# EDGAR Filing Document

**Accession Number:** 0001014913
**File Stem:** 0000894189-26-004677
**Filing Date:** 2026-2
**Character Count:** 34830
**Document Hash:** d87b9db5ec64b5c1c3cbb710f449331d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-004677.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0000894189-26-004677

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**PERIOD START**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07685
- **FILM NUMBER:** 26676598

**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           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Westmont

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60559

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

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

- **a. Name of Series:** MFG Core Infrastructure Fund

- **b. EDGAR series identifier (if any):** S000035417

- **c. LEI of Series:** 54930024JUVLTGGBLV83

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

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

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $148745885.93

**Total Liabilities:** $1001942.71

**Net Assets:** $147743943.22

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000108790 | -0.42%               | 3.24%                | -1.35%               |
| Class ID C000167328 | -0.42%               | 3.17%                | -1.32%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $68658.66                | $-758589.60                                |
| Month 2  | $56033.90                | $4188871.67                                |
| Month 3  | $63453.35                | $-2596898.27                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                   | Title                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| American Water Works Co Inc            | American Water Works Co Inc                        | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |     11022 | NS      | $1438371.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Utilities Corp              | Chesapeake Utilities Corp                          | CUSIP: 165303108<br>LEI: 254900WW0FDCKAOCKE74 | Long             | EC               | CORP              | US        |       872 | NS      | $108790.72    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                            | Exelon Corp                                        | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |     56727 | NS      | $2472729.93   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| MGE Energy Inc                         | MGE Energy Inc                                     | CUSIP: 55277P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2060 | NS      | $161545.20    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Vopak NV                   | Koninklijke Vopak NV                               | CUSIP: N/A<br>LEI: 724500UL634GFV1KYF10       | Long             | EC               | CORP              | NL        |     21220 | NS      | $945552.30    | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| OGE Energy Corp                        | OGE Energy Corp                                    | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |     10058 | NS      | $429476.60    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Snam SpA                               | Snam SpA                                           | CUSIP: N/A<br>LEI: 8156002278562044AF79       | Long             | EC               | CORP              | IT        |    554968 | NS      | $3687687.75   | 2.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Spire Inc                              | Spire Inc                                          | CUSIP: 84857L101<br>LEI: 549300NXSY15DRY2R511 | Long             | EC               | CORP              | US        |      3329 | NS      | $275308.30    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Elia Group SA/NV                       | Elia Group SA/NV                                   | CUSIP: N/A<br>LEI: 549300S1MP1NFDIKT460       | Long             | EC               | CORP              | BE        |     18260 | NS      | $2349744.60   | 1.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Vector Ltd                             | Vector Ltd                                         | CUSIP: N/A<br>LEI: 98450076008579EGF176       | Long             | EC               | CORP              | NZ        |    164315 | NS      | $462633.01    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Macquarie Korea Infrastructure         | Macquarie Korea Infrastructure Fund                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     84522 | NS      | $659962.88    | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Cellnex Telecom SA                     | Cellnex Telecom SA                                 | CUSIP: N/A<br>LEI: 5493008T4YG3AQUI7P67       | Long             | EC               | CORP              | ES        |    118252 | NS      | $3807906.46   | 2.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Aguas Andinas SA                       | Aguas Andinas SA                                   | CUSIP: N/A<br>LEI: 894500KC50BSHRL3SK15       | Long             | EC               | CORP              | CL        |   1107574 | NS      | $453485.46    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                    | Dominion Energy Inc                                | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |     46966 | NS      | $2751737.94   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Surest         | Grupo Aeroportuario del Sureste SAB de CV          | CUSIP: P4950Y100<br>LEI: 5299001W7JIDXCUOUC82 | Long             | EC               | CORP              | MX        |     46620 | NS      | $1503956.15   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Utilities Inc                | Essential Utilities Inc                            | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Long             | EC               | CORP              | US        |     16107 | NS      | $617864.52    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Enagas SA                              | Enagas SA                                          | CUSIP: N/A<br>LEI: 213800OU3FQKGM4M2U23       | Long             | EC               | CORP              | ES        |     46755 | NS      | $722548.60    | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Aeroportuario del Pacifi         | Grupo Aeroportuario del Pacifico SAB de CV         | CUSIP: P4959P100<br>LEI: 4469000001BZ368XFI90 | Long             | EC               | CORP              | MX        |     70035 | NS      | $1831897.03   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| South Bow Corp                         | South Bow Corp                                     | CUSIP: 83671M105<br>LEI: 2549000XS5TAFA3YF943 | Long             | EC               | CORP              | CA        |     32304 | NS      | $888474.74    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| United Utilities Group PLC             | United Utilities Group PLC                         | CUSIP: N/A<br>LEI: 2138002IEYQAOC88ZJ59       | Long             | EC               | CORP              | GB        |    114777 | NS      | $1844050.23   | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Eversource Energy                      | Eversource Energy                                  | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |     20756 | NS      | $1397501.48   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP Inc                            | IDACORP Inc                                        | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |      3129 | NS      | $396006.24    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co/The                        | Southern Co/The                                    | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |     34252 | NS      | $2986774.40   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| International Public Partnersh         | International Public Partnerships Ltd              | CUSIP: N/A<br>LEI: 2138002AJT55TI5M4W30       | Long             | EC               | RF                | GG        |    316036 | NS      | $532599.92    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Getlink SE                             | Getlink SE                                         | CUSIP: N/A<br>LEI: 9695007ZEQ7M0OE74G82       | Long             | EC               | CORP              | FR        |     93505 | NS      | $1726010.30   | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Chorus Ltd                             | Chorus Ltd                                         | CUSIP: N/A<br>LEI: R7NJHU48LTCIOB9BVU57       | Long             | EC               | CORP              | NZ        |     70180 | NS      | $380099.70    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| National Grid PLC                      | National Grid PLC                                  | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | EC               | CORP              | GB        |    294201 | NS      | $4512580.23   | 3.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Ferrovial SE                           | Ferrovial SE                                       | CUSIP: N/A<br>LEI: 72450022R2ZFL41Y6I04       | Long             | EC               | CORP              | NL        |     69668 | NS      | $4513832.88   | 3.06%             |  |  |  | No            |                  2 | On Loan: No      |
| American Tower Corp                    | American Tower Corp                                | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     16321 | NS      | $2865477.97   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corp                        | CMS Energy Corp                                    | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |     16100 | NS      | $1125873.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| PINFRA                                 | Promotora y Operadora de Infraestructura SAB de CV | CUSIP: P7925L103<br>LEI: 52990035X6RK8DBUWA73 | Long             | EC               | CORP              | MX        |     66137 | NS      | $981468.31    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                       | Duke Energy Corp                                   | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     23584 | NS      | $2764280.64   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstEnergy Corp                       | FirstEnergy Corp                                   | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |     31031 | NS      | $1389257.87   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Middlesex Water Co                     | Middlesex Water Co                                 | CUSIP: 596680108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1181 | NS      | $59546.02     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle West Capital Corp             | Pinnacle West Capital Corp                         | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |      6769 | NS      | $600410.30    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Co           | Portland General Electric Co                       | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |      5913 | NS      | $283764.87    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp                | SBA Communications Corp                            | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |      6070 | NS      | $1174120.10   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| H2O America                            | H2O America                                        | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2715 | NS      | $133007.85    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                                 | Sempra                                             | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |     31691 | NS      | $2797998.39   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bank Money Market Deposit Account | U.S. Bank Money Market Deposit Account             | CUSIP: 8AMMF0A84<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1946423 | NS      | $1946422.53   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Severn Trent PLC                       | Severn Trent PLC                                   | CUSIP: N/A<br>LEI: 213800RPBXRETY4A4C59       | Long             | EC               | CORP              | GB        |     50643 | NS      | $1901691.44   | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Vinci SA                               | Vinci SA                                           | CUSIP: N/A<br>LEI: 213800WFQ334R8UXUG83       | Long             | EC               | CORP              | FR        |     32226 | NS      | $4533648.22   | 3.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Enav SpA                               | Enav SpA                                           | CUSIP: N/A<br>LEI: 81560048ECF8D2059980       | Long             | EC               | CORP              | IT        |     88516 | NS      | $489172.92    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Auckland International Airport         | Auckland International Airport Ltd                 | CUSIP: N/A<br>LEI: 549300HFZIZDJWB7AK60       | Long             | EC               | CORP              | NZ        |    289267 | NS      | $1386197.26   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Aena SME SA                            | Aena SME SA                                        | CUSIP: N/A<br>LEI: 959800R7QMXKF0NFMT29       | Long             | EC               | CORP              | ES        |    163332 | NS      | $4563631.63   | 3.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Hydro One Ltd                          | Hydro One Ltd                                      | CUSIP: 448811208<br>LEI: 5493007QZDXTP1W2VL44 | Long             | EC               | CORP              | CA        |     96371 | NS      | $3836444.17   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameren Corp                            | Ameren Corp                                        | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |     14820 | NS      | $1479925.20   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corp                            | Avista Corp                                        | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |      4778 | NS      | $184144.12    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc                       | Crown Castle Inc                                   | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |     24603 | NS      | $2186468.61   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliant Energy Corp                    | Alliant Energy Corp                                | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |     14761 | NS      | $959612.61    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| California Water Service Group         | California Water Service Group                     | CUSIP: 130788102<br>LEI: 529900QABDOBU6UVRQ36 | Long             | EC               | CORP              | US        |      2780 | NS      | $120457.40    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortis Inc/Canada                      | Fortis Inc/Canada                                  | CUSIP: 349553107<br>LEI: 549300MQYQ9Y065XPR71 | Long             | EC               | CORP              | CA        |     82383 | NS      | $4283159.72   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| NiSource Inc                           | NiSource Inc                                       | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |     24837 | NS      | $1037193.12   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Co                          | DTE Energy Co                                      | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |     11724 | NS      | $1512161.52   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc                           | Enbridge Inc                                       | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |     92565 | NS      | $4429470.11   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc                   | WEC Energy Group Inc                               | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |     17932 | NS      | $1891108.72   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Redeia Corp SA                         | Redeia Corp SA                                     | CUSIP: N/A<br>LEI: 5493009HMD0C90GUV498       | Long             | EC               | CORP              | ES        |     91189 | NS      | $1625603.39   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| APA Group                              | APA Group                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    223504 | NS      | $1335487.04   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Aeroports de Paris SA                  | Aeroports de Paris SA                              | CUSIP: N/A<br>LEI: 969500PJMBSFHYC37989       | Long             | EC               | CORP              | FR        |     16540 | NS      | $2158397.63   | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Algonquin Power & Utilities Co         | Algonquin Power & Utilities Corp                   | CUSIP: 015857105<br>LEI: 549300K5VIUTJXQL7X75 | Long             | EC               | CORP              | CA        |    110368 | NS      | $678668.11    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Renewable Corp              | Brookfield Renewable Corp                          | CUSIP: 11285B108<br>LEI: 894500N9AWD5I1YNP231 | Long             | EC               | CORP              | US        |     20500 | NS      | $786364.80    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison Inc                | Consolidated Edison Inc                            | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |     20354 | NS      | $2021559.28   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Emera Inc                              | Emera Inc                                          | CUSIP: 290876101<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | EC               | CORP              | CA        |     48083 | NS      | $2369556.02   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc                        | Xcel Energy Inc                                    | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |     32408 | NS      | $2393654.88   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp                               | PPL Corp                                           | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |     41539 | NS      | $1454695.78   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Italgas SpA                            | Italgas SpA                                        | CUSIP: N/A<br>LEI: 815600F25FF44EF1FA76       | Long             | EC               | CORP              | IT        |    171647 | NS      | $1914479.29   | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Hicl Infrastructure PLC                | Hicl Infrastructure PLC                            | CUSIP: N/A<br>LEI: 213800BVXR1E5L7PEV94       | Long             | EC               | RF                | GB        |    336553 | NS      | $527100.33    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Pennon Group PLC                       | Pennon Group PLC                                   | CUSIP: N/A<br>LEI: 213800V1CCTS41GWH423       | Long             | EC               | CORP              | GB        |     79280 | NS      | $561896.40    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| American Electric Power Co Inc         | American Electric Power Co Inc                     | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |     25860 | NS      | $2981916.60   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| American States Water Co               | American States Water Co                           | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Long             | EC               | CORP              | US        |      1774 | NS      | $128579.52    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmos Energy Corp                      | Atmos Energy Corp                                  | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |      8973 | NS      | $1504143.99   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Hills Corp                       | Black Hills Corp                                   | CUSIP: 092113109<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | EC               | CORP              | US        |      4021 | NS      | $279137.82    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Utilities Ltd                 | Canadian Utilities Ltd                             | CUSIP: 136717832<br>LEI: LWV4QIQODEH3VBHUFX07 | Long             | EC               | CORP              | CA        |     31075 | NS      | $967421.77    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                             | Evergy Inc                                         | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     12224 | NS      | $886117.76    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| ONE Gas Inc                            | ONE Gas Inc                                        | CUSIP: 68235P108<br>LEI: 549300HXDWI0LATTX840 | Long             | EC               | CORP              | US        |      3054 | NS      | $235921.50    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| TXNM Energy Inc                        | TXNM Energy Inc                                    | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               | CORP              | US        |      4945 | NS      | $291161.60    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Fraport AG Frankfurt Airport S         | Fraport AG Frankfurt Airport Services Worldwide    | CUSIP: N/A<br>LEI: 5299001ERX0K10IZUL40       | Long             | EC               | CORP              | DE        |     15796 | NS      | $1291678.75   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Public Service Enterprise Grou         | Public Service Enterprise Group Inc                | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |     28038 | NS      | $2251451.40   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Centro         | Grupo Aeroportuario del Centro Norte SAB de CV     | CUSIP: P49530101<br>LEI: 529900HUSBARAFSXJ605 | Long             | EC               | CORP              | MX        |     57069 | NS      | $774610.86    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Flughafen Zurich AG                    | Flughafen Zurich AG                                | CUSIP: N/A<br>LEI: 529900PFO97GCN5SYB55       | Long             | EC               | CORP              | CH        |      5129 | NS      | $1623657.75   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Arteria Ltd                      | Atlas Arteria Ltd                                  | CUSIP: N/A<br>LEI: 254900SGF4ZQDBH2YC59       | Long             | EC               | CORP              | AU        |    236905 | NS      | $770542.66    | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| ACEA SpA                               | ACEA SpA                                           | CUSIP: N/A<br>LEI: 549300Q3448N041CTH56       | Long             | EC               | CORP              | IT        |     36135 | NS      | $936173.80    | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| CenterPoint Energy Inc                 | CenterPoint Energy Inc                             | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |     36876 | NS      | $1413825.84   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp                           | Entergy Corp                                       | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |     24257 | NS      | $2242074.51   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Transurban Group                       | Transurban Group                                   | CUSIP: N/A<br>LEI: 549300ZR71SUQ4VUTM79       | Long             | EC               | CORP              | AU        |    472457 | NS      | $4471156.03   | 3.03%             |  |  |  | No            |                  2 | On Loan: No      |
| NextEra Energy Inc                     | NextEra Energy Inc                                 | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     38220 | NS      | $3068301.60   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwest Natural Holding Co           | Northwest Natural Holding Co                       | CUSIP: 66765N105<br>LEI: 254900PSJL6ZEC8FR782 | Long             | EC               | CORP              | US        |      1850 | NS      | $86469.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwestern Energy Group Inc          | Northwestern Energy Group Inc                      | CUSIP: 668074305<br>LEI: 254900N1WG46G1VMDM34 | Long             | EC               | CORP              | US        |      3184 | NS      | $205495.36    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Terna - Rete Elettrica Naziona         | Terna - Rete Elettrica Nazionale                   | CUSIP: N/A<br>LEI: 8156009E94ED54DE7C31       | Long             | EC               | CORP              | IT        |    330529 | NS      | $3516395.53   | 2.38%             |  |  |  | No            |                  2 | On Loan: No      |
| REN - Redes Energeticas Nacion         | REN - Redes Energeticas Nacionais SGPS SA          | CUSIP: N/A<br>LEI: 549300FR1FN48IGHR915       | Long             | EC               | CORP              | PT        |    116835 | NS      | $441576.08    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| TC Energy Corp                         | TC Energy Corp                                     | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |     81776 | NS      | $4503027.27   | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-23

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

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

**Name of Signer:** Charles Thompson II

**Title:** President