UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-08200

Bridgeway Funds, Inc.

(Exact name of registrant as specified in charter)

20 Greenway Plaza, Suite 450

Houston, Texas 77046

(Address of principal executive offices) (Zip code)

Linda Giuffré, President

Bridgeway Funds, Inc.

20 Greenway Plaza, Suite 930

Houston, Texas 77046

(Name and address of agent for service)

Registrant’s telephone number, including area code: (713) 661-3500

Date of fiscal year end: June 30

Date of reporting period: June 30, 2025

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a)

The Report to Shareholders is attached herewith.

Annual Shareholder Report - June 30, 2025

This annual shareholder report contains important information about Bridgeway Aggressive Investors 1 Fund for the period of July 1, 2024 to June 30, 2025.You can find additional information about the Fund at www.bridgewayfunds.com/resources/fund-documents. You can also request this information by contacting us at 800-661-3550.

Aggressive Investors 1 Fund

BRAGX

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10K Investment	Costs paid as a % of a $10K Investment
Aggressive Investors 1 Fund	$97	0.86%

How did the Fund perform last year?

For the fiscal year, the Fund returned 25.88%, outperforming the S&P 500 Index.

Top contributors to performance

The Fund’s quality and sentiment models contributed to relative results, with the sentiment models delivering the strongest outperformance. The Fund’s overweight in the higher beta and higher momentum stocks contributed to performance during the period. Stock selection improved results with selections in the Information Technology sector contributing the most.

Top detractors from performance

The Fund’s value models detracted from relative performance. The Fund’s tilt toward smaller stocks also detracted from relative returns during the period. Sector allocation effect was negative with overweighting in the Energy sector detracting the most from relative results.

How did the Fund perform over the past 10 years?

Cumulative Returns of a Hypothetical $10,000 Investment as of June 30, 2025

Line graph representation of the performance of a hypothetical $10,000 investment in the Fund and its benchmarks over a period of 10 years

	Aggressive Investors 1 Fund 23,413	S&P 500 Index 35,936
2015	10,000	10,000
2016	9,260	10,399
2017	11,286	12,260
2018	12,594	14,023
2019	11,754	15,483
2020	10,869	16,645
2021	16,030	23,436
2022	12,214	20,948
2023	14,494	25,053
2024	18,601	31,204
2025	23,413	35,936

Key Fund Statistics

Total Net Assets	$210,787,715
# of Portfolio Holdings	102
Portfolio Turnover Rate	61%
Advisory Fees Paid	$1,163,706

Average Annual Total Returns

Fund	1 Year	5 Years	10 Years
Aggressive Investors 1 Fund	25.88%	16.59%	8.88%
S&P 500 Index	15.16%	16.64%	13.65%

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years. Performance data represents past performance and does not predict or guarantee future results.The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call 800-661-3550 or visit https://bridgewayfunds.com/#month-end-performance for the most recent month-end performance.

What did the Fund invest in?

Asset Class Weightings (% of Net Assets)

Common Stocks	99.87%
Money Market Fund	0.18%
Liabilities in Excess of Other Assets	-0.05%

Top Ten Holdings (% of Net Assets)

NVIDIA Corp.	4.50%
Microsoft Corp.	4.18%
Apple, Inc.	2.43%
Meta Platforms, Inc., Class A	2.38%
Booking Holdings, Inc.	2.20%
Amazon.com, Inc.	1.79%
Alphabet, Inc., Class A	1.71%
Palantir Technologies, Inc., Class A	1.53%
NRG Energy, Inc.	1.49%
Visa, Inc., Class A	1.47%

Top Sector Weightings (% of Net Assets)

Bar chart representation of the Fund's holdings as a percentage of net assets grouped by sectors.

Value	Value
Cash and Other Sectors	1.89%
Utilities	2.91%
Consumer Staples	4.35%
Industrials	5.64%
Energy	7.23%
Communication Services	8.49%
Health Care	10.54%
Consumer Discretionary	13.05%
Financials	18.48%
Information Technology	27.42%

Aggressive Investors 1 Fund

Annual Shareholder Report - June 30, 2025

BRAGX

Bridgeway Funds

PO Box 534435

Pittsburgh, PA 15253-4435

800-661-3550

funds@bridgeway.com

The Fund is distributed by Foreside Fund Services, LLC, which is not affiliated with Bridgeway Capital Management, LLC™ or any other affiliate.

Where can I find additional information about the Fund?

Additional information is available on www.bridgewayfunds.com, including its:

-prospectus

-financial information

-holdings

-proxy voting information

Annual Shareholder Report - June 30, 2025

This annual shareholder report contains important information about Bridgeway Ultra-Small Company Fund for the period of July 1, 2024 to June 30, 2025.You can find additional information about the Fund at www.bridgewayfunds.com/resources/fund-documents. You can also request this information by contacting us at 800-661-3550.

Ultra-Small Company Fund

BRUSX

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10K Investment	Costs paid as a % of a $10K Investment
Ultra-Small Company Fund	$133	1.21%

How did the Fund perform last year?

For the fiscal year, the Fund returned 19.07%, outperforming the Russell Microcap Index.

Top contributors to performance

All three factor models (value, quality and sentiment) outperformed the benchmark contributing to relative results. The Fund’s tilt toward the smallest stocks in the micro-cap universe also contributed to relative performance. The Fund’s stock selection effect was strongly positive, largely driven by holdings in the Healthcare sector.

Top detractors from performance

From a sector perspective, the Fund’s allocation effect was negative. Underweighting in the Information Technology and Financials sectors detracted the most from relative results.

How did the Fund perform over the past 10 years?