Omni

Tax-Managed

Small-Cap

Value

Fund

Schedule

of

Investments

(Unaudited)

1

Showing

percentage

of

net

assets

as

of

March

31,

2021

bridgewayfunds.com

Industry

Company

Shares

Value

.

Common

Stocks

-

99.81%

Communication

Services

-

2.73%

A.H.

Belo

Corp.,

Class A+

51,457

$

107,545

Alaska

Communications

Systems

Group,

Inc.

189,187

614,858

AMC

Networks,

Inc.,

Class A*+

32,000

1,701,120

ATN

International,

Inc.

22,000

1,080,640

Beasley

Broadcast

Group,

Inc.,

Class A+

65,000

183,950

Cars.com,

Inc.*

55,000

712,800

Consolidated

Communications

Holdings,

Inc.*+

154,800

1,114,560

Cumulus

Media,

Inc.,

Class A*+

28,100

255,991

DHI

Group,

Inc.*

98,500

329,975

Emmis

Communications

Corp.,

Class A*

57,200

147,576

Entercom

Communications

Corp.,

Class A*+

193,680

1,016,820

Entravision

Communications

Corp.,

Class A

162,300

655,692

EW

Scripps

Co.

(The),

Class A

97,100

1,871,117

Gray

Television,

Inc.

163,000

2,999,200

iHeartMedia

,

Inc.,

Class A*

75,000

1,361,250

Lions

Gate

Entertainment

Corp.,

Class A*+

115,000

1,719,250

Lions

Gate

Entertainment

Corp.,

Class B*

100,000

1,290,000

Marcus

Corp.

(The)*+

47,054

940,609

Meredith

Corp.*

67,000

1,995,260

Saga

Communications,

Inc.,

Class A

13,100

286,235

SPAR

Group,

Inc.*

25,000

42,000

Spok

Holdings,

Inc.

10,000

104,900

Telephone

and

Data

Systems,

Inc.

34,200

785,232

Townsquare

Media,

Inc.,

Class A

40,700

436,711

Urban

One,

Inc.*

105,000

183,750

21,937,041

Consumer

Discretionary

-

16.29%

Abercrombie

&

Fitch

Co.,

Class A*

120,600

4,137,786

Adient

PLC*

145,000

6,409,000

AMCON

Distributing

Co.+

1,350

154,845

American

Axle

&

Manufacturing

Holdings,

Inc.*

104,150

1,006,089

Industry

Company

Shares

Value

Consumer

Discretionary

(continued)

American

Outdoor

Brands,

Inc.*

16,000

$

403,200

American

Public

Education,

Inc.*

22,700

808,801

Ark

Restaurants

Corp.*

8,500

171,190

Asbury

Automotive

Group,

Inc.*+

31,000

6,091,500

Barnes

&

Noble

Education,

Inc.*+

74,900

609,686

Bassett

Furniture

Industries,

Inc.

20,659

501,394

Beazer

Homes

USA,

Inc.*

56,500

1,181,980

Bed

Bath

&

Beyond,

Inc.+

147,500

4,299,625

Big

5

Sporting

Goods

Corp.+

45,000

706,500

Big

Lots,

Inc.+

54,000

3,688,200

Biglari

Holdings,

Inc.,

Class B*

6,700

889,492

BJ's

Restaurants,

Inc.*+

28,000

1,626,240

Bluegreen

Vacations

Corp.+

92,800

1,000,384

Bluegreen

Vacations

Holding

Corp.*

23,604

437,618

Build-A-Bear

Workshop,

Inc.*+

40,000

276,000

Caleres

,

Inc.

40,000

872,000

Carrols

Restaurant

Group,

Inc.*

164,900

986,927

Cato

Corp.

(The),

Class A*

38,000

456,000

Century

Casinos,

Inc.*

52,700

541,229

Century

Communities,

Inc.*

75,000

4,524,000

Chico's

FAS,

Inc.*

185,000

612,350

China

Automotive

Systems,

Inc.*

45,550

215,907

China

XD

Plastics

Co.,

Ltd.*

108,400

115,988

Chuy's

Holdings,

Inc.*+

25,000

1,108,000

Citi

Trends,

Inc.*

21,020

1,761,056

Conn's,

Inc.*

42,600

828,570

Container

Store

Group,

Inc.

(The)*

98,550

1,639,872

Cooper

Tire

&

Rubber

Co.

94,050

5,264,919

Crown

Crafts,

Inc.+

30,050

232,286

Del

Taco

Restaurants,

Inc.

50,000

479,000

Delta

Apparel,

Inc.*

23,700

642,981

Dillard's,

Inc.,

Class A+

33,900

3,273,723

Dixie

Group,

Inc.

(The)*+

23,400

69,498

Dover

Motorsports,

Inc.

60,000

123,600

Escalade,

Inc.

10,000

209,100

Ethan

Allen

Interiors,

Inc.

58,600

1,617,946

Express,

Inc.*+

160,000

643,200

Omni

Tax-Managed

Small-Cap

Value

Fund

Schedule

of

Investments

(Unaudited)

(continued)

2

Showing

percentage

of

net

assets

as

of

March

31,

2021

Quarterly

Report

|

March

31,

2021

(Unaudited)

Industry

Company

Shares

Value

Common

Stocks

(continued)

Consumer

Discretionary

(continued)

Fiesta

Restaurant

Group,

Inc.*+

45,500

$

572,845

Flanigan's

Enterprises,

Inc.*

2,500

59,363

Flexsteel

Industries,

Inc.+

8,500

296,225

Fossil

Group,

Inc.*+

70,000

868,000

Full

House

Resorts,

Inc.*

70,000

595,700

GameStop

Corp.,

Class A*+

15,500

2,942,210

Genesco,

Inc.*

15,000

712,500

G-III

Apparel

Group,

Ltd.*+

72,600

2,188,164

Golden

Entertainment,

Inc.*

47,000

1,187,220

Good

Times

Restaurants,

Inc.*

4,300

17,200

Group

1

Automotive,

Inc.+

28,250

4,457,568

Guess?,

Inc.+

103,000

2,420,500

Haverty

Furniture

Cos.,

Inc.

34,659

1,288,968

Hibbett

Sports,

Inc.*

31,500

2,170,035

Hooker

Furniture

Corp.

15,900

579,714

J

Alexander's

Holdings,

Inc.*+

15,250

147,010

Lakeland

Industries,

Inc.*+

20,000

557,200

Lands'

End,

Inc.*+

64,900

1,610,169

Lazydays

Holdings,

Inc.*+

21,608

384,838

Lifetime

Brands,

Inc.

57,449

843,926

Live

Ventures,

Inc.*+

3,200

76,448

M/I

Homes,

Inc.*

53,000

3,130,710

MarineMax

,

Inc.*+

44,900

2,216,264

Modine

Manufacturing

Co.*

81,900

1,209,663

Motorcar

Parts

of

America,

Inc.*

35,000

787,500

Movado

Group,

Inc.

54,100

1,539,145

New

Home

Co.,

Inc.

(The)*

20,000

104,800

ODP

Corp.

(The)*

85,390

3,696,533

Perdoceo

Education

Corp.*

85,200

1,018,992

Playa

Hotels

&

Resorts

NV*+

165,300

1,206,690

Red

Robin

Gourmet

Burgers,

Inc.*

10,000

398,900

Rocky

Brands,

Inc.

18,850

1,019,031

Select

Interior

Concepts,

Inc.,

Class A*+

65,000

468,000

Shoe

Carnival,

Inc.+

30,600

1,893,528

Signet

Jewelers,

Ltd.*+

81,000

4,696,380

Sonic

Automotive,

Inc.,

Class A

87,000

4,312,590

Sportsman's

Warehouse

Holdings,

Inc.*

44,400

765,456

Strattec

Security

Corp.*

17,300

811,370

Stride,

Inc.*+

55,850

1,681,643

Superior

Group

of

Cos.,

Inc.

38,500

978,670

Tandy

Leather

Factory,

Inc.*

14,700

56,448

Industry

Company

Shares

Value

Consumer

Discretionary

(continued)

Tenneco,

Inc.,

Class A*

138,700

$

1,486,864

Tilly's,

Inc.,

Class A*

36,900

417,708

TravelCenters

of

America,

Inc.*+

40,730

1,105,005

Tri

Pointe

Homes,

Inc.*+

160,000

3,257,600

Unifi,

Inc.*

45,000

1,240,200

Unique

Fabricating,

Inc.*+

29,500

175,525

Universal

Technical

Institute,

Inc.*

13,100

76,504

Vince

Holding

Corp.*+

15,000

168,300

Vista

Outdoor,

Inc.*

106,000

3,399,420

VOXX

International

Corp.*+

52,164

994,246

Weyco

Group,

Inc.

17,500

378,525

Xcel

Brands,

Inc.*+

20,000

39,800

Zumiez

,

Inc.*

37,800

1,621,620

130,947,115

Consumer

Staples

-

3.52%

Alico

,

Inc.

13,100

391,166

Andersons,

Inc.

(The)

75,116

2,056,676

Central

Garden

&

Pet

Co.*+

7,000

406,070

Central

Garden

&

Pet

Co.,

Class A*

61,200

3,175,668

Coffee

Holding

Co.,

Inc.*

10,000

49,400

Edgewell

Personal

Care

Co.+

100,000

3,960,000

Fresh

Del

Monte

Produce,

Inc.+

83,000

2,376,290

Ingles

Markets,

Inc.,

Class A+

35,750

2,203,988

Lifeway

Foods,

Inc.*+

2,000

10,800

Natural

Alternatives

International,

Inc.*

16,800

258,048

Natural

Grocers

by

Vitamin

Cottage,

Inc.

36,100

633,555

Oil-

Dri

Corp.

of

America

11,242

387,174

Rite

Aid

Corp.*+

147,500

3,017,850

S&W

Seed

Co.*

10,000

36,000

Seneca

Foods

Corp.,

Class A*

25,450

1,198,440

SpartanNash

Co.+

63,982

1,255,967

United

Natural

Foods,

Inc.*+

117,000

3,853,980

Village

Super

Market,

Inc.,

Class A+

16,900

398,333

Weis

Markets,

Inc.+

46,100

2,605,572

Omni

Tax-Managed

Small-Cap

Value

Fund

Schedule

of

Investments

(Unaudited)

(continued)

3

Showing

percentage

of

net

assets

as

of

March

31,

2021

bridgewayfunds.com

Industry

Company

Shares

Value

Common

Stocks

(continued)

Consumer

Staples

(continued)

Willamette

Valley

Vineyards,

Inc.*+

3,000

$

27,150

28,302,127

Energy

-

11.44%

Adams

Resources

&

Energy,

Inc.

10,600

296,906

Alto

Ingredients,

Inc.*+

145,000

787,350

Amplify

Energy

Corp.*+

111,000

308,580

Antero

Resources

Corp.*

585,000

5,967,000

Arch

Resources,

Inc.*+

15,800

657,280

Archrock

,

Inc.

232,700

2,208,323

Ardmore

Shipping

Corp.*

62,700

284,658

Berry

Corp.

75,471

415,845

Bonanza

Creek

Energy,

Inc.*

59,300

2,118,789

Bristow

Group,

Inc.*

14,200

367,496

Centennial

Resource

Development,

Inc.,

Class A*+

355,000

1,491,000

Comstock

Resources,

Inc.*+

370,000

2,049,800

CONSOL

Energy,

Inc.*

80,500

782,460

Dawson

Geophysical

Co.*+

52,000

127,400

DHT

Holdings,

Inc.

329,700

1,955,121

Diamond

S

Shipping,

Inc.*+

65,000

651,950

Dorian

LPG,

Ltd.*

123,029

1,615,371

Earthstone

Energy,

Inc.,

Class A*+

147,055

1,051,443

Epsilon

Energy,

Ltd.*+

60,000

233,700

Exterran

Corp.*

34,000

114,240

Frontline,

Ltd.+

305,000

2,180,750

Golar

LNG,

Ltd.*+

176,390

1,804,470

Goodrich

Petroleum

Corp.*+

22,000

208,120

Green

Plains,

Inc.*+

76,450

2,069,501

Helix

Energy

Solutions

Group,

Inc.*+

240,500

1,214,525

International

Seaways,

Inc.+

30,000

581,400

Kosmos

Energy,

Ltd.*

460,151

1,412,664

Liberty

Oilfield

Services,

Inc.,

Class A*+

195,000

2,201,550

Matador

Resources

Co.+

181,377

4,253,291

Murphy

Oil

Corp.+

230,000

3,774,300

Nabors

Industries,

Ltd.

4,000

373,800

NACCO

Industries,

Inc.,

Class A+

16,450

410,428

National

Energy

Services

Reunited

Corp.*

185,200

2,290,924

Industry

Company

Shares

Value

Energy

(continued)

Natural

Gas

Services

Group,

Inc.*

43,152

$

407,355

Navigator

Holdings,

Ltd.*

104,100

926,490

Navios

Maritime

Acquisition

Corp.

42,500

172,125

Newpark

Resources,

Inc.*

150,200

471,628

NexTier

Oilfield

Solutions,

Inc.*

239,574

891,215

Nine

Energy

Service,

Inc.*

37,700

86,710

Nordic

American

Tankers,

Ltd.+

333,800

1,084,850

Northern

Oil

and

Gas,

Inc.*+

52,630

635,770

Oceaneering

International,

Inc.*

80,600

920,452

Oil

States

International,

Inc.*+

78,400

472,752

Overseas

Shipholding

Group,

Inc.,

Class A*

215,916

444,787

Par

Pacific

Holdings,

Inc.*

92,000

1,299,040

Patterson-UTI

Energy,

Inc.

265,000

1,889,450

PBF

Energy,

Inc.,

Class A*+

167,000

2,363,050

PDC

Energy,

Inc.*

71,200

2,449,280

Penn

Virginia

Corp.*+

26,000

348,400

PrimeEnergy

Resources

Corp.*

1,000

52,390

ProPetro

Holding

Corp.*

139,810

1,490,375

Range

Resources

Corp.*+

250,000

2,582,500

Ranger

Energy

Services,

Inc.*+

23,500

128,780

Renewable

Energy

Group,

Inc.*+

60,719

4,009,883

REX

American

Resources

Corp.*

7,850

660,734

RPC,

Inc.*+

232,000

1,252,800

SandRidge

Energy,

Inc.*+

103,000

402,730

Scorpio

Tankers,

Inc.+

73,690

1,360,317

Select

Energy

Services,

Inc.,

Class A*

149,000

742,020

SilverBow

Resources,

Inc.*

22,000

171,160

SM

Energy

Co.

175,000

2,864,750

Smart

Sand,

Inc.*+

75,000

189,750

Solaris

Oilfield

Infrastructure,

Inc.,

Class A+

120,300

1,476,081

Southwestern

Energy

Co.*

965,018

4,487,334

Talos

Energy,

Inc.*

72,100

868,084

Teekay

Corp.*+

170,000

544,000

Teekay

Tankers,

Ltd.,

Class A*+

50,000

695,000

TETRA

Technologies,

Inc.*

275,000

660,000

Omni

Tax-Managed

Small-Cap

Value

Fund

Schedule

of

Investments

(Unaudited)

(continued)

4

Showing

percentage

of

net

assets

as

of

March

31,

2021

Quarterly

Report

|

March

31,

2021

(Unaudited)

Industry

Company

Shares

Value

Common

Stocks

(continued)

Energy

(continued)

Transocean,

Ltd.*+

200,000

$

710,000

US

Silica

Holdings,

Inc.

129,500

1,591,555

VAALCO

Energy,

Inc.*+

134,900

302,176

World

Fuel

Services

Corp.

103,156

3,631,091

91,997,299

Financials

-

30.35%

1st

Constitution

Bancorp+

12,250

215,722

1st

Source

Corp.

40,500

1,926,990

ACNB

Corp.

6,600

193,380

Allegiance

Bancshares,

Inc.

31,131

1,262,051

Amalgamated

Financial

Corp.

46,800

776,412

A-Mark

Precious

Metals,

Inc.+

11,500

414,000

Amerant

Bancorp,

Inc.*

50,000

928,500

American

National

Bankshares

,

Inc.

13,500

446,445

American

River

Bankshares

+

16,244

264,940

AmeriServ

Financial,

Inc.

66,000

267,960

Ames

National

Corp.

5,000

127,900

Argo

Group

International

Holdings,

Ltd.

39,094

1,967,210

Associated

Capital

Group,

Inc.,

Class A+

19,500

699,270

Atlantic

Capital

Bancshares,

Inc.*

36,133

870,805

Axos

Financial,

Inc.*

94,000

4,418,940

Banc

of

California,

Inc.

53,500

967,280

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class E

70,188

1,061,944

Bank

of

Commerce

Holdings+

54,800

698,700

Bank

of

NT

Butterfield

&

Son,

Ltd.

(The)

82,500

3,153,150

Bank

of

Princeton

(The)

12,500

357,750

Bank7

Corp.

23,100

406,791

BankFinancial

Corp.

29,000

299,280

Banner

Corp.

20,000

1,066,600

Bar

Harbor

Bankshares

30,541

898,516

BCB

Bancorp,

Inc.+

25,900

357,420

Berkshire

Hills

Bancorp,

Inc.

68,810

1,535,839

Boston

Private

Financial

Holdings,

Inc.

105,800

1,409,256

Brookline

Bancorp,

Inc.

108,500

1,627,500

Bryn

Mawr

Bank

Corp.

30,000

1,365,300

Business

First

Bancshares,

Inc.

30,000

717,900

Industry

Company

Shares

Value

Financials

(continued)

Byline

Bancorp,

Inc.

61,000

$

1,290,150

C&F

Financial

Corp.

2,400

106,296

Cadence

BanCorp

183,000

3,793,590

Cambridge

Bancorp

580

48,906

Capital

City

Bank

Group,

Inc.

13,750

357,775

Carter

Bankshares

,

Inc.*

42,000

586,320

CB

Financial

Services,

Inc.+

13,500

298,755

CBTX,

Inc.+

1,100

33,792

Central

Pacific

Financial

Corp.

30,000

800,400

Central

Valley

Community

Bancorp

26,900

495,229

Century

Bancorp,

Inc.,

Class A

4,000

373,240

Chemung

Financial

Corp.+

11,593

484,819

Citizens

Community

Bancorp,

Inc.

27,000

335,070

Citizens

Holding

Co.

3,400

67,660

Citizens,

Inc.*+

64,500

373,455

Civista

Bancshares,

Inc.

19,821

454,694

CNB

Financial

Corp.

14,500

356,845

Codorus

Valley

Bancorp,

Inc.

22,971

422,896

Cohen

&

Co.,

Inc.*+

4,500

106,785

Community

Bankers

Trust

Corp.

25,000

220,500

Community

Financial

Corp.

(The)

5,840

200,020

Community

Trust

Bancorp,

Inc.

26,400

1,162,392

Community

West

Bancshares+

11,000

141,240

ConnectOne

Bancorp,

Inc.

50,500

1,280,175

Consumer

Portfolio

Services,

Inc.*+

57,000

229,710

Cortland

Bancorp

10,000

220,700

County

Bancorp,

Inc.+

20,937

501,860

Cowen,

Inc.,

Class A

55,800

1,961,370

CrossFirst

Bankshares

,

Inc.*

20,000

275,800

Curo

Group

Holdings

Corp.

25,000

364,750

Customers

Bancorp,

Inc.*

49,000

1,559,180

Dime

Community

Bancshares,

Inc.

55,920

1,685,429

Donegal

Group,

Inc.,

Class A

60,100

893,086

Donnelley

Financial

Solutions,

Inc.*

48,900

1,360,887

Eagle

Bancorp

Montana,

Inc.

11,900

289,408

Omni

Tax-Managed

Small-Cap

Value

Fund

Schedule

of

Investments

(Unaudited)

(continued)

5

Showing

percentage

of

net

assets

as

of

March

31,

2021

bridgewayfunds.com

Industry

Company

Shares

Value

Common

Stocks

(continued)

Financials

(continued)

Eagle

Bancorp,

Inc.

37,500

$

1,995,375

Elevate

Credit,

Inc.*+

82,600

241,192

Emclaire

Financial

Corp.+

700

19,264

Employers

Holdings,

Inc.

60,300

2,596,518

Encore

Capital

Group,

Inc.*+

60,100

2,417,823

Enova

International,

Inc.*

69,900

2,480,052

Enterprise

Bancorp,

Inc.

14,275

464,223

Enterprise

Financial

Services

Corp.

40,500

2,002,320

Equity

Bancshares,

Inc.,

Class A*

32,800

898,720

Esquire

Financial

Holdings,

Inc.*

11,500

262,315

ESSA

Bancorp,

Inc.

22,300

356,800

Evans

Bancorp,

Inc.

9,000

305,010

EZCORP,

Inc.,

Class A*+

87,700

435,869

Farmers

National

Banc

Corp.

45,000

751,500

Fauquier

Bankshares

,

Inc.+

2,500

53,200

FBL

Financial

Group,

Inc.,

Class A+

44,766

2,503,315

FedNat

Holding

Co.

25,200

116,676

FG

Financial

Group,

Inc.*+

10,000

46,500

Financial

Institutions,

Inc.

46,300

1,402,427

First

BanCorp

Puerto

Rico

332,000

3,738,320

First

Bancorp,

Inc.

(The)

5,000

145,950

First

Bancorp/Southern

Pines

NC

1,000

43,500

First

Bancshares,

Inc.

(The)+

17,100

626,031

First

Bank

21,622

263,140

First

Busey

Corp.

66,500

1,705,725

First

Business

Financial

Services,

Inc.

13,900

343,747

First

Choice

Bancorp

31,707

770,797

First

Commonwealth

Financial

Corp.

145,000

2,083,650

First

Community

Bankshares

,

Inc.

22,000

659,780

First

Financial

Corp.

17,495

787,450

First

Financial

Northwest,

Inc.

20,700

294,975

First

Guaranty

Bancshares,

Inc.

10,175

182,234

First

Internet

Bancorp

13,800

486,174

First

Merchants

Corp.

67,900

3,157,350

First

Mid

Bancshares,

Inc.

22,000

966,460

First

Midwest

Bancorp,

Inc.

145,000

3,176,950

First

National

Corp.+

9,500

169,385

Industry

Company

Shares

Value

Financials

(continued)

First

of

Long

Island

Corp.

(The)

31,000

$

658,750

First

United

Corp.

10,825

190,736

First

US

Bancshares,

Inc.+

5,000

46,500

Flushing

Financial

Corp.

46,641

990,188

FNCB

Bancorp,

Inc.+

10,000

75,400

Franklin

Financial

Services

Corp.

6,000

187,080

FVCBankcorp

,

Inc.*

14,200

245,944

Genworth

Financial,

Inc.,

Class A*

750,000

2,490,000

Global

Indemnity

Group,

LLC,

Class A+

26,843

795,627

Great

Elm

Capital

Corp.+

867

2,948

Great

Southern

Bancorp,

Inc.

22,300

1,263,741

Great

Western

Bancorp,

Inc.

85,804

2,599,003

Guaranty

Bancshares,

Inc.

8,800

323,400

Guaranty

Federal

Bancshares,

Inc.+

500

9,675

Hallmark

Financial

Services,

Inc.*+

27,000

104,760

Hanmi

Financial

Corp.

54,000

1,065,420

Hawthorn

Bancshares,

Inc.

13,498

287,372

HCI

Group,

Inc.+

11,500

883,430

Heartland

Financial

USA,

Inc.

68,350

3,435,271

Hennessy

Advisors,

Inc.+

6,000

51,540

Heritage

Commerce

Corp.

75,000

916,500

Heritage

Financial

Corp.

53,600

1,513,664

Heritage

Insurance

Holdings,

Inc.

48,500

537,380

HMN

Financial,

Inc.*

2,000

40,220

Home

Bancorp,

Inc.+

21,097

760,547

HomeStreet

,

Inc.

46,500

2,049,255

Hope

Bancorp,

Inc.

161,500

2,432,190

Horace

Mann

Educators

Corp.

61,550

2,659,576

Horizon

Bancorp,

Inc.

87,542

1,626,530

Howard

Bancorp,

Inc.*

50,800

835,152

Impac

Mortgage

Holdings,

Inc.*+

3,000

6,030

Independent

Bank

Corp.

25,500

602,820

Independent

Bank

Group,

Inc.

76,100

5,497,464

Investar

Holding

Corp.

16,000

328,800

Investors

Title

Co.+

1,000

166,000

James

River

Group

Holdings,

Ltd.

54,300

2,477,166

Kingstone

Cos.,

Inc.+

24,000

204,960

Lakeland

Bancorp,

Inc.+

79,740

1,389,868

Omni

Tax-Managed

Small-Cap

Value

Fund

Schedule

of

Investments

(Unaudited)

(continued)

6

Showing

percentage

of

net

assets

as

of

March

31,

2021

Quarterly

Report

|

March

31,

2021

(Unaudited)

Industry

Company

Shares

Value

Common

Stocks

(continued)

Financials

(continued)

Landmark

Bancorp,

Inc.+

2,678

$

70,753

LCNB

Corp.

25,200

441,000

LendingClub

Corp.*+

96,600

1,595,832

Limestone

Bancorp,

Inc.*

11,000

174,350

Luther

Burbank

Corp.

98,900

1,169,987

Mackinac

Financial

Corp.

28,400

398,168

MainStreet

Bancshares,

Inc.*

3,060

63,526

Malvern

Bancorp,

Inc.*+

8,700

161,994

Manning

&

Napier,

Inc.+

116,000

750,520

Marlin

Business

Services

Corp.

21,875

298,375

Mercantile

Bank

Corp.

3,000

97,410

Meridian

Bancorp,

Inc.

10,000

184,200

Meridian

Corp.

18,000

468,000

Meta

Financial

Group,

Inc.

66,434

3,010,125

Metrocity

Bankshares

,

Inc.+

19,409

298,510

Metropolitan

Bank

Holding

Corp.*

16,700

841,012

Middlefield

Banc

Corp.+

13,300

278,768

Midland

States

Bancorp,

Inc.

37,117

1,029,626

MidWestOne

Financial

Group,

Inc.

24,100

746,377

MMA

Capital

Holdings,

Inc.*+

5,000

114,050

Mr

Cooper

Group,

Inc.*

151,203

5,255,816

MVB

Financial

Corp.

17,600

594,880

National

Western

Life

Group,

Inc.,

Class A

6,150

1,531,350

Navient

Corp.

277,000

3,963,870

NI

Holdings,

Inc.*+

28,000

517,440

Nicholas

Financial,

Inc.*+

19,400

205,058

Nicolet

Bankshares

,

Inc.*

10,000

834,600

NMI

Holdings,

Inc.,

Class A*

105,000

2,482,200

Northeast

Bank

22,300

588,497

Northfield

Bancorp,

Inc.

75,000

1,194,000

Northrim

BanCorp

,

Inc.

9,573

406,948

Northwest

Bancshares,

Inc.

100,000

1,445,000

Oak

Valley

Bancorp+

1,000

17,150

OceanFirst

Financial

Corp.

100,996

2,417,844

Ocwen

Financial

Corp.*

20,320

577,698

OFG

Bancorp

91,000

2,058,420

Old

Point

Financial

Corp.+

5,100

119,952

Old

Second

Bancorp,

Inc.

41,500

548,215

OP

Bancorp

28,000

294,560

Oportun

Financial

Corp.*

42,000

869,820

Oppenheimer

Holdings,

Inc.,

Class A

29,319

1,174,226

Industry

Company

Shares

Value

Financials

(continued)

Orrstown

Financial

Services,

Inc.

13,500

$

301,050

Pacific

Mercantile

Bancorp*

55,300

492,170

Pacific

Premier

Bancorp,

Inc.

124,800

5,421,312

Parke

Bancorp,

Inc.

32,059

640,859

PCB

Bancorp

36,300

544,500

Peapack

-Gladstone

Financial

Corp.

22,968

709,252

Penns

Woods

Bancorp,

Inc.

9,200

221,628

Peoples

Bancorp

of

North

Carolina,

Inc.

12,880

304,483

Peoples

Bancorp,

Inc.

38,350

1,272,069

Peoples

Financial

Services

Corp.

9,700

409,728

Piper

Sandler

Cos.

16,100

1,765,365

Plumas

Bancorp+

2,000

58,500

PRA

Group,

Inc.*

41,000

1,519,870

Preferred

Bank/Los

Angeles

CA

19,400

1,235,392

Premier

Financial

Bancorp,

Inc.

29,240

543,572

Primis

Financial

Corp.

39,100

568,514

ProAssurance

Corp.

58,000

1,552,080

ProSight

Global,

Inc.*

58,410

735,966

Protective

Insurance

Corp.,

Class B

35,100

802,737

Provident

Bancorp,

Inc.

28,000

403,200

Provident

Financial

Holdings,

Inc.

44,710

755,599

Provident

Financial

Services,

Inc.

112,625

2,509,285

Prudential

Bancorp,

Inc.

2,457

36,265

QCR

Holdings,

Inc.

27,600

1,303,272

RBB

Bancorp+

39,500

800,665

Regional

Management

Corp.

29,100

1,008,606

Renasant

Corp.+

90,000

3,724,200

Republic

Bancorp,

Inc.,

Class A

31,200

1,381,848

Riverview

Bancorp,

Inc.

62,478

432,973

Salisbury

Bancorp,

Inc.

1,683

74,742

Sandy

Spring

Bancorp,

Inc.

51,300

2,227,959

SB

Financial

Group,

Inc.

25,218

460,481

Security

National

Financial

Corp.,

Class A*

17,033

159,259

Select

Bancorp,

Inc.*

33,500

370,845

Severn

Bancorp,

Inc.+

30,000

363,000

Shore

Bancshares,

Inc.

17,800

302,956

Omni

Tax-Managed

Small-Cap

Value

Fund

Schedule

of

Investments

(Unaudited)

(continued)

7

Showing

percentage

of

net

assets

as

of

March

31,

2021

bridgewayfunds.com

Industry

Company

Shares

Value

Common

Stocks

(continued)

Financials

(continued)

Sierra

Bancorp

27,000

$

723,600

SiriusPoint

,

Ltd.*

158,200

1,608,894

SmartFinancial

,

Inc.

40,500

876,825

Sound

Financial

Bancorp,

Inc.+

2,000

83,260

Southern

Missouri

Bancorp,

Inc.

14,300

563,706

Spirit

of

Texas

Bancshares,

Inc.

21,000

468,510

Standard

AVB

Financial

Corp.

18,000

587,700

Sterling

Bancorp,

Inc.*+

55,000

311,300

Stewart

Information

Services

Corp.

44,900

2,336,147

StoneX

Group,

Inc.*

41,200

2,693,656

Summit

Financial

Group,

Inc.

19,100

507,105

Summit

State

Bank+

16,250

265,200

SuRo

Capital

Corp.+

32,700

443,085

SWK

Holdings

Corp.*

1,000

14,540

Territorial

Bancorp,

Inc.

15,000

396,900

Timberland

Bancorp,

Inc.+

7,125

198,146

Tiptree,

Inc.

81,700

731,215

TriCo

Bancshares

47,000

2,226,390

TriState

Capital

Holdings,

Inc.*

45,000

1,037,700

Triumph

Bancorp,

Inc.*

10,000

773,900

TrustCo

Bank

Corp.

NY

87,000

641,190

United

Bancorp,

Inc.+

10,000

143,200

United

Fire

Group,

Inc.

39,500

1,374,600

United

Insurance

Holdings

Corp.

43,400

312,914

Unity

Bancorp,

Inc.+

28,700

631,400

Universal

Insurance

Holdings,

Inc.

48,895

701,154

Univest

Financial

Corp.

47,000

1,343,730

Veritex

Holdings,

Inc.

93,000

3,042,960

Waddell

&

Reed

Financial,

Inc.,

Class A

144,200

3,612,210

Walker

&

Dunlop,

Inc.

47,775

4,908,404

Watford

Holdings,

Ltd.*

40,000

1,384,400

Western

New

England

Bancorp,

Inc.

51,465

433,850

World

Acceptance

Corp.*+

10,900

1,414,384

244,035,063

Health

Care

-

3.02%

American

Shared

Hospital

Services*+

8,500

23,545

Brookdale

Senior

Living,

Inc.*

285,500

1,727,275

CynergisTek

,

Inc.*+

40,000

76,400

Industry

Company

Shares

Value

Health

Care

(continued)

Five

Star

Senior

Living,

Inc.*

89,800

$

549,576

FONAR

Corp.*

12,500

226,125

Great

Elm

Group,

Inc.*

10,000

24,400

Lannett

Co.,

Inc.*+

61,400

324,192

Lexicon

Pharmaceuticals,

Inc.*+

104,792

615,129

Magellan

Health,

Inc.*

41,700

3,888,108

MEDNAX,

Inc.*+

32,500

827,775

National

HealthCare

Corp.

24,500

1,908,795

Opiant

Pharmaceuticals,

Inc.*

10,000

106,200

Owens

&

Minor,

Inc.

110,000

4,134,900

Prestige

Consumer

Healthcare,

Inc.*+

40,000

1,763,200

SunLink

Health

Systems,

Inc.*

3,500

9,520

Surgery

Partners,

Inc.*

115,000

5,089,900

Tivity

Health,

Inc.*

80,000

1,785,600

Triple-S

Management

Corp.,

Class B*

44,967

1,170,491

24,251,131

Industrials

-

18.93%

AAR

Corp.

60,500

2,519,825

Acacia

Research

Corp.*

104,500

694,925

ACCO

Brands

Corp.

178,800

1,509,072

Acme

United

Corp.

9,300

366,792

Aegion

Corp.*

47,000

1,351,250

AeroCentury

Corp.*+

4,300

15,265

Air

Transport

Services

Group,

Inc.*+

13,500

395,010

Allegiant

Travel

Co.*

24,500

5,979,470

Apogee

Enterprises,

Inc.+

37,000

1,512,560

ARC

Document

Solutions,

Inc.+

156,700

330,637

ArcBest

Corp.

45,400

3,194,798

Art's-Way

Manufacturing

Co.,

Inc.*+

15,000

46,350

Atlas

Air

Worldwide

Holdings,

Inc.*

49,400

2,985,736

Avis

Budget

Group,

Inc.*

113,000

8,197,020

BGSF,

Inc.

9,600

134,400

Boise

Cascade

Co.

76,900

4,600,927

BrightView

Holdings,

Inc.*+

141,000

2,378,670

Caesarstone

,

Ltd.

71,400

980,322

CAI

International,

Inc.

44,500

2,025,640

Chicago

Rivet

&

Machine

Co.+

1,000

25,500

CIRCOR

International,

Inc.*

30,000

1,044,600

Omni

Tax-Managed

Small-Cap

Value

Fund

Schedule

of

Investments

(Unaudited)

(continued)

8

Showing

percentage

of

net

assets

as

of

March

31,

2021

Quarterly

Report

|

March

31,

2021

(Unaudited)

Industry

Company

Shares

Value

Common

Stocks

(continued)

Industrials

(continued)

Civeo

Corp.*+

9,000

$

137,790

Commercial

Vehicle

Group,

Inc.*

53,600

517,240

CompX

International,

Inc.

1,500

27,015

Concrete

Pumping

Holdings,

Inc.*+

66,000

489,060

Cornerstone

Building

Brands,

Inc.*

269,500

3,781,085

Costamare

,

Inc.

252,600

2,430,012

Covenant

Logistics

Group,

Inc.*

24,250

499,307

DLH

Holdings

Corp.*+

52,500

520,800

DXP

Enterprises,

Inc.*

25,000

754,250

Eagle

Bulk

Shipping,

Inc.*+

16,242

586,661

Eastern

Co.

(The)

12,404

332,427

Echo

Global

Logistics,

Inc.*

39,000

1,224,990

Eneti

,

Inc.+

10,020

210,721

EnPro

Industries,

Inc.

30,600

2,609,262

Fortress

Transportation

and

Infrastructure

Investors,

LLC+

137,000

3,862,030

Genco

Shipping

&

Trading,

Ltd.

97,300

980,784

General

Finance

Corp.*

50,000

607,500

GMS,

Inc.*

74,000

3,089,500

GP

Strategies

Corp.*

37,500

654,375

Granite

Construction,

Inc.+

21,000

845,250

Greenbrier

Cos.,

Inc.

(The)

62,400

2,946,528

H&E

Equipment

Services,

Inc.

42,000

1,596,000

Hawaiian

Holdings,

Inc.*

53,600

1,429,512

HC2

Holdings,

Inc.*+

205,774

810,750

Heidrick

&

Struggles

International,

Inc.

35,000

1,250,200

Herc

Holdings,

Inc.*

44,000

4,458,520

Hub

Group,

Inc.,

Class A*

12,500

841,000

Hudson

Technologies,

Inc.*+

63,300

101,913

Huttig

Building

Products,

Inc.*+

21,900

80,154

Hyster

-Yale

Materials

Handling,

Inc.

30,000

2,613,600

Interface,

Inc.

103,500

1,291,680

KAR

Auction

Services,

Inc.+

60,000

900,000

Kelly

Services,

Inc.,

Class A*

66,400

1,478,728

Knoll,

Inc.

99,000

1,634,490

L

B

Foster

Co.,

Class A*

29,600

529,840

Limbach

Holdings,

Inc.*

27,000

285,120

Industry

Company

Shares

Value

Industrials

(continued)

LSI

Industries,

Inc.

50,000

$

426,500

Lydall

,

Inc.*

30,000

1,012,200

Manitowoc

Co.,

Inc.

(The)*

54,300

1,119,666

Matrix

Service

Co.*+

32,800

430,008

Matthews

International

Corp.,

Class A

39,700

1,570,135

Maxar

Technologies,

Inc.

104,500

3,952,190

Mesa

Air

Group,

Inc.*

72,500

975,125

Miller

Industries,

Inc.

18,700

863,753

Mistras

Group,

Inc.*

50,000

570,500

Morgan

Group

Holding

Co.*+

558

4,464

MRC

Global,

Inc.*

103,900

938,217

MYR

Group,

Inc.*+

30,700

2,200,269

Navios

Maritime

Holdings,

Inc.*

40,000

350,400

NL

Industries,

Inc.

84,100

626,545

NN,

Inc.*

70,000

494,900

Northwest

Pipe

Co.*

30,500

1,019,310

NOW,

Inc.*

142,700

1,439,843

Orion

Group

Holdings,

Inc.*+

65,422

397,112

P&F

Industries,

Inc.,

Class A*

492

3,237

PAM

Transportation

Services,

Inc.*

10,000

617,000

Pangaea

Logistics

Solutions,

Ltd.

82,300

260,068

Park-Ohio

Holdings

Corp.

26,500

834,485

Patriot

Transportation

Holding,

Inc.+

15,000

165,150

Performant

Financial

Corp.*

100,000

215,000

Perma

-Pipe

International

Holdings,

Inc.*

15,000

91,200

Powell

Industries,

Inc.+

20,000

677,400

Preformed

Line

Products

Co.

4,600

316,250

Primoris

Services

Corp.

90,000

2,981,700

Quad/Graphics,

Inc.

70,300

248,159

Quanex

Building

Products

Corp.

42,000

1,101,660

Quest

Resource

Holding

Corp.*+

15,000

58,500

RCM

Technologies,

Inc.*+

22,000

78,100

Resources

Connection,

Inc.

20,000

270,800

REV

Group,

Inc.

127,500

2,442,900

Rush

Enterprises,

Inc.,

Class A

64,050

3,191,611

Rush

Enterprises,

Inc.,

Class B

19,050

858,965

Safe

Bulkers,

Inc.*

225,200

551,740

Omni

Tax-Managed

Small-Cap

Value

Fund

Schedule

of

Investments

(Unaudited)

(continued)

9

Showing

percentage

of

net

assets

as

of

March

31,

2021

bridgewayfunds.com

Industry

Company

Shares

Value

Common

Stocks

(continued)

Industrials

(continued)

SEACOR

Holdings,

Inc.*+

31,900

$

1,299,925

Servotronics

,

Inc.*+

1,000

8,570

Steelcase,

Inc.,

Class A

190,000

2,734,100

Sterling

Construction

Co.,

Inc.*

64,800

1,503,360

Team,

Inc.*

51,000

588,030

Terex

Corp.

80,000

3,685,600

Textainer

Group

Holdings,

Ltd.*

125,400

3,592,710

Titan

International,

Inc.+

67,900

630,112

Titan

Machinery,

Inc.*

32,000

816,000

TrueBlue

,

Inc.*

60,250

1,326,705

Tutor

Perini

Corp.*

97,200

1,841,940

Ultralife

Corp.*+

30,000

248,400

Universal

Logistics

Holdings,

Inc.

40,100

1,055,031

US

Xpress

Enterprises,

Inc.,

Class A*

130,000

1,527,500

USA

Truck,

Inc.*

23,200

443,352

Veritiv

Corp.*

28,900

1,229,406

Viad

Corp.

24,500

1,022,875

Volt

Information

Sciences,

Inc.*

14,200

55,948

VSE

Corp.

11,560

456,620

Wabash

National

Corp.

85,500

1,607,400

WESCO

International,

Inc.*

66,000

5,710,980

Willis

Lease

Finance

Corp.*+

17,634

766,374

152,202,863

Information

Technology

-

4.97%

Alpha

&

Omega

Semiconductor,

Ltd.*

36,905

1,206,793

Amtech

Systems,

Inc.*+

38,300

452,706

AstroNova

,

Inc.+

241

3,229

Avaya

Holdings

Corp.*

135,300

3,792,459

Aviat

Networks,

Inc.*

13,800

980,352

Bel

Fuse,

Inc.,

Class B

8,413

167,335

Benchmark

Electronics,

Inc.

70,100

2,167,492

BK

Technologies

Corp.+

6,973

29,147

BM

Technologies,

Inc.,

Restricted*

∆

^^

7,540

87,841

Communications

Systems,

Inc.+

15,000

89,400

Computer

Task

Group,

Inc.*

25,000

238,750

Comtech

Telecommunications

Corp.

55,985

1,390,667

Conduent

,

Inc.*

371,200

2,472,192

Industry

Company

Shares

Value

Information

Technology

(continued)

Daktronics,

Inc.*

55,000

$

344,850

Eastman

Kodak

Co.*+

55,000

432,850

GTT

Communications,

Inc.*+

75,000

137,250

Information

Services

Group,

Inc.*

63,600

279,840

Innodata,

Inc.*+

43,000

270,900

Key

Tronic

Corp.*+

10,300

79,413

Kimball

Electronics,

Inc.*

51,100

1,318,380

NETGEAR,

Inc.*

15,000

616,500

NetScout

Systems,

Inc.*+

111,500

3,139,840

NetSol

Technologies,

Inc.*

43,400

170,562

Photronics

,

Inc.*

118,670

1,526,096

Ribbon

Communications,

Inc.*

95,000

779,950

Sanmina

Corp.*

105,400

4,361,452

ScanSource

,

Inc.*

47,900

1,434,605

SigmaTron

International,

Inc.*

4,115

22,098

StarTek

,

Inc.*

124,500

989,775

Steel

Connect,

Inc.*

57,645

114,137

Super

Micro

Computer,

Inc.*

93,000

3,632,580

Support.com,

Inc.*+

45,000

206,550

Synaptics

,

Inc.*+

2,800

379,176

Trio-Tech

International*+

13,000

58,369

TSR,

Inc.*

1,385

12,036

TTM

Technologies,

Inc.*

194,902

2,826,079

VirnetX

Holding

Corp.+

175,000

974,750

Wayside

Technology

Group,

Inc.+

15,700

394,698

Xperi

Holding

Corp.

108,000

2,351,160

39,932,259

Materials

-

7.32%

Advanced

Emissions

Solutions,

Inc.*

52,500

288,750

AdvanSix

,

Inc.*

55,400

1,485,828

AgroFresh

Solutions,

Inc.*

63,900

127,800

Allegheny

Technologies,

Inc.*+

100,000

2,106,000

Alpha

Metallurgical

Resources,

Inc.*+

22,169

279,994

Ampco

-Pittsburgh

Corp.*+

33,000

222,750

Caledonia

Mining

Corp.

PLC+

7,000

100,030

Carpenter

Technology

Corp.

68,000

2,798,200

Century

Aluminum

Co.*

150,000

2,649,000

Clearwater

Paper

Corp.*

33,000

1,241,460

Omni

Tax-Managed

Small-Cap

Value

Fund

Schedule

of

Investments

(Unaudited)

(continued)

10

Showing

percentage

of

net

assets

as

of

March

31,

2021

Quarterly

Report

|

March

31,

2021

(Unaudited)

Industry

Company

Shares

Value

Common

Stocks

(continued)

Materials

(continued)

Core

Molding

Technologies,

Inc.*+

17,000

$

199,351

Domtar

Corp.

88,800

3,281,160

Friedman

Industries,

Inc.

32,900

266,161

FutureFuel

Corp.

87,000

1,264,110

Glatfelter

Corp.

82,000

1,406,300

Greif,

Inc.,

Class A

15,000

855,000

Haynes

International,

Inc.+

20,000

593,400

Intrepid

Potash,

Inc.*+

10,500

341,880

Kaiser

Aluminum

Corp.

23,900

2,640,950

Koppers

Holdings,

Inc.*

51,000

1,772,760

Kraton

Corp.*

59,277

2,168,945

Mercer

International,

Inc.

104,950

1,510,231

Minerals

Technologies,

Inc.

44,500

3,351,740

Olympic

Steel,

Inc.

18,500

544,825

PQ

Group

Holdings,

Inc.

205,850

3,437,695

Ramaco

Resources,

Inc.*+

69,900

295,677

Rayonier

Advanced

Materials,

Inc.*+

110,000

997,700

Resolute

Forest

Products,

Inc.*+

128,000

1,401,600

Ryerson

Holding

Corp.*

105,700

1,801,128

Schnitzer

Steel

Industries,

Inc.,

Class A

57,300

2,394,567

SunCoke

Energy,

Inc.

214,600

1,504,346

Synalloy

Corp.*

5,473

48,381

TimkenSteel

Corp.*+

49,500

581,625

Trecora

Resources*

45,002

349,666

Tredegar

Corp.+

47,600

714,476

Tronox

Holdings

PLC,

Class A

235,000

4,300,500

United

States

Steel

Corp.+

200,000

5,234,000

Universal

Stainless

&

Alloy

Products,

Inc.*+

15,250

155,092

US

Concrete,

Inc.*+

23,700

1,737,684

Verso

Corp.,

Class A

73,000

1,065,070

Warrior

Met

Coal,

Inc.

76,000

1,301,880

58,817,712

Real

Estate

-

1.24%

BBX

Capital,

Inc.*+

38,604

245,136

Forestar

Group,

Inc.*

1

23

Newmark

Group,

Inc.,

Class A

447,000

4,472,235

RE/MAX

Holdings,

Inc.,

Class A

28,000

1,102,920

Realogy

Holdings

Corp.*+

227,818

3,446,886

Industry

Company

Shares

Value

Real

Estate

(continued)

RMR

Group,

Inc.

(The),

Class A+

18,000

$

734,580

10,001,780

TOTAL

COMMON

STOCKS

-

99.81%

802,424,390

(Cost

$481,984,996)

.

Preferred

Stock

-

0.00%

Air

T

Funding,

8.00%***+

529

13,278

TOTAL

PREFERRED

STOCK

-

0.00%

13,278

(Cost

$11,003)

.

Rights

-

0.00%

Newstar

Financial,

Inc.,

CVR*

∆

105,100

—

ZAGG,

Inc.,

CVR*

∆

30,000

9,000

TOTAL

RIGHTS

-

0.00%

9,000

(Cost

$8,950)

.

Warrants

-

0.00%

Air

T

Funding,

expiring

06/07/20*

27,864

5,740

Eagle

Bulk

Shipping,

Inc.,

expiring

10/15/21*

8,501

425

TOTAL

WARRANTS

-

0.00%

6,165

(Cost

$73,557)

^

Rate^

B

Shares

B

Value

.

Money

Market

Fund

-

0.12%

Fidelity

Investments

Money

Market

Government

Portfolio

Class

I

0.01%

926,902

926,902

TOTAL

MONEY

MARKET

FUND

-

0.12%

926,902

(Cost

$926,902)

Omni

Tax-Managed

Small-Cap

Value

Fund

Schedule

of

Investments

(Unaudited)

(continued)

11

Showing

percentage

of

net

assets

as

of

March

31,

2021

bridgewayfunds.com

Security

subject

to

restrictions

on

resale.

^

Rate^

B

Shares

B

Value

.

Investments

Purchased

With

Cash

Proceeds

From

Securities

Lending

-

2.33%

Fidelity

Investments

Money

Market

Government

Portfolio

Class

I**

0.01%

18,752,829

$

18,752,829

TOTAL

INVESTMENTS

PURCHASED

WITH

CASH

PROCEEDS

FROM

SECURITIES

LENDING

-

2.33%

18,752,829

(Cost

$18,752,829)

TOTAL

INVESTMENTS

-

102.26%

$

822,132,564

(Cost

$501,758,237)

Liabilities

in

Excess

of

Other

Assets

-

(2.26%)

(18,144,226)

NET

ASSETS

-

100.00%

$

803,988,338

*

Non-income

producing

security.

**

This

security

represents

the

investment

of

the

cash

collateral

received

in

connection

with

securities

out

on

loan

as

of

March

31,

2021.

***

Security

is

perpetual

and

has

no

stated

maturity

date.

^

Rate

disclosed

as

of

March

31,

2021.

^^

Security

subject

to

restrictions

on

resale,

see

additional

information

below.

∆

Security

was

fair

valued

using

significant

unobservable

inputs.

As

such,

the

security

is

classified

as

Level

3

in

the

fair

value

hierarchy.

+

This

security

or

a

portion

of

the

security

is

out

on

loan

as

of

March

31,

2021.

Total

loaned

securities

had

a

value

of

$77,325,679

as

of

March

31,

2021.

Shares

Issuer

Acquisition

Date

Cost

Market

Value

at

3/31

Market

Value

Per

Unit

7,540

BM

Technologies,

Inc.

12/17/20

$

94,250

$

87,841

11.65

CVR

-

Contingent

Value

Right

LLC

-

Limited

Liability

Company

PLC

-

Public

Limited

Company

Summary

of

inputs

used

to

value

the

Fund’s

investments

as

of

3/31/2021

:

Valuation

Inputs

Investment

in

Securities

(Value)

Level

1

Quoted

Prices

Level

2

Significant

Observable

Inputs

Level

3

Significant

Unobservable

Inputs

Total

Common

Stocks

Information

Technology

$

39,844,418

$

–

$

87,841

$

39,932,259

Other

Industries

(a)

762,492,131

–

–

762,492,131

Total

Common

Stocks

802,336,549

–

87,841

802,424,390

Preferred

Stock

13,278

–

–

13,278

Rights

–

–

9,000

9,000

Warrants

5,740

425

–

6,165

Money

Market

Fund

–

926,902

–

926,902

Investments

Purchased

With

Cash

Proceeds

From

Securities

Lending

–

18,752,829

–

18,752,829

TOTAL

$802,355,567

$19,680,156

$96,841

$822,132,564

(a)

-

Please

refer

to

the

Schedule

of

Investments

for

the

industry

classifications

of

these

portfolio

holdings.

Omni

Tax-Managed

Small-Cap

Value

Fund

Schedule

of

Investments

(Unaudited)

(continued)

12

Quarterly

Report

|

March

31,

2021

(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

Rights

Total

Balance

as

of

06/30/2020

$

–

$

5,255

$

5,255

Purchases

–

–

–

Sales

–

–

–

Return

of

Capital

–

–

–

Realized

Gain/(Loss)

–

–

–

Change

in

unrealized

Appreciation/(Depreciation)

–

(5,255)

(5,255)

Transfers

in

87,841

9,000

96,841

Transfers

out

–

–

–

Balance

as

of

03/31/2021

$

87,841

$

9,000

$

96,841

Net

change

in

unrealized

Appreciation/(Depreciation)

from

investments

held

as

of

03/31/2021

$

–

$

(5,255)

$

(5,255)