Simplicity | 1693920 | Bridgeway Ultra-Small Company Market Fund

Bridgeway Ultra-Small Company Market Fund
SCHEDULE OF INVESTMENTS
Showing percentage of net assets as of March 31, 2014 (Unaudited)
Industry Company
Shares
Value
Industry Company
Shares
Value
COMMON STOCKS - 99.58%
Aerospace & Defense - 1.02%
CPI Aerostructures, Inc.*
Ducommun, Inc.*
Erickson Air-Crane, Inc.*+
Innovative Solutions &
Support, Inc.*
LMI Aerospace, Inc.*+
Sparton Corp.*
Sypris Solutions, Inc.
Tel-Instrument Electronics
Corp.*
31,479
25,300
26,000
$ 409,227
634,018
502,060
63,454
21,400
63,300
78,400
477,809
301,740
1,853,424
217,168
15,000
66,300
4,461,746
Air Freight & Logistics - 0.30%
Pacer International, Inc.*
Radiant Logistics, Inc.*+
104,900
125,000
939,904
386,250
1,326,154
Airlines - 0.12%
Republic Airways Holdings,
Inc.*
Auto Components - 1.21%
China XD Plastics Co., Ltd.*
Fuel Systems Solutions,
Inc.*
Shiloh Industries, Inc.*
SORL Auto Parts, Inc.*+
Spartan Motors, Inc.
Stoneridge, Inc.*
Strattec Security Corp.
UQM Technologies, Inc.*
57,487
525,431
141,000
737,430
36,000
51,250
109,900
169,800
18,244
24,100
9,600
387,360
909,175
409,927
872,772
204,880
1,740,743
25,344
5,287,631
Automobiles - 0.27%
Kandi Technologies Group,
Inc.*+
71,500
1,172,600
Beverages - 0.46%
Craft Brew Alliance, Inc.*+
MGP Ingredients, Inc.
Primo Water Corp.*+
92,200
25,862
112,930
1,407,894
174,568
439,298
2,021,760
Biotechnology - 4.88%
Ambit Bioscience Corp.*+
Amicus Therapeutics, Inc.*
Anacor Pharmaceuticals,
Inc.*+
Arqule, Inc.*
BioCryst Pharmaceuticals,
Inc.*+
BioSpecifics Technologies
Corp.*
www.bridgeway.com
45,100
115,000
411,312
238,050
52,500
340,000
1,050,525
697,000
31,664
335,005
22,314
578,379
Biotechnology (continued)
Biota Pharmaceuticals,
Inc.*+
BioTime, Inc.*+
Cellular Dynamics
International, Inc.*+
ChemoCentryx, Inc.*+
Codexis, Inc.*
Conatus Pharmaceuticals,
Inc.*+
Curis, Inc.*+
Cytokinetics, Inc.*
Cytori Therapeutics, Inc.*+
Durata Therapeutics, Inc.*Δ+
Esperion Therapeutics,
Inc.*+
Fibrocell Science, Inc.*+
Five Prime Therapeutics,
Inc.*+
Geron Corp.*
Harvard Apparatus
Regenerative Technology,
Inc.*
ImmunoCellular
Therapeutics, Ltd.*+
Immunomedics, Inc.*+
Inovio Pharmaceuticals,
Inc.*+
Medgenics, Inc.*+
MediciNova, Inc.*
Nanosphere, Inc.*
NanoViricides, Inc.*+
Neuralstem, Inc.*+
Onconova Therapeutics,
Inc.*+
Oncothyreon, Inc.*+
OvaScience, Inc.*
PharmAthene, Inc.*+
Progenics Pharmaceuticals,
Inc.*
Repligen Corp.*
Rexahn Pharmaceuticals,
Inc.*
Rigel Pharmaceuticals, Inc.*
SIGA Technologies, Inc.*+
Synthetic Biologics, Inc.*+
Targacept, Inc.*
Vanda Pharmaceuticals,
Inc.*+
Verastem, Inc.*+
Vical, Inc.*
XOMA Corp.*+
79,899
123,800
$
488,183
407,302
25,000
120,000
150,500
373,250
795,600
307,020
20,000
246,852
53,633
200,000
76,150
162,700
696,123
509,513
540,000
1,127,781
25,000
87,900
378,000
459,717
24,000
125,000
471,840
260,000
41,754
378,709
70,000
222,900
85,400
938,409
30,000
61,000
40,000
308,000
100,000
130,000
99,900
425,780
82,800
662,200
320,000
544,700
35,000
224,988
25,000
178,826
221,900
672,714
223,500
327,252
72,400
74,500
296,116
958,070
180,000
135,800
148,700
40,000
103,900
194,400
526,904
460,970
102,800
493,525
87,592
50,000
84,976
190,000
1,423,370
539,500
109,619
989,900
21,365,738
1
Bridgeway Ultra-Small Company Market Fund
SCHEDULE OF INVESTMENTS (continued)
Showing percentage of net assets as of March 31, 2014 (Unaudited)
Industry Company
Common Stocks (continued)
Building Products - 0.57%
Alpha Pro Tech, Ltd.*
Insteel Industries, Inc.
Patrick Industries, Inc.*
Shares
106,700
25,700
39,800
Value
$
239,008
505,519
1,764,334
2,508,861
Capital Markets - 3.53%
Arlington Asset Investment
Corp., Class A+
Calamos Asset
Management, Inc.,
Class A
Diamond Hill Investment
Group, Inc.
FBR & Co.*
Fidus Investment Corp.+
Gladstone Capital Corp.+
Gladstone Investment Corp.
Gleacher & Co., Inc.*
Harris & Harris Group, Inc.*
Institutional Financial
Markets, Inc.
JMP Group, Inc.
KCAP Financial, Inc.
Manning & Napier, Inc.
MCG Capital Corp.
Medallion Financial Corp.
MVC Capital, Inc.
NGP Capital Resources
Co.+
Oppenheimer Holdings, Inc.,
Class A
PennantPark Floating Rate
Capital, Ltd.+
Pzena Investment
Management, Inc.,
Class A
Solar Senior Capital, Ltd.
SWS Group, Inc.*
2
Shares
Chemicals (continued)
Marrone Bio Innovations,
Inc.*+
Northern Technologies
International Corp.*
Penford Corp.*
Value
35,000
$ 488,950
11,900
47,200
253,470
677,792
6,319,077
27,400
725,552
53,500
691,755
5,600
43,175
36,000
78,700
56,400
10,000
78,000
736,064
1,115,210
695,160
793,296
466,428
113,900
270,660
30,000
96,851
93,900
44,100
95,000
86,711
58,400
63,000
688,611
813,174
739,557
360,050
1,145,452
791,320
93,900
634,764
70,650
1,981,733
23,000
317,860
52,800
27,200
166,800
621,456
465,392
1,247,664
15,478,058
Chemicals - 1.44%
Arabian American
Development Co.*
BioAmber, Inc.*+
Chase Corp.
China Green Agriculture,
Inc.*+
Core Molding Technologies,
Inc.*
Gulf Resources, Inc.*
KMG Chemicals, Inc.
Landec Corp.*
Industry Company
74,649
20,000
27,800
809,942
228,800
876,534
80,000
231,200
45,100
232,850
40,100
89,200
564,652
563,497
628,768
995,472
Commercial Banks - 13.17%
1st Constitution Bancorp*
1st United Bancorp, Inc.
Access National Corp.
American National
Bankshares, Inc.
American River Bankshares*
AmeriServ Financial, Inc.
Anchor Bancorp, Inc.*+
Arrow Financial Corp.+
Bank of Commerce
Holdings
Bank of Kentucky Financial
Corp.
Bar Harbor Bankshares
BCB Bancorp, Inc.
Berkshire Bancorp, Inc.
Bridge Bancorp, Inc.
Bridge Capital Holdings*
C&F Financial Corp.+
Camden National Corp.
Capital City Bank Group,
Inc.
Carolina Bank Holdings,
Inc.*
Center Bancorp, Inc.+
Centerstate Banks, Inc.
Century Bancorp, Inc.,
Class A
Chemung Financial Corp.+
Citizens Holding Co.
CNB Financial Corp.
Codorus Valley Bancorp,
Inc.
Colony Bankcorp, Inc.*
Community West
Bancshares*
ConnectOne Bancorp, Inc.*
Eastern Virginia Bankshares,
Inc.*
Enterprise Bancorp, Inc.
Enterprise Financial Services
Corp.
Evans Bancorp, Inc.
Quarterly Report
11,550
104,600
33,500
119,196
801,236
543,035
22,100
56,000
155,671
10,000
23,300
519,792
516,880
599,333
185,100
616,052
87,441
588,478
16,100
12,000
23,500
56,132
30,000
36,800
14,586
11,800
604,394
460,200
307,380
404,150
801,300
874,368
483,380
486,160
50,390
669,179
27,000
49,217
76,866
276,210
935,123
839,377
23,272
19,648
20,670
42,200
793,808
532,854
382,808
746,096
12,600
16,668
263,970
98,341
19,266
12,000
133,899
587,520
20,536
9,502
132,457
193,271
49,800
16,701
999,486
375,772
March 31, 2014 (Unaudited)
Bridgeway Ultra-Small Company Market Fund
SCHEDULE OF INVESTMENTS (continued)
Showing percentage of net assets as of March 31, 2014 (Unaudited)
Industry Company
Common Stocks (continued)
Commercial Banks (continued)
Farmers Capital Bank
Corp.*
Fidelity Southern Corp.
Financial Institutions, Inc.
First Bancorp
First Bancorp, Inc.
First Bancshares, Inc.+
First Business Financial
Services, Inc.
First Community
Bancshares, Inc.
First Connecticut Bancorp,
Inc.
First South Bancorp, Inc.
First United Corp.*
First West Virginia Bancorp+
Firstbank Corp.
German American Bancorp,
Inc.
Guaranty Bancorp
Hampton Roads
Bankshares, Inc.*
Heritage Commerce Corp.
Heritage Financial Corp.
Home Federal Bancorp, Inc.
Horizon Bancorp
Independent Bank Corp.*
Intervest Bancshares Corp.*
Landmark Bancorp, Inc.
LNB Bancorp, Inc.
Macatawa Bank Corp.+
MainSource Financial
Group, Inc.
MBT Financial Corp.*
Mercantile Bank Corp.
Merchants Bancshares, Inc.
Metro Bancorp, Inc.*
MidSouth Bancorp, Inc.
MidWestOne Financial
Group, Inc.
MutualFirst Financial, Inc.
New Century Bancorp, Inc.*
NewBridge Bancorp*
North Valley Bancorp*
Northeast Bancorp
Northrim BanCorp, Inc.
Ohio Valley Banc Corp.
Old Second Bancorp, Inc.*+
OmniAmerican Bancorp,
Inc.
Pacific Continental Corp.
Pacific Mercantile Bancorp*
www.bridgeway.com
Shares
Value
67,149
36,074
34,700
49,000
33,300
12,794
$1,508,167
503,954
798,794
931,000
542,790
185,385
18,354
865,942
70,000
1,145,200
36,400
33,322
9,200
8,100
13,192
570,024
289,568
69,184
157,221
246,295
23,731
61,440
685,589
875,520
420,325
93,480
40,560
34,800
23,500
70,000
78,212
10,510
36,700
81,291
668,317
753,449
686,275
541,488
523,580
908,600
582,679
204,525
419,114
409,707
25,650
53,906
26,700
28,700
40,600
35,900
438,615
265,217
550,554
935,907
858,284
604,197
31,300
9,849
10,076
86,806
24,378
35,000
34,700
19,500
15,000
790,012
187,032
70,532
619,795
589,460
327,600
891,443
429,000
69,000
25,000
53,611
67,893
569,750
737,687
421,616
Industry Company
Commercial Banks (continued)
Pacific Premier Bancorp,
Inc.*
Park Sterling Corp.
Peapack Gladstone
Financial Corp.
Penns Woods Bancorp,
Inc.+
Peoples Bancorp of North
Carolina, Inc.
Peoples Bancorp, Inc.
Preferred Bank*
Premier Financial Bancorp,
Inc.
QCR Holdings, Inc.
Republic First Bancorp, Inc.*
Royal Bancshares of
Pennsylvania, Inc.,
Class A*
Salisbury Bancorp, Inc.
SB Financial Group, Inc.
Seacoast Banking Corp. of
Florida*
Shore Bancshares, Inc.*
Sierra Bancorp
Southcoast Financial Corp.*
Southern First Bancshares,
Inc.*
Southern National Bancorp
of Virginia, Inc.+
Southwest Bancorp, Inc.
Suffolk Bancorp*
Sun Bancorp, Inc.*
Univest Corp. of
Pennsylvania
Washington Banking Co.
West Bancorporation, Inc.
Yadkin Financial Corp.*+
Shares
48,500
120,700
Value
$
782,790
802,655
49,777
1,095,094
16,400
799,992
34,901
28,400
33,680
544,456
702,332
874,333
43,837
13,200
83,000
628,623
226,512
319,550
35,398
2,366
9,641
116,813
63,882
80,502
67,355
25,000
42,900
49,500
740,905
237,750
682,968
360,855
32,215
446,822
70,892
73,100
37,000
221,200
722,389
1,290,946
825,100
743,232
21,000
74,300
48,200
38,500
430,920
1,321,054
732,158
824,285
57,695,591
Commercial Services & Supplies - 1.22%
AMREP Corp.*+
27,000
ARC Document Solutions,
Inc.*
50,000
Casella Waste Systems,
Inc., Class A*
202,656
Cenveo, Inc.*
210,600
Courier Corp.
51,100
Ecology & Environment, Inc.,
Class A
3,000
Fuel Tech, Inc.*+
65,000
Heritage-Crystal Clean, Inc.*
23,000
Intersections, Inc.
78,184
170,640
372,000
1,035,572
640,224
786,940
28,740
325,000
416,990
461,286
3
Bridgeway Ultra-Small Company Market Fund
SCHEDULE OF INVESTMENTS (continued)
Showing percentage of net assets as of March 31, 2014 (Unaudited)
Industry Company
Shares
Common Stocks (continued)
Commercial Services & Supplies (continued)
Metalico, Inc.*
366,002
TRC Cos., Inc.*
65,600
Versar, Inc.*
22,000
Value
$
596,583
436,240
88,000
Industry Company
Shares
Construction & Engineering (continued)
Sterling Construction Co.,
Inc.*
49,950
Willdan Group, Inc.*
5,211
446,485
25,100
48,300
709,911
549,690
1,115,247
28,900
70,000
23,052
60,410
56,450
49,350
309,600
87,800
54,600
16,372
137,000
24,500
371,943
710,500
116,413
794,996
254,589
539,395
959,760
766,494
567,294
51,572
1,178,200
915,320
205,000
756,450
10,357,774
Computers & Peripherals - 1.64%
Astro-Med, Inc.
Avid Technology, Inc.*
Concurrent Computer Corp.
Datalink Corp.*
Dot Hill Systems Corp.*
Hutchinson Technology, Inc.*
Imation Corp.*
Immersion Corp.*
Novatel Wireless, Inc.*
Quantum Corp.*
Qumu Corp.*
Transact Technologies, Inc.
USA Technologies, Inc.*
32,800
66,000
55,600
71,750
269,400
150,000
146,100
62,900
78,800
350,100
36,400
49,481
111,400
387,696
402,600
454,252
999,477
1,042,578
424,500
842,997
663,595
138,688
427,122
582,400
568,537
231,712
7,166,154
Construction & Engineering - 1.13%
Argan, Inc.
44,700
Furmanite Corp.*
160,500
Northwest Pipe Co.*
29,100
Orion Marine Group, Inc.*
2,600
Pike Corp.*
45,000
4
1,328,931
1,576,110
1,052,256
32,682
484,200
$ 433,066
23,606
4,930,851
5,358,215
Communications Equipment - 2.36%
Aviat Networks, Inc.*
Bel Fuse, Inc., Class B
Clearfield, Inc.*
Communications Systems,
Inc.
Digi International, Inc.*
Emcore Corp.*+
KVH Industries, Inc.*
Meru Networks, Inc.*+
Numerex Corp., Class A*
Oclaro, Inc.*
PC-Tel, Inc.
Procera Networks, Inc.*
RELM Wireless Corp.*
ShoreTel, Inc.*
Tessco Technologies, Inc.
Westell Technologies, Inc.,
Class A*
Value
Construction Materials - 0.23%
United States Lime &
Minerals, Inc.
Consumer Finance - 0.45%
Asta Funding, Inc.*
Atlanticus Holdings Corp.*+
Consumer Portfolio
Services, Inc.*
QC Holdings, Inc.
18,300
1,030,290
122,300
63,961
1,011,421
146,471
97,650
56,600
667,926
131,878
1,957,696
Containers & Packaging - 0.16%
AEP Industries, Inc.*
19,000
704,900
Distributors - 0.34%
AMCON Distributing Co.
VOXX International Corp.*
2,300
94,001
196,535
1,285,934
1,482,469
Diversified Consumer Services - 0.70%
Cambium Learning Group,
Inc.*
37,250
Career Education Corp.*
92,550
Carriage Services, Inc.+
33,700
Collectors Universe, Inc.+
26,360
Corinthian Colleges, Inc.*+
253,200
Learning Tree International,
Inc.*
75,400
Lincoln Educational Services
Corp.
78,400
Universal Technical Institute,
Inc.
23,700
80,088
690,423
614,688
496,095
349,416
244,296
295,568
306,915
3,077,489
Diversified Financial Services - 0.78%
California First National
Bancorp
Gain Capital Holdings, Inc.
Marlin Business Services
Corp.
MicroFinancial, Inc.
Quarterly Report
30,800
94,400
472,780
1,020,464
29,500
73,200
613,895
576,084
March 31, 2014 (Unaudited)
Bridgeway Ultra-Small Company Market Fund
SCHEDULE OF INVESTMENTS (continued)
Showing percentage of net assets as of March 31, 2014 (Unaudited)
Industry Company
Shares
Common Stocks (continued)
Diversified Financial Services (continued)
Resource America, Inc.,
Class A
83,600
Value
$ 716,452
3,399,675
Diversified Telecommunication Services - 1.57%
Alaska Communications
Systems Group, Inc.*
303,000
Cbeyond, Inc.*
90,050
Hawaiian Telcom Holdco,
Inc.*
24,686
HickoryTech Corp.
53,645
IDT Corp., Class B
50,567
Inteliquent, Inc.
100,000
Lumos Networks Corp.
35,000
ORBCOMM, Inc.*
171,000
Straight Path Communications, Inc., Class B*
42,470
584,790
652,863
703,304
686,120
842,446
1,453,000
467,950
1,171,350
312,579
6,874,402
Electrical Equipment - 1.10%
Allied Motion Technologies,
Inc.
Enphase Energy, Inc.*+
Espey Manufacturing &
Electronics Corp.
Global Power Equipment
Group, Inc.
LSI Industries, Inc.
Magnetek, Inc.*
PowerSecure International,
Inc.*
SL Industries, Inc.*
17,650
60,000
204,564
441,600
5,000
136,250
26,972
84,000
10,000
536,473
687,960
190,000
92,000
18,200
2,156,480
446,992
4,800,319
Electronic Equipment, Instruments & Components - 3.37%
Agilysys, Inc.*
62,200
833,480
Audience, Inc.*
38,000
475,000
ChyronHego Corp.*
53,000
146,810
Document Security Systems,
Inc.*+
182,000
232,960
Echelon Corp.*
229,062
636,792
Electro Scientific Industries,
Inc.
71,000
699,350
eMagin Corp.*
56,300
141,876
Frequency Electronics, Inc.*
60,100
649,681
ID Systems, Inc.*
83,000
471,440
IEC Electronics Corp.*
64,500
288,960
Iteris, Inc.*
172,520
341,590
Key Tronic Corp.*
37,200
387,624
LoJack Corp.*
77,150
439,755
www.bridgeway.com
Industry Company
Shares
Value
Electronic Equipment, Instruments & Components
(continued)
Maxwell Technologies,
Inc.*+
57,700
$
Mesa Laboratories, Inc.
9,830
MOCON, Inc.
12,000
NAPCO Security
Technologies, Inc.*
110,000
Netlist, Inc.*
63,100
PAR Technology Corp.*
67,000
PCM, Inc.*
74,200
Perceptron, Inc.
23,000
Planar Systems, Inc.*
75,000
Pulse Electronics Corp.*+
10,000
Radisys Corp.*
70,000
RF Industries, Ltd.
35,000
Richardson Electronics, Ltd.
60,011
SMTC Corp.*
85,000
Speed Commerce, Inc.*
230,600
Viasystems Group, Inc.*
70,900
Vishay Precision Group,
Inc.*
56,900
Wayside Technology Group,
Inc.
10,000
Zygo Corp.*
39,200
745,484
887,158
200,160
729,300
119,890
327,630
725,676
278,990
153,750
38,500
251,300
228,200
645,718
169,150
839,384
887,668
988,922
198,400
595,448
14,756,046
Energy Equipment & Services - 1.68%
Bolt Technology Corp.
65,663
Cal Dive International, Inc.*+ 345,300
Dawson Geophysical Co.
46,990
Forbes Energy Services,
Ltd.*
123,000
Global Geophysical
Services, Inc.*
104,528
GreenHunter Resources,
Inc.*
199,000
Gulf Island Fabrication, Inc.
49,000
Mitcham Industries, Inc.*
46,300
Natural Gas Services
Group, Inc.*
37,600
TGC Industries, Inc.*
104,737
1,298,157
587,010
1,316,190
485,850
12,533
192,612
1,058,890
645,422
1,133,264
623,185
7,353,113
Food & Staples Retailing - 0.42%
Ingles Markets, Inc., Class A
Pantry, Inc. (The)*
Roundy’s, Inc.+
35,800
45,000
44,041
852,756
690,300
303,002
1,846,058
5
Bridgeway Ultra-Small Company Market Fund
SCHEDULE OF INVESTMENTS (continued)
Showing percentage of net assets as of March 31, 2014 (Unaudited)
Industry Company
Common Stocks (continued)
Food Products - 1.44%
Alico, Inc.
Farmer Bros. Co.*
Griffin Land & Nurseries,
Inc.
Inventure Foods, Inc.*
John B. Sanfilippo & Son,
Inc.
Liberator Medical Holdings,
Inc.+
Lifeway Foods, Inc.+
Limoneira Co.+
Omega Protein Corp.*
Shares
14,200
42,500
Value
$
535,340
837,250
13,300
44,000
402,192
615,120
33,900
780,378
111,200
95,302
20,000
69,800
437,016
1,400,939
453,600
842,486
6,304,321
Gas Utilities - 0.16%
Delta Natural Gas Co., Inc.
Gas Natural, Inc.+
20,000
30,300
414,400
305,727
720,127
Health Care Equipment & Supplies - 2.92%
Alphatec Holdings, Inc.*
201,399
Anika Therapeutics, Inc.*
33,439
AtriCure, Inc.*
108,200
Baxano Surgical, Inc.*+
204,500
CryoLife, Inc.
107,270
Cutera, Inc.*
45,200
Exactech, Inc.*
25,000
Hansen Medical, Inc.*+
277,065
Kewaunee Scientific Corp.
7,700
LeMaitre Vascular, Inc.
50,000
Medical Action Industries,
Inc.*
65,500
Navidea Biopharmaceuticals,
Inc.*+
390,480
RTI Surgical, Inc.*+
125,000
SurModics, Inc.*
18,500
Utah Medical Products, Inc.
35,900
Vascular Solutions, Inc.*
49,300
302,099
1,374,343
2,035,242
220,860
1,068,409
505,788
564,000
720,369
125,510
403,500
456,535
722,388
510,000
418,100
2,076,097
1,291,167
12,794,407
Health Care Providers & Services - 2.19%
Addus HomeCare Corp.*
25,000
Alliance HealthCare
Services, Inc.*
24,700
Almost Family, Inc.*
24,400
BioTelemetry, Inc.*
137,700
Chindex International, Inc.*
72,700
Cross Country Healthcare,
Inc.*
71,000
Five Star Quality Care, Inc.* 116,900
InfuSystems Holdings, Inc.*
75,000
LCA-Vision, Inc.*
84,000
6
Industry Company
Shares
Health Care Providers & Services (continued)
PDI, Inc.*
55,000
Providence Service Corp.
(The)*
67,100
RadNet, Inc.*
89,800
Skilled Healthcare Group,
Inc., Class A*
119,798
Value
$
251,900
1,897,588
255,032
631,335
9,580,199
Hotels, Restaurants & Leisure - 3.07%
Ambassadors Group, Inc.
24,072
Ark Restaurants Corp.
9,900
Bravo Brio Restaurant
Group, Inc.*
45,000
Carrols Restaurant Group,
Inc.*
68,100
Dover Downs Gaming &
Entertainment, Inc.*
152,580
Einstein Noah Restaurant
Group, Inc.
18,581
Famous Dave’s of America,
Inc.*
128,800
Frisch’s Restaurants, Inc.
26,100
Gaming Partners
International Corp.*
56,300
Isle of Capri Casinos, Inc.*
114,000
Jamba, Inc.*
30,662
Kona Grill, Inc.*
67,500
Lakes Entertainment, Inc.*
84,600
Luby’s, Inc.*
77,100
Monarch Casino & Resort,
Inc.*
42,877
Morgans Hotel Group Co.*
84,300
MTR Gaming Group, Inc.*
61,480
Nathan’s Famous, Inc.*
12,000
Nevada Gold & Casinos,
Inc.*
120,000
Premier Exhibitions, Inc.*
200,000
Red Lion Hotels Corp.*
74,900
Town Sports International
Holdings, Inc.
61,087
95,325
217,899
634,950
488,277
234,973
305,843
3,153,024
617,787
519,649
874,380
367,791
1,374,975
423,000
474,936
794,511
677,772
315,392
587,880
139,200
186,400
436,667
518,629
13,439,260
576,250
828,191
563,640
1,389,393
1,387,116
572,970
568,134
209,250
449,400
Household Durables - 1.73%
Bassett Furniture Industries,
Inc.
Cobra Electronics Corp.*
CSS Industries, Inc.
Dixie Group, Inc. (The)*
Emerson Radio Corp.*
EveryWare Global, Inc.*+
Flexsteel Industries, Inc.
Hooker Furniture Corp.
Quarterly Report
74,200
30,000
32,700
32,250
124,800
50,750
27,050
53,300
1,101,870
99,300
882,900
529,545
259,584
231,420
1,017,621
834,678
March 31, 2014 (Unaudited)
Bridgeway Ultra-Small Company Market Fund
SCHEDULE OF INVESTMENTS (continued)
Showing percentage of net assets as of March 31, 2014 (Unaudited)
Industry Company
Common Stocks (continued)
Household Durables (continued)
Kid Brands, Inc.*
Lifetime Brands, Inc.
P&F Industries, Inc.,
Class A*
Stanley Furniture Co., Inc.*
Universal Electronics, Inc.*
Zagg, Inc.*+
Shares
Value
236,400
65,000
$ 82,740
1,160,900
10,500
107,783
14,617
100,000
82,110
295,325
561,147
462,000
7,601,140
Household Products - 0.30%
Oil-Dri Corp. of America
Orchids Paper Products Co.
20,800
20,000
718,432
612,000
1,330,432
Independent Power Producers & Energy Traders - 0.29%
American DG Energy, Inc.*
296,311
589,659
Genie Energy, Ltd., Class B*
68,042
678,379
1,268,038
Insurance - 1.34%
American Independence
Corp.*
Atlantic American Corp.
Crawford & Co., Class B
Federated National Holding
Co.
First Acceptance Corp.*
Fortegra Financial Corp.*
Hallmark Financial Services,
Inc.*
HCI Group, Inc.+
Independence Holding Co.
Investors Title Co.
Phoenix Cos., Inc. (The)*
7,500
14,056
84,600
80,700
51,164
922,986
38,000
111,700
50,000
696,160
278,133
351,500
80,400
12,000
69,190
9,600
14,200
668,124
436,800
928,530
728,640
734,850
5,877,587
Internet & Catalog Retail - 1.07%
1-800-Flowers.com, Inc.,
Class A*
CafePress, Inc.*
Gaiam, Inc., Class A*
Geeknet, Inc.*
Nutrisystem, Inc.
PetMed Express, Inc.+
US Auto Parts Network,
Inc.*
ValueVision Media, Inc.,
Class A*
Vitacost.com, Inc.*+
110,000
49,800
45,000
40,000
35,000
46,647
619,300
302,286
326,250
560,800
527,450
625,536
54,451
166,620
176,286
102,000
856,750
723,180
4,708,172
www.bridgeway.com
Industry Company
Shares
Internet Software & Services - 2.82%
Carbonite, Inc.*
GTT Communications, Inc.*
iPass, Inc.*
Limelight Networks, Inc.*
Marchex, Inc., Class B
QuinStreet, Inc.*
RealNetworks, Inc.*
Reis, Inc.*
Spark Networks, Inc.*+
Support.com, Inc.*
Synacor, Inc.*
TechTarget, Inc.*
TheStreet, Inc.
Tremor Video, Inc.*+
Tucows, Inc., Class A*
United Online, Inc.*
Unwired Planet, Inc.*
Vocus, Inc.*
XO Group, Inc.*
Zix Corp.*
42,400
35,000
221,100
359,837
163,600
94,125
93,600
42,100
64,800
266,745
180,000
145,900
116,900
37,300
71,150
32,900
234,600
36,900
54,813
187,582
Value
$
432,056
368,550
364,815
784,445
1,719,436
624,990
709,488
759,905
338,904
680,200
444,600
1,051,939
306,278
153,676
900,047
380,324
509,082
491,877
555,804
776,589
12,353,005
IT Services - 1.47%
CIBER, Inc.*
CSP, Inc.
Edgewater Technology, Inc.*
Hackett Group, Inc. (The)
Information Services Group,
Inc.*
Innodata, Inc.*
Lionbridge Technologies,
Inc.*
Mattersight Corp.*
ModusLink Global Solutions,
Inc.*
NCI, Inc., Class A*
PRGX Global, Inc.*
StarTek, Inc.*
185,000
15,000
50,900
119,928
847,300
117,000
363,935
717,169
196,600
153,455
965,306
446,554
193,995
30,000
1,301,707
207,900
146,100
18,430
68,500
30,000
618,003
195,911
474,705
206,700
6,462,190
Leisure Equipment & Products - 0.51%
Escalade, Inc.
25,000
Johnson Outdoors, Inc.,
Class A
31,800
Marine Products Corp.
2,400
Nautilus, Inc.*
111,686
335,000
808,356
18,048
1,075,536
2,236,940
Life Sciences Tools & Services - 1.21%
Affymetrix, Inc.*
15,450
110,158
7
Bridgeway Ultra-Small Company Market Fund
SCHEDULE OF INVESTMENTS (continued)
Showing percentage of net assets as of March 31, 2014 (Unaudited)
Industry Company
Shares
Common Stocks (continued)
Life Sciences Tools & Services (continued)
Enzo Biochem, Inc.*
201,300
Furiex Pharmaceuticals,
Inc.*
6,900
Harvard Bioscience, Inc.*
167,017
NanoString Technologies,
Inc.*
45,000
Pacific Biosciences of
California, Inc.*
222,400
pSivida Corp.*+
100,000
Sequenom, Inc.*+
185,000
Value
$
837,408
600,300
791,661
929,250
1,189,840
410,000
453,250
5,321,867
Machinery - 3.23%
Accuride Corp.*
Ampco-Pittsburgh Corp.
Commercial Vehicle Group,
Inc.*
Dynamic Materials Corp.
Eastern Co. (The)
Energy Recovery, Inc.*+
FreightCar America, Inc.
Gencor Industries, Inc.*
Graham Corp.
Hardinge, Inc.
Hurco Cos., Inc.
Intelligent Systems Corp.*
Key Technology, Inc.*
Lydall, Inc.*
Miller Industries, Inc.
NN, Inc.
PMFG, Inc.*
Tecumseh Products Co.,
Class A*
Twin Disc, Inc.+
Xerium Technologies, Inc.*
Industry Company
Shares
Media (continued)
Entravision Communications
Corp., Class A
Lee Enterprises, Inc.*+
Martha Stewart Living
Omnimedia, Inc.,
Class A*+
McClatchy Co., Class A
(The)*+
Saga Communications, Inc.,
Class A
Salem Communications
Corp., Class A
108,800
90,000
$ 728,960
402,300
90,200
408,606
251,150
1,612,383
13,005
646,219
53,500
534,465
7,516,763
264,200
24,400
1,170,406
460,428
89,200
27,500
33,600
163,700
29,675
18,500
35,900
33,300
51,334
28,029
20,000
40,000
49,800
86,100
50,000
813,504
523,600
541,968
870,884
689,647
191,105
1,143,415
479,520
1,369,591
46,528
261,400
914,800
972,594
1,696,170
298,500
57,700
29,600
33,550
398,130
779,664
538,478
Metals & Mining - 1.42%
A.M. Castle & Co.*+
Friedman Industries, Inc.
General Moly, Inc.*
Gold Resource Corp.+
Great Northern Iron Ore
Properties+
Noranda Aluminum Holding
Corp.
Olympic Steel, Inc.
Paramount Gold & Silver
Corp.*
Synalloy Corp.
United States Antimony
Corp.*+
Universal Stainless & Alloy
Products, Inc.*
31,000
68,300
200,000
144,500
455,390
575,769
198,000
690,710
4,000
76,240
211,650
34,800
869,881
998,760
311,065
25,400
382,610
364,744
353,321
657,177
28,078
948,194
6,217,475
Multiline Retail - 0.17%
ALCO Stores, Inc.*
Bon-Ton Stores, Inc. (The)+
7,000
59,950
14,160,332
Marine - 0.13%
International Shipholding
Corp.
Media - 1.72%
A.H. Belo Corp., Class A
Ballantyne Strong, Inc.*
Beasley Broadcasting
Group, Inc., Class A
Carmike Cinemas, Inc.*
Dex Media, Inc.*+
Emmis Communications
Corp., Class A*
Entercom Communications
Corp., Class A*+
8
Value
19,203
565,336
46,400
45,500
537,312
213,395
16,000
5,900
86,451
145,600
176,174
795,349
159,500
510,400
80,000
805,600
68,670
658,251
726,921
Oil, Gas & Consumable Fuels - 5.59%
Adams Resources & Energy,
Inc.
22,300
American Eagle Energy
Corp.*
97,639
Amyris, Inc.*+
220,000
BPZ Resources, Inc.*+
350,000
Callon Petroleum Co.*
182,800
Double Eagle Petroleum
Co.*
79,800
Emerald Oil, Inc.*
113,000
Endeavour International
Corp.*+
183,000
Evolution Petroleum Corp.+
46,770
Quarterly Report
1,291,616
698,119
820,600
1,113,000
1,530,036
228,228
759,360
594,750
595,382
March 31, 2014 (Unaudited)
Bridgeway Ultra-Small Company Market Fund
SCHEDULE OF INVESTMENTS (continued)
Showing percentage of net assets as of March 31, 2014 (Unaudited)
Industry Company
Shares
Common Stocks (continued)
Oil, Gas & Consumable Fuels (continued)
FieldPoint Petroleum Corp.*
22,790
FX Energy, Inc.*+
245,000
Harvest Natural Resources,
Inc.*+
145,000
James River Coal Co.*+
287,500
L&L Energy, Inc.*Δ+
120,100
Miller Energy Resources,
Inc.*+
145,241
Panhandle Oil & Gas, Inc.,
Class A
23,797
Penn Virginia Corp.*
111,000
PetroQuest Energy, Inc.*
170,000
PostRock Energy Corp.*
97,500
Pyramid Oil Co.*
69,800
Quicksilver Resources,
Inc.*+
311,800
REX American Resources
Corp.*
42,249
Ring Energy, Inc.*
44,053
Saratoga Resources, Inc.*
129,693
Uranerz Energy Corp.*+
514,800
Uranium Energy Corp.*+
220,800
Vaalco Energy, Inc.*
100,000
Warren Resources, Inc.*
352,900
Westmoreland Coal Co.*
61,375
Zion Oil & Gas, Inc.*+
81,200
Value
$
106,885
818,300
545,200
215,596
40,834
854,017
1,037,787
1,941,390
969,000
122,850
434,156
820,034
2,410,305
672,249
175,086
895,752
291,456
855,000
1,693,920
1,827,748
155,092
24,513,748
Paper & Forest Products - 0.17%
Orient Paper, Inc.
Verso Paper Corp.*
117,811
160,400
282,746
463,556
746,302
Personal Products - 0.65%
CCA Industries, Inc.
Female Health Co. (The)+
IGI Laboratories, Inc.*
Mannatech, Inc.*
Natural Alternatives
International, Inc.*
Nutraceutical International
Corp.*
Synutra International, Inc.*+
United-Guardian, Inc.+
14,100
43,200
116,000
13,600
41,877
335,232
655,400
235,416
27,510
149,379
37,000
25,000
10,000
961,630
167,250
292,500
www.bridgeway.com
Pharmaceuticals (continued)
Alimera Sciences, Inc.*+
Ampio Pharmaceuticals,
Inc.*+
ANI Pharmaceuticals, Inc.*+
Cempra, Inc.*+
Cumberland
Pharmaceuticals, Inc.*+
Durect Corp.*
Horizon Pharma, Inc.*+
Novabay Pharmaceuticals,
Inc.*+
Omeros Corp.*+
Pain Therapeutics, Inc.*
Pozen, Inc.
Sciclone Pharmaceuticals,
Inc.*
Sucampo Pharmaceuticals,
Inc., Class A*
Supernus Pharmaceuticals,
Inc.*
Transcept Pharmaceuticals,
Inc.*
XenoPort, Inc.*
Zogenix, Inc.*+
Shares
121,600
Value
$
959,424
90,000
23,416
92,500
571,500
734,092
1,068,375
67,500
183,600
83,700
303,750
244,188
1,265,544
121,500
88,595
216,853
81,600
142,155
1,069,342
1,192,691
652,800
161,750
735,962
104,000
743,600
50,000
447,000
65,000
150,000
136,200
200,200
775,500
387,489
12,892,092
Professional Services - 1.30%
CDI Corp.
CRA International, Inc.*
CTPartners Executive
Search, Inc.*
Franklin Covey Co.*
Heidrick & Struggles
International, Inc.
Hill International, Inc.*
Mastech Holdings, Inc.
RCM Technologies, Inc.*
VSE Corp.
27,000
54,500
463,050
1,197,365
27,400
37,000
298,386
731,490
50,000
121,900
6,250
26,200
20,200
1,003,500
670,450
86,750
176,326
1,064,540
5,691,857
2,838,684
Pharmaceuticals - 2.94%
AcelRx Pharmaceuticals,
Inc.*+
Alexza Pharmaceuticals,
Inc.*+
Industry Company
98,000
1,176,980
50,000
221,500
Real Estate Management & Development - 0.69%
AV Homes, Inc.*
54,600
Consolidated-Tomoka Land
Co.
21,249
Maui Land & Pineapple Co.,
Inc.*+
30,000
Stratus Properties, Inc.*
37,150
ZipRealty, Inc.*
100,000
987,714
855,910
192,600
657,555
328,000
3,021,779
9
Bridgeway Ultra-Small Company Market Fund
SCHEDULE OF INVESTMENTS (continued)
Showing percentage of net assets as of March 31, 2014 (Unaudited)
Industry Company
Common Stocks (continued)
Road & Rail - 0.64%
Covenant Transportation
Group, Inc., Class A*
P.A.M. Transportation
Services, Inc.*
Providence & Worcester
Railroad Co.
Quality Distribution, Inc.*
USA Truck, Inc.*
YRC Worldwide, Inc.*+
Shares
60,700
Value
$
613,070
14,750
293,230
5,000
37,000
35,000
36,800
88,250
480,630
515,200
828,000
2,818,380
Semiconductors & Semiconductor Equipment - 4.08%
Amtech Systems, Inc.*+
57,500
699,775
Axcelis Technologies, Inc.*
348,650
749,597
Cascade Microtech, Inc.*
69,700
703,970
Cohu, Inc.
81,850
879,069
CyberOptics Corp.*
26,400
219,384
DSP Group, Inc.*
131,300
1,134,432
GigOptix, Inc.*
215,000
361,200
GSI Technology, Inc.*
161,417
1,115,391
Integrated Silicon Solution,
Inc.*
77,641
1,207,318
Intermolecular, Inc.*
120,200
336,560
Kopin Corp.*
146,250
552,825
Mattson Technology, Inc.*
250,300
580,696
MaxLinear, Inc., Class A*
65,100
617,148
NeoPhotonics Corp.*
118,700
941,291
Peregrine Semiconductor
Corp.*+
165,600
1,001,880
Pericom Semiconductor
Corp.*
75,000
587,250
Pixelworks, Inc.*
122,500
678,650
PLX Technology, Inc.*
113,900
689,095
Rubicon Technology, Inc.*+
37,000
417,730
Sigma Designs, Inc.*
165,000
785,400
Supertex, Inc.*
33,300
1,098,234
Ultra Clean Holdings, Inc.*
118,377
1,556,658
Vitesse Semiconductor
Corp.*
227,700
956,340
17,869,893
Software - 2.27%
American Software, Inc.,
Class A
Bsquare Corp.*
Callidus Software, Inc.*
Cinedigm Corp., Class A*
Digimarc Corp.
Envivio, Inc.*+
Exa Corp.*
10
60,700
9,500
113,100
231,300
23,100
120,000
48,000
617,319
30,020
1,416,012
592,128
725,340
370,800
636,480
Industry Company
Shares
Software (continued)
FalconStor Software, Inc.*
Globalscape, Inc.
Glu Mobile, Inc.*
GSE Systems, Inc.*
Guidance Software, Inc.*+
QAD, Inc., Class A+
QAD, Inc., Class B
Rosetta Stone, Inc.*
Smith Micro Software, Inc.*
TeleCommunication
Systems, Inc., Class A*
Telenav, Inc.*
Vringo, Inc.*+
Value
100,000
81,700
210,500
119,525
77,857
33,000
8,250
41,400
125,400
$ 158,000
202,616
997,770
207,974
861,098
674,190
140,333
464,508
249,546
180,834
110,000
150,000
415,918
655,600
520,500
9,936,152
Specialty Retail - 1.70%
Big 5 Sporting Goods Corp.
Books-A-Million, Inc.*
Build-A-Bear Workshop,
Inc.*
Cache, Inc.*
Citi Trends, Inc.*
Destination XL Group, Inc.*
MarineMax, Inc.*
New York & Co., Inc.*
Pacific Sunwear of
California, Inc.*
RadioShack Corp.*+
Trans World Entertainment
Corp.
TravelCenters of America
LLC*
West Marine, Inc.*
Wet Seal, Inc., Class A
(The)*
Zale Corp.*
14,200
71,950
227,910
172,680
59,500
58,437
37,100
54,600
30,500
128,600
572,985
192,258
604,359
307,944
463,295
564,554
218,749
171,500
649,684
363,580
98,403
357,203
120,200
72,200
979,630
820,914
250,000
40,200
330,000
840,582
7,447,578
Textiles, Apparel & Luxury Goods - 0.95%
American Apparel, Inc.*
355,350
Charles & Colvard, Ltd.*+
120,900
Cherokee, Inc.
21,200
Culp, Inc.
51,016
Delta Apparel, Inc.*
23,000
DGSE Cos., Inc.*+
48,800
Lakeland Industries, Inc.*
13,300
Perry Ellis International, Inc.*
35,000
R.G. Barry Corp.
27,600
Quarterly Report
178,030
345,774
295,316
1,007,056
376,280
104,432
84,588
480,900
521,088
March 31, 2014 (Unaudited)
Bridgeway Ultra-Small Company Market Fund
SCHEDULE OF INVESTMENTS (continued)
Showing percentage of net assets as of March 31, 2014 (Unaudited)
Industry Company
Shares
Common Stocks (continued)
Textiles, Apparel & Luxury Goods (continued)
Rocky Brands, Inc.
52,200
Value
$ 751,158
4,144,622
Thrifts & Mortgage Finance - 6.02%
Alliance Bancorp, Inc. of
Pennsylvania
ASB Bancorp, Inc.*+
Banc of California, Inc.
Bank Mutual Corp.
BankFinancial Corp.
Cape Bancorp, Inc.
Chicopee Bancorp, Inc.
Eagle Bancorp Montana,
Inc.
ESB Financial Corp.
ESSA Bancorp, Inc.
Federal Agricultural
Mortgage Corp., Class C
First Defiance Financial
Corp.
First Financial Northwest,
Inc.
Fox Chase Bancorp, Inc.
Franklin Financial Corp.*
Guaranty Federal
Bancshares, Inc.*
Hampden Bancorp, Inc.
Heritage Financial Group,
Inc.
HF Financial Corp.
Hingham Institution for
Savings
HMN Financial, Inc.*
Home Bancorp, Inc.*
HomeStreet, Inc.
HopFed Bancorp, Inc.
Jefferson Bancshares, Inc.*
Lake Shore Bancorp, Inc.
Louisiana Bancorp, Inc.+
Meta Financial Group, Inc.
Naugatuck Valley Financial
Corp.*
New Hampshire Thrift
Bancshares, Inc.
Northeast Community
Bancorp, Inc.
Ocean Shore Holding Co.
OceanFirst Financial Corp.
Oneida Financial Corp.+
Provident Financial
Holdings, Inc.
Pulaski Financial Corp.
www.bridgeway.com
22,000
21,000
56,200
129,000
76,279
59,702
31,995
337,700
373,800
689,574
817,860
761,264
656,722
566,312
6,289
48,100
61,900
70,122
628,667
672,853
24,200
804,650
44,900
1,217,688
61,600
14,133
39,600
625,240
238,141
774,576
20,856
46,589
267,374
736,106
41,900
12,000
823,335
160,800
2,500
25,000
48,000
40,000
4,488
10,000
22,150
19,000
17,155
196,250
246,250
1,007,520
782,000
52,375
77,800
271,338
362,330
769,402
28,501
214,613
18,250
269,553
55,658
51,837
45,000
34,200
386,823
737,122
796,050
426,132
63,617
43,500
980,974
458,925
Industry Company
Shares
Thrifts & Mortgage Finance (continued)
Riverview Bancorp, Inc.*
67,406
Security National Financial
Corp., Class A*
62,707
SI Financial Group, Inc.
34,276
Simplicity Bancorp, Inc.
58,555
Southern Missouri Bancorp,
Inc.
50
Teche Holding Co.
14,440
Territorial Bancorp, Inc.
22,300
TF Financial Corp.
13,241
Timberland Bancorp, Inc.
24,222
Tree.com, Inc.*
39,700
United Community Bancorp
6,200
United Community Financial
Corp.*
137,800
United Financial Bancorp,
Inc.
1,368
Waterstone Financial, Inc.*
47,573
Wayne Savings Bancshares,
Inc.
7,800
Westfield Financial, Inc.
64,100
Value
$
229,854
254,590
386,291
1,030,568
1,728
1,140,760
481,680
395,244
259,175
1,232,288
70,680
540,176
25,158
494,283
87,828
477,545
26,366,089
Trading Companies & Distributors - 0.59%
BlueLinx Holdings, Inc.*
315,000
General Finance Corp.*+
60,000
Houston Wire & Cable Co.
52,900
Lawson Products, Inc.*
32,400
Willis Lease Finance Corp.*
24,400
409,500
474,000
694,577
520,668
499,468
2,598,213
Water Utilities - 0.45%
Artesian Resources Corp.,
Class A
Cadiz, Inc.*
York Water Co.
21,500
11,700
69,850
482,890
82,485
1,424,940
1,990,315
Wireless Telecommunication Services - 0.23%
Boingo Wireless, Inc.*
70,000
USA Mobility, Inc.
30,000
474,600
545,100
1,019,700
TOTAL COMMON STOCKS - 99.58%
(Cost $291,211,353)
436,338,014
11
Bridgeway Ultra-Small Company Market Fund
SCHEDULE OF INVESTMENTS (continued)
Showing percentage of net assets as of March 31, 2014 (Unaudited)
Industry Company
Shares
Value
EXCHANGE TRADED FUND - 0.29%
iShares Micro-Cap ETF+
16,525
TOTAL EXCHANGE TRADED FUND - 0.29%
(Cost $442,002)
$1,277,383
1,277,383
Summary of inputs used to value the Fund’s investments as of 03/31/2014
is as follows (See Note 2 in Notes to Quarterly Schedule of Investments):
Valuation Inputs
Investment in Securities (Value)
RIGHTS - 0.00%
MBT Financial Corp.Δ
53,906
TOTAL RIGHTS - 0.00%
(Cost $ — )
2,398
2,398
Rate^
Shares
Value
INVESTMENTS PURCHASED WITH CASH PROCEEDS
FROM SECURITIES LENDING - 10.94%
BNY Mellon Overnight
Government Fund**
0.01%
47,911,795
TOTAL INVESTMENTS PURCHASED WITH CASH
PROCEEDS FROM SECURITIES LENDING 10.94%
(Cost $47,911,795)
TOTAL INVESTMENTS - 110.81%
(Cost $339,565,150)
Liabilities in Excess of Other Assets - (10.81%)
NET ASSETS - 100.00%
Level 1
Quoted
Prices
47,911,795
47,911,795
Level 2
Level 3
Significant
Significant
Observable Unobservable
Inputs
Inputs
Total
Common Stocks $435,169,399 $
— $1,168,615 $436,338,014
Exchange Traded
Fund
1,277,383
—
—
1,277,383
Rights
—
2,398
—
2,398
Investments
Purchased
with Cash
Proceeds
From
Securities
Lending
— 47,911,795
—
47,911,795
TOTAL
$436,446,782 $47,914,193 $1,168,615 $485,529,590
485,529,590
(47,367,653)
$438,161,937
* Non-income producing security.
** This security represents the investment of the collateral received in
connection with securities out on loan as of March 31, 2014.
^ Rate disclosed as of March 31, 2014.
Δ Security was fair valued under procedures adopted by the Board of
Directors (see Note 2).
+ This security or a portion of the security is out on loan as of March 31,
2014. Total loaned securities had a value of $46,177,176 at March 31,
2014.
LLC - Limited Liability Company
12
Quarterly Report
March 31, 2014 (Unaudited)
Bridgeway Ultra-Small Company Market Fund
SCHEDULE OF INVESTMENTS (continued)
Showing percentage of net assets as of March 31, 2014 (Unaudited)
Following is a reconciliation of Level 3 investments for which significant
unobservable inputs were used to determine fair value:
Investment in Securities (Value)
Common Stocks
Balance as of
06/30/2013
Purchases
Sales
Realized
gain/(loss)
Change in
unrealized
appreciation/
(depreciation)
Transfers in1,2
Transfers out
$
—
—
—
Total
$
—
—
—
—
—
187,816
980,799
—
187,816
980,799
—
Balance as of
03/31/2014
$1,168,615
$1,168,615
Net change in
unrealized
appreciation
(depreciation)
from
investments
held as of
03/31/20141
$ 187,816
$ 187,816
1
Transfers in 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. The purchase value is used
in situations where the investment was not held as of the beginning of
the period.
2
Transfer took place as a result of a trading halt.
See Notes to Quarterly Schedule of Investments.
www.bridgeway.com
13
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