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: March 31, 2005
Item 1. Schedule of Investments.

Frontegra Total Return Bond Fund
Schedule of Investments
March 31, 2005 (Unaudited) 
Shares
Value
 
 
U.S. TREASURY OBLIGATIONS 22.9%
 
 
 
 
U.S. Treasury Bonds 8.7%
 
 
$
3,530,000
7.50% due 11/15/2016 
$
4,425,738
 
13,890,000
5.25% due 11/15/2028 to 02/15/2029 
 
14,616,089
 
6,978,000
5.375% due 02/15/2031 
 
7,605,203
 
 
 
 
26,647,030
 
 
U.S. Treasury Notes 13.7%
 
 
 
13,700,000
1.625% due 02/28/2006 
 
13,482,718
 
15,660,000
2.375% due 08/15/2006 
 
15,400,670
 
7,865,000
3.75% due 03/31/2007 (e)
 
7,858,858
 
3,325,000
4.00% due 03/15/2010 
 
3,299,025
 
1,822,000
4.25% due 11/15/2014 
 
1,784,350
 
 
 
 
41,825,621
 
 
U.S. Treasury Strip 0.5%
 
 
 
4,095,000
0.00% due 11/15/2027 
 
1,342,816
 
 
Total U.S. Treasury Obligations
 
 
 
 
(Cost $69,674,905)
 
69,815,467
 
 
U.S. GOVERNMENT AGENCY ISSUES 11.1%
 
 
 
 
Federal And Federally-sponsored Credit Agencies 11.1%
 
 
 
8,255,000
3.25% due 03/17/2006 
 
8,218,084
 
821,000
2.10% due 04/19/2006 
 
806,940
 
1,315,000
2.65% due 04/28/2006 
 
1,299,348
 
12,150,000
3.625% due 03/15/2007 
 
12,067,586
 
11,665,000
3.625% due 02/15/2008 (e)
 
11,496,371
 
 
 
 
33,888,329
 
 
Total U.S. Government Agency Issues
 
 
 
 
(Cost $33,981,713)
 
33,888,329
 
 
FOREIGN GOVERNMENT NOTE/BOND 0.3%
 
 
 
 
General Government 0.3%
 
 
 
889,000
Aid-Israel
 
 
 
 
5.50% due 09/18/2023 (b)
 
940,370
 
 
Total Foreign Government Note/ Bond
 
 
 
 
(Cost $934,579)
 
940,370
 
 
CORPORATE BONDS 23.0%
 
 
 
 
Auto Components 0.5%
 
 
 
694,000
Dana Corp.
 
 
 
 
5.85% due 01/15/2015 (Acquired Multiple Dates; Cost $628,919) (a)
 
611,340
 
325,000
Delphi Corp.
 
 
 
 
6.50% due 08/15/2013 
 
267,107
 
810,000
Visteon Corp.
 
 
 
 
7.00% due 03/10/2014 
 
688,500
 
 
 
 
1,566,947
 
 
Automobiles 0.7%
 
 
 
1,619,000
Ford Motor Co.
 
 
 
 
7.45% due 07/16/2031 
 
1,464,523
 
695,000
General Motors Corp.
 
 
 
 
8.375% due 07/15/2033 
 
594,734
 
 
 
 
2,059,257
 
 
Cable And Other Pay Television Services 0.2%
 
 
 
 
Charter Communications Holdings Capital Corp.
 
 
 
313,000
8.625% due 04/01/2009 
 
241,792
 
339,000
9.625% due 11/15/2009 
 
265,268
 
172,000
11.125% due 01/15/2011 
 
138,890
 
 
 
 
645,950
 
 
Chemicals 0.4%
 
 
 
1,140,000
ICI Wilmington Inc.
 
 
 
 
4.375% due 12/01/2008 
 
1,125,938
 
 
Commercial Banks 0.3%
 
 
 
829,000
Credit Suisse First Boston London
 
 
 
 
7.90% due 05/01/2007 (Acquired 12/17/02; Cost $855,710) (a)(b)
 
883,411
 
 
Consumer Finance 1.5%
 
 
 
1,146,000
American General Finance Corp.
 
 
 
 
3.875% due 10/01/2009 
 
1,100,246
 
855,000
Ford Motor Credit Co.
 
 
 
 
7.00% due 10/01/2013 
 
828,251
 
1,542,000
Household Finance Corp.
 
 
 
 
4.125% due 11/16/2009 
 
1,499,316
 
1,050,000
John Deere Capital Corp.
 
 
 
 
2.85% due 07/11/2005 (c)
 
1,050,781
 
 
 
 
4,478,594
 
 
Diversified Financial Services 2.0%
 
 
 
755,000
Cit Group, Inc.
 
 
 
 
3.65% due 11/23/2007 
 
739,014
 
675,000
Credit Suisse First Boston USA Inc.
 
 
 
 
4.125% due 01/15/2010 
 
654,445
 
1,642,000
General Electric Capital Corp.
 
 
 
 
4.375% due 11/21/2011 
 
1,603,226
 
 
General Motors Acceptance Corp.
 
 
 
695,000
6.75% due 12/01/2014 
 
600,344
 
1,973,000
8.00% due 11/01/2031 
 
1,718,173
 
923,000
Goldman Sachs Group Inc.
 
 
 
 
3.875% due 01/15/2009 
 
898,882
 
 
 
 
6,214,084
 
 
Diversified Telecommunication Services 1.6%
 
 
 
547,000
Bellsouth Corp.
 
 
 
 
4.75% due 11/15/2012 
 
534,144
 
1,001,000
British Telecommunications PLC
 
 
 
 
8.375% due 12/15/2010 (b)
 
1,162,961
 
706,000
Qwest Corp.
 
 
 
 
7.20% due 11/10/2026 
 
638,930
 
1,233,000
SBC Communications
 
 
 
 
4.125% due 09/15/2009 
 
1,199,244
 
780,000
Sprint Capital Corp.
 
 
 
 
8.375% due 03/15/2012 
 
911,584
 
518,000
Telefonos de Mexico, S.A. de C.V.
 
 
 
 
4.50% due 11/19/2008 (b)
 
509,270
 
 
 
 
4,956,133
 
 
Electric Utilities 2.9%
 
 
 
571,000
Alabama Power Co.
 
 
 
 
3.50% due 11/15/2007 
 
559,385
 
952,000
Consumers Energy Co.
 
 
 
 
4.40% due 08/15/2009 
 
934,338
 
711,000
Entergy Gulf States Inc.
 
 
 
 
4.875% due 11/01/2011 
 
700,016
 
636,000
Entergy Louisiana Inc.
 
 
 
 
5.50% due 04/01/2019 
 
621,421
 
933,000
FirstEnergy Corp.
 
 
 
 
6.45% due 11/15/2011 
 
984,357
 
1,155,000
Pacific Gas & Electric Co.
 
 
 
 
3.60% due 03/01/2009 
 
1,111,465
 
443,000
PPL Electric Utilities Corp.
 
 
 
 
5.875% due 08/15/2007 
 
457,244
 
1,708,000
Public Service Co. of Colorado
 
 
 
 
4.375% due 10/01/2008 
 
1,701,113
 
362,000
Southern California Edison Co.
 
 
 
 
8.00% due 02/15/2007 
 
385,461
 
690,000
TXU Corp.
 
 
 
 
6.55% due 11/15/2034 (Acquired 03/22/05; Cost $671,030) (a)
 
654,152
 
833,000
Wisconsin Electric Power Co.
 
 
 
 
3.50% due 12/01/2007 
 
815,940
 
 
 
 
8,924,892
 
 
Electronic Connectors 0.2%
 
 
 
606,000
Tyco International Group SA
 
 
 
 
6.75% due 02/15/2011 (b)
 
656,651
 
 
Food Products 0.2%
 
 
 
508,000
Tyson Foods, Inc.
 
 
 
 
7.25% due 10/01/2006 
 
530,049
 
 
Gas Utilities 1.1%
 
 
 
927,000
Atmos Energy Corp.
 
 
 
 
4.00% due 10/15/2009 
 
892,529
 
663,000
Consolidated Natural Gas Co.
 
 
 
 
5.00% due 12/01/2014 
 
648,267
 
452,000
El Paso Natural Gas Co.
 
 
 
 
8.375% due 06/15/2032 
 
496,630
 
830,000
Texas Eastern Transmission LP
 
 
 
 
5.25% due 07/15/2007 
 
842,880
 
559,000
Transcontinental Gas Pipe Line
 
 
 
 
6.25% due 01/15/2008 
 
570,180
 
 
 
 
3,450,486
 
 
Hotels, Restaurants & Leisure 0.4%
 
 
 
578,000
MGM Mirage Inc.
 
 
 
 
6.00% due 10/01/2009 
 
570,053
 
506,000
Host Marriott LP
 
 
 
 
9.50% due 01/15/2007 
 
533,830
 
 
 
 
1,103,883
 
 
Insurance 2.3%
 
 
 
1,091,000
Allstate Life Global Funding Trust
 
 
 
 
4.25% due 02/26/2010 
 
1,068,370
 
755,000
Hartford Life Global Funding
 
 
 
 
3.18% due 09/15/2009 (c)
 
751,657
 
1,892,000
Met Life Global Funding I
 
 
 
 
4.25% due 07/30/2009 (Acquired 07/19/04; Cost $1,891,054) (a)
 
1,860,901
 
1,273,000
New York Life Global Funding
 
 
 
 
3.875% due 01/15/2009 (Acquired 01/05/04; Cost $1,272,427) (a)
 
1,246,299
 
715,000
Pacific Life Global Funding
 
 
 
 
3.75% due 01/15/2009 (Acquired 01/08/04; Cost $713,291) (a)
 
694,416
 
821,000
Principal Life Income Funding Trust
 
 
 
 
3.20% due 04/01/2009 
 
779,533
 
760,000
Protective Life Secured Trust
 
 
 
 
4.00% due 10/07/2009 
 
738,356
 
 
 
 
7,139,532
 
 
Media 0.5%
 
 
 
1,175,000
Cox Communications Inc.
 
 
 
 
4.625% due 01/15/2010 (Acquired 12/10/04; Cost $1,173,778) (a)
 
1,141,754
 
373,000
Time Warner Inc.
 
 
 
 
7.625% due 04/15/2031 
 
438,188
 
 
 
 
1,579,942
 
 
Metals & Mining 0.2%
 
 
 
408,000
United States Steel Corp.
 
 
 
 
9.75% due 05/15/2010 
 
451,860
 
 
Multi-Utilities & Unregulated Power 3.1%
 
 
 
1,224,437
American Ref-Fuel Co. LLC
 
 
 
 
6.26% due 12/31/2015 (Acquired Multiple Dates; Cost $1,224,437) (a)
 
1,246,807
 
456,000
Calpine Corp.
 
 
 
 
9.625% due 09/30/2014 (Acquired 11/08/04; Cost $441,053) (a)
 
457,140
 
737,000
DTE Energy Co.
 
 
 
 
6.65% due 04/15/2009 
 
786,495
 
1,658,936
Edison Mission Energy Funding
 
 
 
 
7.33% due 09/15/2008 (Acquired Multiple Dates; Cost $1,555,400) (a)
 
1,687,967
 
737,000
Kiowa Power Partners LLC
 
 
 
 
4.811% due 12/30/2013 (Acquired Multiple Dates; Cost $737,810) (a)(b)
 
721,118
 
680,000
Pepco Holdings, Inc.
 
 
 
 
3.75% due 02/15/2006 
 
679,274
 
184,653
PNPP II Funding Corp.
 
 
 
 
8.51% due 11/30/2006 
 
189,334
 
819,000
PSEG Power LLC
 
 
 
 
5.50% due 12/01/2015 
 
823,791
 
1,164,000
Sempra Energy
 
 
 
 
4.621% due 05/17/2007 
 
1,168,614
 
1,547,608
Sithe/Independence Funding
 
 
 
 
8.50% due 06/30/2007 
 
1,596,342
 
 
 
 
9,356,882
 
 
Oil & Gas 1.2%
 
 
 
1,031,000
Devon Energy Corp.
 
 
 
 
2.75% due 08/01/2006 
 
1,008,369
 
482,000
Duke Energy Field Services LLC
 
 
 
 
5.75% due 11/15/2006 
 
492,418
 
983,000
Enterprise Products Operation LP
 
 
 
 
4.00% due 10/15/2007 
 
962,382
 
418,000
Pioneer Natural Resources Co.
 
 
 
 
6.50% due 01/15/2008 
 
437,766
 
685,000
Valero Energy Corp.
 
 
 
 
3.50% due 04/01/2009 
 
652,541
 
 
 
 
3,553,476
 
 
Oil & Gas Exploration & Production Companies 0.1%
 
 
 
335,000
Chesapeake Energy Corp.
 
 
 
 
6.875% due 01/15/2016 
 
338,350
 
 
Paper & Forest Products 0.2%
 
 
 
 
Abitibi-Consolidated Inc.
 
 
 
398,000
8.50% due 08/01/2029 (b)
 
361,185
 
251,000
8.85% due 08/01/2030 (b)
 
235,313
 
 
 
 
596,498
 
 
Real Estate 0.8%
 
 
 
720,000
Liberty Property LP
 
791,698
 
 
7.75% due 04/15/2009 
 
 
 
927,000
Simon Property Group LP
 
 
 
 
4.875% due 08/15/2010 
 
916,631
 
785,000
The Rouse Co.
 
 
 
 
3.625% due 03/15/2009 
 
734,437
 
 
 
 
2,442,766
 
 
Refuse Systems 0.1%
 
 
 
480,000
Allied Waste Industries
 
 
 
 
7.40% due 09/15/2035 
 
393,600
 
 
Road & Rail 0.2%
 
 
 
 
Progress Rail Services Corp.
 
510,000
 
510,000
7.75% due 04/01/2012 (Acquired 03/17/05; Cost $510,000) (a)
 
 
 
 
Special Purpose Entity 1.0%
 
 
 
 
Dow Jones North American High Yield Commodity Index
 
 
 
3,092,000
7.75% due 12/29/2009 
 
3,018,565
 
 
Telephone Communications 0.6%
 
 
 
1,985,000
Telecom Italia Capital
 
 
 
 
4.00% due 01/15/2010 (Acquired 02/14/05; Cost $1,950,686) (a)(b)
 
1,897,698
 
 
Wireless Telecommunication Services 0.7%
 
 
 
762,000
New Cingular Wireless Service
 
 
 
 
7.875% due 03/01/2011 
 
866,693
 
605,000
Nextel Communications, Inc.
 
 
 
 
5.95% due 03/15/2014 
 
601,975
 
 
Rogers Wireless, Inc.
 
 
 
434,000
6.375% due 03/01/2014 (b)
 
420,980
 
312,000
7.50% due 03/15/2015 (b)
 
322,140
 
 
 
 
2,211,788
 
 
Total Corporate Bonds
 
 
 
 
(Cost $71,443,164)
 
70,087,232
 
 
ASSET BACKED SECURITIES 3.0%
 
 
 
1,160,751
American Airlines Inc.
 
 
 
 
3.6725% due 09/23/2007 (c) 
 
1,163,409
 
437,721
CIT Equipment Collateral 
 
 
 
 
2004-VT1, 1.54% due 02/20/2006 
 
436,727
 
1,880,000
Citibank Credit Card Issuance Trust
 
 
 
 
2003-A11, 2.71% due 10/15/2009 (c)
 
1,880,990
 
323,013
Conseco Finance Securitizations Corp.
 
 
 
 
2001-4, 5.15% due 09/01/2033 
 
324,167
 
2,250,000
Ford Credit Auto Owner Trust
 
 
 
 
2005-A, 3.08% due 07/15/2007 
 
2,243,763
 
9,957
Mego Mortgage Home Loan Trust
 
 
 
 
1996-2, 7.275% due 08/25/2017 
 
9,934
 
930,777
Mid-State Trust
 
 
 
 
11, 4.864% due 07/15/2038 
 
890,822
 
627,000
NYC Mortgage Loan Trust
 
 
 
 
1996, 6.75% due 09/25/2019 
 
689,700
 
161,841
SSB RV Trust
 
 
 
 
2001-1, 4.74% due 02/15/2013 
 
161,717
 
 
WFS Financial Owner Trust
 
 
 
1,505,000
2004-4, 2.50% due 12/17/2007 
 
1,496,249
 
 
Total Asset Backed Securities
 
 
 
 
(Cost $9,222,341)
 
9,297,478
 
 
COLLATERALIZED MORTGAGE OBLIGATIONS 0.3%
 
 
 
1,019,000
Commercial Mortgage Pass-Through Certificate
 
 
 
 
Series 2004-CNL, 2.81% due 09/15/2014 (Acquired 09/24/04; Cost $1,019,000) (a)(c)
 
1,020,156
 
 
Total Collateralized Mortgage Obligations
 
 
 
 
(Cost $1,019,000)
 
1,020,156
 
 
MORTGAGE BACKED SECURITIES 48.5%
 
 
 
585,338
Bear Stearns Commercial Mortgage Securities
 
 
 
 
Pool # 2003-T12, 2.96% due 08/13/2039 
 
565,087
 
1,587,245
Capco America Securitization Corp.
 
 
 
 
Pool # 1998-D7, 5.86% due 10/15/2030 
 
1,615,525
 
 
Chase Commercial Mortgage Securities Corp.
 
 
 
227,024
Pool # 1997-2, 6.60% due 12/19/2029 
 
237,369
 
437,230
Commercial Mortgage Asset Trust
 
 
 
 
Pool # 1999-C1, 6.25% due 01/17/2032 
 
441,804
 
 
Commercial Mortgage Pass-Through Certificate
 
 
 
662,234
Pool # 1999-1, 6.145% due 05/15/2032 
 
673,566
 
3,039,222
Pool # 2003-LB1A, 3.251% due 06/10/2038 
 
2,870,269
 
 
Credit Suisse First Boston Mortgage Securities Corp.
 
 
 
486,752
Pool # 1998-C2, 5.96% due 11/15/2030 
 
494,233
 
662,381
Pool # 2003-1, 7.00% due 02/25/2033 
 
674,064
 
16,202
Pool # 2004-C2, 3.819% due 05/15/2036 
 
15,513
 
566,873
Pool # 2003-C3, 2.079% due 05/15/2038 
 
544,820
 
46,558
Deutsche Mortgage Securities, Inc.
 
 
 
 
Pool # 2004-2, 2.82% due 01/25/2034 (c)
 
46,562
 
 
FHLMC
 
 
 
1,317,935
Pool # 2590, 4.00% due 09/15/2009 
 
1,320,131
 
740,798
Pool # 2594, 4.00% due 10/15/2009 
 
742,067
 
900,000
Pool # 2808, 4.00% due 09/15/2012 
 
900,570
 
3,191,000
Pool # 2900, 4.50% due 03/15/2014 
 
3,200,634
 
705,886
Pool # 2598, 2.75% due 02/15/2016 
 
704,533
 
2,592,000
Pool # 2693, 3.00% due 03/15/2019 
 
2,556,023
 
1,601,446
Pool # 2802, 4.50% due 02/15/2020 
 
1,606,740
 
68,821
Pool # 2545, 3.25% due 07/15/2020 
 
68,729
 
1,880,000
Pool # 2640, 2.00% due 04/15/2022 
 
1,823,322
 
2,408,545
Pool # 2692, 3.50% due 01/15/2023 
 
2,379,980
 
4,002,023
Pool # 2893, 4.00% due 04/15/2025 
 
3,953,417
 
 
FHLMC Gold Pool
 
 
 
284,221
Pool # M80779, 5.00% due 11/01/2009 
 
286,493
 
2,108,272
Pool # M80895, 5.00% due 01/01/2011 
 
2,123,999
 
2,540,404
Pool # B14039, 4.00% due 05/01/2014 
 
2,471,905
 
2,594,585
Pool # G11672, 5.00% due 03/01/2015 
 
2,599,548
 
 
FHLMC Remic
 
 
 
2,299,000
Pool # 2890, 3.75% due 12/15/2011 
 
2,272,869
 
830,918
Pool # 2707, 4.00% due 07/15/2014 
 
829,498
 
1,326,551
Pool # 2744, 3.50% due 01/15/2023 
 
1,310,309
 
644,000
Pool # 2905, 4.00% due 10/15/2023 
 
636,109
 
1,666,000
Pool # 2892, 4.00% due 11/15/2023 
 
1,627,947
 
5,911,614
Pool # T-60, 7.00% due 03/25/2044 
 
6,163,124
 
 
FHLMC Structured Pass Through Securities
 
 
 
480,208
Pool # H015, 1.524% due 12/15/2008 
 
474,281
 
 
FHLMC-GNMA
 
 
 
280,749
Pool # 20, 5.50% due 10/25/2023 
 
279,655
 
 
FNMA
 
 
 
1,839
Pool # 1991-26, 8.00% due 04/25/2006 
 
1,864
 
1,505,121
Pool # 2003-16, 4.50% due 11/25/2009 
 
1,508,377
 
1,491,272
Pool # 2004-101, 5.00% due 02/25/2018 
 
1,504,936
 
75,000
Pool # 1994-3, 5.50% due 01/25/2024 
 
76,122
 
 
FNMA Grantor Trust
 
 
 
1,971,205
Pool # 2001-T10, 7.00% due 12/25/2041 
 
2,052,261
 
1,244,892
Pool # 2004-T2, 7.00% due 11/25/2043 
 
1,302,636
 
 
FNMA Pass-thru 
 
 
 
1,734,433
Pool # 387219, 4.125% due 01/01/2010 
 
1,698,387
 
 
FNMA Pass-thru Intermediate 15 Year
 
 
 
3,214,038
Pool # 254865, 4.50% due 09/01/2018 
 
3,148,289
 
 
FNMA Pass-thru Short 10 Year
 
 
 
747,256
Pool # 254659, 4.50% due 02/01/2013 
 
740,477
 
1,412,381
Pool # 768008, 5.00% due 06/01/2013 
 
1,418,203
 
808,615
Pool # 768009, 5.00% due 06/01/2013 
 
811,948
 
1,364,325
Pool # 254806, 4.50% due 07/01/2013 
 
1,360,552
 
778,130
Pool # 763019, 5.00% due 08/01/2013 
 
781,337
 
4,162,883
Pool # 255639, 5.00% due 02/01/2015 
 
4,181,495
 
 
FNMA Pool
 
 
 
1,951,000
Pool # 545938, 5.111% due 11/01/2012 
 
1,980,938
 
1,974,803
Pool # 555148, 4.964% due 01/01/2013 
 
1,989,228
 
889,293
Pool # 254758, 4.50% due 06/01/2013 
 
886,521
 
1,113,080
Pool # 386341, 3.81% due 08/01/2013 
 
1,042,894
 
1,358,050
Pool # 386802, 4.90% due 01/01/2014 
 
1,356,786
 
77,449
Pool # 433043, 6.50% due 06/01/2028 
 
80,684
 
75,301
Pool # 447704, 6.50% due 11/01/2028 
 
78,447
 
36,183
Pool # 448235, 6.50% due 11/01/2028 
 
37,695
 
106,604
Pool # 448635, 6.50% due 11/01/2028 
 
111,058
 
15,276
Pool # 449012, 6.50% due 11/01/2028 
 
15,914
 
56,427
Pool # 487778, 6.50% due 03/01/2029 
 
58,751
 
1,784,431
Pool # 555203, 7.00% due 09/01/2032 
 
1,876,422
 
 
FNMA Remic 
 
 
 
668,000
Pool # 200388, 3.50% due 04/25/2011 
 
660,369
 
634,000
Pool # 200358, 3.50% due 10/25/2021 
 
626,671
 
1,610,000
Pool # 200521, 4.00% due 04/25/2024 
 
1,584,836
 
2,295,000
Pool # 2003W2, 5.50% due 07/25/2042 
 
2,311,578
 
 
FNMA TBA
 
 
 
5,116,000
Pool # 000TBA, 5.00% due 05/01/2019 (d)
 
5,100,012
 
8,581,000
Pool # 000TBA, 6.50% due 04/15/2035 (d)
 
8,902,787
 
9,055,000
Pool # 000TBA, 5.00% due 05/15/2035 (d)
 
8,825,800
 
22,065,000
Pool # 000TBA, 6.00% due 05/15/2035 (d)
 
22,499,416
 
 
FNMA Whole Loan
 
 
 
2,020,402
Pool # 2004-W11, 7.50% due 05/25/2044 
 
2,138,001
 
 
GMAC Commercial Mortgage Securities Inc.
 
 
 
796,390
Pool # 1999-C1, 5.83% due 05/15/2033 
 
810,628
 
808,416
Pool # 2000-C2, 7.273% due 08/16/2033 
 
846,272
 
111,479
Pool # 1998-C2, 6.15% due 05/15/2035 
 
111,618
 
2,389,744
Pool # 2003-C1, 3.337% due 05/10/2036 
 
2,268,587
 
 
GNMA Pool
 
 
 
29,291
Pool # 331001, 8.25% due 07/15/2007 
 
30,515
 
27,467
Pool # 36629, 9.50% due 10/15/2009 
 
29,380
 
1,121,074
LB Commercial Conduit Mortgage Trust
 
 
 
 
Pool # 1998-C4, 5.87% due 10/15/2035 
 
1,131,329
 
826,613
LB-UBS Commercial Mortgage Trust
 
 
 
 
Pool # 2003-C3, 2.599% due 05/15/2027 
 
797,432
 
 
Morgan Stanley Capital I
 
 
 
829,355
Pool # 1999-WF1, 5.91% due 11/15/2031 
 
842,915
 
2,279,602
Pool # 2003-IQ4, 3.27% due 05/15/2040 
 
2,148,719
 
203,313
Mortgage Capital Funding, Inc.
 
 
 
 
Pool # 1998-MC3, 6.001% due 11/18/2031 
 
204,026
 
225,016
Nationslink Funding Corp.
 
 
 
 
Pool # 1998-2, 6.001% due 08/20/2030 
 
226,550
 
949,478
Nomura Asset Acceptance Corp.
 
 
 
 
Pool # 2004-AP3, 2.73% due 10/25/2034 (c)
 
950,015
 
918,646
Nomura Asset Securities Corp.
 
 
 
 
Pool # 1998-D6, 6.28% due 03/15/2030 
 
942,165
 
151,490
Salomon Brothers Mortgage Securities VII
 
 
 
 
Pool # 2000-C2, 7.298% due 07/18/2033 
 
151,241
 
1,105,000
SLMA Note
 
 
 
 
Pool # 2005-3, 2.92% due 4/26/2010 (c)
 
1,104,669
 
39,447
TIAA Real Estate CDO Ltd.
 
 
 
 
Pool # 2001-C1A, 5.77% due 06/19/2016 (Acquired Multiple Dates; Cost $40,414) (a)
 
39,869
 
 
Wachovia Bank Commercial Mortgage Trust
 
 
 
1,107,683
Pool # 2003-C5, 2.986% due 06/15/2035 
 
1,033,448
 
1,572,730
Pool # 2003-C9, 3.291% due 12/15/2035 
 
1,531,440
 
1,693,173
Pool # 2004-C10, 3.065% due 02/15/2041 
 
1,634,422
 
 
Total Mortgage Backed Securities
 
 
 
 
(Cost $149,367,928)
 
148,097,627
 
 
SHORT TERM INVESTMENTS 9.6%
 
 
 
 
Commercial Paper 0.9%
 
 
2,815,000
Citigroup Global Markets Commercial Paper
 
 
 
 
3.00% due 07/13/2005 
 
2,790,838
 
 
US Government Agency Issues 8.5%
 
 
 
8,800,000
Federal National Mortgage Association Discount Note, 2.9550% (e)
 
8,740,768
 
17,312,000
Federal Home Loan Bank Discount Note, 2.4330% (e)
 
17,312,000
 
 
 
 
26,052,768
 
 
Variable Rate Demand Notes (f) 0.2%
 
 
 
342,752
American Family Financial Services Inc., 2.4663%
 
342,752
 
238,510
Wisconsin Corporate Central Credit Union, 2.5200%
 
238,510
 
 
 
 
581,262
 
 
Total Short Term Investments (Cost $29,424,868)
 
29,424,868
 
 
Total Investments (Cost $365,068,498) 118.7%
 
362,571,527
 
 
Liabilities in Excess of Other Assets (18.7)%
 
(57,153,374)
 
 
TOTAL NET ASSETS 100.0%
$
305,418,153
(a)
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities 
 
may be resold in transactions exempt from registration normally to qualified institutional buyers. 
 
The total value of these securites amounted to $14,673,028 (4.8% of net assets) at March 31, 2005.
(b)
Foreign Issued Security
(c)
Adjustable Rate
(d)
When-issued security
(e)
Security marked as segregated to cover when-issued security. 
(f)
Variable rate demand notes are considered short-term obligations and are payable upon demand.
 
Interest rates change periodically on specified dates. The rates listed are as of March 31, 2005.
 
For certain fedreral tax information, as well as information regarding securities valuation and other 
 
significant accounting policies, please refer to the footnotes to the Fund's most recent semi-annual
 
or annual report.
 
Frontegra Investment Grade Bond Fund
Schedule of Investments
March 31, 2005 (Unaudited) 
Shares
Value
 
 
U.S. TREASURY OBLIGATIONS 22.8%
 
 
 
 
U.S. Treasury Bonds 8.8%
 
 
$
1,055,000
7.50% due 11/15/2016 (e)
$
1,322,706
 
4,010,000
5.25% due 11/15/2028 to 02/15/2029 
 
4,219,621
 
2,406,000
5.375% due 02/15/2031 
 
2,622,258
 
 
 
 
8,164,585
 
 
U.S. Treasury Notes 13.6%
 
 
 
3,975,000
1.625% due 02/28/2006 
 
3,911,956
 
4,540,000
2.375% due 08/15/2006 
 
4,464,818
 
2,270,000
3.75% due 03/31/2007 
 
2,268,227
 
545,000
3.375% due 02/15/2008 
 
536,825
 
620,000
4.00% due 03/15/2010 
 
615,157
 
868,000
4.25% due 11/15/2014 
 
850,064
 
 
 
 
12,647,047
 
 
U.S. Treasury Strip 0.4%
 
 
 
1,070,000
0.00% due 11/15/2027 
 
350,870
 
 
Total U.S. Treasury Obligations
 
 
 
 
(Cost $21,133,856)
 
21,162,502
 
 
U.S. GOVERNMENT AGENCY ISSUES 10.9%
 
 
 
 
Federal And Federally-sponsored Credit Agencies 10.9%
 
 
 
2,375,000
3.25% due 03/17/2006 (e)
 
2,364,379
 
283,000
2.10% due 04/19/2006 
 
278,153
 
380,000
2.65% due 04/28/2006 
 
375,477
 
702,000
2.20% due 07/28/2006 
 
687,145
 
3,230,000
3.625% due 03/15/2007 (e)
 
3,208,091
 
3,235,000
3.625% due 02/15/2008 (e)
 
3,188,235
 
 
 
 
10,101,480
 
 
Total U.S. Government Agency Issues
 
 
 
 
(Cost $10,137,594)
 
10,101,480
 
 
FOREIGN GOVERNMENT NOTE/BOND 0.4%
 
 
 
 
General Government 0.4%
 
 
 
251,000
Aid-Israel
 
 
 
 
5.50% due 09/18/2023 (b)
 
265,504
 
 
Total Foreign Government Note/ Bond
 
 
 
 
(Cost $263,869)
 
265,504
 
 
CORPORATE BONDS 18.9%
 
 
 
 
Automobiles 0.4%
 
 
 
 
Ford Motor Co.
 
 
 
430,000
7.45% due 07/16/2031 
 
388,972
 
 
Chemicals 0.3%
 
 
 
317,000
ICI Wilmington Inc.
 
 
 
 
4.375% due 12/01/2008 
 
313,090
 
 
Commercial Banks 0.4%
 
 
 
217,000
Credit Suisse First Boston London
 
 
 
 
7.90% due 05/01/2007 (Acquired 04/17/02; Cost $222,252) (a)(b)
 
231,243
 
117,000
U.S. Bank, N.A.
 
 
 
 
2.87% due 02/01/2007 
 
114,678
 
 
 
 
345,921
 
 
Consumer Finance 1.2%
 
 
 
351,000
American General Finance Corp.
 
 
 
 
3.875% due 10/01/2009 
 
336,986
 
105,000
Ford Motor Credit Co.
 
 
 
 
7.00% due 10/01/2013 
 
101,715
 
430,000
Household Finance Corp.
 
 
 
 
4.125% due 11/16/2009 
 
418,097
 
300,000
John Deere Capital Corp.
 
 
 
 
2.85% due 07/11/2005 (c)
 
300,223
 
 
 
 
1,157,021
 
 
Diversified Financial Services 1.7%
 
 
 
222,000
Cit Group, Inc.
 
 
 
 
3.65% due 11/23/2007 
 
217,299
 
229,000
Credit Suisse First Boston USA Inc.
 
 
 
 
4.125% due 01/15/2010 
 
222,027
 
484,000
General Electric Capital Corp.
 
 
 
 
4.375% due 11/21/2011 
 
472,571
 
404,000
General Motors Acceptance Corp.
 
 
 
 
8.00% due 11/01/2031 
 
351,820
 
278,000
Goldman Sachs Group Inc.
 
 
 
 
3.875% due 01/15/2009 
 
270,736
 
 
 
 
1,534,453
 
 
Diversified Telecommunication Services 1.5%
 
 
 
166,000
Bellsouth Corp.
 
 
 
 
4.75% due 11/15/2012 
 
162,098
 
299,000
British Telecommunications PLC
 
 
 
 
8.375% due 12/15/2010 (b)
 
347,378
 
375,000
SBC Communications
 
 
 
 
4.125% due 09/15/2009 
 
364,734
 
348,000
Sprint Capital Corp.
 
 
 
 
8.375% due 03/15/2012 
 
406,707
 
157,000
Telefonos de Mexico, S.A. de C.V.
 
 
 
 
4.50% due 11/19/2008 (b)
 
154,354
 
 
 
 
1,435,271
 
 
Electric Utilities 3.4%
 
 
 
291,000
Consumers Energy Co.
 
 
 
 
4.40% due 08/15/2009 
 
285,601
 
322,000
Entergy Arkansas Inc.
 
 
 
 
5.00% due 07/01/2018 
 
302,681
 
117,000
Entergy Gulf States Inc.
 
 
 
 
4.875% due 11/01/2011 
 
115,192
 
140,000
Entergy Mississippi Inc.
 
 
 
 
4.95% due 06/01/2018 
 
132,282
 
286,000
Georgia Power Company
 
 
 
 
4.875% due 07/15/2007 
 
290,302
 
321,000
Pacific Gas & Electric Co.
 
 
 
 
3.60% due 03/01/2009 
 
308,901
 
132,000
PPL Electric Utilities Corp.
 
 
 
 
5.875% due 08/15/2007 
 
136,244
 
504,000
Public Service Co. of Colorado
 
 
 
 
4.375% due 10/01/2008 
 
501,968
 
311,000
Public Service Electric & Gas Co.
 
 
 
 
4.00% due 11/01/2008 
 
305,300
 
 
Southern California Edison Co.
 
 
 
235,000
2.93% due 01/13/2006 (c)
 
235,399
 
274,000
8.00% due 02/15/2007 
 
291,758
 
246,000
Wisconsin Electric Power Co.
 
 
 
 
3.50% due 12/01/2007 
 
240,962
 
 
 
 
3,146,590
 
 
Electronic Connectors 0.2%
 
 
 
186,000
Tyco International Group SA
 
 
 
 
6.75% due 02/15/2011 (b)
 
201,546
 
 
Gas Utilities 0.4%
 
 
 
283,000
Atmos Energy Corp.
 
 
 
 
4.00% due 10/15/2009 
 
272,476
 
140,000
Texas Eastern Transmission LP
 
 
 
 
5.25% due 07/15/2007 
 
142,173
 
 
 
 
414,649
 
 
Insurance 2.7%
 
 
 
304,000
Allstate Life Global Funding Trust
 
 
 
 
4.25% due 02/26/2010 
 
297,694
 
226,000
Hartford Life Global Funding
 
 
 
 
3.18% due 09/15/2009 (c)
 
224,999
 
586,000
Met Life Global Funding I
 
 
 
 
4.25% due 07/30/2009 (Acquired 07/19/04; Cost $585,707) (a)
 
576,368
 
351,000
New York Life Global Funding
 
 
 
 
3.875% due 01/15/2009 (Acquired 01/05/04; Cost $350,842) (a)
 
343,638
 
209,000
Pacific Life Global Funding
 
 
 
 
3.75% due 01/15/2009 (Acquired 01/08/04; Cost $208,500) (a)
 
202,983
 
514,000
Principal Life Income Funding Trust
 
 
 
 
3.20% due 04/01/2009 
 
488,039
 
399,000
Protective Life Secured Trust
 
 
 
 
4.00% due 10/07/2009 
 
387,637
 
 
 
 
2,521,358
 
 
Media 0.8%
 
 
 
357,000
Cox Communications Inc.
 
 
 
 
4.625% due 01/15/2010 (Acquired 12/10/04; Cost $356,629) (a)
 
346,899
 
113,000
Time Warner Inc.
 
 
 
 
7.625% due 04/15/2031 
 
132,749
 
270,000
Viacom Inc.
 
 
 
 
7.70% due 07/30/2010 
 
301,836
 
 
 
 
781,484
 
 
Multi-Utilities & Unregulated Power 2.7%
 
 
 
366,545
American Ref-Fuel Co. LLC
 
 
 
 
6.26% due 12/31/2015 (Acquired Multiple Dates; Cost $366,545) (a)
 
373,242
 
557,000
Dominion Resources Inc.
 
 
 
 
3.66% due 11/15/2006 
 
552,649
 
235,000
DTE Energy Co.
 
 
 
 
6.65% due 04/15/2009 
 
250,782
 
258,000
Duke Energy Corp.
 
 
 
 
3.75% due 03/05/2008 
 
253,096
 
484,000
Kiowa Power Partners LLC
 
 
 
 
4.811% due 12/30/2013 (Acquired 11/22/04; Cost $486,045) (a)(b)
 
473,570
 
225,000
PSEG Power LLC
 
 
 
 
5.50% due 12/01/2015 
 
226,316
 
335,000
Sempra Energy
 
 
 
 
4.621% due 05/17/2007 
 
336,328
 
 
 
 
2,465,983
 
 
Oil & Gas 0.9%
 
 
 
327,000
Devon Energy Corp.
 
 
 
 
2.75% due 08/01/2006 
 
319,822
 
258,000
Pioneer Natural Resources Co.
 
 
 
 
6.50% due 01/15/2008 
 
270,200
 
258,000
Valero Energy Corp.
 
 
 
 
3.50% due 04/01/2009 
 
245,775
 
 
 
 
835,797
 
 
Real Estate 0.5%
 
 
 
246,000
ERP Operating LP
 
 
 
 
4.75% due 06/15/2009 
 
246,085
 
169,000
Liberty Property LP
 
 
 
 
7.75% due 04/15/2009 
 
185,829
 
 
 
 
431,914
 
 
Real Estate Investment Trust 0.3%
 
 
 
299,000
Simon Property Group LP
 
 
 
 
4.875% due 08/15/2010 
 
295,655
 
 
Refined Petroleum Pipelines 0.6%
 
 
 
498,000
Northern Border Pipeline Co.
 
 
 
 
6.25% due 05/01/2007 
 
515,687
 
 
Telephone Communications 0.6%
 
 
 
555,000
Telecom Italia Capital
 
 
 
 
4.00% due 01/15/2010 (Acquired 02/14/05; Cost $545,406) (a)(b)
 
530,591
 
 
Wireless Telecommunication Services 0.3%
 
 
 
211,000
New Cingular Wireless Service
 
 
 
 
7.875% due 03/01/2011 
 
239,990
 
 
Total Corporate Bonds
 
 
 
 
(Cost $17,959,383)
 
17,555,972
 
 
ASSET BACKED SECURITIES 5.7%
 
 
 
369,970
American Airlines Inc.
 
 
 
 
3.6725% due 03/23/2009 
 
370,817
 
 
Burlington North Santa Fe
 
 
 
71,089
6.96% due 03/22/2009 
 
75,102
 
612,000
4.575% due 01/15/2021 
 
595,365
 
440,949
California Infrastructure PG&E-1
 
 
 
 
1997-1, 6.42% due 09/25/2008 
 
450,400
 
125,480
CIT Equipment Collateral 
 
 
 
 
2004-VT1, 1.54% due 02/20/2006 
 
125,195
 
540,000
Citibank Credit Card Issuance Trust
 
 
 
 
2003-A11, 2.71% due 10/15/2009 (c)
 
540,284
 
 
Conseco Finance Securitizations Corp.
 
 
 
42,555
2001-3, 5.16% due 05/01/2020 
 
42,658
 
36,049
2001-4, 5.15% due 07/01/2032 
 
36,178
 
645,000
Ford Credit Auto Owner Trust
 
 
 
 
2005-A, 3.08% due 07/15/2007 
 
643,212
 
155,472
Keystone Owner Trust
 
 
 
 
1998-P1, 7.53% due 05/25/2025 
 
158,729
 
313,159
Mid-State Trust
 
 
 
 
11, 4.864% due 07/15/2038 
 
299,717
 
188,000
NYC Mortgage Loan Trust
 
 
 
 
1996, 6.75% due 09/25/2019 
 
206,800
 
 
Oakwood Mortgage Investors Inc.
 
 
 
459,976
1995-A, 7.70% due 09/15/2020 
 
468,240
 
32,053
1996-A, 6.60% due 05/15/2021 
 
32,340
 
434,243
PF Export Receivables Master Trust
 
 
 
 
3.748% due 06/01/2013 (Acquired Multiple Dates; Cost $434,766) (a)
 
410,994
 
39,283
SSB RV Trust
 
 
 
 
2001-1, 4.74% due 02/15/2013 
 
39,253
 
330,434
Union Pacific Corp.
 
 
 
 
2004-1, 5.404% due 07/02/2025 
 
331,062
 
435,000
WFS Financial Owner Trust
 
 
 
 
2004-4, 2.50% due 12/17/2007 
 
432,471
 
 
Total Asset Backed Securities
 
 
 
 
(Cost $5,348,506)
 
5,258,817
 
 
COLLATERALIZED MORTGAGE OBLIGATIONS 0.3%
 
 
 
303,000
Commercial Mortgage Pass-Through Certificate
 
 
 
 
Series 2004-CNL, 2.81% due 09/15/2014 (Acquired 09/24/04; Cost $303,000) (a)(c)
 
303,344
 
 
Total Collateralized Mortgage Obligations
 
 
 
 
(Cost $303,000)
 
303,344
 
 
MORTGAGE BACKED SECURITIES 50.7%
 
 
 
184,665
Bear Stearns Commercial Mortgage Securities
 
 
 
 
Pool # 2003-T12, 2.96% due 08/13/2039 
 
178,276
 
277,963
Capco America Securitization Corp.
 
 
 
 
Pool # 1998-D7, 5.86% due 10/15/2030 
 
282,915
 
334,298
Commercial Mortgage Asset Trust
 
 
 
 
Pool # 1999-C1, 6.25% due 01/17/2032 
 
337,795
 
 
Commercial Mortgage Pass-Through Certificate
 
 
 
221,142
Pool # 1999-1, 6.145% due 05/15/2032 
 
224,926
 
986,473
Pool # 2003-LB1A, 3.251% due 06/10/2038 
 
931,634
 
 
Credit Suisse First Boston Mortgage Securities Corp.
 
 
 
272,515
Pool # 1998-C2, 5.96% due 11/15/2030 
 
276,703
 
217,299
Pool # 2003-1, 7.00% due 02/25/2033 
 
221,132
 
5,219
Pool # 2004-C2, 3.819% due 05/15/2036 
 
4,997
 
166,471
Pool # 2003-C3, 2.079% due 05/15/2038 
 
159,994
 
3,725
Pool # 1998-C1, 6.26% due 05/17/2040 
 
3,736
 
14,257
Deutsche Mortgage Securities, Inc.
 
 
 
 
Pool # 2004-2, 2.82% due 01/25/2034 (c)
 
14,258
 
 
FHLMC
 
 
 
63,095
Pool # 25, 6.50% due 12/25/2008 
 
64,809
 
452,121
Pool # 2590, 4.00% due 09/15/2009 
 
452,875
 
254,035
Pool # 2594, 4.00% due 10/15/2009 
 
254,470
 
278,000
Pool # 2808, 4.00% due 09/15/2012 
 
278,176
 
585,000
Pool # 2775, 3.00% due 11/15/2013 
 
570,888
 
947,000
Pool # 2900, 4.50% due 03/15/2014 
 
949,859
 
218,280
Pool # 2598, 2.75% due 02/15/2016 
 
217,862
 
766,000
Pool # 2693, 3.00% due 03/15/2019 
 
755,368
 
480,234
Pool # 2802, 4.50% due 02/15/2020 
 
481,821
 
22,429
Pool # 2545, 3.25% due 07/15/2020 
 
22,400
 
561,000
Pool # 2640, 2.00% due 04/15/2022 
 
544,087
 
710,288
Pool # 2692, 3.50% due 01/15/2023 
 
701,864
 
382,534
Pool # 2744, 3.50% due 01/15/2023 
 
377,850
 
1,150,465
Pool # 2893, 4.00% due 04/15/2025 
 
1,136,492
 
 
FHLMC Gold Pool
 
 
 
601,885
Pool # M80895, 5.00% due 01/01/2011 
 
606,376
 
765,725
Pool # B14039, 4.00% due 05/01/2014 
 
745,078
 
686,947
Pool # G11672, 5.00% due 03/01/2015 
 
688,261
 
 
FHLMC Remic
 
 
 
669,000
Pool # 2890, 3.75% due 12/15/2011 
 
661,396
 
233,862
Pool # 2707, 4.00% due 07/15/2014 
 
233,462
 
172,000
Pool # 2905, 4.00% due 10/15/2023 
 
169,893
 
480,000
Pool # 2892, 4.00% due 11/15/2023 
 
469,036
 
1,678,355
Pool # T-60, 7.00% due 03/25/2044 
 
1,749,761
 
166,207
FHLMC Structured Pass Through Securities
 
 
 
 
Pool # H015, 1.524% due 12/15/2008 
 
164,156
 
 
First Union Commercial Mortgage Trust
 
 
 
112,074
Pool # 1999-C1, 5.73% due 10/15/2035 
 
113,203
 
 
FNMA
 
 
 
500,379
Pool # 2003-16, 4.50% due 11/25/2009 
 
501,462
 
441,370
Pool # 2004-101, 5.00% due 02/25/2018 
 
445,414
 
511,540
Pool # 2004-64, 5.00% due 03/25/2034 
 
513,517
 
 
FMNA Grantor Trust
 
 
 
563,595
Pool # 2001-T10, 7.00% due 12/25/2041 
 
586,770
 
399,696
Pool # 2004-T2, 7.00% due 11/25/2043 
 
418,236
 
544,482
FNMA Pass-thru
 
 
 
 
Pool # 387219, 4.125% due 01/01/2010 
 
533,167
 
929,510
FNMA Pass-thru Intermediate 15 Year
 
 
 
 
Pool # 254865, 4.50% due 09/01/2018 
 
910,495
 
 
FNMA Pass-thru Short 10 Year
 
 
 
197,446
Pool # 254659, 4.50% due 02/01/2013 
 
195,655
 
430,633
Pool # 768008, 5.00% due 06/01/2013 
 
432,409
 
246,321
Pool # 768009, 5.00% due 06/01/2013 
 
247,336
 
396,468
Pool # 254806, 4.50% due 07/01/2013 
 
395,371
 
235,289
Pool # 763019, 5.00% due 08/01/2013 
 
236,259
 
1,112,573
Pool # 255639, 5.00% due 02/01/2015 
 
1,117,547
 
 
FNMA Pool
 
 
 
1,419,000
Pool # 385537, 4.745% due 11/01/2012 
 
1,393,002
 
516,559
Pool # 545938, 5.111% due 11/01/2012 
 
524,485
 
565,516
Pool # 555148, 4.964% due 01/01/2013 
 
569,647
 
259,337
Pool # 254758, 4.50% due 06/01/2013 
 
258,528
 
348,764
Pool # 386341, 3.81% due 08/01/2013 
 
326,772
 
430,070
Pool # 386802, 4.90% due 01/01/2014 
 
429,670
 
621,446
Pool # 555203, 7.00% due 09/01/2032 
 
653,483
 
 
FNMA Remic
 
 
 
198,000
Pool # 200388, 3.50% due 04/25/2011 
 
195,738
 
176,000
Pool # 200358, 3.50% due 10/25/2021 
 
173,966
 
495,000
Pool # 200521, 4.00% due 04/25/2024 
 
487,263
 
 
FNMA TBA
 
 
 
1,969,000
Pool # 000TBA, 5.00% due 05/15/2020 (d)
 
1,962,847
 
2,735,000
Pool # 000TBA, 6.50% due 04/15/2035 (d)
 
2,837,562
 
2,570,000
Pool # 000TBA, 5.00% due 05/15/2035 (d)
 
2,504,948
 
6,540,000
Pool # 000TBA, 6.00% due 05/15/2035 (d)
 
6,668,760
 
 
FNMA Whole Loan
 
 
 
670,000
Pool # 2003-W2, 5.50% due 07/25/2042 
 
674,840
 
584,356
Pool # 2004-W11, 7.50% due 05/25/2044 
 
618,369
 
1,243
FNMA-Aces
 
 
 
 
Pool # 2003-M2, 2.92% due 05/25/2009 
 
1,243
 
 
GMAC Commercial Mortgage Securities Inc.
 
 
 
250,327
Pool # 1999-C1, 5.83% due 05/15/2033 
 
254,803
 
15,167
Pool # 1998-C2, 6.15% due 05/15/2035 
 
15,186
 
862,077
Pool # 2003-C1, 3.337% due 05/10/2036 
 
818,370
 
333,864
LB Commercial Conduit Mortgage Trust
 
 
 
 
Pool # 1998-C4, 5.87% due 10/15/2035 
 
336,918
 
268,508
LB-UBS Commercial Mortgage Trust
 
 
 
 
Pool # 2003-C3, 2.599% due 05/15/2027 
 
259,029
 
 
Morgan Stanley Capital I
 
 
 
207,614
Pool # 1999-WF1, 5.91% due 11/15/2031 
 
211,008
 
737,739
Pool # 2003-IQ4, 3.27% due 05/15/2040 
 
695,382
 
35,830
Mortgage Capital Funding, Inc.
 
 
 
 
Pool # 1998-MC3, 6.001% due 11/18/2031 
 
35,956
 
118,291
Nationslink Funding Corp.
 
 
 
 
Pool # 1998-2, 6.001% due 08/20/2030 
 
119,097
 
288,542
Nomura Asset Acceptance Corp.
 
 
 
 
Pool # 2004-AP3, 2.73% due 10/25/2034 (c)
 
288,705
 
139,227
Nomura Asset Securities Corp.
 
 
 
 
Pool # 1998-D6, 6.28% due 03/15/2030 
 
142,791
 
335,000
SLMA Note
 
 
 
 
Pool # 2005-3, 2.92% due 4/26/2010 (c)
 
334,899
 
4,330
TIAA Real Estate CDO Ltd.
 
 
 
 
Pool # 2001-C1A, 5.77% due 06/19/2016 (Acquired 11/15/01; Cost $4,437) (a)
 
4,377
 
 
Wachovia Bank Commercial Mortgage Trust
 
 
 
137,837
Pool # 2002-C1, 4.539% due 04/15/2034 
 
138,572
 
499,443
Pool # 2003-C5, 2.986% due 06/15/2035 
 
465,971
 
508,514
Pool # 2003-C9, 3.291% due 12/15/2035 
 
495,164
 
548,817
Pool # 2004-C10, 3.065% due 02/15/2041 
 
529,774
 
 
Total Mortgage Backed Securities
 
 
 
 
(Cost $47,447,123)
 
47,006,572
 
 
SHORT TERM INVESTMENTS 8.0%
 
 
 
 
Commercial Paper 0.9%
 
 
 
810,000
Citigroup Global Markets Commercial Paper
 
 
 
 
3.00% due 07/13/2005 
 
803,048
 
 
US Government Agency Issues 6.3%
 
 
 
1,560,000
Federal National Mortgage Association Discount Note, 2.9550% 
 
1,549,500
 
4,295,000
Federal Home Loan Bank Discount Note, 2.4330% (e)
 
4,295,000
 
 
 
 
5,844,500
 
 
Variable Rate Demand Notes (f) 0.8%
 
 
 
654,555
American Family Financial Services Inc., 2.4663%
 
654,555
 
104,203
Wisconsin Corporate Central Credit Union, 2.5200%
 
104,203
 
 
 
 
758,758
 
 
Total Short Term Investments
 
 
 
 
(Cost $7,406,306)
 
7,406,306
 
 
Total Investments 117.7%
 
 
 
 
(Cost $109,999,637)
 
109,060,497
 
 
Liabilities in Excess of Other Assets (17.7)%
 
(16,405,344)
 
 
TOTAL NET ASSETS 100.0%
$
92,655,153
(a)
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities 
 
may be resold in transactions exempt from registration normally to qualified institutional buyers. 
 
The total value of these securites amounted to $3,797,249 (4.1% of net assets) at March 31, 2005.
(b)
Foreign Issued Security
(c)
Adjustable Rate
(d)
When-issued security
(e)
Security marked as segregated to cover when-issued security. The balance of when-issued
 
securities was collaterized by cash.
(f)
Variable rate demand notes are considered short-term obligations and are payable upon demand.
 
Interest rates change periodically on specified dates. The rates listed are as of March 31, 2005.
 
For certain fedreral tax information, as well as information regarding securities valuation and other 
 
significant accounting policies, please refer to the footnotes to the Fund's most recent semi-annual
 
or annual report.

Frontegra IronBridge Small Cap Fund
Schedule of Investments
March 31, 2005 (Unaudited) 
Shares
Value
 
 
COMMON STOCKS 96.3%
 
 
 
 
 
Aerospace & Defense 6.0%
 
 
 
125,249
 
Applied Signal Technology, Inc. 
$
2,868,202
 
145,508
 
Cubic Corp. 
 
2,755,922
 
59,730
 
DRS Technologies, Inc. (a)
 
2,538,525
 
163,185
 
Mercury Computer Systems, Inc. (a)
 
4,500,642
 
339,124
 
Orbital Sciences Corp. (a)
 
3,282,720
 
 
 
 
 
15,946,011
 
 
 
Auto Components 1.0%
 
 
 
165,330
 
ArvinMeritor, Inc. 
 
2,557,655
 
 
 
Automobiles 0.4%
 
 
 
73,195
 
Coachmen Industries, Inc. 
 
995,452
 
 
 
Biotechnology 4.0%
 
 
 
142,659
 
Cell Genesys, Inc. (a)
 
646,245
 
49,440
 
Digene Corp. (a)
 
1,025,880
 
195,228
 
Exelixis, Inc. (a)
 
1,323,646
 
247,864
 
LifeCell Corp. (a)
 
2,205,989
 
144,688
 
Ligand Pharmaceuticals Inc. - Class B (a)
 
829,062
 
229,620
 
Maxygen Inc. (a)
 
1,970,140
 
68,015
 
Techne Corp. (a)
 
2,732,843
 
 
 
 
 
10,733,805
 
 
 
Capital Markets 2.8%
 
 
 
78,460
 
A.G. Edwards, Inc. 
 
3,515,008
 
104,648
 
Jefferies Group, Inc. 
 
3,943,137
 
 
 
 
 
7,458,145
 
 
 
Chemicals 7.1%
 
 
 
199,048
 
Agrium, Inc. (b)
 
3,632,626
 
41,635
 
Headwaters Inc. (a)
 
1,366,461
 
130,575
 
Lubrizol Corp. 
 
5,306,568
 
239,342
 
Methanex Corp. (b)
 
4,650,415
 
189,864
 
Symyx Technologies, Inc. (a)
 
4,186,501
 
 
 
 
 
19,142,571
 
 
 
Commercial Banks 7.8%
 
 
 
50,415
 
BOK Financial Corp. (a)
 
2,050,882
 
81,043
 
Cathay General Bancorp 
 
2,552,855
 
89,045
 
Community Bank System, Inc. 
 
2,040,021
 
58,729
 
First Bancorp Puerto Rico (b)
 
2,481,300
 
72,055
 
First Midwest Bancorp, Inc. 
 
2,340,346
 
123,182
 
Pacific Capital Bancorp 
 
3,668,360
 
93,786
 
Texas Regional Bancshares, Inc. - Class A 
 
2,823,897
 
90,135
 
United Bankshares, Inc. 
 
2,987,074
 
 
 
 
 
20,944,735
 
 
 
Commercial Services & Supplies 1.2%
 
 
 
74,305
 
HNI Corp. 
 
3,340,010
 
 
 
Communications Equipment 3.5%
 
 
 
622,411
 
Arris Group Inc. (a)
 
4,300,860
 
244,826
 
Tekelec (a)
 
3,902,527
 
59,980
 
ViaSat, Inc. (a)
 
1,121,026
 
 
 
 
 
9,324,413
 
 
 
Computers & Peripherals 3.7%
 
 
 
246,970
 
Adaptec, Inc. (a)
 
1,182,986
 
31,645
 
Avid Technology, Inc. (a)
 
1,712,627
 
680,265
 
Cray, Inc. (a)
 
1,734,676
 
161,135
 
Overland Storage, Inc. (a)
 
2,365,462
 
122,055
 
Synaptics Inc. (a)
 
2,831,676
 
 
 
 
 
9,827,427
 
 
 
Consumer Finance 0.5%
 
 
 
45,445
 
CompuCredit Corp. (a)
 
1,209,746
 
 
 
Containers & Packaging 1.2%
 
 
 
165,370
 
Longview Fibre Co. 
 
3,102,341
 
 
 
Electrical Equipment 1.2%
 
 
 
324,526
 
American Superconductor Corp. (a)
 
3,238,769
 
 
 
Electronic Equipment & Instruments 7.9%
 
 
 
334,299
 
Aeroflex Inc. (a)
 
3,119,010
 
50,747
 
BEI Technologies, Inc. 
 
1,216,406
 
475,771
 
Kemet Corp. (a)
 
3,687,225
 
179,691
 
Newport Corp. (a)
 
2,603,722
 
194,552
 
OSI Systems, Inc. (a)
 
3,406,605
 
100,978
 
Rofin-Sinar Technologies, Inc. (a)
 
3,245,433
 
112,060
 
Trimble Navigation Ltd. (a)
 
3,788,749
 
 
 
 
 
21,067,150
 
 
 
Energy Equipment & Services 2.8%
 
 
 
108,441
 
Oceaneering International, Inc. (a)
 
4,066,537
 
120,588
 
TETRA Technologies, Inc. (a)
 
3,429,523
 
 
 
 
 
7,496,060
 
 
 
Food & Staples Retailing 1.7%
 
 
 
149,554
 
BJ's Wholesale Club, Inc. (a)
 
4,645,147
 
 
 
Food Products 1.3%
 
 
 
144,788
 
Peet's Coffee & Tea Inc. (a)
 
3,569,024
 
 
 
Health Care Equipment & Supplies 6.4%
 
 
 
94,287
 
Analogic Corp. 
 
4,077,913
 
60,320
 
Intuitive Surgical, Inc. (a)
 
2,742,750
 
94,234
 
Kensey Nash Corp. (a)
 
2,551,857
 
48,422
 
Respironics, Inc. (a)
 
2,821,550
 
180,478
 
Thoratec Corp. (a)
 
2,205,441
 
69,630
 
Varian Inc. (a)
 
2,638,281
 
 
 
 
 
17,037,792
 
 
 
Health Care Providers & Services 2.5%
 
 
 
92,360
 
Cerner Corp. (a)
 
4,849,824
 
173,080
 
CryoLife, Inc. (a)
 
1,071,365
 
22,629
 
SFBC International, Inc. (a)
 
797,446
 
 
 
 
 
6,718,635
 
 
 
Industrial Conglomerates 0.4%
 
 
 
57,004
 
Raven Industries, Inc. 
 
1,164,022
 
 
 
Insurance 2.1%
 
 
 
75,933
 
AmerUs Group Co. 
 
3,587,834
 
54,348
 
Stewart Information Services Corp. 
 
2,039,137
 
 
 
 
 
5,626,971
 
 
 
Internet & Catalog Retail 0.2%
 
 
 
25,274
 
Stamps.com Inc. (a)
 
419,548
 
 
 
IT Services 0.5%
 
 
 
23,900
 
CACI International Inc. - Class A (a)
 
1,319,997
 
 
 
Leisure Equipment & Products 3.5%
 
 
 
160,040
 
Callaway Golf Co. 
 
2,048,512
 
306,685
 
Leapfrog Enterprises, Inc. (a)
 
3,480,875
 
306,500
 
Oakley, Inc. 
 
3,929,330
 
 
 
 
 
9,458,717
 
 
 
Magnetic And Optical Recording Media 0.2%
 
 
 
131,910
 
LaserCard Corp. (a)
 
656,912
 
 
 
Marine 1.5%
 
 
 
98,130
 
Alexander & Baldwin, Inc. 
 
4,042,956
 
 
 
Media 0.7%
 
 
 
212,544
 
Imax Corp. (a)(b)
 
1,963,907
 
 
 
Metals & Mining 1.2%
 
 
 
90,826
 
Commercial Metals Co. 
 
3,078,093
 
 
 
Multi-Utilities & Unregulated Power 2.6%
 
 
 
72,660
 
Avista Corp. 
 
1,271,550
 
749,820
 
Calpine Corp. (a)
 
2,099,496
 
53,495
 
Energen Corp. 
 
3,562,767
 
 
 
 
 
6,933,813
 
 
 
Oil & Gas 2.4%
 
 
 
44,485
 
Cabot Oil & Gas Corp. 
 
2,453,348
 
71,555
 
Southwestern Energy Co. (a)
 
4,061,462
 
 
 
 
 
6,514,810
 
 
 
Paper & Forest Products 1.1%
 
 
 
214,257
 
Wausau-Mosinee Paper Corp. 
 
3,029,594
 
 
 
Pharmaceuticals 1.4%
 
 
 
202,190
 
Perrigo Co. 
 
3,871,938
 
 
 
Real Estate 1.7%
 
 
 
175,648
 
Corporate Office Properties Trust 
 
4,651,159
 
 
 
Road & Rail 1.0%
 
 
 
106,130
 
Knight Transportation, Inc. 
 
2,618,227
 
 
 
Semiconductor & Semiconductor Equipment 2.8%
 
 
 
114,565
 
Actel Corp. (a)
 
1,762,010
 
299,963
 
Anadigics, Inc. (a)
 
431,947
 
550,312
 
Applied Micro Circuits Corp. (a)
 
1,810,526
 
95,136
 
Varian Semiconductor Equipment Associates, Inc. (a)
 
3,616,119
 
 
 
 
 
7,620,602
 
 
 
Software 1.0%
 
 
 
84,110
 
Macrovision Corp. (a)
 
1,916,867
 
58,870
 
MapInfo Corp. (a)
 
708,795
 
 
 
 
 
2,625,662
 
 
 
Specialty Retail 4.1%
 
 
 
80,850
 
Cost Plus, Inc. (a)
 
2,173,248
 
80,923
 
Men's Wearhouse, Inc. (a)
 
3,415,760
 
146,065
 
Pacific Sunwear Of California, Inc. (a)
 
4,086,898
 
88,800
 
Payless Shoesource, Inc. (a)
 
1,402,152
 
 
 
 
 
11,078,058
 
 
 
Textiles, Apparel & Luxury Goods 3.6%
 
 
 
93,194
 
Oxford Industries, Inc. 
 
3,409,968
 
190,435
 
Russell Corp. 
 
3,443,065
 
125,685
 
Wolverine World Wide, Inc. 
 
2,693,430
 
 
 
 
 
9,546,463
 
 
 
Thrifts & Mortgage Finance 1.3%
 
 
 
61,587
 
Doral Financial Corp. (b)
 
1,348,139
 
69,586
 
R&G Financial Corp. - Class B 
 
2,168,996
 
 
 
 
 
3,517,135
 
 
 
Total Common Stocks (Cost $245,815,306)
 
258,093,472
 
Principal 
 
SHORT TERM INVESTMENTS 3.9%
 
 
 
Amount
 
 
 
 
 
 
 
US Government Agency Issues 3.8%
 
 
$
10,047,000
 
Federal Home Loan Bank Discount Note, 2.433%
$
10,047,000
 
 
 
Variable Rate Demand Notes (c) 0.1%
 
 
 
189,308
 
American Family Financial Services Inc., 2.4663%
 
189,308
 
128,279
 
Wisconsin Corporate Central Credit Union, 2.5200%
 
128,279
 
 
 
 
 
317,587
 
 
 
Total Short Term Investments 
 
10,364,587
 
 
 
(cost $10,364,587)
 
 
 
 
 
Total Investments 100.2%
 
268,458,059
 
 
 
(cost $256,179,893)
 
 
 
 
 
Liabilities, less Other Assets (0.2)%
 
(589,902)
 
 
 
TOTAL NET ASSETS 100.0%
$
267,868,157
(a)
Non Income Producing
(b)
Foreign Issued
(c)
Variable rate demand notes are considered short-term obligations and are payable upon demand.
 
Interest rates change periodically on specified dates. The rates listed are as of March 31, 2005.
 
For certain fedreral tax information, as well as information regarding securities valuation and other 
 
significant accounting policies, please refer to the footnotes to the Fund's most recent semi-annual
 
or annual report.

Frontegra New Star International Equity Fund
Schedule of Investments
March 31, 2005 (Unaudited) 
Shares
Value
 
COMMON STOCKS 92.3%
 
 
 
Australia 1.1%
 
 
45,000
Westfield Group 
$
563,218
44,192
Woodside Petroleum Ltd. 
 
830,169
 
 
 
1,393,387
 
Belgium 1.0%
 
 
44,600
Fortis 
 
1,270,899
 
China 1.2%
 
 
1,048,000
China Petroleum & Chemical Corp. (Sinopec) - Class H 
 
423,269
25,745
China Petroleum & Chemical Corp. (Sinopec) ADR 
 
1,049,623
 
 
 
1,472,892
 
Denmark 1.6%
 
 
29,700
Danske Bank A/S 
 
861,555
19,800
Novo-Nordisk A/S - Class B 
 
1,102,239
 
 
 
1,963,794
 
Finland 0.4%
 
 
14,181
TietoEnator Oyj 
 
484,803
 
France 11.4%
 
 
96,300
Alcatel SA (a)
 
1,168,559
70,000
Axa 
 
1,864,912
14,900
Bouygues SA 
 
590,707
36,996
CapGemini SA (a)
 
1,290,196
13,300
Lafarge SA 
 
1,288,015
29,134
Sanofi-Aventis 
 
2,456,948
26,500
Sodexho Alliance SA 
 
883,276
9,800
Total SA 
 
2,293,252
8,573
Vinci SA 
 
1,235,908
44,000
Vivendi Universal SA (a)
 
1,347,922
 
 
 
14,419,695
 
Germany 6.5%
 
 
15,100
Bayerische Motoren Werke (BMW) AG 
 
684,966
15,550
Celesio AG 
 
1,266,014
59,000
Deutsche Telekom AG (a)
 
1,178,700
15,000
E.ON AG 
 
1,285,409
10,200
Fresenius Medical Care AG 
 
826,473
32,500
Metro AG 
 
1,744,766
7,800
SAP AG (Systeme, Anwendungen, 
 
1,251,883
 
Produkte in der Datenverarbeitung)
 
8,238,211
 
Greece 0.9%
 
 
9,205
Alpha Bank A.E. 
 
310,990
45,000
Cosmote Mobile Telecommunications SA 
 
794,581
 
 
 
1,105,571
 
Hong Kong 3.9%
 
 
121,000
Cheung Kong (Holdings) Ltd. 
 
1,074,359
35,964
China Mobile (Hong Kong) Ltd. ADR 
 
590,169
1,788,000
Guangdong Investment Ltd. 
 
533,009
127,000
Sun Hung Kai Properties Ltd. 
 
1,152,059
187,000
Television Broadcasts Ltd. 
 
942,277
188,000
Wharf Holdings Ltd. 
 
594,182
 
 
 
4,886,055
 
Hungary 0.6%
 
 
10,345
OTP Bank Rt GDR 
 
734,495
 
India 0.3%
 
 
25,500
Dr Reddy's Laboratories Ltd. ADR 
 
437,070
 
Israel 0.7%
 
 
30,000
Teva Pharmaceutical Industries Ltd. ADR 
 
930,000
 
Italy 3.2%
 
 
58,200
Eni SPA 
 
1,511,306
92,130
Mediaset SPA 
 
1,325,783
214,000
UniCredito Italiano SPA 
 
1,256,784
 
 
 
4,093,873
 
Japan 20.1%
 
 
110,000
Aeon Co. Ltd. 
 
1,858,215
99,000
Ajinomoto Co., Inc. 
 
1,207,891
249,000
EBARA CORP. 
 
1,103,260
162,000
KANEKA CORP. 
 
1,789,170
6,300
Keyence Corp. 
 
1,459,745
167,000
Mitsui & Co., Ltd. 
 
1,540,628
35,600
Murata Manufacturing Co., Ltd. 
 
1,909,426
167,000
NIPPON OIL CORP. 
 
1,185,458
254
Nippon Paper Group, Inc. 
 
1,172,800
448,000
Nippon Steel Corp. 
 
1,132,484
175,500
NISSAN MOTOR CO., LTD. 
 
1,799,118
1,446
NTT DoCoMo, Inc. 
 
2,427,872
67,800
OMRON CORP. 
 
1,479,894
55,000
Seino Transportation Co., Ltd. 
 
539,714
22,800
SHIMACHU CO., LTD. 
 
595,495
91,200
SHOWA SHELL SEKIYU K.K. 
 
884,735
54,000
SUZUKI MOTOR CORP. 
 
966,112
17,000
TAKEFUJI CORP. 
 
1,144,909
56,900
THK Co., Ltd. 
 
1,149,093
 
 
 
25,346,019
 
Netherlands 6.9%
 
 
55,000
ASML Holding NV (a)
 
929,085
59,800
ING Groep NV 
 
1,806,366
136,700
Koninklijke Ahold NV (a)
 
1,144,853
41,000
Royal Dutch Petroleum Co. 
 
2,451,442
13,400
Unilever NV 
 
912,037
80,600
Wolters Kluwer NV 
 
1,472,294
 
 
 
8,716,077
 
Russia 0.8%
 
 
13,000
Autoliv, Inc. SDR 
 
620,457
12,800
Mobile TeleSystems SP, ADR 
 
450,432
 
 
 
1,070,889
 
Singapore 2.2%
 
 
62,000
DBS Group Holdings Ltd. 
 
559,641
94,000
Great Eastern Holdings Ltd. 
 
797,238
220,500
Singapore Press Holdings Ltd. 
 
609,123
87,000
United Overseas Bank Ltd. 
 
758,951
 
 
 
2,724,953
 
Spain 2.1%
 
 
28,800
ACS Actividades de Construccion y Servicios, SA 
 
713,139
70,800
Banco Bilbao Vizcaya Argentaria, SA 
 
1,152,847
43,406
Indra Sistemas, SA 
 
778,815
 
 
 
2,644,801
 
Sweden 1.9%
 
 
79,000
Securitas AB - Class B 
 
1,262,409
225,000
Skandia Forsakrings AB 
 
1,142,278
 
 
 
2,404,687
 
Switzerland 6.7%
 
 
3,350
Nestle SA 
 
916,322
49,100
Novartis AG 
 
2,290,020
27,200
Roche Holding AG 
 
2,914,611
10,050
UBS AG 
 
848,420
8,100
Zurich Financial Services AG 
 
1,421,088
 
 
 
8,390,461
 
Taiwan 0.5%
 
 
66,953
Taiwan Semiconductor Mfg Ltd ADR 
 
567,761
 
Thailand 0.9%
 
 
345,000
Advanced Info Service Public Co. Ltd. 
 
818,808
292,000
Shin Corp.
 
292,485
 
 
 
1,111,293
 
United Kingdom 17.4%
 
 
31,000
AstraZeneca plc 
 
1,221,727
98,200
Aviva plc 
 
1,178,103
120,100
Barclays plc 
 
1,227,548
11,618
Berkeley Group Holdings plc 
 
177,903
67,300
BHP Billiton plc 
 
904,030
256,000
Compass Group plc 
 
1,168,033
76,000
EMAP plc 
 
1,191,763
263,000
EMI Group plc 
 
1,173,885
99,900
GlaxoSmithKline plc 
 
2,289,414
169,700
HSBC Holdings plc 
 
2,683,524
527,000
Legal & General Group plc 
 
1,127,579
80,000
Marconi Corp plc (a)
 
814,661
182,000
Rolls-Royce Group plc 
 
838,995
9,100,000
Rolls-Royce Group plc - Class B 
 
17,192
178,600
Scottish & Newcastle plc 
 
1,553,850
190,000
Shell Transport & Trading Co. plc 
 
1,705,082
67,000
Standard Chartered plc 
 
1,205,063
132,100
WPP Group plc 
 
1,503,689
 
 
 
21,982,041
 
Total Common Stocks (Cost $109,496,268)
 
116,389,727
 
Total Investments (Cost $109,496,268) - 92.3%
 
116,389,727
 
Other Assets in Excess of Liabilities - 7.7%
 
9,703,777
 
TOTAL NET ASSETS - 100.0%
$
126,093,504
(a)   Non Income Producing
 
 
ADR  American Depositary Receipt
 
 
SDR  Swedish Depositary Receipt
 
 
For certain fedreral tax information, as well as information regarding securities valuation and other 
significant accounting policies, please refer to the footnotes to the Fund's most recent semi-annual
or annual report.

Frontegra IronBridge SMID Fund
Schedule of Investments
March 31, 2005 (Unaudited) 
Shares
Value
 
COMMON STOCKS 92.6%
 
 
 
Aerospace & Defense 4.0%
 
 
5,400
Applied Signal Technology, Inc. 
$
123,660
20,500
Cubic Corp. 
 
388,270
3,900
L-3 Communications Holdings, Inc. 
 
276,978
18,434
Mercury Computer Systems, Inc. (a)
 
508,410
 
 
 
1,297,318
 
Auto Components 1.0%
 
 
21,500
ArvinMeritor, Inc. 
 
332,605
 
Biotechnology 1.9%
 
 
7,200
Celgene Corp. (a)
 
245,160
3,000
Cephalon, Inc. (a)
 
140,490
13,400
Ligand Pharmaceuticals Inc. - Class B (a)
 
76,782
18,000
Millennium Pharmaceuticals, Inc. (a)
 
151,560
 
 
 
613,992
 
Capital Markets 4.2%
 
 
4,600
Affiliated Managers Group, Inc. (a)
 
285,338
9,800
A.G. Edwards, Inc. 
 
439,040
7,300
Jefferies Group, Inc. 
 
275,064
3,500
The Bear Stearns Companies Inc. 
 
349,650
 
 
 
1,349,092
 
Chemicals 6.4%
 
 
17,343
Agrium Inc. (b)
 
316,510
6,700
Headwaters Inc. (a)
 
219,894
23,900
Methanex Corp. (b)
 
464,377
20,554
Symyx Technologies, Inc. (a)
 
453,215
14,909
The Lubrizol Corp. 
 
605,902
 
 
 
2,059,898
 
Commercial Banks 4.9%
 
 
12,000
AmSouth Bancorporation 
 
311,400
6,500
Compass Bancshares, Inc. 
 
295,100
9,000
First Bancorp Puerto Rico (b)
 
380,250
13,200
North Fork Bancorporation, Inc. 
 
366,168
3,500
UnionBanCal Corp. 
 
214,375
 
 
 
1,567,293
 
Communications Equipment 4.6%
 
 
44,600
Arris Group Inc. (a)
 
308,186
8,400
Harris Corp. 
 
274,260
17,300
Tekelec (a)
 
275,762
21,100
Tellabs, Inc. (a)
 
154,030
900
UTStarcom, Inc. (a)
 
9,855
24,279
ViaSat, Inc. (a)
 
453,775
 
 
 
1,475,868
 
Computers & Peripherals 3.0%
 
 
84,800
Cray, Inc. (a)
 
216,240
7,000
Diebold, Inc. 
 
383,950
16,065
Synaptics Inc. (a)
 
372,708
 
 
 
972,898
 
Containers & Packaging 1.4%
 
 
4,400
AptarGroup, Inc. 
 
228,712
7,095
Bemis Co., Inc. 
 
220,796
 
 
 
449,508
 
Distributors 1.2%
 
 
8,965
Genuine Parts Co. 
 
389,888
 
Electric Utilities 1.2%
 
 
21,600
Duquesne Light Holdings Inc. 
 
387,072
 
Electrical Equipment 2.6%
 
 
18,195
American Power Conversion Corp. 
 
475,071
36,200
American Superconductor Corp. (a)
 
361,276
 
 
 
836,347
 
Electronic Equipment & Instruments 2.5%
 
 
5,200
BEI Technologies, Inc. 
 
124,644
18,600
Newport Corp. (a)
 
269,514
11,660
Trimble Navigation Ltd. (a)
 
394,225
 
 
 
788,383
 
Energy Equipment & Services 0.6%
 
 
2,800
Precision Drilling Corp. (a)(b)
 
209,048
 
Food & Staples Retailing 1.9%
 
 
19,500
BJ's Wholesale Club, Inc. (a)
 
605,670
 
Food Products 4.0%
 
 
7,000
Hormel Foods Corp. 
 
217,770
5,800
McCormick & Co., Inc. 
 
199,694
9,000
The J.M. Smucker Co. 
 
452,700
6,500
Wm. Wrigley Jr. Co. 
 
426,205
 
 
 
1,296,369
 
Health Care Equipment & Supplies 6.2%
 
 
10,367
Analogic Corp. 
 
448,373
3,450
Beckman Coulter, Inc. 
 
229,252
4,900
Becton, Dickinson & Co. 
 
286,258
6,600
Intuitive Surgical, Inc. (a)
 
300,102
5,200
Respironics, Inc. (a)
 
303,004
18,600
Thoratec Corp. (a)
 
227,292
5,200
Varian Inc. (a)
 
197,028
 
 
 
1,991,309
 
Health Care Providers & Services 3.1%
 
 
9,000
Cerner Corp. (a)
 
472,590
5,400
LifePoint Hospitals, Inc. (a)
 
236,736
7,600
McKesson Corp. 
 
286,900
 
 
 
996,226
 
Household Durables 1.4%
 
 
5,190
Harman International Industries, Inc. 
 
459,107
 
Insurance 2.3%
 
 
3,700
Ambac Financial Group, Inc. 
 
276,575
5,450
Fidelity National Financial, Inc. 
 
179,523
6,000
Jefferson-Pilot Corp. 
 
294,300
 
 
 
750,398
 
IT Services 1.9%
 
 
5,500
CACI International Inc. - Class A (a)
 
303,765
8,500
SunGard Data Systems Inc. (a)
 
293,250
 
 
 
597,015
 
Leisure Equipment & Products 3.3%
 
 
14,600
Callaway Golf Co. 
 
186,880
36,000
Leapfrog Enterprises, Inc. (a)
 
408,600
36,537
Oakley, Inc. 
 
468,404
 
 
 
1,063,884
 
Marine 1.4%
 
 
11,100
Alexander & Baldwin, Inc. 
 
457,320
 
Metals & Mining 0.5%
 
 
3,750
Inco Ltd. (a)(b)
 
149,250
 
Multi-Utilities & Unregulated Power 1.7%
 
 
87,070
Calpine Corp. (a)
 
243,796
4,400
Energen Corp. 
 
293,040
 
 
 
536,836
 
Natural Gas Transmission 0.9%
 
 
11,800
TransCanada Corp. (b)
 
291,460
 
Oil & Gas 4.0%
 
 
3,900
Burlington Resources Inc. 
 
195,273
5,200
Cabot Oil & Gas Corp. 
 
286,780
12,700
Chesapeake Energy Corp. 
 
278,638
2,700
Kerr-McGee Corp. 
 
211,491
6,650
Teekay Shipping Corp. (b)
 
298,918
 
 
 
1,271,100
 
Paper & Forest Products 2.1%
 
 
8,465
Georgia-Pacific Corp. 
 
300,423
27,205
Wausau-Mosinee Paper Corp. 
 
384,679
 
 
 
685,102
 
Pharmaceuticals 1.6%
 
 
4,500
Barr Pharmaceuticals Inc. (a)
 
219,735
14,890
Perrigo Co. 
 
285,144
 
 
 
504,879
 
Real Estate 5.6%
 
 
16,900
Corporate Office Properties Trust 
 
447,512
5,300
Kimco Realty Corp. 
 
285,670
12,340
ProLogis 
 
457,814
9,100
The St. Joe Co. 
 
612,430
 
 
 
1,803,426
 
Road & Rail 0.7%
 
 
6,005
Norfolk Southern Corp. 
 
222,485
 
Savings Institutions, Federally Chartered 1.0%
 
 
9,777
TD Banknorth, Inc. (a)
 
305,433
 
Semiconductor & Semiconductor Equipment 2.0%
 
 
8,800
ATI Technologies Inc. (a)(b)
 
151,888
6,700
Actel Corp. (a)
 
103,046
10,207
Varian Semiconductor Equipment Associates, Inc. (a)
 
387,968
 
 
 
642,902
 
Software 1.9%
 
 
13,700
Macrovision Corp. (a)
 
312,223
21,000
Mentor Graphics Corp. (a)
 
287,700
 
 
 
599,923
 
Specialty Retail 4.4%
 
 
2,600
Advance Auto Parts, Inc. (a)
 
131,170
600
Cost Plus, Inc. (a)
 
16,128
9,560
Limited Brands, Inc. 
 
232,308
16,810
Pacific Sunwear Of California, Inc. (a)
 
470,344
10,000
Payless ShoeSource, Inc. (a)
 
157,900
9,430
The Men's Wearhouse, Inc. (a)
 
398,040
 
 
 
1,405,890
 
Textiles, Apparel & Luxury Goods 1.2%
 
 
9,500
Liz Claiborne, Inc. 
 
381,235
 
Total Common Stocks (Cost $30,349,936)
 
29,746,429
Principal 
SHORT TERM INVESTMENTS 3.9%
 
 
Amount
US Government Agency Issues 3.6%
 
 
$1,135,000
Federal Home Loan Bank Discount Note, 2.433%
 
1,135,000
 
Variable Rate Demand Notes (c) 0.3%
 
 
77,264
American Family Financial Services Inc., 2.4663%
 
77,264
24,466
Wisconsin Corporate Central Credit Union, 2.5200%
 
24,466
 
 
 
101,730
 
Total Short Term Investments 
 
1,236,730
 
(cost $1,236,730)
 
 
 
Total Investments 96.5%
 
30,983,159
 
(cost $31,586,666)
 
 
 
Other Assets in Excess of Liabilities - 3.5%
 
1,125,306
 
TOTAL NET ASSETS 100.0%
$
32,108,465
(a)  Non Income Producing
 
 
(b)  Foreign Issued
 
 
 
(c)   Variable rate demand notes are considered short-term obligations and are payable upon demand.
Interest rates change periodically on specified dates. The rates listed are as of March 31, 2005.
For certain fedreral tax information, as well as information regarding securities valuation and other 
significant accounting policies, please refer to the footnotes to the Fund's most recent semi-annual
or annual report.

 
Item 2. 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-Q, the Registrant’s Co-Presidents and Treasurer 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 Registrant's last fiscal quarter that have materially affected, or are 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 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: /s/   Thomas J. Holmberg, Jr.
 Thomas J. Holmberg, Jr., Co-President
(Principal Executive Officer)
Date: May 31, 2005
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/   Thomas J. Holmberg, Jr.
    Thomas J. Holmberg, Jr., Co-President
(Principal Executive Officer)
Date: May 31, 2005
By: /s/ William D. Forsyth III
William D. Forsyth III, Co-President and Treasurer
(Principal Executive and Financial Officer)
Date: May 31, 2005