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Industry Company Shares Value

COMMON STOCKS - 99.58%

Aerospace & Defense - 1.02%

CPI Aerostructures, Inc.* 31,479 $ 409,227

Ducommun, Inc.* 25,300 634,018

Erickson Air-Crane, Inc.*+ 26,000 502,060

Innovative Solutions &

Support, Inc.* 63,454 477,809

LMI Aerospace, Inc.*+ 21,400 301,740

Sparton Corp.* 63,300 1,853,424

Sypris Solutions, Inc. 78,400 217,168

Tel-Instrument Electronics

Corp.* 15,000 66,300

4,461,746

Air Freight & Logistics - 0.30%

Pacer International, Inc.* 104,900 939,904

Radiant Logistics, Inc.*+ 125,000 386,250

1,326,154

Airlines - 0.12%

Republic Airways Holdings,

Inc.* 57,487 525,431

Auto Components - 1.21%

China XD Plastics Co., Ltd.* 141,000 737,430

Fuel Systems Solutions,

Inc.* 36,000 387,360

Shiloh Industries, Inc.* 51,250 909,175

SORL Auto Parts, Inc.*+ 109,900 409,927

Spartan Motors, Inc. 169,800 872,772

Stoneridge, Inc.* 18,244 204,880

Strattec Security Corp. 24,100 1,740,743

UQM Technologies, Inc.* 9,600 25,344

5,287,631

Automobiles - 0.27%

Kandi Technologies Group,

Inc.*+ 71,500 1,172,600

Beverages - 0.46%

Craft Brew Alliance, Inc.*+ 92,200 1,407,894

MGP Ingredients, Inc. 25,862 174,568

Primo Water Corp.*+ 112,930 439,298

2,021,760

Biotechnology - 4.88%

Ambit Bioscience Corp.*+ 45,100 411,312

Amicus Therapeutics, Inc.* 115,000 238,050

Anacor Pharmaceuticals,

Inc.*+ 52,500 1,050,525

Arqule, Inc.* 340,000 697,000

BioCryst Pharmaceuticals,

Inc.*+ 31,664 335,005

BioSpecifics Technologies

Corp.* 22,314 578,379

Industry Company Shares Value

Biotechnology (continued)

Biota Pharmaceuticals,

Inc.*+ 79,899 $ 488,183

BioTime, Inc.*+ 123,800 407,302

Cellular Dynamics

International, Inc.*+ 25,000 373,250

ChemoCentryx, Inc.*+ 120,000 795,600

Codexis, Inc.* 150,500 307,020

Conatus Pharmaceuticals,

Inc.*+ 20,000 162,700

Curis, Inc.*+ 246,852 696,123

Cytokinetics, Inc.* 53,633 509,513

Cytori Therapeutics, Inc.*+ 200,000 540,000

Durata Therapeutics, Inc.*Δ+ 76,150 1,127,781

Esperion Therapeutics,

Inc.*+ 25,000 378,000

Fibrocell Science, Inc.*+ 87,900 459,717

Five Prime Therapeutics,

Inc.*+ 24,000 471,840

Geron Corp.* 125,000 260,000

Harvard Apparatus

Regenerative Technology,

Inc.* 41,754 378,709

ImmunoCellular

Therapeutics, Ltd.*+ 70,000 85,400

Immunomedics, Inc.*+ 222,900 938,409

Inovio Pharmaceuticals,

Inc.*+ 30,000 99,900

Medgenics, Inc.*+ 61,000 425,780

MediciNova, Inc.* 40,000 82,800

Nanosphere, Inc.* 308,000 662,200

NanoViricides, Inc.*+ 100,000 320,000

Neuralstem, Inc.*+ 130,000 544,700

Onconova Therapeutics,

Inc.*+ 35,000 221,900

Oncothyreon, Inc.*+ 224,988 672,714

OvaScience, Inc.* 25,000 223,500

PharmAthene, Inc.*+ 178,826 327,252

Progenics Pharmaceuticals,

Inc.* 72,400 296,116

Repligen Corp.* 74,500 958,070

Rexahn Pharmaceuticals,

Inc.* 180,000 194,400

Rigel Pharmaceuticals, Inc.* 135,800 526,904

SIGA Technologies, Inc.*+ 148,700 460,970

Synthetic Biologics, Inc.*+ 40,000 102,800

Targacept, Inc.* 103,900 493,525

Vanda Pharmaceuticals,

Inc.*+ 87,592 1,423,370

Verastem, Inc.*+ 50,000 539,500

Vical, Inc.* 84,976 109,619

XOMA Corp.*+ 190,000 989,900

21,365,738

Bridgeway Ultra-Small Company Market Fund

SCHEDULE OF INVESTMENTS

Showing percentage of net assets as of March 31, 2014 (Unaudited)

www.bridgeway.com 1

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Summary of Contents

Page 1 - SCHEDULE OF INVESTMENTS

Industry Company Shares ValueCOMMON STOCKS - 99.58%Aerospace & Defense - 1.02%CPI Aerostructures, Inc.* 31,479 $ 409,227Ducommun, Inc.* 25,300 634

Page 2

Industry Company Shares ValueCommon Stocks (continued)Road & Rail - 0.64%Covenant TransportationGroup, Inc., Class A* 60,700 $ 613,070P.A.M. Trans

Page 3

Industry Company Shares ValueCommon Stocks (continued)Textiles, Apparel & Luxury Goods (continued)Rocky Brands, Inc. 52,200 $ 751,1584,144,622Thri

Page 4

Industry Company Shares ValueEXCHANGE TRADED FUND - 0.29%iShares Micro-Cap ETF+ 16,525 $1,277,383TOTAL EXCHANGE TRADED FUND - 0.29% 1,277,383(Cost $44

Page 5

Following is a reconciliation of Level 3 investments for which significantunobservable inputs were used to determine fair value:Investment in Securiti

Page 6

Industry Company Shares ValueCommon Stocks (continued)Building Products - 0.57%Alpha Pro Tech, Ltd.* 106,700 $ 239,008Insteel Industries, Inc. 25,700

Page 7

Industry Company Shares ValueCommon Stocks (continued)Commercial Banks (continued)Farmers Capital BankCorp.* 67,149 $1,508,167Fidelity Southern Corp.

Page 8

Industry Company Shares ValueCommon Stocks (continued)Commercial Services & Supplies (continued)Metalico, Inc.* 366,002 $ 596,583TRC Cos., Inc.* 6

Page 9

Industry Company Shares ValueCommon Stocks (continued)Diversified Financial Services (continued)Resource America, Inc.,Class A 83,600 $ 716,4523,399,6

Page 10 - (continued)

Industry Company Shares ValueCommon Stocks (continued)Food Products - 1.44%Alico, Inc. 14,200 $ 535,340Farmer Bros. Co.* 42,500 837,250Griffin Land &a

Page 11

Industry Company Shares ValueCommon Stocks (continued)Household Durables (continued)Kid Brands, Inc.* 236,400 $ 82,740Lifetime Brands, Inc. 65,000 1,1

Page 12

Industry Company Shares ValueCommon Stocks (continued)Life Sciences Tools & Services (continued)Enzo Biochem, Inc.* 201,300 $ 837,408Furiex Pharma

Page 13

Industry Company Shares ValueCommon Stocks (continued)Oil, Gas & Consumable Fuels (continued)FieldPoint Petroleum Corp.* 22,790 $ 106,885FX Energy