# EDGAR Filing Document

**Accession Number:** 0001014913
**File Stem:** 0000894189-26-015614
**Filing Date:** 2026-5
**Character Count:** 30652
**Document Hash:** 8d67e489885d5e0213e432e16fa23477
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-015614.hdr.sgml**: 20260526

**ACCESSION NUMBER**: 0000894189-26-015614

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260526

**DATE AS OF CHANGE**: 20260526

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFG FUNDS, INC.
- **CENTRAL INDEX KEY:** 0001014913

**ORGANIZATION NAME:**
- **EIN:** 364104131
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07685
- **FILM NUMBER:** 261018224

**BUSINESS ADDRESS:**
- **STREET 1:** 999 OAKMONT PLAZA DRIVE
- **STREET 2:** SUITE 600
- **CITY:** WESTMONT
- **STATE:** IL
- **ZIP:** 60559
- **BUSINESS PHONE:** 1-888-825-2100

**MAIL ADDRESS:**
- **STREET 1:** 999 OAKMONT PLAZA DRIVE
- **STREET 2:** SUITE 600
- **CITY:** WESTMONT
- **STATE:** IL
- **ZIP:** 60559

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRONTIER FUNDS, INC.
- **DATE OF NAME CHANGE:** 20141031

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRONTEGRA FUNDS INC
- **DATE OF NAME CHANGE:** 19960520

## Series and Classes Contracts Data

### MFG Global Sustainable Fund (Series ID: S000063792)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000206680 | Institutional Class Shares | FMSGX           |
| C000206681 | Service Class Shares       | FMSRX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **MFG Global Sustainable Fund** | **MFG Global Sustainable Fund** | **MFG Global Sustainable Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 94.7%** | **Shares**  | **Value**  |
| **Germany - 10.0%** | **Germany - 10.0%** | |
| adidas AG | 6916 | $1119407 |
| Beiersdorf AG | 3163 | 284315 |
| SAP SE | 7331 | 1249814 |
|  |  | 2653536 |
| **Hong Kong - 1.1%** | **Hong Kong - 1.1%** |  |
| AIA Group Ltd. | 26136 | 290406 |
| **Netherlands - 2.6%** | **Netherlands - 2.6%** |  |
| Universal Music Group NV | 35035 | 680061 |
| **Spain - 2.0%** | **Spain - 2.0%** |  |
| Aena SME SA <sup>(a)</sup> | 18194 | 538279 |
| **Switzerland - 4.8%** | **Switzerland - 4.8%** |  |
| Nestle SA | 12991 | 1274301 |
| **Taiwan, Province of China - 5.9%** | **Taiwan, Province of China - 5.9%** |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 4573 | 1545445 |
| **United Kingdom - 4.3%** | **United Kingdom - 4.3%** |  |
| Reckitt Benckiser Group PLC | 9786 | 658010 |
| Unilever PLC | 8682 | 490185 |
|  |  | 1148195 |
| **United States - 64.0% <sup>(b)</sup>** | **United States - 64.0% <sup>(b)</sup>** |  |
| Alphabet, Inc. - Class C | 3673 | 1053637 |
| Amazon.com, Inc. <sup>(c)</sup> | 8764 | 1825278 |
| American Tower Corp. | 6181 | 1066717 |
| Booking Holdings, Inc. | 184 | 774699 |
| Dollar General Corp. | 6400 | 759872 |
| Eversource Energy | 11639 | 806350 |
| Intercontinental Exchange, Inc. | 4278 | 672844 |
| Mastercard, Inc. - Class A | 2478 | 1238157 |
| Meta Platforms, Inc. - Class A | 2103 | 1203189 |
| Microsoft Corp. | 5715 | 2115521 |
| Mondelez International, Inc. - Class A | 9302 | 536167 |
| Netflix, Inc. <sup>(c)</sup> | 5798 | 557478 |
| S&P Global, Inc. | 1878 | 798788 |
| Thermo Fisher Scientific, Inc. | 1096 | 538717 |
| UnitedHealth Group, Inc. | 3035 | 821241 |
| Visa, Inc. - Class A | 1811 | 547357 |
| Yum! Brands, Inc. | 5245 | 815493 |
| Zimmer Biomet Holdings, Inc. | 9073 | 820381 |
|  |  | 16951886 |
| **TOTAL COMMON STOCKS** (Cost $18,827,487) | **TOTAL COMMON STOCKS** (Cost $18,827,487) | 25082109 |
| **TOTAL INVESTMENTS - 94.7% (**Cost $18,827,487**)** | **TOTAL INVESTMENTS - 94.7% (**Cost $18,827,487**)** | 25082109 |
| Money Market Deposit Account - 5.3% <sup>(d)</sup> | Money Market Deposit Account - 5.3% <sup>(d)</sup> | 1409917 |
| Liabilities in Excess of Other Assets - 0.0% | Liabilities in Excess of Other Assets - 0.0% | (19547) |
| **TOTAL NET ASSETS - 100.0%** |  | $26472479 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional
 investors. As of March 31, 2026, the value of these securities total $538,279 or 2.0% of the Fund's net assets.

(b) To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country
 or region.

(c) Non-income producing security.

(d) The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and
 is subject to change daily. The rate as of March 31, 2026 was 2.56%.

------

#### Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
MFG Global Sustainable Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $18497331 | $6584778 | $– | $25082109 |
| Total Investments | $18497331 | $6584778 | $– | $25082109 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

------

---

| | | |
|:---|:---|:---|
| **MFG Core Infrastructure Fund** | **MFG Core Infrastructure Fund** | **MFG Core Infrastructure Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 96.2%** | **Shares**  | **Value**  |
| **Australia - 4.4%** | **Australia - 4.4%** | |
| APA Group | 217572 | $1498790 |
| Atlas Arteria Ltd. | 230617 | 683921 |
| Transurban Group | 472953 | 4613583 |
|  |  | 6796294 |
| **Belgium - 1.8%** | **Belgium - 1.8%** |  |
| Elia Group SA/NV | 17703 | 2719179 |
| **Canada - 14.1%** | **Canada - 14.1%** |  |
| Algonquin Power & Utilities Corp. | 107439 | 658026 |
| Canadian Utilities Ltd. - Class A | 30250 | 1062479 |
| Emera, Inc. | 45410 | 2353903 |
| Enbridge, Inc. | 80340 | 4355143 |
| Fortis, Inc. | 74867 | 4176859 |
| Hydro One Ltd. <sup>(a)</sup> | 88828 | 3668441 |
| South Bow Corp. | 31447 | 1046199 |
| TC Energy Corp. | 69175 | 4331705 |
|  |  | 21652755 |
| **Chile - 0.3%** | **Chile - 0.3%** |  |
| Aguas Andinas SA - Class A | 1107574 | 423295 |
| **France - 5.5%** | **France - 5.5%** |  |
| Aeroports de Paris SA | 16101 | 1967023 |
| Getlink SE | 84822 | 1830370 |
| Vinci SA | 31289 | 4696478 |
|  |  | 8493871 |
| **Germany - 0.9%** | **Germany - 0.9%** |  |
| Fraport AG Frankfurt Airport Services Worldwide <sup>(b)</sup> | 15377 | 1339590 |
| **Italy - 7.2%** | **Italy - 7.2%** |  |
| ACEA SpA | 35176 | 914352 |
| Enav SpA <sup>(a)</sup> | 88516 | 532301 |
| Italgas SpA | 156487 | 1822924 |
| Snam SpA | 544740 | 4126662 |
| Terna - Rete Elettrica Nazionale | 326078 | 3729506 |
|  |  | 11125745 |
| **Mexico - 3.3%** | **Mexico - 3.3%** |  |
| Grupo Aeroportuario del Centro Norte SAB de CV | 55554 | 796936 |
| Grupo Aeroportuario del Pacifico SAB de CV - Class B | 68176 | 1679124 |
| Grupo Aeroportuario del Sureste SAB de CV - Class B | 45383 | 1530407 |
| Promotora y Operadora de Infraestructura SAB de CV | 64382 | 1043123 |
|  |  | 5049590 |
| **Netherlands - 3.7%** | **Netherlands - 3.7%** |  |
| Ferrovial SE | 72642 | 4725852 |
| Koninklijke Vopak NV | 17778 | 962242 |
|  |  | 5688094 |
| **New Zealand - 1.4%** | **New Zealand - 1.4%** |  |
| Auckland International Airport Ltd. | 278200 | 1274145 |
| Chorus Ltd. | 70180 | 379092 |
| Vector Ltd. | 164315 | 447867 |
|  |  | 2101104 |
| **Portugal - 0.3%** | **Portugal - 0.3%** |  |
| REN - Redes Energeticas Nacionais SGPS SA | 116835 | 504391 |
| **Spain - 6.8%** | **Spain - 6.8%** |  |
| Aena SME SA <sup>(a)</sup> | 154820 | 4580435 |
| Cellnex Telecom SA <sup>(a)</sup> | 110133 | 3541314 |
| Enagas SA | 45514 | 901695 |
| Redeia Corp. SA | 88769 | 1504672 |
|  |  | 10528116 |
| **Switzerland - 1.0%** | **Switzerland - 1.0%** |  |
| Flughafen Zurich AG | 4993 | 1563488 |
| **United Kingdom - 5.9%** | **United Kingdom - 5.9%** |  |
| National Grid PLC | 270553 | 4566931 |
| Pennon Group PLC | 77176 | 544262 |
| Severn Trent PLC | 49299 | 2021918 |
| United Utilities Group PLC | 111731 | 1948148 |
|  |  | 9081259 |
| **United States - 39.6% <sup>(c)</sup>** | **United States - 39.6% <sup>(c)</sup>** |  |
| Alliant Energy Corp. | 14369 | 1031119 |
| Ameren Corp. | 14427 | 1585816 |
| American Electric Power Co., Inc. | 22931 | 3005795 |
| American States Water Co. | 1774 | 134150 |
| American Tower Corp. | 17648 | 3045692 |
| American Water Works Co., Inc. | 10729 | 1460110 |
| Atmos Energy Corp. | 8735 | 1613529 |
| Avista Corp. | 4778 | 191789 |
| Black Hills Corp. | 4021 | 279098 |
| Brookfield Renewable Corp. | 19956 | 795314 |
| California Water Service Group | 2780 | 126045 |
| CenterPoint Energy, Inc. | 35897 | 1549315 |
| Chesapeake Utilities Corp. | 872 | 110195 |
| CMS Energy Corp. | 16901 | 1311180 |
| Consolidated Edison, Inc. | 19814 | 2242548 |
| Crown Castle, Inc. | 23950 | 1947374 |
| Dominion Energy, Inc. | 45719 | 2826349 |
| DTE Energy Co. | 11413 | 1668809 |
| Duke Energy Corp. | 22828 | 2989098 |
| Entergy Corp. | 25007 | 2809787 |
| Essential Utilities, Inc. | 15680 | 631434 |
| Evergy, Inc. | 11900 | 974848 |
| Eversource Energy | 20205 | 1399802 |
| Exelon Corp. | 55221 | 2706933 |
| FirstEnergy Corp. | 32089 | 1625629 |
| H2O America | 2715 | 159289 |
| IDACORP, Inc. | 3129 | 447353 |
| MGE Energy, Inc. | 2060 | 159217 |
| Middlesex Water Co. | 1181 | 61471 |
| NextEra Energy, Inc. | 32664 | 3033832 |
| NiSource, Inc. | 24178 | 1128145 |
| Northwest Natural Holding Co. | 1850 | 98457 |
| Northwestern Energy Group, Inc. | 3184 | 209953 |
| OGE Energy Corp. | 10058 | 482382 |
| ONE Gas, Inc. | 3054 | 263041 |
| Pinnacle West Capital Corp. | 6589 | 663842 |
| Portland General Electric Co. | 5913 | 312029 |
| PPL Corp. | 40437 | 1544693 |
| Public Service Enterprise Group, Inc. | 27294 | 2209449 |
| SBA Communications Corp. | 5909 | 1016998 |
| Sempra | 31132 | 3025096 |
| Spire, Inc. | 3329 | 301408 |
| The Southern Co. | 31019 | 2993954 |
| TXNM Energy, Inc. | 4945 | 289085 |
| WEC Energy Group, Inc. | 17456 | 2020881 |
| Xcel Energy, Inc. | 31548 | 2506173 |
|  |  | 60988506 |
| **TOTAL COMMON STOCKS** (Cost $98,846,291) | **TOTAL COMMON STOCKS** (Cost $98,846,291) | 148055277 |
| **CLOSED-END FUNDS - 1.1%** | **Shares**  | **Value**  |
| **Republic of Korea - 0.4%** | **Republic of Korea - 0.4%** |  |
| Macquarie Korea Infrastructure Fund | 84522 | 622197 |
| **United Kingdom - 0.7%** | **United Kingdom - 0.7%** |  |
| HICL Infrastructure PLC | 327621 | 516853 |
| International Public Partnerships Ltd. | 307648 | 522019 |
|  |  | 1038872 |
| **TOTAL CLOSED-END FUNDS** (Cost $1,753,946) | **TOTAL CLOSED-END FUNDS** (Cost $1,753,946) | 1661069 |
| **TOTAL INVESTMENTS - 97.3% (**Cost $100,600,237**)** | **TOTAL INVESTMENTS - 97.3% (**Cost $100,600,237**)** | 149716346 |
| Money Market Deposit Account - 2.4% <sup>(d)</sup> | Money Market Deposit Account - 2.4% <sup>(d)</sup> | 3744631 |
| Other Assets in Excess of Liabilities - 0.3% | Other Assets in Excess of Liabilities - 0.3% | 350568 |
| **TOTAL NET ASSETS - 100.0%** |  | $153811545 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

PLC - Public Limited Company<br>

(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional
 investors. As of March 31, 2026, the value of these securities total $12,322,491 or 8.0% of the Fund's net assets.

(b) Non-income producing security.

(c) To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country
 or region.

(d) The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions
 and is subject to change daily. The rate as of March 31, 2026 was 2.56%.

------

MFG Core Infrastructure Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $90794377 | $57260900 | $– | $148055277 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Closed-End Funds | – | 1661069 | – | 1661069 |
| Total Investments | $90794377 | $58921969 | $– | $149716346 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

------

*Tax Disclosure* - Each Fund intends to continue to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, 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.

The Funds have adopted financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations as incurred. During the period, the Funds did not incur any interest or penalties. The Funds have reviewed all open tax years and concluded that there is no effect to any of the Fund's financial positions or results of operations and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on a tax return. The Funds have no examinations in progress.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** MFG Funds, Inc.

- **b. Investment Company Act file number:** 811-07685

- **c. CIK number of Registrant:** 0001014913

- **d. LEI of Registrant:** 549300TMAADQMXZCXG08

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 999 Oakmont Plaza Drive

  - **City:** Westmont

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60559

  - **Telephone number:** 847-509-9860

**Item A.2. Information about the Series.**

- **a. Name of Series:** MFG Global Sustainable Fund

- **b. EDGAR series identifier (if any):** S000063792

- **c. LEI of Series:** 549300FO6X8UM5G4OL63

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $26635108.41

**Total Liabilities:** $57385.01

**Net Assets:** $26577723.40

**Cash Not Reported:** $51487.97

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000206680 | -0.30%               | 0.37%                | -8.16%               |
| Class ID C000206681 | -0.30%               | 0.31%                | -8.09%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $531660.51               | $-589586.53                                |
| Month 2  | $662270.99               | $-627299.31                                |
| Month 3  | $-25757.72               | $-2335235.43                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                   | Title                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Reckitt Benckiser Group PLC            | Reckitt Benckiser Group PLC               | CUSIP: N/A<br>LEI: 5493003JFSMOJG48V108       | Long             | EC               | CORP              | GB        |      9786 | NS      | $658009.87    | 2.48%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                 | SAP SE                                    | CUSIP: N/A<br>LEI: 529900D6BF99LW9R2E68       | Long             | EC               | CORP              | DE        |      7331 | NS      | $1249814.28   | 4.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc           | Thermo Fisher Scientific Inc              | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      1096 | NS      | $538716.88    | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bank Money Market Deposit Account | U.S. Bank Money Market Deposit Account    | CUSIP: 8AMMF0A84<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1409917 | NS      | $1409917.01   | 5.30%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                 | UnitedHealth Group Inc                    | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      3035 | NS      | $821240.65    | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc             | Zimmer Biomet Holdings Inc                | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |      9073 | NS      | $820380.66    | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                         | Mastercard Inc                            | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      2478 | NS      | $1238157.48   | 4.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                         | Microsoft Corp                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      5715 | NS      | $2115521.55   | 7.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands Inc                        | Yum! Brands Inc                           | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |      5245 | NS      | $815492.60    | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                     | Meta Platforms Inc                        | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      2103 | NS      | $1203189.39   | 4.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Music Group NV               | Universal Music Group NV                  | CUSIP: N/A<br>LEI: 724500GJBUL3D9TW9Y18       | Long             | EC               | CORP              | NL        |     35035 | NS      | $680061.40    | 2.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                           | Unilever PLC                              | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |      8682 | NS      | $490184.70    | 1.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange Inc          | Intercontinental Exchange Inc             | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |      4278 | NS      | $672843.84    | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle SA                              | Nestle SA                                 | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               | CORP              | CH        |     12991 | NS      | $1274300.87   | 4.79%             |  |  |  | No            |                  2 | On Loan: No      |
| S&P Global Inc                         | S&P Global Inc                            | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |      1878 | NS      | $798788.52    | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                               | Visa Inc                                  | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      1811 | NS      | $547356.64    | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd                          | AIA Group Ltd                             | CUSIP: N/A<br>LEI: ZP5ILWVSYE4LJGMMVD57       | Long             | EC               | CORP              | HK        |     26136 | NS      | $290405.66    | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| American Tower Corp                    | American Tower Corp                       | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      6181 | NS      | $1066716.98   | 4.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc                   | Booking Holdings Inc                      | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       184 | NS      | $774698.88    | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp                    | Dollar General Corp                       | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |      6400 | NS      | $759872.00    | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| adidas AG                              | adidas AG                                 | CUSIP: N/A<br>LEI: 549300JSX0Z4CW0V5023       | Long             | EC               | CORP              | DE        |      6916 | NS      | $1119406.58   | 4.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Netflix Inc                            | Netflix Inc                               | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      5798 | NS      | $557477.70    | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                                   | Taiwan Semiconductor Manufacturing Co Ltd | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      4573 | NS      | $1545445.35   | 5.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                           | Alphabet Inc                              | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      3673 | NS      | $1053636.78   | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                         | Amazon.com Inc                            | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      8764 | NS      | $1825278.28   | 6.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Eversource Energy                      | Eversource Energy                         | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |     11639 | NS      | $806349.92    | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Beiersdorf AG                          | Beiersdorf AG                             | CUSIP: N/A<br>LEI: L47NHHI0Z9X22DV46U41       | Long             | EC               | CORP              | DE        |      3163 | NS      | $284315.07    | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Mondelez International Inc             | Mondelez International Inc                | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |      9302 | NS      | $536167.28    | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Aena SME SA                            | Aena SME SA                               | CUSIP: N/A<br>LEI: 959800R7QMXKF0NFMT29       | Long             | EC               | CORP              | ES        |     18194 | NS      | $538279.53    | 2.03%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-22

**Name of Applicant:** MFG Funds, Inc.

**Signature:** /s/ Charles Thompson II

**Name of Signer:** Charles Thompson II

**Title:** President