FRONTIER PHOCAS SMALL CAP VALUE FUND INSTITUTIONAL CLASS (FPSVX) Exchange: NMFQS

Under normal market conditions, the Fund invests at least 80% of its net assets in shares of common stock of small-capitalization companies, consistent with companies within the Russell 2000® Value Index. As of September 30, 2019, the largest market capitalization of a company in the Russell 2000® Value Index was $5.521 billion and the weighted average market capitalization was $2.01 billion. The Fund also invests in Real Estate Investment Trusts (“REITs”) as part of its principal investment strategy. The Fund pursues its investment objective by investing in a diversified portfolio of small-capitalization securities selling at discounts to their fair value as assessed by the investment and research team of Phocas Financial Corporation (“Phocas”), the Fund’s subadviser.  Phocas will typically invest in 100 to 120 companies with initial weightings between 0.25% to 1.00% of the Fund’s total assets in order to have broad industry representation and reduce individual security risk within the Fund.  Financial services is a very large segment of the Fund’s benchmark and, as such, it may represent a significant weight of the portfolio, oftentimes exceeding 25% of the Fund’s net assets.  As a result, the Fund may have significant investments in the financial services sector.