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Phocas Small Cap Value
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Ticker: FPSVX
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Investment Objective
The Frontegra Phocas Small Cap Value Fund's goal, also referred to as its investment objective, is long-term total investment return through capital appreciation. 

Principal Investment Strategy
The Fund seeks to achieve its goal primarily through investing at least 80% of its net assets in domestic common stocks and other equity securities (including convertible preferred stocks and warrants) of small-capitalization companies, consistent with companies within the Russell 2000 Value Index. For purposes of the 80% policy, net assets include any borrowings for investment purposes.

The Fund will pursue its investment objective by investing in a diversified portfolio of small-capitalization securities selling at discounts to their fair value as assessed by the investment and research team of Phocas Financial Corporation ("Phocas"), the Fund's subadviser. Phocas will typically invest in 80 to 120 companies with initial weightings between 0.50% to 1.50% of total Fund value in order to have broad industry representation and reduce individual security risk within the Fund.

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The performance of the Frontegra Phocas Small Cap Value Fund reflects historical performance of the Phocas Small CapValue Fund (the "Predecessor Fund").  Effective October 8, 2010, the Predecessor Fund was reorganized into the Fund.  Returns since October 8, 2010, reflect the performance of the Fund's Class L Shares.  Effective November 1, 2012, the Class L shares were redesignated as Institutional Class shares.

The recent growth in the equity market has helped to produce short-term returns for some asset classes that are not typical and may not continue in the future.  Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.


Annual Fund Operating Expenses (As of Prospectus Dated 10/31/13)
(expenses that are deducted from Fund assets)
Management Fees 1.00%                       
Distribution (12b-1) Fees                                          None                         
Other Expenses 1.50%                       
Acquired Fund Fees and Expenses 0.12%                       
Total Annual Fund Operating Expenses 2.62%                       
Fee Waiver -1.40%                     -
Net Expenses 1.22%                       

Pursuant to an expense cap agreement between the Fund’s adviser, Frontegra Asset Management, Inc. (“Frontegra”) and the Fund, Frontegra agreed to waive its management fee and/or reimburse the Fund’s operating expenses to the extent necessary to ensure that the Fund’s total operating expenses (excluding acquired fund fees and expenses) do not exceed 1.10% of the Fund’s average daily net assets. The expense cap agreement for the Fund will continue in effect until October 31, 2014 with successive renewal terms of one year unless terminated by Frontegra or the Fund prior to any such renewal. “Other Expenses” are presented before any waivers or expense reimbursements.

Past performance does not guarantee future results.  The principal value of an investment and investment return will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.  Current performance may be lower or higher than the performance quoted and may be obtained by calling 888-825-2100.  Investment performance reflects contractual fee waivers in effect.  In the absence of such waiver, total returns would be reduced.

The Fund's investment objectives, risks, charges, and expenses must be considered carefully before investing.  The prospectus contains this and other important information about the Frontegra Funds, and it may be obtained by downloading or calling 888-825-2100.  To download, select the Prospectus option located on the left sidebar.

Mutual fund investing involves risk; principal loss is possible.

Principal Risk Factors. The main risks of investing in the Fund are:

M a r k e t R i s k s . The Fund’s investments are subject to market risk, which may cause the value of the Fund’s investments to decline. If the value of the Fund’s investments goes down, the share price of the Fund will go down, and you may lose money. U.S. and international markets have experienced extreme volatility, reduced liquidity, credit downgrades, increased likelihood of default and valuation difficulties in recent years.

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

Foreign Securities Risks. The Fund's foreign investments involve additional risks, including less liquidity, currency-rate fluctuations, political and economic instability and differences in financial reporting standards and securities market regulation.

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

S m a l l C a p i t a l i z a t i o n R i s k s . Securities of companies with small market capitalizations, are often more volatile and less liquid than investments in larger companies. Small capitalization companies are also more susceptible to market pressures than larger companies.

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

Sector Risks. Although Phocas selects stocks based on their individual merits, some economic sectors will represent a larger portion of the Fund's overall investment portfolio than other sectors. Potential negative market or economic developments affecting one of the larger sectors could have a greater impact on the Fund than on a fund with fewer holdings in that sector.

Frontegra Funds, Inc. are distributed by Frontegra Strategies, LLC, an affiliate of Frontegra Funds, Inc., and managed by Frontegra Asset Management, Inc.

Frontegra Strategies, LLC   is located at 400 Skokie Boulevard, Suite 500, Northbrook, Illinois 60062, and can be contacted by calling (847) 509-9860.  Frontegra Strategies, LLC is a member of the Financial Industry Regulatory Authority, Inc. and

You may obtain information about SIPC, including the SIPC brochure, by visiting or calling SIPC at (202) 371-8300.

The Frontegra Funds are not offered for sale in countries other than the United States and its territories.