Bridgeway Funds NPORT-P Managed Volatility Fund (Sep 2023 report)

Managed

Volatility

Fund

Schedule

of

Investments

(Unaudited)

1

Showing

percentage

of

net

assets

as

of

September

30,

2023

bridgewayfunds.com

Industry

Company

Shares

Value

.

Common

Stocks

-

57.22%

Communication

Services

-

5.35%

Alphabet,

Inc.,

Class A*#

4,200

$

549,612

Alphabet,

Inc.,

Class C*#

4,200

553,770

AT&T,

Inc.

1,740

26,135

Comcast

Corp.,

Class A

600

26,604

Electronic

Arts,

Inc.#

1,900

228,760

Meta

Platforms,

Inc.,

Class A*

400

120,084

Omnicom

Group,

Inc.

600

44,688

Verizon

Communications,

Inc.

900

29,169

Walt

Disney

Co.

(The)*

565

45,793

Warner

Bros

Discovery,

Inc.*

541

5,875

1,630,490

Consumer

Discretionary

-

5.88%

Amazon.com,

Inc.*#

5,200

661,024

AutoZone,

Inc.*

100

253,999

eBay,

Inc.

500

22,045

Ford

Motor

Co.

1,750

21,735

General

Motors

Co.#

700

23,079

McDonald's

Corp.#

1,800

474,192

NIKE,

Inc.,

Class B#

600

57,372

Ross

Stores,

Inc.

500

56,475

Starbucks

Corp.#

400

36,508

Tesla,

Inc.*

600

150,132

Yum!

Brands,

Inc.

300

37,482

1,794,043

Consumer

Staples

-

4.74%

Archer-Daniels-Midland

Co.

400

30,168

Coca-Cola

Co.

(The)

1,700

95,166

Colgate-Palmolive

Co.

400

28,444

Constellation

Brands,

Inc.,

Class A#

500

125,665

Costco

Wholesale

Corp.#

400

225,984

Dollar

General

Corp.

300

31,740

General

Mills,

Inc.

500

31,995

J

M

Smucker

Co.

(The)

200

24,582

Kellanova#

1,000

59,510

Kimberly-Clark

Corp.

600

72,510

Kroger

Co.

(The)

800

35,800

Lamb

Weston

Holdings,

Inc.#

300

27,738

Mondelez

International,

Inc.,

Class A

700

48,580

PepsiCo,

Inc.#

2,500

423,600

Procter

&

Gamble

Co.

(The)

600

87,516

Target

Corp.

300

33,171

Industry

Company

Shares

Value

Consumer

Staples

(continued)

Walmart,

Inc.#

400

$

63,972

1,446,141

Energy

-

8.14%

APA

Corp.#

7,000

287,700

Cheniere

Energy,

Inc.#

2,000

331,920

Chevron

Corp.#

798

134,559

ConocoPhillips#

587

70,322

EOG

Resources,

Inc.#

500

63,380

Exxon

Mobil

Corp.#

900

105,822

Kinder

Morgan,

Inc.

400

6,632

Marathon

Petroleum

Corp.#

3,500

529,690

Occidental

Petroleum

Corp.#

7,260

471,029

Phillips

66

593

71,249

Pioneer

Natural

Resources

Co.

25

5,739

Schlumberger

NV

600

34,980

Valero

Energy

Corp.#

2,600

368,446

2,481,468

Financials

-

6.23%

American

Express

Co.#

300

44,757

Aon

PLC,

Class A

200

64,844

Bank

of

America

Corp.

1,700

46,546

Berkshire

Hathaway,

Inc.,

Class B*#

710

248,713

BlackRock,

Inc.

100

64,649

Capital

One

Financial

Corp.#

200

19,410

Charles

Schwab

Corp.

(The)

800

43,920

Chubb,

Ltd.

261

54,335

Citigroup,

Inc.

810

33,315

CME

Group,

Inc.#

600

120,132

Comerica,

Inc.

300

12,465

Goldman

Sachs

Group,

Inc.

(The)

200

64,714

Huntington

Bancshares,

Inc.

400

4,160

JPMorgan

Chase

&

Co.

1,000

145,020

KeyCorp.

400

4,304

Marsh

&

McLennan

Cos.,

Inc.

400

76,120

Mastercard,

Inc.,

Class A#

600

237,546

Morgan

Stanley#

800

65,336

PayPal

Holdings,

Inc.*

400

23,384

PNC

Financial

Services

Group,

Inc.

(The)

200

24,554

Progressive

Corp.

(The)

420

58,506

Managed

Volatility

Fund

Schedule

of

Investments

(Unaudited)

(continued)

2

Showing

percentage

of

net

assets

as

of

September

30,

2023

Quarterly

Report

|

September

30,

2023

(Unaudited)

Industry

Company

Shares

Value

Common

Stocks

(continued)

Financials

(continued)

S&P

Global,

Inc.

400

$

146,164

T

Rowe

Price

Group,

Inc.

100

10,487

Truist

Financial

Corp.

300

8,583

U.S.

Bancorp

1,900

62,814

Visa,

Inc.,

Class A#

600

138,006

Wells

Fargo

&

Co.

1,871

76,449

1,899,233

Health

Care

-

6.69%

Abbott

Laboratories

700

67,795

AbbVie,

Inc.#

1,859

277,102

Amgen,

Inc.#

500

134,380

Baxter

International,

Inc.

300

11,322

Becton

Dickinson

&

Co.

173

44,726

Biogen,

Inc.*

200

51,402

Bristol-Myers

Squibb

Co.

1,079

62,625

Cigna

Group

(The)

299

85,535

CVS

Health

Corp.

400

27,928

Danaher

Corp.

200

49,620

DaVita,

Inc.*#

100

9,453

Elevance

Health,

Inc.

200

87,084

Embecta

Corp.

34

512

Exact

Sciences

Corp.*#

200

13,644

Gilead

Sciences,

Inc.

400

29,976

Johnson

&

Johnson

800

124,600

Medtronic

PLC

400

31,344

Merck

&

Co.,

Inc.

1,700

175,015

Pfizer,

Inc.

1,700

56,389

Stryker

Corp.

160

43,723

Thermo

Fisher

Scientific,

Inc.#

500

253,085

UnitedHealth

Group,

Inc.#

800

403,352

2,040,612

Industrials

-

3.64%

3M

Co.

500

46,810

Automatic

Data

Processing,

Inc.

50

12,029

Carrier

Global

Corp.

540

29,808

Delta

Air

Lines,

Inc.#

1,300

48,100

Emerson

Electric

Co.

400

38,628

FedEx

Corp.#

600

158,952

Honeywell

International,

Inc.

600

110,844

Ingersoll

Rand,

Inc.

16

1,020

Johnson

Controls

International

PLC

454

24,157

L3Harris

Technologies,

Inc.

100

17,412

Lockheed

Martin

Corp.

270

110,419

Industry

Company

Shares

Value

Industrials

(continued)

Northrop

Grumman

Corp.#

400

$

176,076

Otis

Worldwide

Corp.

270

21,684

RTX

Corp.

1,240

89,243

Trane

Technologies

PLC

200

40,582

Union

Pacific

Corp.

300

61,089

United

Parcel

Service,

Inc.,

Class B

300

46,761

Waste

Management,

Inc.

500

76,220

1,109,834

Information

Technology

-

13.71%

Accenture

PLC,

Class A

200

61,422

Adobe,

Inc.*#

600

305,940

Analog

Devices,

Inc.

200

35,018

Apple,

Inc.#

6,400

1,095,744

Applied

Materials,

Inc.#

1,100

152,295

Broadcom,

Inc.

210

174,422

Cisco

Systems,

Inc.

2,000

107,520

Cognizant

Technology

Solutions

Corp.,

Class A#

700

47,418

Dropbox,

Inc.,

Class A*#

4,000

108,920

HP,

Inc.

2,000

51,400

Intel

Corp.#

1,400

49,770

International

Business

Machines

Corp.

200

28,060

Intuit,

Inc.

200

102,188

Juniper

Networks,

Inc.

600

16,674

Micron

Technology,

Inc.#

2,100

142,863

Microsoft

Corp.#

3,100

978,825

NVIDIA

Corp.#

500

217,495

Oracle

Corp.#

860

91,091

QUALCOMM,

Inc.#

1,800

199,908

Salesforce,

Inc.*#

700

141,946

Texas

Instruments,

Inc.

470

74,735

4,183,654

Materials

-

1.44%

Corteva,

Inc.

33

1,688

Dow,

Inc.

333

17,170

DuPont

de

Nemours,

Inc.

400

29,836

Ecolab,

Inc.

200

33,880

Freeport-McMoRan,

Inc.

1,600

59,664

Linde

PLC

300

111,705

Sherwin-Williams

Co.

(The)

100

25,505

Steel

Dynamics,

Inc.#

1,500

160,830

440,278

Managed

Volatility

Fund

Schedule

of

Investments

(Unaudited)

(continued)

3

Showing

percentage

of

net

assets

as

of

September

30,

2023

bridgewayfunds.com

Industry

Company

Shares

Value

Common

Stocks

(continued)

Real

Estate

-

0.69%

American

Tower

Corp.

300

$

49,335

Crown

Castle,

Inc.#

500

46,015

Equinix,

Inc.

40

29,050

Prologis,

Inc.

250

28,052

Public

Storage

100

26,352

SBA

Communications

Corp.

50

10,009

Welltower,

Inc.

200

16,384

Weyerhaeuser

Co.

200

6,132

211,329

Utilities

-

0.71%

American

Electric

Power

Co.,

Inc.

400

30,088

Dominion

Energy,

Inc.

420

18,761

Duke

Energy

Corp.

383

33,804

NextEra

Energy,

Inc.

1,300

74,477

Sempra

660

44,900

Xcel

Energy,

Inc.

240

13,733

215,763

TOTAL

COMMON

STOCKS

-

57.22%

17,452,845

(Cost

$9,503,584)

Due

Date

Discount

Rate

or

Coupon

Rate(a)

Principal

Amount

Value

.

U.S.

Government

Obligations

-

32.67%

U.S.

Treasury

Bills

-

32.67%

10/05/2023

5.300%

$

4,000,000

3,998,245

10/26/2023

5.341%

2,000,000

1,992,971

11/24/2023

5.373%

1,000,000

992,201

11/09/2023

5.362%

3,000,000

2,983,243

TOTAL

U.S.

GOVERNMENT

OBLIGATIONS

-

32.67%

9,966,660

(Cost

$9,963,752)

^

Rate^

B

Shares

B

Value

.

Money

Market

Fund

-

7.11%

Fidelity

Investments

Money

Market

Government

Portfolio

Class

I

5.23%

2,170,425

$

2,170,425

TOTAL

MONEY

MARKET

FUND

-

7.11%

2,170,425

(Cost

$2,170,425)

TOTAL

INVESTMENTS

BEFORE

OPTIONS

WRITTEN

-

97.00%

29,589,930

(Cost

$21,637,761

)

Value

WRITTEN

OPTIONS

-

(1.95%)

TOTAL

WRITTEN

OPTIONS

-

(1.95%)

$

(595,714)

(Premiums

Received

$(645,345))

TOTAL

INVESTMENTS

-

95.05%

$

28,994,216

(Cost

$20,992,416)

Other

Assets

in

Excess

of

Liabilities

-

4.95%

1,511,558

NET

ASSETS

-

100.00%

$

30,505,774

#

Security

subject

to

call

or

put

option

written

by

the

Fund.

*

Non-income

producing

security.

(a)

Rate

represents

the

annualized

effective

yield

at

purchase.

^

Rate

disclosed

as

of

September

30,

2023.

PLC

-

Public

Limited

Company

Managed

Volatility

Fund

Schedule

of

Investments

(Unaudited)

(continued)

4

Quarterly

Report

|

September

30,

2023

(Unaudited)

Description

Number

of

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Value

.

Exchange

Traded

Put

Options

Written

-

(1.00%)

Adobe,

Inc.

7

$

(356,930)

$

500.00

12/15/23

$

(16,380)

Akamai

Technologies,

Inc.

25

(4,250)

100.00

11/17/23

(4,250)

Akamai

Technologies,

Inc.

5

(850)

105.00

01/19/24

(2,255)

American

Express

Co.

5

(74,595)

150.00

01/19/24

(4,050)

American

International

Group,

Inc.

30

(3,300)

60.00

10/20/23

(3,300)

Ameriprise

Financial,

Inc.

10

(16,750)

340.00

12/15/23

(20,100)

Capital

One

Financial

Corp.

15

(145,575)

95.00

01/19/24

(9,000)

Caterpillar,

Inc.

11

(11,737)

270.00

11/17/23

(11,737)

CF

Industries

Holdings,

Inc.

20

(9,000)

82.50

01/19/24

(9,000)

ConocoPhillips

20

(239,600)

115.00

11/17/23

(5,900)

DaVita,

Inc.

15

(141,795)

97.50

12/15/23

(10,050)

DaVita,

Inc.

10

(94,530)

100.00

12/15/23

(8,600)

Delta

Air

Lines,

Inc.

32

(118,400)

39.00

12/15/23

(10,400)

Expedia

Group,

Inc.

15

(11,205)

110.00

10/20/23

(11,205)

Expedia

Group,

Inc.

13

(9,711)

115.00

10/20/23

(16,055)

General

Motors

Co.

40

(131,880)

33.00

12/15/23

(7,960)

Halliburton

Co.

60

(19,200)

41.00

01/19/24

(19,200)

Hershey

Co.

(The)

13

(25,480)

220.00

11/17/23

(25,480)

Jabil,

Inc.

25

(1,500)

110.00

12/15/23

(3,250)

Jabil,

Inc.

10

(600)

100.00

12/15/23

(600)

Microsoft

Corp.

9

(284,175)

315.00

12/15/23

(12,060)

Nucor

Corp.

20

(12,820)

160.00

10/20/23

(12,820)

NVIDIA

Corp.

7

(304,493)

400.00

11/17/23

(7,224)

NVIDIA

Corp.

5

(217,495)

430.00

11/17/23

(10,650)

PulteGroup,

Inc.

5

(2,150)

72.50

01/19/24

(2,150)

Range

Resources

Corp.

40

(7,600)

31.00

01/19/24

(8,000)

United

Rentals,

Inc.

5

(12,450)

440.00

12/15/23

(12,450)

UnitedHealth

Group,

Inc.

7

(352,933)

470.00

12/15/23

(5,495)

Vertiv

Holdings

Co.

70

(24,500)

37.50

12/15/23

(24,500)

Walmart,

Inc.

23

(367,839)

160.00

12/15/23

(10,925)

Total

Exchange

Traded

Put

Options

Written

(Premiums

Received

$(315,770))

$

(305,046)

Managed

Volatility

Fund

Schedule

of

Investments

(Unaudited)

(continued)

5

bridgewayfunds.com

Description

Number

of

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Value

.

Exchange

Traded

Call

Options

Written

-

(0.95%)

AbbVie,

Inc.

6

$

(89,436)

$

150.00

11/17/23

$

(2,400)

Adobe,

Inc.

2

(101,980)

520.00

01/19/24

(6,910)

Alphabet,

Inc.,

Class

A

20

(261,720)

140.00

12/15/23

(7,400)

Alphabet,

Inc.,

Class

C

10

(131,850)

135.00

12/15/23

(6,280)

Amazon.com,

Inc.

18

(228,816)

130.00

12/15/23

(13,500)

Amgen,

Inc.

2

(53,752)

260.00

10/20/23

(2,240)

APA

Corp.

70

(287,700)

40.00

10/20/23

(14,980)

Apple,

Inc.

25

(428,025)

175.00

12/15/23

(16,750)

Applied

Materials,

Inc.

4

(55,380)

150.00

12/15/23

(2,020)

Berkshire

Hathaway,

Inc.,

Class

B

2

(70,060)

360.00

11/17/23

(1,048)

Cheniere

Energy,

Inc.

20

(331,920)

170.00

12/15/23

(14,300)

Chevron

Corp.

3

(50,586)

170.00

12/15/23

(1,905)

CME

Group,

Inc.

6

(120,132)

210.00

12/15/23

(2,040)

Cognizant

Technology

Solutions

Corp.,

Class

A

3

(20,322)

67.50

10/20/23

(480)

Constellation

Brands,

Inc.,

Class

A

2

(50,266)

265.00

01/19/24

(1,460)

Costco

Wholesale

Corp.

2

(112,992)

565.00

01/19/24

(5,420)

Crown

Castle,

Inc.

2

(18,406)

100.00

01/19/24

(470)

Delta

Air

Lines,

Inc.

13

(48,100)

38.00

12/15/23

(2,626)

Dropbox,

Inc.,

Class

A

40

(108,920)

27.00

01/19/24

(8,600)

Electronic

Arts,

Inc.

13

(156,520)

120.00

12/15/23

(7,930)

Electronic

Arts,

Inc.

6

(72,240)

125.00

09/29/23

(120)

EOG

Resources,

Inc.

2

(25,352)

125.00

12/15/23

(1,700)

Exact

Sciences

Corp.

2

(13,644)

77.50

01/19/24

(800)

Exxon

Mobil

Corp.

3

(35,274)

120.00

01/19/24

(1,740)

FedEx

Corp.

2

(52,984)

260.00

10/20/23

(1,810)

Intel

Corp.

6

(21,330)

35.00

10/20/23

(918)

Kellanova

5

(29,755)

60.00

12/15/23

(1,200)

Kellanova

5

(29,755)

62.50

12/15/23

(585)

Lamb

Weston

Holdings,

Inc.

3

(27,738)

100.00

01/19/24

(960)

Marathon

Petroleum

Corp.

16

(242,144)

160.00

01/19/24

(10,320)

Marathon

Petroleum

Corp.

11

(166,474)

145.00

11/17/23

(12,980)

Mastercard,

Inc.,

Class

A

2

(79,182)

390.00

10/20/23

(2,340)

McDonald's

Corp.

8

(210,752)

280.00

12/15/23

(1,936)

McDonald's

Corp.

5

(131,720)

270.00

01/19/24

(3,885)

Micron

Technology,

Inc.

7

(47,621)

62.50

10/20/23

(4,375)

Microsoft

Corp.

9

(284,175)

315.00

12/15/23

(16,290)

Morgan

Stanley

3

(24,501)

85.00

11/17/23

(486)

NIKE,

Inc.,

Class

B

3

(28,686)

92.50

01/19/24

(2,475)

Northrop

Grumman

Corp.

2

(88,038)

445.00

11/17/23

(2,920)

NVIDIA

Corp.

2

(86,998)

430.00

01/19/24

(9,782)

Occidental

Petroleum

Corp.

69

(447,672)

65.00

12/15/23

(27,117)

Oracle

Corp.

3

(31,776)

105.00

01/19/24

(2,256)

PepsiCo,

Inc.

16

(271,104)

180.00

01/19/24

(4,064)

PepsiCo,

Inc.

3

(50,832)

180.00

11/17/23

(309)

QUALCOMM,

Inc.

6

(66,636)

110.00

01/19/24

(5,580)

Salesforce,

Inc.

3

(60,834)

210.00

01/19/24

(3,525)

Starbucks

Corp.

2

(18,254)

95.00

01/19/24

(710)

Managed

Volatility

Fund

Schedule

of

Investments

(Unaudited)

(continued)

6

Quarterly

Report

|

September

30,

2023

(Unaudited)

Description

Number

of

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Value

Exchange

Traded

Call

Options

Written

(continued)

Steel

Dynamics,

Inc.

15

$

(160,830)

$

100.00

01/19/24

$

(18,630)

Thermo

Fisher

Scientific,

Inc.

2

(101,234)

510.00

12/15/23

(4,700)

UnitedHealth

Group,

Inc.

3

(151,257)

510.00

12/15/23

(5,820)

Valero

Energy

Corp.

22

(311,762)

140.00

12/15/23

(21,120)

Visa,

Inc.,

Class

A

2

(46,002)

250.00

12/15/23

(456)

Total

Exchange

Traded

Call

Options

Written

(Premiums

Received

$(329,575))

$

(290,668)

Managed

Volatility

Fund

Schedule

of

Investments

(Unaudited)

(continued)

7

bridgewayfunds.com

Summary

of

inputs

used

to

value

the

Fund’s

investments

as

of

9/30/2023

:

Assets

Table

Valuation

Inputs

Investment

in

Securities

(Value)

Level

1

Quoted

Prices

Level

2

Significant

Observable

Inputs

Level

3

Significant

Unobservable

Inputs

Total

Common

Stocks

(a)

$

17,452,845

$

–

$

–

$

17,452,845

U.S.

Government

Obligations

–

9,966,660

–

9,966,660

Money

Market

Fund

2,170,425

–

–

2,170,425

TOTAL

$19,623,270

$9,966,660

$–

$29,589,930

Liabilities

Table

Valuation

Inputs

Investment

in

Securities

(Value)

Level

1

Quoted

Prices

Level

2

Significant

Observable

Inputs

Level

3

Significant

Unobservable

Inputs

Total

Written

Options

$

(510,089)

$

(85,625)

$

–

$

(595,714)

TOTAL

$(510,089)

$(85,625)

$–

$(595,714)

(a)

-

Please

refer

to

the

Schedule

of

Investments

for

the

industry

classifications

of

these

portfolio

holdings.