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As of September 30, 2008, here are the Frontier Emerging Markets Portfolio Holdings.

Ten Largest Portfolio Holdings & Percent of Assets
Ten Largest Holdings  

Industry

Country   % Assets
INA Industrija Nafte  

Energy    

Croatia   3.3%
Orascom Construction  

Industrials

Egypt   3.2%
Mauritius Commercial Bank  

Financials

Mauritius   2.6%
First Bank of Nigeria  

Financials

Nigeria   2.4%
El Sewedy Cables  

Industrials     

Egypt   2.3%
Turkcell Iletisim Hizmet  

Telecom Services  

Turkey   2.3%
Hrvatske Telekom  

Telecom Services

Croatia   2.2%
Square Pharmaceuticals     

Health Care

Bangladesh   2.1%
UAC of Nigeria  

Industrials

Nigeria   2.1%
Ericsson Nikola Tesla  

Info Technology

Croatia   1.9%

Ten Largest Holdings: 24.4%

Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security.