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)

Elena Khoziaeva, President

Bridgeway Funds, Inc.

20 Greenway Plaza, Suite 930

Houston, Texas 77046

(Name and address of agent for service)

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

Date of fiscal year end: June 30

Date of reporting period: June 30, 2026

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

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

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

Annual Shareholder Report - June 30, 2026

This annual shareholder report contains important information about Bridgeway Aggressive Investors 1 Fund for the period of July 1, 2025 to June 30, 2026.You can find additional information about the Fund by contacting us at 800-661-3550.

This report contains material fund changes that occurred subsequent to the reporting period.

Aggressive Investors 1 Fund

BRAGX

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10K Investment	Costs paid as a % of a $10K Investment
Aggressive Investors 1 Fund	$100	0.89%

How did the Fund perform last year?

For the fiscal year, the Fund returned 23.70%, outperforming the S&P 500 Index.

Top contributors to performance

The Fund’s sentiment and value models positively contributed to relative performance. The Fund’s overweight in the higher beta and higher momentum stocks also contributed to performance during the period. Stock selection improved results with selections in the Industrials and Financials sectors contributing the most.

Top detractors from performance

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

How did the Fund perform over the past 10 years?

Cumulative Returns of a Hypothetical $10,000 Investment as of June 30, 2026

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

Table Summary
	Aggressive Investors 1 Fund 31,274	S&P 500 Index 42,271
2016	10,000	10,000
2017	12,188	11,790
2018	13,600	13,484
2019	12,693	14,889
2020	11,737	16,006
2021	17,310	22,536
2022	13,189	20,144
2023	15,652	24,091
2024	20,087	30,006
2025	25,283	34,556
2026	31,274	42,271

Key Fund Statistics

Table Summary
Total Net Assets	$230,825,780
# of Portfolio Holdings	96
Portfolio Turnover Rate	74%
Advisory Fees Paid	$1,325,790

Average Annual Total Returns

Table Summary
Fund	1 Year	5 Years	10 Years
Aggressive Investors 1 Fund	23.70%	12.56%	12.08%
S&P 500 Index	22.32%	13.41%	15.51%

What did the Fund invest in?

Asset Class Weightings (% of Net Assets)

Table Summary
Common Stocks	99.36%
Money Market Fund	0.62%
Other Assets in Excess of Liabilities	0.02%

Top Ten Holdings (% of Net Assets)

Table Summary
NVIDIA Corp.	4.69%
Alphabet, Inc., Class A	4.24%
Apple, Inc.	3.13%
Microsoft Corp.	2.86%
Lam Research Corp.	2.14%
Comfort Systems USA, Inc.	1.98%
Applied Materials, Inc.	1.88%
Amazon.com, Inc.	1.78%
Illumina, Inc.	1.62%
Lumentum Holdings, Inc.	1.60%

Top Sector Weightings (% of Net Assets)

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

Table Summary
Value	Value
Cash and Other Sectors	1.40%
Utilities	1.23%
Energy	2.37%
Materials	3.52%
Health Care	7.41%
Communication Services	8.29%
Consumer Discretionary	10.31%
Industrials	13.77%
Financials	14.84%
Information Technology	36.86%

Material Fund Changes

This is a summary of certain material changes to the Fund since June 30, 2026: Pursuant to an Agreement and Plan of Reorganization approved by shareholders, on July 24, 2026 the Bridgeway Aggressive Investors 1 Fund reorganized into the EA Bridgeway Aggressive Investors ETF (BAGX), a newly created series of EA Series Trust. As a result, total annual fund operating expenses will decrease to 0.73%. The current portfolio managers of Bridgeway Aggressive Investors 1 Fund will continue to serve as portfolio managers of the EA Bridgeway Aggressive Investors ETF. Empowered Funds, LLC dba EA Advisers will serve as the investment adviser and Bridgeway Capital Management, LLC will serve as the investment sub-adviser. You can find additional information about the EA Bridgeway Aggressive Investors ETF at www.bridgewayetfs.com/bagx/.

Aggressive Investors 1 Fund

Annual Shareholder Report - June 30, 2026

BRAGX

Bridgeway Funds

PO Box 534435

Pittsburgh, PA 15253-4435

800-661-3550

funds@bridgeway.com

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

Where can I find additional information about the Fund?

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

-financial information

-proxy voting information

Annual Shareholder Report - June 30, 2026

This annual shareholder report contains important information about Bridgeway Ultra-Small Company Fund for the period of July 1, 2025 to June 30, 2026.You can find additional information about the Fund at www.bridgewayfunds.com/resources/fund-documents. You can also request this information by contacting us at 800-661-3550.

Ultra-Small Company Fund

BRUSX

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10K Investment	Costs paid as a % of a $10K Investment
Ultra-Small Company Fund	$137	1.21%

How did the Fund perform last year?

For the fiscal year, the Fund returned 25.65%, underperforming the Russell Microcap Index.

Top contributors to performance

Selections in the Communication Services and Consumer Discretionary sectors contributed positively to the relative results.

Top detractors from performance

All three factor models (value, quality and sentiment) underperformed the benchmark detracting from relative results. The Fund’s tilt toward smallest stocks in the micro-cap universe hurt relative performance. The Fund’s stock selection effect was negative, with holdings in the Healthcare and Information Technology sectors detracting the most from relative results.

How did the Fund perform over the past 10 years?