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Ultra-Small Company Fund SCHEDULE OF INVESTMENTS Showing percentage of net assets as of March 31, 2015 (Unaudited) Industry Company
Shares
Value
Industry Company
Shares
Value
COMMON STOCKS - 99.46% Aerospace & Defense - 1.26% Ducommun, Inc.* LMI Aerospace, Inc.*
52,500 32,600
$1,359,750 398,046 1,757,796
Air Freight & Logistics - 0.82% Air T, Inc.* Radiant Logistics, Inc.*
20,400 122,900
501,636 636,622 1,138,258
Auto Components - 2.01% China XD Plastics Co., Ltd.*+ Jason Industries, Inc.* Spartan Motors, Inc. Strattec Security Corp.
69,700 80,000 56,200 22,000
338,045 566,400 272,570 1,624,480 2,801,495
Beverages - 0.70% MGP Ingredients, Inc. Biotechnology - 1.12% Biota Pharmaceuticals, Inc.* OncoGenex Pharmaceutical, Inc.*+ OXiGENE, Inc.*+ Targacept, Inc.*
72,000
969,120
65,000
149,500
215,500 303,000 170,000
463,325 442,380 504,900
Commercial Banks (continued) Farmers Capital Bank Corp.*+ First Bancorp, Inc. Heritage Commerce Corp. Heritage Oaks Bancorp Independent Bank Corp., MI Monarch Financial Holdings, Inc. Pacific Mercantile Bancorp* Royal Bancshares of Pennsylvania, Inc., Class A* Unity Bancorp, Inc.+
42,800 15,500 26,950 38,800 112,400
$ 995,100 270,475 246,054 322,428 1,442,092
11,300 40,000
141,363 289,600
67,100 15,000
114,070 136,200 4,967,222
Commercial Services & Supplies - 1.48% ARC Document Solutions, Inc.* 166,600 Courier Corp. 16,000 Versar, Inc.* 40,400
2,055,850 Communications Equipment - 2.32% EMCORE Corp.* 281,900 Infosonics Corp.*+ 217,500 Tessco Technologies, Inc. 49,100
46,400 24,300
870,464 203,634
22,000
201,740 1,275,838
Chemicals - 1.17% Chase Corp. China Green Agriculture, Inc.+ Core Molding Technologies, Inc.* Gulf Resources, Inc.*+
17,400
760,902
158,500
278,960
8,800 259,000
150,920 429,940 1,620,722
Commercial Banks - 3.57% Century Bancorp, Inc., Class A Citizens & Northern Corp. CU Bancorp*
www.bridgeway.com
3,600 26,500 14,600
142,920 534,770 332,150
1,533,536 489,375 1,210,806 3,233,717
1,560,105 Capital Markets - 0.92% Capitala Finance Corp.+ JMP Group LLC Pzena Investment Management, Inc., Class A
1,537,718 391,680 126,452
Computers & Peripherals - 4.35% Concurrent Computer Corp. Dot Hill Systems Corp.* Hutchinson Technology, Inc.*+ Novatel Wireless, Inc.* Smart Technologies, Inc., Class A*
75,700 400,000
479,181 2,120,000
157,500 579,000
420,525 2,790,780
194,300
237,046 6,047,532
Construction & Engineering - 1.17% Goldfield Corp. (The)*+ 120,000 Willdan Group, Inc.* 87,800
232,800 1,390,752 1,623,552
Consumer Finance - 0.82% Consumer Portfolio Services, Inc.* Distributors - 0.47% AMCON Distributing Co.
162,600
1,136,574
2,700
210,600
1
Ultra-Small Company Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of March 31, 2015 (Unaudited) Industry Company Common Stocks (continued) Distributors (continued) VOXX International Corp.*
Shares
48,900
Value
$ 447,924 658,524
Diversified Consumer Services - 0.96% ITT Educational Services, Inc.*+ 182,700 Lincoln Educational Services Corp. 42,700
Diversified Telecommunication Services - 0.44% Alaska Communications Systems Group, Inc.* 368,213 Electrical Equipment - 3.67% Allied Motion Technologies, Inc. Highpower International, Inc.*+ Magnetek, Inc.*
97,356
421,330
618,598
110,000
3,650,900
183,200 18,500
738,296 712,620
Electronic Equipment, Instruments & Components - 3.47% Agilysys, Inc.* 41,800 411,312 IntriCon Corp.* 21,500 174,795 Nam Tai Property, Inc.+ 113,100 449,007 Nortech Systems, Inc.*+ 28,000 138,040 PCM, Inc.* 33,700 314,758 Perceptron, Inc. 111,700 1,509,067 Planar Systems, Inc.* 183,900 1,156,731 Wayside Technology Group, Inc. 38,200 673,084 4,826,794 Energy Equipment & Services - 3.08% Key Energy Services, Inc.* 743,400 North American Energy Partners, Inc. 73,900 Paragon Offshore PLC+ 648,700 Pioneer Energy Services Corp.* 100,500 Seventy Seven Energy, Inc.*+ 322,100
$ 387,500 118,476 795,340 1,301,316
Health Care Providers & Services - 4.93% Addus HomeCare Corp.* 12,200 Alliance HealthCare Services, Inc.* 11,801 Almost Family, Inc.* 41,600 Chembio Diagnostics, Inc.*+ 107,500 Diversicare Healthcare Services, Inc. 20,476 Five Star Quality Care, Inc.* 195,700 InfuSystems Holdings, Inc.* 50,000 RadNet, Inc.* 326,400
280,844 261,746 1,859,936 425,700 282,569 868,908 135,500 2,741,760
473,600
Hotels, Restaurants & Leisure - 3.66% Frisch’s Restaurants, Inc.+ 5,900 Ignite Restaurant Group, Inc.* 82,300 Isle of Capri Casinos, Inc.* 220,700 Red Lion Hotels Corp.* 31,600 Town Sports International Holdings, Inc. 180,000
160,185 399,155 3,100,835 210,772 1,225,800 5,096,747
Household Durables - 4.25% Bassett Furniture Industries, Inc. CSS Industries, Inc. EveryWare Global, Inc.*+ Hooker Furniture Corp. Skullcandy, Inc.* ZAGG, Inc.*
41,000 19,200 153,000 45,200 213,000 82,800
1,169,320 578,880 183,600 861,060 2,406,900 717,876 5,917,636
1,352,988 215,049 843,310 544,710 1,336,715 4,292,772
2
Health Care Equipment & Supplies - 0.94% Dehaier Medical Systems, Ltd.*+ 125,000 Delcath Systems, Inc.* 123,400 RTI Surgical, Inc.* 161,000
Value
6,856,963
5,101,816
Food & Staples Retailing - 1.66% Roundy’s, Inc.*+
Shares
1,240,533
1,337,889 Diversified Financial Services - 0.30% Resource America, Inc., Class A 46,300
Industry Company
Independent Power Producers & Energy Traders - 1.30% Atlantic Power Corp.*+ 645,300 1,813,293 Insurance - 6.86% CNinsure, Inc. - ADR* Federated National Holding Co. Hallmark Financial Services, Inc.* Kingstone Cos., Inc.+
162,800
1,404,964
85,500
2,616,300
99,500 17,400
1,054,700 131,022
2,315,904
Quarterly Report
March 31, 2015 (Unaudited)
Ultra-Small Company Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of March 31, 2015 (Unaudited) Industry Company Common Stocks (continued) Insurance (continued) Kingsway Financial Services, Inc.* United Insurance Holdings Corp.
Shares
Value
22,000
$ 126,500
187,000
4,207,500
Industry Company
Shares
Media (continued) McClatchy Co. (The), Class A* Reading International, Inc., Class A*
422,700 106,500
9,540,986 Internet Software & Services - 4.32% Autobytel, Inc.* BroadVision, Inc.*+ Inuvo, Inc.*+ TheStreet, Inc. Tucows, Inc., Class A*+ United Online, Inc.*
115,400 72,749 105,000 113,700 47,000 160,000
1,704,458 439,404 217,350 204,660 893,000 2,548,800 6,007,672
IT Services - 3.11% CSP, Inc. Edgewater Technology, Inc.* Hackett Group, Inc. (The) Mattersight Corp.* NCI, Inc., Class A Newtek Business Services Corp. PFSweb, Inc.*+ StarTek, Inc.*+
16,800 38,300 51,400 74,600 85,000
113,904 261,972 459,516 462,520 851,700
61,800 63,500 62,100
1,021,554 697,865 462,645
813,384 410,400 1,223,784
Machinery - 3.66% Accuride Corp.* Eastern Co. (The) Hurco Companies, Inc. L.S. Starrett Co., Class A (The) Miller Industries, Inc.+ Twin Disc, Inc. Xerium Technologies, Inc.*
304,300 8,700 29,200
1,418,038 174,522 961,556
18,200 32,700 38,800 43,800
345,800 801,150 685,596 710,436 5,097,098
Marine - 0.18% Diana Containerships, Inc.
100,000
246,000
Media - 2.54% A.H. Belo Corp., Class A
160,700
1,322,561
www.bridgeway.com
$ 777,768 1,432,425 3,532,754
Metals & Mining - 1.46% Noranda Aluminum Holding Corp. Richmont Mines, Inc.* Synalloy Corp.
381,400 230,000 11,497
1,132,758 736,000 167,396 2,036,154
Multiline Retail - 0.54% Gordmans Stores, Inc.*+
91,000
Oil, Gas & Consumable Fuels - 3.28% Adams Resources & Energy, Inc. 4,900 Andatee China Marine Fuel Services Corp.* 100,000 Energy XXI, Ltd.+ 472,600 Geopark Ltd*+ 43,900 Green Brick Partners, Inc.*+ 19,500 Pacific Ethanol, Inc.*+ 170,700 PrimeEnergy Corp.*+ 4,300
4,331,676 Leisure Equipment & Products - 0.88% Escalade, Inc. 46,800 Summer Infant, Inc.*+ 152,000
Value
755,300
329,329 118,000 1,720,264 168,137 161,363 1,841,853 227,986 4,566,932
Personal Products - 0.23% Synutra International, Inc.*+
50,000
320,000
Pharmaceuticals - 0.24% Dipexium Pharmaceuticals, Inc.*
24,600
335,544
Professional Services - 1.42% CRA International, Inc.* VSE Corp.
23,600 15,200
734,432 1,244,576 1,979,008
Real Estate Investment Trusts (REITs) - 0.23% Gyrodyne Special Distribution, LLC*Δ 5,100 Sotherly Hotels, Inc. 40,800
15,300 310,488 325,788
Road & Rail - 4.86% Covenant Transportation Group, Inc., Class A*
74,700
2,477,052
3
Ultra-Small Company Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of March 31, 2015 (Unaudited) Industry Company Common Stocks (continued) Road & Rail (continued) P.A.M. Transportation Services, Inc.* USA Truck, Inc.*
Shares
37,700 77,000
Value
$2,159,079 2,132,130 6,768,261
Semiconductors & Semiconductor Equipment - 4.77% Actions Semiconductor Co., Ltd. - ADR* 58,000 87,000 Alpha & Omega Semiconductor, Ltd.* 50,000 445,500 AXT, Inc.* 98,000 263,620 Cascade Microtech, Inc.* 54,203 736,077 Cohu, Inc. 62,000 678,280 CyberOptics Corp.* 18,600 187,302 inTEST Corp.*+ 16,500 67,485 Mattson Technology, Inc.* 350,000 1,379,000 MaxLinear, Inc., Class A* 130,600 1,061,778 Sigma Designs, Inc.* 216,000 1,734,480 6,640,522 Software - 2.22% Bsquare Corp.* ePlus, Inc.* Evolving Systems, Inc. QAD, Inc., Class A TeleCommunication Systems, Inc., Class A*
63,800 15,700 23,300 24,700
299,222 1,364,801 202,943 597,740
162,100
620,843 3,085,549
Specialty Retail - 1.39% Build-A-Bear Workshop, Inc.* hhgregg, Inc.*+
Industry Company
Shares
Thrifts & Mortgage Finance (continued) NASB Financial, Inc.+ 21,600 Ocean Shore Holding Co.+ 19,600 Pulaski Financial Corp. 11,500 Riverview Bancorp, Inc.*+ 70,600 Southern Missouri Bancorp, Inc.+ 5,700 Territorial Bancorp, Inc.+ 19,700
Textiles, Apparel & Luxury Goods - 1.59% Rocky Brands, Inc. 51,400 Superior Uniform Group, Inc. 58,100
$
554,040 288,708 142,255 321,230 107,559 468,072 5,576,628
Trading Companies & Distributors - 0.83% General Finance Corp.*+ 66,200 Lawson Products, Inc.* 26,900
534,234 624,349 1,158,583
TOTAL COMMON STOCKS - 99.46% (Cost $115,192,785)
138,428,108
DIVIDEND NOTE - 0.01% Gyrodyne Dividend Notes, 5%*Δ
5,100
TOTAL DIVIDEND NOTE - 0.01% (Cost $ — )
8,007 8,007
Rate^
Shares
Value
MONEY MARKET FUND - 0.00% Dreyfus Cash Management Fund
0.03%
658
TOTAL MONEY MARKET FUND - 0.00% (Cost $658) 35,000 204,300
Value
658 658
687,750 1,252,359
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 9.95%
1,940,109
Dreyfus Cash Management Fund**
1,110,240
TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING 9.95% (Cost $13,847,849)
1,102,157
0.03%
13,847,849
13,847,849
13,847,849
2,212,397 Thrifts & Mortgage Finance - 4.01% BankFinancial Corp. Charter Financial Corp. Citizens Community Bancorp, Inc. ESSA Bancorp, Inc. Home Bancorp, Inc.+ HomeStreet, Inc.* IMPAC Mortgage Holdings, Inc.*+ Malvern Bancorp, Inc.*+ 4
42,700 101,000
561,078 1,161,500
15,600 12,400 35,000 15,000
144,768 158,968 744,450 274,800
40,000 11,200
498,000 151,200 Quarterly Report
March 31, 2015 (Unaudited)
Ultra-Small Company Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of March 31, 2015 (Unaudited) Value TOTAL INVESTMENTS - 109.42%
$152,284,622
(Cost $129,041,292) Liabilities in Excess of Other Assets - (9.42%)
(13,105,353)
NET ASSETS - 100.00%
Investment in Securities (Value)
$139,179,269
* Non-income producing security. ** This security represents the investment of the collateral received in connection with securities out on loan as of March 31, 2015. ^ Rate disclosed as of March 31, 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 March 31, 2015. Total loaned securities had a value of $13,196,410 as of March 31, 2015. ADR - American Depositary Receipt PLC - Public Limited Company Summary of inputs used to value the Fund’s investments as of 03/31/2015 (See Note 2 in Notes to Schedule of Investments): Valuation Inputs Investment in Securities (Value) Level 1 Quoted Prices
Following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:
Level 2 Level 3 Significant Significant Observable Unobservable Inputs Inputs
Total
Common Stocks $138,412,808 $ — $ Dividend Note — — Money Market Fund — 658 Investments Purchased with Cash Proceeds from Securities Lending — 13,847,849
15,300 $138,428,108 8,007 8,007
TOTAL
23,307 $152,284,622
$138,412,808 $13,848,507 $
—
658
Common Stocks
Balance as of 06/30/2014 Purchases Sales Realized gain/(loss) Change in unrealized appreciation/ (depreciation) Transfers in Transfers out1
$ 272,250 — —
—
—
—
— — (256,950)
8,007 — —
8,007 — (256,950)
Balance as of 03/31/2015
$ 15,300
$8,007
$ 23,307
Net change in unrealized appreciation (depreciation) from investments held as of 03/31/2015
$
$8,007
$
—
—
$
Total
0 — —
1
$ 272,250 — —
Dividend Note
8,007
Transfers out represent the value as of the beginning of the reporting period, for any investment security where significant transfers in the pricing level occurred during the period.
13,847,849
See Notes to Schedule of Investments.
www.bridgeway.com
5
Shares
Value
Industry Company
Shares
Value
COMMON STOCKS - 99.46% Aerospace & Defense - 1.26% Ducommun, Inc.* LMI Aerospace, Inc.*
52,500 32,600
$1,359,750 398,046 1,757,796
Air Freight & Logistics - 0.82% Air T, Inc.* Radiant Logistics, Inc.*
20,400 122,900
501,636 636,622 1,138,258
Auto Components - 2.01% China XD Plastics Co., Ltd.*+ Jason Industries, Inc.* Spartan Motors, Inc. Strattec Security Corp.
69,700 80,000 56,200 22,000
338,045 566,400 272,570 1,624,480 2,801,495
Beverages - 0.70% MGP Ingredients, Inc. Biotechnology - 1.12% Biota Pharmaceuticals, Inc.* OncoGenex Pharmaceutical, Inc.*+ OXiGENE, Inc.*+ Targacept, Inc.*
72,000
969,120
65,000
149,500
215,500 303,000 170,000
463,325 442,380 504,900
Commercial Banks (continued) Farmers Capital Bank Corp.*+ First Bancorp, Inc. Heritage Commerce Corp. Heritage Oaks Bancorp Independent Bank Corp., MI Monarch Financial Holdings, Inc. Pacific Mercantile Bancorp* Royal Bancshares of Pennsylvania, Inc., Class A* Unity Bancorp, Inc.+
42,800 15,500 26,950 38,800 112,400
$ 995,100 270,475 246,054 322,428 1,442,092
11,300 40,000
141,363 289,600
67,100 15,000
114,070 136,200 4,967,222
Commercial Services & Supplies - 1.48% ARC Document Solutions, Inc.* 166,600 Courier Corp. 16,000 Versar, Inc.* 40,400
2,055,850 Communications Equipment - 2.32% EMCORE Corp.* 281,900 Infosonics Corp.*+ 217,500 Tessco Technologies, Inc. 49,100
46,400 24,300
870,464 203,634
22,000
201,740 1,275,838
Chemicals - 1.17% Chase Corp. China Green Agriculture, Inc.+ Core Molding Technologies, Inc.* Gulf Resources, Inc.*+
17,400
760,902
158,500
278,960
8,800 259,000
150,920 429,940 1,620,722
Commercial Banks - 3.57% Century Bancorp, Inc., Class A Citizens & Northern Corp. CU Bancorp*
www.bridgeway.com
3,600 26,500 14,600
142,920 534,770 332,150
1,533,536 489,375 1,210,806 3,233,717
1,560,105 Capital Markets - 0.92% Capitala Finance Corp.+ JMP Group LLC Pzena Investment Management, Inc., Class A
1,537,718 391,680 126,452
Computers & Peripherals - 4.35% Concurrent Computer Corp. Dot Hill Systems Corp.* Hutchinson Technology, Inc.*+ Novatel Wireless, Inc.* Smart Technologies, Inc., Class A*
75,700 400,000
479,181 2,120,000
157,500 579,000
420,525 2,790,780
194,300
237,046 6,047,532
Construction & Engineering - 1.17% Goldfield Corp. (The)*+ 120,000 Willdan Group, Inc.* 87,800
232,800 1,390,752 1,623,552
Consumer Finance - 0.82% Consumer Portfolio Services, Inc.* Distributors - 0.47% AMCON Distributing Co.
162,600
1,136,574
2,700
210,600
1
Ultra-Small Company Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of March 31, 2015 (Unaudited) Industry Company Common Stocks (continued) Distributors (continued) VOXX International Corp.*
Shares
48,900
Value
$ 447,924 658,524
Diversified Consumer Services - 0.96% ITT Educational Services, Inc.*+ 182,700 Lincoln Educational Services Corp. 42,700
Diversified Telecommunication Services - 0.44% Alaska Communications Systems Group, Inc.* 368,213 Electrical Equipment - 3.67% Allied Motion Technologies, Inc. Highpower International, Inc.*+ Magnetek, Inc.*
97,356
421,330
618,598
110,000
3,650,900
183,200 18,500
738,296 712,620
Electronic Equipment, Instruments & Components - 3.47% Agilysys, Inc.* 41,800 411,312 IntriCon Corp.* 21,500 174,795 Nam Tai Property, Inc.+ 113,100 449,007 Nortech Systems, Inc.*+ 28,000 138,040 PCM, Inc.* 33,700 314,758 Perceptron, Inc. 111,700 1,509,067 Planar Systems, Inc.* 183,900 1,156,731 Wayside Technology Group, Inc. 38,200 673,084 4,826,794 Energy Equipment & Services - 3.08% Key Energy Services, Inc.* 743,400 North American Energy Partners, Inc. 73,900 Paragon Offshore PLC+ 648,700 Pioneer Energy Services Corp.* 100,500 Seventy Seven Energy, Inc.*+ 322,100
$ 387,500 118,476 795,340 1,301,316
Health Care Providers & Services - 4.93% Addus HomeCare Corp.* 12,200 Alliance HealthCare Services, Inc.* 11,801 Almost Family, Inc.* 41,600 Chembio Diagnostics, Inc.*+ 107,500 Diversicare Healthcare Services, Inc. 20,476 Five Star Quality Care, Inc.* 195,700 InfuSystems Holdings, Inc.* 50,000 RadNet, Inc.* 326,400
280,844 261,746 1,859,936 425,700 282,569 868,908 135,500 2,741,760
473,600
Hotels, Restaurants & Leisure - 3.66% Frisch’s Restaurants, Inc.+ 5,900 Ignite Restaurant Group, Inc.* 82,300 Isle of Capri Casinos, Inc.* 220,700 Red Lion Hotels Corp.* 31,600 Town Sports International Holdings, Inc. 180,000
160,185 399,155 3,100,835 210,772 1,225,800 5,096,747
Household Durables - 4.25% Bassett Furniture Industries, Inc. CSS Industries, Inc. EveryWare Global, Inc.*+ Hooker Furniture Corp. Skullcandy, Inc.* ZAGG, Inc.*
41,000 19,200 153,000 45,200 213,000 82,800
1,169,320 578,880 183,600 861,060 2,406,900 717,876 5,917,636
1,352,988 215,049 843,310 544,710 1,336,715 4,292,772
2
Health Care Equipment & Supplies - 0.94% Dehaier Medical Systems, Ltd.*+ 125,000 Delcath Systems, Inc.* 123,400 RTI Surgical, Inc.* 161,000
Value
6,856,963
5,101,816
Food & Staples Retailing - 1.66% Roundy’s, Inc.*+
Shares
1,240,533
1,337,889 Diversified Financial Services - 0.30% Resource America, Inc., Class A 46,300
Industry Company
Independent Power Producers & Energy Traders - 1.30% Atlantic Power Corp.*+ 645,300 1,813,293 Insurance - 6.86% CNinsure, Inc. - ADR* Federated National Holding Co. Hallmark Financial Services, Inc.* Kingstone Cos., Inc.+
162,800
1,404,964
85,500
2,616,300
99,500 17,400
1,054,700 131,022
2,315,904
Quarterly Report
March 31, 2015 (Unaudited)
Ultra-Small Company Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of March 31, 2015 (Unaudited) Industry Company Common Stocks (continued) Insurance (continued) Kingsway Financial Services, Inc.* United Insurance Holdings Corp.
Shares
Value
22,000
$ 126,500
187,000
4,207,500
Industry Company
Shares
Media (continued) McClatchy Co. (The), Class A* Reading International, Inc., Class A*
422,700 106,500
9,540,986 Internet Software & Services - 4.32% Autobytel, Inc.* BroadVision, Inc.*+ Inuvo, Inc.*+ TheStreet, Inc. Tucows, Inc., Class A*+ United Online, Inc.*
115,400 72,749 105,000 113,700 47,000 160,000
1,704,458 439,404 217,350 204,660 893,000 2,548,800 6,007,672
IT Services - 3.11% CSP, Inc. Edgewater Technology, Inc.* Hackett Group, Inc. (The) Mattersight Corp.* NCI, Inc., Class A Newtek Business Services Corp. PFSweb, Inc.*+ StarTek, Inc.*+
16,800 38,300 51,400 74,600 85,000
113,904 261,972 459,516 462,520 851,700
61,800 63,500 62,100
1,021,554 697,865 462,645
813,384 410,400 1,223,784
Machinery - 3.66% Accuride Corp.* Eastern Co. (The) Hurco Companies, Inc. L.S. Starrett Co., Class A (The) Miller Industries, Inc.+ Twin Disc, Inc. Xerium Technologies, Inc.*
304,300 8,700 29,200
1,418,038 174,522 961,556
18,200 32,700 38,800 43,800
345,800 801,150 685,596 710,436 5,097,098
Marine - 0.18% Diana Containerships, Inc.
100,000
246,000
Media - 2.54% A.H. Belo Corp., Class A
160,700
1,322,561
www.bridgeway.com
$ 777,768 1,432,425 3,532,754
Metals & Mining - 1.46% Noranda Aluminum Holding Corp. Richmont Mines, Inc.* Synalloy Corp.
381,400 230,000 11,497
1,132,758 736,000 167,396 2,036,154
Multiline Retail - 0.54% Gordmans Stores, Inc.*+
91,000
Oil, Gas & Consumable Fuels - 3.28% Adams Resources & Energy, Inc. 4,900 Andatee China Marine Fuel Services Corp.* 100,000 Energy XXI, Ltd.+ 472,600 Geopark Ltd*+ 43,900 Green Brick Partners, Inc.*+ 19,500 Pacific Ethanol, Inc.*+ 170,700 PrimeEnergy Corp.*+ 4,300
4,331,676 Leisure Equipment & Products - 0.88% Escalade, Inc. 46,800 Summer Infant, Inc.*+ 152,000
Value
755,300
329,329 118,000 1,720,264 168,137 161,363 1,841,853 227,986 4,566,932
Personal Products - 0.23% Synutra International, Inc.*+
50,000
320,000
Pharmaceuticals - 0.24% Dipexium Pharmaceuticals, Inc.*
24,600
335,544
Professional Services - 1.42% CRA International, Inc.* VSE Corp.
23,600 15,200
734,432 1,244,576 1,979,008
Real Estate Investment Trusts (REITs) - 0.23% Gyrodyne Special Distribution, LLC*Δ 5,100 Sotherly Hotels, Inc. 40,800
15,300 310,488 325,788
Road & Rail - 4.86% Covenant Transportation Group, Inc., Class A*
74,700
2,477,052
3
Ultra-Small Company Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of March 31, 2015 (Unaudited) Industry Company Common Stocks (continued) Road & Rail (continued) P.A.M. Transportation Services, Inc.* USA Truck, Inc.*
Shares
37,700 77,000
Value
$2,159,079 2,132,130 6,768,261
Semiconductors & Semiconductor Equipment - 4.77% Actions Semiconductor Co., Ltd. - ADR* 58,000 87,000 Alpha & Omega Semiconductor, Ltd.* 50,000 445,500 AXT, Inc.* 98,000 263,620 Cascade Microtech, Inc.* 54,203 736,077 Cohu, Inc. 62,000 678,280 CyberOptics Corp.* 18,600 187,302 inTEST Corp.*+ 16,500 67,485 Mattson Technology, Inc.* 350,000 1,379,000 MaxLinear, Inc., Class A* 130,600 1,061,778 Sigma Designs, Inc.* 216,000 1,734,480 6,640,522 Software - 2.22% Bsquare Corp.* ePlus, Inc.* Evolving Systems, Inc. QAD, Inc., Class A TeleCommunication Systems, Inc., Class A*
63,800 15,700 23,300 24,700
299,222 1,364,801 202,943 597,740
162,100
620,843 3,085,549
Specialty Retail - 1.39% Build-A-Bear Workshop, Inc.* hhgregg, Inc.*+
Industry Company
Shares
Thrifts & Mortgage Finance (continued) NASB Financial, Inc.+ 21,600 Ocean Shore Holding Co.+ 19,600 Pulaski Financial Corp. 11,500 Riverview Bancorp, Inc.*+ 70,600 Southern Missouri Bancorp, Inc.+ 5,700 Territorial Bancorp, Inc.+ 19,700
Textiles, Apparel & Luxury Goods - 1.59% Rocky Brands, Inc. 51,400 Superior Uniform Group, Inc. 58,100
$
554,040 288,708 142,255 321,230 107,559 468,072 5,576,628
Trading Companies & Distributors - 0.83% General Finance Corp.*+ 66,200 Lawson Products, Inc.* 26,900
534,234 624,349 1,158,583
TOTAL COMMON STOCKS - 99.46% (Cost $115,192,785)
138,428,108
DIVIDEND NOTE - 0.01% Gyrodyne Dividend Notes, 5%*Δ
5,100
TOTAL DIVIDEND NOTE - 0.01% (Cost $ — )
8,007 8,007
Rate^
Shares
Value
MONEY MARKET FUND - 0.00% Dreyfus Cash Management Fund
0.03%
658
TOTAL MONEY MARKET FUND - 0.00% (Cost $658) 35,000 204,300
Value
658 658
687,750 1,252,359
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 9.95%
1,940,109
Dreyfus Cash Management Fund**
1,110,240
TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING 9.95% (Cost $13,847,849)
1,102,157
0.03%
13,847,849
13,847,849
13,847,849
2,212,397 Thrifts & Mortgage Finance - 4.01% BankFinancial Corp. Charter Financial Corp. Citizens Community Bancorp, Inc. ESSA Bancorp, Inc. Home Bancorp, Inc.+ HomeStreet, Inc.* IMPAC Mortgage Holdings, Inc.*+ Malvern Bancorp, Inc.*+ 4
42,700 101,000
561,078 1,161,500
15,600 12,400 35,000 15,000
144,768 158,968 744,450 274,800
40,000 11,200
498,000 151,200 Quarterly Report
March 31, 2015 (Unaudited)
Ultra-Small Company Fund SCHEDULE OF INVESTMENTS (continued) Showing percentage of net assets as of March 31, 2015 (Unaudited) Value TOTAL INVESTMENTS - 109.42%
$152,284,622
(Cost $129,041,292) Liabilities in Excess of Other Assets - (9.42%)
(13,105,353)
NET ASSETS - 100.00%
Investment in Securities (Value)
$139,179,269
* Non-income producing security. ** This security represents the investment of the collateral received in connection with securities out on loan as of March 31, 2015. ^ Rate disclosed as of March 31, 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 March 31, 2015. Total loaned securities had a value of $13,196,410 as of March 31, 2015. ADR - American Depositary Receipt PLC - Public Limited Company Summary of inputs used to value the Fund’s investments as of 03/31/2015 (See Note 2 in Notes to Schedule of Investments): Valuation Inputs Investment in Securities (Value) Level 1 Quoted Prices
Following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:
Level 2 Level 3 Significant Significant Observable Unobservable Inputs Inputs
Total
Common Stocks $138,412,808 $ — $ Dividend Note — — Money Market Fund — 658 Investments Purchased with Cash Proceeds from Securities Lending — 13,847,849
15,300 $138,428,108 8,007 8,007
TOTAL
23,307 $152,284,622
$138,412,808 $13,848,507 $
—
658
Common Stocks
Balance as of 06/30/2014 Purchases Sales Realized gain/(loss) Change in unrealized appreciation/ (depreciation) Transfers in Transfers out1
$ 272,250 — —
—
—
—
— — (256,950)
8,007 — —
8,007 — (256,950)
Balance as of 03/31/2015
$ 15,300
$8,007
$ 23,307
Net change in unrealized appreciation (depreciation) from investments held as of 03/31/2015
$
$8,007
$
—
—
$
Total
0 — —
1
$ 272,250 — —
Dividend Note
8,007
Transfers out represent the value as of the beginning of the reporting period, for any investment security where significant transfers in the pricing level occurred during the period.
13,847,849
See Notes to Schedule of Investments.
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