N-Q 1 frontegra.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS Unassociated Document





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


 
FORM N-Q
 
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 




Investment Company Act file number: 811-07685



FRONTEGRA FUNDS, INC.
(Exact name of registrant as specified in charter)



400 Skokie Blvd.
Suite 500
Northbrook, Illinois 60062
(Address of principal executive offices) (Zip code)



William D. Forsyth III
400 Skokie Blvd., 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, 2005



Date of reporting period: September 30, 2004



     
Exhibit 99.1


 
Item 1. Schedule of Investments.
 

Frontegra Total Return Bond Fund
          
Schedule of Investments
            
             
September 30, 2004 (Unaudited)
         
             
             
U.S. TREASURY OBLIGATIONS - 48.9%
    
Principal Amount
  
Value
U.S. Treasury Bonds - 6.7%
          
5.375% due 02/15/2031
     
$ 23,275,000
 
$ 24,933,344
U.S. Treasury Notes - 42.2%
          
1.25% due 05/31/2005
     
21,730,000
  
21,617,960
1.50% due 07/31/2005
     
14,830,000
  
14,754,693
2.00% due 08/31/2005
     
18,565,000
  
18,536,726
1.625% due 09/30/2005
     
22,145,000
  
22,023,025
1.625% due 02/28/2006
     
12,630,000
  
12,501,237
2.75% due 06/30/2006
     
5,750,000
  
5,773,811
2.625% due 05/15/2008
     
185,000
  
182,290
3.375% due 09/15/2009
      
22,635,000
  
22,635,000
4.25% due 08/15/2014
     
39,840,000
  
40,242,384
2.375% due 01/15/2025
     
536
  
557
           
158,267,683
             
TOTAL U.S. TREASURY OBLIGATIONS (Cost $183,387,847)
      
$ 183,201,027
             
U.S. GOVERNMENT AGENCY ISSUES - 0.3%
          
Federal And Federally-sponsored Credit Agencies - 0.3%
        
2.10% due 04/19/2006
     
935,000
  
927,903
             
TOTAL U.S. GOVERNMENT AGENCY ISSUES (Cost $931,349)
      
$ 927,903
             
CORPORATE BONDS - 16.2%
          
Automobiles - 1.3%
          
Daimlerchrysler NA Hldg.
            
7.75% due 01/18/2011
     
1,680,000
  
1,953,538
Ford Motor Credit Co.
            
7.00% due 10/01/2013
     
1,095,000
  
1,157,730
Ford Motor Co.
            
7.45% due 07/16/2031
     
895,000
  
877,574
General Motors Corp.
            
8.375% due 07/15/2033
     
895,000
  
950,286
           
4,939,128
Chemicals - 0.5%
          
ICI Wilmington Inc.
            
4.375% due 12/01/2008
     
1,220,000
  
1,234,037
Nova Chemicals Corp.
            
7.00% due 05/15/2006 (c)
    
575,000
  
603,750
           
1,837,787
Commercial Banks - 0.3%
          
Credit Suisse First Boston London
          
7.90% due 05/01/2007 (1000.00000, 05-01-2007) (a)(c)
  
945,000
  
1,042,991
Consumer Finance - 0.7%
          
American General Finance Corp.
          
3.875% due 10/01/2009
     
1,305,000
  
1,293,601
Household Finance Corp.
            
4.125% due 12/15/2008
     
1,290,000
  
1,304,707
           
2,598,308
Diversified Financial Services - 3.6%
          
CIT Group Inc.
            
4.125% due 02/21/2006
     
680,000
  
691,918
Citigroup Inc.
            
1.88% due 06/04/2007 (b)
    
1,260,000
  
1,259,282
1.89% due 09/01/2006 (b)
    
2,600,000
  
2,601,380
Edison Mission Energy Funding
          
7.33% due 09/15/2008 (b)
    
2,277,245
  
2,391,107
General Electric Capital Corp.
          
1.68% due 01/05/2007 (b)
      
1,725,000
  
1,726,970
1.97% due 03/29/2006 (b)
      
1,155,000
  
1,155,178
General Motors Acceptance Corp.
          
2.58% due 03/20/2007 (b)
      
945,000
  
944,450
6.875% due 08/28/2012
     
890,000
  
924,809
8.00% due 11/01/2031
     
800,000
  
827,993
Goldman Sachs Group Inc.
            
3.875% due 01/15/2009
     
1,050,000
  
1,051,057
           
13,574,144
Diversified Telecommunication Services - 0.9%
          
Comcast Cable Communications Hldgs., Inc.
          
8.375% due 03/15/2013
     
430,000
  
520,726
Qwest Corp.
            
7.20% due 11/10/2026
     
805,000
  
702,363
Rogers Cablesystems Ltd.
            
11.00% due 12/01/2015 (c)
    
670,000
  
750,400
Sprint Capital Corp.
            
6.125% due 11/15/2008
     
615,000
  
663,817
Telefonos de Mexico, S.A. de C.V.
          
4.50% due 11/19/2008 (c)
      
590,000
  
591,734
           
3,229,040
Electric Utilities - 3.9%
          
American Ref-Fuel Co. LLC
            
6.26% due 12/31/2015 (a)
      
1,487,562
  
1,566,165
Consumers Energy Co.
            
4.40% due 08/15/2009 (a)
      
1,085,000
  
1,095,829
DTE Energy Co.
            
6.65% due 04/15/2009
     
840,000
  
917,172
East Coast Power LLC
            
6.737% due 03/31/2008
     
529,577
  
539,051
Entergy Louisiana Inc.
            
5.50% due 04/01/2019
     
725,000
  
720,349
Florida Power & Light Co.
            
5.95% due 10/01/2033
     
490,000
  
513,648
Pacific Gas & Electric Co.
            
2.30% due 04/03/2006 (b)
      
819,000
  
819,753
Pepco Holdings, Inc.
            
3.75% due 02/15/2006
     
775,000
  
781,909
PSEG Power LLC
            
5.50% due 12/01/2015
     
585,000
  
585,002
Public Service Co. of Colorado
          
4.375% due 10/01/2008
     
1,820,000
  
1,859,064
Sithe/Independence Funding
            
8.50% due 06/30/2007
     
2,073,376
  
2,189,879
Southern California Edison Co.
          
8.00% due 02/15/2007
     
2,650,000
  
2,933,259
           
14,521,080
Food Products - 0.2%
          
Tyson Foods, Inc.
            
7.25% due 10/01/2006
     
580,000
  
622,003
Gas Utilities - 0.5%
          
El Paso Natural Gas Co.
            
7.625% due 08/01/2010
     
845,000
  
904,150
8.375% due 06/15/2032
     
515,000
  
543,325
Texas Eastern Transmission LP
          
5.25% due 07/15/2007
     
485,000
  
504,195
           
1,951,670
Insurance - 1.7%
          
Met Life Global Funding I
            
4.25% due 07/30/2009 (a)
      
2,155,000
  
2,177,526
New York Life Global Funding
            
3.875% due 01/15/2009 (a)
    
1,450,000
  
1,455,133
Pacific Life Global Funding
            
3.75% due 01/15/2009 (a)
      
815,000
  
815,682
Principal Life Income Funding Trust
          
3.20% due 04/01/2009
     
935,000
  
912,229
Protective Life Secured Trust
          
3.70% due 11/24/2008
     
865,000
  
863,962
           
6,224,532
Media - 0.1%
          
Time Warner Inc.
            
7.625% due 04/15/2031
     
425,000
  
489,175
Multiline Retail - 0.2%
          
The May Department Stores Co.
            
3.95% due 07/15/2007 (a)
      
135,000
  
136,052
4.80% due 07/15/2009 (a)
      
525,000
  
535,208
           
671,260
Oil & Gas - 0.8%
          
Devon Energy Corp.
            
2.75% due 08/01/2006
     
1,175,000
  
1,167,045
Duke Energy Field Services LLC
          
5.75% due 11/15/2006
     
550,000
  
575,395
Pioneer Natural Resources Co.
          
6.50% due 01/15/2008
     
475,000
  
514,895
Valero Energy Corp.
            
3.50% due 04/01/2009
     
780,000
  
759,428
           
3,016,763
Pharmaceuticals - 0.2%
          
Schering-Plough Corp.
            
6.50% due 12/01/2033
     
645,000
  
698,383
Real Estate - 0.7%
          
Liberty Property LP
            
7.75% due 04/15/2009
     
820,000
  
936,900
Simon Property Group LP
            
4.875% due 08/15/2010 (a)
    
1,055,000
  
1,069,327
The Rouse Co.
            
3.625% due 03/15/2009
     
895,000
  
835,630
           
2,841,857
Road & Rail - 0.2%
          
Hertz Corp.
            
4.70% due 10/02/2006
     
855,000
  
871,414
Wireless Telecommunication Services - 0.4%
          
AT&T Wireless Services Inc.
            
7.50% due 05/01/2007
     
1,110,000
  
1,222,901
Rogers Wireless Communications Inc.
          
6.375% due 03/01/2014 (c)
    
495,000
  
455,400
           
1,678,301
             
TOTAL CORPORATE BONDS (Cost $60,035,909)
        
$ 60,807,836
             
ASSET BACKED SECURITIES - 11.0%
          
American Airlines Inc.
            
2.55% due 09/23/2007 (a)
      
1,440,531
  
1,447,829
Capital Auto Receivables Asset Trust
          
2003-2, 1.80% due 02/17/2007 (a)
   
2,112,545
  
2,113,007
2003-1, 2.27% due 01/15/2006
   
1,015,000
  
1,015,889
Chase Credit Card Master Trust
          
2002-6, 1.82% due 01/15/2008 (a)
    
2,470,000
  
2,471,343
2001-5, 1.86% due 02/15/2007
   
2,560,000
  
2,560,021
2002-5, 1.86% due 10/15/2009
   
1,805,000
  
1,808,799
Citibank Credit Card Issuance Trust
          
2001-A2, 1.83% due 02/07/2008 (a)
    
2,100,000
  
2,102,726
CNH Equipment Trust
            
2004-A, 2.0008% due 10/15/2005
   
1,825,000
  
1,824,088
Conseco Finance Securitizations Corp.
          
2001-4, 5.15% due 09/01/2033
   
788,555
  
795,740
Discover Card Master Trust I
          
2001-3, 1.91% due 09/15/2008 (a)
    
3,575,000
  
3,582,676
2000-5, 1.94% due 11/15/2007 (a)
    
1,280,000
  
1,281,406
Distribution Financial Services Floorplan Master Trust
          
2003-1, 1.83% due 04/15/2007 (a)
    
1,790,000
  
1,790,621
GE Commercial Equipment Financing LLC
          
2003-1, 1.90% due 06/20/2007 (a)
    
1,935,000
  
1,935,838
Mego Mortgage Home Loan Trust
          
1996-2, 7.275% due 08/25/2017
   
15,713
  
15,694
Mid-State Trust
            
11, 4.864% due 07/15/2038
   
1,120,025
  
1,080,712
NYC Mortgage Loan Trust
            
1996, 6.75% due 09/25/2019 (a)
    
710,000
  
788,405
Regions Auto Receivables Trust
          
2003-1, 1.75% due 05/15/2007
   
1,189,470
  
1,186,068
2002-1, 2.63% due 01/16/2007
   
1,007,302
  
1,009,208
Slm Student Loan Trust
            
2004-9, 1.9699% due 10/25/2009 (a)
    
3,415,000
  
3,415,000
SSB RV Trust
            
2001-1, 4.74% due 02/15/2013
   
551,145
  
554,276
Target Credit Card Master Trust
          
2002-1, 2.075% due 06/27/2011 (a)
    
1,845,000
  
1,850,215
Wachovia Auto Owner Trust
            
2004-B, 1.8125% due 09/20/2005
   
2,175,000
  
2,175,523
WFS Financial Owner Trust
            
2003-3, 2.29% due 05/20/2008
   
1,255,000
  
1,252,628
Whole Auto Loan Trust
            
2002-1, 2.60% due 08/15/2006
   
2,149,553
  
2,153,378
World Omni Auto Receivables Trust
          
2004-A, 1.6738% due 07/12/2005
   
1,131,311
  
1,130,924
             
TOTAL ASSET BACKED SECURITIES (Cost $41,244,149)
      
$ 41,342,014
             
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.3%
          
Commercial Mortgage Pass-Through Certificate
          
Series 2004-CNL, 2.09% due 09/15/2014 (a)
    
1,160,000
  
1,160,000
             
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $1,160,000)
      
$ 1,160,000
             
MORTGAGE BACKED SECURITIES - 49.8%
          
Capco America Securitization Corp.
          
Pool # 1998-D7, 5.86% due 10/15/2030
   
1,631,032
  
1,690,340
Chase Commercial Mortgage Securities Corp.
          
Pool # 1997-2, 6.60% due 12/19/2029
   
308,710
  
331,446
Commercial Mortgage Asset Trust
          
Pool # 1999-C1, 6.25% due 01/17/2032
   
578,787
  
594,545
Commercial Mortgage Pass-Through Certificate
          
Pool # 2003-LB1A, 3.251% due 06/10/2038
   
3,564,540
  
3,450,466
Pool # 1999-1, 6.145% due 05/15/2032
   
703,689
  
729,455
Credit Suisse First Boston Mortgage Securities Corp.
          
Pool # 2004-C2, 3.819% due 05/15/2036
   
4,140,528
  
4,070,345
Pool # 1998-C2, 5.96% due 11/11/2030
   
684,894
  
706,802
Pool # 2003-1, 7.00% due 02/25/2033
   
1,034,420
  
1,066,981
Deutsche Mortgage Securities, Inc.
          
Pool # 2004-2, 2.01% due 01/25/2034 (a)
    
500,337
  
500,603
FHLMC
          
Pool # 2598, 2.75% due 02/15/2016
   
1,204,982
  
1,204,301
Pool # 2545, 3.25% due 07/15/2020
   
272,912
  
273,168
Pool # 2590, 4.00% due 09/15/2009
   
2,267,625
  
2,286,821
Pool # 2594, 4.00% due 10/15/2009
   
1,229,882
  
1,240,500
Pool # 2808, 4.00% due 09/15/2012
   
1,025,000
  
1,036,902
Pool # 2802, 4.50% due 02/15/2020
   
2,089,368
  
2,127,421
FHLMC Gold Pool
            
Pool # B14039, 4.00% due 05/01/2014
   
2,673,355
  
2,657,041
Pool # B14730, 4.00% due 05/01/2014
   
2,322,691
  
2,308,517
Pool # M80779, 5.00% due 11/01/2009
   
386,529
  
395,110
FHLMC Structured Pass Through Securities
          
Pool # H015, 1.524% due 12/15/2008
   
928,762
  
914,664
FHLMC-GNMA
            
Pool # 20, 5.50% due 10/25/2023
   
392,075
  
398,892
FMNA Grantor Trust
          
Pool # 2004-T2, 7.00% due 11/25/2043
   
1,752,537
  
1,877,405
FNMA
            
Pool # 2003-16, 4.50% due 11/25/2009
   
2,842,170
  
2,867,146
Pool # 2002-18, 5.50% due 09/25/2013
   
64,721
  
64,629
Pool # G93-36, 6.50% due 02/25/2023
   
85,000
  
88,429
Pool # 1991-26, 8.00% due 04/25/2006
   
4,259
  
4,362
FNMA Grantor Trust
            
Pool # 2001-T10, 7.00% due 12/25/2041
   
1,068,088
  
1,137,772
FNMA Pass-thru Int 15 Year
          
Pool # 785269, 5.50% due 07/01/2019
   
1,819,182
  
1,882,422
FNMA Pass-thru Lng 30 Year
          
Pool # 741898, 5.50% due 10/01/2033
   
2,895,818
  
2,940,508
FNMA Pass-thru Shrt 10 Year
          
Pool # 768008, 5.00% due 06/01/2013
   
1,742,965
  
1,804,589
FNMA Pool
            
Pool # 386341, 3.81% due 08/01/2013
   
1,282,949
  
1,235,871
Pool # 255290, 4.00% due 06/01/2014
   
736,853
  
740,205
Pool # 386802, 4.90% due 01/01/2014
   
1,562,101
  
1,606,346
Pool # 545938, 5.111% due 11/01/2012
   
2,240,749
  
2,334,693
Pool # 433043, 6.50% due 06/01/2028
   
93,667
  
98,485
Pool # 447704, 6.50% due 11/01/2028
   
86,927
  
91,398
Pool # 448235, 6.50% due 11/01/2028
   
49,075
  
51,600
Pool # 448635, 6.50% due 11/01/2028
   
142,845
  
150,192
Pool # 449012, 6.50% due 11/01/2028
   
17,578
  
18,482
Pool # 487778, 6.50% due 03/01/2029
   
92,554
  
97,265
Pool # 555203, 7.00% due 09/01/2032
   
2,534,776
  
2,688,774
FNMA TBA
            
Pool # 000TBA, 4.50% due 11/01/2019
   
5,755,000
  
5,719,031
Pool # 000TBA, 4.00% due 12/01/2019
   
7,935,000
  
7,696,950
Pool # 000TBA, 4.50% due 11/01/2019
   
3,415,000
  
3,394,722
Pool # 000TBA, 5.00% due 11/01/2019 to 11/01/2034
   
56,825,000
  
56,561,036
Pool # 000TBA, 5.50% due 11/01/2019 to 11/01/2034
   
32,235,000
  
32,630,672
FNMA Whole Loan
            
Pool # 2003-W10, 1.623% due 03/25/2032
   
1,121,946
  
1,119,933
General Growth Properties
            
Pool # 1, 6.537% due 11/15/2004 (a)
    
2,450,000
  
2,461,744
GMAC Commercial Mortgage Securities Inc.
          
Pool # 2003-C1, 3.337% due 05/10/2036
   
2,801,977
  
2,722,647
Pool # 1999-C1, 5.83% due 05/15/2033
   
1,216,064
  
1,258,863
Pool # 1998-C2, 6.15% due 05/15/2035
   
391,908
  
398,047
Pool # 2000-C2, 7.273% due 08/16/2033
   
1,131,891
  
1,211,840
Gnma Pass-thru X Platinum 30yr
          
Pool # 781690, 6.00% due 12/15/2033
   
6,464,739
  
6,712,728
GNMA Pool
            
Pool # 331001, 8.25% due 07/15/2007
   
40,517
  
42,777
Pool # 36629, 9.50% due 10/15/2009
   
32,769
  
35,969
LB Commercial Conduit Mortgage Trust
          
Pool # 1998-C4, 5.87% due 10/15/2035
   
1,515,535
  
1,549,497
LB-UBS Commercial Mortgage Trust
          
Pool # 2003-C3, 2.599% due 05/15/2027
   
1,005,184
  
984,914
Morgan Stanley Capital I
            
Pool # 2003-IQ4, 3.27% due 05/15/2040
   
2,740,589
  
2,652,539
Pool # 1999-WF1, 5.91% due 11/15/2031
   
1,227,387
  
1,273,967
Mortgage Capital Funding, Inc.
          
Pool # 1998-MC3, 6.001% due 11/18/2031
   
649,051
  
666,583
Nationslink Funding Corp.
            
Pool # 1998-2, 6.001% due 08/20/2030
   
833,695
  
855,679
Nomura Asset Securities Corp.
          
Pool # 1998-D6, 6.28% due 03/15/2030
   
1,291,165
  
1,351,087
Salomon Brothers Mortgage Securities VII
          
Pool # 2001-MMA, 5.3228% due 02/18/2034 (a)
    
160,204
  
161,363
Pool # 2000-C2, 7.298% due 07/18/2033
   
296,775
  
299,045
TIAA Real Estate CDO Ltd.
            
Pool # 2001-C1A, 5.77% due 06/19/2016 (a)
    
112,855
  
116,485
Wachovia Bank Commercial Mortgage Trust
          
Pool # 2003-C5, 2.986% due 06/15/2035
   
1,300,018
  
1,242,585
Pool # 2004-C10, 3.065% due 02/15/2041
   
2,016,301
  
1,986,757
Pool # 2003-C9, 3.291% due 12/15/2035
   
1,923,341
  
1,911,894
             
TOTAL MORTGAGE BACKED SECURITIES (Cost $186,631,289)
      
$ 186,784,247
             
SHORT TERM INVESTMENTS - 21.6%
          
US Government Agency Issues - 21.6%
        
Federal Home Loan Bank Discount Note
          
1.00%
     
80,960,000
 
80,960,000
Variable Rate Demand Notes - 0.0%
          
American Family Financial Services Inc.
          
1.4525%
     
67,809
  
67,809
Wisconsin Corporate Central Credit Union
          
1.51%
     
53,392
  
53,392
           
121,201
             
TOTAL SHORT TERM INVESTMENTS (Cost $81,081,201)
      
$ 81,081,201
             
Total Investments (Cost $554,471,744) - 148.1%
        
$ 555,304,228
Liabilities in Excess of Other Assets - (48.1)%
        
$(180,337,800)
TOTAL NET ASSETS - 100.0%
          
$374,966,428
             
             
             
Footnotes
            
Percentages are stated as a percent of net assets.
          
             
(a)
Restricted
          
(b)
Variable Rate
          
(c)
Foreign Issued
          

 
     
 


Frontegra Investment Grade Bond Fund
          
Schedule of Investments
          
             
September 30, 2004 (Unaudited)
         
             
             
U.S. TREASURY OBLIGATIONS - 43.4%
    
Principal Amount
  
Value
U.S. Treasury Bonds - 6.5%
          
5.375% due 02/15/2031
   
$ 7,475,000
 
$ 8,007,594
U.S. Treasury Notes - 36.9%
          
1.25% due 05/31/2005
     
7,225,000
  
7,187,748
1.50% due 07/31/2005
     
3,225,000
  
3,208,623
2.00% due 08/31/2005
     
6,175,000
  
6,165,595
1.625% due 09/30/2005
   
7,420,000
  
7,379,131
2.75% due 06/30/2006
     
1,390,000
  
1,395,756
3.00% due 02/15/2008
     
150,000
  
150,088
2.625% due 05/15/2008
   
65,000
  
64,048
3.375% due 09/15/2009
    
7,255,000
  
7,255,000
4.25% due 08/15/2014
     
12,775,000
  
12,904,027
2.375% due 01/15/2025
   
172
  
179
           
45,710,195
             
TOTAL U.S. TREASURY OBLIGATIONS (Cost $53,779,768)
      
$ 53,717,789
             
U.S. GOVERNMENT AGENCY ISSUES - 1.0%
          
Federal And Federally-sponsored Credit Agencies - 1.0%
        
2.20% due 07/28/2006
     
870,000
  
861,313
2.10% due 04/19/2006
     
350,000
  
347,344
           
1,208,657
             
TOTAL U.S. GOVERNMENT AGENCY ISSUES (Cost $1,210,106)
      
$ 1,208,657
             
CORPORATE BONDS - 15.8%
          
Automobiles - 1.3%
            
Daimlerchrysler NA Hldg.
            
7.75% due 01/18/2011
     
565,000
  
656,993
Ford Motor Credit Co.
            
7.00% due 10/01/2013
     
390,000
  
412,342
Ford Motor Co.
            
7.45% due 07/16/2031
     
290,000
  
284,354
General Motors Corp.
            
8.375% due 07/15/2033
   
290,000
  
307,914
           
1,661,603
Commercial Banks - 0.4%
          
Credit Suisse First Boston London
          
7.90% due 05/01/2007 (1000.00000, 05-01-2007) (a)(c)
  
270,000
  
297,998
U.S. Bank, N.A.
            
2.87% due 02/01/2007
     
145,000
  
144,045
           
442,043
Consumer Finance - 0.7%
          
American General Finance Corp.
          
3.875% due 10/01/2009
   
435,000
  
431,200
Household Finance Corp.
            
4.125% due 12/15/2008
   
425,000
  
429,846
           
861,046
Diversified Financial Services - 3.1%
          
CIT Group Inc.
            
4.125% due 02/21/2006
   
240,000
  
244,206
Citigroup Inc.
            
1.88% due 06/04/2007 (b)
    
455,000
  
454,741
1.89% due 09/01/2006 (b)
    
950,000
  
950,504
General Electric Capital Corp.
          
1.68% due 01/05/2007 (b)
    
585,000
  
585,668
1.97% due 03/29/2006 (b)
    
405,000
  
405,062
General Motors Acceptance Corp.
          
2.58% due 03/20/2007 (b)
    
325,000
  
324,811
6.875% due 08/28/2012
   
295,000
  
306,538
8.00% due 11/01/2031
     
255,000
  
263,923
Goldman Sachs Group Inc.
          
3.875% due 01/15/2009
   
345,000
  
345,347
           
3,880,800
Diversified Telecommunication Services - 0.5%
          
Comcast Cable Communications Hldgs., Inc.
          
8.375% due 03/15/2013
   
150,000
  
181,648
Sprint Capital Corp.
            
6.125% due 11/15/2008
   
195,000
  
210,479
Telefonos de Mexico, S.A. de C.V.
          
4.50% due 11/19/2008 (c)
    
195,000
  
195,573
           
587,700
Electric Utilities - 4.0%
          
American Ref-Fuel Co. LLC
          
6.26% due 12/31/2015 (a)
    
584,893
  
615,799
Consumers Energy Co.
            
4.40% due 08/15/2009 (a)
    
360,000
  
363,593
DTE Energy Co.
            
6.65% due 04/15/2009
     
290,000
  
316,643
Entergy Arkansas Inc.
            
5.00% due 07/01/2018
     
400,000
  
380,436
Entergy Gulf States Inc.
            
3.60% due 06/01/2008
     
165,000
  
163,111
Nisource Finance Corp.
            
3.20% due 11/01/2006
     
325,000
  
324,002
Northern States Power Co.
          
2.875% due 08/01/2006
   
170,000
  
169,538
Pacific Gas & Electric Co.
          
2.30% due 04/03/2006 (b)
    
310,000
  
310,285
PSEG Power LLC
            
8.625% due 04/15/2031
   
180,000
  
230,500
Public Service Co. of Colorado
          
4.375% due 10/01/2008
   
455,000
  
464,766
Public Service Electric & Gas Co.
          
4.00% due 11/01/2008
     
385,000
  
387,726
Southern California Edison Co.
          
1.89% due 01/13/2006 (b)
    
290,000
  
291,126
8.00% due 02/15/2007
     
885,000
  
979,598
           
4,997,123
Electronic Connectors - 0.2%
          
Tyco International Group SA
          
6.00% due 11/15/2013 (c)
    
245,000
  
264,413
Industrial Conglomerates - 0.4%
          
General Electric Co.
            
5.00% due 02/01/2013
     
535,000
  
550,216
Insurance - 2.2%
          
Met Life Global Funding I
            
4.25% due 07/30/2009 (a)
    
760,000
  
767,944
New York Life Global Funding
          
3.875% due 01/15/2009 (a)
    
435,000
  
436,540
Pacific Life Global Funding
          
3.75% due 01/15/2009 (a)
    
260,000
  
260,218
Principal Life Income Funding Trust
          
3.20% due 04/01/2009
     
675,000
  
658,561
Protective Life Secured Trust
          
3.70% due 11/24/2008
     
620,000
  
619,256
           
2,742,519
Media - 0.1%
            
Time Warner Inc.
            
7.625% due 04/15/2031
   
140,000
  
161,140
Multiline Retail - 0.2%
            
The May Department Stores Co.
          
3.95% due 07/15/2007 (a)
    
220,000
  
221,714
Multi-Utilities & Unregulated Power - 0.3%
          
Duke Energy Corp.
            
3.75% due 03/05/2008
     
320,000
  
321,420
Oil & Gas - 0.9%
            
Devon Energy Corp.
            
2.75% due 08/01/2006
     
405,000
  
402,258
Pioneer Natural Resources Co.
          
6.50% due 01/15/2008
     
320,000
  
346,877
Valero Energy Corp.
            
3.50% due 04/01/2009
     
320,000
  
311,560
           
1,060,695
Pharmaceuticals - 0.2%
            
Schering-Plough Corp.
            
6.50% due 12/01/2033
     
220,000
  
238,208
Real Estate - 0.8%
            
ERP Operating LP
            
4.75% due 06/15/2009
     
305,000
  
312,857
Liberty Property LP
            
7.75% due 04/15/2009
     
210,000
  
239,938
Simon Property Group LP
            
4.875% due 08/15/2010 (a)
    
370,000
  
375,025
           
927,820
Road & Rail - 0.2%
            
Hertz Corp.
            
4.70% due 10/02/2006
     
285,000
  
290,471
Wireless Telecommunication Services - 0.3%
        
AT&T Wireless Services Inc.
          
7.50% due 05/01/2007
     
375,000
  
413,142
             
TOTAL CORPORATE BONDS (Cost $19,511,460)
      
$ 19,622,073
             
ASSET BACKED SECURITIES - 13.6%
          
American Airlines Inc.
            
2.55% due 09/23/2007 (b)
    
498,645
  
501,172
California Infrastructure PG&E-1
          
1997-1, 6.42% due 09/25/2008
   
754,381
  
784,034
Capital Auto Receivables Asset Trust
          
2003-2, 1.80% due 02/17/2007 (b)
    
725,337
  
725,496
2003-1, 2.27% due 01/15/2006
   
380,000
  
380,333
Chase Credit Card Master Trust
          
2002-6, 1.82% due 01/15/2008 (b)
   
835,000
  
835,454
2001-5, 1.86% due 02/15/2007 (b)
   
905,000
  
905,007
2002-5, 1.86% due 10/15/2009 (b)
    
605,000
  
606,273
CIT Equipment Collateral
          
2002-VT1, 4.03% due 01/20/2006
   
177,309
  
178,161
Citibank Credit Card Issuance Trust
          
2001-A2, 1.83% due 02/07/2008 (b)
   
715,000
  
715,928
CNH Equipment Trust
            
2004-A, 2.0008% due 10/15/2005
   
610,000
  
609,695
Conseco Finance Securitizations Corp.
          
2001-4, 5.15% due 09/01/2033
   
97,486
  
98,374
2001-3, 5.16% due 05/01/2033
   
144,649
  
145,729
Discover Card Master Trust I
          
2001-3, 1.91% due 09/15/2008 (b)
   
1,365,000
  
1,367,931
2000-5, 1.94% due 11/15/2007 (b)
    
445,000
  
445,489
Distribution Financial Services Floorplan Master Trust
        
2003-1, 1.83% due 04/15/2007 (b)
    
615,000
  
615,213
GE Commercial Equipment Financing LLC
          
2003-1, 1.90% due 06/20/2007 (b)
    
670,000
  
670,290
Keystone Owner Trust
          
1998-P1, 7.53% due 05/25/2025
   
232,763
  
237,116
Mid-State Trust
          
11, 4.864% due 07/15/2038
   
409,561
  
395,186
NYC Mortgage Loan Trust
          
1996, 6.75% due 09/25/2019
   
260,000
  
288,712
Oakwood Mortgage Investors Inc.
          
1996-A, 6.60% due 05/15/2021
   
59,473
  
60,680
1995-A, 7.70% due 09/15/2020
   
767,850
  
787,559
PF Export Receivables Master Trust
          
3.748% due 06/01/2013 (a)
    
566,805
  
555,679
Regions Auto Receivables Trust
          
2003-1, 1.75% due 05/15/2007
   
423,016
  
421,806
2002-1, 2.63% due 01/16/2007
   
346,826
  
347,482
Slm Student Loan Trust
            
2004-9, 1.9699% due 10/25/2009 (b)
   
1,105,000
  
1,105,000
SSB RV Trust
          
2001-1, 4.74% due 02/15/2013
   
151,212
  
152,071
Target Credit Card Master Trust
          
2002-1, 2.075% due 06/27/2011
   
615,000
  
616,738
Wachovia Auto Owner Trust
          
2004-B, 1.8125% due 09/20/2005
   
735,000
  
735,177
WFS Financial Owner Trust
          
2003-3, 2.29% due 05/20/2008
   
435,000
  
434,178
Whole Auto Loan Trust
            
2002-1, 2.60% due 08/15/2006
   
716,518
  
717,793
World Omni Auto Receivables Trust
          
2004-A, 1.6738% due 07/12/2005
   
403,525
  
403,387
             
TOTAL ASSET BACKED SECURITIES (Cost $16,902,461)
      
$ 16,843,143
             
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.3%
        
Commercial Mortgage Pass-Through Certificate
          
Series 2004-CNL, 2.09% due 09/15/2014 (b)
    
375,000
  
375,000
             
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $375,000)
      
$ 375,000
             
MORTGAGE BACKED SECURITIES - 53.1%
          
Capco America Securitization Corp.
          
Pool # 1998-D7, 5.86% due 10/15/2030
   
250,212
  
259,310
Commercial Mortgage Asset Trust
          
Pool # 1999-C1, 6.25% due 01/17/2032
   
484,657
  
497,852
Commercial Mortgage Pass-Through Certificate
          
Pool # 2003-LB1A, 3.251% due 06/10/2038
   
1,260,286
  
1,219,954
Credit Suisse First Boston Mortgage Securities Corp.
        
Pool # 2004-C2, 3.819% due 05/15/2036
   
1,451,166
  
1,426,568
Pool # 1998-C2, 5.96% due 11/11/2030
   
417,459
  
430,813
Pool # 1998C1, 6.26% due 05/17/2040
   
31,049
  
31,637
Pool # 2003-1, 7.00% due 02/25/2033
   
371,984
  
383,693
Deutsche Mortgage Securities, Inc.
          
Pool # 2004-2, 2.01% due 01/25/2034 (b)
   
166,779
  
166,868
FHLMC
            
Pool # 2598, 2.75% due 02/15/2016
   
410,207
  
409,975
Pool # 2545, 3.25% due 07/15/2020
   
100,547
  
100,641
Pool # 2590, 4.00% due 09/15/2009
   
854,691
  
861,926
Pool # 2594, 4.00% due 10/15/2009
   
462,728
  
466,723
Pool # 2808, 4.00% due 09/15/2012
   
345,000
  
349,006
Pool # 2802, 4.50% due 02/15/2020
   
683,963
  
696,420
Pool # 25, 6.50% due 12/25/2008
   
100,275
  
104,290
FHLMC Gold Pool
            
Pool # B14039, 4.00% due 05/01/2014
   
937,850
  
932,126
Pool # B14730, 4.00% due 05/01/2014
   
815,821
  
810,843
FHLMC Structured Pass Through Securities
          
Pool # H015, 1.524% due 12/15/2008
   
349,313
  
344,011
First Union Commercial Mortgage Trust
          
Pool # 1999-C1, 5.73% due 10/15/2035
   
224,583
  
230,823
FMNA Grantor Trust
          
Pool # 2004-T2, 7.00% due 11/25/2043
   
613,598
  
657,317
FNMA
            
Pool # 2003-16, 4.50% due 11/25/2009
   
1,041,779
  
1,050,934
Pool # 2002-18, 5.50% due 09/25/2013
   
23,431
  
23,398
FNMA Grantor Trust
            
Pool # 2001-T10, 7.00% due 12/25/2041
   
403,320
  
429,633
FNMA Pass-thru Int 15 Year
          
Pool # 785269, 5.50% due 07/01/2019
   
586,833
  
607,233
FNMA Pass-thru Lng 30 Year
          
Pool # 741898, 5.50% due 10/01/2033
   
932,400
  
946,789
FNMA Pass-thru Shrt 10 Year
          
Pool # 768008, 5.00% due 06/01/2013
   
579,700
  
600,196
FNMA Pool
            
Pool # 386341, 3.81% due 08/01/2013
   
439,032
  
422,921
Pool # 255290, 4.00% due 06/01/2014
   
260,066
  
261,249
Pool # 385537, 4.745% due 11/01/2012
   
1,760,000
  
1,782,116
Pool # 386802, 4.90% due 01/01/2014
   
538,826
  
554,088
Pool # 545938, 5.111% due 11/01/2012
   
646,463
  
673,566
Pool # 555203, 7.00% due 09/01/2032
   
966,669
  
1,025,399
FNMA TBA
            
Pool # 000TBA, 4.50% due 11/01/2019
   
1,835,000
  
1,823,531
Pool # 000TBA, 4.00% due 12/01/2019
   
2,560,000
  
2,483,200
Pool # 000TBA, 4.50% due 11/01/2019
   
1,550,000
  
1,540,796
Pool # 000TBA, 5.00% due 11/01/2019 to 11/01/2034
18,865,000
  
18,779,503
Pool # 000TBA, 5.50% due 11/01/2019 to 11/01/2034
10,635,000
  
10,763,522
FNMA Whole Loan
          
Pool # 2003-W10, 1.623% due 03/25/2032
 
358,609
  
357,965
Pool # 2003-W10, 1.701% due 06/25/2032
   
144,483
  
144,136
FNMA-Aces
            
Pool # 2003-M2, 2.92% due 05/25/2009
   
1,197,510
  
1,163,261
General Growth Properties
          
Pool # 1, 6.537% due 11/15/2004
   
940,000
  
944,506
GMAC Commercial Mortgage Securities Inc.
          
Pool # 2003-C1, 3.337% due 05/10/2036
   
1,101,112
  
1,069,937
Pool # 1999-C1, 5.83% due 05/15/2033
   
427,046
  
442,076
Pool # 1998-C2, 6.15% due 05/15/2035
   
62,274
  
63,249
Gnma Pass-thru X Platinum 30yr
          
Pool # 781690, 6.00% due 12/15/2033
   
2,082,739
  
2,162,633
LB Commercial Conduit Mortgage Trust
          
Pool # 1998-C4, 5.87% due 10/15/2035
   
495,955
  
507,068
LB-UBS Commercial Mortgage Trust
          
Pool # 2003-C3, 2.599% due 05/15/2027
   
355,281
  
348,116
Morgan Stanley Capital I
            
Pool # 2003-IQ4, 3.27% due 05/15/2040
   
965,907
  
934,875
Pool # 1999-WF1, 5.91% due 11/15/2031
   
338,710
  
351,564
Mortgage Capital Funding, Inc.
          
Pool # 1998-MC3, 6.001% due 11/18/2031
   
128,951
  
132,434
Nationslink Funding Corp.
          
Pool # 1998-2, 6.001% due 08/20/2030
   
508,789
  
522,206
Nomura Asset Securities Corp.
          
Pool # 1998-D6, 6.28% due 03/15/2030
   
207,200
  
216,816
Salomon Brothers Mortgage Securities VII
          
Pool # 2001-MMA, 5.3228% due 02/18/2034 (a)
    
44,093
  
44,412
TIAA Real Estate CDO Ltd.
          
Pool # 2001-C1A, 5.77% due 06/19/2016 (a)
    
13,763
  
14,205
Wachovia Bank Commercial Mortgage Trust
          
Pool # 2003-C5, 2.986% due 06/15/2035
   
635,775
  
607,688
Pool # 2004-C10, 3.065% due 02/15/2041
   
711,917
  
701,485
Pool # 2003-C9, 3.291% due 12/15/2035
   
677,749
  
673,715
Pool # 2002-C1, 4.539% due 04/15/2034
   
210,986
  
215,288
             
TOTAL MORTGAGE BACKED SECURITIES (Cost $65,792,915)
      
$ 65,766,505
             
SHORT TERM INVESTMENTS - 21.1%
          
US Government Agency Issues - 20.8%
          
Federal Home Loan Bank Discount Note
          
1.00%
     
25,824,000.00
 
25,823,032
Variable Rate Demand Notes - 0.3%
          
American Family Financial Services Inc.
          
1.4525%
     
161,714
  
161,714
Wisconsin Corporate Central Credit Union
          
1.51%
     
150,291
  
150,291
           
312,005
             
TOTAL SHORT TERM INVESTMENTS (Cost $26,135,037)
      
$ 26,135,037
             
Total Investments (Cost $183,706,747) - 148.3%
        
$ 183,668,204
Liabilities in Excess of Other Assets - (48.3)%
        
$ (59,809,660)
TOTAL NET ASSETS - 100.0%
        
$ 123,858,544
             
             
             
Footnotes
            
Percentages are stated as a percent of net assets.
          
             
(a)
Restricted
          
(b)
Variable Rate
          
(c)
Foreign Issued
          
 

 
     
 


Frontegra IronBridge Small Cap Fund
          
Schedule of Investments
            
             
September 30, 2004 (Unaudited)
         
             
       
Shares or
    
COMMON STOCKS - 94.4%
      
Principal Amount
  
Value
Aerospace & Defense - 4.4%
          
Applied Signal Technology, Inc.
   
95,526
  
3,055,877
Cubic Corp.
     
96,373
  
2,206,942
DRS Technologies, Inc. (a)
      
58,730
  
2,198,851
Orbital Sciences Corp. (a)
      
45,320
  
517,554
           
7,979,224
Auto Components - 1.1%
            
ArvinMeritor, Inc.
     
110,580
  
2,073,375
Automobiles - 0.7%
            
Coachmen Industries, Inc.
     
83,910
  
1,324,100
Biotechnology - 4.5%
            
Biosource International, Inc. (a)
    
15,741
  
110,974
Celgene Corp. (a)
      
13,850
  
806,486
Cell Genesys, Inc. (a)
      
156,942
  
1,407,770
Digene Corp. (a)
      
48,640
  
1,262,694
Exelixis, Inc. (a)
      
102,504
  
826,182
LifeCell Corp. (a)
      
159,402
  
1,594,020
Maxygen Inc. (a)
      
133,669
  
1,321,986
Techne Corp. (a)
      
22,715
  
867,259
           
8,197,371
Capital Markets - 2.4%
            
A.G. Edwards, Inc.
     
65,060
  
2,252,377
Jefferies Group, Inc.
     
60,375
  
2,081,126
           
4,333,503
Chemicals - 5.2%
            
Agrium, Inc. (b)
      
78,490
  
1,393,983
Headwaters Inc. (a)
      
30,535
  
942,310
Lubrizol Corp.
     
80,189
  
2,774,539
Methanex Corp. (b)
      
124,030
  
1,869,132
Symyx Technologies, Inc. (a)
    
105,292
  
2,479,627
           
9,459,591
Commercial Banks - 7.6%
            
BOK Financial Corp. (a)
      
39,669
  
1,769,634
Cathay General Bancorp
     
48,638
  
1,808,847
Community Bank System, Inc.
   
52,175
  
1,311,158
First Bancorp Puerto Rico (b)
      
45,400
  
2,192,820
First Midwest Bancorp, Inc.
     
24,120
  
833,587
Pacific Capital Bancorp
     
76,232
  
2,254,942
Texas Regional Bancshares, Inc. - Class A
   
58,086
  
1,805,894
United Bankshares, Inc.
     
52,755
  
1,827,961
           
13,804,843
Commercial Services & Supplies - 0.9%
          
Angelica Corp.
     
57,420
  
1,428,610
HNI Corp.
     
6,000
  
237,480
           
1,666,090
Communications Equipment - 3.7%
          
Advanced Fibre Communications, Inc. (a)
    
77,490
  
1,232,091
Arris Group Inc. (a)
      
351,553
  
1,835,107
Centillium Communications, Inc. (a)
    
180,930
  
430,613
ParkerVision, Inc. (a)
      
62,423
  
246,571
Tekelec (a)
      
179,961
  
3,001,749
           
6,746,131
Computers & Peripherals - 2.8%
          
Adaptec, Inc. (a)
      
165,040
  
1,254,304
Cray, Inc. (a)
      
491,665
  
1,735,578
Overland Storage, Inc. (a)
      
154,870
  
2,166,631
           
5,156,513
Containers & Packaging - 0.2%
          
Longview Fibre Co.
     
28,200
  
430,050
Electric Utilities - 0.5%
            
Duquesne Light Holdings Inc.
   
49,140
  
882,554
Electrical Equipment - 1.2%
            
American Superconductor Corp. (a)
    
181,197
  
2,250,467
Electronic Equipment & Instruments - 6.8%
          
BEI Technologies, Inc.
     
33,148
  
908,255
Kemet Corp. (a)
      
328,970
  
2,661,368
Newport Corp. (a)
      
238,023
  
2,730,124
OSI Systems, Inc. (a)
      
167,832
  
2,702,095
Trimble Navigation Ltd. (a)
      
106,777
  
3,374,153
           
12,375,995
Energy Equipment & Services - 2.4%
          
Oceaneering International, Inc. (a)
    
62,545
  
2,304,158
TETRA Technologies, Inc. (a)
    
62,965
  
1,955,063
           
4,259,221
Food & Staples Retailing - 1.3%
          
BJ's Wholesale Club, Inc. (a)
      
83,775
  
2,290,409
Food Products - 1.1%
            
Peet's Coffee & Tea Inc. (a)
      
86,235
  
2,017,037
Health Care Equipment & Supplies - 4.7%
          
Analogic Corp.
     
64,546
  
2,690,923
Cholestech Corp. (a)
      
85,565
  
578,419
Intuitive Surgical, Inc. (a)
      
59,585
  
1,474,729
Kensey Nash Corp. (a)
      
46,100
  
1,207,359
Thoratec Corp. (a)
      
71,680
  
689,561
Varian Inc. (a)
      
50,810
  
1,924,175
           
8,565,166
Health Care Providers & Services - 2.8%
          
Cerner Corp. (a)
      
61,335
  
2,653,352
CryoLife, Inc. (a)
      
146,364
  
1,062,603
SFBC International, Inc. (a)
      
51,516
  
1,355,386
           
5,071,341
Household Durables - 1.1%
            
Harman International Industries, Inc.
   
17,910
  
1,929,802
Insurance - 3.4%
            
AmerUs Group Co.
     
53,215
  
2,181,815
Arthur J. Gallagher & Co.
     
65,855
  
2,181,776
Stewart Information Services Corp.
   
43,895
  
1,729,463
           
6,093,054
Internet & Catalog Retail - 0.6%
          
Stamps.com Inc.
     
78,440
  
1,043,252
IT Services - 0.7%
            
CACI International Inc. - Class A (a)
    
24,185
  
1,276,484
Leisure Equipment & Products - 3.6%
          
Callaway Golf Co.
     
123,325
  
1,303,545
Leapfrog Enterprises, Inc. (a)
    
132,275
  
2,678,569
Oakley, Inc.
     
216,275
  
2,573,673
           
6,555,787
Magnetic And Optical Recording Media - 0.6%
          
Drexler Technology Corp. (a)
      
110,153
  
1,009,001
Marine - 2.0%
            
Alexander & Baldwin, Inc.
     
107,155
  
3,636,841
Media - 0.9%
            
Imax Corp. (a)(b)
      
289,041
  
1,627,301
Metals & Mining - 1.2%
            
Commercial Metals Co.
     
56,150
  
2,230,278
Multi-Utilities & Unregulated Power - 1.7%
          
Avista Corp.
     
48,180
  
872,058
Energen Corp.
     
42,695
  
2,200,927
           
3,072,985
Oil & Gas - 1.8%
            
Cabot Oil & Gas Corp.
     
28,085
  
1,261,017
Southwestern Energy Co. (a)
      
47,455
  
1,992,635
           
3,253,652
Paper & Forest Products - 1.3%
          
Wausau-Mosinee Paper Corp.
   
139,757
  
2,326,954
Pharmaceuticals - 1.4%
            
Perrigo Co.
     
126,570
  
2,601,014
Real Estate - 2.0%
            
Corporate Office Properties Trust
   
141,920
  
3,635,990
Road & Rail - 0.9%
            
Knight Transportation, Inc. (a)
    
75,630
  
1,619,995
Semiconductor & Semiconductor Equipment - 3.6%
          
Actel Corp. (a)
      
55,462
  
843,022
Anadigics, Inc. (a)
      
245,642
  
827,814
Applied Micro Circuits Corp. (a)
    
434,385
  
1,359,625
Dupont Photomasks, Inc. (a)
      
77,445
  
1,319,663
Varian Semiconductor Equipment Associates, Inc. (a)
    
70,510
  
2,178,759
           
6,528,883
Software - 3.1%
            
Macrovision Corp. (a)
      
58,310
  
1,404,105
MAPICS, Inc. (a)
      
142,188
  
1,286,801
Mentor Graphics Corp. (a)
      
181,070
  
1,985,433
Sybase, Inc. (a)
      
67,693
  
933,486
           
5,609,825
Specialty Retail - 6.0%
            
Claire's Stores, Inc.
     
79,760
  
1,997,191
Cost Plus, Inc. (a)
      
50,100
  
1,772,538
Jo-Ann Stores, Inc. (a)
      
76,155
  
2,135,386
Men's Wearhouse, Inc. (a)
      
62,680
  
1,820,854
Pacific Sunwear Of California, Inc. (a)
    
104,565
  
2,201,093
Sharper Image Corp. (a)
      
41,709
  
894,658
           
10,821,720
Textiles, Apparel & Luxury Goods - 1.4%
          
Oxford Industries, Inc.
     
19,565
  
728,796
Wolverine World Wide, Inc.
     
69,990
  
1,763,748
           
2,492,544
Thrifts & Mortgage Finance - 2.8%
          
Doral Financial Corp. (b)
      
55,802
  
2,314,109
R&G Financial Corp.
     
72,782
  
2,813,024
           
5,127,133
TOTAL COMMON STOCKS (Cost $158,017,712)
        
$ 171,375,476
             
             
SHORT TERM INVESTMENTS - 5.3%
          
American Family Financial Services Inc.
          
1.4525% due 12/31/2031
   
$ 9,125
 
$ 9,125
Federal Home Loan Bank Discount Note
          
1.00% due 10/01/2004
     
9,650,000
  
9,649,638
Wisconsin Corporate Central Credit Union
          
1.51% due 12/31/2031
     
88,731
  
88,731
TOTAL SHORT TERM INVESTMENTS (Cost $9,747,494)
      
$ 9,747,494
             
Total Investments (Cost $167,765,207) - 99.7%
        
$ 181,122,970
Other Assets in Excess of Liabilities - 0.3%
        
$ 456,685
TOTAL NET ASSETS - 100.0%
          
$ 181,579,655
             
             
             
             
             
             
             
             
             
Footnotes
            
Percentages are stated as a percent of net assets.
          
             
(a)
Non Income Producing
          
(b)
Foreign Issued
          
 

 
     
 



Frontegra New Star International Equity Fund
        
Schedule of Investments
          
             
September 30, 2004 (Unaudited)
         
             
             
COMMON STOCKS - 99.1%
    
Shares
 
Value
Belgium - 1.5%
            
Fortis
     
24,500
  
583,020
China - 0.6%
            
China Petroleum & Chemical Corp. (Sinopec) ADR
   
5,725
235,011
Denmark - 1.6%
            
Danske Bank A/S
     
17,400
  
457,391
Novo-Nordisk A/S - Class B
   
3,700
  
202,550
           
659,941
Finland - 0.8%
            
TietoEnator Oyj
     
11,500
  
333,079
France - 14.8%
            
Alcatel SA (a)
      
30,300
  
354,123
Axa
     
24,500
  
495,688
BNP Paribas SA
     
8,000
  
516,672
Bouygues SA
     
12,000
  
450,101
Lafarge SA
     
6,400
  
559,993
Renault SA
     
6,500
  
531,607
Sanofi-Aventis
     
15,435
  
1,119,513
Sodexho Alliance SA
     
5,300
  
140,209
Total SA
     
4,200
  
855,490
Vinci SA
     
2,773
  
319,093
Vivendi Universal SA (a)
      
24,500
  
627,750
           
5,970,239
Germany - 4.1%
            
Bayerische Motoren Werke (BMW) AG
   
8,100
  
333,495
Celesio AG
     
4,450
  
302,874
Continental AG
     
5,006
  
271,703
Fresenius Medical Care AG
     
3,600
  
275,873
SAP AG (Systeme, Anwendungen, Produkte in der Datenverarbeitung)
2,900
452,026
         
1,635,971
Hong Kong - 3.4%
            
Cheung Kong (Holdings) Ltd.
   
38,000
  
325,274
China Mobile (Hong Kong) Ltd. ADR
   
14,950
228,735
Sun Hung Kai Properties Ltd.
   
19,000
  
179,083
Swire Pacific Ltd. - Class A
     
43,000
  
299,145
Television Broadcasts Ltd.
     
71,000
  
317,759
           
1,349,996
Hungary - 0.9%
            
OTP Bank Rt GDR
     
8,000
  
353,600
India - 0.2%
            
Dr Reddy's Laboratories Ltd. ADR
   
5,500
  
88,660
Isreal - 0.6%
            
Teva Pharmaceutical Industries Ltd. ADR
   
9,000
  
233,550
Italy - 5.2%
            
Eni SPA
     
20,200
  
452,595
Mediaset SPA
     
34,473
  
391,333
SanPaolo IMI SPA
     
26,900
  
303,695
Telecom Italia Mobile SPA (T.I.M.)
   
78,900
  
425,293
UniCredito Italiano SPA
     
100,800
  
508,286
         
2,081,202
Japan - 19.9%
          
Ajinomoto Co., Inc.
     
34,000
  
388,695
EBARA CORP.
     
118,000
  
507,481
KANEKA CORP.
     
58,000
  
569,396
Keyence Corp.
     
2,200
  
462,696
Mitsubishi Corp.
     
45,000
  
486,277
NIPPON OIL CORP.
     
124,000
  
781,926
Nippon Paper Group, Inc.
     
109
  
477,676
Nippon Steel Corp.
     
132,000
  
313,787
NIPPON TELEGRAPH & TELEPHONE CORP. (NIT)
   
91
  
362,464
NISSAN MOTOR CO., LTD.
   
28,800
  
313,569
NTT DoCoMo, Inc.
     
289
  
490,342
OMRON CORP.
     
15,800
  
349,072
Seino Transportation Co., Ltd.
   
44,000
  
393,231
SHIMACHU CO., LTD.
     
15,800
  
381,327
SHOWA SHELL SEKIYU K.K.
   
33,200
  
294,602
SUZUKI MOTOR CORP.
     
30,000
  
490,768
THK Co., Ltd.
     
23,100
  
388,371
Yamaha Motor Co., Ltd.
     
38,000
  
575,784
           
8,027,464
Netherlands - 6.7%
            
ING Groep NV
     
23,200
  
585,509
Koninklijke Ahold NV (a)
      
67,700
  
432,189
Royal Dutch Petroleum Co.
     
21,600
  
1,112,524
Unilever NV
     
3,500
  
201,353
Wolters Kluwer NV
     
21,600
  
363,508
           
2,695,083
Norway - 1.6%
            
Statoil ASA
     
46,200
  
662,304
Singapore - 2.4%
          
DBS Group Holdings Ltd.
     
31,000
  
294,607
Great Eastern Holdings Ltd.
   
25,000
  
173,735
Singapore Press Holdings Ltd.
   
98,500
  
277,316
United Overseas Bank Ltd.
     
29,000
  
235,982
           
981,640
South Korea - 0.4%
            
SK Telecom Co., Ltd. ADR
     
8,810
  
171,354
Spain - 2.8%
          
ACS Actividades de Construccion y Servicios, SA
   
17,300
  
315,208
Banco Bilbao Vizcaya Argentaria, SA
   
34,500
  
474,767
Indra Sistemas, SA
     
24,400
  
324,868
           
1,114,843
Sweden - 4.0%
          
Nordea Bank AB
     
65,000
  
531,235
Securitas AB - Class B
     
24,500
  
326,433
Skandia Forsakrings AB
     
110,000
  
435,153
Telefonaktiebolaget LM Ericsson - Class B (a)
    
100,200
  
311,052
         
1,603,873
Switzerland - 7.0%
            
ABB Ltd. (a)
      
72,400
  
441,810
Nestle SA
     
1,150
  
263,394
Novartis AG
     
18,900
  
880,900
Roche Holding AG
     
5,600
  
578,522
UBS AG
     
4,050
  
285,093
Zurich Financial Services AG
   
2,600
  
370,625
           
2,820,344
Thailand - 1.2%
            
Advanced Info Service Public Co. Ltd.
   
190,000
  
477,007
United Kingdom - 18.3%
            
Aviva plc
     
40,200
  
398,273
Barclays plc
     
48,100
  
461,308
Berkeley Group plc (a)
      
13,800
  
316,642
BHP Billiton plc
     
48,300
  
508,238
BP plc
     
63,400
  
605,176
British Sky Broadcasting Group plc
   
35,500
  
307,865
Cadbury Schweppes plc
     
38,350
  
294,934
EMAP plc
     
28,200
  
384,250
GlaxoSmithKline plc
     
20,550
  
442,888
HSBC Holdings plc
     
67,700
  
1,074,382
Legal & General Group plc
     
261,000
  
468,750
Lloyds TSB Group plc
     
37,000
  
288,904
RMC Group plc
     
35,000
  
538,024
Scottish & Newcastle plc
     
74,600
  
509,596
Shell Transport & Trading Co. plc
   
107,000
  
785,136
           
7,384,366
United States - 1.1%
            
Autoliv, Inc. SDR
     
11,000
  
439,686
TOTAL COMMON STOCKS (Cost $38,692,231)
        
$ 39,902,233
             
Total Investments (Cost $38,692,231) - 99.1%
        
$ 39,902,233
Other Assets in Excess of Liabilities - 0.9%
        
$ 379,188
TOTAL NET ASSETS - 100.0%
        
$ 40,281,421
             
             
             
             
             
             
             
             
             
Footnotes
            
Percentages are stated as a percent of net assets.
          
             
(a)
Non Income Producing
          
 
 

 
     
 


 
Item 2. Controls and Procedures.
 
(a) The Registrant’s Co-Presidents and Treasurer have evaluated the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) as of a date within 90 days of the filing date of this report and have concluded that these controls and procedures are effective.

(b) There was no change in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.


 
Item 3. Exhibits.
 
Separate certifications for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)). 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.


Frontegra Funds, Inc.    

By ____________________________________________
, Co-President

Date ___________________________________________    



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 _____________________________________________    
Thomas J. Holmberg, Co-President

Date____________________________________________

By _____________________________________________   
William D. Forsyth III, Co-President and Treasurer

Date_____________________________________________