N-Q 1 frontegra_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS Quarterly Notice of Portfolio Holdings




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, 2006



Date of reporting period: September 30, 2005
 



 
 
Item 1. Schedule of Investments.

 
Frontegra Total Return Bond Fund
Schedule of Investments
September 30, 2005 (Unaudited)
         
 
           
               
 
Principal
           
 
Amount
       
Value
 
     
U.S. TREASURY OBLIGATIONS 18.8%
     
     
U.S. Treasury Bonds 7.6%
       
$
4,680,000
 
6.250%, 08/15/2023
 
$
5,596,073
 
 
7,315,000
 
5.250%, 02/15/2029
   
7,974,206
 
 
9,340,000
 
5.375%, 02/15/2031
   
10,463,714
 
           
24,033,993
 
     
U.S. Treasury Notes 11.2%
       
 
3,950,000
 
3.875%, 07/15/2010
   
3,889,980
 
 
10,245,000
 
3.875%, 09/15/2010
   
10,100,125
 
 
21,440,000
 
4.250%, 08/15/2015
   
21,306,000
 
           
35,296,105
 
     
Total U.S. Treasury Obligations
   
59,330,098
 
     
(Cost $59,773,355)
       
               
     
U.S. GOVERNMENT AGENCY ISSUES (g) 6.8%
     
 
11,000,000
 
5.500%, 02/15/2006 (e)
   
11,059,664
 
 
821,000
 
2.100%, 04/19/2006 (e)
   
811,521
 
 
1,315,000
 
2.650%, 04/28/2006 (e)
   
1,303,156
 
 
4,820,000
 
2.850%, 05/24/2006 (e)
   
4,776,398
 
 
3,720,000
 
4.375%, 10/15/2015
   
3,637,368
 
     
Total U.S. Government Agency Issues
   
21,588,107
 
     
(Cost $21,675,569)
       
               
     
FOREIGN GOVERNMENT NOTES/BONDS 1.1%
     
     
Aid-Egypt
       
 
1,435,000
 
4.450%, 09/15/2015 (b)
   
1,413,446
 
     
Aid-Israel
       
 
1,864,000
 
5.500%, 09/18/2023 (b)
   
1,989,792
 
     
Total Foreign Government Notes/Bonds
   
3,403,238
 
     
(Cost $3,421,454)
       
               
     
CORPORATE BONDS 24.1%
       
     
Auto Components - 0.5%
       
     
Dana Corp.
       
 
830,000
 
5.850%, 01/15/2015
   
651,037
 
     
Delphi Corp.
       
 
1,025,000
 
6.500%, 08/15/2013
   
686,750
 
     
Lear Corp.
       
 
215,000
 
5.750%, 08/01/2014
   
179,525
 
           
1,517,312
 
     
Automobiles 0.8%
       
     
Daimler Chrysler NA Holdings
       
 
750,000
 
4.875%, 06/15/2010
   
735,014
 
     
Ford Motor Co.
       
 
1,809,000
 
7.450%, 07/16/2031
   
1,411,020
 
     
General Motors Corp.
       
 
660,000
 
8.375%, 07/15/2033
   
514,800
 
           
2,660,834
 
     
Chemicals 0.5%
       
     
ICI Wilmington Inc.
       
 
1,565,000
 
4.375%, 12/01/2008
   
1,538,591
 
               
     
Commercial Banks 0.5%
       
     
Credit Suisse First Boston London
       
 
829,000
 
7.900%, 05/01/2007 (Acquired 12/17/2002, Cost $849,629) (a)
 
867,114
 
     
Suntrust Bank
       
 
660,000
 
4.550%, 05/25/2009
   
644,604
 
           
1,511,718
 
     
Consumer Finance 2.4%
       
     
American General Finance Corp.
       
 
1,250,000
 
4.875%, 07/15/2012
   
1,232,466
 
     
Ford Motor Credit Co.
       
 
1,540,000
 
5.700%, 01/15/2010
   
1,398,953
 
     
International Lease Finance Corp.
       
 
1,070,000
 
4.875%, 09/01/2010
   
1,064,763
 
 
715,000
 
5.000%, 09/15/2012
   
705,556
 
     
Residential Capital Corp.
       
 
3,190,000
 
6.375%, 06/30/2010 (Acquired Multiple Dates, Cost $3,208,607) (a)
 
3,231,722
 
           
7,633,460
 
     
Diversified Financial Services 0.7%
       
     
General Motors Acceptance Corp.
       
 
885,000
 
6.875%, 09/15/2011
   
805,007
 
 
880,000
 
6.750%, 12/01/2014
   
765,463
 
 
660,000
 
8.000%, 11/01/2031
   
576,292
 
           
2,146,762
 
     
Diversified Telecommunication Services 2.8%
     
     
AT&T Corp.
       
 
1,950,000
 
8.050%, 11/15/2011
   
2,196,188
 
     
Bellsouth Corp.
       
 
547,000
 
4.750%, 11/15/2012
   
539,580
 
     
British Telecommunications PLC
       
 
1,001,000
 
8.375%, 12/15/2010 (b)
   
1,159,012
 
     
Qwest Corp.
       
 
706,000
 
7.200%, 11/10/2026
   
631,870
 
     
SBC Communications, Inc.
       
 
1,180,000
 
6.250%, 03/15/2011
   
1,253,081
 
     
Sprint Capital Corp.
       
 
1,185,000
 
8.375%, 03/15/2012
   
1,394,553
 
     
Telecom Italia Capital
       
 
1,045,000
 
4.875%, 10/01/2010 (b)
   
1,035,022
 
     
Telefonos de Mexico, S.A. de C.V.
       
 
518,000
 
4.500%, 11/19/2008 (b)
   
511,306
 
           
8,720,612
 
     
Electric Utilities 3.7%
       
     
American Electric Power, Inc.
       
 
540,000
 
4.709%, 08/16/2007
   
539,263
 
     
Appalachian Power Co.
       
 
365,000
 
4.400%, 06/01/2010
   
357,256
 
     
CenterPoint Energy, Inc.
       
 
1,120,000
 
7.250%, 09/01/2010
   
1,216,000
 
     
Consumers Energy Co.
       
 
952,000
 
4.400%, 08/15/2009
   
934,601
 
 
360,000
 
5.800%, 09/15/2035
   
354,009
 
     
Entergy Gulf States Inc.
       
 
711,000
 
4.875%, 11/01/2011
   
679,924
 
     
Entergy Louisiana Inc.
       
 
636,000
 
5.500%, 04/01/2019
   
602,643
 
     
Exelon Corp.
       
 
1,375,000
 
4.450%, 06/15/2010
   
1,331,103
 
     
FirstEnergy Corp.
       
 
933,000
 
6.450%, 11/15/2011
   
993,426
 
     
Florida Power Corp.
       
 
855,000
 
4.500%, 06/01/2010
   
842,822
 
     
Nisource Finance Corp.
       
 
860,000
 
5.250%, 09/15/2017
   
840,593
 
     
Pacific Gas & Electric Co.
       
 
585,000
 
3.600%, 03/01/2009
   
565,054
 
     
Public Service Co. of Colorado
       
 
1,103,000
 
4.375%, 10/01/2008
   
1,092,229
 
     
Southern California Edison Co.
       
 
540,000
 
5.350%, 07/15/2035
   
524,381
 
     
Westar Energy, Inc.
       
 
720,000
 
5.100%, 07/15/2020
   
699,710
 
           
11,573,014
 
     
Food & Staples Retailing 0.1%
       
     
Albertson's, Inc.
       
 
210,000
 
7.500%, 02/15/2011
   
206,221
 
 
220,000
 
6.625%, 06/01/2028
   
175,661
 
           
381,882
 
     
Food Products 0.2%
       
     
Tyson Foods, Inc.
       
 
773,000
 
7.250%, 10/01/2006 (e)
   
792,865
 
               
     
Gas Utilities 0.7%
       
     
Atmos Energy Corp.
       
 
837,000
 
4.000%, 10/15/2009
   
807,266
 
     
El Paso Natural Gas Co.
       
 
905,000
 
7.625%, 08/01/2010
   
940,996
 
     
Transcontinental Gas Pipe Line
       
 
559,000
 
6.250%, 01/15/2008
   
565,289
 
           
2,313,551
 
     
Insurance 2.1%
       
     
Allstate Life Global Funding Trust
       
 
961,000
 
4.250%, 02/26/2010
   
940,301
 
     
ING USA Global Funding
       
 
1,030,000
 
4.500%, 10/01/2010
   
1,015,977
 
     
Met Life Global Funding
       
 
1,115,000
 
4.625%, 08/19/2010 (Acquired 08/15/2005, Cost $1,109,258) (a)
 
1,107,418
 
     
New York Life Global Funding
       
 
1,273,000
 
3.875%, 01/15/2009 (Acquired 01/05/2004, Cost $1,272,427) (a)
 
1,242,242
 
     
Pacific Life Global Funding
       
 
715,000
 
3.750%, 01/15/2009 (Acquired 01/08/2004, Cost $713,291) (a)
 
697,575
 
     
Principal Life Income Funding Trust
       
 
821,000
 
3.200%, 04/01/2009
   
784,324
 
     
Protective Life Secured Trust
       
 
760,000
 
4.000%, 10/07/2009
   
742,576
 
           
6,530,413
 
     
Media 0.7%
       
     
Cox Communications, Inc.
       
 
1,175,000
 
4.625%, 01/15/2010
   
1,148,858
 
     
Echostar DBS Corp.
       
 
605,000
 
6.375%, 10/01/2011
   
599,706
 
     
Viacom, Inc.
       
 
535,000
 
7.700%, 07/30/2010
   
591,794
 
           
2,340,358
 
     
Metals & Mining 0.1%
       
     
United States Steel Corp.
       
 
408,000
 
9.750%, 05/15/2010
   
447,780
 
               
     
Multi-Utilities & Unregulated Power 2.5%
     
     
American Ref-Fuel Co. LLC
       
 
1,193,826
 
6.260%, 12/31/2015 (Acquired Multiple Dates, Cost $1,193,826) (a)
 
1,167,526
 
     
Calpine Corp.
       
 
445,000
 
8.500%, 07/15/2010 (Acquired Multiple Dates, Cost $321,756) (a)
 
318,175
 
 
550,000
 
9.875%, 12/01/2011 (Acquired Multiple Dates, Cost $399,693) (a)
 
401,500
 
     
Edison Mission Energy Funding
       
 
2,545,293
 
7.330%, 09/15/2008 (Acquired Multiple Dates, Cost $2,542,107) (a)
 
2,589,836
 
     
Kern River Funding Corp.
       
 
323,520
 
4.893%, 04/30/2018 (Acquired 05/09/2005, Cost $320,793) (a)
 
320,062
 
     
Kiowa Power Partners LLC
       
 
710,883
 
4.811%, 12/30/2013 (Acquired Multiple Dates, Cost $711,656) (a)
 
689,990
 
     
Pepco Holdings, Inc.
       
 
680,000
 
3.750%, 02/15/2006 (e)
   
678,167
 
     
PNPP II Funding Corp.
       
 
135,653
 
8.510%, 11/30/2006
   
136,297
 
     
Sithe/Independence Funding
       
 
1,506,670
 
8.500%, 06/30/2007
   
1,532,901
 
           
7,834,454
 
     
Oil & Gas 1.5%
       
     
Devon Energy Corp.
       
 
1,031,000
 
2.750%, 08/01/2006 (e)
   
1,013,950
 
     
Duke Energy Field Services LLC
       
 
482,000
 
5.750%, 11/15/2006
   
487,467
 
     
El Paso Corp.
       
 
475,000
 
7.000%, 05/15/2011
   
473,813
 
     
Energy Transfer Partners LP
       
 
645,000
 
5.650%, 08/01/2012 (Acquired Multiple Dates, Cost $643,003) (a)
 
635,157
 
     
Enterprise Products Operating LP
       
 
860,000
 
4.950%, 06/01/2010
   
845,234
 
     
Premcor Refining Group Inc.
       
 
765,000
 
6.750%, 02/01/2011
   
818,550
 
 
350,000
 
6.125%, 05/01/2011
   
365,750
 
           
4,639,921
 
     
Oil & Gas Exploration & Production Companies 0.1%
     
     
Chesapeake Energy Corp.
       
 
335,000
 
6.875%, 01/15/2016
   
343,375
 
               
     
Paper & Forest Products 0.2%
       
     
Abitibi-Consolidated, Inc.
       
 
398,000
 
8.500%, 08/01/2029 (b)
   
356,210
 
 
251,000
 
8.850%, 08/01/2030 (b)
   
225,900
 
           
582,110
 
     
Real Estate 0.8%
       
     
Liberty Property LP
       
 
720,000
 
7.750%, 04/15/2009
   
783,860
 
     
The Rouse Co.
       
 
785,000
 
3.625%, 03/15/2009
   
733,774
 
     
Simon Property Group LP
       
 
927,000
 
4.875%, 08/15/2010
   
922,858
 
           
2,440,492
 
     
Refuse Systems 0.1%
       
     
Allied Waste Industries
       
 
480,000
 
7.400%, 09/15/2035
   
421,200
 
               
     
Road & Rail 0.3%
       
     
Hertz Corp.
       
 
405,000
 
7.400%, 03/01/2011
   
392,456
 
     
Progress Rail Services Corp.
       
 
510,000
 
7.750%, 04/01/2012 (Acquired 03/17/2005, Cost $510,000) (a)
 
519,562
 
           
912,018
 
     
Special Purpose Entity 2.3%
       
     
Dow Jones North American High Yield Commodity Index
     
 
7,345,800
 
8.250%, 06/29/2010 (Acquired Multiple Dates, Cost $7,344,630) (a)
 
7,299,889
 
               
     
Wireless Telecommunication Services 0.5%
     
     
New Cingular Wireless Services Inc.
       
 
762,000
 
7.875%, 03/01/2011
   
867,535
 
     
Nextel Communications
       
 
605,000
 
5.950%, 03/15/2014
   
619,318
 
           
1,486,853
 
     
Total Corporate Bonds
   
76,069,464
 
     
(Cost $77,027,191)
       
               
     
ASSET BACKED SECURITIES 6.5%
       
     
Capital One Prime Auto Receivables Trust
     
 
1,880,000
 
2005-1, 3.954%, 09/15/2006 (e)
   
1,879,105
 
 
895,000
 
2004-2, 3.060%, 03/17/2008 (e)
   
887,521
 
     
Carmax Auto Owner Trust
       
 
740,000
 
2005-2, 3.803%, 09/15/2006 (e)
   
739,423
 
     
Chase Credit Card Master Trust
       
 
2,385,000
 
2001-6, 3.898%, 03/16/2009 (c)(e)
   
2,388,248
 
     
CIT Equipment Collateral
       
 
1,416,619
 
2005-EF1, 3.852%, 09/20/2006 (e)
   
1,415,878
 
     
CNH Equipment Trust
       
 
1,685,000
 
2005-B, 3.908%, 10/06/2006 (e)
   
1,684,831
 
     
Conseco Finance Securitizations Corp.
       
 
9,519
 
2001-4, 5.150%, 09/01/2033
   
9,519
 
     
Household Credit Card Master Note Trust I
     
 
3,715,000
 
2002-1, 3.898%, 07/15/2008 (c)(e)
   
3,714,949
 
     
Mego Mortgage Home Loan Trust
       
 
7,245
 
1996-2, 7.275%, 08/25/2017
   
7,226
 
     
Mid-State Trust
       
 
868,069
 
11, 4.864%, 07/15/2038
   
829,355
 
     
Nissan Auto Receivables Owner Trust
       
 
1,120,000
 
2005-C, 3.861%, 09/15/2006 (e)
   
1,118,956
 
     
NYC Mortgage Loan Trust
       
 
627,000
 
1996, 6.750%, 09/25/2019
   
659,472
 
     
SLM Student Loan Trust
       
 
980,706
 
2005-3, 3.620%, 04/25/2010 (c)(e)
   
980,114
 
 
348,255
 
2005-2, 3.630%, 04/25/2010 (c)(e)
   
348,144
 
 
494,956
 
2004-7, 3.680%, 10/25/2012 (c)(e)
   
494,982
 
 
694,098
 
2004-3, 3.660%, 04/25/2013 (c)(e)
   
694,371
 
 
831,094
 
2003-7, 3.900%, 09/15/2013 (c)(e)
   
831,609
 
     
Wachovia Auto Owner Trust
       
 
485,299
 
2005-A, 3.340%, 05/22/2006 (e)
   
484,872
 
     
World Omni Auto Receivables Trust
       
 
1,465,000
 
2005-B, 3.835%, 08/21/2006 (e)
   
1,464,250
 
     
Total Asset Backed Securities
   
20,632,825
 
     
(Cost $20,596,332)
       
               
     
COLLATERALIZED MORTGAGE OBLIGATION 0.3%
     
     
Commercial Mortgage Pass-Through Certificate
     
 
1,019,000
 
2004-CNL, 3.791%, 09/15/2014 (Acquired 09/24/2004, Cost $1,019,000) (a)(c)(e)
 
1,019,795
 
     
Total Collateralized Mortgage Obligation
 
1,019,795
 
     
(Cost $1,019,000)
       
               
     
MORTGAGE BACKED SECURITIES 59.9%
     
     
Banc of America Commercial Mortgage Inc.
     
 
2,260,000
 
Pool # 2005-5, 5.001%, 10/10/2045
   
2,269,888
 
     
Bear Stearns Commercial Mortgage Securities
     
 
554,678
 
Pool # 2003-T12, 2.960%, 08/13/2039
   
534,838
 
     
Capco America Securitization Corp.
       
 
1,108,377
 
Pool # 1998-D7, 5.860%, 10/15/2030 (e)
   
1,116,746
 
     
Chase Commercial Mortgage Securities Corp.
     
 
205,778
 
Pool # 1997-2, 6.600%, 12/19/2029
   
211,918
 
     
Commercial Mortgage Pass-Through Certificate
     
 
323,693
 
Pool # 1999-1, 6.145%, 05/15/2032 (e)
   
324,938
 
 
2,951,718
 
Pool # 2003-LB1A, 3.251%, 06/10/2038
   
2,789,499
 
     
Countrywde Home Loans
       
 
676,454
 
Pool # 2005-HYB3, 4.644%, 06/20/2035 (c)(e)
 
675,053
 
     
Credit Suisse First Boston Mortgage Securities Corp.
     
 
149,513
 
Pool # 1998-C2, 5.960%, 11/15/2030 (e)
   
150,274
 
 
473,697
 
Pool # 2003-1, 7.000%, 02/25/2033 (e)
   
478,580
 
 
495,305
 
Pool # 2003-C3, 2.079%, 05/15/2038
   
475,972
 
     
FHLMC
       
 
583,177
 
Pool # 2590, 4.000%, 09/15/2009 (e)
   
582,827
 
 
369,952
 
Pool # 2594, 4.000%, 10/15/2009 (e)
   
369,683
 
 
670,152
 
Pool # 2808, 4.000%, 09/15/2012 (e)
   
668,519
 
 
3,191,000
 
Pool # 2900, 4.500%, 03/15/2014
   
3,181,356
 
 
2,592,000
 
Pool # 2693, 3.000%, 03/15/2019 (e)
   
2,571,164
 
 
1,316,607
 
Pool # 2802, 4.500%, 02/15/2020 (e)
   
1,315,731
 
 
1,601,893
 
Pool # 2640, 2.000%, 04/15/2022
   
1,555,821
 
 
2,106,125
 
Pool # 2692, 3.500%, 01/15/2023 (e)
   
2,086,659
 
 
1,183,526
 
Pool # 2744, 3.500%, 01/15/2023
   
1,165,957
 
 
3,712,032
 
Pool # 2893, 4.000%, 04/15/2025
   
3,658,153
 
     
FHLMC Gold Pool
       
 
228,069
 
Pool # M80779, 5.000%, 11/01/2009
   
229,297
 
 
1,717,675
 
Pool # M80895, 5.000%, 01/01/2011
   
1,726,551
 
 
2,332,094
 
Pool # B14039, 4.000%, 05/01/2014
   
2,267,574
 
 
2,319,383
 
Pool # G11672, 5.000%, 03/01/2015
   
2,319,375
 
 
550,734
 
Pool #B19614, 5.000%, 07/01/2015
   
550,519
 
 
2,721,668
 
Pool #G11745, 5.000%, 07/01/2015
   
2,720,605
 
 
852,063
 
Pool #A45788, 6.500%, 05/01/2035
   
876,178
 
     
FHLMC Remic
       
 
2,164,932
 
Series 2890, 3.750%, 12/15/2011
   
2,126,036
 
 
711,983
 
Series 2707, 4.000%, 07/15/2014
   
706,230
 
 
1,082,129
 
Series 2695, 4.500%, 09/15/2015 (e)
   
1,081,414
 
 
395,789
 
Series 2508, 4.500%, 03/15/2016
   
395,179
 
 
1,462,791
 
Series 2691, 4.000%, 01/15/2018 (e)
   
1,456,921
 
 
644,000
 
Series 2905, 4.000%, 10/15/2023
   
635,496
 
 
1,666,000
 
Series 2892, 4.000%, 11/15/2023
   
1,627,998
 
 
1,506,551
 
Series 2731, 3.500%, 05/15/2026
   
1,476,866
 
 
670,004
 
Series 2793, 4.500%, 09/15/2029
   
659,684
 
     
FHLMC Structured Pass Through Securities
     
 
6,372
 
Series H015, 1.524%, 12/15/2008 (e)
   
6,372
 
     
FNMA
       
 
697
 
Pool # 1991-26, 8.000%, 04/25/2006
   
701
 
 
351,544
 
Pool # 2003-16, 4.500%, 11/25/2009 (e)
   
350,984
 
 
1,276,739
 
Pool # 2004-101, 5.000%, 02/25/2018
   
1,278,841
 
 
75,000
 
Pool # 1994-3, 5.500%, 01/25/2024
   
76,117
 
     
FNMA Grantor Trust
       
 
2,297,230
 
Pool # 2005-T2, 3.651%, 11/28/2035 (c)(e)
 
2,295,061
 
 
1,036,108
 
Pool # 2004-T2, 7.000%, 11/25/2043
   
1,082,889
 
 
 
 
FNMA Pass-thru
       
 
1,720,685
 
Pool # 387219, 4.125%, 01/01/2010
   
1,680,120
 
     
FNMA Pass-thru Intermediate 15 Year
       
 
6,691,408
 
Pool # 357312, 5.000%, 12/01/2017
   
6,681,140
 
 
2,930,083
 
Pool # 254865, 4.500%, 09/01/2018
   
2,874,316
 
     
FNMA Pass-thru Short 10 Year
       
 
645,234
 
Pool # 254659, 4.500%, 02/01/2013
   
637,703
 
 
1,212,942
 
Pool # 768008, 5.000%, 06/01/2013
   
1,217,739
 
 
713,913
 
Pool # 768009, 5.000%, 06/01/2013
   
716,737
 
 
1,203,749
 
Pool # 254806, 4.500%, 07/01/2013
   
1,189,713
 
 
685,000
 
Pool # 763019, 5.000%, 08/01/2013
   
687,708
 
 
1,460,113
 
Pool # 254909, 4.000%, 09/01/2013
   
1,423,720
 
 
3,837,109
 
Pool # 255639, 5.000%, 02/01/2015
   
3,852,284
 
     
FNMA Pool
       
 
779,334
 
Pool # 254758, 4.500%, 06/01/2013
   
770,247
 
 
1,099,495
 
Pool # 386341, 3.810%, 08/01/2013
   
1,035,914
 
 
75,961
 
Pool # 433043, 6.500%, 06/01/2028
   
78,454
 
 
70,921
 
Pool # 447704, 6.500%, 11/01/2028
   
73,248
 
 
26,124
 
Pool # 448235, 6.500%, 11/01/2028
   
26,981
 
 
86,946
 
Pool # 448635, 6.500%, 11/01/2028
   
89,799
 
 
15,117
 
Pool # 449012, 6.500%, 11/01/2028
   
15,613
 
 
42,850
 
Pool # 487778, 6.500%, 03/01/2029
   
44,244
 
 
1,465,473
 
Pool # 555203, 7.000%, 09/01/2032
   
1,531,450
 
 
 
 
FNMA Remic
       
 
668,000
 
Series 2003-88, 3.500%, 04/25/2011
   
658,839
 
 
1,573,221
 
Series 2002-83, 5.000%, 11/25/2012 (e)
   
1,576,848
 
 
4,870,770
 
Series 2005-35, 4.000%, 08/25/2018
   
4,742,919
 
 
634,000
 
Series 2003-58, 3.500%, 10/25/2021
   
626,379
 
 
1,610,000
 
Series 2005-21, 4.000%, 04/25/2024
   
1,583,574
 
     
FNMA TBA
       
 
13,846,000
 
5.000%, 10/15/2020 (d)
   
13,807,065
 
 
5,940,000
 
4.500%, 11/15/2020 (d)
   
5,811,922
 
 
31,665,000
 
5.000%, 10/01/2035 (d)
   
30,992,119
 
 
31,355,000
 
5.500%, 11/15/2035 (d)
   
31,296,209
 
     
FNMA Whole Loan
       
 
1,123,511
 
Pool # 2003-W2, 5.500%, 07/25/2042 (e)
   
1,123,591
 
     
GMAC Commercial Mortgage Securities Inc.
     
 
232,109
 
Pool # 1999-C1, 5.830%, 05/15/2033 (e)
   
232,799
 
 
271,725
 
Pool # 2000-C2, 7.273%, 08/16/2033
   
276,132
 
 
2,749,472
 
Pool # 2003-C1, 3.337%, 05/10/2036
   
2,608,870
 
     
GNMA Pool
       
 
23,250
 
Pool # 331001, 8.250%, 07/15/2007
   
24,010
 
 
24,958
 
Pool # 36629, 9.500%, 10/15/2009
   
26,572
 
     
LB Commercial Conduit Mortgage Trust
       
 
4,275,491
 
Pool # 1998-C1, 6.480%, 02/18/2030
   
4,393,322
 
 
259,944
 
Pool # 1998-C4, 5.870%, 10/15/2035 (e)
   
260,226
 
     
LB-UBS Commercial Mortgage Trust
       
 
771,750
 
Pool # 2003-C3, 2.599%, 05/15/2027
   
743,600
 
 
1,970,000
 
Pool # 2005-C3, 4.553%, 07/15/2030
   
1,945,419
 
     
Master Asset Securitization Trust
       
 
503,330
 
Pool # 2003-11, 4.000%, 12/25/2033 (e)
   
499,942
 
     
Morgan Stanley Capital I
       
 
155,847
 
Pool # 1999-WF1, 5.910%, 11/15/2031
   
156,356
 
 
2,140,925
 
Pool # 2003-IQ4, 3.270%, 05/15/2040
   
2,020,856
 
     
Nomura Asset Acceptance Corp.
       
 
455,834
 
Pool # 2004-AP3, 3.840%, 10/25/2034 (c)(e)
 
456,035
 
 
1,093,791
 
Pool # 2005-AP3, 3.799%, 08/25/2035 (c)(e)
 
1,093,832
 
     
Nomura Asset Securities Corp.
       
 
620,333
 
Pool # 1998-D6, 6.280%, 03/15/2030 (e)
   
627,366
 
     
Residential Asset Securitization Trust
       
 
590,854
 
Pool # 2004-R1, 2.750%, 08/25/2033 (e)
   
585,205
 
 
 
 
TIAA Real Estate CDO Ltd.
   
 
 
 
626
 
Pool # 2001-C1A, 5.770%, 06/19/2016 (Acquired Multiple Dates, Cost $640) (a)
 
626
 
     
Wachovia Bank Commercial Mortgage Trust
     
 
1,077,335
 
Pool # 2003-C5, 2.986%, 06/15/2035
   
1,005,959
 
 
1,459,619
 
Pool # 2003-C9, 3.291%, 12/15/2035
   
1,416,966
 
 
1,618,093
 
Pool # 2004-C10, 3.065%, 02/15/2041
   
1,560,617
 
     
Total Mortgage Backed Securities
   
188,911,769
 
     
(Cost $190,594,693)
       
               
     
SHORT TERM INVESTMENTS 6.6%
       
     
U.S. Government Agency Issue (g) 1.5%
       
 
4,900,000
 
Federal Home Loan Bank Discount Note, 3.002%, 10/03/2005 (e)
 
4,899,183
 
               
     
U.S. Treasury Obligation 2.3%
       
 
7,210,000
 
U.S. Treasury Bill, 0.000%, 02/16/2006 (e)
   
7,108,429
 
               
     
Variable Rate Demand Notes (f) 2.8%
       
 
4,921,691
 
American Family Financial Services Inc., 3.442% , 12/31/2031 (e)
 
4,921,691
 
 
3,878,173
 
Wisconsin Corporate Central Credit Union, 3.510%, 12/31/2031 (e)
 
3,878,173
 
           
8,799,864
 
               
     
Total Short Term Investments
   
20,807,476
 
     
(Cost $20,807,476)
       
               
     
Total Investments 124.1%
   
391,762,772
 
     
(Cost $394,915,070)
       
               
     
Liabilities in Excess of Other Assets (24.1)%
 
(76,175,466)
 
               
     
TOTAL NET ASSETS 100.0%
 
$
315,587,306
 
               
               
               
               
               
(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 $22,108,189 (7.0% of net assets) at September 30, 2005.
     
(b)
Foreign Issued.
           
(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 September 30, 2005.
     
(g)
The obligations of certain U.S. Government-sponsored entities are neither issued nor guaranteed
by the United States Treasury.
     
               
               
 
For certain federal 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
       
September 30, 2005 (Unaudited)
       
               
               
 
Principal
           
 
Amount
 
 
 
 
Value
 
   
 
U.S. TREASURY OBLIGATIONS 22.7%
     
   
 
U.S. Treasury Bonds 8.7%
       
$
1,355,000
 
6.250%, 08/15/2023
 
$
1,620,230
 
 
3,295,000
 
5.250%, 02/15/2029
   
3,591,936
 
 
2,710,000
 
5.375%, 02/15/2031
   
3,036,046
 
           
8,248,212
 
   
 
U.S. Treasury Notes 14.0%
       
 
1,895,000
 
2.375%, 08/15/2006 (e)
   
1,867,612
 
 
545,000
 
3.375%, 02/15/2008
   
535,164
 
 
1,415,000
 
3.875%, 07/15/2010
   
1,393,499
 
 
3,125,000
 
3.875%, 09/15/2010
   
3,080,809
 
 
6,520,000
 
4.250%, 08/15/2015
   
6,479,250
 
           
13,356,334
 
   
 
Total U.S. Treasury Obligations
 
21,604,546
 
   
 
(Cost $21,746,941)
 
 
 
 
   
 
 
 
 
 
 
   
 
U.S. GOVERNMENT AGENCY ISSUES (g) 7.6%
     
 
3,325,000
 
5.500%, 02/15/2006 (e)
   
3,343,035
 
 
283,000
 
2.100%, 04/19/2006 (e)
   
279,733
 
 
380,000
 
2.650%, 04/28/2006 (e)
   
376,577
 
 
1,465,000
 
2.850%, 05/24/2006 (e)
   
1,451,747
 
 
702,000
 
2.200%, 07/28/2006 (e)
   
689,965
 
 
1,085,000
 
4.375%, 10/15/2015
   
1,060,899
 
   
 
Total U.S. Government Agency Issues
 
7,201,956
 
   
 
(Cost $7,236,991)
 
 
 
 
   
 
 
 
 
 
 
   
 
FOREIGN GOVERNMENT NOTES/BONDS 1.1%
   
   
 
Aid-Egypt
       
 
435,000
 
4.450%, 09/15/2015 (b)
   
428,466
 
 
 
 
Aid-Israel
   
 
 
 
546,000
 
5.500%, 09/18/2023 (b)
   
582,847
 
   
 
Total Foreign Government Notes/Bonds
 
1,011,313
 
   
 
(Cost $1,017,141)
 
 
 
 
   
 
 
 
 
 
 
   
 
CORPORATE BONDS 15.7%
       
   
 
Automobiles 0.2%
       
   
 
Daimler Chrysler NA Holdings
       
 
215,000
 
4.875%, 06/15/2010
   
210,704
 
 
 
 
 
   
 
 
   
 
Chemicals 0.5%
       
   
 
ICI Wilmington Inc.
       
 
457,000
 
4.375%, 12/01/2008
   
449,288
 
 
 
 
 
   
 
 
   
 
Commercial Banks 0.4%
       
   
 
Credit Suisse First Boston London
       
 
217,000
 
7.900%, 05/01/2007 (Acquired 04/17/2002, Cost $221,062) (a)(b)
 
226,977
 
   
 
Suntrust Bank
       
 
200,000
 
4.550%, 05/25/2009
   
195,334
 
           
422,311
 
   
 
Consumer Finance 1.5%
       
   
 
American General Finance Corp.
       
 
385,000
 
4.875%, 07/15/2012
   
379,600
 
   
 
Ford Motor Credit Co.
       
 
105,000
 
5.700%, 01/15/2010
   
95,383
 
   
 
International Lease Finance Corp.
       
 
315,000
 
4.875%, 09/01/2010
   
313,458
 
 
215,000
 
5.000%, 09/15/2012
   
212,160
 
   
 
Residential Capital Corp.
       
 
420,000
 
6.375%, 06/30/2010 (Acquired 06/21/2005, Cost $418,765) (a)
 
425,493
 
           
1,426,094
 
   
 
Diversified Telecommunication Services 1.8%
     
   
 
Bellsouth Corp.
       
 
166,000
 
4.750%, 11/15/2012
   
163,748
 
   
 
British Telecommunications PLC
       
 
299,000
 
8.375%, 12/15/2010 (b)
   
346,198
 
   
 
SBC Communications, Inc.
       
 
355,000
 
6.250%, 03/15/2011
   
376,986
 
   
 
Sprint Capital Corp.
       
 
348,000
 
8.375%, 03/15/2012
   
409,540
 
   
 
Telecom Italia Capital
       
 
315,000
 
4.875%, 10/01/2010 (b)
   
311,993
 
   
 
Telefonos de Mexico, S.A. de C.V.
       
 
157,000
 
4.500%, 11/19/2008 (b)
   
154,971
 
           
1,763,436
 
   
 
Electric Utilities 4.2%
       
   
 
American Electric Power, Inc.
       
 
165,000
 
4.709%, 08/16/2007
   
164,775
 
   
 
Appalachian Power Co.
       
 
110,000
 
4.400%, 06/01/2010
   
107,666
 
   
 
CenterPoint Energy Resources Corp.
       
 
275,000
 
7.875%, 04/01/2013
   
317,237
 
   
 
Consumers Energy Co.
       
 
291,000
 
4.400%, 08/15/2009
   
285,682
 
 
110,000
 
5.800%, 09/15/2035
   
108,170
 
   
 
Entergy Arkansas Inc.
       
 
322,000
 
5.000%, 07/01/2018
   
298,240
 
   
 
Entergy Gulf States Inc.
       
 
117,000
 
4.875%, 11/01/2011
   
111,886
 
   
 
Entergy Mississippi Inc.
       
 
140,000
 
4.950%, 06/01/2018
   
127,857
 
   
 
Exelon Corp.
       
 
415,000
 
4.450%, 06/15/2010
   
401,751
 
   
 
Florida Power Corp.
       
 
255,000
 
4.500%, 06/01/2010
   
251,368
 
   
 
Nisource Finance Corp.
       
 
260,000
 
5.250%, 09/15/2017
   
254,133
 
   
 
Pacific Gas & Electric Co.
       
 
176,000
 
3.600%, 03/01/2009
   
169,999
 
   
 
Public Service Co. of Colorado
       
 
504,000
 
4.375%, 10/01/2008
   
499,078
 
   
 
Public Service Electric & Gas Co.
       
 
311,000
 
4.000%, 11/01/2008
   
304,839
 
   
 
Southern California Edison Co.
       
 
235,000
 
3.870%, 01/13/2006 (c)
   
235,150
 
 
165,000
 
5.350%, 07/15/2035
   
160,227
 
   
 
Westar Energy, Inc.
       
 
220,000
 
5.100%, 07/15/2020
   
213,800
 
           
4,011,858
 
   
 
Gas Utilities 0.3%
       
   
 
Atmos Energy Corp.
       
 
253,000
 
4.000%, 10/15/2009
   
244,013
 
 
 
 
 
   
 
 
   
 
Insurance 2.1%
       
   
 
Allstate Life Global Funding Trust
       
 
289,000
 
4.250%, 02/26/2010
   
282,775
 
   
 
ING USA Global Funding
       
 
310,000
 
4.500%, 10/01/2010
   
305,779
 
   
 
Met Life Global Funding
       
 
335,000
 
4.625%, 08/19/2010 (Acquired 08/15/2005, Cost $333,275) (a)
 
332,722
 
   
 
New York Life Global Funding
       
 
351,000
 
3.875%, 01/15/2009 (Acquired 01/05/2004, Cost $350,842) (a)
 
342,519
 
   
 
Pacific Life Global Funding
       
 
209,000
 
3.750%, 01/15/2009 (Acquired 01/08/2004, Cost $208,500) (a)
 
203,907
 
   
 
Principal Life Income Funding Trust
       
 
294,000
 
3.200%, 04/01/2009
   
280,867
 
   
 
Protective Life Secured Trust
       
 
289,000
 
4.000%, 10/07/2009
   
282,374
 
           
2,030,943
 
   
 
Media 0.7%
       
   
 
Cox Communications, Inc.
       
 
357,000
 
4.625%, 01/15/2010
   
349,057
 
   
 
Viacom, Inc.
       
 
270,000
 
7.700%, 07/30/2010
   
298,663
 
           
647,720
 
   
 
Multi-Utilities & Unregulated Power 1.8%
     
   
 
American Ref-Fuel Co. LLC
       
 
357,382
 
6.260%, 12/31/2015 (Acquired Multiple Dates, Cost $357,382) (a)
 
349,508
 
   
 
Dominion Resources Inc.
       
 
557,000
 
3.660%, 11/15/2006
   
551,144
 
   
 
Duke Energy Corp.
       
 
258,000
 
3.750%, 03/05/2008
   
252,863
 
   
 
Kern River Funding Corp.
       
 
98,853
 
4.893%, 04/30/2018 (Acquired 05/09/2005, Cost $98,020) (a)
 
97,797
 
   
 
Kiowa Power Partners LLC
       
 
466,848
 
4.811%, 12/30/2013 (Acquired 11/22/2004, Cost $468,732) (a)
 
453,128
 
           
1,704,440
 
   
 
Oil & Gas 0.6%
       
   
 
Devon Energy Corp.
       
 
327,000
 
2.750%, 08/01/2006 (e)
   
321,592
 
   
 
Premcor Refining Group Inc.
       
 
285,000
 
6.125%, 05/01/2011
   
297,825
 
           
619,417
 
   
 
Real Estate 0.8%
       
   
 
ERP Operating LP
       
 
246,000
 
4.750%, 06/15/2009
   
244,047
 
   
 
Liberty Property LP
       
 
169,000
 
7.750%, 04/15/2009
   
183,990
 
   
 
Simon Property Group LP
       
 
299,000
 
4.875%, 08/15/2010
   
297,664
 
           
725,701
 
     
Transportation 0.5%
   
 
 
     
Burlington North Santa Fe
   
 
 
 
450,249
 
6.230%, 07/02/2018
   
477,993
 
     
 
   
 
 
   
 
Wireless Telecommunication Services 0.3%
     
   
 
New Cingular Wireless Services Inc.
       
 
211,000
 
7.875%, 03/01/2011
   
240,223
 
   
 
Total Corporate Bonds
 
 
14,974,141
 
   
 
(Cost $15,211,363)
 
 
 
 
   
 
 
 
 
 
 
   
 
ASSET BACKED SECURITIES 8.7%
     
   
 
Burlington North Santa Fe
       
 
62,759
 
1996-B, 6.960%, 03/22/2009
   
65,477
 
 
536,437
 
2004-1, 4.575%, 01/15/2021
   
524,058
 
   
 
California Infrastructure PG&E-1
       
 
285,752
 
1997-1, 6.420%, 09/25/2008 (e)
   
289,094
 
   
 
Capital One Prime Auto Receivables Trust
     
 
570,000
 
2005-1, 3.954%, 09/15/2006 (e)
   
569,729
 
 
270,000
 
2004-2, 3.060%, 03/17/2008 (e)
   
267,744
 
   
 
Carmax Auto Owner Trust
       
 
225,000
 
2005-2, 3.803%, 09/15/2006 (e)
   
224,824
 
   
 
Chase Credit Card Master Trust
       
 
725,000
 
2001-6, 3.898%, 03/16/2009 (c)(e)
   
725,987
 
   
 
CIT Equipment Collateral
       
 
430,652
 
2005-EF1, 3.852%, 09/20/2006 (e)
   
430,427
 
   
 
CNH Equipment Trust
       
 
510,000
 
2005-B, 3.908%, 10/06/2006 (e)
   
509,949
 
   
 
Conseco Finance Securitizations Corp.
       
 
1,084
 
2001-4, 5.150%, 09/01/2033
   
1,084
 
   
 
Household Credit Card Master Note Trust I
     
 
1,130,000
 
2002-1, 3.898%, 07/15/2008 (c)(e)
   
1,129,984
 
   
 
Keystone Owner Trust
       
 
124,726
 
1998-P1, 7.530%, 05/25/2025
   
125,665
 
   
 
Mid-State Trust
       
 
292,061
 
11, 4.864%, 07/15/2038
   
279,036
 
   
 
Nissan Auto Receivables Owner Trust
       
 
340,000
 
2005-C, 3.861%, 09/15/2006 (e)
   
339,683
 
   
 
NYC Mortgage Loan Trust
       
 
188,000
 
1996, 6.750%, 09/25/2019
   
197,737
 
   
 
Oakwood Mortgage Investors Inc.
       
 
302,093
 
1995-A, 7.700%, 09/15/2020
   
305,386
 
 
16,300
 
1996-A, 6.600%, 05/15/2021
   
16,348
 
   
 
PF Export Receivables Master Trust
       
 
413,595
 
2003-B, 3.748%, 06/01/2013 (Acquired Multiple Dates, Cost $413,938) (a)
 
391,104
 
   
 
SLM Student Loan Trust
       
 
297,318
 
2005-3, 3.620%, 04/25/2010 (c)(e)
   
297,139
 
 
105,178
 
2005-2, 3.630%, 04/25/2010 (c)(e)
   
105,144
 
 
148,925
 
2004-7, 3.680%, 10/25/2012 (c)(e)
   
148,933
 
 
211,615
 
2004-3, 3.660%, 04/25/2013 (c)(e)
   
211,698
 
 
249,622
 
2003-7, 3.900%, 09/15/2013 (c)(e)
   
249,777
 
   
 
Union Pacific Corp.
       
 
330,434
 
2004-1, 5.404%, 07/02/2025
   
338,404
 
   
 
Wachovia Auto Owner Trust
       
 
146,175
 
2005-A, 3.340%, 05/22/2006 (e)
   
146,046
 
   
 
World Omni Auto Receivables Trust
       
 
445,000
 
2005-B, 3.835%, 08/21/2006 (e)
   
444,772
 
   
 
Total Asset Backed Securities
 
 
8,335,229
 
   
 
(Cost $8,416,861)
 
 
 
 
   
 
 
 
 
 
 
   
 
COLLATERALIZED MORTGAGE OBLIGATION 0.3%
     
   
 
Commercial Mortgage Pass-Through Certificate
     
 
303,000
 
2004-CNL, 3.791%, 09/15/2014 (Acquired 09/24/2004, Cost $303,000) (a)(c)(e)
 
303,236
 
   
 
Total Collateralized Mortgage Obligation
 
303,236
 
   
 
(Cost $303,000)
 
 
 
 
   
 
 
 
 
 
 
   
 
MORTGAGE BACKED SECURITIES 63.7%
     
   
 
Banc of America Commercial Mortgage Inc.
     
 
680,000
 
Pool # 2005-5, 5.001%, 10/10/2045
   
682,975
 
   
 
Bear Stearns Commercial Mortgage Securities
     
 
175,205
 
Pool # 2003-T12, 2.960%, 08/13/2039
   
168,938
 
   
 
Capco America Securitization Corp.
       
 
194,102
 
Pool # 1998-D7, 5.860%, 10/15/2030 (e)
   
195,567
 
   
 
Commercial Mortgage Pass-Through Certificate
     
 
108,037
 
Pool # 1999-1, 6.145%, 05/15/2032 (e)
   
108,452
 
 
958,776
 
Pool # 2003-LB1A, 3.251%, 06/10/2038
   
906,084
 
   
 
Countrywde Home Loans
       
 
206,026
 
Pool # 2005-HYB3, 4.644%, 06/20/2035 (c)(e)
 
205,600
 
   
 
Credit Suisse First Boston Mortgage Securities Corp.
     
 
83,675
 
Pool # 1998-C2, 5.960%, 11/15/2030 (e)
   
84,102
 
 
156,423
 
Pool # 2003-1, 7.000%, 02/25/2033 (e)
   
158,035
 
 
145,836
 
Pool # 2003-C3, 2.079%, 05/15/2038
   
140,144
 
   
 
FHLMC
       
 
48,389
 
Pool # 25, 6.500%, 12/25/2008 (e)
   
49,198
 
 
202,138
 
Pool # 2590, 4.000%, 09/15/2009 (e)
   
202,017
 
 
128,050
 
Pool # 2594, 4.000%, 10/15/2009 (e)
   
127,956
 
 
207,003
 
Pool # 2808, 4.000%, 09/15/2012 (e)
   
206,498
 
 
533,729
 
Pool # 2775, 3.000%, 11/15/2013
   
519,238
 
 
947,000
 
Pool # 2900, 4.500%, 03/15/2014
   
944,138
 
 
766,000
 
Pool # 2693, 3.000%, 03/15/2019 (e)
   
759,842
 
 
396,058
 
Pool # 2802, 4.500%, 02/15/2020 (e)
   
395,794
 
 
478,012
 
Pool # 2640, 2.000%, 04/15/2022
   
464,264
 
 
622,461
 
Pool # 2692, 3.500%, 01/15/2023 (e)
   
616,708
 
 
341,925
 
Pool # 2744, 3.500%, 01/15/2023
   
336,849
 
 
1,068,372
 
Pool # 2893, 4.000%, 04/15/2025
   
1,052,864
 
   
 
FHLMC Gold Pool
       
 
491,777
 
Pool # M80895, 5.000%, 01/01/2011
   
494,319
 
 
702,936
 
Pool # B14039, 4.000%, 05/01/2014
   
683,489
 
 
828,526
 
Pool # B18639, 4.000%, 01/01/2015
   
796,140
 
 
614,084
 
Pool # G11672, 5.000%, 03/01/2015
   
614,082
 
 
167,187
 
Pool #B19614, 5.000%, 07/01/2015
   
167,122
 
 
797,647
 
Pool #G11745, 5.000%, 07/01/2015
   
797,335
 
 
254,207
 
Pool #A45788, 6.500%, 05/01/2035
   
261,401
 
   
 
FHLMC Remic
       
 
629,987
 
Series 2890, 3.750%, 12/15/2011
   
618,668
 
 
200,388
 
Series 2707, 4.000%, 07/15/2014
   
198,768
 
 
328,255
 
Series 2695, 4.500%, 09/15/2015 (e)
   
328,038
 
 
119,702
 
Series 2508, 4.500%, 03/15/2016
   
119,518
 
 
423,997
 
Series 2691, 4.000%, 01/15/2018 (e)
   
422,296
 
 
452,064
 
Series 2827, 5.000%, 01/15/2021 (e)
   
453,697
 
 
172,000
 
Series 2905, 4.000%, 10/15/2023
   
169,729
 
 
480,000
 
Series 2892, 4.000%, 11/15/2023
   
469,051
 
 
450,070
 
Series 2731, 3.500%, 05/15/2026
   
441,202
 
 
195,233
 
Series 2793, 4.500%, 09/15/2029
   
192,226
 
   
 
FHLMC Structured Pass Through Securities
     
 
1,618
 
Series H015, 1.524%, 12/15/2008 (e)
   
1,618
 
   
 
First Union Commercial Mortgage Trust
       
 
26,815
 
Pool # 1999-C1, 5.730%, 10/15/2035
   
26,776
 
   
 
FNMA
       
 
118,396
 
Pool # 2003-16, 4.500%, 11/25/2009 (e)
   
118,208
 
 
379,007
 
Pool # 2004-101, 5.000%, 02/25/2018
   
379,631
 
 
392,127
 
Pool # 2004-64, 5.000%, 03/25/2034
   
392,422
 
   
 
FNMA Grantor Trust
       
 
624,302
 
Pool # 2005-T2, 3.651%, 11/28/2035 (c)(e)
 
623,713
 
 
333,480
 
Pool # 2004-T2, 7.000%, 11/25/2043
   
348,537
 
   
 
FNMA Pass-thru
       
 
540,250
 
Pool # 387219, 4.125%, 01/01/2010
   
527,513
 
   
 
FNMA Pass-thru Intermediate 15 Year
       
 
1,944,784
 
Pool # 357312, 5.000%, 12/01/2017
   
1,941,800
 
 
847,389
 
Pool # 254865, 4.500%, 09/01/2018
   
831,261
 
   
 
FNMA Pass-thru Short 10 Year
       
 
170,489
 
Pool # 254659, 4.500%, 02/01/2013
   
168,499
 
 
370,621
 
Pool # 768008, 5.000%, 06/01/2013
   
372,087
 
 
217,994
 
Pool # 768009, 5.000%, 06/01/2013
   
218,856
 
 
350,515
 
Pool # 254806, 4.500%, 07/01/2013
   
346,427
 
 
207,516
 
Pool # 763019, 5.000%, 08/01/2013
   
208,337
 
 
442,246
 
Pool # 254909, 4.000%, 09/01/2013
   
431,223
 
 
1,026,832
 
Pool # 255639, 5.000%, 02/01/2015
   
1,030,893
 
   
 
FNMA Pool
       
 
1,419,000
 
Pool # 385537, 4.745%, 11/01/2012
   
1,394,034
 
 
227,731
 
Pool # 254758, 4.500%, 06/01/2013
   
225,076
 
 
344,604
 
Pool # 386341, 3.810%, 08/01/2013
   
324,676
 
 
511,322
 
Pool # 555203, 7.000%, 09/01/2032
   
534,342
 
   
 
FNMA Remic
       
 
198,000
 
Series 2003-88, 3.500%, 04/25/2011
   
195,285
 
 
476,156
 
Series 2002-83, 5.000%, 11/25/2012 (e)
   
477,254
 
 
1,423,277
 
Series 2005-35, 4.000%, 08/25/2018
   
1,385,918
 
 
176,000
 
Series 2003-58, 3.500%, 10/25/2021
   
173,884
 
 
495,000
 
Series 2005-21, 4.000%, 04/25/2024
   
486,875
 
 
 
 
FNMA TBA
   
 
 
 
4,749,000
 
5.000%, 10/15/2020 (d)
   
4,735,646
 
 
1,905,000
 
4.500%, 11/15/2020 (d)
   
1,863,924
 
 
9,635,000
 
5.000%, 10/01/2035 (d)
   
9,430,256
 
 
9,420,000
 
5.500%, 11/15/2035 (d)
   
9,402,338
 
   
 
FNMA Whole Loan
       
 
327,997
 
Pool # 2003-W2, 5.500%, 07/25/2042 (e)
   
328,020
 
   
 
GMAC Commercial Mortgage Securities Inc.
     
 
74,777
 
Pool # 1999-C1, 5.830%, 05/15/2033 (e)
   
75,000
 
 
837,833
 
Pool # 2003-C1, 3.337%, 05/10/2036
   
794,988
 
   
 
LB Commercial Conduit Mortgage Trust
       
 
1,245,384
 
Pool # 1998-C1, 6.480%, 02/18/2030
   
1,279,706
 
 
78,145
 
Pool # 1998-C4, 5.870%, 10/15/2035 (e)
   
78,230
 
   
 
LB-UBS Commercial Mortgage Trust
       
 
250,686
 
Pool # 2003-C3, 2.599%, 05/15/2027
   
241,543
 
 
595,000
 
Pool # 2005-C3, 4.553%, 07/15/2030
   
587,576
 
   
 
Master Asset Securitization Trust
       
 
150,208
 
Pool # 2003-11, 4.000%, 12/25/2033 (e)
   
149,197
 
   
 
Morgan Stanley Capital I
       
 
39,555
 
Pool # 1999-WF1, 5.910%, 11/15/2031
   
39,685
 
 
693,354
 
Pool # 2003-IQ4, 3.270%, 05/15/2040
   
654,469
 
   
 
Nomura Asset Acceptance Corp.
       
 
138,526
 
Pool # 2004-AP3, 3.840%, 10/25/2034 (c)(e)
 
138,587
 
 
330,108
 
Pool # 2005-AP3, 3.799%, 08/25/2035 (c)(e)
 
330,120
 
   
 
Nomura Asset Securities Corp.
       
 
94,015
 
Pool # 1998-D6, 6.280%, 03/15/2030 (e)
   
95,081
 
   
 
Residential Asset Securitization Trust
       
 
178,898
 
Pool # 2004-R1, 2.750%, 08/25/2033 (e)
   
177,187
 
   
 
TIAA Real Estate CDO Ltd.
       
 
29
 
Pool # 2001-C1A, 5.770%, 06/19/2016 (Acquired 11/15/2001, Cost $29) (a)
 
29
 
   
 
Wachovia Bank Commercial Mortgage Trust
     
 
109,038
 
Pool # 2002-C1, 4.539%, 04/15/2034 (e)
   
108,873
 
 
486,104
 
Pool # 2003-C5, 2.986%, 06/15/2035
   
453,898
 
 
472,812
 
Pool # 2003-C9, 3.291%, 12/15/2035
   
458,995
 
 
525,094
 
Pool # 2004-C10, 3.065%, 02/15/2041
   
506,442
 
   
 
Total Mortgage Backed Securities
 
60,647,279
 
   
 
(Cost $61,197,353)
 
 
 
 
   
 
 
 
 
 
 
   
 
SHORT TERM INVESTMENTS 5.1%
     
   
 
U.S. Government Agency Issue (g) 1.3%
       
 
1,200,000
 
Federal Home Loan Bank Discount Note, 3.002%, 10/03/2005 (e)
 
1,199,800
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury Obligation 2.2%
 
 
 
 
 
2,180,000
 
U.S. Treasury Bill, 0.000%, 02/16/2006 (e)
 
 
2,149,289
 
 
 
 
 
 
 
 
 
   
 
Variable Rate Demand Notes (f) 1.6%
       
 
1,198,309
 
American Family Financial Services Inc., 3.442% , 12/31/2031 (e)
 
1,198,309
 
 
340,918
 
Wisconsin Corporate Central Credit Union, 3.510%, 12/31/2031 (e)
 
340,918
 
           
1,539,227
 
           
 
 
   
 
Total Short Term Investments
 
 
4,888,316
 
   
 
(Cost $4,888,316)
 
 
 
 
   
 
 
 
 
 
 
   
 
Total Investments 124.9%
 
 
118,966,016
 
   
 
(Cost $120,017,966)
 
 
 
 
   
 
 
 
 
 
 
   
 
Liabilities in Excess of Other Assets (24.9)%
 
(23,690,216)
 
   
 
 
   
 
 
   
 
TOTAL NET ASSETS 100.0%
$
95,275,800
 
               
               
               
(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 $3,126,420 (3.3% of net assets) at September 30, 2005.
     
(b)
Foreign Issued.
 
       
(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 September 30, 2005.
     
(g)
The obligations of certain U.S. Government-sponsored entities are neither issued nor guaranteed
     
 
by the United States Treasury.
         
 
 
           
 
 
           
 
For certain federal 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
       
September 30, 2005 (Unaudited)
       
               
               
 
Number of Shares
 
 
 
 
Value
 
   
 
COMMON STOCKS 96.7%
     
   
 
Aerospace & Defense 2.7%
       
 
113,480
 
Cubic Corp.
 
$
1,942,778
 
 
163,185
 
Mercury Computer Systems, Inc. (a)
   
4,283,606
 
 
321,044
 
Orbital Sciences Corp. (a)
   
4,013,050
 
           
10,239,434
 
   
 
Biotechnology 3.5%
       
 
110,954
 
Cepheid, Inc. (a)
   
819,950
 
 
49,440
 
Digene Corp. (a)
   
1,409,040
 
 
234,228
 
Exelixis, Inc. (a)
   
1,796,529
 
 
181,295
 
LifeCell Corp. (a)
   
3,921,411
 
 
250,587
 
Maxygen Inc. (a)
   
2,077,366
 
 
53,830
 
Techne Corp. (a)
   
3,067,233
 
           
13,091,529
 
   
 
Building Products 2.1%
       
 
171,701
 
Apogee Enterprises, Inc.
   
2,936,087
 
 
76,283
 
Lennox International Inc.
   
2,090,917
 
 
50,735
 
Universal Forest Products, Inc.
   
2,908,130
 
           
7,935,134
 
   
 
Capital Markets 2.5%
       
 
80,194
 
A.G. Edwards, Inc.
   
3,513,299
 
 
137,461
 
Jefferies Group, Inc.
   
5,986,427
 
           
9,499,726
 
   
 
Chemicals 5.7%
       
 
169,323
 
Agrium, Inc. (b)
   
3,720,026
 
 
48,380
 
FMC Corp. (a)
   
2,768,304
 
 
74,935
 
Headwaters Inc. (a)
   
2,802,569
 
 
106,115
 
Lubrizol Corp.
   
4,597,963
 
 
123,348
 
Methanex Corp. (b)
   
1,834,185
 
 
217,516
 
Symyx Technologies, Inc. (a)
   
5,681,518
 
           
21,404,565
 
   
 
Commercial Banks 7.5%
       
 
66,525
 
BOK Financial Corp.
   
3,204,509
 
 
110,258
 
Cathay General Bancorp
   
3,909,749
 
 
117,698
 
Community Bank System, Inc.
   
2,659,975
 
 
149,350
 
First Bancorp Puerto Rico (b)
   
2,527,002
 
 
121,285
 
First Midwest Bancorp, Inc.
   
4,516,653
 
 
117,207
 
Pacific Capital Bancorp
   
3,901,821
 
 
109,891
 
Texas Regional Bancshares, Inc. - Class A
 
3,163,762
 
 
112,480
 
United Bankshares, Inc.
   
3,931,176
 
           
27,814,647
 
   
 
Commercial Services & Supplies 2.6%
       
 
99,390
 
Duratek Inc. (a)
   
1,816,849
 
 
52,435
 
HNI Corp.
   
3,157,636
 
 
108,749
 
John H. Harland Co.
   
4,828,456
 
           
9,802,941
 
   
 
Communications Equipment 2.1%
       
 
259,170
 
Arris Group Inc. (a)
   
3,073,756
 
 
99,589
 
Tekelec (a)
   
2,086,390
 
 
109,500
 
ViaSat, Inc. (a)
   
2,808,675
 
           
7,968,821
 
   
 
Computers & Peripherals 1.0%
       
 
59,215
 
Komag, Inc. (a)
   
1,892,511
 
 
105,536
 
Synaptics Inc. (a)
   
1,984,077
 
           
3,876,588
 
   
 
Construction Materials 0.5%
       
 
31,921
 
Texas Industries, Inc.
   
1,736,502
 
 
 
 
 
   
 
 
   
 
Consumer Finance 0.8%
       
 
65,445
 
CompuCredit Corp. (a)
   
2,907,067
 
 
 
 
 
   
 
 
   
 
Containers & Packaging 0.8%
       
 
144,064
 
Longview Fibre Co.
   
2,807,807
 
 
 
 
 
   
 
 
   
 
Distributors 0.5%
       
 
160,170
 
Source Interlink Companies, Inc. (a)
   
1,771,480
 
 
 
 
 
   
 
 
   
 
Electric Utilities 1.0%
       
 
86,832
 
Black Hills Corp.
   
3,765,904
 
 
 
 
 
   
 
 
   
 
Electrical Equipment 1.7%
       
 
343,826
 
American Superconductor Corp. (a)
   
3,558,599
 
 
81,995
 
Thomas & Betts Corp. (a)
   
2,821,448
 
           
6,380,047
 
   
 
Electronic Equipment & Instruments 5.8%
     
 
334,299
 
Aeroflex Inc. (a)
   
3,129,039
 
 
39,774
 
Itron, Inc. (a)
   
1,816,081
 
 
475,771
 
Kemet Corp. (a)
   
3,986,961
 
 
139,966
 
Newport Corp. (a)
   
1,949,726
 
 
104,176
 
OSI Systems, Inc. (a)
   
1,645,981
 
 
100,978
 
Rofin-Sinar Technologies, Inc. (a)
   
3,836,154
 
 
162,153
 
Trimble Navigation Ltd. (a)
   
5,462,935
 
           
21,826,877
 
   
 
Energy Equipment & Services 2.8%
       
 
89,751
 
Oceaneering International, Inc. (a)
   
4,793,601
 
 
97,705
 
TETRA Technologies, Inc. (a)
   
3,050,350
 
 
44,865
 
Unit Corp. (a)
   
2,480,137
 
           
10,324,088
 
   
 
Food & Staples Retailing 1.0%
       
 
135,464
 
BJ's Wholesale Club, Inc. (a)
   
3,765,899
 
 
 
 
 
   
 
 
   
 
Food Products 1.0%
       
 
124,582
 
Peet's Coffee & Tea Inc. (a)
   
3,814,701
 
 
 
 
 
   
 
 
   
 
Health Care Equipment & Supplies 6.4%
     
 
185,781
 
American Medical Systems Holdings, Inc. (a)
 
3,743,487
 
 
59,109
 
Analogic Corp.
   
2,979,685
 
 
25,918
 
Intuitive Surgical, Inc. (a)
   
1,899,530
 
 
62,320
 
Kensey Nash Corp. (a)
   
1,910,731
 
 
59,070
 
Millipore Corp. (a)
   
3,714,912
 
 
91,894
 
Respironics, Inc. (a)
   
3,876,089
 
 
209,818
 
Thoratec Corp. (a)
   
3,726,368
 
 
56,574
 
Varian Inc. (a)
   
1,941,620
 
           
23,792,422
 
   
 
Health Care Providers & Services 3.2%
       
 
51,151
 
Cerner Corp. (a)
   
4,446,556
 
 
221,072
 
CryoLife, Inc. (a)
   
1,536,450
 
 
90,025
 
Owens & Minor, Inc.
   
2,642,234
 
 
122,550
 
Ventiv Health, Inc. (a)
   
3,212,036
 
           
11,837,276
 
   
 
Hotels, Restaurants & Leisure 0.9%
       
 
96,835
 
California Pizza Kitchen, Inc. (a)
   
2,831,455
 
 
29,019
 
Mikohn Gaming Corp. (a)
   
385,663
 
           
3,217,118
 
   
 
Industrial Conglomerates 0.8%
       
 
102,397
 
Raven Industries, Inc.
   
2,995,112
 
 
 
 
 
   
 
 
   
 
Insurance 2.7%
       
 
49,867
 
AmerUs Group Co.
   
2,860,870
 
 
66,653
 
Stewart Information Services Corp.
   
3,412,634
 
 
52,701
 
The Midland Co.
   
1,898,817
 
 
55,241
 
UICI
   
1,988,676
 
           
10,160,997
 
   
 
Internet Software & Services 1.3%
       
 
107,722
 
aQuantive, Inc. (a)
   
2,168,444
 
 
65,007
 
Audible, Inc. (a)
   
798,936
 
 
107,175
 
Openwave Systems Inc. (a)
   
1,927,006
 
           
4,894,386
 
   
 
IT Services 0.5%
       
 
29,600
 
CACI International Inc. - Class A (a)
   
1,793,760
 
 
 
 
 
   
 
 
   
 
Leisure Equipment & Products 3.6%
       
 
160,040
 
Callaway Golf Co.
   
2,415,004
 
 
332,485
 
Leapfrog Enterprises, Inc. (a)
   
4,910,803
 
 
359,086
 
Oakley, Inc.
   
6,226,551
 
           
13,552,358
 
   
 
Machinery 3.1%
       
 
94,498
 
IDEX Corp.
   
4,020,890
 
 
107,517
 
JLG Industries, Inc.
   
3,934,047
 
 
49,473
 
Lincoln Electric Holdings, Inc.
   
1,949,236
 
 
62,025
 
Valmont Industries, Inc.
   
1,821,054
 
           
11,725,227
 
   
 
Marine 0.7%
       
 
50,902
 
Alexander & Baldwin, Inc.
   
2,710,023
 
 
 
 
 
   
 
 
   
 
Media 1.6%
       
 
301,344
 
Imax Corp. (a)(b)
   
3,143,018
 
 
47,483
 
Media General, Inc.
   
2,754,489
 
           
5,897,507
 
   
 
Metals & Mining 1.0%
       
 
31,921
 
Chaparral Steel Co. (a)
   
805,047
 
 
88,305
 
Commercial Metals Co.
   
2,979,411
 
           
3,784,458
 
   
 
Multi-Utilities & Unregulated Power 2.8%
     
 
235,408
 
Avista Corp.
   
4,566,915
 
 
133,288
 
Energen Corp.
   
5,766,039
 
           
10,332,954
 
   
 
Oil & Gas 4.5%
       
 
78,482
 
Cabot Oil & Gas Corp.
   
3,964,126
 
 
192,576
 
OMI Corp.
   
3,441,333
 
 
79,490
 
Southwestern Energy Co. (a)
   
5,834,566
 
 
80,155
 
Swift Energy Co. (a)
   
3,667,091
 
           
16,907,116
 
   
 
Paper & Forest Products 0.8%
       
 
238,957
 
Wausau-Mosinee Paper Corp.
   
2,989,352
 
 
 
 
 
   
 
 
   
 
Pharmaceuticals 0.6%
       
 
158,842
 
Perrigo Co.
   
2,273,029
 
 
 
 
 
   
 
 
   
 
Real Estate 2.8%
       
 
215,858
 
Corporate Office Properties Trust
   
7,544,237
 
 
61,252
 
Mid-America Apartment Communities, Inc.
 
2,848,831
 
           
10,393,068
 
   
 
Road & Rail 1.0%
       
 
150,090
 
Knight Transportation, Inc.
   
3,656,192
 
 
 
 
 
   
 
 
   
 
Semiconductor & Semiconductor Equipment 3.0%
     
 
92,667
 
Actel Corp. (a)
   
1,339,965
 
 
118,769
 
Cohu, Inc.
   
2,808,887
 
 
87,221
 
Cypress Semiconductor Corp. (a)
   
1,312,676
 
 
132,036
 
Varian Semiconductor Equipment Associates, Inc. (a)
   
5,594,365
 
           
11,055,893
 
   
 
Software 2.1%
       
 
39,352
 
JAMDAT Mobile Inc. (a)
   
826,392
 
 
92,410
 
Macrovision Corp. (a)
   
1,765,031
 
 
114,145
 
MapInfo Corp. (a)
   
1,398,276
 
 
24,170
 
MICROS Systems, Inc. (a)
   
1,057,438
 
 
122,238
 
THQ Inc. (a)
   
2,606,114
 
           
7,653,251
 
   
 
Specialty Retail 3.2%
       
 
64,410
 
Cost Plus, Inc. (a)
   
1,169,042
 
 
130,699
 
Men's Wearhouse, Inc. (a)
   
3,489,663
 
 
145,425
 
Pacific Sunwear Of California, Inc. (a)
   
3,117,912
 
 
119,839
 
Payless Shoesource, Inc. (a)
   
2,085,199
 
 
74,013
 
Stage Stores, Inc.
   
1,988,729
 
           
11,850,545
 
   
 
Textiles, Apparel & Luxury Goods 3.3%
       
 
117,369
 
Deckers Outdoor Corp. (a)
   
2,823,898
 
 
86,840
 
Oxford Industries, Inc.
   
3,918,221
 
 
149,665
 
Russell Corp.
   
2,101,297
 
 
172,385
 
Wolverine World Wide, Inc.
   
3,628,704
 
           
12,472,120
 
   
 
Thrifts & Mortgage Finance 1.2%
       
 
152,619
 
Commercial Capital Bancorp, Inc.
   
2,594,523
 
 
147,033
 
Doral Financial Corp. (b)
   
1,921,721
 
           
4,516,244
 
           
 
 
   
 
Total Common Stocks
 
 
361,194,165
 
   
 
(Cost $306,009,318)
 
 
 
 
   
 
 
 
 
 
 
 
Principal
           
 
Amount
       
Value
 
   
 
SHORT TERM INVESTMENTS 4.5%
     
   
 
U.S. Government Agency Issue (d) 2.5%
     
$
9,500,000
 
Federal Home Loan Bank Discount Note, 3.002%, 10/03/2005
 
9,498,417
 
 
 
 
 
 
 
 
 
   
 
Variable Rate Demand Notes (c) 2.0%
     
 
6,667,366
 
American Family Financial Services Inc., 3.442% , 12/31/2031
 
6,667,366
 
 
808,254
 
Wisconsin Corporate Central Credit Union, 3.510%, 12/31/2031
 
808,254
 
           
7,475,620
 
           
 
 
   
 
Total Short Term Investments
 
16,974,037
 
   
 
(Cost $16,974,037)
 
 
 
 
   
 
 
 
 
 
 
   
 
Total Investments 101.2%
 
 
378,168,202
 
   
 
(Cost $322,983,355)
 
 
 
 
   
 
 
 
 
 
 
   
 
Liabilities in Excess of Other Assets (1.2)%
 
(4,545,630)
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
TOTAL NET ASSETS 100.0%
$
373,622,572
 
               
               
               
(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 September 30, 2005.
     
(d)
The obligations of certain U.S. Government-sponsored entities are neither issued nor guaranteed
     
 
by the United States Treasury.
         
               
               
 
For certain federal 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
 
       
September 30, 2005 (Unaudited)
       
               
               
 
Number of Shares
 
 
 
 
Value
 
   
 
COMMON STOCKS 96.1%
     
   
 
Aerospace & Defense 2.4%
       
 
17,610
 
Cubic Corp.
 
$
301,483
 
 
6,840
 
L-3 Communications Holdings, Inc.
 
540,839
 
 
21,334
 
Mercury Computer Systems, Inc. (a)
 
560,018
 
           
1,402,340
 
   
 
Biotechnology 2.0%
       
 
7,200
 
Celgene Corp. (a)
   
391,104
 
 
11,090
 
Charles River Laboratories International, Inc. (a)
 
483,746
 
 
27,600
 
Millennium Pharmaceuticals, Inc. (a)
 
257,508
 
           
1,132,358
 
   
 
Capital Markets 2.5%
       
 
9,550
 
Affiliated Managers Group, Inc. (a)
 
691,611
 
 
17,500
 
Jefferies Group, Inc.
   
762,125
 
           
1,453,736
 
   
 
Chemicals 5.3%
       
 
27,413
 
Agrium, Inc. (b)
   
602,264
 
 
12,200
 
Headwaters Inc. (a)
   
456,280
 
 
17,209
 
Lubrizol Corp.
   
745,666
 
 
23,204
 
Methanex Corp.
   
345,044
 
 
35,054
 
Symyx Technologies, Inc. (a)
   
915,610
 
           
3,064,864
 
   
 
Commercial Banks 7.7%
     
 
21,090
 
AmSouth Bancorporation
 
532,734
 
 
12,600
 
Compass Bancshares, Inc.
 
577,458
 
 
20,962
 
First Bancorp Puerto Rico (b)
 
354,677
 
 
6,440
 
First Horizon National Corp.
 
234,094
 
 
10,830
 
Marshall & Ilsley Corp.
   
471,213
 
 
10,100
 
North Fork Bancorporation, Inc.
 
257,550
 
 
26,220
 
Synovus Financial Corp.
 
726,818
 
 
18,537
 
TD Banknorth, Inc.
   
558,705
 
 
6,200
 
UnionBanCal Corp.
   
432,264
 
 
7,600
 
Wilmington Trust Corp.
   
277,020
 
           
4,422,533
 
   
 
Commercial Services & Supplies 2.3%
     
 
22,881
 
Education Management Corp. (a)
 
737,683
 
 
40,896
 
The ServiceMaster Co.
   
553,732
 
           
1,291,415
 
   
 
Communications Equipment 4.8%
     
 
36,521
 
Arris Group Inc. (a)
   
433,139
 
 
14,240
 
Harris Corp.
   
595,232
 
 
79,810
 
Tellabs, Inc. (a)
   
839,601
 
 
34,079
 
ViaSat, Inc. (a)
   
874,127
 
           
2,742,099
 
   
 
Computers & Peripherals 1.7%
     
 
7,120
 
SanDisk Corp. (a)
   
343,540
 
 
18,160
 
Seagate Technology (a)
   
287,836
 
 
16,888
 
Synaptics Inc. (a)
   
317,494
 
           
948,870
 
   
 
Containers & Packaging 0.7%
     
 
8,410
 
AptarGroup, Inc.
   
418,902
 
 
 
 
 
   
 
 
   
 
Distributors 0.7%
       
 
9,990
 
Genuine Parts Co.
   
428,571
 
 
 
 
 
   
 
 
   
 
Electric Utilities 4.2%
       
 
18,198
 
Allegheny Energy, Inc. (a)
 
559,043
 
 
16,890
 
Black Hills Corp.
   
732,519
 
 
15,500
 
DPL Inc.
   
430,900
 
 
38,580
 
Duquesne Light Holdings Inc.
 
663,962
 
           
2,386,424
 
   
 
Electrical Equipment 3.5%
     
 
33,945
 
American Power Conversion Corp.
 
879,175
 
 
40,000
 
American Superconductor Corp. (a)
 
414,000
 
 
43,007
 
General Cable Corp. (a)
   
722,518
 
           
2,015,693
 
   
 
Electronic Equipment & Instruments 1.5%
     
 
16,110
 
Newport Corp. (a)
   
224,412
 
 
18,950
 
Trimble Navigation Ltd. (a)
 
638,426
 
           
862,838
 
   
 
Energy Equipment & Services 1.8%
     
 
8,700
 
Precision Drilling Corp. (a)(b)
 
428,040
 
 
21,643
 
Pride International, Inc. (a)
 
617,042
 
           
1,045,082
 
   
 
Food & Staples Retailing 0.7%
     
 
14,017
 
BJ's Wholesale Club, Inc. (a)
 
389,673
 
 
 
 
 
   
 
 
   
 
Food Products 1.5%
       
 
8,700
 
Hormel Foods Corp.
   
287,013
 
 
11,800
 
The J.M. Smucker Co.
   
572,772
 
           
859,785
 
   
 
Health Care Equipment & Supplies 5.4%
     
 
10,610
 
Becton, Dickinson & Co.
 
556,282
 
 
3,484
 
Intuitive Surgical, Inc. (a)
 
255,342
 
 
10,860
 
Millipore Corp. (a)
   
682,986
 
 
21,711
 
PerkinElmer, Inc.
   
442,253
 
 
12,200
 
Respironics, Inc. (a)
   
514,596
 
 
20,210
 
Thermo Electron Corp. (a)
   
624,489
 
           
3,075,948
 
   
 
Health Care Providers & Services 4.6%
       
 
6,660
 
Cerner Corp. (a)
   
578,954
 
 
11,761
 
Covance Inc. (a)
   
564,410
 
 
12,960
 
LifePoint Hospitals, Inc. (a)
 
566,741
 
 
10,300
 
McKesson Corp.
   
488,735
 
 
14,317
 
Owens & Minor, Inc.
   
420,204
 
           
2,619,044
 
   
 
Hotels, Restaurants & Leisure 0.5%
     
 
9,270
 
Darden Restaurants, Inc.
 
281,530
 
 
 
 
 
   
 
 
   
 
Household Durables 1.8%
     
 
7,255
 
Harman International Industries, Inc.
 
741,969
 
 
3,270
 
The Black & Decker Corp.
 
268,434
 
           
1,010,403
 
   
 
Insurance 2.3%
       
 
7,150
 
Fidelity National Financial, Inc.
 
318,318
 
 
14,100
 
Jefferson-Pilot Corp.
   
721,497
 
 
5,743
 
Stewart Information Services Corp.
 
294,042
 
           
1,333,857
 
   
 
Internet Software & Services 1.9%
     
 
40,940
 
Openwave Systems Inc. (a)
 
736,101
 
 
15,402
 
VeriSign, Inc. (a)
   
329,141
 
           
1,065,242
 
   
 
IT Services 1.2%
       
 
26,175
 
Hewitt Associates, Inc. (a)
 
714,054
 
 
 
 
 
   
 
 
   
 
Leisure Equipment & Products 3.0%
       
 
51,645
 
Leapfrog Enterprises, Inc. (a)
   
762,797
 
 
55,837
 
Oakley, Inc.
   
968,213
 
           
1,731,010
 
   
 
Machinery 2.3%
       
 
6,450
 
ITT Industries, Inc.
   
732,720
 
 
13,630
 
Oshkosh Truck Corp.
   
588,271
 
           
1,320,991
 
   
 
Marine 0.8%
       
 
8,277
 
Alexander & Baldwin, Inc.
   
440,667
 
 
 
 
 
   
 
 
   
 
Media 1.8%
       
 
6,530
 
Getty Images, Inc. (a)
   
561,841
 
 
8,516
 
Media General, Inc.
   
494,013
 
           
1,055,854
 
   
 
Metals & Mining 1.8%
       
 
9,920
 
Inco Ltd. (b)
   
469,712
 
 
10,900
 
Massey Energy Co.
   
556,663
 
           
1,026,375
 
   
 
Multi-Utilities & Unregulated Power 1.9%
     
 
18,100
 
Energen Corp.
   
783,006
 
 
8,440
 
National Fuel Gas Co.
   
288,648
 
           
1,071,654
 
   
 
Oil & Gas 3.9%
       
 
12,210
 
Cabot Oil & Gas Corp.
   
616,727
 
 
20,500
 
Chesapeake Energy Corp.
   
784,125
 
 
19,890
 
Teekay Shipping Corp. (b)
   
856,265
 
           
2,257,117
 
   
 
Paper & Forest Products 2.2%
       
 
16,655
 
Georgia-Pacific Corp.
   
567,269
 
 
12,432
 
Rayonier Inc.
   
716,332
 
           
1,283,601
 
   
 
Personal Products 0.5%
       
 
6,500
 
Alberto-Culver Co.
   
290,875
 
 
 
 
 
   
 
 
   
 
Pharmaceuticals 1.3%
       
 
10,560
 
Barr Pharmaceuticals Inc. (a)
   
579,955
 
 
13,030
 
Perrigo Co.
   
186,459
 
           
766,414
 
   
 
Real Estate 5.2%
       
 
20,600
 
Corporate Office Properties Trust
   
719,970
 
 
21,660
 
Kimco Realty Corp.
   
680,557
 
 
19,830
 
ProLogis
   
878,667
 
 
11,500
 
The St. Joe Co.
   
718,175
 
           
2,997,369
 
   
 
Road & Rail 1.4%
       
 
20,395
 
Norfolk Southern Corp.
   
827,221
 
 
 
 
 
   
 
 
   
 
Semiconductor & Semiconductor Equipment 2.8%
     
 
40,030
 
Advanced Micro Devices, Inc. (a)
   
1,008,756
 
 
14,607
 
Varian Semiconductor Equipment Associates, Inc. (a)
 
618,899
 
           
1,627,655
 
   
 
Software 1.9%
       
 
43,885
 
Cadence Design Systems, Inc. (a)
   
709,182
 
 
19,600
 
Macrovision Corp. (a)
   
374,360
 
           
1,083,542
 
   
 
Specialty Retail 3.3%
       
 
25,605
 
Men's Wearhouse, Inc. (a)
   
683,654
 
 
18,310
 
Pacific Sunwear Of California, Inc. (a)
   
392,566
 
 
22,110
 
Payless ShoeSource, Inc. (a)
   
384,714
 
 
10,946
 
Tiffany & Co.
   
435,322
 
           
1,896,256
 
   
 
Water Utilities 1.0%
       
 
15,149
 
Aqua America Inc.
   
575,965
 
 
 
 
 
   
 
 
   
 
Total Common Stocks
 
 
55,217,827
 
   
 
(Cost $50,973,126)
 
 
 
 
   
 
 
 
 
 
 
 
Principal
           
 
Amount
       
Value
 
   
 
SHORT TERM INVESTMENTS 5.1%
       
   
 
U.S. Government Agency Issue (d) 3.5%
     
$
2,000,000
 
Federal Home Loan Bank Discount Note, 3.002%, 10/03/2005
 
1,999,667
 
 
 
 
 
 
 
 
 
   
 
Variable Rate Demand Notes (c) 1.6%
     
 
424,299
 
American Family Financial Services Inc., 3.442% , 12/31/2031
 
424,299
 
 
497,038
 
Wisconsin Corporate Central Credit Union, 3.510%, 12/31/2031
 
497,038
 
           
921,337
 
           
 
 
   
 
Total Short Term Investments
 
2,921,004
 
   
 
(Cost $2,921,004)
 
 
 
 
   
 
 
 
 
 
 
   
 
Total Investments 101.2%
 
58,138,831
 
   
 
(Cost $53,894,130)
 
 
 
 
   
 
 
 
 
 
 
   
 
Liabilities in Excess of Other Assets (1.2)%
 
(705,241)
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
TOTAL NET ASSETS 100.0%
$
57,433,590
 
               
               
               
(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 September 30, 2005.
     
(d)
The obligations of certain U.S. Government-sponsored entities are neither issued nor guaranteed
     
 
by the United States Treasury.
           
               
 
 
           
 
For certain federal 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
       
September 30, 2005 (Unaudited)
       
               
               
 
Number of Shares
 
 
 
 
Value
 
   
 
COMMON STOCKS 91.7%
       
   
 
Australia 2.5%
       
 
67,454
 
Publishing & Broadcasting Ltd.
 
$
847,611
 
 
43,050
 
Rio Tinto Ltd.
   
1,941,271
 
 
182,000
 
Westfield Group
   
2,331,377
 
 
76,192
 
Woodside Petroleum Ltd.
   
2,091,431
 
           
7,211,690
 
   
 
Belgium 1.2%
       
 
118,900
 
Fortis
   
3,446,936
 
 
 
 
 
   
 
 
   
 
China 0.9%
       
 
3,166,000
 
China Petroleum & Chemical Corp. (Sinopec) - Class H
 
1,446,741
 
 
25,745
 
China Petroleum & Chemical Corp. (Sinopec) - ADR
 
1,165,219
 
           
2,611,960
 
   
 
Denmark 1.8%
       
 
230
 
AP Moller - Maersk A/S
   
2,348,716
 
 
88,793
 
Danske Bank A/S
   
2,717,350
 
           
5,066,066
 
   
 
Finland 1.3%
       
 
232,158
 
Nokia Oyj
   
3,888,127
 
 
 
 
 
   
 
 
   
 
France 11.0%
       
 
213,314
 
Alcatel SA (a)
   
2,839,574
 
 
134,200
 
Axa
   
3,682,499
 
 
60,911
 
Bouygues SA
   
2,829,853
 
 
76,996
 
CapGemini SA (a)
   
2,995,291
 
 
28,900
 
Lafarge SA
   
2,541,575
 
 
2,792
 
PagesJaunes Groupe SA
   
76,144
 
 
44,721
 
Sanofi-Aventis
   
3,693,841
 
 
65,500
 
Sodexho Alliance SA
   
2,471,743
 
 
22,344
 
Total SA
   
6,096,380
 
 
20,446
 
Vinci SA
   
1,760,024
 
 
79,719
 
Vivendi Universal SA
   
2,601,271
 
           
31,588,195
 
   
 
Germany 5.9%
       
 
27,200
 
Bayerische Motoren Werke (BMW) AG
   
1,274,137
 
 
22,850
 
Celesio AG
   
1,994,965
 
 
170,025
 
Deutsche Telekom AG
   
3,092,664
 
 
26,177
 
E.ON AG
   
2,409,032
 
 
22,300
 
Fresenius Medical Care AG
   
2,030,804
 
 
79,622
 
Metro AG
   
3,922,987
 
 
13,900
 
SAP AG (Systeme, Anwendungen, Produkte in der Datenverarbeitung)
   
2,404,758
 
           
17,129,347
 
   
 
Greece 1.9%
       
 
91,680
 
Alpha Bank A.E.
   
2,592,836
 
 
139,900
 
Cosmote Mobile Telecommunications SA
   
2,780,016
 
           
5,372,852
 
   
 
Hong Kong 4.1%
       
 
164,000
 
Cheung Kong (Holdings) Ltd.
   
1,849,267
 
 
56,964
 
China Mobile (Hong Kong) Ltd. - ADR
   
1,403,593
 
 
3,662,000
 
Guangdong Investment Ltd.
   
1,284,507
 
 
496,000
 
Li & Fung Ltd.
   
1,146,035
 
 
193,000
 
Sun Hung Kai Properties Ltd.
   
1,996,157
 
 
262,000
 
Television Broadcasts Ltd.
   
1,600,255
 
 
630,000
 
Wharf Holdings Ltd.
   
2,453,113
 
           
11,732,927
 
   
 
Hungary 0.7%
       
 
25,945
 
OTP Bank Rt - GDR
   
2,052,249
 
 
 
 
 
   
 
 
   
 
India 0.2%
       
 
25,500
 
Dr. Reddy's Laboratories Ltd. - ADR
   
496,230
 
 
 
 
 
   
 
 
   
 
Israel 0.6%
       
 
50,800
 
Teva Pharmaceutical Industries Ltd. - ADR
 
1,697,736
 
 
 
 
 
   
 
 
   
 
Italy 4.7%
       
 
172,181
 
Eni SPA
   
5,111,543
 
 
253,503
 
Mediaset SPA
   
2,998,422
 
 
957,699
 
UniCredito Italiano SPA
   
5,396,298
 
           
13,506,263
 
   
 
Japan 17.9%
       
 
245,000
 
Aeon Co. Ltd.
   
4,920,936
 
 
264,000
 
Ajinomoto Co., Inc.
   
2,776,866
 
 
295,000
 
KANEKA CORP.
   
3,848,786
 
 
155,000
 
Kao Corp.
   
3,816,456
 
 
13,700
 
Keyence Corp.
   
3,444,461
 
 
76,000
 
Murata Manufacturing Co., Ltd.
   
4,238,030
 
 
356,000
 
NIPPON OIL CORP.
   
3,151,830
 
 
420
 
Nippon Paper Group, Inc.
   
1,520,680
 
 
2,707
 
NTT DoCoMo, Inc.
   
4,817,108
 
 
134,300
 
OMRON CORP.
   
3,271,281
 
 
69,500
 
SECOM CO., LTD.
   
3,342,906
 
 
75,000
 
Seino Transportation Co., Ltd.
   
685,152
 
 
22,800
 
SHIMACHU CO., LTD.
   
580,470
 
 
708,000
 
Shinsei Bank, Ltd.
   
4,459,499
 
 
180,300
 
SHOWA SHELL SEKIYU K.K.
   
2,468,275
 
 
56,600
 
TAKEFUJI CORP.
   
4,412,721
 
           
51,755,457
 
   
 
Netherlands 3.7%
       
 
191,260
 
ASML Holding NV (a)
   
3,138,838
 
 
112,600
 
ING Groep NV
   
3,352,229
 
 
24,364
 
Unilever NV
   
1,731,400
 
 
135,005
 
Wolters Kluwer NV
   
2,510,815
 
           
10,733,282
 
   
 
Norway 0.8%
       
 
98,400
 
Statoil ASA
   
2,440,886
 
 
 
 
 
   
 
 
   
 
Russia 1.4%
       
 
54,200
 
Mobile TeleSystems - ADR
   
2,204,856
 
 
32,452
 
LUKOIL - ADR
   
1,874,103
 
 
 
 
 
   
4,078,959
 
   
 
Singapore 1.3%
       
 
134,000
 
Great Eastern Holdings Ltd.
   
1,227,542
 
 
441,500
 
Singapore Press Holdings Ltd.
   
1,205,514
 
 
144,000
 
United Overseas Bank Ltd.
   
1,200,000
 
           
3,633,056
 
   
 
South Korea 0.6%
       
 
6,270
 
Samsung Electronics Co., Ltd. - GDR
   
1,783,815
 
 
 
 
 
   
 
 
   
 
Spain 2.1%
       
 
58,000
 
ACS Actividades de Construccion y Servicios, SA
   
1,689,794
 
 
145,610
 
Banco Bilbao Vizcaya Argentaria, SA
   
2,552,351
 
 
87,406
 
Indra Sistemas, SA
   
1,916,453
 
           
6,158,598
 
   
 
Sweden 0.7%
       
 
136,300
 
Securitas AB - Class B
   
2,109,717
 
 
 
 
 
   
 
 
   
 
Switzerland 7.1%
       
 
5,950
 
Nestle SA
   
1,742,159
 
 
126,498
 
Novartis AG
   
6,415,786
 
 
40,700
 
Roche Holding AG
   
5,653,476
 
 
37,532
 
UBS AG
   
3,189,524
 
 
19,638
 
Zurich Financial Services AG
   
3,345,318
 
           
20,346,263
 
   
 
Thailand 0.8%
       
 
754,000
 
Advanced Info Service Public Co. Ltd.
   
1,983,969
 
 
292,000
 
Shin Corp.
   
291,680
 
           
2,275,649
 
   
 
United Kingdom 18.5%
       
 
80,000
 
AstraZeneca plc
   
3,716,175
 
 
338,610
 
Aviva plc
   
3,715,905
 
 
406,780
 
Barclays plc
   
4,109,034
 
 
294,272
 
EMAP plc
   
4,269,473
 
 
506,100
 
EMI Group plc
   
2,163,583
 
 
292,000
 
GlaxoSmithKline plc
   
7,422,900
 
 
296,300
 
HSBC Holdings plc
   
4,789,900
 
 
1,171,000
 
Legal & General Group plc
   
2,343,032
 
 
685,069
 
Rolls-Royce Group plc (a)
   
4,510,767
 
 
106,000
 
Royal Dutch Shell plc - Class A
   
3,503,746
 
 
276,000
 
Scottish & Newcastle plc
   
2,256,412
 
 
85,900
 
Standard Chartered plc
   
1,852,018
 
 
2,274,900
 
Vodafone Group Plc
   
5,915,342
 
 
276,600
 
WPP Group plc
   
2,813,543
 
           
53,381,830
 
           
 
 
   
 
Total Common Stocks
 
 
264,498,090
 
   
 
(Cost $246,448,570)
 
 
 
 
   
 
 
 
 
 
 
 
Principal
           
 
Amount
       
Value
 
   
 
SHORT TERM INVESTMENTS 8.8%
       
   
 
U.S. Government Agency Issue (b) 8.3%
       
$
24,100,000
 
Federal Home Loan Bank Discount Note, 3.002%, 10/03/2005
 
24,095,983
 
 
 
 
 
 
 
 
 
   
 
Money Market Fund 0.5%
       
 
1,407,632
 
First American Prime Obligations Fund - Class A
 
1,407,632
 
 
 
 
 
   
 
 
   
 
Total Short Term Investments
 
 
25,503,615
 
   
 
(Cost $25,503,615)
 
 
 
 
   
 
 
 
 
 
 
   
 
Total Investments 100.5%
 
 
290,001,705
 
   
 
(Cost $271,952,185)
 
 
 
 
   
 
 
 
 
 
 
   
 
Liabilities in Excess of Other Assets (0.5)%
 
(1,517,857)
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
TOTAL NET ASSETS 100.0%
 
$
288,483,848
 
               
               
               
               
               
(a)
Non Income Producing
         
(b)
The obligations of certain U.S. Government-sponsored entities are neither issued nor guaranteed
     
 
by the United States Treasury.
       
ADR
American Depositary Receipt
         
GDR
Global Depositary Receipt
         
               
 
 
           
 
For certain federal 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:       11/29/05                                                                                   



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:       11/29/05                                                                                   

By:         /s/William D. Forsyth III                                                        
William D. Forsyth III, Co-President and Treasurer
(Principal Executive and Financial Officer)

Date:       11/29/05