Large-Cap Growth Fund
Large-Cap Growth Fund SCHEDULE OF INVESTMENTS Showing percentage of net assets as of September 30, 2015 (Unaudited) Industry Company
Shares
Value
Industry Company
Shares
Value
COMMON STOCKS - 99.54% Aerospace & Defense - 3.08% Honeywell International, Inc. Huntington Ingalls Industries, Inc. Lockheed Martin Corp.
13,400
$1,268,846
15,100 9,000
1,617,965 1,865,790 4,752,601
Airlines - 4.62% Alaska Air Group, Inc. Delta Air Lines, Inc. Southwest Airlines Co. United Continental Holdings, Inc.*
22,900 38,900 39,700
1,819,405 1,745,443 1,510,188
38,800
2,058,340 7,133,376
23,500
2,556,330
Beverages - 2.11% Monster Beverage Corp.* PepsiCo, Inc.
16,000 11,600
2,162,240 1,093,880 3,256,120
14,900 16,700 11,300
1,569,268 1,639,773 1,246,729
3,700 9,900
1,721,018 1,299,276
9,400 18,500
839,702 784,400
19,000 6,400 5,200
1,583,840 651,904 1,158,456 5,018,302
Commercial Services & Supplies - 1.12% Waste Management, Inc. 34,700 Communications Equipment - 1.36% F5 Networks, Inc.* 5,100 Juniper Networks, Inc. 58,800
1,728,407 590,580 1,511,748 2,102,328
www.bridgeway.com
$2,393,510
70,900 75,100
1,444,942 844,124
62,400 47,000
1,274,208 1,471,100 5,034,374
Diversified Financial Services - 1.63% Interactive Brokers Group, Inc., Class A 40,700 Voya Financial, Inc. 23,600
Diversified Telecommunication Services - 0.50% Verizon Communications, Inc. 17,900
1,606,429 914,972
778,829
Electronic Equipment, Instruments & Components - 0.95% Amphenol Corp., Class A 28,800 1,467,648 Energy Equipment & Services - 0.49% Halliburton Co. 21,300
7,476,064 Chemicals - 3.25% Airgas, Inc. Dow Chemical Co. (The) LyondellBasell Industries NV, Class A Praxair, Inc. Sherwin-Williams Co. (The)
Consumer Finance - 3.26% Ally Financial, Inc.* Navient Corp. Santander Consumer USA Holdings, Inc.* Synchrony Financial*
21,700
2,521,401
Auto Components - 1.65% Lear Corp.
Biotechnology - 4.84% BioMarin Pharmaceutical, Inc.* Gilead Sciences, Inc. Incyte Corp.* Regeneron Pharmaceuticals, Inc.* United Therapeutics Corp.*
Computers & Peripherals - 1.55% Apple, Inc.
Financials - 2.03% Global Payments, Inc. Total System Services, Inc.
13,600 34,600
752,955 1,560,328 1,571,878 3,132,206
Food & Staples Retailing - 6.29% Costco Wholesale Corp. CVS Health Corp. Kroger Co. (The) Rite Aid Corp.* Sysco Corp. Walgreens Boots Alliance, Inc.
11,500 15,400 86,200 208,500 35,500
1,662,555 1,485,792 3,109,234 1,265,595 1,383,435
9,700
806,070 9,712,681
Food Products - 1.42% Pilgrim’s Pride Corp.+ WhiteWave Foods Co. (The)*
42,000
872,760
32,900
1,320,935 2,193,695
Health Care Equipment & Supplies - 1.49% C.R. Bard, Inc. 4,100
763,871
1
Large-Cap Growth Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of September 30, 2015 (Unaudited) Industry Company
Shares
Value
Common Stocks (continued) Health Care Equipment & Supplies (continued) Edwards Lifesciences Corp.* 10,800 $ 1,535,436 2,299,307 Health Care Providers & Services - 8.77% Aetna, Inc. 27,500 Cardinal Health, Inc. 19,100 Centene Corp.* 35,600 Cigna Corp. 10,500 Envision Healthcare Holdings, Inc.* 31,300 HCA Holdings, Inc.* 39,100 UnitedHealth Group, Inc. 13,400
3,008,775 1,467,262 1,930,588 1,417,710 1,151,527 3,024,776 1,554,534
1,000 22,800
720,250 1,562,712
48,000 30,100
1,101,120 1,710,884 5,094,966
Insurance - 3.61% Arch Capital Group Ltd.* Marsh & McLennan Cos., Inc. Reinsurance Group of America, Inc. Travelers Cos., Inc. (The)
25,200
1,851,444
14,400
751,968
18,400 13,200
1,666,856 1,313,796
3,200
1,638,048
Internet Software & Services - 3.01% Facebook, Inc., Class A* 22,000 Google, Inc., Class C* 3,300 Rackspace Hosting, Inc.* 26,700
1,977,800 2,007,786 658,956 4,644,542
IT Services - 4.64% Automatic Data Processing, Inc. Broadridge Financial Solutions, Inc. Fidelity National Information Services, Inc. Fiserv, Inc.* Paychex, Inc.
15,800
$ 898,704
11,800
1,885,758
Oil, Gas & Consumable Fuels - 4.57% Chesapeake Energy Corp.+ 104,500 Marathon Petroleum Corp. 33,400 Tesoro Corp. 33,000 Valero Energy Corp. 25,600
765,985 1,547,422 3,208,920 1,538,560 7,060,887
Pharmaceuticals - 0.88% Allergan PLC* Professional Services - 0.69% Robert Half International, Inc.
5,000
1,359,050
20,800
1,064,128
Real Estate Investment Trusts (REITs) - 1.34% CoStar Group, Inc.* 8,000 Federal Realty Investment Trust 5,000
1,384,480 682,250
Road & Rail - 0.77% Union Pacific Corp.
13,400
1,184,694
Semiconductors & Semiconductor Equipment - 4.38% Avago Technologies, Ltd. 13,100 1,637,631 Freescale Semiconductor, Ltd.* 28,200 1,031,556 Micron Technology, Inc.* 93,800 1,405,124 Skyworks Solutions, Inc. 32,000 2,694,720 6,769,031 Software - 4.31% Electronic Arts, Inc.* Fortinet, Inc.* Intuit, Inc. Microsoft Corp. Palo Alto Networks, Inc.*
21,200 39,700 7,200 28,000 9,600
1,436,300 1,686,456 639,000 1,239,280 1,651,200 6,652,236
7,000
562,520
32,300
1,787,805
24,000 18,600 33,600
1,609,920 1,610,946 1,600,368 7,171,559
2
Value
2,066,730
5,584,064 Internet & Catalog Retail - 1.06% Amazon.com, Inc.*
Media - 1.80% Comcast Corp., Class A FactSet Research Systems, Inc.
Shares
2,784,462
13,555,172 Hotels, Restaurants & Leisure - 3.30% Chipotle Mexican Grill, Inc.* Darden Restaurants, Inc. Hilton Worldwide Holdings, Inc. Starbucks Corp.
Industry Company
Specialty Retail - 12.17% Best Buy Co., Inc. CarMax, Inc.* Foot Locker, Inc. Home Depot, Inc. (The) L Brands, Inc. Lowe’s Companies, Inc.
Quarterly Report
47,600 26,900 49,300 13,600 17,200 28,100
1,766,912 1,595,708 3,548,121 1,570,664 1,550,236 1,936,652
September 30, 2015 (Unaudited)
Large-Cap Growth Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of September 30, 2015 (Unaudited) Industry Company
Shares
Value Summary of inputs used to value the Fund’s investments as of 09/30/2015 (See Note 2 in Notes to Schedule of Investments):
Common Stocks (continued) Specialty Retail (continued) O’Reilly Automotive, Inc.* Ross Stores, Inc. Ulta Salon Cosmetics & Fragrance, Inc.* Williams-Sonoma, Inc.
8,800 31,300
$
2,200,000 1,517,111 Valuation Inputs
13,000 13,100
2,123,550 1,000,185
Investment in Securities (Value) Level 1 Quoted Prices
18,809,139 Textiles, Apparel & Luxury Goods - 2.60% Skechers U.S.A., Inc., Class A* 11,700 Under Armour, Inc., Class A*+ 25,300
1,568,736 2,448,534 4,017,270
TOTAL COMMON STOCKS - 99.54% (Cost $148,272,403) Rate^
153,766,112
Shares
Value
TOTAL
MONEY MARKET FUND - 0.98% Dreyfus Cash Management Fund
0.04%
Common Stocks Money Market Fund Investments Purchased with Cash Proceeds from Securities Lending
1,518,627
TOTAL MONEY MARKET FUND - 0.98% (Cost $1,518,627)
1,518,627
Level 2 Level 3 Significant Significant Observable Unobservable Inputs Inputs
$153,766,112 $
—
$
— 1,518,627
— 4,028,005 $153,766,112 $5,546,632
$
Total
—
$153,766,112
—
1,518,627
—
4,028,005
—
$159,312,744
See Notes to Schedule of Investments.
1,518,627
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 2.61% Dreyfus Cash Management Fund**
0.04%
4,028,005
TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING 2.61% (Cost $4,028,005)
4,028,005
4,028,005
TOTAL INVESTMENTS - 103.13% (Cost $153,819,035) Liabilities in Excess of Other Assets - (3.13%)
$159,312,744
NET ASSETS - 100.00%
$154,479,195
(4,833,549)
* Non-income producing security. ** This security represents the investment of the collateral received in connection with securities out on loan as of September 30, 2015. ^ Rate disclosed as of September 30, 2015. + This security or a portion of the security is out on loan as of September 30, 2015. Total loaned securities had a value of $4,087,279 as of September 30, 2015. PLC - Public Limited Company
www.bridgeway.com
3
Shares
Value
Industry Company
Shares
Value
COMMON STOCKS - 99.54% Aerospace & Defense - 3.08% Honeywell International, Inc. Huntington Ingalls Industries, Inc. Lockheed Martin Corp.
13,400
$1,268,846
15,100 9,000
1,617,965 1,865,790 4,752,601
Airlines - 4.62% Alaska Air Group, Inc. Delta Air Lines, Inc. Southwest Airlines Co. United Continental Holdings, Inc.*
22,900 38,900 39,700
1,819,405 1,745,443 1,510,188
38,800
2,058,340 7,133,376
23,500
2,556,330
Beverages - 2.11% Monster Beverage Corp.* PepsiCo, Inc.
16,000 11,600
2,162,240 1,093,880 3,256,120
14,900 16,700 11,300
1,569,268 1,639,773 1,246,729
3,700 9,900
1,721,018 1,299,276
9,400 18,500
839,702 784,400
19,000 6,400 5,200
1,583,840 651,904 1,158,456 5,018,302
Commercial Services & Supplies - 1.12% Waste Management, Inc. 34,700 Communications Equipment - 1.36% F5 Networks, Inc.* 5,100 Juniper Networks, Inc. 58,800
1,728,407 590,580 1,511,748 2,102,328
www.bridgeway.com
$2,393,510
70,900 75,100
1,444,942 844,124
62,400 47,000
1,274,208 1,471,100 5,034,374
Diversified Financial Services - 1.63% Interactive Brokers Group, Inc., Class A 40,700 Voya Financial, Inc. 23,600
Diversified Telecommunication Services - 0.50% Verizon Communications, Inc. 17,900
1,606,429 914,972
778,829
Electronic Equipment, Instruments & Components - 0.95% Amphenol Corp., Class A 28,800 1,467,648 Energy Equipment & Services - 0.49% Halliburton Co. 21,300
7,476,064 Chemicals - 3.25% Airgas, Inc. Dow Chemical Co. (The) LyondellBasell Industries NV, Class A Praxair, Inc. Sherwin-Williams Co. (The)
Consumer Finance - 3.26% Ally Financial, Inc.* Navient Corp. Santander Consumer USA Holdings, Inc.* Synchrony Financial*
21,700
2,521,401
Auto Components - 1.65% Lear Corp.
Biotechnology - 4.84% BioMarin Pharmaceutical, Inc.* Gilead Sciences, Inc. Incyte Corp.* Regeneron Pharmaceuticals, Inc.* United Therapeutics Corp.*
Computers & Peripherals - 1.55% Apple, Inc.
Financials - 2.03% Global Payments, Inc. Total System Services, Inc.
13,600 34,600
752,955 1,560,328 1,571,878 3,132,206
Food & Staples Retailing - 6.29% Costco Wholesale Corp. CVS Health Corp. Kroger Co. (The) Rite Aid Corp.* Sysco Corp. Walgreens Boots Alliance, Inc.
11,500 15,400 86,200 208,500 35,500
1,662,555 1,485,792 3,109,234 1,265,595 1,383,435
9,700
806,070 9,712,681
Food Products - 1.42% Pilgrim’s Pride Corp.+ WhiteWave Foods Co. (The)*
42,000
872,760
32,900
1,320,935 2,193,695
Health Care Equipment & Supplies - 1.49% C.R. Bard, Inc. 4,100
763,871
1
Large-Cap Growth Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of September 30, 2015 (Unaudited) Industry Company
Shares
Value
Common Stocks (continued) Health Care Equipment & Supplies (continued) Edwards Lifesciences Corp.* 10,800 $ 1,535,436 2,299,307 Health Care Providers & Services - 8.77% Aetna, Inc. 27,500 Cardinal Health, Inc. 19,100 Centene Corp.* 35,600 Cigna Corp. 10,500 Envision Healthcare Holdings, Inc.* 31,300 HCA Holdings, Inc.* 39,100 UnitedHealth Group, Inc. 13,400
3,008,775 1,467,262 1,930,588 1,417,710 1,151,527 3,024,776 1,554,534
1,000 22,800
720,250 1,562,712
48,000 30,100
1,101,120 1,710,884 5,094,966
Insurance - 3.61% Arch Capital Group Ltd.* Marsh & McLennan Cos., Inc. Reinsurance Group of America, Inc. Travelers Cos., Inc. (The)
25,200
1,851,444
14,400
751,968
18,400 13,200
1,666,856 1,313,796
3,200
1,638,048
Internet Software & Services - 3.01% Facebook, Inc., Class A* 22,000 Google, Inc., Class C* 3,300 Rackspace Hosting, Inc.* 26,700
1,977,800 2,007,786 658,956 4,644,542
IT Services - 4.64% Automatic Data Processing, Inc. Broadridge Financial Solutions, Inc. Fidelity National Information Services, Inc. Fiserv, Inc.* Paychex, Inc.
15,800
$ 898,704
11,800
1,885,758
Oil, Gas & Consumable Fuels - 4.57% Chesapeake Energy Corp.+ 104,500 Marathon Petroleum Corp. 33,400 Tesoro Corp. 33,000 Valero Energy Corp. 25,600
765,985 1,547,422 3,208,920 1,538,560 7,060,887
Pharmaceuticals - 0.88% Allergan PLC* Professional Services - 0.69% Robert Half International, Inc.
5,000
1,359,050
20,800
1,064,128
Real Estate Investment Trusts (REITs) - 1.34% CoStar Group, Inc.* 8,000 Federal Realty Investment Trust 5,000
1,384,480 682,250
Road & Rail - 0.77% Union Pacific Corp.
13,400
1,184,694
Semiconductors & Semiconductor Equipment - 4.38% Avago Technologies, Ltd. 13,100 1,637,631 Freescale Semiconductor, Ltd.* 28,200 1,031,556 Micron Technology, Inc.* 93,800 1,405,124 Skyworks Solutions, Inc. 32,000 2,694,720 6,769,031 Software - 4.31% Electronic Arts, Inc.* Fortinet, Inc.* Intuit, Inc. Microsoft Corp. Palo Alto Networks, Inc.*
21,200 39,700 7,200 28,000 9,600
1,436,300 1,686,456 639,000 1,239,280 1,651,200 6,652,236
7,000
562,520
32,300
1,787,805
24,000 18,600 33,600
1,609,920 1,610,946 1,600,368 7,171,559
2
Value
2,066,730
5,584,064 Internet & Catalog Retail - 1.06% Amazon.com, Inc.*
Media - 1.80% Comcast Corp., Class A FactSet Research Systems, Inc.
Shares
2,784,462
13,555,172 Hotels, Restaurants & Leisure - 3.30% Chipotle Mexican Grill, Inc.* Darden Restaurants, Inc. Hilton Worldwide Holdings, Inc. Starbucks Corp.
Industry Company
Specialty Retail - 12.17% Best Buy Co., Inc. CarMax, Inc.* Foot Locker, Inc. Home Depot, Inc. (The) L Brands, Inc. Lowe’s Companies, Inc.
Quarterly Report
47,600 26,900 49,300 13,600 17,200 28,100
1,766,912 1,595,708 3,548,121 1,570,664 1,550,236 1,936,652
September 30, 2015 (Unaudited)
Large-Cap Growth Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of September 30, 2015 (Unaudited) Industry Company
Shares
Value Summary of inputs used to value the Fund’s investments as of 09/30/2015 (See Note 2 in Notes to Schedule of Investments):
Common Stocks (continued) Specialty Retail (continued) O’Reilly Automotive, Inc.* Ross Stores, Inc. Ulta Salon Cosmetics & Fragrance, Inc.* Williams-Sonoma, Inc.
8,800 31,300
$
2,200,000 1,517,111 Valuation Inputs
13,000 13,100
2,123,550 1,000,185
Investment in Securities (Value) Level 1 Quoted Prices
18,809,139 Textiles, Apparel & Luxury Goods - 2.60% Skechers U.S.A., Inc., Class A* 11,700 Under Armour, Inc., Class A*+ 25,300
1,568,736 2,448,534 4,017,270
TOTAL COMMON STOCKS - 99.54% (Cost $148,272,403) Rate^
153,766,112
Shares
Value
TOTAL
MONEY MARKET FUND - 0.98% Dreyfus Cash Management Fund
0.04%
Common Stocks Money Market Fund Investments Purchased with Cash Proceeds from Securities Lending
1,518,627
TOTAL MONEY MARKET FUND - 0.98% (Cost $1,518,627)
1,518,627
Level 2 Level 3 Significant Significant Observable Unobservable Inputs Inputs
$153,766,112 $
—
$
— 1,518,627
— 4,028,005 $153,766,112 $5,546,632
$
Total
—
$153,766,112
—
1,518,627
—
4,028,005
—
$159,312,744
See Notes to Schedule of Investments.
1,518,627
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 2.61% Dreyfus Cash Management Fund**
0.04%
4,028,005
TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING 2.61% (Cost $4,028,005)
4,028,005
4,028,005
TOTAL INVESTMENTS - 103.13% (Cost $153,819,035) Liabilities in Excess of Other Assets - (3.13%)
$159,312,744
NET ASSETS - 100.00%
$154,479,195
(4,833,549)
* Non-income producing security. ** This security represents the investment of the collateral received in connection with securities out on loan as of September 30, 2015. ^ Rate disclosed as of September 30, 2015. + This security or a portion of the security is out on loan as of September 30, 2015. Total loaned securities had a value of $4,087,279 as of September 30, 2015. PLC - Public Limited Company
www.bridgeway.com
3
