Frontier Funds N-CSRS Certified semi-annual shareholder report (management investment company)

As filed with the Securities and Exchange Commission on March 10, 2008

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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, 2008

Date of reporting period:  December 31, 2007

Item 1. Report to Stockholders.

SEMI-ANNUAL REPORT

Frontegra Columbus Core Plus Fund

Frontegra Columbus Core Fund

Frontegra IronBridge Small Cap Fund

Frontegra IronBridge SMID Fund

Frontegra New Star International Equity Fund

Frontegra Netols Small Cap Value Fund

Frontegra Asset Management, Inc.

December 31, 2007

TABLE OF CONTENTS

Shareholder Letter	1
Expense Example	2
Allocation of Portfolio Holdings	6
Frontegra Columbus Core Plus Fund
Frontegra Columbus Core Fund
Report from Reams Asset Management Company, LLC	9
Investment Highlights	13
Schedule of Investments	14
Statement of Assets and Liabilities	30
Statement of Operations	31
Statements of Changes in Net Assets	32
Financial Highlights	33
Investment Highlights	34
Schedule of Investments	35
Statement of Assets and Liabilities	49
Statement of Operations	50
Statements of Changes in Net Assets	51
Financial Highlights	52
Frontegra IronBridge Small Cap Fund
Frontegra IronBridge SMID Fund
Report from IronBridge Capital Management, L.P.	54
Investment Highlights	56
Schedule of Investments	57
Statement of Assets and Liabilities	63
Statement of Operations	64
Statements of Changes in Net Assets	65
Financial Highlights	66
Investment Highlights	67
Schedule of Investments	68
Statement of Assets and Liabilities	74
Statement of Operations	75
Statements of Changes in Net Assets	76
Financial Highlights	77

Frontegra New Star International Equity Fund
Report from New Star Institutional Managers Limited	79
Investment Highlights	81
Schedule of Investments	82
Portfolio Diversification	87
Statement of Assets and Liabilities	88
Statement of Operations	89
Statements of Changes in Net Assets	90
Financial Highlights	91
Frontegra Netols Small Cap Value Fund
Report from Netols Asset Management, Inc.	93
Investment Highlights	94
Schedule of Investments	95
Statement of Assets and Liabilities	100
Statement of Operations	101
Statements of Changes in Net Assets	102
Financial Highlights	103
Notes to Financial Statements	105
Board of Directors’ Approval of the Advisory Agreement	118
Additional Information	128

This report is submitted for the general information of the shareholders of the Funds. It is not authorized for distribution to prospective investors unless accompanied or preceded by an effective Prospectus for the applicable Fund. The Prospectus may be obtained by calling 1-888-825-2100. Each Prospectus includes more complete information about management fees and expenses, investment objectives, risks and operating policies of the applicable Fund. Please read the Prospectus carefully.

Frontegra Funds, Inc. are distributed by Frontegra Strategies, LLC, 400 Skokie Blvd., Suite 500, Northbrook, IL 60062.  Frontegra Strategies, LLC is an affiliate of Frontegra Asset Management, Inc., the Funds’ Investment Adviser.

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DEAR FELLOW SHAREHOLDERS:

We are pleased to report on the progress of the Frontegra Funds for the first six months of our fiscal year (July 1, 2007 through December 31, 2007).  During the past six months, the U.S equity market, as measured by the S&P 500 Index, was actually down (2.33%).  Non-U.S. markets, as measured by the MSCI EAFE Index, were barely positive, returning just 0.51%. In the U.S., small capitalization stocks did significantly worse than large capitalization stocks.  The Russell 2000 Index was down (7.53%).  In contrast to the equity markets, the U.S. bond market had a relatively strong showing in the final six months of 2007 with the Lehman Brothers Aggregate Bond Index up 5.93%. The bond market benefited from the Federal Reserve’s lowering of the federal-funds rate by a total of 1% over the six-month period.

Fund Results

The Frontegra Columbus Core Plus Fund and the Frontegra Columbus Core Fund, managed by Reams Asset Management, returned 6.74% and 6.72%, net of fees, respectively.  The Frontegra IronBridge Small Cap and SMID Funds, both managed by IronBridge Capital Management, returned -2.04% and -3.28%, net of fees, respectively.  The Frontegra New Star International Equity Fund, managed by New Star Institutional Managers returned 0.85%, net of fees, for the period.  Finally, the Frontegra Netols Small Cap Value Fund, managed by Netols Asset Management, returned -4.64%, net of fees.

Summary

We continue to have great confidence in the investment teams at Reams Asset Management, IronBridge Capital Management, New Star Institutional Managers and Netols Asset Management.  We believe they are committed to the highest standards of investment decision-making for the shareholders of the Frontegra Funds.

As always, we greatly appreciate your investment and continued confidence in the Frontegra Funds.

Sincerely,

Thomas J. Holmberg, CFA	William D. Forsyth, CFA
Frontegra Asset Management, Inc.	Frontegra Asset Management, Inc.

page 1

Frontegra Funds

EXPENSE EXAMPLE

December 31, 2007 (Unaudited)

As a shareholder of a mutual fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other fund expenses.  Although the Funds charge no sales loads, you will be assessed fees for outgoing wire transfers, returned checks and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, the Funds’ transfer agent.  If you request that a redemption be made by wire transfer, currently the Funds’ transfer agent charges a $15.00 fee.  A redemption fee of 2.00% of the then current value of the shares redeemed may be imposed on certain redemptions of shares made within 30 days of purchase for the Frontegra New Star International Equity Fund.

This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.  The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (7/1/07 – 12/31/07).

Actual Expenses

The first line of the tables on the following pages provides information about actual account values and actual expenses. The Example includes management fees, registration fees, fee waivers/reimbursements and other expenses.  However, the Example does not include portfolio trading commissions and related expenses and other extraordinary expenses as determined under generally accepted accounting principles.  You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period.  Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period’’ to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds’ actual returns.  The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.  Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs.  Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.  In addition, if these transactional costs were included, your costs could have been higher.

page 2

Frontegra Funds

EXPENSE EXAMPLE (CONTINUED)

December 31, 2007 (Unaudited)

Frontegra Columbus Core Plus Fund

			Expenses Paid
	Beginning	Ending	During Period
	Account Value	Account Value	July 1, 2007 -
	July 1, 2007	December 31, 2007	December 31, 2007*
Actual	$1,000.00	$1,067.40	$1.35
Hypothetical (5% return
before expenses)	$1,000.00	$1,023.83	$1.32

* Expenses are equal to the Fund’s annualized expense ratio of 0.26%, multiplied by the average account value over the period, multiplied by 184/366 to reflect the one-half year period.

Frontegra Columbus Core Fund

			Expenses Paid
	Beginning	Ending	During Period
	Account Value	Account Value	July 1, 2007 -
	July 1, 2007	December 31, 2007	December 31, 2007*
Actual	$1,000.00	$1,067.20	$1.35
Hypothetical (5% return
before expenses)	$1,000.00	$1,023.83	$1.32

* Expenses are equal to the Fund’s annualized expense ratio of 0.26%, multiplied by the average account value over the period, multiplied by 184/366 to reflect the one-half year period.

Frontegra IronBridge Small Cap Fund

			Expenses Paid
	Beginning	Ending	During Period
	Account Value	Account Value	July 1, 2007 -
	July 1, 2007	December 31, 2007	December 31, 2007*
Actual	$1,000.00	$979.60	$5.37
Hypothetical (5% return
before expenses)	$1,000.00	$1,019.71	$5.48

* Expenses are equal to the Fund’s annualized expense ratio of 1.08%, multiplied by the average account value over the period, multiplied by 184/366 to reflect the one-half year period.

page 3

Frontegra Funds

EXPENSE EXAMPLE (CONTINUED)

December 31, 2007 (Unaudited)

Frontegra IronBridge SMID Fund

			Expenses Paid
	Beginning	Ending	During Period
	Account Value	Account Value	July 1, 2007 -
	July 1, 2007	December 31, 2007	December 31, 2007*
Actual	$1,000.00	$967.20	$4.70
Hypothetical (5% return
before expenses)	$1,000.00	$1,020.36	$4.82

* Expenses are equal to the Fund’s annualized expense ratio of 0.95%, multiplied by the average account value over the period, multiplied by 184/366 to reflect the one-half year period.

Frontegra New Star International Equity Fund

			Expenses Paid
	Beginning	Ending	During Period
	Account Value	Account Value	July 1, 2007 -
	July 1, 2007	December 31, 2007	December 31, 2007*
Actual	$1,000.00	$1,008.50	$3.79
Hypothetical (5% return
before expenses)	$1,000.00	$1,021.37	$3.81

* Expenses are equal to the Fund’s annualized expense ratio of 0.75%, multiplied by the average account value over the period, multiplied by 184/366 to reflect the one-half year period.

Frontegra Netols Small Cap Value Fund – Institutional Class

			Expenses Paid
	Beginning	Ending	During Period
	Account Value	Account Value	July 1, 2007 -
	July 1, 2007	December 31, 2007	December 31, 2007*
Actual	$1,000.00	$953.50	$5.40
Hypothetical (5% return
before expenses)	$1,000.00	$1,019.61	$5.58

* Expenses are equal to the Fund’s annualized expense ratio of 1.10%, multiplied by the average account value over the period, multiplied by 184/366 to reflect the one-half year period.

page 4

Frontegra Funds

EXPENSE EXAMPLE (CONTINUED)

December 31, 2007 (Unaudited)

Frontegra Netols Small Cap Value Fund – Class Y

		Ending
	Beginning	Account Value	Expenses Paid
	Account Value	December 31, 2007	During Period
Actual*	$1,000.00	$979.10	$2.56
Hypothetical (5% return
before expenses)**	$1,000.00	$1,017.34	$7.86

*	Actual expenses are equal to the Fund’s annualized expense ratio of 1.55%, multiplied by the average account value over the period, multiplied by 61/366 to reflect the most recent fiscal period end since the Class Y Shares commenced operations on November 1, 2007.
**	Hypothetical expenses are equal to the Fund’s annualized expense ratio of 1.55% multiplied by the average account value over the period commencing July 1, 2007, multiplied by 184/366 to reflect information had the Class Y Shares been in operation for the entire fiscal half year.

page 5

Frontegra Funds

ALLOCATION OF PORTFOLIO HOLDINGS

December 31, 2007 (Unaudited)

Frontegra Columbus Core Plus Fund*

Frontegra Columbus Core Fund*

*    Percentages shown are based on the Fund’s total net assets.

page 6

Frontegra Funds

ALLOCATION OF PORTFOLIO HOLDINGS (CONTINUED)

December 31, 2007 (Unaudited)

Frontegra IronBridge Small Cap Fund*	Frontegra IronBridge SMID Fund*

Frontegra New Star	Frontegra Netols
International Equity Fund*	Small Cap Value Fund*

*    Percentages shown are based on the Fund’s total net assets.

page 7

FRONTEGRA

COLUMBUS CORE PLUS FUND

FRONTEGRA

COLUMBUS CORE FUND

REPORT FROM REAMS ASSET

MANAGEMENT COMPANY, LLC:

Dear Shareholders:

The Frontegra Columbus Core Plus Fund strives to achieve a high level of total return consistent with the preservation of capital by investing in a diversified portfolio of fixed income securities of varying maturities.  This objective is relative to and measured against the Lehman Brothers Aggregate Bond Index.

The Frontegra Columbus Core Fund strives to achieve a high level of total return consistent with the preservation of capital by investing in a diversified portfolio of investment grade bonds of varying maturities.  This objective is relative to and measured against the Lehman Brothers Aggregate Bond Index.

Performance Review

For the six month period ending 12/31/07, the Frontegra Columbus Core Plus Fund had a net return of 6.74% compared to a return of 5.93% for the benchmark, the Lehman Brothers Aggregate Bond Index.  The difference in performance was 0.81%.  The biggest positive performance factor for the period was the portfolio’s bulleted yield curve strategy, which added 51 basis points to performance as the curve steepened.  Duration strategy subtracted 8 basis points as the portfolio was generally invested defensively as interest rates fell.  Sector selection added 21 basis points while security selection added 30 basis points.  Within these categories, the biggest factor was underweighting and selection in the investment grade credit sector, which added 44 basis points as spreads widened.  Mortgage holdings added 29 basis points.  High yield holdings subtracted 32 basis points as the high yield market underperformed while it was overweighted in the portfolio.  Asset-backed holdings added 3 basis points and government-related holdings added 4 basis points due to their underweightings as these sectors cheapened.  TIPS added 3 basis points and fees subtracted 13 basis points.

For the same six month period, the Frontegra Columbus Core Fund had a net return of 6.72% compared to a return of 5.93% for the benchmark, the Lehman Brothers Aggregate Bond Index.  The difference in performance was 0.79%.  The biggest positive performance factor for the period was the portfolio’s bulleted yield curve strategy, which added 48 basis points to performance as the curve steepened.  Duration strategy subtracted 18 basis points as the portfolio was generally invested defensively as interest rates fell.  Sector selection added 54 basis points while security selection added 8 basis points.  Within these categories, the biggest factor was underweighting of the investment grade credit sector, which added 68 basis points as spreads widened.  Mortgage holdings subtracted 14 basis points.  Asset-backed holdings added 3 basis points and government-related holdings added 5 basis points due to their underweighting as these sectors cheapened.  Fees subtracted 13 basis points.

Fixed Income Outlook

Treasury rates fell sharply during the fourth quarter of 2007 as the Fed funds rate was reduced by 50 basis points to 4.25% and economic indicators weakened.  Ten-year Treasury yields fell from 4.55% to 4.00% and 2-year Treasury yields fell from 3.96% to 3.10%, resulting in a steepening of the yield curve.

page 9

Corporate, mortgage, and agency spreads widened rapidly during the quarter as subprime mortgage problems continued to spread, particularly in the finance sector, and the flight to quality continued.  Forward growth prospects for the U.S. economy continued to weaken.

• During the fourth quarter, financial and economic conditions became increasingly stressed by spreading fallout from imprudent mortgage lending.  Problem areas include subprime loans, Alt-A (limited documentation) loans, option ARMS, CDOs and SIVs.  Major banks and brokers have been crippled by these securities, while FNMA, FHLMC, and the bond insurers (e.g. MBIA, AMBAC) have also suffered losses.

• Housing sector activity and prices continued to decline as a result of the withdrawal of credit, exacerbating the mortgage problems by reducing collateral values.

• The Federal Reserve and Treasury have responded with a variety of measures.  The funds rate has been reduced by 100 basis points, the discount window premium has been reduced, and extra liquidity has been supplied to the money market.  Attempts are being made to speed up the restructuring of problem mortgages.  As a result, money growth remains strong and overall lending does not appear to have been disrupted.  While the market expects a 3.0% Funds rate, we are reluctant to lower our forecast below 4.0%.

• Despite bank and broker losses, bank capital is being rapidly replenished through equity offerings and infusions from foreign pools of dollars.  As a result, it does not appear that the losses will result in a collapse in lending and money supply.

• Despite very strong U.S. economic growth through third quarter 2007, weakness seems likely going forward due to the mortgage market disruptions.  Leading indicators and some employment and new orders statistics have been deteriorating.  Housing activity will remain weak for several quarters, and consumption growth is expected to slow dramatically.  Our estimate of fourth quarter 2007 and first half 2008 GDP growth has been reduced to 1.0%.  While any inventory liquidation could push these numbers negative, they are ameliorated by the shrinking trade deficit.  We expect 2.0% growth for the rest of 2008 as housing bottoms, imports shrink, and exports grow.  Unemployment is expected to rise, but not dramatically.

• Inflation threats remain persistent due to worldwide pressure on commodity prices and the weak dollar, and this has certainly been a factor in the Fed’s reluctance to lower rates quickly.  Furthermore, M2 continues to increase fairly rapidly.  We expect long-term monetary inflation of 2.5%, but overall inflation may periodically run higher, as it is now, due to commodity prices and dollar levels.

• With inflation-adjusted Treasury yields having fallen to levels that are well below historical norms, we consider the Treasury market to be unattractive.  Rising inflation and capital inflows that shrink along with the trade deficit are also potential negatives for Treasury rates.

• Credit spreads increased rapidly during the quarter, with “BBB” index spreads moving from 169 basis points to 229 basis points, “A” index spreads moving from 133 basis points to 189 basis points, and high yield index spreads moving from 418 basis points to 584 basis points.  Expectations of economic weakness, overhanging issuance, disappearance of the CDO bid,

page 10

and distress in the finance sector are all factors that have widened credit spreads despite low current default rates.  We now consider these markets to be reasonably attractive, particularly in the investment grade sector where spreads are historically very high.

• Mortgage and asset-backed spreads also increased during the quarter as poorly-underwritten products deteriorated and FNMA and FHLMC came under pressure.  We consider prime, fixed-rate agency pass-throughs and CMBS, which have maintained appropriate underwriting standards, to be particularly attractive.  We think FNMA and FHLMC will remain creditworthy since they are key elements of the U.S. financial system.

Total Return Portfolio Strategy

• The major change in portfolio strategy has been an increase in the credit weighting of the portfolio.  As recently as six months ago, the investment grade credit sector was heavily underweighted.  With the rapid cheapening of the credit sector that has occurred since June, and the decline in Treasury yields, we have moved the portfolio to a substantial overweighting of investment grade credit.  Exposure is well-diversified over a wide range of issuers and industries, with an emphasis on seniority of structure.  The increased difficulty and cost of buyout financing is also a positive for the investment grade credit market, since buyouts are one of the major threats to high-grade bonds.

• The finance sector of the credit market has been the hardest-hit part of the market due to the involvement of the banks and brokers in the troubled subprime mortgage market.  We have increased the portfolio’s weighting in the major finance names from near-zero to a roughly benchmark level, with exposure to additional finance credits bringing total sector exposure to an above-benchmark level.  While many of the major finance names have taken huge subprime losses, most of them have easily replenished their capital by tapping foreign equity sources, thereby maintaining the credit worthiness of their bonds.  For this reason, we think that a significant exposure to the finance sector is prudent at current spreads.

• High yield credit exposure has been increased slightly since high yield spreads have also gapped out to much higher levels, and well-structured high yield loans are now available at attractive discounts.  However, the main portfolio emphasis and overweighting is in the investment grade market, which we find more compelling and less risky.

• Mortgage holdings remain at above-benchmark levels, since well-underwritten mortgage securities remain historically attractive.  Emphasis is on Agency pass-throughs, low coupons with discounts, CMBS and short CMOs.  The portfolio does not hold subprime issues, Alt-A loans, CDOs, SIVs, or home equity ABS.  All mortgage holdings are rated AAA.

• Treasury and Agency holdings have been reduced in order to accommodate the credit and mortgage overweightings.

• With the portfolio’s emphasis shifting to the corporate and mortgage sectors, duration strategy has become just one performance factor among many.  We continue to employ a defensive duration strategy due to the unattractive level of inflation-adjusted Treasury yields.

page 11

• Yield curve strategy continues to be generally bulleted, since we expect the yield curve to further to steepen over time.

Investment Grade Portfolio Strategy

• The major change in portfolio strategy has been an increase in the credit weighting of the portfolio.  As recently as six months ago, the investment grade credit sector was heavily underweighted.  With the rapid cheapening of the credit sector that has occurred since June, and the decline in Treasury yields, we have moved the portfolio to a substantial overweighting of investment grade credit.  Exposure is well-diversified over a wide range of issuers, with an emphasis on seniority of structure.  The increased difficulty and cost of buyout financing is also a positive for the investment grade credit market, since buyouts are one of the major threats to high-grade bonds.

• The finance sector of the credit market has been the hardest-hit part of the market due to the involvement of the banks and brokers in the troubled subprime mortgage market.  We have increased the portfolio’s weighting in the major finance names from near-zero to a roughly benchmark level, with exposure to additional finance credits bringing total sector exposure to an above-benchmark level.  While many of the major finance names have taken huge subprime losses, most of them have easily replenished their capital by tapping foreign equity sources, thereby maintaining the credit-worthiness of their bonds.  For this reason, we think that a significant exposure to the finance sector is prudent at current spreads.

• Mortgage holdings remain at above-benchmark levels, since well-underwritten mortgage securities remain historically attractive.  Emphasis is on Agency pass-throughs, low coupons with discounts, CMBS and short CMOs.  The portfolio does not hold subprime issues, Alt-A loans, CDOs, SIVs, or home equity ABS.  All mortgage holdings are rated AAA.

• Treasury and Agency holdings have been reduced in order to accommodate the credit and mortgage overweightings.

• With the portfolio’s emphasis shifting to the corporate and mortgage sectors, duration strategy has become just one performance factor among many.  We continue to employ a defensive duration strategy due to the unattractive level of inflation-adjusted Treasury yields.

• Yield curve strategy continues to be generally bulleted, since we expect the yield curve to further to steepen over time.

We appreciate your continued support as shareholders in the Funds.

Regards,

Mark M. Egan, CFA, CPA	Robert A. Crider, CFA
Reams Asset Management Company, LLC	Reams Asset Management Company, LLC

page 12

INVESTMENT HIGHLIGHTS

Growth of a $100,000 Investment (Unaudited)

Portfolio Total Return*
FOR THE PERIOD ENDED 12/31/07
SIX MONTHS	6.74%
ONE YEAR	7.86%
FIVE YEAR
AVERAGE ANNUAL	6.23%
TEN YEAR
AVERAGE ANNUAL	6.56%

This chart assumes an initial gross investment of $100,000 made on 12/31/97. Returns shown include the reinvestment of all distributions. Past performance is not predictive of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. In the absence of existing fee waivers, total return would be reduced.  To receive current to the most recent month-end performance, please call 1-888-825-2100.

The Lehman Brothers Aggregate Bond Index is an unmanaged market value-weighted performance benchmark for investment-grade fixed-rate debt issues, including government, corporate, asset backed and mortgage backed securities, with maturities of at least one year.  The Index does not reflect investment management fees, brokerage commissions and other expenses associated with investing in fixed income securities.  A direct investment in the index is not possible.

*    The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

page 13

Frontegra Columbus Core Plus Fund

SCHEDULE OF INVESTMENTS

December 31, 2007 (Unaudited)

Principal Amount			Value
		ASSET BACKED SECURITIES  10.5%
		American Express Credit Account Master Trust
$	1,875,000	2005-3, Class A, 5.030%, 01/18/2011 (c)(e)	$	1,874,637
	855,000	2005-6, Class A, 5.030%, 03/15/2011 (c)(e)		854,457
		Americredit Automobile Receivables Trust
	594,234	2007-DF, Class A1, 5.914%, 10/06/2008 (c)(e)		595,305
		Bank One Issuance Trust
	2,955,000	2003-3A, Class A3, 5.140%, 12/15/2010 (c)(e)		2,955,950
		Capital One Auto Trust
	860,035	2007-A, Class A2, 5.330%, 05/15/2010 (e)		861,148
	1,679,569	2007-B, Class A2, 5.270%, 06/15/2010 (e)		1,681,648
		Capital One Master Trust
	4,030,000	2001-1, Class A, 5.227%, 12/15/2010 (c)		4,031,784
		Carmax Auto Trust
	92,998	2006-2, Class A2, 5.290%, 06/15/2009		93,046
		Caterpillar Financial Asset Trust
	420,961	2007-A, Class A1, 5.672%, 09/25/2008		421,843
		Chase Issuance Trust
	3,545,000	2005-1A, Class A1, 5.040%, 12/15/2010 (c)(e)		3,545,105
		Citibank Credit Card Issuance Trust
	1,550,000	2003-A1, Class A1, 5.343%, 01/15/2010		1,550,367
	2,675,000	2001-A1, Class A1, 5.045%, 02/07/2010 (c)		2,675,691
	2,090,000	2003-A8, Class A8, 3.500%, 08/16/2010		2,073,516
		Discover Card Master Trust I
	825,000	2001-1, Class A, 5.160%, 01/15/2008 (c)		825,087
	4,415,000	2003-2, Class A, 5.250%, 08/15/2010 (c)(e)		4,416,224
		Ford Credit Auto Trust
	857,008	2006-B, Class A2A, 5.420%, 07/15/2009 (e)		858,063
		GS Auto Loan Trust
	234,234	2006-1, Class A2, 5.470%, 02/15/2009		234,374
		Hertz Vehicle Financing LLC
	1,055,000	2005-2A, Class A6, 5.080%, 11/25/2011
		(Acquired 12/15/2005 and 08/03/2007, Cost $1,054,872) (a)		1,062,356
		Honda Auto Receivables Owner Trust
	522,194	2007-3, Class A1, 5.565%, 04/15/2008		523,133
	1,840,896	2006-1, Class A3, 5.070%, 02/18/2010		1,843,734
		MBNA Master Credit Card Trust
	3,860,000	1998-E, Class A, 5.390%, 09/15/2010 (c)		3,861,768
	1,810,000	2003-A7, Class A7, 2.650%, 11/15/2010		1,793,537

The accompanying notes are an integral part of these financial statements.

page 14

Frontegra Columbus Core Plus Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Principal Amount			Value
		ASSET BACKED SECURITIES  10.5% (continued)
		Mego Mortgage Home Loan Trust
$	1,105	1996-2, Class A, 7.275%, 08/25/2017	$	1,102
		Mid-State Trust
	898,624	11, Class A1, 4.864%, 07/15/2038		883,959
		Nissan Auto Receivables Owner Trust
	894,624	2006-B, Class A3, 5.160%, 02/15/2010		896,399
		SLM Student Loan Trust
	1,130,326	2007-1, Class A1, 5.050%, 04/25/2012 (c)(e)		1,130,684
	1,180,293	2007-2, Class A1, 5.064%, 04/25/2014 (c)		1,178,786
		USAA Auto Owner Trust
	2,849,004	2006-1, Class A3, 5.010%, 09/15/2010 (e)		2,853,795
	2,516,393	2006-3, Class A3, 5.360%, 02/15/2011 (e)		2,527,846
		Total Asset Backed Securities
		(Cost $48,650,760)		48,105,344
		CORPORATE BONDS  28.9%
		Automobiles  1.4%
		Ford Motor Co.
	800,000	8.320%, 12/15/2013		738,000
	451,175	8.360%, 12/15/2013		416,209
	2,450,000	7.450%, 07/16/2031		1,819,125
		General Motors Corp.
	1,881,000	1.375%, 11/01/2013		1,758,735
	2,025,000	8.375%, 07/15/2033		1,630,125
				6,362,194
		Auto Components  0.3%
	2,005,000	Delphi Corp.
		6.500%, 08/15/2013		1,162,900
		Beverages  0.1%
	525,000	Diageo Capital plc
		5.750%, 10/23/2017 (b)		527,981
		Building Products  0.2%
	1,070,000	USG Corp.
		7.750%, 01/15/2018		1,064,120

The accompanying notes are an integral part of these financial statements.

page 15

Frontegra Columbus Core Plus Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Principal Amount			Value
		CORPORATE BONDS  28.9% (continued)
		Capital Markets  0.4%
$	890,000	Goldman Sachs Group, Inc.
		5.625%, 01/15/2017	$	869,153
	1,170,000	Morgan Stanley
		5.550%, 04/27/2017		1,140,946
				2,010,099
		Chemicals  0.1%
	754,000	Georgia Gulf Corp.
		9.500%, 10/15/2014		601,315
		Commercial Banks  4.4%
	1,890,000	Bank Of New York Mellon
		4.950%, 11/01/2012		1,889,979
	2,135,000	BB&T Corp.
		4.900%, 06/30/2017		1,971,327
	1,015,000	Countrywide
		5.625%, 07/15/2009 (Acquired 11/19/2007, Cost $837,914) (a)		774,367
		HSBC Bank
	1,735,000	4.625%, 04/01/2014		1,662,635
	350,000	6.000%, 08/09/2017		358,687
	1,665,000	JP Morgan Chase Bank
		6.000%, 10/01/2017		1,693,340
	4,145,000	Marshall & Ilsley Bank
		5.401%, 12/04/2012 (c)		3,909,062
	965,000	U.S. Bank
		4.950%, 10/30/2014		940,994
	830,000	UBS AG Stamford
		5.875%, 12/20/2017 (b)		835,847
	2,510,000	Wachovia Bank
		6.000%, 11/15/2017		2,526,772
		Wells Fargo Bank
	655,000	4.750%, 02/09/2015		625,601
	2,030,000	5.750%, 05/16/2016		2,059,607
	985,000	5.625%, 12/11/2017		985,602
				20,233,820

The accompanying notes are an integral part of these financial statements.

page 16

Frontegra Columbus Core Plus Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Principal Amount			Value
		CORPORATE BONDS  28.9% (continued)
		Computers & Peripherals  0.2%
$	970,000	Tyco Electronics Group S A
		6.000%, 10/01/2012
		(Acquired 09/20/2007, Cost $969,573) (a)(b)	$	994,007
		Consumer Finance  2.5%
	1,930,000	American Express Co.
		6.150%, 08/28/2017		1,980,709
	1,990,000	ERAC USA Finance Co.
		6.375%, 10/15/2017 (Acquired 10/10/2007, Cost $1,986,518) (a)		1,922,565
		Ford Motor Credit Co.
	945,000	7.800%, 06/01/2012		828,446
	3,020,000	8.000%, 12/15/2016		2,565,221
	2,950,000	GMAC LLC
		6.625%, 05/15/2012		2,452,385
	2,740,000	Residential Capital LLC
		6.500%, 04/17/2013		1,685,100
				11,434,426
		Diversified Financial Services  6.3%
	1,950,000	Aetna, Inc.
		6.750%, 12/15/2037		1,945,119
		American General Finance
	1,370,000	5.900%, 09/15/2012		1,385,782
	1,730,000	6.900%, 12/15/2017		1,731,730
		Bank of America Corp.
	1,630,000	5.300%, 03/15/2017		1,584,973
	725,000	6.000%, 09/01/2017		740,712
	1,205,000	5.750%, 12/01/2017		1,207,764
		Citigroup, Inc.
	695,000	5.500%, 02/15/2017		675,435
	1,455,000	6.125%, 11/21/2017		1,494,567
		CIT Group Inc.
	1,450,000	7.625%, 11/30/2012		1,469,729
	1,615,000	5.310%, 12/21/2012 (c)		1,413,131
	1,600,000	General Motors Acceptance Corp.
		6.750%, 12/01/2014 (e)		1,290,478

The accompanying notes are an integral part of these financial statements.

page 17

Frontegra Columbus Core Plus Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Principal Amount			Value
		CORPORATE BONDS  28.9% (continued)
		Diversified Financial Services  6.3% (continued)
$	1,120,000	Genworth Global Funding
		5.200%, 10/08/2010	$	1,136,077
	1,920,000	International Lease Finance Corp.
		5.350%, 03/01/2012		1,921,260
		JP Morgan Chase & Co.
	555,000	6.625%, 03/15/2012		585,235
	740,000	6.000%, 01/15/2018		752,864
	1,235,000	Liberty Property LP
		6.625%, 10/01/2017		1,235,677
	865,000	Merrill Lynch & Co.
		6.400%, 08/28/2017		878,804
	1,230,000	Morgan Stanley
		5.950%, 12/28/2017		1,229,123
		Pricoa Global Funding I
	800,000	5.331%, 03/03/2009
		(Acquired 03/01/2006 and 08/03/2007, Cost $800,000) (a)		799,235
	1,740,000	5.400%, 10/18/2012
		(Acquired 10/11/2007, Cost $1,736,537) (a)		1,804,542
	1,445,000	Prudential Financial Inc.
		6.000%, 12/01/2017		1,439,041
	910,000	Simon Property Group LP
		5.100%, 06/15/2015		855,572
	1,228,234	Windsor Financing LLC
		5.881%, 07/15/2017
		(Acquired Multiple Dates, Cost $1,231,640) (a)		1,291,402
				28,868,252
		Diversified Telecommunication Services  2.2%
	2,545,000	AT&T, Inc.
		6.300%, 01/15/2038		2,585,702
	1,750,000	British Telecom plc
		5.950%, 01/15/2018 (b)		1,763,886
	935,000	Comcast Cable Communications Holdings, Inc.
		8.375%, 03/15/2013		1,048,961
	1,105,000	Deutsche Telekom International Finance BV
		5.750%, 03/23/2016 (b)		1,106,035
	1,375,000	Sprint Nextel Corp.
		6.000%, 12/01/2016		1,316,965

The accompanying notes are an integral part of these financial statements.

page 18

Frontegra Columbus Core Plus Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Principal Amount			Value
		CORPORATE BONDS  28.9% (continued)
		Diversified Telecommunication Services  2.2% (continued)
$	1,060,000	Telecom Italia Capital
		5.250%, 11/15/2013 (b)	$	1,047,630
	1,200,000	Telefonica Emisiones SAU
		6.221%, 07/03/2017 (b)		1,246,791
				10,115,970
		Electric Utilities  2.9%
		Commonwealth Edison Co.
	790,000	5.950%, 08/15/2016		801,414
	475,000	6.150%, 09/15/2017		489,494
	1,435,000	Consumers Energy Co.
		4.400%, 08/15/2009		1,422,506
	1,215,000	Entergy Gulf States Inc.
		4.875%, 11/01/2011		1,172,790
	765,000	Entergy Louisiana LLC
		5.500%, 04/01/2019		730,390
	415,000	Florida Power Corp.
		5.800%, 09/15/2017		431,049
	1,975,000	Great River Energy
		5.829%, 07/01/2017
		(Acquired Multiple Dates, Cost $1,976,073) (a)(e)		2,024,987
		Indianapolis Power & Light Co.
	345,000	6.300%, 07/01/2013
		(Acquired 10/17/2006 and 08/03/2007, Cost $355,729) (a)		361,017
	735,000	6.050%, 10/01/2036
		(Acquired 10/02/2006 and 08/03/2007, Cost $730,281) (a)		719,051
	909,150	Mackinaw Power LLC
		6.296%, 10/31/2023
		(Acquired Multiple Dates, Cost $910,598) (a)		973,063
	755,000	Northern State Power
		6.200%, 07/01/2037		779,804
	550,000	Public Service Electric & Gas
		5.000%, 01/01/2013		546,788
	1,295,000	Southern California Edison Co.
		4.994%, 02/02/2009 (c)		1,293,184

The accompanying notes are an integral part of these financial statements.

page 19

Frontegra Columbus Core Plus Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Principal Amount			Value
		CORPORATE BONDS  28.9% (continued)
		Electric Utilities  2.9% (continued)
$	601,883	Tenaska Gateway Partners
		6.052%, 12/30/2023
		(Acquired 05/31/2007 and 08/03/2007, Cost $607,630) (a)	$	636,672
	1,030,000	Westar Energy Inc.
		6.000%, 07/01/2014		1,050,254
				13,432,463
		Food & Staples Retailing  0.7%
	965,000	Kellogg Co.
		5.125%, 12/03/2012		973,081
	2,180,000	Kraft Foods, Inc.
		6.125%, 02/01/2018		2,196,666
				3,169,747
		Gas Utilities  0.8%
	240,839	Alliance Pipeline U.S.
		4.591%, 12/31/2025
		(Acquired Multiple Dates, Cost $231,361) (a)		239,006
	945,000	Gulfstream Natural Gas
		5.560%, 11/01/2015
		(Acquired Multiple Dates, Cost $939,361) (a)		928,832
	1,465,000	Rockies Express Pipeline
		6.448%, 08/20/2009 (Acquired 09/13/2007, Cost $1,461,371) (a)		1,465,398
	680,000	Source Gas LLC
		5.900%, 04/01/2017
		(Acquired 04/11/2007 and 08/03/2007, Cost $677,858) (a)		647,988
	195,000	Southern Star Cent Gas
		6.000%, 06/01/2016
		(Acquired Multiple Dates, Cost $192,317) (a)		190,613
				3,471,837
		Health Care Providers & Services  0.1%
	675,000	Tenet Healthcare Corp.
		9.875%, 07/01/2014		642,937
		Hotels, Restaurants & Leisure  0.1%
	1,000,000	Harrahs Operating Co., Inc.
		5.750%, 10/01/2017		677,500

The accompanying notes are an integral part of these financial statements.

page 20

Frontegra Columbus Core Plus Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Principal Amount			Value
		CORPORATE BONDS  28.9% (continued)
		Insurance  1.0%
$	810,000	Jackson National Life Global Funding
		5.125%, 02/10/2011
		(Acquired 02/03/2006 and 08/03/2007, Cost $809,328) (a)	$	843,319
	1,065,000	Monumental Global Funding
		5.254%, 01/25/2013 (Acquired 12/14/2007, Cost $1,019,341) (a)		1,031,166
	745,000	Nationwide Life Global Fund
		5.450%, 10/02/2012 (Acquired 09/25/2007, Cost $744,069) (a)(e)		769,324
	1,200,000	New York Life Global Funding
		5.250%, 10/16/2012 (Acquired 10/09/2007, Cost $1,199,484) (a)		1,227,816
	800,000	Protective Life Corp.
		5.450%, 09/28/2012		824,830
				4,696,455
		Media  0.7%
	1,095,000	Comcast Corp.
		6.300%, 11/15/2017		1,136,092
		Time Warner Inc.
	995,000	7.700%, 05/01/2032		1,105,500
	965,000	6.500%, 11/15/2036		938,952
				3,180,544
		Medical Supplies & Services  0.3%
		Community Health Systems, Inc.
	51,353	7.848%, 07/02/2014		49,428
	778,647	7.570%, 07/25/2014		749,447
	643,500	HCA Inc.
		8.110%, 11/17/2013		620,977
				1,419,852
		Multi-Utilities & Unregulated Power  1.1%
	704,624	Aes Eastern Energy
		9.000%, 01/02/2017		762,755
	289,663	Edison Mission Energy Funding
		7.330%, 09/15/2008
		(Acquired 10/23/2002 and 08/03/2007, Cost $283,457) (a)		289,663
	1,462,000	Homer City Funding LLC
		8.137%, 10/01/2019		1,549,720
	1,011,360	Kern River Funding Corp.
		4.893%, 04/30/2018 (Acquired Multiple Dates, Cost $989,769) (a)		990,465

The accompanying notes are an integral part of these financial statements.

page 21

Frontegra Columbus Core Plus Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Principal Amount			Value
		CORPORATE BONDS  28.9% (continued)
		Multi-Utilities & Unregulated Power  1.1% (continued)
$	805,203	Kiowa Power Partners LLC
		4.811%, 12/30/2013
		(Acquired Multiple Dates, Cost $830,439) (a)	$	806,604
	457,285	Midwest Generation LLC
		8.300%, 07/02/2009		464,144
				4,863,351
		Natural Gas Transmission  0.2%
	860,000	Tennessee Gas Pipeline Co.
		7.500%, 04/01/2017		938,650
		Oil, Gas & Consumable Fuels  0.2%
	1,010,000	Sabine Pass LNG LP
		7.250%, 11/30/2013		964,550
		Paper & Forest Products  0.3%
	510,000	Abitibi-Consolidated, Inc.
		8.500%, 08/01/2029 (b)		348,075
	850,000	Georgia Pacific Corp.
		7.800%, 12/20/2012		808,605
				1,156,680
		Real Estate Investment Trusts  0.3%
	1,185,000	CPG Partners LP
		3.500%, 03/15/2009		1,159,006
		Transportation  1.3%
		Burlington North Santa Fe
	149,549	6.230%, 07/02/2018		156,560
	728,662	4.830%, 01/15/2023 (e)		724,801
		CSX Transportation, Inc.
	990,000	5.750%, 03/15/2013		1,002,268
	1,970,000	6.251%, 01/15/2023		2,000,082
		Union Pacific Railroad Co.
	1,425,000	5.450%, 01/31/2013		1,437,427
	699,951	5.866%, 07/02/2030		759,097
				6,080,235

The accompanying notes are an integral part of these financial statements.

page 22

Frontegra Columbus Core Plus Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Principal Amount/Shares			Value
		CORPORATE BONDS  28.9% (continued)
		Utilities  0.8%
$	1,075,000	Appalachian Power Co.
		5.650%, 08/15/2012	$	1,092,393
	678,524	Indiantown Cogeneration
		9.260%, 12/15/2010		707,565
	1,860,000	West Penn Power Co.
		5.950%, 12/15/2017
		(Acquired Multiple Dates, Cost $1,856,095) (a)		1,869,069
				3,669,027
		Total Corporate Bonds
		(Cost $133,292,363)		132,897,918
		PREFERRED STOCKS  1.4%
		Thrifts & Mortgage Finance  1.4%
	126,180	Fannie Mae
		8.25%, 12/31/2010		3,217,590
	127,757	Freddie Mac
		8.375%, 12/31/2012		3,340,846
		Total Preferred Stocks
		(Cost $6,395,049)		6,558,436
		MORTGAGE BACKED SECURITIES  68.8%
		Banc of America Commercial Mortgage Inc.
	3,135,000	Series 2004-2, Class A3, 4.050%, 11/10/2038		3,092,976
	1,328,375	Series 2005-2, Class A2, 4.247%, 07/10/2043		1,326,437
	3,370,000	Series 2005-5, Class A2, 5.001%, 10/10/2045		3,364,207
	956,460	Series 2006-6, Class A1, 5.226%, 10/10/2045		960,058
	1,190,000	Series 2006-4, Class A4, 5.634%, 07/10/2046		1,215,097
	1,550,000	Series 2005-6, Class A2, 5.165%, 09/10/2047		1,554,008
	1,610,000	Series 2007-2, Class A2, 5.634%, 04/10/2049		1,632,824
	4,645,000	Citigroup/Deutsche Bank Commercial Mortgage Trust
		Series 2007-CD4, Class A4, 5.322%, 12/11/2049		4,631,285
		CNH Equipment Trust
	801,348	Series 2007-B, Class A1, 5.816%, 10/09/2008		802,999
	1,340,000	Series 2007-B, Class A2A, 5.460%, 06/15/2010		1,348,110
	2,859,153	Commercial Mortgage Pass-Through Certificate
		Series 2003-LB1A, Class A1, 3.251%, 06/10/2038		2,758,148

The accompanying notes are an integral part of these financial statements.

page 23

Frontegra Columbus Core Plus Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Principal Amount			Value
		MORTGAGE BACKED SECURITIES  68.8% (continued)
		Credit Suisse First Boston Mortgage Securities Corp.
$	602,872	Pool # 2005-10, 5.000%, 09/25/2015	$	593,492
	119,914	Pool # 2003-1, 7.000%, 02/25/2033 (e)		120,091
	2,613	Pool # 2003-C3, 2.079%, 05/15/2038 (e)		2,613
		FHLMC PC GOLD CASH
	1,497,035	Pool # E0-1418, 4.000%, 07/01/2018		1,441,459
	1,423,000	Pool # G1-1678, 4.500%, 04/01/2020		1,398,667
		FHLMC Pools
	151,682	Pool # M80779, 5.000%, 11/01/2009		152,097
	1,881,530	Pool # B14039, 4.000%, 05/01/2014		1,866,428
	1,717,337	Pool # G11672, 5.000%, 03/01/2015		1,745,760
	492,002	Pool # B19614, 5.000%, 07/01/2015		500,654
	1,499,760	Pool # G11970, 5.000%, 04/01/2016		1,502,330
	1,198,985	Pool # E01647, 4.000%, 05/01/2019		1,153,235
	117,979	Pool # 2692, 3.500%, 01/15/2023 (e)		117,777
	764,464	Pool # A45788, 6.500%, 05/01/2035		789,337
		FHLMC Remic
	979,222	Series 2773, Class EB, 4.500%, 08/15/2013		977,138
	5,571,505	Series R001, Class AE, 4.375%, 04/15/2015		5,544,411
	586,461	Series 2848, Class CG, 5.000%, 06/15/2015 (e)		586,200
	160,433	Series 2508, Class CR, 4.500%, 03/15/2016 (e)		160,015
	1,714,835	Series 2786, Class GA, 4.000%, 08/15/2017		1,689,002
	61,930	Series 2912, Class EQ, 5.500%, 12/15/2020 (e)		61,829
	596,015	Series 2695, Class GU, 3.500%, 11/15/2022 (e)		592,041
	1,101,985	Series 2731, Class AB, 4.500%, 11/15/2028		1,092,186
	679,380	Series 2793, Class BA, 4.500%, 09/15/2029		668,313
	1,495,000	Series 3200, Class ED, 5.000%, 12/15/2031		1,480,889
	3,014,954	Series 2990, Class EN, 4.500%, 02/15/2033		2,972,861
	2,210,023	Series 3031, Class LN, 4.500%, 08/15/2033		2,179,429
	1,952,481	Series 3114, Class HN, 5.000%, 09/15/2033		1,955,021
	3,918,528	Series 3169, Class BN, 5.000%, 06/15/2034		3,927,350
	2,296,069	Series 3202, Class LN, 4.500%, 03/15/2035		2,264,853
	1,413,570	Series 3114, Class KZ, 5.000%, 02/15/2036		1,130,352
		FNMA Pools
	385,621	Pool # 380542, 6.150%, 08/01/2008		385,268
	434,825	Pool # 254659, 4.500%, 02/01/2013		436,184
	916,759	Pool # 555648, 4.543%, 06/01/2013		914,470
	840,684	Pool # 768008, 5.000%, 06/01/2013		851,463

The accompanying notes are an integral part of these financial statements.

page 24

Frontegra Columbus Core Plus Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Principal Amount			Value
		MORTGAGE BACKED SECURITIES  68.8% (continued)
		FNMA Pools (continued)
$	514,148	Pool # 768009, 5.000%, 06/01/2013	$	520,569
	861,983	Pool # 254806, 4.500%, 07/01/2013		864,735
	760,448	Pool # 735065, 4.498%, 08/01/2013		757,729
	1,386,992	Pool # 386341, 3.810%, 08/01/2013		1,337,047
	1,148,173	Pool # 386441, 3.980%, 08/01/2013		1,125,933
	445,384	Pool # 763019, 5.000%, 08/01/2013		450,946
	1,591,941	Pool # 254909, 4.000%, 09/01/2013		1,579,526
	537,933	Pool # 255450, 4.500%, 10/01/2014		539,563
	1,167,439	Pool # 745659, 5.000%, 04/01/2016		1,186,977
	1,293,062	Pool # 745444, 5.500%, 04/01/2016		1,314,686
	4,412,704	Pool # 357312, 5.000%, 12/01/2017		4,423,328
	159,923	Pool # 254759, 4.500%, 06/01/2018		157,352
	971,221	Pool # 254919, 4.000%, 09/01/2018		934,704
	2,808,619	Pool # 254865, 4.500%, 09/01/2018		2,763,465
	1,862,496	Pool # 725546, 4.500%, 06/01/2019		1,831,825
	4,061,616	Pool # 735841, 4.500%, 11/01/2019		3,994,730
	2,944,701	Pool # 888105, 5.000%, 08/01/2020		2,951,790
	27,487	Pool # 433043, 6.500%, 06/01/2028		28,491
	57,476	Pool # 447704, 6.500%, 11/01/2028		59,573
	28,363	Pool # 448235, 6.500%, 11/01/2028		29,398
	74,715	Pool # 448635, 6.500%, 11/01/2028		77,442
	3,946	Pool # 449012, 6.500%, 11/01/2028		4,090
	26,164	Pool # 487778, 6.500%, 03/01/2029		27,112
	1,030,290	Pool # 555203, 7.000%, 09/01/2032		1,072,936
	2,211,741	Pool # 730839, 5.000%, 07/01/2033		2,161,322
	1,694,341	Pool # 727181, 5.000%, 08/01/2033		1,655,717
	2,815,390	Pool # 739821, 5.000%, 09/01/2033		2,751,210
	2,433,263	Pool # 740255, 5.000%, 10/01/2033		2,377,794
	7,407,845	Pool # 725027, 5.000%, 11/01/2033		7,238,975
	1,578,370	Pool # 952768, 7.000%, 09/01/2037 (e)		1,641,893
		FNMA Remic
	1,014,072	Series 2002-74, Class PJ, 5.000%, 03/25/2015		1,012,328
	4,384,672	Series 2005-35, Class AC, 4.000%, 08/25/2018		4,315,733
	3,817,880	Series 2004-93, Class DG, 4.250%, 04/25/2019		3,767,899
	97,102	Series 2003-58, Class PN, 3.500%, 10/25/2021 (e)		96,836
	85,000	Series 1994-3, Class PL, 5.500%, 01/25/2024		86,409
	772,235	Series 2005-27, Class NA, 5.500%, 01/25/2024		772,391

The accompanying notes are an integral part of these financial statements.

page 25

Frontegra Columbus Core Plus Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Principal Amount			Value
		MORTGAGE BACKED SECURITIES  68.8% (continued)
		FNMA Remic (continued)
$	2,266,839	Series 2005-95, Class LN, 4.500%, 03/25/2033	$	2,238,070
	44,933	Series 2004-64, Class BA, 5.000%, 03/25/2034		44,895
	960,000	Series 2004-26, Class PE, 4.500%, 04/25/2034		872,911
	760,357	Series 2002-T4, Class A3, 7.500%, 12/25/2041		807,328
	415,866	Series 2003-W19, Class IA5, 5.500%, 11/25/2043 (e)		414,713
	917,696	Series 2004-T2, Class IA3, 7.000%, 11/25/2043		984,575
		FNMA TBA
	12,280,000	6.000%, 01/01/2029 (d)		12,468,031
	24,705,000	6.000%, 02/01/2033 (d)		25,060,134
	56,460,000	5.000%, 01/01/2034 (d)		55,083,788
	13,350,000	5.500%, 01/01/2034 (d)		13,333,313
	30,790,000	6.500%, 01/01/2035 (d)		31,646,333
	13,151	9.500%, 10/15/2009 (d)		13,584
	2,926,022	GMAC Commercial Mortgage Securities Inc.
		Pool # 2003-C1, 3.337%, 05/10/2036		2,843,935
	2,001,697	GNMA Pool
		Pool # 2005-21, 5.000%, 03/20/2035		1,768,118
		Greenwich Capital Commercial Funding Corp.
	2,945,000	Series 2005-GG5, Class A2, 5.117%, 04/10/2037		2,950,002
	2,470,000	Series 2007-GG9, Class A2, 5.381%, 03/10/2039		2,482,818
	2,550,000	Series 2007-GG9, Class A4, 5.444%, 03/10/2039		2,565,055
	2,998,326	GS Mortgage Securities Corp. II
		Series 2007-EOP, Class A1, 5.340%, 03/06/2020
		(Acquired 09/17/2007 and 11/19/2007, Cost $2,973,206) (a)(c)		2,866,244
	5,040,000	JP Morgan Chase Commercial Mortgage Securities Corp.
		Series 2006-LDP9, Class A3, 5.336%, 05/15/2047		5,021,211
		LB-UBS Commercial Mortgage Trust
	503,804	Series 2003-C3, Class A1, 2.599%, 05/15/2027		502,227
	3,550,000	Series 2003-C3, Class A2, 3.086%, 05/15/2027		3,523,493
	1,590,000	Series 2005-C5, Class A2, 4.885%, 09/15/2030		1,586,691
	4,300,000	Series 2005-C7, Class A25.103%, 11/15/2030		4,307,184
	642,331	Series 1998-C4, Class A2, 6.300%, 10/15/2035		645,944
	2,440,000	Series 2006-C6, Class A4, 5.372%, 09/15/2039		2,448,405
	4,100,000	Series 2007-C2, Class A2, 5.303%, 02/15/2040		4,111,548
	745,378	Master Alternative Loans Trust
		Pool # 2004-6, 4.500%, 07/25/2014		732,267

The accompanying notes are an integral part of these financial statements.

page 26

Frontegra Columbus Core Plus Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Principal Amount			Value
		MORTGAGE BACKED SECURITIES  68.8% (continued)
$	593,067	Master Asset Securitization Trust
		Pool # 2004-3, 4.750%, 01/25/2014	$	591,467
	1,550,000	MBNA Credit Card Master Trust
		Series 2005-A7, Class A7, 4.300%, 02/15/2011		1,548,042
		Merrill Lynch Commercial Mortgage Trust
	279,345	Series 2002-MW1, Class A2, 4.929%, 07/12/2034 (e)		278,519
	1,632,150	Series 2006-C2, Class A1, 5.601%, 08/12/2043		1,648,472
	1,404,416	Series 2006-3, Class A1, 4.711%, 07/12/2046		1,395,279
		Morgan Stanley Capital I
	1,019,725	Series # 2003-IQ4, Class A1, 3.270%, 05/15/2040		999,489
	1,375,000	Series 2006-HQ8, Class A4, 5.565%, 03/12/2044		1,388,398
	2,260,000	SLM Student Loan Trust
		Series 2007-7, Class A1, 5.038%, 10/25/2012 (c)		2,248,700
		Wachovia Bank Commercial Mortgage Trust
	1,185,815	Series # 2003-C5, Class A1, 2.986%, 06/15/2035		1,145,975
	1,300,000	Series 2006-C24, Class A3, 5.558%, 03/15/2045		1,318,899
	2,796,592	Wells Fargo Mortgage Backed Securities Trust
		Pool # 2006-3, 5.500%, 03/25/2036		2,805,950
		Total Mortgage Backed Securities
		(Cost $312,913,574)		316,543,825
		SUPRANATIONAL ISSUE  0.3%
		European Investment Bank
	1,270,000	4.875%, 02/15/2036 (b)		1,249,495
		Total Supranational Issue
		(Cost $1,259,548)		1,249,495

The accompanying notes are an integral part of these financial statements.

page 27

Frontegra Columbus Core Plus Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Principal Amount			Value
		SHORT-TERM INVESTMENTS  15.8%
		US Government Agency Issue (f) 13.8%
$	63,578,000	Federal Home Loan Bank Discount Note,
		2.920%, 01/02/2008	$	63,567,686
		Variable Rate Demand Note (g) 2.0%
	9,138,122	U.S. Bank Demand Note, 4.949%, 12/31/2031		9,138,122
		Total Short-Term Investments
		(Cost $72,705,808)		72,705,808
		Total Investments  125.7%
		(Cost $575,217,102)		578,060,826
		Liabilities in Excess of Other Assets  (25.7)%		(118,055,426	)
		TOTAL NET ASSETS  100.0%	$	460,005,400

(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration normally to qualified institutional buyers.  The total value of these securities amounted to $27,528,771 (6.0% of net assets) at December 31, 2007.
(b)	U.S.-dollar denominated security of foreign issuer.
(c)	Adjustable Rate.
(d)	When-issued security.
(e)	Security marked as segregated to cover when-issued security.
(f)	The obligations of certain U.S. Government-sponsored entities are neither issued nor guaranteed by the United States Treasury.
(g)	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 December 31, 2007.

The accompanying notes are an integral part of these financial statements.

page 28

Frontegra Columbus Core Plus Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Credit Default Swaps

	Expiration	Notional
	Date	Amount		Value(a)
Receive quarterly a fixed annual rate of 5.15%
multiplied by the notional amount and pay to JP
Morgan Chase upon default event of Ford Motor
Credit Co., par value of the notional amount of
Ford Motor Credit Co. 7.000%, 10/01/13	3/20/11	$	2,250,000	$	(115,080	)
Receive quarterly a fixed annual rate of 2.75%
multiplied by the notional amount and pay to JP
Morgan Chase upon default event of a Dow Jones
CDX North America High Yield Index reference
obligation, par value of the notional amount of
Dow Jones CDX North America High Yield Index
reference obligation	6/20/12		1,577,800		(2,367	)
Receive quarterly a fixed annual rate of 1.20%
multiplied by the notional amount and pay to
Goldman Sachs upon default event of a Dow Jones
CDX North America High Yield Index reference
obligation, par value of the notional amount of
Dow Jones CDX North America High Yield Index
reference obligation	6/20/12		21,640,000		(16,373	)
Receive quarterly a fixed annual rate of 0.60%
multiplied by the notional amount and pay to JP
Morgan Chase upon default event of a Dow Jones
CDX North America High Yield Index reference
obligation, par value of the notional amount of
Dow Jones CDX North America High Yield Index
reference obligation	12/20/12		46,820,000		6,989
		$	72,287,800	$	(126,831	)

(a) Includes interest paid or received by the Fund on the notional amount.

The accompanying notes are an integral part of these financial statements.

page 29

Frontegra Columbus Core Plus Fund

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007 (Unaudited)

Assets:
Investments at value (cost $575,217,102)	$	578,060,826
Interest receivable		2,748,331
Deposits with broker and custodian for swaps		4,190,000
Receivable for Fund shares sold		594,778
Receivable for investments sold		443,343,539
Unrealized appreciation on swaps		6,989
Other assets		30,312
Total assets		1,028,974,775
Liabilities:
Payable to custodian		1,122,175
Payable for investments purchased		566,124,403
Payable to broker		1,446,128
Accrued investment advisory fee		92,638
Unrealized depreciation on swaps		133,820
Accrued expenses		50,211
Total liabilities		568,969,375
Net Assets	$	460,005,400
Net Assets Consist of:
Paid in capital	$	452,858,391
Undistributed net investment income		91,567
Accumulated net realized gain on investments sold,
swap contracts and foreign currency		4,338,549
Net unrealized appreciation (depreciation) on:
Investments		2,843,724
Swap contracts		(126,831	)
Net Assets	$	460,005,400
Capital Stock, $0.01 Par Value
Authorized		100,000,000
Issued and outstanding		14,613,260
Net Asset Value, Redemption Price and Offering Price Per Share	$	31.48

The accompanying notes are an integral part of these financial statements.

page 30

Frontegra Columbus Core Plus Fund

STATEMENT OF OPERATIONS

	Six Months Ended
	December 31, 2007
	(Unaudited)
Investment Income:
Interest	$	10,750,070
Expenses:
Investment advisory fees (Note 3)		824,666
Fund administration and accounting fees		61,084
Custody fees		28,982
Audit fees		16,095
Federal and state registration fees		13,760
Legal fees		10,950
Shareholder servicing fees		5,940
Compliance support expenses		3,517
Directors’ fees and related expenses		3,640
Reports to shareholders		2,444
Other		4,636
Total expenses before waiver		975,714
Waiver of expenses by Adviser (Note 3)		(449,467	)
Net expenses		526,247
Net Investment Income		10,223,823
Realized and Unrealized
Gain (Loss) on Investments:
Realized gain (loss) on:
Investments		9,935,077
Swap contracts		2,740,341
Foreign currency translation		(92,836	)
Change in net unrealized appreciation/depreciation on:
Investments		4,489,648
Swap contracts		(375,594	)
Net Realized and Unrealized
Gain on Investments		16,696,636
Net Increase in Net Assets
Resulting from Operations	$	26,920,459

The accompanying notes are an integral part of these financial statements.

page 31

Frontegra Columbus Core Plus Fund

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	December 31, 2007			Year Ended
	(Unaudited)			June 30, 2007
Operations:
Net investment income	$	10,223,823		$	14,451,056
Net realized gain (loss) on:
Investments		9,935,077			5,102,933
Swap contracts		2,740,341			68,819
Foreign currency translation		(92,836	)		75,201
Change in net unrealized appreciation/depreciation on:
Investments		4,489,648			2,437,286
Swap contracts		(375,594	)		254,715
Net increase in net assets resulting from operations		26,920,459			22,390,010
Distributions
Paid From:
Net investment income		(10,042,359	)		(14,405,929	)
Net realized gain on investments		(3,906,915	)		—
Net decrease in net assets resulting
from distributions paid		(13,949,274	)		(14,405,929	)
Capital Share
Transactions:
Shares issued in connection with acquisition of
Columbus Core Plus Fund (see Note 7)		139,917,196			—
Shares sold		74,712,699			31,004,977
Shares issued to holders in
reinvestment of distributions		13,095,168			13,258,827
Shares redeemed		(57,520,645	)		(89,297,680	)
Net increase (decrease) in net assets resulting
from capital share transactions		170,204,418			(45,033,876	)
Total Increase (Decrease) in Net Assets		183,175,603			(37,049,795	)
Net Assets:
Beginning of period		276,829,797			313,879,592
End of period
(includes undistributed net investment income (loss)
of $91,567 and $(89,897), respectively)	$	460,005,400		$	276,829,797

The accompanying notes are an integral part of these financial statements.

page 32

Frontegra Columbus Core Plus Fund

FINANCIAL HIGHLIGHTS

	Six Months
	Ended			Year			Year			Year			Year			Year
	December 31,			Ended			Ended			Ended			Ended			Ended
	2007			June 30,			June 30,			June 30,			June 30,			June 30,
	(Unaudited)			2007			2006			2005			2004			2003
Net Asset Value,
Beginning of Period	$	30.40		$	29.72		$	31.50		$	30.51		$	31.92		$	30.21
Income (Loss)
from Investment
Operations:
Net investment income		0.78	(4)		1.54			1.41			1.13			0.99			1.80
Net realized and unrealized
gain (loss) on investments		1.28			0.68			(1.30	)		0.98			(0.45	)		2.06
Total Income from
Investment Operations		2.06			2.22			0.11			2.11			0.54			3.86
Less Distributions
Paid:
From net investment income		(0.71	)		(1.54	)		(1.45	)		(1.12	)		(0.98	)		(1.87	)
From net realized gain on investments		(0.27	)		—			(0.44	)		—			(0.97	)		(0.28	)
Total Distributions Paid		(0.98	)		(1.54	)		(1.89	)		(1.12	)		(1.95	)		(2.15	)
Net Asset Value, End of Period	$	31.48		$	30.40		$	29.72		$	31.50		$	30.51		$	31.92
Total Return(1)		6.74	%		7.52	%		0.36	%		7.00	%		1.71	%		13.29	%
Supplemental Data
and Ratios:
Net assets, end of period
(in thousands)	$	460,005		$	276,830		$	313,880		$	316,474		$	346,733		$	358,052
Ratio of expenses to
average net assets(2)(3)		0.26	%		0.20	%		0.20	%		0.408	%		0.425	%		0.425	%
Ratio of net investment income to
average net assets(2)(3)		4.96	%		4.95	%		4.59	%		3.30	%		2.71	%		5.78	%
Portfolio turnover rate(1)		472	%		978	%		1,247	%		1,222	%		1,409	%		489	%

(1)	Not annualized for periods less than a full year.
(2)	Net of waivers and reimbursements by Adviser.  Without waivers and reimbursements of expenses, the ratio of expenses to average net assets would have been 0.48%, 0.50%, 0.50%, 0.501%, 0.507% and 0.505%, and the ratio of net investment income to average net assets would have been 4.74%, 4.65%, 4.29%, 3.21%, 2.63% and 5.70% for the periods ended December 31, 2007, June 30, 2007, June 30, 2006, June 30, 2005, June 30, 2004 and June 30, 2003, respectively.
(3)	Annualized for periods less than a full year.
(4)	Per share net investment income has been calculated using the daily average share method.

The accompanying notes are an integral part of these financial statements.

page 33

INVESTMENT HIGHLIGHTS

Growth of a $100,000 Investment (Unaudited)

*   2/23/01 commencement of operations.

Portfolio Total Return**
FOR THE PERIOD ENDED 12/31/07
SIX MONTHS	6.72%
ONE YEAR	7.76%
FIVE YEAR
AVERAGE ANNUAL	4.88%
SINCE COMMENCEMENT
AVERAGE ANNUAL	5.49%

This chart assumes an initial gross investment of $100,000 made on 2/23/01 (commencement of operations). Past performance is not predictive of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. In the absence of existing fee waivers, total return would be reduced.  To receive current to the most recent month-end performance, please call 1-888-825-2100.

The Lehman Brothers Aggregate Bond Index is an unmanaged market value-weighted performance benchmark for investment-grade fixed-rate debt issues, including government, corporate, asset backed and mortgage backed securities, with maturities of at least one year.  The Index does not reflect investment management fees, brokerage commissions and other expenses associated with investing in fixed income securities.  A direct investment in the index is not possible.

** The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

page 34

Frontegra Columbus Core Fund

SCHEDULE OF INVESTMENTS

December 31, 2007 (Unaudited)

Principal Amount			Value
		ASSET BACKED SECURITIES  11.9%
		American Express Credit Account Master Trust
$	770,000	2005-3, Class A, 5.030%, 01/18/2011 (c)(e)	$	769,851
	235,000	2005-6, Class A, 5.030%, 03/15/2011 (c)(e)		234,851
		Americredit Automobile Receivables Trust
	193,908	2007-DF, Class A1, 5.914%, 10/06/2008 (c)(e)		194,257
	605,000	2007-DF, Class A2A, 5.660%, 01/06/2011 (e)		604,998
	775,000	Bank One Issuance Trust
		2003-3A, Class A3, 5.140%, 12/15/2010 (c)(e)		775,249
		Capital One Auto Trust
	238,017	2007-A, Class A2, 5.330%, 05/15/2010 (e)		238,325
	405,245	2007-B, Class A2, 5.270%, 06/15/2010 (e)		405,746
	930,000	Capital One Master Trust
		2001-1, Class A, 5.227%, 12/15/2010 (c)		930,412
	78,812	Carmax Auto Trust
		2006-2, Class A2, 5.290%, 06/15/2009 (e)		78,853
	159,675	Caterpillar Financial Asset Trust
		2007-A, Class A1, 5.672%, 09/25/2008		160,009
	935,000	Chase Issuance Trust
		2005-1A, Class A1, 5.040%, 12/15/2010 (c)(e)		935,028
		Citibank Credit Card Issuance Trust
	530,000	2003-A1, Class A1, 5.343%, 01/15/2010		530,126
	830,000	2001-A1, Class A1, 5.045%, 02/07/2010 (c)		830,214
	440,000	2003-A8, Class A8, 3.500%, 08/16/2010		436,530
	180,000	Discover Card Master Trust I
		2001-1, Class A, 5.160%, 01/15/2008 (c)(e)		180,019
	229,526	Ford Credit Auto Trust
		2006-B, Class A2A, 5.420%, 07/15/2009 (e)		229,809
	120,873	GS Auto Loan Trust
		2006-1, Class A2, 5.470%, 02/15/2009 (e)		120,945
	295,000	Hertz Vehicle Financing LLC
		2005-2A, Class A6, 5.080%, 11/25/2011
		(Acquired 12/15/2005 and 08/03/2007, Cost $294,952) (a)		297,057
		Honda Auto Receivables Owner Trust
	148,045	2007-3, Class A1, 5.565%, 04/15/2008		148,311
	474,227	2006-1, Class A3, 5.070%, 02/18/2010		474,958
	44,638	Keystone Owner Trust
		1998-P1, Class M1, 7.530%, 05/25/2025
		(Acquired 04/22/2003 and 08/03/2007, Cost $46,433) (a)		44,488

The accompanying notes are an integral part of these financial statements.

page 35

Frontegra Columbus Core Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Principal Amount			Value
		ASSET BACKED SECURITIES  11.9% (continued)
		MBNA Master Credit Card Trust
$	815,000	1998-E, Class A, 5.390%, 09/15/2010	$	815,373
	425,000	2003-A7, Class A7, 2.650%, 11/15/2010		421,134
	279,572	Mid-State Trust
		11, Class A1, 4.864%, 07/15/2038		275,010
	175,730	Nissan Auto Receivables Owner Trust
		2006-B, Class A3, 5.160%, 02/15/2010		176,078
		SLM Student Loan Trust
	206,105	2007-1, Class A1, 5.050%, 04/25/2012 (c)(e)		206,171
	219,396	2007-2, Class A1, 5.064%, 04/25/2014 (c)		219,115
		USAA Auto Owner Trust
	733,407	2006-1, Class A3, 5.010%, 09/15/2010		734,640
	571,028	2006-3, Class A3, 5.470%, 02/15/2011 (e)		573,627
		Total Asset Backed Securities
		(Cost $14,434,388)		12,041,184
		CORPORATE BONDS  31.6%
		Beverages  0.1%
	115,000	Diageo Capital plc
		5.750%, 10/23/2017 (b)		115,653
		Capital Markets  0.4%
	155,000	Goldman Sachs Group, Inc.
		5.625%, 01/15/2017		151,369
	215,000	Morgan Stanley
		5.550%, 04/27/2017		209,661
				361,030
		Commercial Banks  5.3%
	415,000	Bank Of New York Mellon
		4.950%, 11/01/2012		414,995
	475,000	BB&T Corp.
		4.900%, 06/30/2017		438,586
	480,000	Firstar Bank
		7.125%, 12/01/2009		504,413
		HSBC Bank
	310,000	4.625%, 04/01/2014		297,070
	195,000	6.000%, 08/09/2017		199,840

The accompanying notes are an integral part of these financial statements.

page 36

Frontegra Columbus Core Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Principal Amount			Value
		CORPORATE BONDS  31.6% (continued)
		Commercial Banks  5.3% (continued)
$	335,000	JP Morgan Chase Bank
		6.000%, 10/01/2017	$	340,702
	870,000	Marshall & Ilsley Bank
		5.401%, 12/04/2012		820,479
	695,000	Suntrust Bank
		5.092%, 05/21/2012		683,636
	220,000	U.S. Bank
		4.950%, 10/30/2014		214,527
	555,000	Wachovia Bank
		6.000%, 11/15/2017		558,709
		Wells Fargo Bank
	165,000	4.750%, 02/09/2015		157,594
	470,000	5.750%, 05/16/2016		476,855
	220,000	5.625%, 12/11/2017		220,134
				5,327,540
		Computers and Peripherals  0.2%
	185,000	Tyco Electronics Group S A
		6.000%, 10/01/2012
		(Acquired 09/20/2007, Cost $184,919) (a)(b)		189,579
		Consumer Finance  1.2%
	445,000	American Express Co.
		6.150%, 08/28/2017		456,692
	375,000	ERAC USA Finance Co.
		6.375%, 10/15/2017 (Acquired 10/10/2007, Cost $374,344) (a)		362,292
	435,000	Household Finance Corp.
		6.375%, 10/15/2011		448,191
				1,267,175
		Diversified Financial Services  6.0%
	450,000	Aetna, Inc.
		6.750%, 12/15/2037		448,874
		American General Finance
	275,000	5.900%, 09/15/2012		278,168
	385,000	6.900%, 12/15/2017		385,385

The accompanying notes are an integral part of these financial statements.

page 37

Frontegra Columbus Core Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Principal Amount			Value
		CORPORATE BONDS  31.6% (continued)
		Diversified Financial Services  6.0% (continued)
		Bank Of America Corp.
$	420,000	5.300%, 03/15/2017	$	408,398
	165,000	6.000%, 09/01/2017		168,576
	280,000	5.750%, 12/01/2017		280,642
	230,000	Cargill, Inc.
		5.600%, 09/15/2012 (Acquired 09/06/2007, Cost $229,929) (a)		233,770
		CIT Group Inc.
	335,000	7.625%, 11/30/2012		339,558
	395,000	5.638%, 12/21/2012		345,627
		Citigroup, Inc.
	100,000	5.500%, 02/15/2017		97,185
	320,000	6.125%, 11/21/2017		328,702
	210,000	Genworth Global Funding
		5.200%, 10/08/2010		213,014
	370,000	International Lease Finance Corp.
		5.350%, 03/01/2012		370,243
		JP Morgan Chase & Co.
	105,000	6.625%, 03/15/2012		110,720
	165,000	6.000%, 01/15/2018		167,868
	230,000	Liberty Property LP
		6.625%, 10/01/2017		230,126
	145,000	Merrill Lynch & Co.
		6.400%, 08/28/2017		147,314
	270,000	Morgan Stanley
		5.950%, 12/28/2017		269,807
		Pricoa Global Funding I
	180,000	5.331%, 03/03/2009
		(Acquired 03/01/2006 and 08/03/2007, Cost $180,000) (a)		179,828
	330,000	5.400%, 10/18/2012
		(Acquired 10/11/2007, Cost $329,343) (a)		342,241
	335,000	Prudential Financial Inc.
		6.000%, 12/01/2017		333,618
	200,000	Simon Property Group LP
		5.100%, 06/15/2015		188,038
	211,037	Windsor Financing LLC
		5.881%, 07/15/2017
		(Acquired Multiple Dates, Cost $210,551) (a)		221,891
				6,089,593

The accompanying notes are an integral part of these financial statements.

page 38

Frontegra Columbus Core Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Principal Amount			Value
		CORPORATE BONDS  31.6% (continued)
		Diversified Telecommunication Services  2.3%
$	575,000	AT&T, Inc.
		6.300%, 01/15/2038	$	584,196
	385,000	British Telecom plc
		5.950%, 01/15/2018 (b)		388,055
	180,000	Comcast Cable Communications Holdings, Inc.
		8.375%, 03/15/2013		201,939
	285,000	Deutsche Telekom International Finance BV
		5.750%, 03/23/2016 (b)		285,267
	350,000	Sprint Nextel Corp.
		6.000%, 12/01/2016		335,228
	240,000	Telecom Italia Capital
		5.250%, 11/15/2013 (b)		237,199
	265,000	Telefonica Emisiones SAU
		6.221%, 07/03/2017 (b)		275,333
				2,307,217
		Electric Utilities  4.1%
		Commonwealth Edison Co.
	640,000	4.740%, 08/15/2010		639,377
	200,000	5.950%, 08/15/2016		202,890
	95,000	6.150%, 09/15/2017		97,899
	225,000	Consumers Energy Co.
		4.400%, 08/15/2009		223,041
	400,000	Entergy Arkansas Inc.
		5.000%, 07/01/2018
		(Acquired 06/18/2003 and 08/03/2007, Cost $394,527) (a)		369,287
		Entergy Gulf States, Inc.
	215,000	4.875%, 11/01/2011		207,531
	235,000	5.250%, 08/01/2015		222,412
	170,000	Entergy Louisiana LLC
		5.500%, 04/01/2019		162,309
	157,830	FPL Energy Virginia Funding Corp.
		7.520%, 06/30/2019
		(Acquired 02/10/2006 and 08/03/2007, Cost $176,705) (a)		183,508
	375,000	Great River Energy
		5.829%, 07/01/2017
		(Acquired 06/21/2007 and 08/03/2007, Cost $375,000) (a)(e)		384,491

The accompanying notes are an integral part of these financial statements.

page 39

Frontegra Columbus Core Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Principal Amount			Value
		CORPORATE BONDS  31.6% (continued)
		Electric Utilities  4.1% (continued)
		Indianapolis Power & Light Co.
$	80,000	6.300%, 07/01/2013
		(Acquired 10/17/2006 and 08/03/2007, Cost $82,541) (a)	$	83,714
	175,000	6.050%, 10/01/2036
		(Acquired 10/02/2006 and 08/03/2007, Cost $173,877) (a)		171,203
	239,250	Mackinaw Power LLC
		6.296%, 10/31/2023
		(Acquired Multiple Dates, Cost $239,625) (a)		256,069
	165,000	Northern State Power
		6.200%, 07/01/2037		170,421
	355,000	Southern California Edison Co.
		4.740%, 02/02/2009		354,502
	260,000	Virginia Electric & Power Co.
		5.950%, 09/15/2017		268,008
	210,000	Westar Energy Inc.
		6.000%, 07/01/2014		214,129
				4,210,791
		Food & Staples Retailing  1.2%
	275,000	General Mills, Inc.
		5.650%, 09/10/2012		279,487
	220,000	Kellogg Co.
		5.125%, 12/03/2012		221,842
	480,000	Kraft Foods, Inc.
		6.125%, 02/01/2018		483,670
	200,000	Kroger Co.
		6.400%, 08/15/2017		209,183
				1,194,182
		Gas Utilities  1.5%
	445,551	Alliance Pipeline U.S.
		4.591%, 12/31/2025
		(Acquired Multiple Dates, Cost $425,743) (a)		442,161
	225,000	Gulfstream Natural Gas
		5.560%, 11/01/2015
		(Acquired Multiple Dates, Cost $225,584) (a)		221,150
	370,000	Northern Natural Gas Co.
		5.375%, 10/31/2012 (Acquired 04/05/2006, Cost $367,010) (a)		380,654

The accompanying notes are an integral part of these financial statements.

page 40

Frontegra Columbus Core Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Principal Amount			Value
		CORPORATE BONDS  31.6% (continued)
		Gas Utilities  1.5% (continued)
$	280,000	Rockies Express Pipeline
		6.448%, 08/20/2009 (Acquired 09/17/2007, Cost $279,306) (a)	$	280,076
	175,000	Source Gas LLC
		5.900%, 04/01/2017
		(Acquired 04/11/2007 and 08/03/2007, Cost $174,449) (a)		166,762
	50,000	Southern Star Cent Gas
		6.000%, 06/01/2016
		(Acquired 04/06/2006 and 08/03/2007 Cost $49,832) (a)		48,875
				1,539,678
		Insurance  2.7%
	325,000	Genworth Financial, Inc.
		5.650%, 06/15/2012		328,601
	270,000	Jackson National Life Global Funding
		5.125%, 02/10/2011
		(Acquired Multiple Dates, Cost $268,461) (a)		281,107
	235,000	Monumental Global Funding
		5.254%, 01/25/2013 (Acquired 12/14/2007, Cost $224,925) (a)		227,534
	795,000	Nationwide Life Global Fund
		5.450%, 10/02/2012 (Acquired 09/25/2007, Cost $794,006) (a)		820,956
	225,000	New York Life Global Funding
		5.250%, 10/16/2012 (Acquired 10/09/2007, Cost $224,903) (a)		230,216
	795,000	Protective Life Corp.
		5.450%, 09/28/2012		819,675
				2,708,089
		Media  0.9%
	280,000	Comcast Corp.
		6.300%, 11/15/2017		290,508
		Time Warner, Inc.
	220,000	7.700%, 05/01/2032		244,432
	220,000	6.500%, 11/15/2036		214,061
	165,000	Walt Disney Co.
		6.375%, 03/01/2012		175,189
				924,190

The accompanying notes are an integral part of these financial statements.

page 41

Frontegra Columbus Core Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Principal Amount			Value
		CORPORATE BONDS  31.6% (continued)
		Multi-Utilities & Unregulated Power  0.9%
$	262,640	Kern River Funding Corp.
		4.893%, 04/30/2018
		(Acquired Multiple Dates, Cost $257,340) (a)	$	257,214
	219,601	Kiowa Power Partners LLC
		4.811%, 12/30/2013
		(Acquired 11/22/2004 and 08/03/2007, Cost $226,864) (a)		219,983
	400,000	Midamerican Energy Holdings
		6.500%, 09/15/2037
		(Acquired 08/23/2007 and 11/08/2007, Cost $399,033) (a)		417,714
				894,911
		Oil, Gas & Consumable Fuels  0.6%
	245,000	EOG Resources, Inc.
		5.875%, 09/15/2017		251,181
	381,408	PF Export Receivables Master Trust
		3.748%, 06/01/2013
		(Acquired Multiple Dates, Cost $379,804) (a)		376,118
				627,299
		Pharmaceuticals  0.2%
	210,000	Astrazeneca plc
		5.400%, 09/15/2012 (b)		217,108
		Transportation  3.0%
		Burlington North Santa Fe
	667,497	6.230%, 07/02/2018		698,790
	738,519	4.575%, 01/15/2021		709,753
		CSX Transportation, Inc.
	205,000	6.750%, 03/15/2011		215,118
	435,000	6.251%, 01/15/2023		441,642
		Union Pacific Corp.
	320,000	5.450%, 01/31/2013		322,790
	581,032	5.404%, 07/02/2025		609,247
				2,997,340
		Utilities  1.0%
	235,000	Appalachian Power Co.
		5.650%, 08/15/2012		238,803

The accompanying notes are an integral part of these financial statements.

page 42

Frontegra Columbus Core Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Principal Amount			Value
		CORPORATE BONDS  31.6% (continued)
		Utilities  1.0% (continued)
$	330,000	Florida Power Corp.
		5.800%, 09/15/2017	$	342,762
	410,000	West Penn Power Co.
		5.950%, 12/15/2017
		(Acquired Multiple Dates, Cost $409,144) (a)		411,999
				993,564
		Total Corporate Bonds
		(Cost $29,213,366)		31,964,939
		MORTGAGE BACKED SECURITIES  63.2%
		Banc of America Commercial Mortgage Inc.
	485,000	Series 2004-2, Class A3, 4.050%, 11/10/2038		478,499
	343,705	Series 2005-2, Class A2, 4.247%, 07/10/2043		343,204
	180,000	Series 2005-5, Class A2, 5.001%, 10/10/2045		179,691
	279,513	Series 2006-6, Class A1, 5.226%, 10/10/2045		280,565
	345,000	Series 2005-6, Class A2, 5.165%, 09/10/2047		345,892
	295,000	Series 2007-2, Class A2, 5.634%, 04/10/2049		299,182
	265,000	Series 2006-4, Class A4, 5.634%, 07/10/2046		270,589
	850,000	Citigroup/Deutsche Bank Commercial Mortgage Trust
		Series 2007-CD4, Class A4, 5.322%, 12/11/2049		847,490
		CNH Equipment Trust
	304,512	Series 2007-B, Class A1, 5.816%, 10/09/2008		305,140
	295,000	Series 2007-B, Class A2A, 5.460%, 06/15/2010		296,785
	803,200	Commercial Mortgage Pass-Through Certificate
		Series 2003-LB1A, Class A1, 3.251%, 06/10/2038		774,826
		Credit Suisse First Boston Mortgage Securities Corp.
	168,679	Pool # 2005-10, 5.000%, 09/25/2015		166,055
	36,423	Pool # 2003-1, 7.000%, 02/25/2033 (e)		36,477
		FHLMC PC GOLD CASH
	388,627	Pool # E0-1418, 4.000%, 07/01/2018		374,200
	319,659	Pool # G1-1678, 4.500%, 04/01/2020 (e)		314,193
		FHLMC Pools
	367,723	Pool # B18639, 4.000%, 01/01/2015		364,263
	133,317	Pool # B19614, 5.000%, 07/01/2015		135,661
	419,933	Pool # G11970, 5.000%, 04/01/2016		420,652
	337,742	Pool # E01647, 4.000%, 05/01/2019		324,855

The accompanying notes are an integral part of these financial statements.

page 43

Frontegra Columbus Core Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Principal Amount			Value
		MORTGAGE BACKED SECURITIES  63.2% (continued)
		FHLMC Pools (continued)
$	34,445	Pool # 2692, 3.500%, 01/15/2023 (e)	$	34,386
	206,284	Pool # A45788, 6.500%, 05/01/2035		212,996
		FHLMC Remic
	7,949	Series 25, Class B, 6.500%, 12/25/2008		7,924
	319,536	Series 2773, Class EB, 4.500%, 08/15/2013		318,856
	264,018	Series 2775, Class ON, 3.000%, 11/15/2013		260,835
	161,253	Series 2848, Class CG, 5.000%, 06/15/2015 (e)		161,181
	43,958	Series 2508, Class CR, 4.500%, 03/15/2016 (e)		43,843
	480,849	Series 2786, Class GA, 4.000%, 08/15/2017		473,605
	16,673	Series 2912, Class EQ, 5.500%, 12/15/2020 (e)		16,646
	142,332	Series 2695, Class GU, 3.500%, 11/15/2022 (e)		141,383
	306,302	Series 2731, Class AB, 4.500%, 11/15/2028		303,579
	176,377	Series 2793, Class BA, 4.500%, 09/15/2029		173,504
	841,177	Series 2990, Class EN, 4.500%, 02/15/2033		829,433
	611,469	Series 3031, Class LN, 4.500%, 08/15/2033		603,004
	547,425	Series 3114, Class HN, 5.000%, 09/15/2033		548,137
	1,016,265	Series 3169, Class BN, 5.000%, 06/15/2034		1,018,553
	547,817	Series 3202, Class LN, 4.500%, 03/15/2035		540,369
	423,736	Series 3036, Class LZ, 5.000%, 09/15/2035		339,531
	394,485	Series 3114, Class KZ, 5.000%, 02/15/2036		315,447
		FNMA Pools
	82,324	Pool # 380542, 6.150%, 08/01/2008		82,248
	1,204,000	Pool # 385537, 4.745%, 11/01/2012		1,214,711
	112,125	Pool # 254659, 4.500%, 02/01/2013		112,475
	259,470	Pool # 768008, 5.000%, 06/01/2013		262,797
	147,413	Pool # 768009, 5.000%, 06/01/2013		149,254
	237,333	Pool # 555648, 4.543%, 06/01/2013		236,741
	246,281	Pool # 254806, 4.500%, 07/01/2013		247,067
	195,422	Pool # 735065, 4.498%, 08/01/2013		194,724
	402,675	Pool # 386341, 3.810%, 08/01/2013		388,175
	304,440	Pool # 386441, 3.980%, 08/01/2013		298,543
	137,982	Pool # 763019, 5.000%, 08/01/2013		139,705
	62,348	Pool # 254909, 4.000%, 09/01/2013		61,861
	28,725	Pool # 255450, 4.500%, 10/01/2014		28,812
	351,751	Pool # 745456, 5.500%, 03/01/2016		359,608
	323,065	Pool #745659, 5.000%, 04/01/2016		328,472
	364,891	Pool # 745444, 5.500%, 04/01/2016		370,994

The accompanying notes are an integral part of these financial statements.

page 44

Frontegra Columbus Core Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Principal Amount			Value
		MORTGAGE BACKED SECURITIES  63.2% (continued)
		FNMA Pools (continued)
$	392,461	Pool # 357312, 5.000%, 12/01/2017	$	393,406
	155,076	Pool # 254759, 4.500%, 06/01/2018		152,583
	252,116	Pool # 254919, 4.000%, 09/01/2018		242,637
	522,593	Pool # 725546, 4.500%, 06/01/2019		513,987
	1,046,227	Pool # 735841, 4.500%, 11/01/2019		1,028,998
	279,073	Pool # 555203, 7.000%, 09/01/2032		290,624
	425,656	Pool # 730839, 5.000%, 07/01/2033		415,953
	324,586	Pool # 727181, 5.000%, 08/01/2033		317,187
	542,000	Pool # 739821, 5.000%, 09/01/2033		529,645
	333,537	Pool # 386320, 4.550%, 10/01/2033		319,129
	469,147	Pool # 740255, 5.000%, 10/01/2033		458,452
	968,386	Pool # 725027, 5.000%, 11/01/2033		946,311
	268,025	Pool # 952768, 7.000%, 09/01/2037		278,812
		FNMA Remic
	262,034	Series 2002-74, Class PJ, 5.000%, 03/25/2015		261,583
	846,165	Series 2005-35, Class AC, 4.000%, 08/25/2018		832,861
	837,566	Series 2004-93, Class DG, 4.250%, 04/25/2019		826,601
	24,781	Series 2003-58, Class PN, 3.500%, 10/25/2021 (e)		24,713
	198,888	Series 2005-27, Class NA, 5.500%, 01/25/2024		198,928
	634,360	Series 2005-95, Class LN, 4.500%, 03/25/2033		626,309
	111,843	Series 2003-W19, Class IA5, 5.500%, 11/25/2033 (e)		111,533
	247,132	Series 2004-64, Class BA, 5.000%, 03/25/2034		246,921
	210,000	Series 2004-26, Class PE, 4.500%, 04/25/2034		190,949
	175,681	Series 2002-T4, Class A3, 7.500%, 12/25/2041		186,533
	244,050	Series 2004-T2, Class IA3, 7.000%, 11/25/2043		261,836
		FNMA TBA
	2,720,000	6.000%, 01/01/2029 (d)		2,761,648
	5,425,000	6.000%, 02/01/2033 (d)		5,502,984
	13,310,000	5.000%, 01/01/2034 (d)		12,985,569
	3,140,000	5.500%, 01/01/2034 (d)		3,136,075
	834,021	GMAC Commercial Mortgage Securities Inc.
		Pool # 2003-C1, 3.337%, 05/10/2036		810,623
	516,197	GNMA Pool
		Pool # 2005-21, 5.000%, 03/20/2035		455,962
		Greenwich Capital Commercial Funding Corp.
	665,000	Series 2005-GG5, Class A2, 5.117%, 04/10/2037		666,129
	475,000	Series 2007-GG9, Class A2, 5.381%, 03/10/2039		477,465

The accompanying notes are an integral part of these financial statements.

page 45

Frontegra Columbus Core Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Principal Amount			Value
		MORTGAGE BACKED SECURITIES  63.2% (continued)
		Greenwich Capital Commercial Funding Corp. (continued)
$	350,000	Series 2007-GG9, Class A4, 5.444%, 03/10/2039	$	352,066
	499,721	GS Mortgage Securities Corp. II
		Series 2007-EOP, Class A1, 5.410%, 03/06/2020
		(Acquired 09/17/2007, Cost $496,598) (a)(c)		477,707
	1,300,000	JP Morgan Chase Commercial Mortgage Securities Corp.
		Series 2006-LDP9, Class A3, 5.336%, 05/15/2047		1,295,154
		LB-UBS Commercial Mortgage Trust
	694,607	Series 2003-C3, Class A1, 2.599%, 05/15/2027		692,433
	780,000	Series 2003-C3, Class A2, 3.086%, 05/15/2027		774,176
	50,000	Series 2005-C5, Class A2, 4.885%, 09/15/2030		49,896
	142,389	Series 1998-C4, Class A2, 6.300%, 10/15/2035		143,190
	565,000	Series 2006-C6, Class A4, 5.372%, 09/15/2039		566,946
	989,000	Series 2007-C2, Class A2, 5.303%, 02/15/2040		991,786
	216,337	Master Alternative Loans Trust
		Pool # 2004-6, 4.500%, 07/25/2014		212,531
	164,973	Master Asset Securitization Trust
		Pool # 2004-3, 4.750%, 01/25/2014		164,528
	355,000	MBNA Credit Card Master Trust
		Series 2005-7A, Class A7, 4.300%, 02/15/2011		354,552
		Merrill Lynch Commercial Mortgage Trust
	480,667	Series 1998-C3, Class A3, 5.880%, 12/15/2030		482,286
	74,043	Series 2002-MW1, Class A2, 4.929%, 07/12/2034		73,824
	452,477	Series 2006-C2, Class A1, 5.601%, 08/12/2043		457,002
		Morgan Stanley Capital I
	305,771	Pool # 2003-IQ4, 3.270%, 05/15/2040		299,703
	305,000	Pool # 2006-HQ8, 5.565%, 03/12/2044		307,972
	333,840	Residential Asset Securitization Trust
		Series 2003-A6, Class A1, 4.500%, 07/25/2033		319,498
	500,000	SLM Student Loan Trust
		Series 2007-7, Class A1, 5.038%, 10/25/2012 (c)		497,500
		Wachovia Bank Commercial Mortgage Trust
	428,300	Pool # 2003-C5, 2.986%, 06/15/2035		413,910
	285,000	Pool # 2006-C24, Class A3, 5.558%, 03/15/2045		289,143
	818,534	Wells Fargo Mortgage Backed Securities Trust
		Pool # 2006-3, 5.500%, 03/25/2036		821,273
		Total Mortgage Backed Securities
		(Cost $63,050,856)		63,867,640

The accompanying notes are an integral part of these financial statements.

page 46

Frontegra Columbus Core Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Principal Amount			Value
		SUPRANATIONAL ISSUE  0.3%
$	355,000	European Investment Bank
		4.875%, 02/15/2036 (b)	$	349,268
		Total Supranational Issue
		(Cost $352,090)		349,268
		SHORT-TERM INVESTMENTS  14.5%
		US Government Agency Issue (f) 12.5%
	12,687,000	Federal Home Loan Bank Discount Note, 2.920%, 01/02/2008		12,684,942
		Variable Rate Demand Note (g) 2.0%
	2,006,599	U.S. Bank Demand Note, 4.949%, 12/31/2031		2,006,599
		Total Short-Term Investments
		(Cost $14,691,541)		14,691,541
		Total Investments   121.5%
		(Cost $121,742,241)		122,914,572
		Liabilities in Excess of Other Assets  (21.5)%		(21,750,771	)
		TOTAL NET ASSETS  100.0%	$	101,163,801

(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration normally to qualified institutional buyers.  The total value of these securities amounted to $8,579,644 (8.5% of net assets) at December 31, 2007.
(b)	U.S.-dollar denominated security of foreign issuer.
(c)	Adjustable Rate.
(d)	When-issued security.
(e)	Security marked as segregated to cover when-issued security.
(f)	The obligations of certain U.S. Government-sponsored entities are neither issued nor guaranteed by the United States Treasury.
(g)	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 December 31, 2007.

The accompanying notes are an integral part of these financial statements.

page 47

Frontegra Columbus Core Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Credit Default Swaps

	Expiration		Notional
	Date		Amount		Value (a)
Receive quarterly a fixed annual rate of 0.60%
multiplied by the notional amount and pay to
Goldman Sachs upon default event of a Dow Jones
CDX North America High Yield Index reference
obligation, par value of the notional amount of
Dow Jones CDX North America High Yield Index
reference obligation	12/20/12	$	10,780,000	$	(15,282)

(a) Includes interest paid or received by the Fund on the notional amount.

The accompanying notes are an integral part of these financial statements.

page 48

Frontegra Columbus Core Fund

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007 (Unaudited)

Assets:
Investments at value (cost $121,742,241)	$	122,914,572
Interest receivable		561,187
Cash		22,513
Receivable for investments sold		82,347,766
Receivable for Fund shares sold		90,000
Other assets		16,449
Total assets		205,952,487
Liabilities:
Payable for investments purchased		104,705,839
Accrued investment advisory fees		11,716
Payable to broker		9,476
Unrealized depreciation on swaps		15,282
Accrued expenses		46,373
Total liabilities		104,788,686
Net Assets	$	101,163,801
Net Assets Consist of:
Paid in capital	$	100,370,913
Undistributed net investment income		624,114
Accumulated net realized loss		(988,275	)
Net unrealized appreciation (depreciation) on:
Investments		1,172,331
Swap contracts		(15,282	)
Net Assets	$	101,163,801
Capital Stock, $0.01 Par Value
Authorized		50,000,000
Issued and outstanding		9,664,565
Net Asset Value, Redemption Price and Offering Price Per Share	$	10.47

The accompanying notes are an integral part of these financial statements.

page 49

Frontegra Columbus Core Fund

STATEMENT OF OPERATIONS

	Six Months Ended
	December 31, 2007
	(Unaudited)
Investment Income:
Interest	$	2,324,396
Expenses:
Investment advisory fees (Note 3)		192,058
Fund administration and accounting fees		30,681
Custody fees		18,492
Audit fees		15,789
Federal and state registration fees		11,472
Legal fees		10,468
Shareholder servicing fees		4,556
Directors’ fees and related expenses		3,665
Compliance support expenses		3,517
Reports to shareholders		1,211
Other		910
Total expenses before waiver and reimbursement		292,819
Waiver and reimbursement of expenses by Adviser (Note 3)		(176,140	)
Net expenses		116,679
Net Investment Income		2,207,717
Realized and Unrealized
Gain (Loss) on Investments:
Net realized gain on investments		2,029,730
Change in net unrealized appreciation/depreciation on:
Investments		1,750,133
Swap contracts		(21,343	)
Net Realized and Unrealized
Gain on Investments		3,758,520
Net Increase in Net Assets
Resulting from Operations	$	5,966,237

The accompanying notes are an integral part of these financial statements.

page 50

Frontegra Columbus Core Fund

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	December 31, 2007			Year Ended
	(Unaudited)			June 30, 2007
Operations:
Net investment income	$	2,207,717		$	4,321,715
Net realized gain on investments		2,029,730			346,908
Change in net unrealized appreciation/depreciation on:
Investments		1,750,133			834,722
Swap contracts		(21,343	)		6,061
Net increase in net assets resulting from operations		5,966,237			5,509,406
Distributions
Paid From:
Net investment income		(1,607,511	)		(4,275,494	)
Capital Share
Transactions:
Shares issued in connection with acquisition of
Columbus Core Fund (see Note 7)		14,423,435			—
Shares sold		20,775,452			9,412,455
Shares issued to holders in
reinvestment of distributions		1,148,687			2,230,746
Shares redeemed		(30,313,593	)		(18,992,991	)
Net increase (decrease) in net assets resulting
from capital share transactions		6,033,981			(7,349,790	)
Total Increase (Decrease) in Net Assets		10,392,707			(6,115,878	)
Net Assets:
Beginning of period		90,771,094			96,886,972
End of period
(includes undistributed net investment income
of $624,114 and $23,908, respectively)	$	101,163,801		$	90,771,094

The accompanying notes are an integral part of these financial statements.

page 51

Frontegra Columbus Core Fund

FINANCIAL HIGHLIGHTS

	Six Months
	Ended			Year			Year			Year			Year			Year
	December 31,			Ended			Ended			Ended			Ended			Ended
	2007			June 30,			June 30,			June 30,			June 30,			June 30,
	(Unaudited)			2007			2006			2005			2004			2003
Net Asset Value,
Beginning of Period	$	9.99		$	9.86		$	10.36		$	10.22		$	10.62		$	10.28
Income (Loss)
from Investment
Operations:
Net investment income		0.25			0.48			0.42			0.37			0.31			0.35
Net realized and unrealized
gain (loss) on investments		0.42			0.13			(0.43	)		0.27			(0.15	)		0.45
Total Income (Loss) from
Investment Operations		0.67			0.61			(0.01	)		0.64			0.16			0.80
Less Distributions
Paid:
From net investment income		(0.19	)		(0.48	)		(0.43	)		(0.37	)		(0.31	)		(0.35	)
From net realized gain on investments		—			—			(0.06	)		(0.13	)		(0.25	)		(0.11	)
Total Distributions Paid		(0.19	)		(0.48	)		(0.49	)		(0.50	)		(0.56	)		(0.46	)
Net Asset Value, End of Period	$	10.47		$	9.99		$	9.86		$	10.36		$	10.22		$	10.62
Total Return(1)		6.72	%		6.26	%		(0.11	)%		6.32	%		1.53	%		7.93	%
Supplemental Data
and Ratios:
Net assets, end of period
(in thousands)	$	101,164		$	90,771		$	96,887		$	95,719		$	123,913		$	135,211
Ratio of expenses to
average net assets(2)(3)		0.26	%		0.20	%		0.20	%		0.40	%		0.42	%		0.42	%
Ratio of net investment income to
average net assets(2)(3)		4.83	%		4.77	%		4.20	%		3.07	%		2.39	%		3.78	%
Portfolio turnover rate(1)		469	%		980	%		1,121	%		1,080	%		1,104	%		625	%

(1)	Not annualized for periods less than a full year.
(2)	Net of waivers and reimbursements by Adviser.  Without waivers and reimbursements of expenses, the ratio of expenses to average net assets would have been 0.64%, 0.66%, 0.65%, 0.62%, 0.62% and 0.62% and the ratio of net investment income to average net assets would have been 4.45%, 4.31%, 3.75%, 2.85%, 2.19% and 3.58% for the periods ended December 31, 2007, June 30, 2007, June 30, 2006, June 30, 2005, June 30, 2004 and June 30, 2003, respectively.
(3)	Annualized for periods less than a full year.

The accompanying notes are an integral part of these financial statements.

page 52

FRONTEGRA

IRONBRIDGE

SMALL CAP FUND

FRONTEGRA

IRONBRIDGE

SMID FUND

REPORT FROM IRONBRIDGE CAPITAL

MANAGEMENT:

Dear Fellow Shareholders:

The Frontegra IronBridge Small Cap Fund strives to achieve capital appreciation by investing in a diversified portfolio of equity securities of companies with small market capitalizations.  The objective is relative to and measured against the Russell 2000^®(1) Index.

The Frontegra IronBridge SMID Cap Fund strives to achieve capital appreciation by investing in a diversified portfolio of equity securities of companies with small and mid market capitalizations.  The objective is relative to and measured against the Russell 2500^TM(2) Index.

Performance Review

For the six months ending December 31, 2007, the Frontegra IronBridge Small Cap Fund returned -2.04% after fees, well ahead of its benchmark’s -7.53% return for the same period.

Small Cap Fund Winners	Return	Small Cap Fund Losers	Return
CEPHEID INC	210.27%	PFF BANCORP	-69.14%
AMERICAN SUPERCONDUCTOR CORP	178.59%	PROGRESSIVE GAMING INTL CORP	-58.43%
AQUANTIVE INC	167.49%	SYMYX TECHNOLOGIES INC	-50.51%
CYPRESS SEMICONDUCTOR CORP	119.41%	OXFORD INDUSTRIES INC	-47.09%
FLIR SYSTEMS INC	97.71%	STEWART INFORMATION SERVICES	-38.13%
FMC TECHNOLOGIES INC	83.99%	UNIVERSAL FORECT PRODS INC	-36.57%
RESPIRONICS INC	72.99%	FIRST CASH FINANCIAL SVCS	-36.32%
WOODWARD GOVERNOR CO	72.81%	SOURCE INTERLINK COS INC	-35.91%
OCEANEERING INTERNATIONAL	69.66%	CORP OFFICE PPTYS TR INC	-35.28%
STRAYER EDUCATION INC	64.24%	INTEVAC INC	-35.23%

For the full year, stock selection contributed over 1,000 basis points, while sector allocation added approximately 170 basis points.  Stock selection was strong among our Information Technology, Health Care, and Industrials holdings, but weaker among our Materials and Utilities holdings.

The Frontegra IronBridge SMID Fund returned -3.28% after fees in 2007, ahead of the Russell 2500 Index’s -6.71% return for the six months ending December 31, 2007.

SMID Cap Fund Winners	Return	SMID Cap Fund Losers	Return
INTUITIVE SURGICAL INC	169.52%	SYMYX TECHNOLOGIES INC	-58.02%
JACOBS ENGINEERING GROUP INC	124.37%	ST JOE CO	-49.20%
MEDIMMUNE INC	79.05%	LEAPFROG ENTERPRISES INC	-39.34%
CANADIAN PACIFIC RAILWAY LTD	58.45%	TELLABS INC	-37.10%
GOODRICH CORP	57.43%	STEWART INFORMATION SERVICES	-36.94%
PARKER-HANNIFIN CORP	56.50%	CIT GROUP INC	-30.19%
OAKLEY INC	52.05%	HARMAN INTERNATIONAL INDS	-28.90%
IDEXX LABS INC	51.69%	RTI METALS INC	-27.75%
INFRASOURCE SERVICES INC	50.65%	MEN’S WEARHOUSE INC	-27.53%
TELEDYNE TECHNOLOGIES INC	50.47%	SYNAPTICS INC	-23.81%

(1)	Russell 2000® Index is either a registered trademark or tradename of Russell Investment Group in the U.S. and/or other countries. Indexes are unmanaged and cannot be invested in directly.
(2)	Russell 2500™ Index is either a registered trademark or tradename of Russell Investment Group in the U.S. and/or other countries. Indexes are unmanaged and cannot be invested in directly.

page 54

For the full year, stock selection contributed over 900 basis points, while sector allocation added approximately 70 basis points.  Stock selection for the year was led by Industrials, Consumer Discretionary, Health Care, and Financials.  Stock selection was weak among the Materials sector.

The significant excess return achieved in 2007 had been building over several years as the market-distorting influences that we identified in 2006 started to unwind.  As a reminder, we were concerned that globalization and financial “innovation” was driving excess liquidity, which was responsible for creating market distortions, potentially resulting in a broad misallocation of capital and a dangerous mispricing of risk.  The result was leadership among lower quality, higher risk, overvalued, less liquid companies, which we refused to own due to our disciplined framework.  We (and many other active managers) looked pretty foolish in 2006 when compared to our Russell benchmarks.  This year, the sub-prime crisis exposed the illusion of the disappearing risk premium.  Risk has started to be priced more rationally, which has significantly benefited the IronBridge portfolios relative to our benchmarks.

The unwinding of financial “SINnovation” may be signaling a turning point in market leadership.  In 2007, large capitalization stocks outperformed small capitalization stocks for the first time in eight years.  Growth outperformed value for the second time since 1999 (the last time was 2003).  Active portfolio managers outperformed ETFs and other passive strategies.  Quantitative strategies performed poorly as their backward-looking models typically failed to capture inflection points.  Uncorrelated asset classes became correlated during market meltdowns.  All of these observations are potentially related to the unwinding of financial sinnovation.  The big question facing the markets over the next few years is whether the “great unwind” will occur in an orderly fashion or whether the government will re-flate the financial system in order to stave off a potential financial crisis.

Portfolio Outlook

Our cautious outlook was justified.  We remain cautious, as it is clear to us that the self-correcting mechanism of capitalism has more work to do to clear out poor allocators of capital.  We expect volatility as the reality of lower CFROIs and lower growth collides with the political knee-jerk reactions to “do something.”  We suspect that the more the government does to bail out the poor allocators of capital the more difficult it will be for us to outperform because it will keep alive the forces that led to a systematic misallocation of capital, and we do not want to bet on those players for the long term.  Perhaps the government will bail out the “Countrywide Financials” of the world, but we do not invest based on the philosophy that poor managers of capital get bailed out by taxpayers.  We invest based on the philosophy that good managers of capital will create the most wealth over the long term.

We remain confident that our disciplined investment approach and internally-developed investment tools will help us take advantage of market volatility as the market struggles with the near-term cyclical headwinds and the uncertainty regarding the most recent credit crisis.

Thank you for your continued support.

Kind regards,

Christopher C. Faber	Jeffrey B. Madden
IronBridge Capital Management, L.P.	IronBridge Capital Management, L.P.

page 55

INVESTMENT HIGHLIGHTS

Growth of a $100,000 Investment (Unaudited)

*   8/30/02 commencement of operations.

Portfolio Total Return**
FOR THE PERIOD ENDED 12/31/07
SIX MONTHS	(2.04)%
ONE YEAR	10.01%
THREE YEAR
AVERAGE ANNUAL	9.79%
FIVE YEAR
AVERAGE ANNUAL	17.72%
SINCE COMMENCEMENT
AVERAGE ANNUAL	17.83%

This chart assumes an initial gross investment of $100,000 made on 8/30/02 (commencement of operations). Returns shown include the reinvestment of all distributions. Past performance is not predictive of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost.  To receive current to the most recent month-end performance, please call 1-888-825-2100.

The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index.  The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization.  The Index does not reflect investment management fees, brokerage commissions and other expenses associated with investing in equity securities.  A direct investment in the index is not possible.

** The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

page 56

Frontegra IronBridge Small Cap Fund

SCHEDULE OF INVESTMENTS

December 31, 2007 (Unaudited)

Number of Shares			Value
		COMMON STOCKS  95.1%
		Aerospace & Defense  3.6%
	132,259	Moog Inc. - Class A (a)	$	6,058,785
	186,328	Orbital Sciences Corp. (a)		4,568,763
	52,807	Triumph Group, Inc.		4,348,656
				14,976,204
		Auto Components  1.7%
	272,130	Gentex Corp.		4,835,750
	120,222	Superior Industries International, Inc.		2,184,434
				7,020,184
		Biotechnology  2.5%
	174,981	Cepheid, Inc. (a)		4,610,749
	171,174	Exelixis, Inc. (a)		1,477,232
	74,215	Isis Pharmaceuticals, Inc. (a)		1,168,886
	50,169	Techne Corp. (a)		3,313,663
				10,570,530
		Building Products  1.6%
	204,542	Apogee Enterprises, Inc.		3,499,714
	111,005	Universal Forest Products, Inc.		3,270,207
				6,769,921
		Capital Markets  1.9%
	347,092	Jefferies Group, Inc.		8,000,471
		Chemicals  4.5%
	49,664	Arch Chemicals, Inc.		1,825,152
	158,910	FMC Corp.		8,668,540
	68,961	Lubrizol Corp.		3,734,928
	96,184	Methanex Corp. (b)		2,654,678
	30,387	Minerals Technologies Inc.		2,034,410
				18,917,708
		Commercial Banks  4.5%
	154,017	Cathay General Bancorp		4,079,910
	151,925	First Midwest Bancorp, Inc.		4,648,905
	280,009	Sterling Bancshares, Inc.		3,124,901
	85,212	United Bankshares, Inc.		2,387,640
	99,854	Westamerica Bancorporation		4,448,496
				18,689,852

The accompanying notes are an integral part of these financial statements.

page 57

Frontegra IronBridge Small Cap Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Number of Shares			Value
		COMMON STOCKS  95.1% (continued)
		Commercial Services & Supplies  3.1%
	147,456	Mobile Mini, Inc. (a)	$	2,733,834
	23,953	Strayer Education, Inc.		4,085,903
	93,245	TeleTech Holdings, Inc. (a)		1,983,321
	93,179	Watson Wyatt Worldwide Inc. - Class A		4,324,438
				13,127,496
		Communications Equipment  3.1%
	200,458	Polycom, Inc. (a)		5,568,723
	211,791	Tekelec (a)		2,647,388
	133,958	ViaSat, Inc. (a)		4,612,174
				12,828,285
		Computer Programming Services  0.4%
	112,495	Perficient, Inc. (a)		1,770,671
		Computers & Peripherals  0.4%
	39,404	Synaptics Inc. (a)		1,621,869
		Consumer Finance  0.4%
	112,535	First Cash Financial Services, Inc. (a)		1,652,014
		Electric Utilities  1.2%
	111,440	Black Hills Corp.		4,914,504
		Electrical Equipment  3.7%
	124,812	American Superconductor Corp. (a)		3,412,360
	98,795	Thomas & Betts Corp. (a)		4,844,907
	109,645	Woodward Governor Co.		7,450,378
				15,707,645
		Electronic Equipment & Instruments  5.1%
	130,148	Flir Systems, Inc. (a)		4,073,632
	128,717	National Instruments Corp.		4,290,138
	94,460	Rofin-Sinar Technologies, Inc. (a)		4,544,471
	181,081	Trimble Navigation Ltd. (a)		5,475,889
	167,852	Veeco Instruments, Inc. (a)		2,803,128
				21,187,258

The accompanying notes are an integral part of these financial statements.

page 58

Frontegra IronBridge Small Cap Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Number of Shares			Value
		COMMON STOCKS  95.1% (continued)
		Energy Equipment & Services  5.7%
	115,044	FMC Technologies, Inc. (a)	$	6,522,995
	46,641	Lufkin Industries, Inc.		2,672,063
	87,893	Matrix Service Co. (a)		1,917,825
	84,558	Oceaneering International, Inc. (a)		5,694,981
	111,990	Oil States International, Inc. (a)		3,821,099
	67,885	Unit Corp. (a)		3,139,681
				23,768,644
		Food Products  1.7%
	139,913	Corn Products International, Inc.		5,141,803
	73,610	Peet’s Coffee & Tea, Inc. (a)		2,139,842
				7,281,645
		Gas Utilities  2.0%
	116,892	AGL Resources, Inc.		4,399,815
	129,488	Southern Union Co.		3,801,768
				8,201,583
		Health Care Equipment & Supplies  8.0%
	230,919	ABIOMED, Inc. (a)		3,588,481
	34,678	Analogic Corp.		2,348,394
	19,400	ArthroCare Corp. (a)		932,170
	36,014	Hansen Medical, Inc. (a)		1,078,259
	62,844	IDEXX Laboratories, Inc. (a)		3,684,544
	60,362	Illumina, Inc. (a)		3,577,052
	92,109	Respironics, Inc. (a)		6,031,297
	113,026	SonoSite, Inc. (a)		3,805,586
	149,951	Thoratec Corp. (a)		2,727,609
	87,817	Varian, Inc. (a)		5,734,450
				33,507,842
		Health Care Providers & Services  4.4%
	70,313	Allscripts Healthcare Solutions, Inc. (a)		1,365,478
	161,067	Cerner Corp. (a)		9,084,179
	83,686	Owens & Minor, Inc.		3,550,797
	197,679	Phase Forward, Inc. (a)		4,299,518
				18,299,972
		Hotels, Restaurants & Leisure  0.8%
	223,898	California Pizza Kitchen, Inc. (a)		3,486,092

The accompanying notes are an integral part of these financial statements.

page 59

Frontegra IronBridge Small Cap Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Number of Shares			Value
		COMMON STOCKS  95.1% (continued)
		Household Durables  3.3%
	83,564	AptarGroup, Inc.	$	3,418,603
	139,040	iRobot Corp. (a)		2,513,843
	25,628	Snap-on Inc.		1,236,295
	131,440	Tupperware Brands Corp.		4,341,463
	74,406	Universal Electronics Inc. (a)		2,488,137
				13,998,341
		Industrial Conglomerates  1.6%
	11,230	Alleghany Corp. (a)		4,514,460
	54,791	Raven Industries, Inc.		2,103,426
				6,617,886
		Insurance  3.3%
	155,219	American Financial Group, Inc.		4,482,725
	72,836	Argo Group International Holdings, Ltd. (a)(b)		3,068,581
	85,035	FBL Financial Group, Inc. - Class A		2,936,259
	80,453	Selective Insurance Group, Inc.		1,849,614
	49,916	Stewart Information Services Corp.		1,302,308
				13,639,487
		Leisure Equipment & Products  1.9%
	316,478	Callaway Golf Co.		5,516,211
	335,689	Leapfrog Enterprises, Inc. (a)		2,259,187
				7,775,398
		Machinery  4.8%
	104,803	Astec Industries, Inc. (a)		3,897,624
	115,534	IDEX Corp.		4,174,243
	86,526	Kaydon Corp.		4,719,128
	103,896	Lincoln Electric Holdings, Inc.		7,395,317
				20,186,312
		Marine  1.1%
	88,212	Alexander & Baldwin, Inc.		4,557,032
		Metals & Mining  1.0%
	60,572	RTI International Metals, Inc. (a)		4,175,228
		Multi-Utilities & Unregulated Power  1.5%
	296,203	Avista Corp.		6,380,213

The accompanying notes are an integral part of these financial statements.

page 60

Frontegra IronBridge Small Cap Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Number of Shares			Value
		COMMON STOCKS  95.1% (continued)
		Oil & Gas  1.2%
	127,252	Cabot Oil & Gas Corp.	$	5,137,163
		Real Estate  4.8%
	393,179	Annaly Mortgage Management, Inc.		7,147,994
	169,246	Corporate Office Properties Trust		5,331,249
	82,420	First Industrial Realty Trust, Inc.		2,851,732
	117,004	Mid-America Apartment Communities, Inc.		5,001,921
				20,332,896
		Semiconductor & Semiconductor Equipment  2.9%
	122,668	Cohu, Inc.		1,876,820
	157,853	Cypress Semiconductor Corp. (a)		5,687,444
	125,621	Varian Semiconductor Equipment Associates, Inc. (a)		4,647,977
				12,212,241
		Software  2.3%
	82,174	Jack Henry & Associates, Inc.		2,000,115
	120,829	Manhattan Associates, Inc. (a)		3,185,052
	255,677	Parametric Technology Corp. (a)		4,563,835
				9,749,002
		Specialty Retail  2.4%
	171,278	Men’s Wearhouse, Inc.		4,621,081
	78,938	Stage Stores, Inc.		1,168,282
	117,593	Tractor Supply Co. (a)		4,226,292
				10,015,655
		Textiles, Apparel & Luxury Goods  2.7%
	93,176	Oxford Industries, Inc.		2,401,146
	357,647	Wolverine World Wide, Inc.		8,769,504
				11,170,650
		Total Common Stocks
		(Cost $332,565,951)		398,247,894

The accompanying notes are an integral part of these financial statements.

page 61

Frontegra IronBridge Small Cap Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Principal Amount			Value
		SHORT-TERM INVESTMENTS  4.7%
		US Government Agency Issue (c) 3.7%
$	15,727,000	Federal Home Loan Bank Discount Note, 1.460%, 01/02/2008	$	15,725,724
		Variable Rate Demand Note (d) 1.0%
	4,149,708	U.S. Bank Demand Note, 4.605%, 12/31/2031		4,149,708
		Total Short-Term Investments
		(Cost $19,875,432)		19,875,432
		Total Investments  99.8%
		(Cost $352,441,383)		418,123,326
		Other Assets in Excess of Liabilities  0.2%		801,960
		TOTAL NET ASSETS  100.0%	$	418,925,286

(a)	Non-Income Producing.
(b)	U.S.-dollar denominated security of foreign issuer.
(c)	The obligations of certain U.S. Government-sponsored entities are neither issued nor guaranteed by the United States Treasury.
(d)	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 December 31, 2007.

The accompanying notes are an integral part of these financial statements.

page 62

Frontegra IronBridge Small Cap Fund

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007 (Unaudited)

Assets:
Investments at value (cost $352,441,383)	$	418,123,326
Cash		421,722
Interest and dividend receivable		554,574
Receivable for investments sold		1,221,832
Receivable for Fund shares sold		313,724
Other assets		16,506
Total assets		420,651,684
Liabilities:
Payable for investments purchased		1,232,567
Payable for Fund shares purchased		73,204
Accrued investment advisory fee		356,965
Accrued expenses		63,662
Total liabilities		1,726,398
Net Assets	$	418,925,286
Net Assets Consist of:
Paid in capital	$	349,565,169
Undistributed net investment income		9,266
Undistributed net realized gain		3,668,908
Net unrealized appreciation on investments		65,681,943
Net Assets	$	418,925,286
Capital Stock, $0.01 Par Value
Authorized		50,000,000
Issued and outstanding		23,584,559
Net Asset Value, Redemption Price and Offering Price Per Share	$	17.76

The accompanying notes are an integral part of these financial statements.

page 63

Frontegra IronBridge Small Cap Fund

STATEMENT OF OPERATIONS

	Six Months Ended
	December 31, 2007
	(Unaudited)
Investment Income:
Dividends(1)	$	2,088,949
Interest		379,434
		2,468,383
Expenses:
Investment advisory fees (Note 3)		2,177,716
Fund administration and accounting fees		64,725
Custody fees		17,444
Federal and state registration fees		16,893
Audit fees		15,699
Legal fees		10,312
Shareholder servicing fees		9,493
Reports to shareholders		5,856
Directors’ fees and related expenses		3,741
Compliance support expenses		3,517
Other		5,237
Total expenses before recapture		2,330,633
Expenses recaptured by Adviser (Note 3)		32,371
Total expenses		2,363,004
Net Investment Income		105,379
Realized and Unrealized
Gain (Loss) on Investments:
Net realized gain on investments		30,026,373
Change in net unrealized appreciation/depreciation on investments		(38,726,111	)
Net Realized and Unrealized
Loss on Investments		(8,699,738	)
Net Decrease in Net Assets
Resulting from Operations	$	(8,594,359	)

(1) Net of $4,040 in foreign witholding taxes.

The accompanying notes are an integral part of these financial statements.

page 64

Frontegra IronBridge Small Cap Fund

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	December 31, 2007			Year Ended
	(Unaudited)			June 30, 2007
Operations:
Net investment income (loss)	$	105,379		$	(307,757	)
Net realized gain on investments		30,026,373			26,990,992
Change in net unrealized
appreciation/depreciation on investments		(38,726,111	)		53,525,309
Net increase (decrease) in net assets
resulting from operations		(8,594,359	)		80,208,544
Distributions
Paid From:
Net investment income		(96,113	)		(409,379	)
Net realized gain on investments		(45,487,193	)		(34,371,912	)
Net decrease in net assets resulting
from distributions paid		(45,583,306	)		(34,781,291	)
Capital Share
Transactions:
Shares sold		17,086,828			35,281,886
Shares issued to holders in
reinvestment of distributions		43,952,221			33,624,374
Shares redeemed		(20,339,063	)		(86,149,770	)
Net increase (decrease) in net assets resulting
from capital share transactions		40,699,986			(17,243,510	)
Total Increase (Decrease) in Net Assets		(13,477,679	)		28,183,743
Net Assets:
Beginning of period		432,402,965			404,219,222
End of period
(includes undistributed net investment income
of $9,266 and $0 respectively)	$	418,925,286		$	432,402,965

The accompanying notes are an integral part of these financial statements.

page 65

Frontegra IronBridge Small Cap Fund

FINANCIAL HIGHLIGHTS

	Six Months
	Ended			Year			Year			Year			Year			Period
	December 31,			Ended			Ended			Ended			Ended			Ended
	2007			June 30,			June 30,			June 30,			June 30,			June 30,
	(Unaudited)			2007			2006			2005			2004			2003(1)(6)
Net Asset Value,
Beginning of Period	$	20.35		$	18.25		$	16.14		$	15.83		$	13.04		$	10.00
Income (Loss)
from Investment
Operations:
Net investment income (loss)		0.00	(5)		(0.00	)		0.03			(0.03	)		(0.04	)		—	(5)
Net realized and unrealized
gain (loss) on investments		(0.42	)		3.82			2.25			1.38			3.17			3.04
Total Income (Loss) from
Investment Operations		(0.42	)		3.82			2.28			1.35			3.13			3.04
Less Distributions
Paid:
From net investment income		(0.00	)(5)		(0.02	)		—			—			—			—
From net realized gain on investments		(2.17	)		(1.70	)		(0.17	)		(1.04	)		(0.34	)		—
Total Distributions Paid		(2.17	)		(1.72	)		(0.17	)		(1.04	)		(0.34	)		—
Net Asset Value, End of Period	$	17.76		$	20.35		$	18.25		$	16.14		$	15.83		$	13.04
Total Return(2)		(2.04	)%		22.11	%		14.20	%		8.47	%		24.25	%		30.40	%
Supplemental Data
and Ratios:
Net assets, end of period
(in thousands)	$	418,925		$	432,403		$	404,219		$	319,081		$	144,988		$	54,074
Ratio of expenses to
average net assets(3)(4)		1.08	%		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%
Ratio of net investment income (loss)
to average net assets(3)(4)		0.15	%		(0.08	)%		0.15	%		(0.27	)%		(0.29	)%		(0.07	)%
Portfolio turnover rate(2)		27	%		34	%		60	%		56	%		94	%		28	%

(1)	Commenced operations on August 30, 2002.
(2)	Not annualized for periods less than a full year.
(3)	Net of waivers, reimbursements and expense recapture by Adviser.  Without expense recapture, the ratio of expenses to average net assets would have been 1.07%, 1.07% and 1.08% and the ratio of net investment income (loss) to average net assets would have been 0.16%, (0.05)% and 0.17% for the periods ended December 31, 2007, June 30, 2007 and June 30, 2006, respectively. Without waivers and reimbursements of expenses, the ratio of expenses to average net assets would have been 1.11%, 1.21% and 2.15% and the ratio of net investment loss to average net assets would have been (0.28)%, (0.40)% and (1.12)% for the periods ended June 30, 2005, June 30, 2004, and June 30, 2003, respectively.
(4)	Annualized for periods less than a full year.
(5)	Less than one cent per share.
(6)	Formerly the Frontegra Horizon Fund for the period ended June 30, 2003.

The accompanying notes are an integral part of these financial statements.

page 66

INVESTMENT HIGHLIGHTS

Growth of a $100,000 Investment (Unaudited)

*   12/31/04 commencement of operations.

Portfolio Total Return**
FOR THE PERIOD ENDED 12/31/07
SIX MONTHS	(3.28)%
ONE YEAR	10.53%
THREE YEAR
AVERAGE ANNUAL	9.49%
SINCE COMMENCEMENT
AVERAGE ANNUAL	9.49%

This chart assumes an initial gross investment of $100,000 made on 12/31/04 (commencement of operations). Returns shown include the reinvestment of all distributions. Past performance is not predictive of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. In the absence of existing fee waivers, total return would be reduced.  To receive current to the most recent month-end performance, please call 1-888-825-2100.

The Russell 2500 Index measures the performance of the 2,500 smallest companies in the Russell 3000 Index.  The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization.  The Index does not reflect investment management fees, brokerage commissions and other expenses associated with investing in equity securities.  A direct investment in the index is not possible.

** The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

page 67

Frontegra IronBridge SMID Fund

SCHEDULE OF INVESTMENTS

December 31, 2007 (Unaudited)

Number of Shares			Value
		COMMON STOCKS  97.8%
		Aerospace & Defense  4.2%
	25,589	BE Aerospace, Inc. (a)	$	1,353,658
	27,054	Goodrich Corp.		1,910,283
	54,568	Moog Inc. - Class A (a)		2,499,760
	43,671	Teledyne Technologies, Inc. (a)		2,328,975
				8,092,676
		Auto Components  1.3%
	142,806	Gentex Corp.		2,537,663
		Biotechnology  4.7%
	40,859	Affymetrix, Inc. (a)		945,477
	25,530	Cephalon, Inc. (a)		1,832,033
	71,645	Cepheid, Inc. (a)		1,887,846
	47,787	Isis Pharmaceuticals, Inc. (a)		752,645
	119,657	Millennium Pharmaceuticals, Inc. (a)		1,792,462
	28,010	Techne Corp. (a)		1,850,060
				9,060,523
		Capital Markets  2.6%
	18,850	Affiliated Managers Group, Inc. (a)		2,214,121
	122,867	Jefferies Group, Inc.		2,832,084
				5,046,205
		Chemicals  7.3%
	50,141	Airgas, Inc.		2,612,848
	56,402	FMC Corp.		3,076,729
	73,240	Huntsman Corp.		1,882,268
	42,751	Lubrizol Corp.		2,315,394
	49,823	Methanex Corp. (b)		1,375,115
	53,090	Sigma-Aldrich Corp.		2,898,714
				14,161,068
		Commercial Banks  1.8%
	68,420	Cullen/Frost Bankers, Inc.		3,466,157
		Commercial Services & Supplies  1.5%
	41,779	TeleTech Holdings, Inc. (a)		888,640
	41,730	Watson Wyatt Worldwide Inc. - Class A		1,936,689
				2,825,329

The accompanying notes are an integral part of these financial statements.

page 68

Frontegra IronBridge SMID Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Number of Shares			Value
		COMMON STOCKS  97.8% (continued)
		Communications Equipment  3.4%
	42,729	Belden Inc.	$	1,901,441
	64,528	Polycom, Inc. (a)		1,792,588
	84,759	ViaSat, Inc. (a)		2,918,252
				6,612,281
		Computers & Peripherals  0.5%
	25,426	Synaptics Inc. (a)		1,046,534
		Construction & Engineering  0.7%
	50,893	Quanta Services, Inc. (a)		1,335,432
		Distributors  1.6%
	67,660	Genuine Parts Co.		3,132,658
		Electric Utilities  2.7%
	30,855	Allegheny Energy, Inc. (a)		1,962,687
	67,023	Wisconsin Energy Corp.		3,264,690
				5,227,377
		Electrical Equipment  2.5%
	37,896	American Superconductor Corp. (a)		1,036,077
	58,065	AMETEK, Inc.		2,719,764
	15,530	Roper Industries, Inc.		971,246
				4,727,087
		Electronic Equipment & Instruments  3.3%
	35,588	Amphenol Corp. - Class A		1,650,216
	63,426	National Instruments Corp.		2,113,989
	88,356	Trimble Navigation Ltd. (a)		2,671,885
				6,436,090
		Energy Equipment & Services  2.3%
	35,230	ENSCO International Inc.		2,100,413
	14,080	FMC Technologies, Inc. (a)		798,336
	21,410	Oceaneering International, Inc. (a)		1,441,963
				4,340,712
		Food & Staples Retailing  0.8%
	41,100	Supervalu, Inc.		1,542,072

The accompanying notes are an integral part of these financial statements.

page 69

Frontegra IronBridge SMID Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Number of Shares			Value
		COMMON STOCKS  97.8% (continued)
		Food Products  3.3%
	79,417	Corn Products International, Inc.	$	2,918,575
	59,652	Hormel Foods Corp.		2,414,713
	26,505	McCormick & Co., Inc.		1,004,804
				6,338,092
		Gas Utilities  1.7%
	59,936	Questar Corp.		3,242,538
		Health Care Equipment & Supplies  5.3%
	12,690	ArthroCare Corp. (a)		609,754
	15,490	Gen-Probe Inc. (a)		974,786
	24,785	Hansen Medical, Inc. (a)		742,063
	24,900	IDEXX Laboratories, Inc. (a)		1,459,887
	18,130	Illumina, Inc. (a)		1,074,384
	65,633	PerkinElmer, Inc.		1,707,771
	30,251	Respironics, Inc. (a)		1,980,835
	94,368	Thoratec Corp. (a)		1,716,554
				10,266,034
		Health Care Providers & Services  3.4%
	60,528	Cerner Corp. (a)		3,413,779
	38,370	Owens & Minor, Inc.		1,628,039
	71,952	Phase Forward Inc. (a)		1,564,956
				6,606,774
		Hotels, Restaurants & Leisure  1.1%
	58,560	WMS Industries Inc. (a)		2,145,638
		Household Durables  5.2%
	52,754	AptarGroup, Inc.		2,158,166
	35,890	Harman International Industries, Inc.		2,645,452
	54,714	Snap-on Inc.		2,639,404
	79,106	Tupperware Brands Corp.		2,612,871
				10,055,893
		Industrial Conglomerates  1.1%
	5,286	Alleghany Corp. (a)		2,124,972

The accompanying notes are an integral part of these financial statements.

page 70

Frontegra IronBridge SMID Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Number of Shares			Value
		COMMON STOCKS  97.8% (continued)
		Insurance  2.9%
	108,669	American Financial Group, Inc.	$	3,138,361
	44,487	SAFECO Corp.		2,477,036
				5,615,397
		Machinery  3.6%
	52,660	Kennametal Inc.		1,993,708
	40,980	Lincoln Electric Holdings, Inc.		2,916,956
	50,598	Pall Corp.		2,040,111
				6,950,775
		Marine  1.5%
	56,639	Alexander & Baldwin, Inc.		2,925,971
		Metals & Mining  2.2%
	59,440	Arch Coal, Inc.		2,670,639
	23,172	RTI International Metals, Inc. (a)		1,597,246
				4,267,885
		Multi-Utilities & Unregulated Power  1.4%
	98,780	MDU Resources Group, Inc.		2,727,316
		Oil & Gas  1.2%
	56,130	Cabot Oil & Gas Corp.		2,265,968
		Paper & Forest Products  1.6%
	63,507	Rayonier Inc.		3,000,071
		Pharmaceuticals  1.4%
	49,370	Barr Pharmaceuticals Inc. (a)		2,621,547
		Real Estate  5.7%
	169,809	Annaly Mortgage Management, Inc.		3,087,128
	59,435	Corporate Office Properties Trust		1,872,202
	58,339	Forest City Enterprises, Inc. - Class A		2,592,585
	95,260	The St. Joe Co.		3,382,683
				10,934,598

The accompanying notes are an integral part of these financial statements.

page 71

Frontegra IronBridge SMID Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Number of Shares			Value
		COMMON STOCKS  97.8% (continued)
		Semiconductor & Semiconductor Equipment  1.4%
	33,853	Cypress Semiconductor Corp. (a)	$	1,219,724
	40,351	Varian Semiconductor Equipment Associates, Inc. (a)		1,492,987
				2,712,711
		Software  4.9%
	196,805	Cadence Design Systems, Inc. (a)		3,347,653
	42,241	Citrix Systems, Inc. (a)		1,605,580
	75,909	Manhattan Associates, Inc. (a)		2,000,961
	137,903	Parametric Technology Corp. (a)		2,461,569
				9,415,763
		Specialty Retail  3.0%
	52,634	Men’s Wearhouse, Inc.		1,420,065
	100,093	O’Reilly Automotive, Inc. (a)		3,246,016
	32,440	Tractor Supply Co. (a)		1,165,894
				5,831,975
		Textiles, Apparel & Luxury Goods  1.3%
	100,575	Wolverine World Wide, Inc.		2,466,099
		Thrifts & Mortgage Finance  1.0%
	95,630	Washington Federal, Inc.		2,018,749
		Trading Companies & Distributors  1.0%
	22,320	W.W. Grainger, Inc.		1,953,446
		Water Utilities  1.4%
	124,625	Aqua America, Inc.		2,642,050
		Total Common Stocks
		(Cost $176,700,106)		188,720,126

The accompanying notes are an integral part of these financial statements.

page 72

Frontegra IronBridge SMID Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Principal Amount			Value
		SHORT-TERM INVESTMENT  0.5%
		Variable Rate Demand Note (c)  0.5%
$	877,278	U.S. Bank, N.A., 4.605%, 12/31/2031	$	877,278
		Total Short-Term Investment
		(Cost $877,278)		877,278
		Total Investments  98.3%
		(Cost $177,577,384)		189,597,404
		Other Assets in Excess of Liabilities  1.7%		3,371,073
		TOTAL NET ASSETS  100.0%	$	192,968,477

(a)	Non-Income Producing.
(b)	U.S.-dollar denominated security of foreign issuer.
(c)	Variable rate demand notes are considered short-term obligations and are payable upon demand.  Interest rates change periodically on specified dates.  The rates listed are as of December 31, 2007.

The accompanying notes are an integral part of these financial statements.

page 73

Frontegra IronBridge SMID Fund

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007 (Unaudited)

Assets:
Investments at value (cost $177,577,384)	$	189,597,404
Cash		13,055
Interest and dividend receivable		201,653
Receivable for investments sold		4,471,038
Other assets		19,158
Total assets		194,302,308
Liabilities:
Payable for investments purchased		999,334
Payable for Fund shares purchased		149,017
Accrued investment advisory fee		138,189
Accrued expenses		47,291
Total liabilities		1,333,831
Net Assets	$	192,968,477
Net Assets Consist of:
Paid in capital	$	179,006,172
Accumulated net realized gain		1,942,285
Net unrealized appreciation on investments		12,020,020
Net Assets	$	192,968,477
Capital Stock, $0.01 Par Value
Authorized		50,000,000
Issued and outstanding		16,435,672
Net Asset Value, Redemption Price and Offering Price Per Share	$	11.74

The accompanying notes are an integral part of these financial statements.

page 74

Frontegra IronBridge SMID Fund

STATEMENT OF OPERATIONS

	Six Months Ended
	December 31, 2007
	(Unaudited)
Investment Income:
Dividends(1)	$	876,501
Interest		182,978
		1,059,479
Expenses:
Investment advisory fees (Note 3)		825,597
Fund administration and accounting fees		33,968
Audit fees		18,489
Federal and state registration fees		14,482
Legal fees		12,120
Custody fees		8,868
Shareholder servicing fees		6,616
Directors’ fees and related expenses		3,790
Reports to shareholders		3,564
Compliance support expenses		3,517
Other		2,162
Total expenses before waiver		933,173
Waiver of expenses by Adviser (Note 3)		(10,447	)
Net expenses		922,726
Net Investment Income		136,753
Realized and Unrealized
Gain (Loss) on Investments:
Net realized gain on investments		11,402,030
Change in net unrealized
appreciation/depreciation on investments		(18,115,392	)
Net Realized and Unrealized
Loss on Investments		(6,713,362	)
Net Decrease in Net Assets
Resulting from Operations	$	(6,576,609	)

(1) Net of $1,803 in foreign witholding taxes.

The accompanying notes are an integral part of these financial statements.

page 75

Frontegra IronBridge SMID Fund

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	December 31, 2007			Year Ended
	(Unaudited)			June 30, 2007
Operations:
Net investment income	$	136,753		$	173,395
Net realized gain on investments		11,402,030			8,354,738
Change in net unrealized
appreciation/depreciation on investments		(18,115,392	)		27,486,376
Net increase (decrease) in net assets
resulting from operations		(6,576,609	)		36,014,509
Distributions
Paid From:
Net investment income		(329,765	)		(64,902	)
Net realized gain on investments		(17,799,376	)		(2,103,711	)
Net decrease in net assets resulting
from distributions paid		(18,129,141	)		(2,168,613	)
Capital Share
Transactions:
Shares sold		20,208,388			56,990,350
Shares issued to holders in
reinvestment of distributions		16,459,234			1,884,048
Shares redeemed		(12,417,560	)		(32,354,509	)
Net increase in net assets resulting
from capital share transactions		24,250,062			26,519,889
Total Increase (Decrease) in Net Assets		(455,688	)		60,365,785
Net Assets:
Beginning of period		193,424,165			133,058,380
End of period
(includes undistributed net investment income
of $0 and $186,635, respectively)	$	192,968,477		$	193,424,165

The accompanying notes are an integral part of these financial statements.

page 76

Frontegra IronBridge SMID Fund

FINANCIAL HIGHLIGHTS

	Six Months
	Ended			Year			Year			Period
	December 31,			Ended			Ended			Ended
	2007			June 30,			June 30,			June 30,
	(Unaudited)			2007			2006			2005(1)
Net Asset Value,
Beginning of Period	$	13.36		$	11.07		$	10.00		$	10.00
Income (Loss)
from Investment
Operations:
Net investment income		0.01			0.01			0.06	(5)		0.04	(5)
Net realized and unrealized
gain (loss) on investments		(0.46	)		2.43			1.04			(0.04	)
Total Income (Loss) from
Investment Operations		(0.45	)		2.44			1.10			0.00
Less Distributions
Paid:
From net investment income		(0.02	)		—	(6)		(0.03	)		—
From net realized gain on investments		(1.15	)		(0.15	)		—			—
Total Distributions Paid		(1.17	)		(0.15	)		(0.03	)		—
Net Asset Value, End of Period	$	11.74		$	13.36		$	11.07		$	10.00
Total Return(2)		(3.28	)%		22.25	%		11.02	%		0.00	%
Supplemental Data
and Ratios:
Net assets, end of period
(in thousands)	$	192,968		$	193,424		$	133,058		$	41,638
Ratio of expenses to
average net assets(3)(4)		0.95	%		0.95	%		0.95	%		0.95	%
Ratio of net investment income to
average net assets(3)(4)		0.22	%		0.10	%		0.28	%		0.89	%
Portfolio turnover rate(2)		47	%		71	%		91	%		44	%

(1)	Commenced operations on December 31, 2004.
(2)	Not annualized for periods less than a full year.
(3)	Net of waivers and reimbursements by Adviser.  Without waivers and reimbursements of expenses, the ratio of expenses to average net assets would have been 0.96%, 0.98%, 1.08% and 1.49% and the ratio of net investment income to average net assets would have been 0.21%, 0.07%, 0.15% and 0.35% for the periods ended December 31, 2007, June 30, 2007, June 30, 2006 and June 30, 2005, respectively.
(4)	Annualized for periods less than a full year.
(5)	Per share net investment income has been calculated using the daily average share method.
(6)	Less than one cent per share.

The accompanying notes are an integral part of these financial statements.

page 77

FRONTEGRA

NEW STAR INTERNATIONAL

EQUITY FUND

REPORT FROM NEW STAR

INSTITUTIONAL MANAGERS LIMITED:

Dear Shareholders:

The Frontegra New Star International Equity Fund strives to achieve capital appreciation by investing in a diversified portfolio of securities of large- and mid-cap companies located outside the United States.  The objective is relative to and measured against the Morgan Stanley EAFE Index.

Performance Review

The Frontegra New Star International Equity Fund returned 0.85%, net of fees, for the six month period ending December 31, 2007.  The funds return outperformed the 0.51% return of its benchmark, the MSCI EAFE Index.

Executive Summary

Large cap. international equities showed only modest falls in the face of the credit crisis for the second consecutive quarter.  Losses for U.S. investors were mitigated further by weakness of the US$.  Excess liquidity in financial markets is high, whether we look at broad money growth, or the actions of central banks to pump cash into the interbank markets over the year end.

The last time central banks were so generous occurred over Y2K, leading to the TMT blow off top.  We do not view it as merely a coincidence that the current speculation of choice, commodities, are roaring up in price while other cyclical sectors and indicators are rolling over.

Whether oil and gold prices meet the same fate as internet start-ups depends, for us, on whether the central banks withdraw their liquidity provision in the New Year, as in 2000.  In which case, the worse the position of the commercial banks and the more help they are perceived to need, the better for commodities and US$linked emerging markets.

Our perception is that banks are in need of plenty of help.  The securitised debt markets are hardly functioning, and that is the case for a wide range of credit sectors, not just US sub-prime residential.  The best hope for a resolution of this situation is for sovereign wealth funds to start buying securitised debt as well as US investment bank equity; but no one wants to be first.

We believe that 2007Q3 was a peak for corporate profits in general and for financials in particular.  What sort of decline comes next depends on the extent and efficacy of the ease in monetary policy.  A modest fall in profitability, such as experienced in 1998/9, would not be harmful to equities; a 2001/02 experience would be more painful.

Pressure on the US dollar remains.  Any further easing by the Federal Reserve is not going to be matched by the Europeans, at least not in the short term.  A valuation case can increasingly be made but that looks likely in the second half of 2008 at best.

Portfolio Outlook and Strategy

International equities fell 3.3% in local currency terms, mitigated by further US$weakness to -2.0% for US investors; another resilient performance given the freeze in securitised debt markets.

Large cap equities have derived support from the very easy liquidity conditions in financial markets, as monetary authorities try to buy time for the banking sector to sort out their mess.  The US$500bn

page 79

injection into short term interbank markets by the ECB at the year end is the most spectacular example of this.  Longer term support is also forthcoming from sovereign wealth funds providing fresh equity, on very favourable terms, into global investment banks.

The major equity indices also been helped by modest headline valuations, based on current high profitability, and here is the key issue for 2008.  Will the coming fall in corporate profits be of the modest 1998/99 type, cushioned by effective easing of monetary policy; or are we facing a 1991/92 or 2001/02 fall of 20%+?  The answer will determine whether equities can trade sideways to up with sector rotation within that, or whether markets will face prolonged falls.

Evidence from activity indicators and corporate profit estimates favour a benign fall in profits, of perhaps 0-5%.  The vibrancy of emerging market growth is enough to offset slower sales in debt dependent Anglo Saxon markets.  Central banks are doing what they can to counteract the credit squeeze emanating from the commercial banking seizure.  But it is the withdrawal of credit by the commercial banking system that poses the greatest risk to profits.

We have moved the portfolio further underweight the European commercial banks. U.S. sub-prime mortgage exposure is now well priced into the sector, but not the wider implications for the business of debt securitisation.  Bank managements have lost credibility after years of assuring investors that risk from the credit bubble they created had been passed out of the banking system.  The hard facts are that the risk has reverted back onto their balance sheets and they did not see it coming.  We continue to favour Asian financials and property in particular, as these businesses benefit from the ease of US monetary policy, transmitted through their exchange rate pegs to the US$.

Energy is an overweight position as profitability in the oil majors stays at super-high levels and earnings upgrades have reappeared in the UK and Europe.  IT is over-represented and we believe that the stocks we have in this idiosyncratic sector have good prospects.  Media is another long held overweight, concentrated on the publishing franchises rather than the advertising reliant stocks.  Pharmaceuticals remain at modestly overweight.

Utilities do not show well on our ROIC analysis and do not often feature on the portfolio.  Consumer staples are also underweighted as valuations are not attractive for the returns achieved and their flat earnings revisions profiles.

The cyclical combination of industrials and materials are represented at par weight as strength from emerging market demand counteracts possible falls elsewhere.  The international miners are maintaining very high profit levels and now have the added spice of takeover activity.  Telecoms are also up to level weight, reflecting good earnings upgrades in a number of territories.

Geographically, Asia and emerging markets are favoured over the UK and Japan.  The Tokyo equity market has once again disappointed investors with a lacklustre performance.  The lack of Japanese monetary growth restrains us from further investment in a market where we can find a number of attractive situations.

Richard Lewis

New Star Institutional Managers Limited

page 80

INVESTMENT HIGHLIGHTS

Growth of a $100,000 Investment (Unaudited)

*   1/08/04 commencement of operations.

Portfolio Total Return**
FOR THE PERIOD ENDED 12/31/07
SIX MONTHS	0.85%
ONE YEAR	14.34%
THREE YEAR	15.03%
SINCE COMMENCEMENT
AVERAGE ANNUAL	14.29%

This chart assumes an initial gross investment of $100,000 made on 1/08/04 (commencement of operations). Returns shown include the reinvestment of all distributions. Past performance is not predictive of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. In the absence of existing fee waivers, total return would be reduced.  To receive current to the most recent month-end performance, please call 1-888-825-2100.

The Morgan Stanley Capital International EAFE Index measures the overall performance of stock markets in 21 countries within Europe, Australasia and the Far East.  The Index does not reflect investment management fees, brokerage commissions and other expenses associated with investing in equity securities.  A direct investment in the index is not possible.

** The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

page 81

Frontegra New Star International Equity Fund

SCHEDULE OF INVESTMENTS

December 31, 2007 (Unaudited)

Number of Shares			Value
		COMMON STOCKS  97.3%
		Australia  7.1%
	1,024,261	Axa Asia Pacific Holdings Ltd.	$	6,637,205
	244,725	Orica Ltd.		6,822,449
	262,800	QBE Insurance Group Ltd.		7,693,238
	149,436	Rio Tinto Ltd.		17,575,843
	320,369	Santos Ltd.		3,971,946
	132,014	Woodside Petroleum Ltd.		5,840,938
				48,541,619
		Belgium  1.2%
	92,200	Delhaize Group		8,115,034
		Finland  2.8%
	156,900	Fortum Oyj		7,067,692
	305,200	Nokia Oyj		11,833,712
				18,901,404
		France  15.8%
	52,000	Alstom		11,175,929
	104,800	Arcelor Mittal		8,149,936
	63,311	Bouygues SA		5,276,148
	83,209	Carrefour SA		6,483,044
	77,754	Compagnie Generale des Etablissements Michelin - Class B		8,923,913
	60,734	LVMH Moet Hennessy Louis Vuitton SA		7,341,677
	52,649	PPR		8,467,316
	176,066	Publicis Groupe		6,893,647
	87,100	Sanofi-Aventis		8,020,173
	105,180	Technip SA		8,380,938
	160,676	Total SA		13,350,318
	18,800	Vallourec SA		5,089,141
	221,809	Vivendi		10,176,421
				107,728,601
		Germany  8.6%
	38,100	Allianz AG		8,241,436
	161,600	Arcandor (a)		3,836,987
	82,900	DaimlerChrysler AG		8,060,076
	56,100	Deutsche Bank AG		7,332,690
	175,055	Deutsche Telekom AG		3,844,213
	51,777	E.ON AG		11,021,263

The accompanying notes are an integral part of these financial statements.

page 82

Frontegra New Star International Equity Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Number of Shares			Value
		COMMON STOCKS  97.3% (continued)
		Germany  8.6% (continued)
	133,681	Gea Group AG (a)	$	4,651,677
	53,300	Siemens AG		8,483,176
	118,317	Symrise AG (a)		3,335,164
				58,806,682
		Greece  1.2%
	219,212	Alpha Bank A.E.		7,980,436
		Hong Kong  6.0%
	872,000	The Bank of East Asia, Ltd.		5,966,245
	373,000	Cheung Kong (Holdings) Ltd.		6,898,017
	290,000	China Mobile Ltd.		5,128,761
	36,964	China Mobile (Hong Kong) Ltd. - ADR		3,211,063
	1,600,000	Hang Lung Properties Ltd.		7,243,440
	325,000	Sun Hung Kai Properties Ltd.		6,902,301
	885,000	Television Broadcasts Ltd.		5,317,446
				40,667,273
		Italy  2.1%
	229,381	Eni SPA		8,400,945
	749,199	UniCredito Italiano SPA		6,221,691
				14,622,636
		Japan  17.9%
	449,000	The Bank of Yokohama, Ltd.		3,151,018
	524	East Japan Railway Co.		4,324,648
	79,600	Fanuc Ltd.		7,752,298
	402,000	Fujitsu, Ltd.		2,709,627
	226,900	Hitachi Construction Machinery Co., Ltd.		6,804,055
	633	Inpex Holdings, Inc.		6,856,107
	418,000	Isetan Co. Ltd.		5,683,588
	202,000	Kao Corp.		6,075,460
	343,700	Mitsubishi Corp.		9,414,331
	512,000	Mitsubishi Tokyo Financial Group, Inc.		4,798,496
	338,000	Mitsui Fudosan Co., Ltd.		7,352,101
	96,900	Murata Manufacturing Co., Ltd.		5,620,660
	436,000	Nippon Electric Glass Co., Ltd.		7,126,492
	411,800	Nomura Holdings, Inc.		6,985,284
	128,800	Nomura Research Institute Ltd.		4,242,797

The accompanying notes are an integral part of these financial statements.

page 83

Frontegra New Star International Equity Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Number of Shares			Value
		COMMON STOCKS  97.3% (continued)
		Japan  17.9% (continued)
	630,000	Sekisui House, Ltd.	$	6,812,335
	120,900	Shin-Etsu Chemical Co., Ltd.		7,597,171
	1,249,000	Sumitomo Metal Industries, Ltd.		5,802,542
	179,700	Toyota Motor Corp.		9,715,687
	139,300	Yamaha Motor Co., Ltd.		3,372,927
				122,197,624
		Netherlands  3.4%
	252,675	ASML Holding NV (a)		8,001,726
	189,600	ING Groep NV		7,415,237
	232,505	Wolters Kluwer NV		7,641,728
				23,058,691
		Russia  1.7%
	88,658	LUKOIL - ADR		7,491,601
	434,777	VTB Bank OJSC - GDR (a)		4,434,725
				11,926,326
		Singapore  1.2%
	989,000	Capitaland Ltd.		4,307,916
	356,000	Great Eastern Holdings Ltd.
		(Acquired Multiple Dates, Cost $3,058,534) (b)		4,105,457
				8,413,373
		Spain  2.8%
	202,206	Indra Sistemas, SA		5,492,913
	415,400	Telefonica SA		13,495,019
				18,987,932
		Sweden  1.0%
	184,300	Skanska AB		3,478,865
	1,573,000	Telefonaktiebolaget LM Ericsson - Class B		3,694,476
				7,173,341
		Switzerland  7.2%
	181,400	Credit Suisse Group		10,911,399
	75,700	Holcim Ltd.		8,110,595
	198,598	Novartis AG		10,893,376
	63,000	Roche Holding AG		10,884,423
	28,938	Zurich Financial Services AG		8,498,772
				49,298,565

The accompanying notes are an integral part of these financial statements.

page 84

Frontegra New Star International Equity Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Number of Shares			Value
		COMMON STOCKS  97.3% (continued)
		Taiwan  0.6%
	389,437	Taiwan Semiconductor Manufacturing Co. Ltd. - ADR	$	3,878,793
		United Kingdom  16.7%
	445,800	Aviva plc		5,972,279
	716,000	BAE Systems plc		7,097,858
	499,282	Barclays plc		5,009,120
	590,394	BP plc		7,227,731
	567,000	British Sky Broadcasting Group plc		6,986,484
	332,900	easyJet plc (a)		4,065,494
	469,100	GlaxoSmithKline plc		11,943,206
	109,686	Johnson Matthey plc		4,107,002
	2,764,780	Legal & General Group plc		7,187,679
	408,495	National Grid plc		6,781,687
	83,521	Rio Tinto plc		8,839,899
	827,084	Rolls-Royce Group plc		8,989,328
	195,300	Royal Dutch Shell plc - Class A		8,206,830
	301,618	Scottish & Newcastle plc		4,451,982
	205,333	Smiths Group plc		4,140,503
	2,957,815	Vodafone Group plc		11,057,362
	131,864	Wolseley plc		1,947,669
				114,012,113
		Total Common Stocks
		(Cost $543,004,818)		664,310,443
		Total Investments  97.3%
		(Cost $543,004,818)		664,310,443
		Other Assets in Excess of Liabilities  2.7%		18,727,906
		TOTAL NET ASSETS  100.0%	$	683,038,349

(a)	Non-Income Producing.
(b)	Restricted Security.

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

The accompanying notes are an integral part of these financial statements.

page 85

Frontegra New Star International Equity Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

As of December 31, 2007, the currency diversification as a percentage of net assets was as follows:

European Monetary Unit	37.9	%
Japanese Yen	17.9
British Pounds	16.7
Swiss Francs	7.2
Australian Dollars	7.1
Hong Kong Dollars	6.0
Other	7.2	*
	100.0	%

* None of the remaining currencies (comprised of four other currencies) exceeds 5.0% each of net assets.

The accompanying notes are an integral part of these financial statements.

page 86

Frontegra New Star International Equity Fund

PORTFOLIO DIVERSIFICATION

December 31, 2007 (Unaudited)

	Value		Percentage
Aerospace/Defense	$	16,087,186		2.4	%
Airlines		4,065,494		0.6
Auto Components		8,923,913		1.3
Automobiles		21,148,690		3.1
Beverages		4,451,982		0.7
Capital Markets		25,229,373		3.7
Chemicals		21,861,786		3.2
Commercial Banks		37,561,732		5.5
Communications Equipment		15,528,188		2.3
Computers & Peripherals		2,709,627		0.4
Construction & Engineering		3,478,865		0.5
Construction Materials		8,110,595		1.2
Diversified Financial Services		7,415,237		1.1
Diversified Telecommunication Services		17,339,231		2.5
Electric Utilities		18,088,955		2.7
Electronic Equipment & Instruments		23,923,080		3.5
Energy Equipment & Services		8,380,938		1.2
Food & Staples Retailing		14,598,078		2.1
Household Durables		6,812,335		1.0
Household Products		6,075,460		0.9
Industrial Conglomerates		12,623,680		1.8
Information Technology Services		9,735,709		1.4
Insurance		48,336,067		7.1
Machinery		24,297,172		3.6
Media		37,015,724		5.4
Metals & Mining		40,368,221		5.9
Multiline Retail		17,987,890		2.6
Multi-Utilities		6,781,687		1.0
Oil, Gas & Consumable Fuels		61,346,416		9.0
Pharmaceuticals		41,741,179		6.1
Real Estate Management & Development		32,703,776		4.8
Road & Rail		4,324,648		0.6
Semiconductors & Semiconductor Equipment		11,880,518		1.7
Textiles, Apparel & Luxury Goods		7,341,677		1.1
Trading Companies & Distributors		11,362,000		1.7
Wireless Telecommunication Services		24,673,334		3.6
Total Common Stocks		664,310,443		97.3
Total Investments		664,310,443		97.3
Other Assets, Less Liabilities		18,727,906		2.7
Total Net Assets	$	683,038,349		100.0	%

The accompanying notes are an integral part of these financial statements.

page 87

Frontegra New Star International Equity Fund

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007 (Unaudited)

Assets:
Investments at value (cost $543,004,818)	$	664,310,443
Foreign currencies at value (cost $5,609,259)		5,660,786
Interest and dividend receivable		1,091,360
Receivable for investments sold		17,889,332
Receivable for Fund shares sold		50,041
Other assets		21,261
Total assets		689,023,223
Liabilities:
Payable to custodian		4,966,257
Payable for Fund shares purchased		533,197
Accrued investment advisory fee		399,087
Accrued expenses		86,333
Total liabilities		5,984,874
Net Assets	$	683,038,349
Net Assets Consist of:
Paid in capital	$	554,354,570
Undistributed net realized gain		7,247,096
Net unrealized appreciation on:
Investments		121,305,625
Foreign currency		131,058
Net Assets	$	683,038,349
Capital Stock, $0.01 Par Value
Authorized		100,000,000
Issued and outstanding		46,230,899
Net Asset Value, Redemption Price and Offering Price Per Share	$	14.77

The accompanying notes are an integral part of these financial statements.

page 88

Frontegra New Star International Equity Fund

STATEMENT OF OPERATIONS

	Six Months Ended
	December 31, 2007
	(Unaudited)
Investment Income:
Dividends(1)	$	4,524,988
Interest		38,212
		4,563,200
Expenses:
Investment advisory fees (Note 3)		3,404,571
Custody fees		244,226
Fund administration and accounting fees		116,840
Federal and state registration fees		17,140
Audit fees		16,882
Shareholder servicing fees		12,684
Legal fees		11,548
Reports to shareholders		8,924
Directors’ fees and related expenses		3,940
Compliance support expenses		3,517
Other		8,447
Total expenses before waiver		3,848,719
Waiver of expenses by Adviser (Note 3)		(1,160,900	)
Net expenses		2,687,819
Net Investment Income		1,875,381
Realized and Unrealized
Gain (Loss) on Investments:
Realized gain on:
Investments		26,286,856
Foreign currency transactions		480,847
Change in net unrealized appreciation/depreciation on:
Investments		(23,226,936	)
Foreign currency translation		99,426
Net Realized and Unrealized Gain on Investments		3,640,193
Net Increase in Net Assets Resulting from Operations	$	5,515,574

(1) Net of $352,007 in foreign withholding taxes.

The accompanying notes are an integral part of these financial statements.

page 89

Frontegra New Star International Equity Fund

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	December 31, 2007			Year Ended
	(Unaudited)			June 30, 2007
Operations:
Net investment income	$	1,875,381		$	9,777,408
Net realized gain on:
Investments		26,286,856			36,652,409
Foreign currency transactions		480,847			722,655
Change in net unrealized appreciation/depreciation on:
Investments		(23,226,936	)		99,800,538
Foreign currency translation		99,426			(31,386	)
Net increase in net assets resulting from operations		5,515,574			146,921,624
Distributions
Paid From:
Net investment income		(10,852,936	)		(8,904,855	)
Net realized gain on investments		(50,797,918	)		(10,220,846	)
Net decrease in net assets resulting
from distributions paid		(61,650,854	)		(19,125,701	)
Capital Share
Transactions:
Shares sold		14,993,885			119,965,159
Shares issued to holders in
reinvestment of distributions		56,429,837			16,269,562
Shares redeemed		(44,870,364	)		(82,731,619	)(1)
Net increase in net assets resulting
from capital share transactions		26,553,358			53,503,102
Total Increase (Decrease) in Net Assets		(29,581,922	)		181,299,025
Net Assets:
Beginning of period		712,620,271			531,321,246
End of period
(includes undistributed net investment income
of $0 and $8,461,283, respectively)	$	683,038,349		$	712,620,271

(1) Net of redemption fees of $476 for the year ended June 30, 2007.

The accompanying notes are an integral part of these financial statements.

page 90

Frontegra New Star International Equity Fund

FINANCIAL HIGHLIGHTS

	Six Months
	Ended			Year			Year			Year			Period
	December 31,			Ended			Ended			Ended			Ended
	2007			June 30,			June 30,			June 30,			June 30,
	(Unaudited)			2007			2006			2005			2004(1)
Net Asset Value,
Beginning of Period	$	16.11		$	13.08		$	11.07		$	10.03		$	10.00
Income (Loss)
from Investment
Operations:
Net investment income		0.05			0.25			0.31	(5)		0.21	(5)		0.09	(5)
Net realized and unrealized
gain (loss) on investments		0.04			3.25			1.81			0.87			(0.08	)
Total Income from
Investment Operations		0.09			3.50			2.12			1.08			0.01
Less Distributions
Paid:
From net investment income		(0.25	)		(0.22	)		(0.07	)		(0.01	)		—
From net realized gain on investments		(1.18	)		(0.25	)		(0.04	)		(0.03	)		—
Total Distributions Paid		(1.43	)		(0.47	)		(0.11	)		(0.04	)		—
Payment by Affiliates		—			—			—			—			0.02
Net Asset Value, End of Period	$	14.77		$	16.11		$	13.08		$	11.07		$	10.03
Total Return(2)		0.85	%		27.12	%		19.27	%		10.87	%		0.30	%(6)
Supplemental Data
and Ratios:
Net assets, end of period
(in thousands)	$	683,038		$	712,620		$	531,321		$	137,478		$	12,130
Ratio of expenses to
average net assets(3)(4)		0.75	%		0.75	%		0.75	%		0.95	%		0.95	%
Ratio of net investment income to
average net assets(3)(4)		0.52	%		1.62	%		1.94	%		1.96	%		2.01	%
Portfolio turnover rate(2)		27	%		62	%		35	%		44	%		17	%

(1)	Commenced operations on January 8, 2004.
(2)	Not annualized for periods less than a full year.
(3)	Net of waivers and reimbursements by Adviser.  Without waivers and reimbursements of expenses, the ratio of expenses to average net assets would have been 1.07%, 1.07%, 1.09%, 1.31% and 4.41% and the ratio of net investment income (loss) to average net assets would have been 0.20%, 1.30%, 1.60%, 1.60% and (1.45)% for the periods ended December 31, 2007, June 30, 2007, June 30, 2006, June 30, 2005 and June 30, 2004, respectively.
(4)	Annualized for periods less than a full year.
(5)	Per share net investment income has been calculated using the daily average share method.
(6)	During the period ended June 30, 2004, 0.20% of the Fund’s total return consists of a voluntary reimbursement by the Adviser.  Excluding this item, total return would have been 0.10%.

The accompanying notes are an integral part of these financial statements.

page 91

FRONTEGRA

NETOLS SMALL CAP

VALUE FUND

REPORT FROM NETOLS ASSET

MANAGEMENT:

Dear Shareholders:

For the six months ended December 31, 2007, the Frontegra Netols Small Cap Value Fund – Institutional Class has outperformed the benchmark after fees, returning -4.64% compared to -13.08% for the Russell 2000 Value Index.

Portfolio Review

Continued credit tightening and reduced financial market liquidity were the dominant market factors during the second half of 2007.  Despite the Federal Reserve providing liquidity at auction to depository institutions, significant liquidity issues remain in other areas of the financial system.  Additionally, concerns over the health of the U.S. consumer were raised as a result of tighter credit, a downturn in the housing market, and oil approaching $100 per barrel.  As a result, consumer discretionary and financial sectors underperformed.  As investors looked to sectors less impacted by the domestic economy, energy and health care outperformed.

Positive Contributions to Relative Performance in the second half of 2007:

Stock selection in energy and materials sectors

Overweight in energy and health care sectors

Underweight in financial sector

Best performing stocks for the period: Terra Industries, DeVry, Robbins & Meyers, Whiting Petroleum, Mantech

Negative Contributions to Relative Performance in the second half of 2007:

Stock selection in consumer staples sector

Overweight in consumer discretionary sector

Worst performing stocks for the period: W Holding, Cott, Sturm Ruger, Casual Male, Diamond Management

Thank you for your continued support.

Jeff Netols

Netols Asset Management

page 93

INVESTMENT HIGHLIGHTS

Growth of a $100,000 Investment (Unaudited)

*   12/16/05 commencement of operations.

Portfolio Total Return**
FOR THE PERIOD ENDED 12/31/07
SIX MONTHS	(4.64)%
ONE YEAR	7.08%
SINCE COMMENCEMENT
AVERAGE ANNUAL	10.87%

This chart assumes an initial gross investment of $100,000 made on 12/16/05 (commencement of operations). Returns shown include the reinvestment of all distributions. Past performance is not predictive of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. In the absence of existing fee waivers, total return would be reduced.  To receive current to the most recent month-end performance, please call 1-888-825-2100.

The Russell 2000 Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.  The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index.  The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization.  The Index does not reflect investment management fees, brokerage commissions and other expenses associated with investing in equity securities.  A direct investment in the index is not possible.

** The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

page 94

Frontegra Netols Small Cap Value Fund

SCHEDULE OF INVESTMENTS

December 31, 2007 (Unaudited)

Number of Shares			Value
		COMMON STOCKS  97.9%
		Aerospace & Defense  4.4%
	7,202	American Science & Engineering, Inc.	$	408,713
	5,174	BE Aerospace, Inc. (a)		273,705
	6,109	Ceradyne, Inc. (a)		286,695
				969,113
		Auto Components  1.2%
	10,237	Tenneco Automotive, Inc. (a)		266,879
		Automobiles  0.7%
	24,967	Fleetwood Enterprises, Inc. (a)		149,303
		Beverages  2.1%
	39,369	Cott Corp. (a)(b)		262,198
	21,019	MGP Ingredients, Inc.		197,999
				460,197
		Chemicals  3.0%
	13,396	Terra Industries Inc. (a)		639,793
		Commercial Banks  3.0%
	8,062	East West Bancorp, Inc.		195,342
	13,899	UCBH Holdings, Inc.		196,810
	5,797	Westamerica Bancorporation		258,256
				650,408
		Commercial Services & Supplies  4.8%
	22,246	Corinthian Colleges, Inc. (a)		342,588
	7,309	DeVry, Inc.		379,776
	7,070	Diamond Management & Technology Consultants, Inc.		51,399
	7,639	School Specialty, Inc. (a)		263,927
				1,037,690
		Construction & Engineering  1.6%
	30,424	ENGlobal Corp. (a)		345,617
		Diversified Financial Services  0.8%
	4,542	GATX Corp.		166,601

The accompanying notes are an integral part of these financial statements.

page 95

Frontegra Netols Small Cap Value Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Number of Shares			Value
		COMMON STOCKS  97.9% (continued)
		Diversified Telecommunication Services  1.8%
	25,548	Alaska Communications Systems Group Inc.	$	383,220
		Electrical Equipment  5.8%
	5,361	Acuity Brands, Inc.		241,245
	26,775	C&D Technologies, Inc. (a)		176,983
	7,054	General Cable Corp. (a)		516,917
	17,264	LSI Industries, Inc.		314,205
				1,249,350
		Electronic Equipment & Instruments  0.8%
	18,352	GTSI Corp. (a)		181,501
		Energy Equipment & Services  1.2%
	12,045	Global Industries, Ltd. (a)		258,004
		Food Products  1.5%
	15,464	Lance, Inc.		315,775
		Health Care Equipment & Services  1.5%
	16,327	PSS World Medical, Inc. (a)		319,519
		Health Care Equipment & Supplies  11.4%
	6,410	Haemonetics Corp. (a)		403,958
	8,669	ICU Medical, Inc. (a)		312,171
	17,176	Medical Action Industries Inc. (a)		358,120
	5,641	Mentor Corp.		220,563
	32,916	Merit Medical Systems, Inc. (a)		457,532
	6,321	SurModics, Inc. (a)		343,041
	5,571	Varian, Inc. (a)		363,786
				2,459,171
		Health Care Providers & Services  3.3%
	18,269	Gentiva Health Services, Inc. (a)		347,842
	5,981	Sunrise Senior Living, Inc. (a)		183,497
	13,278	U.S. Physical Therapy, Inc. (a)		190,805
				722,144

The accompanying notes are an integral part of these financial statements.

page 96

Frontegra Netols Small Cap Value Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Number of Shares			Value
		COMMON STOCKS  97.9% (continued)
		Household Durables  1.5%
	33,912	Champion Enterprises, Inc. (a)	$	319,451
		Insurance  2.0%
	6,716	Hanover Insurance Group Inc.		307,593
	4,621	Stewart Information Services Corp.		120,562
				428,155
		IT Services  3.6%
	7,598	CACI International Inc. - Class A (a)		340,162
	9,714	Mantech International Corp. - Class A (a)		425,668
				765,830
		Machinery  6.0%
	6,410	IDEX Corp.		231,593
	9,008	Robbins & Myers, Inc.		681,275
	10,938	Wabtec Corp.		376,705
				1,289,573
		Marine  3.1%
	5,626	Alexander & Baldwin, Inc.		290,639
	15,358	General Maritime Corp. (b)		375,503
				666,142
		Media  1.6%
	8,146	Arbitron Inc.		338,629
		Metals & Mining  4.3%
	6,202	Brush Engineered Materials, Inc. (a)		229,598
	9,483	Commercial Metals Co.		279,274
	10,261	Compass Minerals International, Inc.		420,701
				929,573
		Multiline Retail  2.3%
	28,638	99 Cents Only Stores (a)		227,958
	27,419	Fred’s, Inc. - Class A		264,045
				492,003
		Oil & Gas  6.1%
	11,069	Encore Acquisition Co. (a)		369,373
	8,819	Forest Oil Corp. (a)		448,358

The accompanying notes are an integral part of these financial statements.

page 97

Frontegra Netols Small Cap Value Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Number of Shares			Value
		COMMON STOCKS  97.9% (continued)
		Oil & Gas  6.1% (continued)
	8,694	Whiting Petroleum Corp. (a)	$	501,296
				1,319,027
		Oil, Gas & Consumable Fuels  3.8%
	8,974	Foundation Coal Holdings, Inc.		471,135
	63,701	International Coal Group, Inc. (a)		341,437
				812,572
		Personal Products  2.0%
	5,759	Chattem, Inc. (a)		435,035
		Pharmaceuticals  2.9%
	10,001	K-V Pharmaceutical Co. - Class A (a)		285,429
	14,177	Par Pharmaceutical Companies, Inc. (a)		340,248
				625,677
		Real Estate  5.5%
	14,709	Arbor Realty Trust, Inc.		236,962
	19,474	Cedar Shopping Centers Inc.		199,219
	7,250	First Industrial Realty Trust, Inc.		250,850
	5,119	Mid-America Apartment Communities, Inc.		218,837
	13,253	Sun Communities, Inc.		279,241
				1,185,109
		Software  1.4%
	16,935	EPIQ Systems, Inc. (a)		294,838
		Specialty Retail  0.7%
	29,678	Casual Male Retail Group Inc. (a)		153,732
		Textiles, Apparel & Luxury Goods  1.4%
	15,404	Carter’s, Inc. (a)		298,067
		Thrifts & Mortgage Finance  0.8%
	7,637	MGIC Investment Corp.		171,298
		Total Common Stocks
		(Cost $19,724,178)		21,098,996

The accompanying notes are an integral part of these financial statements.

page 98

Frontegra Netols Small Cap Value Fund

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Number of Shares			Value
		SHORT-TERM INVESTMENT  2.2%
		Investment Company  2.2%
	477,963	Fidelity Institutional Money Market Portfolio	$	477,963
		Total Short-Term Investment
		(Cost $477,963)		477,963
		Total Investments  100.1%
		(Cost $20,202,141)		21,576,959
		Liabilities in Excess of Other Assets  (0.1)%		(12,804	)
		TOTAL NET ASSETS  100.0%	$	21,564,155

(a)	Non-Income Producing.
(b)	U.S.-dollar denominated security of foreign issuer.

The accompanying notes are an integral part of these financial statements.

page 99

Frontegra Netols Small Cap Value Fund

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007 (Unaudited)

Assets:
Investments at value (cost $20,202,141)	$	21,576,959
Interest and dividend receivable		15,111
Receivable for Fund shares sold		11,396
Other assets		16,775
Total assets		21,620,241
Liabilities:
Accrued investment advisory fee		22,494
Distribution fees		459
Shareholder servicing fees		368
Accrued expenses		32,765
Total liabilities		56,086
Net Assets	$	21,564,155
Net Assets Consist of:
Paid in capital	$	20,451,639
Accumulated net realized loss		(262,302	)
Net unrealized appreciation on investments		1,374,818
Net Assets	$	21,564,155
Capital Stock, $0.01 Par Value
Authorized		50,000,000
Institutional Class:
Net Assets	$	20,487,488
Issued and outstanding		1,691,500
Net Asset Value, Redemption Price and Offering Price Per Share	$	12.11
Class Y:
Net Assets	$	1,076,667
Issued and outstanding		88,908
Net Asset Value, Redemption Price and Offering Price Per Share	$	12.11

The accompanying notes are an integral part of these financial statements.

page 100

Frontegra Netols Small Cap Value Fund

STATEMENT OF OPERATIONS

	Six Months Ended
	December 31, 2007
	(Unaudited)
Investment Income:
Dividends(1)	$	89,190
Interest		14,122
		103,312
Expenses:
Investment advisory fees (Note 3)		96,304
Distribution fees - Class Y (Note 8)		459
Shareholder servicing fees - Class Y (Note 8)		368
Legal fees		12,332
Audit fees		11,446
Fund administration and accounting fees		9,160
Custody fees		5,752
Federal and state registration fees		3,954
Shareholder servicing fees		3,808
Directors’ fees and related expenses		3,690
Compliance support expenses		3,517
Reports to shareholders		1,876
Total expenses before waiver and reimbursement		152,666
Waiver and reimbursement of expenses by Adviser (Note 3)		(45,904	)
Net expenses		106,762
Net Investment Loss		(3,450	)
Realized and Unrealized
Loss on Investments:
Net realized loss on investments		(255,042	)
Change in net unrealized
appreciation/depreciation on investments		(687,560	)
Net Realized and Unrealized
Loss on Investments		(942,602	)
Net Decrease in Net Assets
Resulting from Operations	$	(946,052	)

(1) Net of $459 in foreign witholding taxes.

The accompanying notes are an integral part of these financial statements.

page 101

Frontegra Netols Small Cap Value Fund

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	December 31, 2007			Year Ended
	(Unaudited)			June 30, 2007
Operations:
Net investment income (loss)	$	(3,450	)	$	34,681
Net realized gain (loss) on investments		(255,042	)		303,294
Change in net unrealized appreciation/
depreciation on investments		(687,560	)		2,313,934
Net increase (decrease) in net assets
resulting from operations		(946,052	)		2,651,909
Distributions Paid to Institutional
Class Shareholders From:
Net investment income		(34,466	)		—
Net realized gain on investments		(251,672	)		(55,832	)
Net decrease in net assets resulting
from distributions paid		(286,138	)		(55,832	)
Distributions Paid to Class Y
Shareholders From:
Net investment income		(1,500	)		—
Net realized gain on investments		(13,294	)		—
Net decrease in net assets resulting
from distributions paid		(14,794	)		—
Capital Share
Transactions:
Shares sold		5,884,465			7,964,269
Shares issued to holders in
reinvestment of distributions		273,586			55,832
Shares redeemed		(714,692	)		(976,290	)
Net increase in net assets resulting
from capital share transactions		5,443,359			7,043,811
Total Increase in Net Assets		4,196,375			9,639,888
Net Assets:
Beginning of period		17,367,780			7,727,892
End of period
(includes accumulated net investment income
of $0 and $35,966, respectively)	$	21,564,155		$	17,367,780

The accompanying notes are an integral part of these financial statements.

page 102

Frontegra Netols Small Cap Value Fund

FINANCIAL HIGHLIGHTS

	Institutional Class
	Six Months
	Ended			Year			Period
	December 31,			Ended			Ended
	2007(6)			June 30,			June 30,
	(Unaudited)			2007			2006(1)
Net Asset Value,
Beginning of Period	$	12.88		$	10.29		$	10.00
Income (Loss)
from Investment
Operations:
Net investment income (loss)		(0.01	)		0.03			—	(5)
Net realized and unrealized
gain (loss) on investments		(0.59	)		2.62			0.29
Total Income (Loss) from
Investment Operations		(0.60	)		2.65			0.29
Less Distributions
Paid:
From net investment income		(0.02	)		—			—
From net realized gain on investments		(0.15	)		(0.06	)		—
Total Distributions Paid		(0.17	)		(0.06	)		—
Net Asset Value, End of Period	$	12.11		$	12.88		$	10.29
Total Return(2)		(4.64	)%		25.81	%		2.90	%
Supplemental Data
and Ratios:
Net assets, end of period
(in thousands)	$	20,487		$	17,368		$	7,728
Ratio of expenses to
average net assets(3)(4)		1.10	%		1.10	%		1.10	%
Ratio of net investment income (loss) to
average net assets(3)(4)		(0.03	)%		0.30	%		0.05	%
Portfolio turnover rate(2)		21	%		49	%		41	%

(1)	Commenced operations on December 16, 2005.
(2)	Not annualized for periods less than a full year.
(3)	Net of waivers and reimbursements by Adviser.  Without waivers and reimbursements of expenses, the ratio of expenses to average net assets would have been 1.58%, 2.10% and 4.59% and the ratio of net investment loss to average net assets would have been (0.51)%, (0.70)% and (3.44)% for the periods ended December 31, 2007, June 30, 2007 and June 30, 2006, respectively.
(4)	Annualized for periods less than a full year.
(5)	Less than one cent per share.
(6)	On November 1, 2007, shares were designated as Institutional Class.

The accompanying notes are an integral part of these financial statements.

page 103

Frontegra Netols Small Cap Value Fund

FINANCIAL HIGHLIGHTS

	Class Y
	Period
	Ended
	December 31,
	2007(1)
	(Unaudited)
Net Asset Value,
Beginning of Period	$	12.54
Income (Loss)
from Investment
Operations:
Net investment income		0.02
Net realized and unrealized
loss on investments		(0.28	)
Total Loss from
Investment Operations		(0.26	)
Less Distributions
Paid:
From net investment income		(0.02	)
From net realized gain on investments		(0.15	)
Total Distributions Paid		(0.17	)
Net Asset Value, End of Period	$	12.11
Total Return(2)		(2.09	)%
Supplemental Data
and Ratios:
Net assets, end of period (in thousands)	$	1,077
Ratio of expenses to average net assets(3)(4)		1.55	%
Ratio of net investment income to average net assets(3)(4)		0.14	%
Portfolio turnover rate(2)(5)		21	%

(1)	Commenced operations on November 1, 2007.
(2)	Not annualized.
(3)	Net of waivers and reimbursements by Adviser.  Without waivers and reimbursements of expenses, the ratio of expenses to average net assets would have been 1.84% and the ratio of net investment loss to average net assets would have been (0.15)% for the period ended December 31, 2007.
(4)	Annualized.
(5)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

The accompanying notes are an integral part of these financial statements.

page 104

Frontegra Funds

NOTES TO FINANCIAL STATEMENTS

December 31, 2007 (Unaudited)

(1) Organization

Frontegra Funds, Inc. (“Frontegra”) was incorporated on May 24, 1996 as a Maryland corporation and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company issuing its shares in series, each series representing a distinct portfolio with its own investment objectives and policies. Frontegra consists of six series: the Frontegra Columbus Core Plus Fund (formerly Frontegra Total Return Bond Fund), the Frontegra  Columbus Core Fund (formerly Frontegra Investment Grade Bond Fund), the Frontegra IronBridge Small Cap Fund (formerly Frontegra Horizon Fund), the Frontegra IronBridge SMID Fund, the Frontegra New Star International Equity Fund and the Frontegra Netols Small Cap Value Fund (the “Funds”). The Frontegra Columbus Core Plus and Columbus Core Funds seek a high level of total return, consistent with the preservation of capital. The investment objective of the Frontegra IronBridge Small Cap Fund, the Frontegra IronBridge SMID Fund, the Frontegra New Star International Equity Fund and the Frontegra Netols Small Cap Value Fund is capital appreciation. The Frontegra Columbus Core Plus and Columbus Core Funds, sub-advised by Reams Asset Management Company, LLC (“Reams”), commenced operations on November 25, 1996 and February 23, 2001, respectively. The Frontegra IronBridge Small Cap and IronBridge SMID Funds, sub-advised by IronBridge Capital Management, L.P. (“IronBridge”), commenced operations on August 30, 2002 and December 31, 2004, respectively.  The Frontegra New Star International Equity Fund, sub-advised by New Star Institutional Managers Limited (“New Star”), commenced operations on January 8, 2004.  The Frontegra Netols Small Cap Value Fund – Institutional Class and the Netols Small Cap Value Fund – Class Y, sub-advised by Netols Asset Management, Inc. (“Netols”), commenced operations on December 16, 2005 and November 1, 2007, respectively.

(2) Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements.

(a)

Investment Valuation

Securities are stated at value. 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 dealer quotations. Securities (other than short-term investments) for which market quotations are readily available are valued at the last trade price on the national securities exchange on which such securities are primarily traded.  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 bid price. With respect to all Funds, all 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. Most securities that are primarily traded on foreign exchanges generally are valued at the last sale price of such securities on their respective

page 105

Frontegra Funds

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31, 2007 (Unaudited)

	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 New Star 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, IronBridge, New Star and Netols pursuant to guidelines established by the Board of Directors.
	In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements”.  SFAS No. 157 defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosure about fair value measurements.  SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007.  Management is currently evaluating the implications of SFAS No. 157, and its impact on the financial statements has not yet been determined.
(b)	Federal Income Taxes
	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.
	Effective December 31, 2007 the Funds adopted Financial Accounting Standards Board (“FASB”) Interpretation No. 48 (“FIN 48”), “Accounting for Uncertainty in Income Taxes,” a clarification of FASB Statement No. 109 “Accounting for Income Taxes.”  FIN 48 establishes financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return.  The adoption of FIN 48 had no impact on the Funds’ net assets or results of operations.
(c)	Distributions to Shareholders
	Dividends from net investment income are usually declared and paid quarterly for the Frontegra Columbus Core Plus and Frontegra Columbus Core Funds and at least annually for the Frontegra IronBridge Small Cap Fund, Frontegra IronBridge SMID Fund, Frontegra New Star International Equity Fund and the Frontegra Netols Small Cap Value Fund. Distributions of net realized gains, if any, are declared and paid at least annually for all Funds.

page 106

Frontegra Funds

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31, 2007 (Unaudited)

All short-term capital gains are included in ordinary income for tax purposes. Distributions to shareholders are recorded on the ex-dividend date.

The tax character of distributions paid during the periods ended December 31, 2007 and June 30, 2007 were as follows:

	Period Ended				Period Ended
	December 31, 2007				June 30, 2007
	Ordinary		Long-Term		Ordinary		Long-Term
	Income		Capital Gains		Income		Capital Gains
Frontegra Columbus
Core Plus Fund	$	13,949,274	$	—	$	14,405,929	$	—
Frontegra Columbus
Core Fund		1,607,511		—		4,275,494		—
Frontegra IronBridge
Small Cap Fund		10,391,454		35,191,852		11,937,049		22,844,243
Frontegra IronBridge
SMIDFund		7,030,055		11,099,086		1,276,328		892,285
Frontegra New Star
International Equity Fund		31,026,819		30,624,035		13,562,503		5,563,199
Frontegra Netols
Small Cap Value
Fund – Institutional Class		136,422		149,716		54,889		943
Frontegra Netols Small Cap
Value Fund – Class Y(1)		6,886		7,908		—		—

⁽¹⁾ Commenced operations on November 1, 2007.

As of June 30, 2007, the Funds’ most recent fiscal year end, the components of accumulated earnings (losses) for income tax purposes were as follows:

	Frontegra						Frontegra
	Columbus			Frontegra			IronBridge
	Core			Columbus			Small Cap
	Plus Fund			Core Fund			Fund
Cost basis of investments for
federal income tax purposes	$	386,713,274		$	130,371,588		$	329,523,507
Gross tax unrealized appreciation	$	1,394,083		$	64		$	118,637,102
Gross tax unrealized depreciation		(5,974,518	)		(1,449,795	)		(14,230,223	)
Net tax unrealized appreciation (depreciation)		(4,580,435	)		(1,449,731	)		104,406,879
Undistributed ordinary income		30,337			29,969			8,541,747
Undistributed long-term capital gain		—			—			10,589,156
Total distributable earnings		30,337			29,969			19,130,903
Other accumulated losses		(1,274,078	)		(2,146,076	)		—
Total accumulated earnings (losses)	$	(5,824,176	)	$	(3,565,838	)	$	123,537,782

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Frontegra Funds

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31, 2007 (Unaudited)

				Frontegra			Frontegra
	Frontegra			New Star			Netols
	IronBridge			International			Small Cap
	SMID Fund			Equity Fund			Value Fund
Cost basis of investments for
federal income tax purposes	$	163,455,334		$	554,468,973		$	15,257,080
Gross tax unrealized appreciation	$	34,146,238		$	149,711,183		$	2,763,162
Gross tax unrealized depreciation		(4,011,017	)		(5,339,067	)		(704,571	)
Net tax unrealized appreciation (depreciation)		30,135,221			144,372,116			2,058,591
Undistributed ordinary income		5,013,022			26,059,867			143,297
Undistributed long-term capital gain		3,519,812			14,374,860			157,612
Total distributable earnings		8,532,834			40,434,727			300,909
Other accumulated gains (losses)		—			12,216			—
Total accumulated earnings	$	38,668,055		$	184,819,059		$	2,359,500

	The difference between book-basis and tax-basis unrealized appreciation is attributable primarily to the tax deferral of losses on wash sales and swaps.
	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, 2007, the Frontegra Columbus Core Plus Fund had a capital loss carryover of $1,402,608, which expires in 2014; the Frontegra Columbus Core Fund had capital loss carryovers of $889,497 and $845,241, which expire in 2014 and 2015, respectively.
	At June 30, 2007, the Frontegra Columbus Core Fund had a post-October capital loss of $417,031.  This loss is treated as occurring on July 1, 2007 for tax purposes.
(d)	When-Issued Securities
	The Frontegra Columbus Core Plus and Columbus Core Funds may purchase securities on a when-issued basis. The price of securities purchased on a when-issued basis is fixed at the time the commitment to purchase is made, but delivery and payment for the securities take place at a later date, normally within 45 days of the purchase. At the time of purchase, the Funds will record the transaction and reflect the value of the security and related liability in determining their net asset value. During the period between the purchase and settlement, no payment is made by the Funds to the issuer and no interest is accrued. The Funds maintain segregated cash, U.S. government securities and liquid securities equal in value to commitments for when-issued securities.
(e)	Mortgage Dollar Rolls
	The Frontegra Columbus Core Plus and Columbus Core Funds may enter into mortgage dollar rolls, in which a Fund would sell mortgage-backed securities for delivery in the current

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31, 2007 (Unaudited)

	month and simultaneously contract to purchase similar securities on a specified future date. While a Fund would forego principal and interest paid on the mortgage-backed securities during the roll period, it would be compensated by the difference between the current sale price and the lower price for the future purchase as well as by any interest earned on the proceeds of the initial sale. A Fund also could be compensated through the receipt of fee income equivalent to a lower forward price.
(f)	Futures Contracts
	Each Fund may enter into futures contracts, including index and interest rate futures contracts. Upon entering into a contract, the Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized gains and losses. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. As collateral for futures contracts, the Fund is required under the 1940 Act to maintain assets consisting of cash, cash equivalents or other liquid securities. This collateral is required to be adjusted daily to reflect the market value of the purchase obligation for long futures contracts or the market value of the instrument underlying the contract, but not less than the market price at which the futures contract was established, for short futures contracts.
	The risks inherent in the use of futures contracts include 1) adverse changes in the value of such instruments; and 2) the possible absence of a liquid secondary market for any particular instrument at any time. There were no futures contracts open at December 31, 2007.
(g)	Credit Default Swaps
	The Columbus Core Plus and Columbus Core Funds may enter into credit default swap agreements.  The credit default swap agreement may have as a reference obligation one or more securities that are not currently held by a Fund.  The buyer in a credit default swap agreement is obligated to pay the seller a periodic fee, typically expressed in basis points on the principal amount of the underlying obligation (the “notional” amount), over the term of the agreement in return for a contingent payment upon the occurrence of a credit event with respect to the underlying reference obligation.  A credit event is typically a default.
	A Fund may be either the buyer or seller of protection in the transaction.  As a seller, a Fund accrues for and receives a fixed rate of income throughout the term of the agreement, which typically is between one month and five years, provided that no credit event occurs.  If a credit event occurs, the maximum payout amount for a sale contract is limited to the notional amount of the swap contract (“Maximum Payout Amount”).  At December 31, 2007, the Frontegra Columbus Core Plus Fund had sale contracts outstanding with Maximum Payout

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Frontegra Funds

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31, 2007 (Unaudited)

	Amounts aggregating $72,287,800, with net unrealized depreciation of $126,831.  At December 31, 2007, the Frontegra Columbus Core Fund had sale contracts outstanding with Maximum Payout Amounts aggregating $10,780,000 with net unrealized depreciation of $15,282.  If a Fund is a buyer and no credit event occurs, the Fund may lose its investment and recover nothing.  However, if a credit event occurs, the buyer typically receives full notional value for a reference obligation that may have little or no value.  Until a credit default swap agreement is closed, the gain or loss on the notional amount in addition to the interest paid or received by a Fund on the notional amount is recorded as unrealized gains or losses on swaps and when the agreement is closed, the gain or loss is recorded as realized gains or losses on swaps.
	Credit default swaps may involve greater risks than if a Fund had invested in the reference obligation directly.  Credit default swaps are subject to general market risk, liquidity risk, counterparty credit risk and credit risk of the issuer.  As noted above, if a Fund is a buyer in a credit default swap agreement and no credit event occurs, it will lose its investment.  In addition, the value of the reference obligation received by a Fund as a seller if a credit event occurs, coupled with the periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the Fund.
(h)	Foreign Currency Translation
	Values of investments denominated in foreign currencies are converted into U.S. dollars using a spot market rate of exchange on the day of valuation. Purchases and sales of investments and dividend and interest income are translated to U.S. dollars using a spot market rate of exchange prevailing on the respective dates of such transactions. The portion of security gains or losses resulting from changes in foreign exchange rates is included with net realized and unrealized gain or loss from investments, as appropriate, for both financial reporting and tax purposes.
(i)	Indemnifications
	Under the Funds’ organizational documents, their officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Funds.  In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties.  The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred.  However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
(j)	Other
	Investment transactions are accounted for on the trade date. The Funds determine the gain or loss realized from investment transactions by comparing the original cost of the specifically identified security lot sold with the net sale proceeds. Dividend income, less foreign

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Frontegra Funds

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31, 2007 (Unaudited)

taxes withheld, is recognized on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the information becomes available to the Funds. Interest income is recognized on an accrual basis.  All discounts/premiums are accreted/amortized using the effective interest method and are included in interest income. Expenses attributable to the Funds are generally allocated to each Fund based on net assets. Expenses attributable to a particular Fund or class of shares are allocated directly to that Fund or class of shares.

The preparation of financial statements in conformity with U.S. generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(3) Investment Adviser

Each of the Funds has entered into an agreement with Frontegra Asset Management, Inc. (the “Adviser”), with whom certain officers and a director of the Funds are affiliated, to furnish investment advisory services to the Funds. The terms of these agreements are as follows:

The Frontegra Columbus Core Plus Fund will pay the Adviser a monthly fee at the annual rate of 0.40% of the Fund’s average daily net assets.  Pursuant to expense cap agreements, the Adviser agreed to waive its management fee and/or reimburse the Fund’s operating expenses (exclusive of brokerage, interest, taxes and extraordinary expenses) to ensure that the Fund’s operating expenses do not exceed 0.20% of the Fund’s average daily net assets through October 31, 2007 and 0.35% of the Fund’s average daily net assets beginning November 1, 2007.  The 0.35% expense cap agreement will continue in effect until October 31, 2008 with successive renewal terms of one year unless terminated by the Adviser or the Fund prior to any such renewal.

The Frontegra Columbus Core Fund will pay the Adviser a monthly fee at the annual rate of 0.42% of the Fund’s average daily net assets.  Pursuant to expense cap agreements, the Adviser agreed to waive its management fee and/or reimburse the Fund’s operating expenses (exclusive of brokerage, interest, taxes and extraordinary expenses) to ensure that the Fund’s operating expenses do not exceed 0.20% of the Fund’s average daily net assets through October 31, 2007 and 0.35% of the Fund’s average daily net assets beginning November 1, 2007.  The 0.35% expense cap agreement will continue in effect until October 31, 2008 with successive renewal terms of one year unless terminated by the Adviser or the Fund prior to any such renewal.

The Frontegra IronBridge Small Cap Fund will pay the Adviser a monthly fee at the annual rate of 1.00% of the Fund’s average daily net assets.  Pursuant to an expense cap agreement, the Adviser has agreed to waive its management fee and/or reimburse the Fund’s operating expenses

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Frontegra Funds

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31, 2007 (Unaudited)

(exclusive of brokerage, interest, taxes and extraordinary expenses) to ensure that the Fund’s operating expenses do not exceed 1.10% of the Fund’s average daily net assets.  This expense cap agreement will continue in effect until October 31, 2008 with successive renewal terms of one year unless terminated by the Adviser or the Fund prior to any such renewal.

The Frontegra IronBridge SMID Fund will pay the Adviser a monthly fee at the annual rate of 0.85% of the Fund’s average daily net assets.  Pursuant to an expense cap agreement, the Adviser has agreed to waive its management fee and/or reimburse the Fund’s operating expenses (excluding brokerage, interest, taxes and extraordinary expenses) to ensure that the Fund’s operating expenses do not exceed 0.95% of the Fund’s average daily net assets.  This expense cap agreement will continue in effect until October 31, 2008 with successive renewal terms of one year unless terminated by the Adviser or the Fund prior to any such renewal.

The Frontegra New Star International Equity Fund will pay the Adviser a monthly fee at the annual rate of 0.95% of the Fund’s average daily net assets.  Pursuant to an expense cap agreement, the Adviser has agreed to waive its management fee and/or reimburse the Fund’s operating expenses (exclusive of brokerage, interest, taxes and extraordinary expenses) to ensure that the Fund’s operating expenses do not exceed 0.75% of the Fund’s average daily net assets.  This expense cap agreement will continue in effect until October 31, 2008 with successive renewal terms of one year unless terminated by the Adviser or the Fund prior to any such renewal.

The Frontegra Netols Small Cap Value Fund will pay the Adviser a monthly fee at the annual rate of 1.00% of the Fund’s average daily net assets.  Pursuant to an expense cap agreement, the Adviser has agreed to waive its management fee and/or reimburse the Fund’s operating expenses (excluding brokerage, interest, taxes and extraordinary expenses) to ensure that the Fund’s operating expenses do not exceed 1.10% of the Fund’s average daily net assets for Institutional Class Shares and 1.55% of the Fund’s average daily net assets for Class Y Shares.  This expense cap agreement will continue in effect until October 31, 2008 with successive renewal terms of one year unless terminated by the Adviser or the Fund prior to any such renewal.

Any waivers or reimbursements are subject to later adjustment to allow the Adviser to recoup amounts waived or reimbursed to the extent actual fees and expenses for a fiscal period are less than each Fund’s expense limitation cap, provided, however, that the Adviser shall only be entitled to recoup such amounts for a period of three years from the date such amount was waived or reimbursed.

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Frontegra Funds

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31, 2007 (Unaudited)

The following table shows the waived or reimbursed expenses subject to potential recovery expiring in:

	Frontegra						Frontegra		Frontegra
	Columbus		Frontegra		Frontegra		New Star		Netols
	Core		Columbus		IronBridge		International		Small Cap
	Plus Fund		Core Fund		SMID Fund		Equity Fund		Value Fund
2008	$	320,062	$	245,625	$	66,381	$	293,414		—
2009	$	965,488	$	438,461	$	109,169	$	1,248,571	$	71,972
2010	$	874,012	$	416,403	$	43,079	$	1,947,759	$	114,909
2011	$	449,467	$	176,140	$	10,447	$	1,160,900	$	45,904
	$	2,609,029	$	1,276,629	$	229,076	$	4,650,644	$	232,785

The Adviser recouped $32,371 of previously waived/reimbursed expenses in the Frontegra IronBridge Small Cap Fund during the six months ended December 31, 2007.

(4) Capital Share Transactions

Transactions in shares of the Frontegra Columbus Core Plus Fund were as follows:

	Period Ended			Year Ended
	December 31, 2007			June 30, 2007
Shares issued in connection with
acquisition of Columbus Core Plus Fund		4,545,718			—
Shares sold		2,383,927			998,449
Shares issued to holders in
reinvestment of distributions		417,336			431,576
Shares redeemed		(1,839,259	)		(2,884,808	)
Net increase (decrease) in shares outstanding		5,507,722			(1,454,783	)
Transactions in shares of the Frontegra Columbus Core Fund were as follows:
	Period Ended			Year Ended
	December 31, 2007			June 30, 2007
Shares issued in connection with
acquisition of Columbus Core Fund		1,425,241			—
Shares sold		2,022,343			918,821
Shares issued to holders in
reinvestment of distributions		111,559			220,493
Shares redeemed		(2,982,496	)		(1,877,895	)
Net increase (decrease) in shares outstanding		576,647			(738,581	)

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Frontegra Funds

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Transactions in shares of the Frontegra IronBridge Small Cap Fund were as follows:

	Period Ended			Year Ended
	December 31, 2007			June 30, 2007
Shares sold		858,091			1,845,972
Shares issued to holders in
reinvestment of distributions		2,473,395			1,862,846
Shares redeemed		(994,965	)		(4,612,068	)
Net increase (decrease) in shares outstanding		2,336,521			(903,250	)

Transaction in shares of the Frontegra IronBridge SMID Fund were as follows:

	Period Ended			Year Ended
	December 31, 2007			June 30, 2007
Shares sold		1,533,355			4,918,242
Shares issued to holders in
reinvestment of distributions		1,407,975			160,618
Shares redeemed		(983,391	)		(2,616,818	)
Net increase in shares outstanding		1,957,939			2,462,042

Transaction in shares of the Frontegra New Star International Equity Fund were as follows:

	Period Ended			Year Ended
	December 31, 2007			June 30, 2007
Shares sold		941,406			8,261,623
Shares issued to holders in
reinvestment of distributions		3,946,143			1,150,606
Shares redeemed		(2,882,839	)		(5,796,757	)
Net increase in shares outstanding		2,004,710			3,615,472

Transaction in shares of the Frontegra Netols Small Cap Value Fund – Institutional Class were as follows:

	Period Ended			Year Ended
	December 31, 2007			June 30, 2007
Shares sold		369,097			675,621
Shares issued to holders in
reinvestment of distributions		21,388			4,880
Shares redeemed		(47,589	)		(82,580	)
Net increase in shares outstanding		342,896			597,921

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Frontegra Funds

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Transaction in shares of the Frontegra Netols Small Cap Value Fund – Class Y were as follows:

	Period Ended
	December 31, 2007(1)
Shares sold		98,083
Shares issued to holders in
reinvestment of distributions		1,223
Shares redeemed		(10,398	)
Net increase in shares outstanding		88,908

⁽¹⁾ Commenced operations on November 1, 2007.

(5) Investment Transactions

The aggregate purchases and sales of securities, excluding short-term investments and U.S. government securities, for the Funds for the period ended December 31, 2007 are summarized below:

	Frontegra
	Columbus		Frontegra		Frontegra
	Core		Columbus		IronBridge
	Plus Fund		Core Fund		Small Cap Fund
Purchases	$	2,177,232,110	$	510,109,493	$	110,722,399
Sales	$	2,512,157,133	$	542,596,966	$	119,295,857
			Frontegra		Frontegra
	Frontegra		New Star		Netols
	IronBridge		International		Small Cap
	SMID Fund		Equity Fund		Value Fund
Purchases	$	98,843,900	$	193,687,707	$	8,733,013
Sales	$	87,186,867	$	228,746,841	$	3,936,443

Purchases and sales of long-term U.S. Government securities for the Frontegra Columbus Core Plus Fund were $9,024,168,943 and $8,614,224,585, respectively. Purchases and sales of long-term U.S. Government securities for the Frontegra Columbus Core Fund were $1,764,403,279 and $1,778,311,548, respectively.

There were no purchases or sales of long-term U.S. Government securities for the Frontegra IronBridge Small Cap Fund, the Frontegra IronBridge SMID Fund, the Frontegra New Star International Equity Fund or the Frontegra Netols Small Cap Value Fund.

(6) Directors Fees

The Independent Directors of the Funds were paid $17,500 in director fees during the six months ended December 31, 2007.  The Interested Director did not receive any remuneration from the Funds.

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Frontegra Funds

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31, 2007 (Unaudited)

(7) Acquisitions

On August 3, 2007, Frontegra Columbus Core Plus Fund acquired all the net assets of Columbus Core Plus Fund pursuant to a plan of reorganization approved by Columbus Core Plus Fund shareholders on July 24, 2007.  The acquisition was accomplished by a tax-free exchange of 4,547,897 shares of Frontegra Columbus Core Plus Fund (valued at $139,917,106) for the 14,269,548 shares of Columbus Core Plus Fund outstanding on August 3, 2007.  Columbus Core Plus Fund’s net assets at that date ($139,917,106), including $110,920 of unrealized appreciation, were combined with those of Frontegra Columbus Core Plus Fund.  The aggregate net assets of Frontegra Columbus Core Plus Fund and Columbus Core Plus Fund immediately before the acquisition were $277,318,845 and $139,917,106, respectively.  The combined net assets after the acquisition were $417,235,951.

On August 3, 2007, Frontegra Columbus Core Fund acquired all the net assets of Columbus Core Fund pursuant to a plan of reorganization approved by Columbus Core Fund shareholders on July 24, 2007.  The acquisition was accomplished by a tax-free exchange of 1,425,913 shares of Frontegra Columbus Core Fund (valued at $14,423,390) for the 1,480,025 shares of Columbus Core Fund outstanding on August 3, 2007.  Columbus Core Fund’s net assets at that date ($14,423,390), including ($815) of unrealized depreciation, were combined with those of Frontegra Columbus Core Fund.  The aggregate net assets of Frontegra Columbus Core Fund and Columbus Core Fund immediately before the acquisition were $91,486,920 and $14,423,390, respectively.  The combined net assets after the acquisition were $105,910,310.

(8) Distribution Plan and Shareholder Servicing Fee

The Corporation, on behalf of the Frontegra Columbus Core Plus Fund, the Frontegra IronBridge SMID Fund and the Frontegra Netols Small Cap Value Fund (collectively, the “Funds”), has adopted a distribution plan pursuant to Rule 12b-1 under the Investment Company Act of 1940 for each Fund’s Class Y shares (the “12b-1 Plan”).  Pursuant to the 12b-1 Plan, each Fund pays an annual fee of up to 0.25% to Frontegra Strategies, LLC (the “Distributor”) for payments to brokers, dealers and other financial intermediaries who perform activities or incur expenses intended to result in the sale of Class Y shares of the Funds.  For the period ended December 31, 2007, the following expenses were incurred under the 12b-1 Plan:

	Class Y
Netols Small Cap Value Fund	$459

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Frontegra Funds

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31, 2007 (Unaudited)

Class Y shares of the Funds also pay an annual shareholder servicing fee of up to 0.20% per year to the Distributor for payments to brokers, dealers, and other financial intermediaries who provide on-going account services to shareholders.  Those services include establishing and maintaining shareholder accounts, mailing prospectuses, account statements and other Fund documents to shareholders, processing shareholder transactions, answering shareholder inquiries and providing other personal services to shareholders.  For the period ended December 31, 2007, the Funds incurred the following shareholder servicing expenses:

	Class Y
Netols Small Cap Value Fund	$368

page 117

BOARD OF DIRECTORS’ APPROVAL OF THE ADVISORY AGREEMENT

The Board of Directors of Frontegra Funds, Inc. (the “Company”) met on August 20, 2007 to consider the annual renewal of the investment advisory agreement (the “Advisory Agreement”) with Frontegra Asset Management, Inc. (the “Adviser”) and the subadvisory agreements (each, a “Subadvisory Agreement”) for each of the following portfolios of the Company:

• Frontegra Columbus Core Plus Fund (formerly Frontegra Total Return Bond Fund) (“Core Plus Fund”);

• Frontegra Columbus Core Fund (formerly Frontegra Investment Grade Bond Fund) (“Core Fund”);

• Frontegra IronBridge Small Cap Fund (“IronBridge Small Cap Fund”);

• Frontegra IronBridge SMID Fund (“IronBridge SMID Fund”);

• Frontegra New Star International Equity Fund (“International Equity Fund”); and

• Frontegra Netols Small Cap Value Fund (“Netols Small Cap Value Fund”).

When the Board of Directors reviewed the Advisory Agreement on August 20, 2007, the Board was provided materials relevant to its consideration of the agreement, such as the Adviser’s Form ADV and Code of Ethics and information regarding the Adviser’s compliance program, personnel and financial condition.  The Board also reviewed the fee that would be payable by each Fund under the Advisory Agreement, the proposed expense cap agreements between the Company and the Adviser on behalf of each Fund and comparative fee and expense information provided by an independent third party.  The Board was also provided with the Adviser’s responses to a detailed request submitted by the Funds’ legal counsel on behalf of the Directors who are not affiliated with the Company or the Adviser (the “Independent Directors”).

In approving the Advisory Agreement, the Directors considered the following factors and made the following conclusions:

• Nature, extent and quality of the services to be provided.  The Board considered the Adviser’s background and services it provides to the Funds and their shareholders. The Board discussed the fact that the Adviser had chosen each Fund’s investment strategy and had selected the sub-advisers to make the day-to-day investment decisions for the Funds.  The Board noted that the Adviser has 11 years of experience in hiring and supervising sub- advisers to portfolios in the Frontegra family of funds.  The Board discussed the Adviser’s responsibilities for overseeing the sub-advisers and for monitoring each Fund’s compliance with applicable requirements under the securities laws.  The Board concluded that the range of services to be provided by the Adviser was appropriate and that the Adviser was qualified to provide such services.

• Performance record of the Funds.  As described in more detail under “Board of Directors’ Approval of Subadvisory Agreements,” the Board reviewed each Fund’s performance record for the period ended June 30, 2007.  The Board noted that one of the Funds had outperformed its benchmark index for the past one-, three-, five- and ten-year periods ended June 30, 2007, one of the Funds had outperformed its benchmark for the one- and three-year periods and slightly underperformed its benchmark for the five-year and since inception periods ended June 30, 2007, one of the Funds

page 118

	had outperformed its benchmark for the one-, three-year and since-inception periods ended June 30, 2007, one of the Funds outperformed its benchmark for the one-year period and slightly underperformed its benchmark for the since-inception period ended June 30, 2007, one Fund was in line with its benchmark for the one-year period and had underperformed its benchmark for the three-year and since-inception periods ended June 30, 2007 and one Fund had outperformed its benchmark for the one-year and since inception periods ended June 30, 2007.  The Board concluded that the Adviser has developed the necessary expertise and resources in selecting and managing qualified sub-advisers to provide investment advisory services to the Funds in accordance with each Fund’s investment objective and strategy.
•	Advisory fees.  The Board compared each Fund’s contractual advisory fee and total expense ratio to the industry data provided by an independent service with respect to other mutual funds in the same peer group.  The Board noted that the equity Funds’ advisory fees were above the industry average while the bond Funds’ advisory fees were below industry averages, and that the total expense ratios of the Institutional Class shares of the Funds, after giving effect to the contractual expense cap agreements, were well below industry averages.  The Board also reviewed the total expense ratios for the Funds that offer Class Y shares.  The Board noted that overall, the Funds’ total expense ratios compared favorably to industry averages.  The Board concluded that the advisory fee to be paid by each Fund to the Adviser was reasonable in light of the nature and quality of services to be provided and fees paid by comparable funds.
•	Costs and profitability.  The Board reviewed information concerning the Adviser’s financial condition, costs and profitability.  The Board also considered the fact that the Adviser had renewed contractual expense cap agreements on behalf of the Funds.  The Board noted that the Adviser was still reimbursing expenses to five of the six Funds in operation.  The Board concluded that the Adviser’s current level of profitability was reasonable considering the quality of management and the fact that the Adviser was waiving its fees and/or reimbursing expenses for most of the Funds.
•	Economies of scale.  The Board reviewed net asset growth on a per Fund and aggregate basis and considered whether there may be economies of scale in the management of each Fund if its assets were to increase significantly.  However, the Board concluded that the assets of the Funds were not likely to increase to such an extent that breakpoints would be appropriate, particularly in light of the expense cap agreements in place between the Adviser and each Fund.
•	Benefits to the Adviser.  The Board considered information presented regarding any benefits to the Adviser or its affiliates from serving as adviser to the Funds (in addition to the advisory fee).  The Board noted that the Adviser’s affiliate, Frontier Partners, Inc. (“Frontier”), provides consulting services to, and is compensated by, the sub-advisers.  However, the Board determined that the Adviser’s services to the Funds would not be compromised by this potential conflict of interest.

On the basis of its review of the foregoing information, the Board of Directors found that the terms of the Advisory Agreement were fair and reasonable and in the best interest of each Fund’s shareholders.

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On August 20, 2007, the Board also considered the approval of the Advisory Agreement and a sub-advisory agreement with respect to a new portfolio of the Company, the Frontegra Sky International Value Fund (the “Sky International Value Fund”).

When the Board of Directors reviewed the Advisory Agreement on August 20, 2007, the Board was provided materials relevant to its consideration of the agreement, such as the Adviser’s Form ADV and Code of Ethics and information regarding the Adviser’s compliance program, organizational structure and financial condition. The Board also reviewed the fee that would be payable by the Fund under the Advisory Agreement, the proposed expense cap between the Fund and the Adviser and comparative fee and expense information provided by an independent third party.

In approving the Advisory Agreement, the Directors considered the following factors and made the following conclusions:

• Nature, extent and quality of the services to be provided.  The Board considered the Adviser’s background and services it would provide to the Fund and its shareholders.  The Board discussed the fact that the Adviser had chosen the Fund’s investment strategy and had selected Sky Investment Counsel Inc. (“Sky”) to make the day-to-day investment decisions for the Fund.  The Board noted that the Adviser has 11 years of experience in hiring and supervising sub-advisers to other portfolios in the Frontegra family of funds.  The Board discussed the Adviser’s responsibilities for overseeing Sky as sub-adviser to the Fund and for monitoring the Fund’s compliance with applicable requirements under the securities laws.  The Board concluded that the range of services to be provided by the Adviser was appropriate.

• Proposed fees.  The Board compared the Fund’s contractual advisory fee and total expense ratio to the industry data provided by an independent service with respect to other mutual funds in the same peer group.  The Board noted that the Fund’s advisory fee was slightly above the industry average and that the Fund’s total expense ratio for both Class Y and Institutional Class shares, after giving effect to the proposed expense cap agreement, was below the industry average.  The Board concluded that the advisory fee and total expense ratio are competitive with those of comparable funds.  The Board concluded that the proposed fee to be paid by the Fund to the Adviser was reasonable in light of the nature and quality of services to be provided and fees paid by comparable funds.

• Costs and profitability.  The Adviser did not provide any specific information regarding the costs of services to be provided or the profits they might realize because the Fund had not yet commenced operations.

• Economies of scale.  Because the Fund had not yet commenced operations, the Board did not consider whether any alternative fee structures, such as breakpoint fees, would be appropriate to reflect any economies of scale that may result from increases in the Fund’s assets.

• Benefits to the Adviser.  The Board considered information presented regarding any benefits to the Adviser or its affiliates from serving as adviser to the Fund (in addition to the advisory fee).  The Board noted that the Adviser’s affiliate, Frontier, provides consulting services to, and is compensated by, Sky.  However, the Board determined that the Adviser’s services to the Fund would not be compromised by this potential conflict of interest.

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Board of Directors’ Approval of Subadvisory Agreements

Core Plus and Core Funds

The Board of Directors reviewed the Subadvisory Agreement between the Adviser and Reams Asset Management Company, LLC (“Reams”) on behalf of the Core Plus Fund and the Core Fund on May 14, 2007 in connection with the reorganization of the Funds with corresponding portfolios of Columbus Funds, Inc.  The Board reviewed proposed changes to the Subadvisory Agreement and the expense cap agreement in connection with the reorganization.  The Board noted that it had previously reviewed information relating to the Subadvisory Agreement at a special Board meeting held on April 5, 2007 relating to the reorganization.  At those meetings and at the August 20, 2007 meeting, the Board was provided materials relevant to its consideration of the agreement, such as Reams’ Form ADV and Code of Ethics and information regarding Reams’ investment strategy, trading procedures, compliance program, personnel and financial condition.  The Board also reviewed Reams’ responses to a detailed request submitted by the Funds’ legal counsel on behalf of the Independent Directors.

In approving the Subadvisory Agreement between the Adviser and Reams, the Directors considered the following factors and made the following conclusions:

• Nature, extent and quality of the services to be provided.  The Board’s analysis of the nature, extent and quality of Reams’ services to the Funds took into account knowledge gained from Reams’ presentations to the Board at meetings throughout the year.  The Board reviewed and considered Reams’ investment strategy, experience as a fixed income manager, key personnel involved in providing investment management services to the Funds and financial condition.  The Board also considered services provided by Reams under the Subadvisory Agreement, including the selection of fixed income dealers, monitoring adherence to each Fund’s investment restrictions and assisting with the Funds’ compliance with applicable securities laws and regulations.  The Board concluded that the nature, extent and quality of the services provided by Reams to each Fund was appropriate and that the Funds were likely to continue to benefit from services provided by Reams under the Subadvisory Agreement.

• Investment performance of the Funds.  The Board reviewed the performance record of the Funds.  It noted that the Core Plus Fund had outperformed its benchmark index for the one-,  three-, five- and ten-year periods ended June 30, 2007, while the Core Fund had outperformed its benchmark index for the one- and three-year periods and slightly underperformed the benchmark for the five-year and since-inception periods ended June 30, 2007.  The Board also considered Reams’ quarterly portfolio commentary and review of each Fund’s performance.  The Board concluded that Reams would continue to provide a high level of subadvisory services to the Funds.

• Subadvisory fees.  The Board reviewed and considered the subadvisory fees payable by the Adviser to Reams under the Subadvisory Agreement, as amended.  The Board noted that the subadvisory fees payable to Reams by the Adviser had been increased under the terms of the reorganization of the Funds with certain portfolios of the Columbus Funds, Inc.  The Board determined that the subadvisory fee payable with respect to each Fund was appropriate in light of the Fund’s investment style and in comparison to fees paid by separate account clients of Reams.  In evaluating the subadvisory fee, the Board noted that the fee is paid by the Adviser and that therefore the overall advisory fee paid by each Fund is not directly affected by the subadvisory fee.

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• Costs and profitability.  The Board did not consider the cost of services provided by Reams or the profitability to Reams from its relationship with the Funds because it did not view these factors as relevant given that the subadvisory fee is paid by the Adviser.

• Economies of scale.  Because the subadvisory fee is not paid by the Funds, the Board did not consider whether the fee should reflect any potential economies of scale that might be realized as Fund assets increase.

• Benefits to Reams.  The Board considered information presented regarding any benefits to Reams from serving as sub-adviser to the Funds (in addition to the subadvisory fee).  The Board noted that Reams does not participate in soft dollar arrangements with respect to fixed income transactions.  The Board also noted that Reams receives consulting services from Frontier, an affiliate of the Adviser.

On the basis of its review of the foregoing information, the Board of Directors found that the terms of the Subadvisory Agreement with Reams were fair and reasonable and in the best interest of each Fund’s shareholders.

IronBridge Small Cap and SMID Funds

The Board of Directors reviewed the Subadvisory Agreement between the Adviser and IronBridge Capital Management, L.P. (“IronBridge”) on behalf of the IronBridge Small Cap and IronBridge SMID Funds on August 20, 2007.  At that time, the Board was provided materials relevant to its consideration of the agreement, such as IronBridge’s Form ADV and Code of Ethics and information regarding IronBridge’s compliance program, investment strategy, trading procedures, personnel and financial condition.  The Board also reviewed IronBridge’s responses to a detailed request submitted by the Funds’ legal counsel on behalf of the Independent Directors.

In approving the Subadvisory Agreement between the Adviser and IronBridge, the Directors considered the following factors and made the following conclusions:

• Nature, extent and quality of the services provided.  The Board’s analysis of the nature, extent and quality of IronBridge’s services to the Funds took into account knowledge gained from IronBridge’s presentations to the Board at meetings throughout the year.  The Board reviewed and considered IronBridge’s proprietary investment style, key personnel involved in providing investment management services to the Funds and financial condition.  The Board also considered services provided by IronBridge under the Subadvisory Agreement, including the selection of broker-dealers for execution of portfolio transactions, monitoring adherence to each Fund’s investment restrictions and assisting with the Funds’ compliance with applicable securities laws and regulations.  The Board concluded that the nature, extent and quality of the services provided by IronBridge to each Fund was appropriate and that the Funds were likely to continue to benefit from services provided by IronBridge under the Subadvisory Agreement.

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• Investment performance of the Funds.  The Board reviewed the performance record of the Funds.  It noted that the IronBridge Small Cap Fund had outperformed its benchmark index for the one-, three- and since-inception periods ended June 30, 2007.  The Board noted that the IronBridge SMID Fund had slightly underperformed its benchmark index for the since-inception period but had outperformed its benchmark index for the one-year period ended June 30, 2007.  The Board also considered IronBridge’s quarterly portfolio commentary and review of the Fund’s performance.  The Board also compared each Fund’s performance for the period ended June 30, 2007 to the performance for the corresponding composite of IronBridge’s separate account clients.  The Board concluded that IronBridge would continue to provide a high level of subadvisory services to the Funds.

• Subadvisory fees.  The Board reviewed and considered the subadvisory fees payable by the Adviser to IronBridge under the Subadvisory Agreement.  The Board determined that the subadvisory fee payable with respect to each Fund was appropriate in light of the Fund’s investment style.  In evaluating the subadvisory fee, the Board noted that the fee is paid by the Adviser and that therefore the overall advisory fee paid by each Fund is not directly affected by the subadvisory fee.

• Costs and profitability.  The Board did not consider the cost of services provided by IronBridge or the profitability to IronBridge from its relationship with the Funds because it did not view these factors as relevant given that the subadvisory fee is paid by the Adviser.

• Economies of scale.  Because the subadvisory fee is not paid by the Funds, the Board did not consider whether the fee should reflect any potential economies of scale that might be realized as Fund assets increase.

• Benefits to IronBridge.  The Board considered information presented regarding any benefits to IronBridge from serving as sub-adviser to the Funds (in addition to the subadvisory fee).  The Board noted that IronBridge uses Fund brokerage to obtain non-execution services on a limited basis.  The Board also noted that IronBridge receives consulting services from Frontier, an affiliate of the Adviser.

On the basis of its review of the foregoing information, the Board of Directors found that the terms of the Subadvisory Agreement with IronBridge were fair and reasonable and in the best interest of each Fund’s shareholders.

New Star International Equity Fund

The Board of Directors reviewed the Subadvisory Agreement between the Adviser and New Star Institutional Managers Limited (“New Star”) on behalf of the New Star International Equity Fund on August 20, 2007.  At that time, the Board was provided materials relevant to its consideration of the agreement, such as New Star’s Form ADV and Code of Ethics and information regarding New Star’s compliance program, investment strategy, trading procedures, personnel and financial condition.  The Board also reviewed New Star’s responses to a detailed request submitted by the Fund’s legal counsel on behalf of the Independent Directors.

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In approving the Subadvisory Agreement between the Adviser and New Star regarding the International Equity Fund, the Directors considered the following factors and made the following conclusions:

• Nature, extent and quality of the services provided.  The Board’s analysis of the nature, extent and quality of New Star’s services to the Fund took into account knowledge gained from New Star’s presentations to the Board at meetings throughout the year.  The Board reviewed and considered New Star’s non-US equity (EAFE) investment strategy and experience as an international manager, key personnel involved in providing investment management services to the Fund and financial condition.  The Board also considered services provided by New Star under the Subadvisory Agreement, including the selection of broker-dealers for execution of portfolio transactions, monitoring adherence to the Fund’s investment restrictions and assisting with the Fund’s compliance with applicable securities laws and regulations.  The Board concluded that the nature, extent and quality of the services provided by New Star to the Fund was appropriate and that the Fund was likely to continue to benefit from services provided by New Star under the Subadvisory Agreement.

• Investment performance of New Star.  The Board reviewed the performance record of the International Equity Fund and noted that the Fund’s performance was in line with its benchmark index for the one-year period and had underperformed its benchmark index for the three-year and since-inception periods ended June 30, 2007.  The Board also considered New Star’s quarterly portfolio commentary and review of the Fund’s performance, including discussions of the reasons for the Fund’s underperformance during these periods.  The Board also compared the Fund’s recent performance to the performance of New Star’s composite of other accounts managed in the EAFE style.  The Board concluded that the Fund’s performance was satisfactory and that New Star would continue to provide a high level of subadvisory services to the Fund.

• Subadvisory fees.  The Board reviewed and considered the subadvisory fee payable by the Adviser to New Star under the Subadvisory Agreement.  The Board also reviewed information regarding New Star’s fee structures for other institutional clients.  The Board determined that the subadvisory fee was appropriate.  In evaluating the subadvisory fee, the Board noted that the fee is paid by the Adviser and that therefore the overall advisory fee paid by the Fund is not directly affected by the subadvisory fee.

• Costs and profitability.  The Board did not consider the cost of services provided by New Star under the Subadvisory Agreement or the profitability to New Star from its relationship with the International Equity Fund because it did not view these factors as relevant given that the sub- advisory fee is paid by the Adviser.

• Economies of scale.  Because the subadvisory fee is not paid by the International Equity Fund, the Board did not consider whether the fee should reflect any potential economies of scale that might be realized as Fund assets increase.

• Benefits to New Star.  The Board considered information presented regarding any benefits to New Star from serving as sub-adviser to the International Equity Fund (in addition to the subadvisory fee).  New Star provided information to the Board regarding its policies for the use of soft dollar

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commissions. The Board also noted that New Star receives consulting services from Frontier, an affiliate of the Adviser.

On the basis of its review of the foregoing information, the Board of Directors found that the terms of the Subadvisory Agreement with New Star were fair and reasonable and in the best interest of the International Equity Fund’s shareholders.

Netols Small Cap Value Fund

The Board of Directors reviewed the Subadvisory Agreement between the Adviser and Netols Asset Management, Inc. (“Netols”) on behalf of the Netols Small Cap Value Fund on August 20, 2007.  At that time, the Board was provided materials relevant to its consideration of the agreement, such as Netols’ Form ADV and Code of Ethics and information regarding Netols’ compliance program, investment strategy, trading procedures, personnel and financial condition. The Board also reviewed Netols’ responses to a detailed request submitted by the Fund’s legal counsel on behalf of the Independent Directors.

In approving the Subadvisory Agreement between the Adviser and Netols regarding the Netols Small Cap Value Fund, the Directors considered the following factors and made the following conclusions:

• Nature, extent and quality of the services to be provided.  The Board’s analysis of the nature, extent and quality of Netols’ services to the Fund took into account knowledge gained from Netols’ presentations to the Board at meetings throughout the year.  The Board reviewed and considered Netols’ investment strategy and experience as a small-cap value manager, key personnel involved in providing investment management services to the Fund and financial condition.  The Board also considered services provided by Netols under the Subadvisory Agreement, including the selection of broker- dealers for execution of portfolio transactions, monitoring adherence to the Fund’s investment restrictions and assisting with the Fund’s compliance with applicable securities laws and regulations. The Board concluded that the nature, extent and quality of the services provided by Netols to the Fund was appropriate and that the Fund was likely to continue to benefit from services provided by Netols under the Subadvisory Agreement.

• Investment performance of Netols.  The Board reviewed the performance record of the Netols Small Cap Value Fund and noted that the Fund had outperformed its benchmark index for the one-year and the since-inception periods ended June 30, 2007.  The Board also considered Netols’ quarterly portfolio commentary and review of the Fund’s performance.  The Board also compared the Fund’s recent performance to the performance of Netols’ composite of other accounts managed in the small cap value style.  The Board concluded that the Fund’s performance was satisfactory and that Netols would continue to provide a high level of subadvisory services to the Fund.

• Subadvisory fees.  The Board reviewed and considered the subadvisory fee payable by the Adviser to Netols under the Subadvisory Agreement.  The Board determined that the subadvisory fee was appropriate.  In evaluating the subadvisory fee, the Board noted that the fee is paid by the Adviser and that therefore the overall advisory fee paid by the Fund is not directly affected by the subadvisory fee.

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• Costs and profitability.  The Board did not consider the cost of services provided by Netols under the Subadvisory Agreement or the profitability to Netols from its relationship with the Netols Small Cap Value Fund because it did not view these factors as relevant given that the subadvisory fee is paid by the Adviser.

• Economies of scale.  Because the subadvisory fee is not paid by the Fund, the Board did not consider whether the fee should reflect any potential economies of scale that might be realized as Fund assets increase.

• Benefits to Netols.  The Board considered information presented regarding any benefits to Netols from serving as sub-adviser to the Fund (in addition to the subadvisory fee).  Netols provided information to the Board regarding its policies for the use of soft dollar commissions. The Board also noted that Netols receives consulting services from Frontier, an affiliate of the Adviser.

On the basis of its review of the foregoing information, the Board of Directors found that the terms of the Subadvisory Agreement with Netols were fair and reasonable and in the best interest of the Netols Small Cap Value Fund’s shareholders.

Sky International Value Fund

The Board of Directors reviewed the Subadvisory Agreement between the Adviser and Sky on behalf of the Sky International Value Fund on August 20, 2007.  At that time, the Board was provided materials relevant to its consideration of the agreement, such as Sky’s Form ADV and Code of Ethics and information regarding Sky’s compliance program, performance track record, investment strategy, trading procedures, personnel and financial condition.

In approving the Subadvisory Agreement between the Adviser and Sky regarding the Sky International Value Fund, the Directors considered the following factors and made the following conclusions:

• Nature, extent and quality of the services to be provided.  The Board considered Sky’s background as an independent manager of international equities, specializing in the management of EAFE (Europe, Australasia and Far East) equities.  The Board reviewed information regarding Sky’s investment program and the investment experience of the proposed portfolio manager for the Fund.  The Board also determined that the Fund was likely to benefit from the fact that Sky’s main focus is EAFE investing.

• Investment performance of Sky.  The Board reviewed historical performance data for Sky’s international equity composite of private accounts.  The Board concluded that Sky appeared to have an effective EAFE value investment process.

• Proposed fee.  The Board determined that the proposed sub-advisory fee was appropriate in light of the Fund’s investment style and in comparison to the fees paid by other advisory clients of Sky.  In evaluating the sub-advisory fee, the Board noted that the fee is paid by the Adviser and that therefore the overall advisory fee paid by the Fund is not directly affected by the sub-advisory fee.

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• Costs and profitability.  Sky did not provide any specific information regarding the costs of services to be provided or the profits they might realize because the Fund had not yet commenced operations.

• Economies of scale. Because the sub-advisory fee is not paid by the Fund, the Board did not consider whether the fee should reflect any potential economies of scale that might be realized as Fund assets increase.

• Benefits to Sky. The Board considered information presented regarding any benefits to Sky from serving as sub-adviser to the Fund (in addition to the sub-advisory fee). Sky provided information to the Board regarding its policies for the use of soft dollar commissions. The Board also noted that Sky receives consulting services from Frontier, an affiliate of the Adviser.

On the basis of its review of the foregoing information, the Board of Directors found that the terms of the Sub-advisory Agreement with Sky were fair and reasonable and in the best interest of the Sky International Value Fund’s shareholders.

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Frontegra Funds

ADDITIONAL INFORMATION

(Unaudited)

Foreign Tax Credit

For the year ended June 30, 2007, Frontegra New Star International Fund earned foreign source income and paid foreign taxes, which it intends to pass through to its shareholders pursuant to Section 853 of the Internal Revenue Code as follows:

	Foreign Source		Foreign
	Income Earned		Taxes Paid
Australia	$	770,995.74	$	43,110.59
Belgium		554,080.48		83,112.09
Brazil		3,827,983.57		117,836.98
China		23,459.16		(9,311.06	)
Denmark		7,221.67		1,083.25
Finland		325,007.32		48,751.11
France		1,943,573.43		290,352.20
Germany		1,025,142.55		153,771.37
Greece		207,467.38		—
Hong Kong		681,994.63		—
India		9,718.75		937.50
Italy		760,062.03		115,001.03
Japan		1,412,729.30		98,891.05
Netherlands		838,380.44		125,757.09
Russia		233,374.19		36,685.77
Singapore		493,306.54		—
Spain		339,139.90		51,952.16
Sweden		470,420.87		70,563.12
Switzerland		1,117,869.29		167,680.40
Taiwan		173,920.28		34,784.06
Thailand		157,721.57		15,772.15
Turkey		158,346.57		—
Total	$	15,531,915.66	$	1,446,730.86

Qualified Dividend Income/Dividends Received Deduction

For the fiscal year ended June 30, 2007, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003.  The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

Frontegra IronBridge Small Cap Fund	28.45%
Frontegra IronBridge SMID Fund	50.76%
Frontegra New Star International Equity Fund	77.69%
Frontegra Netols Small Cap Value Fund	52.48%

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Frontegra Funds

ADDITIONAL INFORMATION (CONTINUED)

(Unaudited)

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended June 30, 2007 was as follows:

Frontegra IronBridge Small Cap Fund	27.20%
Frontegra IronBridge SMID Fund	47.70%
Frontegra Netols Small Cap Value Fund	24.40%

Additional Information Applicable to Foreign Shareholders Only

The percent of ordinary income distributions designated as interest related dividends for the fiscal year ended June 30, 2007 was as follows:

Frontegra Columbus Core Plus Fund	99.97%
Frontegra Columbus Core Fund	99.66%
Frontegra IronBridge Small Cap Fund	3.45%
Frontegra IronBridge SMID Fund	6.97%
Frontegra New Star International Equity Fund	2.40%
Frontegra Netols Small Cap Value Fund	8.49%

The percent of ordinary income distributions designated as short-term capital gain distributions for the fiscal year ended June 30, 2007 was as follows:

Frontegra IronBridge Small Cap Fund	96.57%
Frontegra IronBridge SMID Fund	94.91%
Frontegra New Star International Equity Fund	34.34%
Frontegra Netols Small Cap Value Fund	100%

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A Note on Forward-Looking Statements

This report includes forward-looking statements such as adviser, sub-adviser and/or portfolio manager predictions, assessments, analyses or outlooks for individual securities, industries, market sectors and/or markets.  These statements involve risks and uncertainties.  In addition to the general risks described for the Funds in the current Prospectuses, other factors bearing on these statements include the accuracy of the adviser’s, sub-advisers’ or portfolio manager’s forecasts and predictions, and the appropriateness of the investment programs designed by the adviser, sub-adviser or portfolio manager to implement their strategies efficiently and effectively.  Any one or more of these factors, as well as other risks affecting the securities markets and investment instruments generally, could cause the actual results of the Funds to differ materially as compared to benchmarks associated with the Funds.

In addition, portfolio composition will change due to ongoing management of the Funds.  Specific securities named in this report may not currently be owned by the applicable Fund, or the Fund’s position in the securities may have changed.

Additional Information

Frontegra Funds has adopted proxy voting policies and procedures that delegate to Frontegra Asset Management, Inc., the Funds’ investment adviser (the “Adviser”), the authority to vote proxies.  The proxy voting policies permit the Adviser to delegate its authority to vote proxies to each Fund’s subadviser.  A description of the Frontegra Funds’ proxy voting policies and procedures is available without charge, upon request, by calling the Funds toll free at 1-888-825-2100.  A description of these policies and procedures is also included in the Funds’ Statement of Additional Information, which is available on the SEC’s website at http://www.sec.gov.

The actual voting records relating to each Fund’s portfolio securities during the most recent twelve months ended June 30 are available without charge by calling the Funds toll free at 1-888-825-2100 or by accessing the SEC’s website at http://www.sec.gov.

Each Fund files a complete schedule of portfolio holdings for its first and third fiscal quarters with the SEC on Form N-Q.  The Form N-Q is available on the SEC’s website at http://www.sec.gov.  The Form N-Q may also be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.  Information on the operation of the Public Reference Room may be obtained by calling toll-free 1-800-SEC-0330.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Schedule of Investments.

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

Not Applicable.

Item 11. Controls and Procedures.

(a)   Based on an evaluation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days prior to the filing date of this Form N-CSR, the registrant’s Co-Presidents and Treasurer have concluded that the disclosure controls and procedures are effective.

(b)   There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 12. Exhibits.

(a)   (1) Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable

(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.  Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.  Not applicable to open-end investment companies.

(b)   Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.  Furnished 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.

(Registrant)  Frontegra Funds, Inc.                                                                                                                                

By (Signature and Title)                      /s/Thomas J. Holmberg, Jr.

Thomas J. Holmberg, Jr. Co-President

(Principal Executive Officer)

Date                                3/6/08                                                                                                

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 (Signature and Title)                      /s/Thomas J. Holmberg, Jr.

Thomas J. Holmberg, Jr. Co-President

(Principal Executive Officer)

Date                                3/6/08                                                                                                

By (Signature and Title)                      /s/William D. Forsyth III                                                                

William D. Forsyth III, Co-President and Treasurer

(Principal Executive and Financial Officer)

Date                                3/6/08