# EDGAR Filing Document

**Accession Number:** 0000916006
**File Stem:** 0001193125-26-096351
**Filing Date:** 2026-3
**Character Count:** 574054
**Document Hash:** 5075aecd5d469b938289f7ce9e04f38a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-096351.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001193125-26-096351

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BRIDGEWAY FUNDS INC
- **CENTRAL INDEX KEY:** 0000916006

**ORGANIZATION NAME:**
- **EIN:** 760421237
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08200
- **FILM NUMBER:** 26730592

**BUSINESS ADDRESS:**
- **STREET 1:** 20 GREENWAY PLAZA
- **STREET 2:** SUITE 450
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046
- **BUSINESS PHONE:** 7136613500

**MAIL ADDRESS:**
- **STREET 1:** 20 GREENWAY PLAZA
- **STREET 2:** SUITE 450
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BRIDGEWAY FUND INC
- **DATE OF NAME CHANGE:** 19931209

## Series and Classes Contracts Data

### Aggressive Investors 1 Fund (Series ID: S000004419)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000012182 | Class N      | BRAGX           |

### Ultra-Small Company Fund (Series ID: S000004423)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000012186 | Class N      | BRUSX           |

### Ultra-Small Company Market Fund (Series ID: S000004424)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000012187 | Class N      | BRSIX           |

### Small-Cap Value Fund (Series ID: S000004427)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000012190 | Class N      | BRSVX           |

### Omni Small-Cap Value Fund (Series ID: S000033567)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000103073 | Class N      | BOSVX           |

### Global Opportunities Fund (Series ID: S000088170)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000254224 | Class N      | BRGOX           |

?xml version='1.0' encoding='ASCII'? Bridgeway Funds, Inc.

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 <u>811-08200</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Bridgeway Funds, Inc.</u> 

(Exact name of registrant as specified in charter)

20 Greenway Plaza, Suite 930

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Houston, Texas 77046</u> 

(Address of principal executive offices) (Zip code)

Linda Giuffré, President

Bridgeway Funds, Inc.

20 Greenway Plaza, Suite 930

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Houston, Texas 77046</u> 

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(713) 661-3500</u>

Date of fiscal year end: <u>June</u> <u>30</u>

Date of reporting period: <u>December</u> <u>31, 2025</u>

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.

![Image](g22914g29y65.jpg)

# Semi - Annual Shareholder Report - December 31, 2025
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.

# Aggressive Investors 1 Fund

# BRAGX

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10K Investment** | **Costs paid as a % of a $10K Investment<sup>Footnote Referencea</sup>** |
| Aggressive Investors 1 Fund | $48 | 0.92% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Annualized. |

---

### Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $213576291 |
| # of Portfolio Holdings | 94 |
| Portfolio Turnover Rate | 36% |

---

## What did the Fund invest in?

### Asset Class Weightings (% of Net Assets)

---

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

---

### Top Ten Holdings (% of Net Assets)

---

| | |
|:---|:---|
| 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% |

---

### Top Sector Weightings (% of Net Assets)
![Bar chart representation of the Fund's holdings as a percentage of net assets grouped by sectors.](g22914g11l47.jpg)

---

| | |
|:---|:---|
| **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% |

---

![Image](g22914g29y65.jpg)

#### 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.

## Where can I find additional information about the Fund?
Additional information is available on www.bridgewayfunds.com, including its:

-prospectus

-financial information

-holdings

-proxy voting information

![Image](g22914g20d74.jpg)

![Image](g22914g29y65.jpg)

# Semi - Annual Shareholder Report - December 31, 2025
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.

# Ultra-Small Company Fund

# BRUSX

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10K Investment** | **Costs paid as a % of a $10K Investment<sup>Footnote Referencea</sup>** |
| Ultra-Small Company Fund | $64 | 1.20% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Annualized. |

---

### Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $90467859 |
| # of Portfolio Holdings | 216 |
| Portfolio Turnover Rate | 36% |

---

## What did the Fund invest in?

### Asset Class Weightings (% of Net Assets)

---

| | |
|:---|:---|
| 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% |

---

### Top Ten Holdings (% of Net Assets)

---

| | |
|:---|:---|
| 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% |

---

### Top Sector Weightings (% of Net Assets)
![Bar chart representation of the Fund's holdings as a percentage of net assets grouped by sectors.](g22914g97q15.jpg)

---

| | |
|:---|:---|
| **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% |

---

![Image](g22914g29y65.jpg)

#### 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.

## Where can I find additional information about the Fund?
Additional information is available on www.bridgewayfunds.com, including its:

-prospectus

-financial information

-holdings

-proxy voting information

![Image](g22914g20d74.jpg)

![Image](g22914g29y65.jpg)

# Semi - Annual Shareholder Report - December 31, 2025
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.

# Ultra-Small Company Market Fund

# BRSIX

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10K Investment** | **Costs paid as a % of a $10K Investment<sup>Footnote Referencea</sup>** |
| Ultra-Small Company Market Fund | $43 | 0.75% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Annualized. |

---

### Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $127063540 |
| # of Portfolio Holdings | 551 |
| Portfolio Turnover Rate | 21% |

---

## What did the Fund invest in?

### Asset Class Weightings (% of Net Assets)

---

| | |
|:---|:---|
| 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% |

---

### Top Ten Holdings (% of Net Assets)

---

| | |
|:---|:---|
| 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% |

---

### Top Sector Weightings (% of Net Assets)
![Bar chart representation of the Fund's holdings as a percentage of net assets grouped by sectors.](g22914g96l06.jpg)

---

| | |
|:---|:---|
| **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% |

---

![Image](g22914g29y65.jpg)

#### 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.

## Where can I find additional information about the Fund?
Additional information is available on www.bridgewayfunds.com, including its:

-prospectus

-financial information

-holdings

-proxy voting information

![Image](g22914g20d74.jpg)

![Image](g22914g29y65.jpg)

# Semi - Annual Shareholder Report - December 31, 2025
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.

# Small-Cap Value Fund

# BRSVX

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10K Investment** | **Costs paid as a % of a $10K Investment<sup>Footnote Referencea</sup>** |
| Small-Cap Value Fund | $50 | 0.94% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Annualized. |

---

### Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $320103777 |
| # of Portfolio Holdings | 159 |
| Portfolio Turnover Rate | 41% |

---

## What did the Fund invest in?

### Asset Class Weightings (% of Net Assets)

---

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

---

### Top Ten Holdings (% of Net Assets)

---

| | |
|:---|:---|
| 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% |

---

### Top Sector Weightings (% of Net Assets)
![Bar chart representation of the Fund's holdings as a percentage of net assets grouped by sectors.](g22914g71p76.jpg)

---

| | |
|:---|:---|
| **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% |

---

![Image](g22914g29y65.jpg)

#### 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.

## Where can I find additional information about the Fund?
Additional information is available on www.bridgewayfunds.com, including its:

-prospectus

-financial information

-holdings

-proxy voting information

![Image](g22914g20d74.jpg)

![Image](g22914g29y65.jpg)

# Semi - Annual Shareholder Report - December 31, 2025
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.

# Omni Small-Cap Value Fund

# BOSVX

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10K Investment** | **Costs paid as a % of a $10K Investment<sup>Footnote Referencea</sup>** |
| Omni Small-Cap Value Fund | $26 | 0.47% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Annualized. |

---

### Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1147132612 |
| # of Portfolio Holdings | 593 |
| Portfolio Turnover Rate | 17% |

---

## What did the Fund invest in?

### Asset Class Weightings (% of Net Assets)

---

| | |
|:---|:---|
| 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% |

---

### Top Ten Holdings (% of Net Assets)

---

| | |
|:---|:---|
| 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% |

---

### Top Sector Weightings (% of Net Assets)
![Bar chart representation of the Fund's holdings as a percentage of net assets grouped by sectors.](g22914g09a29.jpg)

---

| | |
|:---|:---|
| **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% |

---

![Image](g22914g29y65.jpg)

#### 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.

## Where can I find additional information about the Fund?
Additional information is available on www.bridgewayfunds.com, including its:

-prospectus

-financial information

-holdings

-proxy voting information

![Image](g22914g20d74.jpg)

![Image](g22914g29y65.jpg)

# Semi - Annual Shareholder Report - December 31, 2025
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.

# Global Opportunities Fund

# BRGOX

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10K Investment** | **Costs paid as a % of a $10K Investment<sup>Footnote Referencea</sup>** |
| Global Opportunities Fund | $80 | 1.50% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Annualized. |

---

### Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $36748107 |
| # of Portfolio Holdings - Long | 278 |
| # of Portfolio Holdings - Short | 327 |
| Portfolio Turnover Rate | -%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;There were no long-term transactions for the period ended December 31, 2025. |

---

## What did the Fund invest in?

### Top Sector Weightings (Notional exposure % of Net Assets)
![Bar chart representation of the Fund's holdings as a percentage of net assets grouped by sectors.](g22914g00y80.jpg)

---

| | | |
|:---|:---|:---|
| | **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)
![Group By Country Chart](g22914g50r86.jpg)

---

| | | |
|:---|:---|:---|
| | **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% |

---

![Image](g22914g29y65.jpg)

#### 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.

## Where can I find additional information about the Fund?
Additional information is available on www.bridgewayfunds.com, including its:

-prospectus

-financial information

-holdings

-proxy voting information

![Image](g22914g20d74.jpg)

------

(b) Not applicable.

#### Item 2. Code of Ethics.
Not applicable.

#### Item 3. Audit Committee Financial Expert.
Not applicable.

#### Item 4. Principal Accountant Fees and Services.
Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included in the financial statements filed under Item 7 of this Form.

(b) Not Applicable

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) The semi-annual financial statements are attached herewith.

------

![LOGO](g22914dsp1.jpg)

A no-load mutual fund family

---

| | |
|:---|:---|
| <br> Financial Statements and Other information<br>December 31, 2025 (Unaudited) | <br> Financial Statements and Other information<br>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 |

---

 <br> bridgewayfunds.com

------

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | ![LOGO](g22914dsp3.jpg) |

---

---

| | |
|:---|:---|
|  [AGGRESSIVE INVESTORS 1 FUND](#fin22914_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#fin22914_2) | 2 |
|  [ULTRA-SMALL COMPANY FUND](#fin22914_3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#fin22914_4) | 5 |
|  [ULTRA-SMALL COMPANY MARKET FUND](#fin22914_5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#fin22914_6) | 10 |
|  [SMALL-CAP VALUE FUND](#fin22914_7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#fin22914_8) | 20 |
|  [OMNI SMALL-CAP VALUE FUND](#fin22914_9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#fin22914_10) | 23 |
|  [GLOBAL OPPORTUNITIES FUND](#fin22914_11) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#fin22914_12) | 34 |
|  [STATEMENTS OF ASSETS AND LIABILITIES](#fin22914_13) | 60 |
|  [STATEMENTS OF OPERATIONS](#fin22914_14) | 62 |
|  [STATEMENTS OF CHANGES IN NET ASSETS](#fin22914_15) | 64 |
|  [FINANCIAL HIGHLIGHTS](#fin22914_16) | 67 |
|  [Notes to Financial Statements](#fin22914_17) | 73 |
|  [OTHER INFORMATION](#fin22914_18) | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Proxy Voting](#fin22914_19) | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Fund Holdings](#fin22914_20) | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Approval of Investment Management Agreement](#fin22914_21) | 86 |

---

------

---

| | |
|:---|:---|
| Aggressive Investors 1 Fund <br> SCHEDULE OF INVESTMENTS (Unaudited) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
|  COMMON STOCKS - 99.81% | COMMON STOCKS - 99.81% | COMMON STOCKS - 99.81% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 4.85%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 4.85%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 4.85%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 20400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6385200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp., Class A | 58000 | 1733620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 3400 | 2244306 |
|  |  | 10363126 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 10.07%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 10.07%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 10.07%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc., Class A\* | 10000 | 1357200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 17200 | 3970104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 600 | 3213198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 25000 | 2177500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 7800 | 2209818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 31300 | 2545316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 21000 | 1915410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Somnigroup International, Inc. | 18000 | 1607040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 9800 | 1252146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wayfair, Inc., Class A\*+ | 12500 | 1255125 |
|  |  | 21502857 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 2.43%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 2.43%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 2.43%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Celsius Holdings, Inc.\* | 35000 | 1600900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 1867 | 1609989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maplebear, Inc.\* | 44000 | 1979120 |
|  |  | 5190009 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 2.81%** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 2.81%** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 2.81%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 60000 | 2197800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 14000 | 1470140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 14400 | 2344176 |
|  |  | 6012116 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 19.95%** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 19.95%** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 19.95%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 7000 | 2589650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 3400 | 1667156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group, Ltd.\* | 10000 | 959200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 23200 | 2317912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 40800 | 2383128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; East West Bancorp, Inc. | 12300 | 1382397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Holdings, Inc. | 35000 | 1667750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp+ | 23800 | 1114078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Horizon Corp. | 52000 | 1242800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Globe Life, Inc. | 11700 | 1636362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group,<br>Inc. (The) | 3000 | 2637000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hartford Insurance Group,<br>Inc. (The) | 13300 | 1832740 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc., Class A | 32000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2057920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KeyCorp. | 70000 | 1444800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 3300 | 1178661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp. | 10500 | 2115540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 10600 | 1196528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp. | 40000 | 1084000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RenaissanceRe Holdings, Ltd.+ | 7000 | 1968120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robinhood Markets, Inc., Class A\* | 15000 | 1696500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada | 10000 | 1704900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SoFi Technologies, Inc.\*+ | 50000 | 1309000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 39300 | 3278799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 40000 | 2134400 |
|  |  | 42599341 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 14.01%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc.\* | 4700 | 1868955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 32000 | 1726080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 13200 | 2712600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. | 6000 | 2026500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exelixis, Inc.\* | 65000 | 2848950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 4500 | 2100870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 3000 | 2029590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illumina, Inc.\* | 21300 | 2793708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp.\* | 15000 | 1481550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.\* | 4200 | 2358930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 26400 | 2778864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.\* | 12000 | 2384640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Therapeutics Corp.\* | 3000 | 1461750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Inc., Class A\* | 6000 | 1339380 |
|  |  | 29912367 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 7.49%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 8500 | 2186455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BWX Technologies, Inc.+ | 12000 | 2074080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | 2300 | 2146567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 40000 | 2776000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 3500 | 2141265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MasTec, Inc.\* | 11500 | 2499755 |

---

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

------

---

| | |
|:---|:---|
| Aggressive Investors 1 Fund <br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc.\* | 19500 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2180490 |
|  |  |  | 16004612 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 34.12%** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 34.12%** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 34.12%** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 34.12%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 4600 |  | 1609954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | 18000 |  | 2432520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 25000 |  | 6796500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 8000 |  | 2055920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp., Class A\* | 3600 |  | 2425752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 8500 |  | 1113755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astera Labs, Inc.\* | 12000 |  | 1996320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 9300 |  | 3218730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies, Ltd.\* | 13000 |  | 2412280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F5, Inc.\* | 6500 |  | 1659190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 35000 |  | 951650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 50000 |  | 1201000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. | 50000 |  | 1114000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc. | 8000 |  | 1824160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 15000 |  | 2567700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lumentum Holdings, Inc.\*+ | 11000 |  | 4054490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 20500 |  | 9914210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 1200 |  | 1087632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NetApp, Inc. | 21100 |  | 2259599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 60096 |  | 11207904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Class A\* | 23700 |  | 4212675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 6400 |  | 1695424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 28000 |  | 1775480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc., Class A\* | 10000 |  | 1422400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VeriSign, Inc. | 7700 |  | 1870715 |
|  |  |  | 72879960 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 1.53%** | &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 1.53%** | &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 1.53%** | &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 1.53%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 25700 |  | 1987638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 3000 |  | 1279170 |
|  |  |  | 3266808 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 2.55%** | &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 2.55%** | &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 2.55%** | &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 2.55%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 19500 |  | 3105180 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Utilities (continued)**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 14500 | $2339285 |
|  |  | 5444465 |
| TOTAL COMMON STOCKS - 99.81% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213175661 |
| (Cost $149,658,179) |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Rate^ | Shares | Value |
| MONEY MARKET FUND - 0.18% | MONEY MARKET FUND - 0.18% | MONEY MARKET FUND - 0.18% | MONEY MARKET FUND - 0.18% |
|  Fidelity Investments Money Market Government Portfolio Class I | 3.67% | 382314 | 382314 |
|  TOTAL MONEY MARKET FUND - 0.18% | TOTAL MONEY MARKET FUND - 0.18% | TOTAL MONEY MARKET FUND - 0.18% | 382314 |
|  (Cost $382,314) | (Cost $382,314) | (Cost $382,314) |  |
|  TOTAL INVESTMENTS **-** 99.99% | TOTAL INVESTMENTS **-** 99.99% | TOTAL INVESTMENTS **-** 99.99% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213557975 |
|  (Cost $150,040,493) | (Cost $150,040,493) | (Cost $150,040,493) |  |
|  Other Assets in Excess of Liabilities - 0.01% | Other Assets in Excess of Liabilities - 0.01% | Other Assets in Excess of Liabilities - 0.01% | 18316 |
|  NET ASSETS - 100.00% | NET ASSETS - 100.00% |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213576291 |

---

*\** *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* 

 <br> bridgewayfunds.com 3

------

---

| | |
|:---|:---|
| Aggressive Investors 1 Fund <br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Valuation Inputs | Valuation Inputs | |
|  | | Investment in Securities (Value) | Investment in Securities (Value) | |
|  | Level 1<br> Quoted<br> Prices | Level 2<br> Significant<br> Observable<br> Inputs | Level 3<br> Significant<br> Unobservable<br> Inputs | Total |
|  Common Stocks (a) | $213175661 | $– | $– | $213175661 |
|  Money Market Fund | 382314 |  |  | 382314 |
|  TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$213557975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$213557975 |

---

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

*See Notes to Financial Statements.* 

 <br> 4 Semi-Annual Report \| December 31, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| Ultra-Small Company Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
|  COMMON STOCKS - 99.60% | COMMON STOCKS - 99.60% | COMMON STOCKS - 99.60% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 5.25%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 5.25%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 5.25%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMC Networks, Inc., Class A\* | 109834 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eventbrite, Inc., Class A\* | 483000 | 2149350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EW Scripps Co. (The), Class A\* | 40000 | 159600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iHeartMedia, Inc., Class A\* | 214281 | 891409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Playstudios, Inc.\* | 198500 | 129323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skillz, Inc.\*+ | 13700 | 59047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TrueCar, Inc.\* | 64500 | 145770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vivid Seats, Inc., Class A\*+ | 16000 | 115360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zedge, Inc., Class B | 16700 | 54776 |
|  |  | 4750254 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 12.45%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 12.45%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1stdibs.com, Inc.\* | 110400 | 661296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allbirds, Inc., Class A\*+ | 34931 | 143217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMCON Distributing Co. | 2180 | 229990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aterian, Inc.\* | 32460 | 22569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BARK, Inc.\* | 248200 | 149541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bassett Furniture Industries, Inc. | 11198 | 187678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beachbody Co., Inc. (The)\* | 6109 | 63289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cato Corp. (The), Class A\* | 69710 | 215404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citi Trends, Inc.\* | 9300 | 386508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designer Brands, Inc., Class A+ | 100000 | 743000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Destination XL Group, Inc.\* | 97000 | 89192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duluth Holdings, Inc., Class B\* | 58800 | 122304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Educational Development Corp.\* | 21586 | 28494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Envela Corp.\* | 25000 | 334500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fossil Group, Inc.\*+ | 297400 | 1118224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genesco, Inc.\* | 19000 | 470630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GrowGeneration Corp.\* | 50801 | 76202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J Jill, Inc. | 5759 | 79014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JAKKS Pacific, Inc. | 30272 | 510991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lulu's Fashion Lounge Holdings, Inc.\* | 11500 | 60030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Movado Group, Inc. | 75453 | 1555841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nerdy, Inc.\*+ | 77400 | 80496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneWater Marine, Inc., Class A\*+ | 5900 | 63838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocky Brands, Inc. | 23500 | 689255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sportsman's Warehouse Holdings, Inc.\* | 198900 | 290394 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stoneridge, Inc.\* | 43100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strattec Security Corp.\* | 3500 | 266490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Electronics, Inc.\* | 54045 | 195102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vera Bradley, Inc.\* | 150120 | 363290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zumiez, Inc.\* | 69639 | 1814096 |
|  |  | 11260424 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 3.56%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 3.56%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beauty Health Co. (The)\*+ | 473232 | 657792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Farmer Bros Co.\* | 39547 | 57739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifevantage Corp.+ | 31906 | 196541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mama's Creations, Inc.\*+ | 10000 | 134900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mannatech, Inc.\*+ | 23388 | 192951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medifast, Inc.\*+ | 40900 | 436812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Health Trends Corp.+ | 22600 | 69834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nature's Sunshine Products, Inc.\* | 16000 | 345280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nu Skin Enterprises, Inc., Class A | 98000 | 942760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zevia PBC, Class A\* | 81100 | 188152 |
|  |  | 3222761 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 6.91%** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 6.91%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Resources Corp. | 17641 | 788729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DMC Global, Inc.\* | 124997 | 836230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Epsilon Energy, Ltd. | 225397 | 1045842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forum Energy Technologies, Inc.\* | 27739 | 1024956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gran Tierra Energy, Inc.\*+ | 159793 | 677523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ranger Energy Services, Inc., Class A | 125890 | 1759942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smart Sand, Inc. | 30618 | 122472 |
|  |  | 6255694 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 14.57%** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 14.57%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACRES Commercial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realty Corp.\*+ | 3800 | 81092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlantic American Corp. | 65035 | 184049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C&F Financial Corp. | 1100 | 79849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CF Bankshares, Inc. | 9000 | 224550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens Community Bancorp, Inc. | 26599 | 473994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Portfolio Services, Inc.\*+ | 38859 | 362554 |

---

 <br> bridgewayfunds.com 5

------

---

| | |
|:---|:---|
| Ultra-Small Company Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
|  Common Stocks (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Farmers & Merchants Bancorp, Inc. | 2000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finward Bancorp | 4631 | 162965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finwise Bancorp\* | 8152 | 146247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Bancorp, Inc. (The) | 4000 | 105760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Capital, Inc. | 1400 | 82880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Community Corp. | 7637 | 226437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Western Financial, Inc.\* | 20831 | 558479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Financial Services Corp. | 4000 | 200800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FS Bancorp, Inc. | 4471 | 184071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FVCBankcorp, Inc. | 42365 | 589297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investar Holding Corp. | 16865 | 450633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; James River Group Holdings, Inc. | 30800 | 195888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Katapult Holdings, Inc.\*+ | 8000 | 51680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingstone Cos., Inc.+ | 21100 | 355113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MainStreet Bancshares, Inc. | 9000 | 183240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manhattan Bridge Capital, Inc. | 19516 | 90749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MVB Financial Corp.+ | 50100 | 1294083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oak Valley Bancorp | 35664 | 1072060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio Valley Banc Corp. | 1900 | 75962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OP Bancorp | 37050 | 523146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parke Bancorp, Inc. | 11568 | 289663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paysign, Inc.\* | 88670 | 456650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peoples Bancorp of North Carolina, Inc. | 7200 | 260640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Princeton Bancorp, Inc. | 7212 | 250184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBB Bancorp | 10000 | 206400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security National Financial Corp., Class A\*+ | 103102 | 928949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selectquote, Inc.\* | 215982 | 304535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siebert Financial Corp.\*+ | 64060 | 224851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Timberland Bancorp, Inc. | 23971 | 858162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TPG Mortgage Investment Trust, Inc. | 104126 | 887154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia National Bankshares Corp. | 8208 | 327089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waterstone Financial, Inc. | 11146 | 184466 |
|  |  | 13183761 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 30.77%** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 30.77%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aclaris Therapeutics, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inc.\* | 150000 | 451500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acme United Corp.+ | 10453 | 421360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acumen Pharmaceuticals, Inc.\* | 75000 | 158250 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adicet Bio, Inc.\* | 50644 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alto Neuroscience, Inc.\* | 23553 | 419243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ALX Oncology Holdings, Inc.\* | 15072 | 17031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Shared Hospital Services\* | 64996 | 137142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Well Corp., Class A\* | 72989 | 358376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atara Biotherapeutics, Inc.\* | 18691 | 338120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atea Pharmaceuticals, Inc.\*+ | 28300 | 101031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avita Medical, Inc.\*+ | 118004 | 407114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BioAge Labs, Inc.\*+ | 25000 | 330750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biote Corp., Class A\* | 53358 | 138731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Diamond Therapeutics, Inc.\* | 75000 | 182250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CareCloud, Inc.\* | 65000 | 189800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ClearPoint Neuro, Inc.\*+ | 51992 | 711251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Climb Bio, Inc.\*+ | 50000 | 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coherus Oncology, Inc.\* | 291000 | 413220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contineum Therapeutics, Inc., Class A\*+ | 22380 | 255803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumberland Pharmaceuticals, Inc.\* | 137268 | 546327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Design Therapeutics, Inc.\* | 25000 | 234500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DocGo, Inc.\* | 221000 | 193994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electromed, Inc.\* | 46463 | 1353003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eton Pharmaceuticals, Inc.\*+ | 71070 | 1201794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exagen, Inc.\* | 44400 | 269952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fennec Pharmaceuticals, Inc.\* | 83005 | 639138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortress Biotech, Inc.\*+ | 182368 | 667467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heron Therapeutics, Inc.\*+ | 242000 | 314600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ImageneBio, Inc.\* | 4258 | 29380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immuneering Corp., Class A\*+ | 60000 | 394800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inogen, Inc.\* | 75551 | 507703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inovio Pharmaceuticals, Inc.\*+ | 173000 | 301020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ironwood Pharmaceuticals, Inc.\* | 135993 | 458296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Karyopharm Therapeutics, Inc.\* | 49873 | 367065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kewaunee Scientific Corp.\* | 5600 | 209496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kezar Life Sciences, Inc.\* | 51638 | 324803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KORU Medical Systems, Inc.\* | 45305 | 263222 |

---

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

------

---

| | |
|:---|:---|
| Ultra-Small Company Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
|  Common Stocks (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kyverna Therapeutics, Inc.\*+ | 112000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metagenomi, Inc.\*+ | 327100 | 529902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microbot Medical, Inc.\*+ | 111000 | 222000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MindWalk Holdings Corp.\* | 50000 | 91000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neuphoria Therapeutics, Inc.\* | 14750 | 57230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Niagen Bioscience, Inc.\* | 67179 | 427258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OptimizeRx Corp.\*+ | 69029 | 846296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OraSure Technologies, Inc.\* | 279773 | 677051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owlet, Inc.\* | 38115 | 617082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pliant Therapeutics, Inc.\* | 239230 | 291861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PMV Pharmaceuticals, Inc.\* | 331453 | 414316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Precision BioSciences, Inc.\*+ | 61901 | 257508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puma Biotechnology, Inc.\* | 173000 | 1029350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rigel Pharmaceuticals, Inc.\* | 12520 | 536232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sagimet Biosciences, Inc., Class A\* | 244541 | 1447683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SANUWAVE Health, Inc.\* | 29279 | 873685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seer, Inc.\* | 480043 | 878479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spectral AI, Inc.\*+ | 199000 | 282580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stereotaxis, Inc.\* | 80075 | 184172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenax Therapeutics, Inc.\* | 44900 | 547331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ventyx Biosciences, Inc.\* | 130000 | 1173900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viemed Healthcare, Inc.\* | 34000 | 252620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whitehawk Therapeutics, Inc.\* | 215284 | 520987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XBiotech, Inc.\* | 30000 | 71700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zura Bio, Ltd.\*+ | 117995 | 618294 |
|  |  | 27835269 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 10.05%** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 10.05%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Art's-Way Manufacturing Co., Inc.\* | 8480 | 19928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Civeo Corp. | 60400 | 1381348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DLH Holdings Corp.\*+ | 12000 | 67800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forrester Research, Inc.\* | 119859 | 973255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Covey Co.\*+ | 53200 | 892696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gencor Industries, Inc.\* | 26400 | 342144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greenland Technologies Holding Corp.\* | 25000 | 15323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson Technologies, Inc.\* | 186842 | 1279868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L B Foster Co., Class A\* | 9000 | 242550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mastech Digital, Inc.\* | 13697 | 95605 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NeoVolta, Inc.\*+ | 52200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novusterra, Inc.\*Δ#+ | 25745 | 1287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Optex Systems Holdings, Inc.\* | 11000 | 155980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion Group Holdings, Inc.\* | 60000 | 596400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quad/Graphics, Inc. | 124574 | 781079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RCM Technologies, Inc.\* | 2700 | 55201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resources Connection, Inc.+ | 101800 | 513072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Equity Holdings, Inc.\* | 10958 | 123278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stem, Inc.\*+ | 54000 | 812700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tigo Energy, Inc.\* | 70000 | 96600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TrueBlue, Inc.\* | 79500 | 361725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twin Disc, Inc. | 7400 | 123432 |
|  |  | 9089959 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 11.61%** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 11.61%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acorn Energy, Inc.\*+ | 7300 | 110230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airship AI Holdings, Inc.\*+ | 122829 | 354976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aviat Networks, Inc.\* | 20000 | 427600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BK Technologies Corp.\* | 6170 | 460220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CS Disco, Inc.\* | 193652 | 1502739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eGain Corp.\*+ | 32900 | 338541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Services Group, Inc. | 41661 | 240800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inseego Corp.\*+ | 50000 | 513500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intellicheck, Inc.\* | 53484 | 357273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaltura, Inc.\*+ | 90300 | 148092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KVH Industries, Inc.\* | 30000 | 209100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnachip Semiconductor Corp.\* | 337754 | 861273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ON24, Inc.\*+ | 233448 | 1858246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ooma, Inc.\* | 19000 | 222870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Optical Cable Corp.\* | 35668 | 158723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phunware, Inc.\*+ | 50000 | 92500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ReposiTrak, Inc.+ | 4737 | 58597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RF Industries, Ltd.\* | 68096 | 393595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rimini Street, Inc.\* | 354200 | 1374296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Safety Products, Inc. | 10890 | 56192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upland Software, Inc.\*+ | 105300 | 150579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wetouch Technology, Inc.\* | 94400 | 126496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xperi, Inc.\* | 83724 | 490623 |
|  |  | 10507061 |

---

 <br> bridgewayfunds.com 7

------

---

| | |
|:---|:---|
| Ultra-Small Company Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company |  | Shares | Value |
|  Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 2.26%** | &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 2.26%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Vanguard Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Vanguard Corp.\* | 78400 | $299488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ampco-Pittsburgh Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ampco-Pittsburgh Corp.\* | 35935 | 191534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contango ORE, Inc.\*+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contango ORE, Inc.\*+ | 11000 | 290510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core Molding Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core Molding Technologies, Inc.\* | 2201 | 44130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flotek Industries, Inc.\*+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flotek Industries, Inc.\*+ | 3430 | 59099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Friedman Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Friedman Industries, Inc. | 43021 | 881500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vox Royalty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vox Royalty Corp. | 58000 | 274920 |
|  |  |  | 2041181 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 2.17%** | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 2.17%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMREP Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMREP Corp.\* | 20198 | 379722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas Elliman, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas Elliman, Inc.\* | 666716 | 1580117 |
|  |  |  | 1959839 |
|  TOTAL COMMON STOCKS - 99.60% | TOTAL COMMON STOCKS - 99.60% | TOTAL COMMON STOCKS - 99.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90106203 |
|  (Cost $77,579,789) | (Cost $77,579,789) | (Cost $77,579,789) |  |
|  PREFERRED STOCK - 0.00% | PREFERRED STOCK - 0.00% | PREFERRED STOCK - 0.00% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ClearOne, Inc., 0.00%Δ# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ClearOne, Inc., 0.00%Δ# | 3573 | 36 |
|  TOTAL PREFERRED STOCK -0.00% |  |  | 36 |
|  (Cost $–) |  |  |  |
|  RIGHTS - 0.00% | RIGHTS - 0.00% | RIGHTS - 0.00% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AVROBIO, Inc., CVR\*Δ#+++ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AVROBIO, Inc., CVR\*Δ#+++ | 11783 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enliven Therapeutics, Inc., CVR\*Δ#+++ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enliven Therapeutics, Inc., CVR\*Δ#+++ | 18900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ikena Oncology, Inc., CVR\*Δ#+++ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ikena Oncology, Inc., CVR\*Δ#+++ | 51100 |  |
|  TOTAL RIGHTS - 0.00% | TOTAL RIGHTS - 0.00% | TOTAL RIGHTS - 0.00% |  |
|  (Cost $–) |  |  |  |
|  | Rate^ | Shares | Value |
|  MONEY MARKET FUND - 0.46% | MONEY MARKET FUND - 0.46% | MONEY MARKET FUND - 0.46% |  |
|  Fidelity Investments Money Market Government Portfolio Class I | 3.67% | 413150 | 413150 |
|  TOTAL MONEY MARKET FUND - 0.46% | TOTAL MONEY MARKET FUND - 0.46% | TOTAL MONEY MARKET FUND - 0.46% | 413150 |
|  (Cost $413,150) |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Rate^ | Shares | Value |
| INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 8.34% | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 8.34% | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 8.34% | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 8.34% |
|  Dreyfus Institutional Preferred Government Money Market Fund\*\* | 3.71% | 7548838 | $7548838 |
|  TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 8.34% | TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 8.34% | TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 8.34% | 7548838 |
|  (Cost $7,548,838) | (Cost $7,548,838) | (Cost $7,548,838) |  |
|  TOTAL INVESTMENTS **-** 108.40% | TOTAL INVESTMENTS **-** 108.40% | TOTAL INVESTMENTS **-** 108.40% | $98068227 |
|  (Cost $85,541,777) |  |  |  |
|  Liabilities in Excess of Other Assets - (8.40%) | Liabilities in Excess of Other Assets - (8.40%) | Liabilities in Excess of Other Assets - (8.40%) | (7600368) |
|  NET ASSETS - 100.00% | NET ASSETS - 100.00% | NET ASSETS - 100.00% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90467859 |

---

*#* *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* 

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

------

---

| | |
|:---|:---|
| Ultra-Small Company Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Valuation Inputs | Valuation Inputs | Valuation Inputs | Valuation Inputs |
|  | Investment in Securities (Value) | Investment in Securities (Value) | Investment in Securities (Value) | Investment in Securities (Value) |
|  | Level 1<br> Quoted<br> Prices | Level 2<br> Significant<br> Observable<br> Inputs | Level 3<br> Significant<br> Unobservable<br> Inputs | Total |
|  Common Stocks |  |  |  |  |
|  Industrials | $9088672 | $– | $1287 | $9089959 |
| &nbsp;&nbsp; Other Industries (a) | 81016244 |  |  | 81016244 |
|  Total Common Stocks | 90104916 |  | 1287 | 90106203 |
|  Preferred Stock |  |  | 36 | 36 |
|  Rights |  |  | 0 | 0 |
|  Money Market Fund | 413150 |  |  | 413150 |
|  Investments Purchased With Cash Proceeds From Securities Lending | 7548838 |  |  | 7548838 |
|  TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$98066904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$98068227 |

---

(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) | Investment in Securities (Value) | Investment in Securities (Value) | Investment in Securities (Value) | Investment in Securities (Value) |
|  | Common<br> Stocks | Rights | Preferred<br> Stock | Total |
|  Balance as of 06/30/2025 | $515 | $0 |  | $515 |
|  Purchases/Issuances |  |  |  |  |
|  Sales/Expirations |  |  |  |  |
|  Return of Capital |  |  |  |  |
|  Realized Gain/(Loss) |  |  |  |  |
|  Change in unrealized Appreciation/(Depreciation) | 772 |  | 36 | 808 |
|  Transfers in |  |  |  |  |
|  Transfers out |  |  |  |  |
|  Balance as of 12/31/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323 |
|  Net change in unrealized Appreciation/(Depreciation) from investments held as of 12/31/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772 | $– | 36 | $808 |

---

*See Notes to Financial Statements.* 

 <br> bridgewayfunds.com 9

------

---

| | |
|:---|:---|
| Ultra-Small Company Market Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
|  COMMON STOCKS - 99.71% | COMMON STOCKS - 99.71% | COMMON STOCKS - 99.71% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 3.01%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 3.01%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 3.01%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMC Networks, Inc., Class A\* | 30000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arena Group Holdings, Inc. (The)\* | 77600 | 310400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ATN International, Inc. | 11100 | 253080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cardlytics, Inc.\* | 75758 | 87122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; comScore, Inc.\* | 12635 | 82127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DHI Group, Inc.\* | 58800 | 91140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entravision Communications Corp., Class A | 159500 | 467335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EW Scripps Co. (The), Class A\* | 100500 | 400995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gaia, Inc.\* | 43400 | 157542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harte Hanks, Inc.\* | 20000 | 60200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iHeartMedia, Inc., Class A\* | 61374 | 255316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KORE Group Holdings, Inc.\*+ | 24740 | 104403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marchex, Inc., Class B\* | 54500 | 90470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moving Image Technologies, Inc.\* | 13100 | 8658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NII Holdings Escrow\*Δ# | 287700 | 69048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Playstudios, Inc.\* | 158000 | 102937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSQ Holdings, Inc.\*+ | 32000 | 32960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saga Communications, Inc., Class A | 13680 | 156089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; System1, Inc.\* | 7100 | 27832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Townsquare Media, Inc., Class A | 14800 | 76072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travelzoo\*+ | 40443 | 287954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TrueCar, Inc.\* | 106320 | 240283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vivid Seats, Inc., Class A\*+ | 12500 | 90125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zedge, Inc., Class B | 26955 | 88412 |
|  |  | 3826100 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 11.89%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 11.89%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 11.89%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1-800-Flowers.com, Inc., Class A\*+ | 41000 | 161130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1stdibs.com, Inc.\* | 54900 | 328851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; aka Brands Holding Corp.\* | 9000 | 96300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMCON Distributing Co.+ | 1900 | 200450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Outdoor Brands, Inc.\* | 20007 | 154654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; America's Car-Mart, Inc.\*+ | 12000 | 303120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ark Restaurants Corp.\* | 7496 | 50261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BARK, Inc.\* | 183235 | 110399 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barnes & Noble Education, Inc.\*+ | 39000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bassett Furniture Industries, Inc. | 18544 | 310797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bowl America, Inc. EscrowΔ# | 13000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brand House Collective, Inc. (The)\*+ | 14900 | 16390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brilliant Earth Group, Inc., Class A | 22800 | 39900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canterbury Park Holding Corp. | 6689 | 101740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CarParts.com, Inc.\* | 57800 | 28900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cato Corp. (The), Class A\* | 22000 | 67980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chegg, Inc.\* | 135000 | 125550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Children's Place, Inc. (The)\*+ | 28050 | 111639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citi Trends, Inc.\* | 14200 | 590152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarus Corp. | 45500 | 152425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Culp, Inc.\* | 18000 | 64080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designer Brands, Inc., Class A | 57500 | 427225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Destination XL Group, Inc.\* | 55593 | 51118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duluth Holdings, Inc., Class B\* | 50287 | 104597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerson Radio Corp.\* | 47100 | 17893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Envela Corp.\* | 67400 | 901812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escalade, Inc.+ | 16508 | 222693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European Wax Center, Inc., Class A\* | 50000 | 180000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flanigan's Enterprises, Inc. | 7000 | 199500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flexsteel Industries, Inc. | 14900 | 588401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fossil Group, Inc.\* | 71500 | 268840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funko, Inc., Class A\* | 50000 | 170000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GEN Restaurant Group, Inc.+ | 4200 | 8862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genesco, Inc.\* | 14500 | 359165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GoPro, Inc., Class A\* | 120000 | 169200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grabagun Digital Holdings, Inc.\*+ | 50000 | 150500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grove Collaborative Holdings\*+ | 52525 | 57777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hamilton Beach Brands Holding Co., Class A | 13700 | 225365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holley, Inc.\* | 85000 | 351050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hooker Furnishings Corp. | 10764 | 121526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J Jill, Inc. | 21800 | 299096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JAKKS Pacific, Inc. | 16090 | 271599 |

---

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

------

---

| | |
|:---|:---|
| Ultra-Small Company Market Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value | Value |
|  Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lakeland Industries, Inc.+ | 23457 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legacy Education, Inc.\*+ | 15000 |  | 152850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifetime Brands, Inc.+ | 35120 |  | 138724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lovesac Co. (The)\*+ | 19500 |  | 287625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motorcar Parts of America, Inc.\* | 24053 |  | 296814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Movado Group, Inc. | 22200 |  | 457764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nerdy, Inc.\*+ | 168000 |  | 174720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noodles & Co.\* | 56352 |  | 39785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneWater Marine, Inc., Class A\*+ | 15900 |  | 172038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PetMed Express, Inc.\* | 29000 |  | 92800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purple Innovation, Inc.\* | 75000 |  | 51787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red Robin Gourmet Burgers, Inc.\* | 26500 |  | 107325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regis Corp.\* | 3458 |  | 95959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rent the Runway, Inc., Class A\*+ | 8718 |  | 68959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocky Brands, Inc. | 12700 |  | 372491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sleep Number Corp.\*+ | 35000 |  | 296100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solid Power, Inc.\* | 100000 |  | 425000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sportsman's Warehouse Holdings, Inc.\* | 42700 |  | 62342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stoneridge, Inc.\* | 32000 |  | 185280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strattec Security Corp.\* | 7100 |  | 540594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Superior Group of Cos., Inc. | 33691 |  | 326129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sypris Solutions, Inc.\* | 59404 |  | 144946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tilly's, Inc., Class A\*+ | 14400 |  | 28656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Torrid Holdings, Inc.\*+ | 150000 |  | 146760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Traeger, Inc.\* | 226000 |  | 244080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unifi, Inc.\* | 29500 |  | 103250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Homes Group, Inc.\* | 27000 |  | 42120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Electronics, Inc.\* | 14900 |  | 53789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vera Bradley, Inc.\* | 45100 |  | 109142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vince Holding Corp.\* | 14400 |  | 58752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weyco Group, Inc. | 8000 |  | 244720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WW International, Inc.\* | 5000 |  | 146075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xponential Fitness, Inc., Class A\* | 35000 |  | 288050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zumiez, Inc.\* | 16475 |  | 429174 |
|  |  |  | 15111307 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 1.34%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 1.34%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 1.34%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 1.34%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alico, Inc. | 9950 |  | 361981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AXIL Brands, Inc.\* | 2500 |  | 17325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BRC, Inc., Class A\*+ | 131500 |  | 145965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bridgford Foods Corp.\*+ | 21900 |  | 170820 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Farmer Bros Co.\* | 20000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hain Celestial Group, Inc. (The)\* | 100000 |  | 107000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laird Superfood, Inc.\* | 15000 |  | 33300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limoneira Co. | 15000 |  | 189375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Bounti Corp.\* | 16538 |  | 35391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medifast, Inc.\*+ | 15000 |  | 160200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Alternatives International, Inc.\* | 31610 |  | 113164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United-Guardian, Inc. | 13466 |  | 82951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zevia PBC, Class A\* | 110600 |  | 256592 |
|  |  |  | 1703264 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 4.64%** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 4.64%** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 4.64%** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 4.64%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abundia Global Impact Group, Inc.\*+ | 2800 |  | 5544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aemetis, Inc.\* | 90500 |  | 125795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amplify Energy Corp.\*+ | 69600 |  | 318072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barnwell Industries, Inc.\* | 35000 |  | 38850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Battalion Oil Corp.\* | 15000 |  | 16950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dawson Geophysical Co.\* | 21710 |  | 33868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DMC Global, Inc.\* | 28000 |  | 187320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empire Petroleum Corp.\*+ | 8300 |  | 25232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evolution Petroleum Corp. | 50800 |  | 179832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forum Energy Technologies, Inc.\* | 18300 |  | 676185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FutureFuel Corp. | 55100 |  | 175769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geospace Technologies Corp.\* | 10000 |  | 169100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gran Tierra Energy, Inc.\*+ | 77500 |  | 328600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KLX Energy Services Holdings, Inc.\* | 21702 |  | 41017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mammoth Energy Services, Inc.\* | 60000 |  | 111000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexco Energy Corp. | 8000 |  | 79280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NACCO Industries, Inc., Class A | 9470 |  | 464409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas Services Group, Inc. | 21602 |  | 726907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Era Energy & Digital, Inc.\* | 15000 |  | 43950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nine Energy Service, Inc.\* | 50000 |  | 17285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil States International, Inc.\* | 50000 |  | 338500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PEDEVCO Corp.\* | 147700 |  | 82697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ranger Energy Services, Inc., Class A | 29200 |  | 408216 |

---

 <br> bridgewayfunds.com 11

------

---

| | |
|:---|:---|
| Ultra-Small Company Market Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value | Value |
|  Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ring Energy, Inc.\*+ | 268650 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEACOR Marine Holdings, Inc.\* | 31800 |  | 191436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smart Sand, Inc. | 133200 |  | 532800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; W&T Offshore, Inc.+ | 210000 |  | 342300 |
|  |  |  | 5894639 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 15.44%** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 15.44%** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 15.44%** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 15.44%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acacia Research Corp.\* | 50000 |  | 187000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Flower Capital, Inc.+ | 30796 |  | 87769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmeriServ Financial, Inc. | 24171 |  | 77106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associated Capital Group, Inc., Class A | 2551 |  | 96428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlantic American Corp. | 100256 |  | 283724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auburn National BanCorp, Inc.+ | 4000 |  | 107800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avidbank Holdings, Inc.\* | 12500 |  | 332000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B Riley Financial, Inc.\*+ | 40000 |  | 186800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bakkt Holdings, Inc.\*+ | 7900 |  | 79316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bankwell Financial Group, Inc. | 9202 |  | 421636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BayCom Corp. | 11800 |  | 346920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCB Bancorp, Inc. | 24300 |  | 196101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Foundry Bancorp\* | 20000 |  | 248600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C&F Financial Corp. | 5390 |  | 391260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CB Financial Services, Inc.+ | 10000 |  | 348600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemung Financial Corp. | 6298 |  | 351428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens Community Bancorp, Inc. | 10600 |  | 188892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens, Inc.\*+ | 80331 |  | 387999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoastalSouth Bancshares, Inc.\* | 2909 |  | 67634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cohen & Co., Inc. | 4500 |  | 106065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colony Bankcorp, Inc. | 22676 |  | 404086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Portfolio Services, Inc.\*+ | 55500 |  | 517815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagle Bancorp Montana, Inc. | 14021 |  | 279018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eHealth, Inc.\* | 50000 |  | 230000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance Of America Cos., Inc., Class A\*+ | 7844 |  | 189903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finwise Bancorp\* | 19800 |  | 355212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Bancorp, Inc. (The) | 5000 |  | 132200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Guaranty Bancshares, Inc.+ | 14256 |  | 76555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Internet Bancorp | 12800 |  | 267136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Northwest Bancorp | 10250 |  | 96145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First United Corp. | 7592 |  | 284244 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Western Financial, Inc.\* | 12651 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Elm Group, Inc.\* | 34597 | 88222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanover Bancorp, Inc. | 14000 | 323540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hawthorn Bancshares, Inc. | 13148 | 458602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innventure, Inc.\*+ | 115815 | 484107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investar Holding Corp. | 10600 | 283232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Katapult Holdings, Inc.\*+ | 3316 | 21421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingsway Financial Services, Inc.\*+ | 30000 | 403500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lake Shore Bancorp, Inc. | 10356 | 151819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Landmark Bancorp, Inc. | 6977 | 182728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magyar Bancorp, Inc. | 10579 | 185291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marygold Cos., Inc. (The)\* | 79767 | 70418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MBIA, Inc.\* | 45000 | 322200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medallion Financial Corp.+ | 53744 | 553026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meridian Corp. | 15603 | 274301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NewtekOne, Inc. | 26700 | 303045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norwood Financial Corp.+ | 10276 | 288242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio Valley Banc Corp. | 5500 | 219890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onity Group, Inc.\* | 14716 | 673846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OP Bancorp | 20500 | 289460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oportun Financial Corp.\* | 70000 | 370300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OptimumBank Holdings, Inc.\* | 16600 | 70550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCB Bancorp | 18000 | 389700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peoples Bancorp of North Carolina, Inc. | 6452 | 233562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primis Financial Corp. | 36557 | 508508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Princeton Bancorp, Inc. | 9979 | 346172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Financial Holdings, Inc. | 8300 | 132053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverview Bancorp, Inc. | 24506 | 123020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security National Financial Corp., Class A\* | 53238 | 479674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selectquote, Inc.\* | 180000 | 253800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silvercrest Asset Management Group, Inc., Class A | 16102 | 244589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern First Bancshares, Inc.\* | 9955 | 512882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit State Bank\* | 7820 | 90947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Timberland Bancorp, Inc. | 9104 | 325923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Bankshares, Inc. | 5575 | 132295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Security Bancshares | 33000 | 332310 |

---

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

------

---

| | |
|:---|:---|
| Ultra-Small Company Market Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value | Value |
|  Common Stocks (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USCB Financial Holdings, Inc. | 15000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Usio, Inc.\* | 90000 |  | 122400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waterstone Financial, Inc. | 32647 |  | 540308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western New England Bancorp, Inc. | 32844 |  | 414491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westwood Holdings Group, Inc. | 27500 |  | 473275 |
|  |  |  | 19614514 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 33.50%** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 33.50%** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 33.50%** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 33.50%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4D Molecular Therapeutics, Inc.\*+ | 50000 |  | 375000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aardvark Therapeutics, Inc.\*+ | 27000 |  | 354375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accuray, Inc.\* | 161125 |  | 132864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aclaris Therapeutics, Inc.\* | 167019 |  | 502727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acme United Corp.+ | 6235 |  | 251333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acrivon Therapeutics, Inc.\* | 38000 |  | 91580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actinium Pharmaceuticals, Inc.\* | 40000 |  | 54400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actuate Therapeutics, Inc.\*+ | 30982 |  | 189610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acumen Pharmaceuticals, Inc.\* | 81871 |  | 172748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adicet Bio, Inc.\* | 5706 |  | 48047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AirSculpt Technologies, Inc.\*+ | 62000 |  | 122760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alector, Inc.\* | 115000 |  | 179400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allogene Therapeutics, Inc.\* | 250000 |  | 342500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha Teknova, Inc.\*+ | 75000 |  | 285000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altimmune, Inc.\* | 50000 |  | 180500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alto Neuroscience, Inc.\* | 50000 |  | 890000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alumis, Inc.\* | 48400 |  | 472384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ALX Oncology Holdings, Inc.\* | 61000 |  | 68930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Shared Hospital Services\* | 8700 |  | 18357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Well Corp., Class A\* | 5000 |  | 24550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AN2 Therapeutics, Inc.\* | 59000 |  | 67260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anika Therapeutics, Inc.\* | 17500 |  | 168175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annexon, Inc.\* | 125000 |  | 627500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annovis Bio, Inc.\*+ | 20300 |  | 70238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anteris Technologies Global Corp.\*+ | 35000 |  | 174650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apyx Medical Corp.\* | 55300 |  | 193550 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aquestive Therapeutics, Inc.\*+ | 60000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Armata Pharmaceuticals, Inc.\* | 41382 | 259879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artiva Biotherapeutics, Inc.\*+ | 35000 | 150150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atara Biotherapeutics, Inc.\*+ | 14000 | 253260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atea Pharmaceuticals, Inc.\*+ | 110300 | 393771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aura Biosciences, Inc.\* | 16276 | 88704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BioAge Labs, Inc.\*+ | 50000 | 661500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biomea Fusion, Inc.\* | 68300 | 84692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biote Corp., Class A\* | 50000 | 130000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Diamond Therapeutics, Inc.\* | 88000 | 213840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boundless Bio, Inc.\* | 50500 | 60600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C4 Therapeutics, Inc.\* | 120000 | 229200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cabaletta Bio, Inc.\* | 122675 | 268658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calidi Biotherapeutics, Inc.\* | 834 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAMP4 Therapeutics Corp.\*+ | 25000 | 153250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candel Therapeutics, Inc.\*+ | 50000 | 282500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CareCloud, Inc.\* | 42763 | 124868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caribou Biosciences, Inc.\*+ | 130000 | 206700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cartesian Therapeutics, Inc.\*+ | 25000 | 180250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CEL-SCI Corp.\* | 7500 | 39450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cerus Corp.\* | 235000 | 484100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claritev Corp.\*+ | 3048 | 130302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Climb Bio, Inc.\*+ | 98800 | 395200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Codexis, Inc.\* | 142000 | 231460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coherus Oncology, Inc.\* | 150000 | 213000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contineum Therapeutics, Inc., Class A\* | 26900 | 307467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corvus Pharmaceuticals, Inc.\*+ | 20000 | 154000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumberland Pharmaceuticals, Inc.\* | 25000 | 99500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVRx, Inc.\*+ | 49600 | 352160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Design Therapeutics, Inc.\* | 45000 | 422100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Editas Medicine, Inc.\* | 76000 | 155800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electromed, Inc.\* | 17800 | 518336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enanta Pharmaceuticals, Inc.\* | 25000 | 394250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entrada Therapeutics, Inc.\* | 40000 | 411200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eton Pharmaceuticals, Inc.\*+ | 11700 | 197847 |

---

 <br> bridgewayfunds.com 13

------

---

| | |
|:---|:---|
| Ultra-Small Company Market Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
|  Common Stocks (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exagen, Inc.\* | 27600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fate Therapeutics, Inc.\* | 135000 | 132651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foghorn Therapeutics, Inc.\* | 68000 | 367200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fractyl Health, Inc.\* | 54500 | 119900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain Therapeutics, Inc.\*+ | 30004 | 96613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Generation Bio Co.\* | 5000 | 28400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gossamer Bio, Inc.\* | 160000 | 496000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Catalyst, Inc.\* | 120000 | 286800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Humacyte, Inc.\*+ | 210000 | 201705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyperfine, Inc.\* | 97800 | 95775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immuneering Corp., Class A\*+ | 49849 | 328006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immunic, Inc.\* | 40000 | 21348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InfuSystem Holdings, Inc.\* | 34800 | 312156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inhibrx Biosciences, Inc.\* | 9000 | 711000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inogen, Inc.\* | 36700 | 246624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invivyd, Inc.\* | 93400 | 230698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IO Biotech, Inc.\* | 75000 | 45667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ironwood Pharmaceuticals, Inc.\* | 150000 | 505500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kalaris Therapeutics, Inc.\*+ | 22500 | 189900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Karyopharm Therapeutics, Inc.\* | 16000 | 117760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kewaunee Scientific Corp.\* | 5815 | 217539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kodiak Sciences, Inc.\* | 40500 | 1132380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kyverna Therapeutics, Inc.\*+ | 54000 | 507600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Larimar Therapeutics, Inc.\* | 104916 | 399730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lexeo Therapeutics, Inc.\* | 10000 | 99300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifecore Biomedical, Inc.\*+ | 56900 | 465442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LifeMD, Inc.\* | 70500 | 240405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lineage Cell Therapeutics, Inc.\*+ | 221000 | 369070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lyell Immunopharma, Inc.\* | 18000 | 554040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MacroGenics, Inc.\* | 73500 | 118335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MAIA Biotechnology, Inc.\*+ | 36000 | 55080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MaxCyte, Inc.\* | 125000 | 193750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MBX Biosciences, Inc.\*+ | 10000 | 315400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MediciNova, Inc.\* | 70247 | 92024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metagenomi, Inc.\* | 62200 | 100764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Milestone Scientific, Inc.\* | 99500 | 27163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monte Rosa Therapeutics, Inc.\*+ | 50000 | 784000 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Myomo, Inc.\* | 27500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NanoViricides, Inc.\* | 36039 | 40724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nautilus Biotechnology, Inc.\* | 130000 | 253500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neumora Therapeutics, Inc.\* | 225000 | 402750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neuraxis, Inc.\*+ | 5000 | 22700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neurogene, Inc.\*+ | 10781 | 222089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neuronetics, Inc.\*+ | 95205 | 131383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nkarta, Inc.\* | 95000 | 175750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olema Pharmaceuticals, Inc.\*+ | 40500 | 1012500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omeros Corp.\*+ | 53215 | 913968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OmniAb, Inc.\* | 185000 | 342250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OnKure Therapeutics, Inc., Class A\*+ | 19500 | 56550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OraSure Technologies, Inc.\* | 90000 | 217800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orchestra BioMed Holdings, Inc.\* | 25000 | 103750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OS Therapies, Inc.\*+ | 25000 | 35000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outset Medical, Inc.\*+ | 20000 | 74200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owlet, Inc.\* | 24225 | 392203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PepGen, Inc.\* | 50000 | 325500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perspective Therapeutics, Inc.\*+ | 85000 | 233750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pliant Therapeutics, Inc.\* | 82300 | 100406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PMV Pharmaceuticals, Inc.\* | 76900 | 96125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prelude Therapeutics, Inc.\*+ | 50000 | 145000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prime Medicine, Inc.\*+ | 120000 | 416400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Protalix BioTherapeutics, Inc.\* | 180000 | 324000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Protara Therapeutics, Inc.\* | 37500 | 199875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pulmonx Corp.\* | 61000 | 134810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puma Biotechnology, Inc.\* | 73300 | 436135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pyxis Oncology, Inc.\* | 61500 | 70725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quanterix Corp.\* | 43000 | 273480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quantum-Si, Inc.\* | 255000 | 280500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quince Therapeutics, Inc.\* | 72922 | 244289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rani Therapeutics Holdings, Inc., Class A\*+ | 114500 | 154575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RAPT Therapeutics, Inc.\* | 14375 | 486881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retractable Technologies, Inc.\* | 64113 | 49502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sagimet Biosciences, Inc., Class A\* | 48900 | 289488 |

---

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

------

---

| | |
|:---|:---|
| Ultra-Small Company Market Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
|  Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SANUWAVE Health, Inc.\* | 10000 | $298400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCYNEXIS, Inc.\* | 39500 | 24980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seer, Inc.\* | 116700 | 213561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sera Prognostics, Inc., Class A\*+ | 41105 | 121260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seres Therapeutics, Inc.\*+ | 7500 | 111600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Serina Therapeutics, Inc.\* | 2495 | 4773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shattuck Labs, Inc.\* | 42300 | 154395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sight Sciences, Inc.\* | 90533 | 717927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simulations Plus, Inc.\*+ | 23500 | 428405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solid Biosciences, Inc.\* | 15000 | 84600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spero Therapeutics, Inc.\* | 64800 | 150984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stereotaxis, Inc.\* | 127100 | 292330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sutro Biopharma, Inc.\* | 3000 | 34710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tactile Systems Technology, Inc.\* | 18000 | 522000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tango Therapeutics, Inc.\*+ | 21500 | 190490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tectonic Therapeutic, Inc.\*+ | 6115 | 127559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tela Bio, Inc.\* | 50000 | 59000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenaya Therapeutics, Inc.\* | 175000 | 124512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terns Pharmaceuticals, Inc.\* | 31000 | 1252400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tevogen Bio Holdings, Inc.\*# | 82500 | 27316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TherapeuticsMD, Inc.\* | 17000 | 27710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TriSalus Life Sciences, Inc.\* | 65000 | 453700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TruBridge, Inc.\* | 10300 | 227321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TScan Therapeutics, Inc.\* | 105400 | 105400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utah Medical Products, Inc. | 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanda Pharmaceuticals, Inc.\* | 79500 | 701190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ventyx Biosciences, Inc.\* | 89000 | 803670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verrica Pharmaceuticals, Inc.\* | 12000 | 99720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vicarious Surgical, Inc., Class A\* | 12444 | 27003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vor BioPharma, Inc.\*+ | 6250 | 81750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voyager Therapeutics, Inc.\* | 81259 | 319348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Werewolf Therapeutics, Inc.\* | 75000 | 47512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xilio Therapeutics, Inc.\* | 56081 | 35903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XOMA Royalty Corp.\* | 16380 | 435544 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xtant Medical Holdings, Inc.\* | 154100 | $| 120814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zentalis Pharmaceuticals, Inc.\* | 77300 |  | 104355 |
|  |  |  | 42564066 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 11.56%** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 11.56%** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 11.56%** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 11.56%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3D Systems Corp.\* | 71500 |  | 126555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AgEagle Aerial Systems, Inc.\* | 30500 |  | 24821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Industries Group\* | 4000 |  | 12280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha Pro Tech, Ltd.\* | 35901 |  | 159400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alta Equipment Group, Inc. | 35000 |  | 161000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avalon Holdings Corp., Class A\* | 3900 |  | 10491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Babcock & Wilcox Enterprises, Inc.\* | 100000 |  | 634000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BGSF, Inc.+ | 12400 |  | 57412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackSky Technology, Inc.\*+ | 100 |  | 1875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bridger Aerospace Group Holdings, Inc.\* | 65000 |  | 118950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ChargePoint Holdings, Inc.\*+ | 25000 |  | 166000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Rivet & Machine Co. | 8000 |  | 111280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleancore Solutions, Inc., Class B\* | 100 |  | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Vehicle Group, Inc.\* | 55000 |  | 79200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CompX International, Inc. | 21586 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPI Aerostructures, Inc.\* | 21200 |  | 83952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastern Co. (The) | 9700 |  | 190993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Espey Mfg. & Electronics Corp. | 4608 |  | 217175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ESS Tech, Inc.\*+ | 10000 |  | 18800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EVI Industries, Inc. | 5000 |  | 123200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FiscalNote Holdings, Inc.\* | 13000 |  | 19110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forrester Research, Inc.\* | 28100 |  | 228172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Covey Co.\* | 15000 |  | 251700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FreightCar America, Inc.\* | 42500 |  | 470475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FuelCell Energy, Inc.\*+ | 32000 |  | 233920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gencor Industries, Inc.\* | 29200 |  | 378432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GrafTech International, Ltd.\* | 32200 |  | 499422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hurco Cos., Inc.\* | 13000 |  | 200850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyliion Holdings Corp.\* | 90000 |  | 165600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INNOVATE Corp.\*+ | 25000 |  | 113000 |

---

 <br> bridgewayfunds.com 15

------

---

| | |
|:---|:---|
| Ultra-Small Company Market Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value | Value |
|  Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovative Solutions and Support, Inc.\* | 25400 | $| 481076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KULR Technology Group, Inc.\*+ | 50000 |  | 148000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L B Foster Co., Class A\* | 18400 |  | 495880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mastech Digital, Inc.\* | 30544 |  | 213197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matrix Service Co.\* | 23500 |  | 274950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mayville Engineering Co., Inc.\* | 15258 |  | 285630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mistras Group, Inc.\* | 42700 |  | 540155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mobile Infrastructure Corp.\* | 10000 |  | 25500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NN, Inc.\* | 57403 |  | 73476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion Group Holdings, Inc.\* | 53153 |  | 528341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palladyne AI Corp.\*+ | 44400 |  | 189144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAMT CORP\* | 25000 |  | 302000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park Aerospace Corp. | 22000 |  | 469480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perma-Pipe International Holdings, Inc.\* | 22610 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proficient Auto Logistics, Inc.\*+ | 26000 |  | 250640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quad/Graphics, Inc. | 44169 |  | 276940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radiant Logistics, Inc.\* | 50300 |  | 318399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RCM Technologies, Inc.\* | 16742 |  | 342290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resources Connection, Inc. | 38500 |  | 194040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIFCO Industries, Inc.\* | 10624 |  | 59282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skillsoft Corp.\*+ | 18000 |  | 167400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southland Holdings, Inc.\* | 88000 |  | 292160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Equity Holdings, Inc.\* | 13397 |  | 150716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stem, Inc.\* | 15600 |  | 234780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SunPower, Inc.\*+ | 94500 |  | 148365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surf Air Mobility, Inc.\*+ | 38446 |  | 74585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T1 Energy, Inc.\*+ | 125000 |  | 835000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Team, Inc.\* | 6000 |  | 84780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tecogen, Inc.\*+ | 25500 |  | 125970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TrueBlue, Inc.\* | 38000 |  | 172900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TTEC Holdings, Inc.\*+ | 50000 |  | 180000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twin Disc, Inc. | 16579 |  | 276538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ultralife Corp.\* | 27400 |  | 156728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virco Mfg. Corp.+ | 19400 |  | 123966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virgin Galactic Holdings, Inc.\*+ | 45000 |  | 144450 |
|  |  |  | 14683595 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 11.63%** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 11.63%** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 11.63%** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 11.63%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8x8, Inc.\* | 193700 |  | 381589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 908 Devices, Inc.\*+ | 50500 |  | 265125 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACCESS Newswire, Inc.\* | 7500 | $69750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aeva Technologies, Inc.\*+ | 15000 | 199200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airship AI Holdings, Inc.\*+ | 35700 | 103173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amtech Systems, Inc.\* | 14600 | 183230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AstroNova, Inc.\* | 30041 | 259855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aviat Networks, Inc.\* | 20900 | 446842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aware, Inc.\* | 25000 | 46500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AXT, Inc.\*+ | 53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Backblaze, Inc., Class A\* | 16000 | 74560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BK Technologies Corp.\* | 5644 | 420986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blaize Holdings, Inc.\*+ | 50000 | 97500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Castellum, Inc.\*+ | 94794 | 85618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comtech Telecommunications Corp.\* | 35000 | 185150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPI Card Group, Inc.\* | 12500 | 183500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CS Disco, Inc.\* | 65000 | 504400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSP, Inc.+ | 44145 | 551813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digimarc Corp.\*+ | 35000 | 229600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domo, Inc., Class B\*+ | 23500 | 198105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Everspin Technologies, Inc.\* | 31400 | 291392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expensify, Inc., Class A\* | 133000 | 200830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frequency Electronics, Inc.\*+ | 21500 | 1157560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GCT Semiconductor Holding, Inc.\*+ | 75000 | 90000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greenidge Generation Holdings, Inc.\* | 17000 | 25160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSI Technology, Inc.\*+ | 23000 | 142830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immersion Corp. | 40000 | 272000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Services Group, Inc. | 68000 | 393040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inseego Corp.\*+ | 12500 | 128375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intellicheck, Inc.\* | 28447 | 190026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; inTEST Corp.\* | 15000 | 112050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inuvo, Inc.\* | 20000 | 49600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaltura, Inc.\* | 184300 | 302252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Key Tronic Corp.\* | 17400 | 48546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KVH Industries, Inc.\* | 32700 | 227919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LGL Group, Inc. (The)\* | 9700 | 55775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LivePerson, Inc.\*+ | 6666 | 25797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnachip Semiconductor Corp.\* | 65000 | 165750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Methode Electronics, Inc. | 41000 | 272240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MicroVision, Inc.\* | 150000 | 124215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M-Tron Industries, Inc.\* | 6334 | 337095 |

---

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

------

---

| | |
|:---|:---|
| Ultra-Small Company Market Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
|  Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Network-1 Technologies, Inc. | 23300 | $30523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ON24, Inc.\* | 58200 | 463272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ooma, Inc.\* | 27000 | 316710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Optical Cable Corp.\* | 12600 | 56070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quantum Corp.\*+ | 8240 | 53148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rackspace Technology, Inc.\* | 350000 | 339815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RF Industries, Ltd.\* | 12900 | 74562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richardson Electronics, Ltd. | 19011 | 206840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silvaco Group, Inc.\* | 48600 | 196830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SmartRent, Inc.\* | 250000 | 505000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telos Corp.\* | 35075 | 178882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransAct Technologies, Inc.\* | 34845 | 139380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trio-Tech International\* | 24300 | 321732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turtle Beach Corp.\* | 23000 | 322690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unisys Corp.\* | 95000 | 262200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unusual Machines, Inc.\*+ | 10000 | 127400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upland Software, Inc.\* | 50300 | 71929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veritone, Inc.\* | 62900 | 292485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VirnetX Holding Corp.\*+ | 5565 | 92880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vishay Precision Group, Inc.\* | 10000 | 385000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WidePoint Corp.\* | 14458 | 77639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WM Technology, Inc.\* | 112300 | 92659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wolfspeed, Inc.\*#+ | 136127 | 19621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xperi, Inc.\* | 31000 | 181660 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14774425 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 4.07%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5E Advanced Materials, Inc.\*+ | 2634 | 8034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Vanguard Corp.\* | 40000 | 152800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ampco-Pittsburgh Corp.\* | 46200 | 246246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arq, Inc.\* | 68779 | 224907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascent Industries Co.\* | 20950 | 339181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearwater Paper Corp.\* | 17500 | 304500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contango ORE, Inc.\*+ | 10000 | 264100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core Molding Technologies, Inc.\* | 14400 | 288720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flotek Industries, Inc.\*+ | 24861 | 428355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Friedman Industries, Inc. | 19700 | 403653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Idaho Strategic Resources, Inc.\* | 20007 | 806282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loop Industries, Inc.\*+ | 74900 | 74900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercer International, Inc. | 90000 | 178200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Technologies International Corp. | 14522 | 113707 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paramount Gold Nevada Corp.\* | 75000 | $94500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ranpak Holdings Corp.\*+ | 55000 | 297550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rayonier Advanced Materials, Inc.\* | 25000 | 147250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solitario Resources Corp.\* | 89500 | 62364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tredegar Corp.\* | 48700 | 349666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Antimony Corp.\*+ | 77800 | 390556 |
|  |  | 5175471 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 1.63%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Realty Investors, Inc.\* | 2363 | 37950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMREP Corp.\* | 10858 | 204130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas Elliman, Inc.\* | 210329 | 498480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maui Land & Pineapple Co., Inc.\* | 21108 | 357570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Concept Energy, Inc.\* | 8400 | 6275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Offerpad Solutions, Inc.\*+ | 25400 | 30734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RE/MAX Holdings, Inc., Class A\* | 35000 | 265650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seaport Entertainment Group, Inc.\* | 16785 | 331839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stratus Properties, Inc.\* | 14250 | 344565 |
|  |  | 2077193 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 1.00%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadiz, Inc.\*+ | 77568 | 435157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Water Resources, Inc. | 10000 | 84500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RGC Resources, Inc. | 25000 | 532500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spruce Power Holding Corp.\* | 44025 | 224087 |
|  |  | 1276244 |
|  TOTAL COMMON STOCKS - 99.71%<br> (Cost $94,131,038) | TOTAL COMMON STOCKS - 99.71%<br> (Cost $94,131,038) | 126700818 |

---

 <br> bridgewayfunds.com 17

------

---

| | |
|:---|:---|
| Ultra-Small Company Market Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
|  RIGHTS - 0.00% | RIGHTS - 0.00% | RIGHTS - 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adamas Pharmaceuticals, Inc., CVR\*Δ#+++ | 110000 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AVROBIO, Inc., CVR\*Δ#+++ | 7165 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enliven Therapeutics, Inc., CVR\*Δ#+++ | 66800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ikena Oncology, Inc., CVR\*Δ#+++ | 87500 |  |
|  TOTAL RIGHTS - 0.00% |  |  |
|  (Cost $–) |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| ^ | Rate^ | Shares | Value |
|  MONEY MARKET FUND - 0.29% | MONEY MARKET FUND - 0.29% | MONEY MARKET FUND - 0.29% | MONEY MARKET FUND - 0.29% |
|  Fidelity Investments Money Market Government Portfolio Class I | 3.67% | 362517 | 362517 |
|  TOTAL MONEY MARKET FUND - 0.29% | TOTAL MONEY MARKET FUND - 0.29% | TOTAL MONEY MARKET FUND - 0.29% | 362517 |
|  (Cost $362,517) | (Cost $362,517) | (Cost $362,517) |  |
|  INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 10.44% | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 10.44% | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 10.44% | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 10.44% |
|  Dreyfus Institutional Preferred Government Money Market Fund\*\* 3.71% | Dreyfus Institutional Preferred Government Money Market Fund\*\* 3.71% | 13266582 | 13266582 |
|  TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 10.44% | TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 10.44% | TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 10.44% | 13266582 |
|  (Cost $13,266,582) | (Cost $13,266,582) | (Cost $13,266,582) |  |
|  TOTAL INVESTMENTS **-** 110.44% | TOTAL INVESTMENTS **-** 110.44% | TOTAL INVESTMENTS **-** 110.44% | $140329917 |
|  (Cost $107,760,137) | (Cost $107,760,137) | (Cost $107,760,137) |  |
|  Liabilities in Excess of Other Assets - (10.44%) | Liabilities in Excess of Other Assets - (10.44%) | Liabilities in Excess of Other Assets - (10.44%) | (13266377) |
|  NET ASSETS - 100.00% | NET ASSETS - 100.00% | NET ASSETS - 100.00% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127063540 |

---

*#* *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* 

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

------

---

| | |
|:---|:---|
| Ultra-Small Company Market Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Valuation Inputs | Valuation Inputs | Valuation Inputs | Valuation Inputs |
|  | Investment in Securities (Value) | Investment in Securities (Value) | Investment in Securities (Value) | Investment in Securities (Value) |
|  | Level 1 Quoted<br>Prices | Level 2<br>Significant<br>Observable<br>Inputs | Level 3<br>Significant<br>Unobservable<br>Inputs | Total |
|  Common Stocks |  |  |  |  |
|  Communication Services | $3757052 | $– | $69048 | $3826100 |
|  Information Technology | 14774425 |  |  | 14774425 |
|  Financials | 19518086 | 96428 |  | 19614514 |
|  Consumer Discretionary | 14911807 | 199500 | 0 | 15111307 |
| &nbsp;&nbsp; Other Industries (a) | 73374472 |  |  | 73374472 |
|  Total Common Stocks | 126335842 | 295928 | 69048 | 126700818 |
|  Rights |  |  | 0 | 0 |
|  Money Market Fund | 362517 |  |  | 362517 |
|  Investments Purchased With Cash Proceeds From Securities Lending | 13266582 |  |  | 13266582 |
|  TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$139964941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$295928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$69048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$140329917 |

---

(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) | Investment in Securities (Value) | Investment in Securities (Value) | Investment in Securities (Value) |
|  | Common<br>Stocks | Rights | Total |
|  Balance as of 06/30/2025 | $69048 | $870 | $69918 |
|  Purchases/Issuances |  |  |  |
|  Sales/Expirations |  | (1740) | (1740) |
|  Return of Capital |  |  |  |
|  Realized Gain/(Loss) |  | 1740 | 1740 |
|  Change in unrealized Appreciation/(Depreciation) |  | (870) | (870) |
|  Transfers in |  |  |  |
|  Transfers out |  |  |  |
|  Balance as of 12/31/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69048 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69048 |
|  Net change in unrealized Appreciation/(Depreciation) from investments held as of 12/31/2025 | $– | $(870) | $(870) |

---

*See Notes to Financial Statements.* 

 <br> bridgewayfunds.com 19

------

---

| | |
|:---|:---|
| Small-Cap Value Fund <br> SCHEDULE OF INVESTMENTS (Unaudited)  | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
|  COMMON STOCKS - 99.63% | COMMON STOCKS - 99.63% | COMMON STOCKS - 99.63% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 1.69%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 1.69%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 1.69%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMC Networks, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A\* | 144599 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Angi, Inc.\* | 187385 | 2422888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TripAdvisor, Inc.\* | 110000 | 1601600 |
|  |  | 5401071 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 13.93%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 13.93%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Academy Sports & Outdoors, Inc.+ | 62097 | 3102366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Axle & Manufacturing Holdings, Inc.\*+ | 358100 | 2295421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Eagle Outfitters, Inc. | 80000 | 2109600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Public Education, Inc.\* | 77400 | 2925720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buckle, Inc. (The) | 43500 | 2323770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cricut, Inc., Class A | 220000 | 1089000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ethan Allen Interiors, Inc. | 77223 | 1763773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Garrett Motion, Inc. | 220223 | 3838487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GigaCloud Technology, Inc., Class A\*+ | 55000 | 2160400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; G-III Apparel Group, Ltd. | 106000 | 3069760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graham Holdings Co., Class B | 2900 | 3185940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kohl's Corp. | 75000 | 1530750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laureate Education, Inc.\* | 34200 | 1151514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perdoceo Education Corp. | 78338 | 2297653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phinia, Inc. | 31640 | 1983512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sally Beauty Holdings, Inc.\* | 210000 | 2994600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signet Jewelers, Ltd. | 35000 | 2900800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strattec Security Corp.\* | 25000 | 1903500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Urban Outfitters, Inc.\* | 26000 | 1956760 |
|  |  | 44583326 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 2.71%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 2.71%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andersons, Inc. (The) | 24000 | 1276080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cal-Maine Foods, Inc. | 22925 | 1824142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Garden & Pet Co., Class A\* | 83300 | 2431527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dole PLC | 95000 | 1424050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingles Markets, Inc., Class A | 25100 | 1720605 |
|  |  | 8676404 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 7.17%** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 7.17%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bristow Group, Inc.\* | 25000 | 915500 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Resources Corp. | 54000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2414340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expro Group Holdings NV\* | 85000 | 1134750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Seaways, Inc.+ | 18000 | 873900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liberty Energy, Inc. | 103509 | 1910776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp., Class A | 154500 | 3382005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil Corp.+ | 30000 | 937500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oceaneering International, Inc.\* | 90000 | 2162700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil States International, Inc.\* | 220000 | 1489400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REX American Resources Corp.\* | 35852 | 1158737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scorpio Tankers, Inc. | 16000 | 813280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TETRA Technologies, Inc.\* | 165000 | 1546050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tidewater, Inc.\*+ | 47267 | 2387456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valaris, Ltd.\*+ | 36400 | 1834560 |
|  |  | 22960954 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 30.65%** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 30.65%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1st Source Corp. | 46000 | 2874540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amalgamated Financial Corp. | 60830 | 1948385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameris Bancorp | 28000 | 2079560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artisan Partners Asset Management, Inc., Class A+ | 29000 | 1181460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlantic Union Bankshares Corp. | 42000 | 1482600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlanticus Holdings Corp.\*+ | 37684 | 2522944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axos Financial, Inc.\* | 45800 | 3946128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BancFirst Corp. | 12000 | 1272240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of NT Butterfield & Son, Ltd. (The) | 63900 | 3183498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banner Corp. | 51000 | 3195660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc.+ | 47200 | 3494216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Byline Bancorp, Inc. | 101200 | 2949980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadence Bank | 49033 | 2100574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cathay General Bancorp | 29000 | 1403310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City Holding Co. | 16392 | 1953926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coastal Financial Corp.\* | 24032 | 2753827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enact Holdings, Inc. | 77400 | 3068136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enova International, Inc.\* | 15700 | 2468040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise Financial Services Corp. | 53000 | 2862000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essent Group, Ltd. | 31000 | 2015310 |

---

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

------

---

| | |
|:---|:---|
| Small-Cap Value Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
|  Common Stocks (continued) | Common Stocks (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Agricultural Mortgage Corp., Class C | 4800 | $842736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First BanCorp | 143600 | 2976828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Financial Bancorp | 87900 | 2199258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fulton Financial Corp. | 151700 | 2932361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hancock Whitney Corp. | 59800 | 3808064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanmi Financial Corp. | 47317 | 1278978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horace Mann Educators Corp. | 41000 | 1893380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Bancshares Corp. | 17000 | 1129480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jackson Financial, Inc., Class A | 24400 | 2602260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercury General Corp. | 32700 | 3075762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NMI Holdings, Inc.\* | 45000 | 1835550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northrim BanCorp, Inc. | 28000 | 745080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OFG Bancorp | 53300 | 2184234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old Second Bancorp, Inc. | 72093 | 1405813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Bank | 13676 | 1291425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PROG Holdings, Inc. | 78734 | 2321866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QCR Holdings, Inc. | 35500 | 2957150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stellar Bancorp, Inc. | 73640 | 2278422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TriCo Bancshares | 36800 | 1743216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Bankshares, Inc. | 53146 | 2040806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Insurance Holdings, Inc. | 58000 | 1960400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Acceptance Corp.\* | 15400 | 2162006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WSFS Financial Corp. | 67059 | 3704339 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98125748 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 8.98%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alkermes PLC\* | 30000 | 839400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals, Inc.\* | 106449 | 1341257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amphastar Pharmaceuticals, Inc.\*+ | 47000 | 1258660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Castle Biosciences, Inc.\* | 44000 | 1711600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CONMED Corp. | 41000 | 1664600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embecta Corp. | 105000 | 1247400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HealthStream, Inc. | 92484 | 2133606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indivior PLC\* | 35000 | 1255800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innoviva, Inc.\* | 99988 | 1998760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ironwood Pharmaceuticals, Inc.\* | 200000 | 674000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LivaNova PLC\* | 26000 | 1599780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacira BioSciences, Inc.\*+ | 82000 | 2122160 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pediatrix Medical Group, Inc.\* | 75000 | $1604250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PTC Therapeutics, Inc.\* | 27000 | 2050920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puma Biotechnology, Inc.\* | 249200 | 1482740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIGA Technologies, Inc. | 191568 | 1170481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals, Inc.\* | 56000 | 2783200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tactile Systems Technology, Inc.\* | 25000 | 725000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Varex Imaging Corp.\* | 93000 | 1083450 |
|  |  | 28747064 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 11.01%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astec Industries, Inc. | 61446 | 2661841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atkore, Inc. | 20000 | 1265000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costamare, Inc. | 148500 | 2344815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deluxe Corp. | 148500 | 3316005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EnerSys | 18800 | 2758900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granite Construction, Inc.+ | 11300 | 1303455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IBEX Holdings, Ltd.\* | 60576 | 2312791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interface, Inc. | 106166 | 2964155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kennametal, Inc.+ | 50000 | 1420500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korn Ferry | 27892 | 1841430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matson, Inc. | 20800 | 2569840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primoris Services Corp.+ | 20805 | 2582733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rush Enterprises, Inc., Class A | 48000 | 2589120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SkyWest, Inc.\* | 33600 | 3373776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Country Airlines Holdings, Inc.\* | 135600 | 1951284 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35255645 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 9.42%** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 9.42%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axcelis Technologies, Inc.\* | 34800 | 2795832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CommScope Holding Co., Inc.\* | 100000 | 1813000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consensus Cloud Solutions, Inc.\* | 91723 | 2001396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CTS Corp. | 36000 | 1543320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daktronics, Inc.\* | 150553 | 2976433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digi International, Inc.\* | 60200 | 2606058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diodes, Inc.\* | 21500 | 1060810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NETGEAR, Inc.\* | 56091 | 1375912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NetScout Systems, Inc.\* | 120300 | 3255318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanmina Corp.\* | 21000 | 3151470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ScanSource, Inc.\* | 71600 | 2796696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synaptics, Inc.\* | 14700 | 1088094 |

---

 <br> bridgewayfunds.com 21

------

---

| | |
|:---|:---|
| Small-Cap Value Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
|  Common Stocks (continued) | Common Stocks (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TTM Technologies, Inc.\* | 20000 | $1380000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turtle Beach Corp.\* | 65700 | 921771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viasat, Inc.\* | 40500 | 1395630 |
|  |  | 30161740 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 2.80%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avient Corp. | 25000 | 781000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Metals Co.+ | 61000 | 4222420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HB Fuller Co. | 22000 | 1308120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mativ Holdings, Inc. | 121000 | 1470150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; O-I Glass, Inc.\* | 80000 | 1180800 |
|  |  | 8962490 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 6.47%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Assets Trust, Inc. | 52000 | 984360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadstone Net Lease, Inc. | 80000 | 1389600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CareTrust REIT, Inc. | 73000 | 2639680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBL & Associates Properties, Inc. | 84072 | 3110664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield, Ltd.\* | 185000 | 2995150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas Emmett, Inc.+ | 103000 | 1131970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc.+ | 79900 | 2369834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Four Corners Property Trust, Inc. | 85000 | 1960100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Getty Realty Corp. | 44900 | 1228913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc.+ | 103000 | 1950820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sila Realty Trust, Inc. | 40000 | 932400 |
|  |  | 20693491 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 4.80%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avista Corp. | 38000 | 1464520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp.+ | 28000 | 1943760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Resources Corp. | 30000 | 1383600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwest Natural Holding Co. | 30000 | 1402200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklo, Inc.\*+ | 19750 | 1417260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONE Gas, Inc. | 28400 | 2193900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Otter Tail Corp.+ | 34800 | 2812188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric Co. | 40000 | 1919600 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company |  | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Utilities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spire, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spire, Inc. | 10000 | $827000 |
|  |  |  | 15364028 |
|  TOTAL COMMON STOCKS - 99.63% | TOTAL COMMON STOCKS - 99.63% | TOTAL COMMON STOCKS - 99.63% | 318931961 |
|  (Cost $284,425,733) | (Cost $284,425,733) |  |  |
|  | Rate^ | Shares | Value |
|  MONEY MARKET FUND - 0.55% | MONEY MARKET FUND - 0.55% | MONEY MARKET FUND - 0.55% |  |
|  Fidelity Investments Money Market Government Portfolio Class I | 3.67% | 1747223 | 1747223 |
|  TOTAL MONEY MARKET FUND - 0.55% | TOTAL MONEY MARKET FUND - 0.55% | TOTAL MONEY MARKET FUND - 0.55% | 1747223 |
|  (Cost $1,747,223) | (Cost $1,747,223) | (Cost $1,747,223) |  |
|  TOTAL INVESTMENTS **-** 100.18% | TOTAL INVESTMENTS **-** 100.18% | TOTAL INVESTMENTS **-** 100.18% | $320679184 |
|  (Cost $286,172,956) | (Cost $286,172,956) | (Cost $286,172,956) |  |
|  Liabilities in Excess of Other Assets - (0.18%) | Liabilities in Excess of Other Assets - (0.18%) | Liabilities in Excess of Other Assets - (0.18%) | (575407) |
|  NET ASSETS - 100.00% | NET ASSETS - 100.00% | NET ASSETS - 100.00% | $320103777 |

---

*\** *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 | Valuation Inputs | Valuation Inputs | Valuation Inputs | Valuation Inputs |
| Investment in Securities (Value) | Investment in Securities (Value) | Investment in Securities (Value) | Investment in Securities (Value) | Investment in Securities (Value) |
|  | Level 1<br> Quoted<br> Prices | Level 2<br>Significant<br>Observable<br>Inputs | Level 3<br>Significant<br> Unobservable<br>Inputs | Total |
|  Common Stocks (a) | $318931961 | $– | $– | $318931961 |
|  Money Market Fund | 1747223 |  |  | 1747223 |
|  TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$320679184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$320679184 |

---

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

*See Notes to Financial Statements.* 

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

------

---

| | |
|:---|:---|
| Omni Small-Cap Value Fund<br> SCHEDULE OF INVESTMENTS (Unaudited)  | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
|  COMMON STOCKS - 99.73% | COMMON STOCKS - 99.73% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 3.99%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 3.99%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advantage Solutions, Inc.\* | 405000 | $356400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMC Networks, Inc., Class A\* | 100000 | 952000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Angi, Inc.\* | 99200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ATN International, Inc. | 30000 | 684000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bandwidth, Inc., Class A\*+ | 75000 | 1158750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bumble, Inc., Class A\* | 250000 | 892500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cable One, Inc.+ | 13000 | 1467050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cars.com, Inc.\*+ | 165000 | 2013000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; comScore, Inc.\* | 6000 | 39000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Creative Realities, Inc.\* | 10000 | 26100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DHI Group, Inc.\* | 106800 | 165540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entravision Communications Corp., Class A | 276733 | 810828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eventbrite, Inc., Class A\*+ | 223500 | 994575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EW Scripps Co. (The), Class A\* | 226300 | 902937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gaia, Inc.\* | 77000 | 279510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gray Media, Inc.+ | 221100 | 1070124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harte Hanks, Inc.\* | 7700 | 23177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liberty Latin America, Ltd., Class A\* | 100000 | 739000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liberty Latin America, Ltd., Class C\* | 501500 | 3741190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marcus Corp. (The) | 114500 | 1775895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexxen International, Ltd.\* | 131240 | 858310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Playstudios, Inc.\* | 75000 | 48862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saga Communications, Inc., Class A | 21009 | 239713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scholastic Corp. | 72250 | 2140767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shenandoah Telecommunications Co.+ | 125000 | 1445000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sphere Entertainment Co.\*+ | 120000 | 11409600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taboola.com, Ltd.\* | 828000 | 3817080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teads Holding Co.\* | 174466 | 122807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telephone and Data Systems, Inc. | 56300 | 2308300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thryv Holdings, Inc.\* | 75000 | 453750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Townsquare Media, Inc., Class A | 69900 | 359286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ziff Davis, Inc.\*+ | 90800 | 3191620 |
|  |  | 45769327 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 15.01%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 15.01%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1-800-Flowers.com, Inc., Class A\*+ | 166400 | $653952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adient PLC\* | 227400 | 4359258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc.+ | 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5109000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; aka Brands Holding Corp.\* | 1000 | 10700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alliance Entertainment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holding Corp.\*+ | 22200 | 179376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMCON Distributing Co. | 2450 | 258475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Axle & Manufacturing Holdings, Inc.\*+ | 340996 | 2185784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Outdoor Brands, Inc.\* | 39500 | 305335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Public Education, Inc.\* | 61100 | 2309580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ark Restaurants Corp.\* | 8500 | 56992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arko Corp.+ | 256100 | 1162694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bassett Furniture Industries, Inc. | 21900 | 367044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beazer Homes USA, Inc.\* | 2300 | 46621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biglari Holdings, Inc., Class B\* | 6200 | 2061066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BJ's Restaurants, Inc.\*+ | 50000 | 1970000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caleres, Inc. | 50000 | 608500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Century Communities, Inc. | 72598 | 4308691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chegg, Inc.\* | 194700 | 181071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Automotive Systems, Inc.\*+ | 98950 | 421527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cracker Barrel Old Country Store, Inc.+ | 51300 | 1303020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Crafts, Inc. | 50850 | 140855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dana, Inc. | 439276 | 10437198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Destination XL Group, Inc.\* | 55244 | 50797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duluth Holdings, Inc., Class B\* | 15304 | 31832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Pollo Loco Holdings, Inc.\* | 158300 | 1655818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escalade, Inc. | 23200 | 312968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flanigan's Enterprises, Inc. | 13392 | 381672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flexsteel Industries, Inc. | 20159 | 796079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fossil Group, Inc.\* | 38500 | 144760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funko, Inc., Class A\*+ | 134900 | 458660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genesco, Inc.\* | 35700 | 884289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GigaCloud Technology, Inc., Class A\*+ | 108700 | 4269736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; G-III Apparel Group, Ltd. | 151000 | 4372960 |

---

 <br> bridgewayfunds.com 23

------

---

| | |
|:---|:---|
| Omni Small-Cap Value Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
|  Common Stocks (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold.com, Inc. | 60000 | $2043000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golden Entertainment, Inc. | 15000 | 407850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Good Times |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restaurants, Inc.\* | 102062 | 123495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The)\*+ | 817592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7162106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hamilton Beach Brands |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holding Co., Class A | 22000 | 361900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haverty Furniture Cos., Inc. | 64400 | 1504384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holley, Inc.\* | 322300 | 1331099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hovnanian Enterprises, Inc., Class A\* | 23500 | 2292190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JAKKS Pacific, Inc. | 37200 | 627936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson Outdoors, Inc., Class A | 26959 | 1144410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kohl's Corp. | 280000 | 5714800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lands' End, Inc.\*+ | 38539 | 559586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LCI Industries | 68828 | 8351590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legacy Housing Corp.\* | 3331 | 65021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leggett & Platt, Inc. | 125000 | 1375000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifetime Brands, Inc. | 50766 | 200526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Live Ventures, Inc.\* | 8729 | 130673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lovesac Co. (The)\*+ | 32000 | 472000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MarineMax, Inc.\*+ | 56400 | 1366572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp.+ | 79500 | 4586355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monro, Inc.+ | 69500 | 1392780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motorcar Parts of America, Inc.\* | 94121 | 1161453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Movado Group, Inc. | 45000 | 927900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc. | 963438 | 3583989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneWater Marine, Inc., Class A\*+ | 14900 | 161218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outdoor Holding Co.\* | 281200 | 480852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patrick Industries, Inc.+ | 147 | 15939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn Entertainment, Inc.\*+ | 305400 | 4504650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perdoceo Education Corp. | 2500 | 73325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petco Health & Wellness Co., Inc.\*+ | 808000 | 2270480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PetMed Express, Inc.\* | 25000 | 80000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phinia, Inc. | 139000 | 8713910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portillo's, Inc., Class A\*+ | 173200 | 786328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocky Brands, Inc. | 27200 | 797776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sally Beauty Holdings, Inc.\* | 327448 | 4669408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shoe Carnival, Inc. | 84312 | 1423187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signet Jewelers, Ltd. | 106500 | 8826720 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonic Automotive, Inc., Class A | 70000 | $4330200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sportsman's Warehouse Holdings, Inc.\* | 121443 | 177307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Motor Products, Inc. | 81600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stoneridge, Inc.\* | 43900 | 254181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strattec Security Corp.\* | 16012 | 1219154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Superior Group of Cos., Inc. | 38565 | 373309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Target Hospitality Corp.\* | 80000 | 640800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tilly's, Inc., Class A\* | 1600 | 3184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Topgolf Callaway Brands Corp.\*+ | 535000 | 6243450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Traeger, Inc.\* | 272300 | 294084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unifi, Inc.\* | 4273 | 14956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Electronics, Inc.\* | 20560 | 74222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upbound Group, Inc. | 133000 | 2335480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vera Bradley, Inc.\* | 30622 | 74105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victoria's Secret & Co.\* | 232448 | 12591708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vince Holding Corp.\* | 41263 | 168353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visteon Corp.+ | 43500 | 4136850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weyco Group, Inc. | 40000 | 1223600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Winnebago Industries, Inc. | 56000 | 2269120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zumiez, Inc.\* | 51028 | 1329279 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172247020 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 4.51%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andersons, Inc. (The) | 103973 | 5528244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B&G Foods, Inc.+ | 177300 | 762390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Garden & Pet Co.\*+ | 28000 | 900200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Garden & Pet Co., Class A\* | 148192 | 4325725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coffee Holding Co., Inc.\* | 1000 | 3880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dole PLC | 327500 | 4909225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edgewell Personal Care Co. | 101500 | 1730575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fresh Del Monte Produce, Inc.+ | 161477 | 5753426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grocery Outlet Holding Corp.\*+ | 225500 | 2277550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hain Celestial Group, Inc. (The)\* | 126500 | 135355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HF Foods Group, Inc.\* | 38826 | 83476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingles Markets, Inc., Class A | 48400 | 3317820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medifast, Inc.\*+ | 15366 | 164109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Alternatives International, Inc.\* | 18100 | 64798 |

---

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

------

---

| | |
|:---|:---|
| Omni Small-Cap Value Fund <br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
|  Common Stocks (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nu Skin Enterprises, Inc., Class A | 132000 | $1269840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olaplex Holdings, Inc.\*+ | 1429000 | 1914860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seneca Foods Corp., Class A\* | 20900 | 2312167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spectrum Brands Holdings, Inc. | 56600 | 3343928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods, Inc.\* | 241900 | 8144773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USANA Health Sciences, Inc.\* | 32800 | 643864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Village Super Market, Inc., Class A | 65750 | 2327221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weis Markets, Inc. | 27924 | 1789649 |
|  |  | 51703075 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 14.00%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amplify Energy Corp.\* | 100000 | 457000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardmore Shipping Corp. | 119400 | 1264446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barnwell Industries, Inc.\* | 15500 | 17205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borr Drilling, Ltd.+ | 560000 | 2256800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bristow Group, Inc.\* | 109333 | 4003774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Fuels Corp.\* | 600000 | 1260000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crescent Energy Co., Class A | 565655 | 4745845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DHT Holdings, Inc. | 454500 | 5549445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Energy Co. | 202542 | 2932808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dorian LPG, Ltd. | 136300 | 3317542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drilling Tools International Corp.\* | 71741 | 175765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Epsilon Energy, Ltd.+ | 80000 | 371200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expro Group Holdings NV\* | 313934 | 4191019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forum Energy Technologies, Inc.\* | 28900 | 1067855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FutureFuel Corp. | 106900 | 341011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geospace Technologies Corp.\* | 62016 | 1048691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gran Tierra Energy, Inc.\*+ | 75000 | 318000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gulfport Energy Corp.\* | 1000 | 207990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helix Energy Solutions Group, Inc.\* | 330406 | 2071646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc.+ | 170000 | 4875600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovex International, Inc.\*+ | 174800 | 3822876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Seaways, Inc.+ | 160459 | 7790284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kolibri Global Energy, Inc.\* | 20000 | 78600 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liberty Energy, Inc. | 402500 | $7430150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mammoth Energy Services, Inc.\* | 121500 | 224775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries, Ltd.\*+ | 32000 | 1737600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NACCO Industries, Inc., Class A | 23892 | 1171664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Energy Services Reunited Corp.\* | 267100 | 4182786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas Services Group, Inc. | 94752 | 3188405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navigator Holdings, Ltd.+ | 195100 | 3379132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCS Multistage Holdings, Inc.\* | 10000 | 394900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nordic American Tankers, Ltd.+ | 608300 | 2092552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc.+ | 225000 | 4830750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil States International, Inc.\* | 245700 | 1663389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par Pacific Holdings, Inc.\*+ | 125100 | 4396014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patterson-UTI Energy, Inc. | 1006632 | 6150522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peabody Energy Corp. | 365000 | 10840500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PrimeEnergy Resources Corp.\*+ | 5150 | 880650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProFrac Holding Corp., Class A\*+ | 357500 | 1390675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProPetro Holding Corp.\* | 277500 | 2639025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ranger Energy Services, Inc., Class A | 113850 | 1591623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REX American Resources Corp.\* | 151800 | 4906176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ring Energy, Inc.\*+ | 398266 | 346491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RPC, Inc.+ | 622000 | 3383680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SandRidge Energy, Inc. | 90550 | 1306637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scorpio Tankers, Inc. | 30000 | 1524900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seadrill, Ltd.\* | 143353 | 4960014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Select Water Solutions, Inc. | 381300 | 4011276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SFL Corp., Ltd.+ | 380000 | 2967800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smart Sand, Inc. | 220500 | 882000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Midstream Corp.\*+ | 28000 | 747040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talos Energy, Inc.\*+ | 488379 | 5381937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teekay Corp., Ltd. | 540000 | 4876200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teekay Tankers, Ltd., Class A | 113000 | 6036460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TETRA Technologies, Inc.\* | 400000 | 3748000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Energy Corp.\* | 27000 | 24937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VAALCO Energy, Inc.+ | 400000 | 1456000 |

---

 <br> bridgewayfunds.com 25

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---

| | |
|:---|:---|
| Omni Small-Cap Value Fund <br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
|  Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Kinect Corp.+ | 159600 | $3739428 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;160649490 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 35.04%** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 35.04%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1st Source Corp. | 69800 | 4361802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acacia Research Corp.\* | 145000 | 542300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACNB Corp. | 51400 | 2485190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alerus Financial Corp. | 9750 | 219570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amalgamated Financial Corp. | 94930 | 3040608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amerant Bancorp, Inc. | 100000 | 1951000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Coastal Insurance Corp. | 25000 | 315750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmeriServ Financial, Inc. | 77900 | 248501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ames National Corp. | 6008 | 137944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associated Capital Group, Inc., Class A | 1000 | 37800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlanticus Holdings Corp.\* | 8410 | 563050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auburn National BanCorp, Inc. | 11500 | 309925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banc of California, Inc. | 287500 | 5545875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Latinoamericano de Comercio Exterior SA, Class E | 108400 | 4834640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Marin Bancorp | 15047 | 391372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of NT Butterfield & Son, Ltd. (The) | 35000 | 1743700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of the James Financial Group, Inc. | 13000 | 241540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BankUnited, Inc. | 180964 | 8065565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bankwell Financial Group, Inc. | 15000 | 687300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banner Corp. | 83127 | 5208738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bar Harbor Bankshares | 50966 | 1582494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BayCom Corp. | 27913 | 820642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCB Bancorp, Inc. | 36400 | 293748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beacon Financial Corp. | 199000 | 5247630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Ridge Bankshares, Inc. | 21237 | 90682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc. | 111500 | 8254345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bridgewater Bancshares, Inc.\* | 57500 | 1007975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burford Capital, Ltd.+ | 550000 | 4906000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burke & Herbert Financial Services Corp. | 35600 | 2218236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business First Bancshares, Inc. | 85800 | 2242812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BV Financial, Inc.\* | 3000 | 54420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Byline Bancorp, Inc. | 129800 | 3783670 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C&F Financial Corp. | 13600 | $987224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California BanCorp | 47700 | 890559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camden National Corp. | 10000 | 433800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Bancorp, Inc. | 73950 | 2083172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital City Bank Group, Inc. | 37172 | 1582412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carter Bankshares, Inc.\* | 44385 | 872609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CB Financial Services, Inc.+ | 20400 | 711144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Pacific Financial Corp. | 67000 | 2087720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CF Bankshares, Inc. | 19000 | 474050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemung Financial Corp. | 19500 | 1088100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ChoiceOne Financial Services, Inc. | 28500 | 841320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens & Northern Corp. | 15500 | 312635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens Community Bancorp, Inc. | 52500 | 935550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Services, Inc. | 2472 | 140953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens, Inc.\*+ | 169500 | 818685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Civista Bancshares, Inc. | 32523 | 722661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNB Financial Corp.+ | 102505 | 2682556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colony Bankcorp, Inc. | 56010 | 998098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Trust Bancorp, Inc. | 47400 | 2678100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community West Bancshares | 14930 | 335925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ConnectOne Bancorp, Inc.+ | 124214 | 3256891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Portfolio Services, Inc.\* | 146650 | 1368245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customers Bancorp, Inc.\* | 20000 | 1462400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dime Community Bancshares, Inc. | 112112 | 3373450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donegal Group, Inc., Class A | 46175 | 922577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagle Bancorp Montana, Inc. | 21000 | 417900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagle Bancorp, Inc.+ | 45070 | 965399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employers Holdings, Inc. | 47500 | 2050575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Encore Capital Group, Inc.\*+ | 67500 | 3668625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enova International, Inc.\* | 67407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10596380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise Financial Services Corp. | 110400 | 5961600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Bancshares, Inc., Class A | 78891 | 3522483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EZCORP, Inc., Class A\*+ | 291706 | 5664931 |

---

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

------

---

| | |
|:---|:---|
| Omni Small-Cap Value Fund <br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
|  Common Stocks (continued) | Common Stocks (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Farmers & Merchants Bancorp, Inc. | 4530 | $111982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Farmers National Banc Corp. | 46986 | 625854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Agricultural Mortgage Corp., Class C | 26600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4670162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelis Insurance Holdings, Ltd. | 292000 | 5714440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity D&D Bancorp, Inc. | 2000 | 87060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Institutions, Inc. | 70000 | 2181900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finwise Bancorp\*+ | 30700 | 550758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Bancorp, Inc. (The) | 11000 | 290840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Bank | 85230 | 1402886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Busey Corp. | 257491 | 6125711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Business Financial Services, Inc. | 35400 | 1922220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Capital, Inc. | 15035 | 890072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Community Corp. | 2000 | 59300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Financial Bancorp | 258318 | 6463116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Financial Corp. | 39362 | 2378252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Guaranty Bancshares, Inc. | 22972 | 123360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Internet Bancorp | 16100 | 336007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Merchants Corp. | 155600 | 5831888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mid Bancshares, Inc. | 51500 | 2008500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First National Corp.+ | 30800 | 777392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Northwest Bancorp | 11787 | 110562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Savings Financial Group, Inc. | 20700 | 659502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First United Corp. | 29176 | 1092349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First US Bancshares, Inc. | 6468 | 90358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Western Financial, Inc.\* | 12500 | 335125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Firstsun Capital Bancorp\*+ | 56797 | 2137555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flushing Financial Corp. | 73497 | 1114949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Financial Services Corp. | 30700 | 1541140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FS Bancorp, Inc. | 39000 | 1605630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FVCBankcorp, Inc. | 42499 | 591161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glacier Bancorp, Inc.+ | 3000 | 132150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Elm Group, Inc.\* | 4500 | 11475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Southern Bancorp, Inc. | 3000 | 184680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Dot Corp., Class A\* | 130000 | 1665300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greenlight Capital Re, Ltd., Class A\* | 48500 | 707130 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hamilton Insurance Group, Ltd., Class B\* | 286500 | $7993350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanmi Financial Corp. | 68558 | 1853123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanover Bancorp, Inc. | 13924 | 321784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hawthorn Bancshares, Inc. | 28404 | 990732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hennessy Advisors, Inc. | 7000 | 67200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heritage Commerce Corp. | 132464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heritage Financial Corp. | 122500 | 2897125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heritage Insurance Holdings, Inc.\* | 97100 | 2841146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilltop Holdings, Inc. | 163700 | 5555978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Bancorp, Inc. | 30494 | 1762553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HomeTrust Bancshares, Inc. | 42500 | 1824950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hope Bancorp, Inc. | 313300 | 3433768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horace Mann Educators Corp. | 142000 | 6557560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon Bancorp, Inc. | 92667 | 1571632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Bank Corp. | 23677 | 1730315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investar Holding Corp. | 43000 | 1148960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investors Title Co. | 494 | 123322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; James River Group Holdings, Inc.+ | 2000 | 12720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kearny Financial Corp. | 136462 | 1011183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Landmark Bancorp, Inc. | 19521 | 511255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LCNB Corp. | 43600 | 714604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LendingTree, Inc.\* | 5000 | 265450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LINKBANCORP, Inc. | 66000 | 545160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Live Oak Bancshares, Inc. | 90419 | 3105893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magyar Bancorp, Inc. | 1000 | 17515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MainStreet Bancshares, Inc. | 20380 | 414937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medallion Financial Corp.+ | 54659 | 562441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercantile Bank Corp. | 47300 | 2275130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meridian Corp. | 43800 | 770004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metrocity Bankshares, Inc. | 9291 | 246583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Bank Holding Corp. | 23300 | 1779188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid Penn Bancorp, Inc.+ | 51603 | 1600725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middlefield Banc Corp. | 30000 | 1036200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midland States Bancorp, Inc. | 43200 | 914544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MidWestOne Financial Group, Inc. | 34760 | 1338260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MVB Financial Corp. | 32600 | 842058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Bank Holdings Corp., Class A | 30000 | 1140300 |

---

 <br> bridgewayfunds.com 27

------

---

| | |
|:---|:---|
| Omni Small-Cap Value Fund <br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
|  Common Stocks (continued) | Common Stocks (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navient Corp. | 355000 | $4615000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NB Bancorp, Inc. | 40000 | 792800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NBT Bancorp, Inc. | 7280 | 302266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NI Holdings, Inc.\* | 50000 | 665000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northeast Community Bancorp, Inc. | 53139 | 1201473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northfield Bancorp, Inc. | 101800 | 1163574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwest Bancshares, Inc. | 386200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4634400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OceanFirst Financial Corp. | 125323 | 2249548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Octave Specialty Group, Inc.\* | 85000 | 661300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OFG Bancorp | 40000 | 1639200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio Valley Banc Corp. | 15700 | 627686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old Second Bancorp, Inc. | 132603 | 2585759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onity Group, Inc.\* | 42501 | 1946121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OP Bancorp | 91900 | 1297628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oportun Financial Corp.\* | 69003 | 365026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oppenheimer Holdings, Inc., Class A | 26993 | 1951324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OptimumBank Holdings, Inc.\* | 15000 | 63750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Origin Bancorp, Inc. | 63222 | 2377779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parke Bancorp, Inc. | 47099 | 1179359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pathfinder Bancorp, Inc. | 10200 | 143922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pathward Financial, Inc. | 884 | 62764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paysafe, Ltd.\*+ | 122178 | 988420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCB Bancorp | 58600 | 1268690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peapack-Gladstone Financial Corp. | 43894 | 1222448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peoples Bancorp of North Carolina, Inc. | 25617 | 927335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peoples Bancorp, Inc. | 107270 | 3221318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peoples Financial Services Corp. | 22900 | 1115459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plumas Bancorp | 2000 | 89380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primis Financial Corp. | 31600 | 439556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Princeton Bancorp, Inc. | 32480 | 1126731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PROG Holdings, Inc. | 85000 | 2506650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Financial Holdings, Inc. | 26600 | 423206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Financial Services, Inc. | 342631 | 6766962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QCR Holdings, Inc. | 53000 | 4414900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBB Bancorp | 65883 | 1359825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red River Bancshares, Inc. | 1907 | 136217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regional Management Corp. | 56100 | 2173875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renasant Corp. | 197680 | 6962290 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repay Holdings Corp.\* | 120000 | $438000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic Bancorp, Inc., Class A | 49362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3405484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rhinebeck Bancorp, Inc.\* | 15000 | 180300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richmond Mutual BanCorp, Inc.+ | 11300 | 158652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverview Bancorp, Inc. | 119500 | 599890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&T Bancorp, Inc. | 111501 | 4387564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SB Financial Group, Inc. | 35490 | 790362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security National Financial Corp., Class A\* | 79071 | 712430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shore Bancshares, Inc. | 95510 | 1688617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sierra Bancorp | 53000 | 1732040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simmons First National Corp., Class A | 307800 | 5802030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SiriusPoint, Ltd.\* | 399455 | 8744070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SmartFinancial, Inc. | 56500 | 2089935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Plains Financial, Inc. | 89700 | 3480360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern First Bancshares, Inc.\* | 19038 | 980838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Missouri Bancorp, Inc. | 26000 | 1537120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southside Bancshares, Inc. | 30500 | 926895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stellar Bancorp, Inc. | 104200 | 3223948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit State Bank\* | 21000 | 244230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Coast Bancshares, Inc.\* | 58000 | 2204580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Timberland Bancorp, Inc. | 47900 | 1714820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tiptree, Inc. | 90000 | 1644300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TrustCo Bank Corp. NY+ | 46680 | 1929284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustmark Corp. | 145500 | 5667225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMB Financial Corp. | 1005 | 115615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Bankshares, Inc. | 139 | 3298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Bancorp, Inc. | 8400 | 120540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Fire Group, Inc. | 77000 | 2798950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Security Bancshares | 50000 | 503500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unity Bancorp, Inc. | 36156 | 1869988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Insurance Holdings, Inc. | 91617 | 3096655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Univest Financial Corp. | 100137 | 3278485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Global Investors, Inc., Class A | 20000 | 48200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Velocity Financial, Inc.\* | 1998 | 41478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WaFd, Inc. | 192252 | 6157832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waterstone Financial, Inc. | 44500 | 736475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WesBanco, Inc. | 198240 | 6589498 |

---

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

------

---

| | |
|:---|:---|
| Omni Small-Cap Value Fund <br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
|  Common Stocks (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West BanCorp, Inc. | 10000 | $221900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western New England Bancorp, Inc. | 74897 | 945200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westwood Holdings Group, Inc. | 26452 | 455239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Acceptance Corp.\* | 20100 | 2821839 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;401999467 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 4.38%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AdaptHealth Corp.\* | 383400 | 3818664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Shared Hospital Services\* | 8500 | 17935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMN Healthcare Services, Inc.\* | 81000 | 1276560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amphastar Pharmaceuticals, Inc.\* | 109142 | 2922823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardent Health, Inc.\*+ | 394833 | 3486375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avanos Medical, Inc.\* | 97117 | 1090624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aytu BioPharma, Inc.\* | 1500 | 3900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CareCloud, Inc.\* | 130300 | 380476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Castle Biosciences, Inc.\* | 79000 | 3073100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claritev Corp.\* | 2 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DocGo, Inc.\* | 180000 | 158004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enhabit, Inc.\* | 145379 | 1340394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FONAR Corp.\* | 20420 | 378995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kiora Pharmaceuticals, Inc.\* | 2000 | 3940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monte Rosa Therapeutics, Inc.\*+ | 190000 | 2979200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OraSure Technologies, Inc.\* | 15000 | 36300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacira BioSciences, Inc.\*+ | 129300 | 3346284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pediatrix Medical Group, Inc.\* | 265000 | 5668350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perrigo Co. PLC | 303475 | 4224372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puma Biotechnology, Inc.\* | 68000 | 404600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QuidelOrtho Corp.\*+ | 156100 | 4458216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retractable Technologies, Inc.\* | 9430 | 7281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Select Medical Holdings Corp. | 316505 | 4700099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spero Therapeutics, Inc.\* | 50000 | 116500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tactile Systems Technology, Inc.\* | 57500 | 1667500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teladoc Health, Inc.\*+ | 508500 | 3559500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanda Pharmaceuticals, Inc.\* | 100 | 882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Varex Imaging Corp.\* | 95700 | 1114905 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voyager Therapeutics, Inc.\* | 600 | $2358 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50238223 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 13.28%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACCO Brands Corp. | 211300 | 788149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Industries Group\* | 9 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alight, Inc., Class A | 1225395 | 2389520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegiant Travel Co.\*+ | 57947 | 4941141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha Pro Tech, Ltd.\* | 39124 | 173711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameresco, Inc., Class A\* | 146472 | 4290165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Woodmark Corp.\* | 56309 | 3035055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atkore, Inc. | 91400 | 5781050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avalon Holdings Corp., Class A\* | 16900 | 45461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AZZ, Inc. | 1600 | 171488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BGSF, Inc.+ | 45100 | 208813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlueLinx Holdings, Inc.\* | 17400 | 1068882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BrightView Holdings, Inc.\* | 393700 | 4988179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadwind, Inc.\* | 5000 | 14150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caesarstone, Ltd.\* | 8177 | 15209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBAK Energy Technology, Inc.\* | 285000 | 238003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Civeo Corp. | 42255 | 966372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbus McKinnon Corp. | 75000 | 1293750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CompX International, Inc. | 1000 | 23270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp. | 136643 | 5681616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concrete Pumping Holdings, Inc. | 245000 | 1643950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conduent, Inc.\* | 323022 | 620202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costamare Bulkers Holdings, Ltd.\* | 59800 | 921518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costamare, Inc. | 418300 | 6604957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covenant Logistics Group, Inc. | 120800 | 2662432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custom Truck One Source, Inc.\*+ | 35000 | 201600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deluxe Corp. | 187000 | 4175710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DLH Holdings Corp.\*+ | 38291 | 216344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DNOW, Inc.\* | 575697 | 7627985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastern Co. (The) | 19601 | 385944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ennis, Inc. | 9900 | 178299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enviri Corp.\*+ | 6000 | 107520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genco Shipping & Trading, Ltd.+ | 180900 | 3333987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gencor Industries, Inc.\* | 4219 | 54678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Dredge & Dock Corp.\* | 196000 | 2571520 |

---

 <br> bridgewayfunds.com 29

------

---

| | |
|:---|:---|
| Omni Small-Cap Value Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
|  Common Stocks (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greenbrier Cos., Inc. (The) | 90000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4206600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greenland Technologies Holding Corp.\* | 5000 | 3064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heartland Express, Inc. | 177116 | 1599357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Himalaya Shipping, Ltd.+ | 400 | 3640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson Technologies, Inc.\* | 15000 | 102750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hurco Cos., Inc.\* | 13129 | 202843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyster-Yale, Inc. | 28000 | 831880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JetBlue Airways Corp.\*+ | 835900 | 3803345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kelly Services, Inc., Class A | 84383 | 742570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kennametal, Inc. | 243500 | 6917835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L B Foster Co., Class A\* | 19000 | 512050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxfer Holdings PLC | 75100 | 1016103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manitowoc Co., Inc. (The)\* | 101900 | 1221781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ManpowerGroup, Inc. | 79000 | 2348670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mastech Digital, Inc.\* | 1000 | 6980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc.\*+ | 291352 | 3216526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mayville Engineering Co., Inc.\*+ | 97810 | 1831003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MillerKnoll, Inc. | 157500 | 2879100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mistras Group, Inc.\*+ | 137050 | 1733683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NL Industries, Inc. | 66962 | 366282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NPK International, Inc.\* | 250000 | 2980000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NWPX Infrastructure, Inc.\* | 40000 | 2499600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAMT CORP\* | 94220 | 1138178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pangaea Logistics Solutions, Ltd. | 296300 | 2038544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park-Ohio Holdings Corp. | 22484 | 470815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perma-Pipe International Holdings, Inc.\* | 14000 | 425040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preformed Line Products Co. | 1000 | 206710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proficient Auto Logistics, Inc.\* | 50000 | 482000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proto Labs, Inc.\* | 1000 | 50590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quanex Building Products Corp. | 101900 | 1567222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safe Bulkers, Inc. | 542100 | 2612922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SkyWest, Inc.\* | 3696 | 371115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Country Airlines Holdings, Inc.\* | 148800 | 2141232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan International, Inc.\*+ | 183700 | 1438371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan Machinery, Inc.\* | 67100 | 1009184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinity Industries, Inc. | 217500 | 5750700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TTEC Holdings, Inc.\*+ | 12000 | 43200 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tutor Perini Corp. | 149500 | $10019490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twin Disc, Inc. | 5000 | 83400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ultralife Corp.\* | 20900 | 119548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Logistics Holdings, Inc.+ | 61829 | 939183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; V2X, Inc.\* | 114586 | 6250666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vestis Corp.+ | 100000 | 667000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virco Mfg. Corp. | 35400 | 226206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wabash National Corp. | 87700 | 758605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Werner Enterprises, Inc.+ | 137459 | 4125145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Willis Lease Finance Corp.+ | 21593 | 2928875 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;152310261 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 3.57%** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 3.57%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha & Omega Semiconductor, Ltd.\* | 20000 | 396200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amtech Systems, Inc.\* | 49200 | 617460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AstroNova, Inc.\* | 1274 | 11020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benchmark Electronics, Inc. | 118590 | 5070909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Data Storage Corp.\* | 2266 | 11602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastman Kodak Co.\* | 298000 | 2521080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Key Tronic Corp.\* | 35100 | 97929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimball Electronics, Inc.\* | 77200 | 2147704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KVH Industries, Inc.\* | 50000 | 348500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Methode Electronics, Inc. | 46500 | 308760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NETGEAR, Inc.\* | 132900 | 3260037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NetScout Systems, Inc.\* | 198000 | 5357880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NetSol Technologies, Inc.\* | 2500 | 7575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Photronics, Inc.\* | 166050 | 5313600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richardson Electronics, Ltd. | 25800 | 280704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ScanSource, Inc.\* | 100301 | 3917757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchronoss Technologies, Inc.\* | 2000 | 17120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trio-Tech International\* | 21800 | 288632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viasat, Inc.\* | 310000 | 10682600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vishay Precision Group, Inc.\* | 5000 | 192500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WidePoint Corp.\* | 11000 | 59070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xerox Holdings Corp.+ | 33000 | 78210 |
|  |  | 40986849 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 5.39%** | &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 5.39%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AdvanSix, Inc. | 61700 | 1067410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alto Ingredients, Inc.\* | 77000 | 221760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ampco-Pittsburgh Corp.\* | 25000 | 133250 |

---

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

------

---

| | |
|:---|:---|
| Omni Small-Cap Value Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
|  Common Stocks (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascent Industries Co.\* | 16100 | $260659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caledonia Mining Corp. PLC | 41900 | 1096523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearwater Paper Corp.\* | 37000 | 643800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellium SE\* | 272500 | 5136625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core Molding Technologies, Inc.\* | 37900 | 759895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecovyst, Inc.\* | 286875 | 2791294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferroglobe PLC+ | 536100 | 2487504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Friedman Industries, Inc. | 20300 | 415947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intrepid Potash, Inc.\* | 38556 | 1069158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp. | 51434 | 5907709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koppers Holdings, Inc. | 50953 | 1379807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kronos Worldwide, Inc. | 800 | 3536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LSB Industries, Inc.\*+ | 210400 | 1788400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnera Corp.\* | 3846 | 58228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mativ Holdings, Inc. | 90000 | 1093500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McEwen, Inc.\*+ | 170000 | 3146700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercer International, Inc. | 134213 | 265742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; O-I Glass, Inc.\* | 446200 | 6585912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olympic Steel, Inc. | 47267 | 2022319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ramaco Resources, Inc., Class A\* | 1400 | 25200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ramaco Resources, Inc., Class B+ | 52 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ranpak Holdings Corp.\*+ | 290700 | 1572687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rayonier Advanced Materials, Inc.\* | 246091 | 1449476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryerson Holding Corp.+ | 100000 | 2516000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stepan Co. | 50321 | 2383202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SunCoke Energy, Inc. | 370000 | 2664000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sylvamo Corp. | 85898 | 4135989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tronox Holdings PLC+ | 333000 | 1388610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valhi, Inc. | 86391 | 1041011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrior Met Coal, Inc. | 13992 | 1233675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Worthington Steel, Inc. | 146000 | 5054520 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61800659 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 0.56%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMREP Corp.\* | 52000 | 977600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anywhere Real Estate, Inc.\* | 335000 | 4743600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RE/MAX Holdings, Inc., Class A\* | 75000 | 569250 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company |  | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transcontinental Realty Investors, Inc.\* |  | 1400 | $82068 |
|  |  |  | 6372518 |
|  TOTAL COMMON STOCKS - 99.73% | TOTAL COMMON STOCKS - 99.73% | TOTAL COMMON STOCKS - 99.73% | 1144076889 |
|  (Cost $884,668,759) |  |  |  |
|  PREFERRED STOCK - 0.00% | PREFERRED STOCK - 0.00% | PREFERRED STOCK - 0.00% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air T Funding, 8.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air T Funding, 8.00% | 221 | 4342 |
|  TOTAL PREFERRED STOCK - 0.00% | TOTAL PREFERRED STOCK - 0.00% | TOTAL PREFERRED STOCK - 0.00% | 4342 |
|  (Cost $4,597) | (Cost $4,597) | (Cost $4,597) |  |
|  RIGHTS - 0.00% | RIGHTS - 0.00% | RIGHTS - 0.00% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resolute Forest Products, Inc., CVR, expiring 12/31/49\*Δ# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resolute Forest Products, Inc., CVR, expiring 12/31/49\*Δ# | 335500 | 50325 |
|  TOTAL RIGHTS - 0.00% |  |  | 50325 |
|  (Cost $—) | (Cost $—) | (Cost $—) |  |
|  | Rate^ | Shares | Value |
|  MONEY MARKET FUND - 0.20% | MONEY MARKET FUND - 0.20% | MONEY MARKET FUND - 0.20% |  |
|  Fidelity Investments Money Market Government Portfolio Class I | 3.67% | 2264684 | 2264684 |
|  TOTAL MONEY MARKET FUND - 0.20% | TOTAL MONEY MARKET FUND - 0.20% | TOTAL MONEY MARKET FUND - 0.20% | 2264684 |
|  (Cost $2,264,684) | (Cost $2,264,684) | (Cost $2,264,684) |  |
| INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 0.38% | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 0.38% | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 0.38% | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 0.38% |
|  Dreyfus Institutional Preferred Government Money Market Fund\*\* | 3.71% | 4341456 | 4341456 |
|  TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 0.38% | TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 0.38% | TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 0.38% | 4341456 |
|  (Cost $4,341,456) | (Cost $4,341,456) | (Cost $4,341,456) |  |
|  TOTAL INVESTMENTS **-** 100.31% | TOTAL INVESTMENTS **-** 100.31% | TOTAL INVESTMENTS **-** 100.31% | $1150737696 |
|  (Cost $891,279,496) | (Cost $891,279,496) | (Cost $891,279,496) |  |
|  Liabilities in Excess of Other Assets - (0.31%) | Liabilities in Excess of Other Assets - (0.31%) | Liabilities in Excess of Other Assets - (0.31%) | (3605084) |
|  NET ASSETS - 100.00% | NET ASSETS - 100.00% | NET ASSETS - 100.00% | $1147132612 |

---

 <br> bridgewayfunds.com 31

------

---

| | |
|:---|:---|
| Omni Small-Cap Value Fund <br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

 *\* Non-income producing security.*<br> *+ This security or a portion of the security is out on loan as of December 31, 2025. Total loaned securities had a value of $155,352,708 as of December 31, 2025. See Note 2 for disclosure of cash and non-cash collateral.*<br> *# Illiquid security as determined under procedures approved by the Board of Directors. The aggregate value of illiquid securities is $50,325, which is 0.01% of total net assets.*<br> Δ *Security was fair valued using significant unobservable inputs. As such, the security is classified as Level 3 in the fair value hierarchy.*<br> *^ Rate disclosed as of December 31, 2025.*<br> *\*\* This security represents the investment of the cash collateral received in connection with securities out on loan as of December 31, 2025.*<br>*CVR-Contingent Value Right*<br> *PLC - Public Limited Company*<br>

 <br> 32 Semi-Annual Report \| December 31, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| Omni Small-Cap Value Fund <br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Valuation Inputs | Valuation Inputs | Valuation Inputs | Valuation Inputs |
|  | Investment in Securities (Value) | Investment in Securities (Value) | Investment in Securities (Value) | Investment in Securities (Value) |
|  | Level 1<br> Quoted<br> Prices | Level 2<br> Significant<br> Observable<br> Inputs | Level 3<br> Significant<br> Unobservable<br> Inputs | Total |
|  Common Stocks |  |  |  |  |
|  Consumer Discretionary | $171865348 | $381672 | $– | $172247020 |
|  Financials | 401961667 | 37800 |  | 401999467 |
| &nbsp;&nbsp; Other Industries (a) | 569830402 |  |  | 569830402 |
|  Total Common Stocks | 1143657417 | 419472 |  | 1144076889 |
|  Preferred Stock | 4342 |  |  | 4342 |
|  Rights |  |  | 50325 | 50325 |
|  Money Market Fund | 2264684 |  |  | 2264684 |
|  Investments Purchased With Cash Proceeds From Securities Lending | 4341456 |  |  | 4341456 |
|  TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1150267899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$419472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$50325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1150737696 |

---

(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) | Investment in Securities (Value) |
|  | Rights |
|  Balance as of 06/30/2025 | $97595 |
|  Purchases/Issuances |  |
|  Sales/Expirations | (600) |
|  Return of Capital |  |
|  Realized Gain/(Loss) | 600 |
|  Change in unrealized Appreciation/(Depreciation) | (47270) |
|  Transfers in |  |
|  Transfers out |  |
|  Balance as of 12/31/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50325 |
|  Net change in unrealized Appreciation/(Depreciation) from investments held as of 12/31/2025 | $(47270) |

---

*See Notes to Financial Statements.* 

 <br> bridgewayfunds.com 33

------

---

| | |
|:---|:---|
| Global Opportunities Fund <br> SCHEDULE OF INVESTMENTS (Unaudited) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
|  | Rate^ | Shares | Value |
|  MONEY MARKET FUND - 70.02% | MONEY MARKET FUND - 70.02% | MONEY MARKET FUND - 70.02% |  |
|  Fidelity Investments Money Market Government Portfolio Class I | 3.67% | 25729516 $| 25729516 |
|  TOTAL MONEY MARKET FUND - 70.02% | TOTAL MONEY MARKET FUND - 70.02% | TOTAL MONEY MARKET FUND - 70.02% | 25729516 |
|  (Cost $25,729,516) | (Cost $25,729,516) |  |  |
| TOTAL INVESTMENTS **-** 70.02% | TOTAL INVESTMENTS **-** 70.02% | TOTAL INVESTMENTS **-** 70.02% | $25729516 |
| (Cost $25,729,516) | (Cost $25,729,516) | (Cost $25,729,516) |  |
| Other Assets in Excess of Liabilities - 29.98% | Other Assets in Excess of Liabilities - 29.98% | Other Assets in Excess of Liabilities - 29.98% | 11018591 |
|  NET ASSETS - 100.00% | NET ASSETS - 100.00% | NET ASSETS - 100.00% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36748107 |

---

*^* *Rate disclosed as of December 31, 2025.* 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Valuation Inputs | Valuation Inputs | Valuation Inputs | Valuation Inputs | Valuation Inputs |
| Investment in Securities (Value) | Investment in Securities (Value) | Investment in Securities (Value) | Investment in Securities (Value) | Investment in Securities (Value) |
|  | Level 1<br>Quoted<br> Prices | Level 2<br>Significant<br>Observable<br>Inputs | Level 3<br>Significant<br> Unobservable<br>Inputs | Total |
|  Money Market Fund | $25729516 | $– | $– | $25729516 |
|  OTC Total Return Swaps |  | 276656 | 142 | 276798 |
|  TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25729516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$276656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26006314 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> 34 Semi-Annual Report \| December 31, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Long (1.51%) | Total Return Swaps - Long (1.51%) | Total Return Swaps - Long (1.51%) | Total Return Swaps - Long (1.51%) |  |  |  |  |  |
| Reference Entity | Pay | Payment<br>Frequency | Counterparty | Maturity<br>Date | Number of<br>Contracts<br>Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | Unrealized <br>Appreciation/ <br>(Depreciation)\* |
|  ***Communication Services*** |  |  |  |  |  |  |  |  |
|  Cellcom Israel, Ltd. | SHIR | Monthly | JPMorgan Chase | 01/20/2027 | 6951 | $83958 | $81865 | $(2853) |
|  EverQuote, Inc., Class A | OBFR01 | Monthly | JPMorgan Chase | 01/06/2027 | 3201 | 88508 | 86427 | (2294) |
|  Konami Group Corp. | MUTKCALM | Monthly | JPMorgan Chase | 01/07/2027 | 100 | 14555 | 13581 | (967) |
|  Magyar Telekom |  |  |  |  |  |  |  |  |
|  Telecommunications PLC | BUBOR01M | Monthly | JPMorgan Chase | 01/07/2027 | 25068 | 134239 | 137258 | 1449 |
|  Millicom International Cellular SA | OBFR01 | Monthly | JPMorgan Chase | 10/06/2026 | 3100 | 155403 | 171864 | 16086 |
|  Mobvista, Inc. | HIHD01M | Monthly | JPMorgan Chase | 04/15/2026 | 83000 | 154665 | 162821 | 7889 |
|  NHN Corp. | OBFR01 | Monthly | JPMorgan Chase | 10/08/2026 | 7524 | 152997 | 151720 | (1670) |
|  NOS SGPS SA | ESTRON | Monthly | JPMorgan Chase | 05/26/2026 | 24629 | 106951 | 116099 | 7987 |
|  Proximus SADP | ESTRON | Monthly | JPMorgan Chase | 09/09/2026 | 17134 | 139432 | 142293 | 1377 |
|  SmarTone Telecommunications Holdings, Ltd. | HIHD01M | Monthly | JPMorgan Chase | 05/27/2026 | 25500 | 15500 | 15399 | (131) |
|  Storytel AB | STIB1M | Monthly | JPMorgan Chase | 07/14/2026 | 10796 | 87441 | 97567 | 8976 |
|  TIM SA | OBFR01 | Monthly | JPMorgan Chase | 05/27/2026 | 28100 | 122156 | 109055 | (11423) |
|  XD, Inc. | HIHD01M | Monthly | JPMorgan Chase | 05/27/2026 | 19000 | 154191 | 158462 | 3966 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409996 | 1444411 | 28392 |
|  ***Consumer Discretionary*** |  |  |  |  |  |  |  |  |
|  AcadeMedia AB | STIB1M | Monthly | JPMorgan Chase | 12/30/2026 | 11879 | 125295 | 127312 | 567 |
|  Brilliance China |  |  |  |  |  |  |  |  |
|  Automotive Holdings, Ltd. | HIHD01M | Monthly | JPMorgan Chase | 12/02/2026 | 348000 | 186933 | 181169 | (6095) |
|  C&A MODAS SA | OBFR01 | Monthly | JPMorgan Chase | 10/07/2026 | 48000 | 118648 | 111103 | (3993) |
|  Chow Sang Sang Holdings International, Ltd. | HIHD01M | Monthly | JPMorgan Chase | 01/20/2027 | 59000 | 90841 | 92720 | 1809 |
|  Clas Ohlson AB, Class B | STIB1M | Monthly | JPMorgan Chase | 01/21/2026 | 4549 | 145911 | 149564 | 1735 |
|  Cogna Educacao SA | OBFR01 | Monthly | JPMorgan Chase | 07/14/2026 | 252010 | 155930 | 145250 | (10716) |
|  Currys PLC | SONIO/N | Monthly | JPMorgan Chase | 02/18/2026 | 80142 | 140594 | 135748 | (6073) |
|  Cyrela Brazil Realty SA |  |  |  |  |  |  |  |  |
|  Empreendimentos e Participacoes | OBFR01 | Monthly | JPMorgan Chase | 01/20/2027 | 10100 | 55856 | 54436 | (1502) |
|  D'ieteren Group | ESTRON | Monthly | JPMorgan Chase | 12/30/2026 | 917 | 157498 | 165171 | 6766 |
|  Eagers Automotive, Ltd. | BBSW1M | Monthly | JPMorgan Chase | 05/26/2026 | 10416 | 173240 | 170882 | (3860) |
|  Groupe Dynamite, Inc. | CAONREPO | Monthly | JPMorgan Chase | 10/06/2026 | 2800 | 172053 | 168647 | (5273) |

---

 <br> bridgewayfunds.com 35

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Long (1.51%) (continued) | Total Return Swaps - Long (1.51%) (continued) | Total Return Swaps - Long (1.51%) (continued) | Total Return Swaps - Long (1.51%) (continued) |  |  |  |  |  |
| Reference Entity | Pay | Payment<br>Frequency | Counterparty | Maturity<br>Date | Number of<br>Contracts<br>Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | Unrealized <br>Appreciation/ <br>(Depreciation)\* |
|  ***Consumer Discretionary – (continued)*** |  |  |  |  |  |  |  |  |
|  Kaufman & Broad SA | ESTRON | Monthly | JPMorgan Chase | 01/07/2027 | 4887 | $165278 | $171379 | $4307 |
|  Kia Corp. | OBFR01 | Monthly | JPMorgan Chase | 12/30/2026 | 1111 | 93238 | 94183 | 706 |
|  Kohl's Corp. | OBFR01 | Monthly | JPMorgan Chase | 10/06/2026 | 7255 | 171436 | 148075 | (23775) |
|  Magazine Luiza SA | OBFR01 | Monthly | JPMorgan Chase | 05/27/2026 | 99330 | 172909 | 161321 | (12022) |
|  Mazda Motor Corp. | MUTKCALM | Monthly | JPMorgan Chase | 11/04/2026 | 22700 | 167049 | 175294 | 8326 |
|  Moonpig Group PLC | SONIO/N | Monthly | JPMorgan Chase | 01/07/2027 | 45690 | 123549 | 125023 | (316) |
|  Petronas Dagangan Bhd | OBFR01 | Monthly | JPMorgan Chase | 08/05/2026 | 18600 | 86770 | 91436 | 4428 |
|  Pop Mart International Group, Ltd. | HIHD01M | Monthly | JPMorgan Chase | 01/07/2027 | 5200 | 127234 | 125459 | (2027) |
|  RealReal, Inc. (The) | OBFR01 | Monthly | JPMorgan Chase | 04/14/2026 | 7927 | 116131 | 125088 | 8677 |
|  Rush Street Interactive, Inc. | OBFR01 | Monthly | JPMorgan Chase | 01/06/2027 | 6457 | 123845 | 125460 | 1315 |
|  TCL Electronics Holdings, Ltd. | HIHD01M | Monthly | JPMorgan Chase | 01/21/2026 | 118000 | 165894 | 157633 | (8590) |
|  Token Corp. | MUTKCALM | Monthly | JPMorgan Chase | 10/07/2026 | 1200 | 107519 | 112364 | 4897 |
|  Valeo SE | ESTRON | Monthly | JPMorgan Chase | 12/30/2026 | 8971 | 119182 | 121745 | 1770 |
|  Vulcabras SA | OBFR01 | Monthly | JPMorgan Chase | 11/04/2026 | 44200 | 162305 | 161245 | (1467) |
|  Wayfair, Inc., Class A | OBFR01 | Monthly | JPMorgan Chase | 12/01/2026 | 895 | 83512 | 89867 | 6153 |
|  Wowprime Corp. | OBFR01 | Monthly | JPMorgan Chase | 01/21/2026 | 21000 | 142094 | 145059 | 2596 |
|  Youngone Holdings Co., Ltd. | OBFR01 | Monthly | JPMorgan Chase | 01/20/2027 | 1168 | 159151 | 155268 | (4123) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3809895 | 3787901 | (35780) |
|  ***Consumer Staples*** |  |  |  |  |  |  |  |  |
|  APR Corp. | OBFR01 | Monthly | JPMorgan Chase | 09/09/2026 | 910 | 155958 | 145911 | (10447) |
|  Axial Retailing, Inc. | MUTKCALM | Monthly | JPMorgan Chase | 11/04/2026 | 22400 | 158614 | 164883 | 6345 |
|  BGF retail Co., Ltd. | OBFR01 | Monthly | JPMorgan Chase | 12/30/2026 | 2194 | 164926 | 159388 | (5866) |
|  Bumitama Agri, Ltd. | SIBCSORA | Monthly | JPMorgan Chase | 01/20/2027 | 129800 | 135086 | 136323 | 682 |
|  Carrefour SA | ESTRON | Monthly | JPMorgan Chase | 12/30/2026 | 4363 | 69055 | 72799 | 2995 |
|  China Foods, Ltd. | HIHD01M | Monthly | JPMorgan Chase | 03/09/2026 | 300000 | 170016 | 167138 | (3215) |
|  Chocoladefabriken Lindt & Spruengli AG | SSARON | Monthly | JPMorgan Chase | 12/30/2026 | 11 | 159716 | 160731 | (653) |
|  DFI Retail Group Holdings, Ltd. | OBFR01 | Monthly | JPMorgan Chase | 01/20/2027 | 12500 | 50515 | 49337 | (1244) |
|  Distribuidora Internacional de Alimentacion SA | ESTRON | Monthly | JPMorgan Chase | 04/15/2026 | 4420 | 180874 | 190170 | 7333 |

---

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

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Long (1.51%) (continued) | Total Return Swaps - Long (1.51%) (continued) | Total Return Swaps - Long (1.51%) (continued) | Total Return Swaps - Long (1.51%) (continued) |  |  |  |  |  |
| Reference Entity | Pay | Payment<br>Frequency | Counterparty | Maturity<br> Date | Number of<br>Contracts<br>Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | Unrealized <br>Appreciation/ <br>(Depreciation)\* |
|  ***Consumer Staples – (continued)*** |  |  |  |  |  |  |  |  |
|  GS Retail Co., Ltd. | OBFR01 | Monthly | JPMorgan Chase | 01/20/2027 | 4458 | $66452 | $62190 | $(4362) |
|  Harim Holdings Co., Ltd. | OBFR01 | Monthly | JPMorgan Chase | 10/08/2026 | 23243 | 140210 | 171345 | 32403 |
|  HelloFresh SE | ESTRON | Monthly | JPMorgan Chase | 01/21/2026 | 15055 | 97170 | 107999 | 9774 |
|  Herbalife, Ltd. | OBFR01 | Monthly | JPMorgan Chase | 01/20/2027 | 4607 | 65577 | 59384 | (6286) |
|  Life Corp. | MUTKCALM | Monthly | JPMorgan Chase | 03/09/2026 | 8000 | 127100 | 130541 | 3503 |
|  MBRF Global Foods Co. SA | OBFR01 | Monthly | JPMorgan Chase | 01/07/2027 | 42300 | 151845 | 153888 | 1661 |
|  Minerva SA | OBFR01 | Monthly | JPMorgan Chase | 05/27/2026 | 115300 | 129105 | 120926 | (8503) |
|  Thai Vegetable Oil PCL | OBFR01 | Monthly | JPMorgan Chase | 09/09/2026 | 69400 | 46116 | 49341 | 3102 |
|  Triputra Agro Persada PT | OBFR01 | Monthly | JPMorgan Chase | 11/03/2026 | 1864400 | 166385 | 167712 | 915 |
|  United Natural Foods, Inc. | OBFR01 | Monthly | JPMorgan Chase | 02/18/2026 | 3181 | 99947 | 107104 | 6916 |
|  Valor Holdings Co., Ltd. | MUTKCALM | Monthly | JPMorgan Chase | 01/20/2027 | 3800 | 83657 | 81759 | (1344) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2418324 | 2458869 | 33709 |
|  ***Energy*** |  |  |  |  |  |  |  |  |
|  Adaro Andalan Indonesia PT | OBFR01 | Monthly | JPMorgan Chase | 01/20/2027 | 317800 | 135028 | 132747 | (2500) |
|  Aker Solutions ASA | NIBOR1M | Monthly | JPMorgan Chase | 04/15/2026 | 48610 | 148212 | 148612 | (1084) |
|  Cardinal Energy, Ltd. | CAONREPO | Monthly | JPMorgan Chase | 09/09/2026 | 24749 | 160080 | 156693 | (4202) |
|  Delek Group, Ltd. | SHIR | Monthly | JPMorgan Chase | 05/27/2026 | 418 | 108895 | 111560 | 575 |
|  Enerflex, Ltd. | CAONREPO | Monthly | JPMorgan Chase | 10/06/2026 | 9688 | 151064 | 149356 | (3347) |
|  Friedrich Vorwerk Group SE | ESTRON | Monthly | JPMorgan Chase | 09/09/2026 | 1344 | 134094 | 127330 | (8219) |
|  Harbour Energy PLC | SONIO/N | Monthly | JPMorgan Chase | 12/02/2026 | 57876 | 156038 | 152271 | (6029) |
|  HD Hyundai Co., Ltd. | OBFR01 | Monthly | JPMorgan Chase | 09/09/2026 | 1139 | 160346 | 149085 | (11673) |
|  Indo Tambangraya Megah Tbk PT | OBFR01 | Monthly | JPMorgan Chase | 05/29/2026 | 82300 | 108023 | 107866 | (454) |
|  Modec, Inc. | MUTKCALM | Monthly | JPMorgan Chase | 01/07/2027 | 2100 | 169007 | 159421 | (8356) |
|  ORLEN SA | WIBO1M | Monthly | JPMorgan Chase | 10/07/2026 | 3193 | 81706 | 85243 | 2409 |
|  Parex Resources, Inc. | CAONREPO | Monthly | JPMorgan Chase | 03/06/2026 | 13323 | 172735 | 179090 | 4480 |
|  Technip Energies NV | ESTRON | Monthly | JPMorgan Chase | 04/15/2026 | 1325 | 49300 | 50458 | 623 |
|  Tecnicas Reunidas SA | ESTRON | Monthly | JPMorgan Chase | 01/20/2027 | 1502 | 48119 | 48570 | 308 |
|  TGS ASA | NIBOR1M | Monthly | JPMorgan Chase | 12/30/2026 | 19911 | 172701 | 180496 | 6083 |
|  |  |  |  |  |  | 1955348 | 1938798 | (31386) |

---

 <br> bridgewayfunds.com 37

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Long (1.51%) (continued) | Total Return Swaps - Long (1.51%) (continued) | Total Return Swaps - Long (1.51%) (continued) | Total Return Swaps - Long (1.51%) (continued) |  |  |  |  |  |
| Reference Entity | Pay | Payment<br>Frequency | Counterparty | Maturity<br>Date | Number of<br>Contracts<br>Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | Unrealized <br>Appreciation/ <br>(Depreciation)\* |
|  ***Financials*** |  |  |  |  |  |  |  |  |
|  Aberdeen Group PLC | SONIO/N | Monthly | JPMorgan Chase | 09/09/2026 | 26603 | $69385 | $73397 | $3006 |
|  Absa Group, Ltd. | JIBA1M | Monthly | JPMorgan Chase | 01/21/2027 | 4646 | 66036 | 67148 | 258 |
|  Adamas Trust, Inc. | OBFR01 | Monthly | JPMorgan Chase | 12/29/2026 | 6300 | 45360 | 45990 | 1969 |
|  Admiral Group PLC | SONIO/N | Monthly | JPMorgan Chase | 10/07/2026 | 3441 | 140624 | 147199 | 4536 |
|  AIB Group PLC | ESTRON | Monthly | JPMorgan Chase | 01/20/2027 | 7313 | 78697 | 78179 | (742) |
|  Anadolu Hayat Emeklilik AS | OBFR01 | Monthly | JPMorgan Chase | 09/09/2026 | 72192 | 171133 | 165250 | (6365) |
|  Annaly Capital Management, Inc. | OBFR01 | Monthly | JPMorgan Chase | 01/06/2027 | 5846 | 130892 | 130717 | 3601 |
|  Apollo Commercial Real Estate Finance, Inc. | OBFR01 | Monthly | JPMorgan Chase | 07/13/2026 | 8849 | 89463 | 85658 | (1809) |
|  Azimut Holding S.p.A | ESTRON | Monthly | JPMorgan Chase | 12/02/2026 | 3159 | 131331 | 131597 | (1163) |
|  Banca IFIS S.p.A | ESTRON | Monthly | JPMorgan Chase | 01/20/2027 | 3384 | 100879 | 100498 | (681) |
|  Banca Mediolanum S.p.A | ESTRON | Monthly | JPMorgan Chase | 09/09/2026 | 7766 | 168618 | 176339 | 5885 |
|  Banca Monte dei Paschi di Siena S.p.A | ESTRON | Monthly | JPMorgan Chase | 06/17/2026 | 14013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149199 | 17498 |
|  Banco BPM S.p.A | ESTRON | Monthly | JPMorgan Chase | 12/02/2026 | 10220 | 146882 | 155190 | 6709 |
|  Banco de Chile | OBFR01 | Monthly | JPMorgan Chase | 06/17/2026 | 1020007 | 193043 | 197017 | 3485 |
|  Banco do Estado do Rio Grande do Sul SA | OBFR01 | Monthly | JPMorgan Chase | 09/10/2026 | 44700 | 121122 | 124159 | 5753 |
|  Bank Leumi Le-Israel BM | SHIR | Monthly | JPMorgan Chase | 05/27/2026 | 6241 | 142384 | 137537 | (7580) |
|  Bank of Ireland Group PLC | ESTRON | Monthly | JPMorgan Chase | 01/20/2027 | 3584 | 68945 | 68545 | (595) |
|  Bank Polska Kasa Opieki SA | WIBO1M | Monthly | JPMorgan Chase | 06/17/2026 | 2545 | 142632 | 144357 | (245) |
|  BPER Banca S.p.A | ESTRON | Monthly | JPMorgan Chase | 06/17/2026 | 12961 | 161304 | 175135 | 12076 |
|  Canara Bank | OBFR01 | Monthly | JPMorgan Chase | 09/08/2026 | 98617 | 159563 | 170079 | 10067 |
|  China Life Insurance Co., Ltd., Class H | HIHD01M | Monthly | JPMorgan Chase | 11/03/2026 | 48000 | 167410 | 169677 | 1935 |
|  Coronation Fund Managers, Ltd. | JIBA1M | Monthly | JPMorgan Chase | 12/31/2026 | 59475 | 161108 | 167680 | 1672 |
|  Dah Sing Banking Group, Ltd. | HIHD01M | Monthly | JPMorgan Chase | 10/07/2026 | 101600 | 140357 | 139425 | (1209) |
|  Ellington Financial, Inc. | OBFR01 | Monthly | JPMorgan Chase | 01/20/2027 | 11318 | 156641 | 153698 | (1808) |
|  Fiera Capital Corp. | CAONREPO | Monthly | JPMorgan Chase | 09/09/2026 | 32226 | 139349 | 145569 | 4708 |
|  Grupo Cibest SA | OBFR01 | Monthly | JPMorgan Chase | 06/23/2026 | 11128 | 179494 | 176014 | (3991) |
|  Grupo de Inversiones Suramericana SA | OBFR01 | Monthly | JPMorgan Chase | 12/02/2026 | 2567 | 38065 | 36654 | (1520) |

---

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

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Long (1.51%) (continued) | Total Return Swaps - Long (1.51%) (continued) | Total Return Swaps - Long (1.51%) (continued) | Total Return Swaps - Long (1.51%) (continued) |  |  |  |  |  |
| Reference Entity | Pay | Payment<br>Frequency | Counterparty | Maturity<br>Date | Number of<br>Contracts<br>Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | Unrealized <br>Appreciation/ <br>(Depreciation)\* |
|  ***Financials – (continued)*** |  |  |  |  |  |  |  |  |
|  Helia Group, Ltd. | BBSW1M | Monthly | JPMorgan Chase | 07/14/2026 | 39908 | $152818 | $146281 | $(7754) |
|  Industrivarden AB, Class A | STIB1M | Monthly | JPMorgan Chase | 12/02/2026 | 2482 | 106095 | 111190 | 3700 |
|  Industrivarden AB, Class C | STIB1M | Monthly | JPMorgan Chase | 12/02/2026 | 2486 | 106399 | 111281 | 3483 |
|  Is Yatirim Menkul Degerler AS | OBFR01 | Monthly | JPMorgan Chase | 06/02/2026 | 108215 | 103477 | 99757 | (3952) |
|  JSE, Ltd. | JIBA1M | Monthly | JPMorgan Chase | 10/08/2026 | 18206 | 142252 | 157686 | 11055 |
|  Korea Investment Holdings Co., Ltd. | OBFR01 | Monthly | JPMorgan Chase | 10/08/2026 | 1225 | 133797 | 137929 | 3789 |
|  Mandatum Oyj | ESTRON | Monthly | JPMorgan Chase | 04/15/2026 | 22081 | 169767 | 177829 | 6219 |
|  Moneta Money Bank AS | PRIB01M | Monthly | JPMorgan Chase | 02/18/2026 | 17026 | 154320 | 160006 | 3237 |
|  New China Life Insurance Co., Ltd., Class A | OBFR01 | Monthly | JPMorgan Chase | 12/30/2026 | 16900 | 166046 | 168619 | 2230 |
|  New China Life Insurance Co., Ltd., Class H | HIHD01M | Monthly | JPMorgan Chase | 06/17/2026 | 22300 | 143717 | 156251 | 12250 |
|  Ninety One PLC | SONIO/N | Monthly | JPMorgan Chase | 09/09/2026 | 49585 | 136987 | 144470 | 5497 |
|  Ninety One, Ltd. | JIBA1M | Monthly | JPMorgan Chase | 07/15/2026 | 60948 | 166210 | 175962 | 4636 |
|  Piraeus Financial Holdings SA | ESTRON | Monthly | JPMorgan Chase | 01/21/2027 | 9914 | 84028 | 79156 | (4730) |
|  Plus500, Ltd. | SONIO/N | Monthly | JPMorgan Chase | 01/07/2027 | 1221 | 55364 | 59638 | 3472 |
|  Polar Capital Holdings PLC | SONIO/N | Monthly | JPMorgan Chase | 09/09/2026 | 22827 | 163892 | 163233 | 1258 |
|  Rithm Capital Corp. | OBFR01 | Monthly | JPMorgan Chase | 01/06/2027 | 5908 | 66229 | 64397 | (514) |
|  Svenska Handelsbanken AB, Class A | STIB1M | Monthly | JPMorgan Chase | 01/08/2027 | 11215 | 158554 | 162478 | 1839 |
|  Swedbank AB, Class A | STIB1M | Monthly | JPMorgan Chase | 05/26/2026 | 5333 | 175981 | 185029 | 6733 |
|  Unicaja Banco SA | ESTRON | Monthly | JPMorgan Chase | 09/09/2026 | 35148 | 108845 | 114372 | 4345 |
|  XTB SA | WIBO1M | Monthly | JPMorgan Chase | 12/30/2026 | 3028 | 60405 | 60444 | (795) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5996183 | 6147915 | 111448 |
|  ***Health Care*** |  |  |  |  |  |  |  |  |
|  3SBio, Inc. | HIHD01M | Monthly | JPMorgan Chase | 07/14/2026 | 50000 | 175034 | 155252 | (20084) |
|  Aveanna Healthcare Holdings, Inc. | OBFR01 | Monthly | JPMorgan Chase | 10/06/2026 | 18835 | 170524 | 153882 | (16995) |
|  Cardinal Health, Inc. | OBFR01 | Monthly | JPMorgan Chase | 06/16/2026 | 773 | 153216 | 158851 | 5265 |
|  Consun Pharmaceutical Group, Ltd. | HIHD01M | Monthly | JPMorgan Chase | 01/07/2027 | 90000 | 173024 | 181153 | 7787 |
|  Draegerwerk AG & Co. KGaA | ESTRON | Monthly | JPMorgan Chase | 03/09/2026 | 1836 | 143638 | 148930 | 3733 |
|  Extendicare, Inc. | CAONREPO | Monthly | JPMorgan Chase | 01/06/2027 | 12732 | 209466 | 198046 | (13360) |

---

 <br> bridgewayfunds.com 39

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Long (1.51%) (continued) | Total Return Swaps - Long (1.51%) (continued) | Total Return Swaps - Long (1.51%) (continued) | Total Return Swaps - Long (1.51%) (continued) |  |  |  |  |  |
| Reference Entity | Pay | Payment<br>Frequency | Counterparty | Maturity<br>Date | Number of<br>Contracts<br>Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | Unrealized <br>Appreciation/ <br>(Depreciation)\* |
|  ***Health Care – (continued)*** |  |  |  |  |  |  |  |  |
|  Gubra A/S | CIBO01M | Monthly | JPMorgan Chase | 10/07/2026 | 2389 | $189155 | $192156 | $940 |
|  Indivior PLC | OBFR01 | Monthly | JPMorgan Chase | 09/09/2026 | 5109 | 181114 | 183311 | 1759 |
|  McKesson Corp. | OBFR01 | Monthly | JPMorgan Chase | 06/16/2026 | 206 | 167499 | 168980 | 1246 |
|  Medpace Holdings, Inc. | OBFR01 | Monthly | JPMorgan Chase | 10/06/2026 | 198 | 111028 | 111207 | (90) |
|  Nutex Health, Inc. | OBFR01 | Monthly | JPMorgan Chase | 07/13/2026 | 1000 | 176470 | 164620 | (12276) |
|  PTC Therapeutics, Inc. | OBFR01 | Monthly | JPMorgan Chase | 06/16/2026 | 2445 | 181174 | 185722 | 4110 |
|  Regis Healthcare, Ltd. | BBSW1M | Monthly | JPMorgan Chase | 01/21/2026 | 31240 | 157981 | 144766 | (14474) |
|  Sumitomo Pharma Co., Ltd. | MUTKCALM | Monthly | JPMorgan Chase | 06/17/2026 | 9800 | 154320 | 144731 | (9514) |
|  YSB, Inc. | HIHD01M | Monthly | JPMorgan Chase | 01/20/2027 | 144800 | 104276 | 99916 | (4460) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2447919 | 2391523 | (66413) |
|  ***Industrials*** |  |  |  |  |  |  |  |  |
|  Al Babtain Power & Telecommunication Co. | OBFR01 | Monthly | JPMorgan Chase | 08/05/2026 | 9546 | 174879 | 163829 | (11574) |
|  AP Moller - Maersk A/S, Class B | CIBO01M | Monthly | JPMorgan Chase | 09/09/2026 | 69 | 151691 | 158324 | 4980 |
|  Burkhalter Holding AG | SSARON | Monthly | JPMorgan Chase | 10/07/2026 | 786 | 133179 | 138721 | 3743 |
|  China Yuchai International, Ltd. | OBFR01 | Monthly | JPMorgan Chase | 01/20/2027 | 3500 | 126717 | 124250 | (2633) |
|  CJ Corp. | OBFR01 | Monthly | JPMorgan Chase | 12/02/2026 | 1258 | 150430 | 150334 | (382) |
|  COSCO SHIPPING Holdings Co., Ltd., Class H | HIHD01M | Monthly | JPMorgan Chase | 08/05/2026 | 93500 | 163051 | 165077 | 1704 |
|  Danieli & C Officine Meccaniche S.p.A | ESTRON | Monthly | JPMorgan Chase | 12/30/2026 | 3890 | 156694 | 167285 | 8885 |
|  EcoRodovias Infraestrutura e Logistica SA | OBFR01 | Monthly | JPMorgan Chase | 01/20/2027 | 63600 | 115965 | 122640 | 6504 |
|  El Al Israel Airlines | SHIR | Monthly | JPMorgan Chase | 02/18/2026 | 29880 | 133274 | 153422 | 17488 |
|  Elecnor SA | ESTRON | Monthly | JPMorgan Chase | 01/20/2027 | 3941 | 111422 | 112939 | 1187 |
|  Evergreen Marine Corp. Taiwan, Ltd. | OBFR01 | Monthly | JPMorgan Chase | 01/07/2027 | 24000 | 137765 | 144779 | 6656 |
|  Finning International, Inc. | CAONREPO | Monthly | JPMorgan Chase | 07/13/2026 | 1888 | 103433 | 102299 | (2256) |
|  Firstgroup PLC | SONIO/N | Monthly | JPMorgan Chase | 09/09/2026 | 65638 | 160702 | 168637 | 5605 |
|  Fujikura, Ltd. | MUTKCALM | Monthly | JPMorgan Chase | 01/07/2027 | 1200 | 141569 | 133075 | (8426) |
|  Hanwha Corp. | OBFR01 | Monthly | JPMorgan Chase | 05/27/2026 | 3040 | 171600 | 172126 | 86 |

---

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

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Long (1.51%) (continued) | Total Return Swaps - Long (1.51%) (continued) | Total Return Swaps - Long (1.51%) (continued) | Total Return Swaps - Long (1.51%) (continued) |  |  |  |  |  |
| Reference Entity | Pay | Payment<br>Frequency | Counterparty | Maturity<br>Date | Number of<br>Contracts<br>Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | Unrealized <br>Appreciation/ <br>(Depreciation)\* |
|  ***Industrials – (continued)*** |  |  |  |  |  |  |  |  |
|  HD Korea Shipbuilding & Offshore Engineering Co., Ltd. | OBFR01 | Monthly | JPMorgan Chase | 06/17/2026 | 494 | $148496 | $&nbsp;&nbsp;&nbsp;&nbsp;139393 | $(9484) |
|  HD-Hyundai Marine Engine | OBFR01 | Monthly | JPMorgan Chase | 10/08/2026 | 1557 | 91806 | 96642 | 4600 |
|  HOCHTIEF AG | ESTRON | Monthly | JPMorgan Chase | 01/20/2027 | 221 | 84990 | 86517 | 1277 |
|  Hoegh Autoliners ASA | NIBOR1M | Monthly | JPMorgan Chase | 10/07/2026 | 13623 | 126716 | 131850 | 3865 |
|  Hong Leong Asia, Ltd. | SIBCSORA | Monthly | JPMorgan Chase | 01/20/2027 | 96900 | 167835 | 180521 | 12000 |
|  Hong Leong Industries Bhd | OBFR01 | Monthly | JPMorgan Chase | 01/20/2027 | 25000 | 98572 | 103330 | 4636 |
|  Hyundai GF Holdings | OBFR01 | Monthly | JPMorgan Chase | 10/08/2026 | 26398 | 144701 | 152699 | 7626 |
|  JAC Recruitment Co., Ltd. | MUTKCALM | Monthly | JPMorgan Chase | 05/26/2026 | 20500 | 138872 | 139307 | 4748 |
|  Kier Group PLC | SONIO/N | Monthly | JPMorgan Chase | 11/03/2026 | 21032 | 60654 | 62682 | 1149 |
|  Koninklijke BAM Groep NV | ESTRON | Monthly | JPMorgan Chase | 01/07/2027 | 9808 | 101396 | 106962 | 4465 |
|  Koninklijke Heijmans N.V | ESTRON | Monthly | JPMorgan Chase | 01/07/2027 | 2439 | 178462 | 193531 | 13133 |
|  L&K Engineering Co., Ltd. | OBFR01 | Monthly | JPMorgan Chase | 01/07/2027 | 9000 | 146616 | 157702 | 10705 |
|  Latam Airlines Group SA | OBFR01 | Monthly | JPMorgan Chase | 05/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6724259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173832 | &nbsp;&nbsp;&nbsp;&nbsp;182039 | 7766 |
|  Lonking Holdings, Ltd. | HIHD01M | Monthly | JPMorgan Chase | 01/07/2027 | 343000 | 133557 | 130736 | (3086) |
|  LT Group, Inc. | OBFR01 | Monthly | JPMorgan Chase | 01/04/2027 | 561500 | 137912 | 141061 | 2879 |
|  NCC AB, Class B | STIB1M | Monthly | JPMorgan Chase | 04/15/2026 | 7206 | 166158 | 171594 | 3252 |
|  NRW Holdings, Ltd. | BBSW1M | Monthly | JPMorgan Chase | 01/20/2027 | 17857 | 58737 | 61161 | 1826 |
|  Odfjell SE, Class A | NIBOR1M | Monthly | JPMorgan Chase | 12/02/2026 | 9120 | 114605 | 114546 | (1206) |
|  Orient Overseas International, Ltd. | HIHD01M | Monthly | JPMorgan Chase | 07/14/2026 | 10500 | 168806 | 169303 | 203 |
|  Prosegur Cia de Seguridad SA | ESTRON | Monthly | JPMorgan Chase | 09/09/2026 | 38055 | 109651 | 116019 | 5177 |
|  Regional Container Lines PCL | OBFR01 | Monthly | JPMorgan Chase | 07/01/2026 | 156500 | 130608 | 135363 | 4408 |
|  Rolls-Royce Holdings PLC | SONIO/N | Monthly | JPMorgan Chase | 01/07/2027 | 9848 | 145085 | 152306 | 5118 |
|  Samsung E&A Co., Ltd. | OBFR01 | Monthly | JPMorgan Chase | 06/17/2026 | 7869 | 132185 | 131088 | 1572 |
|  Sanki Engineering Co., Ltd. | MUTKCALM | Monthly | JPMorgan Chase | 01/21/2026 | 3200 | 111455 | 117209 | 5807 |
|  Sinopec Engineering Group Co., Ltd., Class H | HIHD01M | Monthly | JPMorgan Chase | 12/30/2026 | 172000 | 163060 | 169288 | 5960 |
|  SITC International Holdings Co., Ltd. | HIHD01M | Monthly | JPMorgan Chase | 12/02/2026 | 45000 | 157351 | 161028 | 3432 |

---

 <br> bridgewayfunds.com 41

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Long (1.51%) (continued) | Total Return Swaps - Long (1.51%) (continued) | Total Return Swaps - Long (1.51%) (continued) | Total Return Swaps - Long (1.51%) (continued) |  |  |  |  |  |
| Reference Entity | Pay | Payment<br>Frequency | Counterparty | Maturity<br>Date | Number of<br>Contracts<br>Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | Unrealized <br>Appreciation/ <br>(Depreciation)\* |
|  ***Industrials – (continued)*** |  |  |  |  |  |  |  |  |
|  Sunway Construction Group Bhd | OBFR01 | Monthly | JPMorgan Chase | 04/15/2026 | 114200 | $164648 | $159119 | $448 |
|  Toa Corp. | MUTKCALM | Monthly | JPMorgan Chase | 01/07/2027 | 1400 | 24658 | 25337 | 690 |
|  Tokyu Construction Co., Ltd. | MUTKCALM | Monthly | JPMorgan Chase | 08/05/2026 | 18800 | 156912 | 157142 | 306 |
|  United Integrated Services Co., Ltd. | OBFR01 | Monthly | JPMorgan Chase | 02/25/2026 | 6000 | 168743 | 181760 | 12578 |
|  Wallenius Wilhelmsen ASA | NIBOR1M | Monthly | JPMorgan Chase | 09/09/2026 | 15885 | 164260 | 158162 | (7744) |
|  ZIM Integrated Shipping Services, Ltd. | OBFR01 | Monthly | JPMorgan Chase | 01/06/2027 | 8400 | 166656 | 178332 | 11274 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6370366 | 6541466 | 150947 |
|  ***Information Technology*** |  |  |  |  |  |  |  |  |
|  ADATA Technology Co., Ltd. | OBFR01 | Monthly | JPMorgan Chase | 09/09/2026 | 25000 | 144708 | 222617 | 77533 |
|  Advantest Corp. | MUTKCALM | Monthly | JPMorgan Chase | 01/20/2027 | 300 | 35949 | 37934 | 2224 |
|  AppLovin Corp., Class A | OBFR01 | Monthly | JPMorgan Chase | 01/06/2027 | 228 | 160348 | 153631 | (7104) |
|  Asia Vital Components Co., Ltd. | OBFR01 | Monthly | JPMorgan Chase | 01/20/2027 | 1000 | 42163 | 47995 | 5767 |
|  Asseco Poland SA | WIBO1M | Monthly | JPMorgan Chase | 03/09/2026 | 1952 | 123166 | 123659 | (1209) |
|  Asustek Computer, Inc. | OBFR01 | Monthly | JPMorgan Chase | 01/21/2027 | 1000 | 17439 | 17383 | (102) |
|  Bravura Solutions, Ltd. | BBSW1M | Monthly | JPMorgan Chase | 01/20/2027 | 71262 | 125017 | 121866 | (4424) |
|  Celestica, Inc. | CAONREPO | Monthly | JPMorgan Chase | 01/06/2027 | 500 | 173813 | 147904 | (27796) |
|  Chenbro Micom Co., Ltd. | OBFR01 | Monthly | JPMorgan Chase | 09/09/2026 | 6000 | 172976 | 190917 | 17492 |
|  Clear Secure, Inc., Class A | OBFR01 | Monthly | JPMorgan Chase | 01/06/2027 | 1269 | 45392 | 44516 | (985) |
|  CommScope Holding Co., Inc. | OBFR01 | Monthly | JPMorgan Chase | 04/14/2026 | 7826 | 157616 | 141885 | (16111) |
|  Data#3, Ltd. | BBSW1M | Monthly | JPMorgan Chase | 10/07/2026 | 24169 | 145160 | 144738 | (1578) |
|  DataTec, Ltd. | JIBA1M | Monthly | JPMorgan Chase | 01/08/2027 | 36712 | 174939 | 175056 | (5267) |
|  Evertz Technologies, Ltd. | CAONREPO | Monthly | JPMorgan Chase | 01/19/2027 | 10390 | 103117 | 104767 | 1245 |
|  Furuno Electric Co., Ltd. | MUTKCALM | Monthly | JPMorgan Chase | 11/04/2026 | 3200 | 162173 | 162480 | 385 |
|  General Interface Solution GIS Holding, Ltd. | OBFR01 | Monthly | JPMorgan Chase | 12/30/2026 | 88000 | 134045 | 119534 | (14884) |
|  GMO internet group, Inc. | MUTKCALM | Monthly | JPMorgan Chase | 04/15/2026 | 6700 | 166906 | 167475 | 1217 |
|  Ituran Location and Control, Ltd. | OBFR01 | Monthly | JPMorgan Chase | 01/20/2027 | 3500 | 150780 | 150535 | 1141 |
|  King Slide Works Co., Ltd. | OBFR01 | Monthly | JPMorgan Chase | 10/07/2026 | 2000 | 231853 | 238819 | 6363 |
|  Logitech International SA | SSARON | Monthly | JPMorgan Chase | 12/30/2026 | 788 | 93835 | 79996 | (15107) |

---

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

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Long (1.51%) (continued) | Total Return Swaps - Long (1.51%) (continued) | Total Return Swaps - Long (1.51%) (continued) | Total Return Swaps - Long (1.51%) (continued) |  |  |  |  |  |
| Reference Entity | Pay | Payment<br>Frequency | Counterparty | Maturity<br>Date | Number of<br>Contracts<br>Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | Unrealized <br>Appreciation/ <br>(Depreciation)\* |
|  ***Information Technology – (continued)*** |  |  |  |  |  |  |  |  |
|  Marketech International Corp. | OBFR01 | Monthly | JPMorgan Chase | 04/15/2026 | 22000 | $168262 | $192218 | $23519 |
|  Newborn Town, Inc. | HIHD01M | Monthly | JPMorgan Chase | 04/15/2026 | 132000 | 154534 | 190012 | 35172 |
|  Oki Electric Industry Co., Ltd. | MUTKCALM | Monthly | JPMorgan Chase | 07/14/2026 | 12800 | 155588 | 162827 | 7314 |
|  PAX Global Technology, Ltd. | HIHD01M | Monthly | JPMorgan Chase | 05/27/2026 | 198000 | 131803 | 128828 | (3236) |
|  Posiflex Technology, Inc. | OBFR01 | Monthly | JPMorgan Chase | 04/15/2026 | 27000 | 150224 | 151451 | 837 |
|  Seagate Technology Holdings PLC | OBFR01 | Monthly | JPMorgan Chase | 12/01/2026 | 420 | 125546 | 115664 | (9875) |
|  SK hynix, Inc. | OBFR01 | Monthly | JPMorgan Chase | 01/20/2027 | 273 | 102386 | 123636 | 21094 |
|  Softwareone Holding AG | SSARON | Monthly | JPMorgan Chase | 01/20/2027 | 4882 | 53291 | 55496 | 2070 |
|  Supreme Electronics Co., Ltd. | OBFR01 | Monthly | JPMorgan Chase | 06/17/2026 | 68000 | 156134 | 161422 | 4883 |
|  Systena Corp. | MUTKCALM | Monthly | JPMorgan Chase | 01/07/2027 | 3900 | 12936 | 12821 | (108) |
|  Telefonaktiebolaget LM Ericsson, Class B | STIB1M | Monthly | JPMorgan Chase | 01/08/2027 | 13611 | 131032 | 132463 | (292) |
|  Temenos AG | SSARON | Monthly | JPMorgan Chase | 12/30/2026 | 851 | 80154 | 84633 | 3397 |
|  TomTom NV | ESTRON | Monthly | JPMorgan Chase | 09/09/2026 | 27766 | 168091 | 178062 | 8147 |
|  VSTECS Holdings, Ltd. | HIHD01M | Monthly | JPMorgan Chase | 05/27/2026 | 168000 | 168001 | 168544 | 248 |
|  VusionGroup | ESTRON | Monthly | JPMorgan Chase | 08/05/2026 | 380 | 91930 | 90759 | (2169) |
|  WT Microelectronics Co., Ltd. | OBFR01 | Monthly | JPMorgan Chase | 06/17/2026 | 36000 | 173746 | 156849 | (17349) |
|  Youzan Technology, Ltd. | HIHD01M | Monthly | JPMorgan Chase | 01/20/2027 | 6636000 | 113894 | 118736 | 4773 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4698947 | 4818128 | 97225 |
|  ***Materials*** |  |  |  |  |  |  |  |  |
|  5N Plus, Inc. | CAONREPO | Monthly | JPMorgan Chase | 01/19/2027 | 3600 | 48088 | 46477 | (1800) |
|  Aluminum Corp. of China, Ltd., Class H | HIHD01M | Monthly | JPMorgan Chase | 01/20/2027 | 42000 | 59221 | 65749 | 6471 |
|  AlzChem Group AG | ESTRON | Monthly | JPMorgan Chase | 07/14/2026 | 424 | 79177 | 76589 | (3448) |
|  Aneka Tambang Tbk | OBFR01 | Monthly | JPMorgan Chase | 06/18/2026 | 480400 | 84362 | 90499 | 5905 |
|  Aura Minerals, Inc. | OBFR01 | Monthly | JPMorgan Chase | 11/02/2026 | 2100 | 90615 | 105872 | 15038 |
|  Cascades, Inc. | CAONREPO | Monthly | JPMorgan Chase | 12/30/2026 | 7164 | 63094 | 65035 | 1256 |
|  Catalyst Metals, Ltd. | BBSW1M | Monthly | JPMorgan Chase | 07/14/2026 | 27852 | 123103 | 135452 | 11368 |
|  China Hongqiao Group, Ltd. | HIHD01M | Monthly | JPMorgan Chase | 01/07/2027 | 45500 | 187108 | 191087 | 3609 |
|  China Nonferrous Mining Corp., Ltd. | HIHD01M | Monthly | JPMorgan Chase | 01/20/2027 | 33000 | 59377 | 62608 | 3174 |

---

 <br> bridgewayfunds.com 43

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Long (1.51%) (continued) | Total Return Swaps - Long (1.51%) (continued) | Total Return Swaps - Long (1.51%) (continued) | Total Return Swaps - Long (1.51%) (continued) |  |  |  |  |  |
| Reference Entity | Pay | Payment<br>Frequency | Counterparty | Maturity<br>Date | Number of<br>Contracts<br>Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | Unrealized <br>Appreciation/ <br>(Depreciation)\* |
|  ***Materials – (continued)*** |  |  |  |  |  |  |  |  |
|  CMOC Group, Ltd., Class H | HIHD01M | Monthly | JPMorgan Chase | 12/30/2026 | 69000 | $162634 | $171432 | $8570 |
|  DPM Metals, Inc. | CAONREPO | Monthly | JPMorgan Chase | 05/25/2026 | 5523 | 157925 | 170694 | 11243 |
|  Endeavour Mining PLC | SONIO/N | Monthly | JPMorgan Chase | 12/31/2026 | 2842 | 135450 | 148487 | 11492 |
|  Evolution Mining, Ltd. | BBSW1M | Monthly | JPMorgan Chase | 01/20/2027 | 13330 | 110158 | 111555 | 275 |
|  Fresnillo PLC | SONIO/N | Monthly | JPMorgan Chase | 10/07/2026 | 4881 | 180358 | 217646 | 34673 |
|  Fufeng Group, Ltd. | HIHD01M | Monthly | JPMorgan Chase | 09/09/2026 | 162000 | 162591 | 164428 | 1515 |
|  Gold Fields, Ltd. | JIBA1M | Monthly | JPMorgan Chase | 12/03/2026 | 1853 | 80657 | 80795 | (1570) |
|  Han Kuk Carbon Co., Ltd. | OBFR01 | Monthly | JPMorgan Chase | 12/02/2026 | 1723 | 34158 | 35679 | 1565 |
|  Holcim AG | SSARON | Monthly | JPMorgan Chase | 09/09/2026 | 1183 | 108742 | 115165 | 4954 |
|  Industrias Penoles SAB de CV | MXIBTIIE | Monthly | JPMorgan Chase | 09/08/2026 | 3500 | 150693 | 184012 | 30981 |
|  JX Advanced Metals Corp. | MUTKCALM | Monthly | JPMorgan Chase | 11/04/2026 | 6800 | 77419 | 85007 | 7625 |
|  Kinross Gold Corp. | CAONREPO | Monthly | JPMorgan Chase | 01/06/2027 | 5991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162787 | &nbsp;&nbsp;&nbsp;&nbsp;168746 | 4192 |
|  Lundin Gold, Inc. | CAONREPO | Monthly | JPMorgan Chase | 01/20/2027 | 2122 | 175009 | 176278 | 232 |
|  Mineros SA | OBFR01 | Monthly | JPMorgan Chase | 01/20/2027 | 41281 | 169050 | 167348 | (1943) |
|  National Aluminium Co., Ltd. | OBFR01 | Monthly | JPMorgan Chase | 12/29/2026 | 40160 | 117405 | 140358 | 22622 |
|  OceanaGold Corp. | CAONREPO | Monthly | JPMorgan Chase | 06/16/2026 | 7078 | 189871 | 200601 | 8670 |
|  Omnia Holdings, Ltd. | JIBA1M | Monthly | JPMorgan Chase | 09/10/2026 | 22937 | 104562 | 109284 | 1504 |
|  Orla Mining, Ltd. | CAONREPO | Monthly | JPMorgan Chase | 05/25/2026 | 14312 | 180082 | 192488 | 10452 |
|  Pantoro Gold, Ltd. | BBSW1M | Monthly | JPMorgan Chase | 12/02/2026 | 40360 | 126157 | 130323 | 3162 |
|  Perenti, Ltd. | BBSW1M | Monthly | JPMorgan Chase | 01/21/2026 | 94105 | 175492 | 174667 | (2223) |
|  Ramelius Resources, Ltd. | BBSW1M | Monthly | JPMorgan Chase | 01/07/2027 | 59215 | 140294 | 162865 | 21453 |
|  Regis Resources, Ltd. | BBSW1M | Monthly | JPMorgan Chase | 05/26/2026 | 38635 | 184609 | 192691 | 6612 |
|  Sims, Ltd. | BBSW1M | Monthly | JPMorgan Chase | 01/20/2027 | 6965 | 82747 | 83106 | (484) |
|  Stanmore Resources, Ltd. | BBSW1M | Monthly | JPMorgan Chase | 01/20/2027 | 69978 | 110504 | 108045 | (3585) |
|  thyssenkrupp AG | ESTRON | Monthly | JPMorgan Chase | 04/15/2026 | 16525 | 171799 | 177654 | 3990 |
|  Unipar Carbocloro SA | OBFR01 | Monthly | JPMorgan Chase | 01/20/2027 | 5000 | 51240 | 52687 | 1371 |
|  Vedanta, Ltd. | OBFR01 | Monthly | JPMorgan Chase | 12/29/2026 | 15350 | 89443 | 103280 | 13586 |
|  voestalpine AG | ESTRON | Monthly | JPMorgan Chase | 12/30/2026 | 3427 | 153288 | 150927 | (3361) |

---

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

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Long (1.51%) (continued) | Total Return Swaps - Long (1.51%) (continued) | Total Return Swaps - Long (1.51%) (continued) | Total Return Swaps - Long (1.51%) (continued) |  |  |  |  |  |
| Reference Entity | Pay | Payment <br> Frequency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty | Maturity <br> Date | Number of <br> Contracts<br>Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | Unrealized <br>Appreciation/ <br>(Depreciation)\* |
|  ***Materials — (continued)*** |  |  |  |  |  |  |  |  |
|  Yunnan Yuntianhua Co., Ltd., Class A | OBFR01 | Monthly | JPMorgan Chase | 01/07/2027 | 42000 | $182102 | $200773 | $18170 |
|  |  |  |  |  |  | 4721371 | 5016389 | 257316 |
|  Real Estate C&D Property Management Group Co., Ltd. | HIHD01M | Monthly | JPMorgan Chase | 07/14/2026 | 390000 | 133816 | 135427 | 1368 |
|  Emaar Development PJSC | OBFR01 | Monthly | JPMorgan Chase | 04/15/2026 | 39177 | 163201 | 161547 | (2143) |
|  Emaar Properties PJSC | OBFR01 | Monthly | JPMorgan Chase | 02/18/2026 | 39177 | 150934 | 149521 | (1865) |
|  Jones Lang LaSalle, Inc. | OBFR01 | Monthly | JPMorgan Chase | 01/06/2027 | 439 | 145467 | 147710 | 1892 |
|  Leopalace21 Corp. | MUTKCALM | Monthly | JPMorgan Chase | 12/29/2026 | 30900 | 129396 | 129811 | 833 |
|  Propnex, Ltd. | SIBCSORA | Monthly | JPMorgan Chase | 01/20/2027 | 90300 | 131754 | 131853 | (576) |
|  Wereldhave NV | ESTRON | Monthly | JPMorgan Chase | 01/07/2027 | 587 | 12793 | 13282 | 350 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869151 | (141) |
|  ***Utilities*** |  |  |  |  |  |  |  |  |
|  Aygaz AS | OBFR01 | Monthly | JPMorgan Chase | 09/09/2026 | 25833 | 129934 | 119710 | (10589) |
|  Centrica PLC | SONIO/N | Monthly | JPMorgan Chase | 03/09/2026 | 76524 | 170739 | 174479 | 1265 |
|  Cia de Saneamento de Minas Gerais Copasa MG | OBFR01 | Monthly | JPMorgan Chase | 04/15/2026 | 21700 | 172231 | 173556 | 2101 |
|  Cia De Sanena Do Parana | OBFR01 | Monthly | JPMorgan Chase | 12/30/2026 | 23800 | 159822 | 174034 | 13870 |
|  Cia Energetica de Minas Gerais | OBFR01 | Monthly | JPMorgan Chase | 10/07/2026 | 39800 | 80247 | 80626 | 1628 |
|  Drax Group PLC | SONIO/N | Monthly | JPMorgan Chase | 01/21/2026 | 14712 | 149134 | 165986 | 14690 |
|  Enea SA | WIBO1M | Monthly | JPMorgan Chase | 04/15/2026 | 29897 | 162282 | 161603 | (2921) |
|  Korea Electric Power Corp. | OBFR01 | Monthly | JPMorgan Chase | 12/30/2026 | 4812 | 161930 | 157928 | (3761) |
|  Korea Gas Corp. | OBFR01 | Monthly | JPMorgan Chase | 05/27/2026 | 5304 | 149337 | 144510 | (705) |
|  PGE Polska Grupa Energetyczna SA | WIBO1M | Monthly | JPMorgan Chase | 07/14/2026 | 10959 | 26077 | 26783 | 346 |
|  Tauron Polska Energia SA | WIBO1M | Monthly | JPMorgan Chase | 09/09/2026 | 61561 | 153135 | 147841 | (7409) |
|  |  |  |  |  |  | 1514868 | 1527056 | 8515 |
|  ***Total Reference Entity - Long*** |  |  |  |  |  | $36210578 | $36941607 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553832 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Short ((0.76)%) | Total Return Swaps - Short ((0.76)%) | Total Return Swaps - Short ((0.76)%) | Total Return Swaps - Short ((0.76)%) |  |  |  |  |  |
| Reference Entity | Receive | Payment<br>Frequency | Counterparty | Maturity<br>Date | Number of<br>Contracts<br>(Short) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | Unrealized <br>Appreciation/ <br>(Depreciation)\* |
|  ***Communication Services*** |  |  |  |  |  |  |  |  |
|  Baidu, Inc., Class A | HIHDO/N | Monthly | JPMorgan Chase | 11/03/2026 | 6350 | (100861) | (104427) | (3407) |

---

 <br> bridgewayfunds.com 45

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---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) |  |  |  |  |  |
| Reference Entity | Receive | Payment<br>Frequency | Counterparty | Maturity<br>Date | Number of<br>Contracts<br>(Short) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | Unrealized <br>Appreciation/ <br>(Depreciation)\* |
|  ***Communication Services – (continued)*** |  |  |  |  |  |  |  |  |
|  Baltic Classifieds Group PLC | SONIO/N | Monthly | JPMorgan Chase | 11/03/2026 | 41394 | $(104654) | $(113268) | $(7765) |
|  Better Collective A/S | STIB1D | Monthly | JPMorgan Chase | 04/15/2026 | 10853 | (132465) | (135213) | (1115) |
|  CD Projekt SA | WIBOON | Monthly | JPMorgan Chase | 11/03/2026 | 962 | (65047) | (64267) | 1653 |
|  Cellnex Telecom SA | ESTRON | Monthly | JPMorgan Chase | 06/17/2026 | 4249 | (126487) | (136825) | (9020) |
|  CTS Eventim AG & Co. KGaA | ESTRON | Monthly | JPMorgan Chase | 01/20/2027 | 569 | (51564) | (52088) | (384) |
|  Damai Entertainment Holdings, Ltd. | HIHDO/N | Monthly | JPMorgan Chase | 01/20/2027 | 1050000 | (113561) | (128491) | (14804) |
|  Hemnet Group AB | STIB1D | Monthly | JPMorgan Chase | 09/09/2026 | 5105 | (98915) | (95442) | 4756 |
|  HYBE Co., Ltd. | OBFR01 | Monthly | JPMorgan Chase | 10/08/2026 | 549 | (111637) | (125606) | (13857) |
|  Kadokawa Corp. | MUTKCALM | Monthly | JPMorgan Chase | 12/02/2026 | 6000 | (121668) | (121486) | 100 |
|  Kakao Corp. | OBFR01 | Monthly | JPMorgan Chase | 12/30/2026 | 1351 | (54393) | (56338) | (1838) |
|  Kakao Games Corp. | OBFR01 | Monthly | JPMorgan Chase | 06/17/2026 | 12419 | (132077) | (128439) | 3578 |
|  Kingsoft Corp., Ltd. | HIHDO/N | Monthly | JPMorgan Chase | 11/03/2026 | 27600 | (103638) | (101253) | 2549 |
|  Krafton, Inc. | OBFR01 | Monthly | JPMorgan Chase | 10/08/2026 | 611 | (102844) | (104107) | (1039) |
|  Lionsgate Studios Corp. | OBFR01 | Monthly | JPMorgan Chase | 06/16/2026 | 9200 | (72220) | (83996) | (11780) |
|  Netmarble Corp. | OBFR01 | Monthly | JPMorgan Chase | 12/30/2026 | 3891 | (128764) | (130181) | (1285) |
|  REA Group, Ltd. | RBACOR | Monthly | JPMorgan Chase | 12/31/2026 | 1067 | (132947) | (130073) | 4015 |
|  Saudi Research & Media Group | OBFR01 | Monthly | JPMorgan Chase | 11/03/2026 | 2598 | (101052) | (86217) | 14767 |
|  Superloop, Ltd. | RBACOR | Monthly | JPMorgan Chase | 12/31/2026 | 75171 | (130705) | (129850) | 1837 |
|  Vend Marketplaces ASA | NOWA | Monthly | JPMorgan Chase | 12/30/2026 | 4491 | (125254) | (124537) | 1890 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2110753) | (2152104) | (31149) |
|  ***Consumer Discretionary*** |  |  |  |  |  |  |  |  |
|  AB Dynamics PLC | SONIO/N | Monthly | JPMorgan Chase | 09/09/2026 | 2400 | (41080) | (41733) | (73) |
|  Afya, Ltd., Class A | OBFR01 | Monthly | JPMorgan Chase | 01/20/2027 | 4500 | (65757) | (69345) | (3510) |
|  Allegro.eu SA | WIBOON | Monthly | JPMorgan Chase | 01/21/2026 | 14957 | (128581) | (128346) | 1897 |
|  Asmodee Group AB, Class B | STIB1D | Monthly | JPMorgan Chase | 12/02/2026 | 7158 | (83970) | (82111) | 2946 |
|  Azorim-Investment Development & Construction Co., Ltd. | SHIR | Monthly | JPMorgan Chase | 04/15/2026 | 21099 | (123174) | (122750) | 2372 |
|  Brunello Cucinelli S.p.A | ESTRON | Monthly | JPMorgan Chase | 05/26/2026 | 1126 | (122254) | (129150) | (5626) |

---

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

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) |  |  |  |  |  |
| Reference Entity | Receive | Payment<br>Frequency | Counterparty | Maturity<br>Date | Number of<br>Contracts<br>(Short) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | Unrealized <br>Appreciation/ <br>(Depreciation)\* |
|  ***Consumer Discretionary – (continued)*** |  |  |  |  |  |  |  |  |
|  BYD Co., Ltd., Class H | HIHDO/N | Monthly | JPMorgan Chase | 10/07/2026 | 8500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106774) | $&nbsp;&nbsp;&nbsp;&nbsp;(103876) | $3043 |
|  Corporate Travel Management, Ltd.Δ# | RBACOR | Monthly | JPMorgan Chase | 06/17/2026 | 5509 | (58753) | (59007) | 187 |
|  DPC Dash, Ltd. | HIHDO/N | Monthly | JPMorgan Chase | 10/07/2026 | 10100 | (99292) | (93193) | 6001 |
|  eDreams ODIGEO SA | ESTRON | Monthly | JPMorgan Chase | 01/20/2027 | 27877 | (127127) | (130326) | (2856) |
|  Ferrari NV | ESTRON | Monthly | JPMorgan Chase | 12/02/2026 | 354 | (128883) | (131551) | (1650) |
|  Fuji Kyuko Co., Ltd. | MUTKCALM | Monthly | JPMorgan Chase | 01/20/2027 | 5500 | (71539) | (72823) | (1776) |
|  GENDA, Inc. | MUTKCALM | Monthly | JPMorgan Chase | 12/29/2026 | 30500 | (136406) | (136213) | (330) |
|  Giant Manufacturing Co., Ltd. | OBFR01 | Monthly | JPMorgan Chase | 10/07/2026 | 33000 | (103920) | (97106) | 6872 |
|  Guzman y Gomez, Ltd. | RBACOR | Monthly | JPMorgan Chase | 04/15/2026 | 7190 | (101207) | (103534) | (1567) |
|  HBX Group International PLC | ESTRON | Monthly | JPMorgan Chase | 07/14/2026 | 17021 | (136333) | (149601) | (11847) |
|  Hermes International SCA | ESTRON | Monthly | JPMorgan Chase | 06/17/2026 | 52 | (128886) | (129108) | 1121 |
|  Hotel Shilla Co., Ltd. | OBFR01 | Monthly | JPMorgan Chase | 05/27/2026 | 3234 | (100073) | (100158) | (30) |
|  Jollibee Foods Corp. | OBFR01 | Monthly | JPMorgan Chase | 09/09/2026 | 28580 | (86884) | (87299) | (380) |
|  Li Auto, Inc., Class A | HIHDO/N | Monthly | JPMorgan Chase | 09/09/2026 | 13700 | (117518) | (115630) | 2048 |
|  Lung Yen Life Service Corp. | OBFR01 | Monthly | JPMorgan Chase | 10/07/2026 | 79000 | (121476) | (118565) | 3045 |
|  McDonald's Holdings Co. Japan, Ltd. | MUTKCALM | Monthly | JPMorgan Chase | 05/26/2026 | 600 | (24886) | (24448) | 200 |
|  Meituan, Class B | HIHDO/N | Monthly | JPMorgan Chase | 07/14/2026 | 9900 | (127223) | (131197) | (3800) |
|  MIPS AB | STIB1D | Monthly | JPMorgan Chase | 12/02/2026 | 3788 | (126462) | (144545) | (16449) |
|  Moncler S.p.A | ESTRON | Monthly | JPMorgan Chase | 12/02/2026 | 1686 | (110901) | (107769) | 4313 |
|  MRV Engenharia e Participacoes SA | OBFR01 | Monthly | JPMorgan Chase | 10/07/2026 | 90700 | (138566) | (128753) | 10098 |
|  Nitori Holdings Co., Ltd. | MUTKCALM | Monthly | JPMorgan Chase | 02/18/2026 | 6500 | (116853) | (113452) | 3295 |
|  Oriental Land Co., Ltd. | MUTKCALM | Monthly | JPMorgan Chase | 01/07/2027 | 4900 | (88652) | (90650) | (2078) |
|  PPHE Hotel Group, Ltd. | SONIO/N | Monthly | JPMorgan Chase | 12/31/2026 | 3524 | (82241) | (85013) | (1644) |
|  PWR Holdings, Ltd. | RBACOR | Monthly | JPMorgan Chase | 01/07/2027 | 19644 | (100513) | (102785) | (1532) |
|  Rakuten Group, Inc. | MUTKCALM | Monthly | JPMorgan Chase | 07/14/2026 | 15900 | (96828) | (101887) | (5147) |
|  Shimano, Inc. | MUTKCALM | Monthly | JPMorgan Chase | 01/21/2027 | 1000 | (106144) | (104571) | 1070 |
|  Silicon2 Co., Ltd. | OBFR01 | Monthly | JPMorgan Chase | 06/17/2026 | 993 | (28296) | (26623) | 1637 |

---

 <br> bridgewayfunds.com 47

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) |  |  |  |  |  |
| Reference Entity | Receive | Payment<br>Frequency | Counterparty | Maturity<br>Date | Number of<br>Contracts<br> (Short) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | Unrealized <br>Appreciation/ <br>(Depreciation)\* |
|  ***Consumer Discretionary – (continued)*** |  |  |  |  |  |  |  |  |
|  Six Flags Entertainment Corp. | OBFR01 | Monthly | JPMorgan Chase | 12/29/2026 | 9300 | $(140895) | $(142662) | $(1483) |
|  SJM Holdings, Ltd. | HIHDO/N | Monthly | JPMorgan Chase | 04/15/2026 | 407000 | (130151) | (126163) | 4062 |
|  Sweetgreen, Inc., Class A | OBFR01 | Monthly | JPMorgan Chase | 12/29/2026 | 18694 | (130858) | (126371) | 4751 |
|  Temple & Webster Group, Ltd. | RBACOR | Monthly | JPMorgan Chase | 01/20/2027 | 9027 | (73795) | (82079) | (7561) |
|  We Buy Cars Holdings, Ltd. | SAONBOR | Monthly | JPMorgan Chase | 12/31/2026 | 47945 | (133994) | (138479) | (459) |
|  WEB Travel Group, Ltd. | RBACOR | Monthly | JPMorgan Chase | 10/07/2026 | 17233 | (55010) | (54813) | 611 |
|  YIT Oyj | ESTRON | Monthly | JPMorgan Chase | 12/30/2026 | 36335 | (133115) | (132939) | 1074 |
|  Yum China Holdings, Inc. | HIHDO/N | Monthly | JPMorgan Chase | 12/02/2026 | 1500 | (70204) | (71023) | (624) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4205474) | (4237647) | (9779) |
|  ***Consumer Staples*** |  |  |  |  |  |  |  |  |
|  AAK AB | STIB1D | Monthly | JPMorgan Chase | 12/30/2026 | 2109 | (58999) | (60144) | (398) |
|  Alibaba Health Information Technology, Ltd. | HIHDO/N | Monthly | JPMorgan Chase | 01/20/2027 | 68000 | (46206) | (44407) | 1837 |
|  Amorepacific Corp. | OBFR01 | Monthly | JPMorgan Chase | 01/20/2027 | 1340 | (108314) | (110978) | (2727) |
|  Aryzta AG | SSARON | Monthly | JPMorgan Chase | 01/20/2027 | 770 | (50892) | (49808) | 1197 |
|  Beiersdorf AG | ESTRON | Monthly | JPMorgan Chase | 05/26/2026 | 893 | (96498) | (98067) | (562) |
|  China Modern Dairy Holdings, Ltd. | HIHDO/N | Monthly | JPMorgan Chase | 10/07/2026 | 710000 | (122263) | (147732) | (25424) |
|  COFCO Joycome Foods, Ltd. | HIHDO/N | Monthly | JPMorgan Chase | 01/07/2027 | 650000 | (129249) | (130254) | (930) |
|  Cosmax, Inc. | OBFR01 | Monthly | JPMorgan Chase | 12/02/2026 | 723 | (79803) | (81868) | (1643) |
|  Dino Polska SA | WIBOON | Monthly | JPMorgan Chase | 10/07/2026 | 10129 | (112334) | (116294) | (2508) |
|  Dis-Chem Pharmacies, Ltd. | SAONBOR | Monthly | JPMorgan Chase | 11/04/2026 | 60392 | (126389) | (127640) | 2585 |
|  Ezaki Glico Co., Ltd. | MUTKCALM | Monthly | JPMorgan Chase | 12/29/2026 | 2400 | (82917) | (82982) | (907) |
|  Great Tree Pharmacy Co., Ltd. | OBFR01 | Monthly | JPMorgan Chase | 10/07/2026 | 8000 | (24654) | (23815) | 853 |
|  Grupo Bimbo SAB de CV | MXIBTIIE | Monthly | JPMorgan Chase | 01/06/2027 | 7600 | (25022) | (24951) | 445 |
|  Intercos S.p.A | ESTRON | Monthly | JPMorgan Chase | 01/21/2027 | 8334 | (108326) | (108548) | 268 |
|  Kagome Co., Ltd. | MUTKCALM | Monthly | JPMorgan Chase | 03/09/2026 | 5900 | (100448) | (101514) | (2967) |
|  Kerry Group PLC, Class A | ESTRON | Monthly | JPMorgan Chase | 10/07/2026 | 1332 | (116924) | (121722) | (3579) |
|  Kobayashi Pharmaceutical Co., Ltd. | MUTKCALM | Monthly | JPMorgan Chase | 01/07/2027 | 3100 | (104585) | (107484) | (4183) |

---

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

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) |  |  |  |  |  |
| Reference Entity | Receive | Payment<br>Frequency | Counterparty | Maturity<br>Date | Number of<br>Contracts<br>(Short) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | Unrealized <br>Appreciation/ <br>(Depreciation)\* |
|  ***Consumer Staples – (continued)*** |  |  |  |  |  |  |  |  |
|  Kolmar Korea Co., Ltd. | OBFR01 | Monthly | JPMorgan Chase | 01/20/2027 | 2810 | $(119084) | $(121070) | $(1990) |
|  Lian HWA Food Corp. | OBFR01 | Monthly | JPMorgan Chase | 07/14/2026 | 29900 | (93775) | (92765) | 1131 |
|  L'Oreal SA | ESTRON | Monthly | JPMorgan Chase | 01/07/2027 | 222 | (95834) | (95308) | 1525 |
|  Lotus Bakeries NV | ESTRON | Monthly | JPMorgan Chase | 10/07/2026 | 11 | (97967) | (101251) | (2262) |
|  Marks & Spencer Group PLC | SONIO/N | Monthly | JPMorgan Chase | 12/31/2026 | 14044 | (60088) | (62496) | (1788) |
|  Natura Cosmeticos SA | OBFR01 | Monthly | JPMorgan Chase | 01/20/2027 | 54400 | (74924) | (73769) | 1209 |
|  Ocado Group PLC | SONIO/N | Monthly | JPMorgan Chase | 09/09/2026 | 40576 | (127016) | (128362) | 437 |
|  Ping An Healthcare and Technology Co., Ltd. | HIHDO/N | Monthly | JPMorgan Chase | 12/30/2026 | 61600 | (106472) | (111834) | (5467) |
|  Redcare Pharmacy NV | ESTRON | Monthly | JPMorgan Chase | 12/02/2026 | 1097 | (80076) | (83009) | (1997) |
|  Suedzucker AG | ESTRON | Monthly | JPMorgan Chase | 09/09/2026 | 9655 | (107514) | (103616) | 4988 |
|  SunOpta, Inc. | CAONREPO | Monthly | JPMorgan Chase | 12/30/2026 | 34006 | (132563) | (129577) | 4367 |
|  Unicharm Corp. | MUTKCALM | Monthly | JPMorgan Chase | 01/21/2026 | 22500 | (129613) | (128559) | (605) |
|  Vitasoy International Holdings, Ltd. | HIHDO/N | Monthly | JPMorgan Chase | 01/20/2027 | 150000 | (123442) | (120639) | 2898 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2842191) | (2890463) | (36197) |
|  ***Energy*** |  |  |  |  |  |  |  |  |
|  Advantage Energy, Ltd. | CAONREPO | Monthly | JPMorgan Chase | 12/01/2026 | 14613 | (130069) | (124991) | 6464 |
|  CMB Tech NV | ESTRON | Monthly | JPMorgan Chase | 12/02/2026 | 12800 | (126516) | (121430) | 6561 |
|  Dialog Group Bhd | OBFR01 | Monthly | JPMorgan Chase | 12/30/2026 | 146100 | (62412) | (60396) | 1955 |
|  International Petroleum Corp. | CAONREPO | Monthly | JPMorgan Chase | 12/30/2026 | 2903 | (55870) | (52516) | 3936 |
|  Kelt Exploration, Ltd. | CAONREPO | Monthly | JPMorgan Chase | 03/06/2026 | 20850 | (111381) | (116513) | (3971) |
|  NextDecade Corp. | OBFR01 | Monthly | JPMorgan Chase | 11/02/2026 | 25392 | (144115) | (133816) | 10553 |
|  PRIO SA | OBFR01 | Monthly | JPMorgan Chase | 09/10/2026 | 16000 | (115925) | (120251) | (4099) |
|  SK Innovation Co., Ltd. | OBFR01 | Monthly | JPMorgan Chase | 12/02/2026 | 1244 | (98647) | (87312) | 11660 |
|  S-Oil Corp. | OBFR01 | Monthly | JPMorgan Chase | 05/27/2026 | 2370 | (131684) | (136365) | (4488) |
|  Yellow Cake PLC | SONIO/N | Monthly | JPMorgan Chase | 01/21/2026 | 8160 | (58587) | (64602) | (5192) |
|  |  |  |  |  |  | (1035206) | (1018192) | 23379 |
|  ***Financials*** |  |  |  |  |  |  |  |  |
|  Adyen NV | ESTRON | Monthly | JPMorgan Chase | 08/05/2026 | 67 | (104038) | (108043) | (2920) |
|  Arthur J Gallagher & Co. | OBFR01 | Monthly | JPMorgan Chase | 12/29/2026 | 514 | (126784) | (133018) | (6034) |

---

 <br> bridgewayfunds.com 49

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) |  |  |  |  |  |
| Reference Entity | Receive | Payment<br>Frequency | Counterparty | Maturity<br>Date | Number of<br>Contracts<br>(Short) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | Unrealized <br>Appreciation/ <br>(Depreciation)\* |
|  ***Financials – (continued)*** |  |  |  |  |  |  |  |  |
|  Baldwin Insurance Group, Inc. (The) | OBFR01 | Monthly | JPMorgan Chase | 03/06/2026 | 5096 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113692) | $&nbsp;&nbsp;&nbsp;&nbsp;(122457) | $(8520) |
|  Better Home & Finance Holding Co. | OBFR01 | Monthly | JPMorgan Chase | 01/20/2027 | 3300 | (116528) | (107514) | 9104 |
|  Brookfield Corp. | CAONREPO | Monthly | JPMorgan Chase | 09/09/2026 | 2100 | (99160) | (96421) | 3773 |
|  Brookfield Wealth Solutions, Ltd. | CAONREPO | Monthly | JPMorgan Chase | 03/06/2026 | 2400 | (113360) | (110492) | 3936 |
|  Bure Equity AB | STIB1D | Monthly | JPMorgan Chase | 09/09/2026 | 3820 | (99154) | (101581) | (1170) |
|  Chang Hwa Commercial Bank, Ltd. | OBFR01 | Monthly | JPMorgan Chase | 11/03/2026 | 197000 | (128560) | (128104) | 736 |
|  Deutsche Boerse AG | ESTRON | Monthly | JPMorgan Chase | 12/02/2026 | 457 | (116783) | (120109) | (2059) |
|  EQB, Inc. | CAONREPO | Monthly | JPMorgan Chase | 01/19/2027 | 1247 | (90705) | (94387) | (3348) |
|  Equity Bancshares, Inc., Class A | OBFR01 | Monthly | JPMorgan Chase | 12/29/2026 | 2669 | (125023) | (119171) | 5588 |
|  Euronet Worldwide, Inc. | OBFR01 | Monthly | JPMorgan Chase | 01/20/2027 | 633 | (48934) | (48178) | 815 |
|  Fiserv, Inc. | OBFR01 | Monthly | JPMorgan Chase | 09/09/2026 | 2071 | (137866) | (139109) | (964) |
|  Flagstar Bank NA | OBFR01 | Monthly | JPMorgan Chase | 01/20/2027 | 4600 | (62101) | (57914) | 4261 |
|  Flow Traders, Ltd. | ESTRON | Monthly | JPMorgan Chase | 12/30/2026 | 4604 | (127996) | (136009) | (6679) |
|  Generation Development Group, Ltd. | RBACOR | Monthly | JPMorgan Chase | 12/31/2026 | 29843 | (113748) | (116900) | (2224) |
|  Goosehead Insurance, Inc., Class A | OBFR01 | Monthly | JPMorgan Chase | 09/09/2026 | 1322 | (98145) | (97365) | 978 |
|  Grupo Financiero Inbursa SAB de CV, Class O | MXIBTIIE | Monthly | JPMorgan Chase | 12/01/2026 | 53900 | (129719) | (130414) | 251 |
|  IBF Financial Holdings Co., Ltd. | OBFR01 | Monthly | JPMorgan Chase | 07/14/2026 | 246887 | (127863) | (129959) | (1763) |
|  Infratil, Ltd. | NZOCR | Monthly | JPMorgan Chase | 01/07/2027 | 16084 | (106511) | (102635) | 3605 |
|  Judo Capital Holdings, Ltd. | RBACOR | Monthly | JPMorgan Chase | 06/17/2026 | 134788 | (152516) | (154450) | (789) |
|  KakaoBank Corp. | OBFR01 | Monthly | JPMorgan Chase | 10/08/2026 | 6951 | (101637) | (104205) | (2434) |
|  L E Lundbergforetagen AB, Class B | STIB1D | Monthly | JPMorgan Chase | 07/14/2026 | 2153 | (114311) | (118870) | (3110) |
|  Lifenet Insurance Co. | MUTKCALM | Monthly | JPMorgan Chase | 12/29/2026 | 8800 | (101849) | (109045) | (7344) |
|  London Stock Exchange Group PLC | SONIO/N | Monthly | JPMorgan Chase | 06/17/2026 | 1097 | (122249) | (131957) | (7991) |
|  M&A Research Institute Holdings, Inc. | MUTKCALM | Monthly | JPMorgan Chase | 01/21/2026 | 3900 | (28987) | (28168) | 763 |
|  Migdal Insurance & Financial Holdings, Ltd. | SHIR | Monthly | JPMorgan Chase | 10/07/2026 | 25259 | (116330) | (122574) | (4229) |
|  OSL Group, Ltd. | HIHDO/N | Monthly | JPMorgan Chase | 01/20/2027 | 58000 | (124893) | (126637) | (1926) |

---

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

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) |  |  |  |  |  |
| Reference Entity | Receive | Payment<br>Frequency | Counterparty | Maturity<br>Date | Number of<br>Contracts<br>(Short) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | Unrealized <br>Appreciation/ <br>(Depreciation)\* |
|  ***Financials – (continued)*** |  |  |  |  |  |  |  |  |
|  Pagseguro Digital, Ltd., Class A | OBFR01 | Monthly | JPMorgan Chase | 12/01/2026 | 13000 | $(131040) | $(125320) | $6011 |
|  Payoneer Global, Inc. | OBFR01 | Monthly | JPMorgan Chase | 12/29/2026 | 21986 | (129287) | (123561) | 5949 |
|  Peapack-Gladstone Financial Corp. | OBFR01 | Monthly | JPMorgan Chase | 09/09/2026 | 3539 | (102985) | (98561) | 4632 |
|  PRA Group, Inc. | OBFR01 | Monthly | JPMorgan Chase | 01/20/2027 | 7658 | (128319) | (135470) | (6998) |
|  Rakuten Bank, Ltd. | MUTKCALM | Monthly | JPMorgan Chase | 01/20/2027 | 1800 | (79660) | (79468) | (356) |
|  Reinet Investments SCA# | SAONBOR | Monthly | JPMorgan Chase | 10/08/2026 | 3787 | (124335) | (132636) | (4566) |
|  Remgro, Ltd. | SAONBOR | Monthly | JPMorgan Chase | 05/27/2026 | 10906 | (114859) | (119674) | (1364) |
|  Remitly Global, Inc. | OBFR01 | Monthly | JPMorgan Chase | 12/01/2026 | 10088 | (153640) | (139214) | 14755 |
|  Ryan Specialty Holdings, Inc. | OBFR01 | Monthly | JPMorgan Chase | 04/14/2026 | 1936 | (100633) | (99956) | 881 |
|  Saudi Tadawul Group Holding Co. | OBFR01 | Monthly | JPMorgan Chase | 06/01/2026 | 2381 | (103353) | (89062) | 14111 |
|  Selective Insurance Group, Inc. | OBFR01 | Monthly | JPMorgan Chase | 10/06/2026 | 1438 | (113300) | (120317) | (6789) |
|  Shift4 Payments, Inc., Class A | OBFR01 | Monthly | JPMorgan Chase | 12/29/2026 | 823 | (56639) | (51824) | 4824 |
|  Sofina SA | ESTRON | Monthly | JPMorgan Chase | 12/30/2026 | 317 | (88130) | (91670) | (2622) |
|  Sony Financial Group, Inc. | MUTKCALM | Monthly | JPMorgan Chase | 01/20/2027 | 99600 | (103613) | (105552) | (2651) |
|  StoneCo., Ltd., Class A | OBFR01 | Monthly | JPMorgan Chase | 10/06/2026 | 8400 | (124908) | (124236) | 924 |
|  Taichung Commercial Bank Co., Ltd. | OBFR01 | Monthly | JPMorgan Chase | 11/03/2026 | 188899 | (128120) | (124968) | 3410 |
|  Taiwan Business Bank | OBFR01 | Monthly | JPMorgan Chase | 12/30/2026 | 254000 | (129039) | (129375) | (134) |
|  Tradeweb Markets, Inc., Class A | OBFR01 | Monthly | JPMorgan Chase | 12/01/2026 | 793 | (84685) | (85279) | (403) |
|  Trisura Group, Ltd. | CAONREPO | Monthly | JPMorgan Chase | 01/06/2027 | 3438 | (99423) | (107006) | (6546) |
|  Union Bank Of Taiwan | OBFR01 | Monthly | JPMorgan Chase | 01/07/2027 | 176550 | (109270) | (108680) | 874 |
|  Wise PLC, Class A | SONIO/N | Monthly | JPMorgan Chase | 09/09/2026 | 8163 | (92262) | (97793) | (4236) |
|  World Acceptance Corp. | OBFR01 | Monthly | JPMorgan Chase | 12/01/2026 | 894 | (130220) | (125509) | 5006 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5477162) | (5510817) | (4982) |
|  ***Health Care*** |  |  |  |  |  |  |  |  |
|  Alcon AG | SSARON | Monthly | JPMorgan Chase | 10/07/2026 | 1500 | (119641) | (118692) | 2506 |
|  Ambu A/S, Class B | DKDR1T | Monthly | JPMorgan Chase | 09/09/2026 | 7436 | (98572) | (102465) | (2891) |
|  Amplifon S.p.A | ESTRON | Monthly | JPMorgan Chase | 01/07/2027 | 6566 | (102775) | (105268) | (1425) |
|  Angelalign Technology, Inc. | HIHDO/N | Monthly | JPMorgan Chase | 02/23/2026 | 14400 | (110846) | (110328) | 476 |

---

 <br> bridgewayfunds.com 51

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| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) |  |  |  |  |  |
| Reference Entity | Receive | Payment<br>Frequency | Counterparty | Maturity<br>Date | Number of<br>Contracts<br>(Short) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | Unrealized <br>Appreciation/ <br>(Depreciation)\* |
|  ***Health Care – (continued)*** |  |  |  |  |  |  |  |  |
|  Carl Zeiss Meditec AG | ESTRON | Monthly | JPMorgan Chase | 01/20/2027 | 1172 | $(54536) | $(54469) | $201 |
|  DiaSorin S.p.A | ESTRON | Monthly | JPMorgan Chase | 07/14/2026 | 1808 | (128902) | (145105) | (14863) |
|  GVS S.p.A | ESTRON | Monthly | JPMorgan Chase | 03/09/2026 | 23661 | (103711) | (107439) | (2634) |
|  HLB, Inc. | OBFR01 | Monthly | JPMorgan Chase | 06/17/2026 | 3242 | (108037) | (114252) | (6243) |
|  Hygeia Healthcare Holdings Co., Ltd. | HIHDO/N | Monthly | JPMorgan Chase | 01/20/2027 | 82600 | (133238) | (131802) | 1230 |
|  Kossan Rubber Industries Bhd | OBFR01 | Monthly | JPMorgan Chase | 01/20/2027 | 472700 | (130557) | (126812) | 3657 |
|  PROCEPT BioRobotics Corp. | OBFR01 | Monthly | JPMorgan Chase | 06/16/2026 | 3904 | (139412) | (122820) | 16873 |
|  Pulse Biosciences, Inc. | OBFR01 | Monthly | JPMorgan Chase | 12/01/2026 | 2600 | (36920) | (35698) | 1349 |
|  Revenio Group Oyj | ESTRON | Monthly | JPMorgan Chase | 09/09/2026 | 3999 | (102890) | (104734) | (772) |
|  Ryman Healthcare, Ltd. | NZOCR | Monthly | JPMorgan Chase | 01/20/2027 | 26230 | (44048) | (43771) | 149 |
|  Sysmex Corp. | MUTKCALM | Monthly | JPMorgan Chase | 01/20/2027 | 5800 | (57931) | (56957) | 576 |
|  Well Health Technologies Corp. | CAONREPO | Monthly | JPMorgan Chase | 12/01/2026 | 11415 | (33786) | (33183) | 969 |
|  Ypsomed Holding AG | SSARON | Monthly | JPMorgan Chase | 12/02/2026 | 308 | (120299) | (126713) | (4806) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1626101) | (1640508) | (5648) |
|  ***Industrials*** |  |  |  |  |  |  |  |  |
|  Aeroports de Paris SA | ESTRON | Monthly | JPMorgan Chase | 12/02/2026 | 901 | (131538) | (117577) | 15365 |
|  ATS Corp. | CAONREPO | Monthly | JPMorgan Chase | 12/01/2026 | 1614 | (44333) | (44461) | 353 |
|  Auckland International Airport, Ltd. | NZOCR | Monthly | JPMorgan Chase | 10/07/2026 | 28090 | (130179) | (134610) | (4762) |
|  AviChina Industry & Technology Co., Ltd., Class H | HIHDO/N | Monthly | JPMorgan Chase | 12/02/2026 | 244000 | (122602) | (124480) | (1689) |
|  Azelis Group NV | ESTRON | Monthly | JPMorgan Chase | 05/26/2026 | 11490 | (116845) | (125532) | (7469) |
|  Beijing Capital International Airport Co., Ltd., Class H | HIHDO/N | Monthly | JPMorgan Chase | 01/07/2027 | 296000 | (102323) | (105026) | (2563) |
|  Boeing Co. (The) | OBFR01 | Monthly | JPMorgan Chase | 01/20/2027 | 304 | (63511) | (66004) | (2418) |
|  Brookfield Business Corp., Class A | CAONREPO | Monthly | JPMorgan Chase | 01/20/2027 | 3800 | (137610) | (135798) | 2569 |
|  C Sun Manufacturing, Ltd. | OBFR01 | Monthly | JPMorgan Chase | 01/20/2027 | 6000 | (43242) | (47761) | (4556) |
|  Cadeler A/S | NOWA | Monthly | JPMorgan Chase | 12/02/2026 | 31578 | (139322) | (148734) | (7989) |
|  Canadian Pacific Kansas City, Ltd. | CAONREPO | Monthly | JPMorgan Chase | 05/25/2026 | 1300 | (96980) | (95709) | 2066 |
|  Carel Industries S.p.A | ESTRON | Monthly | JPMorgan Chase | 01/07/2027 | 1917 | (55013) | (55079) | 506 |

---

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

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) |  |  |  |  |  |
| Reference Entity | Receive | Payment<br>Frequency | Counterparty | Maturity<br>Date | Number of<br>Contracts<br>(Short) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | Unrealized <br>Appreciation/ <br>(Depreciation)\* |
|  ***Industrials – (continued)*** |  |  |  |  |  |  |  |  |
|  Cargojet, Inc. | CAONREPO | Monthly | JPMorgan Chase | 12/30/2026 | 2099 | $(118174) | $(128367) | $(9501) |
|  Chemring Group PLC | SONIO/N | Monthly | JPMorgan Chase | 12/31/2026 | 11114 | (69951) | (70512) | 421 |
|  Cleanaway Waste Management, Ltd. | RBACOR | Monthly | JPMorgan Chase | 12/31/2026 | 73063 | (126709) | (125963) | 1831 |
|  DSV A/S | DKDR1T | Monthly | JPMorgan Chase | 04/15/2026 | 510 | (125275) | (128447) | (1897) |
|  Energiekontor AG | ESTRON | Monthly | JPMorgan Chase | 06/17/2026 | 3342 | (132091) | (139185) | (5826) |
|  Engcon AB | STIB1D | Monthly | JPMorgan Chase | 09/09/2026 | 13410 | (112859) | (120623) | (6333) |
|  Experian PLC | SONIO/N | Monthly | JPMorgan Chase | 02/18/2026 | 2395 | (104449) | (107982) | (2067) |
|  Gamuda Bhd | OBFR01 | Monthly | JPMorgan Chase | 01/20/2027 | 94500 | (113476) | (115731) | (2310) |
|  GFL Environmental, Inc. | CAONREPO | Monthly | JPMorgan Chase | 12/30/2026 | 2959 | (130141) | (127108) | 3975 |
|  Grupo Carso SAB de CV | MXIBTIIE | Monthly | JPMorgan Chase | 12/29/2026 | 16600 | (109034) | (108722) | 1915 |
|  Hainan Meilan International Airport Co., Ltd., Class H | HIHDO/N | Monthly | JPMorgan Chase | 01/20/2027 | 68000 | (93870) | (93549) | 376 |
|  Harmonic Drive Systems, Inc. | MUTKCALM | Monthly | JPMorgan Chase | 08/05/2026 | 5700 | (137878) | (137618) | 136 |
|  Hensoldt AG | ESTRON | Monthly | JPMorgan Chase | 01/20/2027 | 522 | (44206) | (44709) | (384) |
|  Hiwin Technologies Corp. | OBFR01 | Monthly | JPMorgan Chase | 06/17/2026 | 16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102618) | (98703) | 3938 |
|  InPost SA | ESTRON | Monthly | JPMorgan Chase | 10/07/2026 | 9662 | (109729) | &nbsp;&nbsp;&nbsp;&nbsp;(118734) | (7861) |
|  INVISIO AB | STIB1D | Monthly | JPMorgan Chase | 12/02/2026 | 4908 | (141726) | (139527) | 4016 |
|  Judges Scientific PLC | SONIO/N | Monthly | JPMorgan Chase | 01/21/2027 | 906 | (69365) | (69490) | 588 |
|  Keisei Electric Railway Co., Ltd. | MUTKCALM | Monthly | JPMorgan Chase | 01/07/2027 | 13000 | (102770) | (106719) | (4042) |
|  Kingspan Group PLC | ESTRON | Monthly | JPMorgan Chase | 11/03/2026 | 1490 | (128740) | (128392) | 1265 |
|  Kinik Co. | OBFR01 | Monthly | JPMorgan Chase | 12/30/2026 | 10000 | (113996) | (125598) | (11718) |
|  Kintetsu Group Holdings Co., Ltd. | MUTKCALM | Monthly | JPMorgan Chase | 08/05/2026 | 4800 | (88270) | (94036) | (5847) |
|  Korea Aerospace Industries, Ltd. | OBFR01 | Monthly | JPMorgan Chase | 12/02/2026 | 1428 | (105954) | (113145) | (6928) |
|  Kornit Digital, Ltd. | OBFR01 | Monthly | JPMorgan Chase | 10/06/2026 | 7400 | (106264) | (106412) | 66 |
|  LG Energy Solution, Ltd. | OBFR01 | Monthly | JPMorgan Chase | 12/30/2026 | 452 | (135717) | (115592) | 20116 |
|  LIG Nex1 Co., Ltd. | OBFR01 | Monthly | JPMorgan Chase | 01/20/2027 | 498 | (128913) | (145098) | (16085) |
|  Marten Transport, Ltd. | OBFR01 | Monthly | JPMorgan Chase | 08/04/2026 | 10844 | (125031) | (123405) | 1879 |
|  Melrose Industries PLC | SONIO/N | Monthly | JPMorgan Chase | 07/14/2026 | 14493 | (109462) | (114306) | (3307) |

---

 <br> bridgewayfunds.com 53

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| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) |  |  |  |  |  |
| Reference Entity | Receive | Payment<br>Frequency | Counterparty | Maturity<br>Date | Number of<br>Contracts<br>(Short) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | Unrealized <br>Appreciation/ <br>(Depreciation)\* |
|  ***Industrials – (continued)*** |  |  |  |  |  |  |  |  |
|  Mitsubishi Pencil Co., Ltd. | MUTKCALM | Monthly | JPMorgan Chase | 07/14/2026 | 2100 | $(28801) | $(29132) | $(707) |
|  Nagoya Railroad Co., Ltd. | MUTKCALM | Monthly | JPMorgan Chase | 01/20/2027 | 11500 | (120188) | (123511) | (4149) |
|  Nibe Industrier AB, Class B | STIB1D | Monthly | JPMorgan Chase | 12/30/2026 | 34648 | (129573) | (132438) | (1396) |
|  NIDEC Corp. | MUTKCALM | Monthly | JPMorgan Chase | 01/20/2027 | 5200 | (65915) | (70606) | (5144) |
|  NTG Nordic Transport Group A/S | DKDR1T | Monthly | JPMorgan Chase | 10/07/2026 | 4601 | (134245) | (136654) | (1056) |
|  Orizon Valorizacao de Residuos SA | OBFR01 | Monthly | JPMorgan Chase | 08/05/2026 | 12900 | (147514) | (164174) | (16528) |
|  QinetiQ Group PLC | SONIO/N | Monthly | JPMorgan Chase | 11/03/2026 | 17808 | (101100) | (105523) | (3004) |
|  Recticel SA | ESTRON | Monthly | JPMorgan Chase | 08/05/2026 | 10004 | (109362) | (114700) | (4225) |
|  Sdiptech AB, Class B | STIB1D | Monthly | JPMorgan Chase | 01/21/2026 | 6486 | (127972) | (134247) | (4661) |
|  SGH, Ltd. | RBACOR | Monthly | JPMorgan Chase | 09/09/2026 | 3147 | (93732) | (97129) | (2693) |
|  Shapir Engineering and Industry, Ltd. | SHIR | Monthly | JPMorgan Chase | 03/27/2026 | 13918 | (129273) | (136892) | (5482) |
|  Silex Systems, Ltd. | RBACOR | Monthly | JPMorgan Chase | 01/20/2027 | 26641 | (128080) | (151670) | (22394) |
|  Singapore Post, Ltd. | SIBCSORA | Monthly | JPMorgan Chase | 11/03/2026 | 163500 | (52369) | (51488) | 1251 |
|  SM Investments Corp. | OBFR01 | Monthly | JPMorgan Chase | 11/04/2026 | 9520 | (112549) | (113190) | (475) |
|  Stadler Rail AG | SSARON | Monthly | JPMorgan Chase | 08/05/2026 | 4336 | (103288) | (109612) | (4980) |
|  TOMRA Systems ASA | NOWA | Monthly | JPMorgan Chase | 09/09/2026 | 10781 | (139087) | (144498) | (4108) |
|  VAT Group AG | SSARON | Monthly | JPMorgan Chase | 01/07/2027 | 94 | (45978) | (45129) | 1447 |
|  WEG SA | OBFR01 | Monthly | JPMorgan Chase | 09/10/2026 | 16600 | (147212) | (146644) | (2877) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6086404) | (6255681) | (135352) |
|  ***Information Technology*** |  |  |  |  |  |  |  |  |
|  AAC Technologies Holdings, Inc. | HIHDO/N | Monthly | JPMorgan Chase | 01/20/2027 | 15000 | (72496) | (75198) | (2642) |
|  Appier Group, Inc. | MUTKCALM | Monthly | JPMorgan Chase | 07/14/2026 | 13900 | (101890) | (95192) | 6426 |
|  ASM International NV | ESTRON | Monthly | JPMorgan Chase | 01/21/2026 | 88 | (56224) | (53275) | 3535 |
|  ASMPT, Ltd. | HIHDO/N | Monthly | JPMorgan Chase | 09/09/2026 | 13700 | (135739) | (136452) | (527) |
|  C3.ai, Inc., Class A | OBFR01 | Monthly | JPMorgan Chase | 12/29/2026 | 5732 | (90680) | (77267) | 13428 |
|  Catapult Sports, Ltd. | RBACOR | Monthly | JPMorgan Chase | 12/31/2026 | 46182 | (131290) | (127885) | 4170 |
|  Coretronic Corp. | OBFR01 | Monthly | JPMorgan Chase | 12/30/2026 | 46000 | (130992) | (125528) | 5356 |
|  Dassault Systemes SE | ESTRON | Monthly | JPMorgan Chase | 01/21/2027 | 3459 | (95997) | (96638) | (205) |
|  Descartes Systems Group, Inc. (The) | CAONREPO | Monthly | JPMorgan Chase | 09/09/2026 | 1124 | (104501) | (98605) | 6985 |

---

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

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) |  |  |  |  |  |
| Reference Entity | Receive | Payment<br>Frequency | Counterparty | Maturity<br>Date | Number of<br>Contracts<br>(Short) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | Unrealized <br>Appreciation/ <br>(Depreciation)\* |
|  ***Information Technology – (continued)*** |  |  |  |  |  |  |  |  |
|  eMemory Technology, Inc. | OBFR01 | Monthly | JPMorgan Chase | 12/30/2026 | 2000 | $(114464) | $(109843) | $4687 |
|  FLEXium Interconnect, Inc. | OBFR01 | Monthly | JPMorgan Chase | 12/02/2026 | 79000 | (149470) | (148095) | 1633 |
|  GB Group PLC | SONIO/N | Monthly | JPMorgan Chase | 05/27/2026 | 29319 | (95488) | (101540) | (4712) |
|  GCL Technology Holdings, Ltd. | HIHDO/N | Monthly | JPMorgan Chase | 01/07/2027 | 673000 | (97729) | (91735) | 6055 |
|  Horizon Robotics | HIHDO/N | Monthly | JPMorgan Chase | 12/02/2026 | 135000 | (155791) | (150677) | 5401 |
|  Keyence Corp. | MUTKCALM | Monthly | JPMorgan Chase | 07/14/2026 | 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106292) | &nbsp;&nbsp;&nbsp;&nbsp;(108518) | (2307) |
|  Kingdee International Software Group Co., Ltd. | HIHDO/N | Monthly | JPMorgan Chase | 12/30/2026 | 71000 | (125676) | (121721) | 4092 |
|  Landis+Gyr Group AG | SSARON | Monthly | JPMorgan Chase | 12/02/2026 | 1990 | (126444) | (127957) | 162 |
|  LEM Holding SA | SSARON | Monthly | JPMorgan Chase | 12/02/2026 | 313 | (116597) | (115543) | 2607 |
|  LINK Mobility Group Holding ASA | NOWA | Monthly | JPMorgan Chase | 12/30/2026 | 40795 | (127808) | (136819) | (7876) |
|  Macquarie Technology Group, Ltd. | RBACOR | Monthly | JPMorgan Chase | 06/17/2026 | 2597 | (109132) | (115020) | (5174) |
|  Monday.com, Ltd. | OBFR01 | Monthly | JPMorgan Chase | 11/02/2026 | 500 | (79700) | (73780) | 6101 |
|  Nebius Group NV | OBFR01 | Monthly | JPMorgan Chase | 01/20/2027 | 900 | (70645) | (75335) | (4667) |
|  Nordic Semiconductor ASA | NOWA | Monthly | JPMorgan Chase | 12/30/2026 | 9942 | (127186) | (130279) | (1902) |
|  NS Solutions Corp. | MUTKCALM | Monthly | JPMorgan Chase | 12/02/2026 | 3800 | (102119) | (107152) | (5109) |
|  Nuvoton Technology Corp. | OBFR01 | Monthly | JPMorgan Chase | 10/07/2026 | 79000 | (133510) | (128062) | 5293 |
|  Oxford Instruments PLC | SONIO/N | Monthly | JPMorgan Chase | 12/02/2026 | 5034 | (137128) | (138032) | 692 |
|  QT Group Oyj | ESTRON | Monthly | JPMorgan Chase | 06/17/2026 | 3529 | (131882) | (135357) | (2100) |
|  Raspberry PI Holdings PLC | SONIO/N | Monthly | JPMorgan Chase | 12/02/2026 | 23951 | (102667) | (96679) | 7888 |
|  Sanken Electric Co., Ltd. | MUTKCALM | Monthly | JPMorgan Chase | 09/09/2026 | 3900 | (145532) | (143711) | 1689 |
|  Silergy Corp. | OBFR01 | Monthly | JPMorgan Chase | 05/27/2026 | 11000 | (71256) | (66712) | 4571 |
|  Silicon Integrated Systems Corp. | OBFR01 | Monthly | JPMorgan Chase | 07/14/2026 | 67000 | (102057) | (99070) | 2872 |
|  SOLUM Co., Ltd. | OBFR01 | Monthly | JPMorgan Chase | 05/27/2026 | 7395 | (86201) | (85152) | 978 |
|  STMicroelectronics NV | ESTRON | Monthly | JPMorgan Chase | 01/20/2027 | 3621 | (92853) | (94635) | (1531) |
|  TechWing, Inc. | OBFR01 | Monthly | JPMorgan Chase | 01/20/2027 | 4498 | (126735) | (143156) | (16483) |
|  Vitec Software Group AB, Class B | STIB1D | Monthly | JPMorgan Chase | 01/20/2027 | 3262 | (106744) | (109158) | (1436) |

---

 <br> bridgewayfunds.com 55

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| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) |  |  |  |  |  |
| Reference Entity | Receive | Payment<br>Frequency | Counterparty | Maturity<br>Date | Number of<br>Contracts<br>(Short) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | Unrealized <br>Appreciation/ <br>(Depreciation)\* |
|  ***Information Technology – (continued)*** |  |  |  |  |  |  |  |  |
|  VTEX, Class A | OBFR01 | Monthly | JPMorgan Chase | 12/01/2026 | 26300 | $(102044) | $(98888) | $3390 |
|  Weimob, Inc. | HIHDO/N | Monthly | JPMorgan Chase | 01/20/2027 | 562000 | (129792) | (133319) | (3693) |
|  WiseTech Global, Ltd. | RBACOR | Monthly | JPMorgan Chase | 12/02/2026 | 2915 | (140409) | (132529) | 8977 |
|  Xero, Ltd. | RBACOR | Monthly | JPMorgan Chase | 12/31/2026 | 1624 | (123782) | (123024) | 1687 |
|  X-Fab Silicon Foundries SE | ESTRON | Monthly | JPMorgan Chase | 01/20/2027 | 21931 | (128810) | (132570) | (3561) |
|  Xiaomi Corp., Class B | HIHDO/N | Monthly | JPMorgan Chase | 12/30/2026 | 24400 | (128889) | (123143) | 5896 |
|  Xinyi Solar Holdings, Ltd. | HIHDO/N | Monthly | JPMorgan Chase | 01/20/2027 | 224000 | (84578) | (85680) | (1075) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4699219) | (4668931) | 49571 |
|  ***Materials*** |  |  |  |  |  |  |  |  |
|  Advanced Petrochemical Co. | OBFR01 | Monthly | JPMorgan Chase | 10/07/2026 | 9611 | (76011) | (74668) | 1269 |
|  Alpha HPA, Ltd. | RBACOR | Monthly | JPMorgan Chase | 07/14/2026 | 265909 | (127059) | (137140) | (9458) |
|  Aspen Aerogels, Inc. | OBFR01 | Monthly | JPMorgan Chase | 12/29/2026 | 40348 | (133148) | (114185) | 19232 |
|  Braskem SA | OBFR01 | Monthly | JPMorgan Chase | 10/07/2026 | 66900 | (97799) | (95676) | 1973 |
|  China Steel Corp. | OBFR01 | Monthly | JPMorgan Chase | 08/05/2026 | 185000 | (108567) | (111773) | (3019) |
|  Chung Hung Steel Corp. | OBFR01 | Monthly | JPMorgan Chase | 06/17/2026 | 227000 | (108100) | (113678) | (5611) |
|  Cia Siderurgica Nacional SA | OBFR01 | Monthly | JPMorgan Chase | 08/05/2026 | 81400 | (143421) | (131732) | 11964 |
|  Collective Mining, Ltd. | CAONREPO | Monthly | JPMorgan Chase | 12/30/2026 | 7200 | (84773) | (104914) | (19458) |
|  Develop Global, Ltd. | RBACOR | Monthly | JPMorgan Chase | 01/20/2027 | 46648 | (127811) | (144124) | (15074) |
|  Elkem ASA | NOWA | Monthly | JPMorgan Chase | 01/20/2027 | 46771 | (133600) | (141038) | (6190) |
|  Foran Mining Corp. | CAONREPO | Monthly | JPMorgan Chase | 05/04/2026 | 49900 | (149133) | (183233) | (32713) |
|  GCC SAB de CV | MXIBTIIE | Monthly | JPMorgan Chase | 12/29/2026 | 5600 | (58500) | (56791) | 2568 |
|  Givaudan SA | SSARON | Monthly | JPMorgan Chase | 09/09/2026 | 29 | (119375) | (114731) | 6197 |
|  i-80 Gold Corp. | CAONREPO | Monthly | JPMorgan Chase | 01/19/2027 | 33497 | (50198) | (49298) | 1084 |
|  Ivanhoe Mines, Ltd., Class A | CAONREPO | Monthly | JPMorgan Chase | 01/19/2027 | 9656 | (95579) | (109818) | (13887) |
|  Jinchuan Group International Resources Co., Ltd.Δ# | HIHDO/N | Monthly | JPMorgan Chase | 04/15/2026 | 652000 | (53624) | (53616) | (45) |
|  KGHM Polska Miedz SA | WIBOON | Monthly | JPMorgan Chase | 01/21/2026 | 692 | (46047) | (53767) | (7125) |
|  Lenzing AG | ESTRON | Monthly | JPMorgan Chase | 10/07/2026 | 3702 | (97188) | (101254) | (3230) |

---

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

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) |  |  |  |  |  |
| Reference Entity | Receive | Payment<br>Frequency | Counterparty | Maturity<br>Date | Number of<br>Contracts<br>(Short) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | Unrealized <br>Appreciation/ <br>(Depreciation)\* |
|  ***Materials – (continued)*** |  |  |  |  |  |  |  |  |
|  Lithium Americas Corp. | CAONREPO | Monthly | JPMorgan Chase | 12/30/2026 | 26700 | $(137042) | $(116134) | $22158 |
|  LunR Royalties Corp. | CAONREPO | Monthly | JPMorgan Chase | 11/24/2026 | 1600 | 0 | (15213) | (15213) |
|  Maanshan Iron & Steel Co., Ltd., Class H | HIHDO/N | Monthly | JPMorgan Chase | 12/30/2026 | 432000 | (130577) | (139580) | (8962) |
|  NGEx Minerals, Ltd. | CAONREPO | Monthly | JPMorgan Chase | 10/06/2026 | 7700 | (134906) | (143616) | (7381) |
|  Novonesis Novozymes B | DKDR1T | Monthly | JPMorgan Chase | 10/07/2026 | 1658 | (102024) | (106080) | (3018) |
|  Petronas Chemicals Group Bhd | OBFR01 | Monthly | JPMorgan Chase | 12/30/2026 | 178700 | (143133) | (159562) | (16481) |
|  Saudi Kayan Petrochemical Co. | OBFR01 | Monthly | JPMorgan Chase | 11/03/2026 | 83579 | (114028) | (105322) | 8595 |
|  Seabridge Gold, Inc. | CAONREPO | Monthly | JPMorgan Chase | 12/30/2026 | 4441 | (128867) | (131656) | (1894) |
|  Sika AG | SSARON | Monthly | JPMorgan Chase | 04/15/2026 | 479 | (94111) | (97249) | (1913) |
|  Soulbrain Co., Ltd. | OBFR01 | Monthly | JPMorgan Chase | 01/20/2027 | 286 | (49125) | (51943) | (2816) |
|  Svenska Cellulosa AB SCA, Class B | STIB1D | Monthly | JPMorgan Chase | 05/26/2026 | 10012 | (129240) | (132778) | (1899) |
|  Syensqo SA | ESTRON | Monthly | JPMorgan Chase | 12/30/2026 | 1015 | (81109) | (81300) | 655 |
|  Symrise AG | ESTRON | Monthly | JPMorgan Chase | 09/09/2026 | 1251 | (97871) | (101358) | (2449) |
|  Taseko Mines, Ltd. | CAONREPO | Monthly | JPMorgan Chase | 12/30/2026 | 23559 | (122961) | (133367) | (9125) |
|  USA Rare Earth, Inc. | OBFR01 | Monthly | JPMorgan Chase | 12/29/2026 | 8600 | (134671) | (102340) | 32423 |
|  WA1 Resources, Ltd. | RBACOR | Monthly | JPMorgan Chase | 01/20/2027 | 10890 | (127374) | (143068) | (14687) |
|  West China Cement, Ltd. | HIHDO/N | Monthly | JPMorgan Chase | 01/20/2027 | 204000 | (75691) | (81422) | (5713) |
|  West Fraser Timber Co., Ltd. | CAONREPO | Monthly | JPMorgan Chase | 06/16/2026 | 1776 | (109515) | (108652) | 1328 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3722178) | (3842076) | (97915) |
|  ***Real Estate*** |  |  |  |  |  |  |  |  |
|  Electra Real Estate, Ltd. | SHIR | Monthly | JPMorgan Chase | 09/09/2026 | 8483 | (116209) | (125673) | (7631) |
|  Entra ASA | NOWA | Monthly | JPMorgan Chase | 01/20/2027 | 9315 | (103640) | (106827) | (2219) |
|  Fastighets AB Balder | STIB1D | Monthly | JPMorgan Chase | 12/30/2026 | 16956 | (119692) | (125157) | (4177) |
|  FastPartner AB, Class A | STIB1D | Monthly | JPMorgan Chase | 04/15/2026 | 20956 | (104380) | (107713) | (1983) |
|  Goodman Group | RBACOR | Monthly | JPMorgan Chase | 12/31/2026 | 6230 | (119987) | (128202) | (7841) |
|  Iguatemi SA | OBFR01 | Monthly | JPMorgan Chase | 05/13/2026 | 22800 | (107334) | (106254) | 1284 |
|  International Workplace Group PLC | SONIO/N | Monthly | JPMorgan Chase | 10/07/2026 | 42756 | (124727) | (133306) | (6827) |
|  Israel Canada T.R, Ltd. | SHIR | Monthly | JPMorgan Chase | 08/05/2026 | 23242 | (116302) | (120406) | (2142) |

---

 <br> bridgewayfunds.com 57

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br>SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) | Total Return Swaps - Short ((0.76)%) (continued) |  |  |  |  |  |
| Reference Entity | Receive | Payment<br>Frequency | Counterparty | Maturity<br>Date | Number of<br>Contracts<br>(Short) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | Unrealized <br>Appreciation/ <br>(Depreciation)\* |
|  ***Real Estate – (continued)*** |  |  |  |  |  |  |  |  |
|  KE Holdings, Inc., Class A | HIHDO/N | Monthly | JPMorgan Chase | 10/07/2026 | 23700 | $(132829) | $(125348) | $7638 |
|  Kojamo Oyj | ESTRON | Monthly | JPMorgan Chase | 09/09/2026 | 9122 | (108853) | (109667) | 321 |
|  Longfor Group Holdings, Ltd. | HIHDO/N | Monthly | JPMorgan Chase | 11/03/2026 | 91500 | (109354) | (100867) | 8659 |
|  Mabanee Co. KPSC | OBFR01 | Monthly | JPMorgan Chase | 10/08/2026 | 18465 | (64945) | (65389) | (359) |
|  PEXA Group, Ltd. | RBACOR | Monthly | JPMorgan Chase | 06/17/2026 | 6012 | (57813) | (53814) | 4433 |
|  Shenzhen Investment, Ltd. | HIHDO/N | Monthly | JPMorgan Chase | 01/20/2027 | 512000 | (54577) | (51923) | 2729 |
|  Wharf Holdings, Ltd. (The) | HIHDO/N | Monthly | JPMorgan Chase | 01/21/2026 | 19000 | (55230) | (53073) | 2233 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1495872) | (1513619) | (5882) |
|  ***Utilities*** |  |  |  |  |  |  |  |  |
|  ACWA Power Co. | OBFR01 | Monthly | JPMorgan Chase | 01/20/2027 | 2612 | (128254) | (126529) | 1807 |
|  Auren Energia SA | OBFR01 | Monthly | JPMorgan Chase | 06/17/2026 | 54300 | (121305) | (117703) | 3839 |
|  EDP Renovaveis SA | ESTRON | Monthly | JPMorgan Chase | 01/07/2027 | 9653 | (131372) | (136323) | (3580) |
|  Energix-Renewable Energies, Ltd. | SHIR | Monthly | JPMorgan Chase | 01/20/2027 | 21418 | (113143) | (108405) | 5678 |
|  Enlight Renewable Energy, Ltd. | SHIR | Monthly | JPMorgan Chase | 01/07/2027 | 3335 | (130827) | (151610) | (18542) |
|  OPC Energy, Ltd. | SHIR | Monthly | JPMorgan Chase | 02/18/2026 | 3858 | (77697) | (90292) | (11259) |
|  Orsted AS | DKDR1T | Monthly | JPMorgan Chase | 12/02/2026 | 6364 | (135147) | (121485) | 15103 |
|  Scatec ASA | NOWA | Monthly | JPMorgan Chase | 12/30/2026 | 9448 | (94255) | (99320) | (4182) |
|  Voltalia SA | ESTRON | Monthly | JPMorgan Chase | 01/20/2027 | 15779 | (131642) | (144090) | (11944) |
|  |  |  |  |  |  | (1063642) | (1095757) | (23080) |
|  ***Total Reference Entity - Short*** |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34364202) | $(34825795) | $(277034) |
|  ***Net Value of Reference Entity*** |  |  |  |  |  | $1846376 | $2115812 | $276798 |

---

\* 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 $(245259), 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 |

---

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

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (Unaudited) (continued) | ![LOGO](g22914dsp3.jpg) |

---

*Showing percentage of net assets as of December 31, 2025* 

---

| | |
|:---|:---|
| 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 |

---

 <br> bridgewayfunds.com 59

------

<u> STATEMENTS OF ASSETS AND LIABILITIES </u>    

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| ASSETS | Aggressive<br> Investors 1 | Ultra-Small <br> Company  |
|  Investments at value(c) | $213557975 | $98068227 |
|  Swaps, at value |  |  |
|  Cash | 1011 | 411 |
|  Foreign Currency, at value |  |  |
|  Cash collateral on swap contracts |  |  |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio securities sold |  | 81225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 3191 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 136759 | 52503 |
|  Prepaid expenses | 39058 | 12073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 213737994 | 98214439 |
|  LIABILITIES |  |  |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio securities purchased |  | 74911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed |  | 17705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned |  | 7548838 |
|  Accrued Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment adviser fees | 113542 | 69946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 1392 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' fees | 2464 | 1289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 44305 | 33338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 161703 | 7746580 |
|  NET ASSETS | $213576291 | $90467859 |
|  NET ASSETS REPRESENT |  |  |
|  Paid-in capital | $145821885 | $75937694 |
|  Distributable earnings | 67754406 | 14530165 |
|  NET ASSETS | $213576291 | $90467859 |
|  Shares of common stock outstanding of $.001 par value(a) | 2235220 | 2839795 |
|  Net asset value, offering price and redemption price per share | $95.55 | $31.86 |
|  Investments at cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150040493 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85541777 |
|  Foreign currency at cost | $– | $– |

---

*(a) See Note 1 - Organization in the Notes to Financial Statements for shares authorized for each Fund.* 

*(b) Redemption of shares held less than six months may be charged a 2% redemption fee. See Note 8.* 

*(c) Includes investments purchased with cash collateral for security lending, see Note 2.* 

*See Notes to Financial Statements.*

 <br> 60 bridgewayfunds.com

------

![LOGO](g22914dsp3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Ultra-Small <br> Company Market  | Small-Cap<br> Value | Omni<br> Small-Cap Value | Global <br> Opportunities  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$140329917 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320679184 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150737696 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25729516 |
|  |  |  | 276798 |
| 505 | 1846 | 64074 | 47453 |
|  |  |  | 12344 |
|  |  |  | 10490106 |
| 8648 | 75327 | 874049 | 288337 |
| 26004 | 187757 | 433660 | 100200 |
| 96860 | 331605 | 1038225 | 121035 |
| 23126 | 41470 | 93807 | 34560 |
| 140485060 | 321317189 | 1153241511 | 37100349 |
| 10950 | 444737 | 1164703 | 254870 |
| 2404 | 353549 | 146978 |  |
| 13266582 |  | 4341456 |  |
| 48688 | 226907 | 285413 | 30509 |
| 731 | 2084 | 7463 | 3374 |
| 9478 | 22573 | 26184 |  |
| 82687 | 163562 | 136702 | 63489 |
| 13421520 | 1213412 | 6108899 | 352242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$127063540 | $320103777 | $1147132612 | $36748107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$99742186 | $284183365 | $848315013 | $35720296 |
| 27321354 | 35920412 | 298817599 | 1027811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$127063540 | $320103777 | $1147132612 | $36748107 |
| 8272497 | 8290008 | 63054102 | 3483584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.36 (b) | $38.61 | $18.19 | $10.55 (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$107760137 | $286172956 | $891279496 | $25729516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | $– | $– | $12161 |

---

 <br> Semi-Annual Report \| December 31, 2025 (Unaudited) 61

------

<u> STATEMENTS OF OPERATIONS </u>    

Six Months Ended December 31, 2025

---

| | | |
|:---|:---|:---|
|  | Aggressive<br> Investors 1 | Ultra-Small <br> Company  |
|  INVESTMENT INCOME |  |  |
|  Dividends | $1209788 | $431010 |
|  Less: foreign taxes withheld | (3343) | (4335) |
|  Interest | 17286 | 9006 |
|  Securities lending | 4606 | 163833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 1228337 | 599514 |
|  EXPENSES |  |  |
|  Investment advisory fees - Base fees | 976108 | 411225 |
|  Investment advisory fees - Performance adjustment | (256759) |  |
|  Administration fees | 7336 | 3090 |
|  Accounting fees | 39869 | 32169 |
|  Transfer agent fees | 77190 | 34615 |
|  Audit fees | 9006 | 6265 |
|  Legal fees | 19876 | 8375 |
|  Custody fees | 1782 | 3621 |
|  Blue sky fees | 13138 | 5727 |
|  Directors' and officers' fees | 18116 | 7851 |
|  Shareholder servicing fees | 54270 | 13281 |
|  Reports to shareholders | 14507 | 10259 |
|  Insurance expenses | 10876 | 4609 |
|  Miscellaneous expenses | 9799 | 5178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 995114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546265 |
|  Less investment advisory fees waived and other expenses reimbursed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 995114 | 546265 |
| NET INVESTMENT INCOME | 233223 | 53249 |
|  NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |  |  |
|  Realized Gain (Loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 11005067 | 3816135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Transactions | (221) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain | 11004846 | 3816135 |
|  Change in Unrealized Appreciation (Depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 6547376 | 5248018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Translations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | 6547376 | 5248018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain on Investments | 17552222 | 9064153 |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17785445 | $9117402 |

---

*See Notes to Financial Statements.*

 <br> 62 bridgewayfunds.com

------

![LOGO](g22914dsp3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultra-Small<br> Company Market | Small-Cap<br> Value | Omni<br> Small-Cap Value | Global <br> Opportunities  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$517937 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3748052 | $12268066 | $– |
|  | (12401) | (5100) |  |
| 11722 | 29248 | 38940 | 683486 |
| 390998 | 17558 | 207418 |  |
| 920657 | 3782457 | 12509324 | 683486 |
| 298593 | 1046474 | 2600835 | 213663 |
|  | 108823 |  |  |
| 4038 | 11806 | 39085 | 4109 |
| 36704 | 48794 | 109160 | 35968 |
| 51327 | 73068 | 7688 | 6595 |
| 7287 | 13636 | 30089 | 18261 |
| 13343 | 41470 | 112696 | 3324 |
| 5302 | 4648 | 10335 | 3781 |
| 12816 | 15693 | 19827 | 1321 |
| 13602 | 41160 | 107825 | 1434 |
| 37930 | 160462 | 414017 | 11553 |
| 14633 | 33700 | 35561 | 11253 |
| 6982 | 23224 | 62391 |  |
| 8526 | 23334 | 53452 | 2511 |
| 511083 | 1646292 | 3602961 | 313773 |
| (63194) | (6589) | (886533) | (57378) |
| 447889 | 1639703 | 2716428 | 256395 |
| 472768 | 2142754 | 9792896 | 427091 |
| 10402390 | 5999979 | 64763425 |  |
|  |  |  | 2966433 |
|  |  |  | 3287 |
| 10402390 | 5999979 | 64763425 | 2969720 |
| 16776720 | 33235849 | 102757394 |  |
|  |  |  | 67843 |
|  |  |  | 219 |
| 16776720 | 33235849 | 102757394 | 68062 |
| 27179110 | 39235828 | 167520819 | 3037782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27651878 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41378582 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177313715 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3464873 |

---

 <br> Semi-Annual Report \| December 31, 2025 (Unaudited) 63

------

<u> STATEMENTS OF CHANGES IN NET ASSETS </u>    

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Aggressive Investors 1 | Aggressive Investors 1 | Ultra-Small Company | Ultra-Small Company |
|  | Six Months Ended<br>December 31 | Year Ended<br> June 30 | Six Months Ended<br>December 31 | Year Ended<br> June 30 |
| | 2025 | 2025 | 2025 | 2025 |
|  | (Unaudited) | | (Unaudited) | |
|  OPERATIONS |  |  |  |  |
|  Net investment income (loss) | $233223 | $629966 | $53249 | $(24345) |
|  Net realized gain on investments, and foreign currency transactions | 11004846 | 34378054 | 3816135 | 7615223 |
|  Net change in unrealized appreciation (depreciation) on investments, and foreign currency translations | 6547376 | 9443860 | 5248018 | 7095889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 17785445 | 44451880 | 9117402 | 14686767 |
|  DISTRIBUTIONS: |  |  |  |  |
|  From net investment income and net realized gains | (34947435) | (6183515) | (8797954) | (2258167) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net decrease in net assets from distributions | (34947435) | (6183515) | (8797954) | (2258167) |
|  SHARE TRANSACTIONS: |  |  |  |  |
|  Proceeds from sale of shares | 1029612 | 4366166 | 802823 | 956394 |
|  Reinvestment of distributions | 33517014 | 5937197 | 8237141 | 2126055 |
|  Cost of shares redeemed | (14596060) | (16170781) | (5442414) | (6725168) |
|  Redemption fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | 19950566 | (5867418) | 3597550 | (3642719) |
|  Net increase (decrease) in net assets | 2788576 | 32400947 | 3916998 | 8785881 |
|  NET ASSETS: |  |  |  |  |
|  Beginning of period | 210787715 | 178386768 | 86550861 | 77764980 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213576291 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210787715 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90467859 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86550861 |
|  SHARES ISSUED & REDEEMED |  |  |  |  |
|  Issued | 9667 | 44933 | 24196 | 31861 |
|  Distributions reinvested | 353742 | 58918 | 255653 | 62476 |
|  Redeemed | (141121) | (171789) | (161140) | (216421) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 222288 | (67938) | 118709 | (122084) |
|  Outstanding at beginning of period | 2012932 | 2080870 | 2721086 | 2843170 |
|  Outstanding at end of period | 2235220 | 2012932 | 2839795 | 2721086 |

---

*See Notes to Financial Statements.*

 <br> 64 bridgewayfunds.com

------

![LOGO](g22914dsp3.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Ultra-Small Company Market | Ultra-Small Company Market | Small-Cap Value | Small-Cap Value | Omni Small-Cap Value | Omni Small-Cap Value |
| Six Months Ended<br> December 31 | Year Ended<br>June 30 | Six Months Ended<br>December 31 | Year Ended<br> June 30 | Six Months Ended<br>December 31 | Year Ended<br> June 30 |
| 2025 | 2025 | 2025 | 2025 | 2025 | 2025 |
| (Unaudited) |  | (Unaudited) |  | (Unaudited) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$472768 | $1299916 | $2142754 | $4202824 | $9792896 | $21192069 |
| <br> 10402390 | 17429134 | 5999979 | 17313250 | 64763425 | 93731276 |
| 16776720 | 722361 | 33235849 | (18041595) | 102757394 | (90028038) |
| 27651878 | 19451411 | 41378582 | 3474479 | 177313715 | 24895307 |
| (1299884) | (1126896) | (6728549) | (33937549) | (107661039) | (109330790) |
| (1299884) | (1126896) | (6728549) | (33937549) | (107661039) | (109330790) |
| 2455043 | 5604995 | 13752671 | 78577968 | 36603606 | 107753768 |
| 1269891 | 1041395 | 6542736 | 30898872 | 107433442 | 109166881 |
| (9507816) | (85965097) | (87018935) | (214626616) | (139984161) | (257784592) |
| (323) | 10273 |  |  |  |  |
| <br> (5783205)  | (79308434) | (66723528) | (105149776) | 4052887 | (40863943) |
| 20568789 | (60983919) | (32073495) | (135612846) | 73705563 | (125299426) |
| 106494751 | 167478670 | 352177272 | 487790118 | 1073427049 | 1198726475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$127063540 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106494751 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320103777 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352177272 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147132612 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073427049 |
| 173790 | 486625 | 365958 | 2084215 | 1965945 | 6158829 |
| 81351 | 77832 | 166313 | 764256 | 5788440 | 5581129 |
| (683650) | (7332619) | (2296735) | (5832824) | (7460856) | (14035219) |
| (428509) | (6768162) | (1764464) | (2984353) | 293529 | (2295261) |
| 8701006 | 15469168 | 10054472 | 13038825 | 62760573 | 65055834 |
| 8272497 | 8701006 | 8290008 | 10054472 | 63054102 | 62760573 |

---

 <br> Semi-Annual Report \| December 31, 2025 (Unaudited) 65

------

<u> STATEMENTS OF CHANGES IN NET ASSETS (continued) </u>    

---

| | | |
|:---|:---|:---|
|  | Global Opportunities | Global Opportunities |
| | Six Months Ended<br>December 31<br> 2025 | For the Period<br>October 15, 2024(a)<br>Through<br>June 30, 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | (Unaudited) | |
|  OPERATIONS |  |  |
|  Net investment income | $427091 | $412036 |
|  Net realized gain on investments, swaps and foreign currency transactions | 2969720 | 744239 |
|  Net change in unrealized appreciation (depreciation) on investments, swaps and foreign currency translations | 68062 | 208890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 3464873 | 1365165 |
|  DISTRIBUTIONS: |  |  |
|  From net investment income and net realized gains | (3720520) | (74679) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net decrease in net assets from distributions | (3720520) | (74679) |
|  SHARE TRANSACTIONS: |  |  |
|  Proceeds from sale of shares | 3119761 | 30443019 |
|  Reinvestment of distributions | 3719566 | 74679 |
|  Cost of shares redeemed | (1423630) | (228465) |
|  Redemption fees | 7475 | 863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from share transactions | 5423172 | 30290096 |
|  Net increase in net assets | 5167525 | 31580582 |
|  NET ASSETS: |  |  |
|  Beginning of period | 31580582 |  |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36748107 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31580582 |
|  SHARES ISSUED & REDEEMED |  |  |
|  Issued | 281291 | 2992677 |
|  Distributions reinvested | 353907 | 7431 |
|  Redeemed | (129941) | (21781) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase | 505257 | 2978327 |
|  Outstanding at beginning of period | 2978327 |  |
|  Outstanding at end of period | 3483584 | 2978327 |

---

*(a)* *Commencement of Investment Operations.* 

*See Notes to Financial Statements.*

 <br> 66 bridgewayfunds.com

------

(b) The Financial Highlights are attached herewith.

------

---

| | |
|:---|:---|
| FINANCIAL HIGHLIGHTS<br>| ![LOGO](g22914dsp3.jpg) |

---

(for a share outstanding throughout each period indicated)

AGGRESSIVE INVESTORS 1

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the<br>Six Months<br>Ended<br>12/31/25<br> (Unaudited) | Year Ended June 30 | Year Ended June 30 | Year Ended June 30 | Year Ended June 30 | Year Ended June 30 |
|  | For the<br>Six Months<br>Ended<br>12/31/25<br> (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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) | $213576 | $210788 | $178387 | $150893 | $135510 | $190248 |
|  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.* 

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

------

---

| | |
|:---|:---|
| FINANCIAL HIGHLIGHTS<br>| ![LOGO](g22914dsp3.jpg) |

---

(for a share outstanding throughout each period indicated)

ULTRA-SMALL COMPANY

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the<br>Six Months<br>Ended<br>12/31/25<br> (Unaudited) | Year Ended June 30 | Year Ended June 30 | Year Ended June 30 | Year Ended June 30 | Year Ended June 30 |
|  | For the<br>Six Months<br>Ended<br>12/31/25<br> (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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) | $90468 | $86551 | $77765 | $82395 | $78488 | $109592 |
|  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.*

 <br> 68 bridgewayfunds.com

------

---

| | |
|:---|:---|
| FINANCIAL HIGHLIGHTS<br>| ![LOGO](g22914dsp3.jpg) |

---

(for a share outstanding throughout each period indicated)

ULTRA-SMALL COMPANY MARKET

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the<br>Six Months<br>Ended<br>12/31/25<br> (Unaudited) | Year Ended June 30 | Year Ended June 30 | Year Ended June 30 | Year Ended June 30 | Year Ended June 30 |
|  | For the<br>Six Months<br>Ended<br>12/31/25<br> (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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) | $127064 | $106495 | $167479 | $184604 | $189304 | $386516 |
|  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.* 

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

------

---

| | |
|:---|:---|
| FINANCIAL HIGHLIGHTS<br>| ![LOGO](g22914dsp3.jpg) |

---

(for a share outstanding throughout each period indicated)

SMALL-CAP VALUE

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the<br>Six Months<br>Ended<br>12/31/25<br> (Unaudited) | Year Ended June 30 | Year Ended June 30 | Year Ended June 30 | Year Ended June 30 | Year Ended June 30 |
|  | For the<br>Six Months<br>Ended<br>12/31/25<br> (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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) | $320104 | $352177 | $487790 | $546334 | $422713 | $290686 |
|  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.*

 <br> 70 bridgewayfunds.com

------

---

| | |
|:---|:---|
| FINANCIAL HIGHLIGHTS<br>| ![LOGO](g22914dsp3.jpg) |

---

(for a share outstanding throughout each period indicated)

OMNI SMALL-CAP VALUE

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the<br>Six Months<br>Ended<br>12/31/25<br> (Unaudited) | Year Ended June 30 | Year Ended June 30 | Year Ended June 30 | Year Ended June 30 | Year Ended June 30 |
|  | For the<br>Six Months<br>Ended<br>12/31/25<br> (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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) | $1147133 | $1073427 | $1198726 | $1119720 | $1158941 | $1271035 |
|  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% |

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*(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.* 

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

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| | |
|:---|:---|
| FINANCIAL HIGHLIGHTS<br>| ![LOGO](g22914dsp3.jpg) |

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(for a share outstanding throughout each period indicated)

GLOBAL OPPORTUNITIES

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| | | |
|:---|:---|:---|
|  | For the<br> Six Months<br>Ended<br>12/31/25<br>(Unaudited) | For the<br>Period<br>October<br>15, 2024(a)<br>Through June<br>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) | $36748 | $31581 |
|  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) |

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*(a)* *Commencement of Investment Operations.* 

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

*(c)* *Amount represents less than $0.005.* 

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

*(e)* *Not annualized.* 

*(f)* *Annualized for periods less than one year.* 

*See Notes to Financial Statements.*

 <br> 72 bridgewayfunds.com

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|:---|:---|
| NOTES TO FINANCIAL STATEMENTS<br>| ![LOGO](g22914dsp3.jpg) |

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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

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

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| NOTES TO FINANCIAL STATEMENTS (continued)<br>| ![LOGO](g22914dsp3.jpg) |

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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.

 <br> 74 bridgewayfunds.com

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|:---|:---|
| NOTES TO FINANCIAL STATEMENTS (continued)<br>| ![LOGO](g22914dsp3.jpg) |

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December 31, 2025 (Unaudited)

While securities are on loan, the Fund continues to receive dividends on the securities loaned and recognizes any unrealized gain or loss in the fair value of the securities loaned.

Securities lending transactions are entered into by a Fund under a Securities Lending Agreement which provides the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral or to offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than that of the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of a counterparty's bankruptcy or insolvency.

The market value of securities on loan, all of which are classified as common stocks in the Funds' Schedules of Investments, and the value of the related cash collateral are shown in the Statements of Assets and Liabilities as a component of Investments at value. Securities lending transactions are considered to be overnight and continuous and can be terminated by the Funds or the borrower at any time. During the period ended December 31, 2025 the Global Opportunities Fund did not have any securities lending transactions.

The following table is a summary of the Funds' payable upon return of securities loaned and related cash collateral, which are subject to a netting agreement as of December 31, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Gross Amount Not Offset<br> in the Statements of<br> Assets and Liabilities | Gross Amount Not Offset<br> in the Statements of<br> Assets and Liabilities | |
| Fund | Gross<br>Amounts of<br>Recognized<br>Liabilities | Gross<br>Amounts<br>Offset in the<br>Statements<br>of Assets and<br>Liabilities | Net Amounts of<br>Assets Presented<br>in the Statements<br>of Assets and<br>Liabilities | Financial<br>Instruments | Collateral<br>Received | Net Amount |
|  Ultra-Small Company |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending | $7548838 | $– | $7548838 | $– | $7548838 | $– |
|  Ultra-Small Company Market |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending | $13266582 |  | $13266582 |  | $13266582 |  |
|  Omni Small-Cap Value |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending | $4341456 |  | $4341456 |  | $4341456 |  |

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 <br> Semi-Annual Report \| December 31, 2025 (Unaudited) 75

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|:---|:---|
| NOTES TO FINANCIAL STATEMENTS (continued)<br>| ![LOGO](g22914dsp3.jpg) |

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December 31, 2025 (Unaudited)

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Non-Cash Collateral | Non-Cash Collateral | Non-Cash Collateral | Non-Cash Collateral | | | |
| Fund | Collateral Type | Coupon<br>Range | Maturity<br>Date<br>Range | Market Value | Cash<br>Collateral | Total<br>Collateral | Market Value<br>of Securities<br>on Loan |
|  Aggressive Investors 1 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending | U.S.Gov't | 0.13%- | 01/15/26- |  |  |  |  |
|  | Obligations | 5.00% | 5/15/54 | $8046007 | $– | $8046007 | $7807272 |
|  Ultra-Small Company |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending | U.S.Gov't | 0.00%- | 01/15/26- |  |  |  |  |
|  | Obligations | 6.25% | 5/15/54 | $6622671 | $7548838 | $14171509 | $13504800 |
|  Ultra-Small Company Market |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending | U.S.Gov't | 0.00%- | 01/15/26- |  |  |  |  |
|  | Obligations | 6.25% | 05/15/55 | $9135164 | $13266582 | $22401746 | $21433639 |
|  Small-Cap Value |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending | U.S.Gov't | 0.00%- | 1/15/26- |  |  |  |  |
|  | Obligations | 5.00% | 2/15/55 | $30522453 | $– | $30522453 | $29638786 |
|  Omni Small-Cap Value |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending | U.S.Gov't | 0.00%- | 01/15/26- |  |  |  |  |
|  | Obligations | 7.00% | 11/1/55 | $155875602 | $4341456 | $160217058 | $155352708 |

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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.

 <br> 76 bridgewayfunds.com

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| NOTES TO FINANCIAL STATEMENTS (continued)<br>| ![LOGO](g22914dsp3.jpg) |

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December 31, 2025 (Unaudited)

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

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| | | |
|:---|:---|:---|
| Fund | Sector | &nbsp;&nbsp;&nbsp;&nbsp;% 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% |

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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.

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| | | | |
|:---|:---|:---|:---|
| Primary Underlying<br> Risk/Fund | Derivative Assets | Derivative<br> Liabilities | Location on<br> Statement of<br> Assets and<br> Liabilities |
|  **Equity Risk** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Opportunities Fund: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Return Swaps- Long | $1110262 | $556430 | Swaps, at value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Return Swaps- Short | 625650 | 902684 | Swaps, at value |

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| | | | |
|:---|:---|:---|:---|
| Primary Underlying<br>Risk/Fund | Amount of<br> Realized Gain<br> (Loss) on Derivatives | Amount of<br>Unrealized Gain<br>(Loss) on Derivatives | Location of Gain (Loss)<br> in the Statement of Operations |
|  **Equity Risk** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Opportunities Fund: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Return Swaps | $2966433 |  | Realized Gain (Loss) on Swaps<br> Change in Unrealized Appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Return Swaps |  | $67843 | (Depreciation) on Swaps |

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

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| NOTES TO FINANCIAL STATEMENTS (continued) | ![LOGO](g22914dsp3.jpg) |

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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:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Gross Amount Not Offset<br>in the Statements of<br>Assets and Liabilities | Gross Amount Not Offset<br>in the Statements of<br>Assets and Liabilities | |
| Bridgeway Fund | Gross<br>Amounts of<br>Recognized<br>Assets/<br>(Liabilities) | Gross<br>Amounts<br>Offset in the<br>Statements<br>of Assets and<br>Liabilities | Net Amounts of<br>Assets Presented<br>in the Statements<br>of Assets and<br>Liabilities | Financial<br>Instruments | Collateral<br>Pledged/<br>(Received) | Net Amount |
|  Global Opportunities | $1735912 | $1459114 | $276798 | $– | $– | $276798 |

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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.

 <br> 78 bridgewayfunds.com

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| NOTES TO FINANCIAL STATEMENTS (continued)<br>| ![LOGO](g22914dsp3.jpg) |

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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

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

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| | |
|:---|:---|
| NOTES TO FINANCIAL STATEMENTS (continued)<br>| ![LOGO](g22914dsp3.jpg) |

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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<br>Limitation | Total Waivers and<br> Reimbursements<br> for Period Ended<br> 12/31/25 |
|  Aggressive Investors 1 | 1.75% | $– |
|  Ultra-Small Company | 1.85% |  |
|  Ultra-Small Company Market | 0.75% | 63194 |
|  Small-Cap Value | 0.94% | 6589 |
|  Omni Small-Cap Value\* | 0.47% | 886533 |

---

\* 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<br> Purchases | Inter-Portfolio<br> Sales | Realized Gain<br>(Loss) |
|  Ultra-Small Company | $– | $&nbsp;&nbsp;&nbsp;&nbsp;846451 | $(7088) |
|  Ultra-Small Company Market | 868164 |  |  |
|  Small-Cap Value |  | 458350 | (12150) |
|  Omni Small-Cap Value | &nbsp;&nbsp;&nbsp;&nbsp;1059309 | 622672 | &nbsp;&nbsp;&nbsp;&nbsp;(736544) |

---

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

 <br> 80 bridgewayfunds.com

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| | |
|:---|:---|
| NOTES TO FINANCIAL STATEMENTS (continued)<br>| ![LOGO](g22914dsp3.jpg) |

---

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 | Purchases | Sales | Sales |
| Bridgeway Fund | U.S. Government | Other | U.S. Government | Other |
|  Aggressive Investors 1 | $– | $78150012 | $– | $93008593 |
|  Ultra-Small Company |  | 32504376 |  | 37342668 |
|  Ultra-Small Company Market |  | 24490911 |  | 31530578 |
|  Small-Cap Value |  | 140141576 |  | 212658639 |
|  Omni Small-Cap Value |  | 188431219 |  | 280839139 |
|  Global Opportunities |  | 0 |  | 0 |

---

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.

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

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| | |
|:---|:---|
| NOTES TO FINANCIAL STATEMENTS (continued)<br>| ![LOGO](g22914dsp3.jpg) |

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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<br>Investors 1 | Ultra-Small<br>Company | Ultra-Small<br>Company Market |
|  Gross appreciation (excess of value over tax cost) | $67362655 | $22127232 | $47623499 |
|  Gross depreciation (excess of tax cost over value) | (3845173) | (9608110) | (15053736) |
|  Net unrealized appreciation | $63517482 | $12519122 | $32569763 |
|  Cost of investments for income tax purposes | $150040493 | $85549105 | $107760154 |
|  | Small-Cap Value | Omni Small-Cap<br>Value | Global<br>Opportunities |
|  Gross appreciation (excess of value over tax cost) | $44116207 | $319455265 | $– |
|  Gross depreciation (excess of tax cost over value) | (9609979) | (59997103) |  |
|  Net unrealized appreciation | $34506228 | $259458162 | $– |
|  Cost of investments for income tax purposes | $286172956 | $891279534 | $25729516 |

---

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 | Aggressive Investors 1 | Ultra-Small Company | Ultra-Small Company |
|  | Year<br> Ended | Year<br> Ended | Year<br> Ended | Year<br> Ended |
|  | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 |
|  Distributions paid from: |  |  |  |  |
|  Ordinary Income | $630342 | $1380082 | $2214783 | $2 |
|  Long-Term Capital Gain | 5553173 | 10241 | 43384 | 4092357 |
|  Total | $6183515 | $1390323 | $2258167 | $4092359 |
|  | Ultra-Small Company Market | Ultra-Small Company Market | Small-Cap Value | Small-Cap Value |
|  | Year<br> Ended | Year<br> Ended | Year<br> Ended | Year<br> Ended |
|  | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 |
|  Distributions paid from: |  |  |  |  |
|  Ordinary Income | $1126896 | $1680449 | $5805577 | $5152793 |
|  Long-Term Capital Gain |  |  | 28131972 | 9543418 |
|  Total | $1126896 | $1680449 | $33937549 | $14696211 |
|  |  | Omni Small-Cap Value | Omni Small-Cap Value | Global<br> Opportunities |
|  |  | Year<br> Ended<br> June 30, 2025 | Year<br> Ended<br> June 30, 2024 | Period<br> Ended<br> June 30, 2025  |
|  Distributions paid from: |  |  |  |  |
|  Ordinary Income |  | $20560516 | $18886697 | $74679 |
|  Long-Term Capital Gain |  | 88770274 | 85347124 |  |

---

 <br> 82 bridgewayfunds.com

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| | |
|:---|:---|
| NOTES TO FINANCIAL STATEMENTS (continued)<br>| ![LOGO](g22914dsp3.jpg) |

---

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | Omni Small-Cap Value | Omni Small-Cap Value | Global<br> Opportunities |
|  | Year<br> Ended<br> June 30, 2025 | Year<br> Ended<br> June 30, 2024 | Period<br> Ended<br> June 30, 2025  |
|  Total | $109330790 | $104233821 | $74679 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | Aggressive<br>Investors 1 | Ultra-Small<br>Company | Ultra-Small<br>Company Market |
|  Accumulated Net Investment Income | $– | $– | $1299813 |
|  Capital Loss Carryovers\* |  |  | (16123487) |
|  Accumulated Net Realized Gain on Investments | 27946290 | 6949879 |  |
|  Post October Losses Deferred |  |  |  |
|  Other Temporary Differences |  |  |  |
|  Net Unrealized Appreciation of Investments | 56970106 | 7260838 | 15793034 |
|  Total | $84916396 | $14210717 | $969360 |
|  | Small-Cap Value | Omni Small-Cap<br>Value | Global<br>Opportunities |
|  Accumulated Net Investment Income | $– | $8105549 | $1226581 |
|  Capital Loss Carryovers |  |  |  |
|  Accumulated Net Realized Gain on Investments |  | 64358608 |  |
|  Post October Losses Deferred |  |  |  |
|  Other Temporary Differences\*\* |  |  | 56942 |
|  Net Unrealized Appreciation (Depreciation) of Investments | 1270379 | 156700766 | (65) |
|  Total | $1270379 | $229164923 | $1283458 |

---

*\** *As of June 30, 2025, Ultra-Small Company Market Fund had non-expiring short term capital loss carryforward of ($16123487).* 

*\*\** *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) | Increase (Decrease) | Increase (Decrease) |
|  | Aggressive<br>Investors 1 | Ultra-Small<br>Company | Ultra-Small<br>Company Market |
|  Paid-In Capital | $878215 | $271880 | $– |
|  Distributable Earnings | (878215) | (271880) |  |
|  | Increase (Decrease) | Increase (Decrease) | Increase (Decrease) |
|  | Small-Cap<br>Value | Omni<br>Small-Cap Value | Global<br>Opportunities |
|  Paid-In Capital | $524896 | $9169556 | $7028 |
|  Distributable Earnings | (524896) | (9169556) | (7028) |

---

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

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

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|:---|:---|
| NOTES TO FINANCIAL STATEMENTS (continued)<br>| ![LOGO](g22914dsp3.jpg) |

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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<br>Average<br>Interest Rate | Weighted<br>Average<br>Loan Balance | Number<br>of Days<br>Outstanding | Interest<br>Expense<br>Incurred<sup>1</sup> | Maximum<br>Amount<br>Borrowed During<br>the Period |
|  Aggressive Investors 1 | 5.37% | $237920 | 25 | $887 | $2600000 |
|  Ultra-Small Company | 5.41% | 117273 | 22 | 388 | 573000 |
|  Ultra-Small Company Market | 5.66% | 104720 | 25 | 412 | 541000 |
|  Small-Cap Value | 5.52% | 829308 | 39 | 4956 | 5632000 |
|  Omni Small-Cap Value | 5.50% | 696647 | 34 | 3620 | 2462000 |

---

<sup>1</sup>Interest 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

 <br> 84 bridgewayfunds.com

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|:---|:---|
| NOTES TO FINANCIAL STATEMENTS (continued)<br>| ![LOGO](g22914dsp3.jpg) |

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December 31, 2025 (Unaudited)

that are shown as an asset on the books and records of each Target Fund in exchange solely for (A) shares of its corresponding Acquiring Fund and cash and (B) the assumption by each Acquiring Fund of all the liabilities of its corresponding Target Fund, and (ii) the distribution by each Target Fund of (A) Acquiring Fund's shares and cash in lieu of fractional shares pro rata to its corresponding Target Fund's shareholders through accounts that are permitted to hold Acquiring Fund Shares, and (B) with respect to shareholders who hold their Target Fund shares through accounts that are not permitted to hold Acquiring Fund shares, cash in exchange for their Target Fund shares, in complete liquidation of each Target Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; ***Target Funds*** | ***Acquiring Funds\**** |
| &nbsp;&nbsp;&nbsp; Aggressive Investors 1 Fund | Bridgeway Aggressive Investors ETF |
| &nbsp;&nbsp;&nbsp; Ultra-Small Company Market Fund | Bridgeway Ultra-Small Company Market ETF |
| &nbsp;&nbsp;&nbsp; Small-Cap Value Fund | Bridgeway Select Small-Cap Value ETF |

---

\*Name is subject to change

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued, and has noted no additional events that require recognition or disclosure in the financial statements.

 <br> Semi-Annual Report \| December 31, 2025 (Unaudited) 85

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| | |
|:---|:---|
| OTHER INFORMATION<br>| ![LOGO](g22914dsp3.jpg) |

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December 31, 2025 (Unaudited)

1. Proxy Voting

Information regarding how the Funds voted proxies relating to portfolio securities for the year ended June 30, 2025 is available without charge at the Funds' website www.bridgewayfunds.com or by contacting Bridgeway Funds at funds@bridgeway. com. Such information is also available on the SEC's website at http://www.sec.gov.

2. Fund Holdings

The complete schedules of the Funds' holdings for the second and fourth quarters of each fiscal year are contained in the Funds' Financial Statements and Other Information prepared as of each of these periods. The Bridgeway Funds file complete schedules of the Funds' holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to Form N-PORT within 60 days after the end of the period. All of these reports are available on the Funds' website www.bridgeway-funds.com. Copies are also available without charge, upon request, by contacting Bridgeway Funds at funds@bridgeway.com and on the SEC's website at http://www.sec.gov.

3. Approval of Investment Management Agreement

Not applicable.

 <br> 86 bridgewayfunds.com

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

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#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included under Item 7.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included under Item 7.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant's Board of Directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effectively designed, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by

------

this report that have materially affected or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not Applicable.

#### Item 19. Exhibits.

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| | |
|:---|:---|
| (a)(1) | &nbsp;&nbsp;&nbsp;&nbsp; Not applicable. |
| (a)(2) | &nbsp;&nbsp;&nbsp;&nbsp; Not applicable. |
| (a)(3) | &nbsp;&nbsp;&nbsp;&nbsp; [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d22914dex99cert.htm) |
| (a)(4) | &nbsp;&nbsp;&nbsp;&nbsp; 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) | &nbsp;&nbsp;&nbsp;&nbsp; There was no change in the Registrant's independent public accountant during the period covered by the report. |
| (b) | &nbsp;&nbsp;&nbsp;&nbsp; [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d22914dex99906cert.htm) |

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>Bridgeway Funds, Inc.</u> 

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| | |
|:---|:---|
| By (Signature and Title)\* | <u>/s/ Linda Giuffré</u> |
|  | Linda Giuffré, President and Principal Executive Officer |
|  | (principal executive officer) |
| Date: <u>March 6, 2026</u> |  |

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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By (Signature and Title)\* | <u>/s/ Linda Giuffré</u> |
|  | Linda Giuffré, President and Principal Executive Officer |
|  | (principal executive officer) |
| Date: <u>March 6, 2026</u> |  |

---

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| | |
|:---|:---|
| By (Signature and Title)\* | <u>/s/ Deborah L. Hanna</u> |
|  | Deborah L. Hanna, Treasurer and Principal Financial Officer |
|  | (principal financial officer) |
| Date: <u>March 6, 2026</u> |  |

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<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, Linda Giuffré, certify that:

1. I have reviewed this report on Form N-CSR of Bridgeway Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>March 6, 2026</u> | <u>/s/ Linda Giuffré</u> |
|  | Linda Giuffré, President and Principal Executive<br> Officer |
|  | (principal executive officer) |

---

------

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, Deborah L. Hanna, certify that:

1. I have reviewed this report on Form N-CSR of Bridgeway Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>March 6, 2026</u> | <u>/s/ Deborah L. Hanna</u> |
|  | Deborah L. Hanna, Treasurer and Principal<br> Financial Officer |
|  | (principal financial officer) |

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## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act** 

I, Linda Giuffré, President and Principal Executive Officer of Bridgeway Funds, Inc. (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: <u>March 6, 2026</u> | <u>/s/ Linda Giuffré</u> |
|  | Linda Giuffré, President and Principal Executive Officer |
|  | (principal executive officer) |

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I, Deborah L. Hanna, Treasurer and Principal Financial Officer of Bridgeway Funds, Inc. (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

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| | |
|:---|:---|
| Date: <u>March 6, 2026</u> | <u>/s/ Deborah L. Hanna</u> |
|  | Deborah L. Hanna, Treasurer and Principal Financial<br> Officer |
|  | (principal financial officer) |

---