# EDGAR Filing Document

**Accession Number:** 0001014913
**File Stem:** 0001133228-26-002979
**Filing Date:** 2026-3
**Character Count:** 98201
**Document Hash:** 6490b90b16b48cceef0dd4a92ba8b513
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-002979.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001133228-26-002979

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260304

**EFFECTIVENESS DATE**: 20260305

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07685
- **FILM NUMBER:** 26722992

**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 Core Infrastructure Fund (Series ID: S000035417)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000108790 | Institutional Class | FMGIX           |
| C000167328 | Service Class       | FCIVX           |

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

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

?xml version='1.0' encoding='ASCII'? 2025-10-29MFGGlobalSustainableFund_InstitutionalClass_TSRSemiAnnual

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 **<u>811-07685</u>**

**<u>MFG Funds, Inc.</u>**

(Exact name of registrant as specified in charter)

**<u>999 Oakmont Plaza Drive, Suite 600</u>**

**<u>Westmont, Illinois 60559</u>**

(Address of principal executive offices) (Zip code)

**<u>Charles S. Thompson II</u>**

**<u>999 Oakmont Plaza Drive, Suite 600</u>**

**<u>Westmont, Illinois 60559</u>**

(Name and address of agent for service)

**<u>(847) 509-9860</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>June 30</u>**

Date of reporting period: **<u>December 31, 2025</u>**

<u>**Item 1. Reports to Stockholders.**</u>

(a) ---

| | | |
|:---|:---|:---|
| ![image](img616493_920260127222848.jpg) | **MFG Global Sustainable Fund**  | ![image](img617435_202601282031549.jpg) |
| ![image](img616493_920260127222848.jpg) | Institutional Class \| FMSGX  | ![image](img617435_202601282031549.jpg) |
| ![image](img616493_920260127222848.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img617435_202601282031549.jpg) |

---

This semi-annual shareholder report contains important information about the MFG Global Sustainable Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://mfg-funds.com/resources/. You can also request this information by contacting us at 888-825-2100.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Class | $42 | 0.80% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $32332599 |
| **Number of Holdings** | 28 |
| **Portfolio Turnover** | 27% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 17.1% |
|  Information Technology  | 17.1% |
|  Consumer Discretionary  | 17.1% |
|  Consumer Staples  | 16.3% |
|  Communication Services  | 10.9% |
|  Health Care  | 8.3% |
|  Real Estate  | 4.0% |
|  Utilities  | 3.0% |
|  Industrials  | 2.0% |
|  Cash & Other  | 4.2% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 7.9% |
|  Amazon.com, Inc.  | 7.6% |
|  Nestle SA  | 6.0% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 5.2% |
|  Mastercard, Inc.  | 4.7% |
|  Meta Platforms, Inc.  | 4.4% |
|  American Tower Corp.  | 4.0% |
|  SAP SE  | 4.0% |
|  Alphabet, Inc.  | 3.9% |
|  Yum! Brands, Inc.  | 3.5% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  United States  | 66.0% |
|  Germany  | 7.0% |
|  Switzerland  | 6.0% |
|  Taiwan, Province of China  | 5.2% |
|  United Kingdom  | 4.9% |
|  Netherlands  | 2.7% |
|  Hong Kong  | 2.0% |
|  Spain  | 2.0% |
|  Cash & Other  | 4.2% |

---

**HOW HAS THE FUND CHANGED?**

This is a summary of certain changes to the Fund since June 30, 2025. For more complete information, you may review the Fund's prospectus at https://mfg-funds.com/resources/. You may also obtain a copy of the prospectus by calling 888-825-2100.

**Fund Name** **Change**

Effective October 31, 2025, the Fund's name changed from Frontier MFG Global Sustainable Fund to MFG Global Sustainable Fund.

MFG Global Sustainable Fund PAGE 1 TSR-SAR-35908Y773

------

**Investment Adviser and Subadviser Name Changes**

Effective November 17, 2025, the name of the Fund's investment adviser, Frontegra Asset Management, Inc., changed to Magellan Investment Partners North America, Inc. Effective August 15, 2025, the Fund's subadviser changed its assumed name to Magellan Investment Partners.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://mfg-funds.com/resources/.

The Fund is distributed by Frontegra Strategies, LLC.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your MFG Funds, Inc. documents not be householded, please contact Magellan Investment Partners North America, Inc. at 888-825-2100, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Magellan Investment Partners North America, Inc. or your financial intermediary.

MFG Global Sustainable Fund PAGE 2 TSR-SAR-35908Y773

------

---

| | | |
|:---|:---|:---|
| ![image](img616493_920260127222848.jpg) | **MFG Global Sustainable Fund**  | ![image](img617435_202601282031549.jpg) |
| ![image](img616493_920260127222848.jpg) | Service Class \| FMSRX  | ![image](img617435_202601282031549.jpg) |
| ![image](img616493_920260127222848.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img617435_202601282031549.jpg) |

---

This semi-annual shareholder report contains important information about the MFG Global Sustainable Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://mfg-funds.com/resources/. You can also request this information by contacting us at 888-825-2100.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Service Class | $47 | 0.90% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $32332599 |
| **Number of Holdings** | 28 |
| **Portfolio Turnover** | 27% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 17.1% |
|  Information Technology  | 17.1% |
|  Consumer Discretionary  | 17.1% |
|  Consumer Staples  | 16.3% |
|  Communication Services  | 10.9% |
|  Health Care  | 8.3% |
|  Real Estate  | 4.0% |
|  Utilities  | 3.0% |
|  Industrials  | 2.0% |
|  Cash & Other  | 4.2% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 7.9% |
|  Amazon.com, Inc.  | 7.6% |
|  Nestle SA  | 6.0% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 5.2% |
|  Mastercard, Inc.  | 4.7% |
|  Meta Platforms, Inc.  | 4.4% |
|  American Tower Corp.  | 4.0% |
|  SAP SE  | 4.0% |
|  Alphabet, Inc.  | 3.9% |
|  Yum! Brands, Inc.  | 3.5% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  United States  | 66.0% |
|  Germany  | 7.0% |
|  Switzerland  | 6.0% |
|  Taiwan, Province of China  | 5.2% |
|  United Kingdom  | 4.9% |
|  Netherlands  | 2.7% |
|  Hong Kong  | 2.0% |
|  Spain  | 2.0% |
|  Cash & Other  | 4.2% |

---

**HOW HAS THE FUND CHANGED?**

This is a summary of certain changes to the Fund since June 30, 2025. For more complete information, you may review the Fund's prospectus at https://mfg-funds.com/resources/. You may also obtain a copy of the prospectus by calling 888-825-2100.

**Fund Name** **Change**

Effective October 31, 2025, the Fund's name changed from Frontier MFG Global Sustainable Fund to MFG Global Sustainable Fund.

MFG Global Sustainable Fund PAGE 1 TSR-SAR-35908Y765

------

**Investment Adviser and Subadviser Name Changes**

Effective November 17, 2025, the name of the Fund's investment adviser, Frontegra Asset Management, Inc., changed to Magellan Investment Partners North America, Inc. Effective August 15, 2025, the Fund's subadviser changed its assumed name to Magellan Investment Partners.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://mfg-funds.com/resources/.

The Fund is distributed by Frontegra Strategies, LLC.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your MFG Funds, Inc. documents not be householded, please contact Magellan Investment Partners North America, Inc. at 888-825-2100, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Magellan Investment Partners North America, Inc. or your financial intermediary.

MFG Global Sustainable Fund PAGE 2 TSR-SAR-35908Y765

------

---

| | | |
|:---|:---|:---|
| ![image](img616493_920260127222848.jpg) | **MFG Core Infrastructure Fund**  | ![image](img617435_202601282031549.jpg) |
| ![image](img616493_920260127222848.jpg) | Institutional Class \| FMGIX  | ![image](img617435_202601282031549.jpg) |
| ![image](img616493_920260127222848.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img617435_202601282031549.jpg) |

---

This semi-annual shareholder report contains important information about the MFG Core Infrastructure Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://mfg-funds.com/resources/. You can also request this information by contacting us at 888-825-2100.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Class | $26 | 0.50% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $147743831 |
| **Number of Holdings** | 90 |
| **Portfolio Turnover** | 8% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Integrated Power  | 27.4% |
|  Transmission & Distribution  | 20.5% |
|  Toll Roads  | 12.0% |
|  Airports  | 10.6% |
|  Energy Infrastructure  | 8.2% |
|  Communications  | 7.0% |
|  Gas Utilities  | 6.6% |
|  Water Utilities  | 5.5% |
|  Cash & Other  | 2.2% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aena SME SA  | 3.1% |
|  Vinci SA  | 3.1% |
|  Ferrovial SE  | 3.1% |
|  National Grid PLC  | 3.1% |
|  TC Energy Corp.  | 3.0% |
|  Transurban Group  | 3.0% |
|  Enbridge, Inc.  | 3.0% |
|  Fortis, Inc.  | 2.9% |
|  Hydro One Ltd.  | 2.6% |
|  Cellnex Telecom SA  | 2.6% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  United States  | 38.6% |
|  Canada  | 15.4% |
|  Spain  | 10.3% |
|  Italy  | 7.1% |
|  United Kingdom  | 6.7% |
|  France  | 5.7% |
|  Australia  | 4.5% |
|  Mexico  | 3.4% |
|  Belgium  | 1.6% |
|  Cash & Other  | 6.7% |

---

**HOW HAS THE FUND CHANGED?**

This is a summary of certain changes to the Fund since June 30, 2025. For more complete information, you may review the Fund's prospectus at https://mfg-funds.com/resources/. You may also obtain a copy of the prospectus by calling 888-825-2100.

**Fund Name** **Change**

Effective October 31, 2025, the Fund's name changed from Frontier MFG Core Infrastructure Fund to MFG Core Infrastructure Fund.

MFG Core Infrastructure Fund PAGE 1 TSR-SAR-35908Y807

------

**Investment Adviser and Subadviser Name Changes**

Effective November 17, 2025, the name of the Fund's investment adviser, Frontegra Asset Management, Inc., changed to Magellan Investment Partners North America, Inc. Effective August 15, 2025, the Fund's subadviser changed its assumed name to Magellan Investment Partners.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://mfg-funds.com/resources/.

The Fund is distributed by Frontegra Strategies, LLC.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your MFG Funds, Inc. documents not be householded, please contact Magellan Investment Partners North America, Inc. at 888-825-2100, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Magellan Investment Partners North America, Inc. or your financial intermediary.

MFG Core Infrastructure Fund PAGE 2 TSR-SAR-35908Y807

------

---

| | | |
|:---|:---|:---|
| ![image](img616493_920260127222848.jpg) | **MFG Core Infrastructure Fund**  | ![image](img617435_202601282031549.jpg) |
| ![image](img616493_920260127222848.jpg) | Service Class \| FCIVX  | ![image](img617435_202601282031549.jpg) |
| ![image](img616493_920260127222848.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img617435_202601282031549.jpg) |

---

This semi-annual shareholder report contains important information about the MFG Core Infrastructure Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://mfg-funds.com/resources/. You can also request this information by contacting us at 888-825-2100.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Service Class | $31 | 0.60% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $147743831 |
| **Number of Holdings** | 90 |
| **Portfolio Turnover** | 8% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Integrated Power  | 27.4% |
|  Transmission & Distribution  | 20.5% |
|  Toll Roads  | 12.0% |
|  Airports  | 10.6% |
|  Energy Infrastructure  | 8.2% |
|  Communications  | 7.0% |
|  Gas Utilities  | 6.6% |
|  Water Utilities  | 5.5% |
|  Cash & Other  | 2.2% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aena SME SA  | 3.1% |
|  Vinci SA  | 3.1% |
|  Ferrovial SE  | 3.1% |
|  National Grid PLC  | 3.1% |
|  TC Energy Corp.  | 3.0% |
|  Transurban Group  | 3.0% |
|  Enbridge, Inc.  | 3.0% |
|  Fortis, Inc.  | 2.9% |
|  Hydro One Ltd.  | 2.6% |
|  Cellnex Telecom SA  | 2.6% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  United States  | 38.6% |
|  Canada  | 15.4% |
|  Spain  | 10.3% |
|  Italy  | 7.1% |
|  United Kingdom  | 6.7% |
|  France  | 5.7% |
|  Australia  | 4.5% |
|  Mexico  | 3.4% |
|  Belgium  | 1.6% |
|  Cash & Other  | 6.7% |

---

**HOW HAS THE FUND CHANGED?**

This is a summary of certain changes to the Fund since June 30, 2025. For more complete information, you may review the Fund's prospectus at https://mfg-funds.com/resources/. You may also obtain a copy of the prospectus by calling 888-825-2100.

**Fund Name** **Change**

Effective October 31, 2025, the Fund's name changed from Frontier MFG Core Infrastructure Fund to MFG Core Infrastructure Fund.

MFG Core Infrastructure Fund PAGE 1 TSR-SAR-35908Y849

------

**Investment Adviser and Subadviser Name Changes**

Effective November 17, 2025, the name of the Fund's investment adviser, Frontegra Asset Management, Inc., changed to Magellan Investment Partners North America, Inc. Effective August 15, 2025, the Fund's subadviser changed its assumed name to Magellan Investment Partners.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://mfg-funds.com/resources/.

The Fund is distributed by Frontegra Strategies, LLC.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your MFG Funds, Inc. documents not be householded, please contact Magellan Investment Partners North America, Inc. at 888-825-2100, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Magellan Investment Partners North America, Inc. or your financial intermediary.

MFG Core Infrastructure Fund PAGE 2 TSR-SAR-35908Y849

------

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedules of Investments are included within the financial statements filed under Item 7(a) of this report.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

<u>**Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.**</u>

(a) ![](efp-22295_mfg1.jpg)

**MFG Funds, Inc.** 

**MFG Global Sustainable Fund** 

**MFG Core Infrastructure Fund** 

Semi-Annual Financial Statements and Additional Information

December 31, 2025 (Unaudited)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedules of Investments](#sch001)<br>|  |
| &nbsp;&nbsp;&nbsp; [MFG Global Sustainable Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [MFG Core Infrastructure Fund](#soi2) | [2](#soi2) |
| [Statements of Assets and Liabilities](#sal) | [4](#sal) |
| [Statements of Operations](#sop) | [5](#sop) |
| [Statements of Changes in Net Assets](#scna) | [6](#scna) |
| [Financial Highlights](#fin001)<br>|  |
| &nbsp;&nbsp;&nbsp; [MFG Global Sustainable Fund](#fihi1) | [7](#fihi1) |
| &nbsp;&nbsp;&nbsp; [MFG Core Infrastructure Fund](#fihi2) | [9](#fihi2) |
| [Notes to Financial Statements](#no1) | [11](#no1) |
| [Additional Information](#add) | [18](#add) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**MFG GLOBAL SUSTAINABLE FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.8%**<br>|  |  |
| **Germany - 7.0%**<br>|  |  |
| adidas AG | 4996 | $988637  |
| SAP SE | 5267 | 1279714  |
|  |  | 2268351  |
| **Hong Kong - 2.0%**<br>|  |  |
| AIA Group Ltd. | 63858 | 657296  |
| **Netherlands - 2.7%**<br>|  |  |
| The Magnum Ice Cream Co. NV<sup>(a)</sup> | 2138 | 34218  |
| Universal Music Group NV | 31559 | 822737  |
|  |  | 856955  |
| **Spain - 2.0%**<br>|  |  |
| Aena SME SA | 23374 | 653089  |
| **Switzerland - 6.0%**<br>|  |  |
| Nestle SA | 19495 | 1935057  |
| **Taiwan, Province of China - 5.2%**<br>|  |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 5562 | 1690236  |
| **United Kingdom - 4.9%**<br>|  |  |
| Reckitt Benckiser Group PLC | 11866 | 960185  |
| Unilever PLC | 9504 | 621843  |
|  |  | 1582028  |
| **United States - 66.0%<sup>(b)</sup>**<br>|  |  |
| Alphabet, Inc. - Class C | 4026 | 1263359  |
| Amazon.com, Inc.<sup>(a)</sup> | 10624 | 2452232  |
| American Tower Corp. | 7303 | 1282188  |
| Booking Holdings, Inc. | 179 | 958604  |
| Dollar General Corp. | 8215 | 1090706  |
| Eversource Energy | 14641 | 985778  |
| Intercontinental Exchange, Inc. | 6289 | 1018566  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Mastercard, Inc. - Class A | 2683 | $1531671  |
| Meta Platforms, Inc. - Class A | 2162 | 1427115  |
| Microsoft Corp. | 5305 | 2565604  |
| Mondelez International, Inc. - Class A | 11665 | 627927  |
| S&P Global, Inc. | 1310 | 684593  |
| Thermo Fisher Scientific, Inc. | 1094 | 633918  |
| U.S. Bancorp | 18384 | 980970  |
| UnitedHealth Group, Inc. | 3397 | 1121384  |
| Visa, Inc. - Class A | 1907 | 668804  |
| Yum! Brands, Inc. | 7426 | 1123405  |
| Zimmer Biomet Holdings, Inc. | 10283 | 924647  |
|  |  | 21341471  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $21,177,845)** |  | 30984483  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 95.8%**<br>**(Cost $21,177,845)** |  | $30984483  |
| Money Market Deposit Account - 3.7%<sup>(c)</sup> |  | 1199077  |
| Other Assets in Excess of Liabilities - 0.5% |  | 149039  |
| **TOTAL NET ASSETS - 100.0%** |  | $32332599 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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.

<sup>(c)</sup> 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 December 31, 2025 was 2.56%.

**Sector Classification as of December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Value** | **(% of** <br>**Net Assets)**  |
| Financials | $5541900 | &nbsp;&nbsp;&nbsp; 17.1%  |
| Information Technology | 5535554 | &nbsp;&nbsp;&nbsp;&nbsp;17.1  |
| Consumer Discretionary | 5522878 | &nbsp;&nbsp;&nbsp;&nbsp;17.1  |
| Consumer Staples | 5269936 | &nbsp;&nbsp;&nbsp;&nbsp;16.3  |
| Communication Services | 3513211 | &nbsp;&nbsp;&nbsp;&nbsp;10.9  |
| Health Care | 2679949 | &nbsp;&nbsp;&nbsp;&nbsp;8.3  |
| Real Estate | 1282188 | &nbsp;&nbsp;&nbsp;&nbsp;4.0  |
| Utilities | 985778 | &nbsp;&nbsp;&nbsp;&nbsp;3.0  |
| Industrials | 653089 | &nbsp;&nbsp;&nbsp;&nbsp;2.0  |
| **Total Common Stocks** | 30984483 | &nbsp;&nbsp;&nbsp;&nbsp;95.8  |
| Money Market Deposit Account | 1199077 | &nbsp;&nbsp;&nbsp;&nbsp;3.7  |
| Other Assets in Excess of Liabilities | 149039 | &nbsp;&nbsp;&nbsp;&nbsp;0.5  |
|  | **$32332599** | &nbsp;&nbsp;&nbsp;&nbsp;100.0% |

---

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

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**MFG CORE INFRASTRUCTURE FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.3%**<br>|  |  |
| **Australia - 4.5%**<br>|  |  |
| APA Group | 223504 | $1335487  |
| Atlas Arteria Ltd. | 236905 | 770543  |
| Transurban Group | 472457 | 4471156  |
|  |  | 6577186  |
| **Belgium - 1.6%**<br>|  |  |
| Elia Group SA/NV | 18260 | 2349745  |
| **Canada - 15.4%**<br>|  |  |
| Algonquin Power & Utilities Corp. | 110368 | 678668  |
| Brookfield Renewable Corp. | 20500 | 786365  |
| Canadian Utilities Ltd. - Class A | 31075 | 967422  |
| Emera, Inc. | 48083 | 2369556  |
| Enbridge, Inc. | 92565 | 4429470  |
| Fortis, Inc. | 82383 | 4283160  |
| Hydro One Ltd.<sup>(a)</sup> | 96371 | 3836444  |
| South Bow Corp. | 32304 | 888475  |
| TC Energy Corp. | 81776 | 4503027  |
|  |  | 22742587  |
| **Chile - 0.3%**<br>|  |  |
| Aguas Andinas SA - Class A | 1107574 | 453486  |
| **France - 5.7%**<br>|  |  |
| Aeroports de Paris SA | 16540 | 2158398  |
| Getlink SE | 93505 | 1726010  |
| Vinci SA | 32226 | 4533648  |
|  |  | 8418056  |
| **Germany - 0.9%**<br>|  |  |
|  Fraport AG Frankfurt Airport Services Worldwide<sup>(a)</sup> | 15796 | 1291679  |
| **Italy - 7.1%**<br>|  |  |
| ACEA SpA | 36135 | 936174  |
| Enav SpA<sup>(a)</sup> | 88516 | 489173  |
| Italgas SpA | 171647 | 1914479  |
| Snam SpA | 554968 | 3687688  |
| Terna - Rete Elettrica Nazionale | 330529 | 3516395  |
|  |  | 10543909  |
| **Mexico - 3.4%**<br>|  |  |
|  Grupo Aeroportuario del Centro Norte SAB de CV | 57069 | 774611  |
|  Grupo Aeroportuario del Pacifico SAB de CV - Class B | 70035 | 1831897  |
|  Grupo Aeroportuario del Sureste SAB de CV - Class B | 46620 | 1503956  |
|  Promotora y Operadora de Infraestructura SAB de CV | 66137 | 981468  |
|  |  | 5091932  |
| **Netherlands - 0.6%**<br>|  |  |
| Koninklijke Vopak NV | 21220 | 945552  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **New Zealand - 1.5%**<br>|  |  |
| Auckland International Airport Ltd. | 289267 | $1386197  |
| Chorus Ltd. | 70180 | 380100  |
| Vector Ltd. | 164315 | 462633  |
|  |  | 2228930  |
| **Portugal - 0.3%**<br>|  |  |
|  REN - Redes Energeticas Nacionais SGPS SA | 116835 | 441576  |
| **Spain - 10.3%**<br>|  |  |
| Aena SME SA<sup>(a)</sup> | 163332 | 4563632  |
| Cellnex Telecom SA<sup>(a)</sup> | 118252 | 3807906  |
| Enagas SA | 46755 | 722549  |
| Ferrovial SE | 69668 | 4513833  |
| Redeia Corp. SA | 91189 | 1625603  |
|  |  | 15233523  |
| **Switzerland - 1.1%**<br>|  |  |
| Flughafen Zurich AG | 5129 | 1623658  |
| **United Kingdom - 6.0%**<br>|  |  |
| National Grid PLC | 294201 | 4512580  |
| Pennon Group PLC | 79280 | 561896  |
| Severn Trent PLC | 50643 | 1901692  |
| United Utilities Group PLC | 114777 | 1844050  |
|  |  | 8820218  |
| **United States - 38.6%<sup>(b)</sup>**<br>|  |  |
| Alliant Energy Corp. | 14761 | 959613  |
| Ameren Corp. | 14820 | 1479925  |
| American Electric Power Co., Inc. | 25860 | 2981917  |
| American States Water Co. | 1774 | 128580  |
| American Tower Corp. | 16321 | 2865478  |
| American Water Works Co., Inc. | 11022 | 1438371  |
| Atmos Energy Corp. | 8973 | 1504144  |
| Avista Corp. | 4778 | 184144  |
| Black Hills Corp. | 4021 | 279138  |
| California Water Service Group | 2780 | 120457  |
| CenterPoint Energy, Inc. | 36876 | 1413826  |
| Chesapeake Utilities Corp. | 872 | 108791  |
| CMS Energy Corp. | 16100 | 1125873  |
| Consolidated Edison, Inc. | 20354 | 2021559  |
| Crown Castle, Inc. | 24603 | 2186469  |
| Dominion Energy, Inc. | 46966 | 2751738  |
| DTE Energy Co. | 11724 | 1512161  |
| Duke Energy Corp. | 23584 | 2764281  |
| Entergy Corp. | 24257 | 2242074  |
| Essential Utilities, Inc. | 16107 | 617865  |
| Evergy, Inc. | 12224 | 886118  |
| Eversource Energy | 20756 | 1397501  |
| Exelon Corp. | 56727 | 2472730  |
| FirstEnergy Corp. | 31031 | 1389258  |
| H2O America | 2715 | 133008  |

---

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

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**MFG CORE INFRASTRUCTURE FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **United States - (Continued)** | **United States - (Continued)** | **United States - (Continued)** |
| IDACORP, Inc. | 3129 | $396006  |
| MGE Energy, Inc. | 2060 | 161545  |
| Middlesex Water Co. | 1181 | 59546  |
| NextEra Energy, Inc. | 38220 | 3068302  |
| NiSource, Inc. | 24837 | 1037193  |
| Northwest Natural Holding Co. | 1850 | 86469  |
| Northwestern Energy Group, Inc. | 3184 | 205495  |
| OGE Energy Corp. | 10058 | 429477  |
| ONE Gas, Inc. | 3054 | 235921  |
| Pinnacle West Capital Corp. | 6769 | 600410  |
| Portland General Electric Co. | 5913 | 283765  |
| PPL Corp. | 41539 | 1454696  |
| Public Service Enterprise Group, Inc. | 28038 | 2251451  |
| SBA Communications Corp. | 6070 | 1174120  |
| Sempra | 31691 | 2797998  |
| Spire, Inc. | 3329 | 275308  |
| The Southern Co. | 34252 | 2986774  |
| TXNM Energy, Inc. | 4945 | 291162  |
| WEC Energy Group, Inc. | 17932 | 1891109  |
| Xcel Energy, Inc. | 32408 | 2393655  |
|  |  | 57045421  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $104,119,846)** |  | 143807458  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **CLOSED-END FUNDS - 1.2%**<br>|  |  |
| **Republic of Korea - 0.5%**<br>|  |  |
| Macquarie Korea Infrastructure Fund | 84522 | $659963  |
| **United Kingdom - 0.7%**<br>|  |  |
| HICL Infrastructure PLC | 336553 | 527100  |
| International Public Partnerships Ltd. | 316036 | 532600  |
|  |  | 1059700  |
| &nbsp;&nbsp;&nbsp; **TOTAL CLOSED-END FUNDS** <br>**(Cost $1,786,334)** |  | 1719663  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.5%**<br>**(Cost $105,906,180)** |  | $145527121  |
| Money Market Deposit Account - 0.7%<sup>(c)</sup> |  | 1068396  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.8% |  | 1148314  |
| **TOTAL NET ASSETS - 100.0%** |  | $147743831 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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.

<sup>(c)</sup> 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 December 31, 2025 was 2.56%.

**Sector Classification as of December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Value** | **(% of** <br>**Net Assets)**  |
| Integrated Power | $40439603 | &nbsp;&nbsp;&nbsp; 27.4%  |
| Transmission & Distribution | 30293898 | &nbsp;&nbsp;&nbsp;&nbsp;20.5  |
| Toll Roads | 16996658 | &nbsp;&nbsp;&nbsp;&nbsp;11.5  |
| Airports | 15623201 | &nbsp;&nbsp;&nbsp;&nbsp;10.6  |
| Energy Infrastructure | 12102011 | &nbsp;&nbsp;&nbsp;&nbsp;8.2  |
| Communications | 10414073 | &nbsp;&nbsp;&nbsp;&nbsp;7.0  |
| Gas Utilities | 9742889 | &nbsp;&nbsp;&nbsp;&nbsp;6.6  |
| Water Utilities | 8195125 | &nbsp;&nbsp;&nbsp;&nbsp;5.5  |
| **Total Common Stocks** | 143807458 | &nbsp;&nbsp;&nbsp;&nbsp;97.3  |
| Social | 1059700 | &nbsp;&nbsp;&nbsp;&nbsp;0.7  |
| Toll Roads | 659963 | &nbsp;&nbsp;&nbsp;&nbsp;0.5  |
| **Total Closed-End Funds** | 1719663 | &nbsp;&nbsp;&nbsp;&nbsp;1.2  |
| Money Market Deposit Account | 1068396 | &nbsp;&nbsp;&nbsp;&nbsp;0.7  |
| Other Assets in Excess of Liabilities | 1148314 | &nbsp;&nbsp;&nbsp;&nbsp;0.8  |
|  | **$147743831** | &nbsp;&nbsp;&nbsp;&nbsp;100.0% |

---

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

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**MFG Funds** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **MFG Global** <br>**Sustainable** <br>**Fund** | **MFG Core** <br>**Infrastructure** <br>**Fund**  |
| **ASSETS:**<br>|  |  |
| Investments at cost | $21177845 | $105906180  |
| Foreign currency at cost | $58898 | $615656  |
| Investments at value | $30984483 | $145527121  |
| Foreign currency at value | 58682 | 625751  |
| Cash and cash equivalents | 1199077 | 1068396  |
| Dividends and interest receivable | 36958 | 436607  |
| Receivable from Adviser | 27592 | —  |
| Dividend tax reclaim receivable | 44494 | 161515  |
| Prepaid expenses and other assets | 30893 | 31940  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 32382179 | 147851330  |
| **LIABILITIES:**<br>|  |  |
| Payable to Adviser |  | 14779  |
| Accrued shareholder servicing fees | 2333 | 4320  |
| Accrued expenses | 47247 | 88400  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 49580 | 107499  |
| **NET ASSETS** | $32332599 | $147743831  |
| **Net Assets Consist of:**<br>|  |  |
| Paid in capital | $22438502 | $111160772  |
| Total distributable earnings | 9894097 | 36583059  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $32332599 | $147743831  |
| **CAPITAL STOCK, $0.01 PAR VALUE**<br>|  |  |
| **Institutional Class**<br>|  |  |
| Net Assets | $19769252 | $138629882  |
| Authorized | 50000000 | 50000000  |
| Issued and Outstanding | 1203756 | 10670557  |
| Net Asset Value, Redemption Price and Offering Price Per Share | $16.42 | $12.99  |
| **CAPITAL STOCK, $0.01 PAR VALUE**<br>|  |  |
| **Service Class**<br>|  |  |
| Net Assets | $12563347 | $9113949  |
| Authorized | 50000000 | 50000000  |
| Issued and Outstanding | 764615 | 699503  |
| Net Asset Value, Redemption Price and Offering Price Per Share | $16.43 | $13.03 |

---

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

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**MFG Funds** 

**STATEMENTS OF OPERATIONS** 

**For the Six Months Ended December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **MFG Global** <br>**Sustainable** <br>**Fund** | **MFG Core** <br>**Infrastructure** <br>**Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |
| Dividend income | $224523<sup>(1)</sup> | $2017060<sup>(2)</sup>  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 224523 | 2017060  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fees | 130514 | 326414  |
| Legal fees | 63144 | 72860  |
| Directors' fees and related expenses | 49154 | 49153  |
| Fund administration and accounting fees | 22415 | 44378  |
| Federal and state registration fees | 20103 | 22854  |
| Transfer agent fees | 11914 | 27247  |
| Audit and tax fees | 9991 | 15108  |
| Reports to shareholders | 8847 | 12106  |
| Custody fees | 6686 | 21325  |
| Shareholder servicing fees | 6294 | 5674  |
| Other | 4562 | 12567  |
| &nbsp;&nbsp;&nbsp; Total expenses before waiver | 333624 | 609686  |
| &nbsp;&nbsp;&nbsp; Waiver and reimbursement of expenses by Adviser | (196424) | (277597)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 137200 | 332089  |
| **Net investment income** | 87323 | 1684971  |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |
| Net realized gain (loss) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | 2043337 | 1244792  |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions | (42) | (41503)  |
| Change in net unrealized appreciation/depreciation on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | 36165 | 3829611  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | (2587) | 15701  |
| **Net realized and unrealized gain on investments** | 2076873 | 5048601  |
| **Net Increase in Net Assets Resulting from Operations** | $2164196 | $6733572 |

---

<sup>(1)</sup> Net of $3,744 in foreign withholding taxes.

<sup>(2)</sup> Net of $114,252 in foreign withholding taxes.

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

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**MFG Funds** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MFG Global Sustainable Fund** | **MFG Global Sustainable Fund** | **MFG Core Infrastructure Fund**  | **MFG Core Infrastructure Fund**  |
|  | **For the** <br>**Six Months Ended**<br>**December 31, 2025**<br>(Unaudited) | **For the** <br>**Year Ended** <br>**June 30, 2025** | **For the** <br>**Six Months Ended** <br>**December 31, 2025** <br>(Unaudited) | **For the** <br>**Year Ended**<br>**June 30, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $87323 | $283824 | &nbsp;&nbsp;&nbsp;&nbsp; $1684971 | $5834783  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp;&nbsp; 2043337 | 3047727 | &nbsp;&nbsp;&nbsp;&nbsp; 1244792 | 96888056  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;(42) | 3462 | &nbsp;&nbsp;&nbsp;&nbsp; (41503) | (99229)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation/<br>depreciation on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp;&nbsp; 36165 | 2336822 | &nbsp;&nbsp;&nbsp;&nbsp; 3829611 | (39206405)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp;&nbsp; (2587) | 5757 | &nbsp;&nbsp;&nbsp;&nbsp; 15701 | 33175  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from** <br>**operations** | &nbsp;&nbsp;&nbsp;&nbsp; 2164196 | 5677592 | &nbsp;&nbsp;&nbsp;&nbsp; 6733572 | 63450380  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; (1622934) | (888045) | &nbsp;&nbsp;&nbsp;&nbsp; (33553372) | (24510111)  |
| &nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp;&nbsp;&nbsp; (1065735) | (629633) | &nbsp;&nbsp;&nbsp;&nbsp; (2548782) | (12748229)  |
| &nbsp;&nbsp;&nbsp; **Decrease in net assets resulting from distributions paid** | &nbsp;&nbsp;&nbsp;&nbsp; (2688669) | (1517678) | &nbsp;&nbsp;&nbsp;&nbsp; (36102154) | (37258340)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; 64303811 | 13985453  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp;&nbsp;&nbsp; 171907 | 1186577 | &nbsp;&nbsp;&nbsp;&nbsp; 435653 | 2718637  |
| &nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; 1592421 | 861639 | &nbsp;&nbsp;&nbsp;&nbsp; 32973420 | 22116818  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp;&nbsp;&nbsp; 447654 | 236052 | &nbsp;&nbsp;&nbsp;&nbsp; 1742742 | 10567857  |
| &nbsp;&nbsp;&nbsp; Shares redeemed:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; (4356545) | (284983569)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp;&nbsp;&nbsp; (1460287) | (2634614) | &nbsp;&nbsp;&nbsp;&nbsp; (5026213) | (119266284)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; 165 |  | &nbsp;&nbsp;&nbsp;&nbsp; 1628 | 2800  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp;&nbsp;&nbsp; 115 |  | &nbsp;&nbsp;&nbsp;&nbsp; 185 | 1432  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital share transactions** | &nbsp;&nbsp;&nbsp;&nbsp; 751975 | (350346) | &nbsp;&nbsp;&nbsp;&nbsp; 90074681 | (354856856)  |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; 227502 | 3809568 | &nbsp;&nbsp;&nbsp;&nbsp; 60706099 | (328664816)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 32105097 | 28295529 | &nbsp;&nbsp;&nbsp;&nbsp; 87037732 | 415702548  |
| &nbsp;&nbsp;&nbsp; End of Period | &nbsp;&nbsp;&nbsp;&nbsp; $32332599 | $32105097 | &nbsp;&nbsp;&nbsp;&nbsp; $147743831 | $87037732  |
| **TRANSACTIONS IN SHARES:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; 3934846 | 849083  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp;&nbsp;&nbsp; 10126 | 76488 | &nbsp;&nbsp;&nbsp;&nbsp; 26272 | 154315  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; 96917 | 57572 | &nbsp;&nbsp;&nbsp;&nbsp; 2536094 | 1479769  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp;&nbsp;&nbsp; 27259 | 15791 | &nbsp;&nbsp;&nbsp;&nbsp; 133631 | 715008  |
| &nbsp;&nbsp;&nbsp; Shares redeemed:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; (283070) | (16123607)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp;&nbsp;&nbsp; (85856) | (172151) | &nbsp;&nbsp;&nbsp;&nbsp; (316989) | (7173877)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in shares outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; 48446 | (22300) | &nbsp;&nbsp;&nbsp;&nbsp; 6030784 | (20099309) |

---

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

6<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**MFG Global Sustainable Fund** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

**Selected Data and Ratios (for a share outstanding throughout the period)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended**<br>**December 31,** <br>**2025**<br>(Unaudited) | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **Six Months** <br>**Ended**<br>**December 31,** <br>**2025**<br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $16.72 | $14.57 | $12.06 | $10.15 | $12.70 | $10.43  |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.05<sup>(1)</sup> | 0.16<sup>(1)</sup> | 0.16 | 0.08 | 0.05 | 0.06  |
|  Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | 2.83 | 2.47 | 1.89 | (2.16) | 2.24  |
|  **Total income (loss) from investment operations**<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.15 | 2.99 | 2.63 | 1.97 | (2.11) | 2.30  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp; (0.17) | (0.16) | (0.12) | (0.06) | (0.05) | (0.03)  |
| From net realized gain on investments | &nbsp;&nbsp;&nbsp; (1.28) | (0.68) |  |  | (0.39) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (1.45) | (0.84) | (0.12) | (0.06) | (0.44) | (0.03)  |
| Redemption fees retained | &nbsp;&nbsp;&nbsp; —<sup>(2)</sup> |  |  | —<sup>(2)</sup> | —<sup>(2)</sup> | —<sup>(2)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $16.42 | $16.72 | $14.57 | $12.06 | $10.15 | $12.70  |
| Total return | &nbsp;&nbsp;&nbsp; 6.97%<sup>(3)</sup> | 21.25% | 21.81% | 19.63% | (17.37)% | 22.05%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $19769 | $18509 | $15291 | $12559 | $11663 | $12851  |
| Ratio of expenses to average net assets<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before waivers and reimbursements | &nbsp;&nbsp;&nbsp; 2.00%<sup>(4)</sup> | 2.13% | 1.87% | 1.50% | 1.45% | 2.03%  |
| &nbsp;&nbsp;&nbsp; Net of waivers and reimbursements | &nbsp;&nbsp;&nbsp; 0.80%<sup>(4)</sup> | 0.80% | 0.80% | 0.80% | 0.80% | 0.80%  |
|  Ratio of net investment income (loss) to average net assets<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before waivers and reimbursements | &nbsp;&nbsp;&nbsp; (0.62%)<sup>(4)</sup> | (0.29)% | 0.12% | 0.01% | (0.20)% | (0.74)%  |
| &nbsp;&nbsp;&nbsp; Net of waivers and reimbursements | &nbsp;&nbsp;&nbsp; 0.58%<sup>(4)</sup> | 1.04% | 1.19% | 0.71% | 0.45% | 0.49%  |
| Portfolio turnover rate<sup>(5)</sup> | &nbsp;&nbsp;&nbsp; 27%<sup>(3)</sup> | 55% | 43% | 49% | 40% | 29% |

---

<sup>(1)</sup> Per share net investment income has been calculated using the daily average share method.

<sup>(2)</sup> Less than one cent per share.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Annualized.

<sup>(5)</sup> 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.

7<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**MFG Global Sustainable Fund** 

**FINANCIAL HIGHLIGHTS** 

**SERVICE CLASS** 

**Selected Data and Ratios (for a share outstanding throughout the period)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br>**Ended**<br>**December 31,**<br>**2025**<br>(Unaudited) | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Period** <br>**Ended** <br>**June 30,** <br>**2021<sup>(1)</sup>** |
|  | **Six Months**<br>**Ended**<br>**December 31,**<br>**2025**<br>(Unaudited) | **2025** | **2024** | **2023** | **2022**  | **Period** <br>**Ended** <br>**June 30,** <br>**2021<sup>(1)</sup>** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $16.72 | $14.56 | $12.05 | $10.15 | $12.70 | $11.46  |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.04<sup>(2)</sup> | 0.14<sup>(2)</sup> | 0.14<sup>(2)</sup> | 0.07 | 0.05<sup>(2)</sup> | 0.07  |
|  Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | 2.83 | 2.47 | 1.89 | (2.17) | 1.20  |
|  **Total income (loss) from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | 2.97 | 2.61 | 1.96 | (2.12) | 1.27  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp; (0.15) | (0.13) | (0.10) | (0.06) | (0.04) | (0.03)  |
| From net realized gain on investments | &nbsp;&nbsp;&nbsp; (1.28) | (0.68) | –– | –– | (0.39) | ––  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (1.43) | (0.81) | (0.10) | (0.06) | (0.43) | (0.03)  |
| Redemption fees retained | &nbsp;&nbsp;&nbsp; —<sup>(3)</sup> |  |  | —<sup>(3)</sup> | —<sup>(3)</sup> | —<sup>(3)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $16.43 | $16.72 | $14.56 | $12.05 | $10.15 | $12.70  |
| Total return | &nbsp;&nbsp;&nbsp; 6.93% <sup>(4)</sup> | 21.13% | 21.76% | 19.36% | (17.41)% | 11.07% <sup>(4)</sup>  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $12563 | $13597 | $13005 | $19145 | $22655 | $17562  |
| Ratio of expenses to average net assets<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before waivers and reimbursements | &nbsp;&nbsp;&nbsp; 2.10%<sup>(5)</sup> | 2.22% | 1.94% | 1.60% | 1.55% | 1.90%<sup>(5)</sup>  |
| &nbsp;&nbsp;&nbsp; Net of waivers and reimbursements | &nbsp;&nbsp;&nbsp; 0.90%<sup>(5)</sup> | 0.90% | 0.90% | 0.90% | 0.90% | 0.90%<sup>(5)</sup>  |
|  Ratio of net investment income (loss) to average net assets<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before waivers and reimbursements | &nbsp;&nbsp;&nbsp; (0.74%)<sup>(5)</sup> | (0.41)% | 0.00%<sup>(6)</sup> | (0.13)% | (0.27)% | (0.23)%<sup>(5)</sup>  |
| &nbsp;&nbsp;&nbsp; Net of waivers and reimbursements | &nbsp;&nbsp;&nbsp; 0.46%<sup>(5)</sup> | 0.91% | 1.04% | 0.57% | 0.38% | 0.77%<sup>(5)</sup>  |
| Portfolio turnover rate<sup>(7)</sup> | &nbsp;&nbsp;&nbsp; 27%<sup>(4)</sup> | 55% | 43% | 49% | 40% | 29%<sup>(4)</sup> |

---

<sup>(1)</sup> Commenced operations on October 20, 2020.

<sup>(2)</sup> Per share net investment income has been calculated using the daily average share method.

<sup>(3)</sup> Less than one cent per share.

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Less than 0.01%.

<sup>(7)</sup> 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.

8<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**MFG Core Infrastructure Fund** 

**FINANCIAL HIGHLIGHTS** 

**Institutional Class** 

**Selected Data and Ratios (for a share outstanding throughout the period)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br>**Ended**<br>**December 31,**<br>**2025**<br>(Unaudited) | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **Six Months**<br>**Ended**<br>**December 31,**<br>**2025**<br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of period | &nbsp;&nbsp; $16.30 | $16.34 | $17.35 | $18.50 | $18.43 | $16.34  |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.21<sup>(1)</sup> | 0.43<sup>(1)</sup> | 0.58 | 0.49<sup>(1)</sup> | 0.49<sup>(1)</sup> | 0.46  |
|  Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | 3.32 | (0.74) | (0.60) | 0.13 | 2.09  |
|  **Total income (loss) from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | 3.75 | (0.16) | (0.11) | 0.62 | 2.55  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.16) | (0.63) | (0.58) | (0.48) | (0.55) | (0.46)  |
| From net realized gain on investments | &nbsp;&nbsp; (3.88) | (3.16) | (0.27) | (0.56) |  | —  |
| **Total distributions** | &nbsp;&nbsp; (4.04) | (3.79) | (0.85) | (1.04) | (0.55) | (0.46)  |
| Redemption fees retained<sup>(2)</sup> | &nbsp;&nbsp; –– |  |  |  |  | —  |
| **Net asset value, end of period** | &nbsp;&nbsp; $12.99 | $16.30 | $16.34 | $17.35 | $18.50 | $18.43  |
| Total return  | &nbsp;&nbsp; 4.70% <sup>(3)</sup> | 26.24% | (0.89)% | (0.60)% | 3.33% | 15.72%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $138630 | $73050 | $298570 | $312651 | $397226 | $523439  |
| Ratio of expenses to average net assets<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before waivers and reimbursements | &nbsp;&nbsp; 0.92%<sup>(4)</sup> | 0.78% | 0.64% | 0.60% | 0.57% | 0.58%<sup>(5)</sup>  |
| &nbsp;&nbsp;&nbsp; Net of waivers and reimbursements | &nbsp;&nbsp; 0.50%<sup>(4)</sup> | 0.50% | 0.50% | 0.50% | 0.50% | 0.50%<sup>(5)</sup>  |
|  Ratio of net investment income to average net assets<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before waivers and reimbursements | &nbsp;&nbsp; 2.19%<sup>(4)</sup> | 2.24% | 3.37% | 2.67% | 2.51% | 2.52%<sup>(6)</sup>  |
| &nbsp;&nbsp;&nbsp; Net of waivers and reimbursements | &nbsp;&nbsp; 2.61%<sup>(4)</sup> | 2.52% | 3.51% | 2.77% | 2.58% | 2.60%<sup>(6)</sup>  |
| Portfolio turnover rate<sup>(7)</sup> | &nbsp;&nbsp; 8%<sup>(3)</sup> | 13% | 19% | 12% | 32% | 17% |

---

<sup>(1)</sup> Per share net investment income has been calculated using the daily average share method.

<sup>(2)</sup> Less than one cent per share.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Annualized.

<sup>(5)</sup> The ratio of expenses to average net assets includes tax expense. For the period ended June 30, 2021, the ratio of expenses to average net assets excluding tax expense before waivers and reimbursements was 0.58%. Excluding tax expense, the ratio of expenses to average net assets net of waivers and reimbursements was 0.50%.

<sup>(6)</sup> The ratio of net investment income to average net assets includes tax expense. For the period ended June 30, 2021, the ratio of net investment income to average net assets excluding tax expense before waivers and reimbursements was 2.52%. Excluding tax expense, the ratio of net investment income to average net assets net of waivers and reimbursements was 2.60%.

<sup>(7)</sup> 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.

9<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**MFG Core Infrastructure Fund** 

**FINANCIAL HIGHLIGHTS** 

**Service Class** 

**Selected Data and Ratios (for a share outstanding throughout the period)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br>**Ended**<br>**December 31,**<br>**2025**<br>(Unaudited) | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **Six Months**<br>**Ended**<br>**December 31,**<br>**2025**<br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $16.33 | $16.36 | $17.38 | $18.54 | $18.48 | $16.38  |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.18<sup>(1)</sup> | 0.42<sup>(1)</sup> | 0.54<sup>(1)</sup> | 0.46 | 0.49 | 0.43  |
|  Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | 3.32 | (0.71) | (0.59) | 0.10 | 2.11  |
|  **Total income (loss) from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | 3.74 | (0.17) | (0.13) | 0.59 | 2.54  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp; (0.15) | (0.61) | (0.58) | (0.47) | (0.53) | (0.44)  |
| From net realized gain on investments | &nbsp;&nbsp;&nbsp; (3.88) | (3.16) | (0.27) | (0.56) |  | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (4.03) | (3.77) | (0.85) | (1.03) | (0.53) | (0.44)  |
| Redemption fees retained<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; –– |  |  |  |  | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $13.03 | $16.33 | $16.36 | $17.38 | $18.54 | $18.48  |
| Total return | &nbsp;&nbsp;&nbsp; 4.70% <sup>(3)</sup> | 26.08% | (0.98)% | (0.70)% | 3.16% | 15.63%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $9114 | $13988 | $117133 | $176020 | $293686 | $251308  |
| Ratio of expenses to average net assets<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before waivers and reimbursements | &nbsp;&nbsp;&nbsp; 1.04%<sup>(4)</sup> | 0.87% | 0.73% | 0.70% | 0.67% | 0.68%<sup>(5)</sup>  |
| &nbsp;&nbsp;&nbsp; Net of waivers and reimbursements | &nbsp;&nbsp;&nbsp; 0.60%<sup>(4)</sup> | 0.60% | 0.60% | 0.60% | 0.60% | 0.60%<sup>(5)</sup>  |
|  Ratio of net investment income to average net assets<br>| &nbsp;&nbsp;&nbsp; . |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before waivers and reimbursements | &nbsp;&nbsp;&nbsp; 1.79%<sup>(4)</sup> | 2.20% | 3.13% | 2.47% | 2.50% | 2.46%<sup>(6)</sup>  |
| &nbsp;&nbsp;&nbsp; Net of waivers and reimbursements | &nbsp;&nbsp;&nbsp; 2.24%<sup>(4)</sup> | 2.47% | 3.26% | 2.57% | 2.57% | 2.54%<sup>(6)</sup>  |
| Portfolio turnover rate<sup>(5)</sup> | &nbsp;&nbsp;&nbsp; 8%<sup>(3)</sup> | 13% | 19% | 12% | 32% | 17% |

---

<sup>(1)</sup> Per share net investment income has been calculated using the daily average share method.

<sup>(2)</sup> Less than one cent per share.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Annualized.

<sup>(5)</sup> The ratio of expenses to average net assets includes tax expense. For the period ended June 30, 2021, the ratio of expenses to average net assets excluding tax expense before waivers and reimbursements was 0.68%. Excluding tax expense, the ratio of expenses to average net assets net of waivers and reimbursements was 0.60%.

<sup>(6)</sup> The ratio of net investment income to average net assets includes tax expense. For the period ended June 30, 2021, the ratio of net investment income to average net assets excluding tax expense before waivers and reimbursements was 2.46%. Excluding tax expense, the ratio of net investment income to average net assets net of waivers and reimbursements was 2.54%.

<sup>(7)</sup> 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.

10<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**MFG Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)** 

1. ORGANIZATION

MFG Funds, Inc., formerly known as Frontier Funds, Inc. (the "Company"), 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 shares in series (each, a "Fund," or collectively, the "Funds"), each series representing a distinct portfolio with its own investment objectives and policies. The investment objective of the MFG Global Sustainable Fund (formerly, the Frontier MFG Global Sustainable Fund) (the "Sustainable Fund") is to seek attractive risk-adjusted returns over the medium- to long-term, while reducing the risk of permanent capital loss. The investment objective of the MFG Core Infrastructure Fund (formerly, the Frontier MFG Core Infrastructure Fund) (the "Core Fund") is long-term capital appreciation. The Sustainable Fund is a non-diversified fund and the Core Fund is a diversified fund. The Funds offer two different classes of shares: Institutional Class shares and Service Class shares. Institutional Class and Service Class shares have different shareholder servicing expenses. Each class of shares has identical rights to earnings, assets and voting privileges, except for class-specific expenses and exclusive rights to vote on matters affecting an individual class.

A summary of each Fund's investment adviser, subadviser and capital structure is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Investment Adviser** | **Subadviser** | **Capital Structure** | **Commencement**<br>**of Operations**<br>**of the Fund**  |
| Sustainable Fund<sup>(a)</sup> | Magellan Investment Partners North America, Inc. (formerly Frontegra Asset Management, Inc.) ("MIPNA" or the "Adviser") | Magellan Asset Management Limited dba Magellan Investment Partners (formerly MFG Asset Management) ("Magellan Investment Partners" or the "Subadviser")  | Multi-Class<br>• Institutional<br>• Service Class | Oct. 9, 2019  |
| Core Fund<sup>(a)</sup> | MIPNA | Magellan Investment Partners | Multi-Class<br>• Institutional<br>• Service Class | Jan. 18, 2012 |

---

<sup>(a)</sup> A redemption fee of 2.00% will be charged on shares of the Fund redeemed 30 days or less from their date of purchase. 

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

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

&nbsp;&nbsp;&nbsp;&nbsp;A. *Investment Valuation*. Securities are valued at their fair value. Equity securities that are traded on a national securities exchange, except
 for those traded on NASDAQ Global Market, NASDAQ Global Select Market and NASDAQ Capital Market exchanges (together, "NASDAQ"),
 for which market quotations are readily available are valued at the last reported sale price on the national securities exchange on which
 such securities are principally traded. Equity securities that are traded on NASDAQ are valued using the NASDAQ Official Closing Price
 ("NOCP"). Equity 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 quoted bid price. Debt securities are valued at the bid price provided by an independent pricing
 service, which uses valuation methods such as matrix pricing and other analytical pricing models, as well as market transactions and other
 market inputs. Shares of underlying mutual funds are valued at their respective Net Asset Value ("NAV"). Deposit accounts
 are valued at acquisition cost, which approximates fair value. Exchange-traded funds and closed-end funds are valued at the last reported
 sale price on the exchange on

11<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**MFG Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

which the security is principally traded. Securities that are primarily traded on foreign exchanges generally are valued at the last sale price of such securities on their respective exchange. In the case of foreign securities, the occurrence of events after the close of the foreign markets, but prior to the time a Fund's NAV is calculated, will result in a systematic fair value adjustment to the trading prices of foreign securities provided that there is a movement in the markets that exceeds a predetermined threshold and provided the fair value prices exceed a pre-established confidence level. The Funds will also value foreign securities at fair value in accordance with the Adviser's fair valuation procedures in the case of other significant events relating to a particular foreign issuer or market. In such cases, use of fair valuation can reduce an investor's ability to seek to profit by estimating the Fund's NAV in advance of the time the NAV is calculated. The Company has retained an independent fair value pricing service to assist in valuing foreign securities held by the Funds. In valuing assets, prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate, which approximates fair value. 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 the Adviser as "valuation designee" of the Board of Directors (the "Board"), subject to oversight by the Board, pursuant to policies and procedures adopted pursuant to Rule 2a-5 under the 1940 Act. The Adviser uses its Valuation Committee to make any required fair value determinations.

The Funds follow a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Funds' own market assumptions (unobservable inputs). These inputs are used in determining the value of each Fund's investments and are summarized in the following fair value hierarchy:

Level 1 –

Quoted prices in active markets for identical securities that the Funds have the ability to access

Level 2 –

Evaluated prices based on other significant observable inputs (including quoted prices for similar securities, foreign security indices, foreign exchange rates, fair value estimates for foreign securities and changes in benchmark securities indices)

Level 3 –

Significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments)

The following is a summary of the Funds' investments by the inputs used to value the investments as of December 31, 2025:

**Sustainable Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Equity<sup>(a)</sup>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $23065925  | $7918558 | $— | $30984483  |
| **Total Investments in Securities** | $23065925  | $7918558 | $— | $30984483 |

---

**Core Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Equity<sup>(a)</sup>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $84879940  | $58927518 | $— | $143807458  |
| &nbsp;&nbsp;&nbsp; Closed-End Funds | —  | 1719663 |  | 1719663  |
| **Total Investments in Securities** | $84879940  | $60647181 | $— | $145527121 |

---

<sup>(a)</sup> See each Fund's Schedule of Investments for sector or country classifications.

&nbsp;&nbsp;&nbsp;&nbsp;B. *Federal Income Taxes*. 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

12<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**MFG Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

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.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Distributions to Shareholders.* The Sustainable Fund usually declares and pays dividends from net investment income annually. The Core Fund usually
 declares and pays dividends from net investment income quarterly. Distributions from net realized gains, if any, are declared and paid
 at least annually for the Funds. All short-term capital gains are included in ordinary income for tax purposes. Distributions to shareholders
 are recorded on the ex-dividend date. The Funds may utilize earnings and profits distributed to shareholders on redemption of shares as
 part of the dividends paid deduction ("equalization").

The Sustainable Fund's tax character of distributions paid during the six months ended December 31, 2025, and the fiscal year ended June 30, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended December 31, 2025**  | **Six Months Ended December 31, 2025**  | **Six Months Ended December 31, 2025**  | **Year Ended June 30, 2025**  | **Year Ended June 30, 2025**  | **Year Ended June 30, 2025**  |
|  | **Ordinary** <br>**Income**  | **Long-Term** <br>**Capital Gains**  | **Total** <br>**Distributions**  | **Ordinary** <br>**Income**  | **Long-Term** <br>**Capital Gains**  | **Total** <br>**Distributions**  |
| Sustainable Fund  | $1213741  | $1474928  | $2688669  | $712578  | &nbsp;&nbsp; $805100  | $1517678 |

---

Effective January 31, 2025, the Core Fund changed its tax year from June 30 to January 31. The Core Fund's tax character of distributions paid during the tax periods ended January 31, 2025, and June 30, 2024, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended January 31, 2025**  | **Period Ended January 31, 2025**  | **Period Ended January 31, 2025**  | **Year Ended June 30, 2024** | **Year Ended June 30, 2024** | **Year Ended June 30, 2024** |
|  | **Ordinary** <br>**Income**  | **Long-Term** <br>**Capital Gains**  | **Total** <br>**Distributions**  | **Ordinary** <br>**Income**  | **Long-Term** <br>**Capital Gains**  | **Total** <br>**Distributions**  |
| Core Fund | $8158520  | $27153689  | $35312209 | $15298909  | $7232502  | $22531411 |

---

At June 30, 2025, the Sustainable Fund's components of distributable earnings (accumulated losses) on a tax basis were as follows:

---

| | |
|:---|:---|
| Cost of investments | $21223000 |
| Gross unrealized appreciation | $10381247 |
| Gross unrealized depreciation | (1244322) |
| Net unrealized appreciation/depreciation | 9136925 |
| Undistributed ordinary income | 650880 |
| Undistributed long-term capital gain | 625059 |
| Other accumulated gains (losses) | 5706 |
| Total distributable earnings (accumulated losses) | $10418570 |

---

At June 30, 2025, the Core Fund's cost and unrealized appreciation/depreciation on investments on a tax basis were as follows:

---

| | |
|:---|:---|
| Cost of investments | $53161361 |
| Gross unrealized appreciation | $36206699 |
| Gross unrealized depreciation | (4365450) |
| Net unrealized appreciation/depreciation | $31841249 |

---

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**MFG Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

At January 31, 2025, the Core Fund's tax year end, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $294980  |
| Other accumulated gains (losses) | 12962217  |
| Unrealized appreciation/depreciation on investments | 37983051  |
| Total distributable earnings (accumulated losses) | $51240248 |

---

The difference between book-basis and tax-basis unrealized appreciation is attributable primarily to the tax

deferral of losses on wash sales. Other accumulated gains (losses) include unrealized appreciation/

depreciation on foreign currency transactions and capital loss carryforwards.

During the fiscal year ended June 30, 2025, the Sustainable Fund utilized a short-term capital loss carryforward of $266,306.

&nbsp;&nbsp;&nbsp;&nbsp;D. *Foreign Currency Translation*. Values of investments denominated in foreign currencies are converted into U.S. dollars using a spot market rate of
 exchange each day. 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 dates of such transactions. The Funds do not isolate that portion of the results of operations resulting
 from changes in foreign exchange rates and currency gains or losses realized between the trade and settlement dates on securities transactions
 from the fluctuations arising from changes in fair value of securities held. Such fluctuations are included with the net realized and
 unrealized gain or loss on investments. Each Fund separately reports net realized foreign exchange gains and losses that arise from sales
 of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign currency transactions, and
 the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S.
 dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the
 fair values of assets and liabilities, other than investments in securities at fiscal period end, which result from changes in exchange
 rates.

Each Fund, respectively, bears the risk of changes in the foreign currency exchange rates and their impact on the value of assets and liabilities denominated in foreign currency. Each Fund also bears the risk of a counterparty failing to fulfill its obligation under a foreign currency contract.

Investing in foreign companies involves risks not generally associated with investment in the securities of U.S. companies, including risks relating to political, social and economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices, including fluctuations in foreign currencies. The risks of foreign investments are typically greater in emerging and less developed markets.

&nbsp;&nbsp;&nbsp;&nbsp;E. *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.

&nbsp;&nbsp;&nbsp;&nbsp;F. *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
 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. Withholding taxes on foreign dividends have been provided for
 in accordance with the Funds' understanding of the applicable country's tax codes and regulations.

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**MFG Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

Cash equivalents include amounts held in interest bearing demand deposit accounts. Such cash, at times, may exceed federally insured limits. The Funds have not experienced any losses in such accounts and do not believe they are exposed to any significant credit risk on such accounts.

Income, expenses (other than expenses attributable to a specific class) and realized and unrealized gains or losses on investments attributable to the Funds are generally allocated to each respective class in proportion to the relative net assets of each class. Expenses incurred that do not specifically relate to an individual Fund are allocated among all Funds in the Company in proportion to each Fund's relative net assets or by other equitable means.

The preparation of financial statements in conformity with GAAP 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.

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Principal Executive Officer, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

Net investment income and realized gains and losses for federal income tax purposes may differ from that reported on the financial statements because of permanent book-to-tax differences. GAAP requires that permanent differences in distributable earnings due to differences between financial reporting and tax reporting be reclassified to or from paid in capital. These reclassifications have no effect on net assets or net asset value per share.

For the tax year ended January 31, 2025, the Core Fund made the following reclassifications among tax components:

---

| | |
|:---|:---|
| Paid in capital  | $27930959 |
| Total distributable earnings (accumulated losses)  | (27930959) |

---

The permanent differences primarily relate to the use of tax equalization.

For the fiscal year ended June 30, 2025, the Sustainable Fund had no required reclassifications among tax components.

3. INVESTMENT ADVISER AND RELATED PARTIES

Each of the Funds has entered into an agreement with MIPNA, with whom certain officers and a director of the Company are affiliated, to furnish investment advisory services to such Funds. MIPNA is a subsidiary of Magellan Financial Group Limited and is an affiliate of Magellan Investment Partners. Charles S. Thompson II, the President and a director of the Company, is a control person of MIPNA. Benjamin D. Jones, an officer of the Company, is also a control person of MIPNA.

Advisory fees are calculated daily and payable monthly, at annual rates set forth in the following table (expressed as a percentage of each Fund's average daily net assets). Pursuant to an expense cap/reimbursement agreement, the Adviser has agreed to waive its management fees and/or reimburse each Fund's operating expenses (exclusive of taxes, interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses) to ensure that each Fund's operating expenses do not exceed the expense limitation listed below. Expenses waived are netted with advisory fees payable on the Statements of Assets and Liabilities. On a monthly basis, these accounts are settled by each Fund making payment to the Adviser or the Adviser reimbursing the Fund if the reimbursement amount exceeds the advisory fee. If the amount of advisory fees waived exceeds the advisory fee earned, this is shown on the Statements of Assets and Liabilities as a receivable from the Adviser. The expense cap/reimbursement agreement will continue in effect until October 31, 2026, and may be terminated only by, or with the consent of, the Board.

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**MFG Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Frontier Fund** | **Annual** <br>**Advisory Fees** | **Expense** <br>**Limitation**  |
| Sustainable Fund - Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp; 0.80%  |
| Sustainable Fund - Service Class | &nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp; 0.95%  |
| Core Fund - Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; 0.50% | &nbsp;&nbsp;&nbsp; 0.50%  |
| Core Fund - Service Class | &nbsp;&nbsp;&nbsp;&nbsp; 0.50% | &nbsp;&nbsp;&nbsp; 0.65% |

---

The Adviser is entitled to recoup the fees waived and/or expenses reimbursed within a three-year period from the date of the waiver or expense payment if such reimbursement will not cause a Fund's expense ratio to exceed the lesser of (a) the expense limitation in place at the time of the waiver and/or expense payment, or (b) the expense limitation in place at the time of recoupment. Expenses attributable to a specific class may only be recouped with respect to that class.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2026** | **2027** | **2028** | **2029** | **Total**  |
| Sustainable Fund | $110398 | $300584 | $383298  | $196424  | $990704  |
| Core Fund | 273960  | 618334 | 636864 | 277597  | 1806755 |

---

MIPNA has entered into a subadvisory agreement under which Magellan Investment Partners serves as the subadviser to the Sustainable and Core Funds, and subject to MIPNA's supervision, manages each Fund's portfolio assets. Under the agreement, for each Fund subadvised by Magellan Investment Partners, Magellan Investment Partners is paid the net advisory fee received by MIPNA after giving effect to any fee waiver or reimbursement by MIPNA pursuant to the expense cap/reimbursement agreement discussed above, less an annual flat fee retained by MIPNA; provided however, if the net advisory fee is less than such flat fee, MIPNA shall retain the entire net advisory fee and no subadvisory fee will be payable to Magellan Investment Partners.

The beneficial ownership, either directly or indirectly, of more than 25% of a Fund's voting securities creates a presumption of control. As of December 31, 2025, each Fund had individual shareholder accounts and/or omnibus shareholder accounts (comprised of a group of individual shareholders), which amounted to more than 25% of the total shares outstanding of the respective Fund. An affiliate of the Adviser and Subadviser owns a controlling interest in the Sustainable Fund. Shareholders with a controlling interest could affect the outcome of proxy voting or the direction of management of a Fund.

4. INVESTMENT TRANSACTIONS

The aggregate purchases and sales of securities, excluding short-term investments, for the Funds for the six months ended December 31, 2025, are summarized below:

---

| | | |
|:---|:---|:---|
|  | **Sustainable** <br>**Fund** | **Core** <br>**Fund**  |
| Purchases | $8380947 | $64993444  |
| Sales | 9835891 | 9543336 |

---

There were no purchases or sales of U.S. Government securities for the Funds.

5. SHAREHOLDER SERVICING FEE

The Company has adopted a shareholder servicing plan (the "Service Plan") on behalf of the Service Class shares offered by the Funds. Pursuant to the Service Plan, the Service Class shares of the Funds pay an annual shareholder servicing fee of up to 0.15% per year to Frontegra Strategies, LLC, the Funds' 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, and providing other recordkeeping and administrative services. The Distributor is a subsidiary of Magellan Financial Group Limited and is an affiliate of MIPNA and Magellan Investment Partners.

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**MFG Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

For the six months ended December 31, 2025, the Service Plan expenses were as follows:

---

| | |
|:---|:---|
|  | **Service Plan** <br>**Expenses**  |
| Sustainable Fund - Service Class | &nbsp;&nbsp; $6294  |
| Core Fund - Service Class | &nbsp;&nbsp; 5674 |

---

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**MFG Funds** 

**ADDITIONAL INFORMATION (Unaudited)** 

MFG Funds has adopted proxy voting policies and procedures that delegate to MIPNA the authority to vote proxies. The proxy voting policies permit MIPNA to delegate its authority to vote proxies to a Fund's subadviser. A description of the MFG 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 and the Funds' website at www.mfg-funds.com or by calling the Funds toll free at 1-888-825-2100.

The actual voting records relating to each Fund's portfolio securities during the most recent twelve months ended June 30 are available without charge (1) by calling the Funds toll free at 1-888-825-2100, (2) on the Funds' website at www.mfg-funds.com, or (3) by accessing the SEC's website at http://www.sec.gov.

Disclosure of each Fund's complete schedule of portfolio holdings is required to be made quarterly on the Funds' website, www.mfg-funds.com, and on Form N-PORT and Form N-CSR, as applicable. These regulatory filings are available, free of charge on the EDGAR database on the SEC's website at www.sec.gov.

**Changes in and Disagreements with Accountants for Open-End Investment Companies.**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosure for Open-End Investment Companies.**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.**

Refer to information provided within financial statements.

**Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

18<br>

(b)&nbsp;&nbsp;&nbsp;&nbsp; Financial Highlights are included within the financial statements filed under Item 7(a) of this report.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See the Statements of Operations within Item 7(a) of this report.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not applicable.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

 

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(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
 principal executive officer and principal financial officer have concluded that the disclosure controls and procedures are effective.

&nbsp;&nbsp;&nbsp;&nbsp;(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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the
 registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](mfi-efp22295_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](mfi-efp22295_ex99906cert.htm)

**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.

MFG Funds, Inc.

---

| | |
|:---|:---|
| By: | /s/ Charles S. Thompson II |
|  | Charles S. Thompson II, President (Principal Executive Officer) |
| Date: | 3/3/2026 |

---

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: | /s/ Charles S. Thompson II |
|  | Charles S. Thompson II, President (Principal Executive Officer) |
| Date: | 3/3/2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Robert Lance Baker |
|  | Robert Lance Baker, Treasurer (Principal Financial Officer) |
| Date: | 3/4/2026 |

---

## Ex-99.Cert

**EX.99.CERT** 

**CERTIFICATIONS**

I, Charles S. Thompson II, certify that:

1. I have reviewed this report on Form N-CSR of MFG Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 3/3/2026 | /s/ Charles S. Thompson II |
|  |  | Charles S. Thompson II,<br> President (Principal Executive Officer) |

---

**<u>CERTIFICATIONS</u>**

I, Robert Lance Baker, certify that:

1. I have reviewed this report on Form N-CSR of MFG Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 3/4/2026 | /s/ Robert Lance Baker |
|  |  | Robert Lance Baker,<br> Treasurer (Principal Financial Officer) |

---

## Exhibit 99.906

**EX.99.906CERT**

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of MFG Funds, Inc., does hereby certify, to such officer's knowledge, that the report on Form N-CSR of MFG Funds, Inc. for the period ended December 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of MFG Funds, Inc. for the stated period.

---

| | | | |
|:---|:---|:---|:---|
| /s/ Charles S. Thompson II | /s/ Charles S. Thompson II | /s/ Robert Lance Baker | /s/ Robert Lance Baker |
| Charles S. Thompson II,<br> President (Principal Executive Officer) | Charles S. Thompson II,<br> President (Principal Executive Officer) | Robert Lance Baker,<br> Treasurer (Principal Financial Officer) | Robert Lance Baker,<br> Treasurer (Principal Financial Officer) |
| Date: | 3/3/2026 | Date: | 3/4/2026 |

---

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by MFG Funds, Inc. for purposes of Section 18 of the Securities Exchange Act of 1934.