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Frontegra Phocas Small Cap Value Fund (Prospectus Summary) | Frontegra Phocas Small Cap Value Fund
SUMMARY SECTION
Investment Objective.
The investment objective of the Frontegra Phocas Small Cap Value Fund
(the "Fund") is long-term total investment return through capital
appreciation. This investment objective is fundamental and may not be
changed without shareholder approval.
Fees and Expenses of the Fund.
This table describes the fees and expenses that you may pay if you
buy and hold Institutional Class shares of the Fund.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees (USD $)
Frontegra Phocas Small Cap Value Fund
Institutional Class
Redemption Fee (as a percentage of amount redeemed, if applicable) none
Service Fee (for shares redeemed by wire) 15.00
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Frontegra Phocas Small Cap Value Fund
Institutional Class
Management Fees 1.00%
Distribution (12b-1) Fees none
Other Expenses 1.41%
Acquired Fund Fees and Expenses [1] 0.16%
Total Annual Fund Operating Expenses 2.57%
Fee Waiver [2] (1.31%)
Total Annual Fund Operating Expenses After Fee Waiver 1.26%
[1] Acquired Fund Fees and Expenses ("AFFE") are fees and expenses incurred by the Fund in connection with its investments in other investment companies. Total Annual Fund Operating Expenses shown will not correlate to the Fund's ratio of expenses to average net assets appearing in the Financial Highlights table, which does not include AFFE.
[2] Pursuant to an expense cap agreement between Frontegra Asset Management, Inc. ("Frontegra"), the Fund's investment adviser, and the Fund, Frontegra has contractually agreed to waive its management fee and/or reimburse the Fund's operating expenses to the extent necessary to ensure that the Fund's total operating expenses (excluding taxes, interest, brokerage commissions, AFFE and extraordinary expenses) do not exceed 1.10% of the Fund's average daily net assets. Frontegra is entitled to recoup the fees waived and/or expenses reimbursed within a three-year period from the time the expenses were incurred to the extent of the expense limitation. The expense cap agreement will continue in effect until October 31, 2013 with successive renewal terms of one year unless terminated by Frontegra or the Company prior to any such renewal. "Other Expenses" are presented before any waivers or expense reimbursements and have been restated to reflect estimated current expenses due to a decrease in the Fund's assets since fiscal year end.
Example.
The following example is intended to help you compare the cost of investing
in the shares of the Fund with the cost of investing in other mutual funds.
The example assumes that you invest $10,000 in the Fund for the time periods
indicated and then redeem all of your shares at the end of those periods. The
example also assumes that your investment has a 5% return each year and that
the Fund's operating expenses remain the same.
Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
Frontegra Phocas Small Cap Value Fund Institutional Class
128 675 1,248 2,807
Portfolio Turnover.
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate
may indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the example, affect the Fund's performance.
During its most recent fiscal year, the Fund had a portfolio turnover rate of
50% of the verage value of its portfolio.
Principal Investment Strategy.
Under normal market conditions, the Fund invests at least 80% of its net
assets in domestic common stocks and other equity securities (including
convertible preferred stocks and warrants) of small-capitalization companies,
consistent with companies within the Russell 2000® Value Index. As of
September 30, 2012, the largest market capitalization of a company in the
Russell 2000® Value Index was $3.8 billion and the weighted average market
capitalization was $1.1 billion. For purposes of the 80% policy, net assets
include any borrowings for investment purposes.

The Fund will pursue its investment objective by investing in a diversified
portfolio of small-capitalization securities selling at discounts to their
fair value as assessed by the investment and research team of Phocas Financial
Corporation ("Phocas"), the Fund's subadviser. Phocas will typically invest
in 80 to 120 companies with initial weightings between 0.50% to 1.50% of total
Fund value in order to have broad industry representation and reduce individual
security risk within the Fund.
Principal Investment Risks.
Market Risks. The Fund's investments are subject to market risk, which may
cause the value of the Fund's investments to decline. If the value of the
Fund's investments goes down, the share price of the Fund will go down, and
you may lose money. U.S. and international markets have experienced extreme
volatility, reduced liquidity, credit downgrades, increased likelihood of
default and valuation difficulties in recent years.

Equity Securities Risks. Common stocks and other equity securities held by
the Fund will fluctuate in value based on the earnings of the company and
on general industry and market conditions, leading to fluctuations in the
Fund's share price.

Stock Selection Risks. The stocks selected for the Fund may decline in value
or not increase in value when the stock market in general is rising.

Foreign Securities Risks. Investments in securities of foreign companies
involve additional risks, including less liquidity, currency-rate fluctuations,
political and economic instability and differences in financial reporting
standards and securities market regulation.

Management Risks. The Fund is subject to management risk as an actively-managed
investment portfolio and depends on the decisions of the portfolio managers to
produce the desired results.

Small Capitalization Company Risks. Securities of companies with small market
capitalizations are often more volatile, less liquid and more susceptible to
market pressures than larger companies.

Value Investing Risks. The Fund invests primarily in value-style stocks, stocks
whose prices Phocas believes are undervalued in relation to fundamental measures.
Value stocks may never increase in price or pay dividends as anticipated by Phocas,
or may decline even further if the market fails to recognize the company's value,
if the factors that Phocas believes will increase the price do not occur or if a
stock judged to be undervalued is actually appropriately priced.

Sector Risks. Although Phocas selects stocks based on their individual merits,
some economic sectors will represent a larger portion of the Fund's overall
investment portfolio than other sectors. Potential negative market or economic
developments affecting one of the larger sectors could have a greater impact on
the Fund than on a fund with fewer holdings in that sector.
Performance.
The Fund is the successor to the Phocas Small Cap Value Fund (the "Predecessor
Fund") pursuant to a reorganization that was completed on October 8, 2010. Prior
to this date, the Fund had no investment operations. Accordingly, the performance
and financial information for periods prior to October 8, 2010 is historical
information for the Predecessor Fund. The Fund has investment objectives,
strategies and policies substantially similar to the Predecessor Fund, which
was advised by Phocas, the current subadviser to the Fund. The Predecessor Fund
was subject to different expenses than the Institutional Class shares offered by
this prospectus. Accordingly, the performance for the Predecessor Fund may differ
from that of the Fund.

The return information provided in the following bar chart and table illustrates
how the performance of the Fund can vary, which is one indication of the risks
of investing in the Fund. The bar chart shows the changes in the Fund's
performance from year to year. The table shows how the Fund's average annual
returns compare with a broad measure of market performance. Please keep in mind
that the Fund's past performance (before and after taxes) does not necessarily
represent how it will perform in the future. Updated performance data is
available on the Company's website at www.frontegra.com or by calling toll-free
to 1-888-825-2100.
Calendar Year Total Returns [1]
Bar Chart
The Fund's return from January 1, 2012 through September 30, 2012 was 8.09%.

Best and Worst Quarterly Performance (during the periods shown above)

Best Quarter Return         Worst Quarter Return

22.69% (3rd quarter, 2009) (20.11)% (4th quarter, 2011)
Average Annual Total Returns (For periods ended December 31, 2011) [2]
Average Annual Total Returns Frontegra Phocas Small Cap Value Fund
Label
1 Year
5 Years
Since Inception
Inception Date
Institutional Class
Return Before Taxes (5.99%) 1.14% 2.92% [1] Sep. 29, 2006
Institutional Class After Taxes on Distributions
Return After Taxes on Distributions (6.00%) 1.05% 2.83% [1] Sep. 29, 2006
Institutional Class After Taxes on Distributions and Sales
Return After Taxes on Distributions and Sale of Fund Shares (3.88%) 0.95% 2.48% [1] Sep. 29, 2006
Russell 2000 ® Value Index
Russell 2000® Value Index (reflects no deductions for fees, expenses or taxes) (5.50%) (1.87%) (0.16%) [1] Sep. 29, 2006
[1] The Fund commenced operations on September 29, 2006.
The after-tax returns for the Fund were calculated using the historical
highest individual federal marginal income tax rates and do not reflect
the impact of state and local taxes. Actual after-tax returns depend
on an investor's tax situation and may differ from those shown, and
after-tax returns are not relevant to investors who hold shares of the
Fund through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts.

The return after taxes on distributions and sale of Fund shares is higher
than other return figures when a capital loss occurs upon the redemption
of Fund shares.
[1] Returns for calendar years 2007-2009 and for the period from January 1, 2010 to October 7, 2010 reflect the performance of the Predecessor Fund. Returns for the period from October 8, 2010 to December 31, 2011 reflect the performance of the Class L shares of the Fund. Effective November 1, 2012, the Class L shares were redesignated as Institutional Class shares.
[2] Fund returns for the period from September 29, 2006 to October 7, 2010 reflect the performance of the Predecessor Fund. Fund returns for the period from October 8, 2010 to December 31, 2011 reflect the performance of the Class L shares of the Fund. Effective November 1, 2012, the Class L shares were redesignated as Institutional Class shares.