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Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS Showing percentage of net assets as of September 30, 2014 (Unaudited) Industry Company
Shares
Value
Industry Company
Shares
Value
COMMON STOCKS - 99.96% Aerospace & Defense - 1.46% AAR Corp. Arotech Corp.*+ Ducommun, Inc.* Engility Holdings, Inc.* Kratos Defense & Security Solutions, Inc.* LMI Aerospace, Inc.*+ National Presto Industries, Inc.+
92,600 84,500 33,100 51,400
$2,236,290 274,625 907,271 1,602,138
40,000 15,000
262,400 192,000
5,020
304,764 5,779,488
Air Freight & Logistics - 0.49% Air Transport Services Group, Inc.* Atlas Air Worldwide Holdings, Inc.*
208,100 12,800
1,514,968 422,656 1,937,624
Airlines - 0.87% Hawaiian Holdings, Inc.* Republic Airways Holdings, Inc.* SkyWest, Inc.
96,234
1,294,347
114,400 114,068
1,270,984 887,449 3,452,780
Auto Components - 1.10% China XD Plastics Co., Ltd.*+ Cooper Tire & Rubber Co. Cooper-Standard Holding, Inc.*+ Modine Manufacturing Co.* Remy International, Inc. SORL Auto Parts, Inc.*+ Spartan Motors, Inc. Stoneridge, Inc.* Strattec Security Corp. Superior Industries International, Inc.
50,900 14,000
278,423 401,800
16,500 39,000 1,600 29,900 22,000 55,900 1,300
1,029,600 462,930 32,848 130,065 102,740 629,993 105,755
66,700
1,169,251 4,343,405
Beverages - 0.08% MGP Ingredients, Inc. Primo Water Corp.*
11,318 37,600
147,926 162,056 309,982
Building Products - 0.75% Alpha Pro Tech, Ltd.* Gibraltar Industries, Inc.* Griffon Corp.
www.bridgewayomni.com
52,000 81,850 108,900
169,000 1,120,526 1,240,371
Building Products (continued) Universal Forest Products, Inc.
10,000
$ 427,100 2,956,997
Capital Markets - 1.89% Arlington Asset Investment Corp., Class A+ BlackRock Kelso Capital Corp. Calamos Asset Management, Inc., Class A Capital Southwest Corp. Cowen Group, Inc., Class A* FBR & Co.* GFI Group, Inc. Gladstone Capital Corp.+ INTL. FCStone, Inc.*+ Investment Technology Group, Inc.* JMP Group, Inc. KCG Holdings, Inc., Class A* Manning & Napier, Inc. MCG Capital Corp. MVC Capital, Inc. OFS Capital Corp. Oppenheimer Holdings, Inc., Class A Piper Jaffray Cos.*
13,700
348,117
35,000
298,900
30,500 22,400
343,735 801,248
105,900 21,600 75,000 31,900 2,200
397,125 594,432 405,750 279,763 38,104
57,050 87,300
899,108 547,371
35,000 17,000 50,000 12,081 28,708
354,550 285,430 176,000 129,992 346,506
31,093 11,400
629,633 595,536 7,471,300
Chemicals - 1.54% Core Molding Technologies, Inc.* Gulf Resources, Inc.* Kraton Performance Polymers, Inc.* OM Group, Inc. Penford Corp.* Schulman (A.), Inc.
17,000 109,500
241,060 156,585
85,750 74,500 12,302 57,500
1,527,208 1,933,275 162,017 2,079,200 6,099,345
Commercial Banks - 18.09% 1st Source Corp. Access National Corp. American National Bankshares, Inc.+ American River Bankshares*
78,952 2,700
2,248,553 43,821
21,800 21,300
495,950 194,895
1
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of September 30, 2014 (Unaudited) Industry Company Common Stocks (continued) Commercial Banks (continued) AmeriServ Financial, Inc. BancorpSouth, Inc. Bank of Commerce Holdings Banner Corp. Bar Harbor Bankshares+ Baylake Corp.+ BBCN Bancorp, Inc. BCB Bancorp, Inc.+ BNC Bancorp+ BSB Bancorp, Inc.*+ C&F Financial Corp. Camden National Corp. Capital City Bank Group, Inc. Cardinal Financial Corp. Carolina Bank Holdings, Inc.*+ Central Pacific Financial Corp. Central Valley Community Bancorp+ Century Bancorp, Inc., Class A Chemical Financial Corp. Chemung Financial Corp.+ CNB Financial Corp. Codorus Valley Bancorp, Inc.+ Columbia Banking System, Inc. Community Bankers Trust Corp.*+ Customers Bancorp, Inc.* Enterprise Bancorp, Inc.+ Farmers Capital Bank Corp.* Farmers National Banc Corp.+ Fidelity Southern Corp. Financial Institutions, Inc. First Bancorp First Bancorp, Inc. First BanCorp. (Puerto Rico)* First Busey Corp. First Business Financial Services, Inc.+ First Citizens Banc Corp.+ First Commonwealth Financial Corp.
2
Shares
Value
5,000 64,850
$ 16,450 1,306,079
45,300 11,450 11,250 3,000 15,000 10,400 73,844 23,133 1,200 9,500
278,142 440,482 325,462 36,210 218,850 138,320 1,156,397 426,110 39,924 332,500
28,150 25,000
381,151 426,750
11,500
114,540
25,000
448,250
20,000
229,600
15,200 61,500 13,500 29,000
526,224 1,653,735 379,215 455,300
50
1,022
44,518
1,104,492
5,000 20,000 75
21,850 359,200 1,413
18,400
414,552
150 55,723 39,300 49,571 1,295
1,198 763,405 883,464 794,127 21,588
288,800 55,710
1,371,800 310,305
9,400 2,000
412,660 19,960
158,300
1,328,137
Industry Company
Shares
Commercial Banks (continued) First Community Bancshares, Inc. First Connecticut Bancorp, Inc. First Financial Bancorp First Financial Corp. First Internet Bancorp First Interstate BancSystem, Inc. First Merchants Corp. First Midwest Bancorp, Inc. First of Long Island Corp. (The) First United Corp.* Flushing Financial Corp. German American Bancorp, Inc. Glacier Bancorp, Inc. Great Southern Bancorp, Inc. Hampton Roads Bankshares, Inc.* Hanmi Financial Corp. Heritage Commerce Corp. Heritage Financial Corp. Heritage Oaks Bancorp HomeTrust Bancshares, Inc.* Horizon Bancorp Hudson Valley Holding Corp. Independent Bank Corp., MA Independent Bank Corp., MI International Bancshares Corp. Intervest Bancshares Corp. Lakeland Bancorp, Inc. LNB Bancorp, Inc. Macatawa Bank Corp. MainSource Financial Group, Inc. MB Financial, Inc. MBT Financial Corp.* Mercantile Bank Corp. Merchants Bancshares, Inc. Metro Bancorp, Inc.* Middleburg Financial Corp. MidSouth Bancorp, Inc. MidWestOne Financial Group, Inc.
Quarterly Report
Value
44,000
$ 628,760
16,100 66,600 37,000 1,500
233,450 1,054,278 1,145,150 24,180
95,200 79,311 129,000
2,529,464 1,602,875 2,075,610
8,000 5,000 44,297
275,600 39,850 809,306
13,000 55,200
335,530 1,427,472
21,000
637,140
386,754 50,050 28,100 60,260 200
591,734 1,009,008 230,701 954,518 1,400
300 3,150 25,200
4,383 72,576 457,380
6,500 75,625
232,180 901,450
90,687 59,100 102,050 26,672 13,200
2,236,795 564,996 996,008 381,143 63,360
41,750 17,400 60,322 31,600 5,000 27,300 21,400 22,500
720,188 481,632 290,149 601,980 140,950 662,025 379,636 420,750
15,000
345,150
September 30, 2014 (Unaudited)
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of September 30, 2014 (Unaudited) Industry Company Common Stocks (continued) Commercial Banks (continued) Monarch Financial Holdings, Inc.+ MutualFirst Financial, Inc. National Penn Bancshares, Inc. NBT Bancorp, Inc. NewBridge Bancorp* Northrim BanCorp, Inc. OFG Bancorp Old Line Bancshares, Inc. Old National Bancorp Old Second Bancorp, Inc.* OmniAmerican Bancorp, Inc. Orrstown Financial Services, Inc.* Pacific Continental Corp. Pacific Mercantile Bancorp* Park Sterling Corp. Peapack Gladstone Financial Corp. Peoples Bancorp, Inc. Pinnacle Financial Partners, Inc. Preferred Bank* Premier Financial Bancorp, Inc. QCR Holdings, Inc. Renasant Corp. Republic Bancorp, Inc., Class A Republic First Bancorp, Inc.*+ S&T Bancorp, Inc. Salisbury Bancorp, Inc. Sandy Spring Bancorp, Inc. Shore Bancshares, Inc.* Sierra Bancorp South State Corp. Southern National Bancorp of Virginia, Inc. Southside Bancshares, Inc.+ Southwest Bancorp, Inc. State Bank Financial Corp. Suffolk Bancorp Summit State Bank Sun Bancorp, Inc.*+ Tompkins Financial Corp. TowneBank+ Trico Bancshares+ TriState Capital Holdings, Inc.*
www.bridgewayomni.com
Shares
Value
13,662 10,900
$ 171,595 245,250
25,000 13,000 96,700 30,445 24,800 50 20,000 54,750
242,750 292,760 733,953 804,661 371,504 774 259,400 263,348
7,644
198,668
16,800 55,500 20,000 48,852
274,008 713,175 139,400 323,889
6,894 29,200
120,645 693,500
18,700 35,700
675,070 803,964
25,200 2,000 47,946
368,928 35,340 1,296,939
21,550
510,520
37,000 49,300 1,183 24,000 1,112 45,000 14,506
143,930 1,156,578 31,882 549,360 10,008 754,200 811,176
20,000 14,003 32,900 97,384 27,996 6,000 10,000 12,808 10,000 37,400
231,800 465,600 539,560 1,581,516 543,402 77,940 181,100 564,577 135,800 845,988
50,000
453,500
Industry Company Commercial Banks (continued) Trustmark Corp. Union Bankshares Corp. United Community Banks, Inc. Univest Corp. of Pennsylvania WesBanco, Inc. Wilshire Bancorp, Inc. Wintrust Financial Corp. Yadkin Financial Corp.*
Shares
32,100 60,966
Value
$
739,424 1,408,315
35,650
586,799
62,600 51,900 40,000 18,000 38,452
1,173,750 1,587,621 369,200 804,060 698,288 71,666,255
Commercial Services & Supplies - 2.36% ACCO Brands Corp.* 333,000 ARC Document Solutions, Inc.* 125,850 Brink’s Co. (The) 22,000 Courier Corp. 31,200 Ecology & Environment, Inc., Class A 1,500 Ennis, Inc. 84,492 Kimball International, Inc., Class B 67,200 Metalico, Inc.*+ 160,000 Multi-Color Corp. 22,400 Quad/Graphics, Inc. 70,000 Versar, Inc.* 24,800 Viad Corp. 17,400
2,297,700 1,019,385 528,880 384,384 14,685 1,112,760 1,011,360 176,000 1,018,752 1,347,500 80,104 359,310 9,350,820
Communications Equipment - 0.89% Aviat Networks, Inc.* Bel Fuse, Inc., Class B Black Box Corp. Blonder Tongue Laboratories* ClearOne, Inc.*+ Communications Systems, Inc. Comtech Telecommunications Corp. Emulex Corp.* Harmonic, Inc.*
310,400 13,500 42,275
558,720 333,990 985,853
10,000 27,500
13,100 231,825
3,000
33,480
15,000 124,000 28,700
557,250 612,560 181,958 3,508,736
Computers & Peripherals - 0.29% Avid Technology, Inc.* Hutchinson Technology, Inc.* Imation Corp.*+ USA Technologies, Inc.*
45,000 100,900 89,000 25,000
454,500 369,294 262,550 45,000 1,131,344
3
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of September 30, 2014 (Unaudited) Industry Company
Shares
Common Stocks (continued) Construction & Engineering - 1.07% Aegion Corp.* Goldfield Corp. (The)* Great Lakes Dredge & Dock Corp.* MYR Group, Inc.* Northwest Pipe Co.* Orion Marine Group, Inc.* Pike Corp.* Sterling Construction Co., Inc.*
Value
45,200 20,000
$1,005,700 38,200
84,000 12,100 25,800 27,800 90,000
519,120 291,368 879,780 277,444 1,070,100
18,250
139,978 4,221,690
Consumer Finance - 1.13% Asta Funding, Inc.* Cash America International, Inc. Consumer Portfolio Services, Inc.* Green Dot Corp., Class A* Nelnet, Inc., Class A Nicholas Financial, Inc. Regional Management Corp.*
238,911
10,200
446,760
97,000 72,000 25,800 25,000
621,770 1,522,080 1,111,722 289,750
12,700
227,965
Value
Diversified Telecommunication Services - 1.29% Alaska Communications Systems Group, Inc.* 271,100 $ 425,627 Atlantic Tele-Network, Inc. 16,300 878,570 General Communication, Inc., Class A* 82,650 901,712 Hawaiian Telcom Holdco, Inc.*+ 29,500 757,855 Iridium Communications, Inc.*+ 241,325 2,135,726 Premiere Global Services, Inc.* 700 8,379 Voltari Corp.* 3,000 4,530
Electrical Equipment - 0.44% Broadwind Energy, Inc.* Global Power Equipment Group, Inc. GrafTech International, Ltd.*+ Highpower International, Inc.*+ Orion Energy Systems, Inc.*+ Ultralife Corp.*
25,000
187,250
25,300
376,970
118,050
540,669
25,923
205,829
74,300 7,350
397,505 23,814 1,732,037
800 65,700 5,000
70,360 611,010 125,550 806,920
Diversified Consumer Services - 0.55% Ascent Capital Group, Inc., Class A* 4,500 Bridgepoint Education, Inc.* 38,500 Lincoln Educational Services Corp. 39,150 Regis Corp. 60,450 Steiner Leisure, Ltd.* 10,000 Universal Technical Institute, Inc. 2,126
270,900 429,660 110,012 964,782 375,900 19,878 2,171,132
Diversified Financial Services - 0.90% Gain Capital Holdings, Inc. Interactive Brokers Group, Inc., Class A MicroFinancial, Inc. PHH Corp.*
Shares
5,112,399 29,100
4,458,958 Distributors - 0.20% AMCON Distributing Co. VOXX International Corp.* Weyco Group, Inc.
Industry Company
47,599
303,206
51,150 52,846 69,550
1,276,192 425,939 1,555,138
Electronic Equipment, Instruments & Components - 2.54% Benchmark Electronics, Inc.* 65,100 1,445,871 Electro Rent Corp. 25,000 344,250 Fabrinet* 30,050 438,730 GSI Group, Inc.* 9,600 110,304 Insight Enterprises, Inc.* 29,800 674,374 Iteris, Inc.* 87,000 152,250 Key Tronic Corp.* 22,000 232,540 PAR Technology Corp.* 15,000 73,500 PCM, Inc.* 8,769 85,673 Plexus Corp.* 13,000 480,090 Radisys Corp.* 50,600 135,102 Sanmina Corp.* 142,700 2,976,722 ScanSource, Inc.* 21,800 754,062 Sigmatron International, Inc.* 13,000 94,510 SMTC Corp.* 7,500 13,875 TTM Technologies, Inc.* 159,800 1,088,238 Viasystems Group, Inc.* 29,800 467,860 Vishay Precision Group, Inc.* 31,448 469,833
3,560,475
4
Quarterly Report
September 30, 2014 (Unaudited)
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of September 30, 2014 (Unaudited) Industry Company
Shares
Value
Common Stocks (continued) Electronic Equipment, Instruments & Components (continued) Wireless Telecom Group, Inc.* 10,000 $
24,000
10,061,784 Energy Equipment & Services - 4.16% Basic Energy Services, Inc.* 120,700 C&J Energy Services, Inc.* 66,300 Cal Dive International, Inc.* 133,300 Dawson Geophysical Co. 26,000 ENGlobal Corp.* 83,200 Era Group, Inc.* 11,000 Forbes Energy Services, Ltd.*+ 72,000 Gulf Island Fabrication, Inc. 8,503 Gulfmark Offshore, Inc., Class A 23,000 Hercules Offshore, Inc.*+ 333,700 Hornbeck Offshore Services, Inc.* 16,000 Key Energy Services, Inc.*+ 152,600 Mitcham Industries, Inc.* 30,600 Natural Gas Services Group, Inc.* 19,800 Newpark Resources, Inc.* 35,000 Parker Drilling Co.* 321,450 PHI, Inc.* 37,200 Pioneer Energy Services Corp.* 131,640 SEACOR Holdings, Inc.* 11,000 Tesco Corp. 14,700 Vantage Drilling Co.* 270,900
2,617,983 2,025,465 129,301 472,680 178,880 239,250 290,160 146,252 721,050 734,140 523,680 738,584 338,130 476,586 435,400 1,587,963 1,530,780 1,845,593 822,800 291,795 344,043 16,490,515
Food & Staples Retailing - 1.64% Andersons, Inc. (The) Ingles Markets, Inc., Class A Pantry, Inc. (The)* Roundy’s, Inc.+ SpartanNash Co. Weis Markets, Inc.
38,100 34,000 61,968 95,700 56,146 17,500
2,395,728 805,460 1,253,613 286,143 1,092,040 683,025 6,516,009
Food Products - 2.40% Chiquita Brands International, Inc.* Coffee Holding Co., Inc.*+ Fresh Del Monte Produce, Inc. John B. Sanfilippo & Son, Inc.
www.bridgewayomni.com
Industry Company Food Products (continued) Omega Protein Corp.* Post Holdings, Inc.*+ Seneca Foods Corp., Class A* SkyPeople Fruit Juice, Inc.*
Shares
65,150 40,000 40,100 62,900
Value
$
814,375 1,327,200 1,146,860 66,674 9,496,401
Health Care Equipment & Supplies - 1.31% Alphatec Holdings, Inc.* 220,000 AngioDynamics, Inc.* 74,400 CryoLife, Inc. 28,700 Invacare Corp. 95,250 Kewaunee Scientific Corp. 3,000 Medical Action Industries, Inc.*+ 36,644 Merit Medical Systems, Inc.* 20,000 PhotoMedex, Inc.*+ 36,397 RTI Surgical, Inc.* 23,600 Symmetry Medical, Inc.* 125,000
374,000 1,020,768 283,269 1,124,902 53,610 504,954 237,600 225,661 112,808 1,261,250 5,198,822
Health Care Providers & Services - 3.98% Addus HomeCare Corp.* 12,800 Almost Family, Inc.* 24,600 Amedisys, Inc.* 123,250 Amsurg Corp.* 28,550 BioTelemetry, Inc.* 74,500 Cross Country Healthcare, Inc.* 71,850 Five Star Quality Care, Inc.* 146,300 Healthways, Inc.* 20,000 InfuSystems Holdings, Inc.*+ 11,100 Kindred Healthcare, Inc. 81,350 LHC Group, Inc.* 38,000 Magellan Health, Inc.* 26,225 Molina Healthcare, Inc.* 41,650 National Healthcare Corp. 13,000 PharMerica Corp.* 72,050 Skilled Healthcare Group, Inc., Class A* 50,000 Triple-S Management Corp., Class B* 18,800
250,880 668,382 2,485,952 1,428,927 499,895 667,486 551,551 320,400 34,854 1,578,190 881,600 1,435,294 1,761,795 721,630 1,760,182 330,000 374,120 15,751,138
165,603 7,400
2,351,563 40,626
88,000
2,807,200
29,107
941,903
Hotels, Restaurants & Leisure - 2.65% Ambassadors Group, Inc.* 500 Boyd Gaming Corp.* 136,100 Bravo Brio Restaurant Group, Inc.* 33,800
1,850 1,382,776 438,386
5
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of September 30, 2014 (Unaudited) Industry Company
Shares
Common Stocks (continued) Hotels, Restaurants & Leisure (continued) Carrols Restaurant Group, Inc.* 48,025 Frisch’s Restaurants, Inc.+ 10,000 Full House Resorts, Inc.* 39,350 International Speedway Corp., Class A 60,120 Isle of Capri Casinos, Inc.* 96,200 Lakes Entertainment, Inc.* 11,350 Life Time Fitness, Inc.*+ 10,000 Luby’s, Inc.* 12,600 Marcus Corp. (The) 68,450 Monarch Casino & Resort, Inc.* 29,400 Penn National Gaming, Inc.* 108,800 Red Lion Hotels Corp.* 705 Ruby Tuesday, Inc.* 139,900 Speedway Motorsports, Inc. 71,900
Value
$
341,458 283,000 45,252 1,902,197 721,500 94,546 504,400 67,032 1,081,510 350,154 1,219,648 4,011 824,011 1,226,614
10,488,345 Household Durables - 0.62% Bassett Furniture Industries, Inc. CSS Industries, Inc. Emerson Radio Corp.* Hooker Furniture Corp. Lifetime Brands, Inc. NACCO Industries, Inc., Class A P&F Industries, Inc., Class A* Skullcandy, Inc.* ZAGG, Inc.*
21,900 22,600 50,700 10,000 24,400
299,154 548,050 100,386 152,100 373,564
9,250
460,002
696 13,000 78,300
5,700 101,270 436,914 2,477,140
Household Products - 0.82% Central Garden & Pet Co., Class A* Harbinger Group, Inc.*
148,303 157,700
1,192,356 2,069,024 3,261,380
Insurance - 7.06% Ambac Financial Group, Inc.* American Equity Investment Life Holding Co. American Independence Corp.* AMERISAFE, Inc. Argo Group International Holdings, Ltd.
6
27,700
612,170
94,850
2,170,168
1,800 16,800
18,936 657,048
8,000
402,480
Industry Company
Shares
Insurance (continued) Baldwin & Lyons, Inc., Class B Citizens, Inc.*+ Crawford & Co., Class B Donegal Group, Inc., Class A EMC Insurance Group, Inc. Employers Holdings, Inc. FBL Financial Group, Inc., Class A Federated National Holding Co. First Acceptance Corp.* Fortegra Financial Corp.* Hallmark Financial Services, Inc.* Hilltop Holdings, Inc.* Horace Mann Educators Corp. Independence Holding Co. Infinity Property & Casualty Corp. Investors Title Co. Kansas City Life Insurance Co. Kingstone Cos., Inc.+ Maiden Holdings, Ltd. MBIA, Inc.* Meadowbrook Insurance Group, Inc. Montpelier Re Holdings, Ltd. National Interstate Corp. National Western Life Insurance Co., Class A Navigators Group, Inc. (The)* OneBeacon Insurance Group, Ltd., Class A Safety Insurance Group, Inc. Selective Insurance Group, Inc. State Auto Financial Corp. Stewart Information Services Corp. United Fire Group, Inc. United Insurance Holdings Corp. Universal Insurance Holdings, Inc.
13,400 10,240 73,674
Value
$
330,980 66,150 607,810
26,900 13,700 38,500
413,184 395,656 741,125
19,850
887,295
37,288 140,000 44,785
1,047,420 348,600 442,924
37,800 20,000
389,718 401,000
60,800 10,000
1,733,408 132,900
15,640 1,000
1,001,116 73,200
3,400 2,800 162,600 42,100
150,790 22,680 1,801,608 386,478
120,150 46,400 8,000
702,878 1,442,576 223,200
2,525
623,700
27,000
1,660,500
25,000 10,500
385,250 566,055
71,250 3,800
1,577,475 77,938
62,150 58,800
1,824,102 1,632,876
60,000
900,000
86,316
1,116,066 27,967,460
Quarterly Report
September 30, 2014 (Unaudited)
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of September 30, 2014 (Unaudited) Industry Company Common Stocks (continued) Internet & Catalog Retail - 0.26% CafePress, Inc.* FTD Cos., Inc.*
Shares
54,448 25,380
Value
$ 170,422 865,712 1,036,134
Internet Software & Services - 1.07% Autobytel, Inc.* Blucora, Inc.* Digital River, Inc.* Intralinks Holdings, Inc.* Marchex, Inc., Class B Monster Worldwide, Inc.* QuinStreet, Inc.* United Online, Inc.
11,000 65,500 18,900 40,000 70,000 264,200 83,047 41,429
94,490 998,220 274,428 324,000 290,500 1,453,100 344,645 453,648 4,233,031
IT Services - 1.35% CACI International, Inc., Class A* CIBER, Inc.* CSP, Inc. Edgewater Technology, Inc.* Global Cash Access Holdings, Inc.* ManTech International Corp., Class A NCI, Inc., Class A* Newtek Business Services, Inc.*+ Sykes Enterprises, Inc.*
25,924 32,350 10,000 12,000
1,847,603 110,960 79,700 82,440
55,000
371,250
75,800 23,200
2,042,810 220,632
11,590 27,900
31,872 557,442
Leisure Equipment & Products - 0.20% Johnson Outdoors, Inc., Class A 24,700 Summer Infant, Inc.*+ 41,400
639,730 144,900 784,630
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Machinery (continued) Kadant, Inc. Key Technology, Inc.* L.B. Foster Co., Class A L.S. Starrett Co., Class A (The) Lydall, Inc.* MFRI, Inc.* Miller Industries, Inc. NN, Inc. Supreme Industries, Inc., Class A THT Heat Transfer Technology, Inc.* Titan International, Inc.+ WSI Industries, Inc.+
Shares
10,000 1,950 8,600
Value
$
390,500 25,545 395,084
22,500 39,700 29,900 10,400 17,950
311,400 1,072,297 283,452 175,760 479,624
35,805
279,637
3,500 110,000 1,300
5,285 1,300,200 9,386 12,657,719
5,344,709
Machinery - 3.19% American Railcar Industries, Inc.+ Ampco-Pittsburgh Corp. Briggs & Stratton Corp. Chicago Rivet & Machine Co. Cleantech Solutions International, Inc.*+ Dynamic Materials Corp. Eastern Co. (The) FreightCar America, Inc. Greenbrier Cos., Inc. (The)+ Hardinge, Inc. Hurco Cos., Inc.
Industry Company
30,500 29,000 39,300
2,254,560 580,000 708,186
1,000
31,000
11,500 20,100 18,401 14,200 37,700 15,000 6,090
46,115 382,905 294,048 472,860 2,766,426 164,100 229,349
Marine - 0.26% Eagle Bulk Shipping, Inc.* International Shipholding Corp.+ Navios Maritime Holdings, Inc.+ Rand Logistics, Inc.* Ultrapetrol Bahamas, Ltd.*
41,987
38,523
34,938
625,041
41,500 4,000 32,792
249,000 22,800 102,311 1,037,675
Media - 2.09% Ballantyne Strong, Inc.* CTC Media, Inc.+ E.W. Scripps Co., Class A (The)*+ Entercom Communications Corp., Class A* Harte-Hanks, Inc. Insignia Systems, Inc.*+ Journal Communications, Inc., Class A* McClatchy Co. (The), Class A*+ Radio One, Inc., Class D*+ Reading International, Inc., Class A* Salem Communications Corp., Class A+ Scholastic Corp. Sizmek, Inc.*
43,481 66,000
193,490 438,900
26,500
432,215
117,425 136,600 10,000
942,923 870,142 30,700
57,100
481,353
350,025 123,800
1,176,084 393,684
31,209
262,156
68,357 72,800 25,000
520,197 2,352,896 193,500 8,288,240
Metals & Mining - 3.00% A.M. Castle & Co.*+ Century Aluminum Co.*
7,800 169,100
66,612 4,391,527
7
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of September 30, 2014 (Unaudited) Industry Company Common Stocks (continued) Metals & Mining (continued) Friedman Industries, Inc. Handy & Harman, Ltd.*+ Hecla Mining Co. Kaiser Aluminum Corp. Materion Corp. Noranda Aluminum Holding Corp. Olympic Steel, Inc. Schnitzer Steel Industries, Inc., Class A+ SunCoke Energy, Inc.* Thompson Creek Metals Co., Inc.* Universal Stainless & Alloy Products, Inc.*
Shares
3,000 800 125,000 21,980 33,400
Value
$
23,850 21,008 310,000 1,675,316 1,024,378
123,500 43,200
558,220 888,624
66,500 28,000
1,599,325 628,600
143,500
315,700
14,658
386,385 11,889,545
Multiline Retail - 0.16% Fred’s, Inc., Class A
46,200
Oil, Gas & Consumable Fuels - 8.28% Adams Resources & Energy, Inc. 13,700 Alon USA Energy, Inc. 850 American Eagle Energy Corp.* 65,000 Apco Oil and Gas International, Inc.* 23,926 Arch Coal, Inc.+ 82,500 Bill Barrett Corp.* 82,700 Callon Petroleum Co.* 106,200 Carrizo Oil & Gas, Inc.* 10,000 Clayton Williams Energy, Inc.* 16,000 Cloud Peak Energy, Inc.* 106,500 Comstock Resources, Inc. 99,300 Contango Oil & Gas Co.* 7,500 Delek US Holdings, Inc. 46,600 DHT Holdings, Inc.+ 36,722 Earthstone Energy, Inc.* 1,202 Energy XXI Bermuda, Ltd.+ 150,515 Gastar Exploration, Inc.* 95,500 Gran Tierra Energy, Inc.* 125,000 Green Plains, Inc. 90,200 Halcon Resources Corp.* 98,000 Hallador Energy Co. 70,000 Knightsbridge Tankers, Ltd. 28,000 Matador Resources Co.* 20,000 Mexco Energy Corp.*+ 6,000 Midstates Petroleum Co., Inc.*+ 182,800
8
646,800
606,773 12,206 264,550 308,406 174,900 1,822,708 935,622 538,200 1,543,200 1,344,030 1,848,966 249,300 1,543,392 226,208 33,908 1,708,345 560,585 692,500 3,372,578 388,080 828,800 247,800 517,000 41,520
Industry Company
Shares
Oil, Gas & Consumable Fuels (continued) Miller Energy Resources, Inc.*+ 85,000 New Concept Energy, Inc.* 4,800 Northern Oil and Gas, Inc.* 39,100 PBF Energy, Inc., Class A 14,000 Penn Virginia Corp.* 142,300 Renewable Energy Group, Inc.* 151,341 Resolute Energy Corp.*+ 96,600 REX American Resources Corp.* 24,020 Sanchez Energy Corp.*+ 15,000 Stone Energy Corp.* 46,700 Swift Energy Co.*+ 51,400 TransAtlantic Petroleum, Ltd.*+ 10,000 U.S. Energy Corp. Wyoming* 94,400 VAALCO Energy, Inc.* 51,500 W&T Offshore, Inc. 104,700 Warren Resources, Inc.* 144,400
Value
$
374,000 7,536 556,002 336,000 1,808,633 1,536,111 605,682 1,750,578 393,900 1,464,512 493,440 89,900 301,136 437,750 1,151,700 765,320
32,804,917 Paper & Forest Products - 0.78% Mercer International, Inc.*+ Orient Paper, Inc. PH Glatfelter Co. Resolute Forest Products*
79,150 73,007 20,500 112,000
771,712 100,750 449,975 1,751,680 3,074,117
Personal Products - 0.18% Mannatech, Inc.*+ Natural Alternatives International, Inc.* Nutraceutical International Corp.*
8,400
130,956
400
2,592
28,700
600,117 733,665
Professional Services - 2.43% CBIZ, Inc.* CDI Corp. CRA International, Inc.* FTI Consulting, Inc.* Heidrick & Struggles International, Inc. ICF International, Inc.* Kelly Services, Inc., Class A Navigant Consulting, Inc.* RPX Corp.*
115,775 32,000 21,900 47,800
911,149 464,640 556,917 1,671,088
55,000 17,150 80,614 99,600 82,700
1,129,700 528,048 1,263,221 1,385,436 1,135,471
923,140
Quarterly Report
September 30, 2014 (Unaudited)
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of September 30, 2014 (Unaudited) Industry Company Common Stocks (continued) Professional Services (continued) VSE Corp.
Shares
11,800
Value
$
578,436 9,624,106
Real Estate Management & Development - 0.07% Forestar Group, Inc.* 15,000 Road & Rail - 1.34% ArcBest Corp. Celadon Group, Inc. Covenant Transportation Group, Inc., Class A* Marten Transport, Ltd. P.A.M. Transportation Services, Inc.* USA Truck, Inc.*
45,700 22,400
1,704,610 435,680
45,300 55,482
842,127 988,134
26,819 21,836
972,189 382,785
Semiconductors & Semiconductor Equipment - 3.71% Advanced Energy Industries, Inc.* 22,000 413,380 Alpha & Omega Semiconductor, Ltd.* 55,000 517,000 Amkor Technology, Inc.* 162,600 1,367,466 AXT, Inc.* 25,000 61,000 Brooks Automation, Inc. 33,000 346,830 Cirrus Logic, Inc.* 29,800 621,330 Diodes, Inc.* 16,400 392,288 Fairchild Semiconductor International, Inc.* 58,000 900,740 GigOptix, Inc.* 60,000 72,600 Integrated Silicon Solution, Inc. 68,200 937,068 IXYS Corp. 29,400 308,700 Kulicke & Soffa Industries, Inc.* 71,900 1,023,137 MagnaChip Semiconductor Corp.* 38,400 449,280 OmniVision Technologies, Inc.* 79,100 2,092,986 Pericom Semiconductor Corp.* 40,000 389,600 Photronics, Inc.* 168,550 1,356,828 Spansion, Inc., Class A* 136,500 3,110,835 Ultra Clean Holdings, Inc.* 39,300 351,735 14,712,803
www.bridgewayomni.com
Software (continued) NetSol Technologies, Inc.*+ TeleCommunication Systems, Inc., Class A*
Shares
40,000 30,000 20,000
567,200 526,800 61,600
3,400
40,970
Value
31,000
$ 114,700
180,743
504,273 1,815,543
265,800
5,325,525
Software - 0.46% Ebix, Inc.+ Epiq Systems, Inc. Mind CTI, Ltd. Net 1 UEPS Technologies, Inc.*
Industry Company
Specialty Retail - 1.19% Barnes & Noble, Inc.* Build-A-Bear Workshop, Inc.* Children’s Place, Inc. (The) Citi Trends, Inc.* hhgregg, Inc.*+ Pep Boys-Manny, Moe & Jack (The)* Systemax, Inc.* Trans World Entertainment Corp. TravelCenters of America LLC* West Marine, Inc.*
82,000
1,618,680
8,050 10,500 28,900 50,000
105,294 500,430 638,690 315,500
52,900 12,500
471,339 155,875
70,000
256,200
35,400 35,300
349,752 317,700 4,729,460
Textiles, Apparel & Luxury Goods - 0.52% Delta Apparel, Inc.*+ 10,000 Joe’s Jeans, Inc.* 192,000 Perry Ellis International, Inc.* 23,600 Rocky Brands, Inc. 9,900 Unifi, Inc.* 44,300
90,900 186,240 480,260 139,491 1,147,370 2,044,261
Thrifts & Mortgage Finance - 4.82% Astoria Financial Corp. Bank Mutual Corp. BankFinancial Corp. Berkshire Hills Bancorp, Inc. Brookline Bancorp, Inc. Cape Bancorp, Inc. Cheviot Financial Corp. Chicopee Bancorp, Inc. Dime Community Bancshares, Inc. ESB Financial Corp.+ ESSA Bancorp, Inc. Federal Agricultural Mortgage Corp., Class C First Defiance Financial Corp. First Financial Northwest, Inc. Flagstar Bancorp, Inc.* Fox Chase Bancorp, Inc.+
112,100 124,700 35,100 37,200 45,000 29,300 3,893 12,500
1,388,919 799,327 364,338 873,828 384,750 276,299 49,597 185,500
42,100 36,600 33,100
606,240 427,488 374,030
21,500
691,010
19,400
523,994
35,182 57,100 31,000
359,208 960,993 505,610
9
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of September 30, 2014 (Unaudited) Industry Company
Shares
Common Stocks (continued) Thrifts & Mortgage Finance (continued) Hampden Bancorp, Inc. 16,500 Heritage Financial Group, Inc. 16,800 HMN Financial, Inc.* 5,000 Home Bancorp, Inc.* 17,311 Home Loan Servicing Solutions, Ltd. 20,000 HomeStreet, Inc. 26,400 HopFed Bancorp, Inc. 18,100 Meta Financial Group, Inc. 7,900 NASB Financial, Inc.+ 4,600 New Hampshire Thrift Bancshares, Inc.+ 2,000 Northwest Bancshares, Inc. 22,000 Ocean Shore Holding Co.+ 14,200 OceanFirst Financial Corp. 39,900 Oritani Financial Corp. 74,400 Provident Financial Holdings, Inc. 26,600 Provident Financial Services, Inc. 69,700 Pulaski Financial Corp. 4,900 Riverview Bancorp, Inc.*+ 87,000 Security National Financial Corp., Class A* 74,550 SI Financial Group, Inc. 15,000 Simplicity Bancorp, Inc. 22,000 Territorial Bancorp, Inc. 21,200 Timberland Bancorp, Inc.+ 9,000 TrustCo Bank Corp. - NY 55,000 United Community Bancorp+ 11,800 United Community Financial Corp. 61,324 United Financial Bancorp, Inc. 42,900 Westfield Financial, Inc. 53,081 WSFS Financial Corp. 7,000
Value
$
283,635 339,192 66,000 393,133 423,800 451,176 207,064 278,554 109,020 31,160 266,200 204,196 634,809 1,048,296 388,094 1,140,989 56,350 347,130
Shares
Value
Wireless Telecommunication Services - 0.21% Shenandoah Telecommunications Co. 5,600 $ Spok Holdings, Inc. 53,100
138,936 690,831 829,767
TOTAL COMMON STOCKS - 99.96% (Cost $342,169,619)
395,948,761
RIGHTS - 0.01% Leap Wireless CVRΔ
32,900
TOTAL RIGHTS - 0.01% (Cost $80,276)
41,454 41,454
Rate^
Shares
Value
MONEY MARKET FUND - 0.33% Dreyfus Cash Management Fund
0.03%
1,289,249
TOTAL MONEY MARKET FUND - 0.33% (Cost $1,289,249)
1,289,249 1,289,249
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 4.21%
370,514 167,850 369,600 430,148 94,680 354,200
Dreyfus Cash Management Fund**
141,010
TOTAL INVESTMENTS - 104.51% (Cost $360,233,756) Liabilities in Excess of Other Assets - (4.51%)
$413,974,076
NET ASSETS - 100.00%
$396,125,501
286,996 544,401 374,752 501,270 19,075,350
Trading Companies & Distributors - 1.82% AeroCentury Corp.*+ 5,400 Aircastle, Ltd. 130,700 CAI International, Inc.* 63,500 Essex Rental Corp.* 57,700 General Finance Corp.*+ 61,500 Rush Enterprises, Inc., Class A* 58,500 TAL International Group, Inc.+ 17,250 Willis Lease Finance Corp.* 22,000
Industry Company
60,804 2,138,252 1,228,725 121,170 545,505
0.03%
16,694,612
TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING 4.21% (Cost $16,694,612)
16,694,612
16,694,612
(17,848,575)
* Non-income producing security. ** This security represents the investment of the collateral received in connection with securities out on loan as of September 30, 2014. ^ Rate disclosed as of September 30, 2014. Δ Security was fair valued under procedures adopted by the Board of Directors (see Note 2). + This security or a portion of the security is out on loan as of September 30, 2014. Total loaned securities had a value of $15,266,556 at September 30, 2014. CVR - Contingent Value Right LLC - Limited Liability Company
1,956,825 711,562 451,440 7,214,283
10
Quarterly Report
September 30, 2014 (Unaudited)
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued)
Summary of inputs used to value the Fund’s investments as of 09/30/2014 is as follows (See Note 2 in Notes to Schedule of Investments):
Following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:
Valuation Inputs
Investment in Securities (Value)
Investment in Securities (Value) Level 1 Quoted Prices
Level 2 Level 3 Significant Significant Observable Unobservable Inputs Inputs
Total
Common Stocks $395,948,761 $ — Rights — — Money Market Fund — 1,289,249 Investments Purchased with Cash Proceeds From Securities Lending — 16,694,612
$
—
16,694,612
TOTAL
$ 41,454
$413,974,076
$395,948,761 $17,983,861
— 41,454
$395,948,761 41,454
—
1,289,249
Rights
Total
$41,454 — — —
$41,454 — — —
— — —
— — —
Balance as of 09/30/2014
$41,454
$41,454
Net change in unrealized appreciation (depreciation) from investments held as of 09/30/2014
$
$
Balance as of 06/30/2014 Purchases Sales Realized gain/(loss) Change in unrealized appreciation/ (depreciation) Transfers in Transfers out
—
—
See Notes to Schedule of Investments.
www.bridgewayomni.com
11
Shares
Value
Industry Company
Shares
Value
COMMON STOCKS - 99.96% Aerospace & Defense - 1.46% AAR Corp. Arotech Corp.*+ Ducommun, Inc.* Engility Holdings, Inc.* Kratos Defense & Security Solutions, Inc.* LMI Aerospace, Inc.*+ National Presto Industries, Inc.+
92,600 84,500 33,100 51,400
$2,236,290 274,625 907,271 1,602,138
40,000 15,000
262,400 192,000
5,020
304,764 5,779,488
Air Freight & Logistics - 0.49% Air Transport Services Group, Inc.* Atlas Air Worldwide Holdings, Inc.*
208,100 12,800
1,514,968 422,656 1,937,624
Airlines - 0.87% Hawaiian Holdings, Inc.* Republic Airways Holdings, Inc.* SkyWest, Inc.
96,234
1,294,347
114,400 114,068
1,270,984 887,449 3,452,780
Auto Components - 1.10% China XD Plastics Co., Ltd.*+ Cooper Tire & Rubber Co. Cooper-Standard Holding, Inc.*+ Modine Manufacturing Co.* Remy International, Inc. SORL Auto Parts, Inc.*+ Spartan Motors, Inc. Stoneridge, Inc.* Strattec Security Corp. Superior Industries International, Inc.
50,900 14,000
278,423 401,800
16,500 39,000 1,600 29,900 22,000 55,900 1,300
1,029,600 462,930 32,848 130,065 102,740 629,993 105,755
66,700
1,169,251 4,343,405
Beverages - 0.08% MGP Ingredients, Inc. Primo Water Corp.*
11,318 37,600
147,926 162,056 309,982
Building Products - 0.75% Alpha Pro Tech, Ltd.* Gibraltar Industries, Inc.* Griffon Corp.
www.bridgewayomni.com
52,000 81,850 108,900
169,000 1,120,526 1,240,371
Building Products (continued) Universal Forest Products, Inc.
10,000
$ 427,100 2,956,997
Capital Markets - 1.89% Arlington Asset Investment Corp., Class A+ BlackRock Kelso Capital Corp. Calamos Asset Management, Inc., Class A Capital Southwest Corp. Cowen Group, Inc., Class A* FBR & Co.* GFI Group, Inc. Gladstone Capital Corp.+ INTL. FCStone, Inc.*+ Investment Technology Group, Inc.* JMP Group, Inc. KCG Holdings, Inc., Class A* Manning & Napier, Inc. MCG Capital Corp. MVC Capital, Inc. OFS Capital Corp. Oppenheimer Holdings, Inc., Class A Piper Jaffray Cos.*
13,700
348,117
35,000
298,900
30,500 22,400
343,735 801,248
105,900 21,600 75,000 31,900 2,200
397,125 594,432 405,750 279,763 38,104
57,050 87,300
899,108 547,371
35,000 17,000 50,000 12,081 28,708
354,550 285,430 176,000 129,992 346,506
31,093 11,400
629,633 595,536 7,471,300
Chemicals - 1.54% Core Molding Technologies, Inc.* Gulf Resources, Inc.* Kraton Performance Polymers, Inc.* OM Group, Inc. Penford Corp.* Schulman (A.), Inc.
17,000 109,500
241,060 156,585
85,750 74,500 12,302 57,500
1,527,208 1,933,275 162,017 2,079,200 6,099,345
Commercial Banks - 18.09% 1st Source Corp. Access National Corp. American National Bankshares, Inc.+ American River Bankshares*
78,952 2,700
2,248,553 43,821
21,800 21,300
495,950 194,895
1
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of September 30, 2014 (Unaudited) Industry Company Common Stocks (continued) Commercial Banks (continued) AmeriServ Financial, Inc. BancorpSouth, Inc. Bank of Commerce Holdings Banner Corp. Bar Harbor Bankshares+ Baylake Corp.+ BBCN Bancorp, Inc. BCB Bancorp, Inc.+ BNC Bancorp+ BSB Bancorp, Inc.*+ C&F Financial Corp. Camden National Corp. Capital City Bank Group, Inc. Cardinal Financial Corp. Carolina Bank Holdings, Inc.*+ Central Pacific Financial Corp. Central Valley Community Bancorp+ Century Bancorp, Inc., Class A Chemical Financial Corp. Chemung Financial Corp.+ CNB Financial Corp. Codorus Valley Bancorp, Inc.+ Columbia Banking System, Inc. Community Bankers Trust Corp.*+ Customers Bancorp, Inc.* Enterprise Bancorp, Inc.+ Farmers Capital Bank Corp.* Farmers National Banc Corp.+ Fidelity Southern Corp. Financial Institutions, Inc. First Bancorp First Bancorp, Inc. First BanCorp. (Puerto Rico)* First Busey Corp. First Business Financial Services, Inc.+ First Citizens Banc Corp.+ First Commonwealth Financial Corp.
2
Shares
Value
5,000 64,850
$ 16,450 1,306,079
45,300 11,450 11,250 3,000 15,000 10,400 73,844 23,133 1,200 9,500
278,142 440,482 325,462 36,210 218,850 138,320 1,156,397 426,110 39,924 332,500
28,150 25,000
381,151 426,750
11,500
114,540
25,000
448,250
20,000
229,600
15,200 61,500 13,500 29,000
526,224 1,653,735 379,215 455,300
50
1,022
44,518
1,104,492
5,000 20,000 75
21,850 359,200 1,413
18,400
414,552
150 55,723 39,300 49,571 1,295
1,198 763,405 883,464 794,127 21,588
288,800 55,710
1,371,800 310,305
9,400 2,000
412,660 19,960
158,300
1,328,137
Industry Company
Shares
Commercial Banks (continued) First Community Bancshares, Inc. First Connecticut Bancorp, Inc. First Financial Bancorp First Financial Corp. First Internet Bancorp First Interstate BancSystem, Inc. First Merchants Corp. First Midwest Bancorp, Inc. First of Long Island Corp. (The) First United Corp.* Flushing Financial Corp. German American Bancorp, Inc. Glacier Bancorp, Inc. Great Southern Bancorp, Inc. Hampton Roads Bankshares, Inc.* Hanmi Financial Corp. Heritage Commerce Corp. Heritage Financial Corp. Heritage Oaks Bancorp HomeTrust Bancshares, Inc.* Horizon Bancorp Hudson Valley Holding Corp. Independent Bank Corp., MA Independent Bank Corp., MI International Bancshares Corp. Intervest Bancshares Corp. Lakeland Bancorp, Inc. LNB Bancorp, Inc. Macatawa Bank Corp. MainSource Financial Group, Inc. MB Financial, Inc. MBT Financial Corp.* Mercantile Bank Corp. Merchants Bancshares, Inc. Metro Bancorp, Inc.* Middleburg Financial Corp. MidSouth Bancorp, Inc. MidWestOne Financial Group, Inc.
Quarterly Report
Value
44,000
$ 628,760
16,100 66,600 37,000 1,500
233,450 1,054,278 1,145,150 24,180
95,200 79,311 129,000
2,529,464 1,602,875 2,075,610
8,000 5,000 44,297
275,600 39,850 809,306
13,000 55,200
335,530 1,427,472
21,000
637,140
386,754 50,050 28,100 60,260 200
591,734 1,009,008 230,701 954,518 1,400
300 3,150 25,200
4,383 72,576 457,380
6,500 75,625
232,180 901,450
90,687 59,100 102,050 26,672 13,200
2,236,795 564,996 996,008 381,143 63,360
41,750 17,400 60,322 31,600 5,000 27,300 21,400 22,500
720,188 481,632 290,149 601,980 140,950 662,025 379,636 420,750
15,000
345,150
September 30, 2014 (Unaudited)
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of September 30, 2014 (Unaudited) Industry Company Common Stocks (continued) Commercial Banks (continued) Monarch Financial Holdings, Inc.+ MutualFirst Financial, Inc. National Penn Bancshares, Inc. NBT Bancorp, Inc. NewBridge Bancorp* Northrim BanCorp, Inc. OFG Bancorp Old Line Bancshares, Inc. Old National Bancorp Old Second Bancorp, Inc.* OmniAmerican Bancorp, Inc. Orrstown Financial Services, Inc.* Pacific Continental Corp. Pacific Mercantile Bancorp* Park Sterling Corp. Peapack Gladstone Financial Corp. Peoples Bancorp, Inc. Pinnacle Financial Partners, Inc. Preferred Bank* Premier Financial Bancorp, Inc. QCR Holdings, Inc. Renasant Corp. Republic Bancorp, Inc., Class A Republic First Bancorp, Inc.*+ S&T Bancorp, Inc. Salisbury Bancorp, Inc. Sandy Spring Bancorp, Inc. Shore Bancshares, Inc.* Sierra Bancorp South State Corp. Southern National Bancorp of Virginia, Inc. Southside Bancshares, Inc.+ Southwest Bancorp, Inc. State Bank Financial Corp. Suffolk Bancorp Summit State Bank Sun Bancorp, Inc.*+ Tompkins Financial Corp. TowneBank+ Trico Bancshares+ TriState Capital Holdings, Inc.*
www.bridgewayomni.com
Shares
Value
13,662 10,900
$ 171,595 245,250
25,000 13,000 96,700 30,445 24,800 50 20,000 54,750
242,750 292,760 733,953 804,661 371,504 774 259,400 263,348
7,644
198,668
16,800 55,500 20,000 48,852
274,008 713,175 139,400 323,889
6,894 29,200
120,645 693,500
18,700 35,700
675,070 803,964
25,200 2,000 47,946
368,928 35,340 1,296,939
21,550
510,520
37,000 49,300 1,183 24,000 1,112 45,000 14,506
143,930 1,156,578 31,882 549,360 10,008 754,200 811,176
20,000 14,003 32,900 97,384 27,996 6,000 10,000 12,808 10,000 37,400
231,800 465,600 539,560 1,581,516 543,402 77,940 181,100 564,577 135,800 845,988
50,000
453,500
Industry Company Commercial Banks (continued) Trustmark Corp. Union Bankshares Corp. United Community Banks, Inc. Univest Corp. of Pennsylvania WesBanco, Inc. Wilshire Bancorp, Inc. Wintrust Financial Corp. Yadkin Financial Corp.*
Shares
32,100 60,966
Value
$
739,424 1,408,315
35,650
586,799
62,600 51,900 40,000 18,000 38,452
1,173,750 1,587,621 369,200 804,060 698,288 71,666,255
Commercial Services & Supplies - 2.36% ACCO Brands Corp.* 333,000 ARC Document Solutions, Inc.* 125,850 Brink’s Co. (The) 22,000 Courier Corp. 31,200 Ecology & Environment, Inc., Class A 1,500 Ennis, Inc. 84,492 Kimball International, Inc., Class B 67,200 Metalico, Inc.*+ 160,000 Multi-Color Corp. 22,400 Quad/Graphics, Inc. 70,000 Versar, Inc.* 24,800 Viad Corp. 17,400
2,297,700 1,019,385 528,880 384,384 14,685 1,112,760 1,011,360 176,000 1,018,752 1,347,500 80,104 359,310 9,350,820
Communications Equipment - 0.89% Aviat Networks, Inc.* Bel Fuse, Inc., Class B Black Box Corp. Blonder Tongue Laboratories* ClearOne, Inc.*+ Communications Systems, Inc. Comtech Telecommunications Corp. Emulex Corp.* Harmonic, Inc.*
310,400 13,500 42,275
558,720 333,990 985,853
10,000 27,500
13,100 231,825
3,000
33,480
15,000 124,000 28,700
557,250 612,560 181,958 3,508,736
Computers & Peripherals - 0.29% Avid Technology, Inc.* Hutchinson Technology, Inc.* Imation Corp.*+ USA Technologies, Inc.*
45,000 100,900 89,000 25,000
454,500 369,294 262,550 45,000 1,131,344
3
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of September 30, 2014 (Unaudited) Industry Company
Shares
Common Stocks (continued) Construction & Engineering - 1.07% Aegion Corp.* Goldfield Corp. (The)* Great Lakes Dredge & Dock Corp.* MYR Group, Inc.* Northwest Pipe Co.* Orion Marine Group, Inc.* Pike Corp.* Sterling Construction Co., Inc.*
Value
45,200 20,000
$1,005,700 38,200
84,000 12,100 25,800 27,800 90,000
519,120 291,368 879,780 277,444 1,070,100
18,250
139,978 4,221,690
Consumer Finance - 1.13% Asta Funding, Inc.* Cash America International, Inc. Consumer Portfolio Services, Inc.* Green Dot Corp., Class A* Nelnet, Inc., Class A Nicholas Financial, Inc. Regional Management Corp.*
238,911
10,200
446,760
97,000 72,000 25,800 25,000
621,770 1,522,080 1,111,722 289,750
12,700
227,965
Value
Diversified Telecommunication Services - 1.29% Alaska Communications Systems Group, Inc.* 271,100 $ 425,627 Atlantic Tele-Network, Inc. 16,300 878,570 General Communication, Inc., Class A* 82,650 901,712 Hawaiian Telcom Holdco, Inc.*+ 29,500 757,855 Iridium Communications, Inc.*+ 241,325 2,135,726 Premiere Global Services, Inc.* 700 8,379 Voltari Corp.* 3,000 4,530
Electrical Equipment - 0.44% Broadwind Energy, Inc.* Global Power Equipment Group, Inc. GrafTech International, Ltd.*+ Highpower International, Inc.*+ Orion Energy Systems, Inc.*+ Ultralife Corp.*
25,000
187,250
25,300
376,970
118,050
540,669
25,923
205,829
74,300 7,350
397,505 23,814 1,732,037
800 65,700 5,000
70,360 611,010 125,550 806,920
Diversified Consumer Services - 0.55% Ascent Capital Group, Inc., Class A* 4,500 Bridgepoint Education, Inc.* 38,500 Lincoln Educational Services Corp. 39,150 Regis Corp. 60,450 Steiner Leisure, Ltd.* 10,000 Universal Technical Institute, Inc. 2,126
270,900 429,660 110,012 964,782 375,900 19,878 2,171,132
Diversified Financial Services - 0.90% Gain Capital Holdings, Inc. Interactive Brokers Group, Inc., Class A MicroFinancial, Inc. PHH Corp.*
Shares
5,112,399 29,100
4,458,958 Distributors - 0.20% AMCON Distributing Co. VOXX International Corp.* Weyco Group, Inc.
Industry Company
47,599
303,206
51,150 52,846 69,550
1,276,192 425,939 1,555,138
Electronic Equipment, Instruments & Components - 2.54% Benchmark Electronics, Inc.* 65,100 1,445,871 Electro Rent Corp. 25,000 344,250 Fabrinet* 30,050 438,730 GSI Group, Inc.* 9,600 110,304 Insight Enterprises, Inc.* 29,800 674,374 Iteris, Inc.* 87,000 152,250 Key Tronic Corp.* 22,000 232,540 PAR Technology Corp.* 15,000 73,500 PCM, Inc.* 8,769 85,673 Plexus Corp.* 13,000 480,090 Radisys Corp.* 50,600 135,102 Sanmina Corp.* 142,700 2,976,722 ScanSource, Inc.* 21,800 754,062 Sigmatron International, Inc.* 13,000 94,510 SMTC Corp.* 7,500 13,875 TTM Technologies, Inc.* 159,800 1,088,238 Viasystems Group, Inc.* 29,800 467,860 Vishay Precision Group, Inc.* 31,448 469,833
3,560,475
4
Quarterly Report
September 30, 2014 (Unaudited)
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of September 30, 2014 (Unaudited) Industry Company
Shares
Value
Common Stocks (continued) Electronic Equipment, Instruments & Components (continued) Wireless Telecom Group, Inc.* 10,000 $
24,000
10,061,784 Energy Equipment & Services - 4.16% Basic Energy Services, Inc.* 120,700 C&J Energy Services, Inc.* 66,300 Cal Dive International, Inc.* 133,300 Dawson Geophysical Co. 26,000 ENGlobal Corp.* 83,200 Era Group, Inc.* 11,000 Forbes Energy Services, Ltd.*+ 72,000 Gulf Island Fabrication, Inc. 8,503 Gulfmark Offshore, Inc., Class A 23,000 Hercules Offshore, Inc.*+ 333,700 Hornbeck Offshore Services, Inc.* 16,000 Key Energy Services, Inc.*+ 152,600 Mitcham Industries, Inc.* 30,600 Natural Gas Services Group, Inc.* 19,800 Newpark Resources, Inc.* 35,000 Parker Drilling Co.* 321,450 PHI, Inc.* 37,200 Pioneer Energy Services Corp.* 131,640 SEACOR Holdings, Inc.* 11,000 Tesco Corp. 14,700 Vantage Drilling Co.* 270,900
2,617,983 2,025,465 129,301 472,680 178,880 239,250 290,160 146,252 721,050 734,140 523,680 738,584 338,130 476,586 435,400 1,587,963 1,530,780 1,845,593 822,800 291,795 344,043 16,490,515
Food & Staples Retailing - 1.64% Andersons, Inc. (The) Ingles Markets, Inc., Class A Pantry, Inc. (The)* Roundy’s, Inc.+ SpartanNash Co. Weis Markets, Inc.
38,100 34,000 61,968 95,700 56,146 17,500
2,395,728 805,460 1,253,613 286,143 1,092,040 683,025 6,516,009
Food Products - 2.40% Chiquita Brands International, Inc.* Coffee Holding Co., Inc.*+ Fresh Del Monte Produce, Inc. John B. Sanfilippo & Son, Inc.
www.bridgewayomni.com
Industry Company Food Products (continued) Omega Protein Corp.* Post Holdings, Inc.*+ Seneca Foods Corp., Class A* SkyPeople Fruit Juice, Inc.*
Shares
65,150 40,000 40,100 62,900
Value
$
814,375 1,327,200 1,146,860 66,674 9,496,401
Health Care Equipment & Supplies - 1.31% Alphatec Holdings, Inc.* 220,000 AngioDynamics, Inc.* 74,400 CryoLife, Inc. 28,700 Invacare Corp. 95,250 Kewaunee Scientific Corp. 3,000 Medical Action Industries, Inc.*+ 36,644 Merit Medical Systems, Inc.* 20,000 PhotoMedex, Inc.*+ 36,397 RTI Surgical, Inc.* 23,600 Symmetry Medical, Inc.* 125,000
374,000 1,020,768 283,269 1,124,902 53,610 504,954 237,600 225,661 112,808 1,261,250 5,198,822
Health Care Providers & Services - 3.98% Addus HomeCare Corp.* 12,800 Almost Family, Inc.* 24,600 Amedisys, Inc.* 123,250 Amsurg Corp.* 28,550 BioTelemetry, Inc.* 74,500 Cross Country Healthcare, Inc.* 71,850 Five Star Quality Care, Inc.* 146,300 Healthways, Inc.* 20,000 InfuSystems Holdings, Inc.*+ 11,100 Kindred Healthcare, Inc. 81,350 LHC Group, Inc.* 38,000 Magellan Health, Inc.* 26,225 Molina Healthcare, Inc.* 41,650 National Healthcare Corp. 13,000 PharMerica Corp.* 72,050 Skilled Healthcare Group, Inc., Class A* 50,000 Triple-S Management Corp., Class B* 18,800
250,880 668,382 2,485,952 1,428,927 499,895 667,486 551,551 320,400 34,854 1,578,190 881,600 1,435,294 1,761,795 721,630 1,760,182 330,000 374,120 15,751,138
165,603 7,400
2,351,563 40,626
88,000
2,807,200
29,107
941,903
Hotels, Restaurants & Leisure - 2.65% Ambassadors Group, Inc.* 500 Boyd Gaming Corp.* 136,100 Bravo Brio Restaurant Group, Inc.* 33,800
1,850 1,382,776 438,386
5
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of September 30, 2014 (Unaudited) Industry Company
Shares
Common Stocks (continued) Hotels, Restaurants & Leisure (continued) Carrols Restaurant Group, Inc.* 48,025 Frisch’s Restaurants, Inc.+ 10,000 Full House Resorts, Inc.* 39,350 International Speedway Corp., Class A 60,120 Isle of Capri Casinos, Inc.* 96,200 Lakes Entertainment, Inc.* 11,350 Life Time Fitness, Inc.*+ 10,000 Luby’s, Inc.* 12,600 Marcus Corp. (The) 68,450 Monarch Casino & Resort, Inc.* 29,400 Penn National Gaming, Inc.* 108,800 Red Lion Hotels Corp.* 705 Ruby Tuesday, Inc.* 139,900 Speedway Motorsports, Inc. 71,900
Value
$
341,458 283,000 45,252 1,902,197 721,500 94,546 504,400 67,032 1,081,510 350,154 1,219,648 4,011 824,011 1,226,614
10,488,345 Household Durables - 0.62% Bassett Furniture Industries, Inc. CSS Industries, Inc. Emerson Radio Corp.* Hooker Furniture Corp. Lifetime Brands, Inc. NACCO Industries, Inc., Class A P&F Industries, Inc., Class A* Skullcandy, Inc.* ZAGG, Inc.*
21,900 22,600 50,700 10,000 24,400
299,154 548,050 100,386 152,100 373,564
9,250
460,002
696 13,000 78,300
5,700 101,270 436,914 2,477,140
Household Products - 0.82% Central Garden & Pet Co., Class A* Harbinger Group, Inc.*
148,303 157,700
1,192,356 2,069,024 3,261,380
Insurance - 7.06% Ambac Financial Group, Inc.* American Equity Investment Life Holding Co. American Independence Corp.* AMERISAFE, Inc. Argo Group International Holdings, Ltd.
6
27,700
612,170
94,850
2,170,168
1,800 16,800
18,936 657,048
8,000
402,480
Industry Company
Shares
Insurance (continued) Baldwin & Lyons, Inc., Class B Citizens, Inc.*+ Crawford & Co., Class B Donegal Group, Inc., Class A EMC Insurance Group, Inc. Employers Holdings, Inc. FBL Financial Group, Inc., Class A Federated National Holding Co. First Acceptance Corp.* Fortegra Financial Corp.* Hallmark Financial Services, Inc.* Hilltop Holdings, Inc.* Horace Mann Educators Corp. Independence Holding Co. Infinity Property & Casualty Corp. Investors Title Co. Kansas City Life Insurance Co. Kingstone Cos., Inc.+ Maiden Holdings, Ltd. MBIA, Inc.* Meadowbrook Insurance Group, Inc. Montpelier Re Holdings, Ltd. National Interstate Corp. National Western Life Insurance Co., Class A Navigators Group, Inc. (The)* OneBeacon Insurance Group, Ltd., Class A Safety Insurance Group, Inc. Selective Insurance Group, Inc. State Auto Financial Corp. Stewart Information Services Corp. United Fire Group, Inc. United Insurance Holdings Corp. Universal Insurance Holdings, Inc.
13,400 10,240 73,674
Value
$
330,980 66,150 607,810
26,900 13,700 38,500
413,184 395,656 741,125
19,850
887,295
37,288 140,000 44,785
1,047,420 348,600 442,924
37,800 20,000
389,718 401,000
60,800 10,000
1,733,408 132,900
15,640 1,000
1,001,116 73,200
3,400 2,800 162,600 42,100
150,790 22,680 1,801,608 386,478
120,150 46,400 8,000
702,878 1,442,576 223,200
2,525
623,700
27,000
1,660,500
25,000 10,500
385,250 566,055
71,250 3,800
1,577,475 77,938
62,150 58,800
1,824,102 1,632,876
60,000
900,000
86,316
1,116,066 27,967,460
Quarterly Report
September 30, 2014 (Unaudited)
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of September 30, 2014 (Unaudited) Industry Company Common Stocks (continued) Internet & Catalog Retail - 0.26% CafePress, Inc.* FTD Cos., Inc.*
Shares
54,448 25,380
Value
$ 170,422 865,712 1,036,134
Internet Software & Services - 1.07% Autobytel, Inc.* Blucora, Inc.* Digital River, Inc.* Intralinks Holdings, Inc.* Marchex, Inc., Class B Monster Worldwide, Inc.* QuinStreet, Inc.* United Online, Inc.
11,000 65,500 18,900 40,000 70,000 264,200 83,047 41,429
94,490 998,220 274,428 324,000 290,500 1,453,100 344,645 453,648 4,233,031
IT Services - 1.35% CACI International, Inc., Class A* CIBER, Inc.* CSP, Inc. Edgewater Technology, Inc.* Global Cash Access Holdings, Inc.* ManTech International Corp., Class A NCI, Inc., Class A* Newtek Business Services, Inc.*+ Sykes Enterprises, Inc.*
25,924 32,350 10,000 12,000
1,847,603 110,960 79,700 82,440
55,000
371,250
75,800 23,200
2,042,810 220,632
11,590 27,900
31,872 557,442
Leisure Equipment & Products - 0.20% Johnson Outdoors, Inc., Class A 24,700 Summer Infant, Inc.*+ 41,400
639,730 144,900 784,630
www.bridgewayomni.com
Machinery (continued) Kadant, Inc. Key Technology, Inc.* L.B. Foster Co., Class A L.S. Starrett Co., Class A (The) Lydall, Inc.* MFRI, Inc.* Miller Industries, Inc. NN, Inc. Supreme Industries, Inc., Class A THT Heat Transfer Technology, Inc.* Titan International, Inc.+ WSI Industries, Inc.+
Shares
10,000 1,950 8,600
Value
$
390,500 25,545 395,084
22,500 39,700 29,900 10,400 17,950
311,400 1,072,297 283,452 175,760 479,624
35,805
279,637
3,500 110,000 1,300
5,285 1,300,200 9,386 12,657,719
5,344,709
Machinery - 3.19% American Railcar Industries, Inc.+ Ampco-Pittsburgh Corp. Briggs & Stratton Corp. Chicago Rivet & Machine Co. Cleantech Solutions International, Inc.*+ Dynamic Materials Corp. Eastern Co. (The) FreightCar America, Inc. Greenbrier Cos., Inc. (The)+ Hardinge, Inc. Hurco Cos., Inc.
Industry Company
30,500 29,000 39,300
2,254,560 580,000 708,186
1,000
31,000
11,500 20,100 18,401 14,200 37,700 15,000 6,090
46,115 382,905 294,048 472,860 2,766,426 164,100 229,349
Marine - 0.26% Eagle Bulk Shipping, Inc.* International Shipholding Corp.+ Navios Maritime Holdings, Inc.+ Rand Logistics, Inc.* Ultrapetrol Bahamas, Ltd.*
41,987
38,523
34,938
625,041
41,500 4,000 32,792
249,000 22,800 102,311 1,037,675
Media - 2.09% Ballantyne Strong, Inc.* CTC Media, Inc.+ E.W. Scripps Co., Class A (The)*+ Entercom Communications Corp., Class A* Harte-Hanks, Inc. Insignia Systems, Inc.*+ Journal Communications, Inc., Class A* McClatchy Co. (The), Class A*+ Radio One, Inc., Class D*+ Reading International, Inc., Class A* Salem Communications Corp., Class A+ Scholastic Corp. Sizmek, Inc.*
43,481 66,000
193,490 438,900
26,500
432,215
117,425 136,600 10,000
942,923 870,142 30,700
57,100
481,353
350,025 123,800
1,176,084 393,684
31,209
262,156
68,357 72,800 25,000
520,197 2,352,896 193,500 8,288,240
Metals & Mining - 3.00% A.M. Castle & Co.*+ Century Aluminum Co.*
7,800 169,100
66,612 4,391,527
7
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of September 30, 2014 (Unaudited) Industry Company Common Stocks (continued) Metals & Mining (continued) Friedman Industries, Inc. Handy & Harman, Ltd.*+ Hecla Mining Co. Kaiser Aluminum Corp. Materion Corp. Noranda Aluminum Holding Corp. Olympic Steel, Inc. Schnitzer Steel Industries, Inc., Class A+ SunCoke Energy, Inc.* Thompson Creek Metals Co., Inc.* Universal Stainless & Alloy Products, Inc.*
Shares
3,000 800 125,000 21,980 33,400
Value
$
23,850 21,008 310,000 1,675,316 1,024,378
123,500 43,200
558,220 888,624
66,500 28,000
1,599,325 628,600
143,500
315,700
14,658
386,385 11,889,545
Multiline Retail - 0.16% Fred’s, Inc., Class A
46,200
Oil, Gas & Consumable Fuels - 8.28% Adams Resources & Energy, Inc. 13,700 Alon USA Energy, Inc. 850 American Eagle Energy Corp.* 65,000 Apco Oil and Gas International, Inc.* 23,926 Arch Coal, Inc.+ 82,500 Bill Barrett Corp.* 82,700 Callon Petroleum Co.* 106,200 Carrizo Oil & Gas, Inc.* 10,000 Clayton Williams Energy, Inc.* 16,000 Cloud Peak Energy, Inc.* 106,500 Comstock Resources, Inc. 99,300 Contango Oil & Gas Co.* 7,500 Delek US Holdings, Inc. 46,600 DHT Holdings, Inc.+ 36,722 Earthstone Energy, Inc.* 1,202 Energy XXI Bermuda, Ltd.+ 150,515 Gastar Exploration, Inc.* 95,500 Gran Tierra Energy, Inc.* 125,000 Green Plains, Inc. 90,200 Halcon Resources Corp.* 98,000 Hallador Energy Co. 70,000 Knightsbridge Tankers, Ltd. 28,000 Matador Resources Co.* 20,000 Mexco Energy Corp.*+ 6,000 Midstates Petroleum Co., Inc.*+ 182,800
8
646,800
606,773 12,206 264,550 308,406 174,900 1,822,708 935,622 538,200 1,543,200 1,344,030 1,848,966 249,300 1,543,392 226,208 33,908 1,708,345 560,585 692,500 3,372,578 388,080 828,800 247,800 517,000 41,520
Industry Company
Shares
Oil, Gas & Consumable Fuels (continued) Miller Energy Resources, Inc.*+ 85,000 New Concept Energy, Inc.* 4,800 Northern Oil and Gas, Inc.* 39,100 PBF Energy, Inc., Class A 14,000 Penn Virginia Corp.* 142,300 Renewable Energy Group, Inc.* 151,341 Resolute Energy Corp.*+ 96,600 REX American Resources Corp.* 24,020 Sanchez Energy Corp.*+ 15,000 Stone Energy Corp.* 46,700 Swift Energy Co.*+ 51,400 TransAtlantic Petroleum, Ltd.*+ 10,000 U.S. Energy Corp. Wyoming* 94,400 VAALCO Energy, Inc.* 51,500 W&T Offshore, Inc. 104,700 Warren Resources, Inc.* 144,400
Value
$
374,000 7,536 556,002 336,000 1,808,633 1,536,111 605,682 1,750,578 393,900 1,464,512 493,440 89,900 301,136 437,750 1,151,700 765,320
32,804,917 Paper & Forest Products - 0.78% Mercer International, Inc.*+ Orient Paper, Inc. PH Glatfelter Co. Resolute Forest Products*
79,150 73,007 20,500 112,000
771,712 100,750 449,975 1,751,680 3,074,117
Personal Products - 0.18% Mannatech, Inc.*+ Natural Alternatives International, Inc.* Nutraceutical International Corp.*
8,400
130,956
400
2,592
28,700
600,117 733,665
Professional Services - 2.43% CBIZ, Inc.* CDI Corp. CRA International, Inc.* FTI Consulting, Inc.* Heidrick & Struggles International, Inc. ICF International, Inc.* Kelly Services, Inc., Class A Navigant Consulting, Inc.* RPX Corp.*
115,775 32,000 21,900 47,800
911,149 464,640 556,917 1,671,088
55,000 17,150 80,614 99,600 82,700
1,129,700 528,048 1,263,221 1,385,436 1,135,471
923,140
Quarterly Report
September 30, 2014 (Unaudited)
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of September 30, 2014 (Unaudited) Industry Company Common Stocks (continued) Professional Services (continued) VSE Corp.
Shares
11,800
Value
$
578,436 9,624,106
Real Estate Management & Development - 0.07% Forestar Group, Inc.* 15,000 Road & Rail - 1.34% ArcBest Corp. Celadon Group, Inc. Covenant Transportation Group, Inc., Class A* Marten Transport, Ltd. P.A.M. Transportation Services, Inc.* USA Truck, Inc.*
45,700 22,400
1,704,610 435,680
45,300 55,482
842,127 988,134
26,819 21,836
972,189 382,785
Semiconductors & Semiconductor Equipment - 3.71% Advanced Energy Industries, Inc.* 22,000 413,380 Alpha & Omega Semiconductor, Ltd.* 55,000 517,000 Amkor Technology, Inc.* 162,600 1,367,466 AXT, Inc.* 25,000 61,000 Brooks Automation, Inc. 33,000 346,830 Cirrus Logic, Inc.* 29,800 621,330 Diodes, Inc.* 16,400 392,288 Fairchild Semiconductor International, Inc.* 58,000 900,740 GigOptix, Inc.* 60,000 72,600 Integrated Silicon Solution, Inc. 68,200 937,068 IXYS Corp. 29,400 308,700 Kulicke & Soffa Industries, Inc.* 71,900 1,023,137 MagnaChip Semiconductor Corp.* 38,400 449,280 OmniVision Technologies, Inc.* 79,100 2,092,986 Pericom Semiconductor Corp.* 40,000 389,600 Photronics, Inc.* 168,550 1,356,828 Spansion, Inc., Class A* 136,500 3,110,835 Ultra Clean Holdings, Inc.* 39,300 351,735 14,712,803
www.bridgewayomni.com
Software (continued) NetSol Technologies, Inc.*+ TeleCommunication Systems, Inc., Class A*
Shares
40,000 30,000 20,000
567,200 526,800 61,600
3,400
40,970
Value
31,000
$ 114,700
180,743
504,273 1,815,543
265,800
5,325,525
Software - 0.46% Ebix, Inc.+ Epiq Systems, Inc. Mind CTI, Ltd. Net 1 UEPS Technologies, Inc.*
Industry Company
Specialty Retail - 1.19% Barnes & Noble, Inc.* Build-A-Bear Workshop, Inc.* Children’s Place, Inc. (The) Citi Trends, Inc.* hhgregg, Inc.*+ Pep Boys-Manny, Moe & Jack (The)* Systemax, Inc.* Trans World Entertainment Corp. TravelCenters of America LLC* West Marine, Inc.*
82,000
1,618,680
8,050 10,500 28,900 50,000
105,294 500,430 638,690 315,500
52,900 12,500
471,339 155,875
70,000
256,200
35,400 35,300
349,752 317,700 4,729,460
Textiles, Apparel & Luxury Goods - 0.52% Delta Apparel, Inc.*+ 10,000 Joe’s Jeans, Inc.* 192,000 Perry Ellis International, Inc.* 23,600 Rocky Brands, Inc. 9,900 Unifi, Inc.* 44,300
90,900 186,240 480,260 139,491 1,147,370 2,044,261
Thrifts & Mortgage Finance - 4.82% Astoria Financial Corp. Bank Mutual Corp. BankFinancial Corp. Berkshire Hills Bancorp, Inc. Brookline Bancorp, Inc. Cape Bancorp, Inc. Cheviot Financial Corp. Chicopee Bancorp, Inc. Dime Community Bancshares, Inc. ESB Financial Corp.+ ESSA Bancorp, Inc. Federal Agricultural Mortgage Corp., Class C First Defiance Financial Corp. First Financial Northwest, Inc. Flagstar Bancorp, Inc.* Fox Chase Bancorp, Inc.+
112,100 124,700 35,100 37,200 45,000 29,300 3,893 12,500
1,388,919 799,327 364,338 873,828 384,750 276,299 49,597 185,500
42,100 36,600 33,100
606,240 427,488 374,030
21,500
691,010
19,400
523,994
35,182 57,100 31,000
359,208 960,993 505,610
9
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of September 30, 2014 (Unaudited) Industry Company
Shares
Common Stocks (continued) Thrifts & Mortgage Finance (continued) Hampden Bancorp, Inc. 16,500 Heritage Financial Group, Inc. 16,800 HMN Financial, Inc.* 5,000 Home Bancorp, Inc.* 17,311 Home Loan Servicing Solutions, Ltd. 20,000 HomeStreet, Inc. 26,400 HopFed Bancorp, Inc. 18,100 Meta Financial Group, Inc. 7,900 NASB Financial, Inc.+ 4,600 New Hampshire Thrift Bancshares, Inc.+ 2,000 Northwest Bancshares, Inc. 22,000 Ocean Shore Holding Co.+ 14,200 OceanFirst Financial Corp. 39,900 Oritani Financial Corp. 74,400 Provident Financial Holdings, Inc. 26,600 Provident Financial Services, Inc. 69,700 Pulaski Financial Corp. 4,900 Riverview Bancorp, Inc.*+ 87,000 Security National Financial Corp., Class A* 74,550 SI Financial Group, Inc. 15,000 Simplicity Bancorp, Inc. 22,000 Territorial Bancorp, Inc. 21,200 Timberland Bancorp, Inc.+ 9,000 TrustCo Bank Corp. - NY 55,000 United Community Bancorp+ 11,800 United Community Financial Corp. 61,324 United Financial Bancorp, Inc. 42,900 Westfield Financial, Inc. 53,081 WSFS Financial Corp. 7,000
Value
$
283,635 339,192 66,000 393,133 423,800 451,176 207,064 278,554 109,020 31,160 266,200 204,196 634,809 1,048,296 388,094 1,140,989 56,350 347,130
Shares
Value
Wireless Telecommunication Services - 0.21% Shenandoah Telecommunications Co. 5,600 $ Spok Holdings, Inc. 53,100
138,936 690,831 829,767
TOTAL COMMON STOCKS - 99.96% (Cost $342,169,619)
395,948,761
RIGHTS - 0.01% Leap Wireless CVRΔ
32,900
TOTAL RIGHTS - 0.01% (Cost $80,276)
41,454 41,454
Rate^
Shares
Value
MONEY MARKET FUND - 0.33% Dreyfus Cash Management Fund
0.03%
1,289,249
TOTAL MONEY MARKET FUND - 0.33% (Cost $1,289,249)
1,289,249 1,289,249
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 4.21%
370,514 167,850 369,600 430,148 94,680 354,200
Dreyfus Cash Management Fund**
141,010
TOTAL INVESTMENTS - 104.51% (Cost $360,233,756) Liabilities in Excess of Other Assets - (4.51%)
$413,974,076
NET ASSETS - 100.00%
$396,125,501
286,996 544,401 374,752 501,270 19,075,350
Trading Companies & Distributors - 1.82% AeroCentury Corp.*+ 5,400 Aircastle, Ltd. 130,700 CAI International, Inc.* 63,500 Essex Rental Corp.* 57,700 General Finance Corp.*+ 61,500 Rush Enterprises, Inc., Class A* 58,500 TAL International Group, Inc.+ 17,250 Willis Lease Finance Corp.* 22,000
Industry Company
60,804 2,138,252 1,228,725 121,170 545,505
0.03%
16,694,612
TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING 4.21% (Cost $16,694,612)
16,694,612
16,694,612
(17,848,575)
* Non-income producing security. ** This security represents the investment of the collateral received in connection with securities out on loan as of September 30, 2014. ^ Rate disclosed as of September 30, 2014. Δ Security was fair valued under procedures adopted by the Board of Directors (see Note 2). + This security or a portion of the security is out on loan as of September 30, 2014. Total loaned securities had a value of $15,266,556 at September 30, 2014. CVR - Contingent Value Right LLC - Limited Liability Company
1,956,825 711,562 451,440 7,214,283
10
Quarterly Report
September 30, 2014 (Unaudited)
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued)
Summary of inputs used to value the Fund’s investments as of 09/30/2014 is as follows (See Note 2 in Notes to Schedule of Investments):
Following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:
Valuation Inputs
Investment in Securities (Value)
Investment in Securities (Value) Level 1 Quoted Prices
Level 2 Level 3 Significant Significant Observable Unobservable Inputs Inputs
Total
Common Stocks $395,948,761 $ — Rights — — Money Market Fund — 1,289,249 Investments Purchased with Cash Proceeds From Securities Lending — 16,694,612
$
—
16,694,612
TOTAL
$ 41,454
$413,974,076
$395,948,761 $17,983,861
— 41,454
$395,948,761 41,454
—
1,289,249
Rights
Total
$41,454 — — —
$41,454 — — —
— — —
— — —
Balance as of 09/30/2014
$41,454
$41,454
Net change in unrealized appreciation (depreciation) from investments held as of 09/30/2014
$
$
Balance as of 06/30/2014 Purchases Sales Realized gain/(loss) Change in unrealized appreciation/ (depreciation) Transfers in Transfers out
—
—
See Notes to Schedule of Investments.
www.bridgewayomni.com
11
