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FRONTEGRA FUNDS
SEMI-ANNUAL REPORT
Frontegra Opportunity Fund
FRONTEGRA ASSET MANAGEMENT, INC.
-----------------
December 31, 1999
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FRONTEGRA FUNDS
TABLE OF CONTENTS
Shareholder Letter 1
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Investment Highlights 3
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Schedule of Investments 4
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Statement of Assets and Liabilities 7
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Statement of Operations 8
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Statements of Changes in Net Assets 9
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Financial Highlights 10
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Notes to Financial Statements 11
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This report is submitted for the general information of the shareholders of the
Fund. It is not authorized for distribution to prospective investors unless
accompanied or preceded by an effective Prospectus for the Fund. The Prospectus
includes more complete information about management fees and expenses,
investment objectives, risks and operating policies of the Fund. Please read the
Prospectus carefully.
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FRONTEGRA FUNDS
DEAR FELLOW SHAREHOLDERS:
We are pleased to present the December 31, 1999 semi-annual report for the
Frontegra Opportunity Fund, managed by Reams Asset Management Company. After
finishing the fiscal year ended June 30, 1999 with strong relative and absolute
performance, the last six months proved to be a difficult time for the Fund and
small cap value investors. Small cap stocks, as measured by the Russell 2000
Index, rallied late in the period, buoyed by the phenomenal performance of
growth stocks and technology stocks in particular. However, the Fund, and value
stocks in general, lagged the market. The Fund returned (6.67)% for the first
half of the Fund's fiscal year, compared to (6.41)% for the Russell 2000 Value
Index and 10.96% for the Russell 2000 Index.
Periods Ended 12/31/99
----------------------
3 months 6 months
Frontegra Opportunity Fund 0.42% (6.67)%
Russell 2000 Index 18.45% 10.96%
Russell 2000 Value Index 1.53% (6.41)%
MARKET REVIEW
Domestic stocks advanced strongly in the first six months of the Fund's fiscal
year, led primarily by surging technology stocks. Reversing a trend that has
been in place for several years, small cap stocks outperformed large cap stocks
in the period. The equity markets effectively shrugged off two interest rate
increases by the Federal Reserve to post such strong results. The Russell 2000
Index rocketed ahead nearly 20% in the last three months, led mostly by internet
and biotechnology stocks. Of the quarter's ten best performing stocks in the
Russell 2000 Index, nine were internet, wireless or biotechnology stocks. As a
result, a significant number of small cap stocks, particularly value stocks,
were left behind.
PORTFOLIO REVIEW
It would be an understatement to say that our value style of investing was not
in favor over the last six months. The divergence between small cap value and
small cap growth stocks was significant, as the Russell 2000 Growth Index
returned 26.83%, while the Russell 2000 Value Index lost 6.41%. The Fund's
underexposure to the highflying growth sectors of the market had a dramatic
effect on performance relative to the Russell 2000 Index. The most significant
performance detractor was our underexposure to the technology sector. At the
end of the period, technology accounted for nearly one-third of the Russell 2000
Index, while the Fund held only 8% of its assets in this sector. Most of the
technology stocks do not make it past our value screens due to their phenomenal
valuations. The Fund's underweighted positions in the finance and utilities
sectors benefited the portfolio, but the associated gains were not enough to
offset the large underweighting in the technology sector.
Historically, there have been periods of time when specific sectors drive
returns, as was the case recently with technology stocks. Although it is
uncomfortable to endure such a period, as a value investor, it is not unexpected
or unusual.
Over the past six months, Fund returns were bolstered by several acquisitions of
portfolio holdings. Lone Star Industries, Furon Corp and Giant Cement were all
acquired recently at significant premiums (40% to 50%) to their recent market
values. While we do not specifically buy stocks that we expect to be acquired,
an acquisition is often the way in which we realize the value in our stocks.
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FRONTEGRA FUNDS
PORTFOLIO OUTLOOK
The most significant change in the portfolio in recent months has been in the
materials and processing sector. Because of the previously mentioned
acquisitions of three stocks in this sector, our weighting dropped from 17% to
9% in this traditionally heavily weighted sector. We expect this to increase
over the next few quarters, given the attractive valuation of many stocks in
this sector. Financials are beginning to look attractive on a valuation basis
despite the difficult interest rate environment. We increased our exposure to
this sector with the addition of Commercial Federal Corp., an Omaha-based bank
holding company with branches in six states.
We also added several new positions to the portfolio recently, including:
- TOLL BROTHERS-Toll Brothers designs, builds, markets and finances single
family homes in middle and high income residential communities in 18
states and six regions across the country. Toll Brothers is well off
its 52-week high of $23.50 and is trading at or near recession levels.
Given Toll Brothers' valuation and its strong profitability, we
initiated a position in December.
- FURNITURE BRANDS-Furniture Brands manufactures residential furniture and
operates through three primary subsidiaries: Broyhill Furniture, Lane
Furniture and Thomasville Furniture. The company's stock price declined
significantly in the fourth quarter last year and currently trades at a
P/E multiple of eight. Management has done a good job recently of
deploying its free cash flow to pay down debt and buy back stock.
- INTERNATIONAL HOME FOODS-International Home Foods (IHF) manufactures and
markets a diversified line of shelf-stable food products with brand
names such as Chef Boyardee, PAM, Bumble Bee and Guldens. Management
has been able to make strategic acquisitions and has dramatically
improved the company's profitability, making IHF an attractive holding
at its current valuation.<F1>
SUMMARY
The last six months have been unquestionably difficult for value investors.
However, we firmly believe that our unwavering commitment to our disciplined
value strategy will pay off in the months and years to come. As always, we
appreciate your continued confidence and investment in the Fund.
Regards,
/s/ David R. Milroy /s/ Thomas J. Holmberg /s/ William D. Forsyth
David R. Milroy Thomas J. Holmberg, CFA William D. Forsyth, CFA
Reams Asset Frontegra Asset Frontegra Asset
Management Co. Management Management
<F1> The Fund is an actively managed portfolio. The companies discussed in this
letter may or may not be currently held by the Fund.
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FRONTEGRA FUNDS
Frontegra Opportunity Fund
INVESTMENT HIGHLIGHTS
Growth of a $100,000 Investment
Frontegra Lipper
Opportunity Small-Cap Russell Russell 2000
Fund Fund Index 2000 Index Value Index
--------- ----------- ------------ ------------
7/31/97 100,000 100,000 100,000 100,000
9/30/97 109,900 108,959 109,774 108,346
12/31/97 108,269 102,603 106,098 110,170
3/31/98 116,471 113,600 116,770 119,379
6/30/98 108,032 109,216 111,325 115,069
9/30/98 89,248 85,849 88,898 94,504
12/31/98 97,301 101,723 103,396 103,086
3/31/99 87,352 96,920 97,787 93,086
6/30/99 107,619 111,310 112,994 108,494
9/30/99 100,023 108,842 105,849 100,015
12/31/99 100,439 143,976 125,377 101,549
- -----------------------------
Portfolio Total Return
FOR THE PERIOD ENDED 12/31/99
- -----------------------------
ONE YEAR 3.23%
AVERAGE ANNUAL
SINCE COMMENCEMENT 0.18%
- -----------------------------
This chart assumes an initial gross investment of $100,000 made on 7/31/97
(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.
The Lipper Small-Cap Fund Index includes the 30 largest funds which, by
prospectus or portfolio practice, limit their investments to companies on the
basis of the size of the company.
The Russell 2000 Index is comprised of the smallest 2000 companies in the
Russell 3000 Index. The Russell 3000 Index is comprised of the 3000 largest U.S.
companies based on market capitalization.
The Russell 2000 Value Index is comprised of those securities in the Russell
2000 Index which have lower price-to-book ratios and lower forecasted growth
values.
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FRONTEGRA FUNDS
Frontegra Opportunity Fund
SCHEDULE OF INVESTMENTS
December 31, 1999 (Unaudited)
Number of Shares Value
- ------------------------------------------------------------------------------
COMMON STOCKS 99.0%
Aerospace 2.7%
21,400 AAR Corp. $383,862
----------
Commercial Services 6.5%
13,900 Banta Corp. 313,619
9,400 Lawson Products, Inc. 217,375
28,300 Stolt-Nielsen S.A. 403,275
----------
934,269
----------
Consumer Durables 8.4%
24,350 CLARCOR Inc. 438,300
14,200 Furniture Brands International, Inc.<F1> 312,400
8,200 Harman International Industries, Inc. 460,225
----------
1,210,925
----------
Consumer Services 4.2%
13,900 Interim Services Inc.<F1> 344,025
14,100 Regis Corp. 266,138
----------
610,163
----------
Dental Supplies & Equipment 2.4%
15,100 DENTSPLY International Inc. 356,737
----------
Electronic Technology 6.4%
4,200 Applied Power Inc. 154,350
17,900 Belden Inc. 375,900
21,900 UCAR International Inc.<F1> 390,094
----------
920,344
----------
Energy Minerals 2.9%
52,300 Santa Fe Snyder Corp.<F1> 418,400
----------
Finance 9.3%
16,400 Commercial Federal Corp. 292,125
23,600 First Bell Bancorp, Inc. 359,900
31,100 Local Financial Corp.<F1> 322,663
36,800 Seacoast Financial Services Corp.<F1> 374,900
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1,349,588
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See notes to financial statements.
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FRONTEGRA FUNDS
Frontegra Opportunity Fund
SCHEDULE OF INVESTMENTS (continued)
December 31, 1999 (Unaudited)
Number of Shares Value
- ------------------------------------------------------------------------------
Food 5.9%
23,200 International Home Foods, Inc.<F1> $403,100
11,300 Suiza Foods Corp.<F1> 447,763
----------
850,863
----------
Health Technology 3.4%
20,500 Haemonetics Corp.<F1> 488,156
----------
Housing 1.0%
8,000 Toll Brothers, Inc.<F1> 149,000
----------
Industrial Services 4.9%
11,300 Jacobs Engineering Group, Inc.<F1> 367,250
13,200 Quanex Corp. 336,600
----------
703,850
----------
Machinery 1.5%
10,600 Regal-Beloit Corp. 218,625
----------
Non-Energy Minerals 3.7%
32,300 International Specialty Products, Inc.<F1> 296,756
11,300 Noble Affiliates, Inc. 242,244
----------
539,000
----------
Printing 2.4%
25,500 Mail-Well, Inc.<F1> 344,250
----------
Process Industries 2.0%
12,850 Ferro Corp. 282,700
----------
Producer Manufacturing 14.8%
34,600 BE Aerospace, Inc.<F1> 291,937
25,200 Bush Industries, Inc. 433,125
14,100 General Cable Corp. 106,631
42,200 Griffon Corp.<F1> 329,688
17,700 HON INDUSTRIES Inc. 388,294
25,200 Northwest Pipe Co.<F1> 352,800
12,000 Standex International Corp. 251,250
----------
2,153,725
----------
See notes to financial statements.
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FRONTEGRA FUNDS
Frontegra Opportunity Fund
SCHEDULE OF INVESTMENTS (continued)
December 31, 1999 (Unaudited)
Number of Shares Value
- ------------------------------------------------------------------------------
Real Estate Investment Trusts 7.3%
6,100 Amli Residential Properties Trust $123,144
17,200 Asset Investors Corp. 191,350
6,600 First Industrial Realty Trust, Inc. 181,087
15,600 Great Lake REIT, Inc. 224,250
9,900 Prentiss Properties Trust 207,900
4,300 Storage USA, Inc. 130,075
----------
1,057,806
----------
Retail 3.1%
28,000 Maxwell Shoe Company Inc.<F1> 224,000
29,500 World Fuel Services Corp. 221,250
----------
445,250
----------
Technology Services 2.9%
29,500 Pioneer-Standard Electronics, Inc. 425,906
----------
Transportation 3.3%
34,400 Arnold Industries, Inc. 483,750
----------
TOTAL COMMON STOCKS
(cost $14,460,210) 14,327,169
----------
Principal Amount
- ----------------
SHORT-TERM INVESTMENTS 2.2%
Variable Rate Demand Notes 2.2%
$ 72,282 General Mills, Inc. 72,282
245,645 Pitney Bowes Credit Corp. 245,645
----------
317,927
TOTAL SHORT-TERM INVESTMENTS
(cost $317,927) 317,927
----------
TOTAL INVESTMENTS 101.2%
(cost $14,778,137) 14,645,096
Liabilities, less Other Assets (1.2)% (178,447)
----------
NET ASSETS 100.0% $14,466,649
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<F1> Non-income producing
See notes to financial statements.
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FRONTEGRA FUNDS
Frontegra Opportunity Fund
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1999 (Unaudited)
ASSETS:
Investments at value (cost $14,778,137) $14,645,096
Receivable for investments sold 11,199
Interest and dividends receivable 21,945
Receivable from adviser 8,124
Deferred organizational costs, net 20,839
Other assets 576
------------
Total assets 14,707,779
------------
LIABILITIES:
Payable for investments purchased 49,834
Payable for Fund shares redeemed 170,526
Accrued investment advisory fee 7,749
Accrued expenses 13,021
------------
Total liabilities 241,130
------------
NET ASSETS $14,466,649
============
NET ASSETS CONSIST OF:
Paid in capital $15,151,796
Accumulated undistributed net investment income 22,905
Accumulated undistributed net realized loss (575,011)
Net unrealized depreciation on investments (133,041)
------------
NET ASSETS $14,466,649
============
CAPITAL STOCK, $0.01 PAR VALUE
Authorized 100,000,000
Issued and outstanding 512,907
NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE $28.21
======
See notes to financial statements.
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FRONTEGRA FUNDS
Frontegra Opportunity Fund
STATEMENT OF OPERATIONS
SIX MONTHS ENDED
DECEMBER 31, 1999
(UNAUDITED)
------------
INVESTMENT INCOME:
Dividends $118,902
Interest 13,007
------------
131,909
------------
EXPENSES:
Investment advisory fees 51,735
Fund administration and accounting fees 27,423
Shareholder servicing fees 8,909
Legal fees 6,884
Custody fees 6,213
Amortization of organizational costs 4,072
Audit fees 3,644
Reports to shareholders 3,403
Federal and state registration fees 3,381
Directors' fees and related expenses 929
Other 122
------------
Total expenses before waiver and reimbursement 116,715
Waiver and reimbursement of expenses by adviser (45,063)
------------
Net expenses 71,652
------------
NET INVESTMENT INCOME 60,257
------------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments 292,200
Change in net unrealized
appreciation on investments (1,568,396)
------------
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS (1,276,196)
------------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $(1,215,939)
============
See notes to financial statements.
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FRONTEGRA FUNDS
Frontegra Opportunity Fund
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS EIGHT
ENDED MONTHS YEAR
DECEMBER 31, ENDED ENDED
1999 JUNE 30, OCTOBER 31,
(UNAUDITED) 1999 1998
---------- ---------- ----------
OPERATIONS:
Net investment income $60,257 $83,039 $66,764
Net realized gain (loss)
on investments 292,200 (19,993) (158,568)
Change in net unrealized appreciation
(depreciation) on investments (1,568,396) 2,235,006 (905,970)
----------- ----------- -----------
Net increase (decrease) in net
assets resulting from operations (1,215,939) 2,298,052 (997,774)
----------- ----------- -----------
DISTRIBUTIONS PAID FROM:
Net investment income (105,971) (80,263) (7,018)
Net realized gain on investments (697,166) __ __
----------- ----------- -----------
Net decrease in net assets resulting
from distributions paid (803,137) (80,263) (7,018)
----------- ----------- -----------
CAPITAL SHARE
TRANSACTIONS:
Shares sold 351,250 8,086,316 1,925,149
Shares issued to holders in
reinvestment of distributions 801,976 80,263 7,018
Shares redeemed (1,878,912) __ __
----------- ----------- -----------
Net increase (decrease) in net
assets resulting from capital
share transactions (725,686) 8,166,579 1,932,167
----------- ----------- -----------
TOTAL INCREASE (DECREASE)
IN NET ASSETS (2,744,762) 10,384,368 927,375
----------- ----------- -----------
NET ASSETS:
Beginning of period 17,211,411 6,827,043 5,899,668
----------- ----------- -----------
End of period
(includes accumulated undistributed
net investment income of
$22,905, $66,964 and
$64,806, respectively) $14,466,649 $17,211,411 $6,827,043
=========== =========== ===========
See notes to financial statements.
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FRONTEGRA FUNDS
Frontegra Opportunity Fund
FINANCIAL HIGHLIGHTS
SIX
MONTHS EIGHT YEAR PERIOD
ENDED MONTHS ENDED ENDED
DECEMBER 31, ENDED OCTOBER OCTOBER
1999 JUNE 30, 31, 31,
(UNAUDITED) 1999 1998 1997<F1>
-------- -------- -------- --------
NET ASSET VALUE,
BEGINNING OF PERIOD $32.02 $27.93 $32.22 $30.00
INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net investment income 0.14 0.07 0.26 0.04
Net realized and unrealized gain
(loss) on investments (2.31) 4.23 (4.52) 2.18
-------- -------- -------- --------
TOTAL INCOME (LOSS) FROM
INVESTMENT OPERATIONS (2.17) 4.30 (4.26) 2.22
-------- -------- -------- --------
LESS DISTRIBUTIONS PAID:
From net investment income (0.22) (0.21) (0.03) -
From net realized gain on investments (1.42) - - -
-------- -------- -------- --------
TOTAL DISTRIBUTIONS PAID (1.64) (0.21) (0.03) -
-------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $28.21 $32.02 $27.93 $32.22
======== ======== ======== =======
TOTAL RETURN<F2> (6.67)% 15.49% (13.24)% 7.40%
SUPPLEMENTAL DATA
AND RATIOS:
Net assets, end of period
(in thousands) $14,467 $17,211 $6,827 $5,900
Ratio of expenses to average
net assets<F3><F4> 0.90% 0.90% 0.90% 0.90%
Ratio of net investment income
to average net assets<F3><F4> 0.75% 1.00% 0.92% 2.61%
Portfolio turnover rate<F2> 31% 38% 54% 9%
<F1> Commenced operations on July 31, 1997.
<F2> Not annualized for periods less than a full year.
<F3> Net of waivers and reimbursements by Adviser. Without waivers and
reimbursements of expenses, the ratio of expenses to average net assets
would have been 1.46%, 1.73%, 2.53% and 12.02%, and the ratio of net
investment income (loss) to average net assets would have been 0.19%,
0.17%, (0.71)% and (8.51)% for the periods ended December 31, 1999, June
30, 1999, October 31, 1998 and October 31, 1997, respectively.
<F4> Annualized.
See notes to financial statements.
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FRONTEGRA FUNDS
Frontegra Opportunity Fund
NOTES TO FINANCIAL STATEMENTS
December 31, 1999 (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 three series:
the Frontegra Opportunity Fund (the "Fund"), the Frontegra Total Return Bond
Fund and the Frontegra Growth Fund. The Fund, sub-advised by Reams Asset
Management Co., LLC, commenced operations on July 31, 1997. Costs incurred
by the Fund in connection with its organization, registration and the
initial public offering of shares have been deferred and will be amortized
over the period of benefit, but not to exceed five years from the date upon
which the Fund commenced its investment activities.
(2)SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. These
policies are in conformity with generally accepted accounting principles.
(a) Investment Valuation
Securities (other than short-term instruments) 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. Securities maturing within 60 days or less
when purchased are valued by the amortized cost method. Any securities
for which market quotations are not readily available are valued at
their fair value as determined in good faith by Reams Asset Management
Co., LLC pursuant to guidelines established by the Board of Directors.
(b) Federal Income Taxes
No federal income tax provision has been made since the Fund intends to
meet the requirements of the Internal Revenue Code applicable to
regulated investment companies and to distribute substantially all
investment company net taxable income and net capital gains to
shareholders in a manner which results in no tax cost to the Fund.
(c) Distributions to Shareholders
Dividends from net investment income and distributions of net realized
gains, if any, will be declared and paid at least annually.
Distributions to shareholders are recorded on the ex-dividend date. The
character of distributions made during the period from net investment
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FRONTEGRA FUNDS
Frontegra Opportunity Fund
NOTES TO FINANCIAL STATEMENTS (continued)
December 31, 1999 (Unaudited)
income or net realized gains may differ from the characterization for
federal income tax purposes due to differences in the recognition of
income, expense and gain items for financial statement and tax purposes.
Where appropriate, reclassifications between net asset accounts are made
for such differences that are permanent in nature. Accordingly, at
December 31, 1999, reclassifications were recorded to increase
accumulated undistributed net investment income by $1,655 and decrease
paid in capital by $1,655.
(d) Other
Investment transactions are accounted for on the trade date. The Fund
determines the gain or loss realized from investment transactions by
comparing the original cost of the security lot sold with the net sale
proceeds. Dividend income is recognized on the ex-dividend date and
interest income is recognized on an accrual basis.
The preparation of financial statements in conformity with generally
accepted accounting principles 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
The Fund has an agreement with Frontegra Asset Management, Inc. (the
"Adviser"), with whom certain officers and directors of the Fund are
affiliated, to furnish investment advisory services to the Fund. Under the
terms of this agreement, the Fund will pay the Adviser a monthly fee at the
annual rate of 0.65% of the Fund's average daily net assets. Pursuant to an
expense cap agreement dated February 26, 1999, as amended August 2 and
December 31, 1999, 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 0.90% of the Fund's average daily net assets. The
term of this expense cap agreement is twelve months.
(4)CAPITAL SHARE TRANSACTIONS
Transactions in shares of the Fund were as follows:
SIX MONTHS EIGHT MONTHS
ENDED ENDED
DECEMBER 31, 1999 JUNE 30, 1999
----------------------------------
Shares sold 11,595 290,271
Shares issued to holders in
reinvestment of distributions 29,025 2,845
Shares redeemed (65,274) -
--------- ---------
Net increase (decrease)
in shares outstanding (24,654) 293,116
======== =========
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FRONTEGRA FUNDS
Frontegra Opportunity Fund
NOTES TO FINANCIAL STATEMENTS (continued)
December 31, 1999 (Unaudited)
(5)INVESTMENT TRANSACTIONS
The aggregate purchases and sales of securities, excluding short-term
investments, for the Fund for the six months ended December 31, 1999, are
summarized below:
Purchases $4,743,733
Sales $5,791,546
There were no purchases or sales of U.S. government securities.
At December 31, 1999, gross unrealized appreciation and depreciation of
investments, based on cost for federal income tax purposes of $14,867,284
were as follows:
Appreciation $1,211,432
Depreciation (1,433,620)
-----------
Net depreciation on investments $(222,188)
===========
At June 30, 1999, the Fund had an accumulated net realized capital loss
carryover of $132,054 expiring in 2006. To the extent the Fund realizes
future net capital gains, taxable distributions to its shareholders will be
offset by any unused capital loss carryover.
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FRONTEGRA FUNDS, INC.
c/o Firstar Mutual Fund Services, LLC
P.O. Box 701, Milwaukee, Wisconsin 53201-0701
FO-410-0100
