# EDGAR Filing Document

**Accession Number:** 0000916006
**File Stem:** 0001193125-25-195592
**Filing Date:** 2025-9
**Character Count:** 633231
**Document Hash:** 2bf83eb8ed956adb32b6fe407d5fb924
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-195592.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001193125-25-195592

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08200
- **FILM NUMBER:** 251292142

**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;<u>Bridgeway Funds, Inc.</u> 

(Exact name of registrant as specified in charter)

20 Greenway Plaza, Suite 450

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;<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>June</u> <u>30, 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, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

------

#### Item 1. Reports to Stockholders.
(a) The Report to Shareholders is attached herewith.

![Image](g92603i3e2b253ffb4f4bdd5a11.jpg)

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

# Aggressive Investors 1 Fund

# BRAGX

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

---

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

---

## How did the Fund perform last year?
For the fiscal year, the Fund returned 25.88%, outperforming the S&P 500 Index.

<u>Top contributors to performance</u>

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

<u>Top detractors from performance</u>

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

## How did the Fund perform over the past 10 years?

### Cumulative Returns of a Hypothetical $10,000 Investment as of June 30, 2025
![Line graph representation of the performance of a hypothetical $10,000 investment in the Fund and its benchmarks over a period of 10 years](g92603i693384b76e6b5e8dfa98.jpg)

---

| | | |
|:---|:---|:---|
| | **Aggressive Investors 1 Fund 23,413** | **S&P 500 Index 35,936** |
| **2015** | 10000 | 10000 |
| **2016** | 9260 | 10399 |
| **2017** | 11286 | 12260 |
| **2018** | 12594 | 14023 |
| **2019** | 11754 | 15483 |
| **2020** | 10869 | 16645 |
| **2021** | 16030 | 23436 |
| **2022** | 12214 | 20948 |
| **2023** | 14494 | 25053 |
| **2024** | 18601 | 31204 |
| **2025** | 23413 | 35936 |

---

### Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $210787715 |
| # of Portfolio Holdings | 102 |
| Portfolio Turnover Rate | 61% |
| Advisory Fees Paid | $1163706 |

---

### Average Annual Total Returns

---

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

---

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

## What did the Fund invest in?

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

---

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

---

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

---

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

---

### Top Sector Weightings (% of Net Assets)
![Bar chart representation of the Fund's holdings as a percentage of net assets grouped by sectors.](g92603i017da0a1fd6e0b391c4c.jpg)

---

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

---

![Image](g92603i3e2b253ffb4f4bdd5a11.jpg)

#### Aggressive Investors 1 Fund
Annual Shareholder Report - June 30, 2025

BRAGX

Bridgeway Funds

PO Box 534435

Pittsburgh, PA 15253-4435

800-661-3550

funds@bridgeway.com

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

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

-prospectus

-financial information

-holdings

-proxy voting information

![Image](g92603id14f7046785a7b9cc0f7.jpg)

![Image](g92603i3e2b253ffb4f4bdd5a11.jpg)

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

# Ultra-Small Company Fund

# BRUSX

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

---

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

---

## How did the Fund perform last year?
For the fiscal year, the Fund returned 19.07%, outperforming the Russell Microcap Index.

<u>Top contributors to performance</u>

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

<u>Top detractors from performance</u>

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

## How did the Fund perform over the past 10 years?

### Cumulative Returns of a Hypothetical $10,000 Investment as of June 30, 2025
![Line graph representation of the performance of a hypothetical $10,000 investment in the Fund and its benchmarks over a period of 10 years](g92603id98e8439dc80d8bd67cb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Ultra-Small Company Fund 20,124** | **Russell Microcap Index 17,959** | **Russell 3000 Index 33,822** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 8647 | 8794 | 10214 |
| **2017** | 10107 | 11222 | 12104 |
| **2018** | 11029 | 13490 | 13893 |
| **2019** | 9432 | 12089 | 15141 |
| **2020** | 8713 | 11512 | 16130 |
| **2021** | 18345 | 20235 | 23253 |
| **2022** | 14485 | 14016 | 20029 |
| **2023** | 15987 | 14946 | 23825 |
| **2024** | 16901 | 15837 | 29335 |
| **2025** | 20124 | 17959 | 33822 |

---

### Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $86550861 |
| # of Portfolio Holdings | 204 |
| Portfolio Turnover Rate | 65% |
| Advisory Fees Paid | $762396 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Ultra-Small Company Fund | 19.07% | 18.23% | 7.24% |
| Russell 3000 Index | 15.30% | 15.96% | 12.96% |
| Russell Microcap Index | 13.40% | 9.30% | 6.03% |

---

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

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Common Stocks | 99.22% |
| Rights | 0.00% |
| Money Market Fund | 0.86% |
| Investments Purchased With Cash Proceeds From Securities Lending | 6.35% |
| Liabilities in Excess of Other Assets | -6.43% |

---

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

---

| | |
|:---|:---|
| Sagimet Biosciences, Inc., Class A | 3.15% |
| Beauty Health Co. (The) | 2.56% |
| Douglas Elliman, Inc. | 2.24% |
| Eventbrite, Inc., Class A | 2.15% |
| Nektar Therapeutics | 1.97% |
| Hudson Technologies, Inc. | 1.94% |
| Epsilon Energy, Ltd. | 1.92% |
| ON24, Inc. | 1.92% |
| Civeo Corp. | 1.88% |
| OraSure Technologies, Inc. | 1.87% |

---

### Top Sector Weightings (% of Net Assets)
![Bar chart representation of the Fund's holdings as a percentage of net assets grouped by sectors.](g92603id1300e60d4dedb1b33e1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash and Other Sectors | 3.18% |
| Real Estate | 3.43% |
| Communication Services | 3.89% |
| Consumer Staples | 4.72% |
| Energy | 7.22% |
| Consumer Discretionary | 7.65% |
| Industrials | 10.25% |
| Information Technology | 10.30% |
| Financials | 19.26% |
| Health Care | 30.10% |

---

![Image](g92603i3e2b253ffb4f4bdd5a11.jpg)

#### Ultra-Small Company Fund
Annual Shareholder Report - June 30, 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](g92603id14f7046785a7b9cc0f7.jpg)

![Image](g92603i3e2b253ffb4f4bdd5a11.jpg)

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

# Ultra-Small Company Market Fund

# BRSIX

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

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10K Investment** | **Costs paid as a % of a $10K Investment** |
| Ultra-Small Company Market Fund | $80 | 0.75% |

---

## How did the Fund perform last year?
For the fiscal year, the Fund returned 13.69%, outperforming the Russell Microcap Index.

<u>Top contributors to performance</u>

The Fund's larger holdings outside of the CRSP10 universe helped relative performance. The Fund's sidesteps also added to relative performance.

<u>Top detractors from performance</u>

From a sector perspective, the Fund's allocation effect was negative. Overweighting in the Health Care and underweighting in Financials detracted the most from relative results.

## How did the Fund perform over the past 10 years?

### Cumulative Returns of a Hypothetical $10,000 Investment as of June 30, 2025
![Line graph representation of the performance of a hypothetical $10,000 investment in the Fund and its benchmarks over a period of 10 years](g92603i0405d55b5edd40af84ad.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Ultra-Small Company Market Fund 16,780** | **Russell Microcap Index 17,959** | **Russell 3000 Index 33,822** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 8917 | 8794 | 10214 |
| **2017** | 11289 | 11222 | 12104 |
| **2018** | 13643 | 13490 | 13893 |
| **2019** | 11327 | 12089 | 15141 |
| **2020** | 10082 | 11512 | 16130 |
| **2021** | 20550 | 20235 | 23253 |
| **2022** | 14308 | 14016 | 20029 |
| **2023** | 14306 | 14946 | 23825 |
| **2024** | 14760 | 15837 | 29335 |
| **2025** | 16780 | 17959 | 33822 |

---

### Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $106494751 |
| # of Portfolio Holdings | 511 |
| Portfolio Turnover Rate | 39% |
| Advisory Fees Paid | $632605 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Ultra-Small Company Market Fund | 13.69% | 10.73% | 5.31% |
| Russell 3000 Index | 15.30% | 15.96% | 12.96% |
| Russell Microcap Index | 13.40% | 9.30% | 6.03% |

---

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

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Common Stocks | 100.05% |
| Rights | 0.00% |
| Warrants | 0.03% |
| Money Market Fund | 0.29% |
| Investments Purchased With Cash Proceeds From Securities Lending | 14.83% |
| Liabilities in Excess of Other Assets | -15.20% |

---

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

---

| | |
|:---|:---|
| Aeva Technologies, Inc. | 0.89% |
| Flotek Industries, Inc. | 0.71% |
| LifeMD, Inc. | 0.71% |
| Potbelly Corp. | 0.69% |
| Performant Healthcare, Inc. | 0.67% |
| CompX International, Inc. | 0.66% |
| Strattec Security Corp. | 0.65% |
| Solid Power, Inc. | 0.62% |
| Tango Therapeutics, Inc. | 0.60% |
| Perma-Pipe International Holdings, Inc. | 0.59% |

---

### Top Sector Weightings (% of Net Assets)
![Bar chart representation of the Fund's holdings as a percentage of net assets grouped by sectors.](g92603ifba205cdc10267c2c489.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash and Other Sectors | 2.45% |
| Consumer Staples | 1.91% |
| Communication Services | 3.50% |
| Materials | 3.68% |
| Energy | 4.82% |
| Information Technology | 11.82% |
| Industrials | 12.29% |
| Consumer Discretionary | 13.17% |
| Financials | 16.77% |
| Health Care | 29.59% |

---

![Image](g92603i3e2b253ffb4f4bdd5a11.jpg)

#### Ultra-Small Company Market Fund
Annual Shareholder Report - June 30, 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](g92603id14f7046785a7b9cc0f7.jpg)

![Image](g92603i3e2b253ffb4f4bdd5a11.jpg)

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

# Small-Cap Value Fund

# BRSVX

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

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10K Investment** | **Costs paid as a % of a $10K Investment** |
| Small-Cap Value Fund | $90 | 0.90% |

---

## How did the Fund perform last year?
For the fiscal year, the Fund returned 0.19%, underperforming the Russell 2000 Value Index.

<u>Top contributors to performance</u>

The Fund's sentiment models contributed to relative results. The Fund's tilt toward higher momentum stocks in the small-cap value universe also helped relative performance. From a sector perspective, the Fund's allocation effect was positive, with an underweighting in the Healthcare sector and an overweighting in the Consumer Staples sector contributing the most to relative results.

<u>Top detractors from performance</u>

The Fund's value and quality models underperformed the benchmark, detracting from relative results. The Fund's stock selection effect was negative, with holdings in the Materials, Industrials and Information Technology sectors detracting the most from relative performance.

## How did the Fund perform over the past 10 years?

### Cumulative Returns of a Hypothetical $10,000 Investment as of June 30, 2025
![Line graph representation of the performance of a hypothetical $10,000 investment in the Fund and its benchmarks over a period of 10 years](g92603i6ca64f3d66079fc03851.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Small-Cap Value Fund 23,651** | **Russell 2000 Value Index 19,158** | **Russell 3000 Index 33,822** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 9498 | 9742 | 10214 |
| **2017** | 11405 | 12163 | 12104 |
| **2018** | 13723 | 13757 | 13893 |
| **2019** | 11373 | 12899 | 15141 |
| **2020** | 9504 | 10645 | 16130 |
| **2021** | 21172 | 18445 | 23253 |
| **2022** | 19942 | 15442 | 20029 |
| **2023** | 22196 | 16370 | 23825 |
| **2024** | 23606 | 18153 | 29335 |
| **2025** | 23651 | 19158 | 33822 |

---

### Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $352177272 |
| # of Portfolio Holdings | 140 |
| Portfolio Turnover Rate | 63% |
| Advisory Fees Paid | $2896114 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Small-Cap Value Fund | 0.19% | 20.00% | 8.99% |
| Russell 3000 Index | 15.30% | 15.96% | 12.96% |
| Russell 2000 Value Index | 5.54% | 12.47% | 6.72% |

---

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

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Common Stocks | 100.01% |
| Money Market Fund | 0.00% |
| Investments Purchased With Cash Proceeds From Securities Lending | 1.32% |
| Liabilities in Excess of Other Assets | -1.33% |

---

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

---

| | |
|:---|:---|
| Axos Financial, Inc. | 1.44% |
| SkyWest, Inc. | 1.44% |
| Enova International, Inc. | 1.35% |
| WSFS Financial Corp. | 1.34% |
| Hancock Whitney Corp. | 1.28% |
| Essential Properties Realty Trust, Inc. | 1.27% |
| City Holding Co. | 1.26% |
| Prestige Consumer Healthcare, Inc. | 1.24% |
| NetScout Systems, Inc. | 1.22% |
| TEGNA, Inc. | 1.19% |

---

### Top Sector Weightings (% of Net Assets)
![Bar chart representation of the Fund's holdings as a percentage of net assets grouped by sectors.](g92603ib793e00078dd4398697f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash and Other Sectors | 4.75% |
| Materials | 3.33% |
| Energy | 3.50% |
| Health Care | 5.28% |
| Consumer Staples | 5.43% |
| Real Estate | 6.79% |
| Information Technology | 8.13% |
| Consumer Discretionary | 11.63% |
| Industrials | 17.01% |
| Financials | 34.15% |

---

![Image](g92603i3e2b253ffb4f4bdd5a11.jpg)

#### Small-Cap Value Fund
Annual Shareholder Report - June 30, 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](g92603id14f7046785a7b9cc0f7.jpg)

![Image](g92603i3e2b253ffb4f4bdd5a11.jpg)

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

# Omni Small-Cap Value Fund

# BOSVX

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

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10K Investment** | **Costs paid as a % of a $10K Investment** |
| Omni Small-Cap Value Fund | $47 | 0.47% |

---

## How did the Fund perform last year?
For the fiscal year, the Fund returned 1.15%, underperforming the Russell 2000 Value Index.

<u>Top contributors to performance</u>

The Fund's tilt toward smaller stocks in the small-cap value universe contributed positively to relative performance. Sector allocation was slightly positive, with the overweighting in the Financials sector and underweighting in the Healthcare sector contributing the most.

<u>Top detractors from performance</u>

The Fund's tilt toward deeper value stocks across multiple valuation metrics contributed negatively to relative results during the period.

## How did the Fund perform over the past 10 years?

### Cumulative Returns of a Hypothetical $10,000 Investment as of June 30, 2025
![Line graph representation of the performance of a hypothetical $10,000 investment in the Fund and its benchmarks over a period of 10 years](g92603i51d08fa2672b92ec1e8a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Omni Small-Cap Value Fund 20,476** | **Russell 2000 Value Index 19,158** | **Russell 3000 Index 33,822** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 9558 | 9742 | 10214 |
| **2017** | 11932 | 12163 | 12104 |
| **2018** | 13931 | 13757 | 13893 |
| **2019** | 11588 | 12899 | 15141 |
| **2020** | 8944 | 10645 | 16130 |
| **2021** | 17434 | 18445 | 23253 |
| **2022** | 16623 | 15442 | 20029 |
| **2023** | 17461 | 16370 | 23825 |
| **2024** | 20243 | 18153 | 29335 |
| **2025** | 20476 | 19158 | 33822 |

---

### Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1073427049 |
| # of Portfolio Holdings | 602 |
| Portfolio Turnover Rate | 31% |
| Advisory Fees Paid | $3295629 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Omni Small-Cap Value Fund | 1.15% | 18.02% | 7.43% |
| Russell 3000 Index | 15.30% | 15.96% | 12.96% |
| Russell 2000 Value Index | 5.54% | 12.47% | 6.72% |

---

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

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Common Stocks | 99.62% |
| Preferred Stock | 0.00% |
| Rights | 0.01% |
| Money Market Fund | 0.24% |
| Investments Purchased With Cash Proceeds From Securities Lending | 2.39% |
| Liabilities in Excess of Other Assets | -2.26% |

---

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

---

| | |
|:---|:---|
| Tutor Perini Corp. | 1.20% |
| TTM Technologies, Inc. | 1.13% |
| SiriusPoint, Ltd. | 1.04% |
| Telephone and Data Systems, Inc. | 1.02% |
| SkyWest, Inc. | 0.97% |
| Dana, Inc. | 0.95% |
| Gulfport Energy Corp. | 0.84% |
| Signet Jewelers, Ltd. | 0.79% |
| Advance Auto Parts, Inc. | 0.76% |
| Phinia, Inc. | 0.72% |

---

### Top Sector Weightings (% of Net Assets)
![Bar chart representation of the Fund's holdings as a percentage of net assets grouped by sectors.](g92603ia8c8146dc6b9d1a7805c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash and Other Sectors | 0.66% |
| Health Care | 3.42% |
| Information Technology | 4.31% |
| Communication Services | 5.08% |
| Materials | 5.16% |
| Consumer Staples | 5.48% |
| Consumer Discretionary | 13.03% |
| Energy | 13.75% |
| Industrials | 15.14% |
| Financials | 33.97% |

---

![Image](g92603i3e2b253ffb4f4bdd5a11.jpg)

#### Omni Small-Cap Value Fund
Annual Shareholder Report - June 30, 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](g92603id14f7046785a7b9cc0f7.jpg)

![Image](g92603i3e2b253ffb4f4bdd5a11.jpg)

# Annual Shareholder Report - June 30, 2025
This annual shareholder report contains important information about Bridgeway Global Opportunities Fund for the period of October 15, 2024 to June 30, 2025.You can find additional information about the Fund at www.bridgewayfunds.com/resources/fund-documents. You can also request this information by contacting us at 800-661-3550.

# Global Opportunities Fund

# BRGOX

## What were the Fund costs from October 15, 2024 inception through June 30, 2025?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10K Investment<sup>Footnote Referencea</sup>** | **Costs paid as a % of a $10K Investment<sup>Footnote Referenceb</sup>** |
| Global Opportunities Fund | $109 | 1.50% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;The cost of a $10,000 investment is based on commencement of operations from October 15, 2024 through June 30, 2025. |
| &nbsp;&nbsp;Footnote<sup>b</sup> | &nbsp;&nbsp;Annualized. |

---

## How did the Fund perform since inception?
Since its inception on October 15, 2024, the Fund returned 6.41%, outperforming the FTSE 3-Month Treasury Bill Index.

By design, the Fund maintained minimal net exposure to undesired risk factors such as country, sector, and size.

<u>Top contributors to performance</u>

Both long and short sleeves contributed positively to the Fund's overall performance, primarily driven by security selection in United Kingdom, China, and Australia. At the sector level, security selection within Industrials, Health Care, and Consumer Discretionary contributed the most.

<u>Top detractors from performance</u>

The primary detractors from performance were the Fund's security selection in Israel and within the Energy sector.

### Cumulative Returns of a Hypothetical $10,000 Investment as of June 30, 2025
![Line graph representation of the performance of a hypothetical $10,000 investment in the Fund and its benchmarks over a period of 10 years](g92603i2bfb568385028517f2af.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global Opportunities Fund 10,641** | **FTSE 3-Month Teasury Bill Index 10,325** | **MSCI All Country World Investable Market Index 10,856** |
| **10/15/2024** | 10000 | 10000 | 10000 |
| **10/24** | 10010 | 10022 | 9777 |
| **11/24** | 10010 | 10062 | 10158 |
| **12/24** | 10299 | 10102 | 9884 |
| **01/25** | 10189 | 10141 | 10208 |
| **02/25** | 10199 | 10175 | 10118 |
| **03/25** | 10540 | 10213 | 9726 |
| **04/25** | 10611 | 10250 | 9817 |
| **05/25** | 10761 | 10288 | 10385 |
| **06/25** | 10641 | 10325 | 10856 |

---

### Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $31580582 |
| # of Portfolio Holdings - Long | 283 |
| # of Portfolio Holdings - Short | 322 |
| Portfolio Turnover Rate | -%<sup>Footnote Reference\*</sup> |
| Advisory Fees Paid | $60386 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;There were no long-term transactions for the period ended June 30, 2025. |

---

### Average Annual Total Returns

---

| | |
|:---|:---|
| Fund | **Since Inception 10/15/2024** |
| Global Opportunities Fund | 6.41% |
| MSCI All Country World Investable Market Index | 8.56% |
| FTSE 3-Month Teasury Bill Index | 3.25% |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception. **Performance data represents past performance and does not predict or guarantee future results.** The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements. Call 800-661-3550 or visit https://bridgewayfunds.com/#month-end-performance for the most recent month-end performance.

## What did the Fund invest in?

### 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.](g92603i39444241fdb1c8e8c153.jpg)

---

| | | |
|:---|:---|:---|
| | **Long** | **Short** |
| Utilities | 2.81% | 2.21% |
| Real Estate | 3.44% | 3.56% |
| Energy | 4.20% | 3.82% |
| Consumer Staples | 4.50% | 5.28% |
| Communication Services | 4.83% | 3.82% |
| Health Care | 6.57% | 4.48% |
| Materials | 7.47% | 7.86% |
| Consumer Discretionary | 10.04% | 10.04% |
| Information Technology | 11.02% | 10.65% |
| Financials | 15.27% | 15.08% |
| Industrials | 16.52% | 14.04% |

---

#### Top Country Weightings (Notional exposure % of Net Assets)
![Group By Country Chart](g92603ifff178eed44831512f46.jpg)

---

| | | |
|:---|:---|:---|
| | **Long** | **Short** |
| Other Countries | 30.04% | 28.58% |
| Brazil | 3.65% | 2.79% |
| United Kingdom | 4.24% | 3.44% |
| Australia | 4.41% | 5.32% |
| South Korea | 5.17% | 4.05% |
| Canada | 5.62% | 6.01% |
| China | 6.18% | 4.90% |
| Taiwan | 6.85% | 6.04% |
| Japan | 8.91% | 8.30% |
| United States | 11.58% | 11.39% |

---

![Image](g92603i3e2b253ffb4f4bdd5a11.jpg)

#### Global Opportunities Fund
Annual Shareholder Report - June 30, 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](g92603id14f7046785a7b9cc0f7.jpg)

------

(b) Not applicable

#### Item 2. Code of Ethics.
(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the "Code of Ethics").

(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in Item 2(b) of Form N-CSR.

(e) Not applicable

(f) A copy of the Code of Ethics is filed as an Exhibit.

#### Item 3. Audit Committee Financial Expert.
3(a)(1) The Registrant's board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

3(a)(2) The audit committee financial expert is Miles Douglas Harper III, who is "independent" for purposes of this Item 3 of Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.

#### Audit Fees
(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that

------

are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $157,600 for 2025 and $147,600 for 2024. <br>

#### Audit-Related Fees
(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for 2025 and $0 for 2024.

#### Tax Fees
(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $22,950 for 2025 and $18,000 for 2024. Tax services include the review of the Funds' federal income tax returns, the review of the Funds' federal excise tax returns and the review of required distributions by the Funds.

#### All Other Fees
(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2025 and $0 for 2024.

(e)(1) Audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

The Registrant's Audit Committee has adopted an Audit Committee Charter that provides that the Audit Committee shall approve, prior to appointment, the engagement of the auditor to provide audit services to the Registrant and non-audit services to the Registrant, its investment advisor or any entity controlling, controlled by or under common control with the investment adviser that provides on-going services to the Registrant if the engagement relates directly to the operations and financial reporting of the Registrant.

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:  |

---

No services described in paragraphs (b) through (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2025 and $0 for 2024.

------

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
(a) Not applicable.

(b) Not applicable.

#### Item 6. Investments.
(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in § 210.1212 of Regulation S-X [17 CFR 210.12-12] 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.
The annual Financial Statements, and the Financial Highlights are attached herewith.

------

![LOGO](g92603g01a01.jpg)

---

| | |
|:---|:---|
| A no-load mutual fund family<br>|  |
| <br> Financial Statements and Other information<br>June 30, 2025 | <br> Financial Statements and Other information<br>June 30, 2025 |
| 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](g92603g02a01.jpg)  |

---

---

| | |
|:---|:---|
|  [AGGRESSIVE INVESTORS 1 FUND](#fin92603_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#fin92603_2) | 2 |
|  [ULTRA-SMALL COMPANY FUND](#fin92603_3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#fin92603_4) | 5 |
|  [ULTRA-SMALL COMPANY MARKET FUND](#fin92603_5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#fin92603_6) | 10 |
|  [SMALL-CAP VALUE FUND](#fin92603_7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#fin92603_8) | 20 |
|  [OMNI SMALL-CAP VALUE FUND](#fin92603_9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#fin92603_10) | 23 |
|  [GLOBAL OPPORTUNITIES FUND](#fin92603_11) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#fin92603_12) | 34 |
|  [STATEMENTS OF ASSETS AND LIABILITIES](#fin92603_13) | 60 |
|  [STATEMENTS OF OPERATIONS](#fin92603_14) | 62 |
|  [STATEMENTS OF CHANGES IN NET ASSETS](#fin92603_15) | 64 |
|  [FINANCIAL HIGHLIGHTS](#fin92603_16) | 67 |
|  [Notes to Financial Statements](#fin92603_17) | 73 |
|  [Report of Independent Registered Public Accounting Firm](#fin92603_18) |  |
|  [OTHER INFORMATION](#fin92603_19) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Shareholder Tax Information](#fin92603_20) | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Proxy Voting](#fin92603_21) | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Fund Holdings](#fin92603_22) | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Approval of Investment Management Agreement](#fin92603_23) | 88 |

---

------

---

| | |
|:---|:---|
| Aggressive Investors 1 Fund <br> SCHEDULE OF INVESTMENTS | ![LOGO](g92603g02a01.jpg)  |

---

*Showing percentage of net assets as of June 30, 2025* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
|  COMMON STOCKS - 99.87% | COMMON STOCKS - 99.87% | COMMON STOCKS - 99.87% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 8.49%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 8.49%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 8.49%** |
| &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;3595092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 12000 | 1916400 |
| &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 | 6800 | 5019012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 1800 | 2410434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roku, Inc.\* | 15000 | 1318350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA\* | 3300 | 2532222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TKO Group Holdings, Inc. | 6100 | 1109895 |
|  |  | 17901405 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 13.05%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 13.05%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 13.05%** |
| &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\* | 15000 | 1985100 |
| &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 | 3773508 |
| &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. | 800 | 4631392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 9000 | 1961730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. | 5000 | 989050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc., Class A\* | 6000 | 1479060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duolingo, Inc.\* | 4000 | 1640080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dutch Bros, Inc., Class A\* | 12800 | 875136 |
| &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 | 1861500 |
| &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 | 1315704 |
| &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. | 41300 | 2032373 |
| &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 | 1892730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises, Ltd. | 6300 | 1972782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 6700 | 1094579 |
|  |  | 27504724 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 4.35%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 4.35%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 4.35%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bunge Global SA | 24600 | 1974888 |
| &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 | 1848218 |
| &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 | 1990560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage Co., Class B+ | 32500 | 1562925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. | 40000 | 1799200 |
|  |  | 9175791 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 7.23%** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 7.23%** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 7.23%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 9600 | 2337792 |
| &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 | 1674540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 35500 | 2070360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 28000 | 1150240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 12700 | 2109597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 48200 | 1834010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 10500 | 1827840 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value | 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; Valero Energy Corp. | 16700 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2244814 |
|  |  |  | 15249193 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 18.48%** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 18.48%** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 18.48%** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 18.48%** |
| &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 |  | 2232860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 12000 |  | 1027080 |
| &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 |  | 1814682 |
| &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 |  | 910500 |
| &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 |  | 2116768 |
| &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. | 50800 |  | 2273300 |
| &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 |  | 1242054 |
| &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 |  | 1963500 |
| &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 |  | 978894 |
| &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 |  | 1102400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 4500 |  | 775845 |
| &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. | 18000 |  | 2237220 |
| &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 | 20000 |  | 1108200 |
| &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. | 5300 |  | 1987341 |
| &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. | 6000 |  | 1163940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp. | 17000 |  | 2155430 |
| &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. | 15800 |  | 1697552 |
| &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 |  | 940800 |
| &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. | 5000 |  | 1214500 |
| &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 |  | 1315500 |
| &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 |  | 2622882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toast, Inc., Class A\* | 26400 |  | 1169256 |
| &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 |  | 1810000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A+ | 8700 |  | 3088935 |
|  |  |  | 38949439 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 10.54%** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 10.54%** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 10.54%** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 10.54%** |
| &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 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Co. | 32000 |  | 1481280 |
| &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 |  | 2217600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. | 7000 |  | 2098950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc.\* | 9000 |  | 1282050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Doximity, Inc., Class A\* | 18500 |  | 1134790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exelixis, Inc.\* | 50000 |  | 2203750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hologic, Inc.\* | 29100 |  | 1896156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 13500 |  | 2062125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 2600 |  | 1905228 |
| &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 |  | 2089824 |
| &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 |  | 2112000 |

---

 <br> 2 Annual Report \| June 30, 2025

------

---

| | |
|:---|:---|
| Aggressive Investors 1 Fund <br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02a01.jpg)  |

---

*Showing percentage of net assets as of June 30, 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; **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; Veeva Systems, 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\* | 6000 | $| 1727880 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22211633 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 5.64%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic Data |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Processing, Inc. | 6500 |  | 2004600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.\* | 3500 |  | 2897790 |
| &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. | 4700 |  | 2513983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 11000 |  | 2047430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc. | 6000 |  | 872760 |
| &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 |  | 1552785 |
|  |  |  | 11889348 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 27.42%** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 27.42%** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 27.42%** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 27.42%** |
| &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 |  | 1779648 |
| &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 |  | 5129250 |
| &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. | 11000 |  | 2013770 |
| &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\* | 5500 |  | 1925440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 5000 |  | 1378250 |
| &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 |  | 2876250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Docusign, Inc.\* | 23000 |  | 1791470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F5, Inc.\* | 9500 |  | 2796040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc.\* | 10000 |  | 1057200 |
| &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 |  | 1029000 |
| &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 |  | 1022500 |
| &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 |  | 1744800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 17700 |  | 8804157 |
| &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 |  | 2248205 |
| &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 |  | 9494567 |
| &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 |  | 3230784 |
| &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 |  | 1745216 |
| &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 |  | 2086560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc., Class A\* | 9700 |  | 2170569 |
| &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 |  | 1243600 |
| &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 |  | 2223760 |
|  |  |  | 57791036 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 1.76%** |  |  |  |
| &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 |  | 2364400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 10300 |  | 1334262 |
|  |  |  | 3698662 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company |  | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 2.91%** | &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 2.91%** |  |  |
| &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. | &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 | $3131310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 15500 | 3004055 |
|  |  |  | 6135365 |
|  TOTAL COMMON STOCKS - 99.87% | TOTAL COMMON STOCKS - 99.87% | TOTAL COMMON STOCKS - 99.87% | 210506596 |
|  (Cost $153,536,490) | (Cost $153,536,490) | (Cost $153,536,490) |  |
|  | Rate^ | Shares | Value |
|  MONEY MARKET FUND - 0.18% | MONEY MARKET FUND - 0.18% | MONEY MARKET FUND - 0.18% |  |
|  Fidelity Investments Money Market Government Portfolio Class I | 4.23% | 379812 | 379812 |
|  TOTAL MONEY MARKET FUND - 0.18% | TOTAL MONEY MARKET FUND - 0.18% | TOTAL MONEY MARKET FUND - 0.18% | 379812 |
|  (Cost $379,812) | (Cost $379,812) | (Cost $379,812) |  |
|  TOTAL INVESTMENTS **-** 100.05% | TOTAL INVESTMENTS **-** 100.05% | TOTAL INVESTMENTS **-** 100.05% | $210886408 |
|  (Cost $153,916,302) | (Cost $153,916,302) | (Cost $153,916,302) |  |
|  Liabilities in Excess of Other Assets - (0.05%) | Liabilities in Excess of Other Assets - (0.05%) | Liabilities in Excess of Other Assets - (0.05%) | (98693) |
|  NET ASSETS - 100.00% | NET ASSETS - 100.00% |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210787715 |

---

*\** *Non-income producing security.* 

*^* *Rate disclosed as of June 30, 2025.* 

---

| | |
|:---|:---|
| *+* | *This security or a portion of the security is out on loan as of June 30, 2025. Total loaned securities had a value of $8,387,220 as of June 30, 2025. See Note 2 for disclosure of cash and non-cash collateral.*  |

---

 <br> bridgewayfunds.com 3

------

---

| | |
|:---|:---|
| Aggressive Investors 1 Fund <br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02a01.jpg)  |

---

*Summary of inputs used to value the Fund's investments as of 6/30/2025:* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | 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) | $210506596 | $– | $– | $210506596 |
|  Money Market Fund | 379812 |  |  | 379812 |
|  TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$210886408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$210886408 |

---

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

*See Notes to Financial Statements.* 

 <br> 4 Annual Report \| June 30, 2025

------

---

| | |
|:---|:---|
| Ultra-Small Company Fund<br> SCHEDULE OF INVESTMENTS | ![LOGO](g92603g02a01.jpg)  |

---

*Showing percentage of net assets as of June 30, 2025* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
|  COMMON STOCKS - 99.22% | COMMON STOCKS - 99.22% | COMMON STOCKS - 99.22% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 3.89%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 3.89%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 3.89%** |
| &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\* | 708000 | $1862040 |
| &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.\* | 8246 | 32819 |
| &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\* | 331481 | 583407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Playstudios, Inc.\* | 147000 | 192570 |
| &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 | 93434 |
| &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.\* | 177438 | 440046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TrueCar, Inc.\* | 51800 | 98420 |
| &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 | 66967 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3369703 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 7.65%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 7.65%** |  |
| &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.\*+ | 96700 | 265925 |
| &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\*+ | 23831 | 253324 |
| &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 | 240018 |
| &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.\* | 10500 | 109725 |
| &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.\* | 8393 | 255651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aterian, Inc.\*+ | 8860 | 14708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BARK, Inc.\* | 548200 | 482142 |
| &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. | 5998 | 91170 |
| &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 | 25169 |
| &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 | 52610 | 147834 |
| &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 | 107670 |
| &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\* | 10000 | 21000 |
| &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.\* | 55700 | 74081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Envela Corp.\* | 10000 | 61200 |
| &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.\* | 213300 | 315684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genesco, Inc.\* | 13400 | 263846 |
| &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. | 8872 | 184360 |
| &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.\* | 2900 | 31059 |
| &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.\* | 1807 | 31406 |
| &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. | 101453 | 1547158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RealReal, Inc. (The)\*+ | 78500 | 376015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RumbleON, Inc., Class B\*+ | 34840 | 80480 |
| &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.\*+ | 5100 | 34450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tile Shop Holdings, Inc.\* | 4355 | 27698 |
| &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.\* | 22845 | 151234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zumiez, Inc.\* | 107639 | 1427293 |
|  |  | 6620300 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 4.72%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 4.72%** |  |
| &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)\*+ | 1161600 | $2218656 |
| &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.\* | 16300 | 22331 |
| &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 | 417330 |
| &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 | 83000 |
| &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 | 218678 |
| &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.\* | 37000 | 121360 |
| &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. | 7600 | 33744 |
| &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.\* | 3300 | 48807 |
| &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 | 115000 | 918850 |
|  |  | 4082756 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 7.22%** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 7.22%** |  |
| &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.\* | 70230 | 79360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berry Corp. | 295700 | 819089 |
| &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 | 1663430 |
| &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.+ | 19033 | 89455 |
| &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.\* | 14239 | 277233 |
| &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.\* | 117593 | 560918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hallador Energy Co.\*+ | 22100 | 349843 |
| &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.\*+ | 73872 | 138141 |
| &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.\* | 2100 | 307398 |
| &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 | 128856 | 1538541 |
| &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.\*+ | 455000 | 361270 |
| &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 | 61542 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6246220 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 19.26%** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 19.26%** |  |
| &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 | 68172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG Mortgage Investment Trust, Inc. | 104126 | 786151 |
| &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. | 67991 | 144821 |
| &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 | 61766 | 1410736 |
| &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 | 67903 |
| &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. | 4800 | 115056 |
| &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. | 25750 | 1248103 |
| &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. | 42700 | 589260 |
| &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 | 31771 | 619852 |

---

 <br> bridgewayfunds.com 5

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| | |
|:---|:---|
| Ultra-Small Company Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02a01.jpg)  |

---

*Showing percentage of net assets as of June 30, 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; Consumer Portfolio Services, Inc.\* | 38859 | $381984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finward Bancorp | 1442 | 39828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finwise Bancorp\*+ | 9700 | 145597 |
| &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. | 10637 | 259330 |
| &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.\* | 28931 | 652683 |
| &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. | 6371 | 250890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FVCBankcorp, Inc.\* | 47065 | 555367 |
| &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. | 23165 | 447548 |
| &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, Ltd. | 55800 | 326988 |
| &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. | 15216 | 83232 |
| &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. | 8000 | 76240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meridian Corp. | 7843 | 101096 |
| &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. | 41700 | 939501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Bankshares, Inc. | 3637 | 98926 |
| &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 | 971487 |
| &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 | 61237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OP Bancorp | 44550 | 578705 |
| &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 | 235640 |
| &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 | 638424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCB Bancorp | 3100 | 65038 |
| &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 | 207720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pioneer Bancorp, Inc.\* | 15600 | 187668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portman Ridge Finance Corp. | 8500 | 106420 |
| &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. | 39413 | 427631 |
| &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. | 16773 | 512247 |
| &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\* | 146193 | 1440001 |
| &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.\* | 25000 | 110500 |
| &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.\* | 1847 | 70241 |
| &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.\* | 20659 | 674930 |
| &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. | 19071 | 595015 |
| &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. | 10208 | 377696 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16669864 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 30.10%** |  |  |
| &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.\* | 233300 | 331286 |
| &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.\* | 810300 | 494283 |
| &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\* | 67567 | 162836 |

---

---

| | | |
|:---|:---|:---|
| &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; American Well Corp., Class A\* | 91741 | $815577 |
| &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.\*+ | 37600 | 198904 |
| &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\* | 71053 | 285633 |
| &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 | 153400 |
| &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.\*+ | 66992 | 799884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Creative Medical Technology Holdings, Inc.\* | 1852 | 4908 |
| &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 | 459848 |
| &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.\*+ | 114700 | 386539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ElectroCore, Inc.\*+ | 8482 | 44785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electromed, Inc.\* | 49963 | 1098686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eledon Pharmaceuticals, Inc.\* | 33400 | 90514 |
| &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.\* | 106070 | 1511498 |
| &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.\* | 24200 | 200860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FONAR Corp.\* | 30100 | 450296 |
| &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.\*+ | 700000 | 1449000 |
| &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.\* | 51100 | 68474 |
| &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\*+ | 35000 | 117950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inogen, Inc.\* | 108851 | 765223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Corp. (The)\* | 4200 | 48468 |
| &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.\*+ | 27836 | 119973 |
| &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.\* | 6900 | 405030 |
| &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.\*+ | 41000 | 187780 |
| &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 | 162192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MEI Pharma, Inc.\* | 26869 | 66366 |
| &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.\* | 188700 | 120108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nektar Therapeutics+ | 66140 | 1709058 |
| &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.\* | 92179 | 1328299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OptimizeRx Corp.\*+ | 99029 | 1336892 |
| &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.\* | 539100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1617300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Passage Bio, Inc.\* | 416042 | 166542 |
| &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.\* | 69900 | 74094 |
| &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 | 259984 |
| &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.\* | 33495 | 55267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quipt Home Medical Corp.\* | 62600 | 112054 |

---

 <br> 6 Annual Report \| June 30, 2025

------

---

| | |
|:---|:---|
| Ultra-Small Company Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02a01.jpg)  |

---

*Showing percentage of net assets as of June 30, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retractable Technologies, Inc.\* | 59500 | $38050 |
| &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 | 234500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sage Therapeutics, Inc.\* | 95000 | 866400 |
| &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\*+ | 357741 | 2725986 |
| &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.\*+ | 17279 | 567788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seer, Inc.\* | 708043 | 1515212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semler Scientific, Inc.\*+ | 15676 | 607288 |
| &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.\* | 174000 | 431520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tourmaline Bio, Inc.\* | 7500 | 119925 |
| &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.\*+ | 5900 | 32155 |
| &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.\* | 46100 | 217592 |
| &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\*+ | 11800 | 88500 |
| &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 | 234940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VYNE Therapeutics, Inc.\* | 76958 | 126981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whitehawk |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Therapeutics, Inc.\* | 315284 | 589581 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26056209 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 10.25%** |  |  |
| &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.+ | 12453 | 516177 |
| &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\*+ | 10728 | 26713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blade Air Mobility, Inc.\* | 57300 | 230919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Byrna Technologies, Inc.\*+ | 16871 | 520976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Civeo Corp. | 70400 | 1625536 |
| &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.\* | 4300 | 15050 |
| &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.\*+ | 69520 | 405997 |
| &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) | 3500 | 79870 |
| &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.\* | 79309 | 785159 |
| &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.\* | 8000 | 182560 |
| &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.\* | 38000 | 327560 |
| &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.\* | 7600 | 106400 |
| &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 | 49750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson Global, Inc.\* | 10958 | 93253 |
| &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.\* | 206842 | 1679557 |
| &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 | 98207 |
| &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 | 172260 |
| &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 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perma-Fix Environmental Services, Inc.\*+ | 20300 | 213556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pioneer Power Solutions, Inc. | 39200 | 107800 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
| &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; Quad/Graphics, Inc. | 62574 | $353543 |
| &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. | 86800 | 466116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skillsoft Corp.\* | 31040 | 495709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taylor Devices, Inc.\*+ | 1000 | 43400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TrueBlue, Inc.\* | 42500 | 275400 |
|  |  | 8871983 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 10.30%** |  |  |
| &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.\* | 5268 | 64796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airgain, Inc.\* | 11400 | 47310 |
| &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.\*+ | 40000 | 235600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astrotech Corp.\* | 4700 | 27142 |
| &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\* | 62000 | 341000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ClearOne, Inc.\* | 3573 | 21045 |
| &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.\* | 59000 | 1360540 |
| &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 | 846259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eGain Corp.\* | 45900 | 286875 |
| &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 | 181503 |
| &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.\* | 367754 | 1463661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ON24, Inc.\* | 305648 | 1659669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red Violet, Inc. | 2700 | 132840 |
| &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.\* | 29696 | 192133 |
| &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 | 1335334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taitron Components, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inc., Class A | 68200 | 152768 |
| &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.\* | 22600 | 312558 |
| &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.\* | 113100 | 220545 |
| &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.\* | 36600 | 32794 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8914372 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 2.40%** |  |  |
| &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 | 106367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flexible Solutions International, Inc.+ | 63900 | 309915 |
| &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.\* | 19600 | 289296 |
| &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.+ | 66821 | 1106556 |
| &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.\* | 69200 | 266420 |
|  |  | 2078554 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 3.43%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpine Income Property Trust, Inc. | 37309 | 548816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMREP Corp.\*+ | 22298 | 466697 |

---

 <br> bridgewayfunds.com 7

------

---

| | |
|:---|:---|
| Ultra-Small Company Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02a01.jpg)  |

---

*Showing percentage of net assets as of June 30, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company |  | Shares | Value |
|  Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate (continued)** | &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; Clipper Realty, Inc.+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clipper Realty, Inc.+ | 3934 | $14438 |
| &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.\* | 836716 | 1941181 |
|  |  |  | 2971132 |
|  TOTAL COMMON STOCKS - 99.22% | TOTAL COMMON STOCKS - 99.22% | TOTAL COMMON STOCKS - 99.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85881093 |
|  (Cost $78,602,661) | (Cost $78,602,661) |  |  |
|  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 |  |
|  TOTAL RIGHTS - 0.00% |  |  |  |
|  (Cost $–) |  |  |  |
|  | Rate^ | Shares | Value |
|  MONEY MARKET FUND - 0.86% | MONEY MARKET FUND - 0.86% | MONEY MARKET FUND - 0.86% |  |
|  Fidelity Investments Money Market Government Portfolio Class I | 4.23% | 741120 | 741120 |
|  TOTAL MONEY MARKET FUND - 0.86% | TOTAL MONEY MARKET FUND - 0.86% | TOTAL MONEY MARKET FUND - 0.86% | 741120 |
|  (Cost $741,120) |  |  |  |
| INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 6.35% | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 6.35% | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 6.35% | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 6.35% |
|  Dreyfus Institutional Preferred Government Money Market Fund\*\* | 4.29% | 5496246 | 5496246 |
|  TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 6.35% | TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 6.35% | TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 6.35% | 5496246 |
|  (Cost $5,496,246) | (Cost $5,496,246) | (Cost $5,496,246) |  |
|  TOTAL INVESTMENTS **-** 106.43% | TOTAL INVESTMENTS **-** 106.43% | TOTAL INVESTMENTS **-** 106.43% | $92118459 |
|  (Cost $84,840,027) |  |  |  |
|  Liabilities in Excess of Other Assets - (6.43%) | Liabilities in Excess of Other Assets - (6.43%) | Liabilities in Excess of Other Assets - (6.43%) | (5567598) |
|  NET ASSETS - 100.00% | NET ASSETS - 100.00% | NET ASSETS - 100.00% | $86550861 |

---

*#* *Illiquid security as determined under procedures approved by the Board of Directors. The aggregate value of illiquid securities is $515, 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 June 30, 2025.* 

*^* *Rate disclosed as of June 30, 2025.* 

---

| | |
|:---|:---|
| *+* | *This security or a portion of the security is out on loan as of June 30, 2025. Total loaned securities had a value of $10,469,889 as of June 30, 2025. See Note 2 for disclosure of cash and non-cash collateral.*  |

---

*+++* *No stated maturity date.* 

*CVR-* *Contingent Value Right* 

 <br> 8 Annual Report \| June 30, 2025

------

---

| | |
|:---|:---|
| Ultra-Small Company Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02a01.jpg)  |

---

*Summary of inputs used to value the Fund's investments as of 6/30/2025:* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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 | $8871468 | $– | $515 | $8871983 |
| &nbsp;&nbsp; Other Industries (a) | 77009110 |  |  | 77009110 |
|  Total Common Stocks | 85880578 |  | 515 | 85881093 |
|  Rights |  |  | 0 | 0 |
|  Money Market Fund | 741120 |  |  | 741120 |
|  Investments Purchased With Cash Proceeds From Securities Lending | 5496246 |  |  | 5496246 |
|  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;$92117944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$92118459 |

---

(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 06/30/2024 | $515 | $0 | $515 |
|  Purchases/Issuances |  |  |  |
|  Sales/Expirations |  |  |  |
|  Return of Capital |  |  |  |
|  Realized Gain/(Loss) |  |  |  |
|  Change in unrealized Appreciation/(Depreciation) |  |  |  |
|  Transfers in |  |  |  |
|  Transfers out |  |  |  |
|  Balance as of 06/30/2025 | $&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;515 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;515 |
|  Net change in unrealized Appreciation/(Depreciation) from investments held as of 06/30/2025 | $– | $– | $– |

---

*See Notes to Financial Statements.* 

 <br> bridgewayfunds.com 9

------

---

| | |
|:---|:---|
| Ultra-Small Company Market Fund<br> SCHEDULE OF INVESTMENTS | ![LOGO](g92603g02a01.jpg)  |

---

*Showing percentage of net assets as of June 30, 2025*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
|  COMMON STOCKS - 100.05% | COMMON STOCKS - 100.05% | COMMON STOCKS - 100.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 3.50%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 3.50%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 3.50%** |
| &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 | $188100 |
| &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)\* | 27600 | 171120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cardlytics, Inc.\*+ | 52000 | 85540 |
| &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 | 60901 |
| &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.\* | 47800 | 141966 |
| &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 | 370040 |
| &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\* | 110000 | 289300 |
| &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\* | 85500 | 251370 |
| &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 | 190526 |
| &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 | 79600 |
| &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\* | 144974 | 255154 |
| &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.\* | 44740 | 106929 |
| &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 | 117720 |
| &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 | 8371 |
| &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 | 206980 |
| &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.\*+ | 22000 | 45100 |
| &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 | 177840 |
| &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 | 39263 |
| &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 | 117068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travelzoo\* | 40443 | 514839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TrueCar, Inc.\* | 71320 | 135508 |
| &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 | 108089 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3730372 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 13.17%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 13.17%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 13.17%** |
| &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 | 150975 |
| &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 | 92700 |
| &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 | 209190 |
| &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.\* | 35007 | 365823 |
| &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. | 14500 | 132312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BARK, Inc.\* | 203235 | 178745 |
| &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 | 459030 |
| &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 | 281869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Big 5 Sporting Goods Corp. | 35000 | 49700 |

---

---

| | | |
|:---|:---|:---|
| &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; Brilliant Earth Group, Inc., Class A\* | 22800 | $31236 |
| &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128629 |
| &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.\* | 82800 | 61280 |
| &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 | 61820 |
| &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)\*+ | 43050 | 190712 |
| &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 | 474138 |
| &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 | 157885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cooper-Standard Holdings, Inc.\* | 19500 | 419250 |
| &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 | 70740 |
| &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+ | 42500 | 101150 |
| &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.\* | 79093 | 87793 |
| &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 | 105603 |
| &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 | 16033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Envela Corp.\*+ | 77400 | 473688 |
| &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 | 230782 |
| &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 | 243040 |
| &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 | 536847 |
| &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 | 105820 |
| &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 | 16380 |
| &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 | 285505 |
| &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 | 60404 |
| &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 | 245093 |
| &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.+ | 14864 | 157261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inspirato, Inc.\* | 9250 | 31635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iRobot Corp.\*+ | 16586 | 51914 |
| &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 | 334350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kirkland's, Inc.\*+ | 14900 | 16092 |
| &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 | 319250 |
| &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. | 33620 | 171462 |
| &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)\* | 14500 | 263900 |
| &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 | 269394 |
| &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. | 9200 | 140300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nerdy, Inc.\*+ | 143000 | 233090 |
| &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 | 40168 |
| &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 | 212901 |
| &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.\*+ | 19000 | 63080 |

---

 <br> 10 Annual Report \| June 30, 2025

------

---

| | |
|:---|:---|
| Ultra-Small Company Market Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02a01.jpg)  |

---

*Showing percentage of net assets as of June 30, 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; Potbelly Corp.\* | 60000 | $| 735000 |
| &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 |  | 153435 |
| &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 |  | 77079 |
| &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\*+ | 5000 |  | 25300 |
| &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. | 16700 |  | 370573 |
| &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 |  | 236425 |
| &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.\*+ | 300000 |  | 657000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonder Holdings, Inc.\*+ | 50000 |  | 135000 |
| &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.\* | 52700 |  | 181815 |
| &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.\* | 10678 |  | 21249 |
| &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 |  | 225280 |
| &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.\* | 11100 |  | 690531 |
| &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 |  | 347017 |
| &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 |  | 131283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ThredUp, Inc., Class A\* | 82000 |  | 614180 |
| &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 |  | 153990 |
| &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.\* | 42000 |  | 121800 |
| &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.\* | 31900 |  | 211178 |
| &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.\* | 55100 |  | 121771 |
| &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 |  | 265280 |
| &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 |  | 218459 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14022614 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 1.91%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 1.91%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 1.91%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 1.91%** |
| &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 |  | 325166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beyond Meat, Inc.\*+ | 90000 |  | 314100 |
| &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 |  | 172791 |
| &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 |  | 27400 |
| &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 |  | 94500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifeway Foods, Inc.\* | 7401 |  | 182435 |
| &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 |  | 38699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medifast, Inc.\* | 20000 |  | 281000 |
| &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 |  | 103681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocky Mountain Chocolate Factory, Inc.\* | 20466 |  | 29266 |
| &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 |  | 107189 |
| &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 |  | 356132 |
|  |  |  | 2032359 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 4.82%** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 4.82%** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 4.82%** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 4.82%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aemetis, Inc.\*+ | 40500 |  | 100440 |
| &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.\* | 45000 |  | 144000 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value | Value |
| &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; Barnwell Industries, Inc.\* | 35000 | $| 39550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berry Corp. | 97000 |  | 268690 |
| &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 |  | 225680 |
| &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 |  | 238760 |
| &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 |  | 356301 |
| &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 |  | 213788 |
| &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 |  | 142600 |
| &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.\* | 52500 |  | 250425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gulf Island Fabrication, Inc.\* | 35348 |  | 235064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houston American Energy Corp.\*+ | 2800 |  | 29652 |
| &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 |  | 40583 |
| &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.\* | 45000 |  | 126000 |
| &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 |  | 70960 |
| &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 |  | 419616 |
| &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 |  | 557548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Era Helium, Inc.\* | 15000 |  | 7380 |
| &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 |  | 38555 |
| &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.\* | 75000 |  | 402000 |
| &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 |  | 96640 |
| &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 | 20000 |  | 238800 |
| &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 |  | 213308 |
| &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 |  | 162180 |
| &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 |  | 267732 |
| &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.+ | 150000 |  | 247500 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5133752 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 16.77%** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 16.77%** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 16.77%** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 16.77%** |
| &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 |  | 137966 |
| &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 |  | 73480 |
| &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 |  | 95662 |
| &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 |  | 213545 |
| &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 |  | 103600 |
| &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 |  | 110205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BankFinancial Corp. | 26469 |  | 306246 |

---

 <br> bridgewayfunds.com 11

------

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| | |
|:---|:---|
| Ultra-Small Company Market Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02a01.jpg)  |

---

*Showing percentage of net assets as of June 30, 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; **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; Bankwell Financial Group, Inc. | 9202 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BayCom Corp. | 12800 | 354688 |
| &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 | 204606 |
| &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 | 191400 |
| &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.\*+ | 128900 | 462751 |
| &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 | 332725 |
| &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 | 285000 |
| &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 | 305264 |
| &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. | 18600 | 256680 |
| &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 | 280355 |
| &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 | 44685 |
| &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 | 373474 |
| &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 | 545565 |
| &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 | 233730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eHealth, Inc.\* | 55000 | 239250 |
| &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 | 182922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finwise Bancorp\*+ | 24800 | 372248 |
| &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 | 117184 |
| &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 | 8900 | 239410 |
| &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 | 7750 | 59675 |
| &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. | 11292 | 350165 |
| &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 | 285407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fundamental Global, Inc.\* | 1520 | 25270 |
| &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.\* | 49597 | 104650 |
| &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 | 320460 |
| &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 | 383133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HomeStreet, Inc.\* | 17500 | 228725 |
| &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. | 13000 | 251160 |
| &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 | 26528 |
| &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 | 406200 |
| &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. | 7644 | 120928 |
| &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. | 6645 | 175694 |
| &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 | 178045 |
| &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 | 62154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MBIA, Inc.\*+ | 80000 | 347200 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value | Value |
| &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; Medallion Financial Corp. | 53744 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512180 |
| &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 |  | 201123 |
| &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 |  | 264915 |
| &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 |  | 177265 |
| &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 |  | 561710 |
| &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 |  | 266295 |
| &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 |  | 501200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OppFi, Inc.+ | 7000 |  | 97930 |
| &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 |  | 74202 |
| &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 |  | 377640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penns Woods Bancorp, Inc.+ | 7800 |  | 236808 |
| &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 |  | 186140 |
| &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 |  | 396643 |
| &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. | 8179 |  | 249787 |
| &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 |  | 128650 |
| &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 |  | 134783 |
| &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\* | 50703 |  | 499425 |
| &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 |  | 255378 |
| &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.\* | 10600 |  | 403118 |
| &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 |  | 84769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SWK Holdings Corp. | 25000 |  | 368500 |
| &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 |  | 284045 |
| &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 |  | 148406 |
| &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 |  | 285450 |
| &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 |  | 137700 |
| &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 |  | 450855 |
| &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. | 45844 |  | 423140 |
| &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 |  | 429000 |
|  |  |  | 17856640 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 29.59%** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 29.59%** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 29.59%** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 29.59%** |
| &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.\* | 25000 |  | 92750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accuray, Inc.\* | 201100 |  | 275507 |
| &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.\* | 197019 |  | 279767 |
| &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.\*+ | 18000 |  | 21420 |

---

 <br> 12 Annual Report \| June 30, 2025

------

---

| | |
|:---|:---|
| Ultra-Small Company Market Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02a01.jpg)  |

---

*Showing percentage of net assets as of June 30, 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; Actinium Pharmaceuticals, Inc.\*+ | 40000 | $56000 |
| &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.\* | 101871 | 118170 |
| &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.\* | 91300 | 55693 |
| &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299460 |
| &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 | 161000 |
| &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 | 368250 |
| &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 | 110000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alumis, Inc.\* | 63400 | 190200 |
| &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 | 20967 |
| &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 | 44450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amylyx Pharmaceuticals, Inc.\*+ | 16500 | 105765 |
| &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 | 62540 |
| &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 | 185150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annexon, Inc.\*+ | 85000 | 204000 |
| &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.\*+ | 15300 | 33201 |
| &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 | 124425 |
| &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.\*+ | 110000 | 364100 |
| &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 | 78626 |
| &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 | 52850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assembly Biosciences, Inc.\* | 13750 | 249150 |
| &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 | 108080 |
| &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.\* | 133300 | 479880 |
| &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 | 101888 |
| &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 | 206500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biodesix, Inc.\* | 116311 | 32823 |
| &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 | 122940 |
| &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 | 201000 |
| &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 | 218240 |
| &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 | 51005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Butterfly Network, Inc.\* | 63000 | 126000 |
| &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.\*+ | 100000 | 143000 |
| &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.\*+ | 37675 | 57266 |
| &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.\* | 10000 | 2300 |
| &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 | 36250 |

---

---

| | | |
|:---|:---|:---|
| &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; Candel Therapeutics, Inc.\* | 50000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253000 |
| &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 | 100921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cargo Therapeutics, Inc.\* | 60000 | 247200 |
| &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 | 163800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cerus Corp.\* | 160000 | 225600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claritev Corp.\*+ | 12600 | 568638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearside Biomedical, Inc.\* | 205000 | 164000 |
| &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.\* | 123800 | 153512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Codexis, Inc.\* | 92000 | 224480 |
| &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.\*+ | 143000 | 104576 |
| &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\* | 19200 | 76224 |
| &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.\*+ | 60000 | 240000 |
| &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.\* | 49887 | 167121 |
| &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 | 291648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CytomX Therapeutics, Inc.\* | 126000 | 286020 |
| &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.\*+ | 65000 | 219050 |
| &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.\*+ | 120000 | 264000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electromed, Inc.\* | 27000 | 593730 |
| &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 | 189000 |
| &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.\* | 26700 | 380475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exagen, Inc.\* | 22600 | 157748 |
| &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.\* | 25000 | 28000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fibrobiologics, Inc.\* | 40000 | 24888 |
| &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.\* | 57500 | 270250 |
| &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.\*+ | 45500 | 73710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fulcrum Therapeutics, Inc.\* | 90000 | 619200 |
| &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 | 54007 |
| &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.\* | 460000 | 565800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Humacyte, Inc.\*+ | 175000 | 365750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyperfine, Inc.\* | 57800 | 41593 |
| &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.\* | 87500 | 117250 |
| &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 | 167991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immunic, Inc.\* | 115000 | 80212 |
| &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 | 217152 |
| &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.\*+ | 16500 | 235455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inogen, Inc.\* | 51700 | 363451 |

---

 <br> bridgewayfunds.com 13

------

---

| | |
|:---|:---|
| Ultra-Small Company Market Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02a01.jpg)  |

---

*Showing percentage of net assets as of June 30, 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; IO Biotech, Inc.\* | 75000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104250 |
| &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.\* | 75000 | 53790 |
| &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.\* | 7500 | 20025 |
| &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.\*+ | 10000 | 43100 |
| &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.\* | 9200 | 540040 |
| &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.\* | 94200 | 351366 |
| &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 | 165780 |
| &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.\* | 96916 | 280087 |
| &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.\*+ | 50000 | 201000 |
| &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 | 462028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LifeMD, Inc.\* | 55500 | 755910 |
| &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.\* | 150000 | 136110 |
| &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 | 159120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MacroGenics, Inc.\* | 118500 | 143385 |
| &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 | 64800 |
| &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 | 272500 |
| &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.\*+ | 29200 | 333172 |
| &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.\*+ | 92200 | 136456 |
| &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.\* | 149500 | 95157 |
| &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.\*+ | 75000 | 338250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Myomo, Inc.\* | 67500 | 145800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NanoViricides, Inc.\* | 44039 | 61655 |
| &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.\* | 125000 | 90613 |
| &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.\* | 125000 | 91663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neuronetics, Inc.\*+ | 70205 | 245015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nkarta, Inc.\* | 75000 | 124500 |
| &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.\*+ | 50000 | 213000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omeros Corp.\*+ | 28215 | 84645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OmniAb, Inc.\* | 40000 | 69600 |
| &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\* | 25000 | 59750 |
| &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 | 270000 |
| &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 | 67000 |
| &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 | 47000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owlet, Inc.\* | 25225 | 211890 |

---

---

| | | |
|:---|:---|:---|
| &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; PepGen, Inc.\*+ | 78923 | $87605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performant Healthcare, Inc.\* | 178300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713200 |
| &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.\* | 100000 | 344000 |
| &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 | 95468 |
| &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.\* | 58400 | 61904 |
| &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.\*+ | 85000 | 68799 |
| &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.\*+ | 200000 | 494000 |
| &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 | 266400 |
| &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.\*+ | 52500 | 159075 |
| &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 | 157990 |
| &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 | 251419 |
| &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.\*+ | 127095 | 139805 |
| &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.\*+ | 190000 | 372400 |
| &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 | 120321 |
| &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\* | 46500 | 23896 |
| &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.\*+ | 15625 | 125000 |
| &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.\* | 71700 | 45852 |
| &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.\* | 21500 | 402695 |
| &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 | 372618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; scPharmaceuticals, Inc.\*+ | 61300 | 233553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCYNEXIS, Inc.\* | 59500 | 40151 |
| &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 | 249738 |
| &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 | 113861 |
| &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.\* | 12500 | 138875 |
| &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 | 15369 |
| &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.\*+ | 92300 | 73083 |
| &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 | 373901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skye Bioscience, Inc.\*+ | 42000 | 175560 |
| &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.\*+ | 90071 | 438646 |
| &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 | 187920 |
| &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 | 269452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SunLink Health Systems, Inc.\* | 19795 | 17420 |
| &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.\*+ | 125000 | 640000 |

---

 <br> 14 Annual Report \| June 30, 2025

------

---

| | |
|:---|:---|
| Ultra-Small Company Market Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02a01.jpg)  |

---

*Showing percentage of net assets as of June 30, 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; **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; Tectonic Therapeutic, Inc.\*+ | 11783 | $| 234128 |
| &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 |  | 97000 |
| &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.\* | 95000 |  | 354350 |
| &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.\*# | 49500 |  | 61875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TherapeuticsMD, Inc.\* | 34000 |  | 39440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trevi Therapeutics, Inc.\*+ | 42881 |  | 234559 |
| &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 |  | 354250 |
| &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.\* | 143700 |  | 208365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UNITY Biotechnology, Inc.\* | 25000 |  | 9500 |
| &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 |  | 284600 |
| &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 |  | 375240 |
| &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.\* | 39000 |  | 83460 |
| &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.\* | 106259 |  | 330465 |
| &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.\* | 100000 |  | 109000 |
| &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 |  | 38129 |
| &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.\* | 25000 |  | 630000 |
| &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 |  | 113880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y-mAbs Therapeutics, Inc.\* | 49900 |  | 225049 |
| &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 |  | 89668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zynex, Inc.\* | 38400 |  | 99072 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31508552 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 12.29%** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 12.29%** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 12.29%** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 12.29%** |
| &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 |  | 110110 |
| &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 |  | 258441 |
| &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 |  | 13440 |
| &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 |  | 168376 |
| &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 |  | 221200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amprius Technologies, Inc.\* | 135000 |  | 568350 |
| &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 |  | 9711 |
| &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.\* | 50000 |  | 48105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BGSF, Inc.\* | 17400 |  | 110838 |
| &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.\*+ | 27050 |  | 556689 |

---

---

| | | |
|:---|:---|:---|
| 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; Bridger Aerospace Group Holdings, Inc.\*+ | 65000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125450 |
| &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 | 97840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Complete Solaria, Inc.\*#+ | 134500 | 247480 |
| &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.+ | 26586 | 706390 |
| &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 | 74200 |
| &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 | 221354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Vault Holdings, Inc.\*+ | 50000 | 35840 |
| &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 | 210632 |
| &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 | 13300 |
| &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 | 109150 |
| &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.\* | 24100 | 238590 |
| &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.\* | 50000 | 431000 |
| &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 | 408800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson Global, Inc.\*+ | 10942 | 93116 |
| &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 | 245700 |
| &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.\* | 132500 | 174900 |
| &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 | 128750 |
| &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 | 352552 |
| &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 | 402408 |
| &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 | 219000 |
| &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.\* | 25000 | 337750 |
| &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 | 243518 |
| &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.\* | 48100 | 385281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NN, Inc.\*+ | 64603 | 135666 |
| &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 | 482098 |
| &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 | 384504 |
| &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.\*+ | 27610 | 631441 |
| &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 | 188760 |
| &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 | 249555 |
| &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.\* | 67000 | 407360 |
| &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 | 394609 |
| &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 | 39627 |
| &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 | 287460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SolarMax Technology, Inc.\* | 20200 | 22018 |
| &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.\* | 118000 | 493240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spire Global, Inc.\*+ | 20000 | 238000 |
| &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 | 97188 |
| &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.\*+ | 15946 | 58841 |
| &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.\*+ | 175000 | 215250 |
| &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 | 109200 |

---

 <br> bridgewayfunds.com 15

------

---

| | |
|:---|:---|
| Ultra-Small Company Market Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02a01.jpg)  |

---

*Showing percentage of net assets as of June 30, 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; TrueBlue, Inc.\* | 38000 | $| 246240 |
| &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.\* | 62000 |  | 298220 |
| &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 |  | 146392 |
| &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 |  | 246052 |
| &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 |  | 154812 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13094794 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 11.82%** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 11.82%** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 11.82%** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 11.82%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8x8, Inc.\* | 125000 |  | 245000 |
| &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.\*+ | 30500 |  | 217465 |
| &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 |  | 92250 |
| &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.\*+ | 25000 |  | 944750 |
| &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 |  | 210273 |
| &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 |  | 64824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arteris, Inc.\* | 12000 |  | 114360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AstroNova, Inc.\* | 30500 |  | 353495 |
| &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 |  | 502645 |
| &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 |  | 47000 |
| &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 |  | 110770 |
| &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\* | 56000 |  | 308000 |
| &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 |  | 266002 |
| &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 |  | 85750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoreCard Corp.\* | 9737 |  | 282081 |
| &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 |  | 296500 |
| &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.\* | 50000 |  | 218500 |
| &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 |  | 571236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digimarc Corp.\*+ | 15000 |  | 198150 |
| &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 |  | 328295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D-Wave Quantum, Inc.\* | 6800 |  | 99552 |
| &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 |  | 197506 |
| &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\* | 183000 |  | 473970 |
| &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 |  | 488265 |
| &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 |  | 21930 |
| &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 |  | 77280 |
| &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 |  | 315200 |
| &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. | 50000 |  | 240000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inseego Corp.\*+ | 18700 |  | 154088 |
| &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 |  | 153329 |
| &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 |  | 109200 |
| &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 |  | 92000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaltura, Inc.\* | 150000 |  | 301500 |
| &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 |  | 49764 |

---

---

| | | | |
|:---|:---|:---|:---|
| Industry Company | Shares | Value | 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; **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; KVH Industries, Inc.\* | 32700 | $| 174291 |
| &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 |  | 73914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LivePerson, Inc.\* | 100000 |  | 101000 |
| &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.\* | 45000 |  | 179100 |
| &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. | 45000 |  | 427950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MicroVision, Inc.\*+ | 250000 |  | 285000 |
| &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 |  | 266028 |
| &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 |  | 28426 |
| &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 |  | 316026 |
| &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 |  | 35910 |
| &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 |  | 82153 |
| &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 |  | 83463 |
| &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 |  | 183456 |
| &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.\*+ | 25000 |  | 118000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SmartRent, Inc.\* | 200000 |  | 198000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telos Corp.\* | 90075 |  | 285538 |
| &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 |  | 125791 |
| &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 |  | 131706 |
| &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 |  | 318090 |
| &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 |  | 85700 |
| &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 |  | 98085 |
| &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 |  | 79254 |
| &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 |  | 60380 |
| &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.\* | 15000 |  | 421500 |
| &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 |  | 49446 |
| &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.\* | 166400 |  | 149094 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12588231 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 3.68%** | &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 3.68%** | &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 3.68%** | &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 3.68%** |
| &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 |  | 9272 |
| &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 |  | 156800 |
| &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.\* | 66200 |  | 195952 |
| &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 |  | 369343 |
| &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 |  | 264179 |
| &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.\* | 20000 |  | 389600 |
| &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 |  | 238896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dakota Gold Corp.\* | 56500 |  | 208485 |
| &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.\*+ | 51425 |  | 759033 |
| &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 |  | 326232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gulf Resources, Inc.\* | 32360 |  | 21746 |
| &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 |  | 261692 |

---

 <br> 16 Annual Report \| June 30, 2025

------

---

| | |
|:---|:---|
| Ultra-Small Company Market Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02a01.jpg)  |

---

*Showing percentage of net assets as of June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value | 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; Loop Industries, Inc.\* | 74900 | $| 106358 |
| &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 |  | 107608 |
| &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.\* | 155000 |  | 100750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tredegar Corp.\* | 38700 |  | 340560 |
| &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.\*+ | 27800 |  | 60604 |
|  |  |  | 3917110 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 1.67%** | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 1.67%** | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 1.67%** | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 1.67%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Realty |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investors, Inc.\*+ | 2363 |  | 33366 |
| &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 |  | 227258 |
| &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.\* | 235329 |  | 545963 |
| &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 |  | 383954 |
| &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 |  | 9450 |
| &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 |  | 23114 |
| &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 |  | 286300 |
| &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 |  | 269040 |
|  |  |  | 1778445 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 0.83%** | &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 0.83%** | &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 0.83%** | &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 0.83%** |
| &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 |  | 231928 |
| &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 |  | 559500 |
| &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 |  | 88931 |
|  |  |  | 880359 |
|  TOTAL COMMON STOCKS - 100.05% | TOTAL COMMON STOCKS - 100.05% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106543228 |
|  (Cost $90,719,398) | (Cost $90,719,398) |  |  |
|  RIGHTS - 0.00% | 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; Pineapple Holdings, Inc., CVR\*Δ#+++ | 14504 |  | 870 |
|  TOTAL RIGHTS - 0.00% | TOTAL RIGHTS - 0.00% |  | 870 |
|  (Cost $–) | (Cost $–) |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| Industry Company |  | Shares | Value |
|  WARRANTS - 0.03% | WARRANTS - 0.03% | WARRANTS - 0.03% | WARRANTS - 0.03% |
| &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), expiring 11/16/25\* | &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), expiring 11/16/25\* | 29200 | $16936 |
| &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., expiring 03/11/28\*# | &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., expiring 03/11/28\*# | 11334 | 11747 |
| &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., expiring 07/31/25\*Δ# | &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., expiring 07/31/25\*Δ# | 2388 |  |
|  TOTAL WARRANTS - 0.03% | TOTAL WARRANTS - 0.03% | TOTAL WARRANTS - 0.03% | 28683 |
|  (Cost $60,323) | (Cost $60,323) |  |  |
|  | 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 | 4.23% | 313552 | 313552 |
|  TOTAL MONEY MARKET FUND - 0.29% | TOTAL MONEY MARKET FUND - 0.29% | TOTAL MONEY MARKET FUND - 0.29% | 313552 |
|  (Cost $313,552) | (Cost $313,552) |  |  |
| INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 14.83% | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 14.83% | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 14.83% | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 14.83% |
|  Dreyfus Institutional Preferred Government Money Market Fund\*\* | 4.29% | 15790758 | 15790758 |
|  TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 14.83% | TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 14.83% | TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 14.83% | 15790758 |
|  (Cost $15,790,758) |  |  |  |
|  TOTAL INVESTMENTS **-** 115.20% | TOTAL INVESTMENTS **-** 115.20% |  | $122677091 |
|  (Cost $106,884,031) |  |  |  |
|  Liabilities in Excess of Other Assets - (15.20%) | Liabilities in Excess of Other Assets - (15.20%) | Liabilities in Excess of Other Assets - (15.20%) | (16182340) |
|  NET ASSETS - 100.00% | NET ASSETS - 100.00% |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106494751 |

---

 <br> bridgewayfunds.com 17

------

---

| | |
|:---|:---|
| Ultra-Small Company Market Fund <br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02a01.jpg)  |

---

*Showing percentage of net assets as of June 30, 2025* 

 *# Illiquid security as determined under procedures approved by the Board of Directors. The aggregate value of illiquid securities is $711,480, which is 0.67% of total net assets.*<br> *\* Non-income producing security.*<br> *\*\* This security represents the investment of the cash collateral received in connection with securities out on loan as of June 30, 2025.*<br> *^ Rate disclosed as of June 30, 2025.*<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> *+ This security or a portion of the security is out on loan at June 30, 2025. Total loaned securities had a value of $20,408,931, which included loaned securities with a value of $219,279 that have been sold and are pending settlement as of June 30, 2025. The total market value of loaned securities excluding these pending sales is $20,189,652. See Note 2 for disclosure of cash and non-cash collateral.*<br> *+++ No stated maturity date.*<br>*CVR- Contingent Value Right*<br>

 <br> 18 Annual Report \| June 30, 2025

------

---

| | |
|:---|:---|
| Ultra-Small Company Market Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02a01.jpg)  |

---

*Summary of inputs used to value the Fund's investments as of 6/30/2025:* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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 |  |  |  |  |
|  Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3661324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;$3730372 |
| &nbsp;&nbsp; Other Industries (a) | 102812856 |  |  | 102812856 |
|  Total Common Stocks | 106474180 |  | 69048 | 106543228 |
|  Rights |  |  | 870 | 870 |
|  Warrants | 28683 |  | 0 | 28683 |
|  Money Market Fund | 313552 |  |  | 313552 |
|  Investments Purchased With Cash Proceeds From Securities Lending | 15790758 |  |  | 15790758 |
|  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;$122607173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$69918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$122677091 |

---

(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 | Warrants | Total |
|  Balance as of 06/30/2024 | $69048 | $3916 | $0 | $72964 |
|  Purchases/Issuances |  |  |  |  |
|  Sales/Expirations |  | (41325) |  | (41325) |
|  Return of Capital |  |  |  |  |
|  Realized Gain/(Loss) |  | 11349 |  | 11349 |
|  Change in unrealized Appreciation/(Depreciation) |  | 26930 |  | 26930 |
|  Transfers in |  |  |  |  |
|  Transfers out |  |  |  |  |
|  Balance as of 06/30/2025 | $&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;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;&nbsp;&nbsp;&nbsp;&nbsp;870 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;69918 |
|  Net change in unrealized Appreciation/(Depreciation) from investments held as of 06/30/2025 | $– | $(3046) | $– | $(3046) |

---

*See Notes to Financial Statements.* 

 <br> bridgewayfunds.com 19

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| | |
|:---|:---|
| Small-Cap Value Fund<br> SCHEDULE OF INVESTMENTS | ![LOGO](g92603g02a01.jpg) |

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*Showing percentage of net assets as of June 30, 2025* 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
|  COMMON STOCKS - 100.01% | COMMON STOCKS - 100.01% | COMMON STOCKS - 100.01% |
| &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\* | 144599 | $906636 |
| &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\*+ | 480000 | 3163200 |
| &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\* | 409275 | 720324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TEGNA, Inc. | 251000 | 4206760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vimeo, Inc.\* | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1616000 |
|  |  | 10612920 |
|  **Consumer Discretionary - 11.63%** | **Consumer Discretionary - 11.63%** | **Consumer Discretionary - 11.63%** |
| &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. | 72097 | 3230667 |
| &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.\* | 408100 | 1665048 |
| &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.\* | 101500 | 3091690 |
| &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. | 137223 | 3821660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genesco, Inc.\* | 92070 | 1812858 |
| &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.\* | 156000 | 3494400 |
| &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 | 3800 | 3595446 |
| &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\* | 20600 | 2153730 |
| &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.\* | 44200 | 1033396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; La-Z-Boy, Inc. | 69687 | 2590266 |
| &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)\*+ | 160611 | 2923120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ODP Corp. (The)\* | 77912 | 1412545 |
| &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. | 100338 | 3280049 |
| &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.\* | 395000 | 3657700 |
| &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. | 40000 | 3182000 |
|  |  | 40944575 |
|  **Consumer Staples - 5.43%** | **Consumer Staples - 5.43%** | **Consumer Staples - 5.43%** |
| &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. | 41600 | 4144608 |
| &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\* | 124300 | 3889347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dole PLC | 161600 | 2260784 |
| &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 | 33100 | 2097878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SpartanNash Co. | 137000 | 3629130 |
| &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.\* | 132856 | 3096873 |
|  |  | 19118620 |
|  **Energy - 3.50%** | **Energy - 3.50%** | **Energy - 3.50%** |
| &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.\*+ | 376019 | 1203261 |

---

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| | | |
|:---|:---|:---|
| &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; Helix Energy Solutions Group, Inc.\* | 160000 | $998400 |
| &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. | 218509 | 2508483 |
| &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+ | 112500 | 2529000 |
| &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.\* | 17926 | 873175 |
| &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. | 423427 | 3493273 |
| &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.+ | 203600 | 734996 |
|  |  | 12340588 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 34.15%** |  |  |
| &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. | 51000 | 3165570 |
| &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. | 78000 | 2433600 |
| &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 | 1811600 |
| &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.\* | 32684 | 1789449 |
| &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.\* | 66800 | 5079472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BancFirst Corp. | 17000 | 2101540 |
| &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 | 44189 | 1780817 |
| &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 | 2829492 |
| &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 | 3271650 |
| &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. | 60200 | 3438624 |
| &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. | 152700 | 4081671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadence Bank | 100033 | 3199055 |
| &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 | 54000 | 2458620 |
| &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.+ | 36200 | 4431604 |
| &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.\* | 36932 | 3577603 |
| &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. | 30000 | 1415400 |
| &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. | 101400 | 3767010 |
| &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.\* | 42700 | 4761904 |
| &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. | 67000 | 3691700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FB Financial Corp. | 59400 | 2690820 |
| &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 | 932544 |
| &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 | 2991188 |
| &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 | 117900 | 2860254 |
| &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. | 221700 | 3999468 |
| &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. | 78800 | 4523120 |
| &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. | 115200 | 2843136 |
| &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.\* | 41664 | 1039100 |
| &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. | 21000 | 902370 |

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 <br> 20 Annual Report \| June 30, 2025

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| | |
|:---|:---|
| Small-Cap Value Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02a01.jpg) |

---

*Showing percentage of net assets as of June 30, 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; **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; International Bancshares Corp. | 17000 | $| 1131520 |
| &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. | 28000 |  | 1885520 |
| &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 |  | 1898550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OFG Bancorp | 43300 |  | 1853240 |
| &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. | 156900 |  | 2783406 |
| &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. | 52300 |  | 4137976 |
| &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. | 26600 |  | 812364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Bank | 10000 |  | 865450 |
| &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. | 120447 |  | 3535120 |
| &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. | 43500 |  | 2953650 |
| &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. | 93640 |  | 2620047 |
| &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 |  | 1490032 |
| &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. | 42146 |  | 1535379 |
| &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. | 33000 |  | 915090 |
| &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. | 242900 |  | 3354449 |
| &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.\* | 11400 |  | 1882368 |
| &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. | 86059 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4733245 |
|  |  |  | 120255787 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 5.28%** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 5.28%** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 5.28%** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 5.28%** |
| &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 |  | 2559032 |
| &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 |  | 2008759 |
| &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.\* | 534000 |  | 1602000 |
| &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 |  | 1959800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phibro Animal Health Corp., Class A | 82593 |  | 2109425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prestige Consumer Healthcare, Inc.\* | 54600 |  | 4359810 |
| &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. | 91568 |  | 597024 |
| &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.\* | 108000 |  | 3404160 |
|  |  |  | 18600010 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 17.01%** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 17.01%** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 17.01%** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 17.01%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apogee Enterprises, Inc. | 38962 |  | 1581857 |
| &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.\* | 26057 |  | 1938120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boise Cascade Co. | 42900 |  | 3724578 |
| &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.\* | 117000 |  | 1948050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costamare, Inc. | 118500 |  | 1079535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deluxe Corp. | 183500 |  | 2919485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DNOW, Inc.\* | 60000 |  | 889800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EnerSys | 18800 |  | 1612476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ennis, Inc. | 45000 |  | 816300 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value | Value |
| &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; GMS, Inc.\* | 27515 | $| 2992256 |
| &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) | 62200 |  | 2864310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heidrick & Struggles International, Inc. | 87018 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3981944 |
| &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.\* | 117576 |  | 3421462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interface, Inc. | 171166 |  | 3582504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kennametal, Inc. | 65000 |  | 1492400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korn Ferry | 56892 |  | 4171890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matson, Inc. | 33800 |  | 3763630 |
| &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. | 45605 |  | 3554454 |
| &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 | 72000 |  | 3708720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SkyWest, Inc.\* | 49300 |  | 5076421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steelcase, Inc., Class A | 240000 |  | 2503200 |
| &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.\* | 195600 |  | 2298300 |
|  |  |  | 59921692 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 8.13%** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 8.13%** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 8.13%** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 8.13%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amkor Technology, Inc. | 52500 |  | 1101975 |
| &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.\* | 76723 |  | 1769233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daktronics, Inc.\*+ | 223153 |  | 3374073 |
| &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.\* | 103200 |  | 3597552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NETGEAR, Inc.\* | 125400 |  | 3645378 |
| &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.\* | 172300 |  | 4274763 |
| &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 |  | 2054430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ScanSource, Inc.\* | 83600 |  | 3495316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synaptics, Inc.\* | 45000 |  | 2916900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verint Systems, Inc.\* | 122000 |  | 2399740 |
|  |  |  | 28629360 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 3.33%** | &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 3.33%** | &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 3.33%** | &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 3.33%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innospec, Inc. | 19300 |  | 1622937 |
| &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. | 32800 |  | 1054520 |
| &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.\* | 172447 |  | 663921 |
| &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. | 82696 |  | 1783753 |
| &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. | 435800 |  | 3743522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sylvamo Corp. | 57000 |  | 2855700 |
|  |  |  | 11724353 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 6.79%** | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 6.79%** | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 6.79%** | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 6.79%** |
| &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. | 87000 |  | 1718250 |
| &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. | 100072 |  | 2540828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chatham Lodging Trust | 100000 |  | 697000 |
| &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 |  | 1549120 |

---

 <br> bridgewayfunds.com 21

------

---

| | |
|:---|:---|
| Small-Cap Value Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02a01.jpg) |

---

*Showing percentage of net assets as of June 30, 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) | Common Stocks (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate (continued)** | &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; Essential Properties Realty Trust, Inc.+ | &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.+ | 139900 | $| 4464209 |
| &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.+ | &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.+ | 150000 |  | 4036500 |
| &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.+ | &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.+ | 131900 |  | 3645716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovative Industrial Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovative Industrial Properties, Inc. | 32200 |  | 1778084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LTC Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LTC Properties, Inc. | 65000 |  | 2249650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Hotel Properties, Inc.+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Hotel Properties, Inc.+ | 243000 |  | 1236870 |
|  |  |  |  | 23916227 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 1.75%** | &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 1.75%** | &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 1.75%** | &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 1.75%** | &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 1.75%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avista Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avista Corp. | 21000 |  | 796950 |
| &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. | &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. | 15000 |  | 841500 |
| &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. | &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 |  | 2682732 |
| &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. | &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. | 45000 |  | 1828350 |
|  |  |  |  | 6149532 |
|  TOTAL COMMON STOCKS - 100.01% | TOTAL COMMON STOCKS - 100.01% | TOTAL COMMON STOCKS - 100.01% |  | 352213664 |
|  (Cost $350,943,285) | (Cost $350,943,285) |  |  |  |
|  | Rate^ | Shares | Value | Value |
|  MONEY MARKET FUND - 0.00% | MONEY MARKET FUND - 0.00% | MONEY MARKET FUND - 0.00% |  |  |
|  Fidelity Investments Money Market Government Portfolio Class I | 4.23% | 362 |  | 362 |
|  TOTAL MONEY MARKET FUND - 0.00% | TOTAL MONEY MARKET FUND - 0.00% | TOTAL MONEY MARKET FUND - 0.00% |  | 362 |
|  (Cost $362) | (Cost $362) | (Cost $362) |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Rate^ | Shares | Value |
| INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 1.32% | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 1.32% | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 1.32% | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 1.32% |
|  Dreyfus Institutional Preferred Government Money Market Fund\*\* 4.29% |  | 4661001 | $4661001 |
|  TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 1.32% | TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 1.32% | TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 1.32% | 4661001 |
|  (Cost $4,661,001) | (Cost $4,661,001) | (Cost $4,661,001) |  |
|  TOTAL INVESTMENTS **-** 101.33% | TOTAL INVESTMENTS **-** 101.33% | TOTAL INVESTMENTS **-** 101.33% | $356875027 |
|  (Cost $355,604,648) | (Cost $355,604,648) | (Cost $355,604,648) |  |
|  Liabilities in Excess of Other Assets - (1.33%) | Liabilities in Excess of Other Assets - (1.33%) | Liabilities in Excess of Other Assets - (1.33%) | (4697755) |
|  NET ASSETS - 100.00% | NET ASSETS - 100.00% | NET ASSETS - 100.00% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352177272 |

---

*\** *Non-income producing security.* 

*\*\** *This security represents the investment of the cash collateral received in connection with securities out on loan as of June 30, 2025.* 

*^* *Rate disclosed as of June 30, 2025.* 

---

| | |
|:---|:---|
| *+* | *This security or a portion of the security is out on loan as of June 30, 2025. Total loaned securities had a value of $20,489,577 as of June 30, 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 6/30/2025:* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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) | $352213664 | $– | $– | $352213664 |
|  Money Market Fund | 362 |  |  | 362 |
|  Investments Purchased With Cash Proceeds From Securities Lending | 4661001 |  |  | 4661001 |
|  TOTAL | $356875027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | $356875027 |

---

&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 Annual Report \| June 30, 2025

------

---

| | |
|:---|:---|
| Omni Small-Cap Value Fund<br> SCHEDULE OF INVESTMENTS  | ![LOGO](g92603g02g02.jpg) |

---

*Showing percentage of net assets as of June 30, 2025*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
|  COMMON STOCKS - 99.62% | COMMON STOCKS - 99.62% | COMMON STOCKS - 99.62% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 5.08%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 5.08%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 5.08%** |
| &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.\* | 949643 | $1253529 |
| &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 | 627000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Angi, Inc.\* | 65000 | 991900 |
| &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. | 34600 | 562250 |
| &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\* | 50000 | 795000 |
| &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.+ | 15000 | 2037150 |
| &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 | 1955250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; comScore, Inc.\* | 15000 | 72300 |
| &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 | 33700 |
| &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.\* | 56800 | 168696 |
| &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 | 310800 | 721056 |
| &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 | 338030 |
| &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 | 1001583 |
| &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 | 30646 |
| &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 | 610000 |
| &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\* | 576500 | 3585830 |
| &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) | 168000 | 2832480 |
| &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 | 98250 |
| &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 | 27000 | 351000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scholastic Corp. | 83250 | 1746585 |
| &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.\*+ | 170000 | 7106000 |
| &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.\* | 887500 | 3248250 |
| &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.\* | 249466 | 618676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TEGNA, Inc. | 450000 | 7542000 |
| &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. | 308300 | 10969314 |
| &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 | 552909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Cellular Corp.\*+ | 2982 | 190758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WideOpenWest, Inc.\* | 259100 | 1051946 |
| &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.\* | 115000 | 3481050 |
|  |  | 54573138 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 13.03%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 13.03%** |  |
| &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\*+ | 241400 | 1187688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abercrombie & Fitch Co., Class A\* | 23600 | 1955260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adient PLC\* | 185000 | 3600100 |
| &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.+ | 175000 | 8135750 |

---

---

| | | |
|:---|:---|:---|
| &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; aka Brands Holding Corp.\* | 1000 | $10300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alliance Entertainment Holding Corp.\*+ | 22200 | 83694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A-Mark Precious Metals, Inc. | 60000 | 1330800 |
| &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 | 269745 |
| &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.\* | 313996 | 1281104 |
| &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.\* | 49500 | 517275 |
| &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 | 1861106 |
| &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 | 77563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arko Corp.+ | 300000 | 1269000 |
| &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 | 332880 |
| &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 | 51451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Big 5 Sporting Goods Corp. | 78700 | 111754 |
| &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 | 1811702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caleres, Inc. | 91200 | 1114464 |
| &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. | 75800 | 4269056 |
| &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. | 136350 | 556308 |
| &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.\* | 12147 | 405588 |
| &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. | 75850 | 217689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dana, Inc. | 596600 | 10231690 |
| &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+ | 119500 | 284410 |
| &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.\* | 144544 | 160444 |
| &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\* | 98300 | 206430 |
| &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 | 1742883 |
| &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 | 324336 |
| &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. | 14000 | 486080 |
| &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 | 726329 |
| &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 | 56980 |
| &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\* | 185000 | 880600 |
| &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 | 702933 |
| &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\*+ | 178700 | 3534686 |
| &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.\* | 187500 | 4200000 |

---

 <br> bridgewayfunds.com 23

------

---

| | |
|:---|:---|
| Omni Small-Cap Value Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02a01.jpg) |

---

*Showing percentage of net assets as of June 30, 2025*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
|  Common Stocks (continued) | Common Stocks (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; Good Times Restaurants, Inc.\* | 106000 | $189740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guess?, Inc.+ | 114834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388343 |
| &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 | 44900 | 803261 |
| &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. | 74400 | 1514040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holley, Inc.\*+ | 261300 | 522600 |
| &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. | 35000 | 370300 |
| &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 | 2456925 |
| &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. | 62300 | 1294594 |
| &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 | 1959 | 59299 |
| &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 | 2374400 |
| &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 | 412753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Latham Group, Inc.\* | 402300 | 2566674 |
| &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 | 6276425 |
| &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 | 75480 |
| &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. | 81466 | 415477 |
| &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.\* | 15550 | 270259 |
| &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)\* | 51000 | 928200 |
| &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.\* | 25000 | 7500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M/I Homes, Inc.\* | 3700 | 414844 |
| &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 | 1417896 |
| &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.+ | 25000 | 1807750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MasterCraft Boat Holdings, Inc.\*+ | 51600 | 958728 |
| &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 | 1036245 |
| &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 | 1054155 |
| &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 | 686250 |
| &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. | 1034338 | 5585425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ODP Corp. (The)\* | 72500 | 1314425 |
| &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 | 199511 |
| &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 | 359936 |
| &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 | 13564 |
| &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.\*+ | 421500 | 7532205 |
| &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 | 81725 |
| &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 | 2286640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phinia, Inc. | 174000 | 7741260 |
| &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 | 603568 |
| &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 | 3032168 |
| &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.+ | 104500 | 1955195 |

---

---

| | | |
|:---|:---|:---|
| &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; Signet Jewelers, Ltd. | 106500 | $8472075 |
| &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.\* | 3300 | 11385 |
| &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 | 2506752 |
| &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.\* | 12012 | 747267 |
| &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. | 47200 | 486160 |
| &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.\*+ | 25000 | 178000 |
| &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 | 2208 |
| &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.\*+ | 500000 | 4025000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Traeger, Inc.\* | 497300 | 850383 |
| &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 | 22305 |
| &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 | 136107 |
| &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.\* | 69600 | 153816 |
| &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 | 59419 |
| &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 | 4058550 |
| &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 | 1326400 |
| &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. | 73481 | 2130949 |
| &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 | 676631 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139839245 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 5.48%** |  |  |
| &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) | 133973 | 4923508 |
| &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.+ | 247300 | 1046079 |
| &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 | 985040 |
| &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\* | 195700 | 6123453 |
| &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 | 4330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dole PLC | 477500 | 6680225 |
| &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. | 118500 | 2774085 |
| &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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Produce, Inc.+ | 191477 | 6207684 |
| &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.\* | 235000 | 2918700 |
| &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 | 192280 |
| &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 | 123467 |
| &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 | 3067592 |
| &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 | 59368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Grocers by Vitamin Cottage, Inc. | 50600 | 1986050 |
| &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.\* | 6593 | 97510 |

---

 <br> 24 Annual Report \| June 30, 2025

------

---

| | |
|:---|:---|
| Omni Small-Cap Value Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603dsp03.jpg) |

---

*Showing percentage of net assets as of June 30, 2025*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
|  Common Stocks (continued) | Common Stocks (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; Olaplex Holdings, Inc.\*+ | 1429000 | $2000600 |
| &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 | 2119887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SpartanNash Co. | 110946 | 2938959 |
| &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 | 2999800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TreeHouse Foods, Inc.\* | 125000 | 2427500 |
| &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 | 5638689 |
| &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.\* | 25000 | 763250 |
| &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 | 2531375 |
| &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. | 2924 | 211961 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58821392 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 13.75%** |  |  |
| &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.\*+ | 124600 | 398720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archrock, Inc. | 8816 | 218901 |
| &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. | 141400 | 1357440 |
| &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 | 17515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berry Corp. | 238400 | 660368 |
| &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 | 3604709 |
| &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 | 1170000 |
| &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 | 665655 | 5724633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delek US Holdings, Inc. | 267000 | 5655060 |
| &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. | 569500 | 6156295 |
| &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. PLC+ | 202542 | 2971291 |
| &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.\* | 64500 | 519870 |
| &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. | 211300 | 5151494 |
| &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 | 204462 |
| &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. | 90000 | 664200 |
| &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 | 562683 |
| &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 | 414772 |
| &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 | 884348 |
| &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.\* | 100000 | 477000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gulf Island Fabrication, Inc.\* | 50000 | 332500 |
| &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.\* | 44600 | 8972182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hallador Energy Co.\* | 205000 | 3245150 |
| &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.\* | 370406 | 2311333 |
| &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 | 2577200 |
| &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.\* | 114800 | 1793176 |

---

---

| | | |
|:---|:---|:---|
| &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; International Seaways, Inc.+ | 160459 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5853544 |
| &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.\*+ | 10000 | 68500 |
| &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 | 4620700 |
| &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 | 340200 |
| &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 | 1058655 |
| &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.\*+ | 237100 | 1427342 |
| &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.\* | 114752 | 2961749 |
| &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 | 295300 |
| &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. | 625000 | 1643750 |
| &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 | 2127500 |
| &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 | 1316952 |
| &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.\* | 164800 | 4372144 |
| &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. | 380000 | 5099600 |
| &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.\* | 2241 | 328038 |
| &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\*+ | 572500 | 4442600 |
| &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.\* | 327500 | 1955175 |
| &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 | 1359369 |
| &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.\* | 90900 | 4427739 |
| &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.\*+ | 533393 | 423514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RPC, Inc.+ | 562000 | 2658260 |
| &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 | 979751 |
| &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 | 1173900 |
| &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.\* | 16390 | 83589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seadrill, Ltd.\*+ | 177053 | 4647641 |
| &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. | 431300 | 3726432 |
| &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.+ | 669132 | 5573870 |
| &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 | 443205 |
| &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 | 686840 |
| &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.\*+ | 431179 | 3656398 |
| &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. | 590000 | 4867500 |
| &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 | 167000 | 6967240 |
| &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 | 1344000 |
| &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 | 37800 |
| &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. | 472200 | 1704642 |

---

 <br> bridgewayfunds.com 25

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| | |
|:---|:---|
| Omni Small-Cap Value Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02a01.jpg) |

---

*Showing percentage of net assets as of June 30, 2025*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
|  Common Stocks (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; Vital Energy, Inc.\*+ | 100000 | $1609000 |
| &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. | 255600 | 7246260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147574001 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 33.97%** |  |  |
| &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 | 4332486 |
| &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.\*+ | 45000 | 161100 |
| &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 | 2201976 |
| &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 | 210990 |
| &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 | 2961816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ambac Financial Group, Inc.\* | 110000 | 781000 |
| &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. | 25000 | 455750 |
| &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 | 236816 |
| &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 | 107003 |
| &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 | 37500 |
| &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.\* | 1610 | 88148 |
| &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. | 12000 | 310800 |
| &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 | 4368520 |
| &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 | 343673 |
| &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 | 1549800 |
| &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 | 182910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank7 Corp. | 16375 | 684966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BankFinancial Corp. | 44100 | 510237 |
| &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 | 6440509 |
| &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 | 540450 |
| &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 | 5332597 |
| &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 | 1526941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BayCom Corp. | 38313 | 1061653 |
| &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. | 42000 | 353640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hills Bancorp, Inc. | 115000 | 2879600 |
| &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 | 76241 |
| &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 | 6368880 |
| &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 | 914825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookline Bancorp, Inc. | 200000 | 2110000 |
| &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 | 2114970 |
| &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. | 149800 | 4004154 |

---

---

| | | |
|:---|:---|:---|
| &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; C&F Financial Corp. | 13600 | $839528 |
| &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 | 751752 |
| &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. | 39100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586678 |
| &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 | 2483241 |
| &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 | 1462718 |
| &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.\* | 60485 | 1048810 |
| &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 | 581400 |
| &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 | 1878010 |
| &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 | 455430 |
| &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 | 945165 |
| &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 | 817950 |
| &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 | 293570 |
| &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 | 724500 |
| &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 | 145156 |
| &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 | 591555 |
| &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 | 754534 |
| &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.+ | 64300 | 1469898 |
| &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.\* | 6500 | 629655 |
| &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 | 922485 |
| &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. | 60000 | 3175200 |
| &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 | 291284 |
| &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 | 2876796 |
| &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 | 1441570 |
| &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 | 1174800 |
| &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. | 79112 | 2131277 |
| &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 | 924654 |
| &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 | 350070 |
| &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. | 70070 | 1364964 |
| &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 | 2612925 |
| &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 | 7517229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise Bancorp, Inc.+ | 34375 | 1362625 |
| &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 | 6083040 |
| &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 | 80000 | 3264000 |

---

 <br> 26 Annual Report \| June 30, 2025

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---

| | |
|:---|:---|
| Omni Small-Cap Value Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603dsp03.jpg) |

---

*Showing percentage of net assets as of June 30, 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; ESSA Bancorp, Inc. | 44700 | $867180 |
| &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\* | 341706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4742879 |
| &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 | 114518 |
| &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. | 10968 | 151249 |
| &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 | 5167848 |
| &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 | 4841360 |
| &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 | 1797600 |
| &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 | 460807 |
| &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) | 1000 | 25410 |
| &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 | 1318508 |
| &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. | 283536 | 6488721 |
| &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. | 45400 | 2299964 |
| &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 | 620795 |
| &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 | 48760 |
| &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 | 6266795 |
| &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 | 2133027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bancshares, Inc. | 22972 | 188830 |
| &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 | 20000 | 538000 |
| &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. | 175600 | 6725480 |
| &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 | 1930735 |
| &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 | 599676 |
| &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 | 90760 |
| &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 | 518328 |
| &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 | 904748 |
| &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 | 83437 |
| &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 | 282000 |
| &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\*+ | 10000 | 347500 |
| &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. | 48497 | 576144 |
| &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 | 1062988 |
| &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 | 1535820 |
| &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 | 501488 |
| &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 | 9495 |
| &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 | 176340 |
| &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\* | 131000 | 1412180 |
| &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\* | 25000 | 359250 |

---

---

| | | |
|:---|:---|:---|
| &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; Guaranty Bancshares, Inc. | 3000 | $127320 |
| &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6194130 |
| &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 | 1692011 |
| &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 | 318720 |
| &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 | 827693 |
| &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 | 88200 |
| &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 | 1315368 |
| &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 | 2920400 |
| &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 | 2421674 |
| &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. | 138700 | 4209545 |
| &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 | 1578979 |
| &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 | 1589925 |
| &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 | 3361709 |
| &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 | 6101740 |
| &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. | 112667 | 1732818 |
| &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. | 50000 | 3144250 |
| &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 | 830760 |
| &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 | 104382 |
| &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, Ltd. | 2000 | 11720 |
| &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. | 86462 | 558545 |
| &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. | 18592 | 491573 |
| &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 | 633508 |
| &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 | 185350 |
| &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. | 55419 | 1651486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; loanDepot, Inc., Class A\* | 567310 | 720484 |
| &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 | 16830 |
| &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. | 22980 | 434322 |
| &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. | 46659 | 444660 |
| &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 | 2195193 |
| &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. | 8700 | 585858 |
| &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 | 564582 |
| &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 | 265537 |
| &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 | 1631000 |
| &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.+ | 26603 | 750205 |
| &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 | 903300 |
| &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 | 748224 |
| &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. | 49260 | 1417210 |

---

 <br> bridgewayfunds.com 27

------

---

| | |
|:---|:---|
| Omni Small-Cap Value Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02a01.jpg) |

---

*Showing percentage of net assets as of June 30, 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; MVB Financial Corp. | 32600 | $734478 |
| &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navient Corp. | 430000 | 6063000 |
| &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 | 302484 |
| &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 | 637000 |
| &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 | 1235216 |
| &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 | 1168664 |
| &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. | 337700 | 4315806 |
| &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 | 30037 | 818208 |
| &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 | 2206938 |
| &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 | 1712000 |
| &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 | 506011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old Point Financial Corp. | 159 | 6241 |
| &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 | 2352377 |
| &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 | 1622263 |
| &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 | 1193781 |
| &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.\* | 50000 | 358000 |
| &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 | 39493 | 2597455 |
| &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 | 67050 |
| &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 | 2259554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orrstown Financial Services, Inc. | 81143 | 2582782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Premier Bancorp, Inc. | 65000 | 1370850 |
| &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 | 959407 |
| &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 | 156468 |
| &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. | 5181 | 409921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paysafe, Ltd.\*+ | 147178 | 1857386 |
| &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 | 1229428 |
| &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 | 1240006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penns Woods Bancorp, Inc.+ | 23229 | 705232 |
| &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 | 739050 |
| &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. | 126770 | 3871556 |
| &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 | 1130573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pioneer Bancorp, Inc.\* | 82600 | 993678 |
| &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 | 88920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Bank | 3333 | 288455 |
| &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 | 342860 |
| &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. | 34480 | 1053019 |
| &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. | 4500 | 132075 |

---

---

| | | |
|:---|:---|:---|
| &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; Provident Financial Holdings, Inc. | 26600 | $412300 |
| &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. | 132631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2325021 |
| &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 | 3598700 |
| &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 | 1133846 |
| &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 | 111941 |
| &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 | 1638681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renasant Corp. | 207680 | 7461942 |
| &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.\* | 245000 | 1180900 |
| &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 | 3608856 |
| &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 | 175950 |
| &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.+ | 25000 | 345000 |
| &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 | 657250 |
| &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. | 149601 | 5657910 |
| &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 | 677859 |
| &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\* | 75306 | 741764 |
| &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 | 1501417 |
| &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 | 1573570 |
| &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 | 5835888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SiriusPoint, Ltd.\* | 547100 | 11155369 |
| &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 | 1908570 |
| &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 | 3232788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern First |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bancshares, Inc.\* | 19038 | 724015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Missouri |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bancorp, Inc. | 11000 | 602580 |
| &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. | 29500 | 868185 |
| &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 | 2915516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stewart Information Services Corp. | 1314 | 85541 |
| &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 | 227640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SWK Holdings Corp. | 30405 | 448170 |
| &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 | 1894860 |
| &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 | 1494480 |
| &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 | 2122200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TriCo Bancshares | 15900 | 643791 |
| &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 | 1560046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustmark Corp. | 7500 | 273450 |
| &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 | 105686 |
| &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 | 3700 |
| &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 | 126000 |

---

 <br> 28 Annual Report \| June 30, 2025

------

---

| | |
|:---|:---|
| Omni Small-Cap Value Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603dsp03.jpg) |

---

*Showing percentage of net assets as of June 30, 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; United Fire Group, Inc. | 77000 | $2209900 |
| &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 | 432500 |
| &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. | 43867 | 2065258 |
| &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 | 2540539 |
| &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 | 3008116 |
| &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 | 48500 | 125130 |
| &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 | 37043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veritex Holdings, Inc. | 139380 | 3637818 |
| &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 | 5629139 |
| &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 | 614545 |
| &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 | 6270331 |
| &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 | 691299 |
| &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 | 412651 |
| &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 | 3318912 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364621306 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 3.42%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AdaptHealth Corp.\* | 423400 | 3992662 |
| &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 | 20485 |
| &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.\* | 119417 | 1461664 |
| &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 | 3270 |
| &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 | 307508 |
| &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 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DocGo, Inc.\* | 250000 | 392500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enhabit, Inc.\* | 190179 | 1833326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FONAR Corp.\* | 30300 | 453288 |
| &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 | 5760 |
| &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 | 856900 |
| &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.\* | 155000 | 465000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owens & Minor, Inc.\* | 223600 | 2034760 |
| &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 | 3090270 |
| &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 | 3802750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier, Inc., Class A+ | 312400 | 6850932 |
| &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 | 233240 |
| &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 | 6030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCYNEXIS, Inc.\* | 186000 | 125513 |

---

---

| | | |
|:---|:---|:---|
| &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; Select Medical Holdings Corp. | 367125 | $5572958 |
| &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 | 145000 |
| &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.\* | 32500 | 329550 |
| &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.\*+ | 423500 | 3688685 |
| &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 | 472 |
| &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.\* | 124200 | 1076814 |
| &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 | 1866 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36751293 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 15.14%** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 15.14%** |  |
| &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. | 261300 | 935454 |
| &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 | 30 |
| &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.\*+ | 70200 | 3857490 |
| &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 | 183492 |
| &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 | 2224910 |
| &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.\* | 83400 | 4451058 |
| &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 | 42081 |
| &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 | 151168 |
| &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 | 287287 |
| &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.\* | 45000 | 3347100 |
| &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.\* | 454500 | 7567425 |
| &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 | 9050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caesarstone, Ltd.\*+ | 58177 | 114609 |
| &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 | 336300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Civeo Corp. | 67255 | 1552918 |
| &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 | 1145250 |
| &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 | 26570 |
| &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. | 263000 | 1617450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conduent, Inc.\* | 527785 | 1393352 |
| &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.\* | 114080 | 989074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costamare, Inc. | 469400 | 4276234 |
| &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. | 170800 | 4117988 |
| &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 | 2975170 |
| &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.\*+ | 23291 | 136019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DNOW, Inc.\* | 410000 | 6080300 |
| &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 | 447295 |
| &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 | 179586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enviri Corp.\* | 387580 | 3364194 |

---

 <br> bridgewayfunds.com 29

------

---

| | |
|:---|:---|
| Omni Small-Cap Value Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02a01.jpg) |

---

*Showing percentage of net assets as of June 30, 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; Genco Shipping & Trading, Ltd. | 180900 | $2364363 |
| &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 | 59066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golden Ocean Group, Ltd.+ | 523400 | 3831288 |
| &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.\* | 25000 | 304750 |
| &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)+ | 137000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6308850 |
| &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 | 9950 |
| &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. | 235000 | 2030400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heidrick & Struggles International, Inc. | 18000 | 823680 |
| &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 | 2308 |
| &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 | 121800 |
| &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.\* | 2060 | 38934 |
| &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 | 1113840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JELD-WEN Holding, Inc.\* | 146200 | 573104 |
| &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.\*+ | 1157500 | 4896225 |
| &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 | 114383 | 1339425 |
| &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 | 5590760 |
| &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 | 415530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limbach Holdings, Inc.\* | 3000 | 420300 |
| &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)\* | 130000 | 1562600 |
| &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 | 3191600 |
| &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 | 7170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc.\* | 445000 | 4863850 |
| &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 | 1561048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MillerKnoll, Inc. | 167000 | 3243140 |
| &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 | 1097771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRC Global, Inc.\* | 309000 | 4236390 |
| &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 | 428557 |
| &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.\* | 50000 | 2050500 |
| &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.\* | 17131 | 155378 |
| &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 | 1212611 |
| &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 | 1392610 |
| &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 | 401564 |
| &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 | 320180 |
| &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 | 159810 |
| &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 | 40040 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company | Shares | Value |
| &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; Quanex Building Products Corp. | 126700 | $2394630 |
| &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. | 100500 | 539685 |
| &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 | 1956981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Servotronics, Inc.\* | 1500 | 70410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SkyWest, Inc.\* | 100696 | 10368667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steelcase, Inc., Class A | 345000 | 3598350 |
| &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.\* | 198800 | 2335900 |
| &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.\*+ | 189200 | 1943084 |
| &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.\* | 275000 | 12864500 |
| &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 | 44150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ultralife Corp.\* | 2500 | 22450 |
| &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.+ | 79309 | 2012862 |
| &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 | 5563150 |
| &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 | 573000 |
| &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 | 282492 |
| &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 | 932251 |
| &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.+ | 151159 | 4135710 |
| &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. | 34393 | 4910633 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162527151 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 4.31%** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 4.31%** |  |
| &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 | 513200 |
| &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 | 218448 |
| &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 | 14766 |
| &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. | 133790 | 5195066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daktronics, Inc.\* | 13100 | 198072 |
| &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 | 7863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E2open Parent Holdings, Inc.\* | 769600 | 2485808 |
| &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 | 1683700 |
| &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 | 100386 |
| &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 | 1484556 |
| &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. | 62500 | 594375 |
| &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 | 3863403 |
| &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 | 7775 |
| &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 | 3126721 |
| &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. | 13000 | 125450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ScanSource, Inc.\* | 104301 | 4360825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchronoss |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technologies, Inc.\* | 2000 | 13700 |

---

 <br> 30 Annual Report \| June 30, 2025

------

---

| | |
|:---|:---|
| Omni Small-Cap Value Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02a01.jpg) |

---

*Showing percentage of net assets as of June 30, 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; Taitron Components, Inc., Class A | 10000 | $22400 |
| &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 | 118156 |
| &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.\* | 296570 | 12105987 |
| &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.\* | 25000 | 48750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verint Systems, Inc.\* | 150000 | 2950500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viasat, Inc.\*+ | 325000 | 4745000 |
| &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 | 140500 |
| &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 | 37620 |
| &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.+ | 390500 | 2057935 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46220962 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 5.16%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AdvanSix, Inc. | 100700 | 2391625 |
| &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.\* | 184500 | 212175 |
| &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 | 74000 |
| &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.\* | 39525 | 498410 |
| &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 | 809508 |
| &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.\* | 46650 | 1270746 |
| &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 | 3624250 |
| &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 | 628761 |
| &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 | 2360981 |
| &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 | 336168 |
| &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.\* | 46856 | 1674165 |
| &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 | 4109577 |
| &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. | 75953 | 2441889 |
| &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 | 4960 |
| &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.\*+ | 250400 | 1953120 |
| &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 | 46460 |
| &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. | 140000 | 954800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McEwen Mining, Inc.\*+ | 170000 | 1633700 |
| &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 | 469746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metallus, Inc.\* | 178200 | 2746062 |
| &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 | 1540432 |
| &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 | 18396 |
| &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 | 425 |
| &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 | 1037799 |
| &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 | 947450 |
| &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. | 90000 | 1941300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stepan Co. | 40000 | 2183200 |
| &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. | 497700 | 4275243 |
| &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 | 478000 | 2423460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valhi, Inc. | 93527 | 1511396 |
| &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. | 146992 | 6736643 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry Company |  | Shares | Value | 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; Worthington Steel, Inc. | &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. | 154000 | $| 4593820 |
|  |  |  |  | 55450667 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 0.28%** | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 0.28%** |  |  |  |
| &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.\* | 52000 |  | 1088360 |
| &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.\* | &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.\* | 305000 |  | 1104100 |
| &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\* | &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\* | 91400 |  | 747652 |
| &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.\* | &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 |  | 59654 |
|  |  |  |  | 2999766 |
|  TOTAL COMMON STOCKS - 99.62% | TOTAL COMMON STOCKS - 99.62% | TOTAL COMMON STOCKS - 99.62% |  | 1069378921 |
|  (Cost $912,774,896) |  |  |  |  |
|  PREFERRED STOCK - 0.00% | PREFERRED STOCK - 0.00% | 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 |  | 3783 |
|  TOTAL PREFERRED STOCK - 0.00% | TOTAL PREFERRED STOCK - 0.00% | TOTAL PREFERRED STOCK - 0.00% |  | 3783 |
|  (Cost $4,597) |  |  |  |  |
|  RIGHTS - 0.01% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pineapple Holdings, 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; Pineapple Holdings, Inc., CVR\*Δ#+++ | 5000 |  | 300 |
| &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 |  | 97295 |
|  TOTAL RIGHTS - 0.01% | TOTAL RIGHTS - 0.01% | TOTAL RIGHTS - 0.01% |  | 97595 |
|  (Cost $–) |  |  |  |  |
|  | Rate^ | Shares | Value | Value |
|  MONEY MARKET FUND - 0.24% | MONEY MARKET FUND - 0.24% | MONEY MARKET FUND - 0.24% |  |  |
|  Fidelity Investments Money Market Government Portfolio Class I | 4.23% | 2568566 |  | 2568566 |
|  TOTAL MONEY MARKET FUND - 0.24% | TOTAL MONEY MARKET FUND - 0.24% | TOTAL MONEY MARKET FUND - 0.24% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2568566 |
|  (Cost $2,568,566) |  |  |  |  |

---

 <br> bridgewayfunds.com 31

------

---

| | |
|:---|:---|
| Omni Small-Cap Value Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02a01.jpg) |

---

*Showing percentage of net assets as of June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | Rate^ | Shares | Value |
| INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES<br> LENDING - 2.39% | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES<br> LENDING - 2.39% | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES<br> LENDING - 2.39% | INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES<br> LENDING - 2.39% |
|  Dreyfus Institutional Preferred Government Money Market Fund\*\* | 4.29% | 25661895 | $25661895 |
|  TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 2.39% | TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 2.39% | TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 2.39% | 25661895 |
|  (Cost $25,661,895) | (Cost $25,661,895) | (Cost $25,661,895) |  |
|  TOTAL INVESTMENTS **-** 102.26% | TOTAL INVESTMENTS **-** 102.26% | TOTAL INVESTMENTS **-** 102.26% | $1097710760 |
|  (Cost $941,009,954) |  |  |  |
|  Liabilities in Excess of Other<br>Assets - (2.26%) | Liabilities in Excess of Other<br>Assets - (2.26%) | Liabilities in Excess of Other<br>Assets - (2.26%) | (24283711) |
|  NET ASSETS - 100.00% | NET ASSETS - 100.00% | NET ASSETS - 100.00% | $1073427049 |
|  *\* Non-income producing security.*<br> *+ This security or a portion of the security is out on loan at June 30, 2025. Total loaned securities had a value of $99,342,424, which included loaned securities with a value of $19,140 that have been sold and are pending settlement as of June 30, 2025. The total market value of loaned securities excluding these pending sales is $99,323,284. 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 $416,315, which is 0.04% of total net assets.*<br> *+++ No stated maturity date.*<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 June 30, 2025.*<br> *\*\* This security represents the investment of the cash collateral received in connection with securities out on loan as of June 30, 2025.*<br>*CVR - Contingent Value Right*<br> *PLC - Public Limited Company* | *\* Non-income producing security.*<br> *+ This security or a portion of the security is out on loan at June 30, 2025. Total loaned securities had a value of $99,342,424, which included loaned securities with a value of $19,140 that have been sold and are pending settlement as of June 30, 2025. The total market value of loaned securities excluding these pending sales is $99,323,284. 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 $416,315, which is 0.04% of total net assets.*<br> *+++ No stated maturity date.*<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 June 30, 2025.*<br> *\*\* This security represents the investment of the cash collateral received in connection with securities out on loan as of June 30, 2025.*<br>*CVR - Contingent Value Right*<br> *PLC - Public Limited Company* | *\* Non-income producing security.*<br> *+ This security or a portion of the security is out on loan at June 30, 2025. Total loaned securities had a value of $99,342,424, which included loaned securities with a value of $19,140 that have been sold and are pending settlement as of June 30, 2025. The total market value of loaned securities excluding these pending sales is $99,323,284. 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 $416,315, which is 0.04% of total net assets.*<br> *+++ No stated maturity date.*<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 June 30, 2025.*<br> *\*\* This security represents the investment of the cash collateral received in connection with securities out on loan as of June 30, 2025.*<br>*CVR - Contingent Value Right*<br> *PLC - Public Limited Company* | *\* Non-income producing security.*<br> *+ This security or a portion of the security is out on loan at June 30, 2025. Total loaned securities had a value of $99,342,424, which included loaned securities with a value of $19,140 that have been sold and are pending settlement as of June 30, 2025. The total market value of loaned securities excluding these pending sales is $99,323,284. 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 $416,315, which is 0.04% of total net assets.*<br> *+++ No stated maturity date.*<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 June 30, 2025.*<br> *\*\* This security represents the investment of the cash collateral received in connection with securities out on loan as of June 30, 2025.*<br>*CVR - Contingent Value Right*<br> *PLC - Public Limited Company* |

---

 <br> 32 Annual Report \| June 30, 2025

------

---

| | |
|:---|:---|
| Omni Small-Cap Value Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603dsp03.jpg) |

---

*Summary of inputs used to value the Fund's investments as of 6/30/2025:* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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 (a) | $1069378921 | $– | $– | $1069378921 |
|  Preferred Stock | 3783 |  |  | 3783 |
|  Rights |  |  | 97595 | 97595 |
|  Money Market Fund | 2568566 |  |  | 2568566 |
|  Investments Purchased With Cash Proceeds From Securities Lending | 25661895 |  |  | 25661895 |
|  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;$1097613165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$97595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1097710760 |

---

(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 06/30/2024 | $98645 |
|  Purchases/Issuances |  |
|  Sales/Expirations |  |
|  Return of Capital |  |
|  Realized Gain/(Loss) |  |
|  Change in unrealized Appreciation/(Depreciation) | (1050) |
|  Transfers in |  |
|  Transfers out |  |
|  Balance as of 06/30/2025 | $&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;97595 |
|  Net change in unrealized Appreciation/(Depreciation) from investments held as of 06/30/2025 | $(1050) |

---

*See Notes to Financial Statements.* 

 <br> bridgewayfunds.com 33

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS | ![LOGO](g92603g02g02.jpg)  |

---

*Showing percentage of net assets as of June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | Rate^ | Shares | Value |
|  MONEY MARKET FUND - 74.90% | MONEY MARKET FUND - 74.90% | MONEY MARKET FUND - 74.90% |  |
|  Fidelity Investments Money Market Government Portfolio Class I | 4.23% | 23652617 | $23652617 |
|  TOTAL MONEY MARKET FUND - 74.90% | TOTAL MONEY MARKET FUND - 74.90% | TOTAL MONEY MARKET FUND - 74.90% | 23652617 |
|  (Cost $23,652,617) | (Cost $23,652,617) | (Cost $23,652,617) |  |
|  TOTAL INVESTMENTS **-** 74.90% | TOTAL INVESTMENTS **-** 74.90% | TOTAL INVESTMENTS **-** 74.90% | $23652617 |
|  (Cost $23,652,617) | (Cost $23,652,617) | (Cost $23,652,617) |  |
|  Other Assets in Excess of Liabilities - 25.10% | Other Assets in Excess of Liabilities - 25.10% | Other Assets in Excess of Liabilities - 25.10% | 7927965 |
|  NET ASSETS - 100.00% | NET ASSETS - 100.00% | NET ASSETS - 100.00% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31580582 |

---

^ Rate disclosed as of June 30, 2025.

*Summary of inputs used to value the Fund's investments as of 6/30/2025:* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | 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 |
|  Money Market Fund | $23652617 | $– | $– | $23652617 |
|  OTC Total Return Swaps |  | 208955 |  | 208955 |
|  TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23652617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$208955 | $– | $23861572 |

---

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

 <br> 34 Annual Report \| June 30, 2025

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02g02.jpg)  |

---

*Showing percentage of net assets as of June 30, 2025*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Long (2.13%) | Total Return Swaps - Long (2.13%) |  |  |  |  |  |  |  |
|  |  |  |  |  | Number of |  |  | Unrealized |
|  |  | Payment |  | Maturity | Contracts | Notional |  | Appreciation/ |
| Reference Entity | Pay | Frequency | Counterparty | Date | Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | (Depreciation)<sup>\*</sup> |
|  ***Communication Services*** |  |  |  |  |  |  |  |  |
|  Airtel Africa PLC | SONIO/N | Monthly | JPMorgan<br>Chase | 06/17/2026 | 17098 | $40416 | $42342 | $1853 |
|  Arcadyan Technology Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 04/15/2026 | 17000 | 111028 | 116735 | 5389 |
|  Beijing Enlight Media Co., Ltd., Class A | OBFR01 | Monthly | JPMorgan<br>Chase | 07/14/2026 | 21300 | 53600 | 60298 | 6542 |
|  Cheil Worldwide, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/17/2026 | 2846 | 39718 | 42208 | 2376 |
|  Converge Information and Communications Technology Solutions, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 05/28/2026 | 262200 | 95337 | 90688 | (4957) |
|  EverQuote, Inc., Class A | OBFR01 | Monthly | JPMorgan<br>Chase | 12/08/2025 | 4932 | 127591 | 119256 | (8680) |
|  GMO internet group, Inc. | MUTKCALM | Monthly | JPMorgan<br>Chase | 04/15/2026 | 5000 | 123192 | 125018 | 1511 |
|  Grindr, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 04/14/2026 | 2100 | 48237 | 47670 | (697) |
|  Innocean Worldwide, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 07/14/2026 | 3434 | 47119 | 50418 | 3647 |
|  Konami Group Corp. | MUTKCALM | Monthly | JPMorgan<br>Chase | 12/09/2025 | 100 | 14097 | 15810 | 1627 |
|  LG Uplus Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/17/2026 | 8492 | 80793 | 89905 | 8888 |
|  Magyar Telekom Telecommunications PLC | BUBOR01M | Monthly | JPMorgan<br>Chase | 12/09/2025 | 25068 | 127904 | 131701 | (1108) |
|  NOS SGPS SA | ESTRON | Monthly | JPMorgan<br>Chase | 05/26/2026 | 14844 | 65723 | 67753 | (92) |
|  Oki Electric Industry Co., Ltd. | MUTKCALM | Monthly | JPMorgan<br>Chase | 07/14/2026 | 5600 | 57234 | 62452 | 4872 |
|  Sea, Ltd., ADR | OBFR01 | Monthly | JPMorgan<br>Chase | 12/08/2025 | 500 | 78435 | 79970 | 1323 |
|  SmarTone Telecommunications Holdings, Ltd. | HIHD01M | Monthly | JPMorgan<br>Chase | 05/27/2026 | 142500 | 79704 | 80055 | 318 |
|  Storytel AB | STIB1M | Monthly | JPMorgan<br>Chase | 07/14/2026 | 4633 | 45233 | 45845 | (54) |
|  TIM SA | OBFR01 | Monthly | JPMorgan<br>Chase | 05/27/2026 | 28600 | 104193 | 116072 | 11851 |
|  XD, Inc. | HIHD01M | Monthly | JPMorgan<br>Chase | 05/27/2026 | 23000 | 122198 | 141929 | 19679 |
|  |  |  |  |  |  | 1461752 | 1526125 | 54288 |
|  ***Consumer Discretionary*** |  |  |  |  |  |  |  |  |
|  Aoyama Trading Co., Ltd. | MUTKCALM | Monthly | JPMorgan<br>Chase | 07/14/2026 | 2800 | 41746 | 42546 | 548 |
|  Asics Corp. | MUTKCALM | Monthly | JPMorgan<br>Chase | 12/09/2025 | 3100 | 75373 | 79051 | 3451 |
|  Betsson AB, Class B | STIB1M | Monthly | JPMorgan<br>Chase | 06/17/2026 | 4606 | 91765 | 97523 | 4403 |
|  Brinker International, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 12/08/2025 | 754 | 126966 | 135969 | 8660 |
|  CCC SA | WIBO1M | Monthly | JPMorgan<br>Chase | 12/09/2025 | 1343 | 71503 | 76448 | 2219 |

---

 <br> bridgewayfunds.com 35

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02g02.jpg)  |

---

*Showing percentage of net assets as of June 30, 2025*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Long (2.13%) (continued) | Total Return Swaps - Long (2.13%) (continued) |  |  |  |  |  |  |  |
|  |  |  |  |  | Number of |  |  | Unrealized |
|  |  | Payment |  | Maturity | Contracts | Notional |  | Appreciation/ |
| Reference Entity | Pay | Frequency | Counterparty | Date | Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | (Depreciation)<sup>\*</sup> |
|  ***Consumer Discretionary – (continued)*** |  |  |  |  |  |  |  |  |
|  CECONOMY AG | ESTRON | Monthly | JPMorgan<br>Chase | 12/09/2025 | 27917 | $97289 | $119152 | $18722 |
|  Chewy, Inc., Class A | OBFR01 | Monthly | JPMorgan<br>Chase | 05/26/2026 | 2850 | 130501 | 121467 | (9387) |
|  Clas Ohlson AB, Class B | STIB1M | Monthly | JPMorgan<br>Chase | 01/21/2026 | 4549 | 135233 | 155625 | 18393 |
|  Cogna Educacao SA | OBFR01 | Monthly | JPMorgan<br>Chase | 07/14/2026 | 111800 | 60773 | 57823 | (3111) |
|  Currys PLC | SONIO/N | Monthly | JPMorgan<br>Chase | 02/18/2026 | 72479 | 119016 | 121153 | (43) |
|  Cury Construtora e Incorporadora SA | OBFR01 | Monthly | JPMorgan<br>Chase | 05/27/2026 | 13800 | 75859 | 74980 | (1085) |
|  DigiPlus Interactive Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 12/10/2025 | 100660 | 110162 | 92945 | (17572) |
|  Eagers Automotive, Ltd. | BBSW1M | Monthly | JPMorgan<br>Chase | 05/26/2026 | 7872 | 92258 | 90484 | (2783) |
|  Exedy Corp. | MUTKCALM | Monthly | JPMorgan<br>Chase | 01/21/2026 | 1400 | 39637 | 40048 | 169 |
|  Groupon, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 07/13/2026 | 1665 | 54296 | 55694 | 1259 |
|  JB Hi-Fi, Ltd. | BBSW1M | Monthly | JPMorgan<br>Chase | 12/09/2025 | 1947 | 141357 | 141481 | (1422) |
|  JINS Holdings, Inc. | MUTKCALM | Monthly | JPMorgan<br>Chase | 12/09/2025 | 1800 | 107144 | 106533 | (1264) |
|  Johnson Health Tech Co., Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 12/09/2025 | 15000 | 73411 | 89111 | 15488 |
|  Kaufman & Broad SA | ESTRON | Monthly | JPMorgan<br>Chase | 12/09/2025 | 2720 | 104580 | 106046 | (1911) |
|  Magazine Luiza SA | OBFR01 | Monthly | JPMorgan<br>Chase | 05/27/2026 | 64000 | 109437 | 116030 | 6287 |
|  Mobilezone Holding AG | SSARON | Monthly | JPMorgan<br>Chase | 04/15/2026 | 8920 | 129576 | 129121 | (5141) |
|  Moonpig Group PLC | SONIO/N | Monthly | JPMorgan<br>Chase | 12/09/2025 | 31542 | 105080 | 97106 | (9899) |
|  Neinor Homes SA | ESTRON | Monthly | JPMorgan<br>Chase | 04/15/2026 | 6521 | 104313 | 127614 | 19933 |
|  PAL GROUP Holdings Co., Ltd. | MUTKCALM | Monthly | JPMorgan<br>Chase | 05/26/2026 | 4100 | 102206 | 102563 | (267) |
|  Pop Mart International Group, Ltd. | HIHD01M | Monthly | JPMorgan<br>Chase | 12/09/2025 | 3800 | 125299 | 129463 | 4110 |
|  Realreal, Inc. (The) | OBFR01 | Monthly | JPMorgan<br>Chase | 04/14/2026 | 20911 | 121493 | 100164 | (21657) |
|  Rush Street Interactive, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 12/08/2025 | 8744 | 119968 | 130286 | 9994 |
|  SNT Motiv Co., Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 04/15/2026 | 4430 | 95951 | 102657 | 7251 |
|  Sumitomo Riko Co., Ltd. | MUTKCALM | Monthly | JPMorgan<br>Chase | 02/18/2026 | 8800 | 101724 | 101745 | (600) |
|  TCL Electronics Holdings, Ltd. | HIHD01M | Monthly | JPMorgan<br>Chase | 01/21/2026 | 85000 | 104940 | 103648 | (1337) |
|  Wowprime Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 01/21/2026 | 15000 | 125276 | 127359 | 1723 |
|  |  |  |  |  |  | 3094132 | 3171835 | 45131 |

---

 <br> 36 Annual Report \| June 30, 2025

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02g02.jpg)  |

---

*Showing percentage of net assets as of June 30, 2025*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Long (2.13%) (continued) | Total Return Swaps - Long (2.13%) (continued) |  |  |  |  |  |  |  |
|  |  |  |  |  | Number of |  |  | Unrealized |
|  |  | Payment |  | Maturity | Contracts | Notional |  | Appreciation/ |
| Reference Entity | Pay | Frequency | Counterparty | Date | Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | (Depreciation)<sup>\*</sup> |
|  ***Consumer Staples*** |  |  |  |  |  |  |  |  |
|  Binggrae Co., Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 05/27/2026 | 694 | $45324 | $43578 | $(1875) |
|  Cal-Maine Foods, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 12/22/2025 | 1232 | 118395 | 122744 | 4029 |
|  China Foods, Ltd. | HIHD01M | Monthly | JPMorgan<br>Chase | 03/09/2026 | 300000 | 119255 | 117386 | 4473 |
|  Distribuidora Internacional de Alimentacion SA | ESTRON | Monthly | JPMorgan<br>Chase | 04/15/2026 | 4420 | 139641 | 139535 | (4614) |
|  E-MART, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 05/27/2026 | 1452 | 88442 | 91797 | 3104 |
|  First Pacific Co., Ltd. | HIHD01M | Monthly | JPMorgan<br>Chase | 12/23/2025 | 146000 | 104541 | 103488 | 1412 |
|  HelloFresh SE | ESTRON | Monthly | JPMorgan<br>Chase | 01/21/2026 | 9627 | 103530 | 90443 | (16430) |
|  Japfa Comfeed Indonesia Tbk PT# | OBFR01 | Monthly | JPMorgan<br>Chase | 05/28/2026 | 640900 | 63026 | 59821 | (3396) |
|  JBS NV | OBFR01 | Monthly | JPMorgan<br>Chase | 07/13/2026 | 7900 | 108496 | 113721 | 4923 |
|  Life Corp. | MUTKCALM | Monthly | JPMorgan<br>Chase | 03/09/2026 | 8000 | 118054 | 122703 | 3929 |
|  Marfrig Global Foods SA | OBFR01 | Monthly | JPMorgan<br>Chase | 12/09/2025 | 31600 | 144983 | 133191 | (12197) |
|  Minerva SA | OBFR01 | Monthly | JPMorgan<br>Chase | 05/27/2026 | 125900 | 115573 | 113547 | (2349) |
|  Natural Grocers by Vitamin Cottage, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 05/26/2026 | 1400 | 61852 | 54950 | (7069) |
|  Sprouts Farmers Market, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 12/08/2025 | 69 | 11170 | 11360 | 160 |
|  United Natural Foods, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 02/18/2026 | 4396 | 102427 | 102471 | (233) |
|  |  |  |  |  |  | 1444709 | 1420735 | (26133) |
|  ***Energy*** |  |  |  |  |  |  |  |  |
|  Aker BP ASA | NIBOR1M | Monthly | JPMorgan<br>Chase | 06/17/2026 | 1583 | 39883 | 40453 | 449 |
|  Aker Solutions ASA | NIBOR1M | Monthly | JPMorgan<br>Chase | 04/15/2026 | 40300 | 141910 | 139080 | (3259) |
|  Delek Group, Ltd. | SHIR | Monthly | JPMorgan<br>Chase | 05/26/2026 | 664 | 121852 | 137634 | 11153 |
|  Indo Tambangraya Megah Tbk PT | OBFR01 | Monthly | JPMorgan<br>Chase | 05/28/2026 | 72600 | 100176 | 98371 | (2108) |
|  Modec, Inc. | MUTKCALM | Monthly | JPMorgan<br>Chase | 12/09/2025 | 3600 | 134737 | 154307 | 20094 |
|  Paramount Resources, Ltd., Class A | CAONREPO | Monthly | JPMorgan<br>Chase | 07/13/2026 | 4981 | 74078 | 79264 | 4739 |
|  Parex Resources, Inc. | CAONREPO | Monthly | JPMorgan<br>Chase | 03/06/2026 | 13323 | 142324 | 136092 | (7103) |
|  Paz Retail And Energy, Ltd. | SHIR | Monthly | JPMorgan<br>Chase | 05/26/2026 | 511 | 79797 | 93488 | 12170 |
|  Plains GP Holdings LP, Class A | OBFR01 | Monthly | JPMorgan<br>Chase | 03/06/2026 | 5230 | 97906 | 101619 | 3449 |
|  SBM Offshore NV | ESTRON | Monthly | JPMorgan<br>Chase | 07/14/2026 | 2000 | 50457 | 52877 | 794 |
|  Technip Energies NV | ESTRON | Monthly | JPMorgan<br>Chase | 04/15/2026 | 2832 | 112543 | 119149 | 2973 |

---

 <br> bridgewayfunds.com 37

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02g02.jpg)  |

---

*Showing percentage of net assets as of June 30, 2025*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Long (2.13%) (continued) | Total Return Swaps - Long (2.13%) (continued) |  |  |  |  |  |  |  |
|  |  |  |  |  | Number of |  |  | Unrealized |
|  |  | Payment |  | Maturity | Contracts | Notional |  | Appreciation/ |
| Reference Entity | Pay | Frequency | Counterparty | Date | Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | (Depreciation)<sup>\*</sup> |
|  ***Energy – (continued)*** |  |  |  |  |  |  |  |  |
|  Whitecap Resources, Inc. | CAONREPO | Monthly | JPMorgan<br>Chase | 06/16/2026 | 6624 | $42864 | $44509 | $1633 |
|  Yancoal Australia, Ltd. | BBSW1M | Monthly | JPMorgan<br>Chase | 05/26/2026 | 33706 | 121192 | 128075 | 5558 |
|  |  |  |  |  |  | 1259719 | 1324918 | 50542 |
|  ***Financials*** |  |  |  |  |  |  |  |  |
|  ABN AMRO Bank NV | ESTRON | Monthly | JPMorgan<br>Chase | 12/23/2025 | 2317 | 60467 | 63014 | 595 |
|  Alior Bank SA | WIBO1M | Monthly | JPMorgan<br>Chase | 07/14/2026 | 2667 | 71344 | 70118 | 1819 |
|  Annaly Capital Management, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 12/08/2025 | 5846 | 113237 | 110022 | 571 |
|  Apollo Commercial Real Estate Finance, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 07/13/2026 | 3926 | 39339 | 38004 | (455) |
|  Avanza Bank Holding AB | STIB1M | Monthly | JPMorgan<br>Chase | 05/26/2026 | 1847 | 61362 | 62672 | 403 |
|  Banca Monte dei Paschi di Siena S.p.A | ESTRON | Monthly | JPMorgan<br>Chase | 06/17/2026 | 14013 | 115633 | 118852 | (515) |
|  Banco ABC Brasil SA | OBFR01 | Monthly | JPMorgan<br>Chase | 03/09/2026 | 31900 | 120177 | 131461 | 10949 |
|  Banco de Chile | OBFR01 | Monthly | JPMorgan<br>Chase | 06/17/2026 | 228145 | 34266 | 34505 | 143 |
|  Bank Leumi Le-Israel BM | SHIR | Monthly | JPMorgan<br>Chase | 05/26/2026 | 6241 | 102021 | 116117 | 10220 |
|  Bank Polska Kasa Opieki SA | WIBO1M | Monthly | JPMorgan<br>Chase | 06/17/2026 | 2545 | 122635 | 131079 | 3777 |
|  BB Seguridade Participacoes SA | OBFR01 | Monthly | JPMorgan<br>Chase | 12/09/2025 | 16200 | 103515 | 106746 | 2942 |
|  Bolsa Mexicana de Valores SAB de CV | MXIBTIIE | Monthly | JPMorgan<br>Chase | 05/25/2026 | 54600 | 117569 | 125090 | 5105 |
|  BPER Banca S.p.A | ESTRON | Monthly | JPMorgan<br>Chase | 06/17/2026 | 12961 | 113824 | 117638 | 137 |
|  Caixa Seguridade Participacoes S/A | OBFR01 | Monthly | JPMorgan<br>Chase | 06/17/2026 | 13700 | 35509 | 37042 | 1434 |
|  Chimera Investment Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 07/13/2026 | 3900 | 54249 | 54093 | 1147 |
|  Coface SA | ESTRON | Monthly | JPMorgan<br>Chase | 05/26/2026 | 3087 | 57317 | 59262 | 94 |
|  CTBC Financial Holding Co., Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/17/2026 | 28000 | 39754 | 41906 | 2037 |
|  DNB Bank ASA | NIBOR1M | Monthly | JPMorgan<br>Chase | 05/27/2026 | 1907 | 52454 | 52737 | 125 |
|  Dynex Capital, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 03/06/2026 | 5282 | 64969 | 64546 | 300 |
|  Ellington Financial, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 12/22/2025 | 8270 | 107097 | 107427 | 1117 |
|  Financial Partners Group Co., Ltd. | MUTKCALM | Monthly | JPMorgan<br>Chase | 12/09/2025 | 7000 | 115720 | 116020 | (406) |
|  FinVolution Group, ADR | OBFR01 | Monthly | JPMorgan<br>Chase | 05/26/2026 | 15700 | 135020 | 148836 | 13404 |
|  Grupo Cibest SA | OBFR01 | Monthly | JPMorgan<br>Chase | 07/14/2026 | 20735 | 231493 | 245900 | 13705 |
|  Helia Group, Ltd. | BBSW1M | Monthly | JPMorgan<br>Chase | 07/14/2026 | 26133 | 89787 | 96880 | 6037 |

---

 <br> 38 Annual Report \| June 30, 2025

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02g02.jpg)  |

---

*Showing percentage of net assets as of June 30, 2025*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Long (2.13%) (continued) | Total Return Swaps - Long (2.13%) (continued) |  |  |  |  |  |  |  |
|  |  |  |  |  | Number of |  |  | Unrealized |
|  |  | Payment |  | Maturity | Contracts | Notional |  | Appreciation/ |
| Reference Entity | Pay | Frequency | Counterparty | Date | Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | (Depreciation)<sup>\*</sup> |
|  ***Financials – (continued)*** |  |  |  |  |  |  |  |  |
|  Intesa Sanpaolo S.p.A | ESTRON | Monthly | JPMorgan<br>Chase | 12/09/2025 | 22358 | $124678 | $128791 | $83 |
|  Inversiones La Construccion SA | OBFR01 | Monthly | JPMorgan<br>Chase | 05/27/2026 | 9978 | 119571 | 114879 | (5029) |
|  Investec, Ltd. | JIBA1M | Monthly | JPMorgan<br>Chase | 07/15/2026 | 8516 | 60793 | 63631 | 2577 |
|  Is Yatirim Menkul Degerler AS | OBFR01 | Monthly | JPMorgan<br>Chase | 06/02/2026 | 32197 | 29168 | 29514 | 256 |
|  KIWOOM Securities Co., Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 05/27/2026 | 829 | 113932 | 140214 | 25958 |
|  Lion Finance Group PLC | SONIO/N | Monthly | JPMorgan<br>Chase | 12/09/2025 | 1097 | 99927 | 106851 | 5094 |
|  Mandatum Oyj | ESTRON | Monthly | JPMorgan<br>Chase | 04/15/2026 | 15851 | 98671 | 103718 | 1862 |
|  Momentum Group, Ltd. | JIBA1M | Monthly | JPMorgan<br>Chase | 05/27/2026 | 59477 | 120835 | 115407 | (5973) |
|  Moneta Money Bank AS | PRIB01M | Monthly | JPMorgan<br>Chase | 02/18/2026 | 17026 | 114278 | 117431 | (956) |
|  New China Life Insurance Co., Ltd., Class H | HIHD01M | Monthly | JPMorgan<br>Chase | 06/17/2026 | 22300 | 103562 | 122109 | 18504 |
|  New York Mortgage Trust, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 05/26/2026 | 16700 | 116232 | 111890 | (1316) |
|  Ninety One, Ltd. | JIBA1M | Monthly | JPMorgan<br>Chase | 07/15/2026 | 25875 | 61162 | 63239 | 1814 |
|  Plus500, Ltd. | SONIO/N | Monthly | JPMorgan<br>Chase | 12/09/2025 | 2474 | 112747 | 115446 | 2315 |
|  Poste Italiane S.p.A | ESTRON | Monthly | JPMorgan<br>Chase | 05/26/2026 | 4446 | 95809 | 95526 | (3377) |
|  Qifu Technology, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 05/26/2026 | 1700 | 71230 | 73712 | 2290 |
|  Qualitas Controladora SAB de CV | MXIBTIIE | Monthly | JPMorgan<br>Chase | 07/13/2026 | 4100 | 44992 | 42102 | (3803) |
|  Raiffeisen Bank International AG | ESTRON | Monthly | JPMorgan<br>Chase | 05/26/2026 | 3860 | 117053 | 118072 | (2760) |
|  Rithm Capital Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 12/08/2025 | 11095 | 126039 | 125263 | 1657 |
|  Samsung Securities Co., Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 05/27/2026 | 2500 | 116177 | 135971 | 19463 |
|  Santander Bank Polska SA | WIBO1M | Monthly | JPMorgan<br>Chase | 05/26/2026 | 726 | 93406 | 99768 | 2801 |
|  SCOR SE | ESTRON | Monthly | JPMorgan<br>Chase | 04/15/2026 | 2130 | 69605 | 70742 | (1111) |
|  Svenska Handelsbanken AB, Class A | STIB1M | Monthly | JPMorgan<br>Chase | 12/09/2025 | 8663 | 115529 | 115974 | (1264) |
|  Swedbank AB, Class A | STIB1M | Monthly | JPMorgan<br>Chase | 05/26/2026 | 2374 | 62180 | 62879 | (221) |
|  TBC Bank Group PLC | SONIO/N | Monthly | JPMorgan<br>Chase | 12/09/2025 | 969 | 58539 | 61738 | 5912 |
|  Turkiye Sigorta AS | OBFR01 | Monthly | JPMorgan<br>Chase | 06/17/2026 | 549714 | 114547 | 115278 | 382 |
|  Yangzijiang Financial Holding, Ltd. | SIBCSORA | Monthly | JPMorgan<br>Chase | 05/26/2026 | 209300 | 117109 | 121943 | 3277 |
|  |  |  |  |  |  | 4636529 | 4822055 | 143120 |

---

 <br> bridgewayfunds.com 39

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02g02.jpg)  |

---

*Showing percentage of net assets as of June 30, 2025*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Long (2.13%) (continued) | Total Return Swaps - Long (2.13%) (continued) |  |  |  |  |  |  |  |
|  |  |  |  |  | Number of |  |  | Unrealized |
|  |  | Payment |  | Maturity | Contracts | Notional |  | Appreciation/ |
| Reference Entity | Pay | Frequency | Counterparty | Date | Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | (Depreciation)<sup>\*</sup> |
|  ***Health Care*** |  |  |  |  |  |  |  |  |
|  3SBio, Inc. | HIHD01M | Monthly | JPMorgan<br>Chase | 07/14/2026 | 18500 | $56567 | $55928 | $(664) |
|  Ambea AB | STIB1M | Monthly | JPMorgan<br>Chase | 12/09/2025 | 10135 | 117663 | 120894 | 1490 |
|  Attendo AB | STIB1M | Monthly | JPMorgan<br>Chase | 06/17/2026 | 5217 | 33467 | 35045 | 1083 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aveanna Healthcare Holdings, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 05/26/2026 | 8304 | 45174 | 43430 | (1866) |
|  Cardinal Health, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/16/2026 | 599 | 91695 | 100632 | 8697 |
|  Cencora, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/16/2026 | 282 | 80156 | 84558 | 4191 |
|  Clover Health Investments Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/16/2026 | 14232 | 42554 | 39707 | (2961) |
|  Consun Pharmaceutical Group, Ltd. | HIHD01M | Monthly | JPMorgan<br>Chase | 12/09/2025 | 91000 | 134725 | 131403 | (3379) |
|  CureVac NV | ESTRON | Monthly | JPMorgan<br>Chase | 03/09/2026 | 25935 | 112844 | 140171 | 23684 |
|  Draegerwerk AG & Co KGaA | ESTRON | Monthly | JPMorgan<br>Chase | 03/09/2026 | 1424 | 117799 | 112785 | (8818) |
|  Extendicare, Inc. | CAONREPO | Monthly | JPMorgan<br>Chase | 12/08/2025 | 12732 | 132845 | 132205 | (1120) |
|  Hims & Hers Health, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 12/08/2025 | 2038 | 112599 | 101594 | (11309) |
|  Indivior PLC | SONIO/N | Monthly | JPMorgan<br>Chase | 06/17/2026 | 6798 | 92794 | 101083 | 6590 |
|  MannKind Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 12/22/2025 | 24780 | 97138 | 92677 | (4723) |
|  McKesson Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/16/2026 | 155 | 109253 | 113581 | 4093 |
|  Novavax, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 05/26/2026 | 18750 | 135000 | 118125 | (17240) |
|  Nutex Health, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 07/13/2026 | 400 | 46868 | 49796 | 2807 |
|  PTC Therapeutics, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/16/2026 | 2445 | 126504 | 119414 | (7432) |
|  Regis Healthcare, Ltd. | BBSW1M | Monthly | JPMorgan<br>Chase | 01/21/2026 | 22666 | 111522 | 116894 | 4152 |
|  Sumitomo Pharma Co., Ltd. | MUTKCALM | Monthly | JPMorgan<br>Chase | 06/17/2026 | 20200 | 126097 | 135713 | 8848 |
|  Suzuken Co., Ltd. | MUTKCALM | Monthly | JPMorgan<br>Chase | 03/09/2026 | 3200 | 118308 | 115703 | (3326) |
|  TG Therapeutics, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 12/08/2025 | 335 | 13209 | 12057 | (1188) |
|  |  |  |  |  |  | 2054781 | 2073395 | 1609 |
|  ***Industrials*** |  |  |  |  |  |  |  |  |
|  AlzChem Group AG | ESTRON | Monthly | JPMorgan<br>Chase | 07/14/2026 | 292 | 42439 | 47807 | 4001 |
|  Bizlink Holding, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 12/23/2025 | 5000 | 109407 | 145473 | 35740 |
|  Brunel International NV | ESTRON | Monthly | JPMorgan<br>Chase | 05/26/2026 | 10947 | 118451 | 115583 | (6693) |
|  Chiyoda Corp. | MUTKCALM | Monthly | JPMorgan<br>Chase | 06/17/2026 | 50600 | 115655 | 119895 | 3535 |
|  CTT-Correios de Portugal SA | ESTRON | Monthly | JPMorgan<br>Chase | 12/09/2025 | 10990 | 95560 | 97812 | (834) |

---

 <br> 40 Annual Report \| June 30, 2025

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02g02.jpg)  |

---

*Showing percentage of net assets as of June 30, 2025*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Long (2.13%) (continued) | Total Return Swaps - Long (2.13%) (continued) |  |  |  |  |  |  |  |
|  |  |  |  |  | Number of |  |  | Unrealized |
|  |  | Payment |  | Maturity | Contracts | Notional |  | Appreciation/ |
| Reference Entity | Pay | Frequency | Counterparty | Date | Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | (Depreciation)<sup>\*</sup> |
|  ***Industrials – (continued)*** |  |  |  |  |  |  |  |  |
|  CyberPower Systems, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 04/15/2026 | 13000 | $111612 | $115244 | $3311 |
|  El Al Israel Airlines | SHIR | Monthly | JPMorgan<br>Chase | 02/18/2026 | 29880 | 119349 | 117189 | (6780) |
|  Eva Airways Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 12/09/2025 | 48000 | 65344 | 65517 | (15) |
|  Evergreen Marine<br> Corp. Taiwan, Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 12/09/2025 | 18000 | 142213 | 122574 | (4440) |
|  Fincantieri S.p.A | ESTRON | Monthly | JPMorgan<br>Chase | 01/21/2026 | 5836 | 96689 | 112362 | 12548 |
|  Finning International, Inc. | CAONREPO | Monthly | JPMorgan<br>Chase | 07/13/2026 | 1498 | 57624 | 64045 | 6073 |
|  Fujikura, Ltd. | MUTKCALM | Monthly | JPMorgan<br>Chase | 12/09/2025 | 2800 | 133006 | 147295 | 13544 |
|  Hanwha Aerospace Co., Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/24/2026 | 150 | 97141 | 87854 | (9564) |
|  Hanwha Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 05/27/2026 | 1725 | 120243 | 120229 | (357) |
|  HD Hyundai Heavy Industries Co., Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 07/14/2026 | 121 | 37871 | 38192 | 218 |
|  HD Korea Shipbuilding & Offshore Engineering Co., Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/17/2026 | 494 | 121481 | 133400 | 11584 |
|  IHI Corp. | MUTKCALM | Monthly | JPMorgan<br>Chase | 12/09/2025 | 1100 | 116407 | 118980 | 1863 |
|  JAC Recruitment Co., Ltd. | MUTKCALM | Monthly | JPMorgan<br>Chase | 05/26/2026 | 13400 | 91884 | 94042 | 1598 |
|  JET2 PLC | SONIO/N | Monthly | JPMorgan<br>Chase | 03/09/2026 | 4870 | 128016 | 123510 | (6851) |
|  Keller Group PLC | SONIO/N | Monthly | JPMorgan<br>Chase | 12/09/2025 | 5639 | 115536 | 113443 | (4209) |
|  Koninklijke BAM Groep NV | ESTRON | Monthly | JPMorgan<br>Chase | 12/09/2025 | 16165 | 136402 | 144197 | 3391 |
|  Koninklijke Heijmans N.V | ESTRON | Monthly | JPMorgan<br>Chase | 12/09/2025 | 1875 | 118902 | 121452 | (1289) |
|  L&K Engineering Co., Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 12/09/2025 | 14000 | 123238 | 146896 | 23303 |
|  Latam Airlines Group SA | OBFR01 | Monthly | JPMorgan<br>Chase | 05/27/2026<br>5,016,827 |  | 98367 | 101562 | 2918 |
|  Lonking Holdings, Ltd. | HIHD01M | Monthly | JPMorgan<br>Chase | 12/09/2025 | 364000 | 93217 | 98014 | 10793 |
|  LX INTERNATIONAL Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/17/2026 | 4393 | 92896 | 101182 | 8028 |
|  MDA Space, Ltd. | CAONREPO | Monthly | JPMorgan<br>Chase | 12/22/2025 | 5500 | 118272 | 141807 | 22811 |
|  Morgan Sindall Group PLC | SONIO/N | Monthly | JPMorgan<br>Chase | 12/09/2025 | 910 | 46796 | 57171 | 9518 |
|  NCC AB, Class B | STIB1M | Monthly | JPMorgan<br>Chase | 04/15/2026 | 4743 | 94693 | 88756 | (7337) |
|  Orient Overseas International, Ltd. | HIHD01M | Monthly | JPMorgan<br>Chase | 07/14/2026 | 6000 | 99222 | 102114 | 2848 |
|  Persol Holdings Co., Ltd. | MUTKCALM | Monthly | JPMorgan<br>Chase | 05/26/2026 | 61300 | 116026 | 119639 | 2906 |
|  Pitney Bowes, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 05/26/2026 | 5178 | 54317 | 56492 | 2028 |

---

 <br> bridgewayfunds.com 41

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02g02.jpg)  |

---

*Showing percentage of net assets as of June 30, 2025*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Long (2.13%) (continued) | Total Return Swaps - Long (2.13%) (continued) |  |  |  |  |  |  |  |
|  |  |  |  |  | Number of |  |  | Unrealized |
|  |  | Payment |  | Maturity | Contracts | Notional |  | Appreciation/ |
| Reference Entity | Pay | Frequency | Counterparty | Date | Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | (Depreciation)<sup>\*</sup> |
|  ***Industrials – (continued)*** |  |  |  |  |  |  |  |  |
|  Porr Ag | ESTRON | Monthly | JPMorgan<br>Chase | 05/26/2026 | 3181 | $103405 | $106165 | $(578) |
|  Qantas Airways, Ltd. | BBSW1M | Monthly | JPMorgan<br>Chase | 04/15/2026 | 19297 | 133982 | 136325 | 878 |
|  R&S Group Holding AG | SSARON | Monthly | JPMorgan<br>Chase | 01/21/2026 | 3561 | 116541 | 129972 | 9215 |
|  Regional Container Lines PCL# | OBFR01 | Monthly | JPMorgan<br>Chase | 07/01/2026 | 156500 | 136572 | 124023 | (12951) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resolute Holdings Management, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 03/31/2026 | 458 | 17088 | 14596 | (2538) |
|  Rolls-Royce Holdings PLC | SONIO/N | Monthly | JPMorgan<br>Chase | 12/09/2025 | 9848 | 117124 | 130512 | 11243 |
|  Samsung E&A Co., Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/17/2026 | 5457 | 91597 | 89092 | (2758) |
|  Sanki Engineering Co., Ltd. | MUTKCALM | Monthly | JPMorgan<br>Chase | 01/21/2026 | 4300 | 115803 | 120734 | 4225 |
|  Sunway Construction Group Bhd | OBFR01 | Monthly | JPMorgan<br>Chase | 04/15/2026 | 83500 | 117611 | 119082 | 1116 |
|  Tigerair Taiwan Co., Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 05/27/2026 | 42000 | 123612 | 124316 | 349 |
|  Toa Corp. | MUTKCALM | Monthly | JPMorgan<br>Chase | 12/09/2025 | 1400 | 14414 | 14669 | 205 |
|  United Integrated Services Co., Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 02/25/2026 | 7000 | 132592 | 149385 | 16412 |
|  UT Group Co., Ltd. | MUTKCALM | Monthly | JPMorgan<br>Chase | 05/26/2026 | 3500 | 59552 | 59801 | (114) |
|  Webuild S.p.A | ESTRON | Monthly | JPMorgan<br>Chase | 12/09/2025 | 32858 | 134481 | 139307 | 480 |
|  Xiamen C & D, Inc., Class A | OBFR01 | Monthly | JPMorgan<br>Chase | 06/17/2026 | 84100 | 116521 | 121733 | 4863 |
|  Yang Ming Marine Transport Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 04/15/2026 | 52000 | 125423 | 126409 | 625 |
|  ZIM Integrated Shipping Services, Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 12/08/2025 | 8100 | 137943 | 130329 | (7939) |
|  |  |  |  |  |  | 5022537 | 5216178 | 156923 |
|  ***Information Technology*** |  |  |  |  |  |  |  |  |
|  AppLovin Corp., Class A | OBFR01 | Monthly | JPMorgan<br>Chase | 12/08/2025 | 323 | 123906 | 113076 | (11165) |
|  Asseco Poland SA | WIBO1M | Monthly | JPMorgan<br>Chase | 03/09/2026 | 2751 | 138832 | 154523 | 10516 |
|  Asustek Computer, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 12/23/2025 | 1000 | 22015 | 22107 | 943 |
|  Atoss Software SE | ESTRON | Monthly | JPMorgan<br>Chase | 12/23/2025 | 421 | 66479 | 69998 | 1372 |
|  Celestica, Inc. | CAONREPO | Monthly | JPMorgan<br>Chase | 12/08/2025 | 1000 | 121464 | 156240 | 34033 |
|  Clear Secure, Inc., Class A | OBFR01 | Monthly | JPMorgan<br>Chase | 12/08/2025 | 2882 | 74817 | 80004 | 4986 |
|  CommScope Holding Co., Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 04/14/2026 | 20455 | 125798 | 169367 | 43229 |
|  CompoSecure, Inc., Class A | OBFR01 | Monthly | JPMorgan<br>Chase | 01/21/2026 | 7800 | 106704 | 109902 | 2910 |
|  Cybozu, Inc. | MUTKCALM | Monthly | JPMorgan<br>Chase | 05/26/2026 | 5300 | 116017 | 137148 | 20424 |

---

 <br> 42 Annual Report \| June 30, 2025

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02g02.jpg)  |

---

*Showing percentage of net assets as of June 30, 2025*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Long (2.13%) (continued) | Total Return Swaps - Long (2.13%) (continued) |  |  |  |  |  |  |  |
|  |  |  |  |  | Number of |  |  | Unrealized |
|  |  | Payment |  | Maturity | Contracts | Notional |  | Appreciation/ |
| Reference Entity | Pay | Frequency | Counterparty | Date | Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | (Depreciation)<sup>\*</sup> |
|  ***Information Technology – (continued)*** |  |  |  |  |  |  |  |  |
|  DataTec, Ltd. | JIBA1M | Monthly | JPMorgan<br>Chase | 12/10/2025 | 32854 | $117536 | $121356 | $3290 |
|  Ennoconn Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 07/14/2026 | 3000 | 30267 | 29631 | 273 |
|  Everlight Electronics Co., Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 12/09/2025 | 29000 | 74404 | 69711 | (4907) |
|  IONOS Group SE | ESTRON | Monthly | JPMorgan<br>Chase | 12/09/2025 | 338 | 15989 | 15902 | (603) |
|  ITE Technology, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 07/14/2026 | 12000 | 55322 | 57974 | 2501 |
|  Ituran Location and Control, Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 12/22/2025 | 2500 | 90650 | 96825 | 6930 |
|  Kyndryl Holdings, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/16/2026 | 898 | 36171 | 37680 | 1411 |
|  LX Semicon Co., Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 05/27/2026 | 2934 | 135055 | 140304 | 4864 |
|  Marketech International Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 04/15/2026 | 21000 | 121016 | 135896 | 14532 |
|  Mobvista, Inc. | HIHD01M | Monthly | JPMorgan<br>Chase | 04/15/2026 | 156000 | 142112 | 141440 | (733) |
|  NETGEAR, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 12/08/2025 | 4613 | 140558 | 134100 | (6838) |
|  Newborn Town, Inc. | HIHD01M | Monthly | JPMorgan<br>Chase | 04/15/2026 | 102000 | 146851 | 128085 | (18829) |
|  Nutanix, Inc., Class A | OBFR01 | Monthly | JPMorgan<br>Chase | 12/08/2025 | 1464 | 109478 | 111908 | 2135 |
|  Oracle Corp. Japan | MUTKCALM | Monthly | JPMorgan<br>Chase | 12/09/2025 | 100 | 11732 | 11919 | 234 |
|  PAX Global Technology, Ltd. | HIHD01M | Monthly | JPMorgan<br>Chase | 05/27/2026 | 198000 | 136982 | 152600 | 15559 |
|  Pegasystems, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 07/13/2026 | 908 | 46004 | 49150 | 3028 |
|  Posiflex Technology, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 04/15/2026 | 12000 | 117659 | 118873 | 3402 |
|  Realtek Semiconductor Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 07/14/2026 | 2000 | 37082 | 38842 | 1659 |
|  Ricoh Co., Ltd. | MUTKCALM | Monthly | JPMorgan<br>Chase | 03/09/2026 | 4800 | 43570 | 45300 | 1464 |
|  Rubrik, Inc., Class A | OBFR01 | Monthly | JPMorgan<br>Chase | 07/13/2026 | 400 | 35020 | 35836 | 726 |
|  Supreme Electronics Co., Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/17/2026 | 60000 | 101623 | 92439 | (4089) |
|  Systena Corp. | MUTKCALM | Monthly | JPMorgan<br>Chase | 12/09/2025 | 3900 | 10826 | 11047 | 154 |
|  Telefonaktiebolaget LM Ericsson, Class B | STIB1M | Monthly | JPMorgan<br>Chase | 12/09/2025 | 13611 | 116363 | 116310 | (1773) |
|  Toshiba TEC Corp. | MUTKCALM | Monthly | JPMorgan<br>Chase | 12/09/2025 | 3000 | 59724 | 61151 | 1062 |
|  Truecaller AB, Class B | STIB1M | Monthly | JPMorgan<br>Chase | 04/15/2026 | 6438 | 44255 | 45638 | 729 |
|  VeriSign, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 07/13/2026 | 146 | 40659 | 42165 | 1401 |
|  Vobile Group, Ltd. | HIHD01M | Monthly | JPMorgan<br>Chase | 05/27/2026 | 120000 | 50148 | 49362 | (807) |

---

 <br> bridgewayfunds.com 43

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| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02g02.jpg)  |

---

*Showing percentage of net assets as of June 30, 2025*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Long (2.13%) (continued) | Total Return Swaps - Long (2.13%) (continued) |  |  |  |  |  |  |  |
|  |  |  |  |  | Number of |  |  | Unrealized |
|  |  | Payment |  | Maturity | Contracts | Notional |  | Appreciation/ |
| Reference Entity | Pay | Frequency | Counterparty | Date | Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | (Depreciation)<sup>\*</sup> |
|  ***Information Technology – (continued)*** |  |  |  |  |  |  |  |  |
|  VSTECS Holdings, Ltd. | HIHD01M | Monthly | JPMorgan<br>Chase | 05/27/2026 | 162000 | $134574 | $161070 | $26438 |
|  Wix.com, Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 12/22/2025 | 600 | 95172 | 95076 | (353) |
|  WT Microelectronics Co., Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/17/2026 | 27000 | 111395 | 118848 | 11519 |
|  |  |  |  |  |  | 3304229 | 3478803 | 171627 |
|  ***Materials*** |  |  |  |  |  |  |  |  |
|  Aneka Tambang Tbk | OBFR01 | Monthly | JPMorgan<br>Chase | 06/18/2026 | 386600 | 77463 | 72749 | (1898) |
|  Catalyst Metals, Ltd. | BBSW1M | Monthly | JPMorgan<br>Chase | 07/14/2026 | 17113 | 73300 | 59232 | (14929) |
|  China Hongqiao Group, Ltd. | HIHD01M | Monthly | JPMorgan<br>Chase | 12/09/2025 | 59500 | 115229 | 137005 | 21727 |
|  Dundee Precious Metals, Inc. | CAONREPO | Monthly | JPMorgan<br>Chase | 05/25/2026 | 8323 | 122260 | 133730 | 11005 |
|  Evolution Mining, Ltd. | BBSW1M | Monthly | JPMorgan<br>Chase | 04/15/2026 | 20699 | 115486 | 107765 | (8984) |
|  Fuji Seal International, Inc. | MUTKCALM | Monthly | JPMorgan<br>Chase | 12/09/2025 | 5500 | 96468 | 106274 | 9218 |
|  Harmony Gold Mining Co., Ltd. | JIBA1M | Monthly | JPMorgan<br>Chase | 12/10/2025 | 5798 | 85603 | 80673 | (5316) |
|  HDC Holdings Co., Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 07/14/2026 | 5848 | 92373 | 101728 | 9104 |
|  IAMGOLD Corp. | CAONREPO | Monthly | JPMorgan<br>Chase | 01/20/2026 | 15882 | 115081 | 116979 | 1194 |
|  Kinross Gold Corp. | CAONREPO | Monthly | JPMorgan<br>Chase | 12/08/2025 | 7572 | 112280 | 118327 | 5360 |
|  Kobe Steel, Ltd. | MUTKCALM | Monthly | JPMorgan<br>Chase | 05/26/2026 | 7000 | 78089 | 76415 | (2151) |
|  Lundin Gold, Inc. | CAONREPO | Monthly | JPMorgan<br>Chase | 12/22/2025 | 2671 | 130870 | 141028 | 9358 |
|  OceanaGold Corp. | CAONREPO | Monthly | JPMorgan<br>Chase | 06/16/2026 | 5679 | 82586 | 80150 | (2939) |
|  Ora Banda Mining, Ltd. | BBSW1M | Monthly | JPMorgan<br>Chase | 04/15/2026 | 107564 | 73700 | 55112 | (19394) |
|  Orla Mining, Ltd. | CAONREPO | Monthly | JPMorgan<br>Chase | 05/25/2026 | 9943 | 106071 | 99886 | (6834) |
|  Perenti, Ltd. | BBSW1M | Monthly | JPMorgan<br>Chase | 01/21/2026 | 132700 | 135519 | 141749 | 4748 |
|  Ramelius Resources, Ltd. | BBSW1M | Monthly | JPMorgan<br>Chase | 12/09/2025 | 61442 | 111862 | 103461 | (9625) |
|  Regis Resources, Ltd. | BBSW1M | Monthly | JPMorgan<br>Chase | 05/26/2026 | 37100 | 116690 | 108891 | (9075) |
|  Sims, Ltd. | BBSW1M | Monthly | JPMorgan<br>Chase | 04/15/2026 | 9363 | 93908 | 94620 | (315) |
|  thyssenkrupp AG | ESTRON | Monthly | JPMorgan<br>Chase | 04/15/2026 | 10011 | 96130 | 107901 | 8667 |
|  Torex Gold Resources, Inc. | CAONREPO | Monthly | JPMorgan<br>Chase | 12/22/2025 | 3286 | 107519 | 107189 | (988) |
|  Transcontinental, Inc., Class A | CAONREPO | Monthly | JPMorgan<br>Chase | 01/20/2026 | 7268 | 111971 | 111602 | (33) |
|  West African Resources, Ltd. | BBSW1M | Monthly | JPMorgan<br>Chase | 12/09/2025 | 7562 | 11300 | 11487 | 63 |

---

 <br> 44 Annual Report \| June 30, 2025

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02g02.jpg)  |

---

*Showing percentage of net assets as of June 30, 2025*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Long (2.13%) (continued) | Total Return Swaps - Long (2.13%) (continued) |  |  |  |  |  |  |  |
|  |  |  |  |  | Number of |  |  | Unrealized |
|  |  | Payment |  | Maturity | Contracts | Notional |  | Appreciation/ |
| Reference Entity | Pay | Frequency | Counterparty | Date | Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | (Depreciation)<sup>\*</sup> |
|  ***Materials – (continued)*** |  |  |  |  |  |  |  |  |
|  Yunnan Yuntianhua Co., Ltd., Class A | OBFR01 | Monthly | JPMorgan<br>Chase | 12/09/2025 | 27700 | $85119 | $84955 | $(415) |
|  |  |  |  |  |  | 2346877 | 2358908 | (2452) |
|  ***Real Estate*** |  |  |  |  |  |  |  |  |
|  Aedas Homes SA | ESTRON | Monthly | JPMorgan<br>Chase | 12/09/2025 | 2924 | 93380 | 83707 | (12688) |
|  C&D Property Management Group Co., Ltd. | HIHD01M | Monthly | JPMorgan<br>Chase | 07/14/2026 | 178000 | 61684 | 60844 | (855) |
|  Emaar Development PJSC | OBFR01 | Monthly | JPMorgan<br>Chase | 04/15/2026 | 30431 | 108141 | 112035 | 3542 |
|  Emaar Properties PJSC | OBFR01 | Monthly | JPMorgan<br>Chase | 02/18/2026 | 26836 | 96827 | 99552 | 2410 |
|  Jones Lang LaSalle, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 12/08/2025 | 439 | 104214 | 112287 | 7792 |
|  Kindom Development Co., Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 04/15/2026 | 63000 | 109230 | 108847 | (698) |
|  Leopalace21 Corp. | MUTKCALM | Monthly | JPMorgan<br>Chase | 03/09/2026 | 28600 | 126988 | 123152 | (4611) |
|  Poly Property Services Co., Ltd., Class H | HIHD01M | Monthly | JPMorgan<br>Chase | 03/09/2026 | 19400 | 77489 | 81929 | 7640 |
|  Slate Grocery REIT, Class U | CAONREPO | Monthly | JPMorgan<br>Chase | 05/25/2026 | 10679 | 114548 | 112691 | (1904) |
|  Starts Corp., Inc. | MUTKCALM | Monthly | JPMorgan<br>Chase | 04/15/2026 | 4000 | 117529 | 126448 | 8271 |
|  Sunac Services Holdings, Ltd. | HIHD01M | Monthly | JPMorgan<br>Chase | 07/14/2026 | 238000 | 52760 | 52531 | (253) |
|  Wereldhave NV | ESTRON | Monthly | JPMorgan<br>Chase | 12/09/2025 | 587 | 11871 | 11830 | (425) |
|  |  |  |  |  |  | 1074661 | 1085853 | 8221 |
|  ***Utilities*** |  |  |  |  |  |  |  |  |
|  Centrica PLC | SONIO/N | Monthly | JPMorgan<br>Chase | 03/09/2026 | 57839 | 127690 | 128332 | (1697) |
|  Cia de Saneamento de Minas Gerais Copasa MG | OBFR01 | Monthly | JPMorgan<br>Chase | 04/15/2026 | 29500 | 126375 | 151868 | 27182 |
|  Drax Group PLC | SONIO/N | Monthly | JPMorgan<br>Chase | 01/21/2026 | 14712 | 132124 | 140218 | 5673 |
|  Enea SA | WIBO1M | Monthly | JPMorgan<br>Chase | 04/15/2026 | 29897 | 141578 | 162250 | 15275 |
|  Enerjisa Enerji AS | OBFR01 | Monthly | JPMorgan<br>Chase | 06/17/2026 | 23840 | 34293 | 35035 | 636 |
|  Enerya Enerji AS | OBFR01 | Monthly | JPMorgan<br>Chase | 07/14/2026 | 409294 | 61799 | 69791 | 7811 |
|  Korea Gas Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 05/27/2026 | 4009 | 110929 | 123443 | 12199 |
|  Manila Electric Co. | OBFR01 | Monthly | JPMorgan<br>Chase | 12/10/2025 | 1070 | 10158 | 10229 | 39 |
|  PGE Polska Grupa Energetyczna SA | WIBO1M | Monthly | JPMorgan<br>Chase | 07/14/2026 | 21022 | 59809 | 66548 | 4469 |
|  |  |  |  |  |  | 804755 | 887714 | 71587 |
|  ***Total Reference Entity - Long*** |  |  |  |  |  | $26504681 | $27366519 | $674463 |

---

 <br> bridgewayfunds.com 45

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| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02g02.jpg)  |

---

*Showing percentage of net assets as of June 30, 2025*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Short ((1.47)%) | Total Return Swaps - Short ((1.47)%) |  |  |  |  |  |  |  |
|  |  |  |  |  | Number of |  |  | Unrealized |
|  |  | Payment |  | Maturity | Contracts | Notional |  | Appreciation/ |
| Reference Entity | Receive | Frequency | Counterparty | Date | (Short) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | (Depreciation)<sup>\*</sup> |
|  ***Communication Services*** |  |  |  |  |  |  |  |  |
|  Baidu, Inc., Class A | HIHDO/N | Monthly | JPMorgan<br>Chase | 05/27/2026 | 8200 | $(89483) | $(87879) | $1574 |
|  Better Collective A/S | STIB1D | Monthly | JPMorgan<br>Chase | 04/15/2026 | 7675 | (101593) | (106351) | (3300) |
|  Cellnex Telecom SA | ESTRON | Monthly | JPMorgan<br>Chase | 06/17/2026 | 1636 | (63089) | (63703) | 1397 |
|  China Literature, Ltd. | HIHDO/N | Monthly | JPMorgan<br>Chase | 04/15/2026 | 23600 | (88251) | (90111) | (1890) |
|  Future PLC | SONIO/N | Monthly | JPMorgan<br>Chase | 07/14/2026 | 4831 | (47695) | (48495) | 48 |
|  Kakao Games Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/17/2026 | 8692 | (108371) | (122882) | (14474) |
|  Kinepolis Group NV | ESTRON | Monthly | JPMorgan<br>Chase | 12/09/2025 | 576 | (23199) | (24411) | (472) |
|  Lionsgate Studios Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/16/2026 | 5100 | (34017) | (29631) | 4397 |
|  NCSoft Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 05/27/2026 | 910 | (116260) | (139002) | (22686) |
|  Pearl Abyss Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 07/14/2026 | 3211 | (90495) | (100405) | (9867) |
|  SEEK, Ltd. | RBACOR | Monthly | JPMorgan<br>Chase | 04/15/2026 | 6329 | (99161) | (100161) | 31 |
|  Snap, Inc., Class A | OBFR01 | Monthly | JPMorgan<br>Chase | 06/16/2026 | 10113 | (85859) | (87882) | (1827) |
|  SoftBank Group Corp. | MUTKCALM | Monthly | JPMorgan<br>Chase | 07/14/2026 | 700 | (38232) | (50894) | (12446) |
|  Vend Marketplaces ASA | NOWA | Monthly | JPMorgan<br>Chase | 06/17/2026 | 1073 | (37635) | (37936) | (206) |
|  VTEX, Class A | OBFR01 | Monthly | JPMorgan<br>Chase | 05/26/2026 | 17500 | (115675) | (115500) | 443 |
|  |  |  |  |  |  | (1139015) | (1205243) | (59278) |
|  ***Consumer Discretionary*** |  |  |  |  |  |  |  |  |
|  Allegro.eu SA | WIBOON | Monthly | JPMorgan<br>Chase | 01/21/2026 | 5824 | (53129) | (56071) | (957) |
|  ARB Corp., Ltd. | RBACOR | Monthly | JPMorgan<br>Chase | 07/14/2026 | 2306 | (47567) | (49622) | (1513) |
|  Atom Corp. | MUTKCALM | Monthly | JPMorgan<br>Chase | 03/09/2026 | 18800 | (83864) | (86121) | (1999) |
|  Auto Partner SA | WIBOON | Monthly | JPMorgan<br>Chase | 02/18/2026 | 17482 | (91881) | (99893) | (4804) |
|  Basic-Fit NV | ESTRON | Monthly | JPMorgan<br>Chase | 01/21/2026 | 3103 | (85730) | (94576) | (6114) |
|  Brunello Cucinelli S.p.A | ESTRON | Monthly | JPMorgan<br>Chase | 05/26/2026 | 784 | (91595) | (95180) | (667) |
|  Corporate Travel Management, Ltd. | RBACOR | Monthly | JPMorgan<br>Chase | 06/17/2026 | 9890 | (90029) | (90063) | 913 |
|  Douglas AG | ESTRON | Monthly | JPMorgan<br>Chase | 05/26/2026 | 7978 | (103372) | (98900) | 7767 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Watch Restaurant Group, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/16/2026 | 4153 | (66074) | (66614) | (390) |
|  Global-e Online, Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/16/2026 | 2600 | (88712) | (87204) | 1710 |
|  GN Store Nord AS | DKDR1T | Monthly | JPMorgan<br>Chase | 12/09/2025 | 6022 | (93442) | (92909) | 3489 |
|  Guzman y Gomez, Ltd. | RBACOR | Monthly | JPMorgan<br>Chase | 04/15/2026 | 4731 | (89128) | (88086) | 1980 |

---

 <br> 46 Annual Report \| June 30, 2025

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| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02g02.jpg)  |

---

*Showing percentage of net assets as of June 30, 2025*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Short ((1.47)%) (continued) | Total Return Swaps - Short ((1.47)%) (continued) |  |  |  |  |  |  |  |
|  |  |  |  |  | Number of |  |  | Unrealized |
|  |  | Payment |  | Maturity | Contracts | Notional |  | Appreciation/ |
| Reference Entity | Receive | Frequency | Counterparty | Date | (Short) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | (Depreciation)<sup>\*</sup> |
|  ***Consumer Discretionary – (continued)*** |  |  |  |  |  |  |  |  |
|  Hanon Systems | OBFR01 | Monthly | JPMorgan<br>Chase | 06/17/2026 | 29891 | $(67810) | $(68518) | $(616) |
|  HBX Group International PLC | ESTRON | Monthly | JPMorgan<br>Chase | 07/14/2026 | 2995 | (36959) | (38174) | (40) |
|  Hermes International SCA | ESTRON | Monthly | JPMorgan<br>Chase | 06/17/2026 | 35 | (93859) | (94880) | 1968 |
|  Hotel Shilla Co., Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 05/27/2026 | 3234 | (123500) | (123612) | 2 |
|  Li Auto, Inc., Class A | HIHDO/N | Monthly | JPMorgan<br>Chase | 05/27/2026 | 6700 | (99620) | (91448) | 8137 |
|  LVMH Moet Hennessy Louis Vuitton SE | ESTRON | Monthly | JPMorgan<br>Chase | 06/17/2026 | 76 | (41235) | (39777) | 2772 |
|  McDonald's Holdings Co. Japan, Ltd. | MUTKCALM | Monthly | JPMorgan<br>Chase | 05/26/2026 | 600 | (25066) | (24817) | 392 |
|  Meituan, Class B | HIHDO/N | Monthly | JPMorgan<br>Chase | 07/14/2026 | 1700 | (31275) | (27346) | 3920 |
|  Melco Resorts & |  |  |  |  |  |  |  |  |
|  Entertainment, Ltd., ADR | OBFR01 | Monthly | JPMorgan<br>Chase | 12/08/2025 | 18000 | (115200) | (130140) | (14670) |
|  Nagawa Co., Ltd. | MUTKCALM | Monthly | JPMorgan<br>Chase | 06/17/2026 | 1100 | (47247) | (47150) | 354 |
|  New Oriental Education & Technology Group, Inc. | HIHDO/N | Monthly | JPMorgan<br>Chase | 12/09/2025 | 15700 | (75412) | (84784) | (9398) |
|  NIO, Inc., Class A | HIHDO/N | Monthly | JPMorgan<br>Chase | 12/09/2025 | 25590 | (92758) | (87577) | 5086 |
|  Nissan Shatai Co., Ltd. | MUTKCALM | Monthly | JPMorgan<br>Chase | 04/15/2026 | 12000 | (87090) | (90029) | (2425) |
|  Nitori Holdings Co., Ltd. | MUTKCALM | Monthly | JPMorgan<br>Chase | 02/18/2026 | 900 | (88996) | (86625) | 2878 |
|  North-Star International Co., Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 12/23/2025 | 44000 | (70482) | (75609) | (5332) |
|  Oriental Land Co., Ltd. | MUTKCALM | Monthly | JPMorgan<br>Chase | 12/09/2025 | 3300 | (74311) | (76005) | (1424) |
|  PDD Holdings, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 01/21/2026 | 900 | (92151) | (94194) | (1833) |
|  Pepco Group NV | WIBOON | Monthly | JPMorgan<br>Chase | 07/14/2026 | 11417 | (54464) | (68739) | (12275) |
|  PWR Holdings, Ltd. | RBACOR | Monthly | JPMorgan<br>Chase | 12/09/2025 | 19644 | (80373) | (89662) | (8452) |
|  Rakuten Group, Inc. | MUTKCALM | Monthly | JPMorgan<br>Chase | 07/14/2026 | 15900 | (89882) | (87612) | 2778 |
|  RH | OBFR01 | Monthly | JPMorgan<br>Chase | 04/14/2026 | 480 | (90902) | (90725) | 389 |
|  Salvatore Ferragamo S.p.A | ESTRON | Monthly | JPMorgan<br>Chase | 07/14/2026 | 14365 | (89125) | (84750) | 7173 |
|  Shimano, Inc. | MUTKCALM | Monthly | JPMorgan<br>Chase | 12/23/2025 | 500 | (74284) | (72490) | 1631 |
|  Silicon2 Co., Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/17/2026 | 993 | (37702) | (45142) | (7471) |
|  SJM Holdings, Ltd. | HIHDO/N | Monthly | JPMorgan<br>Chase | 04/15/2026 | 269000 | (87396) | (86843) | 468 |
|  Super Group, Ltd. | SAONBOR | Monthly | JPMorgan<br>Chase | 06/19/2026 | 42408 | (72337) | (37929) | 34686 |

---

 <br> bridgewayfunds.com 47

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02g02.jpg)  |

---

*Showing percentage of net assets as of June 30, 2025*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Short ((1.47)%) (continued) | Total Return Swaps - Short ((1.47)%) (continued) |  |  |  |  |  |  |  |
|  |  |  |  |  | Number of |  |  | Unrealized |
|  |  | Payment |  | Maturity | Contracts | Notional |  | Appreciation/ |
| Reference Entity | Receive | Frequency | Counterparty | Date | (Short) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | (Depreciation)<sup>\*</sup> |
|  ***Consumer Discretionary – (continued)*** |  |  |  |  |  |  |  |  |
|  TAL Education Group, ADR | OBFR01 | Monthly | JPMorgan<br>Chase | 06/16/2026 | 8500 | $(92055) | $(86870) | $5396 |
|  Yadea Group Holdings, Ltd. | HIHDO/N | Monthly | JPMorgan<br>Chase | 07/14/2026 | 30000 | (47318) | (48137) | (2553) |
|  Yum China Holdings, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/16/2026 | 1900 | (85063) | (84949) | 306 |
|  |  |  |  |  |  | (3148395) | (3169772) | 11262 |
|  ***Consumer Staples*** |  |  |  |  |  |  |  |  |
|  Beiersdorf AG | ESTRON | Monthly | JPMorgan<br>Chase | 05/26/2026 | 636 | (86331) | (79944) | 9139 |
|  China Modern Dairy Holdings, Ltd. | HIHDO/N | Monthly | JPMorgan<br>Chase | 07/14/2026 | 575000 | (82780) | (75616) | 7088 |
|  COFCO Joycome Foods, Ltd. | HIHDO/N | Monthly | JPMorgan<br>Chase | 12/09/2025 | 463000 | (93205) | (93306) | (195) |
|  Davide Campari-Milano NV | ESTRON | Monthly | JPMorgan<br>Chase | 12/09/2025 | 12275 | (81516) | (82640) | 1472 |
|  Grupo Bimbo SAB de CV | MXIBTIIE | Monthly | JPMorgan<br>Chase | 12/08/2025 | 7600 | (20598) | (21203) | (192) |
|  Heineken NV | ESTRON | Monthly | JPMorgan<br>Chase | 05/26/2026 | 960 | (87883) | (83753) | 6932 |
|  House Foods Group, Inc. | MUTKCALM | Monthly | JPMorgan<br>Chase | 05/26/2026 | 4300 | (83868) | (83641) | 705 |
|  Intercos S.p.A | ESTRON | Monthly | JPMorgan<br>Chase | 12/23/2025 | 5500 | (85089) | (83593) | 4206 |
|  Kagome Co., Ltd. | MUTKCALM | Monthly | JPMorgan<br>Chase | 03/09/2026 | 3600 | (73223) | (71692) | 1949 |
|  Kobayashi Pharmaceutical Co., Ltd. | MUTKCALM | Monthly | JPMorgan<br>Chase | 12/09/2025 | 2200 | (84679) | (82351) | 2140 |
|  Kobe Bussan Co., Ltd. | MUTKCALM | Monthly | JPMorgan<br>Chase | 03/09/2026 | 3500 | (110379) | (108695) | 2313 |
|  Kose Corp. | MUTKCALM | Monthly | JPMorgan<br>Chase | 07/14/2026 | 900 | (37042) | (35324) | 1491 |
|  Lian HWA Food Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 07/14/2026 | 19000 | (83514) | (91390) | (7820) |
|  Lifedrink Co., Inc. | MUTKCALM | Monthly | JPMorgan<br>Chase | 05/08/2026 | 4700 | (66111) | (69073) | (2585) |
|  L'Oreal SA | ESTRON | Monthly | JPMorgan<br>Chase | 12/09/2025 | 222 | (96973) | (95094) | 4970 |
|  Lotus Bakeries NV | ESTRON | Monthly | JPMorgan<br>Chase | 04/15/2026 | 10 | (103405) | (96359) | 10342 |
|  Nissin Foods Holdings Co., Ltd. | MUTKCALM | Monthly | JPMorgan<br>Chase | 12/23/2025 | 3000 | (61568) | (62325) | (407) |
|  Nongfu Spring Co., Ltd., Class H | HIHDO/N | Monthly | JPMorgan<br>Chase | 07/14/2026 | 12200 | (61085) | (62584) | (1516) |
|  Ocado Group PLC | SONIO/N | Monthly | JPMorgan<br>Chase | 05/06/2026 | 20400 | (73421) | (63629) | 11105 |
|  Rohto Pharmaceutical Co., Ltd. | MUTKCALM | Monthly | JPMorgan<br>Chase | 02/18/2026 | 5200 | (73880) | (73696) | 605 |
|  Sakata Seed Corp. | MUTKCALM | Monthly | JPMorgan<br>Chase | 12/09/2025 | 3200 | (73915) | (77821) | (4258) |
|  Unicharm Corp. | MUTKCALM | Monthly | JPMorgan<br>Chase | 01/21/2026 | 10300 | (81581) | (74374) | 7029 |
|  |  |  |  |  |  | (1702046) | (1668103) | 54513 |

---

 <br> 48 Annual Report \| June 30, 2025

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02g02.jpg)  |

---

*Showing percentage of net assets as of June 30, 2025*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Short ((1.47)%) (continued) | Total Return Swaps - Short ((1.47)%) (continued) |  |  |  |  |  |  |  |
|  |  |  |  |  | Number of |  |  | Unrealized |
|  |  | Payment |  | Maturity | Contracts | Notional |  | Appreciation/ |
| Reference Entity | Receive | Frequency | Counterparty | Date | (Short) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | (Depreciation)<sup>\*</sup> |
|  ***Energy*** |  |  |  |  |  |  |  |  |
|  Advantage Energy, Ltd. | CAONREPO | Monthly | JPMorgan<br>Chase | 06/16/2026 | 9784 | $(83629) | $(84997) | $(893) |
|  BLUENORD ASA | NOWA | Monthly | JPMorgan<br>Chase | 07/14/2026 | 749 | (45023) | (36632) | 2825 |
|  Boss Energy, Ltd. | RBACOR | Monthly | JPMorgan<br>Chase | 07/14/2026 | 36305 | (92783) | (112077) | (18237) |
|  Brava Energia | OBFR01 | Monthly | JPMorgan<br>Chase | 06/17/2026 | 25700 | (91500) | (82307) | 9329 |
|  Calumet, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/16/2026 | 6700 | (93398) | (105559) | (11947) |
|  Energy Fuels, Inc. | CAONREPO | Monthly | JPMorgan<br>Chase | 06/16/2026 | 18507 | (99595) | (106958) | (6967) |
|  Kelt Exploration, Ltd. | CAONREPO | Monthly | JPMorgan<br>Chase | 03/06/2026 | 20850 | (108850) | (112384) | (2912) |
|  Neste Oyj | ESTRON | Monthly | JPMorgan<br>Chase | 06/17/2026 | 8205 | (101813) | (111195) | (6137) |
|  NextDecade Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 12/08/2025 | 12389 | (103696) | (110386) | (6448) |
|  Paratus Energy Services, Ltd. | NOWA | Monthly | JPMorgan<br>Chase | 01/21/2026 | 25199 | (85735) | (86668) | (956) |
|  S-Oil Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 05/27/2026 | 2370 | (102492) | (105086) | (2410) |
|  Verbio SE | ESTRON | Monthly | JPMorgan<br>Chase | 12/09/2025 | 2991 | (33782) | (43023) | (8326) |
|  Yellow Cake PLC | SONIO/N | Monthly | JPMorgan<br>Chase | 01/21/2026 | 15323 | (102344) | (110683) | (6509) |
|  |  |  |  |  |  | (1144640) | (1207955) | (59588) |
|  ***Financials*** |  |  |  |  |  |  |  |  |
|  Al Rajhi Co for Co.- operative Insurance | OBFR01 | Monthly | JPMorgan<br>Chase | 06/01/2026 | 1667 | (52535) | (57177) | (4709) |
|  Allfunds Group Plc | ESTRON | Monthly | JPMorgan<br>Chase | 04/15/2026 | 14618 | (99881) | (112330) | (9265) |
|  Alpha Group International PLC | SONIO/N | Monthly | JPMorgan<br>Chase | 12/09/2025 | 274 | (11350) | (12018) | (465) |
|  Amerant Bancorp, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/16/2026 | 2369 | (42926) | (43187) | (161) |
|  AMP, Ltd. | RBACOR | Monthly | JPMorgan<br>Chase | 06/17/2026 | 103372 | (83645) | (85750) | (1222) |
|  Baldwin Insurance Group, Inc. (The) | OBFR01 | Monthly | JPMorgan<br>Chase | 03/06/2026 | 2077 | (79840) | (88916) | (8890) |
|  Banco Pan SA | OBFR01 | Monthly | JPMorgan<br>Chase | 04/15/2026 | 71000 | (104921) | (105721) | (562) |
|  Bank Al-Jazira | OBFR01 | Monthly | JPMorgan<br>Chase | 04/15/2026 | 22762 | (77195) | (77980) | (882) |
|  Bank Millennium SA | WIBOON | Monthly | JPMorgan<br>Chase | 07/14/2026 | 21730 | (81111) | (86336) | (2205) |
|  Block, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/16/2026 | 1400 | (90272) | (95102) | (4625) |
|  Brookfield Wealth Solutions, Ltd. | CAONREPO | Monthly | JPMorgan<br>Chase | 03/06/2026 | 1600 | (94317) | (98908) | (4142) |
|  Bupa Arabia for Cooperative Insurance Co. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/01/2026 | 1947 | (87730) | (92444) | (4825) |
|  Burford Capital, Ltd. | SONIO/N | Monthly | JPMorgan<br>Chase | 05/27/2026 | 3600 | (47681) | (42118) | 6416 |

---

 <br> bridgewayfunds.com 49

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02g02.jpg)  |

---

*Showing percentage of net assets as of June 30, 2025*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Short ((1.47)%) (continued) | Total Return Swaps - Short ((1.47)%) (continued) |  |  |  |  |  |  |  |
|  |  |  |  |  | Number of |  |  | Unrealized |
|  |  | Payment |  | Maturity | Contracts | Notional |  | Appreciation/ |
| Reference Entity | Receive | Frequency | Counterparty | Date | (Short) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | (Depreciation)<sup>\*</sup> |
|  ***Financials – (continued)*** |  |  |  |  |  |  |  |  |
|  Cannae Holdings, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 07/13/2026 | 4708 | $(93783) | $(98162) | $(4171) |
|  Columbia Financial, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 04/14/2026 | 5106 | (73782) | (74088) | (135) |
|  CVC Capital Partners PLC | ESTRON | Monthly | JPMorgan<br>Chase | 01/21/2026 | 4993 | (93790) | (102663) | (5883) |
|  EQB, Inc. | CAONREPO | Monthly | JPMorgan<br>Chase | 07/13/2026 | 483 | (32869) | (36732) | (3677) |
|  EQT AB | STIB1D | Monthly | JPMorgan<br>Chase | 05/26/2026 | 3328 | (99942) | (111641) | (10264) |
|  Flywire Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 12/08/2025 | 8554 | (88791) | (100082) | (11085) |
|  Global Payments, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 05/26/2026 | 1174 | (94777) | (93967) | 1030 |
|  GMO Payment Gateway, Inc. | MUTKCALM | Monthly | JPMorgan<br>Chase | 12/09/2025 | 1600 | (101757) | (103486) | (1149) |
|  Hagerty, Inc., Class A | OBFR01 | Monthly | JPMorgan<br>Chase | 05/26/2026 | 6648 | (64020) | (67211) | (3042) |
|  HUB24, Ltd. | RBACOR | Monthly | JPMorgan<br>Chase | 05/26/2026 | 2072 | (112372) | (121597) | (8040) |
|  IBF Financial Holdings Co., Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 07/14/2026 | 141000 | (67071) | (64926) | 2274 |
|  Industrivarden AB, Class A | STIB1D | Monthly | JPMorgan<br>Chase | 06/17/2026 | 2390 | (87953) | (86885) | 2331 |
|  Industrivarden AB, Class C | STIB1D | Monthly | JPMorgan<br>Chase | 06/17/2026 | 2390 | (87878) | (86546) | 2594 |
|  Infratil, Ltd. | NZOCR | Monthly | JPMorgan<br>Chase | 12/09/2025 | 10794 | (66049) | (69651) | (3824) |
|  Inter & Co., Inc., Class A | OBFR01 | Monthly | JPMorgan<br>Chase | 12/22/2025 | 7300 | (50005) | (54239) | (4132) |
|  Investor AB, Class B | STIB1D | Monthly | JPMorgan<br>Chase | 06/17/2026 | 2917 | (86823) | (86441) | 1629 |
|  JTC PLC | SONIO/N | Monthly | JPMorgan<br>Chase | 03/09/2026 | 6043 | (69665) | (70789) | 123 |
|  Judo Capital Holdings, Ltd. | RBACOR | Monthly | JPMorgan<br>Chase | 06/17/2026 | 93564 | (92193) | (96401) | (3238) |
|  KKR & Co., Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 05/26/2026 | 525 | (65111) | (69841) | (4579) |
|  L E Lundbergforetagen AB, Class B | STIB1D | Monthly | JPMorgan<br>Chase | 07/14/2026 | 1070 | (54890) | (53412) | 2264 |
|  Lemonade, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 03/26/2026 | 2282 | (94817) | (99974) | (5051) |
|  LendingClub Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 07/13/2026 | 3282 | (36004) | (39482) | (3399) |
|  LendingTree, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 07/13/2026 | 2528 | (91766) | (93713) | (1744) |
|  LIFENET INSURANCE CO. | MUTKCALM | Monthly | JPMorgan<br>Chase | 04/15/2026 | 7300 | (114630) | (115340) | (116) |
|  Live Oak Bancshares, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 04/14/2026 | 3613 | (106005) | (107667) | (1416) |
|  London Stock Exchange Group PLC | SONIO/N | Monthly | JPMorgan<br>Chase | 06/17/2026 | 441 | (66753) | (64495) | 3452 |
|  M&A Research Institute Holdings, Inc. | MUTKCALM | Monthly | JPMorgan<br>Chase | 01/21/2026 | 3900 | (36330) | (33455) | 3048 |

---

 <br> 50 Annual Report \| June 30, 2025

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02g02.jpg)  |

---

*Showing percentage of net assets as of June 30, 2025*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Short ((1.47)%) (continued) | Total Return Swaps - Short ((1.47)%) (continued) |  |  |  |  |  |  |  |
|  |  |  |  |  | Number of |  |  | Unrealized |
|  |  | Payment |  | Maturity | Contracts | Notional |  | Appreciation/ |
| Reference Entity | Receive | Frequency | Counterparty | Date | (Short) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | (Depreciation)<sup>\*</sup> |
|  ***Financials – (continued)*** |  |  |  |  |  |  |  |  |
|  MarketAxess Holdings, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 03/26/2026 | 339 | $(76085) | $(75712) | $550 |
|  Migdal Insurance & Financial Holdings, Ltd. | SHIR | Monthly | JPMorgan<br>Chase | 02/18/2026 | 36853 | (78620) | (101557) | (20071) |
|  NU Holdings, Ltd., Class A | OBFR01 | Monthly | JPMorgan<br>Chase | 03/06/2026 | 7900 | (94563) | (108388) | (13604) |
|  Payoneer Global, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/16/2026 | 12945 | (88803) | (88673) | 331 |
|  Perella Weinberg Partners | OBFR01 | Monthly | JPMorgan<br>Chase | 12/08/2025 | 5538 | (104557) | (107548) | (2748) |
|  Rasan Information Technology Co. | OBFR01 | Monthly | JPMorgan<br>Chase | 07/15/2026 | 2174 | (48225) | (50371) | (2004) |
|  Remgro, Ltd. | SAONBOR | Monthly | JPMorgan<br>Chase | 05/27/2026 | 10906 | (97664) | (97603) | 438 |
|  Ryan Specialty Holdings, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 04/14/2026 | 1191 | (77725) | (80976) | (3071) |
|  Saudi Tadawul Group Holding Co. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/01/2026 | 1673 | (75205) | (78717) | (3608) |
|  StepStone Group, Inc., Class A | OBFR01 | Monthly | JPMorgan<br>Chase | 03/26/2026 | 1650 | (94776) | (91575) | 3421 |
|  Taichung Commercial Bank Co., Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 12/23/2025 | 96000 | (67509) | (72151) | (4502) |
|  Taiwan Business Bank | OBFR01 | Monthly | JPMorgan<br>Chase | 12/09/2025 | 152000 | (76421) | (79874) | (3277) |
|  Tamburi Investment Partners S.p.A | ESTRON | Monthly | JPMorgan<br>Chase | 12/09/2025 | 8323 | (76364) | (76933) | 1863 |
|  Trisura Group, Ltd. | CAONREPO | Monthly | JPMorgan<br>Chase | 12/08/2025 | 3438 | (101658) | (111793) | (9554) |
|  Triumph Financial, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 04/14/2026 | 1370 | (83639) | (75501) | 8332 |
|  Union Bank Of Taiwan | OBFR01 | Monthly | JPMorgan<br>Chase | 12/09/2025 | 165000 | (94257) | (101082) | (6738) |
|  WEX, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 12/08/2025 | 710 | (100898) | (104292) | (3158) |
|  White Mountains Insurance Group, Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 05/26/2026 | 32 | (57125) | (57463) | (205) |
|  |  |  |  |  |  | (4577324) | (4761082) | (149342) |
|  ***Health Care*** |  |  |  |  |  |  |  |  |
|  Acadia Healthcare Co., Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 01/21/2026 | 3660 | (82753) | (83045) | (100) |
|  Amplifon S.p.A | ESTRON | Monthly | JPMorgan<br>Chase | 12/09/2025 | 3776 | (90906) | (88682) | 5118 |
|  Angelalign Technology, Inc. | HIHDO/N | Monthly | JPMorgan<br>Chase | 02/23/2026 | 14400 | (105311) | (103875) | 1225 |
|  DiaSorin S.p.A | ESTRON | Monthly | JPMorgan<br>Chase | 07/14/2026 | 378 | (41074) | (40457) | 1923 |
|  Establishment Labs Holdings, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 03/06/2026 | 2347 | (91228) | (100240) | (8874) |
|  Gushengtang Holdings, Ltd. | HIHDO/N | Monthly | JPMorgan<br>Chase | 12/09/2025 | 17100 | (81919) | (75018) | 5713 |
|  HLB, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/17/2026 | 2171 | (83543) | (78670) | 4901 |

---

 <br> bridgewayfunds.com 51

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02g02.jpg)  |

---

*Showing percentage of net assets as of June 30, 2025*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Short ((1.47)%) (continued) | Total Return Swaps - Short ((1.47)%) (continued) |  |  |  |  |  |  |  |
|  |  |  |  |  | Number of |  |  | Unrealized |
|  |  | Payment |  | Maturity | Contracts | Notional |  | Appreciation/ |
| Reference Entity | Receive | Frequency | Counterparty | Date | (Short) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | (Depreciation)<sup>\*</sup> |
|  ***Health Care – (continued)*** |  |  |  |  |  |  |  |  |
|  Jinxin Fertility Group, Ltd. | HIHDO/N | Monthly | JPMorgan<br>Chase | 07/14/2026 | 146000 | $(57291) | $(57089) | $(23) |
|  Lifetech Scientific Corp. | HIHDO/N | Monthly | JPMorgan<br>Chase | 04/15/2026 | 268000 | (57706) | (69438) | (11815) |
|  Medley, Inc. | MUTKCALM | Monthly | JPMorgan<br>Chase | 12/09/2025 | 2900 | (60677) | (63749) | (2726) |
|  Metall Zug AG | SSARON | Monthly | JPMorgan<br>Chase | 05/27/2026 | 70 | (88996) | (92753) | (580) |
|  PolyNovo, Ltd. | RBACOR | Monthly | JPMorgan<br>Chase | 07/14/2026 | 104417 | (91560) | (82157) | 10446 |
|  PROCEPT BioRobotics Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/16/2026 | 859 | (55173) | (49478) | 5823 |
|  Ramsay Health Care, Ltd. | RBACOR | Monthly | JPMorgan<br>Chase | 04/15/2026 | 3971 | (96344) | (95933) | 1428 |
|  Redcare Pharmacy NV | ESTRON | Monthly | JPMorgan<br>Chase | 07/14/2026 | 521 | (57714) | (57637) | 1894 |
|  Spire Healthcare Group PLC | SONIO/N | Monthly | JPMorgan<br>Chase | 05/27/2026 | 33273 | (94883) | (102438) | (5857) |
|  Straumann Holding AG | SSARON | Monthly | JPMorgan<br>Chase | 06/17/2026 | 295 | (39569) | (38613) | 2369 |
|  Xvivo Perfusion AB | STIB1D | Monthly | JPMorgan<br>Chase | 05/06/2026 | 2600 | (86188) | (77852) | 9574 |
|  Ypsomed Holding AG | SSARON | Monthly | JPMorgan<br>Chase | 01/21/2026 | 107 | (54089) | (57123) | (1103) |
|  |  |  |  |  |  | (1416924) | (1414247) | 19336 |
|  ***Industrials*** |  |  |  |  |  |  |  |  |
|  AcBel Polytech, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 04/15/2026 | 116000 | (99786) | (103445) | (3692) |
|  Acuren Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 07/13/2026 | 5800 | (62756) | (64032) | (1217) |
|  Arcadis NV | ESTRON | Monthly | JPMorgan<br>Chase | 05/26/2026 | 781 | (40621) | (37925) | 3990 |
|  Ashtead Technology Holdings plc | SONIO/N | Monthly | JPMorgan<br>Chase | 05/06/2026 | 15204 | (94522) | (92546) | 3664 |
|  AutoStore Holdings, Ltd. | NOWA | Monthly | JPMorgan<br>Chase | 01/21/2026 | 123006 | (66131) | (73649) | (7351) |
|  Azelis Group NV | ESTRON | Monthly | JPMorgan<br>Chase | 05/26/2026 | 5026 | (81948) | (80347) | 2887 |
|  Beijing Capital International Airport Co., Ltd., Class H | HIHDO/N | Monthly | JPMorgan<br>Chase | 12/09/2025 | 212000 | (76440) | (80072) | (3658) |
|  BES Engineering Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 05/27/2026 | 287000 | (105465) | (111976) | (6383) |
|  Boyd Group Services, Inc. | CAONREPO | Monthly | JPMorgan<br>Chase | 07/13/2026 | 277 | (40943) | (43510) | (2367) |
|  Brookfield Business Corp., Class A | CAONREPO | Monthly | JPMorgan<br>Chase | 12/22/2025 | 2700 | (77941) | (84485) | (6098) |
|  Bystronic AG | SSARON | Monthly | JPMorgan<br>Chase | 05/27/2026 | 201 | (90235) | (97639) | (4183) |
|  Cadeler A/S | NOWA | Monthly | JPMorgan<br>Chase | 07/14/2026 | 17094 | (92410) | (85064) | 7476 |
|  Canadian Pacific Kansas City, Ltd. | CAONREPO | Monthly | JPMorgan<br>Chase | 05/25/2026 | 900 | (73137) | (71498) | 1907 |

---

 <br> 52 Annual Report \| June 30, 2025

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02g02.jpg)  |

---

*Showing percentage of net assets as of June 30, 2025*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Short ((1.47)%) (continued) | Total Return Swaps - Short ((1.47)%) (continued) |  |  |  |  |  |  |  |
|  |  |  |  |  | Number of |  |  | Unrealized |
|  |  | Payment |  | Maturity | Contracts | Notional |  | Appreciation/ |
| Reference Entity | Receive | Frequency | Counterparty | Date | (Short) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | (Depreciation)<sup>\*</sup> |
|  ***Industrials – (continued)*** |  |  |  |  |  |  |  |  |
|  Carel Industries S.p.A | ESTRON | Monthly | JPMorgan<br>Chase | 12/09/2025 | 2111 | $(53547) | $(56271) | $(1019) |
|  Distribution Solutions Group, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/16/2026 | 3238 | (90826) | (88948) | 2089 |
|  DSV A/S | DKDR1T | Monthly | JPMorgan<br>Chase | 04/15/2026 | 317 | (79050) | (76034) | 5517 |
|  Energiekontor AG | ESTRON | Monthly | JPMorgan<br>Chase | 06/17/2026 | 1602 | (80906) | (82717) | 715 |
|  Eve Holding, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 04/14/2026 | 22700 | (124396) | (155722) | (31329) |
|  Experian PLC | SONIO/N | Monthly | JPMorgan<br>Chase | 02/18/2026 | 1567 | (79947) | (80804) | (105) |
|  Fraport AG Frankfurt Airport Services Worldwide | ESTRON | Monthly | JPMorgan<br>Chase | 05/13/2026 | 1237 | (89539) | (93319) | (926) |
|  FTAI Aviation, Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/16/2026 | 684 | (82853) | (78687) | 4358 |
|  GlobalData PLC | SONIO/N | Monthly | JPMorgan<br>Chase | 05/27/2026 | 34486 | (80399) | (69837) | 11999 |
|  Grab Holdings, Ltd., Class A | OBFR01 | Monthly | JPMorgan<br>Chase | 06/16/2026 | 17600 | (82368) | (88528) | (5973) |
|  GVS S.p.A | ESTRON | Monthly | JPMorgan<br>Chase | 03/09/2026 | 16375 | (86721) | (96983) | (7500) |
|  Hexagon Composites ASA | NOWA | Monthly | JPMorgan<br>Chase | 05/27/2026 | 45741 | (77404) | (82659) | (5060) |
|  Hexatronic Group AB | STIB1D | Monthly | JPMorgan<br>Chase | 05/26/2026 | 27706 | (74562) | (72935) | 2659 |
|  Hiwin Technologies Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/17/2026 | 12000 | (86390) | (86331) | 105 |
|  IMCD NV | ESTRON | Monthly | JPMorgan<br>Chase | 05/26/2026 | 521 | (71287) | (70072) | 3487 |
|  Interpump Group S.p.A | ESTRON | Monthly | JPMorgan<br>Chase | 05/26/2026 | 1211 | (49785) | (50393) | 978 |
|  Judges Scientific PLC | SONIO/N | Monthly | JPMorgan<br>Chase | 12/23/2025 | 913 | (98714) | (111287) | (11732) |
|  Keisei Electric Railway Co., Ltd. | MUTKCALM | Monthly | JPMorgan<br>Chase | 12/09/2025 | 9300 | (89362) | (86954) | 2917 |
|  Kossan Rubber Industries Bhd | OBFR01 | Monthly | JPMorgan<br>Chase | 04/15/2026 | 165200 | (66259) | (58089) | 8109 |
|  Melrose Industries PLC | SONIO/N | Monthly | JPMorgan<br>Chase | 07/14/2026 | 8163 | (53661) | (59453) | (4838) |
|  Mitsubishi Pencil Co., Ltd. | MUTKCALM | Monthly | JPMorgan<br>Chase | 07/14/2026 | 2100 | (30062) | (29668) | 215 |
|  Mobico Group PLC | SONIO/N | Monthly | JPMorgan<br>Chase | 06/17/2026 | 241882 | (89646) | (98024) | (6881) |
|  Nagoya Railroad Co., Ltd. | MUTKCALM | Monthly | JPMorgan<br>Chase | 07/14/2026 | 2800 | (31362) | (31673) | (133) |
|  Nankai Electric Railway Co., Ltd. | MUTKCALM | Monthly | JPMorgan<br>Chase | 07/14/2026 | 3800 | (56012) | (57463) | (1134) |
|  NIDEC Corp. | MUTKCALM | Monthly | JPMorgan<br>Chase | 06/17/2026 | 1800 | (35313) | (34980) | 534 |
|  Rainbow Robotics | OBFR01 | Monthly | JPMorgan<br>Chase | 05/27/2026 | 438 | (90534) | (90712) | (200) |
|  Richelieu Hardware, Ltd. | CAONREPO | Monthly | JPMorgan<br>Chase | 05/25/2026 | 2819 | (72204) | (75746) | (3130) |

---

 <br> bridgewayfunds.com 53

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| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02g02.jpg)  |

---

*Showing percentage of net assets as of June 30, 2025*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Short ((1.47)%) (continued) | Total Return Swaps - Short ((1.47)%) (continued) |  |  |  |  |  |  |  |
|  |  |  |  |  | Number of |  |  | Unrealized |
|  |  | Payment |  | Maturity | Contracts | Notional |  | Appreciation/ |
| Reference Entity | Receive | Frequency | Counterparty | Date | (Short) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | (Depreciation)<sup>\*</sup> |
|  ***Industrials – (continued)*** |  |  |  |  |  |  |  |  |
|  Rumo SA | OBFR01 | Monthly | JPMorgan<br>Chase | 02/20/2026 | 20500 | $(70662) | $(69917) | $895 |
|  Sdiptech AB, Class B | STIB1D | Monthly | JPMorgan<br>Chase | 01/21/2026 | 4554 | (109635) | (102673) | 8536 |
|  Shapir Engineering and Industry, Ltd. | SHIR | Monthly | JPMorgan<br>Chase | 03/27/2026 | 9186 | (70196) | (81907) | (9236) |
|  SK IE Technology Co., Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 05/27/2026 | 5683 | (94140) | (112925) | (18711) |
|  SMC Corp. | MUTKCALM | Monthly | JPMorgan<br>Chase | 12/23/2025 | 300 | (111183) | (107509) | 3646 |
|  Sunrun, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 07/13/2026 | 6290 | (55729) | (51452) | 4400 |
|  Ta Ya Electric Wire & Cable | OBFR01 | Monthly | JPMorgan<br>Chase | 05/27/2026 | 84000 | (104951) | (109096) | (4202) |
|  Taihan Electric Wire Co., Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/17/2026 | 10364 | (117671) | (131922) | (14331) |
|  Taiwan Glass Industry Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 04/15/2026 | 159000 | (88174) | (87131) | 1078 |
|  Talgo SA | ESTRON | Monthly | JPMorgan<br>Chase | 02/18/2026 | 19153 | (69373) | (66721) | 4745 |
|  TFI International, Inc. | CAONREPO | Monthly | JPMorgan<br>Chase | 04/14/2026 | 826 | (75809) | (74147) | 1723 |
|  Unimicron Technology Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 04/15/2026 | 34000 | (121534) | (132699) | (11000) |
|  VAT Group AG | SSARON | Monthly | JPMorgan<br>Chase | 12/09/2025 | 194 | (79776) | (82204) | 420 |
|  Walsin Lihwa Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 07/22/2026 | 3810 | (2451) | (2817) | (362) |
|  XPO, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 04/14/2026 | 292 | (36071) | (36877) | (722) |
|  Yaskawa Electric Corp. | MUTKCALM | Monthly | JPMorgan<br>Chase | 06/17/2026 | 4100 | (93062) | (92714) | 877 |
|  |  |  |  |  |  | (4305861) | (4433188) | (83547) |
|  ***Information Technology*** |  |  |  |  |  |  |  |  |
|  Appier Group, Inc. | MUTKCALM | Monthly | JPMorgan<br>Chase | 07/14/2026 | 4400 | (45668) | (49728) | (3801) |
|  ASM International NV | ESTRON | Monthly | JPMorgan<br>Chase | 01/21/2026 | 118 | (71809) | (75694) | (1597) |
|  ASMPT, Ltd. | HIHDO/N | Monthly | JPMorgan<br>Chase | 12/09/2025 | 11500 | (84103) | (84636) | (562) |
|  BE Semiconductor Industries NV | ESTRON | Monthly | JPMorgan<br>Chase | 12/09/2025 | 730 | (100342) | (109174) | (5633) |
|  Camtek, Ltd. | SHIR | Monthly | JPMorgan<br>Chase | 05/26/2026 | 1400 | (105938) | (121002) | (11085) |
|  Comet Holding AG | SSARON | Monthly | JPMorgan<br>Chase | 12/23/2025 | 270 | (78903) | (85309) | (3590) |
|  Confluent, Inc., Class A | OBFR01 | Monthly | JPMorgan<br>Chase | 06/16/2026 | 2700 | (65070) | (67311) | (2090) |
|  Dassault Systemes SE | ESTRON | Monthly | JPMorgan<br>Chase | 12/23/2025 | 2308 | (85469) | (83646) | 4548 |
|  Douzone Bizon Co., Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 07/14/2026 | 1457 | (68242) | (72776) | (4493) |
|  Faraday Technology Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/17/2026 | 10000 | (61134) | (63637) | (3561) |

---

 <br> 54 Annual Report \| June 30, 2025

------

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| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02g02.jpg)  |

---

*Showing percentage of net assets as of June 30, 2025*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Short ((1.47)%) (continued) | Total Return Swaps - Short ((1.47)%) (continued) |  |  |  |  |  |  |  |
|  |  |  |  |  | Number of |  |  | Unrealized |
|  |  | Payment |  | Maturity | Contracts | Notional |  | Appreciation/ |
| Reference Entity | Receive | Frequency | Counterparty | Date | (Short) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | (Depreciation)<sup>\*</sup> |
|  ***Information Technology – (continued)*** |  |  |  |  |  |  |  |  |
|  FLEXium Interconnect, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 07/14/2026 | 52000 | $(91548) | $(100059) | $(8443) |
|  Freee KK | MUTKCALM | Monthly | JPMorgan<br>Chase | 12/09/2025 | 400 | (10482) | (10637) | (105) |
|  GB Group PLC | SONIO/N | Monthly | JPMorgan<br>Chase | 05/27/2026 | 18126 | (60263) | (58971) | 1299 |
|  GCL Technology Holdings, Ltd. | HIHDO/N | Monthly | JPMorgan<br>Chase | 12/09/2025 | 487000 | (53361) | (62203) | (8880) |
|  HTC Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 12/09/2025 | 55000 | (70647) | (74292) | (3868) |
|  Intel Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 07/13/2026 | 2348 | (51844) | (52595) | (637) |
|  Jenoptik AG | ESTRON | Monthly | JPMorgan<br>Chase | 07/14/2026 | 1715 | (38407) | (39588) | 42 |
|  Keyence Corp. | MUTKCALM | Monthly | JPMorgan<br>Chase | 07/14/2026 | 100 | (41468) | (39983) | 1720 |
|  Lasertec Corp. | MUTKCALM | Monthly | JPMorgan<br>Chase | 12/23/2025 | 800 | (82312) | (107248) | (25426) |
|  Lightspeed Commerce, Inc. | CAONREPO | Monthly | JPMorgan<br>Chase | 07/13/2026 | 7901 | (95726) | (92717) | 3549 |
|  Macquarie Technology Group, Ltd. | RBACOR | Monthly | JPMorgan<br>Chase | 06/17/2026 | 1605 | (66936) | (70273) | (2692) |
|  Macronix International Co., Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 04/15/2026 | 126000 | (91762) | (91663) | 224 |
|  Malaysian Pacific Industries Bhd | OBFR01 | Monthly | JPMorgan<br>Chase | 12/23/2025 | 21400 | (107038) | (107900) | (987) |
|  Money Forward, Inc. | MUTKCALM | Monthly | JPMorgan<br>Chase | 01/21/2026 | 2600 | (83953) | (88244) | (3813) |
|  Nagarro SE | ESTRON | Monthly | JPMorgan<br>Chase | 07/14/2026 | 791 | (52917) | (56615) | (2057) |
|  NCAB Group AB | STIB1D | Monthly | JPMorgan<br>Chase | 07/14/2026 | 15837 | (78699) | (78954) | 870 |
|  NEXTDC, Ltd. | RBACOR | Monthly | JPMorgan<br>Chase | 04/15/2026 | 10518 | (95128) | (100398) | (4266) |
|  NextNav, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/16/2026 | 7673 | (93879) | (116630) | (22536) |
|  Nice, Ltd. | SHIR | Monthly | JPMorgan<br>Chase | 04/15/2026 | 317 | (56174) | (53736) | 4540 |
|  Nova, Ltd. | SHIR | Monthly | JPMorgan<br>Chase | 06/17/2026 | 200 | (44840) | (56697) | (10188) |
|  Powerchip Semiconductor Manufacturing Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 04/15/2026 | 151000 | (79702) | (79587) | 107 |
|  QT Group Oyj | ESTRON | Monthly | JPMorgan<br>Chase | 06/17/2026 | 1387 | (93265) | (93958) | 2278 |
|  Renesas Electronics Corp. | MUTKCALM | Monthly | JPMorgan<br>Chase | 07/14/2026 | 2600 | (34832) | (32166) | 2863 |
|  RichWave Technology Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 02/25/2026 | 13000 | (54069) | (52580) | 1460 |
|  Riken Keiki Co., Ltd. | MUTKCALM | Monthly | JPMorgan<br>Chase | 02/18/2026 | 4000 | (77892) | (83707) | (5370) |
|  Sesa S.p.A | ESTRON | Monthly | JPMorgan<br>Chase | 01/21/2026 | 1154 | (109375) | (117296) | (4438) |

---

 <br> bridgewayfunds.com 55

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---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02g02.jpg)  |

---

*Showing percentage of net assets as of June 30, 2025*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Short ((1.47)%) (continued) | Total Return Swaps - Short ((1.47)%) (continued) |  |  |  |  |  |  |  |
|  |  |  |  |  | Number of |  |  | Unrealized |
|  |  | Payment |  | Maturity | Contracts | Notional |  | Appreciation/ |
| Reference Entity | Receive | Frequency | Counterparty | Date | (Short) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | (Depreciation)<sup>\*</sup> |
|  ***Information Technology – (continued)*** |  |  |  |  |  |  |  |  |
|  Silergy Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 05/27/2026 | 1000 | $(12795) | $(12181) | $622 |
|  Silicon Integrated Systems Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 07/14/2026 | 33000 | (52861) | (54688) | (1854) |
|  SOITEC | ESTRON | Monthly | JPMorgan<br>Chase | 12/09/2025 | 1353 | (73726) | (74607) | 1469 |
|  SolarEdge Technologies, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/16/2026 | 4567 | (95587) | (93167) | 2642 |
|  SOLUM Co., Ltd. | OBFR01 | Monthly | JPMorgan<br>Chase | 05/27/2026 | 7395 | (82715) | (86984) | (4301) |
|  Technoprobe S.p.A | ESTRON | Monthly | JPMorgan<br>Chase | 12/09/2025 | 6635 | (57010) | (58015) | 811 |
|  Tower Semiconductor, Ltd. | SHIR | Monthly | JPMorgan<br>Chase | 04/15/2026 | 2000 | (83154) | (86982) | (753) |
|  Tuya, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 07/13/2026 | 14359 | (39918) | (33169) | 6837 |
|  Universal Microwave Technology, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 07/14/2026 | 6000 | (68050) | (73664) | (5668) |
|  Win Semiconductors Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 12/09/2025 | 20000 | (57192) | (59366) | (2830) |
|  |  |  |  |  |  | (3206205) | (3364433) | (119643) |
|  ***Materials*** |  |  |  |  |  |  |  |  |
|  Alpha HPA, Ltd. | RBACOR | Monthly | JPMorgan<br>Chase | 07/14/2026 | 101657 | (56003) | (57179) | (685) |
|  Alpha Metallurgical Resources, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/16/2026 | 332 | (37111) | (37343) | (146) |
|  Bellevue Gold, Ltd. | RBACOR | Monthly | JPMorgan<br>Chase | 02/18/2026 | 139054 | (84842) | (83801) | 1936 |
|  Capstone Copper Corp. | CAONREPO | Monthly | JPMorgan<br>Chase | 12/08/2025 | 17807 | (104161) | (109320) | (4564) |
|  Chung Hung Steel Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/17/2026 | 137000 | (68651) | (66863) | 1791 |
|  Covestro AG | ESTRON | Monthly | JPMorgan<br>Chase | 05/26/2026 | 1278 | (88053) | (90927) | (68) |
|  Denison Mines Corp. | CAONREPO | Monthly | JPMorgan<br>Chase | 04/14/2026 | 63875 | (100881) | (116797) | (15340) |
|  Dexco SA | OBFR01 | Monthly | JPMorgan<br>Chase | 07/14/2026 | 66200 | (67085) | (69087) | (1875) |
|  Endeavour Silver Corp. | CAONREPO | Monthly | JPMorgan<br>Chase | 07/13/2026 | 19423 | (96998) | (95707) | 1652 |
|  Foran Mining Corp. | CAONREPO | Monthly | JPMorgan<br>Chase | 05/04/2026 | 29100 | (70641) | (65177) | 5790 |
|  Formosa Plastics Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 07/14/2026 | 51000 | (60909) | (60857) | 114 |
|  Iluka Resources, Ltd. | RBACOR | Monthly | JPMorgan<br>Chase | 12/09/2025 | 32820 | (80741) | (82341) | (748) |
|  Impala Platinum Holdings, Ltd. | SAONBOR | Monthly | JPMorgan<br>Chase | 12/10/2025 | 11034 | (92803) | (99143) | (5983) |
|  IperionX, Ltd. | RBACOR | Monthly | JPMorgan<br>Chase | 07/14/2026 | 12144 | (33015) | (38045) | (4669) |
|  Ivanhoe Electric, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 01/21/2026 | 14711 | (119306) | (133429) | (13843) |
|  Ivanhoe Mines, Ltd., Class A | CAONREPO | Monthly | JPMorgan<br>Chase | 03/06/2026 | 11131 | (93108) | (83621) | 10017 |

---

 <br> 56 Annual Report \| June 30, 2025

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02g02.jpg)  |

---

*Showing percentage of net assets as of June 30, 2025*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Short ((1.47)%) (continued) | Total Return Swaps - Short ((1.47)%) (continued) |  |  |  |  |  |  |  |
|  |  |  |  |  | Number of |  |  | Unrealized |
|  |  | Payment |  | Maturity | Contracts | Notional |  | Appreciation/ |
| Reference Entity | Receive | Frequency | Counterparty | Date | (Short) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | (Depreciation)<sup>\*</sup> |
|  ***Materials – (continued)*** |  |  |  |  |  |  |  |  |
|  Jinchuan Group International Resources Co., Ltd.# | HIHDO/N | Monthly | JPMorgan<br>Chase | 04/15/2026 | 652000 | $(53165) | $(53157) | $(129) |
|  KGHM Polska Miedz SA | WIBOON | Monthly | JPMorgan<br>Chase | 01/21/2026 | 2432 | (84518) | (87046) | 630 |
|  Lynas Rare Earths, Ltd. | RBACOR | Monthly | JPMorgan<br>Chase | 01/21/2026 | 14900 | (91104) | (84933) | 7133 |
|  NexGen Energy, Ltd. | CAONREPO | Monthly | JPMorgan<br>Chase | 04/14/2026 | 16592 | (105425) | (115264) | (9236) |
|  Northam Platinum Holdings, Ltd. | SAONBOR | Monthly | JPMorgan<br>Chase | 12/10/2025 | 11049 | (108730) | (120121) | (11002) |
|  OCI NV | ESTRON | Monthly | JPMorgan<br>Chase | 07/14/2026 | 10583 | (90812) | (95706) | (2004) |
|  Osaka Soda Co., Ltd. | MUTKCALM | Monthly | JPMorgan<br>Chase | 04/15/2026 | 6500 | (74733) | (80843) | (5684) |
|  Seabridge Gold, Inc. | CAONREPO | Monthly | JPMorgan<br>Chase | 05/12/2026 | 2761 | (39669) | (40084) | (188) |
|  SGL Carbon SE | ESTRON | Monthly | JPMorgan<br>Chase | 04/15/2026 | 18681 | (80790) | (77362) | 5788 |
|  Sigma Lithium Corp. | OBFR01 | Monthly | JPMorgan<br>Chase | 05/04/2026 | 17400 | (98832) | (78300) | 20665 |
|  Sika AG | SSARON | Monthly | JPMorgan<br>Chase | 04/15/2026 | 260 | (70065) | (70742) | 1824 |
|  Svenska Cellulosa AB SCA, Class B | STIB1D | Monthly | JPMorgan<br>Chase | 05/26/2026 | 6511 | (87034) | (84661) | 3623 |
|  Syensqo SA | ESTRON | Monthly | JPMorgan<br>Chase | 05/26/2026 | 468 | (37485) | (36253) | 2427 |
|  Warrior Met Coal, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 06/16/2026 | 1710 | (81259) | (78369) | 3074 |
|  West Fraser Timber Co., Ltd. | CAONREPO | Monthly | JPMorgan<br>Chase | 06/16/2026 | 1215 | (93369) | (89099) | 4286 |
|  |  |  |  |  |  | (2451298) | (2481577) | (5414) |
|  ***Real Estate*** |  |  |  |  |  |  |  |  |
|  Atrium Ljungberg AB, Class B | STIB1D | Monthly | JPMorgan<br>Chase | 03/09/2026 | 21425 | (75805) | (76753) | 174 |
|  Ayala Corp.# | OBFR01 | Monthly | JPMorgan<br>Chase | 04/15/2026 | 8230 | (82698) | (83260) | (498) |
|  Azorim-Investment Development & Construction Co., Ltd. | SHIR | Monthly | JPMorgan<br>Chase | 04/15/2026 | 14342 | (68471) | (100820) | (29965) |
|  Castellum AB | STIB1D | Monthly | JPMorgan<br>Chase | 03/09/2026 | 5272 | (67282) | (69380) | (1476) |
|  FastPartner AB, Class A | STIB1D | Monthly | JPMorgan<br>Chase | 04/15/2026 | 16615 | (93934) | (101734) | (6451) |
|  Iguatemi SA | OBFR01 | Monthly | JPMorgan<br>Chase | 05/13/2026 | 22800 | (90901) | (97317) | (7541) |
|  Lifestyle Communities, Ltd. | RBACOR | Monthly | JPMorgan<br>Chase | 12/09/2025 | 20839 | (90430) | (96084) | (4723) |
|  Mabanee Co. KPSC | OBFR01 | Monthly | JPMorgan<br>Chase | 04/16/2026 | 34091 | (97972) | (97514) | 620 |
|  PEXA Group, Ltd. | RBACOR | Monthly | JPMorgan<br>Chase | 06/17/2026 | 6291 | (51315) | (56266) | (4409) |
|  Shurgard Self Storage, Ltd. | ESTRON | Monthly | JPMorgan<br>Chase | 05/26/2026 | 1375 | (57030) | (60069) | (1267) |

---

 <br> bridgewayfunds.com 57

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02g02.jpg)  |

---

*Showing percentage of net assets as of June 30, 2025*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps - Short ((1.47)%) (continued) | Total Return Swaps - Short ((1.47)%) (continued) |  |  |  |  |  |  |  |
|  |  |  |  |  | Number of |  |  | Unrealized |
|  |  | Payment |  | Maturity | Contracts | Notional |  | Appreciation/ |
| Reference Entity | Receive | Frequency | Counterparty | Date | (Short) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | (Depreciation)<sup>\*</sup> |
|  ***Real Estate – (continued)*** |  |  |  |  |  |  |  |  |
|  SM Prime Holdings, Inc.# | OBFR01 | Monthly | JPMorgan<br>Chase | 04/15/2026 | 226200 | $(91161) | $(94305) | $(3074) |
|  StorageVault Canada, Inc. | CAONREPO | Monthly | JPMorgan<br>Chase | 12/08/2025 | 30270 | (93401) | (90916) | 2953 |
|  TKP Corp. | MUTKCALM | Monthly | JPMorgan<br>Chase | 12/09/2025 | 1000 | (13818) | (12429) | 1452 |
|  Wharf Holdings, Ltd. (The) | HIHDO/N | Monthly | JPMorgan<br>Chase | 01/21/2026 | 29000 | (84243) | (88417) | (4203) |
|  |  |  |  |  |  | (1058461) | (1125264) | (58408) |
|  ***Utilities*** |  |  |  |  |  |  |  |  |
|  Auren Energia SA | OBFR01 | Monthly | JPMorgan<br>Chase | 06/17/2026 | 54300 | (97542) | (101642) | (3879) |
|  Boralex, Inc., Class A | CAONREPO | Monthly | JPMorgan<br>Chase | 04/14/2026 | 4173 | (98707) | (96959) | 2112 |
|  EDP Renovaveis SA | ESTRON | Monthly | JPMorgan<br>Chase | 12/09/2025 | 9996 | (108389) | (111852) | (8) |
|  Enlight Renewable Energy, Ltd. | SHIR | Monthly | JPMorgan<br>Chase | 12/09/2025 | 5015 | (98517) | (113979) | (11914) |
|  Hawaiian Electric Industries, Inc. | OBFR01 | Monthly | JPMorgan<br>Chase | 07/13/2026 | 6225 | (65923) | (66171) | (103) |
|  OPC Energy, Ltd. | SHIR | Monthly | JPMorgan<br>Chase | 02/18/2026 | 9094 | (103521) | (110752) | (3495) |
|  Orsted AS | DKDR1T | Monthly | JPMorgan<br>Chase | 07/14/2026 | 2223 | (94662) | (95764) | 1888 |
|  |  |  |  |  |  | (667261) | (697119) | (15399) |
|  ***Total Reference Entity - Short*** |  |  |  |  |  | $(24817430) | $(25527983) | $(465508) |
|  ***Net Value of Reference Entity*** |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1687251 | $1838536 | $208955 |

---

\* 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 $(46878), which is -0.15% of total net assets. 

---

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

---

 <br> 58 Annual Report \| June 30, 2025

------

---

| | |
|:---|:---|
| Global Opportunities Fund<br> SCHEDULE OF INVESTMENTS (continued) | ![LOGO](g92603g02g02.jpg)  |

---

*Showing percentage of net assets as of June 30, 2025*

---

| | |
|:---|:---|
| *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>        

June 30, 2025

---

| | | |
|:---|:---|:---|
| ASSETS | Aggressive<br> Investors 1 | Ultra-Small<br> Company |
|  Investments at value(c) | $210886408 | $92118459 |
|  Swaps, at value |  |  |
|  Cash |  | 11974 |
|  Foreign Currency, at value |  |  |
|  Cash collateral on swap contracts |  |  |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio securities sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 1863 | 961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 124102 | 51513 |
|  Prepaid expenses | 50436 | 13763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 211062809 | 92196670 |
|  LIABILITIES |  |  |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio securities purchased |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 23683 | 23252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to custodian |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan payable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned |  | 5496246 |
|  Accrued Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment adviser fees | 152107 | 62067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 1258 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' fees | 2562 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 95484 | 62674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 275094 | 5645809 |
|  NET ASSETS | $210787715 | $86550861 |
|  NET ASSETS REPRESENT |  |  |
|  Paid-in capital | $125871319 | $72340144 |
|  Distributable earnings | 84916396 | 14210717 |
|  NET ASSETS | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210787715 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86550861 |
|  Shares of common stock outstanding of $.001 par value(a) | 2012932 | 2721086 |
|  Net asset value, offering price and redemption price per share | $104.72 | $31.81 |
|  Investments at cost | $153916302 | $84840027 |
|  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](g92603g02g02.jpg) <br>

---

| | | | |
|:---|:---|:---|:---|
| 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;$122677091 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356875027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097710760 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23652617 |
|  |  |  | 208955 |
| 323 |  | 23921 |  |
|  |  |  | 29779 |
|  |  |  | 7924975 |
| 176267 | 1434795 | 1806215 | 470 |
| 6787 | 56198 | 725451 |  |
| 75317 | 406394 | 873547 | 99092 |
| 23079 | 53926 | 126912 | 13400 |
| 122958864 | 358826340 | 1101266806 | 31929288 |
| 336805 |  | 1357119 | 228452 |
| 190249 | 621087 | 152224 |  |
|  |  |  | 1152 |
|  | 885000 |  |  |
| 15790758 | 4661001 | 25661895 |  |
| 20162 | 223766 | 232156 | 10236 |
| 558 | 2094 | 6378 | 362 |
| 5739 | 11081 | 14407 | 479 |
| 119842 | 245039 | 415578 | 108025 |
| 16464113 | 6649068 | 27839757 | 348706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$106494751 | $352177272 | $1073427049 | $31580582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$105525391 | $350906893 | $844262126 | $30297124 |
| 969360 | 1270379 | 229164923 | 1283458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$106494751 | $352177272 | $1073427049 | $31580582 |
| 8701006 | 10054472 | 62760573 | 2978327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.24 (b) | $35.03 | $17.10 | $10.60 (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$106884031 | $355604648 | $941009954 | $23652617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | $– | $– | $29717 |

---

 <br> Annual Report \| June 30, 2025 61

------

<u> STATEMENTS OF OPERATIONS </u>        

Year Ended June 30, 2025

---

| | | |
|:---|:---|:---|
|  | Aggressive<br> Investors 1 | Ultra-Small<br> Company |
|  INVESTMENT INCOME |  |  |
|  Dividends | $2267830 | $873108 |
|  Less: foreign taxes withheld | (2232) | (10701) |
|  Interest | 27819 | 31340 |
|  Securities lending | 3332 | 103119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 2296749 | 996866 |
|  EXPENSES |  |  |
|  Investment advisory fees - Base fees | 1738839 | 762396 |
|  Investment advisory fees - Performance adjustment | (575133) |  |
|  Administration fees | 12318 | 5380 |
|  Accounting fees | 74219 | 62851 |
|  Transfer agent fees | 123905 | 61155 |
|  Audit fees | 20700 | 14400 |
|  Legal fees | 27689 | 12173 |
|  Custody fees | 2765 | 5199 |
|  Blue sky fees | 21055 | 12628 |
|  Directors' and officers' fees | 37297 | 15412 |
|  Shareholder servicing fees | 113141 | 29395 |
|  Reports to shareholders | 32078 | 20412 |
|  Insurance expenses | 18206 | 8535 |
|  Miscellaneous expenses | 19704 | 11275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 1666783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021211 |
|  Less investment advisory fees waived and other expenses reimbursed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 1666783 | 1021211 |
| NET INVESTMENT INCOME (LOSS) | 629966 | (24345) |
|  NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |  |  |
|  Realized Gain on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34377678 | 7615223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Transactions | 376 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain | 34378054 | 7615223 |
|  Change in Unrealized Appreciation (Depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 9443860 | 7095889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Translations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | 9443860 | 7095889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on Investments | 43821914 | 14711112 |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $44451880 | $14686767 |

---

<sup>(1)</sup> For the period October 15, 2024 (commencement of operations) through June 30, 2025.

*See Notes to Financial Statements.* 

 <br> 62 bridgewayfunds.com

------

![LOGO](g92603g02g02.jpg) <br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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<sup>(1)</sup> |
| $1695876 | $8159903 | $26187669 | $– |
|  | (15711) | (15629) |  |
| 24303 | 99561 | 107026 | 636225 |
| 720413 | 35685 | 395800 |  |
| 2440592 | 8279438 | 26674866 | 636225 |
| 760451 | 2706190 | 5249486 | 186824 |
|  | 189924 |  |  |
| 9454 | 28340 | 73668 | 1205 |
| 77764 | 109377 | 213947 | 55706 |
| 88763 | 240911 | 13506 | 9216 |
| 17900 | 30800 | 67800 | 39500 |
| 25271 | 72896 | 184804 | 6704 |
| 10323 | 4644 | 17779 | 7500 |
| 26621 | 39327 | 33162 | 1936 |
| 29866 | 81995 | 215366 | 3084 |
| 157707 | 398570 | 1058566 | 12349 |
| 28353 | 60818 | 65737 | 15091 |
| 18393 | 53422 | 126037 |  |
| 17656 | 59400 | 116796 | 11512 |
| 1268522 | 4076614 | 7436654 | 350627 |
| (127846) |  | (1953857) | (126438) |
| 1140676 | 4076614 | 5482797 | 224189 |
| 1299916 | 4202824 | 21192069 | 412036 |
| 17429134 | 17313250 | 93731276 |  |
|  |  |  | 733359 |
|  |  |  | 10880 |
| 17429134 | 17313250 | 93731276 | 744239 |
| 722361 | (18041595) | (90028038) |  |
|  |  |  | 208955 |
|  |  |  | (65) |
| 722361 | (18041595) | (90028038) | 208890 |
| 18151495 | (728345) | 3703238 | 953129 |
| $19451411 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3474479 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24895307 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365165 |

---

 <br> Annual Report \| June 30, 2025 63

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Aggressive Investors 1 | Aggressive Investors 1 | Ultra-Small Company | Ultra-Small Company |
|  | Year Ended<br> June 30, | Year Ended<br> June 30, | Year Ended<br> June 30, | Year Ended<br> June 30, |
| | 2025 | 2024 | 2025 | 2024 |
|  OPERATIONS |  |  |  |  |
|  Net investment income (loss) | $629966 | $1226551 | $(24345) | $(45087) |
|  Net realized gain (loss) on investments, and foreign currency transactions | 34378054 | 9218696 | 7615223 | 2075200 |
|  Net change in unrealized appreciation (depreciation) on investments, and foreign currency translations | 9443860 | 30472662 | 7095889 | 2505443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 44451880 | 40917909 | 14686767 | 4535556 |
|  DISTRIBUTIONS: |  |  |  |  |
|  From net investment income and net realized gains | (6183515) | (1390323) | (2258167) | (4092359) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease in net assets from distributions | (6183515) | (1390323) | (2258167) | (4092359) |
|  SHARE TRANSACTIONS: |  |  |  |  |
|  Proceeds from sale of shares | 4366166 | 2258504 | 956394 | 251569 |
|  Reinvestment of distributions | 5937197 | 1332748 | 2126055 | 3893496 |
|  Cost of shares redeemed | (16170781) | (15624576) | (6725168) | (9217969) |
|  Redemption fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | (5867418) | (12033324) | (3642719) | (5072904) |
|  Net increase (decrease) in net assets | 32400947 | 27494262 | 8785881 | (4629707) |
|  NET ASSETS: |  |  |  |  |
|  Beginning of year | 178386768 | 150892506 | 77764980 | 82394687 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210787715 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178386768 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86550861 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77764980 |
|  SHARES ISSUED & REDEEMED |  |  |  |  |
|  Issued | 44933 | 30914 | 31861 | 8687 |
|  Distributions reinvested | 58918 | 18674 | 62476 | 148042 |
|  Redeemed | (171789) | (207616) | (216421) | (335138) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (67938) | (158028) | (122084) | (178409) |
|  Outstanding at beginning of year | 2080870 | 2238898 | 2843170 | 3021579 |
|  Outstanding at end of year | 2012932 | 2080870 | 2721086 | 2843170 |

---

*See Notes to Financial Statements.* 

 <br> 64 bridgewayfunds.com

------

![LOGO](g92603g02g02.jpg) <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Ultra-Small Company Market | Ultra-Small Company Market | Small-Cap Value | Small-Cap Value | Omni Small-Cap Value | Omni Small-Cap Value |
| Year Ended<br> June 30, | Year Ended<br> June 30, | Year Ended<br> June 30, | Year Ended<br> June 30, | Year Ended<br> June 30, | Year Ended<br> June 30, |
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;$1299916 | $1126941 | $4202824 | $4837960 | $21192069 | $21231591 |
| 17429134 | (7184069) | 17313250 | 13981733 | 93731276 | 86257635 |
| 722361 | 11740645 | (18041595) | 13105923 | (90028038) | 69467332 |
| 19451411 | 5683517 | 3474479 | 31925616 | 24895307 | 176956558 |
| (1126896) | (1680449) | (33937549) | (14696211) | (109330790) | (104233821) |
| (1126896) | (1680449) | (33937549) | (14696211) | (109330790) | (104233821) |
| 5604995 | 5817267 | 78577968 | 140013203 | 107753768 | 106123416 |
| 1041395 | 1547171 | 30898872 | 14272088 | 109166881 | 104131268 |
| (85965097) | (28519977) | (214626616) | (230058983) | (257784592) | (203971070) |
| 10273 | 26858 |  |  |  |  |
| (79308434) | (21128681) | (105149776) | (75773692) | (40863943) | 6283614 |
| (60983919) | (17125613) | (135612846) | (58544287) | (125299426) | 79006351 |
| 167478670 | 184604283 | 487790118 | 546334405 | 1198726475 | 1119720124 |
| &nbsp;&nbsp;&nbsp;&nbsp;$106494751 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167478670 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352177272 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487790118 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073427049 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198726475 |
| 486625 | 545206 | 2084215 | 3805717 | 6158829 | 5830299 |
| 77832 | 149775 | 764256 | 388991 | 5581129 | 5765851 |
| (7332619) | (2639313) | (5832824) | (6270857) | (14035219) | (11152058) |
| (6768162) | (1944332) | (2984353) | (2076149) | (2295261) | 444092 |
| 15469168 | 17413500 | 13038825 | 15114974 | 65055834 | 64611742 |
| 8701006 | 15469168 | 10054472 | 13038825 | 62760573 | 65055834 |

---

 <br> Annual Report \| June 30, 2025 65

------

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

---

| | |
|:---|:---|
| | <u>Global</u><br> Opportunities<br>For the Period<br>October 15, 2024(a)<br>Through<br> June 30, 2025 |
|  OPERATIONS |  |
|  Net investment income | $412036 |
|  Net realized gain on investments, swaps and foreign currency transactions | 744239 |
|  Net change in unrealized appreciation (depreciation) on investments, swaps and foreign currency translations | 208890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 1365165 |
|  DISTRIBUTIONS: |  |
|  From net investment income and net realized gains | (74679) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease in net assets from distributions | (74679) |
|  SHARE TRANSACTIONS: |  |
|  Proceeds from sale of shares | 30443019 |
|  Reinvestment of distributions | 74679 |
|  Cost of shares redeemed | (228465) |
|  Redemption fees | 863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from share transactions | 30290096 |
|  Net increase in net assets | 31580582 |
|  NET ASSETS: |  |
|  Beginning of period |  |
|  End of period | $31580582 |
|  SHARES ISSUED & REDEEMED |  |
|  Issued | 2992677 |
|  Distributions reinvested | 7431 |
|  Redeemed | (21781) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase | 2978327 |
|  Outstanding at beginning of period |  |
|  Outstanding at end of period | 2978327 |

---

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

*See Notes to Financial Statements.* 

 <br> 66 bridgewayfunds.com

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| | |
|:---|:---|
| FINANCIAL HIGHLIGHTS | ![LOGO](g92603g02a01.jpg) <br>|

---

(for a share outstanding throughout each year indicated)

AGGRESSIVE INVESTORS 1

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended June 30 | Year Ended June 30 | Year Ended June 30 | Year Ended June 30 | Year Ended June 30 |
|  | &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 Year | $85.73 | $67.40 | $57.61 | $82.61 | $56.59 |
|  Income from Investment Operations: |  |  |  |  |  |
|  Net Investment Income(a) | 0.31 | 0.57 | 0.78 | 0.69 | 0.86 |
|  Net Realized and Unrealized Gain (Loss) | 21.75 | 18.40 | 9.88 | (18.56) | 25.88 |
|  Total from Investment Operations | 22.06 | 18.97 | 10.66 | (17.87) | 26.74 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |
|  Net Investment Income | (0.52) | (0.64) | (0.87) | (0.83) | (0.72) |
|  Net Realized Gain | (2.55) |  |  | (6.30) |  |
|  Total Distributions | (3.07) | (0.64) | (0.87) | (7.13) | (0.72) |
|  Net Asset Value, End of Year | $104.72 | $85.73 | $67.40 | $57.61 | $82.61 |
|  Total Return | 25.88% | 28.34% | 18.66% | (23.81%) | 47.48% |
|  Ratios and Supplemental Data: |  |  |  |  |  |
|  Net Assets, End of Year (in 000's) | $210788 | $178387 | $150893 | $135510 | $190248 |
|  Expenses Before Waivers and Reimbursements(b) | 0.86% | 0.46% | 0.32% | 0.39% | 0.34% |
|  Expenses After Waivers and Reimbursements | 0.86% | 0.46% | 0.32% | 0.39% | 0.34% |
|  Net Investment Income After Waivers and Reimbursements | 0.33% | 0.76% | 1.25% | 0.90% | 1.22% |
|  Portfolio Turnover Rate | 61% | 65% | 81% | 64% | 88% |

---

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

*(b)* *Expense ratios are lower in 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.* 

*See Notes to Financial Statements.* 

 <br> Annual Report \| June 30, 2025 67

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---

| | |
|:---|:---|
| FINANCIAL HIGHLIGHTS | ![LOGO](g92603g02a01.jpg) <br>|

---

(for a share outstanding throughout each year indicated)

ULTRA-SMALL COMPANY

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended June 30 | Year Ended June 30 | Year Ended June 30 | Year Ended June 30 | Year Ended June 30 |
|  | &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 Year | $27.35 | $27.27 | $29.31 | $46.46 | $22.06 |
|  Income from Investment Operations: |  |  |  |  |  |
|  Net Investment Income (Loss)(a) | (0.01) | (0.02) | (0.02) | 0.19 | 0.16 |
|  Net Realized and Unrealized Gain (Loss) | 5.28 | 1.52 | 2.69 | (9.11) | 24.24 |
|  Total from Investment Operations | 5.27 | 1.50 | 2.67 | (8.92) | 24.40 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |
|  Net Investment Income | (0.06) |  |  | (0.24) |  |
|  Net Realized Gain | (0.75) | (1.42) | (4.71) | (7.99) |  |
|  Total Distributions | (0.81) | (1.42) | (4.71) | (8.23) |  |
|  Net Asset Value, End of Year | $31.81 | $27.35 | $27.27 | $29.31 | $46.46(b) |
|  Total Return | 19.07% | 5.71% | 10.37% | (21.04%) | 110.61% |
|  Ratios and Supplemental Data: |  |  |  |  |  |
|  Net Assets, End of Year (in 000's) | $86551 | $77765 | $82395 | $78488 | $109592 |
|  Expenses Before Waivers and Reimbursements | 1.21% | 1.22% | 1.20% | 1.15% | 1.19% |
|  Expenses After Waivers and Reimbursements | 1.21% | 1.22% | 1.20% | 1.15% | 1.19% |
|  Net Investment Income (Loss) After Waivers and Reimbursements | (0.03%) | (0.06%) | (0.06%) | 0.50% | 0.48% |
|  Portfolio Turnover Rate | 65% | 72% | 74% | 109% | 82% |

---

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

*(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.* 

*See Notes to Financial Statements.* 

 <br> 68 bridgewayfunds.com

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| | |
|:---|:---|
| FINANCIAL HIGHLIGHTS | ![LOGO](g92603g02a01.jpg) <br>|

---

(for a share outstanding throughout each year indicated)

ULTRA-SMALL COMPANY MARKET

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended June 30 | Year Ended June 30 | Year Ended June 30 | Year Ended June 30 | Year Ended June 30 |
|  | &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 Year | $10.83 | $10.60 | $10.83 | $19.61 | $9.96 |
|  Income from Investment Operations: |  |  |  |  |  |
|  Net Investment Income(a) | 0.10 | 0.07 | 0.09 | 0.13 | 0.13 |
|  Net Realized and Unrealized Gain (Loss) | 1.39 | 0.26 | (0.10) | (5.43) | 9.98 |
|  Total from Investment Operations | 1.49 | 0.33 | (0.01) | (5.30) | 10.11 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |
|  Net Investment Income | (0.08) | (0.10) | (0.11) | (0.12) | (0.14) |
|  Net Realized Gain |  |  | (0.11) | (3.39) | (0.35) |
|  Total Distributions | (0.08) | (0.10) | (0.22) | (3.51) | (0.49) |
|  Paid-in Capital from Redemption Fees(a) | 0.00(b) | 0.00(b) | 0.00(b) | 0.03 | 0.03 |
|  Net Asset Value, End of Year | $12.24 | $10.83 | $10.60 | $10.83 | $19.61 |
|  Total Return | 13.69%(c) | 3.17%(c) | (0.01%)(c) | (30.38%)(c) | 103.83% |
|  Ratios and Supplemental Data: |  |  |  |  |  |
|  Net Assets, End of Year (in 000's) | $106495 | $167479 | $184604 | $189304 | $386516 |
|  Expenses Before Waivers and Reimbursements | 0.83% | 0.79% | 0.78% | 0.78% | 0.75% |
|  Expenses After Waivers and Reimbursements | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
|  Net Investment Income After Waivers and Reimbursements | 0.85% | 0.63% | 0.88% | 0.85% | 0.83% |
|  Portfolio Turnover Rate | 39% | 44% | 58% | 47% | 52% |

---

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

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

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

*See Notes to Financial Statements.* 

 <br> Annual Report \| June 30, 2025 69

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| | |
|:---|:---|
| FINANCIAL HIGHLIGHTS | ![LOGO](g92603g02a01.jpg) <br>|

---

(for a share outstanding throughout each year indicated)

SMALL-CAP VALUE

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended June 30 | Year Ended June 30 | Year Ended June 30 | Year Ended June 30 | Year Ended June 30 |
|  | &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 Year | $37.41 | $36.15 | $32.79 | $36.49 | $16.52 |
|  Income from Investment Operations: |  |  |  |  |  |
|  Net Investment Income(a) | 0.35 | 0.33 | 0.53 | 0.15 | 0.12 |
|  Net Realized and Unrealized Gain (Loss) | 0.10(b) | 1.95 | 3.16 | (2.12) | 20.05 |
|  Total from Investment Operations | 0.45 | 2.28 | 3.69 | (1.97) | 20.17 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |
|  Net Investment Income | (0.63) | (0.36) | (0.33) | (0.10) | (0.20) |
|  Net Realized Gain | (2.20) | (0.66) |  | (1.63) |  |
|  Total Distributions | (2.83) | (1.02) | (0.33) | (1.73) | (0.20) |
|  Net Asset Value, End of Year | $35.03 | $37.41 | $36.15 | $32.79 | $36.49 |
|  Total Return | 0.19% | 6.36% | 11.30% | (5.81%) | 122.77% |
|  Ratios and Supplemental Data: |  |  |  |  |  |
|  Net Assets, End of Year (in 000's) | $352177 | $487790 | $546334 | $422713 | $290686 |
|  Expenses Before Waivers and Reimbursements | 0.90% | 0.88% | 0.86%(c) | 0.83% | 0.91% |
|  Expenses After Waivers and Reimbursements | 0.90% | 0.88% | 0.86%(c) | 0.83% | 0.91% |
|  Net Investment Income After Waivers and Reimbursements | 0.93% | 0.91% | 1.51% | 0.42% | 0.40% |
|  Portfolio Turnover Rate | 63% | 56% | 61% | 95% | 91% |

---

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

*(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)* *Includes interest expense of 0.01%.* 

*See Notes to Financial Statements.* 

 <br> 70 bridgewayfunds.com

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---

| | |
|:---|:---|
| FINANCIAL HIGHLIGHTS | ![LOGO](g92603g02a01.jpg) <br>|

---

(for a share outstanding throughout each year indicated)

OMNI SMALL-CAP VALUE

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended June 30 | Year Ended June 30 | Year Ended June 30 | Year Ended June 30 | Year Ended June 30 |
|  | &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 Year | $18.43 | $17.33 | $20.15 | $22.03 | $11.44 |
|  Income from Investment Operations: |  |  |  |  |  |
|  Net Investment Income(a) | 0.33 | 0.32 | 0.37 | 0.28 | 0.21 |
|  Net Realized and Unrealized Gain (Loss) | 0.10 | 2.40 | 0.67 | (1.23) | 10.57 |
|  Total from Investment Operations | 0.43 | 2.72 | 1.04 | (0.95) | 10.78 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |
|  Net Investment Income | (0.33) | (0.29) | (0.32) | (0.41) | (0.19) |
|  Net Realized Gain | (1.43) | (1.33) | (3.54) | (0.52) |  |
|  Total Distributions | (1.76) | (1.62) | (3.86) | (0.93) | (0.19) |
|  Net Asset Value, End of Year | $17.10 | $18.43 | $17.33 | $20.15 | $22.03 |
|  Total Return(b) | 1.15% | 15.93% | 5.04% | (4.65%) | 94.92% |
|  Ratios and Supplemental Data: |  |  |  |  |  |
|  Net Assets, End of Year (in 000's) | $1073427 | $1198726 | $1119720 | $1158941 | $1271035 |
|  Expenses Before Waivers and Reimbursements | 0.64% | 0.63% | 0.66% | 0.66% | 0.68% |
|  Expenses After Waivers and Reimbursements | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
|  Net Investment Income After Waivers and Reimbursements | 1.82% | 1.78% | 1.93% | 1.25% | 1.29% |
|  Portfolio Turnover Rate | 31% | 26% | 38% | 30% | 21% |

---

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

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

*See Notes to Financial Statements.* 

 <br> Annual Report \| June 30, 2025 71

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---

| | |
|:---|:---|
| FINANCIAL HIGHLIGHTS | ![LOGO](g92603g02a01.jpg) <br>|

---

(for a share outstanding throughout each period indicated)

GLOBAL OPPORTUNITIES

---

| | |
|:---|:---|
|  | For the<br> Period<br>October<br>15, 2024(a)<br>Through June<br>30, 2025 |
|  Net Asset Value, Beginning of Period | $10.00 |
|  Income from Investment Operations: |  |
|  Net Investment Income(b) | 0.20 |
|  Net Realized and Unrealized Gain | 0.44 |
|  Total from Investment Operations | 0.64 |
|  Less Distributions to Shareholders from: |  |
|  Net Investment Income | (0.04) |
|  Net Realized Gain |  |
|  Total Distributions | (0.04) |
|  Paid-in Capital from Redemption Fees(b) | 0.00(c) |
|  Net Asset Value, End of Period | $10.60 |
|  Total Return(d) | 6.41%(e) |
|  Ratios and Supplemental Data: |  |
|  Net Assets, End of Period (in 000's) | $31581 |
|  Expenses Before Waivers and Reimbursements | 2.35%(f) |
|  Expenses After Waivers and Reimbursements | 1.50%(f) |
|  Net Investment Income After Waivers and Reimbursements | 2.76%(f) |
|  Portfolio Turnover Rate | –%(e) |

---

*(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 year.* 

*(e)* *Not annualized.* 

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

See Notes to Financial Statements.

 <br> 72 bridgewayfunds.com

------

---

| | |
|:---|:---|
| NOTES TO FINANCIAL STATEMENTS | ![LOGO](g92603g02a01.jpg) |

---

June 30, 2025

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 June 30, 2025.

Bridgeway is authorized to issue 1,915,000,000 shares of common stock at $0.001 per share. As of June 30, 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 (direct only).

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> Annual Report \| June 30, 2025 73

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---

| | |
|:---|:---|
| NOTES TO FINANCIAL STATEMENTS (continued) | ![LOGO](g92603g02a01.jpg) |

---

June 30, 2025

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 June 30, 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) | ![LOGO](g92603g02a01.jpg) |

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June 30, 2025

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 year ended June 30, 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 June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | 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<sup>1</sup> | 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 | $5496246 | $– | $5496246 | $– | $5496246 | $– |
|  Ultra-Small Company Market |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending | $15790758 |  | $15790758 |  | $15790758 |  |
|  Small-Cap Value |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending | $4661001 |  | $4661001 |  | $4661001 |  |
|  Omni Small-Cap Value |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending | $25661895 |  | $25661895 |  | $25661895 |  |

---

*<sup>1</sup>* *Securities loaned with a value of $219,279 and $19,140 in Ultra-Small Company Market and Omni Small-Cap Value have been sold and are pending settlement on June 30, 2025.* 

 <br> Annual Report \| June 30, 2025 75

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|:---|:---|
| NOTES TO FINANCIAL STATEMENTS (continued) | ![LOGO](g92603g02a01.jpg) |

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June 30, 2025

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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 | 0.00%- | 07/15/25- |  |  |  |  |
|  | Obligations | 5.38% | 11/15/54 | $8465876 | $– | $8465876 | $8387220 |
|  Ultra-Small Company |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending | U.S.Gov't | 0.13%- | 07/15/25- |  |  |  |  |
|  | Obligations | 6.25% | 11/15/54 | $5310749 | $5496246 | $10806995 | $10469889 |
|  Ultra-Small Company Market |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending | U.S.Gov't | 0.00%- | 07/15/25- |  |  |  |  |
|  | Obligations | 6.25% | 08/15/54 | $5408368 | $15790758 | $21199126 | $20408931 |
|  Small-Cap Value |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending | U.S.Gov't | 0.13%- | 08/31/25- |  |  |  |  |
|  | Obligations | 6.25% | 11/15/54 | $16551095 | $4661001 | $21212096 | $20489577 |
|  Omni Small-Cap Value |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending | U.S.Gov't | 0.00%- | 07/15/25- |  |  |  |  |
|  | Obligations | 6.25% | 11/15/54 | $76858487 | $25661895 | $102520382 | $99342424 |

---

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 June 30, 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 investment adviser acts 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) | ![LOGO](g92603g02a01.jpg) |

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June 30, 2025

As of June 30, 2025, Funds with net assets of 25% or greater in a particular sector were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Sector | &nbsp;&nbsp;&nbsp;&nbsp;% Net Assets at June 30, 2025 |
|  Aggressive Investors 1 Fund | Information Technology | 27.42% |
|  Ultra-Small Company Fund | Health Care | 28.13% |
|  Ultra-Small Company Market Fund | Health Care | 29.59% |
|  Small-Cap Value Fund | Financials | 34.15% |
|  Omni Small-Cap Value Fund | Financials | 33.97% |

---

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 June 30, 2025 was limited to total return swap contracts. The following is a summary of how these derivatives are treated in the financial statements and their impact on the Funds, categorized by primary underlying risk.

---

| | | | |
|:---|:---|:---|:---|
| Primary Underlying<br> Risk/Fund | Derivative<br> 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 | $1150746 | $476283 | Swaps, at value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Return Swaps- Short | 481991 | 947499 | Swaps, at value |

---

---

| | | | |
|:---|:---|:---|:---|
| 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 | $733359 |  | Realized Gain (Loss) on Swaps |
|  |  |  | Change in Unrealized Appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Return Swaps |  | $208955 | (Depreciation) on Swaps |

---

The derivative instruments outstanding as of June 30, 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 year ended June 30, 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

 <br> Annual Report \| June 30, 2025 77

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| NOTES TO FINANCIAL STATEMENTS (continued) | ![LOGO](g92603g02a01.jpg) |

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June 30, 2025

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 June 30, 2025 are disclosed on the Global Opportunities Fund Schedule of Investments.

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.

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%.

 <br> 78 bridgewayfunds.com

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| NOTES TO FINANCIAL STATEMENTS (continued) | ![LOGO](g92603g02a01.jpg) |

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June 30, 2025

**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 Fund, for the year ended June 30, 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 Year Ended<br>06/30/25 |
|  Aggressive Investors 1 | 1.75% | $– |
|  Ultra-Small Company | 1.85% |  |
|  Ultra-Small Company Market | 0.75% | 127846 |
|  Small-Cap Value | 0.94% |  |
|  Omni Small-Cap Value\* | 0.47% | 1953857 |

---

\* 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 $1,953,857, $1,945,822, and $2,244,593, which expire no later than 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

 <br> Annual Report \| June 30, 2025 79

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| NOTES TO FINANCIAL STATEMENTS (continued) | ![LOGO](g92603g02a01.jpg) |

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June 30, 2025

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 year ended June 30, 2025 was $126,438 which are recoupable no later than June 30, 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 year ended June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| Bridgeway Fund | Inter-Portfolio<br>Purchases | Inter-Portfolio <br> Sales |
|  Ultra-Small Company | $&nbsp;&nbsp;&nbsp;&nbsp;2252188 | $3012124 |
|  Ultra-Small Company Market | 2748290 | 3648984 |
|  Small-Cap Value | 6554574 | 8296775 |
|  Omni Small-Cap Value | 10955183 | 7552352 |

---

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 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.

 <br> 80 bridgewayfunds.com

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| NOTES TO FINANCIAL STATEMENTS (continued) | ![LOGO](g92603g02a01.jpg) |

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June 30, 2025

5. Purchases and Sales of Investment Securities:

Purchases and sales of investments, other than short-term securities, for each Fund for the year ended June 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Purchases | Purchases | Sales | Sales |
| Bridgeway Fund | U.S. Government | Other | U.S. Government | Other |
|  Aggressive Investors 1 | $– | $117707614 | $– | $128679111 |
|  Ultra-Small Company |  | 55034805 |  | 60312150 |
|  Ultra-Small Company Market |  | 59096081 |  | 137341926 |
|  Small-Cap Value |  | 282630503 |  | 413571755 |
|  Omni Small-Cap Value |  | 364775660 |  | 493137881 |
|  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.

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 June 30, 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) | $62264902 | $17817333 | $31123613 |
|  Gross depreciation (excess of tax cost over value) | (5294796) | (10556495) | (15330579) |
|  Net unrealized appreciation | $56970106 | $7260838 | $15793034 |
|  Cost of investments for income tax purposes | $153916302 | $84857621 | $106884057 |
|  | Small-Cap Value | Omni Small-Cap<br>Value | Global<br>Opportunities |
|  Gross appreciation (excess of value over tax cost) | $38192985 | $253166881 | $– |
|  Gross depreciation (excess of tax cost over value) | (36922606) | (96466114) |  |
|  Net unrealized appreciation | $1270379 | $156700767 | $– |
|  Cost of investments for income tax purposes | $355604648 | $941009993 | $23652617 |

---

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.

 <br> Annual Report \| June 30, 2025 81

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| NOTES TO FINANCIAL STATEMENTS (continued) | ![LOGO](g92603g02a01.jpg) |

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June 30, 2025

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 | Year<br> Ended | Period<br> Ended |
|  |  | June 30, 2025 | June 30, 2024 | June 30, 2025 |
|  Distributions paid from: |  |  |  |  |
|  Ordinary Income |  | $20560516 | $18886697 | $74679 |
|  Long-Term Capital Gain |  | 88770274 | 85347124 |  |
|  Total |  | $109330790 | $104233821 | $74679 |

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| NOTES TO FINANCIAL STATEMENTS (continued) | ![LOGO](g92603g02a01.jpg) |

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June 30, 2025

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

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

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*\** *As of June 30, 205, 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:

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| | | | |
|:---|:---|:---|:---|
|  |  | 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) |  |
|  | 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 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

 <br> Annual Report \| June 30, 2025 83

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June 30, 2025

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. Management expects that adoption of the guidance will not have a material impact on the Funds' financial statements.

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, 2025. 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 year ended June 30, 2025, borrowings by the Funds under this line of credit were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 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 | 5.95% | $198633 | 30 | $984 | $1042000 |
|  Ultra-Small Company | 5.74% | 118632 | 19 | 360 | 411000 |
|  Ultra-Small Company Market | 6.09% | 201619 | 42 | 1433 | 1208000 |
|  Small-Cap Value | 5.98% | 1150490 | 51 | 9752 | 3506000 |
|  Omni Small-Cap Value | 5.89% | 1039981 | 53 | 9024 | 7470000 |

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<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 year ended June 30, 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

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.

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| REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | ![LOGO](g92603g02a01.jpg) |

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June 30, 2025

#### To the Shareholders and Board of Directors of

#### Bridgeway Funds, Inc.
Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Aggressive Investors 1 Fund, Ultra-Small Company Fund, Ultra-Small Company Market Fund, Small-Cap Value Fund, Omni Small-Cap Value Fund, and Global Opportunities Fund (the "Funds"), each a series of Bridgeway Funds, Inc., as of June 30, 2025, the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Fund Name | Statements of<br> Operations | Statements of Changes<br> in Net Assets | Financial Highlights |
| &nbsp;&nbsp;&nbsp; Aggressive Investors 1 Fund, Ultra- Small Company Fund, Ultra-Small Company Market Fund, Small-Cap Value Fund, Omni Small-Cap Value Fund | For the year ended June 30, 2025 | For the years ended June 30, 2025 and 2024 | For the years ended June 30, 2025, 2024, and 2023 |
| &nbsp;&nbsp;&nbsp; Global Opportunities Fund | For the period October 15, 2024 (commencement of operations) through June 30, 2025 | For the period October 15, 2024 (commencement of operations) through June 30, 2025 | For the period October 15, 2024 (commencement of operations) through June 30, 2025 |

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The Funds' financial highlights for the years ended June 30, 2022, and prior, were audited by other auditors whose report dated August 25, 2022, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 <br> Annual Report \| June 30, 2025 85

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| REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued) | ![LOGO](g92603g02a01.jpg) |

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June 30, 2025

We have served as the Funds' auditor since 2023.

![LOGO](g92603g87a01.jpg)

COHEN & COMPANY, LTD.

#### Philadelphia, Pennsylvania

#### August 28, 2025
 <br> 86 bridgewayfunds.com

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| OTHER INFORMATION | ![LOGO](g92603g02a01.jpg) |

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June 30, 2025 (Unaudited)

1. Shareholder Tax Information

Certain tax information regarding the Funds is required to be provided to shareholders, based upon each Fund's income and distributions for the taxable year ended June 30, 2025. The information and distributions reported herein may differ from information and distributions taxable to the shareholders for the calendar year ended December 31, 2024.

The Funds report the following items with regard to distributions paid during the fiscal year ended June 30, 2025 All reportings are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of each Fund to report the maximum amount permitted under the Internal Revenue Code and the regulations there under.

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| | | | |
|:---|:---|:---|:---|
|  | Aggressive <br>Investors 1 | &nbsp;&nbsp;&nbsp;&nbsp;Ultra-Small<br> Company | Ultra-Small <br>Company Market |
|  Corporate Dividends Received Deduction | 100.00% | 37.11% | 100.00% |
|  Qualified Dividend Income | 100.00% | 35.03% | 100.00% |
|  Qualified Interest Related Dividends | 1.21% | 0.00% | 1.61% |
|  Qualified Short Term Capital Gain Dividends | 0.00% | 100.00% | 0.00% |
|  U.S. Government Income | 0.00% | 0.00% | 0.00% |
|  | Small-Cap<br>Value | Omni Small-Cap Value | Global Opportunities |
|  Corporate Dividends Received Deduction | 100.00% | 87.40% | 0.00% |
|  Qualified Dividend Income | 100.00% | 100.00% | 0.00% |
|  Qualified Interest Related Dividends | 1.30% | 0.39% | 49.38% |
|  Qualified Short Term Capital Gain Dividends | 0.00% | 0.00% | 0.00% |
|  U.S. Government Income | 0.00% | 0.00% | 0.00% |

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US Government Income represents the amount of interest that was derived from direct US Government obligations. Generally, such interest is exempt from state income tax. However, for residents of California, New York and Connecticut, the statutory threshold requirements were not satisfied. Due to the diversity in state and local tax law, it is recommended you consult a tax adviser as to the applicability of the information provided for your specific situation.

During the fiscal year ended June 30, 2025, the Funds paid distributions from ordinary income and long-term capital gain that included equalization debits summarized below:

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| | | | |
|:---|:---|:---|:---|
|  | Aggressive <br>Investors 1 | Ultra-Small <br>Company | Ultra-Small <br>Company Market |
|  Ordinary Income Distributions | $630342 | $2214783 | $1126896 |
|  Long-Term Capital Gain Distributions | 6431388 | 315264 |  |
|  | Small-Cap <br>Value | Omni Small-Cap Value | Global Opportunities |
|  Ordinary Income Distributions | $5805577 | $22260839 | $81707 |
|  Long-Term Capital Gain Distributions | 28656868 | 96239507 |  |

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 <br> Financial Statements and Other Information \| June 30, 2025 87

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| OTHER INFORMATION (continued) | ![LOGO](g92603g02a01.jpg) |

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June 30, 2025 (Unaudited)

2. Proxy Voting

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, 2025 is available without charge at the Funds' website www.bridgewayfunds.com or by contacting Bridge-way Funds at funds@bridgeway.com. Such information is also available on the SEC's website at http://www.sec.gov.

3. 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.

4. Approval of Investment Management Agreement

Bridgeway Funds, Inc.'s (the "Company") management agreement (the "Management Agreement") with its investment adviser, Bridgeway Capital Management, LLC (the "Adviser"), on behalf of each of the Company's funds must be approved for an initial term no greater than two years and renewed at least annually thereafter by the board of directors of the Company (the "Board" or "Directors") or a vote of a majority of the outstanding voting securities of each fund. In addition, the renewal must be approved by a majority of the Directors who are not parties to the Management Agreement or "interested persons" of any party thereto (the "Independent Directors"), cast in person at a meeting called specifically for the purpose of voting on such approval.

The Board has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the approval of the Management Agreement. For example, the Board or its standing committees consider at meetings during the year various factors that are relevant to the annual renewal of each fund's Management Agreement, including the quality of services and support provided to each fund by the Adviser, the Adviser's compliance program, including the effectiveness of its implementation, comparative performance information for each fund, the risk assessment of the funds and "deep dives" on the strategy and performance of certain funds on a periodic basis. Additionally, between regular Board meetings the Adviser provides the Board with updated financial information on the Adviser and strategic direction and marketing efforts.

On May 29, 2025, the Board, including a majority of the Independent Directors, met (the "Meeting") with the Adviser, the Company's outside legal counsel, independent legal counsel to the Independent Directors ("Independent Legal Counsel") and others to consider information bearing on the continuation of the Management Agreement with respect to the following funds of the Company: Aggressive Investors 1 Fund, Ultra-Small Company Fund, Ultra-Small Company Market Fund, Small-Cap Value Fund, Omni Small-Cap Value Fund and Global Opportunities Fund (each a "Fund" and together, the "Funds").

In reaching its decisions regarding the renewal of the Management Agreement for each Fund, the Board considered the information furnished and discussed throughout the year at regularly scheduled Board and committee meetings, as applicable and as described above, as well as the information provided to it specifically in relation to the annual consideration of the approval of the continuation of the Management Agreement for each Fund.

In preparation for the Meeting, the Independent Directors requested that the Adviser provide specific information relevant to the Board's consideration of the renewal of the Management Agreement with respect to each Fund. In response to that request, the Board was furnished with a wide variety of information with respect to each Fund, including information regarding:

● investment performance over various time periods and the fees and expenses of the Fund as compared to a comparable group of funds as determined and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data;

● the nature, extent and quality of services provided by the Adviser to the Fund under the Management Agreement;

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June 30, 2025 (Unaudited)

● actual management fees paid by the Fund to the Adviser and a comparison of those fees with the management fees charged to comparable advisory clients of the Adviser, as applicable;

● the Adviser's costs of providing services to the Fund and the profitability of the Adviser from its relationship with the Fund;

● the extent to which economies of scale would be realized as the Fund's assets increase and whether fee levels reflect these economies of scale for the benefit of Fund investors; and

● any potential "fall-out" or ancillary benefits accruing to the Adviser as a result of its relationship with the Fund.

In addition to evaluating the written information provided by the Adviser, the Board also considered the answers to questions posed by the Board to representatives of the Adviser at the Meeting.

In considering the information and materials described above, the Independent Directors met with Independent Legal Counsel to review such information and materials prior to the Meeting. In addition, the Independent Directors met in executive session with Independent Legal Counsel to consider the continuation of the Management Agreement with respect to each Fund outside the presence of management during the Meeting.

The Board also was provided with a written description of its statutory responsibilities and the legal standards that are applicable to approval of the renewal of the Management Agreement.

Although the Management Agreement for all of the Funds was considered at the Meeting, the Directors considered the renewal of the Management Agreement with respect to each Fund separately.

In considering the aforementioned information, the Board took into account management style, investment strategies and prevailing market conditions as reported by the Adviser. Furthermore, in evaluating the Management Agreement, the Directors also considered information provided by the Adviser concerning the following:

● the terms of the Management Agreement, including the services performed by the Adviser in managing each Fund's assets in accordance with the Fund's investment objectives, policies and restrictions and how those services and fees differ from those for comparable advisory clients of the Adviser, as applicable;

● information regarding the advisory fee rates and the expense limitation or fee waiver arrangements, if any, for each Fund;

● the Adviser's personnel, staffing levels and the time and attention the Adviser's personnel devote to the management of the Funds as compared to other advisory clients of the Adviser;

● the Adviser's risk assessment and management process;

● the Adviser's representation that it does not engage in pre-arranged soft dollar arrangements but that it may receive the benefit of research services provided by broker-dealers and brokerage services; and

● the financial condition and stability of the Adviser.

In view of the broad scope and variety of factors and information considered by the Board, the Directors did not find it practicable to, and did not, assign relative weights to the specific factors considered in reaching their conclusions and determinations to approve the continuance of the Management Agreement for each Fund for an additional year. Rather, the Board's determinations were made on the basis of each Director's business judgment after consideration of all of the factors taken in their entirety. Although not meant to be all-inclusive, the following describes various factors that were considered by the Board in deciding to approve the continuance of the Management Agreement for each Fund.

Nature, Extent and Quality of Services

In examining the nature, extent and quality of the services provided by the Adviser, the Directors considered the services provided to each Fund and any expected changes thereto, the qualifications, experience and duties of the Adviser's personnel,

 <br> Financial Statements and Other Information \| June 30, 2025 89

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the approximate amount of time those personnel devote to the Funds, recent and expected personnel changes, portfolio manager compensation arrangements, business continuity and succession planning, and enterprise risk management (including as it relates to cybersecurity risk). In addition, the Directors considered information provided by the Adviser regarding its overall financial strength and considered the resources and staffing in place with respect to the services provided to the Funds.

Based on the totality of the information considered, the Directors concluded that they were satisfied with the nature, extent and quality of the services provided to each Fund by the Adviser, and that the Adviser has the ability to continue to provide these services based on its experience, operations and current resources.

Investment Performance

The Board considered performance information provided by the Adviser for similarly managed accounts (if any) over the most recent six-month, one-year, three-year, five-year, ten-year and fifteen-year periods ended December 31, 2024, as applicable, as well as Fund performance compared with its primary and secondary benchmarks for one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2024. The Board considered the Adviser's representation that the differences in the performance of the similarly managed accounts (if any) and Fund performance were within ranges that the Adviser expects for the relevant accounts/Funds given, for example, differences in cash flows, investment restrictions, account size and tax management practices.

In addition, Broadridge provided a report (the "Broadridge Report") of comparative data regarding fees, expenses and investment performance for each Fund as compared to a peer group selected by Broadridge ("Peer Group"). The performance periods included total return over the most recent calendar year ("one-year period") and the annualized total returns over the most recent three calendar year period ("three-year period"), five calendar year period ("five-year period"), ten calendar year period ("ten-year period") and since inception period, as appliable. With regard to the performance information provided in the Broadridge Report, the Board considered the performance of each Fund on a percentile and quintile basis as compared to its Peer Group. For purposes of the performance data provided, the first quintile is defined as 20% of the funds in the applicable Peer Group with the highest performance and the fifth quintile is defined as 20% of the funds in the applicable Peer Group with the lowest performance.

In particular, the Board considered the following performance information as of December 31, 2024 provided by the Adviser and from Broadridge:

● With regard to the Aggressive Investors 1 Fund, the Fund's performance was in the first quintile for the one and three-year periods, in the third quintile for the five-year period and in the fifth quintile for the ten-year period, as compared with its Peer Group. The Fund outperformed its primary benchmark for the since inception, one-year and three-year periods, while it underperformed its primary benchmark for the five-year and ten-year periods. The Board considered the Adviser's explanation that the Fund's exposure to risk factors such as small size, volatility and beta as well as the Fund's deeper value tilt had contributed to the Fund's relative underperformance for the ten-year period. Based on their review, the Directors concluded that the Fund's overall performance was satisfactory relative to the performance of the funds in its Peer Group and its primary benchmark.

● With regard to the Ultra-Small Company Fund, the Fund's performance was in the first quintile for the one-year, three-year and five-year periods, and in the fourth quintile for the ten-year period. The Fund outperformed its secondary benchmark for the one-year, three-year, five-year and ten-year periods, Based on their review, the Directors concluded that the Fund's overall performance was satisfactory relative to the performance of the funds in its Peer Group and its secondary benchmark.

● With regard to the Ultra-Small Company Market Fund, the Fund's performance was in the first quintile for the one-year period, in the fifth quintile for the three-year and ten-year periods, and in the fourth quintile for the five-year period, as compared with its Peer Group. The Fund outperformed its secondary benchmark for the one-year, three-year and five-year periods, while it underperformed its secondary benchmark for the ten-year period. The Board noted that the Fund aims to roughly match the returns of the CRSP 10 Index, net of expenses. The Board also took into account that the Fund's performance was considered in line with its design. Based on their review, the Directors concluded that the Fund's

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June 30, 2025 (Unaudited)

performance was satisfactory relative to the performance of the funds in its Peer Group and its secondary benchmark.

● With regard to the Small-Cap Value Fund, the Fund's performance was in the fifth quintile for the one-year period, in the fourth quintile for the three-year period, and in the first quintile for the five-year and ten-year periods, as compared with its Peer Group. The Fund outperformed its secondary benchmark over the three-year, five-year, ten-year and since-inception periods while it underperformed its secondary benchmark for the one-year period. The Board considered the Adviser's explanation that the Fund's tilt toward smaller stocks in the small-cap value universe and security selection both had a negative effect on relative performance. Based on their review, the Directors concluded that the Fund's overall performance was satisfactory relative to the performance of the funds in its Peer Group and its secondary benchmark.

● With regard to the Omni Small-Cap Value, the Fund's performance was in the fifth quintile of its Peer Group for the one-year period, in the third quintile of its Peer Group for the three-year period, in the first quintile of its Peer Group for the five-year period, and in the second quintile for the ten-year period. The Fund outperformed its secondary benchmark for the three-year, five-year, ten-year and since-inception periods while it underperformed its secondary benchmark for the one-year period. The Board considered the Adviser's explanation that the Fund's tilt toward smaller stocks in the small-cap value universe had detracted from relative performance. Based on their review, the Directors concluded that the Fund's overall performance was satisfactory relative to the performance of the funds in its Peer Group and its secondary benchmark.

● With regard to the Global Opportunities Fund, the Fund's performance was in the first quintile of its Peer Group for the since-inception period, and the Fund had outperformed its secondary benchmark for the since-inception period. Based on their review, the Directors concluded that the Fund's performance was satisfactory relative to the performance of the funds in its Peer Group and its secondary benchmark.

Fund Fees and Expenses

The Board considered information provided by the Adviser regarding the advisory fees it charges to comparable advisory clients and the reasons for any material differences between those fees and the fees it charges to the Funds. The Board also considered the Adviser's views that, given investment performance and overall expenses, the Adviser believes the management fees for each Fund appear reasonable and appropriate given the distinctive features and design of each Fund, the disciplined implementation of the design by the Adviser, the relatively low management fees in most cases, the performance results in line with design and investor expectations, and the profitability to the Adviser of each Fund. More specifically, with regard to management fee differences among the Funds, the Board considered the Adviser's view that fee differences stem from market factors as well as the estimated growth rate of the Fund at the time of launch; the potential asset capacity of the Fund; the risks associated with providing the advisory services to the Fund; and estimated costs of providing the advisory services driven by the design complexity of the Fund (e.g., more complex design is higher cost due to the research and portfolio management time required).

With respect to management fee differences between the Funds and other investment company clients of the Adviser, the Board considered that, unlike the Funds, the Adviser does not provide administrative services to any other investment company clients. The Board also considered the fees charged to other investment company clients of the Adviser, as well as the Adviser's representation that for certain Funds, the Adviser did not manage comparable investment companies.

With respect to management fee differences between the Funds and other non-investment company clients of the Adviser, the Board considered that: (i) the management fee charged to the Ultra-Small Company Market Fund is lower than that charged to comparable clients; (ii) the asset-based management fee charged to the Aggressive Investors 1 Fund is higher than that charged to comparable clients, while the Fund's performance fee rate is significantly lower than the performance fee rate charged to comparable clients (and there are other differences in the performance fee calculations); (iii) the management fee charged to the Small-Cap Value Fund is equal to the management fee for a comparable separate account on assets over $100 million but it is lower for assets below $100 million, but the Fund has a performance fee while the comparable separate account does not; and (iv) the Adviser had no advisory clients comparable to the other Funds.

The Board also considered information compiled by Broadridge comparing each Fund's contractual management fee rate (excluding any performance fees and using an assumed common asset level for the Fund and the other funds in the Peer

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June 30, 2025 (Unaudited)

Group), actual management fee rate (which included the effect of any fee waivers and any performance fees, and was derived from annual reports) and actual total expense ratios (which also included the effect of any fee waivers and performance fees, and was derived from annual reports) as a percentage of average net assets as compared to other funds in its expense Peer Group. Broadridge's contractual management fee data included both advisory fees and administrative services fees, except for the Funds. Broadridge excluded administrative services fees for the Funds from contractual management fee data because those fees are fixed (i.e., a stated dollar amount), as opposed to asset based. More specifically, with respect to the Funds, the Adviser provides certain administrative services to the Funds pursuant to a separate contract, in exchange for an annual fixed fee (payable monthly) that the Adviser has represented approximates the cost of providing such services (which the Board considered in connection with profitability, as described below). Broadridge's actual management fee data for the Funds and the other funds in the Peer Group included both advisory fees and administrative services fees. Thus, the contractual management fee rate in the Funds' Broadridge comparisons did not reflect these administrative services fees, whereas the actual management fee rate in the Funds' Broadridge comparisons included both advisory and administrative services fees.

With regard to the expense information provided in the Broadridge Report, the Board considered Fund expenses on a percentile and quintile basis as compared to each Fund's Peer Group. For purposes of the expense data provided, Broadridge defines the first quintile as 20% of the funds in the applicable Peer Group with the lowest expenses and the fifth quintile as 20% of the funds in the applicable Peer Group with the highest expenses. In particular, the Board considered the following:

● The Aggressive Investors 1 Fund's contractual management fee was in the fifth quintile of its Peer Group (excluding the performance fee) and the Fund's actual management fees and actual total expenses (factoring in the performance fee) were each in the first quintile of its Peer Group. The Board also considered the impact of the Fund's performance fee on the fee comparisons.

● With respect to the Ultra-Small Company Fund, the Board considered that the Fund's contractual management fee was in the third quintile, the actual management fee was in the fourth quintile and total expense ratio was in the third quintile of its Peer Group. The Board took into account that the Fund's total expenses, which included the actual management fee, were below the median of its Peer Group.

● With respect to the Global Opportunities Fund, the Board considered that the Fund's contractual management fee was in the third quintile, the actual management fee was in the first quintile and total expense ratio was in the second quintile of its Peer Group. The Board took into account that the Fund's total expenses, which included the actual management fee, were below the median of its Peer Group.

● With respect to the Ultra-Small Company Market Fund, Small-Cap Value Fund and Omni Small-Cap Value Fund, the Board considered that each Fund was in the first quintile of its applicable Peer Group for the contractual management fee, actual management fee and total expense ratio. The Board also considered the impact of the performance fee arrangement on actual management fees for the Small-Cap Value Fund.

In addition, the Board considered that the Adviser is contractually obligated to waive fees and/or pay Fund expenses in order to maintain expense limitations for each of the Omni Small-Cap Value Fund, Ultra Small Company Market Fund, and the Global Opportunities Fund to ensure that total expense levels do not increase above certain asset percentage levels.

The foregoing comparisons assisted the Board in determining to approve the continuance of the Management Agreement for each Fund by providing it with a basis for evaluating each Fund's management fee and total expense ratio on a relative basis. Based on their review, the Directors concluded that each Fund's management fee was reasonable in view of the services received by the Fund and the other factors considered.

Profitability

The Board reviewed the materials it received from the Adviser regarding its revenues and costs in providing investment management and certain administrative services to the Funds and the Company as a whole. In particular, the Board considered the analysis of the Adviser's profitability with respect to each Fund, calculated for the years ended December 31, 2021, December 31, 2022, December 31, 2023 and December 31, 2024. The Board also considered the Adviser's

 <br> 92 bridgewayfunds.com

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| | |
|:---|:---|
| OTHER INFORMATION (continued) | ![LOGO](g92603g02a01.jpg) |

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June 30, 2025 (Unaudited)

representations that it does not track expenses or maintain staff on a per Fund basis and accordingly the Adviser needed to make certain assumptions to allocate expenses on a Fund-by-Fund basis in order to calculate Fund-by-Fund profitability, making the process a subjective one. The Board also considered that the Adviser was operating certain Funds at a loss but that the Adviser had the resources necessary to continue providing the same level of services to those Funds. Based on their review, the Directors concluded that the Adviser's profitability from its relationship with each Fund was reasonable.

Economies of Scale

The Board considered the effect of each Fund's current size and its potential growth on its performance and fees. With respect to whether economies of scale are expected to be realized by the Adviser as a Fund's assets increase and whether advisory fee levels reflect these economies of scale for the benefit of Fund investors, the Board considered, on a Fund-by-Fund basis, the current level of advisory fees charged and fee structure and concluded that the Adviser's fee structure with respect to each Fund was appropriate at this time. The Board considered that the Aggressive Investors 1 Fund and Ultra-Small Company Fund each have fee breakpoints in their management fee schedules although neither Fund is at a size currently to benefit from such breakpoints. With respect to Ultra-Small Company Market Fund, the Board considered the Adviser's representation that it believes that the Fund will not produce significant economies of scale because the Fund involves intensive and time-consuming portfolio and trading management, and as a result, the Fund does not have breakpoints in its management fee schedule. With respect to the Global Opportunities Fund, the Board took into consideration that the Adviser has agreed, until at least November 1, 2025, to waive fees and/or pay Fund expenses, if necessary, to ensure that certain expenses do not exceed 0.25%. Lastly, although the Small-Cap Value Fund and Omni Small-Cap Value Fund do not have fee breakpoints in their management fee schedules, the Board considered the Adviser's explanation that these Funds were priced low relative to their respective Peer Groups and ahead of the economies of scale curve at launch. The Board noted that if a Fund's assets increased over time, the Fund might realize other economies of scale if assets increased proportionally more than certain other expenses.

"Fallout" or Ancillary Benefits

The Board considered whether there were any "fall-out" or ancillary benefits that may accrue to the Adviser as a result of its relationships with the Funds. In terms of potential "fall-out" or ancillary benefits to the Adviser due to its position as manager of the Funds, the Board considered benefits related to track record and reputation, and portfolio trading and execution. The Board also considered the Adviser's representations that it does not engage in pre-arranged soft dollar arrangements but that it may receive the benefit of research services provided by broker-dealers and brokerage services. In addition, the Board took into account that the Adviser receives administrative service fees from the Funds in exchange for providing certain administrative services to the Funds, noting that such services are provided at cost. The Board concluded that the "fall-out" or ancillary benefits accruing to the Adviser by virtue of its relationship with the Funds appeared to be reasonable.

\* \* \* \* \*

Based on all relevant information and factors discussed above, none of which was individually determinative of the outcome, the Board, including a majority of the Independent Directors, determined that the continuation of the Management Agreement for each Fund was in the best interests of the Fund. As a result, the Board, including a majority of the Independent Directors, approved the renewal of the Management Agreement for each Fund.

 <br> Financial Statements and Other Information \| June 30, 2025 93

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 <br> 94 www.bridgeway.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 of this Form.

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

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

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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.
Not applicable.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are effective to provide reasonable assurance that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that information required to be disclosed by the registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 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) | [The registrant's Code of Ethics is attached hereto.](d92603dex99codeeth.htm) |
| (a)(2) | Not applicable. |

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| | |
|:---|:---|
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d92603dex99cert.htm) |
| (a)(4) | There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. |
| (a)(5) | There was no change in the Registrant's independent public accountant during the period covered by the report. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d92603dex99906cert.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) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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> 

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

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Date <u>September 4, 2025</u>

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>September 4, 2025</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>September 4, 2025</u>

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

## Ex-99.Code

**EX-99.CODE ETHICS** 

**BRIDGEWAY FUNDS, INC.** 

**PRINCIPAL EXECUTIVE AND FINANCIAL OFFICER'S** 

**CODE OF ETHICS** 

**April 1, 2023** 

**I.** **Purpose of the Code/Covered Officers** 

This Code of Ethics (the "Code") applies to Bridgeway Funds, Inc. ("Bridgeway Funds") and all investment portfolios of Bridgeway Funds (collectively, the "Funds" and each, a "Fund"). It specifically applies to Bridgeway Funds' President and Treasurer (the "Covered Officers"), the principal executive and financial officers set forth in Exhibit A for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that Bridgeway Funds files
with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by Bridgeway Funds;

&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;• an environment that encourages disclosure of ethical and compliance related concerns;

&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code without fear or reprisal; and

&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

The President and Treasurer are integral to Bridgeway Funds' goal of creating a culture of high ethical standards and commitment to compliance. In their roles, the Covered Officers will refrain from engaging in any activity that may compromise their professional ethics or otherwise prejudice their ability to carry out their duties to the Funds. They will act in good faith, with due care, competence and diligence, without misrepresenting material facts or allowing their independent judgment to be subordinated.

The Funds' Chief Compliance Officer ("Funds' CCO") is responsible for oversight of this policy. Questions concerning this policy should be directed to the Funds' CCO.

**II.** **Actual and Apparent Conflicts of Interest** 

**Overview:** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or service to, Bridgeway Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper benefits as a result of his position with Bridgeway Funds.

Certain conflicts of interest arise out of the relationship between Covered Officers and Bridgeway Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (the "1940 Act") and the Investment Advisers Act of 1940 (the "Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with Bridgeway Funds because of their status as "affiliated persons" of Bridgeway Funds. Bridgeway Funds and Bridgeway Capital Management, LLC (the "Adviser") have adopted and implemented respective compliance programs and procedures that are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between Bridgeway Funds and the Adviser of which the Covered Officers may also be officers or Staff. As a result, this Code recognizes that the Covered Officers may, in the normal course of their duties (whether formally for Bridgeway Funds or the Adviser, or for both), be involved in establishing policies and implementing decisions that will have different

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effects on the Adviser and Bridgeway Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between Bridgeway Funds and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of Bridgeway Funds. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by Bridgeway Funds' Board of Directors (the "Board") that the Covered Officers may also be officers or staff of the Adviser.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of Bridgeway Funds. A defining question at Bridgeway is, "What is the long term interest of current shareholders?" The following list provides examples of conflicts of interest under this Code, but Covered Officers should keep in mind that these examples are not exhaustive.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;• not use his/her personal influence or personal relationships improperly to influence investment decisions or
financial reporting by Bridgeway Funds whereby the Covered Officer would directly or indirectly benefit personally to the detriment of Bridgeway Funds;

&nbsp;&nbsp;&nbsp;&nbsp;• not cause Bridgeway Funds to take action, or fail to take action, for the individual personal benefit of the
Covered Officer rather than the benefit of Bridgeway Funds;

&nbsp;&nbsp;&nbsp;&nbsp;• not use material non-public knowledge of Fund transactions made or
contemplated for Bridgeway Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;• report at least annually affiliations or other relationships related to conflicts of interest covered by
Bridgeway Funds' Directors and Officers Questionnaire.

Any activity or relationship that would present a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if a member of the Covered Officer's family engages in such activity or has such a relationship. There are some conflict of interest situations that should always be discussed with the Funds' CCO prior to their occurrence. Should the Covered Officer also serve as the Funds' CCO, she should discuss the conflict of interest situation with the Bridgeway Funds Board's Audit Committee. Examples of these may include:

&nbsp;&nbsp;&nbsp;&nbsp;• service as a Director on the board of any public company;

&nbsp;&nbsp;&nbsp;&nbsp;• the receipt and return of any non-nominal gifts in excess of $100.00;

&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which Bridgeway Funds has current or prospective
business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with any of Bridgeway Funds'
service providers, other than its investment adviser, administrator or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by Bridgeway Funds
for effecting Fund transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

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**III.** **Disclosure and Compliance** 

Each Covered Officer

&nbsp;&nbsp;&nbsp;&nbsp;• should familiarize himself with the disclosure requirements generally applicable to Bridgeway Funds;

&nbsp;&nbsp;&nbsp;&nbsp;• should not knowingly misrepresent, or cause others to misrepresent, facts about Bridgeway Funds to others,
whether within or outside Bridgeway Funds, including Bridgeway Funds' Directors and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;• should, to the extent appropriate within his/her area of responsibility, consult with other officers and
employees of Bridgeway Funds and the Adviser with the goal of promoting comprehensive, fair, accurate, timely and understandable disclosure in reports and documents Bridgeway Funds files with, or submits to, the SEC and in other public
communications made by Bridgeway Funds, and will ensure the establishment of appropriate policies and procedures for the protection and retention of accounting records and information as required by applicable law, regulation, or regulatory
guidelines and will establish and administer financial controls that are appropriate to ensure the integrity of the financial reporting process and the availability of timely, relevant information for the Corporation's safe and sound
operation; and

&nbsp;&nbsp;&nbsp;&nbsp;• has the responsibility to promote compliance with the standards and restrictions imposed by applicable laws,
rules and regulations.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing
to Bridgeway Funds' Board that he has received, read, and understands this Code;

&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the Board that he has complied with the requirements of this Code;

&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of the Adviser, or their affiliated persons,
for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;• notify the Funds' CCO (or in a case where the Covered Officer is also the Funds' CCO, an alternate
compliance officer designated by Bridgeway Funds) promptly if he/she knows or suspects that a violation of applicable laws, regulations, or of this Code has occurred, is occurring, or is about to occur. Failure to do so is itself a violation of this
Code.

The Funds' CCO is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers\* sought by the Funds' CCO will be considered by Bridgeway Funds Board's Audit Committee.

Bridgeway Funds will follow these procedures in investigating and enforcing this Code.

&nbsp;&nbsp;&nbsp;&nbsp;• The Funds' CCO will take all appropriate action to investigate any potential violations reported to
him/her.

&nbsp;&nbsp;&nbsp;&nbsp;• If, after such investigation, the Funds' CCO believes that no violation has occurred, he/she is not
required to take any further action. The Funds' CCO is authorized to consult, as appropriate, with the chair of the Audit Committee and Counsel to the Independent Directors, and is encouraged to do so after consultation with the Fund President
when, in the CCO's opinion such consultation will not increase the risk to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;• Any matter that the Funds' CCO believes is a violation will be reported to the Audit Committee (the
"Committee").

&nbsp;&nbsp;&nbsp;&nbsp;• If the Committee concurs that a violation has occurred, it will inform and make a recommendation to the full
Board, which will consider appropriate action, which may include review of and appropriate modifications to, applicable policies procedures; notification to

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appropriate personnel of the Adviser or its Board; or a recommendation to dismiss the Covered Officer.

&nbsp;&nbsp;&nbsp;&nbsp;• Bridgeway Funds Board's Audit Committee will be responsible for granting waivers, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;• Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by the SEC
rules.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by Bridgeway Funds for the purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of Bridgeway Funds, the Adviser, principal underwriter, or other service providers governor purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Bridgeway Funds' and Adviser's code of ethics under Rule 17j-1 under the Investment Company Act of 1940 and other applicable policies and procedures set forth in the Adviser's Compliance Manual are separate requirements applying to the Covered Officers, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of Bridgeway Funds' Board, including a majority of Independent Directors.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board and its Counsel.

\* *Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as the "registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer of the registrant".* 

**Exhibit A** 

Persons Covered by this Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Linda Giuffré

President of Bridgeway Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Deborah Hanna

Treasurer of Bridgeway Funds, Inc.

## 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.

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| | |
|:---|:---|
| Date: <u>September 4, 2025</u> | <u>/s/ Linda Giuffré</u> |
|  | Linda Giuffré, President and Principal Executive Officer |
|  | (principal executive officer) |

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**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>September 4, 2025</u> | <u>/s/ Deborah L. Hanna</u> |
|  | Deborah L. Hanna, Treasurer and Principal Financial Officer |
|  | (principal financial officer) |

---

## 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>September 4, 2025</u> | <u>/s/ Linda Giuffré</u> |
|  | Linda Giuffré, President and Principal Executive Officer |
|  | (principal executive officer) |

---

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.

---

| | |
|:---|:---|
| Date: <u>September 4, 2025</u> | <u>/s/ Deborah L. Hanna</u> |
|  | Deborah L. Hanna, Treasurer and Principal Financial Officer |
|  | (principal financial officer) |

---