N-Q 1 frontegra_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS frontegra_nq.htm



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, 2011


Date of reporting period:  September 30, 2010
 
 
 
 
 
 
Item 1. Schedule of Investments.
 
Frontegra Columbus Core Plus Fund
    
Schedule of Investments
    
September 30, 2010 (Unaudited)
    
     
Principal Amount
      
Value
   
ASSET BACKED SECURITIES 8.6%
    
   
Americredit Automobile Receivables Trust
    
$1,630,000
  
     Series 2008-AF, Class A4, 6.960%, 10/14/2014
 $
           1,766,473
   
Chase Issuance Trust
    
            1,570,000
  
      Series 2005-A13, Class A13, 0.297%, 02/15/2013
  
            1,569,802
   
Chrysler Financial Auto Securitization Trust
    
            2,154,241
  
     Series 2009-B, Class A-2, 1.150%, 11/08/2011
  
            2,158,387
   
Chrysler Financial Automobile TALF
    
            1,010,000
  
     Series 2009-AF, Class A3, 2.820%, 01/15/2016
  
            1,029,003
   
Countrywide Asset-Backed Certficates
    
            3,521,680
  
     Series 2006-S2, Class A3, 5.841%, 07/25/2027
  
            1,543,447
            1,511,500
  
     Series 2006-S2, Class A4, 6.091%, 07/25/2027
  
               370,777
               817,352
  
     Series 2006-S5, Class A3, 5.762%, 06/25/2035
  
               250,319
            1,379,590
  
     Series 2007-S2, Class A6, 5.779%, 05/25/2037
  
               791,475
   
Credit Suisse Mortgage Capital Certificates
    
            1,791,832
  
     Series 2009-12R, Class 41A1, 5.250%, 03/27/2037
    
   
     (Acquired 10/06/2009, Cost $1,785,112) (b)
  
            1,791,832
   
Fifth Third Auto Trust
    
               425,230
  
      Series 2008-1, Class A3A, 4.070%, 01/17/2012
  
               426,004
   
Ford Credit Auto Owner Trust
    
            3,496,472
  
     Series 2009-A, Class A3B, 2.757%, 05/15/2013
  
            3,545,069
            2,355,000
  
     Series 2009-D, Class A3, 2.170%, 10/15/2013
  
            2,389,095
   
GE Capital Credit Card Master Note Trust
    
            2,450,000
  
     Series 2009-3, Class A, 2.540%, 09/15/2014
  
            2,493,853
   
GMAC Mortgage Corporation Loan Trust
    
            1,825,899
  
     Series 2006-HE3, Class A3, 5.805%, 10/25/2036
  
            1,025,664
   
GSAA Home Equity Trust
    
            1,223,282
  
     Series 2006-S1, Class 1A1, 0.416%, 01/25/2037
  
               149,150
   
Hertz Vehicle Financing LLC
    
            1,568,333
  
     Series 2005-1, 5.080%, 11/25/2011
  
            1,574,831
   
     (Acquired 09/09/2010, Cost $1,574,348) (b)
    
               238,333
  
     Series 2005-1A, Class A4, 0.506%, 11/25/2011
    
   
     (Acquired 08/21/2008 and 12/10/2008, Cost $232,869) (a)(b)
  
               238,073
               756,667
  
     Series 2005-2A, Class A5, 0.506%, 11/25/2011
    
   
     (Acquired Multiple Dates, Cost $750,508) (a)(b)
  
               755,841
            1,825,000
  
     Series 2009-2A, Class A1, 4.260%, 03/25/2014
    
   
     (Acquired 10/16/2009, Cost $1,824,891) (a)(b)
  
            1,914,657
   
Home Equity Mortgage Trust
    
            4,343,164
  
     Series 2006-5, Class A1, 5.500%, 01/25/2037
  
               736,301
   
Hyundai Auto Receivables Trust
    
            4,140,000
  
     Series 2009-A, Class A3, 2.030%, 08/15/2013
  
            4,201,558
   
Keystone Owner Trust
    
                   6,224
  
     Series 1998-P1, Class M1, 7.530%, 05/25/2025
    
   
     (Acquired 12/10/2008, Cost $5,851) (b)
  
                   6,104
   
Mid-State Trust
    
               889,122
  
     Series 11, Class A1, 4.864%, 07/15/2038
  
               895,228
   
Residential Funding Mortgage Securities
    
                 86,482
  
     Series 2005-HS1, Class AI2, 4.660%, 09/25/2035
  
                 82,477
               414,452
  
     Series 2003-HS1, Class AI6, 3.830%, 02/25/2033
  
               366,907
               630,000
  
     Series 2005-HS1, Class AI4, 5.110%, 09/25/2035
  
               109,316
            1,643,700
  
     Series 2006-HSA1, Class A3, 5.230%, 02/25/2036
  
               769,714
            1,333,223
  
     Series 2006-HSA1, Class A4, 5.490%, 02/25/2036
  
               402,563
            1,801,301
  
     Series 2006-HSA1, Class A5, 5.310%, 02/25/2036
  
               896,253
               263,869
  
     Series 2006-HSA2, Class AI2, 5.500%, 03/25/2036
  
               250,868
            1,160,000
  
     Series 2006-HSA2, Class AI3, 5.550%, 03/25/2036
  
               558,448
               820,000
  
     Series 2006-HSA2, Class AI4, 5.810%, 03/25/2036
  
               165,719
   
SACO I Trust
    
               882,854
  
     Series 2006-9, Class A1, 0.406%, 08/25/2036
  
               266,639
   
SLM Student Loan Trust
    
               904,087
  
      Series 2008-1, Class A1, 0.581%, 07/25/2013
  
               904,798
            3,827,425
  
      Series 2008-2, Class A1, 0.806%, 01/25/2015
  
            3,830,995
   
Total Asset Backed Securities
    
   
(Cost $43,003,147)
  
          40,227,640
         
   
CORPORATE BONDS 36.0%
    
   
Airlines 1.1%
    
   
Northwest Airlines, Inc.
    
            3,261,371
  
      7.027%, 11/01/2019
  
            3,293,985
   
United Airlines
    
            1,854,985
  
      6.636%, 07/02/2022
  
            1,850,347
       
            5,144,332
   
Commercial Banks 2.9%
    
   
BB&T Corp.
    
            2,655,000
  
      5.700%, 04/30/2014
  
            2,982,101
   
Manufacturers & Traders Trust Co.
    
            1,860,000
  
      5.629%, 12/01/2021
  
            1,800,904
   
Royal Bank of Scotland PLC/The
    
            1,545,000
  
      2.759%, 08/23/2013 (a)
  
            1,576,205
            7,030,000
  
      3.400%, 08/23/2013
  
            7,207,191
       
          13,566,401
   
Consumer Finance 2.6%
    
   
Ally Financial, Inc.
    
            2,080,000
  
      7.500%, 09/15/2020
    
   
     (Acquired 08/09/2010, Cost $2,061,613) (b)
  
            2,215,200
   
Ford Motor Credit Co. LLC
    
            8,075,000
  
      5.625%, 09/15/2015
  
            8,303,676
   
GMAC, Inc.
    
            1,767,000
  
      6.750%, 12/01/2014
  
            1,840,993
       
          12,359,869
   
Diversified Financial Services 13.5%
    
   
Bank of America Corp.
    
            1,730,000
  
      5.750%, 12/01/2017
  
            1,849,636
            6,290,000
  
      5.625%, 07/01/2020
  
            6,646,637
   
Capital One Bank
    
            1,260,000
  
      8.800%, 07/15/2019
  
            1,610,361
   
Citigroup, Inc.
    
            7,055,000
  
      8.500%, 05/22/2019
  
            8,722,386
   
Credit Suisse AG
    
            6,960,000
  
      5.400%, 01/14/2020
  
            7,424,636
   
Goldman Sachs Group, Inc./The
    
            3,290,000
  
      6.000%, 06/15/2020
  
            3,618,628
   
JPMorgan Chase & Co.
    
            3,865,000
  
      1.039%, 09/30/2013
  
            3,876,367
            6,770,000
  
      4.400%, 07/22/2020
  
            6,933,204
   
Lehman Brothers Holdings
    
            7,000,000
  
      6.875%, 05/02/2018
  
            1,645,000
   
     (Acquired 09/16/2008, Cost $2,343,205) (d)
    
   
Lloyds TSB Bank PLC
    
            6,310,000
  
      5.800%, 01/13/2020
    
   
     (Acquired Multiple Dates, Cost $6,398,002) (b)(c)
  
            6,610,230
   
Morgan Stanley
    
            4,435,000
  
      5.500%, 01/26/2020
  
            4,558,519
            1,750,000
  
      5.500%, 07/24/2020
  
            1,802,882
   
Societe Generale
    
            3,695,000
  
      3.100%, 09/14/2015
    
   
     (Acquired 09/07/2010 and 09/08/2010, Cost $3,696,077) (b)
  
            3,719,084
   
UBS AG/Stamford CT
    
            1,825,000
  
      4.875%, 08/04/2020
  
            1,924,316
   
Wachovia Corp.
    
               725,000
  
      4.800%, 11/01/2014
  
               782,879
               910,000
  
      4.875%, 02/01/2015
  
               985,620
       
          62,710,385
   
Diversified Telecommunication Services 0.6%
    
   
BellSouth Telecommunications Inc.
    
            1,265,000
  
      7.000%, 12/01/2095
  
            1,429,926
   
Qwest Corp.
    
            1,515,000
  
      7.125%, 11/15/2043
  
            1,473,337
       
            2,903,263
   
Electric Utilities 3.6%
    
   
AES Eastern Energy
    
            1,169,920
  
      9.000%, 01/02/2017
  
            1,210,867
   
AES Red Oak LLC
    
               247,213
  
      8.540%, 11/30/2019
  
               254,012
   
Borger Energy Funding
    
            2,413,025
  
      7.260%, 12/31/2022
    
   
     (Acquired 08/14/2008 and 12/10/2008, Cost $2,333,380) (b)
  
            2,322,536
   
Bruce Mansfield Unit
    
               843,751
  
      6.850%, 06/01/2034
  
               940,328
   
Homer City Funding LLC
    
            4,060,060
  
      8.734%, 10/01/2026
  
            3,694,655
   
Indianapolis Power & Light Co.
    
            1,100,000
  
      6.050%, 10/01/2036
    
   
     (Acquired Multiple Dates, Cost $1,061,493) (b)
  
            1,231,087
   
Indiantown Cogeneration LP
    
            2,000,000
  
      9.770%, 12/15/2020
  
            2,221,700
   
Kiowa Power Partners LLC
    
               512,858
  
      4.811%, 12/30/2013
    
   
     (Acquired 11/19/2004 and 08/03/2007, Cost $510,535) (b)
  
               531,536
   
Mackinaw Power LLC
    
            1,126,035
  
      6.296%, 10/31/2023
    
   
     (Acquired Multiple Dates, Cost $1,088,725) (b)
  
            1,217,750
   
Selkirk Cogen Funding Corp.
    
               723,577
  
      8.980%, 06/26/2012
  
               762,860
   
Tenaska Gateway Partners Ltd.
    
               532,550
  
      6.052%, 12/30/2023
    
   
     (Acquired 05/31/2007 and 08/03/2007, Cost $532,550) (b)
  
               568,087
   
Windsor Financing LLC
    
            1,754,196
  
      5.881%, 07/15/2017
    
   
     (Acquired Multiple Dates, Cost $1,579,619) (b)
  
            1,581,338
       
          16,536,756
   
Insurance 7.5%
    
   
AIG, Inc.
    
            2,020,000
  
      4.250%, 05/15/2013
  
            2,085,650
   
AIG Sunamerica Global Financial
    
            3,760,000
  
      6.300%, 05/10/2011
    
   
     (Acquired Multiple Dates, Cost $3,673,823) (b)
  
            3,835,200
            1,090,000
  
      6.900%, 03/15/2032
    
   
     (Acquired 02/23/2010, Cost $1,014,663) (b)
  
            1,117,250
   
AON Corp.
    
            2,280,000
  
      3.500%, 09/30/2015
  
            2,322,821
   
ASIF Global Financing XIX
    
            4,915,000
  
      4.900%, 01/17/2013
    
   
     (Acquired Multiple Dates, Cost $4,879,551) (b)
  
            5,025,587
   
Genworth Global Funding
    
               430,000
  
      5.250%, 05/15/2012
  
               449,612
            2,590,000
  
      5.875%, 05/03/2013
    
   
     (Acquired 02/10/2010, Cost $2,602,944) (b)
  
            2,742,947
               215,000
  
      5.750%, 05/15/2013
  
               227,015
   
Hartford Financial Services Group, Inc.
    
               965,000
  
      4.000%, 03/30/2015
  
               987,327
            1,350,000
  
      6.625%, 03/30/2040
  
            1,354,340
   
Jackson National Life Global Funding
    
               830,000
  
      5.375%, 05/08/2013
    
   
     (Acquired 05/01/2008 and 12/10/2008, Cost $825,674) (b)
  
               900,618
   
Lincoln National Corp.
    
            1,270,000
  
      6.250%, 02/15/2020
  
            1,420,773
            1,315,000
  
      7.000%, 06/15/2040
  
            1,498,144
   
Metlife, Inc.
    
            1,390,000
  
      4.750%, 02/08/2021
  
            1,474,657
   
Metropolitan Life Global Funding I
    
               740,000
  
      2.500%, 09/29/2015
    
   
     (Acquired 09/22/2010, Cost $739,622) (b)
  
               741,388
   
Monumental Global Funding
    
            1,605,000
  
      5.500%, 04/22/2013
    
   
     (Acquired Multiple Dates, Cost $1,603,617) (b)
  
            1,740,143
               885,000
  
      5.250%, 01/15/2014
    
   
     (Acquired 05/06/2009 and 06/10/2009, Cost $838,282) (b)
  
               953,963
   
Nationwide Life Global Fund
    
               795,000
  
      5.450%, 10/02/2012
    
   
     (Acquired 09/25/2007 and 12/10/2008, Cost $793,313) (b)
  
               826,858
   
Prudential Financial, Inc.
    
            1,080,000
  
      5.375%, 06/21/2020
  
            1,167,427
            1,295,000
  
      6.625%, 06/21/2040
  
            1,485,952
   
Prudential Holdings LLC
    
            1,045,000
  
      7.245%, 12/18/2023
    
   
     (Acquired 02/11/2010 and 04/08/2010, Cost $1,136,036) (b)
  
            1,238,325
               900,000
  
      8.695%, 12/18/2023
    
   
     (Acquired Multiple Dates, Cost $1,080,520) (b)
  
            1,140,768
       
          34,736,765
   
Metals & Mining 0.3%
    
   
Alcoa, Inc.
    
            1,540,000
  
      6.150%, 08/15/2020
  
            1,583,343
         
   
Nondepository Credit Intermediation 1.7%
    
   
American Express Credit Corp.
    
            2,280,000
  
      2.750%, 09/15/2015
  
            2,294,298
   
General Electric Capital Corp.
    
            5,390,000
  
      4.375%, 09/16/2020
  
            5,409,959
       
            7,704,257
   
Oil and Gas 0.4%
    
   
Shell International Finance BV
    
            1,885,000
  
      3.100%, 06/28/2015
  
            1,984,479
         
   
Oil, Gas & Consumable Fuels 1.5%
    
   
Anadarko Petroleum Corporation
    
               905,000
  
      6.200%, 03/15/2040
  
               882,270
   
BP Capital Markets PLC
    
            5,055,000
  
      4.500%, 10/01/2020
  
            5,169,319
   
Valero Energy Corp.
    
               970,000
  
      6.125%, 02/01/2020
  
            1,057,208
       
            7,108,797
   
Railroads 0.3%
    
   
Norfolk Southern Corp.
    
            1,395,000
  
      6.000%, 03/15/2005
  
            1,408,975
   
Total Corporate Bonds
    
   
(Cost $159,643,101)
  
        167,747,622
         
   
FOREIGN GOVERNMENT BONDS 0.9%
    
   
Ireland Government Bond
    
            3,735,000
  
     4.500%, 04/18/2020 (c)
  
            4,327,221
   
Total Foreign Government Bonds
    
   
(Cost $4,389,469)
  
            4,327,221
         
   
MORTGAGE BACKED SECURITIES 14.3%
    
   
CitiMortgage Alternative Loan Trust
    
            1,724,675
  
      Series 2007-A4, Class 2A1, 5.500%, 04/25/2022
  
            1,534,290
   
Credit Suisse First Boston Mortgage Securities Corp.
    
               242,644
  
      Pool # 2005-10, 5.000%, 09/25/2015
  
               249,035
                 57,774
  
      Pool # 2003-1, 7.000%, 02/25/2033
  
                 60,445
   
FHLMC REMIC (e)
    
            7,935,626
  
      Series 3609, 4.000%, 12/15/2024
  
            8,423,235
               125,904
  
      Series 2750, 4.000%, 05/15/2026
  
               126,396
   
FNMA Pool (e)
    
            4,253,944
  
      Pool #931711, 4.000%, 08/25/2019
  
            4,489,430
            2,160,087
  
      Pool #MA0174, 4.000%, 09/25/2019
  
            2,279,663
            4,326,604
  
      Pool #932108, 4.000%, 11/25/2019
  
            4,566,112
            4,642,118
  
      Pool #MA0235, 4.000%, 09/25/2019
  
            4,899,092
          12,959,049
  
      Pool #MA0298, 4.000%, 06/25/2019
  
          13,676,425
            2,605,133
  
      Pool #465468, 3.330%, 01/25/2020
  
            2,739,037
               725,410
  
      Pool #464398, 5.970%, 01/25/2040
  
               814,295
               561,448
  
      Pool #464400, 5.970%, 01/25/2040
  
               630,242
   
FNMA REMIC (e)
    
                 60,510
  
      Series 1994-3, Class PL, 5.500%, 01/25/2024
  
                 67,418
               538,125
  
      Series 2009-15, Class AB, 5.500%, 04/25/2025
  
               553,186
   
FNMA TBA (e)
    
          11,175,000
  
      Pool #000TBA, 5.500%, 10/25/2032
  
          11,878,678
   
GS Mortgage Securities Corp. II
    
            2,445,811
  
      Series 2007-EOP, Class A1, 0.348%, 03/06/2020
    
   
     (Acquired Multiple Dates, Cost $2,375,933) (a)(b)
  
            2,374,648
   
LB-UBS Commercial Mortgage Trust
    
            1,264,949
  
      Series 2002-C1, Class A4, 6.462%, 03/15/2031(a)
  
            1,336,814
   
Master Asset Securitization Trust
    
               190,592
  
      Pool # 2004-3, 4.750%, 01/25/2014
  
               194,551
   
Morgan Stanley Mortgage Loan Trust
    
               714,305
  
      Series 2006-7, 5.000%, 06/25/2021
  
               656,556
   
Residential Accredit Loans, Inc.
    
               932,263
  
      Series 2005-QS3, Class A1, 5.000%, 03/25/2020
  
               890,840
            1,037,608
  
      Series 2004-QS4, Class A1, 4.350%, 03/25/2034
  
            1,041,475
   
Wells Fargo Alternative Loan Trust
    
            1,656,677
  
      Series 2007-PA3, Class 6A1, 5.500%, 07/25/2022
  
            1,460,351
   
Wells Fargo Mortgage Backed Securities Trust
    
            1,599,149
  
      Pool # 2006-3, 5.500%, 03/25/2036
  
            1,574,150
   
Total Mortgage Backed Securities
    
   
(Cost $65,185,109)
  
          66,516,364
         
   
U.S. GOVERNMENT AGENCY ISSUE 3.3%
    
   
FHLMC (e)
    
            6,995,000
  
     0.217%, 09/19/2011 (a)
  
            6,994,329
            8,270,000
  
     0.177%, 01/11/2012 (a)
  
            8,262,383
   
Total U.S. Government Agency Issue
    
   
(Cost $15,254,065)
  
          15,256,712
         
   
U.S. TREASURY OBLIGATIONS 25.7%
    
   
United States Treasury Notes 23.0%
    
          65,715,000
  
      1.000%, 09/30/2011
  
          66,174,479
          17,645,000
  
      0.875%, 02/29/2012
  
          17,779,455
          23,040,000
  
      0.625%, 07/31/2012
  
          23,136,307
       
        107,090,241
   
United States Treasury Strip 2.7%
    
          40,840,000
  
     Principal Only, 02/15/2040
  
          12,694,706
         
   
Total U.S. Treasury Obligations
  
        119,784,947
   
(Cost $118,824,994)
    
         
   
SHORT-TERM INVESTMENTS 12.5%
    
   
Commercial Paper 11.4%
    
            9,986,000
  
Intesa Funding LLC, 0.000%, 10/01/2010
  
            9,986,000
          43,000,000
  
U.S. Bank, N.A., 0.000%, 10/01/2010
  
          43,000,000
       
          52,986,000
   
Variable Rate Demand Notes 1.1%
    
            5,275,005
  
American Family Financial Services, Inc., 0.100% (f)
  
            5,275,005
         
   
Total Short-Term Investments
    
   
(Cost $58,260,858)
  
          58,261,005
         
   
Total Investments 101.3%
    
   
(Cost $464,560,743)
  
        472,121,511
         
   
Liabilities in Excess of Other Assets (1.3)%
  
          (6,264,940)
         
   
TOTAL NET ASSETS 100.0%
  $
      465,856,571
         
 
(a)
Adjustable Rate.
    
 
(b)
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 securities amounted to $47,341,050 (10.2% of net assets) at September 30, 2010.
    
 
(c)
U.S.-dollar denominated security of a foreign issuer.
    
 
(d)
Security is in default.
    
 
(e)
Entity under conservatorship of the federal government
    
 
(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, 2010.
    
         
   
The cost basis of investments for federal income tax purposes at September 30, 2010 was as follows*:
         
   
Cost of investments
  $
       464,560,743
   
Gross unrealized appreciation
  
           12,469,910
   
Gross unrealized depreciation
  
           (4,909,142)
   
Net unrealized depreciation
  $
           7,560,768
         
   
*Because tax adjustments are calculated annually, the above table does not reflect tax adjustments.
   
For the previous fiscal year's federal tax information, please refer to the Notes to Financial Statements
   
section in the Fund's most recent semi-annual or annual report.
    
 
 
 
 
 
 
Frontegra Columbus Core Fund
    
Schedule of Investments
    
September 30, 2010 (Unuadited)
    
     
Principal Amount
      
Value
   
ASSET BACKED SECURITIES 7.0%
    
   
Americredit Automobile Receivables Trust
    
$355,000
  
     Series 2008-AF, Class A4, 6.960%, 10/14/2014
  $
              384,723
   
Chase Issuance Trust
    
                   260,000
  
      Series 2005-A13, Class A13, 0.297%, 02/15/2013
  
               259,967
   
Chrysler Financial Auto Securitization Trust
    
                   348,551
  
     Series 2009-B, Class A-2, 1.150%, 11/08/2011
  
               349,222
   
Chrysler Financial Automobile TALF
    
                   155,000
  
     Series 2009-AF, Class A3, 2.820%, 01/15/2016
  
               157,916
   
Credit Suisse Mortgage Capital Certificates
    
                   274,846
  
     Series 2009-12R, Class 41A1, 5.250%, 03/27/2037
    
   
     (Acquired 10/06/2009, Cost $273,815) (b)
  
               274,846
   
Fifth Third Auto Trust
    
                     70,786
  
      Series 2008-1, Class A3A, 4.070%, 01/17/2012
  
                 70,914
   
Ford Credit Auto Owner Trust
    
                   477,779
  
      Series 2009-A, Class A3B, 2.757%, 05/15/2013
  
               484,419
                   375,000
  
     Series 2009-D, Class A3, 2.170%, 10/15/2013
  
               380,429
   
GE Capital Credit Card Master Note Trust
    
                   385,000
  
     Series 2009-3, Class A, 2.540%, 09/15/2014
  
               391,891
   
Hertz Vehicle Financing LLC
    
                     45,000
  
     Series 2005-1A, Class A4, 0.506%, 11/25/2011
    
   
     (Acquired 08/21/2008, Cost $44,174) (a)(b)
  
                 44,951
                   118,333
  
     Series 2005-2A, Class A5, 0.506%, 11/25/2011
    
   
     (Acquired Multiple Dates, Cost $117,307) (a)(b)
  
               118,204
                   280,000
  
     Series 2009-2A, Class A1, 4.260%, 03/25/2014
    
   
     (Acquired 10/16/2009, Cost $279,983) (a)(b)
  
               293,756
   
Hyundai Auto Receivables Trust
    
                   640,000
  
     Series 2009-A, Class A3, 2.030%, 08/15/2013
  
               649,516
   
Keystone Owner Trust
    
                     28,009
  
     Series 1998-P1, Class M1, 7.530%, 05/25/2025
    
   
     (Acquired 04/22/2003, Cost $28,346) (b)
  
                 27,468
   
Mid-State Trust
    
                   125,637
  
     Series 11, Class A1, 4.864%, 07/15/2038
  
               126,500
   
Sears Credit Account Master Trust
    
                   445,000
  
      Series 2002-3, Class A, 0.547%, 05/17/2016
  
               442,379
   
SLM Student Loan Trust
    
                   149,597
  
      Series 2008-1, Class A1, 0.581%, 07/25/2013
  
               149,715
                   612,296
  
      Series 2008-2, Class A1, 0.806%, 01/25/2015
  
               612,868
   
Total Asset Backed Securities
    
   
(Cost $5,146,105)
  
            5,219,684
         
   
CORPORATE BONDS 32.6%
    
   
Airlines 0.8%
    
   
Northwest Airlines, Inc.
    
                   602,173
  
      7.027%, 11/01/2019
  
               608,195
         
   
Commercial Banks 3.0%
    
   
BB&T Corp.
    
                   440,000
  
      5.700%, 04/30/2014
  
               494,209
   
Manufacturers & Traders Trust Co.
    
                   285,000
  
      5.629%, 12/01/2021
  
               275,945
   
Royal Bank of Scotland PLC/The
    
                   255,000
  
      2.759%, 08/23/2013 (a)
  
               260,150
                1,165,000
  
      3.400%, 08/23/2013
  
            1,194,364
       
            2,224,668
   
Diversified Financial Services 13.3%
    
   
Bank of America Corp.
    
                   280,000
  
      5.750%, 12/01/2017
  
               299,363
                1,020,000
  
      5.625%, 07/01/2020
  
            1,077,833
   
Capital One Bank
    
                   155,000
  
      8.800%, 07/15/2019
  
               198,100
   
Citigroup, Inc.
    
                1,175,000
  
      8.500%, 05/22/2019
  
            1,452,701
   
Credit Suisse AG
    
                1,030,000
  
      5.400%, 01/14/2020
  
            1,098,760
   
Goldman Sachs Group, Inc. / The
    
                   585,000
  
      6.000%, 06/15/2020
  
               643,434
   
JPMorgan Chase & Co.
    
                   615,000
  
      1.039%, 09/30/2013
  
               616,809
                   330,000
  
      4.950%, 03/25/2020
  
               351,969
                   725,000
  
      4.400%, 07/22/2020
  
               742,478
   
Lloyds TSB Bank PLC
    
                1,005,000
  
      5.800%, 01/13/2020
    
   
     (Acquired Multiple Dates, Cost $1,022,983) (b)(d)
  
            1,052,818
   
Morgan Stanley
    
                   745,000
  
      5.500%, 01/26/2020
  
               765,749
                   280,000
  
      5.500%, 07/24/2020
  
               288,461
   
Societe Generale
    
                   610,000
  
      3.100%, 09/14/2015
    
   
     (Acquired 09/07/2010 and 09/08/2010, Cost $610,181) (b)
  
               613,976
   
UBS AG/Stamford CT
    
                   285,000
  
      4.875%, 08/04/2020
  
               300,510
   
Wachovia Corp.
    
                   150,000
  
      4.875%, 02/01/2015
  
               162,465
                   130,000
  
      5.625%, 10/15/2016
  
               144,624
       
            9,810,050
   
Electric Utilities 2.1%
    
   
Bruce Mansfield Unit
    
                   323,766
  
      6.850%, 06/01/2034
  
               360,824
   
Entergy Arkansas, Inc.
    
                   175,000
  
      5.000%, 07/01/2018
  
               175,349
   
Entergy Texas, Inc.
    
                   360,000
  
      3.600%, 06/01/2015
  
               377,989
   
Indianapolis Power & Light Co.
    
                   165,000
  
      6.050%, 10/01/2036
    
   
     (Acquired Mutiple Dates, Cost $152,414) (b)
  
               184,663
   
Kiowa Power Partners LLC
    
                   143,771
  
      4.811%, 12/30/2013
    
   
     (Acquired 11/22/2004 and 08/03/2007, Cost $143,488) (b)
  
               149,008
   
Mackinaw Power LLC
    
                   274,011
  
      6.296%, 10/31/2023
    
   
     (Acquired Multiple Dates, Cost $263,785) (b)
  
               296,330
       
            1,544,163
   
Insurance 8.0%
    
   
AIG Sunamerica Global Financial
    
                   500,000
  
      6.300%, 05/10/2011
    
   
     (Acquired 09/30/2009 and 08/03/2010, Cost $503,143) (b)
  
               510,000
                   185,000
  
      6.900%, 03/15/2032
    
   
     (Acquired 02/23/2010, Cost $172,213) (b)
  
               189,625
   
AON Corp
    
                   375,000
  
      3.500%, 09/30/2015
  
               382,043
   
ASIF Global Financing XIX
    
                   779,000
  
      4.900%, 01/17/2013
    
   
     (Acquired Multiple Dates, Cost $777,204) (b)
  
               796,528
   
Farmers Insurance Exchange
    
                   230,000
  
      6.000%, 08/01/2014
    
   
     (Acquired 07/15/2009, Cost $200,430) (b)
  
               243,332
   
Genworth Global Funding
    
                   450,000
  
      5.875%, 05/03/2013
    
   
     (Acquired 11/25/2008 and 01/20/2009, Cost $337,200) (b)
  
               476,574
   
Hartford Financial Services Group, Inc.
    
                   410,000
  
      4.000%, 03/30/2015
  
               419,486
   
Jackson National Life Global Funding
    
                   235,000
  
      5.375%, 05/08/2013
    
   
     (Acquired multiple Dates, Cost $235,291) (b)
  
               254,994
   
Lincoln National Corp.
    
                   170,000
  
      6.250%, 02/15/2020
  
               190,182
                   240,000
  
      7.000%, 06/15/2040
  
               273,425
   
MetLife, Inc.
    
                   235,000
  
      4.750%, 02/08/2021
  
               249,313
   
Metropolitan Life Global Funding I
    
                   120,000
  
      2.500%, 09/29/2015
    
   
     (Acquired 09/22/2010, Cost $119,939) (b)
  
               120,225
   
Monumental Global Funding
    
                   390,000
  
      5.500%, 04/22/2013
    
   
     (Acquired multiple Dates, Cost $392,748) (b)
  
               422,838
                   135,000
  
      5.250%, 01/15/2014
    
   
     (Acquired 06/10/2009 and 09/30/2009, Cost $130,604) (b)
  
               145,520
   
Nationwide Life Global Fund
    
                   300,000
  
      5.450%, 10/02/2012
    
   
     (Acquired 09/25/2007 and 09/30/2009, Cost $298,605) (b)
  
               312,022
   
Prudential Financial, Inc.
    
                   165,000
  
      5.375%, 06/21/2020
  
               178,357
                   205,000
  
      6.625%, 06/21/2040
  
               235,228
   
Prudential Holdings LLC
    
                   410,000
  
      8.695%, 12/18/2023
    
   
     (Acquired 01/06/2010 and 09/02/2010, Cost $482,549) (b)
  
               519,683
       
            5,919,375
   
Nondepository Credit Intermediation 1.7%
    
   
American Express Credit Corp.
    
                   375,000
  
      2.750%, 09/15/2015
  
               377,352
   
General Electric Capital Corp.
    
                   870,000
  
      4.375%, 09/16/2020
  
               873,221
       
            1,250,573
   
Oil and Gas 1.6%
    
   
BP Capital Markets PLC
    
                   805,000
  
      4.500%, 10/01/2020
  
               823,205
   
Merey Sweeny LP
    
                   330,260
  
      8.850%, 12/18/2019
    
   
     (Acquired 01/19/2010, Cost $377,658) (b)
  
               386,563
       
            1,209,768
   
Oil and Gas Extraction 0.6%
    
   
Devon OEI Operating, Inc.
    
                   345,000
  
      7.500%, 09/15/2027
  
               433,640
         
   
 Railroads 1.1%
    
   
Union Pacific Railroad Co.
    
                   756,166
  
      5.082%, 01/02/2029
  
               816,659
         
   
Support Activities for Mining 0.4%
    
   
Shell International Finance BV
    
                   290,000
  
      3.100%, 06/28/2015
  
               305,304
   
Total Corporate Bonds
    
   
(Cost $22,853,780)
  
          24,122,395
         
   
MORTGAGE BACKED SECURITIES 15.2%
    
   
CitiMortgage Alternative Loan Trust
    
                1,013,800
  
      Series 2007-A7, Class 3A1, 5.750%, 07/25/2022
  
               905,227
   
Credit Suisse First Boston Mortgage Securities Corp.
    
                     16,475
  
      Pool # 2003-1, 7.000%, 02/25/2033
  
                 17,236
   
Fannie Mae-Aces (c)
    
                   244,041
  
      Series 2010-M1, Class A1, 3.305%, 06/25/2019
  
               257,188
   
FHLMC REMIC (c)
    
                1,363,051
  
      Series 3609, 4.000%, 12/15/2024
  
            1,446,804
                     19,032
  
      Series 2750, 4.000%, 05/15/2026
  
                 19,106
   
FNMA TBA (c)
    
                1,860,000
  
      Pool #000TBA, 5.500%, 10/25/2032
  
            1,977,122
   
FNMA Pool (c)
    
                     27,514
  
      Pool #735065, 4.498%, 08/25/2013
  
                 29,136
                   561,228
  
      Pool #931711, 4.000%, 08/25/2019
  
               592,296
                   330,751
  
      Pool #MA0174, 4.000%, 09/25/2019
  
               349,060
                   614,479
  
      Pool #932108, 4.000%, 11/25/2019
  
               648,494
                1,001,503
  
      Pool #MA0235, 4.000%, 09/25/2019
  
            1,056,944
                2,140,065
  
      Pool #MA0298, 4.000%, 06/25/2019
  
            2,258,533
                   404,585
  
     Pool #465468, 3.330%, 01/25/2020
  
               425,381
                   124,214
  
      Pool #464398, 5.970%, 01/25/2040
  
               139,434
                     94,403
  
      Pool #464400, 5.970%, 01/25/2040
  
               105,970
   
FNMA REMIC (c)
    
                     91,481
  
      Series 2009-15, Class AB, 5.500%, 04/25/2025
  
                 94,042
   
GS Mortgage Securities Corp. II
    
                   358,477
  
      Series 2007-EOP, Class A1, 0.348%, 03/06/2020
    
   
     (Acquired 09/17/2007, Cost $352,321) (a)(b)
  
               348,047
   
LB-UBS Commercial Mortgage Trust
    
                   212,472
  
      Series 2002-C1, Class A4, 6.462%, 03/15/2031 (a)
  
               224,543
   
Master Asset Securitization Trust
    
                     50,357
  
      Pool # 2004-3, 4.750%, 01/25/2014
  
                 51,403
   
Residential Accredit Loans, Inc.
    
                   217,534
  
      Series 2004-QS4, Class A1, 4.350%, 03/25/2034
  
               218,344
   
Residential Asset Securitization Trust
    
                   122,425
  
      Series 2003-A6, Class A1, 4.500%, 07/25/2033
  
               122,328
   
Total Mortgage Backed Securities
    
   
(Cost $11,086,826)
  
          11,286,638
         
   
U.S. GOVERNMENT AGENCY ISSUE 3.2%
    
   
FHLMC (c)
    
                1,105,000
  
     0.217%, 09/19/2011 (a)
  
            1,104,894
                1,275,000
  
     0.177%, 01/11/2012 (a)
  
            1,273,826
   
Total U.S. Government Agency Issue
    
   
(Cost $2,378,312)
  
            2,378,720
         
   
U.S. TREASURY OBLIGATIONS 33.0%
    
   
United States Treasury Notes 30.2%
    
              15,185,000
  
      1.000%, 09/30/2011
  
          15,291,173
                3,360,000
  
      0.875%, 02/29/2012
  
            3,385,603
                3,665,000
  
      0.625%, 07/31/2012
  
            3,680,320
       
          22,357,096
   
United States Treasury Strip 2.8%
    
                6,600,000
  
     Principal Only, 02/15/2040
  
            2,051,544
   
Total U.S. Treasury Obligations
    
   
(Cost $24,237,820)
  
          24,408,640
         
   
SHORT-TERM INVESTMENTS 11.4%
    
   
Commercial Paper 11.4%
    
                1,451,000
  
Intesa Funding LLC, 0.000%, 10/01/2010
  
            1,451,000
                7,000,000
  
U.S. Bank, N.A., 0.000%, 10/01/2010
  
            7,000,000
       
            8,451,000
   
Total Short-Term Investments
    
   
(Cost $8,450,977)
  
            8,451,000
         
   
Total Investments 102.4%
    
   
(Cost $74,153,820)
  
          75,867,077
         
   
Liabilities in Excess of Other Assets (2.4)%
  
          (1,748,796)
         
   
TOTAL NET ASSETS 100.0%
  $
        74,118,281
 
 
 
(a)
Adjustable Rate.
    
 
(b)
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 securities amounted to $7,781,971 (10.5% of net assets) at September 30, 2010.
    
 
(c)
Entity under conservatorship of the federal government.
    
 
(d)
U.S.-dollar denominated security of a foreign issuer.
    
         
   
The cost basis of investments for federal income tax purposes at September 30, 2010 was as follows*:
         
   
Cost of investments
  $
         74,153,820
   
Gross unrealized appreciation
  
             1,730,081
   
Gross unrealized depreciation
  
                (16,824)
   
Net unrealized appreciation
  $
           1,713,257
         
   
*Because tax adjustments are calculated annually, the above table does not reflect tax adjustments.
   
For the previous fiscal year's federal tax information, please refer to the Notes to Financial Statements
   
section in the Fund's most recent semi-annual or annual report.
    
 
 
 
 
 
 
Frontegra Mastholm International Equity Fund
    
Schedule of Investments
    
September 30, 2010 (Unaudited)
    
         
Number of Shares
      
Value
   
COMMON STOCKS 90.4%
    
   
Australia 2.9%
    
                   11,900
  
Rio Tinto Ltd.
  $
             883,002
                   11,100
  
Woolworths Ltd.
  
               309,415
       
            1,192,417
   
Belgium 3.1%
    
                   14,700
  
Anheuser-Busch InBev NV
  
               864,718
                     9,600
  
Umicore
  
               414,996
       
            1,279,714
   
Brazil 0.7%
    
                   24,600
  
PDG Realty SA Empreendimentos e Participacoes
  
               292,525
         
   
Canada 2.7%
    
                 115,300
  
Cline Mining Corp. (a)
  
               233,088
                     2,900
  
Niko Resources Ltd.
  
               285,406
                   12,500
  
Open Text Corp. (a)
  
               588,000
       
            1,106,494
   
China 2.4%
    
                   11,200
  
Ctrip.com International Ltd. - ADR  (a)
  
               534,800
                     9,000
  
Sina Corp. (a)
  
               455,220
       
               990,020
   
Denmark 1.7%
    
                     6,800
  
Carlsberg A/S
  
               709,007
         
   
France 9.9%
    
                   11,600
  
Accor SA
  
               423,571
                     3,900
  
Atos Origin SA (a)
  
               176,301
                   16,497
  
BNP Paribas
  
            1,173,281
                   25,000
  
Credit Agricole SA
  
               390,742
                     2,500
  
PPR
  
               404,715
                     6,200
  
Technip SA
  
               498,593
                   22,400
  
Valeo SA (a)
  
            1,037,795
       
            4,104,998
   
Germany 9.6%
    
                     6,000
  
Adidas AG
  
               371,432
                   20,100
  
Aixtron AG
  
               597,350
                   12,989
  
Bayer AG
  
               905,728
                   12,700
  
Daimler AG (a)
  
               804,376
                     6,600
  
Fresenius Medical Care AG
  
               533,010
                     2,500
  
Linde AG
  
               325,408
                     4,000
  
MAN SE
  
               436,023
       
            3,973,327
   
Hong Kong 2.2%
    
                 522,000
  
SJM Holdings Ltd.
  
               596,083
                   19,000
  
Sun Hung Kai Properties Ltd.
  
               328,141
       
               924,224
   
Israel 0.9%
    
                     6,900
  
Teva Pharmaceutical Industries Ltd. - ADR
  
               363,975
         
   
Japan 16.5%
    
                     9,500
  
Canon, Inc.
  
               443,250
                   11,100
  
Eisai Co. Ltd.
  
               388,127
                     4,900
  
Fanuc Ltd.
  
               623,946
                   37,000
  
Gree, Inc.
  
               601,450
                   11,400
  
Honda Motor Co. Ltd.
  
               404,626
                   24,300
  
Komatsu Ltd.
  
               564,128
                   14,000
  
Mitsui Fudosan Co. Ltd.
  
               236,128
                   38,200
  
Nabtesco Corp.
  
               621,871
                     4,200
  
ORIX Corp.
  
               320,987
                        995
  
Rakuten, Inc.
  
               728,252
                   40,700
  
Sega Sammy Holdings, Inc.
  
               622,104
                   26,300
  
Softbank Corp.
  
               860,389
                   13,500
  
Sony Corp.
  
               417,387
       
            6,832,645
   
Netherlands 5.3%
    
                 114,400
  
ING Groep NV (a)
  
            1,186,826
                   12,900
  
Koninklijke Philips Electronics NV
  
               405,444
                   20,000
  
Royal Dutch Shell PLC
  
               605,011
       
            2,197,281
   
South Korea 4.2%
    
                     5,700
  
Hyundai Motor Co.
  
               764,833
                     5,300
  
KT Corp.
  
               212,418
                   20,400
  
KT Corp. - ADR
  
               417,384
                     8,100
  
Seoul Semiconductor Co. Ltd.
  
               308,301
       
            1,702,936
   
Spain 0.5%
    
                   10,400
  
Amadeus IT Holding SA (a)
  
               191,330
         
   
Switzerland 10.4%
    
                   63,400
  
Clariant AG (a)
  
               927,144
                     8,648
  
Credit Suisse Group AG
  
               369,629
                     2,000
  
Lonza Group AG
  
               170,865
                   19,500
  
Nestle SA
  
            1,038,849
                   14,400
  
Novartis AG
  
               825,767
                     1,300
  
The Swatch Group AG
  
               489,096
                     1,900
  
Syngenta AG
  
               472,172
       
            4,293,522
   
United Kingdom 17.4%
    
                   36,320
  
BG Group PLC
  
               638,159
                   39,400
  
Consumers Packaging, Inc.
  
               776,451
                   61,900
  
Cookson Group PLC (a)
  
               531,894
                 109,600
  
Electrocomponents PLC
  
               418,029
                   44,800
  
FIH Erhvervsbank A/S
  
               373,345
                   28,660
  
HSBC Holdings PLC
  
               290,391
                 844,200
  
Lloyds Banking Group PLC (a)
  
               982,942
                 154,000
  
Tesco PLC
  
            1,025,731
                   14,700
  
Unilever PLC
  
               425,126
                   40,800
  
WPP PLC
  
               451,532
                   67,100
  
Xstrata PLC
  
            1,283,857
       
            7,197,457
   
Total Common Stocks
    
   
(Cost $32,086,194)
  
          37,351,872
         
   
PREFERRED STOCKS 1.4%
    
   
Brazil 1.4%
    
                     3,100
  
Companhia de Bebidas das Americas
  
               378,156
                     9,000
  
Itau Unibanco Holding SA
  
               217,620
       
               595,776
   
Total Preferred Stocks
    
   
(Cost $490,566)
  
               595,776
         
   
SHORT-TERM INVESTMENTS 1.8%
    
   
Investment Company 1.8%
    
                 751,960
  
Fidelity Institutional Money Market Portfolio
  
               751,960
         
   
Total Short-Term Investments
    
   
(Cost $751,960)
  
               751,960
         
   
Total Investments 93.6%
    
   
(Cost $33,328,720)
  
          38,699,608
         
   
Other Assets in Excess of Liabilities 6.4%
  
            2,654,127
         
   
TOTAL NET ASSETS 100.0%
  $
        41,353,735
 
 
(a) Non-Income Producing.
    
ADR - American Depositary Receipt.
    
     
The cost basis of investments for federal income tax purposes at September 30, 2010 was as follows*:
    
     
Cost of investments
  $
         33,328,720
Gross unrealized appreciation
  
             5,431,854
Gross unrealized depreciation
  
                (60,966)
Net unrealized appreciation
  $
           5,370,888
     
*Because tax adjustments are calculated annually, the above table does not reflect tax adjustments.
    
For the previous fiscal year's federal tax information, please refer to the Notes to Financial Statements
    
section in the Fund's most recent semi-annual or annual report.
    
 
 
 
 
 
 
 
Frontegra Netols Small Cap Value Fund
    
Schedule of Investments
    
September 30, 2010 (Unaudited)
    
     
Number of Shares
      
Value
   
COMMON STOCKS 97.5%
    
   
Aerospace & Defense  1.1%
    
                  21,609
  
American Science & Engineering, Inc.
  
            1,591,503
         
   
Apparel & Accessories  1.7%
    
                  98,156
  
Carter's, Inc. (a)
  
            2,584,447
         
   
Application Software  1.8%
    
                107,609
  
Fair Isaac Corp.
  
            2,653,638
         
   
Auto Parts & Equipment  2.9%
    
                168,373
  
Modine Manufacturing Co. (a)
  
            2,183,798
                  74,591
  
Tenneco, Inc. (a)
  
            2,160,901
       
            4,344,699
         
   
Building Products  0.6%
    
                  99,614
  
Gibraltar Industries, Inc. (a)
  
               894,534
         
   
Chemicals - Commodity  1.0%
    
                191,425
  
Spartech Corp. (a)
  
            1,571,599
         
   
Communications Equipment Manufacturing  2.0%
    
                238,357
  
Harmonic, Inc. (a)
  
            1,639,896
                109,780
  
Tekelec (a)
  
            1,422,749
       
            3,062,645
   
Construction & Engineering  1.1%
    
                  79,032
  
Tutor Perini Corp. (a)
  
            1,587,753
         
   
Diversified Metals & Mining  2.0%
    
                  39,492
  
Compass Minerals International, Inc.
  
            3,025,877
         
   
Educational Services  2.6%
    
                  23,395
  
Capella Education Co. (a)
  
            1,815,920
                291,153
  
Corinthian Colleges, Inc. (a)
  
            2,043,894
       
            3,859,814
   
Food Distributors  1.6%
    
                  70,180
  
United Natural Foods, Inc. (a)
  
            2,325,765
         
   
Health Care - Distributors  1.7%
    
                117,062
  
PSS World Medical, Inc. (a)
  
            2,502,786
         
   
Health Care - Facility  2.9%
    
                  56,033
  
LifePoint Hospitals, Inc. (a)
  
            1,964,517
                235,957
  
Sunrise Senior Living, Inc. (a)
  
               809,333
                  95,474
  
U.S. Physical Therapy, Inc. (a)
  
            1,596,325
       
            4,370,175
         
   
Health Care - Managed Care  1.5%
    
                  46,671
  
Magellan Health Services, Inc. (a)
  
            2,204,738
         
   
Health Care - Services  2.8%
    
                  99,715
  
Gentiva Health Services, Inc. (a)
  
            2,178,773
                102,826
  
Rehabcare Group, Inc. (a)
  
            2,079,141
       
            4,257,914
   
Health Care - Supplies  3.6%
    
                  34,408
  
Haemonetics Corp. (a)
  
            2,013,900
                101,983
  
Medical Action Industries, Inc. (a)
  
               922,946
                152,811
  
Merit Medical Systems, Inc. (a)
  
            2,428,167
       
            5,365,013
         
   
Industrial REITS  0.8%
    
                226,882
  
First Industrial Realty Trust, Inc. (a)
  
            1,150,292
         
   
Insurance - Property/Casualty  1.6%
    
                  52,233
  
Hanover Insurance Group, Inc.
  
            2,454,951
         
   
IT Consulting & Services  4.1%
    
                  53,022
  
Arbitron, Inc.
  
            1,483,025
                  58,398
  
CACI International, Inc. - Class A (a)
  
            2,643,094
                  51,986
  
ManTech International Corp. - Class A (a)
  
            2,058,646
       
            6,184,765
         
   
Lessors of Real Estate  0.6%
    
                  31,159
  
American Campus Communities, Inc.
  
               948,480
         
   
Machinery - Construction / Farm  3.2%
    
                173,771
  
Titan International, Inc.
  
            2,358,072
                  51,259
  
Westinghouse Air Brake Technologies Corp.
  
            2,449,668
       
            4,807,740
   
Machinery - Industrial  6.9%
    
                  45,935
  
Gardner Denver, Inc.
  
            2,465,791
                  55,799
  
IDEX Corp.
  
            1,981,422
                  50,705
  
Kaydon Corp.
  
            1,754,393
                  27,382
  
Nordson Corp.
  
            2,017,780
                  78,114
  
Robbins & Myers, Inc.
  
            2,091,893
       
          10,311,279
   
Marine  2.8%
    
                  62,986
  
Alexander & Baldwin, Inc.
  
            2,194,432
                395,370
  
Eagle Bulk Shipping, Inc. (a)
  
            2,063,832
       
            4,258,264
   
Movies and Entertainment  1.4%
    
                  67,144
  
DreamWorks Animation SKG, Inc. (a)
  
            2,142,565
         
   
Oil & Gas - Equipment/Services  3.7%
    
                318,605
  
ION Geophysical Corp. (a)
  
            1,637,630
                178,878
  
North American Energy Partners, Inc. (a)(b)
  
            1,457,855
                  90,400
  
Superior Energy Services, Inc. (a)
  
            2,412,776
       
            5,508,261
   
Oil & Gas - Exploration/Products  4.3%
    
                103,210
  
Forest Oil Corp. (a)
  
            3,065,337
                  35,370
  
Whiting Petroleum Corp. (a)
  
            3,378,189
       
            6,443,526
   
Oil & Gas - Storage  0.9%
    
                286,339
  
General Maritime Corp. (b)
  
            1,405,924
         
   
Packaged Foods/Meats  2.6%
    
                  43,083
  
Lance, Inc.
  
               917,668
                  63,816
  
TreeHouse Foods, Inc. (a)
  
            2,941,917
       
            3,859,585
   
Railroads  2.8%
    
                  59,656
  
Genesee & Wyoming, Inc. (a)
  
            2,588,474
                  43,894
  
Kansas City Southern (a)
  
            1,642,074
       
            4,230,548
   
Regional Banks  8.7%
    
                  41,319
  
Bank of Hawaii Corp.
  
            1,856,049
                  55,284
  
Community Bank System, Inc.
  
            1,272,085
                140,597
  
First Midwest Bancorp, Inc.
  
            1,621,083
                133,661
  
Glacier Bancorp, Inc.
  
            1,951,451
                185,369
  
Old National Bancorp
  
            1,946,375
                  51,635
  
Prosperity Bancshares, Inc.
  
            1,676,588
                  49,532
  
Westamerica Bancorporation
  
            2,698,999
       
          13,022,630
   
Residential REITS  4.3%
    
                  49,597
  
Mid-America Apartment Communities, Inc.
  
            2,890,513
                118,004
  
Sun Communities, Inc.
  
            3,622,723
       
            6,513,236
   
Restaurants  2.9%
    
                170,284
  
Dominos Pizza, Inc. (a)
  
            2,251,155
                  81,177
  
The Cheesecake Factory, Inc. (a)
  
            2,148,755
       
            4,399,910
   
Retail - Apparel  2.0%
    
                146,489
  
AnnTaylor Stores Corp. (a)
  
            2,964,937
         
   
Retail - Catalog  1.5%
    
                  77,326
  
HSN, Inc. (a)
  
            2,312,048
         
   
Retail REITS  0.9%
    
                226,233
  
Cedar Shopping Centers, Inc.
  
            1,375,496
         
   
Semiconductor Equipment  2.3%
    
                125,706
  
Advanced Energy Industries, Inc. (a)
  
            1,641,720
                389,901
  
Entegris, Inc. (a)
  
            1,820,838
       
            3,462,558
   
Semiconductors  1.4%
    
                226,512
  
Fairchild Semiconductor International, Inc. (a)
  
            2,129,213
         
   
Services - Environmental  1.0%
    
                  69,493
  
Tetra Tech, Inc. (a)
  
            1,457,268
         
   
Specialty Stores  2.0%
    
                  75,121
  
Tractor Supply Co.
  
            2,979,299
         
   
Steel  1.4%
    
                  62,994
  
Carpenter Technology Corp.
  
            2,123,528
         
   
Technology Distributions  0.1%
    
                  16,826
  
GTSI Corp. (a)
  
               118,623
         
   
Thrifts & Mortgage Finance  2.4%
    
                144,409
  
Astoria Financial Corp.
  
            1,968,295
                175,088
  
MGIC Investment Corp. (a)
  
            1,616,062
       
            3,584,357
   
Total Common Stocks
    
   
(Cost $131,975,357)
  
        146,352,183
         
   
SHORT-TERM INVESTMENTS 3.8%
    
   
Investment Company 3.8%
    
             5,646,408
  
Fidelity Money Market Portfolio
  
            5,646,408
         
   
Total Short-Term Investments
    
   
(Cost $5,646,408)
  
            5,646,408
         
   
Total Investments 101.3%
    
   
(Cost $137,621,765)
  
        151,998,591
         
   
Liabilities in Excess of Other Assets (1.3)%
  
          (1,930,378)
         
   
TOTAL NET ASSETS 100.0%
  $
      150,068,213
         
 
(a) Non-Income Producing
    
(b) U.S. Dollar denominated security of foreign issuer.
    
     
The cost basis of investments for federal income tax purposes at September 30, 2010 was as follows*:
    
     
Cost of investments
   $
      137,621,765
Gross unrealized appreciation
  
           21,837,755
Gross unrealized depreciation
  
           (7,460,929)
Net unrealized appreciation
  $
        14,376,826
     
*Because tax adjustments are calculated annually, the above table does not reflect tax adjustments.
    
For the previous fiscal year's federal tax information, please refer to the Notes to Financial Statements
    
section in the Fund's most recent semi-annual or annual report.
    
 
 
 
 
 
 
Investment Valuation – Debt securities (other than short-term instruments) are valued by an independent pricing service, which uses valuation methods such as matrix pricing and other analytical pricing models as well as market transactions and evaluated dealer bid  quotations. Debt securities, such as term loans, when not priced by an independent pricing service, are priced by an independent dealer based on the current closing bid price. Credit default swaps are valued by a third party pricing service. Equity securities for which market quotations are readily available are valued at the last reported sale price on the national securities exchange on which such securities are primarily traded. Equity securities for which there were no transactions on a given day or securities not listed on a national securities exchange are valued at the most recent quoted bid price. Equity securities that are traded using the National Association of Securities Dealers’ Automated Quotation System (“NASDAQ”) are valued using the NASDAQ Official Closing Price (“NOCP”). Shares of underlying mutual funds are valued at their respective NAVs.  Securities that are primarily traded on foreign exchanges generally are valued at the last sale price of such securities on their respective exchange. In certain countries, market maker prices, usually the mean between the bid and ask prices, are used. In certain circumstances, such as when a significant event occurs in a foreign market so that the last sale price no longer reflects actual value, the fair value of these securities may be determined using fair valuation procedures approved by the Board of Directors. The Directors have retained an independent fair value pricing service to assist in valuing foreign securities held by the Frontegra Mastholm International Equity Fund. In valuing assets, prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate, which approximates market value. Securities maturing within 60 days or less when purchased are valued by the amortized cost method. Any securities or other assets for which market quotations are not readily available are valued at their fair value as determined in good faith by Reams, Mastholm and Netols pursuant to guidelines established by the Board of Directors.
 
 
 
 
 
 
The Funds follow a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Funds’ own market assumptions (unobservable inputs). These inputs are used in determining the value of each Fund’s investments and are summarized in the following fair value hierarchy:

Level 1 - Quoted prices in active markets for identical securities
Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, current yields, credit quality, prepayment speeds for mortgage related securities, collateral for asset backed securities, foreign security indices, foreign exchange rates, and fair value estimates for foreign securities, and changes in benchmark securities indices, interest rates and credit quality of issuers/counterparties for credit default swaps.)
Level 3 - Significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Funds’ net assets as of September 30, 2010:
 
 
Columbus Core Plus Fund
                        
   
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Fixed Income
                        
U.S. Treasury Obligations
   $ -     $ 119,784,947     $ -     $ 119,784,947  
Corporate Bonds
     -       167,747,622       -       167,747,622  
U.S. Government Agency Issue
     -       15,256,712       -       15,256,712  
Foreign Government Bonds
     -       4,327,221       -       4,327,221  
Asset Backed Securities
     -       40,227,640       -       40,227,640  
Mortgage Backed Securities
     -       66,516,364       -       66,516,364  
Total Fixed Income
     -       413,860,506       -       413,860,506  
                                 
Short-Term Investments
   $ -     $ 58,261,005     $ -     $ 58,261,005  
Total Investments in Securities
   $ -     $ 472,121,511     $ -     $ 472,121,511  
Other Financial instruments*
                                
Foreign currency contracts
   $ -     $ (115,990 )   $ -     $ (115,990 )
                                 
 
*Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards, swaps contracts, and written options.  Futures, forwards, and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument while written options are valued at market value.
 
Columbus Core Fund
                        
   
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Fixed Income
                        
U.S. Treasury Obligations
   $ -     $ 24,408,640     $ -     $ 24,408,640  
Corporate Bonds
     -       24,122,395       -       24,122,395  
U.S. Government Agency Issue
     -       2,378,720       -       2,378,720  
Asset Backed Securities
     -       5,219,684       -       5,219,684  
Mortgage Backed Securities
     -       11,286,638       -       11,286,638  
Total Fixed Income
     -       67,416,077       -       67,416,077  
                                 
Short-Term Investments
   $ -     $ 8,451,000     $ -     $ 8,451,000  
Total Investments in Securities
   $ -     $ 75,867,077     $ -     $ 75,867,077  
                                 
 
Mastholm International Equity
                        
   
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Equity
                        
Common Stock
   $ 37,351,872     $ -     $ -     $ 37,351,872  
Preferred Stock
     595,776                       595,776  
Total Equity
     37,947,648       -       -       37,947,648  
                                 
Short-Term Investments
     751,960       -       -       751,960  
Total Investments in Securities
   $ 38,699,608     $ -     $ -     $ 38,699,608  
                                 
Transfers into Level 1
   $ 35,257,538                          
Transfers out of Level 1
     -                          
Net transfers in and/or out of Level 1*
   $ 35,257,538                          
                                 
Transfers into Level 2
   $ -                          
Transfers out of Level 2
     (35,257,538 )                        
Net transfers in and/or out of Level 2*
   $ (35,257,538 )                        
 
*Assets were transferred from Level 2 to Level 1 because on September 30, 2010, the Company's threshold for fair value pricing was not exceeded and therefore the statistical fair value pricing model was not used to value the Fund's portfolio.  Instead, actual market prices were used at September 30, 2010.
 
Netols Small Cap Value
                        
   
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Equity
                        
Common Stock
   $ 137,313,159     $ -     $ -     $ 137,313,159  
Real Estate Investment Trusts
     9,039,024       -       -       9,039,024  
Total Equity
     146,352,183       -       -       146,352,183  
                                 
Short-Term Investments
     5,646,408       -       -       5,646,408  
Total Investments in Securities
   $ 151,998,591     $ -     $ -     $ 151,998,591  
                                 
 
 
 
 
 
 
The Frontegra Columbus Core Plus Fund is party to financial instruments with off-balance sheet risk, primarily forward contracts, in order to hedge the impact of adverse changes in the relationships between the U.S. dollar and various foreign currencies. These instruments involve market risk in excess of the amount recognized in the Statement of Assets and Liabilities. Risks also arise from the possible inability of counterparties to meet the terms of their contracts, future adverse movement in currency values and contract positions that are not exact offsets. The contract amount indicates the extent of the Fund's involvement in such currencies.

A forward contract is an agreement between two parties to exchange different currencies at a specified rate at an agreed upon future date. Forward contracts are reported in the financial statements as unrealized gain (loss) as measured by the difference between the forward exchange rate at the reporting date and the forward exchange rate on the date that a Fund entered into the contract. At September 30, 2010, the Frontegra Columbus Core Plus Fund had entered into strategic forward currency contracts that obligated the Fund to deliver and receive specified amounts of currencies at a specified future date. The terms of the open contracts are as follows:
 
                         
Asset Derivatives
    
Liability Derivatives
  
Settlement Date
      
Currency to
be Delivered
  
U.S. $ Value at
September
30, 2010
  
Currency to
be Received
  
U.S. $ Value at
September
30, 2010
    
Unrealized
Appreciation
    
Unrealized
Depreciation
  
11/29/2010
     5,242,522  
Australian Dollar
   $ 4,536,878  
U.S. Dollar
   $ 5,029,280     $ -     $ (492,402 )
10/20/2010
     6,300,000  
Euro Currency
     8,003,835  
U.S. Dollar
     8,587,277       -       (583,442 )
11/29/2010
     5,242,522  
Australian Dollar
     4,192,444  
U.S. Dollar
     5,029,280       836,836          
3/28/2010
     3,328,000  
Euro Currency
     4,481,069  
U.S. Dollar
     4,529,906       48,837          
10/20/2010
     6,300,000  
Euro Currency
     8,513,096  
U.S. Dollar
     8,587,277       74,181          
              $ 29,727,322       $ 31,763,021     $ 959,854     $ (1,075,844 )
                                             
 
The Frontegra Columbus Core Plus Fund had net unrealized depreciation on forward currency contracts of $(115,990) as of September 30, 2010.

The Frontegra Columbus Core Fund, Frontegra Mastholm International Equity Fund and Frontegra Netols Small Cap Value Fund held no forward contracts at September 30, 2010.
 
 
 
 
 
 
Tax Disclosure – Each Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code necessary to qualify as a regulated investment company and to make the requisite distributions of income and capital gains to its shareholders sufficient to relieve it from all or substantially all federal income taxes. Therefore, no federal income tax provision has been provided.

There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the current fiscal year, the fiscal year ended June 30, 2010, or for any other tax years which are open for exam. As of September 30, 2010, open tax years include the tax years ended June 30, 2007 through 2010 and the current fiscal year.  The Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change during the remainder of the fiscal year. A Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations of its financial statements.  During the period, the Funds did not incur any interest or penalties.
 
The Funds intend to utilize provisions of the federal income tax laws, which allow them to carry a realized capital loss forward for eight years following the year of loss and offset such losses against any future realized capital gains. At June 30, 2010, the Funds’ most recent fiscal year end, the capital loss carryovers were as follows:
 
 
Date of
Expiration
    
Columbus
Core Plus
      
Columbus
Core
      
Mastholm International Equity
      
Netols
Small Cap Value
  
  2015   $ ––     $ 452,904     $ ––     $ ––  
  2016     ––       ––       ––       119,331  
  2017     ––       ––       18,645,962       351,558  
  2018     ––       4,294,089       85,177,200       4,419,245  
Total
   $ ––     $ 4,746,993     $       $ 4,890,134  
 
For additional information regarding the accounting policies of the Funds, refer to the most recent financial statements in the N-CSR filing at www.sec.gov.
 
 
 
 
 
 
Item 2. Controls and Procedures.
 
(a)  
The Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)).

(b)  
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d)) 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 1940 Act (17 CFR 270.30a-2(a)).  Filed herewith.
 

 
 
 
 
 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Frontegra Funds, Inc.                                                                           

By /s/ William D. Forsyth III                                                               
            William D. Forsyth III, President and Secretary
(Principal Executive Officer)

Date    November 18, 2010                                                                                                                                                                   


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/ William D. Forsyth III                                                               
            William D. Forsyth III, President and Secretary
(Principal Executive Officer)

Date    November 18, 2010                                                                                                                                                                   


By /s/ Elyce D. Dilworth                                                                     
           Elyce D. Dilworth, Treasurer and Assistant Secretary
(Principal Financial Officer)

Date    November 19, 2010