Aggressive Investors 1 Fund AWS
Aggressive Investors 1 Fund SCHEDULE OF INVESTMENTS Showing percentage of net assets as of March 31, 2015 (Unaudited) Industry Company
Shares
Value
Industry Company
Shares
Value
COMMON STOCKS - 99.08% Airlines - 9.70% Alaska Air Group, Inc. Delta Air Lines, Inc. Hawaiian Holdings, Inc.*+ Southwest Airlines Co. United Continental Holdings, Inc.*
40,200 101,300 192,100 151,300
$ 2,660,436 4,554,448 4,231,002 6,702,590
108,200
7,276,450 25,424,926
Auto Components - 3.80% Delphi Automotive PLC Lear Corp. Magna International, Inc. Modine Manufacturing Co.*
40,100 24,200 50,800 100,200
3,197,574 2,681,844 2,725,928 1,349,694 9,955,040
Automobiles - 0.97% Tata Motors, Ltd., ADR Beverages - 1.25% Constellation Brands, Inc., Class A* Biotechnology - 2.01% BioMarin Pharmaceutical, Inc.* Gilead Sciences, Inc.*
56,400
28,100
21,700 26,000
3,265,501
2,704,254 2,551,380
13,000 75,500
2,792,140 2,694,595 5,486,735
Chemicals - 2.95% Celanese Corp., Class A Dow Chemical Co. (The) LyondellBasell Industries NV, Class A Stepan Co.
43,000 53,000
2,401,980 2,542,940
15,500 34,000
1,360,900 1,416,440 7,722,260
Commercial Banks - 1.77% CIT Group, Inc. Royal Bank of Canada+
54,200 36,200
Commercial Services & Supplies - 3.01% ACCO Brands Corp.* 296,800 Multi-Color Corp. 38,500
www.bridgeway.com
Computers & Peripherals - 4.79% Apple, Inc. Hewlett-Packard Co. Seagate Technology PLC Super Micro Computer, Inc.* Western Digital Corp.
33,600 38,700 38,500 103,300 19,100
2,466,408 2,669,205
4,180,848 1,205,892 2,003,155 3,430,593 1,738,291 12,558,779
Consumer Finance - 2.06% Capital One Financial Corp. Navient Corp. World Acceptance Corp.*+
31,500 96,000 13,100
2,482,830 1,951,680 955,252 5,389,762
Containers & Packaging - 1.13% Crown Holdings, Inc.*
54,800
2,960,296
Distributors - 0.96% Core-Mark Holding Co., Inc.
39,300
2,527,776
Diversified Financial Services - 1.22% Voya Financial, Inc. 73,900
3,185,829
Diversified Telecommunication Services - 1.01% Verizon Communications, Inc. 54,500
2,650,335
Electronic Equipment, Instruments & Components - 0.51% TTM Technologies, Inc.* 147,300 1,327,173 Energy Equipment & Services - 2.25% Halliburton Co. 40,700 Matrix Service Co.* 56,000 Noble Corp. PLC+ 78,500 Seadrill, Ltd.+ 213,500
1,785,916 983,360 1,120,980 1,996,225 5,886,481
Food & Staples Retailing - 5.21% Ingles Markets, Inc., Class A Kroger Co. (The) Rite Aid Corp.*
40,500 69,300 730,100
2,445,504 2,185,032 4,630,536
$ 2,744,038 7,879,651
2,541,384
5,255,634 Capital Markets - 2.09% Affiliated Managers Group, Inc.* Morgan Stanley
Commercial Services & Supplies (continued) Waste Management, Inc. 50,600
2,003,940 5,312,538 6,344,569 13,661,047
Food Products - 0.71% Pilgrim’s Pride Corp.+
82,400
1,861,416
Gas Utilities - 0.75% ONEOK, Inc.
40,500
1,953,720
1
Aggressive Investors 1 Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of March 31, 2015 (Unaudited) Industry Company
Shares
Common Stocks (continued) Health Care Equipment & Supplies - 2.58% C.R. Bard, Inc. 17,000 Edwards Lifesciences Corp.* 27,500
Value
$ 2,844,950 3,917,650
Industry Company
Shares
Metals & Mining - 1.97% Alcoa, Inc. Century Aluminum Co.* United States Steel Corp.+
161,800 116,900 59,400
6,762,600 Health Care Providers & Services - 3.75% Cigna Corp. 24,300 HCA Holdings, Inc.* 40,100 Triple-S Management Corp., Class B* 44,300 Universal Health Services, Inc., Class B 23,600
3,145,392 3,016,723 880,684 2,777,956 9,820,755
Hotels, Restaurants & Leisure - 3.05% BJ’s Restaurants, Inc.* 54,100 Las Vegas Sands Corp. 50,000 Penn National Gaming, Inc.* 160,000
2,729,345 2,752,000 2,505,600
Insurance - 3.86% Aflac, Inc. Allstate Corp. (The) Employers Holdings, Inc. Genworth Financial, Inc., Class A* Infinity Property & Casualty Corp. Maiden Holdings, Ltd.
54,000
2,856,600
43,000 35,000 63,800
2,752,430 2,490,950 1,721,962
143,600
1,049,716
5,260 113,200
431,583 1,678,756 10,125,397
Internet & Catalog Retail - 0.50% 1-800-Flowers.com, Inc., Class A* IT Services - 1.10% Computer Sciences Corp. Machinery - 2.64% Briggs & Stratton Corp. Greenbrier Companies., Inc. (The)+ Trinity Industries, Inc.+
111,300
Multiline Retail - 1.01% Burlington Stores, Inc.*
44,500
2,644,190
Multi-Utilities - 1.05% Consolidated Edison, Inc.
45,200
2,757,200
Oil, Gas & Consumable Fuels - 7.14% Encana Corp. 195,000 Green Plains, Inc. 87,900 Hess Corp. 38,900 Marathon Petroleum Corp. 29,000 SandRidge Energy, Inc.*+ 886,100 Tesoro Corp. 35,900 Valero Energy Corp. 55,900
2,174,250 2,509,545 2,640,143 2,969,310 1,577,258 3,277,311 3,556,358
2,891,904
121,000
2,485,340
39,500 60,000
2,291,000 2,130,600 6,906,940
Marine - 1.61% DryShips, Inc.* Matson, Inc.
1,289,200 76,800
18,704,175 Pharmaceuticals - 3.34% Actavis PLC* Perrigo Co. PLC
20,300 16,400
6,041,686 2,715,020 8,756,706
Real Estate Investment Trusts (REITs) - 1.11% FelCor Lodging Trust, Inc. 253,600
2,913,864
Road & Rail - 1.01% Avis Budget Group, Inc.*
2,655,675
45,000
Semiconductors & Semiconductor Equipment - 3.83% Lam Research Corp. 9,673 679,383 Micron Technology, Inc.* 162,400 4,405,912 Skyworks Solutions, Inc. 50,400 4,953,816 10,039,111
1,316,679
44,300
$ 2,090,456 1,613,220 1,449,360 5,153,036
7,986,945 Household Durables - 1.09% Jarden Corp.*
Value
Software - 2.11% Red Hat, Inc.*+ ServiceNow, Inc.*
38,400 33,200
2,908,800 2,615,496 5,524,296
Specialty Retail - 4.71% CarMax, Inc.* Gap, Inc. (The) Murphy USA, Inc.* Select Comfort Corp.*
46,900 62,800 38,600 104,000
3,236,569 2,721,124 2,793,482 3,584,880 12,336,055
979,792 3,237,888 4,217,680
2
Quarterly Report
March 31, 2015 (Unaudited)
Aggressive Investors 1 Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of March 31, 2015 (Unaudited) Industry Company
Shares
Common Stocks (continued) Textiles, Apparel & Luxury Goods - 1.32% Skechers U.S.A., Inc., Class A* 48,200 Trading Companies & Distributors - 2.15% Rush Enterprises, Inc., Class A* 75,700 United Rentals, Inc.* 38,700 Veritiv Corp.* 992
Value TOTAL INVESTMENTS - 105.46%
$
3,466,062
2,071,152 3,527,892 43,777 259,602,972
Rate^
Shares
Value
MONEY MARKET FUND - 0.15% Dreyfus Cash Management Fund
0.03%
400,613
TOTAL MONEY MARKET FUND - 0.15% (Cost $400,613)
0.03%
(Cost $238,278,576) Liabilities in Excess of Other Assets - (5.46%)
$262,003,514
Summary of inputs used to value the Fund’s investments as of 03/31/2015 (See Note 2 in Notes to Schedule of Investments): Valuation Inputs Investment in Securities (Value)
400,613
16,312,928
TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING 6.23% (Cost $16,312,928)
(14,312,999)
* Non-income producing security. ** This security represents the investment of the collateral received in connection with securities out on loan as of March 31, 2015. ^ Rate disclosed as of March 31, 2015. + This security or a portion of the security is out on loan as of March 31, 2015. Total loaned securities had a value of $15,584,662 as of March 31, 2015. ADR - American Depositary Receipt PLC - Public Limited Company
400,613
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 6.23% Dreyfus Cash Management Fund**
$276,316,513
NET ASSETS - 100.00%
5,642,821 TOTAL COMMON STOCKS - 99.08% (Cost $221,565,035)
Value
16,312,928
16,312,928
Level 2 Significant Observable Inputs
Level 1 Quoted Prices
Common Stocks Money Market Fund Investments Purchased with Cash Proceeds from Securities Lending TOTAL
$259,602,972 $
$259,602,972
400,613
—
400,613
— 16,312,928
—
16,312,928
—
$276,316,513
$259,602,972 $16,713,541
$
Total
—
—
—
Level 3 Significant Unobservable Inputs
$
See Notes to Schedule of Investments.
www.bridgeway.com
3
Shares
Value
Industry Company
Shares
Value
COMMON STOCKS - 99.08% Airlines - 9.70% Alaska Air Group, Inc. Delta Air Lines, Inc. Hawaiian Holdings, Inc.*+ Southwest Airlines Co. United Continental Holdings, Inc.*
40,200 101,300 192,100 151,300
$ 2,660,436 4,554,448 4,231,002 6,702,590
108,200
7,276,450 25,424,926
Auto Components - 3.80% Delphi Automotive PLC Lear Corp. Magna International, Inc. Modine Manufacturing Co.*
40,100 24,200 50,800 100,200
3,197,574 2,681,844 2,725,928 1,349,694 9,955,040
Automobiles - 0.97% Tata Motors, Ltd., ADR Beverages - 1.25% Constellation Brands, Inc., Class A* Biotechnology - 2.01% BioMarin Pharmaceutical, Inc.* Gilead Sciences, Inc.*
56,400
28,100
21,700 26,000
3,265,501
2,704,254 2,551,380
13,000 75,500
2,792,140 2,694,595 5,486,735
Chemicals - 2.95% Celanese Corp., Class A Dow Chemical Co. (The) LyondellBasell Industries NV, Class A Stepan Co.
43,000 53,000
2,401,980 2,542,940
15,500 34,000
1,360,900 1,416,440 7,722,260
Commercial Banks - 1.77% CIT Group, Inc. Royal Bank of Canada+
54,200 36,200
Commercial Services & Supplies - 3.01% ACCO Brands Corp.* 296,800 Multi-Color Corp. 38,500
www.bridgeway.com
Computers & Peripherals - 4.79% Apple, Inc. Hewlett-Packard Co. Seagate Technology PLC Super Micro Computer, Inc.* Western Digital Corp.
33,600 38,700 38,500 103,300 19,100
2,466,408 2,669,205
4,180,848 1,205,892 2,003,155 3,430,593 1,738,291 12,558,779
Consumer Finance - 2.06% Capital One Financial Corp. Navient Corp. World Acceptance Corp.*+
31,500 96,000 13,100
2,482,830 1,951,680 955,252 5,389,762
Containers & Packaging - 1.13% Crown Holdings, Inc.*
54,800
2,960,296
Distributors - 0.96% Core-Mark Holding Co., Inc.
39,300
2,527,776
Diversified Financial Services - 1.22% Voya Financial, Inc. 73,900
3,185,829
Diversified Telecommunication Services - 1.01% Verizon Communications, Inc. 54,500
2,650,335
Electronic Equipment, Instruments & Components - 0.51% TTM Technologies, Inc.* 147,300 1,327,173 Energy Equipment & Services - 2.25% Halliburton Co. 40,700 Matrix Service Co.* 56,000 Noble Corp. PLC+ 78,500 Seadrill, Ltd.+ 213,500
1,785,916 983,360 1,120,980 1,996,225 5,886,481
Food & Staples Retailing - 5.21% Ingles Markets, Inc., Class A Kroger Co. (The) Rite Aid Corp.*
40,500 69,300 730,100
2,445,504 2,185,032 4,630,536
$ 2,744,038 7,879,651
2,541,384
5,255,634 Capital Markets - 2.09% Affiliated Managers Group, Inc.* Morgan Stanley
Commercial Services & Supplies (continued) Waste Management, Inc. 50,600
2,003,940 5,312,538 6,344,569 13,661,047
Food Products - 0.71% Pilgrim’s Pride Corp.+
82,400
1,861,416
Gas Utilities - 0.75% ONEOK, Inc.
40,500
1,953,720
1
Aggressive Investors 1 Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of March 31, 2015 (Unaudited) Industry Company
Shares
Common Stocks (continued) Health Care Equipment & Supplies - 2.58% C.R. Bard, Inc. 17,000 Edwards Lifesciences Corp.* 27,500
Value
$ 2,844,950 3,917,650
Industry Company
Shares
Metals & Mining - 1.97% Alcoa, Inc. Century Aluminum Co.* United States Steel Corp.+
161,800 116,900 59,400
6,762,600 Health Care Providers & Services - 3.75% Cigna Corp. 24,300 HCA Holdings, Inc.* 40,100 Triple-S Management Corp., Class B* 44,300 Universal Health Services, Inc., Class B 23,600
3,145,392 3,016,723 880,684 2,777,956 9,820,755
Hotels, Restaurants & Leisure - 3.05% BJ’s Restaurants, Inc.* 54,100 Las Vegas Sands Corp. 50,000 Penn National Gaming, Inc.* 160,000
2,729,345 2,752,000 2,505,600
Insurance - 3.86% Aflac, Inc. Allstate Corp. (The) Employers Holdings, Inc. Genworth Financial, Inc., Class A* Infinity Property & Casualty Corp. Maiden Holdings, Ltd.
54,000
2,856,600
43,000 35,000 63,800
2,752,430 2,490,950 1,721,962
143,600
1,049,716
5,260 113,200
431,583 1,678,756 10,125,397
Internet & Catalog Retail - 0.50% 1-800-Flowers.com, Inc., Class A* IT Services - 1.10% Computer Sciences Corp. Machinery - 2.64% Briggs & Stratton Corp. Greenbrier Companies., Inc. (The)+ Trinity Industries, Inc.+
111,300
Multiline Retail - 1.01% Burlington Stores, Inc.*
44,500
2,644,190
Multi-Utilities - 1.05% Consolidated Edison, Inc.
45,200
2,757,200
Oil, Gas & Consumable Fuels - 7.14% Encana Corp. 195,000 Green Plains, Inc. 87,900 Hess Corp. 38,900 Marathon Petroleum Corp. 29,000 SandRidge Energy, Inc.*+ 886,100 Tesoro Corp. 35,900 Valero Energy Corp. 55,900
2,174,250 2,509,545 2,640,143 2,969,310 1,577,258 3,277,311 3,556,358
2,891,904
121,000
2,485,340
39,500 60,000
2,291,000 2,130,600 6,906,940
Marine - 1.61% DryShips, Inc.* Matson, Inc.
1,289,200 76,800
18,704,175 Pharmaceuticals - 3.34% Actavis PLC* Perrigo Co. PLC
20,300 16,400
6,041,686 2,715,020 8,756,706
Real Estate Investment Trusts (REITs) - 1.11% FelCor Lodging Trust, Inc. 253,600
2,913,864
Road & Rail - 1.01% Avis Budget Group, Inc.*
2,655,675
45,000
Semiconductors & Semiconductor Equipment - 3.83% Lam Research Corp. 9,673 679,383 Micron Technology, Inc.* 162,400 4,405,912 Skyworks Solutions, Inc. 50,400 4,953,816 10,039,111
1,316,679
44,300
$ 2,090,456 1,613,220 1,449,360 5,153,036
7,986,945 Household Durables - 1.09% Jarden Corp.*
Value
Software - 2.11% Red Hat, Inc.*+ ServiceNow, Inc.*
38,400 33,200
2,908,800 2,615,496 5,524,296
Specialty Retail - 4.71% CarMax, Inc.* Gap, Inc. (The) Murphy USA, Inc.* Select Comfort Corp.*
46,900 62,800 38,600 104,000
3,236,569 2,721,124 2,793,482 3,584,880 12,336,055
979,792 3,237,888 4,217,680
2
Quarterly Report
March 31, 2015 (Unaudited)
Aggressive Investors 1 Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of March 31, 2015 (Unaudited) Industry Company
Shares
Common Stocks (continued) Textiles, Apparel & Luxury Goods - 1.32% Skechers U.S.A., Inc., Class A* 48,200 Trading Companies & Distributors - 2.15% Rush Enterprises, Inc., Class A* 75,700 United Rentals, Inc.* 38,700 Veritiv Corp.* 992
Value TOTAL INVESTMENTS - 105.46%
$
3,466,062
2,071,152 3,527,892 43,777 259,602,972
Rate^
Shares
Value
MONEY MARKET FUND - 0.15% Dreyfus Cash Management Fund
0.03%
400,613
TOTAL MONEY MARKET FUND - 0.15% (Cost $400,613)
0.03%
(Cost $238,278,576) Liabilities in Excess of Other Assets - (5.46%)
$262,003,514
Summary of inputs used to value the Fund’s investments as of 03/31/2015 (See Note 2 in Notes to Schedule of Investments): Valuation Inputs Investment in Securities (Value)
400,613
16,312,928
TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING 6.23% (Cost $16,312,928)
(14,312,999)
* Non-income producing security. ** This security represents the investment of the collateral received in connection with securities out on loan as of March 31, 2015. ^ Rate disclosed as of March 31, 2015. + This security or a portion of the security is out on loan as of March 31, 2015. Total loaned securities had a value of $15,584,662 as of March 31, 2015. ADR - American Depositary Receipt PLC - Public Limited Company
400,613
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 6.23% Dreyfus Cash Management Fund**
$276,316,513
NET ASSETS - 100.00%
5,642,821 TOTAL COMMON STOCKS - 99.08% (Cost $221,565,035)
Value
16,312,928
16,312,928
Level 2 Significant Observable Inputs
Level 1 Quoted Prices
Common Stocks Money Market Fund Investments Purchased with Cash Proceeds from Securities Lending TOTAL
$259,602,972 $
$259,602,972
400,613
—
400,613
— 16,312,928
—
16,312,928
—
$276,316,513
$259,602,972 $16,713,541
$
Total
—
—
—
Level 3 Significant Unobservable Inputs
$
See Notes to Schedule of Investments.
www.bridgeway.com
3
