NPORT-EX 2 3B04_primary-document.htm
Ultra-Small
Company
Market
Fund
SCHEDULE
OF
INVESTMENTS
(Unaudited)
1
Showing
percentage
of
net
assets
as
of
September
30,
2020
bridgewayfunds.com
Industry
Company
Shares
Value
.
Common
Stocks
-
99.05%
Communication
Services
-
3.88%
A.H.
Belo
Corp.,
Class A
125,883
$
177,495
Alaska
Communications
Systems
Group,
Inc.
209,700
419,400
Ballantyne
Strong,
Inc.
*
100,000
156,000
Beasley
Broadcast
Group,
Inc.,
Class A
24,625
30,535
Chicken
Soup
For
The
Soul
Entertainment,
Inc.
*+
15,000
216,450
Cinedigm
Corp.,
Class A
*
350,000
197,785
Cumulus
Media,
Inc.,
Class A
*+
80,500
432,285
DHI
Group,
Inc.
*
178,000
402,280
Entravision
Communications
Corp.,
Class A
334,900
509,048
Fluent,
Inc.
*
249,100
617,768
Gaia,
Inc.
*+
48,400
475,772
IDT
Corp.,
Class B
*
58,700
386,246
Lee
Enterprises,
Inc.
*
261,000
218,927
Marchex
,
Inc.,
Class B
*
136,900
290,228
NII
Holdings,
Inc.,
Escrow
*
∆
287,700
604,170
Saga
Communications,
Inc.,
Class A
6,516
129,538
Salem
Media
Group,
Inc.
+
94,000
86,076
Townsquare
Media,
Inc.,
Class A
44,500
207,370
Travelzoo
*+
62,400
401,232
Zedge
,
Inc.,
Class B
*
16,855
24,608
5,983,213
Consumer
Discretionary
-
15.65%
AMCON
Distributing
Co.
3,900
251,901
Ark
Restaurants
Corp.
17,900
194,394
Barnes
&
Noble
Education,
Inc.
*
216,000
557,280
Bassett
Furniture
Industries,
Inc.
36,244
495,818
BBQ
Holdings,
Inc.
*
29,838
98,764
Big
5
Sporting
Goods
Corp.
+
124,600
932,008
Blue
Apron
Holdings,
Inc.,
Class A
*+
17,000
121,720
Bowl
America,
Inc.,
Class A
+
13,000
128,050
Build-A-Bear
Workshop,
Inc.
*+
50,500
126,250
Canterbury
Park
Holding
Corp.
7,278
88,646
Carrols
Restaurant
Group,
Inc.
*
78,100
503,745
Chico's
FAS,
Inc.
225,000
218,812
China
XD
Plastics
Co.,
Ltd.
*
73,500
83,790
Conn's,
Inc.
*
43,954
465,033
Industry
Company
Shares
Value
Consumer
Discretionary
(continued)
Container
Store
Group,
Inc.
(The)
*
169,900
$
1,055,079
Culp,
Inc.
41,700
517,914
Delta
Apparel,
Inc.
*
36,588
521,379
Destination
XL
Group,
Inc.
*
192,222
49,516
Dixie
Group,
Inc.
(The)
*
20,300
18,250
Dover
Motorsports,
Inc.
48,396
68,238
Drive
Shack,
Inc.
*
335,000
375,200
Educational
Development
Corp.
31,400
526,578
Emerson
Radio
Corp.
*
162,100
110,212
Envela
Corp.
*
122,400
525,096
Escalade,
Inc.
7,600
139,004
Express,
Inc.
*
260,000
158,600
Fiesta
Restaurant
Group,
Inc.
*
4,300
40,291
Flanigan's
Enterprises,
Inc.
*
1,000
17,840
Flexsteel
Industries,
Inc.
20,900
501,600
Francesca's
Holdings
Corp.
*+
12,700
34,036
Greenlane
Holdings,
Inc.,
Class A
*+
40,000
89,600
Hamilton
Beach
Brands
Holding
Co.,
Class A
34,000
661,300
Horizon
Global
Corp.
*+
99,200
570,400
Hovnanian
Enterprises,
Inc.,
Class A
*+
22,000
715,440
Iconix
Brand
Group,
Inc.
*
56,200
40,071
J
Alexander's
Holdings,
Inc.
*
54,600
283,920
J.
Jill,
Inc.
*+
170,000
91,715
JAKKS
Pacific,
Inc.
*+
16,860
64,068
Kirkland's,
Inc.
*+
48,717
399,967
Kura
Sushi
USA,
Inc.,
Class A
*+
20,500
268,550
Lakeland
Industries,
Inc.
*+
7,357
145,669
Leaf
Group,
Ltd.
*
118,000
592,360
Lifetime
Brands,
Inc.
76,500
722,925
Lincoln
Educational
Services
Corp.
*
135,905
750,196
Luby's
,
Inc.
*+
71,600
204,776
Nautilus,
Inc.
*+
19,200
329,472
New
Home
Co.,
Inc.
(The)
*
68,400
372,096
P&F
Industries,
Inc.,
Class A
10,500
45,465
Party
City
Holdco,
Inc.
*+
325,000
845,000
PlayAGS
,
Inc.
*
223,000
789,420
Potbelly
Corp.
*+
120,000
454,800
Red
Lion
Hotels
Corp.
*
72,500
155,875
Red
Robin
Gourmet
Burgers,
Inc.
*+
45,000
592,200
Rocky
Brands,
Inc.
31,800
789,594
StoneMor
,
Inc.
*
408,100
393,816
Ultra-Small
Company
Market
Fund
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
2
Showing
percentage
of
net
assets
as
of
September
30,
2020
Quarterly
Report
|
September
30,
2020
(Unaudited)
Industry
Company
Shares
Value
Common
Stocks
(continued)
Consumer
Discretionary
(continued)
Strattec
Security
Corp.
21,900
$
435,810
Superior
Industries
International,
Inc.
*
102,500
128,125
Sypris
Solutions,
Inc.
*
84,404
93,688
Tandy
Leather
Factory,
Inc.
*
54,558
174,040
Tilly's,
Inc.,
Class A
89,100
537,273
TravelCenters
of
America,
Inc.
*
38,800
758,152
Unique
Fabricating,
Inc.
*
50,000
168,500
Vera
Bradley,
Inc.
*+
119,500
730,145
Vince
Holding
Corp.
*+
41,700
225,597
VOXX
International
Corp.
*
75,600
581,364
Xcel
Brands,
Inc.
*
91,000
69,715
ZAGG,
Inc.
*+
150,600
421,680
Zovio
,
Inc.
*
127,200
508,800
24,126,628
Consumer
Staples
-
0.85%
Bridgford
Foods
Corp.
*+
1,300
23,803
Farmer
Brothers
Co.
*
65,000
287,300
Lifeway
Foods,
Inc.
*
30,152
151,665
Mannatech
,
Inc.
13,600
227,936
Natural
Alternatives
International,
Inc.
*
40,310
304,340
Rocky
Mountain
Chocolate
Factory,
Inc.
30,000
80,400
United-Guardian,
Inc.
16,000
240,160
1,315,604
Energy
-
8.56%
Adams
Resources
&
Energy,
Inc.
25,500
507,450
Aemetis
,
Inc.
*+
80,000
256,000
Altus
Midstream
Co.,
Class A
*+
17,500
194,425
Amplify
Energy
Corp.
195,000
166,277
Aspen
Aerogels,
Inc.
*
50,700
555,165
Barnwell
Industries,
Inc.
*+
60,000
51,156
Battalion
Oil
Corp.
*+
26,500
209,350
Bristow
Group,
Inc.
*
31,783
675,389
Centrus
Energy
Corp.,
Class A
*+
34,000
284,580
CONSOL
Energy,
Inc.
*
81,500
361,045
Dawson
Geophysical
Co.
*
139,345
245,247
Earthstone
Energy,
Inc.,
Class A
*
119,000
308,210
Enservco
Corp.
*
330,000
50,127
Evolution
Petroleum
Corp.
173,423
388,468
Forum
Energy
Technologies,
Inc.
*
316,000
173,642
Industry
Company
Shares
Value
Energy
(continued)
Geospace
Technologies
Corp.
*
68,563
$
423,719
Goodrich
Petroleum
Corp.
*
50,000
384,500
Gran
Tierra
Energy,
Inc.
*
1,300,000
301,990
Gulf
Island
Fabrication,
Inc.
*
67,300
210,649
HighPoint
Resources
Corp.
*
1,050,000
241,500
Houston
American
Energy
Corp.
*+
28,000
54,320
Independence
Contract
Drilling,
Inc.
*+
31,500
76,860
ION
Geophysical
Corp.
*+
75,000
112,500
KLX
Energy
Services
Holdings,
Inc.
*+
36,814
152,778
Laredo
Petroleum,
Inc.
*+
15,500
151,900
Lonestar
Resources
US,
Inc.,
Class A
*
64,100
14,775
Mammoth
Energy
Services,
Inc.
*
200,000
320,000
Mexco
Energy
Corp.
*+
8,000
38,160
MIND
Technology,
Inc.
*
89,515
186,191
Montage
Resources
Corp.
*+
127,900
561,481
NACCO
Industries,
Inc.,
Class A
15,570
283,530
Natural
Gas
Services
Group,
Inc.
*
58,076
490,742
NCS
Multistage
Holdings,
Inc.
*
314,200
186,635
New
Concept
Energy,
Inc.
*+
8,400
12,012
Newpark
Resources,
Inc.
*
248,700
261,135
Nine
Energy
Service,
Inc.
*
226,900
256,397
Nuverra
Environmental
Solutions,
Inc.
*+
4,689
10,878
Overseas
Shipholding
Group,
Inc.,
Class A
*
238,500
510,390
Panhandle
Oil
and
Gas,
Inc.,
Class A
72,900
104,247
PEDEVCO
Corp.
*+
205,000
305,450
Penn
Virginia
Corp.
*+
50,000
492,500
Ranger
Energy
Services,
Inc.
*
24,700
64,467
RigNet
,
Inc.
*+
50,000
205,000
Ring
Energy,
Inc.
*+
254,000
172,720
SandRidge
Energy,
Inc.
*
142,000
234,300
SEACOR
Marine
Holdings,
Inc.
*+
105,000
213,150
SilverBow
Resources,
Inc.
*+
67,200
264,096
Smart
Sand,
Inc.
*+
170,000
222,700
Sundance
Energy,
Inc.
*+
25,000
58,000
Superior
Drilling
Products,
Inc.
*
166,100
68,250
Tengasco
,
Inc.
*
25,000
20,560
Ultra-Small
Company
Market
Fund
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
3
Showing
percentage
of
net
assets
as
of
September
30,
2020
bridgewayfunds.com
Industry
Company
Shares
Value
Common
Stocks
(continued)
Energy
(continued)
TETRA
Technologies,
Inc.
*
585,000
$
298,818
Uranium
Energy
Corp.
*
470,000
468,496
VAALCO
Energy,
Inc.
*
337,100
337,100
13,199,427
Financials
-
20.21%
1347
Property
Insurance
Holdings,
Inc.
*
18,400
70,840
1st
Constitution
Bancorp
40,905
486,770
A-Mark
Precious
Metals,
Inc.
49,982
1,685,393
American
River
Bankshares
31,000
308,760
AmeriServ
Financial,
Inc.
52,571
147,725
Arlington
Asset
Investment
Corp.,
Class A
113,069
321,116
Ashford,
Inc.
*+
10,200
59,160
Atlantic
American
Corp.
*
74,856
149,712
Atlanticus
Holdings
Corp.
*
21,512
255,993
Auburn
National
BanCorp
,
Inc.
4,974
180,357
Bank
of
Commerce
Holdings
47,500
331,075
Bank
of
Princeton
(The)
11,566
210,154
Bank7
Corp.
47,910
450,354
BankFinancial
Corp.
50,600
365,332
Bankwell
Financial
Group,
Inc.
8,000
113,200
BayCom
Corp.
*
41,000
422,300
BCB
Bancorp,
Inc.
17,000
136,000
Blue
Ridge
Bankshares
,
Inc.
+
10,000
135,500
C&F
Financial
Corp.
11,990
356,103
Calamos
Asset
Management,
Escrow
*
∆
73,500
—
California
Bancorp,
Inc.
*
35,200
398,816
Capital
Bancorp,
Inc.
*+
36,517
345,451
Capitala
Finance
Corp.
*+
8,596
80,888
CB
Financial
Services,
Inc.
18,600
354,888
Chemung
Financial
Corp.
12,998
375,252
Citizens
Community
Bancorp,
Inc.
48,600
334,854
Citizens
Holding
Co.
+
20,670
463,421
Codorus
Valley
Bancorp,
Inc.
27,437
359,425
Colony
Bankcorp
,
Inc.
40,868
439,331
Community
West
Bancshares
37,157
298,371
Conifer
Holdings,
Inc.
*+
43,000
122,980
Consumer
Portfolio
Services,
Inc.
*
67,900
224,070
County
Bancorp,
Inc.
7,050
132,540
Eagle
Bancorp
Montana,
Inc.
27,521
484,920
Industry
Company
Shares
Value
Financials
(continued)
Elevate
Credit,
Inc.
*
171,400
$
440,498
ESSA
Bancorp,
Inc.
23,900
294,687
Evans
Bancorp,
Inc.
16,201
360,472
FedNat
Holding
Co.
15,000
94,800
First
Bank
87,600
543,120
First
Business
Financial
Services,
Inc.
14,108
201,603
First
Financial
Northwest,
Inc.
44,770
408,302
First
Guaranty
Bancshares,
Inc.
2,000
24,220
First
Internet
Bancorp
33,516
493,691
First
Northwest
Bancorp
38,500
381,150
First
United
Corp.
30,592
358,232
First
Western
Financial,
Inc.
*
33,651
435,780
GAMCO
Investors,
Inc.,
Class A
25,500
295,035
Great
Elm
Capital
Group,
Inc.
*
78,493
185,243
Guaranty
Federal
Bancshares,
Inc.
15,856
219,764
Hallmark
Financial
Services,
Inc.
*
120,100
314,662
Hawthorn
Bancshares,
Inc.
28,653
542,688
HMN
Financial,
Inc.
*
23,000
304,980
Horizon
Technology
Finance
Corp.
+
24,900
305,772
Impac
Mortgage
Holdings,
Inc.
*
81,600
103,632
Investar
Holding
Corp.
43,000
551,260
Investcorp
Credit
Management
BDC,
Inc.
15,800
57,354
JMP
Group,
LLC
+
51,851
131,183
Kearny
Financial
Corp.
22,818
164,518
Lake
Shore
Bancorp,
Inc.
22,150
296,810
Landmark
Bancorp,
Inc.
15,933
340,170
Magyar
Bancorp,
Inc.
*
10,300
84,563
Malvern
Bancorp,
Inc.
*
34,800
410,640
Manning
&
Napier,
Inc.
50,000
213,500
Marlin
Business
Services
Corp.
42,600
300,330
Medallion
Financial
Corp.
*
101,744
254,360
Meridian
Corp.
24,000
387,120
Mid
Penn
Bancorp,
Inc.
3,000
51,930
Monroe
Capital
Corp.
+
54,903
375,537
Northeast
Bank
32,200
592,480
Northrim
BanCorp
,
Inc.
14,750
375,977
Norwood
Financial
Corp.
9,512
231,332
Ocwen
Financial
Corp.
*
23,334
492,814
Ohio
Valley
Banc
Corp.
13,000
268,580
On
Deck
Capital,
Inc.
*
226,000
361,600
OP
Bancorp
53,851
308,028
Pacific
Mercantile
Bancorp
*
125,319
466,187
Ultra-Small
Company
Market
Fund
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
4
Showing
percentage
of
net
assets
as
of
September
30,
2020
Quarterly
Report
|
September
30,
2020
(Unaudited)
Industry
Company
Shares
Value
Common
Stocks
(continued)
Financials
(continued)
Patriot
National
Bancorp,
Inc.
16,500
$
107,415
PCB
Bancorp
38,900
341,931
Penns
Woods
Bancorp,
Inc.
15,700
311,645
Peoples
Bancorp
of
North
Carolina,
Inc.
22,830
352,267
Portman
Ridge
Finance
Corp.
+
179,300
240,262
Protective
Insurance
Corp.,
Class B
3,000
39,390
Provident
Financial
Holdings,
Inc.
30,617
364,342
Prudential
Bancorp,
Inc.
16,534
174,268
Pzena
Investment
Management,
Inc.,
Class A
57,100
306,056
Randolph
Bancorp,
Inc.
*
15,000
186,450
Republic
First
Bancorp,
Inc.
*
29,600
58,608
Riverview
Bancorp,
Inc.
96,226
399,338
Riverview
Financial
Corp.
+
34,800
235,248
Safeguard
Scientifics,
Inc.
70,000
383,600
Security
National
Financial
Corp.,
Class A
*
62,939
402,810
Select
Bancorp,
Inc.
*
62,000
445,780
Shore
Bancshares,
Inc.
48,200
529,236
Silvercrest
Asset
Management
Group,
Inc.,
Class A
41,502
434,111
Summit
State
Bank
17,200
191,780
Union
Bankshares
,
Inc.
21,897
444,071
United
Bancshares,
Inc.
15,200
312,360
United
Security
Bancshares
39,900
243,789
Unity
Bancorp,
Inc.
16,500
191,070
Velocity
Financial,
Inc.
*+
34,721
174,299
Western
New
England
Bancorp,
Inc.
57,644
324,536
Westwood
Holdings
Group,
Inc.
30,000
334,200
31,154,517
Health
Care
-
21.33%
AcelRx
Pharmaceuticals,
Inc.
*+
288,150
409,173
Aclaris
Therapeutics,
Inc.
*+
200,000
514,000
Acorda
Therapeutics,
Inc.
*+
210,600
108,459
Actinium
Pharmaceuticals,
Inc.
*+
56,666
549,093
Adamas
Pharmaceuticals,
Inc.
*
105,000
432,600
Adicet
Bio,
Inc.
*+
19,999
237,788
Advaxis
,
Inc.
*
205,600
84,296
AgeX
Therapeutics,
Inc.
*+
165,000
133,650
Industry
Company
Shares
Value
Health
Care
(continued)
Alimera
Sciences,
Inc.
*
17,333
$
84,238
Allena
Pharmaceuticals,
Inc.
*+
128,600
190,328
Altimmune
,
Inc.
*+
21,100
278,520
Ampio
Pharmaceuticals,
Inc.
*
628,000
600,996
Apollo
Endosurgery
,
Inc.
*
118,700
200,603
Applied
Genetic
Technologies
Corp.
*+
91,600
445,176
Aptinyx
,
Inc.
*+
85,000
287,300
Aquestive
Therapeutics,
Inc.
*+
75,000
364,125
Aravive
,
Inc.
*+
24,026
112,922
Assertio
Holdings,
Inc.
*
442,000
294,239
Axcella
Health,
Inc.
*+
12,859
59,409
Bellicum
Pharmaceuticals,
Inc.
*+
25,000
164,250
Calyxt
,
Inc.
*+
120,000
658,800
Capital
Senior
Living
Corp.
*
108,336
68,057
Castlight
Health,
Inc.,
Class B
*
449,900
508,387
Catabasis
Pharmaceuticals,
Inc.
*
75,000
464,250
cbdMD
,
Inc.
*+
215,000
430,000
Chimerix
,
Inc.
*
163,800
407,862
China
Pharma
Holdings,
Inc.
*
195,000
71,136
Cidara
Therapeutics,
Inc.
*
166,060
473,271
Clearside
Biomedical,
Inc.
*+
134,000
206,360
Conformis
,
Inc.
*+
273,706
229,229
CorMedix
,
Inc.
*+
83,800
505,314
Corvus
Pharmaceuticals,
Inc.
*+
110,100
441,501
Cumberland
Pharmaceuticals,
Inc.
*
135,100
433,671
Curis
,
Inc.
*
181,800
212,706
Cyclerion
Therapeutics,
Inc.
*+
86,600
526,528
CynergisTek
,
Inc.
*
70,000
109,900
Daxor
Corp.
*
9,400
148,050
Digirad
Corp.
*+
31,890
79,406
Electromed
,
Inc.
*
33,500
348,735
Eloxx
Pharmaceuticals,
Inc.
*+
154,000
405,020
Entasis
Therapeutics
Holdings,
Inc.
*+
60,000
122,400
Enzo
Biochem
,
Inc.
*
161,100
339,921
Equillium
,
Inc.
*
60,000
346,200
Exagen
,
Inc.
*
49,400
535,496
EyePoint
Pharmaceuticals,
Inc.
*
440,200
228,068
Ultra-Small
Company
Market
Fund
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
5
Showing
percentage
of
net
assets
as
of
September
30,
2020
bridgewayfunds.com
Industry
Company
Shares
Value
Common
Stocks
(continued)
Health
Care
(continued)
Five
Prime
Therapeutics,
Inc.
*
104,600
$
491,620
Forte
Biosciences,
Inc.
*+
5,433
263,555
Genesis
Healthcare,
Inc.
*
399,300
217,299
GlycoMimetics
,
Inc.
*
89,500
274,765
Harvard
Bioscience,
Inc.
*+
144,017
433,491
Ideaya
Biosciences,
Inc.
*
36,700
460,952
Infinity
Pharmaceuticals,
Inc.
*
240,000
280,800
InspireMD
,
Inc.
*
25,000
7,932
IntriCon
Corp.
*
40,600
494,508
IRIDEX
Corp.
*
50,400
98,784
IsoRay
,
Inc.
*
284,000
165,544
Kewaunee
Scientific
Corp.
11,600
103,704
Larimar
Therapeutics,
Inc.
*+
10,250
155,492
Leap
Therapeutics,
Inc.
*
175,500
347,490
Lineage
Cell
Therapeutics,
Inc.
*
523,161
489,993
LogicBio
Therapeutics,
Inc.
*+
72,900
661,932
Lumos
Pharma,
Inc.
*+
16,644
230,020
Marker
Therapeutics,
Inc.
*+
180,416
270,624
Matinas
BioPharma
Holdings,
Inc.
*
470,600
360,480
Merrimack
Pharmaceuticals,
Inc.
+
55,000
220,000
Milestone
Scientific,
Inc.
*
204,500
284,255
Minerva
Neurosciences,
Inc.
*+
130,000
413,400
MTBC,
Inc.
*
50,000
443,500
Mustang
Bio,
Inc.
*
160,000
504,000
Myomo
,
Inc.
*+
24,000
107,520
NanoViricides
,
Inc.
*+
34,439
132,246
NantKwest
,
Inc.
*+
13,300
92,235
Navidea
Biopharmaceuticals,
Inc.
*
70,000
189,000
Neos
Therapeutics,
Inc.
*+
260,000
137,878
Neuronetics
,
Inc.
*+
66,200
321,732
NovaBay
Pharmaceuticals,
Inc.
*+
25,000
18,250
Novan
,
Inc.
*
350,000
168,525
Obalon
Therapeutics,
Inc.
*
33,000
30,043
Oncocyte
Corp.
*
200,000
278,000
Oragenics
,
Inc.
*
140,000
80,500
Otonomy
,
Inc.
*
119,800
485,190
Palatin
Technologies,
Inc.
*
896,000
423,629
PhaseBio
Pharmaceuticals,
Inc.
*+
122,000
428,220
Protalix
BioTherapeutics
,
Inc.
*
104,600
404,802
Proteostasis
Therapeutics,
Inc.
*+
209,500
230,450
Industry
Company
Shares
Value
Health
Care
(continued)
RA
Medical
Systems,
Inc.
*
139,500
$
40,455
Retractable
Technologies,
Inc.
*+
44,000
293,040
Rockwell
Medical,
Inc.
*
308,290
329,870
Savara
,
Inc.
*
211,100
230,099
scPharmaceuticals
,
Inc.
*
25,000
186,250
SCYNEXIS,
Inc.
*+
42,500
187,425
Senseonics
Holdings,
Inc.
*+
763,000
295,510
Sesen
Bio,
Inc.
*
430,000
602,000
Sientra
,
Inc.
*
127,894
434,840
Sierra
Oncology,
Inc.
*
37,440
399,485
Solid
Biosciences,
Inc.
*+
180,376
366,163
Surface
Oncology,
Inc.
*
89,100
614,790
Synlogic
,
Inc.
*
160,000
323,200
Synthetic
Biologics,
Inc.
*
74,300
35,270
T2
Biosystems
,
Inc.
*+
375,000
510,000
Timber
Pharmaceuticals,
Inc.
*+
44,100
43,827
Tonix
Pharmaceuticals
Holding
Corp.
*
200,000
168,000
TransEnterix
,
Inc.
*+
205,895
71,528
Trevena,
Inc.
*+
50,000
149,500
Trevi
Therapeutics,
Inc.
*+
85,000
342,550
Unum
Therapeutics,
Inc.
*+
160,000
374,400
Venus
Concept,
Inc.
*+
60,000
139,200
VolitionRX
,
Ltd.
*+
70,000
224,700
Xeris
Pharmaceuticals,
Inc.
*+
188,000
1,114,840
Xtant
Medical
Holdings,
Inc.
*
100,000
82,370
Zynerba
Pharmaceuticals,
Inc.
*+
79,000
261,490
32,874,595
Industrials
-
11.89%
Acacia
Research
Corp.
*
126,000
437,220
Acme
United
Corp.
11,535
265,629
AeroCentury
Corp.
*+
10,900
21,691
Air
Industries
Group
*
105,000
128,100
AMREP
Corp.
*+
28,900
161,840
ARC
Document
Solutions,
Inc.
184,219
165,797
Armstrong
Flooring,
Inc.
*
85,000
293,250
Atlas
Technical
Consultants,
Inc.
*+
20,300
176,610
Avalon
Holdings
Corp.,
Class A
*
3,900
6,825
Babcock
&
Wilcox
Enterprises,
Inc.
*+
242,100
561,672
BG
Staffing,
Inc.
56,300
476,861
BlueLinx
Holdings,
Inc.
*+
38,600
831,058
Ultra-Small
Company
Market
Fund
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
6
Showing
percentage
of
net
assets
as
of
September
30,
2020
Quarterly
Report
|
September
30,
2020
(Unaudited)
Industry
Company
Shares
Value
Common
Stocks
(continued)
Industrials
(continued)
Charah
Solutions,
Inc.
*+
120,000
$
368,400
Chicago
Rivet
&
Machine
Co.
8,000
172,800
Commercial
Vehicle
Group,
Inc.
*
146,500
956,645
CompX
International,
Inc.
6,200
92,690
CPI
Aerostructures
,
Inc.
*+
39,700
106,396
DIRTT
Environmental
Solutions
*
330,000
524,700
Eastern
Co.
(The)
21,200
413,824
Espey
Mfg.
&
Electronics
Corp.
+
10,700
203,271
ExOne
Co.
(The)
*+
62,300
761,306
FreightCar
America,
Inc.
*
50,000
114,000
Fuel
Tech,
Inc.
*
99,228
83,500
GEE
Group,
Inc.
*
77,600
77,600
Goldfield
Corp.
(The)
*
88,080
372,579
GP
Strategies
Corp.
*
71,700
691,188
Graham
Corp.
18,900
241,353
HC2
Holdings,
Inc.
*+
163,000
394,460
Hill
International,
Inc.
*
293,251
387,091
Houston
Wire
&
Cable
Co.
*
57,100
142,750
Hudson
Global,
Inc.
*
10,942
105,590
India
Globalization
Capital,
Inc.
*
164,000
170,560
InnerWorkings
,
Inc.
*
329,808
986,126
Innovative
Solutions
and
Support,
Inc.
80,400
549,936
L
B
Foster
Co.,
Class A
*
11,300
151,646
LSI
Industries,
Inc.
48,000
324,000
Mayville
Engineering
Co.,
Inc.
*
40,000
367,600
Mesa
Air
Group,
Inc.
*
110,000
324,500
Mistras
Group,
Inc.
*
122,500
478,975
Orion
Group
Holdings,
Inc.
*
110,000
302,500
PAM
Transportation
Services,
Inc.
*
9,108
342,461
Patriot
Transportation
Holding,
Inc.
30,871
271,048
Performant
Financial
Corp.
*
210,300
197,367
Perma
-Pipe
International
Holdings,
Inc.
*
46,600
263,290
PICO
Holdings,
Inc.
*
60,000
537,600
Quad/Graphics,
Inc.
100,000
303,000
RCM
Technologies,
Inc.
*
80,710
112,187
RR
Donnelley
&
Sons
Co.
+
275,000
401,500
Servotronics
,
Inc.
*
15,653
121,937
SIFCO
Industries,
Inc.
*+
16,024
58,968
Team,
Inc.
*
3,800
20,900
Titan
International,
Inc.
229,600
663,544
Twin
Disc,
Inc.
*
63,100
319,286
Ultralife
Corp.
*
52,400
309,160
USA
Truck,
Inc.
*
16,500
155,925
Industry
Company
Shares
Value
Industrials
(continued)
Virco
Mfg.
Corp.
*
25,800
$
55,470
Volt
Information
Sciences,
Inc.
*
74,700
105,327
Willis
Lease
Finance
Corp.
*
5,100
94,095
YRC
Worldwide,
Inc.
*+
155,000
607,600
18,333,204
Information
Technology
-
11.19%
ADDvantage
Technologies
Group,
Inc.
*+
75,000
144,000
ALJ
Regional
Holdings,
Inc.
*
225,000
163,147
Amtech
Systems,
Inc.
*
46,500
227,385
AstroNova
,
Inc.
45,000
360,900
Aviat
Networks,
Inc.
*
25,286
555,281
Aware,
Inc.
*
74,579
201,363
Bel
Fuse,
Inc.,
Class B
30,400
324,672
BK
Technologies
Corp.
153,744
448,932
Blonder
Tongue
Laboratories,
Inc.
*
20,000
16,402
Communications
Systems,
Inc.
26,200
100,346
Computer
Task
Group,
Inc.
*
69,800
346,906
CSP,
Inc.
34,700
299,461
Eastman
Kodak
Co.
*+
142,900
1,260,378
eMagin
Corp.
*+
235,000
298,450
EMCORE
Corp.
*
108,127
351,413
Everspin
Technologies,
Inc.
*
66,000
374,220
Frequency
Electronics,
Inc.
*
20,000
202,200
GSI
Technology,
Inc.
*
51,417
289,992
IEC
Electronics
Corp.
*+
41,650
360,272
Information
Services
Group,
Inc.
*
150,000
316,500
Innodata,
Inc.
*
85,955
265,601
Intellicheck
,
Inc.
*+
80,200
534,934
inTEST
Corp.
*
30,600
137,700
Intevac,
Inc.
*
78,000
429,780
Inuvo
,
Inc.
*
306,000
111,843
Issuer
Direct
Corp.
*+
20,000
397,600
Kaleyra
,
Inc.
*+
55,000
416,900
Key
Tronic
Corp.
*
37,100
365,435
KVH
Industries,
Inc.
*
33,274
299,799
LGL
Group,
Inc.
(The)
*
29,200
260,464
Marin
Software,
Inc.
*
30,000
39,900
MicroVision
,
Inc.
*+
27,200
53,040
Network-1
Technologies,
Inc.
115,000
304,750
Optical
Cable
Corp.
*+
20,100
62,109
PCTEL,
Inc.
70,200
397,332
Perceptron,
Inc.
*
55,800
379,440
Pixelworks
,
Inc.
*+
158,900
325,745
Powerfleet
,
Inc.
*
98,000
551,740
Ultra-Small
Company
Market
Fund
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
7
Showing
percentage
of
net
assets
as
of
September
30,
2020
bridgewayfunds.com
Industry
Company
Shares
Value
Common
Stocks
(continued)
Information
Technology
(continued)
PRGX
Global,
Inc.
*
85,000
$
404,600
QAD,
Inc.,
Class B
+
6,250
208,125
Quantum
Corp.
*
26,200
120,520
RealNetworks
,
Inc.
*
170,000
207,400
RF
Industries,
Ltd.
63,600
282,384
Richardson
Electronics,
Ltd.
99,011
412,876
Seachange
International,
Inc.
*
125,000
108,800
ServiceSource
International,
Inc.
*
338,917
498,208
SMTC
Corp.
*
102,434
370,811
Sonim
Technologies,
Inc.
*
241,800
187,637
Steel
Connect,
Inc.
*
205,800
111,626
Synacor
,
Inc.
*
155,900
235,409
Synchronoss
Technologies,
Inc.
*
182,500
549,325
TESSCO
Technologies,
Inc.
30,000
161,100
TransAct
Technologies,
Inc.
30,000
150,000
Trio-Tech
International
*
26,800
91,656
Veritone
,
Inc.
*+
50,300
460,748
Wayside
Technology
Group,
Inc.
18,498
426,379
WidePoint
Corp.
*
265,000
132,474
Wireless
Telecom
Group,
Inc.
*
113,100
156,078
17,252,488
Materials
-
4.54%
Advanced
Emissions
Solutions,
Inc.
26,500
107,590
AgroFresh
Solutions,
Inc.
*
206,300
501,309
Ampco
-Pittsburgh
Corp.
*
50,000
164,500
Comstock
Mining,
Inc.
*
129,000
139,320
Contura
Energy,
Inc.
*
90,600
663,192
Core
Molding
Technologies,
Inc.
*
28,700
254,282
Flexible
Solutions
International,
Inc.
45,707
93,242
Flotek
Industries,
Inc.
*+
257,300
697,283
Friedman
Industries,
Inc.
54,000
313,200
General
Moly,
Inc.
*
417,000
46,704
Golden
Minerals
Co.
*
450,000
189,000
Gulf
Resources,
Inc.
*
56,960
307,584
Intrepid
Potash,
Inc.
*
55,000
464,200
IT
Tech
Packaging,
Inc.
*
147,000
72,118
LSB
Industries,
Inc.
*
149,000
241,380
Northern
Technologies
International
Corp.
27,900
231,570
Olympic
Steel,
Inc.
33,700
382,832
Paramount
Gold
Nevada
Corp.
*+
105,000
119,700
Ramaco
Resources,
Inc.
*
168,900
591,150
Industry
Company
Shares
Value
Materials
(continued)
Rayonier
Advanced
Materials,
Inc.
*
145,300
$
464,960
Solitario
Zinc
Corp.
*
205,000
82,000
Synalloy
Corp.
*
31,500
173,880
TimkenSteel
Corp.
*
1,587
5,634
Trecora
Resources
*
69,041
423,912
United
States
Antimony
Corp.
*
8,500
2,465
Universal
Stainless
&
Alloy
Products,
Inc.
*
49,358
270,976
7,003,983
Real
Estate
-
0.69%
American
Realty
Investors,
Inc.
*+
13,597
123,325
Griffin
Industrial
Realty,
Inc.
6,741
360,306
Stratus
Properties,
Inc.
*
21,150
455,994
Trinity
Place
Holdings,
Inc.
*
91,100
128,451
1,068,076
Utilities
-
0.26%
Spark
Energy,
Inc.,
Class A
+
48,400
402,688
TOTAL
COMMON
STOCKS
-
99.05%
152,714,423
(Cost
$150,798,679)
.
Exchange
Traded
Fund
-
0.38%
iShares
Micro-Cap
ETF
+
6,525
590,317
TOTAL
EXCHANGE
TRADED
FUND
-
0.38%
590,317
(Cost
$163,006)
.
Rights
-
0.00%
Elanco
Animal
Health,
Inc.,
CVR
*
∆
46,983
—
OncoMed
Pharmaceuticals,
Inc
,
CVR
*
∆
125,000
—
OncoMed
Pharmaceuticals,
Inc
,
CVR
*
∆
75,000
—
Unum
Therapeutics,
Inc.,
CVR
*
∆
160,000
—
TOTAL
RIGHTS
-
0.00%
—
(Cost
$33,569)
Ultra-Small
Company
Market
Fund
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
8
Showing
percentage
of
net
assets
as
of
September
30,
2020
Quarterly
Report
|
September
30,
2020
(Unaudited)
Industry
Company
Shares
Value
.
Warrants
-
0.00%
SAExploration
Series
A,
expiring
07/27/21
*
∆
848
$
—
SAExploration
Series
B,
expiring
07/27/21
*
∆
848
—
TOTAL
WARRANTS
-
0.00%
—
(Cost
$
—
)
^
Rate^
B
Shares
B
Value
.
Money
Market
Fund
-
0.54%
Fidelity
Investments
Money
Market
Government
Portfolio
Class
I
0.01%
830,223
830,223
TOTAL
MONEY
MARKET
FUND
-
0.54%
830,223
(Cost
$830,223)
.
Investments
Purchased
With
Cash
Proceeds
From
Securities
Lending
-
13.17%
Fidelity
Investments
Money
Market
Government
Portfolio
Class
I**
0.01%
20,297,144
20,297,144
TOTAL
INVESTMENTS
PURCHASED
WITH
CASH
PROCEEDS
FROM
SECURITIES
LENDING
-
13.17%
20,297,144
(Cost
$20,297,144)
TOTAL
INVESTMENTS
-
113.14%
$
174,432,107
(Cost
$172,122,621)
Liabilities
in
Excess
of
Other
Assets
-
(13.14%)
(20,262,936)
NET
ASSETS
-
100.00%
$
154,169,171
*
Non-income
producing
security.
**
This
security
represents
the
investment
of
the
cash
collateral
received
in
connection
with
securities
out
on
loan
as
of
September
30,
2020.
^
Rate
disclosed
as
of
September
30,
2020.
∆
Security
was
fair
valued
using
significant
unobservable
inputs.
As
such,
the
security
is
classified
as
Level
3
in
the
fair
value
hierarchy.
+
This
security
or
a
portion
of
the
security
is
out
on
loan
as
of
September
30,
2020.
Total
loaned
securities
had
a
value
of
$22,398,904
as
of
September
30,
2020.
CVR
-
Contingent
Value
Right
LLC
-
Limited
Liability
Company
Summary
of
inputs
used
to
value
the
Fund’s
investments
as
of
9/30/2020
:
Valuation
Inputs
Investment
in
Securities
(Value)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Common
Stocks
Communication
Services
$
5,379,043
$
–
$
604,170
$
5,983,213
Financials
31,154,517
–
0
31,154,517
Other
Industries
(a)
115,576,693
–
–
115,576,693
Total
Common
Stocks
152,110,253
–
604,170
152,714,423
Exchange
Traded
Fund
590,317
–
–
590,317
Rights
–
–
0
0
Warrants
–
–
0
0
Money
Market
Fund
–
830,223
–
830,223
Investments
Purchased
With
Cash
Proceeds
From
Securities
Lending
–
20,297,144
–
20,297,144
TOTAL
$152,700,570
$21,127,367
$604,170
$174,432,107
(a)
-
Please
refer
to
the
Schedule
of
Investments
for
the
industry
classifications
of
these
portfolio
holdings.
Ultra-Small
Company
Market
Fund
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
9
bridgewayfunds.com
Following
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
to
determine
fair
value:
Investment
in
Securities
(Value)
Common
Stocks
Rights
Warrants
Total
Balance
as
of
06/30/2020
$
683,707
$
0
$
0
$
683,707
Purchases/
Issuances
–
–
–
–
Sales/Expirations
(69,149)
–
–
(69,149)
Return
of
Capital
–
–
–
–
Realized
Gain/
(Loss)
(520,234)
–
–
(520,234)
Change
in
unrealized
Appreciation/
(Depreciation)
509,847
–
–
509,847
Transfers
in
–
–
–
–
Transfers
out
–
–
–
–
Balance
as
of
09/30/2020
$
604,171
$
0
$
0
$
604,171
Net
change
in
unrealized
Appreciation/
(Depreciation)
from
investments
held
as
of
09/30/2020
$
(20,139)
$
–
$
–
$
(20,139)