As filed with the Securities and Exchange Commission on November 23, 2011 

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, 2012

Date of reporting period:  September 30, 2011

Item 1. Schedule of Investments.

Frontegra Mastholm International Equity Fund
Schedule of Investments
September 30, 2011 (Unaudited)
Number of Shares			Value
		COMMON STOCKS 98.6%
		Australia  1.9%
	26,000	Incitec Pivot Ltd.	$	80,555
	2,200	Rio Tinto Ltd.		128,861
				209,416
		Belgium  2.5%
	5,300	Anheuser-Busch InBev NV		281,319
		Brazil  1.0%
	4,500	Embraer SA - ADR		114,165
		China  0.7%
	1,950	51job, Inc. - ADR (a)		77,805
		France  8.1%
	2,200	BNP Paribas		86,730
	6,000	European Aeronautic Defence and Space Co. NV		168,653
	1,200	Gemalto NV		57,064
	1,500	Ingenico		56,182
	1,000	LVMH Moet Hennessy Louis Vuitton SA		132,000
	1,500	Pernod-Ricard SA		117,439
	6,300	Safran SA		192,722
	1,600	Sanofi		105,243
				916,033
		Germany  9.7%
	2,900	Adidas AG		176,482
	79,900	Commerzbank AG (a)		200,243
	2,300	Fresenius SE & Co. KGaA		204,439
	2,100	Gerresheimer AG		87,889
	5,500	SAP AG		279,852
	1,200	Volkswagen AG		147,850
				1,096,755
		Hong Kong  0.5%
	20,200	AIA Group Ltd.		57,205
		Italy  2.4%
	13,500	Lottomatica SpA (a)		210,923
	4,400	Salvatore Ferragamo Italia SpA (a)		58,772
				269,695
		Japan  17.0%
	11,000	Anritsu Corp.		121,996
	2,200	Canon, Inc.		99,893
	600	FANUC Corp.		82,648
	3,200	Gree, Inc.		97,591
	22	Japan Tobacco, Inc.		102,906
	9,600	Mitsui Fudosan Co. Ltd.		151,653
	198	Rakuten, Inc.		230,679
	2,900	Sanrio Co. Ltd.		135,879
	14,000	Sega Sammy Holdings, Inc.		326,631
	27,100	Sekisui Chemical Co. Ltd.		227,839
	5,400	Seven & I Holdings Co. Ltd.		151,362
	42,000	Tokyo Gas Co. Ltd.		195,082
				1,924,159
		Netherlands  7.3%
	3,800	CNH Global NV - ADR (a)		99,712
	46,200	ING Groep NV (a)		325,887
	10,300	Koninklijke DSM NV		135,661
	8,306	Royal Dutch Shell PLC		256,134
				817,394
		Norway  2.2%
	3,500	Algeta ASA (a)		102,093
	3,700	Yara International ASA		141,157
				243,250
		Portugal  1.3%
	9,700	Jeronimo Martins SGPS SA		151,479
		Singapore  0.8%
	15,700	Keppel Corp. Ltd.		92,069
		South Korea 7.6%
	1,260	Hyundai Motor Co.		220,270
	2,311	Kia Motors Corp.		137,810
	400	LG Household & Health Care Ltd.		179,810
	700	NCSoft Corp.		197,756
	173	Samsung Electronics Co. Ltd.		120,798
				856,444
		Spain  1.4%
	1,900	Inditex SA		162,193
		Sweden  1.4%
	16,900	Telefonaktiebolaget LM Ericsson		162,274
		Switzerland  5.0%
	3,000	Nestle SA		165,158
	4,800	Novartis AG		268,136
	480	Syngenta AG		124,737
				558,031
		United Kingdom  27.8%
	10,320	BG Group PLC		197,511
	14,000	BHP Billiton PLC		373,997
	5,400	British American Tobacco PLC		228,017
	6,600	Burberry Group PLC		119,852
	6,300	Diageo PLC		120,120
	37,600	HSBC Holdings PLC		287,991
	7,600	Imperial Tobacco Group PLC		256,483
	306,900	Lloyds Banking Group PLC (a)		164,761
	5,100	Pearson PLC		89,960
	12,600	Prudential PLC		108,210
	800	Randgold Resources Ltd.		77,709
	6,600	Reckitt Benckiser Group PLC		334,410
	3,900	Shire PLC		121,621
	40,400	Tesco		236,647
	5,712	Unilever PLC		178,924
	49,900	Vodafone Group PLC		128,607
	9,000	Xstrata PLC		113,650
				3,138,470
		Total Common Stocks
		(Cost $11,702,773)		11,128,156
		SHORT-TERM INVESTMENTS 2.0%
		Investment Company  2.0%
	229,115	AIM STIT-Liquid Assets Portfolio - Institutional Class		229,115
		Total Short-Term Investments
		(Cost $229,115)		229,115
		Total Investments 100.6%
		(Cost $11,931,888)		11,357,271
		Liabilities in Excess of Other Assets (0.6)%		(65,922	)
		TOTAL NET ASSETS 100.0%	$	11,291,349

(a) Non-Income Producing.

ADR - American Depositary Receipt.

The cost basis of investments for federal income tax purposes at September 30, 2011 was as follows*:

Cost of investments	$	11,931,888
Gross unrealized appreciation		504,469
Gross unrealized depreciation		(1,079,086	)
Net unrealized deppreciation	$	(574,617	)

*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 SAM Global Equity Fund
Schedule of Investments
September 30, 2011 (Unaudited)
Number of Shares			Value
		COMMON STOCKS 96.8%
		Australia  1.5%
	12,010	National Australia Bank Ltd.	$	255,108
		Canada  7.7%
	4,550	Bank of Nova Scotia		228,183
	2,590	Canadian Imperial Bank of Commerce		181,367
	92,020	Sherritt International Corp.		382,869
	2,324	Teck Resources Ltd. - Class B		68,573
	9,020	TELUS Corp.		442,005
				1,302,997
		France  4.4%
	4,500	Cie de St-Gobain		171,681
	3,050	Technip SA		244,357
	7,640	Valeo SA		321,149
				737,187
		Germany  4.3%
	4,120	Deutsche Bank AG		142,763
	5,096	Henkel AG & Co. KGaA		270,965
	2,482	Muenchener Rueckversicherungs AG		308,256
				721,984
		Israel  1.7%
	7,570	Teva Pharmaceutical Industries Ltd. - ADR		281,755
		Italy  3.6%
	13,500	Ansaldo STS SpA		134,168
	101,000	Snam Rete Gas SpA		466,276
				600,444
		Japan  7.5%
	17,000	Asahi Group Holdings Ltd.		360,219
	65,000	Marubeni Corp.		362,958
	13,400	Mitsubishi Corp.		272,819
	70,000	Mitsui OSK Lines Ltd.		269,702
				1,265,698
		Netherlands  2.7%
	6,300	Koninklijke DSM NV		273,914
	10,003	Koninklijke Philips Electronics NV		179,473
				453,387
		Norway  5.6%
	14,600	Aker Solutions ASA		139,858
	18,000	DnB NOR ASA		179,391
	32,913	Norsk Hydro ASA		149,282
	30,250	Telenor ASA		466,552
				935,083
		Spain  2.4%
	15,640	Repsol YPF SA		412,876
		Switzerland  2.1%
	1,700	Zurich Financial Services AG		354,118
		United Kingdom  11.1%
	7,050	AstraZeneca PLC		312,876
	62,070	Barclays PLC		152,218
	15,481	BG Group PLC		296,286
	88,870	BT Group PLC		238,201
	161,600	Legal & General Group PLC		241,354
	32,600	National Grid PLC		323,133
	25,337	Travis Perkins PLC		297,261
				1,861,329
		United States  42.2%
	3,871	Chevron Corp.		358,145
	17,400	Dell, Inc. (a)		246,210
	12,660	General Cable Corp. (a)		295,611
	24,830	Hartford Financial Services Group, Inc.		400,756
	19,531	Health Net, Inc. (a)		463,079
	20,568	Hewlett-Packard Co.		461,752
	2,855	International Business Machines Corp.		499,710
	13,850	Johnson Controls, Inc.		365,225
	5,836	Kimberly Clark Corp.		414,414
	9,900	The Kroger Co.		217,404
	8,136	Limited Brands, Inc.		313,317
	2,656	McDonalds Corp.		233,250
	19,090	Microsoft Corp.		475,150
	20,350	Mylan, Inc. (a)		345,950
	5,731	Occidental Petroleum Corp.		409,767
	27,606	Pfizer, Inc.		488,074
	8,992	Procter & Gamble Co.		568,115
	14,150	Reynolds American, Inc.		530,342
				7,086,271
		Total Common Stocks
		(Cost $17,823,814)		16,268,237
		SHORT-TERM INVESTMENTS  3.0%
		Investment Company  3.0%
	508,329	AIM STIT-STIC Prime Portfolio - Institutional Class		508,329
		Total Short-Term Investments
		(Cost $508,329)		508,329
		Total Investments 99.8%
		(Cost $18,332,143)		16,776,566
		Other Assets in Excess of Liabilities 0.2%		26,240
		TOTAL NET ASSETS 100.0%	$	16,802,806

(a) Non-Income Producing.

The cost basis of investments for federal income tax purposes at September 30, 2011 was as follows*:

Cost of investments	$	18,332,143
Gross unrealized appreciation		1,153,472
Gross unrealized depreciation		(2,709,049	)
Net unrealized appreciation	$	(1,555,577	)

*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 HEXAM Emerging Markets Fund
Schedule of Investments
September 30, 2011 (Unaudited)
Number of Shares			Value
		COMMON STOCKS 91.4%
		Brazil  22.8%
	21,300	Banco do Brasil SA	$	275,730
	41,376	Cosan Ltd.		391,831
	46,153	Localiza Rent a Car SA		608,990
	18,784	NOMOS-BANK (a)		180,514
	32,500	OGX Petroleo e Gas Participacoes SA (a)		200,332
	45,500	PDG Realty SA Empreendimentos e Participacoes		146,645
	50,853	Petroleo Brasileiro SA - ADR		1,141,650
	51,727	Vale SA - ADR		1,179,375
				4,125,067
		China  3.5%
	1,047,000	China Construction Bank Corp.		633,263
		Hong Kong  9.4%
	283,000	China Overseas Land & Investment Ltd.		404,203
	1,285,000	Industrial & Commercial Bank of China		620,514
	1,335,213	Nine Dragons Paper Holdings Ltd.		668,434
				1,693,151
		Kazakhstan  6.1%
	60,373	Kazakhmys PLC		737,519
	180,173	Uranium One, Inc. (a)		355,910
				1,093,429
		Russian Federation  11.4%
	38,571	Evraz Group SA (a)		607,108
	54,347	Magnitogorsk Iron & Steel Works		259,942
	58,127	Mechel		592,314
	280,348	Sberbank of Russia		606,517
				2,065,881
		South Africa  7.8%
	17,268	Anglo American PLC		594,212
	19,051	Naspers Ltd.		822,722
				1,416,934
		South Korea  10.4%
	27,515	KB Financial Group, Inc.		909,155
	1,388	Samsung Electronics Co. Ltd.		969,180
				1,878,335
		Switzerland  3.7%
	52,637	Xstrata PLC		664,686
		Turkey  15.5%
	345,531	Emlak Konut Gayrimenkul Yatirim Ortakligi AS		442,437
	173,282	Haci Omer Sabanci Holding AS		602,908
	201,379	Tekfen Holding AS		614,054
	371,254	Turk Hava Yollari (a)		541,177
	152,249	Turkiye Garanti Bankasi AS		589,173
				2,789,749
		Zambia  0.8%
	10,330	First Quantum Minerals Ltd.		137,517
		Total Common Stocks
		(Cost $23,872,927)		16,498,012
		PREFERRED STOCKS 6.9%
		Brazil  6.9%
	32,616	Banco Bradesco SA - ADR		482,391
	49,694	Itau Unibanco Holding SA - ADR		771,251
				1,253,642
		Total Preferred Stocks
		(Cost $1,649,257)		1,253,642
		SHORT-TERM INVESTMENTS 1.9%
		Investment Company 1.9%
	335,257	Fidelity Institutional Money Market Portfolio		335,257
		Total Short-Term Investments
		(Cost $335,257)		335,257
		Total Investments 100.2%
		(Cost $25,857,441)		18,086,911
		Liabilities in Excess of Other Assets (0.2)%		(32,665	)
		TOTAL NET ASSETS 100.0%	$	18,054,246

(a) Non-Income Producing.

The cost basis of investments for federal income tax purposes at September 30, 2011 was as follows*:

Cost of investments	$	25,857,441
Gross unrealized appreciation		13,937
Gross unrealized depreciation		(7,784,467	)
Net unrealized appreciation	$	(7,770,530	)

*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 Timpani Small Cap Growth Fund
Schedule of Investments
September 30, 2011 (Unaudited)
Number of Shares			Value
		COMMON STOCKS 93.7%
		Aerospace Product and Parts Manufacturing  2.9%
	478	HEICO Corp.	$	23,537
	408	TransDigm Group, Inc. (a)		33,321
				56,858
		Agricultural Machinery and Equipment  1.5%
	1,583	Titan Machinery, Inc. (a)		28,336
		Airlines  1.0%
	1,541	Spirit Airlines, Inc. (a)		19,263
		Animal Slaughtering and Processing  0.8%
	1,254	Darling International, Inc. (a)		15,788
		Automotive Repair and Maintenance  0.5%
	281	Monro Muffler Brake, Inc.		9,265
		Basic Chemical Manufacturing  0.9%
	425	Innophos Holdings, Inc.		16,945
		Biotechnology  2.3%
	1,130	Cepheid, Inc. (a)		43,878
		Business Support Services  1.2%
	369	Portfolio Recovery Associates, Inc. (a)		22,959
		Clothing Stores  1.0%
	1,016	Body Central Corp. (a)		18,451
		Communications Equipment Manufacturing  0.4%
	1,382	Wi-Lan, Inc. (b)		7,974
		Computer and Peripheral Equipment Manufacturing  1.9%
	459	EZchip Semiconductor Ltd. (a)(b)		15,248
	603	VeriFone Systems, Inc. (a)		21,117
				36,365
		Computer Systems Design and Related Services  7.3%
	1,286	Allot Communications Ltd. (a)		12,539
	5,346	Callidus Software, Inc. (a)		24,645
	688	Computer Programs and Systems, Inc.		45,511
	602	Convio, Inc. (a)		5,063
	2,051	HealthStream, Inc. (a)		26,314
	1,713	Vocus, Inc. (a)		28,710
				142,782
		Cut and Sew Apparel Manufacturing  0.6%
	654	Zumiez, Inc. (a)		11,452
		Data Processing, Hosting, and Related Services  1.0%
	905	ExlService Holdings, Inc. (a)		19,910
		Engineering and Contracting  1.9%
	3,095	Furmanite Corp. (a)		16,744
	944	Team, Inc. (a)		19,805
				36,549
		Footwear Manufacturing  0.9%
	717	Crocs, Inc. (a)		16,971
		Full-Service Restaurants  2.4%
	640	BJ's Restaurants, Inc. (a)		28,230
	185	Panera Bread Co. (a)		19,229
				47,459
		Health and Personal Care Stores  1.7%
	528	Ulta Salon, Cosmetics & Fragrance, Inc. (a)		32,857
		Health Care Management Services  3.5%
	1,230	SXC Health Solutions Corp. (a)		68,511
		Household Appliance Manufacturing  2.3%
	1,776	iRobot Corp. (a)		44,684
		Inland Water Transportation  0.9%
	324	Kirby Corp. (a)		17,055
		Insurance Carriers  1.5%
	781	HealthSpring, Inc. (a)		28,476
		Internet Content & Information  0.9%
	1,189	Bankrate, Inc. (a)		18,085
		Lessors of Nonfinancial Intangible Assets (except Copyrighted Works)  2.8%
	1,285	Acacia Research Corp. (a)		46,247
	399	RPX Corp. (a)		8,263
				54,510
		Machinery - Industrial  2.5%
	461	Gardner Denver, Inc.		29,297
	545	Robbins & Myers, Inc.		18,917
				48,214
		Management, Scientific, and Technical Consulting Services  0.3%
	269	Transcend Services, Inc. (a)		6,063
		Media  1.0%
	3,383	interCLICK, Inc. (a)		18,776
		Medical Equipment and Supplies Manufacturing  4.8%
	1,778	Endologix, Inc. (a)		17,851
	584	Hill-Rom Holdings, Inc.		17,532
	3,789	Uroplasty, Inc. (a)		18,377
	1,037	ZOLL Medical Corp. (a)		39,135
				92,895
		Metal Fabrication 1.1%
	263	Valmont Industries, Inc.		20,498
		Navigational, Measuring, Electromedical, and Control Instruments Manufacturing  1.2%
	492	FARO Technologies, Inc. (a)		15,523
	508	Ultratech, Inc. (a)		8,712
				24,235
		Oil and Gas Equipment and Services  2.0%
	237	Core Laboratories N.V. (b)		21,290
	703	Globe Specialty Metals, Inc.		10,208
	1,018	Pioneer Drilling Co. (a)		7,309
				38,807
		Oil and Gas Extraction  3.3%
	858	Brigham Exploration Co. (a)		21,674
	475	Carrizo Oil & Gas, Inc. (a)		10,236
	819	Oasis Petroleum, Inc. (a)		18,288
	415	Rosetta Resources, Inc. (a)		14,201
				64,399
		Other Amusement and Recreation Industries  0.7%
	1,977	Town Sports International Holdings, Inc. (a)		14,353
		Other Chemical Product and Preparation Manufacturing  2.8%
	954	Polypore International, Inc. (a)		53,920
		Other Financial Investment Activities  0.8%
	840	Financial Engines, Inc (a)		15,212
		Other Food Manufacturing  1.4%
	817	SodaStream International Ltd. (a)(b)		27,002
		Other Furniture Related Product Manufacturing  2.4%
	875	Tempur-Pedic International, Inc. (a)		46,034
		Other Information Services  2.1%
	1,944	Keynote Systems, Inc.		41,077
		Pharmaceutical and Medicine Manufacturing  3.8%
	5,078	Akorn, Inc. (a)		39,658
	840	Jazz Pharmaceuticals, Inc. (a)		34,877
				74,535
		Photofinishing Laboratories (except One-Hour) 2.1%
	1,005	Shutterfly, Inc. (a)		41,385
		Plastics Product Manufacturing  2.6%
	430	Raven Industries, Inc.		20,726
	3,042	ZAGG, Inc. (a)		30,177
				50,903
		Printing and Related Support Activities  1.1%
	2,835	InnerWorkings, Inc. (a)		22,226
		Semiconductor and Other Electronic Component Manufacturing  6.8%
	1,229	CEVA, Inc. (a)		29,877
	762	IPG Photonics Corp. (a)		33,101
	1,618	Nova Measuring Instruments Ltd. (a)		8,689
	1,247	OSI Systems, Inc. (a)		41,799
	1,681	Silicon Motion Technology Corp. (a)(b)		19,432
				132,898
		Shoe Stores  1.1%
	394	Genesco, Inc. (a)		20,303
		Soap, Cleaning Compound, and Toilet Preparation Manufacturing  1.4%
	979	Elizabeth Arden, Inc. (a)		27,843
		Software Publishers  4.4%
	1,278	OPNET Technologies, Inc.		44,615
	1,094	RightNow Technologies, Inc. (a)		36,157
	796	Web.com Group, Inc. (a)		5,556
				86,328
		Textile, Apparel & Luxury Goods  1.9%
	1,229	Steven Madden Ltd. (a)		36,993
		Total Common Stocks
		(Cost $2,049,857)		1,820,282
		SHORT-TERM INVESTMENTS 5.3%
		Investment Company  5.3%
	102,705	AIM STIT-STIC Prime Portfolio - Institutional Class		102,705
		Total Short-Term Investments
		(Cost $102,705)		102,705
		Total Investments 99.0%
		(Cost $2,152,562)		1,922,987
		Other Assets in Excess of Liabilities 1.0%		18,944
		TOTAL NET ASSETS 100.0%	$	1,941,931

(a) Non-Income Producing.

(b) U.S. traded security of a foreign issuer.

The cost basis of investments for federal income tax purposes at September 30, 2011 was as follows*:

Cost of investments	$	2,152,562
Gross unrealized appreciation		43,880
Gross unrealized depreciation		(273,455	)
Net unrealized deppreciation	$	(229,575	)

*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, 2011 (Unaudited)
Number of Shares			Value
		COMMON STOCKS 96.4%
		Apparel & Accessories  2.0%
	89,858	Carter's, Inc. (a)	$	2,744,263
		Application Software  1.7%
	104,517	Fair Isaac Corp.		2,281,606
		Auto Parts & Equipment  2.3%
	164,507	Modine Manufacturing Co. (a)		1,490,434
	66,035	Tenneco, Inc. (a)		1,691,156
				3,181,590
		Building Materials  0.7%
	122,425	Gibraltar Industries, Inc. (a)		994,091
		Chemicals - Commodity  0.8%
	179,697	Ferro Corp. (a)		1,105,137
		Commercial Services & Supplies  1.1%
	84,470	Herman Miller, Inc.		1,508,634
		Diversified Metals & Mining  1.9%
	38,354	Compass Minerals International, Inc.		2,561,280
		Educational Services  0.7%
	33,318	Capella Education Co. (a)		945,565
		Electric Power Generation, Transmission and Distribution  1.5%
	108,989	The Empire District Electric Co.		2,112,207
		Food Distributors  1.8%
	68,236	United Natural Foods, Inc. (a)		2,527,461
		General Rental Centers  1.6%
	128,898	United Rentals, Inc. (a)		2,170,642
		Health Care - Distributors  1.1%
	77,693	PSS World Medical, Inc. (a)		1,529,775
		Health Care - Facility  3.9%
	49,943	LifePoint Hospitals, Inc. (a)		1,829,912
	399,721	Sunrise Senior Living, Inc. (a)		1,850,708
	91,627	U.S. Physical Therapy, Inc.		1,696,932
				5,377,552
		Health Care - Managed Care  1.4%
	40,086	Magellan Health Services, Inc. (a)		1,936,154
		Health Care - Services  0.5%
	126,009	Gentiva Health Services, Inc. (a)		695,569
		Health Care - Supplies  3.2%
	33,417	Haemonetics Corp. (a)		1,954,226
	187,623	Merit Medical Systems, Inc. (a)		2,465,366
				4,419,592
		Home Furnishings  3.1%
	101,123	Aaron’s, Inc.		2,553,356
	121,821	Ethan Allen Interiors, Inc.		1,657,984
				4,211,340
		Industrial REITS  1.4%
	239,734	First Industrial Realty Trust, Inc. (a)		1,917,872
		Insurance - Property/Casualty  1.9%
	58,683	Hanover Insurance Group, Inc.		2,083,246
	42,631	Selective Insurance Group, Inc.		556,335
				2,639,581
		IT Consulting & Services  2.8%
	71,355	Arbitron, Inc.		2,360,424
	485,839	CIBER, Inc. (a)		1,472,092
				3,832,516
		Lessors of Real Estate  2.0%
	72,425	American Campus Communities, Inc.		2,694,934
		Machinery - Construction / Farm  4.2%
	209,132	Commercial Vehicle Group, Inc. (a)		1,373,997
	127,712	Titan International, Inc.		1,915,680
	46,507	Westinghouse Air Brake Technologies Corp.		2,458,825
				5,748,502
		Machinery - Industrial  6.2%
	106,009	Actuant Corp., Class A		2,093,678
	38,759	Gardner Denver, Inc.		2,463,134
	50,036	IDEX Corp.		1,559,122
	66,835	Robbins & Myers, Inc.		2,319,843
				8,435,777
		Oil & Gas - Equipment/Services  2.9%
	207,939	ION Geophysical Corp. (a)		983,552
	172,761	North American Energy Partners, Inc. (a)(b)		1,005,469
	77,849	Superior Energy Services, Inc. (a)		2,042,758
				4,031,779
		Oil & Gas - Exploration/Products  3.2%
	68,404	Bill Barrett Corp. (a)		2,478,961
	52,532	Whiting Petroleum Corp. (a)		1,842,822
				4,321,783
		Other General Purpose Machinery Manufacturing  1.1%
	100,075	TriMas Corp. (a)		1,486,114
		Packaged Foods/Meats  3.7%
	285,658	SunOpta, Inc. (a)(b)		1,408,294
	59,413	TreeHouse Foods, Inc. (a)		3,674,100
				5,082,394
		Railroads  3.1%
	54,654	Genesee & Wyoming, Inc. (a)		2,542,504
	33,611	Kansas City Southern (a)		1,679,206
				4,221,710
		Regional Banks  8.5%
	45,582	Bank of Hawaii Corp.		1,659,185
	71,552	Community Bank System, Inc.		1,623,515
	146,424	Glacier Bancorp, Inc.		1,371,993
	200,679	Old National Bancorp		1,870,328
	60,442	Prosperity Bancshares, Inc.		1,975,244
	102,373	Webster Financial Corp.		1,566,307
	42,377	Westamerica Bancorporation		1,623,887
				11,690,459
		Residential REITS  5.1%
	48,174	Mid-America Apartment Communities, Inc.		2,901,038
	114,614	Sun Communities, Inc.		4,033,267
				6,934,305
		Restaurants  4.1%
	133,420	Dominos Pizza, Inc. (a)		3,635,695
	78,370	The Cheesecake Factory, Inc. (a)		1,931,820
				5,567,515
		Retail - Apparel  1.8%
	110,519	ANN, Inc. (a)		2,524,254
		Retail REITS  0.4%
	171,967	Cedar Shopping Centers, Inc.		534,817
		Semiconductor Equipment  2.2%
	119,141	Advanced Energy Industries, Inc. (a)		1,026,995
	301,841	Entegris, Inc. (a)		1,925,746
				2,952,741
		Semiconductors  2.7%
	168,036	Fairchild Semiconductor International, Inc. (a)		1,814,789
	375,950	Integrated Device Technology, Inc. (a)		1,936,142
				3,750,931
		Software  0.9%
	72,458	Progress Software Corp. (a)		1,271,638
		Specialized REITS  2.1%
	424,638	FelCor Lodging Trust, Inc. (a)		989,407
	44,799	National Health Investors, Inc.		1,887,382
				2,876,789
		Specialty Stores  2.5%
	54,016	Tractor Supply Co.		3,378,701
		Sporting Goods, Hobby, and Musical Instrument Stores  1.3%
	89,767	Cabela's, Inc. (a)		1,839,326
		Steel  1.7%
	52,128	Carpenter Technology Corp.		2,340,026
		Thrifts & Mortgage Finance  1.3%
	123,047	Astoria Financial Corp.		946,231
	423,119	MGIC Investment Corp. (a)		791,233
				1,737,464
		Total Common Stocks
		(Cost $128,706,098)		132,114,386
		SHORT-TERM INVESTMENTS 4.2%
		Investment Company 4.2%
	5,794,475	Fidelity Institutional Money Market Portfolio		5,794,475
		Total Short-Term Investments
		(Cost $5,794,475)		5,794,475
		Total Investments 100.6%
		(Cost $134,500,573)		137,908,861
		Liabilities in Excess of Other Assets (0.6)%		(846,305	)
		TOTAL NET ASSETS 100.0%	$	137,062,556

(a) Non-Income Producing.

(b) U.S. traded security of a foreign issuer.

The cost basis of investments for federal income tax purposes at September 30, 2011 was as follows*:

Cost of investments	$	134,500,573
Gross unrealized appreciation		25,308,415
Gross unrealized depreciation		(21,900,127	)
Net unrealized appreciation	$	3,408,288

*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 Phocas Small Cap Value Fund
Schedule of Investments
September 30, 2011 (Unaudited)
Number of Shares			Value
		COMMON STOCKS 97.2%
		Aerospace Product and Parts Manufacturing  2.7%
	5,495	AAR Corp.	$	91,602
	7,126	Triumph Group, Inc.		347,321
				438,923
		Agencies, Brokerages, and Other Insurance Related Activities  0.8%
	11,637	National Financial Partners Corp. (a)		127,309
		Animal Slaughtering and Processing  1.6%
	21,249	Darling Inernational, Inc. (a)		267,525
		Architectural, Engineering, and Related Services  1.1%
	3,849	Tetra Tech, Inc. (a)		72,130
	3,689	URS Corp. (a)		109,416
				181,546
		Basic Chemical Manufacturing  2.7%
	3,272	Ashland, Inc.		144,426
	5,815	Huntsman Corp.		56,231
	7,409	Sensient Technologies Corp.		241,163
				441,820
		Clothing Stores  1.1%
	3,924	Childrens Place Retail Stores, Inc. (a)		182,584
		Communications Equipment Manufacturing  1.0%
	8,773	Arris Group, Inc. (a)		90,362
	16,734	Tellabs, Inc.		71,789
				162,151
		Computer Systems Design and Related Services  3.6%
	19,178	ICG Group, Inc. (a)		176,629
	9,229	JDA Software Group, Inc. (a)		216,328
	7,653	SYNNEX Corp. (a)		200,509
				593,466
		Cut and Sew Apparel Manufacturing  3.4%
	3,003	G-III Apparel Group Ltd. (a)		68,649
	13,346	Iconix Brand Group, Inc. (a)		210,867
	4,078	Perry Ellis International, Inc. (a)		76,666
	2,149	The Warnaco Group, Inc. (a)		99,047
	3,158	Wolverine World Wide, Inc.		105,003
				560,232
		Depository Credit Intermediation  11.9%
	13,854	Banco Latinoamericano de Exportaciones S.A. (b)		210,996
	6,396	Banner Corp.		81,805
	30,092	Boston Private Financial Holdings, Inc.		176,941
	14,787	Columbia Banking System, Inc.		211,750
	13,234	First Horizon National Corp.		78,875
	17,920	First Pactrust Bancorp, Inc.		203,034
	3,933	IBERIABANK Corp.		185,087
	19,539	Old National Bancorp		182,103
	8,004	State Bank Financial Corp. (a)		101,010
	4,210	SVB Financial Group (a)		155,770
	16,501	Washington Banking Co.		160,555
	7,553	Wintrust Financial Corp.		194,943
				1,942,869
		Electric Power Generation, Transmission and Distribution  2.5%
	5,844	Great Plains Energy, Inc.		112,789
	4,559	Portland General Electric Co.		108,003
	5,352	The Empire District Electric Co.		103,722
	3,601	Unitil Corp.		92,473
				416,987
		Electrical Equipment Manufacturing  0.6%
	3,059	Powell Industries, Inc. (a)		94,737
		Electronic Shopping and Mail-Order Houses  0.5%
	6,067	Systemax, Inc. (a)		77,172
		Fruit and Vegetable Preserving and Specialty Food Manufacturing  1.6%
	4,295	Treehouse Foods, Inc. (a)		265,603
		Full-Service Restaurants  0.9%
	5,273	P.F. Chang's China Bistro, Inc.		143,637
		Furniture and Home Furnishing Merchant Wholesalers  1.4%
	8,460	United Stationers, Inc.		230,535
		General Freight Trucking  0.5%
	4,145	Werner Enterprises, Inc.		86,340
		Health Care Providers & Services  0.6%
	2,417	Wellcare Health Plans, Inc. (a)		91,798
		Highway, Street, and Bridge Construction  0.5%
	6,823	Sterling Construction Co., Inc. (a)		76,213
		Household and Institutional Furniture and Kitchen Cabinet Manufacturing  0.5%
	9,051	Pier 1 Imports, Inc. (a)		88,519
		Insurance Carriers  4.6%
	3,360	Alterra Capital Holdings Ltd. (b)		63,739
	37,318	CNO Financial Group, Inc. (a)		201,890
	3,717	Infinity Property & Casualty Corp.		195,068
	4,930	Kemper Corp.		118,123
	4,454	Primerica, Inc.		96,028
	4,749	Protective Life Corp.		74,227
				749,075
		Lawn and Garden Equipment and Supplies Stores  0.7%
	6,390	Titan Machinery, Inc. (a)		114,381
		Management of Companies and Enterprises  3.2%
	12,416	Ares Capital Corp.		170,968
	6,326	Hancock Holding Co.		169,410
	9,457	Prospect Capital Corp.		79,534
	6,600	Safeguard Scientifics, Inc. (a)		99,000
				518,912
		Management, Scientific, and Technical Consulting Services  1.9%
	10,159	Huron Consulting Group, Inc. (a)		316,250
		Medical Equipment and Supplies Manufacturing  1.3%
	6,286	Orthofix International N.V. (a)(b)		216,930
		Metal Ore Mining  1.9%
	8,325	Coeur d'Alene Mines Corp. (a)		178,488
	5,582	Materion Corp. (a)		126,600
				305,088
		Miscellaneous Durable Goods Merchant Wholesalers  0.3%
	1,211	Schnitzer Steel Industries, Inc. - Class A		44,565
		Motor Vehicle Parts Manufacturing  0.5%
	4,250	Fuel Systems Solutions, Inc. (a)		81,642
		Natural Gas Distribution  1.7%
	5,117	Atmos Energy Corp.		166,047
	3,123	Laclede Group, Inc.		121,016
				287,063
		Newspaper, Periodical, Book, and Directory Publishers  0.5%
	3,318	Meredith Corp.		75,120
		Nonscheduled Air Transportation  0.7%
	3,304	Atlas Air Worldwide Holdings, Inc. (a)		109,990
		Oil and Gas Extraction  4.5%
	11,212	Goodrich Petroleum Corp. (a)		132,526
	8,340	Petroleum Development Corp. (a)		161,712
	18,208	Rex Energy Corp. (a)		230,331
	8,688	Swift Energy Co. (a)		211,466
				736,035
		Other Fabricated Metal Product Manufacturing  2.0%
	4,955	Ducommun, Inc.		74,226
	5,698	Timken Co.		187,008
	2,888	Watts Water Technologies, Inc. - Class A		76,965
				338,199
		Other Food Manufacturing  0.5%
	3,935	Snyders-Lance, Inc.		82,045
		Other General Merchandise Stores  1.3%
	6,227	Big Lots, Inc. (a)		216,886
		Other General Purpose Machinery Manufacturing  1.2%
	3,870	Esterline Technologies Corp. (a)		200,621
		Other Professional, Scientific, and Technical Services  0.5%
	5,768	Teletech Holdings, Inc. (a)		87,904
		Personal Care Services  1.8%
	7,160	Steiner Leisure Ltd. (a)(b)		291,913
		Pharmaceutical and Medicine Manufacturing  3.8%
	4,380	Emergent BioSolutions, Inc. (a)		67,584
	9,125	Par Pharmaceutical Companies, Inc. (a)		242,908
	15,062	Rigel Pharmaceuticals, Inc. (a)		110,856
	11,148	ViroPharma, Inc. (a)		201,444
				622,792
		Plastics Product Manufacturing  0.4%
	4,196	Tredegar Corp.		62,227
		Printing and Related Support Activities  1.0%
	8,504	American Greetings Corp.		157,324
		Rail Transportation  1.1%
	3,755	Kansas City Southern (a)		187,600
		Real Estate Investment Trusts  12.6%
	13,146	Acadia Realty Trust		245,830
	3,806	Alexandria Real Estate Equities,  Inc.		233,650
	3,559	American Campus Communities, Inc.		132,430
	15,140	Colonial Properties Trust		274,942
	8,138	DuPont Fabros Technology, Inc.		160,237
	3,412	EastGroup Properties, Inc.		130,134
	23,887	Glimcher Realty Trust		169,120
	5,391	Kilroy Realty Corp.		168,738
	4,737	LaSalle Hotel Properties		90,951
	41,782	Strategic Hotels & Resorts, Inc. (a)		180,081
	7,721	Sun Communities, Inc.		271,702
				2,057,815
		Semiconductor and Other Electronic Component Manufacturing  5.6%
	24,133	Fairchild Semiconductor International, Inc. - Class A (a)		260,636
	15,201	Microsemi Corp. (a)		242,912
	5,808	Plexus Corp. (a)		131,377
	38,367	RF Micro Devices, Inc. (a)		243,247
	7,960	TriQuint Semiconductor, Inc. (a)		39,959
				918,131
		Software Publishers  1.0%
	21,896	Compuware Corp. (a)		167,723
		Support Activities for Mining  1.4%
	5,614	Basic Energy Services, Inc. (a)		79,494
	33,968	Parker Drilling Co. (a)		149,120
				228,614
		Trading Companies & Distributors  0.6%
	18,863	Aceto Corp.		99,785
		Water, Sewage and Other Systems  1.1%
	6,076	American Water Works Co.,  Inc.		183,374
		Total Common Stocks
		(Cost $15,580,999)		15,927,970
		SHORT-TERM INVESTMENTS 2.7%
		Investment Company 2.7%
	434,469	AIM STIT-STIC Prime Portfolio - Institutional Class		434,469
		Total Short-Term Investments
		(Cost $434,469)		434,469
		Total Investments 99.9%
		(Cost $16,015,468)		16,362,439
		Other Assets in Excess of Liabilities 0.1%		9,972
		TOTAL NET ASSETS 100.0%	$	16,372,411

(a) Non-Income Producing

(b) U.S. traded security of a foreign issuer.

The cost basis of investments for federal income tax purposes at September 30, 2011 was as follows*:

Cost of investments	$	16,015,468
Gross unrealized appreciation		2,006,133
Gross unrealized depreciation		(1,659,162	)
Net unrealized appreciation	$	346,971

*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.

Lockwell Small Cap Value Fund
Schedule of Investments
September 30, 2011 (Unaudited)
Number of Shares			Value
		COMMON STOCKS 67.1%
		Activities Related to Real Estate  0.6%
	535	Forestar Group, Inc. (a)	$	5,837
		Advertising, Public Relations, and Related Services  0.7%
	215	Arbitron, Inc.		7,112
		Aerospace Product and Parts Manufacturing  4.3%
	948	AAR Corp.		15,802
	260	HEICO Corp.		8,752
	262	Moog, Inc. (a)		8,546
	225	Triumph Group, Inc.		10,967
				44,067
		Agencies, Brokerages, and Other Insurance Related Activities  0.8%
	355	Amtrust Financial Services, Inc.		7,902
		Agriculture, Construction, and Mining Machinery Manufacturing  0.5%
	725	GSI Group, Inc. (a)		5,568
		Basic Chemical Manufacturing  0.7%
	200	Cytec Industries, Inc.		7,028
		Boiler, Tank, and Shipping Container Manufacturing  1.0%
	269	Silgan Holdings, Inc.		9,883
		Clothing Stores  1.5%
	280	G&K Services, Inc.		7,151
	610	Stage Stores, Inc.		8,461
				15,612
		Commercial and Industrial Machinery and Equipment Rental and Leasing  1.9%
	1,910	AerCap Holdings NV (a)(b)		18,947
		Commercial and Service Industry Machinery Manufacturing  0.7%
	535	John Bean Technologies Corp.		7,629
		Communications Equipment Manufacturing  1.4%
	309	Materion Corp. (a)		7,008
	260	Plantronics, Inc.		7,397
				14,405
		Computer and Peripheral Equipment Manufacturing  1.6%
	1,000	Radisys Corp. (a)		6,120
	340	Zebra Technologies Corp. (a)		10,520
				16,640
		Computer Systems Design and Related Services  0.7%
	740	Sapient Corp. (a)		7,504
		Cut and Sew Apparel Manufacturing  0.8%
	345	Maidenform Brands, Inc. (a)		8,076
		Cutlery and Handtool Manufacturing  0.7%
	153	Snap-on, Inc.		6,793
		Depository Credit Intermediation  3.1%
	595	Capitol Federal Financial, Inc.		6,284
	420	Eagle Bancorp, Inc. (a)		4,943
	335	MB Financial, Inc.		4,931
	495	Northwest Bancshares, Inc.		5,895
	650	Provident New York Bancorp		3,783
	525	ViewPoint Financial Group		6,012
				31,848
		Electric Power Generation, Transmission and Distribution  3.7%
	262	ALLETE, Inc.		9,597
	305	Avista Corp.		7,274
	240	Cleco Corp.		8,194
	400	El Paso Electric Co.		12,835
				37,900
		Fabric Mills  0.9%
	515	Albany International Corp.		9,399
		Freight Transportation Arrangement  1.6%
	355	Forward Air Corp.		9,035
	530	UTi Worldwide, Inc.		6,911
				15,946
		Full-Service Restaurants  2.1%
	545	AFC Enterprises, Inc. (a)		6,447
	2,850	Denny's Corp. (a)		9,491
	420	Texas Roadhouse, Inc.		5,552
				21,490
		Grain and Oilseed Milling  1.5%
	385	Corn Products International, Inc.		15,107
		Insurance Carriers  7.3%
	610	Alterra Capital Holdings Ltd.		11,572
	395	Argo Group International Holdings Ltd.		11,206
	2,675	CNO Financial Group, Inc. (a)		14,472
	740	Employers Holdings, Inc.		9,442
	320	Platinum Underwriters Holdings Ltd.		9,840
	256	ProAssurance Corp. (a)		18,437
				74,969
		Investigation and Security Services  1.1%
	468	The Brink’s Company		10,909
		Iron and Steel Mills and Ferroalloy Manufacturing  0.9%
	855	Quanex Building Products Corp.		9,362
		Lessors of Real Estate  0.9%
	440	Agree Realty Corp.		9,583
		Management, Scientific, and Technical Consulting Services  2.7%
	473	Insperity, Inc.		10,524
	485	MAXIMUS, Inc.		16,927
				27,451
		Medical Equipment and Supplies Manufacturing  1.0%
	325	Hill-Rom Holdings, Inc.		9,757
		Metalworking Machinery Manufacturing  0.8%
	415	Actuant Corp. - Class A		8,196
		Natural Gas Distribution  0.7%
	265	UGI Corp.		6,962
		Nondepository Credit Intermediation  0.9%
	720	Ocwen Financial Corp. (a)		9,511
		Office Administrative Services  0.4%
	255	AECOM Technology Corp. (a)		4,506
		Oil and Gas Extraction  1.1%
	365	Comstock Resources, Inc. (a)		5,643
	500	Goodrich Petroleum Corp. (a)		5,910
				11,553
		Other Amusement and Recreation Activities   0.8%
	1,025	Shuffle Master, Inc. (a)		8,620
		Other Electrical Equipment and Component Manufacturing  1.0%
	415	Belden, Inc.		10,703
		Other Food Manufacturing  0.7%
	350	Snyder's-Lance, Inc.		7,298
		Other Investment Pools and Funds  0.6%
	200	Greenhill & Co., Inc.		5,718
		Other Miscellaneous Manufacturing  1.3%
	1,500	ACCO Brands Corp. (a)		7,155
	345	Hillenbrand, Inc.		6,348
				13,503
		Outpatient Care Centers  2.1%
	1,470	HealthSouth Corp. (a)		21,947
		Paint, Coating, and Adhesive Manufacturing  0.8%
	440	HB Fuller Co.		8,017
		Pulp, Paper, and Paperboard Mills  2.3%
	365	Potlatch Corp.		11,505
	238	Rock-Tenn Co. - Class A		11,586
				23,091
		Resin, Synthetic Rubber, and Artificial Synthetic Fibers and Filaments Manufacturing  2.2%
	495	A. Schulman, Inc.		8,410
	355	Rogers Corp. (a)		13,891
				22,301
		Semiconductor and Other Electronic Component Manufacturing  1.8%
	755	Methode Electronics, Inc.		5,610
	410	Microsemi Corp. (a)		6,552
	485	Vishay Precision Group, Inc. (a)		6,392
				18,554
		Soap, Cleaning Compound, and Toilet Preparation Manufacturing  1.3%
	152	West Pharmaceutical Services, Inc.		5,639
	490	Zep, Inc.		7,360
				12,999
		Software Publishers  0.7%
	940	Compuware Corp. (a)		7,200
		Support Activities for Mining  1.7%
	820	Key Energy Services, Inc. (a)		7,782
	380	Superior Energy Services, Inc. (a)		9,971
				17,753
		Water, Sewage and Other Systems  0.4%
	375	Insituform Technologies, Inc. (a)		4,343
		Wholesale Electronic Markets and Agents and Brokers  0.8%
	275	ScanSource, Inc. (a)		8,129
		Total Common Stocks
		(Cost $813,142)		687,628
		EXCHANGE TRADED FUNDS - 0.7%
	123	iShares Russell 2000 Value Index Fund		7,015
		Total Exchange Traded Funds
		(Cost $7,177)		7,015
		SHORT-TERM INVESTMENTS 2.5%
		Investment Company 2.5%
	25,923	AIM STIT-STIC Prime Portfolio - Institutional Class		25,923
		Total Short-Term Investments
		(Cost $25,923)		25,923
		Total Investments 70.3%
		(Cost $846,242)		720,566
		Other Assets in Excess of Liabilities 29.7%		303,721
		TOTAL NET ASSETS 100.0%	$	1,024,287

(a) Non-Income Producing.

(b) U.S. traded security of a foreign issuer.

The cost basis of investments for federal income tax purposes at September 30, 2011 was as follows*:

Cost of investments	$	846,242
Gross unrealized appreciation		639
Gross unrealized depreciation		(126,315	)
Net unrealized appreciation	$	(125,676	)

*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 – 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 sale price. Equity securities that are traded on NASDAQ are valued using the NASDAQ Official Closing Price (“NOCP”). 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. Shares of underlying mutual funds are valued at their respective NAVs. Exchange traded funds are valued at the last reported sale price on the exchange on which the security is principally traded. Securities that are primarily traded on foreign exchanges, including participatory notes, 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, Frontegra SAM Global Equity and Frontegra HEXAM Emerging Markets Funds. 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 the advisers or subadvisers pursuant to guidelines established by the Board of Directors.

On January 21, 2010, the FASB issued ASU 2010-06, Improving Disclosures about Fair Value Measurements. ASU 2010-06 amends ASC 820, Fair Value Measurements and Disclosures, (formerly FASB Statement No. 157), to require additional disclosures regarding fair value measurements. Specifically, the amendment requires reporting entities to disclose: i) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements, for Level 2 or Level 3 positions; ii) transfers between all levels (including Level 1 and Level 2) will be required to be disclosed on a gross basis (i.e. transfers out must be disclosed separately from transfers in) as well as the reason(s) for the transfers; and iii) purchases, sales, issuances and settlements must be shown on a gross basis in the Level 3 rollforward rather than as one net number.

The effective date of this guidance is for interim and annual periods beginning after December 15, 2009; however, the requirement to provide the Level 3 activity for purchases, sales, issuances and settlements on a gross basis was be effective for interim and annual periods beginning after December 15, 2010. The Funds have disclosed the applicable requirements of this accounting standard in their financial statements.

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 —  Evaluated prices based on other significant observable inputs (including quoted prices for similar securities, foreign security indices, foreign exchange rates, fair value estimates for foreign securities and changes in benchmark securities indices)

Level 3 —  Significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments)

Mastholm International Equity
Description	Level 1		Level 2		Level 3		Total
Equity
Common Stocks	$	-	$	11,128,156	$	-	$	11,128,156
Total Equity		-		11,128,156		-		11,128,156
Short-Term Investments		229,115		-		-		229,115
Total Investments in Securities	$	229,115	$	11,128,156	$	-	$	11,357,271

SAM Global Equity Fund
Description	Level 1		Level 2		Level 3		Total
Equity
Common Stocks	$	7,086,271	$	9,181,966	$	-	$	16,268,237
Total Equity		7,086,271		9,181,966		-		16,268,237
Short-Term Investments		508,329		-		-		508,329
Total Investments in Securities	$	7,594,600	$	9,181,966	$	-	$	16,776,566

HEXAM Emerging Markets
Description	Level 1		Level 2		Level 3		Total
Equity
Common Stocks	$	-	$	16,055,575	$	-	$	16,055,575
Preferred Stocks		-		1,253,642		-		1,253,642
Real Estate Investment Trusts		-		442,437		-		442,437
Total Equity		-		17,751,654		-		17,751,654
Short-Term Investments		335,257		-		-		335,257
Total Investments in Securities	$	335,257	$	17,751,654	$	-	$	18,086,911

Timpani Small Cap Growth
Description	Level 1		Level 2		Level 3		Total
Equity
Common Stocks	$	1,820,282	$	-	$	-	$	1,820,282
Total Equity		1,820,282		-		-		1,820,282
Short-Term Investments		102,705		-		-		102,705
Total Investments in Securities	$	1,922,987	$	-	$	-	$	1,922,987

Netols Small Cap Value
Description	Level 1		Level 2		Level 3		Total
Equity
Common Stocks	$	117,155,669	$	-	$	-	$	117,155,669
Real Estate Investment Trusts		14,958,717		-		-		14,958,717
Total Equity		132,114,386		-		-		132,114,386
Short-Term Investments		5,794,475		-		-		5,794,475
Total Investments in Securities	$	137,908,861	$	-	$	-	$	137,908,861

Phocas Small Cap Value
Description	Level 1		Level 2		Level 3		Total
Equity
Common Stocks	$	13,870,155	$	-	$	-	$	13,870,155
Real Estate Investment Trusts		2,057,815		-		-		2,057,815
Total Equity		15,927,970		-		-		15,927,970
Short-Term Investments		434,469		-		-		434,469
Total Investments in Securities	$	16,362,439	$	-	$	-	$	16,362,439

Locwell Small Cap Value
Description	Level 1		Level 2		Level 3		Total
Equity
Common Stocks	$	666,540	$	-	$	-	$	666,540
Real Estate Investment Trusts		21,088		-		-		21,088
Exchange Traded Funds		7,015		-		-		7,015
Total Equity		694,643		-		-		694,643
Short-Term Investments		25,923		-		-		25,923
Total Investments in Securities	$	720,566	$	-	$	-	$	720,566

	Mastholm International Euqity			SAM Global Equity			HEXAM Emerging Markets
Transfers out of Level 1	$	(11,128,156	)	$	(9,181,966	)	$	(17,751,654	)
Transfers into Level 2	$	11,128,156		$	9,181,966		$	17,751,654
	$	-		$	-		$	-

Transfers during the period between Level 1 and Level 2 relate to the use of systematic fair valuation. On days when systematic fair valuation is used, non-US dollar denominated securities move from a Level 1 to a Level 2 classification.  At June 30, 2011, securities in the Mastholm International Equity, SAM Global Equity and HEXAM Emerging Markets Funds were not adjusted using systematic fair valuation.  At September 30, 2011, securities in the Mastholm International Euqity, SAM Global Equity and HEXAM Emerging Markets Funds were adjusted using systematic fair valuation.

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, 2011, or for any other tax years which are open for exam. As of September 30, 2011, open tax years include the tax years ended June 30, 2008 through 2011 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, 2011, the Funds’ most recent fiscal year end, the capital loss carryforwards were as follows:

Date of Expiration	Mastholm International Equity		Netols Small Cap Value		Phocas Small Cap Value
2017	$	-	$	-	$	2,867,123
2018		6,626,048		3,720,338		-
Total	$	6,626,048	$	3,720,338	$	2,867,123

At June 30, 2011, Timpani Small Cap Growth Fund had short-term capital loss carryforwards that will not expire of $43,013.

The SAM Global Equity and HEXAM Emerging Markets Funds do not have any capital loss carryforwards as of June 30, 2011.

The Lockwell Small Cap Value Fund commenced operations on July 1, 2011.  Because the Fund has not had a fiscal year-end, it does not have any capital loss carryforwards as of September 30, 2011.

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 15, 2011                                                                     

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 15, 2011                                                                     

By /s/ Elyce D. Dilworth                                                                 

            Elyce D. Dilworth, Treasurer and Assistant Secretary

            (Principal Financial Officer)

Date   November 15, 2011