Semi - Annual Shareholder Report - December 31, 2025

Aggressive Investors 1 Fund

BRAGX

Semi - Annual Shareholder Report - December 31, 2025

Ultra-Small Company Fund

BRUSX

Semi - Annual Shareholder Report - December 31, 2025

Ultra-Small Company Market Fund

BRSIX

Semi - Annual Shareholder Report - December 31, 2025

Small-Cap Value Fund

BRSVX

Semi - Annual Shareholder Report - December 31, 2025

Omni Small-Cap Value Fund

BOSVX

Semi - Annual Shareholder Report - December 31, 2025

Global Opportunities Fund

BRGOX

What were the Fund costs for the last six months?

What did the Fund invest in?

Where can I find additional information about the Fund?

What were the Fund costs for the last six months?

What did the Fund invest in?

Where can I find additional information about the Fund?

What were the Fund costs for the last six months?

What did the Fund invest in?

Where can I find additional information about the Fund?

What were the Fund costs for the last six months?

What did the Fund invest in?

Where can I find additional information about the Fund?

What were the Fund costs for the last six months?

What did the Fund invest in?

Where can I find additional information about the Fund?

What were the Fund costs for the last six months?

What did the Fund invest in?

Where can I find additional information about the Fund?

Key Fund Statistics

Asset Class Weightings (% of Net Assets)

Top Ten Holdings (% of Net Assets)

Top Sector Weightings (% of Net Assets)

Key Fund Statistics

Asset Class Weightings (% of Net Assets)

Top Ten Holdings (% of Net Assets)

Top Sector Weightings (% of Net Assets)

Key Fund Statistics

Asset Class Weightings (% of Net Assets)

Top Ten Holdings (% of Net Assets)

Top Sector Weightings (% of Net Assets)

Key Fund Statistics

Asset Class Weightings (% of Net Assets)

Top Ten Holdings (% of Net Assets)

Top Sector Weightings (% of Net Assets)

Key Fund Statistics

Asset Class Weightings (% of Net Assets)

Top Ten Holdings (% of Net Assets)

Top Sector Weightings (% of Net Assets)

Key Fund Statistics

Top Sector Weightings (Notional exposure % of Net Assets)

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 930

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: December 31, 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, 450 Fifth Street, NW, Washington, DC 20549-0609. 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.

This semi-annual shareholder report contains important information about Bridgeway Aggressive Investors 1 Fund for the period of July 1, 2025 to December 31, 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.

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10K Investment	Costs paid as a % of a $10K Investment^{Footnote Referencea}
Aggressive Investors 1 Fund	$48	0.92%

Footnote	Description
Footnote^a	Annualized.

Total Net Assets	$213,576,291
# of Portfolio Holdings	94
Portfolio Turnover Rate	36%

Common Stocks	99.81%
Money Market Fund	0.18%
Other Assets in Excess of Liabilities	0.01%

NVIDIA Corp.	5.25%
Microsoft Corp.	4.64%
Apple, Inc.	3.18%
Alphabet, Inc., Class A	2.99%
Palantir Technologies, Inc., Class A	1.97%
Lumentum Holdings, Inc.	1.90%
Amazon.com, Inc.	1.86%
Synchrony Financial	1.54%
Broadcom, Inc.	1.51%
Booking Holdings, Inc.	1.50%

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

Value	Value
Cash and Other Sectors	1.72%
Consumer Staples	2.43%
Utilities	2.55%
Energy	2.81%
Communication Services	4.85%
Industrials	7.49%
Consumer Discretionary	10.07%
Health Care	14.01%
Financials	19.95%
Information Technology	34.12%

Aggressive Investors 1 Fund

Semi - Annual Shareholder Report - December 31, 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.

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

-prospectus

-financial information

-holdings

-proxy voting information

This semi-annual shareholder report contains important information about Bridgeway Ultra-Small Company Fund for the period of July 1, 2025 to December 31, 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.

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10K Investment	Costs paid as a % of a $10K Investment^{Footnote Referencea}
Ultra-Small Company Fund	$64	1.20%

Footnote	Description
Footnote^a	Annualized.

Total Net Assets	$90,467,859
# of Portfolio Holdings	216
Portfolio Turnover Rate	36%

Common Stocks	99.60%
Preferred Stock	0.00%
Rights	0.00%
Money Market Fund	0.46%
Investments Purchased With Cash Proceeds From Securities Lending	8.34%
Liabilities in Excess of Other Assets	-8.40%

Eventbrite, Inc., Class A	2.38%
ON24, Inc.	2.05%
Zumiez, Inc.	2.01%
Ranger Energy Services, Inc., Class A	1.95%
Douglas Elliman, Inc.	1.75%
Movado Group, Inc.	1.72%
CS Disco, Inc.	1.66%
Sagimet Biosciences, Inc., Class A	1.60%
Civeo Corp.	1.53%
Rimini Street, Inc.	1.52%

Value	Value
Cash and Other Sectors	2.57%
Materials	2.26%
Consumer Staples	3.56%
Communication Services	5.25%
Energy	6.91%
Industrials	10.05%
Information Technology	11.61%
Consumer Discretionary	12.45%
Financials	14.57%
Health Care	30.77%

Ultra-Small Company Fund

Semi - Annual Shareholder Report - December 31, 2025

BRUSX

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.

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

-prospectus

-financial information

-holdings

-proxy voting information

This semi-annual shareholder report contains important information about Bridgeway Ultra-Small Company Market Fund for the period of July 1, 2025 to December 31, 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.

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10K Investment	Costs paid as a % of a $10K Investment^{Footnote Referencea}
Ultra-Small Company Market Fund	$43	0.75%

Footnote	Description
Footnote^a	Annualized.

Total Net Assets	$127,063,540
# of Portfolio Holdings	551
Portfolio Turnover Rate	21%

Common Stocks	99.71%
Rights	0.00%
Money Market Fund	0.29%
Investments Purchased With Cash Proceeds From Securities Lending	10.44%
Liabilities in Excess of Other Assets	-10.44%

Terns Pharmaceuticals, Inc.	0.99%
Frequency Electronics, Inc.	0.91%
Kodiak Sciences, Inc.	0.89%
Olema Pharmaceuticals, Inc.	0.80%
Omeros Corp.	0.72%
Envela Corp.	0.71%
Alto Neuroscience, Inc.	0.70%
AXT, Inc.	0.68%
T1 Energy, Inc.	0.66%
Idaho Strategic Resources, Inc.	0.63%

Value	Value
Cash and Other Sectors	2.63%
Real Estate	1.63%
Communication Services	3.01%
Materials	4.07%
Energy	4.64%
Industrials	11.56%
Information Technology	11.63%
Consumer Discretionary	11.89%
Financials	15.44%
Health Care	33.50%

Ultra-Small Company Market Fund

Semi - Annual Shareholder Report - December 31, 2025

BRSIX

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.

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

-prospectus

-financial information

-holdings

-proxy voting information

This semi-annual shareholder report contains important information about Bridgeway Small-Cap Value Fund for the period of July 1, 2025 to December 31, 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.

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10K Investment	Costs paid as a % of a $10K Investment^{Footnote Referencea}
Small-Cap Value Fund	$50	0.94%

Footnote	Description
Footnote^a	Annualized.

Total Net Assets	$320,103,777
# of Portfolio Holdings	159
Portfolio Turnover Rate	41%

Common Stocks	99.63%
Money Market Fund	0.55%
Liabilities in Excess of Other Assets	-0.18%

Commercial Metals Co.	1.32%
Axos Financial, Inc.	1.23%
Garrett Motion, Inc.	1.20%
Hancock Whitney Corp.	1.19%
WSFS Financial Corp.	1.16%
Bread Financial Holdings, Inc.	1.09%
Magnolia Oil & Gas Corp., Class A	1.06%
SkyWest, Inc.	1.05%
Deluxe Corp.	1.04%
NetScout Systems, Inc.	1.02%

Value	Value
Cash and Other Sectors	4.77%
Materials	2.80%
Utilities	4.80%
Real Estate	6.47%
Energy	7.17%
Health Care	8.98%
Information Technology	9.42%
Industrials	11.01%
Consumer Discretionary	13.93%
Financials	30.65%

Small-Cap Value Fund

Semi - Annual Shareholder Report - December 31, 2025

BRSVX

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.

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

-prospectus

-financial information

-holdings

-proxy voting information

This semi-annual shareholder report contains important information about Bridgeway Omni Small-Cap Value Fund for the period of July 1, 2025 to December 31, 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.

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10K Investment	Costs paid as a % of a $10K Investment^{Footnote Referencea}
Omni Small-Cap Value Fund	$26	0.47%

Footnote	Description
Footnote^a	Annualized.

Total Net Assets	$1,147,132,612
# of Portfolio Holdings	593
Portfolio Turnover Rate	17%

Common Stocks	99.73%
Preferred Stock	0.00%
Rights	0.00%
Money Market Fund	0.20%
Investments Purchased With Cash Proceeds From Securities Lending	0.38%
Liabilities in Excess of Other Assets	-0.31%

Victoria's Secret & Co.	1.10%
Sphere Entertainment Co.	1.00%
Peabody Energy Corp.	0.94%
Viasat, Inc.	0.93%
Enova International, Inc.	0.92%
Dana, Inc.	0.91%
Tutor Perini Corp.	0.87%
Signet Jewelers, Ltd.	0.77%
SiriusPoint, Ltd.	0.76%
Phinia, Inc.	0.76%

Value	Value
Cash and Other Sectors	0.83%
Information Technology	3.57%
Communication Services	3.99%
Health Care	4.38%
Consumer Staples	4.51%
Materials	5.39%
Industrials	13.28%
Energy	14.00%
Consumer Discretionary	15.01%
Financials	35.04%

Omni Small-Cap Value Fund

Semi - Annual Shareholder Report - December 31, 2025

BOSVX

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.

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

-prospectus

-financial information

-holdings

-proxy voting information

This semi-annual shareholder report contains important information about Bridgeway Global Opportunities Fund for the period of July 1, 2025 to December 31, 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.

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10K Investment	Costs paid as a % of a $10K Investment^{Footnote Referencea}
Global Opportunities Fund	$80	1.50%

Footnote	Description
Footnote^a	Annualized.

Total Net Assets	$36,748,107
# of Portfolio Holdings - Long	278
# of Portfolio Holdings - Short	327
Portfolio Turnover Rate	-%^{Footnote Reference*}

Footnote	Description
Footnote^*	There were no long-term transactions for the period ended December 31, 2025.

	Long	Short
Real Estate	2.37%	4.12%
Communication Services	3.93%	5.86%
Utilities	4.16%	2.98%
Energy	5.28%	2.77%
Health Care	6.51%	4.46%
Consumer Staples	6.69%	7.87%
Consumer Discretionary	10.31%	11.53%
Information Technology	13.11%	12.71%
Materials	13.65%	10.46%
Financials	16.73%	15.00%
Industrials	17.80%	17.02%

Top Country Weightings (Notional exposure % of Net Assets)

	Long	Short
Other Countries	40.91%	37.42%
Brazil	5.04%	4.09%
Australia	5.14%	6.57%
United Kingdom	5.69%	4.52%
Taiwan	5.79%	5.79%
Japan	6.29%	7.02%
Canada	6.46%	7.01%
South Korea - Republic of Korea	6.89%	5.66%
United States	8.03%	8.02%
China	10.29%	8.66%

Global Opportunities Fund

Semi - Annual Shareholder Report - December 31, 2025

BRGOX

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.

Primary Underlying
Risk/Fund

Amount of

Realized Gain

(Loss) on Derivatives

Amount of
Unrealized Gain
(Loss) on Derivatives

Location of Gain (Loss)

in the Statement of Operations

Equity Risk

Global Opportunities Fund:

Total Return Swaps

$2,966,433

Realized Gain (Loss) on Swaps

Change in Unrealized Appreciation

Total Return Swaps

(Depreciation) on Swaps

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

-prospectus

-financial information

-holdings

-proxy voting information

Aggressive Investors 1 Fund

SCHEDULE OF INVESTMENTS (Unaudited)

Showing percentage of net assets as of December 31, 2025


Industry Company	Shares		Value

COMMON STOCKS - 99.81%

Communication Services - 4.85%
Alphabet, Inc., Class A		20,400	$	6,385,200
Comcast Corp., Class A		58,000		1,733,620
Meta Platforms, Inc., Class A		3,400		2,244,306


				10,363,126

Consumer Discretionary - 10.07%
Airbnb, Inc., Class A*		10,000		1,357,200
Amazon.com, Inc.*		17,200		3,970,104
Booking Holdings, Inc.		600		3,213,198
eBay, Inc.		25,000		2,177,500
Expedia Group, Inc.		7,800		2,209,818
General Motors Co.		31,300		2,545,316
O’Reilly Automotive, Inc.*		21,000		1,915,410
Somnigroup International, Inc.		18,000		1,607,040
Tapestry, Inc.		9,800		1,252,146
Wayfair, Inc., Class A*+		12,500		1,255,125


				21,502,857

Consumer Staples - 2.43%
Celsius Holdings, Inc.*		35,000		1,600,900
Costco Wholesale Corp.		1,867		1,609,989
Maplebear, Inc.*		44,000		1,979,120


				5,190,009

Energy - 2.81%
Devon Energy Corp.		60,000		2,197,800
EOG Resources, Inc.		14,000		1,470,140
Valero Energy Corp.		14,400		2,344,176


				6,012,116

Financials - 19.95%
American Express Co.		7,000		2,589,650
Ameriprise Financial, Inc.		3,400		1,667,156
Arch Capital Group, Ltd.*		10,000		959,200
Charles Schwab Corp. (The)		23,200		2,317,912
Citizens Financial Group, Inc.		40,800		2,383,128
East West Bancorp, Inc.		12,300		1,382,397
Equitable Holdings, Inc.		35,000		1,667,750
Fifth Third Bancorp+		23,800		1,114,078
First Horizon Corp.		52,000		1,242,800
Globe Life, Inc.		11,700		1,636,362
Goldman Sachs Group, Inc. (The)		3,000		2,637,000
Hartford Insurance Group, Inc. (The)		13,300		1,832,740


Industry Company	Shares		Value

Financials (continued)
Interactive Brokers Group, Inc., Class A		32,000	$	2,057,920
KeyCorp.		70,000		1,444,800
LPL Financial Holdings, Inc.		3,300		1,178,661
M&T Bank Corp.		10,500		2,115,540
Prudential Financial, Inc.		10,600		1,196,528
Regions Financial Corp.		40,000		1,084,000
RenaissanceRe Holdings, Ltd.+		7,000		1,968,120
Robinhood Markets, Inc., Class A*		15,000		1,696,500
Royal Bank of Canada		10,000		1,704,900
SoFi Technologies, Inc.*+		50,000		1,309,000
Synchrony Financial		39,300		3,278,799
U.S. Bancorp		40,000		2,134,400


				42,599,341

Health Care - 14.01%
Alnylam Pharmaceuticals, Inc.*		4,700		1,868,955
Bristol-Myers Squibb Co.		32,000		1,726,080
Cardinal Health, Inc.		13,200		2,712,600
Cencora, Inc.		6,000		2,026,500
Exelixis, Inc.*		65,000		2,848,950
HCA Healthcare, Inc.		4,500		2,100,870
IDEXX Laboratories, Inc.*		3,000		2,029,590
Illumina, Inc.*		21,300		2,793,708
Incyte Corp.*		15,000		1,481,550
Medpace Holdings, Inc.*		4,200		2,358,930
Merck & Co., Inc.		26,400		2,778,864
Tenet Healthcare Corp.*		12,000		2,384,640
United Therapeutics Corp.*		3,000		1,461,750
Veeva Systems, Inc., Class A*		6,000		1,339,380


				29,912,367

Industrials - 7.49%
Automatic Data Processing, Inc.		8,500		2,186,455
BWX Technologies, Inc.+		12,000		2,074,080
Comfort Systems USA, Inc.		2,300		2,146,567
Delta Air Lines, Inc.		40,000		2,776,000
EMCOR Group, Inc.		3,500		2,141,265
MasTec, Inc.*		11,500		2,499,755



2		Semi-Annual Report \| December 31, 2025 (Unaudited)

Aggressive Investors 1 Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Industry Company	Shares		Value
Common Stocks (continued)
Industrials (continued)
United Airlines Holdings, Inc.*		19,500	$	2,180,490


				16,004,612

Information Technology - 34.12%
Adobe, Inc.*		4,600		1,609,954
Amphenol Corp., Class A		18,000		2,432,520
Apple, Inc.		25,000		6,796,500
Applied Materials, Inc.		8,000		2,055,920
AppLovin Corp., Class A*		3,600		2,425,752
Arista Networks, Inc.*		8,500		1,113,755
Astera Labs, Inc.*		12,000		1,996,320
Broadcom, Inc.		9,300		3,218,730
Check Point Software Technologies, Ltd.*		13,000		2,412,280
F5, Inc.*		6,500		1,659,190
Gen Digital, Inc.		35,000		951,650
Hewlett Packard Enterprise Co.		50,000		1,201,000
HP, Inc.		50,000		1,114,000
Jabil, Inc.		8,000		1,824,160
Lam Research Corp.		15,000		2,567,700
Lumentum Holdings, Inc.*+		11,000		4,054,490
Microsoft Corp.		20,500		9,914,210
Monolithic Power Systems, Inc.		1,200		1,087,632
NetApp, Inc.		21,100		2,259,599
NVIDIA Corp.		60,096		11,207,904
Palantir Technologies, Inc., Class A*		23,700		4,212,675
Salesforce, Inc.		6,400		1,695,424
Skyworks Solutions, Inc.		28,000		1,775,480
Twilio, Inc., Class A*		10,000		1,422,400
VeriSign, Inc.		7,700		1,870,715


				72,879,960

Materials - 1.53%
CF Industries Holdings, Inc.		25,700		1,987,638
Linde PLC		3,000		1,279,170


				3,266,808

Utilities - 2.55%
NRG Energy, Inc.		19,500		3,105,180


Industry Company	Shares		Value

Utilities (continued)
Vistra Corp.		14,500	$	2,339,285

				5,444,465

TOTAL COMMON STOCKS - 99.81%				213,175,661

(Cost $149,658,179)


	Rate^		Shares		Value

MONEY MARKET FUND - 0.18%
Fidelity Investments Money Market Government Portfolio Class I		3.67%		382,314		382,314


TOTAL MONEY MARKET FUND - 0.18%						382,314

(Cost $382,314)

TOTAL INVESTMENTS - 99.99%					$	213,557,975
(Cost $150,040,493)
Other Assets in Excess of Liabilities - 0.01%						18,316


NET ASSETS - 100.00%					$	213,576,291

*	Non-income producing security.

^	Rate disclosed as of December 31, 2025.

+	This security or a portion of the security is out on loan as of December 31, 2025. Total loaned securities had a value of $7,807,272 as of December 31, 2025. See Note 2 for disclosure of cash and non-cash collateral.

PLC - Public Limited Company



bridgewayfunds.com		3

Ultra-Small Company Fund

SCHEDULE OF INVESTMENTS (Unaudited)

Showing percentage of net assets as of December 31, 2025


Industry Company	Shares		Value

COMMON STOCKS - 99.60%
Communication Services - 5.25%
AMC Networks, Inc., Class A*		109,834	$	1,045,619
Eventbrite, Inc., Class A*		483,000		2,149,350
EW Scripps Co. (The), Class A*		40,000		159,600
iHeartMedia, Inc., Class A*		214,281		891,409
Playstudios, Inc.*		198,500		129,323
Skillz, Inc.*+		13,700		59,047
TrueCar, Inc.*		64,500		145,770
Vivid Seats, Inc., Class A*+		16,000		115,360
Zedge, Inc., Class B		16,700		54,776


				4,750,254

Consumer Discretionary - 12.45%
1stdibs.com, Inc.*		110,400		661,296
Allbirds, Inc., Class A*+		34,931		143,217
AMCON Distributing Co.		2,180		229,990
Aterian, Inc.*		32,460		22,569
BARK, Inc.*		248,200		149,541
Bassett Furniture Industries, Inc.		11,198		187,678
Beachbody Co., Inc. (The)*		6,109		63,289
Cato Corp. (The), Class A*		69,710		215,404
Citi Trends, Inc.*		9,300		386,508
Designer Brands, Inc., Class A+		100,000		743,000
Destination XL Group, Inc.*		97,000		89,192
Duluth Holdings, Inc., Class B*		58,800		122,304
Educational Development Corp.*		21,586		28,494
Envela Corp.*		25,000		334,500
Fossil Group, Inc.*+		297,400		1,118,224
Genesco, Inc.*		19,000		470,630
GrowGeneration Corp.*		50,801		76,202
J Jill, Inc.		5,759		79,014
JAKKS Pacific, Inc.		30,272		510,991
Lulu’s Fashion Lounge Holdings, Inc.*		11,500		60,030
Movado Group, Inc.		75,453		1,555,841
Nerdy, Inc.*+		77,400		80,496
OneWater Marine, Inc., Class A*+		5,900		63,838
Rocky Brands, Inc.		23,500		689,255
Sportsman’s Warehouse Holdings, Inc.*		198,900		290,394


Industry Company	Shares		Value

Consumer Discretionary (continued)
Stoneridge, Inc.*		43,100	$	249,549
Strattec Security Corp.*		3,500		266,490
Universal Electronics, Inc.*		54,045		195,102
Vera Bradley, Inc.*		150,120		363,290
Zumiez, Inc.*		69,639		1,814,096


				11,260,424

Consumer Staples - 3.56%
Beauty Health Co. (The)*+		473,232		657,792
Farmer Bros Co.*		39,547		57,739
Lifevantage Corp.+		31,906		196,541
Mama’s Creations, Inc.*+		10,000		134,900
Mannatech, Inc.*+		23,388		192,951
Medifast, Inc.*+		40,900		436,812
Natural Health Trends Corp.+		22,600		69,834
Nature’s Sunshine Products, Inc.*		16,000		345,280
Nu Skin Enterprises, Inc., Class A		98,000		942,760
Zevia PBC, Class A*		81,100		188,152


				3,222,761

Energy - 6.91%
California Resources Corp.		17,641		788,729
DMC Global, Inc.*		124,997		836,230
Epsilon Energy, Ltd.		225,397		1,045,842
Forum Energy Technologies, Inc.*		27,739		1,024,956
Gran Tierra Energy, Inc.*+		159,793		677,523
Ranger Energy Services, Inc., Class A		125,890		1,759,942
Smart Sand, Inc.		30,618		122,472


				6,255,694

Financials - 14.57%
ACRES Commercial
Realty Corp.*+		3,800		81,092
Atlantic American Corp.		65,035		184,049
C&F Financial Corp.		1,100		79,849
CF Bankshares, Inc.		9,000		224,550
Citizens Community Bancorp, Inc.		26,599		473,994
Consumer Portfolio Services, Inc.*+		38,859		362,554



bridgewayfunds.com		5

Ultra-Small Company Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Industry Company	Shares		Value

Common Stocks (continued)
Financials (continued)
Farmers & Merchants Bancorp, Inc.		2,000	$	49,440
Finward Bancorp		4,631		162,965
Finwise Bancorp*		8,152		146,247
First Bancorp, Inc. (The)		4,000		105,760
First Capital, Inc.		1,400		82,880
First Community Corp.		7,637		226,437
First Western Financial, Inc.*		20,831		558,479
Franklin Financial Services Corp.		4,000		200,800
FS Bancorp, Inc.		4,471		184,071
FVCBankcorp, Inc.		42,365		589,297
Investar Holding Corp.		16,865		450,633
James River Group Holdings, Inc.		30,800		195,888
Katapult Holdings, Inc.*+		8,000		51,680
Kingstone Cos., Inc.+		21,100		355,113
MainStreet Bancshares, Inc.		9,000		183,240
Manhattan Bridge Capital, Inc.		19,516		90,749
MVB Financial Corp.+		50,100		1,294,083
Oak Valley Bancorp		35,664		1,072,060
Ohio Valley Banc Corp.		1,900		75,962
OP Bancorp		37,050		523,146
Parke Bancorp, Inc.		11,568		289,663
Paysign, Inc.*		88,670		456,650
Peoples Bancorp of North Carolina, Inc.		7,200		260,640
Princeton Bancorp, Inc.		7,212		250,184
RBB Bancorp		10,000		206,400
Security National Financial Corp., Class A*+		103,102		928,949
Selectquote, Inc.*		215,982		304,535
Siebert Financial Corp.*+		64,060		224,851
Timberland Bancorp, Inc.		23,971		858,162
TPG Mortgage Investment Trust, Inc.		104,126		887,154
Virginia National Bankshares Corp.		8,208		327,089
Waterstone Financial, Inc.		11,146		184,466


				13,183,761

Health Care - 30.77%
Aclaris Therapeutics,
Inc.*		150,000		451,500
Acme United Corp.+		10,453		421,360
Acumen Pharmaceuticals, Inc.*		75,000		158,250


Industry Company	Shares		Value

Health Care (continued)
Adicet Bio, Inc.*		50,644	$	426,420
Alto Neuroscience, Inc.*		23,553		419,243
ALX Oncology Holdings, Inc.*		15,072		17,031
American Shared Hospital Services*		64,996		137,142
American Well Corp., Class A*		72,989		358,376
Atara Biotherapeutics, Inc.*		18,691		338,120
Atea Pharmaceuticals, Inc.*+		28,300		101,031
Avita Medical, Inc.*+		118,004		407,114
BioAge Labs, Inc.*+		25,000		330,750
Biote Corp., Class A*		53,358		138,731
Black Diamond Therapeutics, Inc.*		75,000		182,250
CareCloud, Inc.*		65,000		189,800
ClearPoint Neuro, Inc.*+		51,992		711,251
Climb Bio, Inc.*+		50,000		200,000
Coherus Oncology, Inc.*		291,000		413,220
Contineum Therapeutics, Inc., Class A*+		22,380		255,803
Cumberland Pharmaceuticals, Inc.*		137,268		546,327
Design Therapeutics, Inc.*		25,000		234,500
DocGo, Inc.*		221,000		193,994
Electromed, Inc.*		46,463		1,353,003
Eton Pharmaceuticals, Inc.*+		71,070		1,201,794
Exagen, Inc.*		44,400		269,952
Fennec Pharmaceuticals, Inc.*		83,005		639,138
Fortress Biotech, Inc.*+		182,368		667,467
Heron Therapeutics, Inc.*+		242,000		314,600
ImageneBio, Inc.*		4,258		29,380
Immuneering Corp., Class A*+		60,000		394,800
Inogen, Inc.*		75,551		507,703
Inovio Pharmaceuticals, Inc.*+		173,000		301,020
Ironwood Pharmaceuticals, Inc.*		135,993		458,296
Karyopharm Therapeutics, Inc.*		49,873		367,065
Kewaunee Scientific Corp.*		5,600		209,496
Kezar Life Sciences, Inc.*		51,638		324,803
KORU Medical Systems, Inc.*		45,305		263,222



6		Semi-Annual Report \| December 31, 2025 (Unaudited)

Ultra-Small Company Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Industry Company	Shares		Value

Common Stocks (continued)
Health Care (continued)
Kyverna Therapeutics, Inc.*+		112,000	$	1,052,800
Metagenomi, Inc.*+		327,100		529,902
Microbot Medical, Inc.*+		111,000		222,000
MindWalk Holdings Corp.*		50,000		91,000
Neuphoria Therapeutics, Inc.*		14,750		57,230
Niagen Bioscience, Inc.*		67,179		427,258
OptimizeRx Corp.*+		69,029		846,296
OraSure Technologies, Inc.*		279,773		677,051
Owlet, Inc.*		38,115		617,082
Pliant Therapeutics, Inc.*		239,230		291,861
PMV Pharmaceuticals, Inc.*		331,453		414,316
Precision BioSciences, Inc.*+		61,901		257,508
Puma Biotechnology, Inc.*		173,000		1,029,350
Rigel Pharmaceuticals, Inc.*		12,520		536,232
Sagimet Biosciences, Inc., Class A*		244,541		1,447,683
SANUWAVE Health, Inc.*		29,279		873,685
Seer, Inc.*		480,043		878,479
Spectral AI, Inc.*+		199,000		282,580
Stereotaxis, Inc.*		80,075		184,172
Tenax Therapeutics, Inc.*		44,900		547,331
Ventyx Biosciences, Inc.*		130,000		1,173,900
Viemed Healthcare, Inc.*		34,000		252,620
Whitehawk Therapeutics, Inc.*		215,284		520,987
XBiotech, Inc.*		30,000		71,700
Zura Bio, Ltd.*+		117,995		618,294


				27,835,269

Industrials - 10.05%
Art’s-Way Manufacturing Co., Inc.*		8,480		19,928
Civeo Corp.		60,400		1,381,348
DLH Holdings Corp.*+		12,000		67,800
Forrester Research, Inc.*		119,859		973,255
Franklin Covey Co.*+		53,200		892,696
Gencor Industries, Inc.*		26,400		342,144
Greenland Technologies Holding Corp.*		25,000		15,323
Hudson Technologies, Inc.*		186,842		1,279,868
L B Foster Co., Class A*		9,000		242,550
Mastech Digital, Inc.*		13,697		95,605


Industry Company	Shares		Value

Industrials (continued)
NeoVolta, Inc.*+		52,200	$	158,688
Novusterra, Inc.*Δ#+		25,745		1,287
Optex Systems Holdings, Inc.*		11,000		155,980
Orion Group Holdings, Inc.*		60,000		596,400
Quad/Graphics, Inc.		124,574		781,079
RCM Technologies, Inc.*		2,700		55,201
Resources Connection, Inc.+		101,800		513,072
Star Equity Holdings, Inc.*		10,958		123,278
Stem, Inc.*+		54,000		812,700
Tigo Energy, Inc.*		70,000		96,600
TrueBlue, Inc.*		79,500		361,725
Twin Disc, Inc.		7,400		123,432


				9,089,959

Information Technology - 11.61%
Acorn Energy, Inc.*+		7,300		110,230
Airship AI Holdings, Inc.*+		122,829		354,976
Aviat Networks, Inc.*		20,000		427,600
BK Technologies Corp.*		6,170		460,220
CS Disco, Inc.*		193,652		1,502,739
eGain Corp.*+		32,900		338,541
Information Services Group, Inc.		41,661		240,800
Inseego Corp.*+		50,000		513,500
Intellicheck, Inc.*		53,484		357,273
Kaltura, Inc.*+		90,300		148,092
KVH Industries, Inc.*		30,000		209,100
Magnachip Semiconductor Corp.*		337,754		861,273
ON24, Inc.*+		233,448		1,858,246
Ooma, Inc.*		19,000		222,870
Optical Cable Corp.*		35,668		158,723
Phunware, Inc.*+		50,000		92,500
ReposiTrak, Inc.+		4,737		58,597
RF Industries, Ltd.*		68,096		393,595
Rimini Street, Inc.*		354,200		1,374,296
Universal Safety Products, Inc.		10,890		56,192
Upland Software, Inc.*+		105,300		150,579
Wetouch Technology, Inc.*		94,400		126,496
Xperi, Inc.*		83,724		490,623


				10,507,061



bridgewayfunds.com		7

Ultra-Small Company Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Industry Company		Shares	Value

Common Stocks (continued)
Materials - 2.26%
American Vanguard Corp.*		78,400	$ 299,488
Ampco-Pittsburgh Corp.*		35,935	191,534
Contango ORE, Inc.*+		11,000	290,510
Core Molding Technologies, Inc.*		2,201	44,130
Flotek Industries, Inc.*+		3,430	59,099
Friedman Industries, Inc.		43,021	881,500
Vox Royalty Corp.		58,000	274,920

			2,041,181

Real Estate - 2.17%
AMREP Corp.*		20,198	379,722
Douglas Elliman, Inc.*		666,716	1,580,117

			1,959,839


TOTAL COMMON STOCKS - 99.60%			90,106,203

(Cost $77,579,789)

PREFERRED STOCK - 0.00%
ClearOne, Inc., 0.00%Δ#		3,573	36


TOTAL PREFERRED STOCK -0.00%			36

(Cost $ – )

RIGHTS - 0.00%
AVROBIO, Inc., CVR*Δ#+++		11,783	–
Enliven Therapeutics, Inc., CVR*Δ#+++		18,900	–
Ikena Oncology, Inc., CVR*Δ#+++		51,100	–


TOTAL RIGHTS - 0.00%			–

(Cost $ – )

	Rate^	Shares	Value

MONEY MARKET FUND - 0.46%
Fidelity Investments Money Market Government Portfolio Class I	3.67%	413,150	413,150


TOTAL MONEY MARKET FUND - 0.46%			413,150

(Cost $413,150)


	Rate^			Shares		Value

INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 8.34%
Dreyfus Institutional Preferred Government Money Market Fund**		3.71	%		7,548,838	$	7,548,838


TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 8.34%							7,548,838

(Cost $7,548,838)

TOTAL INVESTMENTS - 108.40%						$	98,068,227
(Cost $85,541,777)

Liabilities in Excess of Other Assets - (8.40%)							(7,600,368	)


NET ASSETS - 100.00%						$	90,467,859

#	Illiquid security as determined under procedures approved by the Board of Directors. The aggregate value of illiquid securities is $1,323, which is 0.00% of total net assets.

Δ	Security was fair valued using significant unobservable inputs. As such, the security is classified as Level 3 in the fair value hierarchy.

*	Non-income producing security.

**	This security represents the investment of the cash collateral received in connection with securities out on loan as of December 31, 2025.

^	Rate disclosed as of December 31, 2025.

This security or a portion of the security is out on loan at December 31, 2025. Total loaned securities had a value of $13,504,800, which included loaned securities with a value of $12,493 that have been sold and are pending settlement as of December 31, 2025. The total market value of loaned securities excluding these pending sales is $13,492,307. See Note 2 for disclosure of cash and non-cash collateral.

+++	No stated maturity date.

CVR-	Contingent Value Right



8		Semi-Annual Report \| December 31, 2025 (Unaudited)

Ultra-Small Company Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Summary of inputs used to value the Fund’s investments as of 12/31/2025:


	Valuation Inputs

	Investment in Securities (Value)

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total

Common Stocks
Industrials		$9,088,672		$–		$1,287		$9,089,959
Other Industries (a)		81,016,244		–		–		81,016,244

Total Common Stocks		90,104,916		–		1,287		90,106,203
Preferred Stock		–		–		36		36
Rights		–		–		0		0
Money Market Fund		413,150		–		–		413,150
Investments Purchased With Cash Proceeds From Securities Lending		7,548,838		–		–		7,548,838

TOTAL		$98,066,904		$–		$1,323		$98,068,227

(a) - Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.

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

Preferred

Stock

Total

Balance as of 06/30/2025

515

–

515

Purchases/Issuances

–

Sales/Expirations

–

Return of Capital

–

Realized Gain/(Loss)

–

Change in unrealized Appreciation/(Depreciation)

772

–

808

Transfers in

–

Transfers out

–

Balance as of 12/31/2025

1,287

1,323

Net change in unrealized Appreciation/(Depreciation) from investments held as of 12/31/2025

772

–

808

See Notes to Financial Statements.



bridgewayfunds.com		9

Ultra-Small Company Market Fund

SCHEDULE OF INVESTMENTS (Unaudited)

Showing percentage of net assets as of December 31, 2025


Industry Company	Shares		Value

COMMON STOCKS - 99.71%
Communication Services - 3.01%
AMC Networks, Inc., Class A*		30,000	$	285,600
Arena Group Holdings, Inc. (The)*		77,600		310,400
ATN International, Inc.		11,100		253,080
Cardlytics, Inc.*		75,758		87,122
comScore, Inc.*		12,635		82,127
DHI Group, Inc.*		58,800		91,140
Entravision Communications Corp., Class A		159,500		467,335
EW Scripps Co. (The), Class A*		100,500		400,995
Gaia, Inc.*		43,400		157,542
Harte Hanks, Inc.*		20,000		60,200
iHeartMedia, Inc., Class A*		61,374		255,316
KORE Group Holdings, Inc.*+		24,740		104,403
Marchex, Inc., Class B*		54,500		90,470
Moving Image Technologies, Inc.*		13,100		8,658
NII Holdings Escrow*Δ#		287,700		69,048
Playstudios, Inc.*		158,000		102,937
PSQ Holdings, Inc.*+		32,000		32,960
Saga Communications, Inc., Class A		13,680		156,089
System1, Inc.*		7,100		27,832
Townsquare Media, Inc., Class A		14,800		76,072
Travelzoo*+		40,443		287,954
TrueCar, Inc.*		106,320		240,283
Vivid Seats, Inc., Class A*+		12,500		90,125
Zedge, Inc., Class B		26,955		88,412


				3,826,100

Consumer Discretionary - 11.89%
1-800-Flowers.com, Inc., Class A*+		41,000		161,130
1stdibs.com, Inc.*		54,900		328,851
aka Brands Holding Corp.*		9,000		96,300
AMCON Distributing Co.+		1,900		200,450
American Outdoor Brands, Inc.*		20,007		154,654
America’s Car-Mart, Inc.*+		12,000		303,120
Ark Restaurants Corp.*		7,496		50,261
BARK, Inc.*		183,235		110,399


Industry Company	Shares		Value

Consumer Discretionary (continued)
Barnes & Noble Education, Inc.*+		39,000	$	358,410
Bassett Furniture Industries, Inc.		18,544		310,797
Bowl America, Inc. EscrowΔ#		13,000		–
Brand House Collective, Inc. (The)*+		14,900		16,390
Brilliant Earth Group, Inc., Class A		22,800		39,900
Canterbury Park Holding Corp.		6,689		101,740
CarParts.com, Inc.*		57,800		28,900
Cato Corp. (The), Class A*		22,000		67,980
Chegg, Inc.*		135,000		125,550
Children’s Place, Inc. (The)*+		28,050		111,639
Citi Trends, Inc.*		14,200		590,152
Clarus Corp.		45,500		152,425
Culp, Inc.*		18,000		64,080
Designer Brands, Inc., Class A		57,500		427,225
Destination XL Group, Inc.*		55,593		51,118
Duluth Holdings, Inc., Class B*		50,287		104,597
Emerson Radio Corp.*		47,100		17,893
Envela Corp.*		67,400		901,812
Escalade, Inc.+		16,508		222,693
European Wax Center, Inc., Class A*		50,000		180,000
Flanigan’s Enterprises, Inc.		7,000		199,500
Flexsteel Industries, Inc.		14,900		588,401
Fossil Group, Inc.*		71,500		268,840
Funko, Inc., Class A*		50,000		170,000
GEN Restaurant Group, Inc.+		4,200		8,862
Genesco, Inc.*		14,500		359,165
GoPro, Inc., Class A*		120,000		169,200
Grabagun Digital Holdings, Inc.*+		50,000		150,500
Grove Collaborative Holdings*+		52,525		57,777
Hamilton Beach Brands Holding Co., Class A		13,700		225,365
Holley, Inc.*		85,000		351,050
Hooker Furnishings Corp.		10,764		121,526
J Jill, Inc.		21,800		299,096
JAKKS Pacific, Inc.		16,090		271,599



10		Semi-Annual Report \| December 31, 2025 (Unaudited)

Ultra-Small Company Market Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Industry Company	Shares		Value

Common Stocks (continued)
Consumer Discretionary (continued)
Lakeland Industries, Inc.+		23,457	$	207,360
Legacy Education, Inc.*+		15,000		152,850
Lifetime Brands, Inc.+		35,120		138,724
Lovesac Co. (The)*+		19,500		287,625
Motorcar Parts of America, Inc.*		24,053		296,814
Movado Group, Inc.		22,200		457,764
Nerdy, Inc.*+		168,000		174,720
Noodles & Co.*		56,352		39,785
OneWater Marine, Inc., Class A*+		15,900		172,038
PetMed Express, Inc.*		29,000		92,800
Purple Innovation, Inc.*		75,000		51,787
Red Robin Gourmet Burgers, Inc.*		26,500		107,325
Regis Corp.*		3,458		95,959
Rent the Runway, Inc., Class A*+		8,718		68,959
Rocky Brands, Inc.		12,700		372,491
Sleep Number Corp.*+		35,000		296,100
Solid Power, Inc.*		100,000		425,000
Sportsman’s Warehouse Holdings, Inc.*		42,700		62,342
Stoneridge, Inc.*		32,000		185,280
Strattec Security Corp.*		7,100		540,594
Superior Group of Cos., Inc.		33,691		326,129
Sypris Solutions, Inc.*		59,404		144,946
Tilly’s, Inc., Class A*+		14,400		28,656
Torrid Holdings, Inc.*+		150,000		146,760
Traeger, Inc.*		226,000		244,080
Unifi, Inc.*		29,500		103,250
United Homes Group, Inc.*		27,000		42,120
Universal Electronics, Inc.*		14,900		53,789
Vera Bradley, Inc.*		45,100		109,142
Vince Holding Corp.*		14,400		58,752
Weyco Group, Inc.		8,000		244,720
WW International, Inc.*		5,000		146,075
Xponential Fitness, Inc., Class A*		35,000		288,050
Zumiez, Inc.*		16,475		429,174


				15,111,307

Consumer Staples - 1.34%
Alico, Inc.		9,950		361,981
AXIL Brands, Inc.*		2,500		17,325
BRC, Inc., Class A*+		131,500		145,965
Bridgford Foods Corp.*+		21,900		170,820


Industry Company	Shares		Value

Consumer Staples (continued)
Farmer Bros Co.*		20,000	$	29,200
Hain Celestial Group, Inc. (The)*		100,000		107,000
Laird Superfood, Inc.*		15,000		33,300
Limoneira Co.		15,000		189,375
Local Bounti Corp.*		16,538		35,391
Medifast, Inc.*+		15,000		160,200
Natural Alternatives International, Inc.*		31,610		113,164
United-Guardian, Inc.		13,466		82,951
Zevia PBC, Class A*		110,600		256,592


				1,703,264

Energy - 4.64%
Abundia Global Impact Group, Inc.*+		2,800		5,544
Aemetis, Inc.*		90,500		125,795
Amplify Energy Corp.*+		69,600		318,072
Barnwell Industries, Inc.*		35,000		38,850
Battalion Oil Corp.*		15,000		16,950
Dawson Geophysical Co.*		21,710		33,868
DMC Global, Inc.*		28,000		187,320
Empire Petroleum Corp.*+		8,300		25,232
Evolution Petroleum Corp.		50,800		179,832
Forum Energy Technologies, Inc.*		18,300		676,185
FutureFuel Corp.		55,100		175,769
Geospace Technologies Corp.*		10,000		169,100
Gran Tierra Energy, Inc.*+		77,500		328,600
KLX Energy Services Holdings, Inc.*		21,702		41,017
Mammoth Energy Services, Inc.*		60,000		111,000
Mexco Energy Corp.		8,000		79,280
NACCO Industries, Inc., Class A		9,470		464,409
Natural Gas Services Group, Inc.		21,602		726,907
New Era Energy & Digital, Inc.*		15,000		43,950
Nine Energy Service, Inc.*		50,000		17,285
Oil States International, Inc.*		50,000		338,500
PEDEVCO Corp.*		147,700		82,697
Ranger Energy Services, Inc., Class A		29,200		408,216



bridgewayfunds.com		11

Ultra-Small Company Market Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Industry Company	Shares		Value

Common Stocks (continued)
Energy (continued)
Ring Energy, Inc.*+		268,650	$	233,725
SEACOR Marine Holdings, Inc.*		31,800		191,436
Smart Sand, Inc.		133,200		532,800
W&T Offshore, Inc.+		210,000		342,300

				5,894,639

Financials - 15.44%
Acacia Research Corp.*		50,000		187,000
Advanced Flower Capital, Inc.+		30,796		87,769
AmeriServ Financial, Inc.		24,171		77,106
Associated Capital Group, Inc., Class A		2,551		96,428
Atlantic American Corp.		100,256		283,724
Auburn National BanCorp, Inc.+		4,000		107,800
Avidbank Holdings, Inc.*		12,500		332,000
B Riley Financial, Inc.*+		40,000		186,800
Bakkt Holdings, Inc.*+		7,900		79,316
Bankwell Financial Group, Inc.		9,202		421,636
BayCom Corp.		11,800		346,920
BCB Bancorp, Inc.		24,300		196,101
Blue Foundry Bancorp*		20,000		248,600
C&F Financial Corp.		5,390		391,260
CB Financial Services, Inc.+		10,000		348,600
Chemung Financial Corp.		6,298		351,428
Citizens Community Bancorp, Inc.		10,600		188,892
Citizens, Inc.*+		80,331		387,999
CoastalSouth Bancshares, Inc.*		2,909		67,634
Cohen & Co., Inc.		4,500		106,065
Colony Bankcorp, Inc.		22,676		404,086
Consumer Portfolio Services, Inc.*+		55,500		517,815
Eagle Bancorp Montana, Inc.		14,021		279,018
eHealth, Inc.*		50,000		230,000
Finance Of America Cos., Inc., Class A*+		7,844		189,903
Finwise Bancorp*		19,800		355,212
First Bancorp, Inc. (The)		5,000		132,200
First Guaranty Bancshares, Inc.+		14,256		76,555
First Internet Bancorp		12,800		267,136
First Northwest Bancorp		10,250		96,145
First United Corp.		7,592		284,244


Industry Company	Shares		Value

Financials (continued)
First Western Financial, Inc.*		12,651	$	339,173
Great Elm Group, Inc.*		34,597		88,222
Hanover Bancorp, Inc.		14,000		323,540
Hawthorn Bancshares, Inc.		13,148		458,602
Innventure, Inc.*+		115,815		484,107
Investar Holding Corp.		10,600		283,232
Katapult Holdings, Inc.*+		3,316		21,421
Kingsway Financial Services, Inc.*+		30,000		403,500
Lake Shore Bancorp, Inc.		10,356		151,819
Landmark Bancorp, Inc.		6,977		182,728
Magyar Bancorp, Inc.		10,579		185,291
Marygold Cos., Inc. (The)*		79,767		70,418
MBIA, Inc.*		45,000		322,200
Medallion Financial Corp.+		53,744		553,026
Meridian Corp.		15,603		274,301
NewtekOne, Inc.		26,700		303,045
Norwood Financial Corp.+		10,276		288,242
Ohio Valley Banc Corp.		5,500		219,890
Onity Group, Inc.*		14,716		673,846
OP Bancorp		20,500		289,460
Oportun Financial Corp.*		70,000		370,300
OptimumBank Holdings, Inc.*		16,600		70,550
PCB Bancorp		18,000		389,700
Peoples Bancorp of North Carolina, Inc.		6,452		233,562
Primis Financial Corp.		36,557		508,508
Princeton Bancorp, Inc.		9,979		346,172
Provident Financial Holdings, Inc.		8,300		132,053
Riverview Bancorp, Inc.		24,506		123,020
Security National Financial Corp., Class A*		53,238		479,674
Selectquote, Inc.*		180,000		253,800
Silvercrest Asset Management Group, Inc., Class A		16,102		244,589
Southern First Bancshares, Inc.*		9,955		512,882
Summit State Bank*		7,820		90,947
Timberland Bancorp, Inc.		9,104		325,923
Union Bankshares, Inc.		5,575		132,295
United Security Bancshares		33,000		332,310



12		Semi-Annual Report \| December 31, 2025 (Unaudited)

Ultra-Small Company Market Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Industry Company	Shares		Value

Common Stocks (continued)
Financials (continued)
USCB Financial Holdings, Inc.		15,000	$	276,300
Usio, Inc.*		90,000		122,400
Waterstone Financial, Inc.		32,647		540,308
Western New England Bancorp, Inc.		32,844		414,491
Westwood Holdings Group, Inc.		27,500		473,275

				19,614,514

Health Care - 33.50%
4D Molecular Therapeutics, Inc.*+		50,000		375,000
Aardvark Therapeutics, Inc.*+		27,000		354,375
Accuray, Inc.*		161,125		132,864
Aclaris Therapeutics, Inc.*		167,019		502,727
Acme United Corp.+		6,235		251,333
Acrivon Therapeutics, Inc.*		38,000		91,580
Actinium Pharmaceuticals, Inc.*		40,000		54,400
Actuate Therapeutics, Inc.*+		30,982		189,610
Acumen Pharmaceuticals, Inc.*		81,871		172,748
Adicet Bio, Inc.*		5,706		48,047
AirSculpt Technologies, Inc.*+		62,000		122,760
Alector, Inc.*		115,000		179,400
Allogene Therapeutics, Inc.*		250,000		342,500
Alpha Teknova, Inc.*+		75,000		285,000
Altimmune, Inc.*		50,000		180,500
Alto Neuroscience, Inc.*		50,000		890,000
Alumis, Inc.*		48,400		472,384
ALX Oncology Holdings, Inc.*		61,000		68,930
American Shared Hospital Services*		8,700		18,357
American Well Corp., Class A*		5,000		24,550
AN2 Therapeutics, Inc.*		59,000		67,260
Anika Therapeutics, Inc.*		17,500		168,175
Annexon, Inc.*		125,000		627,500
Annovis Bio, Inc.*+		20,300		70,238
Anteris Technologies Global Corp.*+		35,000		174,650
Apyx Medical Corp.*		55,300		193,550


Industry Company	Shares		Value

Health Care (continued)
Aquestive Therapeutics, Inc.*+		60,000	$	387,600
Armata Pharmaceuticals, Inc.*		41,382		259,879
Artiva Biotherapeutics, Inc.*+		35,000		150,150
Atara Biotherapeutics, Inc.*+		14,000		253,260
Atea Pharmaceuticals, Inc.*+		110,300		393,771
Aura Biosciences, Inc.*		16,276		88,704
BioAge Labs, Inc.*+		50,000		661,500
Biomea Fusion, Inc.*		68,300		84,692
Biote Corp., Class A*		50,000		130,000
Black Diamond Therapeutics, Inc.*		88,000		213,840
Boundless Bio, Inc.*		50,500		60,600
C4 Therapeutics, Inc.*		120,000		229,200
Cabaletta Bio, Inc.*		122,675		268,658
Calidi Biotherapeutics, Inc.*		834		976
CAMP4 Therapeutics Corp.*+		25,000		153,250
Candel Therapeutics, Inc.*+		50,000		282,500
CareCloud, Inc.*		42,763		124,868
Caribou Biosciences, Inc.*+		130,000		206,700
Cartesian Therapeutics, Inc.*+		25,000		180,250
CEL-SCI Corp.*		7,500		39,450
Cerus Corp.*		235,000		484,100
Claritev Corp.*+		3,048		130,302
Climb Bio, Inc.*+		98,800		395,200
Codexis, Inc.*		142,000		231,460
Coherus Oncology, Inc.*		150,000		213,000
Contineum Therapeutics, Inc., Class A*		26,900		307,467
Corvus Pharmaceuticals, Inc.*+		20,000		154,000
Cumberland Pharmaceuticals, Inc.*		25,000		99,500
CVRx, Inc.*+		49,600		352,160
Design Therapeutics, Inc.*		45,000		422,100
Editas Medicine, Inc.*		76,000		155,800
Electromed, Inc.*		17,800		518,336
Enanta Pharmaceuticals, Inc.*		25,000		394,250
Entrada Therapeutics, Inc.*		40,000		411,200
Eton Pharmaceuticals, Inc.*+		11,700		197,847



bridgewayfunds.com		13

Ultra-Small Company Market Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Industry Company	Shares		Value

Common Stocks (continued)
Health Care (continued)
Exagen, Inc.*		27,600	$	167,808
Fate Therapeutics, Inc.*		135,000		132,651
Foghorn Therapeutics, Inc.*		68,000		367,200
Fractyl Health, Inc.*		54,500		119,900
Gain Therapeutics, Inc.*+		30,004		96,613
Generation Bio Co.*		5,000		28,400
Gossamer Bio, Inc.*		160,000		496,000
Health Catalyst, Inc.*		120,000		286,800
Humacyte, Inc.*+		210,000		201,705
Hyperfine, Inc.*		97,800		95,775
Immuneering Corp., Class A*+		49,849		328,006
Immunic, Inc.*		40,000		21,348
InfuSystem Holdings, Inc.*		34,800		312,156
Inhibrx Biosciences, Inc.*		9,000		711,000
Inogen, Inc.*		36,700		246,624
Invivyd, Inc.*		93,400		230,698
IO Biotech, Inc.*		75,000		45,667
Ironwood Pharmaceuticals, Inc.*		150,000		505,500
Kalaris Therapeutics, Inc.*+		22,500		189,900
Karyopharm Therapeutics, Inc.*		16,000		117,760
Kewaunee Scientific Corp.*		5,815		217,539
Kodiak Sciences, Inc.*		40,500		1,132,380
Kyverna Therapeutics, Inc.*+		54,000		507,600
Larimar Therapeutics, Inc.*		104,916		399,730
Lexeo Therapeutics, Inc.*		10,000		99,300
Lifecore Biomedical, Inc.*+		56,900		465,442
LifeMD, Inc.*		70,500		240,405
Lineage Cell Therapeutics, Inc.*+		221,000		369,070
Lyell Immunopharma, Inc.*		18,000		554,040
MacroGenics, Inc.*		73,500		118,335
MAIA Biotechnology, Inc.*+		36,000		55,080
MaxCyte, Inc.*		125,000		193,750
MBX Biosciences, Inc.*+		10,000		315,400
MediciNova, Inc.*		70,247		92,024
Metagenomi, Inc.*		62,200		100,764
Milestone Scientific, Inc.*		99,500		27,163
Monte Rosa Therapeutics, Inc.*+		50,000		784,000


Industry Company	Shares		Value

Health Care (continued)
Myomo, Inc.*		27,500	$	25,025
NanoViricides, Inc.*		36,039		40,724
Nautilus Biotechnology, Inc.*		130,000		253,500
Neumora Therapeutics, Inc.*		225,000		402,750
Neuraxis, Inc.*+		5,000		22,700
Neurogene, Inc.*+		10,781		222,089
Neuronetics, Inc.*+		95,205		131,383
Nkarta, Inc.*		95,000		175,750
Olema Pharmaceuticals, Inc.*+		40,500		1,012,500
Omeros Corp.*+		53,215		913,968
OmniAb, Inc.*		185,000		342,250
OnKure Therapeutics, Inc., Class A*+		19,500		56,550
OraSure Technologies, Inc.*		90,000		217,800
Orchestra BioMed Holdings, Inc.*		25,000		103,750
OS Therapies, Inc.*+		25,000		35,000
Outset Medical, Inc.*+		20,000		74,200
Owlet, Inc.*		24,225		392,203
PepGen, Inc.*		50,000		325,500
Perspective Therapeutics, Inc.*+		85,000		233,750
Pliant Therapeutics, Inc.*		82,300		100,406
PMV Pharmaceuticals, Inc.*		76,900		96,125
Prelude Therapeutics, Inc.*+		50,000		145,000
Prime Medicine, Inc.*+		120,000		416,400
Protalix BioTherapeutics, Inc.*		180,000		324,000
Protara Therapeutics, Inc.*		37,500		199,875
Pulmonx Corp.*		61,000		134,810
Puma Biotechnology, Inc.*		73,300		436,135
Pyxis Oncology, Inc.*		61,500		70,725
Quanterix Corp.*		43,000		273,480
Quantum-Si, Inc.*		255,000		280,500
Quince Therapeutics, Inc.*		72,922		244,289
Rani Therapeutics Holdings, Inc., Class A*+		114,500		154,575
RAPT Therapeutics, Inc.*		14,375		486,881
Retractable Technologies, Inc.*		64,113		49,502
Sagimet Biosciences, Inc., Class A*		48,900		289,488



14		Semi-Annual Report \| December 31, 2025 (Unaudited)

Ultra-Small Company Market Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Industry Company	Shares		Value

Common Stocks (continued)
Health Care (continued)
SANUWAVE Health, Inc.*		10,000	$	298,400
SCYNEXIS, Inc.*		39,500		24,980
Seer, Inc.*		116,700		213,561
Sera Prognostics, Inc., Class A*+		41,105		121,260
Seres Therapeutics, Inc.*+		7,500		111,600
Serina Therapeutics, Inc.*		2,495		4,773
Shattuck Labs, Inc.*		42,300		154,395
Sight Sciences, Inc.*		90,533		717,927
Simulations Plus, Inc.*+		23,500		428,405
Solid Biosciences, Inc.*		15,000		84,600
Spero Therapeutics, Inc.*		64,800		150,984
Stereotaxis, Inc.*		127,100		292,330
Sutro Biopharma, Inc.*		3,000		34,710
Tactile Systems Technology, Inc.*		18,000		522,000
Tango Therapeutics, Inc.*+		21,500		190,490
Tectonic Therapeutic, Inc.*+		6,115		127,559
Tela Bio, Inc.*		50,000		59,000
Tenaya Therapeutics, Inc.*		175,000		124,512
Terns Pharmaceuticals, Inc.*		31,000		1,252,400
Tevogen Bio Holdings, Inc.*#		82,500		27,316
TherapeuticsMD, Inc.*		17,000		27,710
TriSalus Life Sciences, Inc.*		65,000		453,700
TruBridge, Inc.*		10,300		227,321
TScan Therapeutics, Inc.*		105,400		105,400
Utah Medical Products, Inc.		5,000		279,800
Vanda Pharmaceuticals, Inc.*		79,500		701,190
Ventyx Biosciences, Inc.*		89,000		803,670
Verrica Pharmaceuticals, Inc.*		12,000		99,720
Vicarious Surgical, Inc., Class A*		12,444		27,003
Vor BioPharma, Inc.*+		6,250		81,750
Voyager Therapeutics, Inc.*		81,259		319,348
Werewolf Therapeutics, Inc.*		75,000		47,512
Xilio Therapeutics, Inc.*		56,081		35,903
XOMA Royalty Corp.*		16,380		435,544


Industry Company	Shares		Value

Health Care (continued)
Xtant Medical Holdings, Inc.*		154,100	$	120,814
Zentalis Pharmaceuticals, Inc.*		77,300		104,355


				42,564,066

Industrials - 11.56%
3D Systems Corp.*		71,500		126,555
AgEagle Aerial Systems, Inc.*		30,500		24,821
Air Industries Group*		4,000		12,280
Alpha Pro Tech, Ltd.*		35,901		159,400
Alta Equipment Group, Inc.		35,000		161,000
Avalon Holdings Corp., Class A*		3,900		10,491
Babcock & Wilcox Enterprises, Inc.*		100,000		634,000
BGSF, Inc.+		12,400		57,412
BlackSky Technology, Inc.*+		100		1,875
Bridger Aerospace Group Holdings, Inc.*		65,000		118,950
ChargePoint Holdings, Inc.*+		25,000		166,000
Chicago Rivet & Machine Co.		8,000		111,280
Cleancore Solutions, Inc., Class B*		100		26
Commercial Vehicle Group, Inc.*		55,000		79,200
CompX International, Inc.		21,586		502,306
CPI Aerostructures, Inc.*		21,200		83,952
Eastern Co. (The)		9,700		190,993
Espey Mfg. & Electronics Corp.		4,608		217,175
ESS Tech, Inc.*+		10,000		18,800
EVI Industries, Inc.		5,000		123,200
FiscalNote Holdings, Inc.*		13,000		19,110
Forrester Research, Inc.*		28,100		228,172
Franklin Covey Co.*		15,000		251,700
FreightCar America, Inc.*		42,500		470,475
FuelCell Energy, Inc.*+		32,000		233,920
Gencor Industries, Inc.*		29,200		378,432
GrafTech International, Ltd.*		32,200		499,422
Hurco Cos., Inc.*		13,000		200,850
Hyliion Holdings Corp.*		90,000		165,600
INNOVATE Corp.*+		25,000		113,000



bridgewayfunds.com		15

Ultra-Small Company Market Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Industry Company	Shares		Value

Common Stocks (continued)
Industrials (continued)
Innovative Solutions and Support, Inc.*		25,400	$	481,076
KULR Technology Group, Inc.*+		50,000		148,000
L B Foster Co., Class A*		18,400		495,880
Mastech Digital, Inc.*		30,544		213,197
Matrix Service Co.*		23,500		274,950
Mayville Engineering Co., Inc.*		15,258		285,630
Mistras Group, Inc.*		42,700		540,155
Mobile Infrastructure Corp.*		10,000		25,500
NN, Inc.*		57,403		73,476
Orion Group Holdings, Inc.*		53,153		528,341
Palladyne AI Corp.*+		44,400		189,144
PAMT CORP*		25,000		302,000
Park Aerospace Corp.		22,000		469,480
Perma-Pipe International Holdings, Inc.*		22,610		686,440
Proficient Auto Logistics, Inc.*+		26,000		250,640
Quad/Graphics, Inc.		44,169		276,940
Radiant Logistics, Inc.*		50,300		318,399
RCM Technologies, Inc.*		16,742		342,290
Resources Connection, Inc.		38,500		194,040
SIFCO Industries, Inc.*		10,624		59,282
Skillsoft Corp.*+		18,000		167,400
Southland Holdings, Inc.*		88,000		292,160
Star Equity Holdings, Inc.*		13,397		150,716
Stem, Inc.*		15,600		234,780
SunPower, Inc.*+		94,500		148,365
Surf Air Mobility, Inc.*+		38,446		74,585
T1 Energy, Inc.*+		125,000		835,000
Team, Inc.*		6,000		84,780
Tecogen, Inc.*+		25,500		125,970
TrueBlue, Inc.*		38,000		172,900
TTEC Holdings, Inc.*+		50,000		180,000
Twin Disc, Inc.		16,579		276,538
Ultralife Corp.*		27,400		156,728
Virco Mfg. Corp.+		19,400		123,966
Virgin Galactic Holdings, Inc.*+		45,000		144,450


				14,683,595

Information Technology - 11.63%
8x8, Inc.*		193,700		381,589
908 Devices, Inc.*+		50,500		265,125


Industry Company	Shares		Value

Information Technology (continued)
ACCESS Newswire, Inc.*		7,500	$	69,750
Aeva Technologies, Inc.*+		15,000		199,200
Airship AI Holdings, Inc.*+		35,700		103,173
Amtech Systems, Inc.*		14,600		183,230
AstroNova, Inc.*		30,041		259,855
Aviat Networks, Inc.*		20,900		446,842
Aware, Inc.*		25,000		46,500
AXT, Inc.*+		53,000		866,550
Backblaze, Inc., Class A*		16,000		74,560
BK Technologies Corp.*		5,644		420,986
Blaize Holdings, Inc.*+		50,000		97,500
Castellum, Inc.*+		94,794		85,618
Comtech Telecommunications Corp.*		35,000		185,150
CPI Card Group, Inc.*		12,500		183,500
CS Disco, Inc.*		65,000		504,400
CSP, Inc.+		44,145		551,813
Digimarc Corp.*+		35,000		229,600
Domo, Inc., Class B*+		23,500		198,105
Everspin Technologies, Inc.*		31,400		291,392
Expensify, Inc., Class A*		133,000		200,830
Frequency Electronics, Inc.*+		21,500		1,157,560
GCT Semiconductor Holding, Inc.*+		75,000		90,000
Greenidge Generation Holdings, Inc.*		17,000		25,160
GSI Technology, Inc.*+		23,000		142,830
Immersion Corp.		40,000		272,000
Information Services Group, Inc.		68,000		393,040
Inseego Corp.*+		12,500		128,375
Intellicheck, Inc.*		28,447		190,026
inTEST Corp.*		15,000		112,050
Inuvo, Inc.*		20,000		49,600
Kaltura, Inc.*		184,300		302,252
Key Tronic Corp.*		17,400		48,546
KVH Industries, Inc.*		32,700		227,919
LGL Group, Inc. (The)*		9,700		55,775
LivePerson, Inc.*+		6,666		25,797
Magnachip Semiconductor Corp.*		65,000		165,750
Methode Electronics, Inc.		41,000		272,240
MicroVision, Inc.*		150,000		124,215
M-Tron Industries, Inc.*		6,334		337,095



16		Semi-Annual Report \| December 31, 2025 (Unaudited)

Ultra-Small Company Market Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Industry Company	Shares		Value

Common Stocks (continued)
Information Technology (continued)
Network-1 Technologies, Inc.		23,300	$	30,523
ON24, Inc.*		58,200		463,272
Ooma, Inc.*		27,000		316,710
Optical Cable Corp.*		12,600		56,070
Quantum Corp.*+		8,240		53,148
Rackspace Technology, Inc.*		350,000		339,815
RF Industries, Ltd.*		12,900		74,562
Richardson Electronics, Ltd.		19,011		206,840
Silvaco Group, Inc.*		48,600		196,830
SmartRent, Inc.*		250,000		505,000
Telos Corp.*		35,075		178,882
TransAct Technologies, Inc.*		34,845		139,380
Trio-Tech International*		24,300		321,732
Turtle Beach Corp.*		23,000		322,690
Unisys Corp.*		95,000		262,200
Unusual Machines, Inc.*+		10,000		127,400
Upland Software, Inc.*		50,300		71,929
Veritone, Inc.*		62,900		292,485
VirnetX Holding Corp.*+		5,565		92,880
Vishay Precision Group, Inc.*		10,000		385,000
WidePoint Corp.*		14,458		77,639
WM Technology, Inc.*		112,300		92,659
Wolfspeed, Inc.*#+		136,127		19,621
Xperi, Inc.*		31,000		181,660


				14,774,425

Materials - 4.07%
5E Advanced Materials, Inc.*+		2,634		8,034
American Vanguard Corp.*		40,000		152,800
Ampco-Pittsburgh Corp.*		46,200		246,246
Arq, Inc.*		68,779		224,907
Ascent Industries Co.*		20,950		339,181
Clearwater Paper Corp.*		17,500		304,500
Contango ORE, Inc.*+		10,000		264,100
Core Molding Technologies, Inc.*		14,400		288,720
Flotek Industries, Inc.*+		24,861		428,355
Friedman Industries, Inc.		19,700		403,653
Idaho Strategic Resources, Inc.*		20,007		806,282
Loop Industries, Inc.*+		74,900		74,900
Mercer International, Inc.		90,000		178,200
Northern Technologies International Corp.		14,522		113,707


Industry Company	Shares		Value

Materials (continued)
Paramount Gold Nevada Corp.*		75,000	$	94,500
Ranpak Holdings Corp.*+		55,000		297,550
Rayonier Advanced Materials, Inc.*		25,000		147,250
Solitario Resources Corp.*		89,500		62,364
Tredegar Corp.*		48,700		349,666
United States Antimony Corp.*+		77,800		390,556


				5,175,471

Real Estate - 1.63%
American Realty Investors, Inc.*		2,363		37,950
AMREP Corp.*		10,858		204,130
Douglas Elliman, Inc.*		210,329		498,480
Maui Land & Pineapple Co., Inc.*		21,108		357,570
New Concept Energy, Inc.*		8,400		6,275
Offerpad Solutions, Inc.*+		25,400		30,734
RE/MAX Holdings, Inc., Class A*		35,000		265,650
Seaport Entertainment Group, Inc.*		16,785		331,839
Stratus Properties, Inc.*		14,250		344,565


				2,077,193

Utilities - 1.00%
Cadiz, Inc.*+		77,568		435,157
Global Water Resources, Inc.		10,000		84,500
RGC Resources, Inc.		25,000		532,500
Spruce Power Holding Corp.*		44,025		224,087


				1,276,244


TOTAL COMMON STOCKS - 99.71% (Cost $94,131,038)				126,700,818



bridgewayfunds.com		17

Ultra-Small Company Market Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Industry Company	Shares		Value

RIGHTS - 0.00%
Adamas Pharmaceuticals, Inc., CVR*Δ#+++		110,000	$	–
AVROBIO, Inc., CVR*Δ#+++		7,165		–
Enliven Therapeutics, Inc., CVR*Δ#+++		66,800		–
Ikena Oncology, Inc., CVR*Δ#+++		87,500		–


TOTAL RIGHTS - 0.00%				–

(Cost $ – )


^	Rate^			Shares		Value

MONEY MARKET FUND - 0.29%
Fidelity Investments Money Market Government Portfolio Class I		3.67	%		362,517		362,517


TOTAL MONEY MARKET FUND - 0.29%							362,517

(Cost $362,517)

INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 10.44%
Dreyfus Institutional Preferred Government Money Market Fund** 3.71%					13,266,582		13,266,582


TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 10.44%							13,266,582

(Cost $13,266,582)

TOTAL INVESTMENTS - 110.44%						$	140,329,917
(Cost $107,760,137)
Liabilities in Excess of Other Assets - (10.44%)							(13,266,377	)


NET ASSETS - 100.00%						$	127,063,540

#	Illiquid security as determined under procedures approved by the Board of Directors. The aggregate value of illiquid securities is $115,985, which is 0.09% of total net assets.

*	Non-income producing security.

**	This security represents the investment of the cash collateral received in connection with securities out on loan as of December 31, 2025.

^	Rate disclosed as of December 31, 2025.

Δ	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 at December 31, 2025. Total loaned securities had a value of $21,433,639, which included loaned securities with a value of $1,500 that have been sold and are pending settlement as of December 31, 2025. The total market value of loaned securities excluding these pending sales is $21,432,139. See Note 2 for disclosure of cash and non-cash collateral.

+++No

stated maturity date.

CVR- Contingent Value Right



18		Semi-Annual Report \| December 31, 2025 (Unaudited)

Ultra-Small Company Market Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Summary of inputs used to value the Fund’s investments as of 12/31/2025:


	Valuation Inputs

	Investment in Securities (Value)

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total

Common Stocks
Communication Services		$3,757,052		$–		$69,048		$3,826,100
Information Technology		14,774,425		–		–		14,774,425
Financials		19,518,086		96,428		–		19,614,514
Consumer Discretionary		14,911,807		199,500		0		15,111,307
Other Industries (a)		73,374,472		–		–		73,374,472

Total Common Stocks		126,335,842		295,928		69,048		126,700,818
Rights		–		–		0		0
Money Market Fund		362,517		–		–		362,517
Investments Purchased With Cash Proceeds From Securities Lending		13,266,582		–		–		13,266,582

TOTAL		$139,964,941		$295,928		$69,048		$140,329,917

(a) - Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.

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 06/30/2025	$	69,048	$	870		$	69,918
Purchases/Issuances		–		–			–
Sales/Expirations		–		(1,740	)		(1,740	)
Return of Capital		–		–			–
Realized Gain/(Loss)		–		1,740			1,740
Change in unrealized Appreciation/(Depreciation)		–		(870	)		(870	)
Transfers in		–		–			–
Transfers out		–		–			–

Balance as of 12/31/2025	$	69,048	$	0		$	69,048

Net change in unrealized Appreciation/(Depreciation) from investments held as of 12/31/2025	$	–	$	(870	)	$	(870	)

See Notes to Financial Statements.



bridgewayfunds.com		19

Small-Cap Value Fund

SCHEDULE OF INVESTMENTS (Unaudited)

Showing percentage of net assets as of December 31, 2025


Industry Company	Shares		Value

COMMON STOCKS - 99.63%
Communication Services - 1.69%
AMC Networks, Inc.,
Class A*		144,599	$	1,376,583
Angi, Inc.*		187,385		2,422,888
TripAdvisor, Inc.*		110,000		1,601,600


				5,401,071

Consumer Discretionary - 13.93%
Academy Sports & Outdoors, Inc.+		62,097		3,102,366
American Axle & Manufacturing Holdings, Inc.*+		358,100		2,295,421
American Eagle Outfitters, Inc.		80,000		2,109,600
American Public Education, Inc.*		77,400		2,925,720
Buckle, Inc. (The)		43,500		2,323,770
Cricut, Inc., Class A		220,000		1,089,000
Ethan Allen Interiors, Inc.		77,223		1,763,773
Garrett Motion, Inc.		220,223		3,838,487
GigaCloud Technology, Inc., Class A*+		55,000		2,160,400
G-III Apparel Group, Ltd.		106,000		3,069,760
Graham Holdings Co., Class B		2,900		3,185,940
Kohl’s Corp.		75,000		1,530,750
Laureate Education, Inc.*		34,200		1,151,514
Perdoceo Education Corp.		78,338		2,297,653
Phinia, Inc.		31,640		1,983,512
Sally Beauty Holdings, Inc.*		210,000		2,994,600
Signet Jewelers, Ltd.		35,000		2,900,800
Strattec Security Corp.*		25,000		1,903,500
Urban Outfitters, Inc.*		26,000		1,956,760


				44,583,326

Consumer Staples - 2.71%
Andersons, Inc. (The)		24,000		1,276,080
Cal-Maine Foods, Inc.		22,925		1,824,142
Central Garden & Pet Co., Class A*		83,300		2,431,527
Dole PLC		95,000		1,424,050
Ingles Markets, Inc., Class A		25,100		1,720,605


				8,676,404

Energy - 7.17%
Bristow Group, Inc.*		25,000		915,500


Industry Company	Shares		Value

Energy (continued)
California Resources Corp.		54,000	$	2,414,340
Expro Group Holdings NV*		85,000		1,134,750
International Seaways, Inc.+		18,000		873,900
Liberty Energy, Inc.		103,509		1,910,776
Magnolia Oil & Gas Corp., Class A		154,500		3,382,005
Murphy Oil Corp.+		30,000		937,500
Oceaneering International, Inc.*		90,000		2,162,700
Oil States International, Inc.*		220,000		1,489,400
REX American Resources Corp.*		35,852		1,158,737
Scorpio Tankers, Inc.		16,000		813,280
TETRA Technologies, Inc.*		165,000		1,546,050
Tidewater, Inc.*+		47,267		2,387,456
Valaris, Ltd.*+		36,400		1,834,560


				22,960,954

Financials - 30.65%
1st Source Corp.		46,000		2,874,540
Amalgamated Financial Corp.		60,830		1,948,385
Ameris Bancorp		28,000		2,079,560
Artisan Partners Asset Management, Inc., Class A+		29,000		1,181,460
Atlantic Union Bankshares Corp.		42,000		1,482,600
Atlanticus Holdings Corp.*+		37,684		2,522,944
Axos Financial, Inc.*		45,800		3,946,128
BancFirst Corp.		12,000		1,272,240
Bank of NT Butterfield & Son, Ltd. (The)		63,900		3,183,498
Banner Corp.		51,000		3,195,660
Bread Financial Holdings, Inc.+		47,200		3,494,216
Byline Bancorp, Inc.		101,200		2,949,980
Cadence Bank		49,033		2,100,574
Cathay General Bancorp		29,000		1,403,310
City Holding Co.		16,392		1,953,926
Coastal Financial Corp.*		24,032		2,753,827
Enact Holdings, Inc.		77,400		3,068,136
Enova International, Inc.*		15,700		2,468,040
Enterprise Financial Services Corp.		53,000		2,862,000
Essent Group, Ltd.		31,000		2,015,310



20		Semi-Annual Report \| December 31, 2025 (Unaudited)

Small-Cap Value Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Industry Company	Shares		Value

Common Stocks (continued)
Financials (continued)
Federal Agricultural Mortgage Corp., Class C		4,800	$	842,736
First BanCorp		143,600		2,976,828
First Financial Bancorp		87,900		2,199,258
Fulton Financial Corp.		151,700		2,932,361
Hancock Whitney Corp.		59,800		3,808,064
Hanmi Financial Corp.		47,317		1,278,978
Horace Mann Educators Corp.		41,000		1,893,380
International Bancshares Corp.		17,000		1,129,480
Jackson Financial, Inc., Class A		24,400		2,602,260
Mercury General Corp.		32,700		3,075,762
NMI Holdings, Inc.*		45,000		1,835,550
Northrim BanCorp, Inc.		28,000		745,080
OFG Bancorp		53,300		2,184,234
Old Second Bancorp, Inc.		72,093		1,405,813
Preferred Bank		13,676		1,291,425
PROG Holdings, Inc.		78,734		2,321,866
QCR Holdings, Inc.		35,500		2,957,150
Stellar Bancorp, Inc.		73,640		2,278,422
TriCo Bancshares		36,800		1,743,216
United Bankshares, Inc.		53,146		2,040,806
Universal Insurance Holdings, Inc.		58,000		1,960,400
World Acceptance Corp.*		15,400		2,162,006
WSFS Financial Corp.		67,059		3,704,339


				98,125,748

Health Care - 8.98%
Alkermes PLC*		30,000		839,400
Amneal Pharmaceuticals, Inc.*		106,449		1,341,257
Amphastar Pharmaceuticals, Inc.*+		47,000		1,258,660
Castle Biosciences, Inc.*		44,000		1,711,600
CONMED Corp.		41,000		1,664,600
Embecta Corp.		105,000		1,247,400
HealthStream, Inc.		92,484		2,133,606
Indivior PLC*		35,000		1,255,800
Innoviva, Inc.*		99,988		1,998,760
Ironwood Pharmaceuticals, Inc.*		200,000		674,000
LivaNova PLC*		26,000		1,599,780
Pacira BioSciences, Inc.*+		82,000		2,122,160


Industry Company	Shares		Value

Health Care (continued)
Pediatrix Medical Group, Inc.*		75,000	$	1,604,250
PTC Therapeutics, Inc.*		27,000		2,050,920
Puma Biotechnology, Inc.*		249,200		1,482,740
SIGA Technologies, Inc.		191,568		1,170,481
Supernus Pharmaceuticals, Inc.*		56,000		2,783,200
Tactile Systems Technology, Inc.*		25,000		725,000
Varex Imaging Corp.*		93,000		1,083,450


				28,747,064

Industrials - 11.01%
Astec Industries, Inc.		61,446		2,661,841
Atkore, Inc.		20,000		1,265,000
Costamare, Inc.		148,500		2,344,815
Deluxe Corp.		148,500		3,316,005
EnerSys		18,800		2,758,900
Granite Construction, Inc.+		11,300		1,303,455
IBEX Holdings, Ltd.*		60,576		2,312,791
Interface, Inc.		106,166		2,964,155
Kennametal, Inc.+		50,000		1,420,500
Korn Ferry		27,892		1,841,430
Matson, Inc.		20,800		2,569,840
Primoris Services Corp.+		20,805		2,582,733
Rush Enterprises, Inc., Class A		48,000		2,589,120
SkyWest, Inc.*		33,600		3,373,776
Sun Country Airlines Holdings, Inc.*		135,600		1,951,284


				35,255,645

Information Technology - 9.42%
Axcelis Technologies, Inc.*		34,800		2,795,832
CommScope Holding Co., Inc.*		100,000		1,813,000
Consensus Cloud Solutions, Inc.*		91,723		2,001,396
CTS Corp.		36,000		1,543,320
Daktronics, Inc.*		150,553		2,976,433
Digi International, Inc.*		60,200		2,606,058
Diodes, Inc.*		21,500		1,060,810
NETGEAR, Inc.*		56,091		1,375,912
NetScout Systems, Inc.*		120,300		3,255,318
Sanmina Corp.*		21,000		3,151,470
ScanSource, Inc.*		71,600		2,796,696
Synaptics, Inc.*		14,700		1,088,094



bridgewayfunds.com		21

Small-Cap Value Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Industry Company	Shares		Value

Common Stocks (continued)
Information Technology (continued)
TTM Technologies, Inc.*		20,000	$	1,380,000
Turtle Beach Corp.*		65,700		921,771
Viasat, Inc.*		40,500		1,395,630


				30,161,740

Materials - 2.80%
Avient Corp.		25,000		781,000
Commercial Metals Co.+		61,000		4,222,420
HB Fuller Co.		22,000		1,308,120
Mativ Holdings, Inc.		121,000		1,470,150
O-I Glass, Inc.*		80,000		1,180,800


				8,962,490

Real Estate - 6.47%
American Assets Trust, Inc.		52,000		984,360
Broadstone Net Lease, Inc.		80,000		1,389,600
CareTrust REIT, Inc.		73,000		2,639,680
CBL & Associates Properties, Inc.		84,072		3,110,664
Cushman & Wakefield, Ltd.*		185,000		2,995,150
Douglas Emmett, Inc.+		103,000		1,131,970
Essential Properties Realty Trust, Inc.+		79,900		2,369,834
Four Corners Property Trust, Inc.		85,000		1,960,100
Getty Realty Corp.		44,900		1,228,913
Sabra Health Care REIT, Inc.+		103,000		1,950,820
Sila Realty Trust, Inc.		40,000		932,400


				20,693,491

Utilities - 4.80%
Avista Corp.		38,000		1,464,520
Black Hills Corp.+		28,000		1,943,760
New Jersey Resources Corp.		30,000		1,383,600
Northwest Natural Holding Co.		30,000		1,402,200
Oklo, Inc.*+		19,750		1,417,260
ONE Gas, Inc.		28,400		2,193,900
Otter Tail Corp.+		34,800		2,812,188
Portland General Electric Co.		40,000		1,919,600


Industry Company				Shares		Value

Utilities (continued)
Spire, Inc.					10,000	$	827,000


							15,364,028


TOTAL COMMON STOCKS - 99.63%							318,931,961

(Cost $284,425,733)

	Rate^			Shares		Value

MONEY MARKET FUND - 0.55%
Fidelity Investments Money Market Government Portfolio Class I		3.67	%		1,747,223		1,747,223


TOTAL MONEY MARKET FUND - 0.55%							1,747,223

(Cost $1,747,223)

TOTAL INVESTMENTS - 100.18%						$	320,679,184
(Cost $286,172,956)
Liabilities in Excess of Other Assets - (0.18%)							(575,407)


NET ASSETS - 100.00%						$	320,103,777

*	Non-income producing security.

^	Rate disclosed as of December 31, 2025.

+	This security or a portion of the security is out on loan as of December 31, 2025. Total loaned securities had a value of $29,638,786 as of December 31, 2025. See Note 2 for disclosure of cash and non-cash collateral.

PLC - Public Limited Company

Summary of inputs used to value the Fund’s investments as of 12/31/2025:

Valuation Inputs

Investment in Securities (Value)

Level 1

Quoted

Prices

Level 2
Significant
Observable
Inputs

Level 3
Significant

Unobservable
Inputs

Total

Common Stocks (a)

$318,931,961

$–

$318,931,961

Money Market Fund

1,747,223

–

1,747,223

TOTAL

$320,679,184

$–

$320,679,184

(a)	- Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.

See Notes to Financial Statements.



22		Semi-Annual Report \| December 31, 2025 (Unaudited)

Omni Small-Cap Value Fund

SCHEDULE OF INVESTMENTS (Unaudited)

Showing percentage of net assets as of December 31, 2025


Industry Company	Shares		Value

COMMON STOCKS - 99.73%
Communication Services - 3.99%
Advantage Solutions, Inc.*		405,000	$	356,400
AMC Networks, Inc., Class A*		100,000		952,000
Angi, Inc.*		99,200		1,282,656
ATN International, Inc.		30,000		684,000
Bandwidth, Inc., Class A*+		75,000		1,158,750
Bumble, Inc., Class A*		250,000		892,500
Cable One, Inc.+		13,000		1,467,050
Cars.com, Inc.*+		165,000		2,013,000
comScore, Inc.*		6,000		39,000
Creative Realities, Inc.*		10,000		26,100
DHI Group, Inc.*		106,800		165,540
Entravision Communications Corp., Class A		276,733		810,828
Eventbrite, Inc., Class A*+		223,500		994,575
EW Scripps Co. (The), Class A*		226,300		902,937
Gaia, Inc.*		77,000		279,510
Gray Media, Inc.+		221,100		1,070,124
Harte Hanks, Inc.*		7,700		23,177
Liberty Latin America, Ltd., Class A*		100,000		739,000
Liberty Latin America, Ltd., Class C*		501,500		3,741,190
Marcus Corp. (The)		114,500		1,775,895
Nexxen International, Ltd.*		131,240		858,310
Playstudios, Inc.*		75,000		48,862
Saga Communications, Inc., Class A		21,009		239,713
Scholastic Corp.		72,250		2,140,767
Shenandoah Telecommunications Co.+		125,000		1,445,000
Sphere Entertainment Co.*+		120,000		11,409,600
Taboola.com, Ltd.*		828,000		3,817,080
Teads Holding Co.*		174,466		122,807
Telephone and Data Systems, Inc.		56,300		2,308,300
Thryv Holdings, Inc.*		75,000		453,750
Townsquare Media, Inc., Class A		69,900		359,286
Ziff Davis, Inc.*+		90,800		3,191,620


				45,769,327


Industry Company	Shares		Value

Consumer Discretionary - 15.01%
1-800-Flowers.com, Inc., Class A*+		166,400	$	653,952
Adient PLC*		227,400		4,359,258
Advance Auto Parts, Inc.+		130,000		5,109,000
aka Brands Holding Corp.*		1,000		10,700
Alliance Entertainment
Holding Corp.*+		22,200		179,376
AMCON Distributing Co.		2,450		258,475
American Axle & Manufacturing Holdings, Inc.*+		340,996		2,185,784
American Outdoor Brands, Inc.*		39,500		305,335
American Public Education, Inc.*		61,100		2,309,580
Ark Restaurants Corp.*		8,500		56,992
Arko Corp.+		256,100		1,162,694
Bassett Furniture Industries, Inc.		21,900		367,044
Beazer Homes USA, Inc.*		2,300		46,621
Biglari Holdings, Inc., Class B*		6,200		2,061,066
BJ’s Restaurants, Inc.*+		50,000		1,970,000
Caleres, Inc.		50,000		608,500
Century Communities, Inc.		72,598		4,308,691
Chegg, Inc.*		194,700		181,071
China Automotive Systems, Inc.*+		98,950		421,527
Cracker Barrel Old Country Store, Inc.+		51,300		1,303,020
Crown Crafts, Inc.		50,850		140,855
Dana, Inc.		439,276		10,437,198
Destination XL Group, Inc.*		55,244		50,797
Duluth Holdings, Inc., Class B*		15,304		31,832
El Pollo Loco Holdings, Inc.*		158,300		1,655,818
Escalade, Inc.		23,200		312,968
Flanigan’s Enterprises, Inc.		13,392		381,672
Flexsteel Industries, Inc.		20,159		796,079
Fossil Group, Inc.*		38,500		144,760
Funko, Inc., Class A*+		134,900		458,660
Genesco, Inc.*		35,700		884,289
GigaCloud Technology, Inc., Class A*+		108,700		4,269,736
G-III Apparel Group, Ltd.		151,000		4,372,960



bridgewayfunds.com		23

Omni Small-Cap Value Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Industry Company	Shares		Value

Common Stocks (continued)
Consumer Discretionary (continued)
Gold.com, Inc.		60,000	$	2,043,000
Golden Entertainment, Inc.		15,000		407,850
Good Times
Restaurants, Inc.*		102,062		123,495
Goodyear Tire & Rubber Co. (The)*+		817,592		7,162,106
Hamilton Beach Brands
Holding Co., Class A		22,000		361,900
Haverty Furniture Cos., Inc.		64,400		1,504,384
Holley, Inc.*		322,300		1,331,099
Hovnanian Enterprises, Inc., Class A*		23,500		2,292,190
JAKKS Pacific, Inc.		37,200		627,936
Johnson Outdoors, Inc., Class A		26,959		1,144,410
Kohl’s Corp.		280,000		5,714,800
Lands’ End, Inc.*+		38,539		559,586
LCI Industries		68,828		8,351,590
Legacy Housing Corp.*		3,331		65,021
Leggett & Platt, Inc.		125,000		1,375,000
Lifetime Brands, Inc.		50,766		200,526
Live Ventures, Inc.*		8,729		130,673
Lovesac Co. (The)*+		32,000		472,000
MarineMax, Inc.*+		56,400		1,366,572
Marriott Vacations Worldwide Corp.+		79,500		4,586,355
Monro, Inc.+		69,500		1,392,780
Motorcar Parts of America, Inc.*		94,121		1,161,453
Movado Group, Inc.		45,000		927,900
Newell Brands, Inc.		963,438		3,583,989
OneWater Marine, Inc., Class A*+		14,900		161,218
Outdoor Holding Co.*		281,200		480,852
Patrick Industries, Inc.+		147		15,939
Penn Entertainment, Inc.*+		305,400		4,504,650
Perdoceo Education Corp.		2,500		73,325
Petco Health & Wellness Co., Inc.*+		808,000		2,270,480
PetMed Express, Inc.*		25,000		80,000
Phinia, Inc.		139,000		8,713,910
Portillo’s, Inc., Class A*+		173,200		786,328
Rocky Brands, Inc.		27,200		797,776
Sally Beauty Holdings, Inc.*		327,448		4,669,408
Shoe Carnival, Inc.		84,312		1,423,187
Signet Jewelers, Ltd.		106,500		8,826,720


Industry Company	Shares		Value

Consumer Discretionary (continued)
Sonic Automotive, Inc., Class A		70,000	$	4,330,200
Sportsman’s Warehouse Holdings, Inc.*		121,443		177,307
Standard Motor Products, Inc.		81,600		3,006,960
Stoneridge, Inc.*		43,900		254,181
Strattec Security Corp.*		16,012		1,219,154
Superior Group of Cos., Inc.		38,565		373,309
Target Hospitality Corp.*		80,000		640,800
Tilly’s, Inc., Class A*		1,600		3,184
Topgolf Callaway Brands Corp.*+		535,000		6,243,450
Traeger, Inc.*		272,300		294,084
Unifi, Inc.*		4,273		14,956
Universal Electronics, Inc.*		20,560		74,222
Upbound Group, Inc.		133,000		2,335,480
Vera Bradley, Inc.*		30,622		74,105
Victoria’s Secret & Co.*		232,448		12,591,708
Vince Holding Corp.*		41,263		168,353
Visteon Corp.+		43,500		4,136,850
Weyco Group, Inc.		40,000		1,223,600
Winnebago Industries, Inc.		56,000		2,269,120
Zumiez, Inc.*		51,028		1,329,279


				172,247,020

Consumer Staples - 4.51%
Andersons, Inc. (The)		103,973		5,528,244
B&G Foods, Inc.+		177,300		762,390
Central Garden & Pet Co.*+		28,000		900,200
Central Garden & Pet Co., Class A*		148,192		4,325,725
Coffee Holding Co., Inc.*		1,000		3,880
Dole PLC		327,500		4,909,225
Edgewell Personal Care Co.		101,500		1,730,575
Fresh Del Monte Produce, Inc.+		161,477		5,753,426
Grocery Outlet Holding Corp.*+		225,500		2,277,550
Hain Celestial Group, Inc. (The)*		126,500		135,355
HF Foods Group, Inc.*		38,826		83,476
Ingles Markets, Inc., Class A		48,400		3,317,820
Medifast, Inc.*+		15,366		164,109
Natural Alternatives International, Inc.*		18,100		64,798



24		Semi-Annual Report \| December 31, 2025 (Unaudited)

Omni Small-Cap Value Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Industry Company	Shares		Value

Common Stocks (continued)
Consumer Staples (continued)
Nu Skin Enterprises, Inc., Class A		132,000	$	1,269,840
Olaplex Holdings, Inc.*+		1,429,000		1,914,860
Seneca Foods Corp., Class A*		20,900		2,312,167
Spectrum Brands Holdings, Inc.		56,600		3,343,928
United Natural Foods, Inc.*		241,900		8,144,773
USANA Health Sciences, Inc.*		32,800		643,864
Village Super Market, Inc., Class A		65,750		2,327,221
Weis Markets, Inc.		27,924		1,789,649


				51,703,075

Energy - 14.00%
Amplify Energy Corp.*		100,000		457,000
Ardmore Shipping Corp.		119,400		1,264,446
Barnwell Industries, Inc.*		15,500		17,205
Borr Drilling, Ltd.+		560,000		2,256,800
Bristow Group, Inc.*		109,333		4,003,774
Clean Energy Fuels Corp.*		600,000		1,260,000
Crescent Energy Co., Class A		565,655		4,745,845
DHT Holdings, Inc.		454,500		5,549,445
Diversified Energy Co.		202,542		2,932,808
Dorian LPG, Ltd.		136,300		3,317,542
Drilling Tools International Corp.*		71,741		175,765
Epsilon Energy, Ltd.+		80,000		371,200
Expro Group Holdings NV*		313,934		4,191,019
Forum Energy Technologies, Inc.*		28,900		1,067,855
FutureFuel Corp.		106,900		341,011
Geospace Technologies Corp.*		62,016		1,048,691
Gran Tierra Energy, Inc.*+		75,000		318,000
Gulfport Energy Corp.*		1,000		207,990
Helix Energy Solutions Group, Inc.*		330,406		2,071,646
Helmerich & Payne, Inc.+		170,000		4,875,600
Innovex International, Inc.*+		174,800		3,822,876
International Seaways, Inc.+		160,459		7,790,284
Kolibri Global Energy, Inc.*		20,000		78,600


Industry Company	Shares		Value

Energy (continued)
Liberty Energy, Inc.		402,500	$	7,430,150
Mammoth Energy Services, Inc.*		121,500		224,775
Nabors Industries, Ltd.*+		32,000		1,737,600
NACCO Industries, Inc., Class A		23,892		1,171,664
National Energy Services Reunited Corp.*		267,100		4,182,786
Natural Gas Services Group, Inc.		94,752		3,188,405
Navigator Holdings, Ltd.+		195,100		3,379,132
NCS Multistage Holdings, Inc.*		10,000		394,900
Nordic American Tankers, Ltd.+		608,300		2,092,552
Northern Oil & Gas, Inc.+		225,000		4,830,750
Oil States International, Inc.*		245,700		1,663,389
Par Pacific Holdings, Inc.*+		125,100		4,396,014
Patterson-UTI Energy, Inc.		1,006,632		6,150,522
Peabody Energy Corp.		365,000		10,840,500
PrimeEnergy Resources Corp.*+		5,150		880,650
ProFrac Holding Corp., Class A*+		357,500		1,390,675
ProPetro Holding Corp.*		277,500		2,639,025
Ranger Energy Services, Inc., Class A		113,850		1,591,623
REX American Resources Corp.*		151,800		4,906,176
Ring Energy, Inc.*+		398,266		346,491
RPC, Inc.+		622,000		3,383,680
SandRidge Energy, Inc.		90,550		1,306,637
Scorpio Tankers, Inc.		30,000		1,524,900
Seadrill, Ltd.*		143,353		4,960,014
Select Water Solutions, Inc.		381,300		4,011,276
SFL Corp., Ltd.+		380,000		2,967,800
Smart Sand, Inc.		220,500		882,000
Summit Midstream Corp.*+		28,000		747,040
Talos Energy, Inc.*+		488,379		5,381,937
Teekay Corp., Ltd.		540,000		4,876,200
Teekay Tankers, Ltd., Class A		113,000		6,036,460
TETRA Technologies, Inc.*		400,000		3,748,000
US Energy Corp.*		27,000		24,937
VAALCO Energy, Inc.+		400,000		1,456,000



bridgewayfunds.com		25

Omni Small-Cap Value Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Industry Company	Shares		Value

Common Stocks (continued)
Energy (continued)
World Kinect Corp.+		159,600	$	3,739,428


				160,649,490

Financials - 35.04%
1st Source Corp.		69,800		4,361,802
Acacia Research Corp.*		145,000		542,300
ACNB Corp.		51,400		2,485,190
Alerus Financial Corp.		9,750		219,570
Amalgamated Financial Corp.		94,930		3,040,608
Amerant Bancorp, Inc.		100,000		1,951,000
American Coastal Insurance Corp.		25,000		315,750
AmeriServ Financial, Inc.		77,900		248,501
Ames National Corp.		6,008		137,944
Associated Capital Group, Inc., Class A		1,000		37,800
Atlanticus Holdings Corp.*		8,410		563,050
Auburn National BanCorp, Inc.		11,500		309,925
Banc of California, Inc.		287,500		5,545,875
Banco Latinoamericano de Comercio Exterior SA, Class E		108,400		4,834,640
Bank of Marin Bancorp		15,047		391,372
Bank of NT Butterfield & Son, Ltd. (The)		35,000		1,743,700
Bank of the James Financial Group, Inc.		13,000		241,540
BankUnited, Inc.		180,964		8,065,565
Bankwell Financial Group, Inc.		15,000		687,300
Banner Corp.		83,127		5,208,738
Bar Harbor Bankshares		50,966		1,582,494
BayCom Corp.		27,913		820,642
BCB Bancorp, Inc.		36,400		293,748
Beacon Financial Corp.		199,000		5,247,630
Blue Ridge Bankshares, Inc.		21,237		90,682
Bread Financial Holdings, Inc.		111,500		8,254,345
Bridgewater Bancshares, Inc.*		57,500		1,007,975
Burford Capital, Ltd.+		550,000		4,906,000
Burke & Herbert Financial Services Corp.		35,600		2,218,236
Business First Bancshares, Inc.		85,800		2,242,812
BV Financial, Inc.*		3,000		54,420
Byline Bancorp, Inc.		129,800		3,783,670


Industry Company	Shares		Value

Financials (continued)
C&F Financial Corp.		13,600	$	987,224
California BanCorp		47,700		890,559
Camden National Corp.		10,000		433,800
Capital Bancorp, Inc.		73,950		2,083,172
Capital City Bank Group, Inc.		37,172		1,582,412
Carter Bankshares, Inc.*		44,385		872,609
CB Financial Services, Inc.+		20,400		711,144
Central Pacific Financial Corp.		67,000		2,087,720
CF Bankshares, Inc.		19,000		474,050
Chemung Financial Corp.		19,500		1,088,100
ChoiceOne Financial Services, Inc.		28,500		841,320
Citizens & Northern Corp.		15,500		312,635
Citizens Community Bancorp, Inc.		52,500		935,550
Citizens Financial Services, Inc.		2,472		140,953
Citizens, Inc.*+		169,500		818,685
Civista Bancshares, Inc.		32,523		722,661
CNB Financial Corp.+		102,505		2,682,556
Colony Bankcorp, Inc.		56,010		998,098
Community Trust Bancorp, Inc.		47,400		2,678,100
Community West Bancshares		14,930		335,925
ConnectOne Bancorp, Inc.+		124,214		3,256,891
Consumer Portfolio Services, Inc.*		146,650		1,368,245
Customers Bancorp, Inc.*		20,000		1,462,400
Dime Community Bancshares, Inc.		112,112		3,373,450
Donegal Group, Inc., Class A		46,175		922,577
Eagle Bancorp Montana, Inc.		21,000		417,900
Eagle Bancorp, Inc.+		45,070		965,399
Employers Holdings, Inc.		47,500		2,050,575
Encore Capital Group, Inc.*+		67,500		3,668,625
Enova International, Inc.*		67,407		10,596,380
Enterprise Financial Services Corp.		110,400		5,961,600
Equity Bancshares, Inc., Class A		78,891		3,522,483
EZCORP, Inc., Class A*+		291,706		5,664,931



26		Semi-Annual Report \| December 31, 2025 (Unaudited)

Omni Small-Cap Value Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Industry Company	Shares		Value

Common Stocks (continued)
Financials (continued)
Farmers & Merchants Bancorp, Inc.		4,530	$	111,982
Farmers National Banc Corp.		46,986		625,854
Federal Agricultural Mortgage Corp., Class C		26,600		4,670,162
Fidelis Insurance Holdings, Ltd.		292,000		5,714,440
Fidelity D&D Bancorp, Inc.		2,000		87,060
Financial Institutions, Inc.		70,000		2,181,900
Finwise Bancorp*+		30,700		550,758
First Bancorp, Inc. (The)		11,000		290,840
First Bank		85,230		1,402,886
First Busey Corp.		257,491		6,125,711
First Business Financial Services, Inc.		35,400		1,922,220
First Capital, Inc.		15,035		890,072
First Community Corp.		2,000		59,300
First Financial Bancorp		258,318		6,463,116
First Financial Corp.		39,362		2,378,252
First Guaranty Bancshares, Inc.		22,972		123,360
First Internet Bancorp		16,100		336,007
First Merchants Corp.		155,600		5,831,888
First Mid Bancshares, Inc.		51,500		2,008,500
First National Corp.+		30,800		777,392
First Northwest Bancorp		11,787		110,562
First Savings Financial Group, Inc.		20,700		659,502
First United Corp.		29,176		1,092,349
First US Bancshares, Inc.		6,468		90,358
First Western Financial, Inc.*		12,500		335,125
Firstsun Capital Bancorp*+		56,797		2,137,555
Flushing Financial Corp.		73,497		1,114,949
Franklin Financial Services Corp.		30,700		1,541,140
FS Bancorp, Inc.		39,000		1,605,630
FVCBankcorp, Inc.		42,499		591,161
Glacier Bancorp, Inc.+		3,000		132,150
Great Elm Group, Inc.*		4,500		11,475
Great Southern Bancorp, Inc.		3,000		184,680
Green Dot Corp., Class A*		130,000		1,665,300
Greenlight Capital Re, Ltd., Class A*		48,500		707,130


Industry Company	Shares		Value

Financials (continued)
Hamilton Insurance Group, Ltd., Class B*		286,500	$	7,993,350
Hanmi Financial Corp.		68,558		1,853,123
Hanover Bancorp, Inc.		13,924		321,784
Hawthorn Bancshares, Inc.		28,404		990,732
Hennessy Advisors, Inc.		7,000		67,200
Heritage Commerce Corp.		132,464		1,590,893
Heritage Financial Corp.		122,500		2,897,125
Heritage Insurance Holdings, Inc.*		97,100		2,841,146
Hilltop Holdings, Inc.		163,700		5,555,978
Home Bancorp, Inc.		30,494		1,762,553
HomeTrust Bancshares, Inc.		42,500		1,824,950
Hope Bancorp, Inc.		313,300		3,433,768
Horace Mann Educators Corp.		142,000		6,557,560
Horizon Bancorp, Inc.		92,667		1,571,632
Independent Bank Corp.		23,677		1,730,315
Investar Holding Corp.		43,000		1,148,960
Investors Title Co.		494		123,322
James River Group Holdings, Inc.+		2,000		12,720
Kearny Financial Corp.		136,462		1,011,183
Landmark Bancorp, Inc.		19,521		511,255
LCNB Corp.		43,600		714,604
LendingTree, Inc.*		5,000		265,450
LINKBANCORP, Inc.		66,000		545,160
Live Oak Bancshares, Inc.		90,419		3,105,893
Magyar Bancorp, Inc.		1,000		17,515
MainStreet Bancshares, Inc.		20,380		414,937
Medallion Financial Corp.+		54,659		562,441
Mercantile Bank Corp.		47,300		2,275,130
Meridian Corp.		43,800		770,004
Metrocity Bankshares, Inc.		9,291		246,583
Metropolitan Bank Holding Corp.		23,300		1,779,188
Mid Penn Bancorp, Inc.+		51,603		1,600,725
Middlefield Banc Corp.		30,000		1,036,200
Midland States Bancorp, Inc.		43,200		914,544
MidWestOne Financial Group, Inc.		34,760		1,338,260
MVB Financial Corp.		32,600		842,058
National Bank Holdings Corp., Class A		30,000		1,140,300



bridgewayfunds.com		27

Omni Small-Cap Value Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Industry Company	Shares		Value

Common Stocks (continued)
Financials (continued)
Navient Corp.		355,000	$	4,615,000
NB Bancorp, Inc.		40,000		792,800
NBT Bancorp, Inc.		7,280		302,266
NI Holdings, Inc.*		50,000		665,000
Northeast Community Bancorp, Inc.		53,139		1,201,473
Northfield Bancorp, Inc.		101,800		1,163,574
Northwest Bancshares, Inc.		386,200		4,634,400
OceanFirst Financial Corp.		125,323		2,249,548
Octave Specialty Group, Inc.*		85,000		661,300
OFG Bancorp		40,000		1,639,200
Ohio Valley Banc Corp.		15,700		627,686
Old Second Bancorp, Inc.		132,603		2,585,759
Onity Group, Inc.*		42,501		1,946,121
OP Bancorp		91,900		1,297,628
Oportun Financial Corp.*		69,003		365,026
Oppenheimer Holdings, Inc., Class A		26,993		1,951,324
OptimumBank Holdings, Inc.*		15,000		63,750
Origin Bancorp, Inc.		63,222		2,377,779
Parke Bancorp, Inc.		47,099		1,179,359
Pathfinder Bancorp, Inc.		10,200		143,922
Pathward Financial, Inc.		884		62,764
Paysafe, Ltd.*+		122,178		988,420
PCB Bancorp		58,600		1,268,690
Peapack-Gladstone Financial Corp.		43,894		1,222,448
Peoples Bancorp of North Carolina, Inc.		25,617		927,335
Peoples Bancorp, Inc.		107,270		3,221,318
Peoples Financial Services Corp.		22,900		1,115,459
Plumas Bancorp		2,000		89,380
Primis Financial Corp.		31,600		439,556
Princeton Bancorp, Inc.		32,480		1,126,731
PROG Holdings, Inc.		85,000		2,506,650
Provident Financial Holdings, Inc.		26,600		423,206
Provident Financial Services, Inc.		342,631		6,766,962
QCR Holdings, Inc.		53,000		4,414,900
RBB Bancorp		65,883		1,359,825
Red River Bancshares, Inc.		1,907		136,217
Regional Management Corp.		56,100		2,173,875
Renasant Corp.		197,680		6,962,290


Industry Company	Shares		Value

Financials (continued)
Repay Holdings Corp.*		120,000	$	438,000
Republic Bancorp, Inc., Class A		49,362		3,405,484
Rhinebeck Bancorp, Inc.*		15,000		180,300
Richmond Mutual BanCorp, Inc.+		11,300		158,652
Riverview Bancorp, Inc.		119,500		599,890
S&T Bancorp, Inc.		111,501		4,387,564
SB Financial Group, Inc.		35,490		790,362
Security National Financial Corp., Class A*		79,071		712,430
Shore Bancshares, Inc.		95,510		1,688,617
Sierra Bancorp		53,000		1,732,040
Simmons First National Corp., Class A		307,800		5,802,030
SiriusPoint, Ltd.*		399,455		8,744,070
SmartFinancial, Inc.		56,500		2,089,935
South Plains Financial, Inc.		89,700		3,480,360
Southern First Bancshares, Inc.*		19,038		980,838
Southern Missouri Bancorp, Inc.		26,000		1,537,120
Southside Bancshares, Inc.		30,500		926,895
Stellar Bancorp, Inc.		104,200		3,223,948
Summit State Bank*		21,000		244,230
Third Coast Bancshares, Inc.*		58,000		2,204,580
Timberland Bancorp, Inc.		47,900		1,714,820
Tiptree, Inc.		90,000		1,644,300
TrustCo Bank Corp. NY+		46,680		1,929,284
Trustmark Corp.		145,500		5,667,225
UMB Financial Corp.		1,005		115,615
Union Bankshares, Inc.		139		3,298
United Bancorp, Inc.		8,400		120,540
United Fire Group, Inc.		77,000		2,798,950
United Security Bancshares		50,000		503,500
Unity Bancorp, Inc.		36,156		1,869,988
Universal Insurance Holdings, Inc.		91,617		3,096,655
Univest Financial Corp.		100,137		3,278,485
US Global Investors, Inc., Class A		20,000		48,200
Velocity Financial, Inc.*		1,998		41,478
WaFd, Inc.		192,252		6,157,832
Waterstone Financial, Inc.		44,500		736,475
WesBanco, Inc.		198,240		6,589,498



28		Semi-Annual Report \| December 31, 2025 (Unaudited)

Omni Small-Cap Value Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Industry Company	Shares		Value

Common Stocks (continued)
Financials (continued)
West BanCorp, Inc.		10,000	$	221,900
Western New England Bancorp, Inc.		74,897		945,200
Westwood Holdings Group, Inc.		26,452		455,239
World Acceptance Corp.*		20,100		2,821,839


				401,999,467

Health Care - 4.38%
AdaptHealth Corp.*		383,400		3,818,664
American Shared Hospital Services*		8,500		17,935
AMN Healthcare Services, Inc.*		81,000		1,276,560
Amphastar Pharmaceuticals, Inc.*		109,142		2,922,823
Ardent Health, Inc.*+		394,833		3,486,375
Avanos Medical, Inc.*		97,117		1,090,624
Aytu BioPharma, Inc.*		1,500		3,900
CareCloud, Inc.*		130,300		380,476
Castle Biosciences, Inc.*		79,000		3,073,100
Claritev Corp.*		2		86
DocGo, Inc.*		180,000		158,004
Enhabit, Inc.*		145,379		1,340,394
FONAR Corp.*		20,420		378,995
Kiora Pharmaceuticals, Inc.*		2,000		3,940
Monte Rosa Therapeutics, Inc.*+		190,000		2,979,200
OraSure Technologies, Inc.*		15,000		36,300
Pacira BioSciences, Inc.*+		129,300		3,346,284
Pediatrix Medical Group, Inc.*		265,000		5,668,350
Perrigo Co. PLC		303,475		4,224,372
Puma Biotechnology, Inc.*		68,000		404,600
QuidelOrtho Corp.*+		156,100		4,458,216
Retractable Technologies, Inc.*		9,430		7,281
Select Medical Holdings Corp.		316,505		4,700,099
Spero Therapeutics, Inc.*		50,000		116,500
Tactile Systems Technology, Inc.*		57,500		1,667,500
Teladoc Health, Inc.*+		508,500		3,559,500
Vanda Pharmaceuticals, Inc.*		100		882
Varex Imaging Corp.*		95,700		1,114,905


Industry Company	Shares		Value

Health Care (continued)
Voyager Therapeutics, Inc.*		600	$	2,358


				50,238,223

Industrials - 13.28%
ACCO Brands Corp.		211,300		788,149
Air Industries Group*		9		28
Alight, Inc., Class A		1,225,395		2,389,520
Allegiant Travel Co.*+		57,947		4,941,141
Alpha Pro Tech, Ltd.*		39,124		173,711
Ameresco, Inc., Class A*		146,472		4,290,165
American Woodmark Corp.*		56,309		3,035,055
Atkore, Inc.		91,400		5,781,050
Avalon Holdings Corp., Class A*		16,900		45,461
AZZ, Inc.		1,600		171,488
BGSF, Inc.+		45,100		208,813
BlueLinx Holdings, Inc.*		17,400		1,068,882
BrightView Holdings, Inc.*		393,700		4,988,179
Broadwind, Inc.*		5,000		14,150
Caesarstone, Ltd.*		8,177		15,209
CBAK Energy Technology, Inc.*		285,000		238,003
Civeo Corp.		42,255		966,372
Columbus McKinnon Corp.		75,000		1,293,750
CompX International, Inc.		1,000		23,270
Concentrix Corp.		136,643		5,681,616
Concrete Pumping Holdings, Inc.		245,000		1,643,950
Conduent, Inc.*		323,022		620,202
Costamare Bulkers Holdings, Ltd.*		59,800		921,518
Costamare, Inc.		418,300		6,604,957
Covenant Logistics Group, Inc.		120,800		2,662,432
Custom Truck One Source, Inc.*+		35,000		201,600
Deluxe Corp.		187,000		4,175,710
DLH Holdings Corp.*+		38,291		216,344
DNOW, Inc.*		575,697		7,627,985
Eastern Co. (The)		19,601		385,944
Ennis, Inc.		9,900		178,299
Enviri Corp.*+		6,000		107,520
Genco Shipping & Trading, Ltd.+		180,900		3,333,987
Gencor Industries, Inc.*		4,219		54,678
Great Lakes Dredge & Dock Corp.*		196,000		2,571,520



bridgewayfunds.com		29

Omni Small-Cap Value Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Industry Company	Shares		Value

Common Stocks (continued)
Industrials (continued)
Greenbrier Cos., Inc. (The)		90,000	$	4,206,600
Greenland Technologies Holding Corp.*		5,000		3,064
Heartland Express, Inc.		177,116		1,599,357
Himalaya Shipping, Ltd.+		400		3,640
Hudson Technologies, Inc.*		15,000		102,750
Hurco Cos., Inc.*		13,129		202,843
Hyster-Yale, Inc.		28,000		831,880
JetBlue Airways Corp.*+		835,900		3,803,345
Kelly Services, Inc., Class A		84,383		742,570
Kennametal, Inc.		243,500		6,917,835
L B Foster Co., Class A*		19,000		512,050
Luxfer Holdings PLC		75,100		1,016,103
Manitowoc Co., Inc. (The)*		101,900		1,221,781
ManpowerGroup, Inc.		79,000		2,348,670
Mastech Digital, Inc.*		1,000		6,980
Masterbrand, Inc.*+		291,352		3,216,526
Mayville Engineering Co., Inc.*+		97,810		1,831,003
MillerKnoll, Inc.		157,500		2,879,100
Mistras Group, Inc.*+		137,050		1,733,683
NL Industries, Inc.		66,962		366,282
NPK International, Inc.*		250,000		2,980,000
NWPX Infrastructure, Inc.*		40,000		2,499,600
PAMT CORP*		94,220		1,138,178
Pangaea Logistics Solutions, Ltd.		296,300		2,038,544
Park-Ohio Holdings Corp.		22,484		470,815
Perma-Pipe International Holdings, Inc.*		14,000		425,040
Preformed Line Products Co.		1,000		206,710
Proficient Auto Logistics, Inc.*		50,000		482,000
Proto Labs, Inc.*		1,000		50,590
Quanex Building Products Corp.		101,900		1,567,222
Safe Bulkers, Inc.		542,100		2,612,922
SkyWest, Inc.*		3,696		371,115
Sun Country Airlines Holdings, Inc.*		148,800		2,141,232
Titan International, Inc.*+		183,700		1,438,371
Titan Machinery, Inc.*		67,100		1,009,184
Trinity Industries, Inc.		217,500		5,750,700
TTEC Holdings, Inc.*+		12,000		43,200


Industry Company	Shares		Value

Industrials (continued)
Tutor Perini Corp.		149,500	$	10,019,490
Twin Disc, Inc.		5,000		83,400
Ultralife Corp.*		20,900		119,548
Universal Logistics Holdings, Inc.+		61,829		939,183
V2X, Inc.*		114,586		6,250,666
Vestis Corp.+		100,000		667,000
Virco Mfg. Corp.		35,400		226,206
Wabash National Corp.		87,700		758,605
Werner Enterprises, Inc.+		137,459		4,125,145
Willis Lease Finance Corp.+		21,593		2,928,875


				152,310,261

Information Technology - 3.57%
Alpha & Omega Semiconductor, Ltd.*		20,000		396,200
Amtech Systems, Inc.*		49,200		617,460
AstroNova, Inc.*		1,274		11,020
Benchmark Electronics, Inc.		118,590		5,070,909
Data Storage Corp.*		2,266		11,602
Eastman Kodak Co.*		298,000		2,521,080
Key Tronic Corp.*		35,100		97,929
Kimball Electronics, Inc.*		77,200		2,147,704
KVH Industries, Inc.*		50,000		348,500
Methode Electronics, Inc.		46,500		308,760
NETGEAR, Inc.*		132,900		3,260,037
NetScout Systems, Inc.*		198,000		5,357,880
NetSol Technologies, Inc.*		2,500		7,575
Photronics, Inc.*		166,050		5,313,600
Richardson Electronics, Ltd.		25,800		280,704
ScanSource, Inc.*		100,301		3,917,757
Synchronoss Technologies, Inc.*		2,000		17,120
Trio-Tech International*		21,800		288,632
Viasat, Inc.*		310,000		10,682,600
Vishay Precision Group, Inc.*		5,000		192,500
WidePoint Corp.*		11,000		59,070
Xerox Holdings Corp.+		33,000		78,210


				40,986,849

Materials - 5.39%
AdvanSix, Inc.		61,700		1,067,410
Alto Ingredients, Inc.*		77,000		221,760
Ampco-Pittsburgh Corp.*		25,000		133,250



30		Semi-Annual Report \| December 31, 2025 (Unaudited)

Omni Small-Cap Value Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Industry Company	Shares		Value

Common Stocks (continued)
Materials (continued)
Ascent Industries Co.*		16,100	$	260,659
Caledonia Mining Corp. PLC		41,900		1,096,523
Clearwater Paper Corp.*		37,000		643,800
Constellium SE*		272,500		5,136,625
Core Molding Technologies, Inc.*		37,900		759,895
Ecovyst, Inc.*		286,875		2,791,294
Ferroglobe PLC+		536,100		2,487,504
Friedman Industries, Inc.		20,300		415,947
Intrepid Potash, Inc.*		38,556		1,069,158
Kaiser Aluminum Corp.		51,434		5,907,709
Koppers Holdings, Inc.		50,953		1,379,807
Kronos Worldwide, Inc.		800		3,536
LSB Industries, Inc.*+		210,400		1,788,400
Magnera Corp.*		3,846		58,228
Mativ Holdings, Inc.		90,000		1,093,500
McEwen, Inc.*+		170,000		3,146,700
Mercer International, Inc.		134,213		265,742
O-I Glass, Inc.*		446,200		6,585,912
Olympic Steel, Inc.		47,267		2,022,319
Ramaco Resources, Inc., Class A*		1,400		25,200
Ramaco Resources, Inc., Class B+		52		611
Ranpak Holdings Corp.*+		290,700		1,572,687
Rayonier Advanced Materials, Inc.*		246,091		1,449,476
Ryerson Holding Corp.+		100,000		2,516,000
Stepan Co.		50,321		2,383,202
SunCoke Energy, Inc.		370,000		2,664,000
Sylvamo Corp.		85,898		4,135,989
Tronox Holdings PLC+		333,000		1,388,610
Valhi, Inc.		86,391		1,041,011
Warrior Met Coal, Inc.		13,992		1,233,675
Worthington Steel, Inc.		146,000		5,054,520


				61,800,659

Real Estate - 0.56%
AMREP Corp.*		52,000		977,600
Anywhere Real Estate, Inc.*		335,000		4,743,600
RE/MAX Holdings, Inc., Class A*		75,000		569,250


Industry Company				Shares		Value

Real Estate (continued)
Transcontinental Realty Investors, Inc.*					1,400	$	82,068


							6,372,518


TOTAL COMMON STOCKS - 99.73%							1,144,076,889

(Cost $884,668,759)

PREFERRED STOCK - 0.00%
Air T Funding, 8.00%					221		4,342


TOTAL PREFERRED STOCK - 0.00%							4,342

(Cost $4,597)

RIGHTS - 0.00%
Resolute Forest Products, Inc., CVR, expiring 12/31/49*Δ#					335,500		50,325


TOTAL RIGHTS - 0.00%							50,325

(Cost $ — )

	Rate^			Shares		Value

MONEY MARKET FUND - 0.20%
Fidelity Investments Money Market Government Portfolio Class I		3.67	%		2,264,684		2,264,684


TOTAL MONEY MARKET FUND - 0.20%							2,264,684

(Cost $2,264,684)

INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 0.38%
Dreyfus Institutional Preferred Government Money Market Fund**		3.71	%		4,341,456		4,341,456


TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 0.38%							4,341,456

(Cost $4,341,456)

TOTAL INVESTMENTS - 100.31%						$	1,150,737,696
(Cost $891,279,496)
Liabilities in Excess of Other Assets - (0.31%)							(3,605,084	)


NET ASSETS - 100.00%						$	1,147,132,612



bridgewayfunds.com		31

Omni Small-Cap Value Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Summary of inputs used to value the Fund’s investments as of 12/31/2025:


	Valuation Inputs
	Investment in Securities (Value)
	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks
Consumer Discretionary		$171,865,348		$381,672		$–		$172,247,020
Financials		401,961,667		37,800		–		401,999,467
Other Industries (a)		569,830,402		–		–		569,830,402

Total Common Stocks		1,143,657,417		419,472		–		1,144,076,889
Preferred Stock		4,342		–		–		4,342
Rights		–		–		50,325		50,325
Money Market Fund		2,264,684		–		–		2,264,684
Investments Purchased With Cash Proceeds From Securities Lending		4,341,456		–		–		4,341,456

TOTAL		$1,150,267,899		$419,472		$50,325		$1,150,737,696

(a) - Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.

Following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:


Investment in Securities (Value)
	Rights

Balance as of 06/30/2025	$	97,595
Purchases/Issuances		–
Sales/Expirations		(600	)
Return of Capital		–
Realized Gain/(Loss)		600
Change in unrealized Appreciation/(Depreciation)		(47,270	)
Transfers in		–
Transfers out		–

Balance as of 12/31/2025	$	50,325

Net change in unrealized Appreciation/(Depreciation) from investments held as of 12/31/2025	$	(47,270	)

See Notes to Financial Statements.



bridgewayfunds.com		33

Global Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Total Return Swaps - Long (1.51%)

Reference Entity	Pay	Payment Frequency	Counterparty	Maturity Date	Number of Contracts Long		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)*

Communication Services
Cellcom Israel, Ltd.	SHIR	Monthly	JPMorgan Chase	01/20/2027	6,951	$	83,958	$	81,865	$	(2,853)
EverQuote, Inc., Class A	OBFR01	Monthly	JPMorgan Chase	01/06/2027	3,201		88,508		86,427		(2,294)
Konami Group Corp.	MUTKCALM	Monthly	JPMorgan Chase	01/07/2027	100		14,555		13,581		(967)
Magyar Telekom
Telecommunications PLC	BUBOR01M	Monthly	JPMorgan Chase	01/07/2027	25,068		134,239		137,258		1,449
Millicom International Cellular SA	OBFR01	Monthly	JPMorgan Chase	10/06/2026	3,100		155,403		171,864		16,086
Mobvista, Inc.	HIHD01M	Monthly	JPMorgan Chase	04/15/2026	83,000		154,665		162,821		7,889
NHN Corp.	OBFR01	Monthly	JPMorgan Chase	10/08/2026	7,524		152,997		151,720		(1,670)
NOS SGPS SA	ESTRON	Monthly	JPMorgan Chase	05/26/2026	24,629		106,951		116,099		7,987
Proximus SADP	ESTRON	Monthly	JPMorgan Chase	09/09/2026	17,134		139,432		142,293		1,377
SmarTone Telecommunications Holdings, Ltd.	HIHD01M	Monthly	JPMorgan Chase	05/27/2026	25,500		15,500		15,399		(131)
Storytel AB	STIB1M	Monthly	JPMorgan Chase	07/14/2026	10,796		87,441		97,567		8,976
TIM SA	OBFR01	Monthly	JPMorgan Chase	05/27/2026	28,100		122,156		109,055		(11,423)
XD, Inc.	HIHD01M	Monthly	JPMorgan Chase	05/27/2026	19,000		154,191		158,462		3,966

							1,409,996		1,444,411		28,392

Consumer Discretionary
AcadeMedia AB	STIB1M	Monthly	JPMorgan Chase	12/30/2026	11,879		125,295		127,312		567
Brilliance China
Automotive Holdings, Ltd.	HIHD01M	Monthly	JPMorgan Chase	12/02/2026	348,000		186,933		181,169		(6,095)
C&A MODAS SA	OBFR01	Monthly	JPMorgan Chase	10/07/2026	48,000		118,648		111,103		(3,993)
Chow Sang Sang Holdings International, Ltd.	HIHD01M	Monthly	JPMorgan Chase	01/20/2027	59,000		90,841		92,720		1,809
Clas Ohlson AB, Class B	STIB1M	Monthly	JPMorgan Chase	01/21/2026	4,549		145,911		149,564		1,735
Cogna Educacao SA	OBFR01	Monthly	JPMorgan Chase	07/14/2026	252,010		155,930		145,250		(10,716)
Currys PLC	SONIO/N	Monthly	JPMorgan Chase	02/18/2026	80,142		140,594		135,748		(6,073)
Cyrela Brazil Realty SA
Empreendimentos e Participacoes	OBFR01	Monthly	JPMorgan Chase	01/20/2027	10,100		55,856		54,436		(1,502)
D’ieteren Group	ESTRON	Monthly	JPMorgan Chase	12/30/2026	917		157,498		165,171		6,766
Eagers Automotive, Ltd.	BBSW1M	Monthly	JPMorgan Chase	05/26/2026	10,416		173,240		170,882		(3,860)
Groupe Dynamite, Inc.	CAONREPO	Monthly	JPMorgan Chase	10/06/2026	2,800		172,053		168,647		(5,273)



bridgewayfunds.com		35

Global Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Total Return Swaps - Long (1.51%) (continued)

Reference Entity	Pay	Payment Frequency	Counterparty	Maturity Date	Number of Contracts Long		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)*

Consumer Discretionary – (continued)
Kaufman & Broad SA	ESTRON	Monthly	JPMorgan Chase	01/07/2027	4,887	$	165,278	$	171,379	$	4,307
Kia Corp.	OBFR01	Monthly	JPMorgan Chase	12/30/2026	1,111		93,238		94,183		706
Kohl’s Corp.	OBFR01	Monthly	JPMorgan Chase	10/06/2026	7,255		171,436		148,075		(23,775)
Magazine Luiza SA	OBFR01	Monthly	JPMorgan Chase	05/27/2026	99,330		172,909		161,321		(12,022)
Mazda Motor Corp.	MUTKCALM	Monthly	JPMorgan Chase	11/04/2026	22,700		167,049		175,294		8,326
Moonpig Group PLC	SONIO/N	Monthly	JPMorgan Chase	01/07/2027	45,690		123,549		125,023		(316)
Petronas Dagangan Bhd	OBFR01	Monthly	JPMorgan Chase	08/05/2026	18,600		86,770		91,436		4,428
Pop Mart International Group, Ltd.	HIHD01M	Monthly	JPMorgan Chase	01/07/2027	5,200		127,234		125,459		(2,027)
RealReal, Inc. (The)	OBFR01	Monthly	JPMorgan Chase	04/14/2026	7,927		116,131		125,088		8,677
Rush Street Interactive, Inc.	OBFR01	Monthly	JPMorgan Chase	01/06/2027	6,457		123,845		125,460		1,315
TCL Electronics Holdings, Ltd.	HIHD01M	Monthly	JPMorgan Chase	01/21/2026	118,000		165,894		157,633		(8,590)
Token Corp.	MUTKCALM	Monthly	JPMorgan Chase	10/07/2026	1,200		107,519		112,364		4,897
Valeo SE	ESTRON	Monthly	JPMorgan Chase	12/30/2026	8,971		119,182		121,745		1,770
Vulcabras SA	OBFR01	Monthly	JPMorgan Chase	11/04/2026	44,200		162,305		161,245		(1,467)
Wayfair, Inc., Class A	OBFR01	Monthly	JPMorgan Chase	12/01/2026	895		83,512		89,867		6,153
Wowprime Corp.	OBFR01	Monthly	JPMorgan Chase	01/21/2026	21,000		142,094		145,059		2,596
Youngone Holdings Co., Ltd.	OBFR01	Monthly	JPMorgan Chase	01/20/2027	1,168		159,151		155,268		(4,123)

							3,809,895		3,787,901		(35,780)

Consumer Staples
APR Corp.	OBFR01	Monthly	JPMorgan Chase	09/09/2026	910		155,958		145,911		(10,447)
Axial Retailing, Inc.	MUTKCALM	Monthly	JPMorgan Chase	11/04/2026	22,400		158,614		164,883		6,345
BGF retail Co., Ltd.	OBFR01	Monthly	JPMorgan Chase	12/30/2026	2,194		164,926		159,388		(5,866)
Bumitama Agri, Ltd.	SIBCSORA	Monthly	JPMorgan Chase	01/20/2027	129,800		135,086		136,323		682
Carrefour SA	ESTRON	Monthly	JPMorgan Chase	12/30/2026	4,363		69,055		72,799		2,995
China Foods, Ltd.	HIHD01M	Monthly	JPMorgan Chase	03/09/2026	300,000		170,016		167,138		(3,215)
Chocoladefabriken Lindt & Spruengli AG	SSARON	Monthly	JPMorgan Chase	12/30/2026	11		159,716		160,731		(653)
DFI Retail Group Holdings, Ltd.	OBFR01	Monthly	JPMorgan Chase	01/20/2027	12,500		50,515		49,337		(1,244)
Distribuidora Internacional de Alimentacion SA	ESTRON	Monthly	JPMorgan Chase	04/15/2026	4,420		180,874		190,170		7,333



36		Semi-Annual Report \| December 31, 2025 (Unaudited)

Global Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Total Return Swaps - Long (1.51%) (continued)

Reference Entity	Pay	Payment Frequency	Counterparty	Maturity Date	Number of Contracts Long		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)*

Consumer Staples – (continued)
GS Retail Co., Ltd.	OBFR01	Monthly	JPMorgan Chase	01/20/2027	4,458	$	66,452	$	62,190	$	(4,362)
Harim Holdings Co., Ltd.	OBFR01	Monthly	JPMorgan Chase	10/08/2026	23,243		140,210		171,345		32,403
HelloFresh SE	ESTRON	Monthly	JPMorgan Chase	01/21/2026	15,055		97,170		107,999		9,774
Herbalife, Ltd.	OBFR01	Monthly	JPMorgan Chase	01/20/2027	4,607		65,577		59,384		(6,286)
Life Corp.	MUTKCALM	Monthly	JPMorgan Chase	03/09/2026	8,000		127,100		130,541		3,503
MBRF Global Foods Co. SA	OBFR01	Monthly	JPMorgan Chase	01/07/2027	42,300		151,845		153,888		1,661
Minerva SA	OBFR01	Monthly	JPMorgan Chase	05/27/2026	115,300		129,105		120,926		(8,503)
Thai Vegetable Oil PCL	OBFR01	Monthly	JPMorgan Chase	09/09/2026	69,400		46,116		49,341		3,102
Triputra Agro Persada PT	OBFR01	Monthly	JPMorgan Chase	11/03/2026	1,864,400		166,385		167,712		915
United Natural Foods, Inc.	OBFR01	Monthly	JPMorgan Chase	02/18/2026	3,181		99,947		107,104		6,916
Valor Holdings Co., Ltd.	MUTKCALM	Monthly	JPMorgan Chase	01/20/2027	3,800		83,657		81,759		(1,344)

							2,418,324		2,458,869		33,709

Energy
Adaro Andalan Indonesia PT	OBFR01	Monthly	JPMorgan Chase	01/20/2027	317,800		135,028		132,747		(2,500)
Aker Solutions ASA	NIBOR1M	Monthly	JPMorgan Chase	04/15/2026	48,610		148,212		148,612		(1,084)
Cardinal Energy, Ltd.	CAONREPO	Monthly	JPMorgan Chase	09/09/2026	24,749		160,080		156,693		(4,202)
Delek Group, Ltd.	SHIR	Monthly	JPMorgan Chase	05/27/2026	418		108,895		111,560		575
Enerflex, Ltd.	CAONREPO	Monthly	JPMorgan Chase	10/06/2026	9,688		151,064		149,356		(3,347)
Friedrich Vorwerk Group SE	ESTRON	Monthly	JPMorgan Chase	09/09/2026	1,344		134,094		127,330		(8,219)
Harbour Energy PLC	SONIO/N	Monthly	JPMorgan Chase	12/02/2026	57,876		156,038		152,271		(6,029)
HD Hyundai Co., Ltd.	OBFR01	Monthly	JPMorgan Chase	09/09/2026	1,139		160,346		149,085		(11,673)
Indo Tambangraya Megah Tbk PT	OBFR01	Monthly	JPMorgan Chase	05/29/2026	82,300		108,023		107,866		(454)
Modec, Inc.	MUTKCALM	Monthly	JPMorgan Chase	01/07/2027	2,100		169,007		159,421		(8,356)
ORLEN SA	WIBO1M	Monthly	JPMorgan Chase	10/07/2026	3,193		81,706		85,243		2,409
Parex Resources, Inc.	CAONREPO	Monthly	JPMorgan Chase	03/06/2026	13,323		172,735		179,090		4,480
Technip Energies NV	ESTRON	Monthly	JPMorgan Chase	04/15/2026	1,325		49,300		50,458		623
Tecnicas Reunidas SA	ESTRON	Monthly	JPMorgan Chase	01/20/2027	1,502		48,119		48,570		308
TGS ASA	NIBOR1M	Monthly	JPMorgan Chase	12/30/2026	19,911		172,701		180,496		6,083

							1,955,348		1,938,798		(31,386)



bridgewayfunds.com		37

Global Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Total Return Swaps - Long (1.51%) (continued)

Reference Entity	Pay	Payment Frequency	Counterparty	Maturity Date	Number of Contracts Long		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)*

Financials
Aberdeen Group PLC	SONIO/N	Monthly	JPMorgan Chase	09/09/2026	26,603	$	69,385	$	73,397	$	3,006
Absa Group, Ltd.	JIBA1M	Monthly	JPMorgan Chase	01/21/2027	4,646		66,036		67,148		258
Adamas Trust, Inc.	OBFR01	Monthly	JPMorgan Chase	12/29/2026	6,300		45,360		45,990		1,969
Admiral Group PLC	SONIO/N	Monthly	JPMorgan Chase	10/07/2026	3,441		140,624		147,199		4,536
AIB Group PLC	ESTRON	Monthly	JPMorgan Chase	01/20/2027	7,313		78,697		78,179		(742)
Anadolu Hayat Emeklilik AS	OBFR01	Monthly	JPMorgan Chase	09/09/2026	72,192		171,133		165,250		(6,365)
Annaly Capital Management, Inc.	OBFR01	Monthly	JPMorgan Chase	01/06/2027	5,846		130,892		130,717		3,601
Apollo Commercial Real Estate Finance, Inc.	OBFR01	Monthly	JPMorgan Chase	07/13/2026	8,849		89,463		85,658		(1,809)
Azimut Holding S.p.A	ESTRON	Monthly	JPMorgan Chase	12/02/2026	3,159		131,331		131,597		(1,163)
Banca IFIS S.p.A	ESTRON	Monthly	JPMorgan Chase	01/20/2027	3,384		100,879		100,498		(681)
Banca Mediolanum S.p.A	ESTRON	Monthly	JPMorgan Chase	09/09/2026	7,766		168,618		176,339		5,885
Banca Monte dei Paschi di Siena S.p.A	ESTRON	Monthly	JPMorgan Chase	06/17/2026	14,013		130,283		149,199		17,498
Banco BPM S.p.A	ESTRON	Monthly	JPMorgan Chase	12/02/2026	10,220		146,882		155,190		6,709
Banco de Chile	OBFR01	Monthly	JPMorgan Chase	06/17/2026	1,020,007		193,043		197,017		3,485
Banco do Estado do Rio Grande do Sul SA	OBFR01	Monthly	JPMorgan Chase	09/10/2026	44,700		121,122		124,159		5,753
Bank Leumi Le-Israel BM	SHIR	Monthly	JPMorgan Chase	05/27/2026	6,241		142,384		137,537		(7,580)
Bank of Ireland Group PLC	ESTRON	Monthly	JPMorgan Chase	01/20/2027	3,584		68,945		68,545		(595)
Bank Polska Kasa Opieki SA	WIBO1M	Monthly	JPMorgan Chase	06/17/2026	2,545		142,632		144,357		(245)
BPER Banca S.p.A	ESTRON	Monthly	JPMorgan Chase	06/17/2026	12,961		161,304		175,135		12,076
Canara Bank	OBFR01	Monthly	JPMorgan Chase	09/08/2026	98,617		159,563		170,079		10,067
China Life Insurance Co., Ltd., Class H	HIHD01M	Monthly	JPMorgan Chase	11/03/2026	48,000		167,410		169,677		1,935
Coronation Fund Managers, Ltd.	JIBA1M	Monthly	JPMorgan Chase	12/31/2026	59,475		161,108		167,680		1,672
Dah Sing Banking Group, Ltd.	HIHD01M	Monthly	JPMorgan Chase	10/07/2026	101,600		140,357		139,425		(1,209)
Ellington Financial, Inc.	OBFR01	Monthly	JPMorgan Chase	01/20/2027	11,318		156,641		153,698		(1,808)
Fiera Capital Corp.	CAONREPO	Monthly	JPMorgan Chase	09/09/2026	32,226		139,349		145,569		4,708
Grupo Cibest SA	OBFR01	Monthly	JPMorgan Chase	06/23/2026	11,128		179,494		176,014		(3,991)
Grupo de Inversiones Suramericana SA	OBFR01	Monthly	JPMorgan Chase	12/02/2026	2,567		38,065		36,654		(1,520)



38		Semi-Annual Report \| December 31, 2025 (Unaudited)

Global Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Total Return Swaps - Long (1.51%) (continued)

Reference Entity	Pay	Payment Frequency	Counterparty	Maturity Date	Number of Contracts Long		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)*

Financials – (continued)
Helia Group, Ltd.	BBSW1M	Monthly	JPMorgan Chase	07/14/2026	39,908	$	152,818	$	146,281	$	(7,754)
Industrivarden AB, Class A	STIB1M	Monthly	JPMorgan Chase	12/02/2026	2,482		106,095		111,190		3,700
Industrivarden AB, Class C	STIB1M	Monthly	JPMorgan Chase	12/02/2026	2,486		106,399		111,281		3,483
Is Yatirim Menkul Degerler AS	OBFR01	Monthly	JPMorgan Chase	06/02/2026	108,215		103,477		99,757		(3,952)
JSE, Ltd.	JIBA1M	Monthly	JPMorgan Chase	10/08/2026	18,206		142,252		157,686		11,055
Korea Investment Holdings Co., Ltd.	OBFR01	Monthly	JPMorgan Chase	10/08/2026	1,225		133,797		137,929		3,789
Mandatum Oyj	ESTRON	Monthly	JPMorgan Chase	04/15/2026	22,081		169,767		177,829		6,219
Moneta Money Bank AS	PRIB01M	Monthly	JPMorgan Chase	02/18/2026	17,026		154,320		160,006		3,237
New China Life Insurance Co., Ltd., Class A	OBFR01	Monthly	JPMorgan Chase	12/30/2026	16,900		166,046		168,619		2,230
New China Life Insurance Co., Ltd., Class H	HIHD01M	Monthly	JPMorgan Chase	06/17/2026	22,300		143,717		156,251		12,250
Ninety One PLC	SONIO/N	Monthly	JPMorgan Chase	09/09/2026	49,585		136,987		144,470		5,497
Ninety One, Ltd.	JIBA1M	Monthly	JPMorgan Chase	07/15/2026	60,948		166,210		175,962		4,636
Piraeus Financial Holdings SA	ESTRON	Monthly	JPMorgan Chase	01/21/2027	9,914		84,028		79,156		(4,730)
Plus500, Ltd.	SONIO/N	Monthly	JPMorgan Chase	01/07/2027	1,221		55,364		59,638		3,472
Polar Capital Holdings PLC	SONIO/N	Monthly	JPMorgan Chase	09/09/2026	22,827		163,892		163,233		1,258
Rithm Capital Corp.	OBFR01	Monthly	JPMorgan Chase	01/06/2027	5,908		66,229		64,397		(514)
Svenska Handelsbanken AB, Class A	STIB1M	Monthly	JPMorgan Chase	01/08/2027	11,215		158,554		162,478		1,839
Swedbank AB, Class A	STIB1M	Monthly	JPMorgan Chase	05/26/2026	5,333		175,981		185,029		6,733
Unicaja Banco SA	ESTRON	Monthly	JPMorgan Chase	09/09/2026	35,148		108,845		114,372		4,345
XTB SA	WIBO1M	Monthly	JPMorgan Chase	12/30/2026	3,028		60,405		60,444		(795)

							5,996,183		6,147,915		111,448

Health Care
3SBio, Inc.	HIHD01M	Monthly	JPMorgan Chase	07/14/2026	50,000		175,034		155,252		(20,084)
Aveanna Healthcare Holdings, Inc.	OBFR01	Monthly	JPMorgan Chase	10/06/2026	18,835		170,524		153,882		(16,995)
Cardinal Health, Inc.	OBFR01	Monthly	JPMorgan Chase	06/16/2026	773		153,216		158,851		5,265
Consun Pharmaceutical Group, Ltd.	HIHD01M	Monthly	JPMorgan Chase	01/07/2027	90,000		173,024		181,153		7,787
Draegerwerk AG & Co. KGaA	ESTRON	Monthly	JPMorgan Chase	03/09/2026	1,836		143,638		148,930		3,733
Extendicare, Inc.	CAONREPO	Monthly	JPMorgan Chase	01/06/2027	12,732		209,466		198,046		(13,360)



bridgewayfunds.com		39

Global Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Total Return Swaps - Long (1.51%) (continued)

Reference Entity	Pay	Payment Frequency	Counterparty	Maturity Date	Number of Contracts Long		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)*

Health Care – (continued)
Gubra A/S	CIBO01M	Monthly	JPMorgan Chase	10/07/2026	2,389	$	189,155	$	192,156	$	940
Indivior PLC	OBFR01	Monthly	JPMorgan Chase	09/09/2026	5,109		181,114		183,311		1,759
McKesson Corp.	OBFR01	Monthly	JPMorgan Chase	06/16/2026	206		167,499		168,980		1,246
Medpace Holdings, Inc.	OBFR01	Monthly	JPMorgan Chase	10/06/2026	198		111,028		111,207		(90)
Nutex Health, Inc.	OBFR01	Monthly	JPMorgan Chase	07/13/2026	1,000		176,470		164,620		(12,276)
PTC Therapeutics, Inc.	OBFR01	Monthly	JPMorgan Chase	06/16/2026	2,445		181,174		185,722		4,110
Regis Healthcare, Ltd.	BBSW1M	Monthly	JPMorgan Chase	01/21/2026	31,240		157,981		144,766		(14,474)
Sumitomo Pharma Co., Ltd.	MUTKCALM	Monthly	JPMorgan Chase	06/17/2026	9,800		154,320		144,731		(9,514)
YSB, Inc.	HIHD01M	Monthly	JPMorgan Chase	01/20/2027	144,800		104,276		99,916		(4,460)

							2,447,919		2,391,523		(66,413)

Industrials
Al Babtain Power & Telecommunication Co.	OBFR01	Monthly	JPMorgan Chase	08/05/2026	9,546		174,879		163,829		(11,574)
AP Moller - Maersk A/S, Class B	CIBO01M	Monthly	JPMorgan Chase	09/09/2026	69		151,691		158,324		4,980
Burkhalter Holding AG	SSARON	Monthly	JPMorgan Chase	10/07/2026	786		133,179		138,721		3,743
China Yuchai International, Ltd.	OBFR01	Monthly	JPMorgan Chase	01/20/2027	3,500		126,717		124,250		(2,633)
CJ Corp.	OBFR01	Monthly	JPMorgan Chase	12/02/2026	1,258		150,430		150,334		(382)
COSCO SHIPPING Holdings Co., Ltd., Class H	HIHD01M	Monthly	JPMorgan Chase	08/05/2026	93,500		163,051		165,077		1,704
Danieli & C Officine Meccaniche S.p.A	ESTRON	Monthly	JPMorgan Chase	12/30/2026	3,890		156,694		167,285		8,885
EcoRodovias Infraestrutura e Logistica SA	OBFR01	Monthly	JPMorgan Chase	01/20/2027	63,600		115,965		122,640		6,504
El Al Israel Airlines	SHIR	Monthly	JPMorgan Chase	02/18/2026	29,880		133,274		153,422		17,488
Elecnor SA	ESTRON	Monthly	JPMorgan Chase	01/20/2027	3,941		111,422		112,939		1,187
Evergreen Marine Corp. Taiwan, Ltd.	OBFR01	Monthly	JPMorgan Chase	01/07/2027	24,000		137,765		144,779		6,656
Finning International, Inc.	CAONREPO	Monthly	JPMorgan Chase	07/13/2026	1,888		103,433		102,299		(2,256)
Firstgroup PLC	SONIO/N	Monthly	JPMorgan Chase	09/09/2026	65,638		160,702		168,637		5,605
Fujikura, Ltd.	MUTKCALM	Monthly	JPMorgan Chase	01/07/2027	1,200		141,569		133,075		(8,426)
Hanwha Corp.	OBFR01	Monthly	JPMorgan Chase	05/27/2026	3,040		171,600		172,126		86



40		Semi-Annual Report \| December 31, 2025 (Unaudited)

Global Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Total Return Swaps - Long (1.51%) (continued)

Reference Entity	Pay	Payment Frequency	Counterparty	Maturity Date	Number of Contracts Long		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)*

Industrials – (continued)
HD Korea Shipbuilding & Offshore Engineering Co., Ltd.	OBFR01	Monthly	JPMorgan Chase	06/17/2026	494	$	148,496	$	139,393	$	(9,484)
HD-Hyundai Marine Engine	OBFR01	Monthly	JPMorgan Chase	10/08/2026	1,557		91,806		96,642		4,600
HOCHTIEF AG	ESTRON	Monthly	JPMorgan Chase	01/20/2027	221		84,990		86,517		1,277
Hoegh Autoliners ASA	NIBOR1M	Monthly	JPMorgan Chase	10/07/2026	13,623		126,716		131,850		3,865
Hong Leong Asia, Ltd.	SIBCSORA	Monthly	JPMorgan Chase	01/20/2027	96,900		167,835		180,521		12,000
Hong Leong Industries Bhd	OBFR01	Monthly	JPMorgan Chase	01/20/2027	25,000		98,572		103,330		4,636
Hyundai GF Holdings	OBFR01	Monthly	JPMorgan Chase	10/08/2026	26,398		144,701		152,699		7,626
JAC Recruitment Co., Ltd.	MUTKCALM	Monthly	JPMorgan Chase	05/26/2026	20,500		138,872		139,307		4,748
Kier Group PLC	SONIO/N	Monthly	JPMorgan Chase	11/03/2026	21,032		60,654		62,682		1,149
Koninklijke BAM Groep NV	ESTRON	Monthly	JPMorgan Chase	01/07/2027	9,808		101,396		106,962		4,465
Koninklijke Heijmans N.V	ESTRON	Monthly	JPMorgan Chase	01/07/2027	2,439		178,462		193,531		13,133
L&K Engineering Co., Ltd.	OBFR01	Monthly	JPMorgan Chase	01/07/2027	9,000		146,616		157,702		10,705
Latam Airlines Group SA	OBFR01	Monthly	JPMorgan Chase	05/27/2026	6,724,259		173,832		182,039		7,766
Lonking Holdings, Ltd.	HIHD01M	Monthly	JPMorgan Chase	01/07/2027	343,000		133,557		130,736		(3,086)
LT Group, Inc.	OBFR01	Monthly	JPMorgan Chase	01/04/2027	561,500		137,912		141,061		2,879
NCC AB, Class B	STIB1M	Monthly	JPMorgan Chase	04/15/2026	7,206		166,158		171,594		3,252
NRW Holdings, Ltd.	BBSW1M	Monthly	JPMorgan Chase	01/20/2027	17,857		58,737		61,161		1,826
Odfjell SE, Class A	NIBOR1M	Monthly	JPMorgan Chase	12/02/2026	9,120		114,605		114,546		(1,206)
Orient Overseas International, Ltd.	HIHD01M	Monthly	JPMorgan Chase	07/14/2026	10,500		168,806		169,303		203
Prosegur Cia de Seguridad SA	ESTRON	Monthly	JPMorgan Chase	09/09/2026	38,055		109,651		116,019		5,177
Regional Container Lines PCL	OBFR01	Monthly	JPMorgan Chase	07/01/2026	156,500		130,608		135,363		4,408
Rolls-Royce Holdings PLC	SONIO/N	Monthly	JPMorgan Chase	01/07/2027	9,848		145,085		152,306		5,118
Samsung E&A Co., Ltd.	OBFR01	Monthly	JPMorgan Chase	06/17/2026	7,869		132,185		131,088		1,572
Sanki Engineering Co., Ltd.	MUTKCALM	Monthly	JPMorgan Chase	01/21/2026	3,200		111,455		117,209		5,807
Sinopec Engineering Group Co., Ltd., Class H	HIHD01M	Monthly	JPMorgan Chase	12/30/2026	172,000		163,060		169,288		5,960
SITC International Holdings Co., Ltd.	HIHD01M	Monthly	JPMorgan Chase	12/02/2026	45,000		157,351		161,028		3,432



bridgewayfunds.com		41

Global Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Total Return Swaps - Long (1.51%) (continued)

Reference Entity	Pay	Payment Frequency	Counterparty	Maturity Date	Number of Contracts Long		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)*

Industrials – (continued)
Sunway Construction Group Bhd	OBFR01	Monthly	JPMorgan Chase	04/15/2026	114,200	$	164,648	$	159,119	$	448
Toa Corp.	MUTKCALM	Monthly	JPMorgan Chase	01/07/2027	1,400		24,658		25,337		690
Tokyu Construction Co., Ltd.	MUTKCALM	Monthly	JPMorgan Chase	08/05/2026	18,800		156,912		157,142		306
United Integrated Services Co., Ltd.	OBFR01	Monthly	JPMorgan Chase	02/25/2026	6,000		168,743		181,760		12,578
Wallenius Wilhelmsen ASA	NIBOR1M	Monthly	JPMorgan Chase	09/09/2026	15,885		164,260		158,162		(7,744)
ZIM Integrated Shipping Services, Ltd.	OBFR01	Monthly	JPMorgan Chase	01/06/2027	8,400		166,656		178,332		11,274

							6,370,366		6,541,466		150,947

Information Technology
ADATA Technology Co., Ltd.	OBFR01	Monthly	JPMorgan Chase	09/09/2026	25,000		144,708		222,617		77,533
Advantest Corp.	MUTKCALM	Monthly	JPMorgan Chase	01/20/2027	300		35,949		37,934		2,224
AppLovin Corp., Class A	OBFR01	Monthly	JPMorgan Chase	01/06/2027	228		160,348		153,631		(7,104)
Asia Vital Components Co., Ltd.	OBFR01	Monthly	JPMorgan Chase	01/20/2027	1,000		42,163		47,995		5,767
Asseco Poland SA	WIBO1M	Monthly	JPMorgan Chase	03/09/2026	1,952		123,166		123,659		(1,209)
Asustek Computer, Inc.	OBFR01	Monthly	JPMorgan Chase	01/21/2027	1,000		17,439		17,383		(102)
Bravura Solutions, Ltd.	BBSW1M	Monthly	JPMorgan Chase	01/20/2027	71,262		125,017		121,866		(4,424)
Celestica, Inc.	CAONREPO	Monthly	JPMorgan Chase	01/06/2027	500		173,813		147,904		(27,796)
Chenbro Micom Co., Ltd.	OBFR01	Monthly	JPMorgan Chase	09/09/2026	6,000		172,976		190,917		17,492
Clear Secure, Inc., Class A	OBFR01	Monthly	JPMorgan Chase	01/06/2027	1,269		45,392		44,516		(985)
CommScope Holding Co., Inc.	OBFR01	Monthly	JPMorgan Chase	04/14/2026	7,826		157,616		141,885		(16,111)
Data#3, Ltd.	BBSW1M	Monthly	JPMorgan Chase	10/07/2026	24,169		145,160		144,738		(1,578)
DataTec, Ltd.	JIBA1M	Monthly	JPMorgan Chase	01/08/2027	36,712		174,939		175,056		(5,267)
Evertz Technologies, Ltd.	CAONREPO	Monthly	JPMorgan Chase	01/19/2027	10,390		103,117		104,767		1,245
Furuno Electric Co., Ltd.	MUTKCALM	Monthly	JPMorgan Chase	11/04/2026	3,200		162,173		162,480		385
General Interface Solution GIS Holding, Ltd.	OBFR01	Monthly	JPMorgan Chase	12/30/2026	88,000		134,045		119,534		(14,884)
GMO internet group, Inc.	MUTKCALM	Monthly	JPMorgan Chase	04/15/2026	6,700		166,906		167,475		1,217
Ituran Location and Control, Ltd.	OBFR01	Monthly	JPMorgan Chase	01/20/2027	3,500		150,780		150,535		1,141
King Slide Works Co., Ltd.	OBFR01	Monthly	JPMorgan Chase	10/07/2026	2,000		231,853		238,819		6,363
Logitech International SA	SSARON	Monthly	JPMorgan Chase	12/30/2026	788		93,835		79,996		(15,107)



42		Semi-Annual Report \| December 31, 2025 (Unaudited)

Global Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Total Return Swaps - Long (1.51%) (continued)

Reference Entity	Pay	Payment Frequency	Counterparty	Maturity Date	Number of Contracts Long		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)*

Information Technology – (continued)
Marketech International Corp.	OBFR01	Monthly	JPMorgan Chase	04/15/2026	22,000	$	168,262	$	192,218	$	23,519
Newborn Town, Inc.	HIHD01M	Monthly	JPMorgan Chase	04/15/2026	132,000		154,534		190,012		35,172
Oki Electric Industry Co., Ltd.	MUTKCALM	Monthly	JPMorgan Chase	07/14/2026	12,800		155,588		162,827		7,314
PAX Global Technology, Ltd.	HIHD01M	Monthly	JPMorgan Chase	05/27/2026	198,000		131,803		128,828		(3,236)
Posiflex Technology, Inc.	OBFR01	Monthly	JPMorgan Chase	04/15/2026	27,000		150,224		151,451		837
Seagate Technology Holdings PLC	OBFR01	Monthly	JPMorgan Chase	12/01/2026	420		125,546		115,664		(9,875)
SK hynix, Inc.	OBFR01	Monthly	JPMorgan Chase	01/20/2027	273		102,386		123,636		21,094
Softwareone Holding AG	SSARON	Monthly	JPMorgan Chase	01/20/2027	4,882		53,291		55,496		2,070
Supreme Electronics Co., Ltd.	OBFR01	Monthly	JPMorgan Chase	06/17/2026	68,000		156,134		161,422		4,883
Systena Corp.	MUTKCALM	Monthly	JPMorgan Chase	01/07/2027	3,900		12,936		12,821		(108)
Telefonaktiebolaget LM Ericsson, Class B	STIB1M	Monthly	JPMorgan Chase	01/08/2027	13,611		131,032		132,463		(292)
Temenos AG	SSARON	Monthly	JPMorgan Chase	12/30/2026	851		80,154		84,633		3,397
TomTom NV	ESTRON	Monthly	JPMorgan Chase	09/09/2026	27,766		168,091		178,062		8,147
VSTECS Holdings, Ltd.	HIHD01M	Monthly	JPMorgan Chase	05/27/2026	168,000		168,001		168,544		248
VusionGroup	ESTRON	Monthly	JPMorgan Chase	08/05/2026	380		91,930		90,759		(2,169)
WT Microelectronics Co., Ltd.	OBFR01	Monthly	JPMorgan Chase	06/17/2026	36,000		173,746		156,849		(17,349)
Youzan Technology, Ltd.	HIHD01M	Monthly	JPMorgan Chase	01/20/2027	6,636,000		113,894		118,736		4,773

							4,698,947		4,818,128		97,225

Materials
5N Plus, Inc.	CAONREPO	Monthly	JPMorgan Chase	01/19/2027	3,600		48,088		46,477		(1,800)
Aluminum Corp. of China, Ltd., Class H	HIHD01M	Monthly	JPMorgan Chase	01/20/2027	42,000		59,221		65,749		6,471
AlzChem Group AG	ESTRON	Monthly	JPMorgan Chase	07/14/2026	424		79,177		76,589		(3,448)
Aneka Tambang Tbk	OBFR01	Monthly	JPMorgan Chase	06/18/2026	480,400		84,362		90,499		5,905
Aura Minerals, Inc.	OBFR01	Monthly	JPMorgan Chase	11/02/2026	2,100		90,615		105,872		15,038
Cascades, Inc.	CAONREPO	Monthly	JPMorgan Chase	12/30/2026	7,164		63,094		65,035		1,256
Catalyst Metals, Ltd.	BBSW1M	Monthly	JPMorgan Chase	07/14/2026	27,852		123,103		135,452		11,368
China Hongqiao Group, Ltd.	HIHD01M	Monthly	JPMorgan Chase	01/07/2027	45,500		187,108		191,087		3,609
China Nonferrous Mining Corp., Ltd.	HIHD01M	Monthly	JPMorgan Chase	01/20/2027	33,000		59,377		62,608		3,174



bridgewayfunds.com		43

Global Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Total Return Swaps - Long (1.51%) (continued)

Reference Entity	Pay	Payment Frequency	Counterparty	Maturity Date	Number of Contracts Long		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)*

Materials – (continued)
CMOC Group, Ltd., Class H	HIHD01M	Monthly	JPMorgan Chase	12/30/2026	69,000	$	162,634	$	171,432	$	8,570
DPM Metals, Inc.	CAONREPO	Monthly	JPMorgan Chase	05/25/2026	5,523		157,925		170,694		11,243
Endeavour Mining PLC	SONIO/N	Monthly	JPMorgan Chase	12/31/2026	2,842		135,450		148,487		11,492
Evolution Mining, Ltd.	BBSW1M	Monthly	JPMorgan Chase	01/20/2027	13,330		110,158		111,555		275
Fresnillo PLC	SONIO/N	Monthly	JPMorgan Chase	10/07/2026	4,881		180,358		217,646		34,673
Fufeng Group, Ltd.	HIHD01M	Monthly	JPMorgan Chase	09/09/2026	162,000		162,591		164,428		1,515
Gold Fields, Ltd.	JIBA1M	Monthly	JPMorgan Chase	12/03/2026	1,853		80,657		80,795		(1,570)
Han Kuk Carbon Co., Ltd.	OBFR01	Monthly	JPMorgan Chase	12/02/2026	1,723		34,158		35,679		1,565
Holcim AG	SSARON	Monthly	JPMorgan Chase	09/09/2026	1,183		108,742		115,165		4,954
Industrias Penoles SAB de CV	MXIBTIIE	Monthly	JPMorgan Chase	09/08/2026	3,500		150,693		184,012		30,981
JX Advanced Metals Corp.	MUTKCALM	Monthly	JPMorgan Chase	11/04/2026	6,800		77,419		85,007		7,625
Kinross Gold Corp.	CAONREPO	Monthly	JPMorgan Chase	01/06/2027	5,991		162,787		168,746		4,192
Lundin Gold, Inc.	CAONREPO	Monthly	JPMorgan Chase	01/20/2027	2,122		175,009		176,278		232
Mineros SA	OBFR01	Monthly	JPMorgan Chase	01/20/2027	41,281		169,050		167,348		(1,943)
National Aluminium Co., Ltd.	OBFR01	Monthly	JPMorgan Chase	12/29/2026	40,160		117,405		140,358		22,622
OceanaGold Corp.	CAONREPO	Monthly	JPMorgan Chase	06/16/2026	7,078		189,871		200,601		8,670
Omnia Holdings, Ltd.	JIBA1M	Monthly	JPMorgan Chase	09/10/2026	22,937		104,562		109,284		1,504
Orla Mining, Ltd.	CAONREPO	Monthly	JPMorgan Chase	05/25/2026	14,312		180,082		192,488		10,452
Pantoro Gold, Ltd.	BBSW1M	Monthly	JPMorgan Chase	12/02/2026	40,360		126,157		130,323		3,162
Perenti, Ltd.	BBSW1M	Monthly	JPMorgan Chase	01/21/2026	94,105		175,492		174,667		(2,223)
Ramelius Resources, Ltd.	BBSW1M	Monthly	JPMorgan Chase	01/07/2027	59,215		140,294		162,865		21,453
Regis Resources, Ltd.	BBSW1M	Monthly	JPMorgan Chase	05/26/2026	38,635		184,609		192,691		6,612
Sims, Ltd.	BBSW1M	Monthly	JPMorgan Chase	01/20/2027	6,965		82,747		83,106		(484)
Stanmore Resources, Ltd.	BBSW1M	Monthly	JPMorgan Chase	01/20/2027	69,978		110,504		108,045		(3,585)
thyssenkrupp AG	ESTRON	Monthly	JPMorgan Chase	04/15/2026	16,525		171,799		177,654		3,990
Unipar Carbocloro SA	OBFR01	Monthly	JPMorgan Chase	01/20/2027	5,000		51,240		52,687		1,371
Vedanta, Ltd.	OBFR01	Monthly	JPMorgan Chase	12/29/2026	15,350		89,443		103,280		13,586
voestalpine AG	ESTRON	Monthly	JPMorgan Chase	12/30/2026	3,427		153,288		150,927		(3,361)



44		Semi-Annual Report \| December 31, 2025 (Unaudited)

Global Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Total Return Swaps - Long (1.51%) (continued)

Reference Entity	Pay	Payment Frequency	Counterparty	Maturity Date	Number of Contracts Long		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)*

Materials — (continued)
Yunnan Yuntianhua Co., Ltd., Class A	OBFR01	Monthly	JPMorgan Chase	01/07/2027	42,000	$	182,102	$	200,773	$	18,170

							4,721,371		5,016,389		257,316

Real Estate C&D Property Management Group Co., Ltd.	HIHD01M	Monthly	JPMorgan Chase	07/14/2026	390,000		133,816		135,427		1,368
Emaar Development PJSC	OBFR01	Monthly	JPMorgan Chase	04/15/2026	39,177		163,201		161,547		(2,143)
Emaar Properties PJSC	OBFR01	Monthly	JPMorgan Chase	02/18/2026	39,177		150,934		149,521		(1,865)
Jones Lang LaSalle, Inc.	OBFR01	Monthly	JPMorgan Chase	01/06/2027	439		145,467		147,710		1,892
Leopalace21 Corp.	MUTKCALM	Monthly	JPMorgan Chase	12/29/2026	30,900		129,396		129,811		833
Propnex, Ltd.	SIBCSORA	Monthly	JPMorgan Chase	01/20/2027	90,300		131,754		131,853		(576)
Wereldhave NV	ESTRON	Monthly	JPMorgan Chase	01/07/2027	587		12,793		13,282		350

							867,361		869,151		(141)

Utilities
Aygaz AS	OBFR01	Monthly	JPMorgan Chase	09/09/2026	25,833		129,934		119,710		(10,589)
Centrica PLC	SONIO/N	Monthly	JPMorgan Chase	03/09/2026	76,524		170,739		174,479		1,265
Cia de Saneamento de Minas Gerais Copasa MG	OBFR01	Monthly	JPMorgan Chase	04/15/2026	21,700		172,231		173,556		2,101
Cia De Sanena Do Parana	OBFR01	Monthly	JPMorgan Chase	12/30/2026	23,800		159,822		174,034		13,870
Cia Energetica de Minas Gerais	OBFR01	Monthly	JPMorgan Chase	10/07/2026	39,800		80,247		80,626		1,628
Drax Group PLC	SONIO/N	Monthly	JPMorgan Chase	01/21/2026	14,712		149,134		165,986		14,690
Enea SA	WIBO1M	Monthly	JPMorgan Chase	04/15/2026	29,897		162,282		161,603		(2,921)
Korea Electric Power Corp.	OBFR01	Monthly	JPMorgan Chase	12/30/2026	4,812		161,930		157,928		(3,761)
Korea Gas Corp.	OBFR01	Monthly	JPMorgan Chase	05/27/2026	5,304		149,337		144,510		(705)
PGE Polska Grupa Energetyczna SA	WIBO1M	Monthly	JPMorgan Chase	07/14/2026	10,959		26,077		26,783		346
Tauron Polska Energia SA	WIBO1M	Monthly	JPMorgan Chase	09/09/2026	61,561		153,135		147,841		(7,409)

							1,514,868		1,527,056		8,515

Total Reference Entity - Long						$	36,210,578	$	36,941,607	$	553,832

Total Return Swaps - Short ((0.76)%)

Reference Entity

Receive

Payment
Frequency

Counterparty

Maturity
Date

Number of
Contracts
(Short)

Notional
Amount

Value

Unrealized
Appreciation/
(Depreciation)*

Communication Services

Baidu, Inc., Class A

HIHDO/N

Monthly

JPMorgan Chase

11/03/2026

6,350

(100,861

)

(104,427

)

(3,407)



bridgewayfunds.com		45

Global Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Total Return Swaps - Short ((0.76)%) (continued)

Reference Entity	Receive	Payment Frequency	Counterparty	Maturity Date	Number of Contracts (Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*

Communication Services – (continued)
Baltic Classifieds Group PLC	SONIO/N	Monthly	JPMorgan Chase	11/03/2026	41,394	$	(104,654	)	$	(113,268	)	$	(7,765)
Better Collective A/S	STIB1D	Monthly	JPMorgan Chase	04/15/2026	10,853		(132,465	)		(135,213	)		(1,115)
CD Projekt SA	WIBOON	Monthly	JPMorgan Chase	11/03/2026	962		(65,047	)		(64,267	)		1,653
Cellnex Telecom SA	ESTRON	Monthly	JPMorgan Chase	06/17/2026	4,249		(126,487	)		(136,825	)		(9,020)
CTS Eventim AG & Co. KGaA	ESTRON	Monthly	JPMorgan Chase	01/20/2027	569		(51,564	)		(52,088	)		(384)
Damai Entertainment Holdings, Ltd.	HIHDO/N	Monthly	JPMorgan Chase	01/20/2027	1,050,000		(113,561	)		(128,491	)		(14,804)
Hemnet Group AB	STIB1D	Monthly	JPMorgan Chase	09/09/2026	5,105		(98,915	)		(95,442	)		4,756
HYBE Co., Ltd.	OBFR01	Monthly	JPMorgan Chase	10/08/2026	549		(111,637	)		(125,606	)		(13,857)
Kadokawa Corp.	MUTKCALM	Monthly	JPMorgan Chase	12/02/2026	6,000		(121,668	)		(121,486	)		100
Kakao Corp.	OBFR01	Monthly	JPMorgan Chase	12/30/2026	1,351		(54,393	)		(56,338	)		(1,838)
Kakao Games Corp.	OBFR01	Monthly	JPMorgan Chase	06/17/2026	12,419		(132,077	)		(128,439	)		3,578
Kingsoft Corp., Ltd.	HIHDO/N	Monthly	JPMorgan Chase	11/03/2026	27,600		(103,638	)		(101,253	)		2,549
Krafton, Inc.	OBFR01	Monthly	JPMorgan Chase	10/08/2026	611		(102,844	)		(104,107	)		(1,039)
Lionsgate Studios Corp.	OBFR01	Monthly	JPMorgan Chase	06/16/2026	9,200		(72,220	)		(83,996	)		(11,780)
Netmarble Corp.	OBFR01	Monthly	JPMorgan Chase	12/30/2026	3,891		(128,764	)		(130,181	)		(1,285)
REA Group, Ltd.	RBACOR	Monthly	JPMorgan Chase	12/31/2026	1,067		(132,947	)		(130,073	)		4,015
Saudi Research & Media Group	OBFR01	Monthly	JPMorgan Chase	11/03/2026	2,598		(101,052	)		(86,217	)		14,767
Superloop, Ltd.	RBACOR	Monthly	JPMorgan Chase	12/31/2026	75,171		(130,705	)		(129,850	)		1,837
Vend Marketplaces ASA	NOWA	Monthly	JPMorgan Chase	12/30/2026	4,491		(125,254	)		(124,537	)		1,890

							(2,110,753	)		(2,152,104	)		(31,149)

Consumer Discretionary
AB Dynamics PLC	SONIO/N	Monthly	JPMorgan Chase	09/09/2026	2,400		(41,080	)		(41,733	)		(73)
Afya, Ltd., Class A	OBFR01	Monthly	JPMorgan Chase	01/20/2027	4,500		(65,757	)		(69,345	)		(3,510)
Allegro.eu SA	WIBOON	Monthly	JPMorgan Chase	01/21/2026	14,957		(128,581	)		(128,346	)		1,897
Asmodee Group AB, Class B	STIB1D	Monthly	JPMorgan Chase	12/02/2026	7,158		(83,970	)		(82,111	)		2,946
Azorim-Investment Development & Construction Co., Ltd.	SHIR	Monthly	JPMorgan Chase	04/15/2026	21,099		(123,174	)		(122,750	)		2,372
Brunello Cucinelli S.p.A	ESTRON	Monthly	JPMorgan Chase	05/26/2026	1,126		(122,254	)		(129,150	)		(5,626)



46		Semi-Annual Report \| December 31, 2025 (Unaudited)

Global Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Total Return Swaps - Short ((0.76)%) (continued)

Reference Entity	Receive	Payment Frequency	Counterparty	Maturity Date	Number of Contracts (Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*

Consumer Discretionary – (continued)
BYD Co., Ltd., Class H	HIHDO/N	Monthly	JPMorgan Chase	10/07/2026	8,500	$	(106,774	)	$	(103,876	)	$	3,043
Corporate Travel Management, Ltd.Δ#	RBACOR	Monthly	JPMorgan Chase	06/17/2026	5,509		(58,753	)		(59,007	)		187
DPC Dash, Ltd.	HIHDO/N	Monthly	JPMorgan Chase	10/07/2026	10,100		(99,292	)		(93,193	)		6,001
eDreams ODIGEO SA	ESTRON	Monthly	JPMorgan Chase	01/20/2027	27,877		(127,127	)		(130,326	)		(2,856)
Ferrari NV	ESTRON	Monthly	JPMorgan Chase	12/02/2026	354		(128,883	)		(131,551	)		(1,650)
Fuji Kyuko Co., Ltd.	MUTKCALM	Monthly	JPMorgan Chase	01/20/2027	5,500		(71,539	)		(72,823	)		(1,776)
GENDA, Inc.	MUTKCALM	Monthly	JPMorgan Chase	12/29/2026	30,500		(136,406	)		(136,213	)		(330)
Giant Manufacturing Co., Ltd.	OBFR01	Monthly	JPMorgan Chase	10/07/2026	33,000		(103,920	)		(97,106	)		6,872
Guzman y Gomez, Ltd.	RBACOR	Monthly	JPMorgan Chase	04/15/2026	7,190		(101,207	)		(103,534	)		(1,567)
HBX Group International PLC	ESTRON	Monthly	JPMorgan Chase	07/14/2026	17,021		(136,333	)		(149,601	)		(11,847)
Hermes International SCA	ESTRON	Monthly	JPMorgan Chase	06/17/2026	52		(128,886	)		(129,108	)		1,121
Hotel Shilla Co., Ltd.	OBFR01	Monthly	JPMorgan Chase	05/27/2026	3,234		(100,073	)		(100,158	)		(30)
Jollibee Foods Corp.	OBFR01	Monthly	JPMorgan Chase	09/09/2026	28,580		(86,884	)		(87,299	)		(380)
Li Auto, Inc., Class A	HIHDO/N	Monthly	JPMorgan Chase	09/09/2026	13,700		(117,518	)		(115,630	)		2,048
Lung Yen Life Service Corp.	OBFR01	Monthly	JPMorgan Chase	10/07/2026	79,000		(121,476	)		(118,565	)		3,045
McDonald’s Holdings Co. Japan, Ltd.	MUTKCALM	Monthly	JPMorgan Chase	05/26/2026	600		(24,886	)		(24,448	)		200
Meituan, Class B	HIHDO/N	Monthly	JPMorgan Chase	07/14/2026	9,900		(127,223	)		(131,197	)		(3,800)
MIPS AB	STIB1D	Monthly	JPMorgan Chase	12/02/2026	3,788		(126,462	)		(144,545	)		(16,449)
Moncler S.p.A	ESTRON	Monthly	JPMorgan Chase	12/02/2026	1,686		(110,901	)		(107,769	)		4,313
MRV Engenharia e Participacoes SA	OBFR01	Monthly	JPMorgan Chase	10/07/2026	90,700		(138,566	)		(128,753	)		10,098
Nitori Holdings Co., Ltd.	MUTKCALM	Monthly	JPMorgan Chase	02/18/2026	6,500		(116,853	)		(113,452	)		3,295
Oriental Land Co., Ltd.	MUTKCALM	Monthly	JPMorgan Chase	01/07/2027	4,900		(88,652	)		(90,650	)		(2,078)
PPHE Hotel Group, Ltd.	SONIO/N	Monthly	JPMorgan Chase	12/31/2026	3,524		(82,241	)		(85,013	)		(1,644)
PWR Holdings, Ltd.	RBACOR	Monthly	JPMorgan Chase	01/07/2027	19,644		(100,513	)		(102,785	)		(1,532)
Rakuten Group, Inc.	MUTKCALM	Monthly	JPMorgan Chase	07/14/2026	15,900		(96,828	)		(101,887	)		(5,147)
Shimano, Inc.	MUTKCALM	Monthly	JPMorgan Chase	01/21/2027	1,000		(106,144	)		(104,571	)		1,070
Silicon2 Co., Ltd.	OBFR01	Monthly	JPMorgan Chase	06/17/2026	993		(28,296	)		(26,623	)		1,637



bridgewayfunds.com		47

Global Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Total Return Swaps - Short ((0.76)%) (continued)

Reference Entity	Receive	Payment Frequency	Counterparty	Maturity Date	Number of Contracts (Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*

Consumer Discretionary – (continued)
Six Flags Entertainment Corp.	OBFR01	Monthly	JPMorgan Chase	12/29/2026	9,300	$	(140,895	)	$	(142,662	)	$	(1,483)
SJM Holdings, Ltd.	HIHDO/N	Monthly	JPMorgan Chase	04/15/2026	407,000		(130,151	)		(126,163	)		4,062
Sweetgreen, Inc., Class A	OBFR01	Monthly	JPMorgan Chase	12/29/2026	18,694		(130,858	)		(126,371	)		4,751
Temple & Webster Group, Ltd.	RBACOR	Monthly	JPMorgan Chase	01/20/2027	9,027		(73,795	)		(82,079	)		(7,561)
We Buy Cars Holdings, Ltd.	SAONBOR	Monthly	JPMorgan Chase	12/31/2026	47,945		(133,994	)		(138,479	)		(459)
WEB Travel Group, Ltd.	RBACOR	Monthly	JPMorgan Chase	10/07/2026	17,233		(55,010	)		(54,813	)		611
YIT Oyj	ESTRON	Monthly	JPMorgan Chase	12/30/2026	36,335		(133,115	)		(132,939	)		1,074
Yum China Holdings, Inc.	HIHDO/N	Monthly	JPMorgan Chase	12/02/2026	1,500		(70,204	)		(71,023	)		(624)

							(4,205,474	)		(4,237,647	)		(9,779)

Consumer Staples
AAK AB	STIB1D	Monthly	JPMorgan Chase	12/30/2026	2,109		(58,999	)		(60,144	)		(398)
Alibaba Health Information Technology, Ltd.	HIHDO/N	Monthly	JPMorgan Chase	01/20/2027	68,000		(46,206	)		(44,407	)		1,837
Amorepacific Corp.	OBFR01	Monthly	JPMorgan Chase	01/20/2027	1,340		(108,314	)		(110,978	)		(2,727)
Aryzta AG	SSARON	Monthly	JPMorgan Chase	01/20/2027	770		(50,892	)		(49,808	)		1,197
Beiersdorf AG	ESTRON	Monthly	JPMorgan Chase	05/26/2026	893		(96,498	)		(98,067	)		(562)
China Modern Dairy Holdings, Ltd.	HIHDO/N	Monthly	JPMorgan Chase	10/07/2026	710,000		(122,263	)		(147,732	)		(25,424)
COFCO Joycome Foods, Ltd.	HIHDO/N	Monthly	JPMorgan Chase	01/07/2027	650,000		(129,249	)		(130,254	)		(930)
Cosmax, Inc.	OBFR01	Monthly	JPMorgan Chase	12/02/2026	723		(79,803	)		(81,868	)		(1,643)
Dino Polska SA	WIBOON	Monthly	JPMorgan Chase	10/07/2026	10,129		(112,334	)		(116,294	)		(2,508)
Dis-Chem Pharmacies, Ltd.	SAONBOR	Monthly	JPMorgan Chase	11/04/2026	60,392		(126,389	)		(127,640	)		2,585
Ezaki Glico Co., Ltd.	MUTKCALM	Monthly	JPMorgan Chase	12/29/2026	2,400		(82,917	)		(82,982	)		(907)
Great Tree Pharmacy Co., Ltd.	OBFR01	Monthly	JPMorgan Chase	10/07/2026	8,000		(24,654	)		(23,815	)		853
Grupo Bimbo SAB de CV	MXIBTIIE	Monthly	JPMorgan Chase	01/06/2027	7,600		(25,022	)		(24,951	)		445
Intercos S.p.A	ESTRON	Monthly	JPMorgan Chase	01/21/2027	8,334		(108,326	)		(108,548	)		268
Kagome Co., Ltd.	MUTKCALM	Monthly	JPMorgan Chase	03/09/2026	5,900		(100,448	)		(101,514	)		(2,967)
Kerry Group PLC, Class A	ESTRON	Monthly	JPMorgan Chase	10/07/2026	1,332		(116,924	)		(121,722	)		(3,579)
Kobayashi Pharmaceutical Co., Ltd.	MUTKCALM	Monthly	JPMorgan Chase	01/07/2027	3,100		(104,585	)		(107,484	)		(4,183)



48		Semi-Annual Report \| December 31, 2025 (Unaudited)

Global Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Total Return Swaps - Short ((0.76)%) (continued)

Reference Entity	Receive	Payment Frequency	Counterparty	Maturity Date	Number of Contracts (Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*

Consumer Staples – (continued)
Kolmar Korea Co., Ltd.	OBFR01	Monthly	JPMorgan Chase	01/20/2027	2,810	$	(119,084	)	$	(121,070	)	$	(1,990)
Lian HWA Food Corp.	OBFR01	Monthly	JPMorgan Chase	07/14/2026	29,900		(93,775	)		(92,765	)		1,131
L’Oreal SA	ESTRON	Monthly	JPMorgan Chase	01/07/2027	222		(95,834	)		(95,308	)		1,525
Lotus Bakeries NV	ESTRON	Monthly	JPMorgan Chase	10/07/2026	11		(97,967	)		(101,251	)		(2,262)
Marks & Spencer Group PLC	SONIO/N	Monthly	JPMorgan Chase	12/31/2026	14,044		(60,088	)		(62,496	)		(1,788)
Natura Cosmeticos SA	OBFR01	Monthly	JPMorgan Chase	01/20/2027	54,400		(74,924	)		(73,769	)		1,209
Ocado Group PLC	SONIO/N	Monthly	JPMorgan Chase	09/09/2026	40,576		(127,016	)		(128,362	)		437
Ping An Healthcare and Technology Co., Ltd.	HIHDO/N	Monthly	JPMorgan Chase	12/30/2026	61,600		(106,472	)		(111,834	)		(5,467)
Redcare Pharmacy NV	ESTRON	Monthly	JPMorgan Chase	12/02/2026	1,097		(80,076	)		(83,009	)		(1,997)
Suedzucker AG	ESTRON	Monthly	JPMorgan Chase	09/09/2026	9,655		(107,514	)		(103,616	)		4,988
SunOpta, Inc.	CAONREPO	Monthly	JPMorgan Chase	12/30/2026	34,006		(132,563	)		(129,577	)		4,367
Unicharm Corp.	MUTKCALM	Monthly	JPMorgan Chase	01/21/2026	22,500		(129,613	)		(128,559	)		(605)
Vitasoy International Holdings, Ltd.	HIHDO/N	Monthly	JPMorgan Chase	01/20/2027	150,000		(123,442	)		(120,639	)		2,898

							(2,842,191	)		(2,890,463	)		(36,197)

Energy
Advantage Energy, Ltd.	CAONREPO	Monthly	JPMorgan Chase	12/01/2026	14,613		(130,069	)		(124,991	)		6,464
CMB Tech NV	ESTRON	Monthly	JPMorgan Chase	12/02/2026	12,800		(126,516	)		(121,430	)		6,561
Dialog Group Bhd	OBFR01	Monthly	JPMorgan Chase	12/30/2026	146,100		(62,412	)		(60,396	)		1,955
International Petroleum Corp.	CAONREPO	Monthly	JPMorgan Chase	12/30/2026	2,903		(55,870	)		(52,516	)		3,936
Kelt Exploration, Ltd.	CAONREPO	Monthly	JPMorgan Chase	03/06/2026	20,850		(111,381	)		(116,513	)		(3,971)
NextDecade Corp.	OBFR01	Monthly	JPMorgan Chase	11/02/2026	25,392		(144,115	)		(133,816	)		10,553
PRIO SA	OBFR01	Monthly	JPMorgan Chase	09/10/2026	16,000		(115,925	)		(120,251	)		(4,099)
SK Innovation Co., Ltd.	OBFR01	Monthly	JPMorgan Chase	12/02/2026	1,244		(98,647	)		(87,312	)		11,660
S-Oil Corp.	OBFR01	Monthly	JPMorgan Chase	05/27/2026	2,370		(131,684	)		(136,365	)		(4,488)
Yellow Cake PLC	SONIO/N	Monthly	JPMorgan Chase	01/21/2026	8,160		(58,587	)		(64,602	)		(5,192)

							(1,035,206	)		(1,018,192	)		23,379

Financials
Adyen NV	ESTRON	Monthly	JPMorgan Chase	08/05/2026	67		(104,038	)		(108,043	)		(2,920)
Arthur J Gallagher & Co.	OBFR01	Monthly	JPMorgan Chase	12/29/2026	514		(126,784	)		(133,018	)		(6,034)



bridgewayfunds.com		49

Global Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Total Return Swaps - Short ((0.76)%) (continued)

Reference Entity	Receive	Payment Frequency	Counterparty	Maturity Date	Number of Contracts (Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*

Financials – (continued)
Baldwin Insurance Group, Inc. (The)	OBFR01	Monthly	JPMorgan Chase	03/06/2026	5,096	$	(113,692	)	$	(122,457	)	$	(8,520)
Better Home & Finance Holding Co.	OBFR01	Monthly	JPMorgan Chase	01/20/2027	3,300		(116,528	)		(107,514	)		9,104
Brookfield Corp.	CAONREPO	Monthly	JPMorgan Chase	09/09/2026	2,100		(99,160	)		(96,421	)		3,773
Brookfield Wealth Solutions, Ltd.	CAONREPO	Monthly	JPMorgan Chase	03/06/2026	2,400		(113,360	)		(110,492	)		3,936
Bure Equity AB	STIB1D	Monthly	JPMorgan Chase	09/09/2026	3,820		(99,154	)		(101,581	)		(1,170)
Chang Hwa Commercial Bank, Ltd.	OBFR01	Monthly	JPMorgan Chase	11/03/2026	197,000		(128,560	)		(128,104	)		736
Deutsche Boerse AG	ESTRON	Monthly	JPMorgan Chase	12/02/2026	457		(116,783	)		(120,109	)		(2,059)
EQB, Inc.	CAONREPO	Monthly	JPMorgan Chase	01/19/2027	1,247		(90,705	)		(94,387	)		(3,348)
Equity Bancshares, Inc., Class A	OBFR01	Monthly	JPMorgan Chase	12/29/2026	2,669		(125,023	)		(119,171	)		5,588
Euronet Worldwide, Inc.	OBFR01	Monthly	JPMorgan Chase	01/20/2027	633		(48,934	)		(48,178	)		815
Fiserv, Inc.	OBFR01	Monthly	JPMorgan Chase	09/09/2026	2,071		(137,866	)		(139,109	)		(964)
Flagstar Bank NA	OBFR01	Monthly	JPMorgan Chase	01/20/2027	4,600		(62,101	)		(57,914	)		4,261
Flow Traders, Ltd.	ESTRON	Monthly	JPMorgan Chase	12/30/2026	4,604		(127,996	)		(136,009	)		(6,679)
Generation Development Group, Ltd.	RBACOR	Monthly	JPMorgan Chase	12/31/2026	29,843		(113,748	)		(116,900	)		(2,224)
Goosehead Insurance, Inc., Class A	OBFR01	Monthly	JPMorgan Chase	09/09/2026	1,322		(98,145	)		(97,365	)		978
Grupo Financiero Inbursa SAB de CV, Class O	MXIBTIIE	Monthly	JPMorgan Chase	12/01/2026	53,900		(129,719	)		(130,414	)		251
IBF Financial Holdings Co., Ltd.	OBFR01	Monthly	JPMorgan Chase	07/14/2026	246,887		(127,863	)		(129,959	)		(1,763)
Infratil, Ltd.	NZOCR	Monthly	JPMorgan Chase	01/07/2027	16,084		(106,511	)		(102,635	)		3,605
Judo Capital Holdings, Ltd.	RBACOR	Monthly	JPMorgan Chase	06/17/2026	134,788		(152,516	)		(154,450	)		(789)
KakaoBank Corp.	OBFR01	Monthly	JPMorgan Chase	10/08/2026	6,951		(101,637	)		(104,205	)		(2,434)
L E Lundbergforetagen AB, Class B	STIB1D	Monthly	JPMorgan Chase	07/14/2026	2,153		(114,311	)		(118,870	)		(3,110)
Lifenet Insurance Co.	MUTKCALM	Monthly	JPMorgan Chase	12/29/2026	8,800		(101,849	)		(109,045	)		(7,344)
London Stock Exchange Group PLC	SONIO/N	Monthly	JPMorgan Chase	06/17/2026	1,097		(122,249	)		(131,957	)		(7,991)
M&A Research Institute Holdings, Inc.	MUTKCALM	Monthly	JPMorgan Chase	01/21/2026	3,900		(28,987	)		(28,168	)		763
Migdal Insurance & Financial Holdings, Ltd.	SHIR	Monthly	JPMorgan Chase	10/07/2026	25,259		(116,330	)		(122,574	)		(4,229)
OSL Group, Ltd.	HIHDO/N	Monthly	JPMorgan Chase	01/20/2027	58,000		(124,893	)		(126,637	)		(1,926)



50		Semi-Annual Report \| December 31, 2025 (Unaudited)

Global Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Total Return Swaps - Short ((0.76)%) (continued)

Reference Entity	Receive	Payment Frequency	Counterparty	Maturity Date	Number of Contracts (Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*

Financials – (continued)
Pagseguro Digital, Ltd., Class A	OBFR01	Monthly	JPMorgan Chase	12/01/2026	13,000	$	(131,040	)	$	(125,320	)	$	6,011
Payoneer Global, Inc.	OBFR01	Monthly	JPMorgan Chase	12/29/2026	21,986		(129,287	)		(123,561	)		5,949
Peapack-Gladstone Financial Corp.	OBFR01	Monthly	JPMorgan Chase	09/09/2026	3,539		(102,985	)		(98,561	)		4,632
PRA Group, Inc.	OBFR01	Monthly	JPMorgan Chase	01/20/2027	7,658		(128,319	)		(135,470	)		(6,998)
Rakuten Bank, Ltd.	MUTKCALM	Monthly	JPMorgan Chase	01/20/2027	1,800		(79,660	)		(79,468	)		(356)
Reinet Investments SCA#	SAONBOR	Monthly	JPMorgan Chase	10/08/2026	3,787		(124,335	)		(132,636	)		(4,566)
Remgro, Ltd.	SAONBOR	Monthly	JPMorgan Chase	05/27/2026	10,906		(114,859	)		(119,674	)		(1,364)
Remitly Global, Inc.	OBFR01	Monthly	JPMorgan Chase	12/01/2026	10,088		(153,640	)		(139,214	)		14,755
Ryan Specialty Holdings, Inc.	OBFR01	Monthly	JPMorgan Chase	04/14/2026	1,936		(100,633	)		(99,956	)		881
Saudi Tadawul Group Holding Co.	OBFR01	Monthly	JPMorgan Chase	06/01/2026	2,381		(103,353	)		(89,062	)		14,111
Selective Insurance Group, Inc.	OBFR01	Monthly	JPMorgan Chase	10/06/2026	1,438		(113,300	)		(120,317	)		(6,789)
Shift4 Payments, Inc., Class A	OBFR01	Monthly	JPMorgan Chase	12/29/2026	823		(56,639	)		(51,824	)		4,824
Sofina SA	ESTRON	Monthly	JPMorgan Chase	12/30/2026	317		(88,130	)		(91,670	)		(2,622)
Sony Financial Group, Inc.	MUTKCALM	Monthly	JPMorgan Chase	01/20/2027	99,600		(103,613	)		(105,552	)		(2,651)
StoneCo., Ltd., Class A	OBFR01	Monthly	JPMorgan Chase	10/06/2026	8,400		(124,908	)		(124,236	)		924
Taichung Commercial Bank Co., Ltd.	OBFR01	Monthly	JPMorgan Chase	11/03/2026	188,899		(128,120	)		(124,968	)		3,410
Taiwan Business Bank	OBFR01	Monthly	JPMorgan Chase	12/30/2026	254,000		(129,039	)		(129,375	)		(134)
Tradeweb Markets, Inc., Class A	OBFR01	Monthly	JPMorgan Chase	12/01/2026	793		(84,685	)		(85,279	)		(403)
Trisura Group, Ltd.	CAONREPO	Monthly	JPMorgan Chase	01/06/2027	3,438		(99,423	)		(107,006	)		(6,546)
Union Bank Of Taiwan	OBFR01	Monthly	JPMorgan Chase	01/07/2027	176,550		(109,270	)		(108,680	)		874
Wise PLC, Class A	SONIO/N	Monthly	JPMorgan Chase	09/09/2026	8,163		(92,262	)		(97,793	)		(4,236)
World Acceptance Corp.	OBFR01	Monthly	JPMorgan Chase	12/01/2026	894		(130,220	)		(125,509	)		5,006

							(5,477,162	)		(5,510,817	)		(4,982)

Health Care
Alcon AG	SSARON	Monthly	JPMorgan Chase	10/07/2026	1,500		(119,641	)		(118,692	)		2,506
Ambu A/S, Class B	DKDR1T	Monthly	JPMorgan Chase	09/09/2026	7,436		(98,572	)		(102,465	)		(2,891)
Amplifon S.p.A	ESTRON	Monthly	JPMorgan Chase	01/07/2027	6,566		(102,775	)		(105,268	)		(1,425)
Angelalign Technology, Inc.	HIHDO/N	Monthly	JPMorgan Chase	02/23/2026	14,400		(110,846	)		(110,328	)		476



bridgewayfunds.com		51

Global Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Total Return Swaps - Short ((0.76)%) (continued)

Reference Entity	Receive	Payment Frequency	Counterparty	Maturity Date	Number of Contracts (Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*

Health Care – (continued)
Carl Zeiss Meditec AG	ESTRON	Monthly	JPMorgan Chase	01/20/2027	1,172	$	(54,536	)	$	(54,469	)	$	201
DiaSorin S.p.A	ESTRON	Monthly	JPMorgan Chase	07/14/2026	1,808		(128,902	)		(145,105	)		(14,863)
GVS S.p.A	ESTRON	Monthly	JPMorgan Chase	03/09/2026	23,661		(103,711	)		(107,439	)		(2,634)
HLB, Inc.	OBFR01	Monthly	JPMorgan Chase	06/17/2026	3,242		(108,037	)		(114,252	)		(6,243)
Hygeia Healthcare Holdings Co., Ltd.	HIHDO/N	Monthly	JPMorgan Chase	01/20/2027	82,600		(133,238	)		(131,802	)		1,230
Kossan Rubber Industries Bhd	OBFR01	Monthly	JPMorgan Chase	01/20/2027	472,700		(130,557	)		(126,812	)		3,657
PROCEPT BioRobotics Corp.	OBFR01	Monthly	JPMorgan Chase	06/16/2026	3,904		(139,412	)		(122,820	)		16,873
Pulse Biosciences, Inc.	OBFR01	Monthly	JPMorgan Chase	12/01/2026	2,600		(36,920	)		(35,698	)		1,349
Revenio Group Oyj	ESTRON	Monthly	JPMorgan Chase	09/09/2026	3,999		(102,890	)		(104,734	)		(772)
Ryman Healthcare, Ltd.	NZOCR	Monthly	JPMorgan Chase	01/20/2027	26,230		(44,048	)		(43,771	)		149
Sysmex Corp.	MUTKCALM	Monthly	JPMorgan Chase	01/20/2027	5,800		(57,931	)		(56,957	)		576
Well Health Technologies Corp.	CAONREPO	Monthly	JPMorgan Chase	12/01/2026	11,415		(33,786	)		(33,183	)		969
Ypsomed Holding AG	SSARON	Monthly	JPMorgan Chase	12/02/2026	308		(120,299	)		(126,713	)		(4,806)

							(1,626,101	)		(1,640,508	)		(5,648)

Industrials
Aeroports de Paris SA	ESTRON	Monthly	JPMorgan Chase	12/02/2026	901		(131,538	)		(117,577	)		15,365
ATS Corp.	CAONREPO	Monthly	JPMorgan Chase	12/01/2026	1,614		(44,333	)		(44,461	)		353
Auckland International Airport, Ltd.	NZOCR	Monthly	JPMorgan Chase	10/07/2026	28,090		(130,179	)		(134,610	)		(4,762)
AviChina Industry & Technology Co., Ltd., Class H	HIHDO/N	Monthly	JPMorgan Chase	12/02/2026	244,000		(122,602	)		(124,480	)		(1,689)
Azelis Group NV	ESTRON	Monthly	JPMorgan Chase	05/26/2026	11,490		(116,845	)		(125,532	)		(7,469)
Beijing Capital International Airport Co., Ltd., Class H	HIHDO/N	Monthly	JPMorgan Chase	01/07/2027	296,000		(102,323	)		(105,026	)		(2,563)
Boeing Co. (The)	OBFR01	Monthly	JPMorgan Chase	01/20/2027	304		(63,511	)		(66,004	)		(2,418)
Brookfield Business Corp., Class A	CAONREPO	Monthly	JPMorgan Chase	01/20/2027	3,800		(137,610	)		(135,798	)		2,569
C Sun Manufacturing, Ltd.	OBFR01	Monthly	JPMorgan Chase	01/20/2027	6,000		(43,242	)		(47,761	)		(4,556)
Cadeler A/S	NOWA	Monthly	JPMorgan Chase	12/02/2026	31,578		(139,322	)		(148,734	)		(7,989)
Canadian Pacific Kansas City, Ltd.	CAONREPO	Monthly	JPMorgan Chase	05/25/2026	1,300		(96,980	)		(95,709	)		2,066
Carel Industries S.p.A	ESTRON	Monthly	JPMorgan Chase	01/07/2027	1,917		(55,013	)		(55,079	)		506



52		Semi-Annual Report \| December 31, 2025 (Unaudited)

Global Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Total Return Swaps - Short ((0.76)%) (continued)

Reference Entity	Receive	Payment Frequency	Counterparty	Maturity Date	Number of Contracts (Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*

Industrials – (continued)
Cargojet, Inc.	CAONREPO	Monthly	JPMorgan Chase	12/30/2026	2,099	$	(118,174	)	$	(128,367	)	$	(9,501)
Chemring Group PLC	SONIO/N	Monthly	JPMorgan Chase	12/31/2026	11,114		(69,951	)		(70,512	)		421
Cleanaway Waste Management, Ltd.	RBACOR	Monthly	JPMorgan Chase	12/31/2026	73,063		(126,709	)		(125,963	)		1,831
DSV A/S	DKDR1T	Monthly	JPMorgan Chase	04/15/2026	510		(125,275	)		(128,447	)		(1,897)
Energiekontor AG	ESTRON	Monthly	JPMorgan Chase	06/17/2026	3,342		(132,091	)		(139,185	)		(5,826)
Engcon AB	STIB1D	Monthly	JPMorgan Chase	09/09/2026	13,410		(112,859	)		(120,623	)		(6,333)
Experian PLC	SONIO/N	Monthly	JPMorgan Chase	02/18/2026	2,395		(104,449	)		(107,982	)		(2,067)
Gamuda Bhd	OBFR01	Monthly	JPMorgan Chase	01/20/2027	94,500		(113,476	)		(115,731	)		(2,310)
GFL Environmental, Inc.	CAONREPO	Monthly	JPMorgan Chase	12/30/2026	2,959		(130,141	)		(127,108	)		3,975
Grupo Carso SAB de CV	MXIBTIIE	Monthly	JPMorgan Chase	12/29/2026	16,600		(109,034	)		(108,722	)		1,915
Hainan Meilan International Airport Co., Ltd., Class H	HIHDO/N	Monthly	JPMorgan Chase	01/20/2027	68,000		(93,870	)		(93,549	)		376
Harmonic Drive Systems, Inc.	MUTKCALM	Monthly	JPMorgan Chase	08/05/2026	5,700		(137,878	)		(137,618	)		136
Hensoldt AG	ESTRON	Monthly	JPMorgan Chase	01/20/2027	522		(44,206	)		(44,709	)		(384)
Hiwin Technologies Corp.	OBFR01	Monthly	JPMorgan Chase	06/17/2026	16,000		(102,618	)		(98,703	)		3,938
InPost SA	ESTRON	Monthly	JPMorgan Chase	10/07/2026	9,662		(109,729	)		(118,734	)		(7,861)
INVISIO AB	STIB1D	Monthly	JPMorgan Chase	12/02/2026	4,908		(141,726	)		(139,527	)		4,016
Judges Scientific PLC	SONIO/N	Monthly	JPMorgan Chase	01/21/2027	906		(69,365	)		(69,490	)		588
Keisei Electric Railway Co., Ltd.	MUTKCALM	Monthly	JPMorgan Chase	01/07/2027	13,000		(102,770	)		(106,719	)		(4,042)
Kingspan Group PLC	ESTRON	Monthly	JPMorgan Chase	11/03/2026	1,490		(128,740	)		(128,392	)		1,265
Kinik Co.	OBFR01	Monthly	JPMorgan Chase	12/30/2026	10,000		(113,996	)		(125,598	)		(11,718)
Kintetsu Group Holdings Co., Ltd.	MUTKCALM	Monthly	JPMorgan Chase	08/05/2026	4,800		(88,270	)		(94,036	)		(5,847)
Korea Aerospace Industries, Ltd.	OBFR01	Monthly	JPMorgan Chase	12/02/2026	1,428		(105,954	)		(113,145	)		(6,928)
Kornit Digital, Ltd.	OBFR01	Monthly	JPMorgan Chase	10/06/2026	7,400		(106,264	)		(106,412	)		66
LG Energy Solution, Ltd.	OBFR01	Monthly	JPMorgan Chase	12/30/2026	452		(135,717	)		(115,592	)		20,116
LIG Nex1 Co., Ltd.	OBFR01	Monthly	JPMorgan Chase	01/20/2027	498		(128,913	)		(145,098	)		(16,085)
Marten Transport, Ltd.	OBFR01	Monthly	JPMorgan Chase	08/04/2026	10,844		(125,031	)		(123,405	)		1,879
Melrose Industries PLC	SONIO/N	Monthly	JPMorgan Chase	07/14/2026	14,493		(109,462	)		(114,306	)		(3,307)



bridgewayfunds.com		53

Global Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Total Return Swaps - Short ((0.76)%) (continued)

Reference Entity	Receive	Payment Frequency	Counterparty	Maturity Date	Number of Contracts (Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*

Industrials – (continued)
Mitsubishi Pencil Co., Ltd.	MUTKCALM	Monthly	JPMorgan Chase	07/14/2026	2,100	$	(28,801	)	$	(29,132	)	$	(707)
Nagoya Railroad Co., Ltd.	MUTKCALM	Monthly	JPMorgan Chase	01/20/2027	11,500		(120,188	)		(123,511	)		(4,149)
Nibe Industrier AB, Class B	STIB1D	Monthly	JPMorgan Chase	12/30/2026	34,648		(129,573	)		(132,438	)		(1,396)
NIDEC Corp.	MUTKCALM	Monthly	JPMorgan Chase	01/20/2027	5,200		(65,915	)		(70,606	)		(5,144)
NTG Nordic Transport Group A/S	DKDR1T	Monthly	JPMorgan Chase	10/07/2026	4,601		(134,245	)		(136,654	)		(1,056)
Orizon Valorizacao de Residuos SA	OBFR01	Monthly	JPMorgan Chase	08/05/2026	12,900		(147,514	)		(164,174	)		(16,528)
QinetiQ Group PLC	SONIO/N	Monthly	JPMorgan Chase	11/03/2026	17,808		(101,100	)		(105,523	)		(3,004)
Recticel SA	ESTRON	Monthly	JPMorgan Chase	08/05/2026	10,004		(109,362	)		(114,700	)		(4,225)
Sdiptech AB, Class B	STIB1D	Monthly	JPMorgan Chase	01/21/2026	6,486		(127,972	)		(134,247	)		(4,661)
SGH, Ltd.	RBACOR	Monthly	JPMorgan Chase	09/09/2026	3,147		(93,732	)		(97,129	)		(2,693)
Shapir Engineering and Industry, Ltd.	SHIR	Monthly	JPMorgan Chase	03/27/2026	13,918		(129,273	)		(136,892	)		(5,482)
Silex Systems, Ltd.	RBACOR	Monthly	JPMorgan Chase	01/20/2027	26,641		(128,080	)		(151,670	)		(22,394)
Singapore Post, Ltd.	SIBCSORA	Monthly	JPMorgan Chase	11/03/2026	163,500		(52,369	)		(51,488	)		1,251
SM Investments Corp.	OBFR01	Monthly	JPMorgan Chase	11/04/2026	9,520		(112,549	)		(113,190	)		(475)
Stadler Rail AG	SSARON	Monthly	JPMorgan Chase	08/05/2026	4,336		(103,288	)		(109,612	)		(4,980)
TOMRA Systems ASA	NOWA	Monthly	JPMorgan Chase	09/09/2026	10,781		(139,087	)		(144,498	)		(4,108)
VAT Group AG	SSARON	Monthly	JPMorgan Chase	01/07/2027	94		(45,978	)		(45,129	)		1,447
WEG SA	OBFR01	Monthly	JPMorgan Chase	09/10/2026	16,600		(147,212	)		(146,644	)		(2,877)

							(6,086,404	)		(6,255,681	)		(135,352)

Information Technology
AAC Technologies Holdings, Inc.	HIHDO/N	Monthly	JPMorgan Chase	01/20/2027	15,000		(72,496	)		(75,198	)		(2,642)
Appier Group, Inc.	MUTKCALM	Monthly	JPMorgan Chase	07/14/2026	13,900		(101,890	)		(95,192	)		6,426
ASM International NV	ESTRON	Monthly	JPMorgan Chase	01/21/2026	88		(56,224	)		(53,275	)		3,535
ASMPT, Ltd.	HIHDO/N	Monthly	JPMorgan Chase	09/09/2026	13,700		(135,739	)		(136,452	)		(527)
C3.ai, Inc., Class A	OBFR01	Monthly	JPMorgan Chase	12/29/2026	5,732		(90,680	)		(77,267	)		13,428
Catapult Sports, Ltd.	RBACOR	Monthly	JPMorgan Chase	12/31/2026	46,182		(131,290	)		(127,885	)		4,170
Coretronic Corp.	OBFR01	Monthly	JPMorgan Chase	12/30/2026	46,000		(130,992	)		(125,528	)		5,356
Dassault Systemes SE	ESTRON	Monthly	JPMorgan Chase	01/21/2027	3,459		(95,997	)		(96,638	)		(205)
Descartes Systems Group, Inc. (The)	CAONREPO	Monthly	JPMorgan Chase	09/09/2026	1,124		(104,501	)		(98,605	)		6,985



54		Semi-Annual Report \| December 31, 2025 (Unaudited)

Global Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Total Return Swaps - Short ((0.76)%) (continued)

Reference Entity	Receive	Payment Frequency	Counterparty	Maturity Date	Number of Contracts (Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*

Information Technology – (continued)
eMemory Technology, Inc.	OBFR01	Monthly	JPMorgan Chase	12/30/2026	2,000	$	(114,464	)	$	(109,843	)	$	4,687
FLEXium Interconnect, Inc.	OBFR01	Monthly	JPMorgan Chase	12/02/2026	79,000		(149,470	)		(148,095	)		1,633
GB Group PLC	SONIO/N	Monthly	JPMorgan Chase	05/27/2026	29,319		(95,488	)		(101,540	)		(4,712)
GCL Technology Holdings, Ltd.	HIHDO/N	Monthly	JPMorgan Chase	01/07/2027	673,000		(97,729	)		(91,735	)		6,055
Horizon Robotics	HIHDO/N	Monthly	JPMorgan Chase	12/02/2026	135,000		(155,791	)		(150,677	)		5,401
Keyence Corp.	MUTKCALM	Monthly	JPMorgan Chase	07/14/2026	300		(106,292	)		(108,518	)		(2,307)
Kingdee International Software Group Co., Ltd.	HIHDO/N	Monthly	JPMorgan Chase	12/30/2026	71,000		(125,676	)		(121,721	)		4,092
Landis+Gyr Group AG	SSARON	Monthly	JPMorgan Chase	12/02/2026	1,990		(126,444	)		(127,957	)		162
LEM Holding SA	SSARON	Monthly	JPMorgan Chase	12/02/2026	313		(116,597	)		(115,543	)		2,607
LINK Mobility Group Holding ASA	NOWA	Monthly	JPMorgan Chase	12/30/2026	40,795		(127,808	)		(136,819	)		(7,876)
Macquarie Technology Group, Ltd.	RBACOR	Monthly	JPMorgan Chase	06/17/2026	2,597		(109,132	)		(115,020	)		(5,174)
Monday.com, Ltd.	OBFR01	Monthly	JPMorgan Chase	11/02/2026	500		(79,700	)		(73,780	)		6,101
Nebius Group NV	OBFR01	Monthly	JPMorgan Chase	01/20/2027	900		(70,645	)		(75,335	)		(4,667)
Nordic Semiconductor ASA	NOWA	Monthly	JPMorgan Chase	12/30/2026	9,942		(127,186	)		(130,279	)		(1,902)
NS Solutions Corp.	MUTKCALM	Monthly	JPMorgan Chase	12/02/2026	3,800		(102,119	)		(107,152	)		(5,109)
Nuvoton Technology Corp.	OBFR01	Monthly	JPMorgan Chase	10/07/2026	79,000		(133,510	)		(128,062	)		5,293
Oxford Instruments PLC	SONIO/N	Monthly	JPMorgan Chase	12/02/2026	5,034		(137,128	)		(138,032	)		692
QT Group Oyj	ESTRON	Monthly	JPMorgan Chase	06/17/2026	3,529		(131,882	)		(135,357	)		(2,100)
Raspberry PI Holdings PLC	SONIO/N	Monthly	JPMorgan Chase	12/02/2026	23,951		(102,667	)		(96,679	)		7,888
Sanken Electric Co., Ltd.	MUTKCALM	Monthly	JPMorgan Chase	09/09/2026	3,900		(145,532	)		(143,711	)		1,689
Silergy Corp.	OBFR01	Monthly	JPMorgan Chase	05/27/2026	11,000		(71,256	)		(66,712	)		4,571
Silicon Integrated Systems Corp.	OBFR01	Monthly	JPMorgan Chase	07/14/2026	67,000		(102,057	)		(99,070	)		2,872
SOLUM Co., Ltd.	OBFR01	Monthly	JPMorgan Chase	05/27/2026	7,395		(86,201	)		(85,152	)		978
STMicroelectronics NV	ESTRON	Monthly	JPMorgan Chase	01/20/2027	3,621		(92,853	)		(94,635	)		(1,531)
TechWing, Inc.	OBFR01	Monthly	JPMorgan Chase	01/20/2027	4,498		(126,735	)		(143,156	)		(16,483)
Vitec Software Group AB, Class B	STIB1D	Monthly	JPMorgan Chase	01/20/2027	3,262		(106,744	)		(109,158	)		(1,436)



bridgewayfunds.com		55

Global Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Total Return Swaps - Short ((0.76)%) (continued)

Reference Entity	Receive	Payment Frequency	Counterparty	Maturity Date	Number of Contracts (Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*

Information Technology – (continued)
VTEX, Class A	OBFR01	Monthly	JPMorgan Chase	12/01/2026	26,300	$	(102,044	)	$	(98,888	)	$	3,390
Weimob, Inc.	HIHDO/N	Monthly	JPMorgan Chase	01/20/2027	562,000		(129,792	)		(133,319	)		(3,693)
WiseTech Global, Ltd.	RBACOR	Monthly	JPMorgan Chase	12/02/2026	2,915		(140,409	)		(132,529	)		8,977
Xero, Ltd.	RBACOR	Monthly	JPMorgan Chase	12/31/2026	1,624		(123,782	)		(123,024	)		1,687
X-Fab Silicon Foundries SE	ESTRON	Monthly	JPMorgan Chase	01/20/2027	21,931		(128,810	)		(132,570	)		(3,561)
Xiaomi Corp., Class B	HIHDO/N	Monthly	JPMorgan Chase	12/30/2026	24,400		(128,889	)		(123,143	)		5,896
Xinyi Solar Holdings, Ltd.	HIHDO/N	Monthly	JPMorgan Chase	01/20/2027	224,000		(84,578	)		(85,680	)		(1,075)

							(4,699,219	)		(4,668,931	)		49,571

Materials
Advanced Petrochemical Co.	OBFR01	Monthly	JPMorgan Chase	10/07/2026	9,611		(76,011	)		(74,668	)		1,269
Alpha HPA, Ltd.	RBACOR	Monthly	JPMorgan Chase	07/14/2026	265,909		(127,059	)		(137,140	)		(9,458)
Aspen Aerogels, Inc.	OBFR01	Monthly	JPMorgan Chase	12/29/2026	40,348		(133,148	)		(114,185	)		19,232
Braskem SA	OBFR01	Monthly	JPMorgan Chase	10/07/2026	66,900		(97,799	)		(95,676	)		1,973
China Steel Corp.	OBFR01	Monthly	JPMorgan Chase	08/05/2026	185,000		(108,567	)		(111,773	)		(3,019)
Chung Hung Steel Corp.	OBFR01	Monthly	JPMorgan Chase	06/17/2026	227,000		(108,100	)		(113,678	)		(5,611)
Cia Siderurgica Nacional SA	OBFR01	Monthly	JPMorgan Chase	08/05/2026	81,400		(143,421	)		(131,732	)		11,964
Collective Mining, Ltd.	CAONREPO	Monthly	JPMorgan Chase	12/30/2026	7,200		(84,773	)		(104,914	)		(19,458)
Develop Global, Ltd.	RBACOR	Monthly	JPMorgan Chase	01/20/2027	46,648		(127,811	)		(144,124	)		(15,074)
Elkem ASA	NOWA	Monthly	JPMorgan Chase	01/20/2027	46,771		(133,600	)		(141,038	)		(6,190)
Foran Mining Corp.	CAONREPO	Monthly	JPMorgan Chase	05/04/2026	49,900		(149,133	)		(183,233	)		(32,713)
GCC SAB de CV	MXIBTIIE	Monthly	JPMorgan Chase	12/29/2026	5,600		(58,500	)		(56,791	)		2,568
Givaudan SA	SSARON	Monthly	JPMorgan Chase	09/09/2026	29		(119,375	)		(114,731	)		6,197
i-80 Gold Corp.	CAONREPO	Monthly	JPMorgan Chase	01/19/2027	33,497		(50,198	)		(49,298	)		1,084
Ivanhoe Mines, Ltd., Class A	CAONREPO	Monthly	JPMorgan Chase	01/19/2027	9,656		(95,579	)		(109,818	)		(13,887)
Jinchuan Group International Resources Co., Ltd.Δ#	HIHDO/N	Monthly	JPMorgan Chase	04/15/2026	652,000		(53,624	)		(53,616	)		(45)
KGHM Polska Miedz SA	WIBOON	Monthly	JPMorgan Chase	01/21/2026	692		(46,047	)		(53,767	)		(7,125)
Lenzing AG	ESTRON	Monthly	JPMorgan Chase	10/07/2026	3,702		(97,188	)		(101,254	)		(3,230)



56		Semi-Annual Report \| December 31, 2025 (Unaudited)

Global Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Total Return Swaps - Short ((0.76)%) (continued)

Reference Entity	Receive	Payment Frequency	Counterparty	Maturity Date	Number of Contracts (Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*

Materials – (continued)
Lithium Americas Corp.	CAONREPO	Monthly	JPMorgan Chase	12/30/2026	26,700	$	(137,042	)	$	(116,134	)	$	22,158
LunR Royalties Corp.	CAONREPO	Monthly	JPMorgan Chase	11/24/2026	1,600		0			(15,213	)		(15,213)
Maanshan Iron & Steel Co., Ltd., Class H	HIHDO/N	Monthly	JPMorgan Chase	12/30/2026	432,000		(130,577	)		(139,580	)		(8,962)
NGEx Minerals, Ltd.	CAONREPO	Monthly	JPMorgan Chase	10/06/2026	7,700		(134,906	)		(143,616	)		(7,381)
Novonesis Novozymes B	DKDR1T	Monthly	JPMorgan Chase	10/07/2026	1,658		(102,024	)		(106,080	)		(3,018)
Petronas Chemicals Group Bhd	OBFR01	Monthly	JPMorgan Chase	12/30/2026	178,700		(143,133	)		(159,562	)		(16,481)
Saudi Kayan Petrochemical Co.	OBFR01	Monthly	JPMorgan Chase	11/03/2026	83,579		(114,028	)		(105,322	)		8,595
Seabridge Gold, Inc.	CAONREPO	Monthly	JPMorgan Chase	12/30/2026	4,441		(128,867	)		(131,656	)		(1,894)
Sika AG	SSARON	Monthly	JPMorgan Chase	04/15/2026	479		(94,111	)		(97,249	)		(1,913)
Soulbrain Co., Ltd.	OBFR01	Monthly	JPMorgan Chase	01/20/2027	286		(49,125	)		(51,943	)		(2,816)
Svenska Cellulosa AB SCA, Class B	STIB1D	Monthly	JPMorgan Chase	05/26/2026	10,012		(129,240	)		(132,778	)		(1,899)
Syensqo SA	ESTRON	Monthly	JPMorgan Chase	12/30/2026	1,015		(81,109	)		(81,300	)		655
Symrise AG	ESTRON	Monthly	JPMorgan Chase	09/09/2026	1,251		(97,871	)		(101,358	)		(2,449)
Taseko Mines, Ltd.	CAONREPO	Monthly	JPMorgan Chase	12/30/2026	23,559		(122,961	)		(133,367	)		(9,125)
USA Rare Earth, Inc.	OBFR01	Monthly	JPMorgan Chase	12/29/2026	8,600		(134,671	)		(102,340	)		32,423
WA1 Resources, Ltd.	RBACOR	Monthly	JPMorgan Chase	01/20/2027	10,890		(127,374	)		(143,068	)		(14,687)
West China Cement, Ltd.	HIHDO/N	Monthly	JPMorgan Chase	01/20/2027	204,000		(75,691	)		(81,422	)		(5,713)
West Fraser Timber Co., Ltd.	CAONREPO	Monthly	JPMorgan Chase	06/16/2026	1,776		(109,515	)		(108,652	)		1,328

							(3,722,178	)		(3,842,076	)		(97,915)

Real Estate
Electra Real Estate, Ltd.	SHIR	Monthly	JPMorgan Chase	09/09/2026	8,483		(116,209	)		(125,673	)		(7,631)
Entra ASA	NOWA	Monthly	JPMorgan Chase	01/20/2027	9,315		(103,640	)		(106,827	)		(2,219)
Fastighets AB Balder	STIB1D	Monthly	JPMorgan Chase	12/30/2026	16,956		(119,692	)		(125,157	)		(4,177)
FastPartner AB, Class A	STIB1D	Monthly	JPMorgan Chase	04/15/2026	20,956		(104,380	)		(107,713	)		(1,983)
Goodman Group	RBACOR	Monthly	JPMorgan Chase	12/31/2026	6,230		(119,987	)		(128,202	)		(7,841)
Iguatemi SA	OBFR01	Monthly	JPMorgan Chase	05/13/2026	22,800		(107,334	)		(106,254	)		1,284
International Workplace Group PLC	SONIO/N	Monthly	JPMorgan Chase	10/07/2026	42,756		(124,727	)		(133,306	)		(6,827)
Israel Canada T.R, Ltd.	SHIR	Monthly	JPMorgan Chase	08/05/2026	23,242		(116,302	)		(120,406	)		(2,142)



bridgewayfunds.com		57

Global Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Showing percentage of net assets as of December 31, 2025


Total Return Swaps - Short ((0.76)%) (continued)

Reference Entity	Receive	Payment Frequency	Counterparty	Maturity Date	Number of Contracts (Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*

Real Estate – (continued)
KE Holdings, Inc., Class A	HIHDO/N	Monthly	JPMorgan Chase	10/07/2026	23,700	$	(132,829	)	$	(125,348	)	$	7,638
Kojamo Oyj	ESTRON	Monthly	JPMorgan Chase	09/09/2026	9,122		(108,853	)		(109,667	)		321
Longfor Group Holdings, Ltd.	HIHDO/N	Monthly	JPMorgan Chase	11/03/2026	91,500		(109,354	)		(100,867	)		8,659
Mabanee Co. KPSC	OBFR01	Monthly	JPMorgan Chase	10/08/2026	18,465		(64,945	)		(65,389	)		(359)
PEXA Group, Ltd.	RBACOR	Monthly	JPMorgan Chase	06/17/2026	6,012		(57,813	)		(53,814	)		4,433
Shenzhen Investment, Ltd.	HIHDO/N	Monthly	JPMorgan Chase	01/20/2027	512,000		(54,577	)		(51,923	)		2,729
Wharf Holdings, Ltd. (The)	HIHDO/N	Monthly	JPMorgan Chase	01/21/2026	19,000		(55,230	)		(53,073	)		2,233

							(1,495,872	)		(1,513,619	)		(5,882)

Utilities
ACWA Power Co.	OBFR01	Monthly	JPMorgan Chase	01/20/2027	2,612		(128,254	)		(126,529	)		1,807
Auren Energia SA	OBFR01	Monthly	JPMorgan Chase	06/17/2026	54,300		(121,305	)		(117,703	)		3,839
EDP Renovaveis SA	ESTRON	Monthly	JPMorgan Chase	01/07/2027	9,653		(131,372	)		(136,323	)		(3,580)
Energix-Renewable Energies, Ltd.	SHIR	Monthly	JPMorgan Chase	01/20/2027	21,418		(113,143	)		(108,405	)		5,678
Enlight Renewable Energy, Ltd.	SHIR	Monthly	JPMorgan Chase	01/07/2027	3,335		(130,827	)		(151,610	)		(18,542)
OPC Energy, Ltd.	SHIR	Monthly	JPMorgan Chase	02/18/2026	3,858		(77,697	)		(90,292	)		(11,259)
Orsted AS	DKDR1T	Monthly	JPMorgan Chase	12/02/2026	6,364		(135,147	)		(121,485	)		15,103
Scatec ASA	NOWA	Monthly	JPMorgan Chase	12/30/2026	9,448		(94,255	)		(99,320	)		(4,182)
Voltalia SA	ESTRON	Monthly	JPMorgan Chase	01/20/2027	15,779		(131,642	)		(144,090	)		(11,944)

							(1,063,642	)		(1,095,757	)		(23,080)

Total Reference Entity - Short						$	(34,364,202	)	$	(34,825,795	)	$	(277,034)

Net Value of Reference Entity						$	1,846,376		$	2,115,812		$	276,798

*	Includes unrealized appreciation (depreciation) on foreign currency translation, open trades, dividend receivables/payables and swap receivables/payables.

#	Illiquid security as determined under procedures approved by the Board of Directors. The aggregate value of illiquid securities is $(245,259), which is -0.67% of total net assets.

Δ	Security was fair valued using significant unobservable inputs. As such, the security is classified as Level 3 in the fair value hierarchy.


BUBOR01M		- National Bank of Hungary Budapest Interbank Offered Rates 1 Month
BBSW1M		- Australian Bank Bill Short Term Rates 1 Month
CAONREPO		- Canadian Overnight Repo Rate Average
CIBO01M		- Copenhagen Interbank Offered Rates 1 Month
ESTRON		- Euro Short Term Rate Volume Weighted Trimmed Mean Rate
HIHD01M		- Hong King Interbank Offered Rate Fixings 1 Month
HIHDO/N		- Hong King Interbank Offered Rate Fixings Overnight
JIBA1M		- South Africa Johannesburg Interbank Agreed Rate 1 Month



58		Semi-Annual Report \| December 31, 2025 (Unaudited)

STATEMENTS OF OPERATIONS

Six Months Ended December 31, 2025


	Aggressive Investors 1			Ultra-Small Company

INVESTMENT INCOME

Dividends	$	1,209,788		$	431,010

Less: foreign taxes withheld		(3,343	)		(4,335	)

Interest		17,286			9,006

Securities lending		4,606			163,833

Total Investment Income		1,228,337			599,514

EXPENSES

Investment advisory fees - Base fees		976,108			411,225

Investment advisory fees - Performance adjustment		(256,759	)		–

Administration fees		7,336			3,090

Accounting fees		39,869			32,169

Transfer agent fees		77,190			34,615

Audit fees		9,006			6,265

Legal fees		19,876			8,375

Custody fees		1,782			3,621

Blue sky fees		13,138			5,727

Directors’ and officers’ fees		18,116			7,851

Shareholder servicing fees		54,270			13,281

Reports to shareholders		14,507			10,259

Insurance expenses		10,876			4,609

Miscellaneous expenses		9,799			5,178

Total Expenses		995,114			546,265

Less investment advisory fees waived and other expenses reimbursed		–			–

Net Expenses		995,114			546,265

NET INVESTMENT INCOME		233,223			53,249

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

Realized Gain (Loss) on:

Investments		11,005,067			3,816,135

Swaps		–			–

Foreign Currency Transactions		(221	)		–

Net Realized Gain		11,004,846			3,816,135

Change in Unrealized Appreciation (Depreciation) on:

Investments		6,547,376			5,248,018

Swaps		–			–

Foreign Currency Translations		–			–

Net Change in Unrealized Appreciation (Depreciation)		6,547,376			5,248,018

Net Realized and Unrealized Gain on Investments		17,552,222			9,064,153

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	17,785,445		$	9,117,402

See Notes to Financial Statements.



62		bridgewayfunds.com

FINANCIAL HIGHLIGHTS

(for a share outstanding throughout each period indicated)

AGGRESSIVE INVESTORS 1


	For the Six Months Ended 12/31/25 (Unaudited)	Year Ended June 30
	For the Six Months Ended 12/31/25 (Unaudited)	2025	2024	2023	2022	2021

Net Asset Value, Beginning of Period	$104.72	$85.73	$67.40	$57.61	$82.61	$56.59


Income from Investment Operations:

Net Investment Income(a)	0.12	0.31	0.57	0.78	0.69	0.86

Net Realized and Unrealized Gain (Loss)	8.77	21.75	18.40	9.88	(18.56)	25.88


Total from Investment Operations	8.89	22.06	18.97	10.66	(17.87)	26.74


Less Distributions to Shareholders from:

Net Investment Income	(0.42)	(0.52)	(0.64)	(0.87)	(0.83)	(0.72)

Net Realized Gain	(17.64)	(2.55)	–	–	(6.30)	–


Total Distributions	(18.06)	(3.07)	(0.64)	(0.87)	(7.13)	(0.72)


Net Asset Value, End of Period	$95.55	$104.72	$85.73	$67.40	$57.61	$82.61


Total Return	8.63%(b)	25.88%	28.34%	18.66%	(23.81%)	47.48%

Ratios and Supplemental Data:

Net Assets, End of Period (in 000’s)	$213,576	$210,788	$178,387	$150,893	$135,510	$190,248

Expenses Before Waivers and Reimbursements(c)	0.92%(d)	0.86%	0.46%	0.32%	0.39%	0.34%

Expenses After Waivers and Reimbursements	0.92%(d)	0.86%	0.46%	0.32%	0.39%	0.34%

Net Investment Income After Waivers and Reimbursements	0.22%(d)	0.33%	0.76%	1.25%	0.90%	1.22%

Portfolio Turnover Rate	36%(b)	61%	65%	81%	64%	88%

(a)	Per share amounts calculated based on the average daily shares outstanding during the period.

(b)	Not annualized.

(c)

Expense ratios are lower in some past periods when compared to current period, due to a significant negative performance adjustment to the investment advisor fee. Please refer to Note 3 of the Notes to Financial Statements for further information. The rate shown may not be indicative of the rate going forward.

(d)	Annualized for periods less than one year.

See Notes to Financial Statements.



Semi-Annual Report \| December 31, 2025 (Unaudited)		67

FINANCIAL HIGHLIGHTS

(for a share outstanding throughout each period indicated)

ULTRA-SMALL COMPANY


	For the Six Months Ended 12/31/25 (Unaudited)	Year Ended June 30
	For the Six Months Ended 12/31/25 (Unaudited)	2025	2024	2023	2022	2021

Net Asset Value, Beginning of Period	$31.81	$27.35	$27.27	$29.31	$46.46	$22.06


Income from Investment Operations:

Net Investment Income (Loss)(a)	0.02	(0.01)	(0.02)	(0.02)	0.19	0.16

Net Realized and Unrealized Gain (Loss)	3.40	5.28	1.52	2.69	(9.11)	24.24


Total from Investment Operations	3.42	5.27	1.50	2.67	(8.92)	24.40


Less Distributions to Shareholders from:

Net Investment Income	(0.11)	(0.06)	–	–	(0.24)	–

Net Realized Gain	(3.26)	(0.75)	(1.42)	(4.71)	(7.99)	–


Total Distributions	(3.37)	(0.81)	(1.42)	(4.71)	(8.23)	–


Net Asset Value, End of Period	$31.86	$31.81	$27.35	$27.27	$29.31	$46.46(b)


Total Return	10.62%(c)	19.07%	5.71%	10.37%	(21.04%)	110.61%

Ratios and Supplemental Data:

Net Assets, End of Period (in 000’s)	$90,468	$86,551	$77,765	$82,395	$78,488	$109,592

Expenses Before Waivers and Reimbursements	1.20%(d)	1.21%	1.22%	1.20%	1.15%	1.19%

Expenses After Waivers and Reimbursements	1.20%(d)	1.21%	1.22%	1.20%	1.15%	1.19%

Net Investment Income (Loss) After Waivers and Reimbursements	0.12%(d)	(0.03%)	(0.06%)	(0.06%)	0.50%	0.48%

Portfolio Turnover Rate	36%(c)	65%	72%	74%	109%	82%

(a)	Per share amounts calculated based on the average daily shares outstanding during the period.

(b)	Includes adjustments in accordance with accounting principles generally accepted in the United States; consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(c)	Not annualized.

(d)	Annualized for periods less than one year.

See Notes to Financial Statements.



68		bridgewayfunds.com

FINANCIAL HIGHLIGHTS

(for a share outstanding throughout each period indicated)

ULTRA-SMALL COMPANY MARKET


	For the Six Months Ended 12/31/25 (Unaudited)	Year Ended June 30
	For the Six Months Ended 12/31/25 (Unaudited)	2025	2024	2023	2022	2021

Net Asset Value, Beginning of Period	$12.24	$10.83	$10.60	$10.83	$19.61	$9.96


Income from Investment Operations:

Net Investment Income(a)	0.06	0.10	0.07	0.09	0.13	0.13

Net Realized and Unrealized Gain (Loss)	3.21	1.39	0.26	(0.10)	(5.43)	9.98


Total from Investment Operations	3.27	1.49	0.33	(0.01)	(5.30)	10.11


Less Distributions to Shareholders from:

Net Investment Income	(0.16)	(0.08)	(0.10)	(0.11)	(0.12)	(0.14)

Net Realized Gain	–	–	–	(0.11)	(3.39)	(0.35)


Total Distributions	(0.16)	(0.08)	(0.10)	(0.22)	(3.51)	(0.49)


Paid-in Capital from Redemption Fees(a)	0.01	0.00(b)	0.00(b)	0.00(b)	0.03	0.03


Net Asset Value, End of Period	$15.36	$12.24	$10.83	$10.60	$10.83	$19.61


Total Return	26.76%(c)(d)	13.69%(d)	3.17%(d)	(0.01%)(d)	(30.38%)(d)	103.83%

Ratios and Supplemental Data:

Net Assets, End of Period (in 000’s)	$127,064	$106,495	$167,479	$184,604	$189,304	$386,516

Expenses Before Waivers and Reimbursements	0.86%(e)	0.83%	0.79%	0.78%	0.78%	0.75%

Expenses After Waivers and Reimbursements	0.75%(e)	0.75%	0.75%	0.75%	0.75%	0.75%

Net Investment Income After Waivers and Reimbursements	0.79%(e)	0.85%	0.63%	0.88%	0.85%	0.83%

Portfolio Turnover Rate	21%(c)	39%	44%	58%	47%	52%

(a)	Per share amounts calculated based on the average daily shares outstanding during the period.

(b)	Amount represents less than $0.005.

(c)	Not annualized.

(d)	Total return would have been lower had various fees not been waived during the period.

(e)	Annualized for periods less than one year.

See Notes to Financial Statements.



Semi-Annual Report \| December 31, 2025 (Unaudited)		69

FINANCIAL HIGHLIGHTS

(for a share outstanding throughout each period indicated)

SMALL-CAP VALUE


	For the Six Months Ended 12/31/25 (Unaudited)	Year Ended June 30
	For the Six Months Ended 12/31/25 (Unaudited)	2025	2024	2023	2022	2021

Net Asset Value, Beginning of Period	$35.03	$37.41	$36.15	$32.79	$36.49	$16.52


Income from Investment Operations:

Net Investment Income(a)	0.23	0.35	0.33	0.53	0.15	0.12

Net Realized and Unrealized Gain (Loss)	4.16	0.10(b)	1.95	3.16	(2.12)	20.05


Total from Investment Operations	4.39	0.45	2.28	3.69	(1.97)	20.17


Less Distributions to Shareholders from:

Net Investment Income	(0.34)	(0.63)	(0.36)	(0.33)	(0.10)	(0.20)

Net Realized Gain	(0.47)	(2.20)	(0.66)	–	(1.63)	–


Total Distributions	(0.81)	(2.83)	(1.02)	(0.33)	(1.73)	(0.20)


Net Asset Value, End of Period	$38.61	$35.03	$37.41	$36.15	$32.79	$36.49


Total Return	12.49%(c)(d)	0.19%	6.36%	11.30%	(5.81%)	122.77%

Ratios and Supplemental Data:

Net Assets, End of Period (in 000’s)	$320,104	$352,177	$487,790	$546,334	$422,713	$290,686

Expenses Before Waivers and Reimbursements	0.94%(e)(f)	0.90%	0.88%	0.86%(f)	0.83%	0.91%

Expenses After Waivers and Reimbursements	0.94%(e)(f)	0.90%	0.88%	0.86%(f)	0.83%	0.91%

Net Investment Income After Waivers and Reimbursements	1.23%(e)	0.93%	0.91%	1.51%	0.42%	0.40%

Portfolio Turnover Rate	41%(c)	63%	56%	61%	95%	91%

(a)	Per share amounts calculated based on the average daily shares outstanding during the period.

(b)	The per share amount does not correlate with the aggregate realized and unrealized gain (loss) due to the timing of the Fund share sales and repurchases in relation to market value fluctuation of the underlying investments.

(c)	Not annualized.

(d)	Total return would have been lower had various fees not been waived during the period.

(e)	Annualized for periods less than one year.

(f)	Includes interest expense of 0.01%.

See Notes to Financial Statements.



70		bridgewayfunds.com

FINANCIAL HIGHLIGHTS

(for a share outstanding throughout each period indicated)

OMNI SMALL-CAP VALUE


	For the Six Months Ended 12/31/25 (Unaudited)	Year Ended June 30
	For the Six Months Ended 12/31/25 (Unaudited)	2025	2024	2023	2022	2021

Net Asset Value, Beginning of Period	$17.10	$18.43	$17.33	$20.15	$22.03	$11.44


Income from Investment Operations:

Net Investment Income(a)	0.16	0.33	0.32	0.37	0.28	0.21

Net Realized and Unrealized Gain (Loss)	2.75	0.10	2.40	0.67	(1.23)	10.57


Total from Investment Operations	2.91	0.43	2.72	1.04	(0.95)	10.78


Less Distributions to Shareholders from:

Net Investment Income	(0.30)	(0.33)	(0.29)	(0.32)	(0.41)	(0.19)

Net Realized Gain	(1.52)	(1.43)	(1.33)	(3.54)	(0.52)	–


Total Distributions	(1.82)	(1.76)	(1.62)	(3.86)	(0.93)	(0.19)


Net Asset Value, End of Period	$18.19	$17.10	$18.43	$17.33	$20.15	$22.03


Total Return(b)	16.79%(c)	1.15%	15.93%	5.04%	(4.65%)	94.92%

Ratios and Supplemental Data:

Net Assets, End of Period (in 000’s)	$1,147,133	$1,073,427	$1,198,726	$1,119,720	$1,158,941	$1,271,035

Expenses Before Waivers and Reimbursements	0.62%(d)	0.64%	0.63%	0.66%	0.66%	0.68%

Expenses After Waivers and Reimbursements	0.47%(d)	0.47%	0.47%	0.47%	0.47%	0.47%

Net Investment Income After Waivers and Reimbursements	1.69%(d)	1.82%	1.78%	1.93%	1.25%	1.29%

Portfolio Turnover Rate	17%(c)	31%	26%	38%	30%	21%

(a)	Per share amounts calculated based on the average daily shares outstanding during the period.

(b)	Total return would have been lower had various fees not been waived during the period.

(c)	Not annualized.

(d)	Annualized for periods less than one year.

See Notes to Financial Statements.



Semi-Annual Report \| December 31, 2025 (Unaudited)		71

NOTES TO FINANCIAL STATEMENTS

December 31, 2025 (Unaudited)

1. Organization

Bridgeway Funds, Inc. (“Bridgeway” or the “Company”) was organized as a Maryland corporation on October 19, 1993, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Bridgeway is organized as a series fund, with six investment funds as of December 31, 2025.

Bridgeway is authorized to issue 1,915,000,000 shares of common stock at $0.001 per share. As of December 31, 2025, 15,000,000 shares have been classified into the Ultra-Small Company Fund. 100,000,000 shares each have been classified into the Aggressive Investors 1, Ultra-Small Company Market, Small-Cap Value, Omni Small-Cap Value and Global Opportunities Funds.

The Ultra-Small Company Fund is open to existing investors.

The Funds are no-load, diversified funds.

The Aggressive Investors 1 Fund seeks to exceed the stock market total return (primarily through capital appreciation) at a level of total risk roughly equal to that of the stock market over longer periods of time (three-year intervals or more).

The Ultra-Small Company, Ultra-Small Company Market, Small-Cap Value, and Omni Small-Cap Value Funds seek to provide a long-term total return-on-capital, primarily through capital appreciation.

The Global Opportunities Fund seeks long-term positive absolute returns while limiting exposure to general stock market risk.

Bridgeway Capital Management, LLC (the “Adviser”) is the investment adviser for all of the Funds.

2. Significant Accounting Policies:

Following is a summary of significant accounting policies that are followed in the preparation of the financial statements of the Funds. They are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Each Fund is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

Securities, Options, Futures, and Other Investments Valuation Securities for which market quotations are readily available are valued at the last sale price on the national exchange on which such securities are primarily traded. In the case of securities reported on the National Association of Securities Dealers Automated Quotation (“Nasdaq”) system, the securities are valued based on the Nasdaq Official Closing Price (“NOCP”). In the absence of recorded sales on their primary exchange, or NOCP, in the case of Nasdaq traded securities, the security will be valued as follows: bid prices for long positions and ask prices for short positions.

OTC derivatives, including swap contracts, are fair valued by the Funds on a daily basis using observable inputs, such as quotations provided by an independent pricing service, the counterparty, dealers or brokers, whenever available and considered reliable. The value of each equity swap contract is derived from a combination of (i) the net value of the underlying positions, which are valued daily using either the last sale or closing price on the principal exchange on which the securities are traded or a fair value provided by an independent pricing service; (ii) financing costs; (iii) the value of dividends or accrued interest; (iv) cash balances within the swap; and (v) other factors, as applicable.

Investments in open-end registered investment companies and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value (“NAV”) per share.

Investments in closed-end registered investment companies that trade on an exchange are valued at the last sales price as of the close of the customary trading session on the exchange where the security is principally traded.

When market quotations are not readily available or when events occur that make established valuation methods unreliable, securities of the Funds may be valued at fair value as determined in good faith by or under the direction of the Board of



Semi-Annual Report \| December 31, 2025 (Unaudited)		73

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2025 (Unaudited)

Directors. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the “valuation designee” to make all necessary determinations of fair value. The valuation assigned to a fair valued security for purposes of calculating the Funds’ NAVs may differ from the security’s most recent closing market price and from the prices used by other mutual funds to calculate their NAVs.

The inputs and valuation techniques used to determine the value of a Fund’s investments are summarized into three levels as described in the hierarchy below:

●

Level 1 – quoted prices in active markets for identical assets

Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equity securities. The Adviser does not adjust the quoted price for such investments, even in situations where the Funds hold a large position and a sale could reasonably impact the quoted price.

●

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations, or valuations provided by alternative pricing sources supported by observable inputs, are classified as Level 2 prices. These generally include certain US Government and sovereign obligations, most government agency securities, investment-grade corporate bonds, swap contracts and less liquid listed equity securities. As investments whose values are classified as Level 2 prices include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

●

Level 3 – significant unobservable inputs (including the Adviser’s own assumptions in determining the fair value of investments)

Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not available for these securities, the Adviser uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Adviser in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Adviser in the absence of market information. Assumptions used by the Adviser due to the lack of observable inputs may significantly impact the resulting value and therefore the results of the Funds’ operations.

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value the Funds’ investments as of December 31, 2025 is included with each Fund’s Schedule of Investments.

Details regarding material transfers into, and material transfers out of, Level 3, if any, can be found at the end of each Schedule of Investments for Funds that held Level 3 securities.

Securities Lending Upon lending its securities to third parties, each participating Fund receives compensation in the form of fees. The loans are secured by collateral at least equal to the fair value of the securities loaned plus accrued interest. The remaining contractual maturity of all securities lending transactions is overnight and continuous. Each Fund has the right under the lending agreement to recover the securities from the borrower on demand. Additionally, a Fund does not have the right to sell or re-pledge collateral received in the form of securities unless the borrower goes into default. The risks to a Fund of securities lending are that the borrower may not provide additional collateral when required or return the securities when due, resulting in a loss. Under the terms of the Securities Lending Agreement, the Funds are indemnified for such losses by the securities lending agent. The Global Opportunities Fund does not participate in the securities lending program.



74		bridgewayfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2025 (Unaudited)

The following table summarizes the securities received as non-cash collateral and cash collateral for securities lending:


	Non-Cash Collateral

Fund	Collateral Type		Coupon Range		Maturity Date Range		Market Value		Cash Collateral		Total Collateral		Market Value of Securities on Loan

Aggressive Investors 1
Securities lending		U.S.Gov’t		0.13%-		01/15/26-
		Obligations		5.00%		5/15/54		$8,046,007		$–		$8,046,007		$7,807,272
Ultra-Small Company
Securities lending		U.S.Gov’t		0.00%-		01/15/26-
		Obligations		6.25%		5/15/54		$6,622,671		$7,548,838		$14,171,509		$13,504,800
Ultra-Small Company Market
Securities lending		U.S.Gov’t		0.00%-		01/15/26-
		Obligations		6.25%		05/15/55		$9,135,164		$13,266,582		$22,401,746		$21,433,639
Small-Cap Value
Securities lending		U.S.Gov’t		0.00%-		1/15/26-
		Obligations		5.00%		2/15/55		$30,522,453		$–		$30,522,453		$29,638,786
Omni Small-Cap Value
Securities lending		U.S.Gov’t		0.00%-		01/15/26-
		Obligations		7.00%		11/1/55		$155,875,602		$4,341,456		$160,217,058		$155,352,708

It is each Fund’s policy to obtain additional collateral from, or return excess collateral to, the borrower by the end of the next business day following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than that required under the lending contract. As of December 31, 2025, the collateral consisted of an institutional government money market fund and US Government Obligations.

Use of Estimates in Financial Statements In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities on the date of the financial statements and the disclosure of contingent assets and liabilities on the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Segment Reporting Each Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the standard impacted financial statement disclosures only and did not affect each Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance. Each Fund’s officers collectively act as each Fund’s CODM. Each Fund operates as a single operating segment. Each Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

Concentrations of Credit Risk The Funds maintain cash and securities in its custody account, maintained by a high-credit, quality financial institution. Cash balances may, at times, exceed the FDIC insurance limit. Cash balances are generally invested in a short-term investment vehicle, which minimizes the risk of cash balances exceeding the FDIC insurance limit. Additionally, deposits with brokers may, at times, exceed the SIPC insurance limit.

Sector Concentration Risk Companies with similar characteristics may be grouped together in broad categories called sectors. Although each Fund seeks investments across a number of sectors, from time to time, based on economic conditions, each Fund may have significant positions in particular sectors. A certain sector may underperform other sectors or the market as a whole. As more assets are held in a specific sector, a Fund’s performance will be more susceptible to any economic, business or other developments which generally affect that sector.



76		bridgewayfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2025 (Unaudited)

As of December 31, 2025, Funds with net assets of 25% or greater in a particular sector were as follows:


Fund	Sector	% Net Assets at December 31, 2025
Aggressive Investors 1 Fund	Information Technology	34.12%
Ultra-Small Company Fund	Health Care	30.77%
Ultra-Small Company Market Fund	Health Care	33.50%
Small-Cap Value Fund	Financials	30.65%
Omni Small-Cap Value Fund	Financials	35.04%

Risks and Uncertainties The Funds provide for various investment options, including stocks, bonds, futures, and call and put options. Such investments are exposed to risks, such as interest rate, market, and credit risks. Due to the risks involved, it is at least reasonably possible that changes in risks in the near term would materially affect shareholders’ account values and the amounts reported in the financial statements.

Security Transactions, Investment Income, and Expenses Security transactions are accounted for as of the trade date, the date the order to buy or sell is executed. Realized gains and losses are computed on the identified cost basis. Dividend income is recorded on the ex-dividend date, and interest income is recorded on the accrual basis from settlement date. Income from the securities lending program is recorded when earned from the securities lending agent and reflected in the Statement of Operations under “Securities lending.”

Fund expenses that are not series-specific are allocated to each series based upon its relative proportion of net assets to the Funds’ total net assets or other appropriate basis.

Distributions to Shareholders The Funds pay dividends from net investment income and distribute realized capital gains annually, usually in December.

Derivatives The Funds’ use of derivatives for the period ended December 31, 2025 was limited to total return swap contracts. The following is a summary of how these derivatives are treated in the financial statements and their impact on the Funds, categorized by primary underlying risk.


Primary Underlying Risk/Fund	Derivative Assets	Derivative Liabilities	Location on Statement of Assets and Liabilities
Equity Risk
Global Opportunities Fund:
Total Return Swaps- Long	$1,110,262	$556,430	Swaps, at value
Total Return Swaps- Short	625,650	902,684	Swaps, at value



Semi-Annual Report \| December 31, 2025 (Unaudited)		77


NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2025 (Unaudited)

The derivative instruments outstanding as of December 31, 2025, as disclosed in the Schedule of Investments, and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the period ended December 31, 2025, as disclosed in the Statements of Operations, serve as indicators of the volume of derivatives activity for the Funds.

Total Return Swap Contracts The Global Opportunities Fund invests in total return swap contracts to obtain exposure to the underlying referenced security without actually owning the underlying position. Total Return Swap Contracts give the Global Opportunities Fund the right to receive the appreciation in value of an underlying asset in return for paying a fee to the counterparty. The fee paid by the fund will typically be determined by multiplying the face value of the swap agreement by an agreed-upon interest rate. To the extent the total return of the security underlying the transaction exceeds (or falls short of) the offsetting interest rate obligations the fund will receive a payment from (or make a payment to) the counterparty. Total return swap contracts are marked to market daily and the change in market value, if any, is reported as a change in unrealized appreciation (depreciation) on swap contracts in the Statement of Operations. Periodic payments received (paid) by the fund is reported as realized gains (losses) on swap contracts on the Statement of Operations. Total return swap contracts outstanding as of December 31, 2025 are disclosed on the Global Opportunities Fund Schedule of Investments.

Collateral related to enforceable master netting arrangements is held in a tri-party custody account at The Bank of New York Mellon for the benefit of the counterparty. As of December 31, 2025, the collateral consisted of cash invested in a money market fund. The collateral is not available for the Fund’s use and is returned upon settlement or termination of the related obligations.

The following table is summary of the Global Opportunities Funds’ derivatives asset and liabilities, which are subject to netting agreement as of December 31, 2025:

Gross Amount Not Offset
in the Statements of
Assets and Liabilities

Bridgeway Fund

Gross
Amounts of
Recognized
Assets/
(Liabilities)

Gross
Amounts
Offset in the
Statements
of Assets and
Liabilities

Net Amounts of
Assets Presented
in the Statements
of Assets and
Liabilities

Financial
Instruments

Collateral
Pledged/
(Received)

Net Amount

Global Opportunities

$1,735,912

$1,459,114

$276,798

$–

$276,798

Indemnification Under the Company’s organizational documents, the Funds’ officers, directors, employees and agents are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

3. Advisory Fees and Other Related Party Transactions:

The Funds have entered into management agreements with the Adviser. As compensation for the advisory services rendered, facilities furnished, and expenses borne by the Adviser, the Funds pay the Adviser a fee pursuant to each Fund’s management agreement, as described below.

Aggressive Investors 1 Fund and Small-Cap Value Fund each have management fees that are comprised of a base fee, which is applied to the Fund’s average annual net assets, and a performance adjustment, which adjusts the fee upward or downward depending on a Fund’s performance relative to the applicable market index over a rolling five-year performance period, and is applied to the Fund’s average daily net assets over this performance period.



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NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2025 (Unaudited)

Because the performance adjustment is based on a Fund’s performance relative to the applicable market index, and not the Fund’s absolute performance, the performance adjustment could increase the Adviser’s fee even if the Fund’s shares lose value over the performance period, provided that the Fund outperformed its market index, or could decrease the Adviser’s fee even if the Fund’s shares increase in value during the performance period, provided that the Fund underperformed its market index. Also, depending on a Fund’s performance relative to the applicable market index over the rolling five-year performance period, the performance adjustment could increase the Adviser’s fee even if the Fund has experienced underperformance relative to its market index in the short-term, or could decrease the Adviser’s fee even if the Fund has experienced outperformance relative to its market index in the short-term. However, no performance fee adjustment will be applied to the Adviser’s fee if the cumulative difference between a Fund’s performance and that of the applicable market index is less than or equal to 2% over the rolling five-year performance period.

Additionally, because the base fee is applied to average annual net assets, and the performance adjustment is calculated over a rolling five-year performance period, it is possible that if a Fund underperforms the applicable market index significantly over the performance period, and the Fund’s assets have declined significantly over that performance period, the negative performance adjustment may exceed the base fee. In this event, the Adviser would make a payment to the Fund.

Aggressive Investors 1: A total advisory fee is paid by the Fund to the Adviser that is comprised of a Base Fee and a Performance Adjustment. The Base Fee equals the Base Fee Rate times the average daily net assets of the Fund. The Base Fee Rate is based on the following annual rates: 0.90% of the first $250 million of the Fund’s average daily net assets, 0.875% of the next $250 million, 0.85% of the next $500 million and 0.80% of any net assets in excess of $1 billion.

The Performance Adjustment equals 4.67% times the difference in cumulative total return between the Fund and the Standard and Poor’s 500 Composite Stock Price Index with dividends reinvested (hereinafter “Index”) over a rolling five-year performance period. The Performance Adjustment Rate varies from a minimum of -0.70% to a maximum of +0.70%. However, the Performance Adjustment Rate is zero if the difference between the cumulative Fund performance and the Index performance is less than or equal to 2%.

Ultra-Small Company: The Fund pays advisory fees based on the following annual rates: 0.90% of the first $250 million of the Fund’s average daily net assets, 0.875% of the next $250 million and 0.85% of any excess over $500 million. The management fees are computed daily and are payable monthly. However, during any period when the Fund’s net assets range from $27,500,000 to $55,000,000, the advisory fee will be determined as if the Fund had $55,000,000 under management. This is limited to a maximum annualized expense ratio of 1.49% of average net assets.

Ultra-Small Company Market: The Fund’s advisory fee is a flat 0.50% of the value of the Fund’s average daily net assets, computed daily and payable monthly.

Small-Cap Value: A total advisory fee is paid by each Fund to the Adviser that is comprised of a Base Fee and a Performance Adjustment. The Base Fee equals the Base Fee Rate times the average daily net assets of the Fund. The Base Fee Rate is based on the annual rate of 0.60% of the value of each Fund’s average daily net assets.

The Performance Adjustment equals 0.33% times the difference in cumulative total return between the Fund and the Russell 2000 Value Index, with dividends reinvested (hereinafter “Index”) over a rolling five-year performance period. The Performance Adjustment Rate varies from a minimum of -0.05% to a maximum of +0.05%. However, the Performance Adjustment Rate is zero if the difference between the cumulative Fund Performance and the Index performance is less than or equal to 2%.

Omni Small-Cap Value Fund: The Fund’s advisory fee is a flat 0.45% of the value of average daily net assets, computed daily and payable monthly.

Global Opportunities Fund: The Fund’s advisory fee is a flat 1.25% of the value of average daily nets assets, computed daily and payable monthly.

Expense limitations: The Adviser has agreed to reimburse the Funds for operating expenses and management fees above the expense limitations shown in the table below, which are shown as a ratio of net expenses to average net assets, for each



Semi-Annual Report \| December 31, 2025 (Unaudited)		79

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2025 (Unaudited)

Fund, for the period ended December 31, 2025. Any material change to the expense limitation would require a vote by shareholders of the applicable Fund excluding Omni Small-Cap Value fund where the Expense Limitation Agreement of 0.47% may be changed or eliminated only with the consent of the Board of Directors of Bridgeway Funds.


Bridgeway Fund	Expense Limitation		Total Waivers and Reimbursements for Period Ended 12/31/25

Aggressive Investors 1		1.75%		$–
Ultra-Small Company		1.85%		–
Ultra-Small Company Market		0.75%		63,194
Small-Cap Value		0.94%		6,589
Omni Small-Cap Value*		0.47%		886,533

The Fund is authorized to reimburse the Adviser for management fees previously waived and/or for expenses previously paid by the Adviser to meet the expense limitation for each fiscal year provided, however, that any reimbursements must be paid at a date not more than three years after the Adviser waived the fees or reimbursed the expenses and that the reimbursements do not cause the Fund to exceed the expense limitation in effect at the time of the waiver or the current expense limitation, if different. The Omni Small-Cap Value Fund has recoupable expenses of $886,533, $1,953,857, $1,945,822, and $2,244,593, which expire no later than December 31, 2028, June 30, 2028, June 30, 2027, and June 30, 2026, respectively.

The Adviser, pursuant to an Expense Limitation Agreement, has agreed to waive fees and/or pay the Global Opportunities Fund’s expenses, if necessary, ensure that “Other Expenses” (as listed in the Fund’s prospectus fee table and excludes interest, taxes, dividends on short sales, other borrowing costs, interest expense related to short sales, expenses related to class action claims, contingent expenses related to tax reclaim receipts, reorganization expenses and ordinary expenses) do not exceed 0.25% until at least November 1, 2026. The Expense Limitation Agreement can be changed or eliminated only with the consent of the Board of Directors of Bridgeway Funds. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the Expense Limitation Agreement as a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless the total other expense limitation of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Total fees waived pursuant to this Expense Limitation Agreement for the period ended December 31, 2025 was $57,378 which are recoupable no later than December 31, 2028.

Other Related Party Transactions: The Funds will engage in inter-portfolio trades when it is to the benefit of both parties. The Board of Directors reviews a report on inter-portfolio trades quarterly. Inter-portfolio purchases and sales during the period ended December 31, 2025 were as follows:


Bridgeway Fund	Inter-Portfolio Purchases		Inter-Portfolio Sales		Realized Gain (Loss)

Ultra-Small Company	$	–	$	846,451	$	(7,088)
Ultra-Small Company Market		868,164		–		–
Small-Cap Value		–		458,350		(12,150)
Omni Small-Cap Value		1,059,309		622,672		(736,544)

The Adviser entered into an Administrative Services Agreement with Bridgeway, pursuant to which the Adviser provides various administrative services to the Funds, including, but not limited to: (i) supervising and managing various aspects of the Funds’ business and affairs; (ii) selecting, overseeing and/or coordinating activities with other service providers to the Funds;(iii) providing reports to the Board of Directors as requested from time to time; (iv) assisting and/or reviewing



80		bridgewayfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2025 (Unaudited)

amendments and updates to the Funds’ registration statement and other filings with the Securities and Exchange Commission (“SEC”); (v) providing certain shareholder services; (vi) providing administrative support in connection with meetings of the Board of Directors; and (vii) providing certain record-keeping services. For its services to all of the Bridgeway Funds, the Adviser is paid an annual aggregate fee of $130,000, payable in equal monthly installments. For the allocation of this expense to each of the Funds, please see the Statements of Operations.

Board of Directors Compensation Independent Directors are paid an annual retainer of $20,000, with an additional retainer of $5,000 paid to the Independent Chairman of the Board and an additional retainer of $1,000 paid to the Nominating and Corporate Governance Committee Chair. The retainer is paid in quarterly installments. In addition, Independent Directors are paid $14,000 per meeting for meeting fees. Such compensation is the total compensation from all Bridgeway Funds and is allocated among the Bridgeway Funds.

Independent Directors are reimbursed for any expenses incurred in attending meetings and conferences, as well as expenses for subscriptions or printed materials. The amount of directors’ fees attributable to each Fund is disclosed in the Statements of Operations.

One director of Bridgeway, John Montgomery, is an owner and director of the Adviser. Under the 1940 Act definitions, he is considered to be an “affiliated person” of the Adviser and an “interested person” of the Adviser and of Bridgeway. As a result, Mr. Montgomery is not compensated by the Funds for his service as a director.

4. Distribution Agreement:

Foreside Fund Services, LLC acts as distributor of the Funds’ shares, pursuant to a Distribution Agreement dated September 30, 2021. The Adviser pays all costs and expenses associated with distribution of the Funds’ shares, pursuant to a protective plan adopted by shareholders pursuant to Rule 12b-1.

5. Purchases and Sales of Investment Securities:

Purchases and sales of investments, other than short-term securities, for each Fund for the period ended December 31, 2025 were as follows:

Purchases

Sales

Bridgeway Fund

U.S. Government

Other

U.S. Government

Other

Aggressive Investors 1

$–

$78,150,012

$–

$93,008,593

Ultra-Small Company

–

32,504,376

–

37,342,668

Ultra-Small Company Market

–

24,490,911

–

31,530,578

Small-Cap Value

–

140,141,576

–

212,658,639

Omni Small-Cap Value

–

188,431,219

–

280,839,139

Global Opportunities

–

6. Federal Income Taxes

It is the Funds’ policy to continue to comply with the provisions of the Internal Revenue Code of 1986, as amended (“Internal Revenue Code”), applicable to regulated investment companies, and to distribute income to the extent necessary so that the Funds are not subject to federal income tax. Therefore, no federal income tax provision is required.



Semi-Annual Report \| December 31, 2025 (Unaudited)		81

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2025 (Unaudited)

Unrealized Appreciation and Depreciation on Investments (Tax Basis) The amount of net unrealized appreciation/depreciation and the cost of investment securities for tax purposes, including short-term securities as of December 31, 2025, were as follows:


	Aggressive Investors 1		Ultra-Small Company		Ultra-Small Company Market
Gross appreciation (excess of value over tax cost)		$67,362,655		$22,127,232		$47,623,499
Gross depreciation (excess of tax cost over value)		(3,845,173)		(9,608,110)		(15,053,736)
Net unrealized appreciation		$63,517,482		$12,519,122		$32,569,763
Cost of investments for income tax purposes		$150,040,493		$85,549,105		$107,760,154


	Small-Cap Value		Omni Small-Cap Value		Global Opportunities
Gross appreciation (excess of value over tax cost)		$44,116,207		$319,455,265		$–
Gross depreciation (excess of tax cost over value)		(9,609,979)		(59,997,103)		–
Net unrealized appreciation		$34,506,228		$259,458,162		$–
Cost of investments for income tax purposes		$286,172,956		$891,279,534		$25,729,516

The differences between book and tax net unrealized appreciation (depreciation) are primarily due to wash sale and swap mark-to-market.

Classifications of Distributions Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes.

The tax character of the distributions paid by the Funds during the last two fiscal years ended June 30, 2025 and June 30, 2024 respectively, are as follows:


	Aggressive Investors 1				Ultra-Small Company
	Year Ended		Year Ended		Year Ended		Year Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Distributions paid from:
Ordinary Income		$630,342		$1,380,082		$2,214,783		$2
Long-Term Capital Gain		5,553,173		10,241		43,384		4,092,357
Total		$6,183,515		$1,390,323		$2,258,167		$4,092,359

	Ultra-Small Company Market				Small-Cap Value
	Year Ended		Year Ended		Year Ended		Year Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Distributions paid from:
Ordinary Income		$1,126,896		$1,680,449		$5,805,577		$5,152,793
Long-Term Capital Gain		–		–		28,131,972		9,543,418
Total		$1,126,896		$1,680,449		$33,937,549		$14,696,211

			Omni Small-Cap Value				Global Opportunities
			Year Ended June 30, 2025		Year Ended June 30, 2024		Period Ended June 30, 2025
Distributions paid from:
Ordinary Income				$20,560,516		$18,886,697		$74,679
Long-Term Capital Gain				88,770,274		85,347,124		–



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NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2025 (Unaudited)

Omni Small-Cap Value

Global

Opportunities

Year

Ended

June 30, 2025

Year

Ended

June 30, 2024

Period

Ended

June 30, 2025

Total

$109,330,790

$104,233,821

$74,679

Components of Accumulated Earnings As of June 30, 2025, the components of accumulated earnings on a tax basis were:


	Aggressive Investors 1	Ultra-Small Company	Ultra-Small Company Market
Accumulated Net Investment Income	$–	$–	$1,299,813
Capital Loss Carryovers*	–	–	(16,123,487)
Accumulated Net Realized Gain on Investments	27,946,290	6,949,879	–
Post October Losses Deferred	–	–	–
Other Temporary Differences	–	–	–
Net Unrealized Appreciation of Investments	56,970,106	7,260,838	15,793,034
Total	$84,916,396	$14,210,717	$969,360

	Small-Cap Value	Omni Small-Cap Value	Global Opportunities
Accumulated Net Investment Income	$–	$8,105,549	$1,226,581
Capital Loss Carryovers	–	–	–
Accumulated Net Realized Gain on Investments	–	64,358,608	–
Post October Losses Deferred	–	–	–
Other Temporary Differences**	–	–	56,942
Net Unrealized Appreciation (Depreciation) of Investments	1,270,379	156,700,766	(65)
Total	$1,270,379	$229,164,923	$1,283,458

*	As of June 30, 2025, Ultra-Small Company Market Fund had non-expiring short term capital loss carryforward of ($16,123,487).

**	Includes other temporary differences of $56,942 for swap receivables/payables.

For the fiscal year June 30, 2025, the Funds recorded the following reclassifications to the accounts listed below:


	Increase (Decrease)
	Aggressive Investors 1	Ultra-Small Company	Ultra-Small Company Market
Paid-In Capital	$878,215	$271,880	$–
Distributable Earnings	(878,215)	(271,880)	–

	Increase (Decrease)
	Small-Cap Value	Omni Small-Cap Value	Global Opportunities
Paid-In Capital	$524,896	$9,169,556	$7,028
Distributable Earnings	(524,896)	(9,169,556)	(7,028)

The difference between book and tax components of net assets and the resulting reclassifications were primarily a result of the utilization of earnings and profits distributed to shareholders on redemption of shares.

Accounting for Uncertainty in Income Taxes sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has analyzed each Fund’s tax positions and has concluded that no provision for income tax is required in the individual Fund’s financial statements. The Funds are not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change



Semi-Annual Report \| December 31, 2025 (Unaudited)		83

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2025 (Unaudited)

in the next twelve months. Each Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

New Accounting Pronouncement In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide enhanced disclosures primarily related to the rate reconciliation and income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. During the six months ended December 31, 2025, the funds did not pay a significant amount of foreign or US federal, state or local income taxes.

7. Line of Credit

Bridgeway established a line of credit agreement (“Facility”) with The Bank of New York Mellon, effective November 5, 2010. The Facility is for temporary or emergency purposes, such as to provide liquidity for shareholder redemptions, and is cancellable by either party. Unless cancelled earlier, the Facility shall be held available until December 4, 2026. Advances under the Facility are limited to $15,000,000 in total for all Funds, and advances to each Fund shall not exceed certain limits set forth in the credit agreement, including, but not limited to, the maximum amount a Fund is permitted to borrow under the 1940 Act.

The Funds incur a commitment fee of 0.10% per annum on the unused portion of the Facility and interest expense to the extent of amounts borrowed under the Facility. Interest is based on the “Overnight Rate” plus 1.25%. The Overnight Rate means the highest of (a) the federal funds effective rate for such day, (b) the sum of 10 bps plus SOFR for such day or (c) 0.0%. The facility fees are payable quarterly in arrears and are allocated to all participating Funds. Interest expense is charged directly to a Fund based upon actual amounts borrowed by such Fund.

For the period ended December 31, 2025, borrowings by the Funds under this line of credit were as follows:


Bridgeway Fund	Weighted Average Interest Rate		Weighted Average Loan Balance		Number of Days Outstanding		Interest Expense Incurred¹		Maximum Amount Borrowed During the Period

Aggressive Investors 1		5.37%		$237,920		25		$887		$2,600,000
Ultra-Small Company		5.41%		117,273		22		388		573,000
Ultra-Small Company Market		5.66%		104,720		25		412		541,000
Small-Cap Value		5.52%		829,308		39		4,956		5,632,000
Omni Small-Cap Value		5.50%		696,647		34		3,620		2,462,000

¹Interest expense is included on the Statements of Operations in Miscellaneous expenses.

The Global Opportunities Fund did not borrow any amounts under this line of credit during the period ended December 31, 2025.

8. Redemption Fees

In Ultra-Small Company Market Fund and Global Opportunities Fund, a 2% redemption fee may be charged on shares held less than six months. The fee is charged for the benefit of the remaining shareholders and will be paid to the Fund to help offset transaction costs. The fee is accounted for as an addition to paid-in capital.

9. Subsequent Events

At a meeting of the Board of Directors (the “Board”) of Bridgeway Funds, Inc. held on February 12, 2026, the Board unanimously approved an Agreement and Plan of Reorganization (the “Plan”), for each of the Aggressive Investors 1 Fund, the Ultra-Small Company Market Fund and the Small-Cap Value Fund (each a “Target Fund” and, collectively, the “Target Funds”), each a series of Bridgeway Funds, pursuant to which each Target Fund will reorganize into a newly created series of EA Series Trust as shown below (each an “Acquiring Fund” and, collectively, the “Acquiring Funds”) (when completed, the “Reorganization”). The Reorganization would consist of: (i) the transfer of all the property, goodwill and assets of each Target Fund



84		bridgewayfunds.com


		Financial Statements and Other information December 31, 2025 (Unaudited)

		AGGRESSIVE INVESTORS 1		BRAGX

		ULTRA-SMALL COMPANY		BRUSX

		(Open to Existing Investors — Direct Only)

		ULTRA-SMALL COMPANY MARKET		BRSIX

		SMALL-CAP VALUE		BRSVX

		OMNI SMALL-CAP VALUE		BOSVX

		GLOBAL OPPORTUNITIES		BRGOX


AGGRESSIVE INVESTORS 1 FUND
Schedule of Investments			2
ULTRA-SMALL COMPANY FUND
Schedule of Investments			5
ULTRA-SMALL COMPANY MARKET FUND
Schedule of Investments			10
SMALL-CAP VALUE FUND
Schedule of Investments			20
OMNI SMALL-CAP VALUE FUND
Schedule of Investments			23
GLOBAL OPPORTUNITIES FUND
Schedule of Investments			34

STATEMENTS OF ASSETS AND LIABILITIES			60

STATEMENTS OF OPERATIONS			62

STATEMENTS OF CHANGES IN NET ASSETS			64

FINANCIAL HIGHLIGHTS			67

Notes to Financial Statements			73

OTHER INFORMATION			86
Proxy Voting			86
Fund Holdings			86
Approval of Investment Management Agreement			86


Valuation Inputs

Investment in Securities (Value)

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total

Money Market Fund		$25,729,516		$–		$–		$25,729,516
OTC Total Return Swaps		–		276,656		142		276,798

TOTAL		$25,729,516		$276,656		$142		$26,006,314


MXIBTIIE		- Mexico Interbank Equlibrium Interbank Interest Rate 28 Day
MUTKCALM		- Bank of Japan Final Result: Unsecured Overnight Call Rate
NIBOR1M		- Oslo Bors Norway Interbank Offered Rate Fixing 1 Month
NOWA		- Norwegian Overnight Weighted Average
NZOCR		- Reserve Bank of New Zealand Official Cash Rate
OBFR01		- United States Overnight Bank Funding Rate
RBACOR		- Reserve Bank of Australia Cash Overnight Rate
SAONBOR		- South African Benchmark Overnight Rate
SHIR		- Shekel Overnight Risk Free Rate
SIBCSORA		- Singapore Domestic Interbank Overnight Rate Average
SONIO/N		- Sterling Overnight Index Average Interest Rate Benchmark
SSARON		- Swiss Average Rate Intraday Value
STIB1D		- Stockholm Interbank Offered Rate 1 Day
STIB1M		- Stockholm Interbank Offered Rates 1 Month
WIBO1M		- Warsaw Interbank Bid/Offered Rates 1 Month
WIBOON		- Warsaw Interbank Bid/Offered Rates Overnight
DKDR1T		- Danish Krone Overnight Deposit
PRIB01M		- Czech Interbank Offered Rates 1 Month



ASSETS	Aggressive Investors 1		Ultra-Small Company

Investments at value(c)	$	213,557,975	$	98,068,227

Swaps, at value		–		–

Cash		1,011		411

Foreign Currency, at value		–		–

Cash collateral on swap contracts		–		–

Receivables:

Portfolio securities sold		–		81,225

Fund shares sold		3,191		–

Dividends and interest		136,759		52,503

Prepaid expenses		39,058		12,073

Total assets		213,737,994		98,214,439

LIABILITIES

Payables:

Portfolio securities purchased		–		74,911

Fund shares redeemed		–		17,705

Payable upon return of securities loaned		–		7,548,838

Accrued Liabilities:

Investment adviser fees		113,542		69,946

Administration fees		1,392		553

Directors’ fees		2,464		1,289

Other		44,305		33,338

Total liabilities		161,703		7,746,580

NET ASSETS	$	213,576,291	$	90,467,859

NET ASSETS REPRESENT

Paid-in capital	$	145,821,885	$	75,937,694

Distributable earnings		67,754,406		14,530,165

NET ASSETS	$	213,576,291	$	90,467,859

Shares of common stock outstanding of $.001 par value(a)		2,235,220		2,839,795

Net asset value, offering price and redemption price per share	$	95.55	$	31.86

Investments at cost	$	150,040,493	$	85,541,777

Foreign currency at cost	$	–	$	–



Ultra-Small Company Market			Small-Cap Value		Omni Small-Cap Value		Global Opportunities
	$ 140,329,917		$	320,679,184	$	1,150,737,696	$	25,729,516

	–			–		–		276,798

	505			1,846		64,074		47,453

	–			–		–		12,344

	–			–		–		10,490,106



	8,648			75,327		874,049		288,337

	26,004			187,757		433,660		100,200

	96,860			331,605		1,038,225		121,035

	23,126			41,470		93,807		34,560

	140,485,060			321,317,189		1,153,241,511		37,100,349





	10,950			444,737		1,164,703		254,870

	2,404			353,549		146,978		–

	13,266,582			–		4,341,456		–



	48,688			226,907		285,413		30,509

	731			2,084		7,463		3,374

	9,478			22,573		26,184		–

	82,687			163,562		136,702		63,489

	13,421,520			1,213,412		6,108,899		352,242

	$ 127,063,540		$	320,103,777	$	1,147,132,612	$	36,748,107



	$ 99,742,186		$	284,183,365	$	848,315,013	$	35,720,296

	27,321,354			35,920,412		298,817,599		1,027,811

	$ 127,063,540		$	320,103,777	$	1,147,132,612	$	36,748,107

	8,272,497			8,290,008		63,054,102		3,483,584

	$ 15.36	(b)	$	38.61	$	18.19	$	10.55	(b)

	$ 107,760,137		$	286,172,956	$	891,279,496	$	25,729,516

	$ –		$	–	$	–	$	12,161


	Aggressive Investors 1						Ultra-Small Company

	Six Months Ended December 31			Year Ended June 30			Six Months Ended December 31			Year Ended June 30
	2025			2025			2025			2025
	(Unaudited)						(Unaudited)

OPERATIONS

Net investment income (loss)	$	233,223		$	629,966		$	53,249		$	(24,345	)

Net realized gain on investments, and foreign currency transactions		11,004,846			34,378,054			3,816,135			7,615,223

Net change in unrealized appreciation (depreciation) on investments, and foreign currency translations		6,547,376			9,443,860			5,248,018			7,095,889

Net increase in net assets resulting from operations		17,785,445			44,451,880			9,117,402			14,686,767

DISTRIBUTIONS:
From net investment income and net realized gains		(34,947,435	)		(6,183,515	)		(8,797,954	)		(2,258,167	)

Net decrease in net assets from distributions		(34,947,435	)		(6,183,515	)		(8,797,954	)		(2,258,167	)

SHARE TRANSACTIONS:

Proceeds from sale of shares		1,029,612			4,366,166			802,823			956,394

Reinvestment of distributions		33,517,014			5,937,197			8,237,141			2,126,055

Cost of shares redeemed		(14,596,060	)		(16,170,781	)		(5,442,414	)		(6,725,168	)

Redemption fees		–			–			–			–

Net increase (decrease) in net assets resulting from share transactions		19,950,566			(5,867,418	)		3,597,550			(3,642,719	)
Net increase (decrease) in net assets		2,788,576			32,400,947			3,916,998			8,785,881

NET ASSETS:

Beginning of period		210,787,715			178,386,768			86,550,861			77,764,980

End of period	$	213,576,291		$	210,787,715		$	90,467,859		$	86,550,861

SHARES ISSUED & REDEEMED

Issued		9,667			44,933			24,196			31,861

Distributions reinvested		353,742			58,918			255,653			62,476

Redeemed		(141,121	)		(171,789	)		(161,140	)		(216,421	)

Net increase (decrease)		222,288			(67,938	)		118,709			(122,084	)

Outstanding at beginning of period		2,012,932			2,080,870			2,721,086			2,843,170

Outstanding at end of period		2,235,220			2,012,932			2,839,795			2,721,086


	Global Opportunities
	Six Months Ended December 31 2025			For the Period October 15, 2024(a) Through June 30, 2025
	(Unaudited)

OPERATIONS
Net investment income	$	427,091		$	412,036

Net realized gain on investments, swaps and foreign currency transactions		2,969,720			744,239

Net change in unrealized appreciation (depreciation) on investments, swaps and foreign currency translations		68,062			208,890

Net increase in net assets resulting from operations		3,464,873			1,365,165

DISTRIBUTIONS:

From net investment income and net realized gains		(3,720,520	)		(74,679	)

Net decrease in net assets from distributions		(3,720,520	)		(74,679	)

SHARE TRANSACTIONS:

Proceeds from sale of shares		3,119,761			30,443,019

Reinvestment of distributions		3,719,566			74,679

Cost of shares redeemed		(1,423,630	)		(228,465	)

Redemption fees		7,475			863

Net increase in net assets resulting from share transactions		5,423,172			30,290,096

Net increase in net assets		5,167,525			31,580,582

NET ASSETS:

Beginning of period		31,580,582			–

End of period	$	36,748,107		$	31,580,582

SHARES ISSUED & REDEEMED

Issued		281,291			2,992,677

Distributions reinvested		353,907			7,431

Redeemed		(129,941	)		(21,781	)

Net increase		505,257			2,978,327

Outstanding at beginning of period		2,978,327			–

Outstanding at end of period		3,483,584			2,978,327


	For the Six Months Ended 12/31/25 (Unaudited)	For the Period October 15, 2024(a) Through June 30, 2025


Net Asset Value, Beginning of Period	$10.60	$10.00


Income from Investment Operations:
Net Investment Income(b)	0.14	0.20
Net Realized and Unrealized Gain	1.01	0.44


Total from Investment Operations	1.15	0.64


Less Distributions to Shareholders from:

Net Investment Income	(0.75)	(0.04)

Net Realized Gain	(0.45)	–


Total Distributions	(1.20)	(0.04)


Paid-in Capital from Redemption Fees(b)	0.00(c)	0.00(c)


Net Asset Value, End of Period	$10.55	$10.60


Total Return(d)	10.88%(e)	6.41%(e)

Ratios and Supplemental Data:

Net Assets, End of Period (in 000’s)	$36,748	$31,581

Expenses Before Waivers and Reimbursements	1.84%(f)	2.35%(f)

Expenses After Waivers and Reimbursements	1.50%(f)	1.50%(f)

Net Investment Income After Waivers and Reimbursements	2.50%(f)	2.76%(f)

Portfolio Turnover Rate	–%(e)	–%(e)



Target Funds		Acquiring Funds*

Aggressive Investors 1 Fund		Bridgeway Aggressive Investors ETF

Ultra-Small Company Market Fund		Bridgeway Ultra-Small Company Market ETF

Small-Cap Value Fund		Bridgeway Select Small-Cap Value ETF




		BRIDGEWAY FUNDS, INC. BNY Mellon Investment Servicing (US) Inc. P.O. Box 534435 Pittsburgh, PA 15253-4435 CUSTODIAN The Bank of New York Mellon One Wall Street New York, NY 10286 DISTRIBUTOR Foreside Fund Services, LLC Three Canal Plaza, Suite 100 Portland, ME 04101


		You can review and copy information about our Funds (including the SAIs) at the SEC’s Public Reference Room in Washington, D.C. To find out more about this public service, call the SEC at 800-SEC-0330. Reports and other information about the Funds are also available on the SEC’s website at ww.sec.gov. You can receive copies of this information, for a fee, by writing the Public Reference Section, Securities and Exchange Commission, Washington, D.C. 20549-1520 or by sending an electronic request to the following email address: publicinfo@ sec.gov.


(a)(1)		Not applicable.

(a)(2)		Not applicable.

(a)(3)		Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(4)		There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(5)		There was no change in the Registrant’s independent public accountant during the period covered by the report.

(b)		Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.


By (Signature and Title)*		/s/ Linda Giuffré
		Linda Giuffré, President and Principal Executive Officer
		(principal executive officer)

Date: March 6, 2026


By (Signature and Title)*		/s/ Deborah L. Hanna
		Deborah L. Hanna, Treasurer and Principal Financial Officer
		(principal financial officer)

Date: March 6, 2026


^* Print the name and title of each signing officer under his or her signature.