686
|
$251,308
|
$183,676
|
||||||||||
Ratio of expenses to average net assets
|
|||||||||||||||
Before waivers and reimbursements
|
0.73%
|
0.70%
|
0.67%
|
0.68%(3)
|
0.69%
|
||||||||||
Net of waivers and reimbursements
|
0.60%
|
0.60%
|
0.60%
|
0.60%(3)
|
0.60%
|
||||||||||
Ratio of net investment income to average net assets
|
|||||||||||||||
Before waivers and reimbursements
|
3.13%
|
2.47%
|
2.50%
|
2.46%(4)
|
2.44%
|
||||||||||
Net of waivers and reimbursements
|
3.26%
|
2.57%
|
2.57%
|
2.54%(4)
|
2.53%
|
||||||||||
Portfolio turnover rate(5)
|
19%
|
12%
|
32%
|
17%
|
18%
|
||||||||||
(1)
|
Per share net investment income has been calculated using the daily average share method.
|
(2)
|
Less than one cent per share.
|
(3)
|
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%.
|
(4)
|
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%.
|
(5)
|
Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
|
11
|
TABLE OF CONTENTS
Fund
|
Investment Adviser
|
Subadviser
|
Capital Structure
|
Commencement
of Operations
of the Fund
|
||||||||
Sustainable Fund(a)
|
Frontegra Asset Management, Inc. ("Frontegra" or the "Adviser")
|
MFG Asset Management ("MFG")
|
Multi-Class
• Institutional
• Service Class
|
Oct. 9, 2019
|
||||||||
Core Fund(a)
|
Frontegra
|
MFG
|
Multi-Class
• Institutional
• Service Class
|
Jan. 18, 2012
|
||||||||
(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.
|
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
|
12
|
TABLE OF CONTENTS
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||
Equity(a)
|
||||||||||||
Common Stocks
|
$ 20,100,225
|
$ 7,229,190
|
$ -
|
$ 27,329,415
|
||||||||
Total Investments in Securities
|
$20,100,225
|
$7,229,190
|
$-
|
$27,329,415
|
||||||||
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||
Equity(a)
|
||||||||||||
Common Stocks
|
$240,341,219
|
$153,300,773
|
$ -
|
$ 393,641,992
|
||||||||
Closed End Funds
|
-
|
5,772,446
|
-
|
5,772,446
|
||||||||
Total Investments in Securities
|
$240,341,219
|
$159,073,219
|
$-
|
$399,414,438
|
||||||||
(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.
|
13
|
TABLE OF CONTENTS
C.
|
Distributions to Shareholders.The Sustainable Fund usually declares and pays dividends from net investment income annually. The Core Fund usually declares and pays dividends from net investment income quarterly. Distributions from net realized gains, if any, are declared and paid at least annually for the 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 ("equalization").
|
Year Ended June 30, 2024
|
Year Ended June 30, 2023
|
|||||||||||||||||
Ordinary
Income
|
Long-Term
Capital Gains
|
Total
Distributions
|
Ordinary
Income
|
Long-Term
Capital Gains
|
Total
Distributions
|
|||||||||||||
Sustainable Fund
|
$240,944
|
$-
|
$240,944
|
$186,250
|
$-
|
$186,250
|
||||||||||||
Core Fund
|
15,298,909
|
7,232,502
|
22,531,411
|
19,731,675
|
14,423,464
|
34,155,139
|
||||||||||||
Sustainable
Fund
|
Core
Fund
|
|||||
Cost of investments
|
$20,966,240
|
$336,280,291
|
||||
Gross unrealized appreciation
|
$8,107,903
|
$89,894,813
|
||||
Gross unrealized depreciation
|
(1,744,728)
|
(26,785,983)
|
||||
Net unrealized appreciation/depreciation
|
6,363,175
|
63,108,830
|
||||
Undistributed ordinary income
|
232,143
|
2,007,991
|
||||
Undistributed long-term capital gain
|
-
|
2,955,660
|
||||
Other accumulated gains (losses)
|
(336,662)
|
(381,921)
|
||||
Total distributable earnings/(losses)
|
$6,258,656
|
$67,690,560
|
||||
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
|
14
|
TABLE OF CONTENTS
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.
|
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.
|
15
|
TABLE OF CONTENTS
Sustainable
Fund
|
Core
Fund
|
|||||
Paid in capital
|
$ -
|
$1,541,700
|
||||
Total distributable earnings (accumulated losses)
|
-
|
(1,541,700)
|
||||
Frontier Fund
|
Annual
Advisory Fees
|
Expense
Limitation
|
||||
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%
|
||||
June 30,
|
||||||||||||
2025
|
2026
|
2027
|
Total
|
|||||||||
Sustainable Fund
|
$235,935
|
$227,821
|
$300,584
|
$764,340
|
||||||||
Core Fund
|
621,176
|
557,548
|
618,334
|
1,797,058
|
||||||||
16
|
TABLE OF CONTENTS
Sustainable
Fund
|
Core
Fund
|
|||||
Purchases
|
$11,697,771
|
$84,232,242
|
||||
Sales
|
$18,911,501
|
$136,313,914
|
||||
Service Plan
Expenses
|
|||
Sustainable Fund - Service Class
|
$14,675
|
||
Core Fund - Service Class
|
$145,853
|
||
17
|
TABLE OF CONTENTS
Fund Name
|
Statements of
Operations
|
Statements of
Changes in Net
Assets
|
Financial
Highlights
|
||||||
Frontier MFG Core Infrastructure Fund
|
For the year ended June 30, 2024
|
For the years ended June 30, 2024 and 2023
|
For the years ended June 30, 2024, 2023, 2022, 2021, and 2020
|
||||||
Frontier MFG Global Sustainable Fund
|
For the year ended June 30, 2024
|
For the years ended June 30, 2024 and 2023
|
For the years ended June 30, 2024, 2023, 2022, and 2021 and for the period from October 9, 2019 (commencement of operations) through June 30, 2020
|
||||||
18
|
TABLE OF CONTENTS
Sustainable Fund
|
100.00%
|
||
Core Fund
|
100.00%
|
||
Sustainable Fund
|
92.87%
|
||
Core Fund
|
35.25%
|
||
19
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(a)
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the investment advisory agreement between Frontegra Asset Management, Inc. ("Frontegra") and the Company on behalf of the Frontier MFG Sustainable Fund (the "Sustainable Fund") and the Frontier MFG Core Infrastructure Fund (the "Core Fund"); and
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(b)
|
the subadvisory agreement between Frontegra and Magellan Asset Management Limited d/b/a MFG Asset Management ("MFG") on behalf of the Global Sustainable Fund and the Core Fund (collectively, the "MFG Funds" or the "Funds").
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(b) | Financial Highlights are included within the financial statements filed under Item 7 of this report. |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
See the Statements of Operations within Item 7(a) of this report.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
A statement regarding the basis for approval of Investment Advisory Contract information is included as part of the Financial Statements within Item 7(a) of this report.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.
Item 16. Controls and Procedures.
(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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
(a) | (1) The code of ethics that is the subject of the disclosure required by Item 2 is incorporated by reference to the Registrant's Form N-CSR filed September 4, 2018. |
(2) Not applicable.
(3) 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.
(3) Not applicable.
(4) Not applicable.
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith. |
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/ Charles S. Thompson II | |
Charles S. Thompson II, President (Principal Executive Officer) |
Date: | September 4, 2024 |
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/ Charles S. Thompson II | |
Charles S. Thompson II, President (Principal Executive Officer) |
Date: | September 4, 2024 |
By: | /s/ Elyce D. Dilworth | |
Elyce D. Dilworth, Treasurer (Principal Financial Officer) |
Date: | September 4, 2024 |