Bridgeway Small-Cap Growth Fund
Bridgeway Small-Cap Growth Fund SCHEDULE OF INVESTMENTS Showing percentage of net assets as of March 31, 2014 (Unaudited) Industry Company
Shares
Value
Industry Company
Shares
Value
COMMON STOCKS - 99.84% Aerospace & Defense - 1.37% HEICO Corp. Airlines - 1.35% Republic Airways Holdings, Inc.* SkyWest, Inc.
7,500
17,700 22,400
$ 451,200
161,778 285,824 447,602
Automobiles - 1.62% Winnebago Industries, Inc.*
19,500
534,105
Construction Materials - 1.58% Headwaters, Inc.*
39,600
$ 523,116
6,800
343,128
Diversified Consumer Services - 3.22% Grand Canyon Education, Inc.* 11,200 K12, Inc.* 23,900
523,040 541,335
Consumer Finance - 1.04% First Cash Financial Services, Inc.*
1,064,375 Beverages - 0.44% Coca-Cola Bottling Co. Consolidated
1,700
144,466
Biotechnology - 1.45% PDL BioPharma, Inc.+
57,800
480,318
Building Products - 0.25% American Woodmark Corp.* Capital Markets - 3.69% FXCM, Inc., Class A GAMCO Investors, Inc., Class A Greenhill & Co., Inc.
2,500
84,150
28,900
426,853
5,900 6,400
458,135 332,672
37,500 20,300
512,250 467,103 979,353
Commercial Services & Supplies - 3.43% Casella Waste Systems, Inc., Class A* 91,100 Ceco Environmental Corp. 27,100 Herman Miller, Inc. 6,800
465,521 449,589 218,484 1,133,594
Communications Equipment - 3.17% InterDigital, Inc. 16,100 Ubiquiti Networks, Inc.*+ 11,300
533,071 513,811 1,046,882
Computers & Peripherals - 2.99% Cray, Inc.* Electronics for Imaging, Inc.*
14,300 10,500
533,676 454,755 988,431
Construction & Engineering - 0.24% Primoris Services Corp.
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Diversified Telecommunication Services - 3.04% FairPoint Communications Group, Inc.* 29,700 General Communication, Inc., Class A* 52,500
461,916
403,920 599,025 1,002,945
1,217,660 Chemicals - 2.97% Ferro Corp.* Tredegar Corp.
Diversified Financial Services - 1.40% MarketAxess Holdings, Inc. 7,800
2,600
Electrical Equipment - 0.27% AZZ, Inc.
2,000
89,360
Electronic Equipment, Instruments & Components - 2.12% Methode Electronics, Inc. 15,700 481,362 Rogers Corp.* 3,500 218,470 699,832 Food Products - 1.72% Pilgrim’s Pride Corp.*
27,200
Health Care Equipment & Supplies - 2.91% Masimo Corp.* 16,700 West Pharmaceutical Services, Inc. 11,500
569,024 456,077 506,575 962,652
Health Care Providers & Services - 13.03% Addus HomeCare Corp.* 17,500 Alliance HealthCare Services, Inc.* 17,600 AMN Healthcare Services, Inc.* 36,300 Amsurg Corp.* 8,500 Centene Corp.* 6,300 HealthSouth Corp. 13,900 MWI Veterinary Supply, Inc.* 3,200 Providence Service Corp. (The)* 19,200
403,375 590,128 498,762 400,180 392,175 499,427 497,984 542,976
77,948
1
Bridgeway Small-Cap Growth Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of March 31, 2014 (Unaudited) Industry Company
Shares
Common Stocks (continued) Health Care Providers & Services (continued) Skilled Healthcare Group, Inc., Class A* 90,900
Value
$ 479,043 4,304,050
Hotels, Restaurants & Leisure - 2.21% Cracker Barrel Old Country Store, Inc. 2,400 Fiesta Restaurant Group, Inc.* 10,900
14,300 7,200
Shares
Machinery (continued) Middleby Corp. (The)* Mueller Water Products, Inc., Class A Rexnord Corp.* Xerium Technologies, Inc.*
496,931
153,439 287,496
$ 475,578
9,400 17,300 13,000
89,300 501,354 208,650 1,814,262
Media - 2.89% Loral Space & Communications, Inc.* Nexstar Broadcasting Group, Inc., Class A Sinclair Broadcast Group, Inc., Class A
1,300
91,949
12,200
457,744
14,900
403,641 953,334
440,935 Oil, Gas & Consumable Fuels - 0.39% Targa Resources Corp.
Household Products - 0.26% Spectrum Brands Holdings, Inc.
1,100
87,670
Internet & Catalog Retail - 1.41% Orbitz Worldwide, Inc.* Overstock.com, Inc.*
18,800 16,200
147,392 319,140
Personal Products - 2.09% Inter Parfums, Inc. USANA Health Sciences, Inc.*+
1,300
129,038
5,500
199,155
6,500
489,710 688,865
466,532 Internet Software & Services - 5.63% Constant Contact, Inc.* 18,100 eGain Corp.* 59,100 Envestnet, Inc.* 2,300 Move, Inc.* 42,000 Yelp, Inc.* 5,500
442,726 417,246 92,414 485,520 423,115
Pharmaceuticals - 1.38% Questcor Pharmaceuticals, Inc.+ Professional Services - 3.28% Insperity, Inc. TrueBlue, Inc.*
7,000
454,510
18,300 17,600
566,934 514,976
1,861,021 IT Services - 3.11% Heartland Payment Systems, Inc. Syntel, Inc.*
12,600 5,600
522,270 503,440
1,081,910 Real Estate Investment Trusts (REITs) - 2.08% CoreSite Realty Corp. 17,700 Saul Centers, Inc. 2,900
Road & Rail - 1.27% Saia, Inc.* 535,092 388,700 923,792
Life Sciences Tools & Services - 1.46% PAREXEL International Corp.* 8,900 Machinery - 5.49% Federal Signal Corp.*
2
36,200
548,700 137,344 686,044
1,025,710 Leisure Equipment & Products - 2.80% Smith & Wesson Holding Corp.*+ 36,600 Sturm Ruger & Co., Inc.+ 6,500
Value
1,800
233,376
730,307 Household Durables - 1.33% Blyth, Inc.+ Ryland Group, Inc. (The)
Industry Company
10,950
418,399
Semiconductors & Semiconductor Equipment - 2.47% SunPower Corp.*+ 15,800 509,708 Ultra Clean Holdings, Inc.* 23,200 305,080 814,788
481,401 539,380
Software - 2.26% Interactive Intelligence Group, Inc.* Manhattan Associates, Inc.*
Quarterly Report
1,300 13,500
94,250 472,905
March 31, 2014 (Unaudited)
Bridgeway Small-Cap Growth Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of March 31, 2014 (Unaudited) Industry Company
Shares
Value Summary of inputs used to value the Fund’s investments as of 03/31/2014 is as follows (See Note 2 in Notes to Quarterly Schedule of Investments):
Common Stocks (continued) Software (continued) Netscout Systems, Inc.* Pegasystems, Inc.
2,300 2,600
Specialty Retail - 3.66% Genesco, Inc.* Jos. A. Bank Clothiers, Inc.* Lithia Motors, Inc., Class A Pier 1 Imports, Inc. Sears Hometown & Outlet Stores, Inc.*
$
86,434 91,832
Valuation Inputs
745,421
Investment in Securities (Value)
2,300 3,300 8,200 4,200
171,511 212,190 544,972 79,296
8,500
201,025 1,208,994
Thrifts & Mortgage Finance - 0.52% BofI Holding, Inc.*
2,000
Trading Companies & Distributors - 0.55% DXP Enterprises, Inc.* 1,900 TOTAL COMMON STOCKS - 99.84% (Cost $27,382,271)
171,500 180,367 32,970,907
Level 2 Level 3 Significant Significant Observable Unobservable Inputs Inputs
Level 1 Quoted Prices
Common Stocks Money Market Fund Investments Purchased with Cash Proceeds From Securities Lending TOTAL
$32,970,907 $ —
—
$
69,695
— 3,436,892 $32,970,907 $3,506,587
$
Total
—
$32,970,907
—
69,695
—
3,436,892
—
$36,477,494
See Notes to Quarterly Schedule of Investments.
Rate^
Shares
Value
MONEY MARKET FUND - 0.21% BlackRock FedFund
0.01%
69,695
TOTAL MONEY MARKET FUND - 0.21% (Cost $69,695)
69,695 69,695
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 10.41% BNY Mellon Overnight Government Fund**
0.01%
3,436,892
TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING 10.41% (Cost $3,436,892)
3,436,892
3,436,892
TOTAL INVESTMENTS - 110.46% (Cost $30,888,858) Liabilities in Excess of Other Assets - (10.46%)
$36,477,494
NET ASSETS - 100.00%
$33,023,731
(3,453,763)
* Non-income producing security. ** This security represents the investment of the collateral received in connection with securities out on loan as of March 31, 2014. ^ Rate disclosed as of March 31, 2014. + This security or a portion of the security is out on loan as of March 31, 2014. Total loaned securities had a value of $3,337,196 at March 31, 2014.
www.bridgeway.com
3
Shares
Value
Industry Company
Shares
Value
COMMON STOCKS - 99.84% Aerospace & Defense - 1.37% HEICO Corp. Airlines - 1.35% Republic Airways Holdings, Inc.* SkyWest, Inc.
7,500
17,700 22,400
$ 451,200
161,778 285,824 447,602
Automobiles - 1.62% Winnebago Industries, Inc.*
19,500
534,105
Construction Materials - 1.58% Headwaters, Inc.*
39,600
$ 523,116
6,800
343,128
Diversified Consumer Services - 3.22% Grand Canyon Education, Inc.* 11,200 K12, Inc.* 23,900
523,040 541,335
Consumer Finance - 1.04% First Cash Financial Services, Inc.*
1,064,375 Beverages - 0.44% Coca-Cola Bottling Co. Consolidated
1,700
144,466
Biotechnology - 1.45% PDL BioPharma, Inc.+
57,800
480,318
Building Products - 0.25% American Woodmark Corp.* Capital Markets - 3.69% FXCM, Inc., Class A GAMCO Investors, Inc., Class A Greenhill & Co., Inc.
2,500
84,150
28,900
426,853
5,900 6,400
458,135 332,672
37,500 20,300
512,250 467,103 979,353
Commercial Services & Supplies - 3.43% Casella Waste Systems, Inc., Class A* 91,100 Ceco Environmental Corp. 27,100 Herman Miller, Inc. 6,800
465,521 449,589 218,484 1,133,594
Communications Equipment - 3.17% InterDigital, Inc. 16,100 Ubiquiti Networks, Inc.*+ 11,300
533,071 513,811 1,046,882
Computers & Peripherals - 2.99% Cray, Inc.* Electronics for Imaging, Inc.*
14,300 10,500
533,676 454,755 988,431
Construction & Engineering - 0.24% Primoris Services Corp.
www.bridgeway.com
Diversified Telecommunication Services - 3.04% FairPoint Communications Group, Inc.* 29,700 General Communication, Inc., Class A* 52,500
461,916
403,920 599,025 1,002,945
1,217,660 Chemicals - 2.97% Ferro Corp.* Tredegar Corp.
Diversified Financial Services - 1.40% MarketAxess Holdings, Inc. 7,800
2,600
Electrical Equipment - 0.27% AZZ, Inc.
2,000
89,360
Electronic Equipment, Instruments & Components - 2.12% Methode Electronics, Inc. 15,700 481,362 Rogers Corp.* 3,500 218,470 699,832 Food Products - 1.72% Pilgrim’s Pride Corp.*
27,200
Health Care Equipment & Supplies - 2.91% Masimo Corp.* 16,700 West Pharmaceutical Services, Inc. 11,500
569,024 456,077 506,575 962,652
Health Care Providers & Services - 13.03% Addus HomeCare Corp.* 17,500 Alliance HealthCare Services, Inc.* 17,600 AMN Healthcare Services, Inc.* 36,300 Amsurg Corp.* 8,500 Centene Corp.* 6,300 HealthSouth Corp. 13,900 MWI Veterinary Supply, Inc.* 3,200 Providence Service Corp. (The)* 19,200
403,375 590,128 498,762 400,180 392,175 499,427 497,984 542,976
77,948
1
Bridgeway Small-Cap Growth Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of March 31, 2014 (Unaudited) Industry Company
Shares
Common Stocks (continued) Health Care Providers & Services (continued) Skilled Healthcare Group, Inc., Class A* 90,900
Value
$ 479,043 4,304,050
Hotels, Restaurants & Leisure - 2.21% Cracker Barrel Old Country Store, Inc. 2,400 Fiesta Restaurant Group, Inc.* 10,900
14,300 7,200
Shares
Machinery (continued) Middleby Corp. (The)* Mueller Water Products, Inc., Class A Rexnord Corp.* Xerium Technologies, Inc.*
496,931
153,439 287,496
$ 475,578
9,400 17,300 13,000
89,300 501,354 208,650 1,814,262
Media - 2.89% Loral Space & Communications, Inc.* Nexstar Broadcasting Group, Inc., Class A Sinclair Broadcast Group, Inc., Class A
1,300
91,949
12,200
457,744
14,900
403,641 953,334
440,935 Oil, Gas & Consumable Fuels - 0.39% Targa Resources Corp.
Household Products - 0.26% Spectrum Brands Holdings, Inc.
1,100
87,670
Internet & Catalog Retail - 1.41% Orbitz Worldwide, Inc.* Overstock.com, Inc.*
18,800 16,200
147,392 319,140
Personal Products - 2.09% Inter Parfums, Inc. USANA Health Sciences, Inc.*+
1,300
129,038
5,500
199,155
6,500
489,710 688,865
466,532 Internet Software & Services - 5.63% Constant Contact, Inc.* 18,100 eGain Corp.* 59,100 Envestnet, Inc.* 2,300 Move, Inc.* 42,000 Yelp, Inc.* 5,500
442,726 417,246 92,414 485,520 423,115
Pharmaceuticals - 1.38% Questcor Pharmaceuticals, Inc.+ Professional Services - 3.28% Insperity, Inc. TrueBlue, Inc.*
7,000
454,510
18,300 17,600
566,934 514,976
1,861,021 IT Services - 3.11% Heartland Payment Systems, Inc. Syntel, Inc.*
12,600 5,600
522,270 503,440
1,081,910 Real Estate Investment Trusts (REITs) - 2.08% CoreSite Realty Corp. 17,700 Saul Centers, Inc. 2,900
Road & Rail - 1.27% Saia, Inc.* 535,092 388,700 923,792
Life Sciences Tools & Services - 1.46% PAREXEL International Corp.* 8,900 Machinery - 5.49% Federal Signal Corp.*
2
36,200
548,700 137,344 686,044
1,025,710 Leisure Equipment & Products - 2.80% Smith & Wesson Holding Corp.*+ 36,600 Sturm Ruger & Co., Inc.+ 6,500
Value
1,800
233,376
730,307 Household Durables - 1.33% Blyth, Inc.+ Ryland Group, Inc. (The)
Industry Company
10,950
418,399
Semiconductors & Semiconductor Equipment - 2.47% SunPower Corp.*+ 15,800 509,708 Ultra Clean Holdings, Inc.* 23,200 305,080 814,788
481,401 539,380
Software - 2.26% Interactive Intelligence Group, Inc.* Manhattan Associates, Inc.*
Quarterly Report
1,300 13,500
94,250 472,905
March 31, 2014 (Unaudited)
Bridgeway Small-Cap Growth Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of March 31, 2014 (Unaudited) Industry Company
Shares
Value Summary of inputs used to value the Fund’s investments as of 03/31/2014 is as follows (See Note 2 in Notes to Quarterly Schedule of Investments):
Common Stocks (continued) Software (continued) Netscout Systems, Inc.* Pegasystems, Inc.
2,300 2,600
Specialty Retail - 3.66% Genesco, Inc.* Jos. A. Bank Clothiers, Inc.* Lithia Motors, Inc., Class A Pier 1 Imports, Inc. Sears Hometown & Outlet Stores, Inc.*
$
86,434 91,832
Valuation Inputs
745,421
Investment in Securities (Value)
2,300 3,300 8,200 4,200
171,511 212,190 544,972 79,296
8,500
201,025 1,208,994
Thrifts & Mortgage Finance - 0.52% BofI Holding, Inc.*
2,000
Trading Companies & Distributors - 0.55% DXP Enterprises, Inc.* 1,900 TOTAL COMMON STOCKS - 99.84% (Cost $27,382,271)
171,500 180,367 32,970,907
Level 2 Level 3 Significant Significant Observable Unobservable Inputs Inputs
Level 1 Quoted Prices
Common Stocks Money Market Fund Investments Purchased with Cash Proceeds From Securities Lending TOTAL
$32,970,907 $ —
—
$
69,695
— 3,436,892 $32,970,907 $3,506,587
$
Total
—
$32,970,907
—
69,695
—
3,436,892
—
$36,477,494
See Notes to Quarterly Schedule of Investments.
Rate^
Shares
Value
MONEY MARKET FUND - 0.21% BlackRock FedFund
0.01%
69,695
TOTAL MONEY MARKET FUND - 0.21% (Cost $69,695)
69,695 69,695
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 10.41% BNY Mellon Overnight Government Fund**
0.01%
3,436,892
TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING 10.41% (Cost $3,436,892)
3,436,892
3,436,892
TOTAL INVESTMENTS - 110.46% (Cost $30,888,858) Liabilities in Excess of Other Assets - (10.46%)
$36,477,494
NET ASSETS - 100.00%
$33,023,731
(3,453,763)
* Non-income producing security. ** This security represents the investment of the collateral received in connection with securities out on loan as of March 31, 2014. ^ Rate disclosed as of March 31, 2014. + This security or a portion of the security is out on loan as of March 31, 2014. Total loaned securities had a value of $3,337,196 at March 31, 2014.
www.bridgeway.com
3
