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Aggressive Investors 1 Fund SCHEDULE OF INVESTMENTS Showing percentage of net assets as of December 31, 2014 (Unaudited) Industry Company
Shares
Value
Industry Company
Shares
Value
COMMON STOCKS - 99.56% Airlines - 9.65% Delta Air Lines, Inc. Hawaiian Holdings, Inc.*+ Southwest Airlines Co. United Continental Holdings, Inc.*
101,300 192,100 196,300
$ 4,982,947 5,004,205 8,307,416
108,200
7,237,498 25,532,066
Auto Components - 2.15% Delphi Automotive PLC Magna International, Inc.
40,100 25,400
2,916,072 2,760,726
Computers & Peripherals (continued) Seagate Technology PLC 38,500 Super Micro Computer, Inc.* 103,300 Western Digital Corp. 26,500
15,843,513 Consumer Finance - 2.64% Capital One Financial Corp. Navient Corp. SLM Corp. World Acceptance Corp.*+
31,500 96,000 96,000 16,600
Beverages - 2.04% Constellation Brands, Inc., Class A* Dr. Pepper Snapple Group, Inc.
56,400
2,384,592
28,100
2,758,577
36,700
2,630,656
2,600,325 2,074,560 978,240 1,318,870 6,971,995
5,676,798 Automobiles - 0.90% Tata Motors, Ltd., ADR
$ 2,560,250 3,603,104 2,933,550
Containers & Packaging - 3.37% Ball Corp. Crown Holdings, Inc.* Packaging Corp. of America
49,700 54,800 35,100
3,388,049 2,789,320 2,739,555 8,916,924
Distributors - 0.54% Core-Mark Holding Co., Inc.
23,000
1,424,390
Diversified Financial Services - 1.18% Voya Financial, Inc. 73,900
3,131,882
5,389,233 Building Products - 0.56% Universal Forest Products, Inc. Capital Markets - 2.15% Affiliated Managers Group, Inc.* Morgan Stanley
28,000
13,000 75,500
1,489,600
2,759,120 2,929,400
Diversified Telecommunication Services - 3.13% Level 3 Communications, Inc.* 116,008 Verizon Communications, Inc. 54,500
5,728,475 2,549,510 8,277,985
5,688,520 Chemicals - 2.35% Celanese Corp., Class A Dow Chemical Co. (The) LyondellBasell Industries NV, Class A
Electronic Equipment, Instruments & Components - 0.89% Plexus Corp.* 56,900 2,344,849 43,000 53,000
2,578,280 2,417,330
15,500
1,230,545 6,226,155
Commercial Banks - 2.98% CIT Group, Inc. PNC Financial Services Group, Inc. (The) Royal Bank of Canada
54,200
2,592,386
30,600 36,200
2,791,638 2,500,334 7,884,358
Commercial Services & Supplies - 1.01% ACCO Brands Corp.* 296,800 Computers & Peripherals - 5.99% Apple, Inc. Hewlett-Packard Co.
www.bridgeway.com
33,600 75,700
Energy Equipment & Services - 2.60% Halliburton Co. 40,700 Matrix Service Co.* 56,000 Noble Corp. PLC 89,700 Seadrill, Ltd.+ 213,500
1,600,731 1,249,920 1,486,329 2,549,190 6,886,170
Food & Staples Retailing - 3.09% Kroger Co. (The) Pantry, Inc. (The)* Rite Aid Corp.*
43,300 72,600 360,300
2,780,293 2,690,556 2,709,456 8,180,305
2,674,168 3,708,768 3,037,841
Food Products - 1.02% Pilgrim’s Pride Corp.*+
82,400
2,701,896
Gas Utilities - 0.76% ONEOK, Inc.
40,500
2,016,495
1
Aggressive Investors 1 Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of December 31, 2014 (Unaudited) Industry Company
Shares
Common Stocks (continued) Health Care Equipment & Supplies - 2.39% C.R. Bard, Inc. 17,000 Edwards Lifesciences Corp.* 27,500
Value
$ 2,832,540 3,502,950 6,335,490
Health Care Providers & Services - 2.51% HCA Holdings, Inc.* 40,100 Triple-S Management Corp., Class B* 44,300 Universal Health Services, Inc., Class B 23,600
Industry Company
Shares
Marine - 1.00% Matson, Inc. Metals & Mining - 2.64% Alcoa, Inc. Century Aluminum Co.* United States Steel Corp.
76,800
$ 2,651,136
161,800 116,900 59,400
2,554,822 2,852,360 1,588,356
2,942,939 1,059,213 2,625,736 6,627,888
Value
6,995,538 Multi-Utilities - 2.27% Consolidated Edison, Inc. Public Service Enterprise Group, Inc.
45,200
2,983,652
73,000
3,022,930 6,006,582
Hotels, Restaurants & Leisure - 2.40% Marriott International, Inc., Class A 39,900 Royal Caribbean Cruises, Ltd. 39,400
3,113,397 3,247,742 6,361,139
Household Durables - 1.16% NVR, Inc.* Insurance - 4.22% Aflac, Inc. Allstate Corp. (The) Employers Holdings, Inc. Genworth Financial, Inc., Class A* Infinity Property & Casualty Corp. Maiden Holdings, Ltd. Navigators Group, Inc. (The)*
2,400
87,900 29,000 22,000 35,900 55,900
2,626,870 2,458,750 1,499,938
143,600
1,220,600
5,260 113,200
406,388 1,447,828
20,400
1,496,136 11,156,510
Internet Software & Services - 1.01% Facebook, Inc., Class A* 34,300
2,676,086
IT Services - 2.04% Computer Sciences Corp. Paychex, Inc.
2,793,115 2,613,222
2,178,162 2,617,540 2,333,100 2,669,165 2,767,050 12,565,017
3,060,792
43,000 35,000 63,800
44,300 56,600
Oil, Gas & Consumable Fuels - 4.75% Green Plains, Inc. Marathon Petroleum Corp. Targa Resources Corp. Tesoro Corp. Valero Energy Corp.
Paper & Forest Products - 1.05% International Paper Co.
51,900
2,780,802
Pharmaceuticals - 1.98% Actavis PLC*
20,300
5,225,423
Real Estate Investment Trusts (REITs) - 1.04% FelCor Lodging Trust, Inc. 253,600
2,743,952
Real Estate Management & Development - 1.16% Jones Lang Lasalle, Inc. 20,500 3,073,565 Road & Rail - 1.13% Avis Budget Group, Inc.*
45,000
2,984,850
Semiconductors & Semiconductor Equipment - 6.29% Amkor Technology, Inc.* 244,200 1,733,820 Lam Research Corp. 33,000 2,618,220 Micron Technology, Inc.* 162,400 5,685,624 Skyworks Solutions, Inc. 90,800 6,602,068 16,639,732
5,406,337 Machinery - 2.37% Briggs & Stratton Corp. Greenbrier Companies., Inc. (The)+ Trinity Industries, Inc.
121,000
2,470,820
39,500 60,000
2,122,335 1,680,600 6,273,755
2
Software - 0.97% salesforce.com, inc.*
43,200
2,562,192
Specialty Retail - 4.74% CarMax, Inc.* Gap, Inc. (The) PetSmart, Inc.
46,900 89,000 35,000
3,122,602 3,747,790 2,845,325
Semi-Annual Report
December 31, 2014 (Unaudited)
Aggressive Investors 1 Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of December 31, 2014 (Unaudited) Industry Company
Shares
Value
Value TOTAL INVESTMENTS - 103.71%
Common Stocks (continued) Specialty Retail (continued) Select Comfort Corp.*
104,000
$
2,811,120 12,526,837
Textiles, Apparel & Luxury Goods - 1.01% Skechers U.S.A., Inc., Class A* 48,200
2,663,050
Trading Companies & Distributors - 2.43% Rush Enterprises, Inc., Class A* 75,700 United Rentals, Inc.* 38,700 Veritiv Corp.* 992
2,426,185 3,947,787 51,455
$274,353,865
(Cost $226,492,014) Liabilities in Excess of Other Assets - (3.71%)
(9,820,362)
NET ASSETS - 100.00%
$264,533,503
* Non-income producing security. ** This security represents the investment of the collateral received in connection with securities out on loan as of December 31, 2014. ^ Rate disclosed as of December 31, 2014. + This security or a portion of the security is out on loan as of December 31, 2014. Total loaned securities had a value of $8,534,097 at December 31, 2014. ADR - American Depositary Receipt PLC - Public Limited Company
6,425,427 TOTAL COMMON STOCKS - 99.56% (Cost $215,549,812)
263,383,994
Summary of inputs used to value the Fund’s investments as of 12/31/2014 is as follows (See Note 2 in Notes to Financial Statements): Valuation Inputs
Number of Contracts
Investment in Securities (Value)
Value
CALL OPTIONS PURCHASED - 0.03% Alaska Air Group, Inc. Expiring January, 2015 at $57.50
230
TOTAL CALL OPTIONS PURCHASED — 0.03% (Cost $43,631)
Rate^
Shares
0.03%
58,512
TOTAL MONEY MARKET FUND - 0.02% (Cost $58,512)
71,300
Value
58,512 58,512
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 4.10% Dreyfus Cash Management Fund**
0.03%
10,840,059
TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING 4.10% (Cost $10,840,059)
www.bridgeway.com
Level 3 Significant Unobservable Inputs
Total
71,300
MONEY MARKET FUND - 0.02% Dreyfus Cash Management Fund
Level 2 Significant Observable Inputs
Level 1 Quoted Prices
10,840,059
Common Stocks Call Options Purchased Money Market Fund Investments Purchased with Cash Proceeds From Securities Lending TOTAL
$263,383,994 $
—
$
—
$263,383,994
71,300
—
—
71,300
—
58,512
—
58,512
— 10,840,059 $263,455,294 $10,898,571
$
—
10,840,059
—
$274,353,865
See Notes to Financial Statements.
10,840,059
3
Shares
Value
Industry Company
Shares
Value
COMMON STOCKS - 99.56% Airlines - 9.65% Delta Air Lines, Inc. Hawaiian Holdings, Inc.*+ Southwest Airlines Co. United Continental Holdings, Inc.*
101,300 192,100 196,300
$ 4,982,947 5,004,205 8,307,416
108,200
7,237,498 25,532,066
Auto Components - 2.15% Delphi Automotive PLC Magna International, Inc.
40,100 25,400
2,916,072 2,760,726
Computers & Peripherals (continued) Seagate Technology PLC 38,500 Super Micro Computer, Inc.* 103,300 Western Digital Corp. 26,500
15,843,513 Consumer Finance - 2.64% Capital One Financial Corp. Navient Corp. SLM Corp. World Acceptance Corp.*+
31,500 96,000 96,000 16,600
Beverages - 2.04% Constellation Brands, Inc., Class A* Dr. Pepper Snapple Group, Inc.
56,400
2,384,592
28,100
2,758,577
36,700
2,630,656
2,600,325 2,074,560 978,240 1,318,870 6,971,995
5,676,798 Automobiles - 0.90% Tata Motors, Ltd., ADR
$ 2,560,250 3,603,104 2,933,550
Containers & Packaging - 3.37% Ball Corp. Crown Holdings, Inc.* Packaging Corp. of America
49,700 54,800 35,100
3,388,049 2,789,320 2,739,555 8,916,924
Distributors - 0.54% Core-Mark Holding Co., Inc.
23,000
1,424,390
Diversified Financial Services - 1.18% Voya Financial, Inc. 73,900
3,131,882
5,389,233 Building Products - 0.56% Universal Forest Products, Inc. Capital Markets - 2.15% Affiliated Managers Group, Inc.* Morgan Stanley
28,000
13,000 75,500
1,489,600
2,759,120 2,929,400
Diversified Telecommunication Services - 3.13% Level 3 Communications, Inc.* 116,008 Verizon Communications, Inc. 54,500
5,728,475 2,549,510 8,277,985
5,688,520 Chemicals - 2.35% Celanese Corp., Class A Dow Chemical Co. (The) LyondellBasell Industries NV, Class A
Electronic Equipment, Instruments & Components - 0.89% Plexus Corp.* 56,900 2,344,849 43,000 53,000
2,578,280 2,417,330
15,500
1,230,545 6,226,155
Commercial Banks - 2.98% CIT Group, Inc. PNC Financial Services Group, Inc. (The) Royal Bank of Canada
54,200
2,592,386
30,600 36,200
2,791,638 2,500,334 7,884,358
Commercial Services & Supplies - 1.01% ACCO Brands Corp.* 296,800 Computers & Peripherals - 5.99% Apple, Inc. Hewlett-Packard Co.
www.bridgeway.com
33,600 75,700
Energy Equipment & Services - 2.60% Halliburton Co. 40,700 Matrix Service Co.* 56,000 Noble Corp. PLC 89,700 Seadrill, Ltd.+ 213,500
1,600,731 1,249,920 1,486,329 2,549,190 6,886,170
Food & Staples Retailing - 3.09% Kroger Co. (The) Pantry, Inc. (The)* Rite Aid Corp.*
43,300 72,600 360,300
2,780,293 2,690,556 2,709,456 8,180,305
2,674,168 3,708,768 3,037,841
Food Products - 1.02% Pilgrim’s Pride Corp.*+
82,400
2,701,896
Gas Utilities - 0.76% ONEOK, Inc.
40,500
2,016,495
1
Aggressive Investors 1 Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of December 31, 2014 (Unaudited) Industry Company
Shares
Common Stocks (continued) Health Care Equipment & Supplies - 2.39% C.R. Bard, Inc. 17,000 Edwards Lifesciences Corp.* 27,500
Value
$ 2,832,540 3,502,950 6,335,490
Health Care Providers & Services - 2.51% HCA Holdings, Inc.* 40,100 Triple-S Management Corp., Class B* 44,300 Universal Health Services, Inc., Class B 23,600
Industry Company
Shares
Marine - 1.00% Matson, Inc. Metals & Mining - 2.64% Alcoa, Inc. Century Aluminum Co.* United States Steel Corp.
76,800
$ 2,651,136
161,800 116,900 59,400
2,554,822 2,852,360 1,588,356
2,942,939 1,059,213 2,625,736 6,627,888
Value
6,995,538 Multi-Utilities - 2.27% Consolidated Edison, Inc. Public Service Enterprise Group, Inc.
45,200
2,983,652
73,000
3,022,930 6,006,582
Hotels, Restaurants & Leisure - 2.40% Marriott International, Inc., Class A 39,900 Royal Caribbean Cruises, Ltd. 39,400
3,113,397 3,247,742 6,361,139
Household Durables - 1.16% NVR, Inc.* Insurance - 4.22% Aflac, Inc. Allstate Corp. (The) Employers Holdings, Inc. Genworth Financial, Inc., Class A* Infinity Property & Casualty Corp. Maiden Holdings, Ltd. Navigators Group, Inc. (The)*
2,400
87,900 29,000 22,000 35,900 55,900
2,626,870 2,458,750 1,499,938
143,600
1,220,600
5,260 113,200
406,388 1,447,828
20,400
1,496,136 11,156,510
Internet Software & Services - 1.01% Facebook, Inc., Class A* 34,300
2,676,086
IT Services - 2.04% Computer Sciences Corp. Paychex, Inc.
2,793,115 2,613,222
2,178,162 2,617,540 2,333,100 2,669,165 2,767,050 12,565,017
3,060,792
43,000 35,000 63,800
44,300 56,600
Oil, Gas & Consumable Fuels - 4.75% Green Plains, Inc. Marathon Petroleum Corp. Targa Resources Corp. Tesoro Corp. Valero Energy Corp.
Paper & Forest Products - 1.05% International Paper Co.
51,900
2,780,802
Pharmaceuticals - 1.98% Actavis PLC*
20,300
5,225,423
Real Estate Investment Trusts (REITs) - 1.04% FelCor Lodging Trust, Inc. 253,600
2,743,952
Real Estate Management & Development - 1.16% Jones Lang Lasalle, Inc. 20,500 3,073,565 Road & Rail - 1.13% Avis Budget Group, Inc.*
45,000
2,984,850
Semiconductors & Semiconductor Equipment - 6.29% Amkor Technology, Inc.* 244,200 1,733,820 Lam Research Corp. 33,000 2,618,220 Micron Technology, Inc.* 162,400 5,685,624 Skyworks Solutions, Inc. 90,800 6,602,068 16,639,732
5,406,337 Machinery - 2.37% Briggs & Stratton Corp. Greenbrier Companies., Inc. (The)+ Trinity Industries, Inc.
121,000
2,470,820
39,500 60,000
2,122,335 1,680,600 6,273,755
2
Software - 0.97% salesforce.com, inc.*
43,200
2,562,192
Specialty Retail - 4.74% CarMax, Inc.* Gap, Inc. (The) PetSmart, Inc.
46,900 89,000 35,000
3,122,602 3,747,790 2,845,325
Semi-Annual Report
December 31, 2014 (Unaudited)
Aggressive Investors 1 Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of December 31, 2014 (Unaudited) Industry Company
Shares
Value
Value TOTAL INVESTMENTS - 103.71%
Common Stocks (continued) Specialty Retail (continued) Select Comfort Corp.*
104,000
$
2,811,120 12,526,837
Textiles, Apparel & Luxury Goods - 1.01% Skechers U.S.A., Inc., Class A* 48,200
2,663,050
Trading Companies & Distributors - 2.43% Rush Enterprises, Inc., Class A* 75,700 United Rentals, Inc.* 38,700 Veritiv Corp.* 992
2,426,185 3,947,787 51,455
$274,353,865
(Cost $226,492,014) Liabilities in Excess of Other Assets - (3.71%)
(9,820,362)
NET ASSETS - 100.00%
$264,533,503
* Non-income producing security. ** This security represents the investment of the collateral received in connection with securities out on loan as of December 31, 2014. ^ Rate disclosed as of December 31, 2014. + This security or a portion of the security is out on loan as of December 31, 2014. Total loaned securities had a value of $8,534,097 at December 31, 2014. ADR - American Depositary Receipt PLC - Public Limited Company
6,425,427 TOTAL COMMON STOCKS - 99.56% (Cost $215,549,812)
263,383,994
Summary of inputs used to value the Fund’s investments as of 12/31/2014 is as follows (See Note 2 in Notes to Financial Statements): Valuation Inputs
Number of Contracts
Investment in Securities (Value)
Value
CALL OPTIONS PURCHASED - 0.03% Alaska Air Group, Inc. Expiring January, 2015 at $57.50
230
TOTAL CALL OPTIONS PURCHASED — 0.03% (Cost $43,631)
Rate^
Shares
0.03%
58,512
TOTAL MONEY MARKET FUND - 0.02% (Cost $58,512)
71,300
Value
58,512 58,512
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 4.10% Dreyfus Cash Management Fund**
0.03%
10,840,059
TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING 4.10% (Cost $10,840,059)
www.bridgeway.com
Level 3 Significant Unobservable Inputs
Total
71,300
MONEY MARKET FUND - 0.02% Dreyfus Cash Management Fund
Level 2 Significant Observable Inputs
Level 1 Quoted Prices
10,840,059
Common Stocks Call Options Purchased Money Market Fund Investments Purchased with Cash Proceeds From Securities Lending TOTAL
$263,383,994 $
—
$
—
$263,383,994
71,300
—
—
71,300
—
58,512
—
58,512
— 10,840,059 $263,455,294 $10,898,571
$
—
10,840,059
—
$274,353,865
See Notes to Financial Statements.
10,840,059
3
