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bfi:S000033567Russell2000ValueIndexMember 2016-01-01 2025-12-31 0000916006 bfi:S000033567Russell3000IndexMember 2016-01-01 2025-12-31 iso4217:USD pure 0000916006 false 485BPOS 2026-06-30 BRIDGEWAY FUNDS INC 0.1794 0.0715 0.1755 0.1406 0.0388 -0.1568 0.0951 0.3131 0.3334 -0.1072 2020-06-30 2020-03-31 0.1780 0.0415 0.0985 0.3451 0.0601 -0.1715 0.1389 0.0083 0.4797 -0.0385 2020-12-31 2020-03-31 0.1455 2025-09-30 2025-06-30 2024-10-15 N-1A 2026-10-31 FUND SUMMARY: ULTRA-SMALL COMPANY FUND Investment Objective: <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Ultra-Small Company Fund (the “Fund”) seeks to provide a long-term total return on capital, primarily through capital appreciation. </div> Fees and Expenses of the Fund: <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <span style="font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> </div> Shareholder Fees (paid directly from your investment) 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0090 0 0.0031 0.0121 Example: <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 123 384 665 1465 Portfolio Turnover: <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 78% of the average value of its portfolio. </div> 0.78 Principal Investment Strategies: <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Fund invests in a diversified portfolio of common stocks of ultra-small companies. Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in ultra-small company stocks. For purposes of the Fund’s investments, “ultra-small companies” are defined as those companies that have a market capitalization below $1 billion at the time of purchase. The Adviser will not necessarily sell a stock if it “migrates” to a different market capitalization category after purchase due to market movements or other-than-normal circumstances. As a result of such “migration,” the Fund may, at times, have less than 80% of its assets in ultra-small company stocks.  </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Adviser’s investment process incorporates material environmental, social, and governance (“ESG”) information, when available, as a consideration in the ongoing assessment of potential portfolio securities. The Adviser uses ESG research and/or ratings information provided by third parties in performing this analysis and considering ESG risks. As with any consideration used in assessing portfolio securities, the Adviser may, at times, utilize ESG information to increase the weighting of an issuer with a good ESG record or decrease the weighting of an issuer with a poor ESG record. However, as ESG information is just one investment consideration, ESG considerations are not solely determinative in any investment decision made by the Adviser. ESG information for ultra-small companies may be limited, although the Adviser’s investment process incorporates this information when available. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Fund may invest up to 15% of its total assets in foreign securities. For purposes of the Fund’s investments, “foreign securities” means those securities issued by companies: (i) that are domiciled in a country other than the US; and (ii) that derive 50% or more of their total revenue from activities outside of the US. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Although the Fund seeks investments across a number of sectors, from time to time, based on portfolio positioning to reflect its benchmark, the Fund may have significant positions in particular sectors. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Fund may engage in active and frequent trading of portfolio securities. </div> Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in ultra-small company stocks. For purposes of the Fund’s investments, “ultra-small companies” are defined as those companies that have a market capitalization below $1 billion at the time of purchase. The Adviser will not necessarily sell a stock if it “migrates” to a different market capitalization category after purchase due to market movements or other-than-normal circumstances. As a result of such “migration,” the Fund may, at times, have less than 80% of its assets in ultra-small company stocks. <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Fund may invest up to 15% of its total assets in foreign securities. For purposes of the Fund’s investments, “foreign securities” means those securities issued by companies: (i) that are domiciled in a country other than the US; and (ii) that derive 50% or more of their total revenue from activities outside of the US. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-style:italic">Ultra-Small Company Risk</span>—The market prices of ultra-small company shares typically exhibit greater volatility than small-company shares, and even micro‑cap company shares and much greater volatility than large-company shares. Therefore, shareholders of this Fund are exposed to higher risk and could lose money. </div> Therefore, shareholders of this Fund are exposed to higher risk and could lose money. <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-style:italic">Market Risk—</span>The Fund is also subject to the risk that ultra-small company stocks will underperform other kinds of investments for a period of time. This may be due to numerous factors, including interest rates, the outlook for corporate profits, the health of the national and world economies, national and world social and political events, and the fluctuation of other stock markets around the world. Additionally, the </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries, and contribute to heightened market volatility, which may adversely affect the Fund’s investments. These risks may be magnified if certain social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, trade disputes, conflicts and social unrest) adversely interrupt the global economy. Additionally, legislative, regulatory, or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-style:italic">Healthcare Companies </span><span style="font-style:italic">Risk—</span>The profitability of healthcare companies may be adversely affected by extensive government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure, the protection and expiration of patents, limited product lines, supply chain issues, labor shortages and product liability claims, among other factors. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-style:italic">Sector Risk—</span>Companies with similar characteristics may be grouped together in broad categories called sectors. A certain sector may underperform other sectors or the market as a whole. As the Adviser allocates more of the Fund’s portfolio holdings to a particular sector, the Fund’s performance will be more susceptible to any economic, business, or other developments which generally affect that sector. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-style:italic">Management and Operational Risk</span>—The Adviser uses statistical analyses and models to select investments for the Fund. Any imperfections, errors, or limitations in the models or analyses and therefore any decisions made in reliance on such models or analyses could expose the Fund to potential risks. In addition, the models used by the Adviser assume that certain historical statistical relationships will continue. These models are constructed based on historical data supplied by third parties and, as a result, the success of relying on such models may depend heavily on the accuracy and reliability of the supplied historical data. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-style:italic">Foreign Securities Risk—</span>Investments in foreign securities can be more volatile than investments in US securities. Foreign securities can be adversely affected by political, economic and market developments abroad that may not necessarily affect the US economy or companies located in the United States. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-style:italic">Environmental, Social, and Governance Investing Risk</span>—The Fund’s incorporation of ESG considerations in its investment strategy may cause it to make different investments than a fund that has a similar investment style but does not incorporate such considerations in its strategy. As with the use of any considerations involved in investment decisions, there is no guarantee that the ESG investment considerations used by the Fund will result in the selection of issuers that will outperform other issuers or help reduce risk in the Fund. The Fund may underperform funds that do not incorporate these considerations. </div> Performance: The bar chart and table below provide an indication of the risk of investing in the Fund. The bar chart shows how the Fund’s performance has varied on a calendar year basis. The table shows how the Fund’s average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance and an additional benchmark with characteristics relevant to the Fund. This information is based on past performance. Past performance (before and after taxes) does not guarantee future results. Updated performance information is available on the Fund’s website at <span style="font-style:italic">bridgewayfunds.com</span> or by calling 800‑661‑3550. The bar chart and table below provide an indication of the risk of investing in the Fund. The bar chart shows how the Fund’s performance has varied on a calendar year basis. The table shows how the Fund’s average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance and an additional benchmark with characteristics relevant to the Fund. Past performance (before and after taxes) does not guarantee future results. bridgewayfunds.com 800‑661‑3550 Ultra-Small Company Fund Year by Year % Returns as of 12/31 of Each Year <div style="margin-top:10pt;margin-bottom:0pt;font-size:8pt;font-family:arial;font-weight:bold;text-align:center;"><span style="font-style:italic">Return from 1/1/26 through 9/30/26 was 5.30%. </span></div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">During the periods illustrated in this bar chart, the Fund’s highest quarterly return and lowest quarterly return were: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:70%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:51%;"></td> <td style="vertical-align:bottom;width:5%;"></td> <td></td> <td style="vertical-align:bottom;width:6%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">Quarter</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">Total<br/> Return</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Highest Return:</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;text-align:center;">Q2 20</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;text-align:center;">  39.98%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt;background-color:#e5e5e5"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Lowest Return:</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;text-align:center;">Q1 20</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;text-align:center;">-35.06%</td> </tr> </table> Return from 1/1/26 through 9/30/26 2026-09-30 0.0530 Highest Return: 0.3998 Lowest Return: -0.3506 Average Annual Total Returns (For the periods ended 12/31/25) 0.0715 0.1208 0.0977 0.0474 0.0888 0.0774 0.0599 0.0876 0.0737 0.1715 0.1315 0.1429 0.2298 0.0732 0.0958 After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Return After Taxes on Distribution and Sale of Fund Shares may be higher than other returns for the same period due to a potential tax benefit of realizing a capital loss upon the sale of Fund shares. After‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement plans. FUND SUMMARY: OMNI SMALL-CAP VALUE FUND Investment Objective: <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Omni Small‑Cap Value Fund (the “Fund”) seeks to provide long-term total return on capital, primarily through capital appreciation. </div> Fees and Expenses of the Fund: <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <span style="font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> </div> Shareholder Fees (paid directly from your investment) 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0045 0 0.0018 0.0063 -0.0016 0.0047 November 1, 2027 Example: <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 48 179 322 737 Portfolio Turnover: <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 29% of the average value of its portfolio. </div> 0.29 Principal Investment Strategies: <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in a broad and diverse group of small‑cap stocks that the Adviser determines to be value stocks. The Fund defines “small‑cap companies” as companies whose market capitalization is equal to or smaller than that of approximately the 600<sup style="font-size:75%;vertical-align:top">th</sup> largest U.S.-listed company by market capitalization at the time of purchase. The Fund identifies companies with value characteristics through a rules-based, quantitative ranking methodology that ranks companies separately by their earnings‑to‑price ratio and book‑to‑market ratio and then averages the two ranks, with “companies with value characteristics” being those in approximately the top 90% by average rank (i.e., excluding the approximately 10% of companies with the lowest average rank) at the time of purchase. Small‑cap securities are selected by relative ranking on value measures to establish a broad and diverse portfolio, as determined by the Adviser’s statistical, evidence-based approach. The Adviser’s statistical, evidence-based approach is derived from research and academic theory using market and financial data from multiple decades to identify the types of securities and portfolio construction rules that the Adviser expects to generate higher returns relative to the overall US equity market over the long-term. The Adviser uses a market capitalization approach to weight the securities in the Fund’s portfolio subject to risk constraints. This means that a security’s weight in the Fund’s portfolio at the time of purchase is roughly proportional to its market capitalization relative to the other securities in the portfolio. However, the Adviser may modify weights based on a consideration of various factors it deems appropriate. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Adviser will not necessarily sell a stock if it “migrates” to a different market capitalization category after purchase due to market movements or other-than-normal circumstances. As a result of such “migration”, the Fund may, at times, have less than 80% of its assets in small‑cap value companies. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Adviser’s investment process incorporates material environmental, social, and governance (“ESG”) information, when available, as a consideration in the ongoing assessment of potential portfolio securities. The Adviser uses ESG research and/or ratings information provided by third parties in performing this analysis and considering ESG risks. As with any consideration used in assessing portfolio securities, the Adviser may, at times, utilize ESG information to increase the weighting of an issuer with a good ESG record or decrease the weighting of an issuer with a poor ESG record. However, as ESG information is just one investment consideration, ESG considerations are not solely determinative in any investment decision made by the Adviser. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Use of the term “omni” in the name refers to the fact that the Fund intends to invest in a broad and diverse group of small‑cap value stocks that approximately reflect the risk and return of all small‑cap value stocks as a whole. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Although the Fund seeks investments across a number of sectors, from time to time, based on economic conditions and portfolio positioning to reflect a profile of a universe of stocks, the Fund may have significant positions in particular sectors. </div> Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in a broad and diverse group of small‑cap stocks that the Adviser determines to be value stocks. The Fund defines “small‑cap companies” as companies whose market capitalization is equal to or smaller than that of approximately the 600<sup style="font-size:75%;vertical-align:top">th</sup> largest U.S.-listed company by market capitalization at the time of purchase. The Fund identifies companies with value characteristics through a rules-based, quantitative ranking methodology that ranks companies separately by their earnings‑to‑price ratio and book‑to‑market ratio and then averages the two ranks, with “companies with value characteristics” being those in approximately the top 90% by average rank (i.e., excluding the approximately 10% of companies with the lowest average rank) at the time of purchase. Small‑cap securities are selected by relative ranking on value measures to establish a broad and diverse portfolio, as determined by the Adviser’s statistical, evidence-based approach. The Adviser’s statistical, evidence-based approach is derived from research and academic theory using market and financial data from multiple decades to identify the types of securities and portfolio construction rules that the Adviser expects to generate higher returns relative to the overall US equity market over the long-term. The Adviser uses a market capitalization approach to weight the securities in the Fund’s portfolio subject to risk constraints. This means that a security’s weight in the Fund’s portfolio at the time of purchase is roughly proportional to its market capitalization relative to the other securities in the portfolio. However, the Adviser may modify weights based on a consideration of various factors it deems appropriate. <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Although the Fund seeks investments across a number of sectors, from time to time, based on economic conditions and portfolio positioning to reflect a profile of a universe of stocks, the Fund may have significant positions in particular sectors. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-style:italic">Market Risk</span>—The value of the Fund’s shares will fluctuate as a result of the movement of the overall stock market or of the value of the individual securities held by the Fund, and shareholders could lose money. This may be due to numerous factors, including interest rates, the outlook for corporate profits, the health of the national and world economies, national and world social and political events, and the fluctuation of other stock markets around the world. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries, and contribute to heightened market volatility, which may adversely affect the Fund’s investments. These risks may be magnified if certain social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, trade disputes, conflicts and social unrest) adversely interrupt the global economy. Additionally, legislative, regulatory, or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective. </div> The value of the Fund’s shares will fluctuate as a result of the movement of the overall stock market or of the value of the individual securities held by the Fund, and shareholders could lose money. <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-style:italic">Small‑Cap Company Risk</span>—Investing in small‑cap stocks may involve greater volatility and risk than investing in large- or mid‑cap stocks because small‑cap companies may have less management experience, limited financial resources, and minimal product diversification. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-style:italic">Value Stocks Risk</span>—Value investing carries the risk that the market will not recognize a security’s intrinsic value for a long time or that a stock judged to be undervalued by various value measures may actually be appropriately priced. In addition, value stocks as a group may be out of favor at times and underperform the overall equity </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">market for long periods while the market concentrates on other types of stocks, such as “growth” stocks. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-style:italic">Financial Companies </span><span style="font-style:italic">Risk</span>—Financial services companies are subject to extensive governmental regulation and intervention, which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital and liquid assets they must maintain and their size, among other things. Financial services companies also may be significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating downgrades, adverse public perception, exposure concentration and counterparty risk. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-style:italic">Sector Risk</span>—Companies with similar characteristics may be grouped together in broad categories called sectors. A certain sector may underperform other sectors or the market as a whole. As the Adviser allocates more of the Fund’s portfolio holdings to a particular sector, the Fund’s performance will be more susceptible to any economic, business, or other developments which generally affect that sector. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-style:italic">Management and Operational Risk</span>—The Adviser uses statistical analyses and models to select investments for the Fund. Any imperfections, errors, or limitations in the models or analyses and therefore any decisions made in reliance on such models or analyses could expose the Fund to potential risks. In addition, the models used by the Adviser assume that certain historical statistical relationships will continue. These models are constructed based on historical data supplied by third parties and, as a result, the success of relying on such models may depend heavily on the accuracy and reliability of the supplied historical data. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-style:italic">Environmental, Social, and Governance Investing Risk</span>—The Fund’s incorporation of ESG considerations in its investment strategy may cause it to make different investments than a fund that has a similar investment style but does not incorporate such considerations in its strategy. As with the use of any considerations involved in investment decisions, there is no guarantee that the ESG investment considerations used by the Fund will result in the selection of issuers that will outperform other issuers or help reduce risk in the Fund. The Fund may underperform funds that do not incorporate these considerations. </div> Performance: The bar chart and table below provide an indication of the risk of investing in the Fund. The bar chart shows how the Fund’s performance has varied on a calendar year basis. The table shows how the Fund’s average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance and an additional benchmark with characteristics relevant to the Fund. This information is based on past performance. Past performance (before and after taxes) does not guarantee future results. Updated performance information is available on the Fund’s website at <span style="font-style:italic">bridgewayfunds.com</span> or by calling 800‑661‑3550. The bar chart and table below provide an indication of the risk of investing in the Fund. The bar chart shows how the Fund’s performance has varied on a calendar year basis. The table shows how the Fund’s average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance and an additional benchmark with characteristics relevant to the Fund. Past performance (before and after taxes) does not guarantee future results. bridgewayfunds.com 800‑661‑3550 Omni Small‑Cap Value Fund Year by Year % Returns as of 12/31 of Each Year <div style="margin-top:10pt;margin-bottom:0pt;font-size:8pt;font-family:arial;font-weight:bold;text-align:center;"><span style="font-style:italic">Return from 1/1/26 through 9/30/26 was 19.24%. </span></div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">During the periods illustrated in this bar chart, the Fund’s highest quarterly return and lowest quarterly return were: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:70%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:51%;"></td> <td style="vertical-align:bottom;width:5%;"></td> <td></td> <td style="vertical-align:bottom;width:6%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">Quarter</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;font-weight:bold;text-align:center;">Total</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial;font-weight:bold;text-align:center;">Return</div> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Highest Return:</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;text-align:center;">Q4 20</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;text-align:center;">  34.05%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt;background-color:#e5e5e5"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Lowest Return:</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;text-align:center;">Q1 20</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;text-align:center;">-41.78%</td> </tr> </table> Return from 1/1/26 through 9/30/26 2026-09-30 0.1924 Highest Return: 0.3405 Lowest Return: -0.4178 Average Annual Total Returns (For the periods ended 12/31/25) 0.0985 0.1390 0.1003 0.0751 0.1131 0.0828 0.0755 0.1086 0.0792 0.1715 0.1315 0.1429 0.1259 0.0888 0.0927 After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Return After Taxes on Distribution and sale of Fund Shares may be higher than other returns for the same period due to a potential tax benefit of realizing a capital loss upon the sale of Fund shares. After‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement plans. FUND SUMMARY: GLOBAL OPPORTUNITIES FUND Investment Objective: <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Global Opportunities Fund (the “Fund”) seeks long-term positive absolute returns while limiting exposure to general stock market risk.</div> Fees and Expenses of the Fund: <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span></div> Shareholder Fees (paid directly from your investment) 0 0 -0.0200 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0125 0 0.0064 0.0013 0.0202 -0.0039 0.0163 November 1, 2027 Total Annual Fund Operating Expenses do not correlate to the expense ratio in the Financial Highlights, which reflects operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Example: <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 166 596 1052 2316 Portfolio Turnover: <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio.</div> 0 Principal Investment Strategies <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Under normal market conditions, the Fund follows a dollar neutral strategy, which the Fund considers as a strategy designed to produce a portfolio that is neutral with respect to general stock market direction. The dollar neutral strategy is periodically rebalanced to have roughly equal investments in long and short positions, subject to the availability of shorts. To implement the strategy, the Adviser will invest in equity securities or derivatives, the value of which are linked to such securities (primarily, equity swaps on individual securities), that, based on a statistical approach, the Adviser believes offer an appropriate balance between strong prospects for growth and reasonable valuations relative to their industry peers and sells short securities or enters into short positions on securities that the Adviser identifies as overvalued or have weak growth prospects, in amounts that it believes will achieve dollar neutrality.</div><div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Fund will invest in or obtain exposure to issuers located in at least three different countries (including the United States) and will invest or obtain exposure of at least 40% of its assets in foreign securities, including companies located in emerging market countries. Emerging market countries are typically developing and low‑ or middle-income countries, and may be found in regions such as Asia, Latin America, Eastern Europe, the Middle East, and Africa. The Adviser’s stock selection process may be applied differently for each country and sector constituency.</div><div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Fund’s ability to generate positive returns will therefore depend on whether, in a rising market, the Fund’s long positions increase in value more than the securities</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">underlying the Fund’s short positions and, in a declining market, whether the securities underlying the Fund’s short positions decrease in value more than the Fund’s long positions. By taking long and short positions in different securities, the Fund attempts to limit the effect of market movements on portfolio returns. The Fund’s equity exposure may be achieved through investments in individual stocks, exchange traded funds (“ETFs”) and equity swaps on individual securities, which are derivative instruments. Such derivative instruments are used by the Fund to gain exposure to an underlying asset, which can be more cost-effective than purchasing or selling that asset and provides flexibility in implementing the investment strategies of the Fund. The Adviser anticipates that most of the long and short equity exposure will be through equity swaps on individual securities. Long positions and short positions also may be established using single stock purchases and short sales, ETFs, and swaps on ETFs traded in global equity stock markets. The Fund does this by using a systematic process and may, at any time, buy or sell short any number of positions and may have exposure to specific industries, styles (such as growth or value), capitalization ranges, countries, or other factors. In implementing its strategies, a significant portion of the Fund’s assets may be held in cash or cash equivalents, with one year or less to maturity, including, but not limited to, money market instruments and US Government securities (collectively, “Cash Equivalents”). The cash or Cash Equivalents holdings earn income for the Fund and can be held as unencumbered assets of the Fund or serve as collateral for other positions that the Fund takes on in implementing its strategies.</div><div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The overall performance of the Fund depends on the net performance of its long and short positions, and it is possible for the Fund to experience a net loss across all positions. If the Fund’s investment strategy is successful, however, the net performance of its long and short positions will produce long-term absolute returns that reflects the quality of the Fund’s security selections, which the Fund believes will have limited exposure to general stock market risk. The Fund’s overall price movements are not expected to correlate with the general stock market’s price movements. In other words, the Fund is expected to have returns that are independent of the returns and direction of the general stock market.</div><div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">For purposes of the Fund’s investments, “foreign securities” means those securities issued by companies: (i) that are domiciled in a country other than the US, and (ii) that derive 50% or more of their total revenue from activities outside of the US.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-style: italic;">Market Risk</span>—Shareholders of the Fund are exposed to higher risk than the stock market as a whole and could lose money. This may be due to numerous factors, including interest rates, the outlook for corporate profits, the health of the national and world economies, national and world social and political events, and the fluctuation of other stock markets around the world. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries, and contribute to heightened market volatility, which may adversely affect</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">the Fund’s investments. These risks may be magnified if certain social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, trade disputes, conflicts and social unrest) adversely interrupt the global economy. Additionally, legislative, regulatory, or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.</div> Shareholders of the Fund are exposed to higher risk than the stock market as a whole and could lose money. <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-style: italic;">Dollar Neutral Strategy Risk</span>—Due to the availability of shorts, geopolitical or other factors, the Fund may be unable to match long and short positions expressed in dollars for a period of time.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-style: italic;">Derivatives Risk</span>—In general, a derivative instrument typically involves leverage, <span style="font-style: italic;">i.e.</span>, it provides exposure to potential gain or loss from a change in the level of the market price of the underlying security or currency (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or level of the underlying asset or index, which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. The use of derivatives by the Fund may cause the Fund to realize higher amounts of ordinary income or short-term capital gain, distributions from which are taxable to individual shareholders at ordinary income tax rates rather than at the more favorable tax rates for long-term capital gain.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-style: italic;">Swaps Risk</span>—Swaps involve the risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund. Additionally, certain unexpected market events or significant adverse market movements could result in the Fund not holding enough assets to be able to meet its obligations under the agreement. Such occurrences may negatively impact the Fund’s ability to implement its principal investment strategies and could result in losses to the Fund.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-style: italic;">Leverage Risk</span>—Derivative instruments provide the economic effect of financial leverage by creating additional investment exposure to the underlying instrument, as well as the potential for greater loss. If the Fund uses leverage through activities such as entering into short sales or purchasing derivative instruments, the Fund has the risk that losses may exceed the net assets of the Fund. The net asset value of the Fund while employing leverage will be more volatile and sensitive to market movements.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-style: italic;">Short Sale Risk</span>—The Fund may lose money in connection with its short sales of securities. Short selling allows an investor to profit from declines in the prices of securities. To engage in a short sale, the Fund must “borrow” securities for a fee. To</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">close out short positions, the Fund may have to sell related long positions at disadvantageous times to produce cash to unwind a short position. There is no guarantee that the price of the borrowed securities will decline; in fact, it may rise. The Fund’s loss on a short sale is theoretically unlimited, because there is no upward limit on the price a borrowed security could attain. Short selling involves higher transaction costs than long-only investing, which could offset any gains and increase any losses.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-style: italic;">Counterparty Risk</span>—The Fund may enter into various types of derivative contracts. Many of these derivative contracts will be privately negotiated in the over‑the‑counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated over‑the‑counter contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if a counterparty’s creditworthiness declines, the Fund may not receive payments owed under the contract, or such payments may be delayed under such circumstances and the value of agreements with such counterparty can be expected to decline, potentially resulting in losses to the Fund.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-style: italic;">Credit Risk</span>—Credit risk refers to the possibility that the issuer of the reference asset of a derivative instrument will not be able to make principal and interest payments when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. Securities rated in the four highest categories by the rating agencies are considered investment grade but they may also have some speculative characteristics. Investment grade ratings do not guarantee that the issuer will not default on its payment obligations.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-style: italic;">Market Capitalization Risk</span>—Investing primarily in issuers in one market capitalization category (large‑cap, mid‑cap or small‑cap) carries the risk that due to current market conditions that category will be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Stocks of medium and small capitalization companies may be more volatile than those of larger companies due to, among other factors, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about small capitalization companies, and their stocks may have a more limited trading market than stocks of larger companies.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-style: italic;">Investment Style Risk</span>—Different investment styles such as growth or value tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. The Fund may outperform or underperform other funds that employ a different investment style.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-style: italic;">Sector Risk</span>—Companies with similar characteristics may be grouped together in broad categories called sectors. A certain sector may underperform other sectors or</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">the market as a whole. As the Adviser allocates more of the Fund’s portfolio holdings to a particular sector, the Fund’s performance will be more susceptible to any economic, business, or other developments which generally affect that sector.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-style: italic;">Management and Operational Risk</span>—The Adviser uses statistical analyses and models to select investments for the Fund. Any imperfections, errors, or limitations in the models or analyses and, therefore, any decisions made in reliance on such models or analyses could expose the Fund to potential risks. In addition, the models used by the Adviser assume that certain historical statistical relationships will continue. These models are constructed based on historical data supplied by third parties and, as a result, the success of relying on such models may depend heavily on the accuracy and reliability of the supplied historical data.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-style: italic;">Foreign Securities Risk</span>—Investments in foreign securities can be more volatile than investments in US securities. Foreign securities can be adversely affected by political, economic and market developments abroad that may not necessarily affect the US economy or companies located in the United States.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-style: italic;">Emerging Markets Risk</span>—In addition to all of the risks of investing in foreign securities, emerging market securities involve risks attendant to less mature and stable governments and economies, lower trading volume, trading suspension, security price volatility, proceeds repatriation restrictions, withholding and other taxes, some of which may be confiscatory, inflation, deflation, currency devaluation and adverse government regulations of industries or markets. As a result of these risks, the prices of emerging market securities tend to be more volatile than the securities of issuers located in developed markets.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-style: italic;">Currency Risk</span>—Currency risk is the risk that changes in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign currencies. The liquidity and trading value of foreign currencies could be affected by global economic factors, such as inflation, interest rate levels, and trade balances among countries, as well as the actions of sovereign governments and central banks. Adverse changes in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from the Fund’s investments in securities denominated in a foreign currency or may widen existing losses.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-style: italic;">Cash or Cash Equivalents Risk</span>—The Fund may have significant investments in cash or Cash Equivalents. When a substantial portion of a portfolio is held in cash or Cash Equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-style: italic;">Underlying ETF Risk</span>—The investment performance of the Fund, which invests a portion of its assets in Underlying ETFs, may be adversely affected if the Underlying ETFs are unable to meet their investment objectives or the Portfolio allocates a significant portion of its assets to an Underlying ETF that performs poorly, including</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">relative to other Underlying ETFs. In addition, the Fund bears its pro‑rata portion of the operating expenses of the Underlying ETFs in which it invests.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-style: italic;">Key Person Risk</span>—Key person risk is the risk that results when a Fund’s investment program is highly dependent on the investment skill and dedication of a small number of “key” persons at the Adviser, which can result in decreased investment results if any of these “key” persons become unable to apply their full attention to the management of the Fund’s investments for health or other reasons.</div> Performance: <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The bar chart and table below provide an indication of the risk of investing in the Fund. The bar chart shows how the Fund’s performance has varied on a calendar year basis. The table shows how the average annual returns of the Fund’s shares compare with those of a broad measure of market performance and an additional benchmark with characteristics relevant to the Fund. This information is based on past performance. Past performance (before and after taxes) does not guarantee future results. Updated performance information is available on the Fund’s website at <span style="font-style: italic;">bridgewayfunds.com</span> or by calling 800‑661‑3550.</div> The bar chart and table below provide an indication of the risk of investing in the Fund. The bar chart shows how the Fund’s performance has varied on a calendar year basis. The table shows how the average annual returns of the Fund’s shares compare with those of a broad measure of market performance and an additional benchmark with characteristics relevant to the Fund. Past performance (before and after taxes) does not guarantee future results. bridgewayfunds.com 800‑661‑3550 Global Opportunities FundYear by Year % Returns as of 12/31 of Each Year <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: center;"><span style="font-style: italic;">Return from 1/1/26 through 9/30/26 was 9.29%. </span></div><div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">During the period illustrated in this bar chart, the Fund’s highest quarterly return and lowest quarterly return were:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 70%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 52%;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td></td> <td style="vertical-align: bottom; width: 7%;"></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-bottom: 0.75pt solid #7f7f7f; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #7f7f7f; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #7f7f7f; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">Quarter</span></td> <td style="border-bottom: 0.75pt solid #7f7f7f; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #7f7f7f; vertical-align: bottom; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: center;">Total</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: center;">Return</div> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Highest Return:</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">Q3 25</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">6.51%</td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #e5e5e5;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lowest Return:</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">Q2 25</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">0.95%</td> </tr> </table> Return from 1/1/26 through 9/30/26 2026-09-30 0.0929 Highest Return: 0.0651 Lowest Return: 0.0095 Average Annual Total Returns (For the periods ended 12/31/25) 2024-10-15 2024-10-15 2024-10-15 2024-10-15 2024-10-15 0.1455 0.1463 0.0977 0.1052 0.0861 0.0945 0.0440 0.0447 0.2206 0.1678 After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. Return After Taxes on Distribution and Sale of Fund Shares may be higher than other returns for the same period due to a potential tax benefit of realizing a capital loss upon the sale of Fund shares. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. Bridgeway Capital Management, LLC (the “Adviser”), the investment adviser to the Fund pursuant to an Expense Limitation Agreement with Bridgeway Funds, is contractually obligated to waive fees and/or pay Fund expenses, if necessary, to ensure that net expenses do not exceed 0.47% until at least November 1, 2027. Fees and expenses attributable to investments in other funds (i.e., “Acquired Fund Fees and Expenses”) and trading costs (e.g., commission and other trading costs) are not included in the 0.47% expense limitation. The Expense Limitation Agreement may 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 at 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 annual expense ratio 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. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the Expense Limitation Agreement. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. Return After Taxes on Distribution and sale of Fund Shares may be higher than other returns for the same period due to a potential tax benefit of realizing a capital loss upon the sale of Fund shares. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. Acquired Fund Fees and Expenses are expenses incurred by the Fund through its ownership of shares in other investment companies, including business development companies. Bridgeway Capital Management, LLC (the “Adviser”), the investment adviser to the Fund is contractually obligated, until at least November 1, 2027, to waive fees and/or pay Fund expenses, if necessary, to ensure that Other Expenses do not exceed 0.25% excluding interest, taxes, dividend expense on short sales, interest expense relating to short sales, other borrowing costs, expenses related to class action claims, contingent expenses related to tax reclaim receipts, reorganization expenses and extraordinary expenses. The Fund is authorized to reimburse the Adviser for management fees previously waived and/or for expenses previously paid by the Adviser, 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 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 Expense Limitation Agreement may be changed or eliminated only with the consent of the Board of Directors of Bridgeway Funds. Total Annual Fund Operating Expenses do not correlate to the expense ratio in the Financial Highlights, which reflects operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans.