Small-Cap
Growth
Fund
Schedule
of
Investments
(Unaudited)
1
Showing
percentage
of
net
assets
as
of
March
31,
2021
bridgewayfunds.com
Industry
Company
Shares
Value
.
Common
Stocks
-
99.90%
Consumer
Discretionary
-
18
.00
%
1-800-Flowers.com,
Inc.,
Class A*+
5,100
$
140,811
Asbury
Automotive
Group,
Inc.*
1,800
353,700
Camping
World
Holdings,
Inc.,
Class A+
11,100
403,818
Crocs,
Inc.*
6,000
482,700
Deckers
Outdoor
Corp.*
600
198,252
Installed
Building
Products,
Inc.
1,100
121,968
iRobot
Corp.*+
3,000
366,540
LCI
Industries
2,900
383,612
Malibu
Boats,
Inc.,
Class A*
3,600
286,848
Meritage
Homes
Corp.*
800
73,536
OneWater
Marine,
Inc.,
Class A*
12,400
495,504
PetMed
Express,
Inc.+
8,300
291,953
Purple
Innovation,
Inc.*+
9,000
284,850
RH*
1,000
596,600
Skyline
Champion
Corp.*
3,400
153,884
Sportsman's
Warehouse
Holdings,
Inc.*
25,300
436,172
Strategic
Education,
Inc.
1,000
91,910
TopBuild
Corp.*+
2,200
460,746
Visteon
Corp.*
700
85,365
$
5,708,769
Consumer
Staples
-
3
.27
%
B&G
Foods,
Inc.+
3,100
96,286
BJ's
Wholesale
Club
Holdings,
Inc.*+
1,900
85,234
Central
Garden
&
Pet
Co.,
Class A*
2,200
114,158
elf
Beauty,
Inc.*
17,600
472,208
John
B.
Sanfilippo
&
Son,
Inc.
2,000
180,740
USANA
Health
Sciences,
Inc.*
900
87,840
1,036,466
Financials
-
4
.02
%
Brightsphere
Investment
Group,
Inc.
3,700
75,406
Curo
Group
Holdings
Corp.
29,900
436,241
Hingham
Institution
For
Savings
The
500
141,880
Houlihan
Lokey,
Inc.
1,100
73,161
PennyMac
Financial
Services,
Inc.
1,400
93,618
Industry
Company
Shares
Value
Financials
(continued)
PJT
Partners,
Inc.,
Class A
6,700
453,255
$
1,273,561
Health
Care
-
29
.86
%
Amneal
Pharmaceuticals,
Inc.*
95,600
643,388
Antares
Pharma,
Inc.*
20,100
82,611
Atrion
Corp.
600
384,786
Avid
Bioservices,
Inc.*+
14,900
271,627
Blueprint
Medicines
Corp.*
4,600
447,258
Catalyst
Pharmaceuticals,
Inc.*+
63,000
290,430
Co-Diagnostics,
Inc.*+
7,200
68,688
Corcept
Therapeutics,
Inc.*
15,800
375,882
Cutera,
Inc.*
13,100
393,655
Ensign
Group,
Inc.
(The)
5,700
534,888
iCAD,
Inc.*+
26,000
551,720
InfuSystem
Holdings,
Inc.*
10,800
219,888
Innoviva,
Inc.*
39,400
470,830
iRadimed
Corp.*
18,900
487,053
LeMaitre
Vascular,
Inc.+
1,900
92,682
Luminex
Corp.
14,100
449,790
Medpace
Holdings,
Inc.*
2,900
475,745
Millendo
Therapeutics,
Inc.*
164,300
197,160
Neuronetics,
Inc.*
24,900
308,013
NuVasive,
Inc.*
7,200
472,032
Ontrak,
Inc.*+
4,600
149,776
Prestige
Consumer
Healthcare,
Inc.*+
10,400
458,432
Select
Medical
Holdings
Corp.*
13,500
460,350
Simulations
Plus,
Inc.+
3,600
227,664
Stereotaxis,
Inc.*
17,500
117,600
Surgery
Partners,
Inc.*
11,800
522,268
Surmodics,
Inc.*
1,900
106,533
Zynex,
Inc.*+
13,900
212,253
9,473,002
Industrials
-
17
.98
%
Air
Transport
Services
Group,
Inc.*
13,000
380,380
Ameresco,
Inc.,
Class A*
3,300
160,479
Atkore,
Inc.*
6,500
467,350
Atlas
Air
Worldwide
Holdings,
Inc.*+
7,800
471,432
Avis
Budget
Group,
Inc.*
7,300
529,542
Cornerstone
Building
Brands,
Inc.*
35,600
499,468
Daseke,
Inc.*
22,500
191,025
Evoqua
Water
Technologies
Corp.*
5,300
139,390
Small-Cap
Growth
Fund
Schedule
of
Investments
(Unaudited)
(continued)
2
Showing
percentage
of
net
assets
as
of
March
31,
2021
Quarterly
Report
|
March
31,
2021
(Unaudited)
Industry
Company
Shares
Value
Common
Stocks
(continued)
Industrials
(continued)
HC2
Holdings,
Inc.*
127,700
503,138
Masonite
International
Corp.*
700
80,668
Meritor,
Inc.*
6,200
182,404
Pitney
Bowes,
Inc.
51,600
425,184
Primoris
Services
Corp.
12,500
414,125
Saia,
Inc.*+
1,700
391,986
Shyft
Group,
Inc.
(The)
12,000
446,400
Tetra
Tech,
Inc.
3,100
420,732
$
5,703,703
Information
Technology
-
18
.05
%
Calix,
Inc.*
11,600
402,056
Cardtronics
PLC,
Class A*
8,000
310,400
Cornerstone
OnDemand,
Inc.*
3,500
152,530
Diebold
Nixdorf,
Inc.*+
29,900
422,487
ExlService
Holdings,
Inc.*
3,200
288,512
FormFactor,
Inc.*
7,300
329,303
Inseego
Corp.*+
23,900
239,000
MAXIMUS,
Inc.
5,100
454,104
OSI
Systems,
Inc.*+
900
86,490
Power
Integrations,
Inc.
5,400
439,992
Rimini
Street,
Inc.*
24,500
219,765
Super
Micro
Computer,
Inc.*
13,300
519,498
TTEC
Holdings,
Inc.
4,900
492,205
Tucows,
Inc.,
Class A*+
5,500
426,250
Ultra
Clean
Holdings,
Inc.*+
9,900
574,596
Varonis
Systems,
Inc.*
7,200
369,648
5,726,836
Materials
-
4
.73
%
Compass
Minerals
International,
Inc.
1,300
81,536
Forterra,
Inc.*
18,700
434,775
Innospec,
Inc.
4,500
462,105
Louisiana-Pacific
Corp.
9,400
521,324
1,499,740
Real
Estate
-
3
.50
%
Easterly
Government
Properties,
Inc.
9,600
199,008
National
Storage
Affiliates
Trust
11,300
451,209
Redfin
Corp.*+
5,100
339,609
Industry
Company
Shares
Value
Real
Estate
(continued)
Terreno
Realty
Corp.
2,100
121,317
$
1,111,143
Utilities
-
0
.49
%
York
Water
Co.
(The)
3,200
156,704
TOTAL
COMMON
STOCKS
-
99.90%
31,689,924
(Cost
$21,531,345)
^
Rate^
B
Shares
B
Value
.
Money
Market
Fund
-
0.20%
Fidelity
Investments
Money
Market
Government
Portfolio
Class
I
0.01%
64,688
64,688
TOTAL
MONEY
MARKET
FUND
-
0.20%
64,688
(Cost
$64,688)
.
Investments
Purchased
With
Cash
Proceeds
From
Securities
Lending
-
2.14%
Fidelity
Investments
Money
Market
Government
Portfolio
Class
I**
0.01%
677,346
677,346
TOTAL
INVESTMENTS
PURCHASED
WITH
CASH
PROCEEDS
FROM
SECURITIES
LENDING
-
2.14%
677,346
(Cost
$677,346)
TOTAL
INVESTMENTS
-
102.24%
$
32,431,958
(Cost
$22,273,379)
Liabilities
in
Excess
of
Other
Assets
-
(2.24%)
(
709,012
)
NET
ASSETS
-
100.00%
$
31,722,946
*
Non-income
producing
security.
**
This
security
represents
the
investment
of
the
cash
collateral
received
in
connection
with
securities
out
on
loan
as
of
March
31,
2021.
^
Rate
disclosed
as
of
March
31,
2021.
+
This
security
or
a
portion
of
the
security
is
out
on
loan
as
of
March
31,
2021.
Total
loaned
securities
had
a
value
of
$6,017,485
as
of
March
31,
2021.
PLC
-
Public
Limited
Company
Small-Cap
Growth
Fund
Schedule
of
Investments
(Unaudited)
(continued)
3
Showing
percentage
of
net
assets
as
of
March
31,
2021
bridgewayfunds.com
Summary
of
inputs
used
to
value
the
Fund’s
investments
as
of
3/31/2021
:
Valuation
Inputs
Investment
in
Securities
(Value)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Common
Stocks
(a)
$
31,689,924
$
–
$
–
$
31,689,924
Money
Market
Fund
–
64,688
–
64,688
Investments
Purchased
With
Cash
Proceeds
From
Securities
Lending
–
677,346
–
677,346
TOTAL
$31,689,924
$742,034
$–
$32,431,958
(a)
-
Please
refer
to
the
Schedule
of
Investments
for
the
industry
classifications
of
these
portfolio
holdings.