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Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS Showing percentage of net assets as of June 30, 2015 Industry Company
Shares
Value
Industry Company
Shares
Value
COMMON STOCKS - 99.80% Aerospace & Defense - 1.30% AAR Corp.+ Arotech Corp.*+ Breeze-Eastern Corp.* Cubic Corp. Ducommun, Inc.* Erickson, Inc.*+ LMI Aerospace, Inc.*+ National Presto Industries, Inc.+ Sypris Solutions, Inc.
92,600 162,800 625 5,000 62,770 1,417 35,000
$2,951,162 392,348 7,188 237,900 1,611,306 6,150 350,350
5,020 6,400
403,206 9,280 5,968,890
Air Freight & Logistics - 0.83% Air T, Inc.* Air Transport Services Group, Inc.* Atlas Air Worldwide Holdings, Inc.*
2,800
58,688
260,200
2,729,498
18,800
1,033,248 3,821,434
Airlines - 1.26% Hawaiian Holdings, Inc.* Republic Airways Holdings, Inc.* SkyWest, Inc.
135,634
3,221,308
130,550 91,800
1,198,449 1,380,672 5,800,429
Auto Components - 2.15% China Automotive Systems, Inc.*+ China XD Plastics Co., Ltd.*+ Cooper Tire & Rubber Co. Cooper-Standard Holding, Inc.* Fuel Systems Solutions, Inc.*+ Modine Manufacturing Co.* Remy International, Inc. Shiloh Industries, Inc.*+ SORL Auto Parts, Inc.*+ Spartan Motors, Inc.+ Stoneridge, Inc.* Strattec Security Corp. Superior Industries International, Inc.
28,200
237,444
100,900 14,000
608,427 473,620
51,000
3,134,970
60,122 84,000 21,600 15,000 129,900 22,000 55,900 1,300
449,713 901,320 477,576 194,250 423,474 100,760 654,589 89,310
115,400
2,112,974
www.bridgeway.com
26,743 81,850 140,900 10,000
$ 59,904 1,667,284 2,243,128 520,300 4,490,616
Capital Markets - 1.59% Arlington Asset Investment Corp., Class A+ BlackRock Capital Investment Corp. Calamos Asset Management, Inc., Class A Cowen Group, Inc., Class A* FBR & Co.*+ Gladstone Capital Corp.+ INTL FCStone, Inc.* Investment Technology Group, Inc. JMP Group LLC+ KCG Holdings, Inc., Class A* MCG Capital Corp. OFS Capital Corp. Oppenheimer Holdings, Inc., Class A Piper Jaffray Cos.*
13,700
267,972
35,000
319,900
64,300
787,675
105,900 21,600 31,900 2,200
677,760 499,824 252,010 73,128
57,050 87,300
1,414,840 680,940
35,000 50,000 28,708
431,550 228,000 344,496
31,093 11,400
817,124 497,496 7,292,715
9,858,427 Beverages - 0.04% MGP Ingredients, Inc.
Building Products - 0.98% Alpha Pro Tech, Ltd.* Gibraltar Industries, Inc.* Griffon Corp. Universal Forest Products, Inc.
11,318
190,369
Chemicals - 1.96% Core Molding Technologies, Inc.* Gulf Resources, Inc.* Intrepid Potash, Inc.* KMG Chemicals, Inc. Kraton Performance Polymers, Inc.* OM Group, Inc.
17,000 153,200 93,600 58,200
388,280 316,358 1,117,584 1,480,608
85,750 108,300
2,047,710 3,638,880 8,989,420
Commercial Banks - 17.79% 1st Source Corp. Access National Corp. American National Bankshares, Inc. American River Bankshares* AmeriServ Financial, Inc.
78,952 2,700
2,693,842 52,488
21,800 21,300 5,000
519,058 198,516 16,650
1
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of June 30, 2015 Industry Company Common Stocks (continued) Commercial Banks (continued) Bank of Commerce Holdings Bank of the Ozarks, Inc. Banner Corp. Bar Harbor Bankshares+ Baylake Corp.+ BBCN Bancorp, Inc. BCB Bancorp, Inc. BNC Bancorp Boston Private Financial Holdings, Inc. 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.+ Citizens & Northern Corp. Civista Bancshares, Inc. CNB Financial Corp. Codorus Valley Bancorp, Inc. Community Bankers Trust Corp.*+ Community Trust Bancorp, Inc. Customers Bancorp, Inc.* Enterprise Bancorp, Inc.+ Enterprise Financial Services Corp. Farmers Capital Bank Corp.* Farmers National Banc Corp.+ Fidelity Southern Corp.+ Financial Institutions, Inc. First Bancorp First Bancorp, Inc.+ First BanCorp.* First Busey Corp. First Business Financial Services, Inc.
2
Shares
Value
45,300 17,812 11,450 11,250 3,000 15,000 10,400 73,844
$ 259,569 814,899 548,798 398,588 37,950 221,850 127,088 1,427,405
10,000 31,633 1,200 9,500
134,100 699,406 44,460 367,650
48,750 25,000
744,412 544,750
11,500
139,322
25,000
593,750
20,000
236,600
15,200 61,500 13,500 15,000 2,000 29,000
618,032 2,033,190 357,480 308,250 21,600 533,600
3,990
80,718
5,000
24,850
17,500 20,000 11,775
610,225 537,800 276,006
27,700
630,729
18,400
523,112
150 55,723 39,300 49,571 1,295 327,800 55,710
1,238 971,809 976,212 826,844 25,175 1,579,996 366,015
2,800
131,264
Industry Company Commercial Banks (continued) First Commonwealth Financial Corp. First Community Bancshares, Inc. First Connecticut Bancorp, Inc. First Financial Bancorp First Financial Corp. First Internet Bancorp+ First Interstate BancSystem, Inc., Class A First Merchants Corp. First Midwest Bancorp, Inc. First of Long Island Corp. (The) First United Corp.* Flushing Financial Corp. German American Bancorp, Inc. Great Southern Bancorp, Inc. Hampton Roads Bankshares, Inc.*+ Heartland Financial USA, Inc. 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. Lakeland Bancorp, Inc. Landmark 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.
Shares
Value
158,300
$1,518,097
44,000
801,680
16,100 66,600 37,000 1,500
255,507 1,194,804 1,323,120 36,750
95,200 79,311 129,000
2,640,848 1,958,982 2,447,130
12,000 5,000 44,297
332,640 43,300 930,680
13,000
382,850
26,900
1,133,566
386,754
804,448
41,600 28,100 60,260 200
1,548,352 270,041 1,076,846 1,574
2,961 3,150 25,200
49,626 78,624 710,892
6,500 75,625
304,785 1,025,475
90,687 102,050 1,000 26,672 13,200
2,436,760 1,213,374 24,260 493,432 69,960
67,400 17,400 60,322 31,600 5,000 27,300 21,400 22,500
1,479,430 599,256 346,248 676,556 165,350 713,622 385,200 343,350
15,000
493,800
Annual Report
June 30, 2015
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of June 30, 2015 Industry Company Common Stocks (continued) Commercial Banks (continued) Monarch Financial Holdings, Inc. MutualFirst Financial, Inc. National Bankshares, 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.* Orrstown Financial Services, Inc. Pacific Continental Corp. Pacific Mercantile Bancorp* Park Sterling Corp. Parke Bancorp, Inc.+ 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. SB Financial Group, Inc.+ Shore Bancshares, Inc.* Sierra Bancorp South State Corp. Southern National Bancorp of Virginia, Inc. Southwest Bancorp, Inc. State Bank Financial Corp. Sun Bancorp, Inc.* Tompkins Financial Corp. TowneBank+ Trico Bancshares TriState Capital Holdings, Inc.*
www.bridgeway.com
Shares
Value
13,662 10,900 2,500
$ 171,458 253,207 73,150
25,000 13,000 96,700 30,445 92,600 50 20,000 54,750
282,000 340,210 863,531 780,305 988,042 794 289,200 361,350
16,800 55,500 20,000 48,852 300
271,824 750,915 151,800 351,734 3,849
6,894 29,200
153,185 681,528
18,700 35,700
1,016,719 1,072,785
25,200 2,000 47,946
389,340 43,520 1,563,040
21,550
553,835
37,000 49,300 1,183 24,000 400 11,112 45,000 14,506
128,390 1,458,787 36,910 671,520 4,236 104,786 778,950 1,102,311
20,000 32,900 97,384 10,000 12,808 10,000 37,400
221,600 612,269 2,113,233 192,500 688,046 162,900 899,470
50,000
646,500
Industry Company Commercial Banks (continued) Trustmark Corp. Union Bankshares Corp. United Community Banks, Inc. Univest Corp. of Pennsylvania WesBanco, Inc. Wilshire Bancorp, Inc. Yadkin Financial Corp.*
Shares
32,100 60,966
Value
$
801,858 1,416,850
35,650
744,016
62,600 70,273 40,000 38,452
1,274,536 2,390,687 505,200 805,569 81,734,956
Commercial Services & Supplies - 2.71% ACCO Brands Corp.* 333,000 Acme United Corp. 735 Brink’s Co. (The) 22,000 Command Security Corp.* 26,800 Ecology & Environment, Inc., Class A+ 3,500 EnerNOC, Inc.* 124,100 Ennis, Inc. 136,892 Heritage-Crystal Clean, Inc.* 13,954 Kimball International, Inc., Class B 107,200 McGrath RentCorp 2,300 Multi-Color Corp. 22,400 Quad/Graphics, Inc. 70,000 RR Donnelley & Sons Co. 24,597 TRC Cos., Inc.* 10,600 Versar, Inc.* 8,600 Viad Corp. 17,400
2,587,410 13,304 647,460 54,404 36,470 1,203,770 2,544,822 205,124 1,303,552 69,989 1,430,912 1,295,700 428,726 107,590 33,884 471,714 12,434,831
Communications Equipment - 0.55% Bel Fuse, Inc., Class B Black Box Corp. Blonder Tongue Laboratories* ClearOne, Inc. Communications Systems, Inc. Harmonic, Inc.* NETGEAR, Inc.* Polycom, Inc.*
18,500 51,561
379,620 1,031,220
10,000 27,500
7,700 354,888
4,150 28,700 10,000 20,700
43,616 196,021 300,200 236,808 2,550,073
Computers & Peripherals - 0.06% Concurrent Computer Corp. Hutchinson Technology, Inc.*+
3,600
22,320
100,900
172,539
3
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of June 30, 2015 Industry Company
Shares
Common Stocks (continued) Computers & Peripherals (continued) USA Technologies, Inc.*+ 25,000
Value
$
67,500 262,359
Construction & Engineering - 0.97% Aegion Corp.* 71,800 Goldfield Corp. (The)* 121,000 Great Lakes Dredge & Dock Corp.* 255,000 Integrated Electrical Services, Inc.* 2,717 MYR Group, Inc.* 12,100 Northwest Pipe Co.* 33,295 Orion Marine Group, Inc.* 43,920
1,359,892 200,860 1,519,800 19,291 374,616 678,219 317,102 4,469,780
Consumer Finance - 1.07% Asta Funding, Inc.* Cash America International, Inc. Consumer Portfolio Services, Inc.*+ Encore Capital Group, Inc.*+ Ezcorp, Inc., Class A* Green Dot Corp., Class A* Nelnet, Inc., Class A Nicholas Financial, Inc.*+ Regional Management Corp.*
37,900
317,602
10,200
267,138
97,000
606,250
10,000 33,900 72,000 25,800 25,000
427,400 251,877 1,376,640 1,117,398 318,000
12,700
226,822 4,909,127
Distributors - 0.15% AMCON Distributing Co. VOXX International Corp.* Weyco Group, Inc.
800 56,500 5,000
62,248 467,820 149,100
Industry Company
Shares
Diversified Financial Services (continued) Marlin Business Services Corp. 2,100 PHH Corp.* 69,550 Resource America, Inc., Class A+ 291 Sterling Bancorp+ 10,000 Summit Financial Group, Inc. 2,115
893,090 10,100 1,918,780 43,000 2,864,970
Diversified Financial Services - 1.04% Enova International, Inc.* 9,333 Gain Capital Holdings, Inc. 47,599 Interactive Brokers Group, Inc., Class A 51,150
4
174,340 455,046 2,125,794
$ 35,448 1,810,386 2,447 147,000 23,709 4,774,170
Diversified Telecommunication Services - 1.26% Alaska Communications Systems Group, Inc.* 178,400 Atlantic Tele-Network, Inc. 11,300 General Communication, Inc., Class A* 82,650 Hawaiian Telcom Holdco, Inc.* 29,500 Iridium Communications, Inc.*+ 241,325 Premiere Global Services, Inc.* 20,700
428,160 780,604 1,405,876 769,950 2,193,644 213,003 5,791,237
Electrical Equipment - 0.32% Broadwind Energy, Inc.* GrafTech International, Ltd.* Highpower International, Inc.*+ II-VI, Inc.* LSI Industries, Inc. Orion Energy Systems, Inc.* Preformed Line Products Co. Ultralife Corp.*
75,000 80,500
318,000 399,280
25,923 13,000 15,000 74,300
99,285 246,740 140,100 186,493
1,000 7,350
37,720 30,796 1,458,414
679,168 Diversified Consumer Services - 0.62% K12, Inc.* 70,600 Lincoln Educational Services Corp. 5,000 Regis Corp.* 121,750 Universal Technical Institute, Inc. 5,000
Value
Electronic Equipment, Instruments & Components - 2.59% Benchmark Electronics, Inc.* 79,700 1,735,866 Fabrinet* 30,050 562,837 GSI Group, Inc.* 9,600 144,288 Insight Enterprises, Inc.* 29,800 891,318 Iteris, Inc.* 87,000 153,990 Key Tronic Corp.* 22,000 239,140 Kimball Electronics, Inc.* 50,400 735,336 PAR Technology Corp.* 101,800 499,838 PCM, Inc.* 8,769 87,953 Planar Systems, Inc.*+ 10,000 43,600 Rofin-Sinar Technologies, Inc.* 5,000 138,000
Annual Report
June 30, 2015
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of June 30, 2015 Industry Company
Shares
Value
Common Stocks (continued) Electronic Equipment, Instruments & Components (continued) Sanmina Corp.* 142,700 $ 2,876,832 ScanSource, Inc.* 16,000 608,960 Sigmatron International, Inc.*+ 13,000 118,300 SMTC Corp.* 7,500 12,450 TTM Technologies, Inc.* 151,538 1,513,865 Vishay Precision Group, Inc.* 101,448 1,527,807 Wireless Telecom Group, Inc.* 10,000 21,700 11,912,080 Energy Equipment & Services - 2.99% Basic Energy Services, Inc.* 70,100 C&J Energy Services, Ltd.* 81,300 CARBO Ceramics, Inc.+ 16,820 Checkpoint Systems, Inc. 17,000 ENGlobal Corp.* 83,200 Era Group, Inc.* 11,000 Gulf Island Fabrication, Inc. 13,503 Gulfmark Offshore, Inc., Class A+ 13,000 Helix Energy Solutions Group, Inc.* 15,000 ION Geophysical Corp.* 50,000 Natural Gas Services Group, Inc.* 29,800 Newpark Resources, Inc.* 85,000 Parker Drilling Co.* 221,250 PHI, Inc.* 90,200 Pioneer Energy Services Corp.* 329,940 SEACOR Holdings, Inc.* 26,000 Tesco Corp. 94,505 Unit Corp.* 22,000
529,255 1,073,160 700,217 173,060 112,320 225,280 150,829 150,800 189,450 53,500 680,036 691,050 734,550 2,707,804 2,091,820 1,844,440 1,030,104 596,640 13,734,315
Food & Staples Retailing - 1.58% Andersons, Inc. (The) Ingles Markets, Inc., Class A SpartanNash Co. Village Super Market, Inc., Class A Weis Markets, Inc.
58,100 49,800 56,146
2,265,900 2,378,946 1,826,991
1,709 17,500
54,158 737,625 7,263,620
Food Products - 2.19% Fresh Del Monte Produce, Inc. John B. Sanfilippo & Son, Inc.
www.bridgeway.com
88,000
3,402,080
9,200
477,480
Industry Company Food Products (continued) Omega Protein Corp.* Post Holdings, Inc.*+ Seneca Foods Corp., Class A*
Shares
Value
123,750 62,000
$ 1,701,562 3,343,660
40,100
1,113,577 10,038,359
Health Care Equipment & Supplies - 0.73% AngioDynamics, Inc.* 74,400 Exactech, Inc.* 17,500 Invacare Corp. 47,900 Kewaunee Scientific Corp. 3,000 Merit Medical Systems, Inc.* 20,000 Symmetry Surgical, Inc.* 31,250
1,220,160 364,525 1,036,077 49,320 430,800 272,500 3,373,382
Health Care Providers & Services - 4.28% Almost Family, Inc.* 24,600 Amedisys, Inc.* 93,950 Amsurg Corp.* 28,550 Five Star Quality Care, Inc.* 146,300 InfuSystems Holdings, Inc.*+ 36,100 Kindred Healthcare, Inc. 81,350 LHC Group, Inc.* 38,000 Magellan Health, Inc.* 26,225 Molina Healthcare, Inc.* 30,950 National Healthcare Corp. 13,000 PharMerica Corp.* 72,050 Premier, Inc., Class A* 12,500 Triple-S Management Corp., Class B* 50,800
981,786 3,732,634 1,997,073 702,240 115,159 1,650,592 1,453,500 1,837,586 2,175,785 844,870 2,399,265 480,750 1,303,528 19,674,768
Hotels, Restaurants & Leisure - 3.80% Ambassadors Group, Inc.* 500 Boyd Gaming Corp.* 136,100 Flanigan’s Enterprises, Inc.+ 2,500 Frisch’s Restaurants, Inc.+ 10,900 International Speedway Corp., Class A 64,829 Intrawest Resorts Holdings, Inc.* 10,500 Isle of Capri Casinos, Inc.* 96,200 Luby’s, Inc.* 207,600 Marcus Corp. (The) 130,150 Monarch Casino & Resort, Inc.* 29,400 Nevada Gold & Casinos, Inc.* 300 Penn National Gaming, Inc.*+ 133,800
1,220 2,034,695 61,750 365,913 2,377,279 122,010 1,746,030 1,006,860 2,496,277 604,464 495 2,455,230
5
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of June 30, 2015 Industry Company
Shares
Common Stocks (continued) Hotels, Restaurants & Leisure (continued) Red Lion Hotels Corp.* 43,905 Ruby Tuesday, Inc.* 249,900 Speedway Motorsports, Inc. 99,900
Value
$
336,312 1,566,873 2,262,735 17,438,143
Household Durables - 1.41% Bassett Furniture Industries, Inc. CSS Industries, Inc. Hooker Furniture Corp.+ Lifetime Brands, Inc. NACCO Industries, Inc., Class A P&F Industries, Inc., Class A* Skullcandy, Inc.* William Lyon Homes, Class A* ZAGG, Inc.*
80,500 44,900 15,000 24,400
2,287,005 1,358,225 376,650 360,388
9,250
562,030
696 13,000
5,944 99,710
10,000 145,700
256,700 1,153,944 6,460,596
Household Products - 0.61% Central Garden & Pet Co., Class A* Insurance - 8.86% Ambac Financial Group, Inc.* American Equity Investment Life Holding Co. American Independence Corp.*+ AMERISAFE, Inc. Argo Group International Holdings, Ltd. Baldwin & Lyons, Inc., Class B Citizens, Inc.*+ Donegal Group, Inc., Class A EMC Insurance Group, Inc. Employers Holdings, Inc. FBL Financial Group, Inc., Class A Federated National Holding Co. Fidelity & Guaranty Life First Acceptance Corp.* Hallmark Financial Services, Inc.* HCI Group, Inc. Heritage Insurance Holdings, Inc.* 6
245,003
2,795,484
68,000
1,131,520
94,850
2,559,053
1,800 26,800
16,956 1,261,208
8,800
490,160
25,900 13,040
596,218 97,278
26,900 20,550 38,500
409,687 515,188 877,030
35,806
2,066,722
37,288 30,800 140,000
902,370 727,804 448,000
57,800 8,000
657,764 353,680
15,000
344,850
Industry Company
Shares
Insurance (continued) 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. Third Point Reinsurance, Ltd.*+ United Fire Group, Inc. United Insurance Holdings Corp. Universal Insurance Holdings, Inc.
20,000
Value
$
481,800
60,800 15,050
2,211,904 198,510
15,640 1,000
1,186,138 70,890
7,000 4,300 162,600 42,100
319,970 32,680 2,565,828 253,021
86,000 46,400 8,000
739,600 1,832,800 218,560
5,614
1,344,497
37,200
2,885,232
41,000 24,000
594,910 1,385,040
90,950 18,400
2,551,148 440,680
62,150
2,473,570
35,000 58,800
516,250 1,926,288
60,000
932,400
86,316
2,088,847 40,706,051
Internet & Catalog Retail - 0.23% CafePress, Inc.*+ FTD Cos., Inc.* Lands’ End, Inc.*+
25,000 25,380 10,000
112,500 715,462 248,300 1,076,262
Internet Software & Services - 0.92% Autobytel, Inc.* Blucora, Inc.* Demand Media, Inc.*+ Marchex, Inc., Class B Monster Worldwide, Inc.* United Online, Inc.* Unwired Planet, Inc.*
11,000 65,500 40,000 70,000 264,200 41,429 10,000
175,890 1,057,825 254,400 346,500 1,727,868 649,192 6,200 4,217,875
Annual Report
June 30, 2015
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of June 30, 2015 Industry Company Common Stocks (continued) IT Services - 2.14% CACI International, Inc., Class A* CIBER, Inc.* Edgewater Technology, Inc.* Engility Holdings, Inc. Global Cash Access Holdings, Inc.* ManTech International Corp., Class A ModusLink Global Solutions, Inc.* NCI, Inc., Class A Newtek Business Services Corp.+ Sykes Enterprises, Inc.*
Shares
Value
Marine (continued) Ultrapetrol Bahamas, Ltd.* 30,924 82,350 51,100 51,400
$2,501,442 284,108 373,030 1,293,224
85,000
657,900
88,800
2,575,200
20,000 62,804
68,000 648,765
2,318 58,134
41,075 1,409,750 9,852,494
Leisure Equipment & Products - 0.19% Johnson Outdoors, Inc., Class A 32,779 Summer Infant, Inc.* 41,400
771,945 83,628 855,573
Machinery - 1.60% Ampco-Pittsburgh Corp. Briggs & Stratton Corp. Chicago Rivet & Machine Co.+ Cleantech Solutions International, Inc.*+ Dynamic Materials Corp. Eastern Co. (The) FreightCar America, Inc. Hardinge, Inc. Hurco Companies, Inc. L.B. Foster Co., Class A L.S. Starrett Co., Class A (The) MFRI, Inc.* Supreme Industries, Inc., Class A THT Heat Transfer Technology, Inc.* Titan International, Inc.+ WSI Industries, Inc.
www.bridgeway.com
Shares
15,000
Media - 1.92% Ballantyne Strong, Inc.* CTC Media, Inc. Entercom Communications Corp., Class A* Eros International PLC*+ Global Sources, Ltd.*+ Harte-Hanks, Inc. Insignia Systems, Inc.* New Media Investment Group, Inc. Radio One, Inc., Class D*+ Reading International, Inc., Class A* Salem Media Group, Inc.+ Scholastic Corp.
16,950
203,926 8,626
117,425 24,700 4,200 300,300 4,900
1,340,994 620,464 29,190 1,789,788 13,377
12,800 123,800
229,504 392,446
31,209 83,452 72,800
432,245 528,251 3,212,664 8,801,475
Metals & Mining - 1.32% Century Aluminum Co.* Handy & Harman, Ltd.* Hecla Mining Co. Kaiser Aluminum Corp. Materion Corp. Noranda Aluminum Holding Corp. Stillwater Mining Co.* Synalloy Corp. Thompson Creek Metals Co., Inc.* Universal Stainless & Alloy Products, Inc.*+
147,100 800 327,000 21,980 33,400
1,534,253 27,720 860,010 1,826,098 1,177,350
23,500 20,000 7,000
19,975 231,800 95,900
3,500
2,870
14,658
288,030
1,000
28,000
11,500 20,100 18,401 14,200 75,000 6,090 18,600
34,270 221,100 340,787 296,496 738,750 210,836 643,746
22,500 29,900
337,500 180,895
Multiline Retail - 0.19% Fred’s, Inc., Class A
35,805
306,849
15,000 136,000 1,300
13,800 1,460,640 8,359
Oil, Gas & Consumable Fuels - 5.32% Abraxas Petroleum Corp.* 180,200 Adams Resources & Energy, Inc. 19,100 Alon USA Energy, Inc. 70,850 Bill Barrett Corp.*+ 15,000 Bonanza Creek Energy, Inc.* 46,000 Callon Petroleum Co.* 293,900 Carrizo Oil & Gas, Inc.* 25,000 Clayton Williams Energy, Inc.* 16,000
161,820 29,160
$
43,481 3,800
622,944 1,912,518
43,500 9,000
Value
207,930
41,200 99,300
7,357,490 Marine - 0.05% Navios Maritime Holdings, Inc.+ Rand Logistics, Inc.*+
Industry Company
6,064,006 46,200
891,198 531,590 851,860 1,339,065 128,850 839,500 2,445,248 1,231,000 1,052,000
7
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of June 30, 2015 Industry Company
Shares
Common Stocks (continued) Oil, Gas & Consumable Fuels (continued) Cloud Peak Energy, Inc.*+ 31,800 Contango Oil & Gas Co.* 5,000 DHT Holdings, Inc. 36,722 Earthstone Energy, Inc.* 3,202 Gastar Exploration, Inc.* 162,540 Golden Ocean Group Ltd.+ 27,000 Gran Tierra Energy, Inc.* 100,000 Green Plains, Inc. 90,200 Halcon Resources Corp.*+ 98,000 Hallador Energy Co. 70,000 LinnCo LLC+ 40,000 Matador Resources Co.* 55,000 Mexco Energy Corp.*+ 6,000 Navios Maritime Acquisition Corp.+ 65,000 New Concept Energy, Inc.* 4,800 Northern Oil and Gas, Inc.*+ 90,000 Pacific Ethanol, Inc.*+ 25,000 PDC Energy, Inc.* 10,000 Penn Virginia Corp.*+ 184,300 PetroQuest Energy, Inc.*+ 46,250 Renewable Energy Group, Inc.* 181,341 REX American Resources Corp.* 33,920 Sanchez Energy Corp.*+ 30,000 Ship Finance International, Ltd.+ 50,000 Stone Energy Corp.* 12,400 Swift Energy Co.*+ 10,000 TransAtlantic Petroleum, Ltd.*+ 68,500 Triangle Petroleum Corp.*+ 185,000 VAALCO Energy, Inc.* 26,500 W&T Offshore, Inc.+ 28,800 Warren Resources, Inc.* 79,600
Value
$
148,188 61,350 285,330 62,535 502,249 103,950 298,000 2,485,010 113,680 583,800 378,000 1,375,000 27,960 233,350 7,200 609,300 258,000 536,400 807,234 91,575 2,096,302
816,000 156,116 20,300 350,035 928,700 56,710 157,824 36,616
8
28,700
Value
$
710,038 896,654
Professional Services - 2.59% CBIZ, Inc.* CDI Corp. CRA International, Inc.* FTI Consulting, Inc.* Heidrick & Struggles International, Inc. Hill International, Inc.* ICF International, Inc.* Kelly Services, Inc., Class A Navigant Consulting, Inc.* RPX Corp.* VSE Corp.
13,000 104,600 54,700 47,800
125,320 1,359,800 1,524,489 1,971,272
55,000 50,100 6,000 17,816 124,600 132,700 11,800
1,434,400 263,526 209,160 273,476 1,852,802 2,242,630 631,418 11,888,293
Real Estate Management & Development - 0.10% Forestar Group, Inc.* 15,000 RE/MAX Holdings, Inc., Class A 1,168 St. Joe Co. (The)* 15,000
197,400 41,476 232,950 471,826
Road & Rail - 1.37% ArcBest Corp. Celadon Group, Inc. Covenant Transportation Group, Inc., Class A*+ Marten Transport, Ltd. P.A.M. Transportation Services, Inc.*+ Providence & Worcester Railroad Co. USA Truck, Inc.*
45,700 22,400
1,453,260 463,232
45,300 55,482
1,135,218 1,203,959
26,819
1,556,843
531 21,836
9,208 463,578 6,285,298
79,150 76,593 20,500
1,082,772 123,315 450,795
112,800
1,269,000 2,925,882
Personal Products - 0.20% Mannatech, Inc.* Natural Alternatives International, Inc.*+
Personal Products (continued) Nutraceutical International Corp.*
Shares
2,158,669 294,000
24,458,496 Paper & Forest Products - 0.64% Mercer International, Inc.* Orient Paper, Inc.* PH Glatfelter Co. Resolute Forest Products, Inc.*+
Industry Company
8,400
150,360
6,400
36,256
Semiconductors & Semiconductor Equipment - 3.86% Advanced Energy Industries, Inc.* 44,400 1,220,556 Alpha & Omega Semiconductor, Ltd.* 114,500 1,000,730 Amkor Technology, Inc.* 162,600 972,348 AXT, Inc.* 100,000 252,000 Brooks Automation, Inc. 73,400 840,430 Cirrus Logic, Inc.* 29,800 1,014,094 Cohu, Inc. 5,000 66,150 Diodes, Inc.* 35,799 863,114
Annual Report
June 30, 2015
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of June 30, 2015 Industry Company
Shares
Value
Common Stocks (continued) Semiconductors & Semiconductor Equipment (continued) Fairchild Semiconductor International, Inc.* 128,000 $ 2,224,640 GigOptix, Inc.* 60,000 102,000 Integrated Silicon Solution, Inc. 68,200 1,509,948 inTEST Corp.*+ 55,000 239,800 IXYS Corp. 57,500 879,750 Kulicke & Soffa Industries, Inc.* 123,632 1,447,731 OmniVision Technologies, Inc.* 79,100 2,072,024 Pericom Semiconductor Corp. 40,000 526,000 Photronics, Inc.* 168,550 1,602,910 Rudolph Technologies, Inc.* 39,600 475,596 Ultra Clean Holdings, Inc.* 39,300 244,839 Xcerra Corp.* 25,000 189,250 17,743,910 Software - 1.09% Ebix, Inc.+ Epiq Systems, Inc. GSE Systems, Inc.* Mind CTI, Ltd. Net 1 UEPS Technologies, Inc.* NetSol Technologies, Inc.* TeleCommunication Systems, Inc., Class A*
110,000 30,000 22,500 20,000
3,587,100 506,400 34,875 52,000
3,400 31,000
62,152 159,650
180,743
598,259 5,000,436
Specialty Retail - 2.62% Barnes & Noble, Inc.* Big 5 Sporting Goods Corp. Children’s Place, Inc. (The) Citi Trends, Inc.* Genesco, Inc.* Haverty Furniture Cos., Inc. hhgregg, Inc.*+ Pep Boys-Manny, Moe & Jack (The)* Rent-A-Center, Inc. Shoe Carnival, Inc. Sonic Automotive, Inc., Class A Stage Stores, Inc. Systemax, Inc.* Tilly’s, Inc., Class A* Trans World Entertainment Corp.* TravelCenters of America LLC*
www.bridgeway.com
82,000 14,745 10,500 28,900 7,000 12,700 15,000
2,128,720 209,526 686,805 699,380 462,210 274,574 50,100
52,900 5,000 16,500
649,083 141,750 476,190
30,000 67,800 12,500 42,700
714,900 1,188,534 108,000 412,909
70,000
256,200
219,400
3,258,090
Industry Company Specialty Retail (continued) West Marine, Inc.*
Shares
35,300
Value
$
340,292
12,057,263 Textiles, Apparel & Luxury Goods - 1.23% Delta Apparel, Inc.*+ 10,000 Iconix Brand Group, Inc.* 14,000 Perry Ellis International, Inc.* 138,100 Rocky Brands, Inc. 20,800 Unifi, Inc.* 44,300
143,000 349,580 3,282,637 388,960 1,484,050 5,648,227
Thrifts & Mortgage Finance - 4.37% Astoria Financial Corp. Bank Mutual Corp. Berkshire Hills Bancorp, Inc. Brookline Bancorp, Inc. Cape Bancorp, Inc. Cheviot Financial Corp. Chicopee Bancorp, Inc. Dime Community Bancshares, Inc. ESSA Bancorp, Inc. Federal Agricultural Mortgage Corp., Class C First Defiance Financial Corp. First Financial Northwest, Inc.+ Flagstar Bancorp, Inc.* Fox Chase Bancorp, Inc. Hingham Institution for Savings HMN Financial, Inc.*+ Home Bancorp, Inc. HomeStreet, Inc.* HopFed Bancorp, Inc.+ Lake Sunapee Bank Group+ Meta Financial Group, Inc. NASB Financial, Inc.+ Northwest Bancshares, Inc. Ocean Shore Holding Co. OceanFirst Financial Corp. Oritani Financial Corp. Provident Financial Holdings, Inc. Provident Financial Services, Inc. Pulaski Financial Corp. Riverview Bancorp, Inc. Security National Financial Corp., Class A*+
112,100 124,700 50,565 45,000 29,300 3,893 12,500
1,545,859 956,449 1,440,091 508,050 277,178 57,227 206,125
42,100 33,100
713,174 425,666
21,500
624,790
19,400
728,082
35,182 57,100 31,000
438,368 1,055,208 524,520
30 23,800 17,311 22,000 18,100 2,000 7,900 4,600 68,300 14,200 39,900 74,400
3,453 280,602 436,930 502,040 214,123 28,860 339,068 121,900 875,606 210,657 744,135 1,194,120
26,600
445,284
69,700 29,900 87,000
1,323,603 386,308 372,360
78,278
526,811
9
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of June 30, 2015 Industry Company
Shares
Common Stocks (continued) Thrifts & Mortgage Finance (continued) SI Financial Group, Inc. 31,000 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 Westfield Financial, Inc. 53,081 WSFS Financial Corp. 12,000
Value
$
360,840 514,312 90,180 386,650 162,958 328,083 388,022 328,200
2,962,969 1,307,465 879,570
Value
Dreyfus Cash Management Fund
0.04%
702,231
$
TOTAL MONEY MARKET FUND - 0.15% (Cost $702,231)
702,231 702,231
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 3.59% Dreyfus Cash Management Fund**
0.04%
16,484,499
16,484,499
TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING 3.59% (Cost $16,484,499)
16,484,499
TOTAL INVESTMENTS - 103.55% (Cost $384,029,890) Liabilities in Excess of Other Assets - (3.55%)
$475,664,003
NET ASSETS - 100.00%
$459,367,135
(16,296,868)
1,533,285 545,100 390,150 139,935 889,108 8,647,582
Wireless Telecommunication Services - 0.28% Shenandoah Telecommunications Co. 5,600 Spok Holdings, Inc. 64,764
Shares
MONEY MARKET FUND - 0.15%
20,065,892 Trading Companies & Distributors - 1.88% Aircastle, Ltd. 130,700 CAI International, Inc.* 63,500 General Finance Corp.*+ 168,500 Rush Enterprises, Inc., Class A* 58,500 TAL International Group, Inc.+ 17,250 Textainer Group Holdings, Ltd.+ 15,000 Titan Machinery, Inc.*+ 9,500 Willis Lease Finance Corp.* 48,400
Rate^
191,688 1,090,626
* Non-income producing security. ** This security represents the investment of the collateral received in connection with securities out on loan as of June 30, 2015. ^ Rate disclosed as of June 30, 2015. 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 June 30, 2015. Total loaned securities had a value of $15,806,395 as of June 30, 2015. CVR - Contingent Value Right LLC - Limited Liability Company PLC - Public Limited Company
1,282,314 TOTAL COMMON STOCKS - 99.80% (Cost $366,657,321)
458,434,559
RIGHTS - 0.01% Leap Wireless CVR*Δ
32,900
TOTAL RIGHTS - 0.01% (Cost $80,276)
41,454 41,454
WARRANTS - 0.00% Eagle Bulk Shipping, Inc.* TOTAL WARRANTS - 0.00% (Cost $105,563)
10
3,317
1,260 1,260
Annual Report
June 30, 2015
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued)
Summary of inputs used to value the Fund’s investments as of 06/30/2015 (See Note 2 in Notes to Financial Statements):
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 $458,434,559 $ — Rights — — Warrants 1,260 — Money Market Fund — 702,231 Investments Purchased with Cash Proceeds from Securities Lending — 16,484,499
$
—
16,484,499
TOTAL
$ 41,454
$475,664,003
$458,435,819 $17,186,730
— 41,454 —
$458,434,559 41,454 1,260
—
702,231
Rights
Total
$41,454 — — —
$41,454 — — —
— — —
— — —
Balance as of 06/30/2015
$41,454
$41,454
Net change in unrealized appreciation (depreciation) from investments held as of 06/30/2015
$
$
Balance as of 06/30/2014 Purchases Sales Realized gain/(loss) Change in unrealized appreciation/ (depreciation) Transfers in Transfers out
—
—
See Notes to Financial Statements.
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11
Shares
Value
Industry Company
Shares
Value
COMMON STOCKS - 99.80% Aerospace & Defense - 1.30% AAR Corp.+ Arotech Corp.*+ Breeze-Eastern Corp.* Cubic Corp. Ducommun, Inc.* Erickson, Inc.*+ LMI Aerospace, Inc.*+ National Presto Industries, Inc.+ Sypris Solutions, Inc.
92,600 162,800 625 5,000 62,770 1,417 35,000
$2,951,162 392,348 7,188 237,900 1,611,306 6,150 350,350
5,020 6,400
403,206 9,280 5,968,890
Air Freight & Logistics - 0.83% Air T, Inc.* Air Transport Services Group, Inc.* Atlas Air Worldwide Holdings, Inc.*
2,800
58,688
260,200
2,729,498
18,800
1,033,248 3,821,434
Airlines - 1.26% Hawaiian Holdings, Inc.* Republic Airways Holdings, Inc.* SkyWest, Inc.
135,634
3,221,308
130,550 91,800
1,198,449 1,380,672 5,800,429
Auto Components - 2.15% China Automotive Systems, Inc.*+ China XD Plastics Co., Ltd.*+ Cooper Tire & Rubber Co. Cooper-Standard Holding, Inc.* Fuel Systems Solutions, Inc.*+ Modine Manufacturing Co.* Remy International, Inc. Shiloh Industries, Inc.*+ SORL Auto Parts, Inc.*+ Spartan Motors, Inc.+ Stoneridge, Inc.* Strattec Security Corp. Superior Industries International, Inc.
28,200
237,444
100,900 14,000
608,427 473,620
51,000
3,134,970
60,122 84,000 21,600 15,000 129,900 22,000 55,900 1,300
449,713 901,320 477,576 194,250 423,474 100,760 654,589 89,310
115,400
2,112,974
www.bridgeway.com
26,743 81,850 140,900 10,000
$ 59,904 1,667,284 2,243,128 520,300 4,490,616
Capital Markets - 1.59% Arlington Asset Investment Corp., Class A+ BlackRock Capital Investment Corp. Calamos Asset Management, Inc., Class A Cowen Group, Inc., Class A* FBR & Co.*+ Gladstone Capital Corp.+ INTL FCStone, Inc.* Investment Technology Group, Inc. JMP Group LLC+ KCG Holdings, Inc., Class A* MCG Capital Corp. OFS Capital Corp. Oppenheimer Holdings, Inc., Class A Piper Jaffray Cos.*
13,700
267,972
35,000
319,900
64,300
787,675
105,900 21,600 31,900 2,200
677,760 499,824 252,010 73,128
57,050 87,300
1,414,840 680,940
35,000 50,000 28,708
431,550 228,000 344,496
31,093 11,400
817,124 497,496 7,292,715
9,858,427 Beverages - 0.04% MGP Ingredients, Inc.
Building Products - 0.98% Alpha Pro Tech, Ltd.* Gibraltar Industries, Inc.* Griffon Corp. Universal Forest Products, Inc.
11,318
190,369
Chemicals - 1.96% Core Molding Technologies, Inc.* Gulf Resources, Inc.* Intrepid Potash, Inc.* KMG Chemicals, Inc. Kraton Performance Polymers, Inc.* OM Group, Inc.
17,000 153,200 93,600 58,200
388,280 316,358 1,117,584 1,480,608
85,750 108,300
2,047,710 3,638,880 8,989,420
Commercial Banks - 17.79% 1st Source Corp. Access National Corp. American National Bankshares, Inc. American River Bankshares* AmeriServ Financial, Inc.
78,952 2,700
2,693,842 52,488
21,800 21,300 5,000
519,058 198,516 16,650
1
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of June 30, 2015 Industry Company Common Stocks (continued) Commercial Banks (continued) Bank of Commerce Holdings Bank of the Ozarks, Inc. Banner Corp. Bar Harbor Bankshares+ Baylake Corp.+ BBCN Bancorp, Inc. BCB Bancorp, Inc. BNC Bancorp Boston Private Financial Holdings, Inc. 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.+ Citizens & Northern Corp. Civista Bancshares, Inc. CNB Financial Corp. Codorus Valley Bancorp, Inc. Community Bankers Trust Corp.*+ Community Trust Bancorp, Inc. Customers Bancorp, Inc.* Enterprise Bancorp, Inc.+ Enterprise Financial Services Corp. Farmers Capital Bank Corp.* Farmers National Banc Corp.+ Fidelity Southern Corp.+ Financial Institutions, Inc. First Bancorp First Bancorp, Inc.+ First BanCorp.* First Busey Corp. First Business Financial Services, Inc.
2
Shares
Value
45,300 17,812 11,450 11,250 3,000 15,000 10,400 73,844
$ 259,569 814,899 548,798 398,588 37,950 221,850 127,088 1,427,405
10,000 31,633 1,200 9,500
134,100 699,406 44,460 367,650
48,750 25,000
744,412 544,750
11,500
139,322
25,000
593,750
20,000
236,600
15,200 61,500 13,500 15,000 2,000 29,000
618,032 2,033,190 357,480 308,250 21,600 533,600
3,990
80,718
5,000
24,850
17,500 20,000 11,775
610,225 537,800 276,006
27,700
630,729
18,400
523,112
150 55,723 39,300 49,571 1,295 327,800 55,710
1,238 971,809 976,212 826,844 25,175 1,579,996 366,015
2,800
131,264
Industry Company Commercial Banks (continued) First Commonwealth Financial Corp. First Community Bancshares, Inc. First Connecticut Bancorp, Inc. First Financial Bancorp First Financial Corp. First Internet Bancorp+ First Interstate BancSystem, Inc., Class A First Merchants Corp. First Midwest Bancorp, Inc. First of Long Island Corp. (The) First United Corp.* Flushing Financial Corp. German American Bancorp, Inc. Great Southern Bancorp, Inc. Hampton Roads Bankshares, Inc.*+ Heartland Financial USA, Inc. 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. Lakeland Bancorp, Inc. Landmark 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.
Shares
Value
158,300
$1,518,097
44,000
801,680
16,100 66,600 37,000 1,500
255,507 1,194,804 1,323,120 36,750
95,200 79,311 129,000
2,640,848 1,958,982 2,447,130
12,000 5,000 44,297
332,640 43,300 930,680
13,000
382,850
26,900
1,133,566
386,754
804,448
41,600 28,100 60,260 200
1,548,352 270,041 1,076,846 1,574
2,961 3,150 25,200
49,626 78,624 710,892
6,500 75,625
304,785 1,025,475
90,687 102,050 1,000 26,672 13,200
2,436,760 1,213,374 24,260 493,432 69,960
67,400 17,400 60,322 31,600 5,000 27,300 21,400 22,500
1,479,430 599,256 346,248 676,556 165,350 713,622 385,200 343,350
15,000
493,800
Annual Report
June 30, 2015
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of June 30, 2015 Industry Company Common Stocks (continued) Commercial Banks (continued) Monarch Financial Holdings, Inc. MutualFirst Financial, Inc. National Bankshares, 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.* Orrstown Financial Services, Inc. Pacific Continental Corp. Pacific Mercantile Bancorp* Park Sterling Corp. Parke Bancorp, Inc.+ 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. SB Financial Group, Inc.+ Shore Bancshares, Inc.* Sierra Bancorp South State Corp. Southern National Bancorp of Virginia, Inc. Southwest Bancorp, Inc. State Bank Financial Corp. Sun Bancorp, Inc.* Tompkins Financial Corp. TowneBank+ Trico Bancshares TriState Capital Holdings, Inc.*
www.bridgeway.com
Shares
Value
13,662 10,900 2,500
$ 171,458 253,207 73,150
25,000 13,000 96,700 30,445 92,600 50 20,000 54,750
282,000 340,210 863,531 780,305 988,042 794 289,200 361,350
16,800 55,500 20,000 48,852 300
271,824 750,915 151,800 351,734 3,849
6,894 29,200
153,185 681,528
18,700 35,700
1,016,719 1,072,785
25,200 2,000 47,946
389,340 43,520 1,563,040
21,550
553,835
37,000 49,300 1,183 24,000 400 11,112 45,000 14,506
128,390 1,458,787 36,910 671,520 4,236 104,786 778,950 1,102,311
20,000 32,900 97,384 10,000 12,808 10,000 37,400
221,600 612,269 2,113,233 192,500 688,046 162,900 899,470
50,000
646,500
Industry Company Commercial Banks (continued) Trustmark Corp. Union Bankshares Corp. United Community Banks, Inc. Univest Corp. of Pennsylvania WesBanco, Inc. Wilshire Bancorp, Inc. Yadkin Financial Corp.*
Shares
32,100 60,966
Value
$
801,858 1,416,850
35,650
744,016
62,600 70,273 40,000 38,452
1,274,536 2,390,687 505,200 805,569 81,734,956
Commercial Services & Supplies - 2.71% ACCO Brands Corp.* 333,000 Acme United Corp. 735 Brink’s Co. (The) 22,000 Command Security Corp.* 26,800 Ecology & Environment, Inc., Class A+ 3,500 EnerNOC, Inc.* 124,100 Ennis, Inc. 136,892 Heritage-Crystal Clean, Inc.* 13,954 Kimball International, Inc., Class B 107,200 McGrath RentCorp 2,300 Multi-Color Corp. 22,400 Quad/Graphics, Inc. 70,000 RR Donnelley & Sons Co. 24,597 TRC Cos., Inc.* 10,600 Versar, Inc.* 8,600 Viad Corp. 17,400
2,587,410 13,304 647,460 54,404 36,470 1,203,770 2,544,822 205,124 1,303,552 69,989 1,430,912 1,295,700 428,726 107,590 33,884 471,714 12,434,831
Communications Equipment - 0.55% Bel Fuse, Inc., Class B Black Box Corp. Blonder Tongue Laboratories* ClearOne, Inc. Communications Systems, Inc. Harmonic, Inc.* NETGEAR, Inc.* Polycom, Inc.*
18,500 51,561
379,620 1,031,220
10,000 27,500
7,700 354,888
4,150 28,700 10,000 20,700
43,616 196,021 300,200 236,808 2,550,073
Computers & Peripherals - 0.06% Concurrent Computer Corp. Hutchinson Technology, Inc.*+
3,600
22,320
100,900
172,539
3
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of June 30, 2015 Industry Company
Shares
Common Stocks (continued) Computers & Peripherals (continued) USA Technologies, Inc.*+ 25,000
Value
$
67,500 262,359
Construction & Engineering - 0.97% Aegion Corp.* 71,800 Goldfield Corp. (The)* 121,000 Great Lakes Dredge & Dock Corp.* 255,000 Integrated Electrical Services, Inc.* 2,717 MYR Group, Inc.* 12,100 Northwest Pipe Co.* 33,295 Orion Marine Group, Inc.* 43,920
1,359,892 200,860 1,519,800 19,291 374,616 678,219 317,102 4,469,780
Consumer Finance - 1.07% Asta Funding, Inc.* Cash America International, Inc. Consumer Portfolio Services, Inc.*+ Encore Capital Group, Inc.*+ Ezcorp, Inc., Class A* Green Dot Corp., Class A* Nelnet, Inc., Class A Nicholas Financial, Inc.*+ Regional Management Corp.*
37,900
317,602
10,200
267,138
97,000
606,250
10,000 33,900 72,000 25,800 25,000
427,400 251,877 1,376,640 1,117,398 318,000
12,700
226,822 4,909,127
Distributors - 0.15% AMCON Distributing Co. VOXX International Corp.* Weyco Group, Inc.
800 56,500 5,000
62,248 467,820 149,100
Industry Company
Shares
Diversified Financial Services (continued) Marlin Business Services Corp. 2,100 PHH Corp.* 69,550 Resource America, Inc., Class A+ 291 Sterling Bancorp+ 10,000 Summit Financial Group, Inc. 2,115
893,090 10,100 1,918,780 43,000 2,864,970
Diversified Financial Services - 1.04% Enova International, Inc.* 9,333 Gain Capital Holdings, Inc. 47,599 Interactive Brokers Group, Inc., Class A 51,150
4
174,340 455,046 2,125,794
$ 35,448 1,810,386 2,447 147,000 23,709 4,774,170
Diversified Telecommunication Services - 1.26% Alaska Communications Systems Group, Inc.* 178,400 Atlantic Tele-Network, Inc. 11,300 General Communication, Inc., Class A* 82,650 Hawaiian Telcom Holdco, Inc.* 29,500 Iridium Communications, Inc.*+ 241,325 Premiere Global Services, Inc.* 20,700
428,160 780,604 1,405,876 769,950 2,193,644 213,003 5,791,237
Electrical Equipment - 0.32% Broadwind Energy, Inc.* GrafTech International, Ltd.* Highpower International, Inc.*+ II-VI, Inc.* LSI Industries, Inc. Orion Energy Systems, Inc.* Preformed Line Products Co. Ultralife Corp.*
75,000 80,500
318,000 399,280
25,923 13,000 15,000 74,300
99,285 246,740 140,100 186,493
1,000 7,350
37,720 30,796 1,458,414
679,168 Diversified Consumer Services - 0.62% K12, Inc.* 70,600 Lincoln Educational Services Corp. 5,000 Regis Corp.* 121,750 Universal Technical Institute, Inc. 5,000
Value
Electronic Equipment, Instruments & Components - 2.59% Benchmark Electronics, Inc.* 79,700 1,735,866 Fabrinet* 30,050 562,837 GSI Group, Inc.* 9,600 144,288 Insight Enterprises, Inc.* 29,800 891,318 Iteris, Inc.* 87,000 153,990 Key Tronic Corp.* 22,000 239,140 Kimball Electronics, Inc.* 50,400 735,336 PAR Technology Corp.* 101,800 499,838 PCM, Inc.* 8,769 87,953 Planar Systems, Inc.*+ 10,000 43,600 Rofin-Sinar Technologies, Inc.* 5,000 138,000
Annual Report
June 30, 2015
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of June 30, 2015 Industry Company
Shares
Value
Common Stocks (continued) Electronic Equipment, Instruments & Components (continued) Sanmina Corp.* 142,700 $ 2,876,832 ScanSource, Inc.* 16,000 608,960 Sigmatron International, Inc.*+ 13,000 118,300 SMTC Corp.* 7,500 12,450 TTM Technologies, Inc.* 151,538 1,513,865 Vishay Precision Group, Inc.* 101,448 1,527,807 Wireless Telecom Group, Inc.* 10,000 21,700 11,912,080 Energy Equipment & Services - 2.99% Basic Energy Services, Inc.* 70,100 C&J Energy Services, Ltd.* 81,300 CARBO Ceramics, Inc.+ 16,820 Checkpoint Systems, Inc. 17,000 ENGlobal Corp.* 83,200 Era Group, Inc.* 11,000 Gulf Island Fabrication, Inc. 13,503 Gulfmark Offshore, Inc., Class A+ 13,000 Helix Energy Solutions Group, Inc.* 15,000 ION Geophysical Corp.* 50,000 Natural Gas Services Group, Inc.* 29,800 Newpark Resources, Inc.* 85,000 Parker Drilling Co.* 221,250 PHI, Inc.* 90,200 Pioneer Energy Services Corp.* 329,940 SEACOR Holdings, Inc.* 26,000 Tesco Corp. 94,505 Unit Corp.* 22,000
529,255 1,073,160 700,217 173,060 112,320 225,280 150,829 150,800 189,450 53,500 680,036 691,050 734,550 2,707,804 2,091,820 1,844,440 1,030,104 596,640 13,734,315
Food & Staples Retailing - 1.58% Andersons, Inc. (The) Ingles Markets, Inc., Class A SpartanNash Co. Village Super Market, Inc., Class A Weis Markets, Inc.
58,100 49,800 56,146
2,265,900 2,378,946 1,826,991
1,709 17,500
54,158 737,625 7,263,620
Food Products - 2.19% Fresh Del Monte Produce, Inc. John B. Sanfilippo & Son, Inc.
www.bridgeway.com
88,000
3,402,080
9,200
477,480
Industry Company Food Products (continued) Omega Protein Corp.* Post Holdings, Inc.*+ Seneca Foods Corp., Class A*
Shares
Value
123,750 62,000
$ 1,701,562 3,343,660
40,100
1,113,577 10,038,359
Health Care Equipment & Supplies - 0.73% AngioDynamics, Inc.* 74,400 Exactech, Inc.* 17,500 Invacare Corp. 47,900 Kewaunee Scientific Corp. 3,000 Merit Medical Systems, Inc.* 20,000 Symmetry Surgical, Inc.* 31,250
1,220,160 364,525 1,036,077 49,320 430,800 272,500 3,373,382
Health Care Providers & Services - 4.28% Almost Family, Inc.* 24,600 Amedisys, Inc.* 93,950 Amsurg Corp.* 28,550 Five Star Quality Care, Inc.* 146,300 InfuSystems Holdings, Inc.*+ 36,100 Kindred Healthcare, Inc. 81,350 LHC Group, Inc.* 38,000 Magellan Health, Inc.* 26,225 Molina Healthcare, Inc.* 30,950 National Healthcare Corp. 13,000 PharMerica Corp.* 72,050 Premier, Inc., Class A* 12,500 Triple-S Management Corp., Class B* 50,800
981,786 3,732,634 1,997,073 702,240 115,159 1,650,592 1,453,500 1,837,586 2,175,785 844,870 2,399,265 480,750 1,303,528 19,674,768
Hotels, Restaurants & Leisure - 3.80% Ambassadors Group, Inc.* 500 Boyd Gaming Corp.* 136,100 Flanigan’s Enterprises, Inc.+ 2,500 Frisch’s Restaurants, Inc.+ 10,900 International Speedway Corp., Class A 64,829 Intrawest Resorts Holdings, Inc.* 10,500 Isle of Capri Casinos, Inc.* 96,200 Luby’s, Inc.* 207,600 Marcus Corp. (The) 130,150 Monarch Casino & Resort, Inc.* 29,400 Nevada Gold & Casinos, Inc.* 300 Penn National Gaming, Inc.*+ 133,800
1,220 2,034,695 61,750 365,913 2,377,279 122,010 1,746,030 1,006,860 2,496,277 604,464 495 2,455,230
5
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of June 30, 2015 Industry Company
Shares
Common Stocks (continued) Hotels, Restaurants & Leisure (continued) Red Lion Hotels Corp.* 43,905 Ruby Tuesday, Inc.* 249,900 Speedway Motorsports, Inc. 99,900
Value
$
336,312 1,566,873 2,262,735 17,438,143
Household Durables - 1.41% Bassett Furniture Industries, Inc. CSS Industries, Inc. Hooker Furniture Corp.+ Lifetime Brands, Inc. NACCO Industries, Inc., Class A P&F Industries, Inc., Class A* Skullcandy, Inc.* William Lyon Homes, Class A* ZAGG, Inc.*
80,500 44,900 15,000 24,400
2,287,005 1,358,225 376,650 360,388
9,250
562,030
696 13,000
5,944 99,710
10,000 145,700
256,700 1,153,944 6,460,596
Household Products - 0.61% Central Garden & Pet Co., Class A* Insurance - 8.86% Ambac Financial Group, Inc.* American Equity Investment Life Holding Co. American Independence Corp.*+ AMERISAFE, Inc. Argo Group International Holdings, Ltd. Baldwin & Lyons, Inc., Class B Citizens, Inc.*+ Donegal Group, Inc., Class A EMC Insurance Group, Inc. Employers Holdings, Inc. FBL Financial Group, Inc., Class A Federated National Holding Co. Fidelity & Guaranty Life First Acceptance Corp.* Hallmark Financial Services, Inc.* HCI Group, Inc. Heritage Insurance Holdings, Inc.* 6
245,003
2,795,484
68,000
1,131,520
94,850
2,559,053
1,800 26,800
16,956 1,261,208
8,800
490,160
25,900 13,040
596,218 97,278
26,900 20,550 38,500
409,687 515,188 877,030
35,806
2,066,722
37,288 30,800 140,000
902,370 727,804 448,000
57,800 8,000
657,764 353,680
15,000
344,850
Industry Company
Shares
Insurance (continued) 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. Third Point Reinsurance, Ltd.*+ United Fire Group, Inc. United Insurance Holdings Corp. Universal Insurance Holdings, Inc.
20,000
Value
$
481,800
60,800 15,050
2,211,904 198,510
15,640 1,000
1,186,138 70,890
7,000 4,300 162,600 42,100
319,970 32,680 2,565,828 253,021
86,000 46,400 8,000
739,600 1,832,800 218,560
5,614
1,344,497
37,200
2,885,232
41,000 24,000
594,910 1,385,040
90,950 18,400
2,551,148 440,680
62,150
2,473,570
35,000 58,800
516,250 1,926,288
60,000
932,400
86,316
2,088,847 40,706,051
Internet & Catalog Retail - 0.23% CafePress, Inc.*+ FTD Cos., Inc.* Lands’ End, Inc.*+
25,000 25,380 10,000
112,500 715,462 248,300 1,076,262
Internet Software & Services - 0.92% Autobytel, Inc.* Blucora, Inc.* Demand Media, Inc.*+ Marchex, Inc., Class B Monster Worldwide, Inc.* United Online, Inc.* Unwired Planet, Inc.*
11,000 65,500 40,000 70,000 264,200 41,429 10,000
175,890 1,057,825 254,400 346,500 1,727,868 649,192 6,200 4,217,875
Annual Report
June 30, 2015
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of June 30, 2015 Industry Company Common Stocks (continued) IT Services - 2.14% CACI International, Inc., Class A* CIBER, Inc.* Edgewater Technology, Inc.* Engility Holdings, Inc. Global Cash Access Holdings, Inc.* ManTech International Corp., Class A ModusLink Global Solutions, Inc.* NCI, Inc., Class A Newtek Business Services Corp.+ Sykes Enterprises, Inc.*
Shares
Value
Marine (continued) Ultrapetrol Bahamas, Ltd.* 30,924 82,350 51,100 51,400
$2,501,442 284,108 373,030 1,293,224
85,000
657,900
88,800
2,575,200
20,000 62,804
68,000 648,765
2,318 58,134
41,075 1,409,750 9,852,494
Leisure Equipment & Products - 0.19% Johnson Outdoors, Inc., Class A 32,779 Summer Infant, Inc.* 41,400
771,945 83,628 855,573
Machinery - 1.60% Ampco-Pittsburgh Corp. Briggs & Stratton Corp. Chicago Rivet & Machine Co.+ Cleantech Solutions International, Inc.*+ Dynamic Materials Corp. Eastern Co. (The) FreightCar America, Inc. Hardinge, Inc. Hurco Companies, Inc. L.B. Foster Co., Class A L.S. Starrett Co., Class A (The) MFRI, Inc.* Supreme Industries, Inc., Class A THT Heat Transfer Technology, Inc.* Titan International, Inc.+ WSI Industries, Inc.
www.bridgeway.com
Shares
15,000
Media - 1.92% Ballantyne Strong, Inc.* CTC Media, Inc. Entercom Communications Corp., Class A* Eros International PLC*+ Global Sources, Ltd.*+ Harte-Hanks, Inc. Insignia Systems, Inc.* New Media Investment Group, Inc. Radio One, Inc., Class D*+ Reading International, Inc., Class A* Salem Media Group, Inc.+ Scholastic Corp.
16,950
203,926 8,626
117,425 24,700 4,200 300,300 4,900
1,340,994 620,464 29,190 1,789,788 13,377
12,800 123,800
229,504 392,446
31,209 83,452 72,800
432,245 528,251 3,212,664 8,801,475
Metals & Mining - 1.32% Century Aluminum Co.* Handy & Harman, Ltd.* Hecla Mining Co. Kaiser Aluminum Corp. Materion Corp. Noranda Aluminum Holding Corp. Stillwater Mining Co.* Synalloy Corp. Thompson Creek Metals Co., Inc.* Universal Stainless & Alloy Products, Inc.*+
147,100 800 327,000 21,980 33,400
1,534,253 27,720 860,010 1,826,098 1,177,350
23,500 20,000 7,000
19,975 231,800 95,900
3,500
2,870
14,658
288,030
1,000
28,000
11,500 20,100 18,401 14,200 75,000 6,090 18,600
34,270 221,100 340,787 296,496 738,750 210,836 643,746
22,500 29,900
337,500 180,895
Multiline Retail - 0.19% Fred’s, Inc., Class A
35,805
306,849
15,000 136,000 1,300
13,800 1,460,640 8,359
Oil, Gas & Consumable Fuels - 5.32% Abraxas Petroleum Corp.* 180,200 Adams Resources & Energy, Inc. 19,100 Alon USA Energy, Inc. 70,850 Bill Barrett Corp.*+ 15,000 Bonanza Creek Energy, Inc.* 46,000 Callon Petroleum Co.* 293,900 Carrizo Oil & Gas, Inc.* 25,000 Clayton Williams Energy, Inc.* 16,000
161,820 29,160
$
43,481 3,800
622,944 1,912,518
43,500 9,000
Value
207,930
41,200 99,300
7,357,490 Marine - 0.05% Navios Maritime Holdings, Inc.+ Rand Logistics, Inc.*+
Industry Company
6,064,006 46,200
891,198 531,590 851,860 1,339,065 128,850 839,500 2,445,248 1,231,000 1,052,000
7
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of June 30, 2015 Industry Company
Shares
Common Stocks (continued) Oil, Gas & Consumable Fuels (continued) Cloud Peak Energy, Inc.*+ 31,800 Contango Oil & Gas Co.* 5,000 DHT Holdings, Inc. 36,722 Earthstone Energy, Inc.* 3,202 Gastar Exploration, Inc.* 162,540 Golden Ocean Group Ltd.+ 27,000 Gran Tierra Energy, Inc.* 100,000 Green Plains, Inc. 90,200 Halcon Resources Corp.*+ 98,000 Hallador Energy Co. 70,000 LinnCo LLC+ 40,000 Matador Resources Co.* 55,000 Mexco Energy Corp.*+ 6,000 Navios Maritime Acquisition Corp.+ 65,000 New Concept Energy, Inc.* 4,800 Northern Oil and Gas, Inc.*+ 90,000 Pacific Ethanol, Inc.*+ 25,000 PDC Energy, Inc.* 10,000 Penn Virginia Corp.*+ 184,300 PetroQuest Energy, Inc.*+ 46,250 Renewable Energy Group, Inc.* 181,341 REX American Resources Corp.* 33,920 Sanchez Energy Corp.*+ 30,000 Ship Finance International, Ltd.+ 50,000 Stone Energy Corp.* 12,400 Swift Energy Co.*+ 10,000 TransAtlantic Petroleum, Ltd.*+ 68,500 Triangle Petroleum Corp.*+ 185,000 VAALCO Energy, Inc.* 26,500 W&T Offshore, Inc.+ 28,800 Warren Resources, Inc.* 79,600
Value
$
148,188 61,350 285,330 62,535 502,249 103,950 298,000 2,485,010 113,680 583,800 378,000 1,375,000 27,960 233,350 7,200 609,300 258,000 536,400 807,234 91,575 2,096,302
816,000 156,116 20,300 350,035 928,700 56,710 157,824 36,616
8
28,700
Value
$
710,038 896,654
Professional Services - 2.59% CBIZ, Inc.* CDI Corp. CRA International, Inc.* FTI Consulting, Inc.* Heidrick & Struggles International, Inc. Hill International, Inc.* ICF International, Inc.* Kelly Services, Inc., Class A Navigant Consulting, Inc.* RPX Corp.* VSE Corp.
13,000 104,600 54,700 47,800
125,320 1,359,800 1,524,489 1,971,272
55,000 50,100 6,000 17,816 124,600 132,700 11,800
1,434,400 263,526 209,160 273,476 1,852,802 2,242,630 631,418 11,888,293
Real Estate Management & Development - 0.10% Forestar Group, Inc.* 15,000 RE/MAX Holdings, Inc., Class A 1,168 St. Joe Co. (The)* 15,000
197,400 41,476 232,950 471,826
Road & Rail - 1.37% ArcBest Corp. Celadon Group, Inc. Covenant Transportation Group, Inc., Class A*+ Marten Transport, Ltd. P.A.M. Transportation Services, Inc.*+ Providence & Worcester Railroad Co. USA Truck, Inc.*
45,700 22,400
1,453,260 463,232
45,300 55,482
1,135,218 1,203,959
26,819
1,556,843
531 21,836
9,208 463,578 6,285,298
79,150 76,593 20,500
1,082,772 123,315 450,795
112,800
1,269,000 2,925,882
Personal Products - 0.20% Mannatech, Inc.* Natural Alternatives International, Inc.*+
Personal Products (continued) Nutraceutical International Corp.*
Shares
2,158,669 294,000
24,458,496 Paper & Forest Products - 0.64% Mercer International, Inc.* Orient Paper, Inc.* PH Glatfelter Co. Resolute Forest Products, Inc.*+
Industry Company
8,400
150,360
6,400
36,256
Semiconductors & Semiconductor Equipment - 3.86% Advanced Energy Industries, Inc.* 44,400 1,220,556 Alpha & Omega Semiconductor, Ltd.* 114,500 1,000,730 Amkor Technology, Inc.* 162,600 972,348 AXT, Inc.* 100,000 252,000 Brooks Automation, Inc. 73,400 840,430 Cirrus Logic, Inc.* 29,800 1,014,094 Cohu, Inc. 5,000 66,150 Diodes, Inc.* 35,799 863,114
Annual Report
June 30, 2015
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of June 30, 2015 Industry Company
Shares
Value
Common Stocks (continued) Semiconductors & Semiconductor Equipment (continued) Fairchild Semiconductor International, Inc.* 128,000 $ 2,224,640 GigOptix, Inc.* 60,000 102,000 Integrated Silicon Solution, Inc. 68,200 1,509,948 inTEST Corp.*+ 55,000 239,800 IXYS Corp. 57,500 879,750 Kulicke & Soffa Industries, Inc.* 123,632 1,447,731 OmniVision Technologies, Inc.* 79,100 2,072,024 Pericom Semiconductor Corp. 40,000 526,000 Photronics, Inc.* 168,550 1,602,910 Rudolph Technologies, Inc.* 39,600 475,596 Ultra Clean Holdings, Inc.* 39,300 244,839 Xcerra Corp.* 25,000 189,250 17,743,910 Software - 1.09% Ebix, Inc.+ Epiq Systems, Inc. GSE Systems, Inc.* Mind CTI, Ltd. Net 1 UEPS Technologies, Inc.* NetSol Technologies, Inc.* TeleCommunication Systems, Inc., Class A*
110,000 30,000 22,500 20,000
3,587,100 506,400 34,875 52,000
3,400 31,000
62,152 159,650
180,743
598,259 5,000,436
Specialty Retail - 2.62% Barnes & Noble, Inc.* Big 5 Sporting Goods Corp. Children’s Place, Inc. (The) Citi Trends, Inc.* Genesco, Inc.* Haverty Furniture Cos., Inc. hhgregg, Inc.*+ Pep Boys-Manny, Moe & Jack (The)* Rent-A-Center, Inc. Shoe Carnival, Inc. Sonic Automotive, Inc., Class A Stage Stores, Inc. Systemax, Inc.* Tilly’s, Inc., Class A* Trans World Entertainment Corp.* TravelCenters of America LLC*
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82,000 14,745 10,500 28,900 7,000 12,700 15,000
2,128,720 209,526 686,805 699,380 462,210 274,574 50,100
52,900 5,000 16,500
649,083 141,750 476,190
30,000 67,800 12,500 42,700
714,900 1,188,534 108,000 412,909
70,000
256,200
219,400
3,258,090
Industry Company Specialty Retail (continued) West Marine, Inc.*
Shares
35,300
Value
$
340,292
12,057,263 Textiles, Apparel & Luxury Goods - 1.23% Delta Apparel, Inc.*+ 10,000 Iconix Brand Group, Inc.* 14,000 Perry Ellis International, Inc.* 138,100 Rocky Brands, Inc. 20,800 Unifi, Inc.* 44,300
143,000 349,580 3,282,637 388,960 1,484,050 5,648,227
Thrifts & Mortgage Finance - 4.37% Astoria Financial Corp. Bank Mutual Corp. Berkshire Hills Bancorp, Inc. Brookline Bancorp, Inc. Cape Bancorp, Inc. Cheviot Financial Corp. Chicopee Bancorp, Inc. Dime Community Bancshares, Inc. ESSA Bancorp, Inc. Federal Agricultural Mortgage Corp., Class C First Defiance Financial Corp. First Financial Northwest, Inc.+ Flagstar Bancorp, Inc.* Fox Chase Bancorp, Inc. Hingham Institution for Savings HMN Financial, Inc.*+ Home Bancorp, Inc. HomeStreet, Inc.* HopFed Bancorp, Inc.+ Lake Sunapee Bank Group+ Meta Financial Group, Inc. NASB Financial, Inc.+ Northwest Bancshares, Inc. Ocean Shore Holding Co. OceanFirst Financial Corp. Oritani Financial Corp. Provident Financial Holdings, Inc. Provident Financial Services, Inc. Pulaski Financial Corp. Riverview Bancorp, Inc. Security National Financial Corp., Class A*+
112,100 124,700 50,565 45,000 29,300 3,893 12,500
1,545,859 956,449 1,440,091 508,050 277,178 57,227 206,125
42,100 33,100
713,174 425,666
21,500
624,790
19,400
728,082
35,182 57,100 31,000
438,368 1,055,208 524,520
30 23,800 17,311 22,000 18,100 2,000 7,900 4,600 68,300 14,200 39,900 74,400
3,453 280,602 436,930 502,040 214,123 28,860 339,068 121,900 875,606 210,657 744,135 1,194,120
26,600
445,284
69,700 29,900 87,000
1,323,603 386,308 372,360
78,278
526,811
9
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of June 30, 2015 Industry Company
Shares
Common Stocks (continued) Thrifts & Mortgage Finance (continued) SI Financial Group, Inc. 31,000 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 Westfield Financial, Inc. 53,081 WSFS Financial Corp. 12,000
Value
$
360,840 514,312 90,180 386,650 162,958 328,083 388,022 328,200
2,962,969 1,307,465 879,570
Value
Dreyfus Cash Management Fund
0.04%
702,231
$
TOTAL MONEY MARKET FUND - 0.15% (Cost $702,231)
702,231 702,231
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 3.59% Dreyfus Cash Management Fund**
0.04%
16,484,499
16,484,499
TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING 3.59% (Cost $16,484,499)
16,484,499
TOTAL INVESTMENTS - 103.55% (Cost $384,029,890) Liabilities in Excess of Other Assets - (3.55%)
$475,664,003
NET ASSETS - 100.00%
$459,367,135
(16,296,868)
1,533,285 545,100 390,150 139,935 889,108 8,647,582
Wireless Telecommunication Services - 0.28% Shenandoah Telecommunications Co. 5,600 Spok Holdings, Inc. 64,764
Shares
MONEY MARKET FUND - 0.15%
20,065,892 Trading Companies & Distributors - 1.88% Aircastle, Ltd. 130,700 CAI International, Inc.* 63,500 General Finance Corp.*+ 168,500 Rush Enterprises, Inc., Class A* 58,500 TAL International Group, Inc.+ 17,250 Textainer Group Holdings, Ltd.+ 15,000 Titan Machinery, Inc.*+ 9,500 Willis Lease Finance Corp.* 48,400
Rate^
191,688 1,090,626
* Non-income producing security. ** This security represents the investment of the collateral received in connection with securities out on loan as of June 30, 2015. ^ Rate disclosed as of June 30, 2015. 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 June 30, 2015. Total loaned securities had a value of $15,806,395 as of June 30, 2015. CVR - Contingent Value Right LLC - Limited Liability Company PLC - Public Limited Company
1,282,314 TOTAL COMMON STOCKS - 99.80% (Cost $366,657,321)
458,434,559
RIGHTS - 0.01% Leap Wireless CVR*Δ
32,900
TOTAL RIGHTS - 0.01% (Cost $80,276)
41,454 41,454
WARRANTS - 0.00% Eagle Bulk Shipping, Inc.* TOTAL WARRANTS - 0.00% (Cost $105,563)
10
3,317
1,260 1,260
Annual Report
June 30, 2015
Omni Small-Cap Value Fund SCHEDULE OF INVESTMENTS (continued)
Summary of inputs used to value the Fund’s investments as of 06/30/2015 (See Note 2 in Notes to Financial Statements):
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 $458,434,559 $ — Rights — — Warrants 1,260 — Money Market Fund — 702,231 Investments Purchased with Cash Proceeds from Securities Lending — 16,484,499
$
—
16,484,499
TOTAL
$ 41,454
$475,664,003
$458,435,819 $17,186,730
— 41,454 —
$458,434,559 41,454 1,260
—
702,231
Rights
Total
$41,454 — — —
$41,454 — — —
— — —
— — —
Balance as of 06/30/2015
$41,454
$41,454
Net change in unrealized appreciation (depreciation) from investments held as of 06/30/2015
$
$
Balance as of 06/30/2014 Purchases Sales Realized gain/(loss) Change in unrealized appreciation/ (depreciation) Transfers in Transfers out
—
—
See Notes to Financial Statements.
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11
