NPORT-EX 2 3B04UltraSMCoMarketFd.htm
Ultra-Small
Company
Market
Fund
Schedule
of
Investments
(Unaudited)
1
Showing
percentage
of
net
assets
as
of
March
31,
2021
bridgewayfunds.com
Industry
Company
Shares
Value
.
Common
Stocks
-
98.65%
Communication
Services
-
3.96%
A.H.
Belo
Corp.,
Class A
94,676
$
197,873
Alaska
Communications
Systems
Group,
Inc.
164,700
535,275
Ballantyne
Strong,
Inc.*
100,000
261,000
Beasley
Broadcast
Group,
Inc.,
Class A+
24,625
69,689
Brooklyn
ImmunoTherapeutics,
Inc.*+
15,000
55,800
Cinedigm
Corp.,
Class A*+
600,000
1,002,000
comScore,
Inc.*
249,100
911,706
Cumulus
Media,
Inc.,
Class A*+
87,100
793,481
DHI
Group,
Inc.*
178,000
596,300
Emerald
Holding,
Inc.*
190,000
1,048,800
Entravision
Communications
Corp.,
Class A
244,900
989,396
Fluent,
Inc.*
72,000
295,200
Gaia,
Inc.*
48,400
575,476
Hemisphere
Media
Group,
Inc.*
20,000
233,000
IDT
Corp.,
Class B*
35,000
793,100
Lee
Enterprises,
Inc.*
24,100
619,129
Marchex,
Inc.,
Class B*
236,900
665,689
Marcus
Corp.
(The)*+
25,000
499,750
NII
Holdings,
Inc.,
Escrow*
∆
287,700
615,678
Saga
Communications,
Inc.,
Class A
11,516
251,624
Salem
Media
Group,
Inc.*
94,000
276,360
Spok
Holdings,
Inc.
60,000
629,400
Townsquare
Media,
Inc.,
Class A
67,400
723,202
Travelzoo*+
40,443
677,825
Zedge,
Inc.,
Class B*
39,919
483,020
13,799,773
Consumer
Discretionary
-
13.25%
AMCON
Distributing
Co.
3,900
447,330
American
Outdoor
Brands,
Inc.*
41,100
1,035,720
Ark
Restaurants
Corp.*
17,900
360,506
Aspen
Group,
Inc.*+
110,000
660,000
Barnes
&
Noble
Education,
Inc.*
216,000
1,758,240
Bassett
Furniture
Industries,
Inc.
56,244
1,365,042
BBQ
Holdings,
Inc.*
29,838
216,325
Big
5
Sporting
Goods
Corp.+
96,400
1,513,480
Industry
Company
Shares
Value
Consumer
Discretionary
(continued)
Blue
Apron
Holdings,
Inc.,
Class A*+
57,000
$
359,670
Bluegreen
Vacations
Holding
Corp.*
52,010
964,265
Bowl
America,
Inc.,
Class A*+
13,000
136,370
Build-A-Bear
Workshop,
Inc.*
87,900
606,510
BurgerFi
International,
Inc.*+
70,000
1,078,700
Canterbury
Park
Holding
Corp.*
11,689
159,906
Carrols
Restaurant
Group,
Inc.*
63,100
377,654
Cato
Corp.
(The),
Class A*
100,761
1,209,132
Chico's
FAS,
Inc.*
335,200
1,109,512
Container
Store
Group,
Inc.
(The)*
45,000
748,800
Culp,
Inc.
64,000
984,960
Delta
Apparel,
Inc.*
30,188
819,000
Dixie
Group,
Inc.
(The)*
115,300
342,441
Dover
Motorsports,
Inc.
168,396
346,896
Drive
Shack,
Inc.*
235,000
754,350
Educational
Development
Corp.
39,500
673,475
Emerson
Radio
Corp.*+
102,100
130,688
Envela
Corp.*+
112,400
564,248
Ever-Glory
International
Group,
Inc.*
25,000
66,750
Express,
Inc.*+
260,000
1,045,200
Flanigan's
Enterprises,
Inc.*
1,000
23,745
Flexsteel
Industries,
Inc.
28,400
989,740
Greenlane
Holdings,
Inc.,
Class A*+
40,000
212,200
Hamilton
Beach
Brands
Holding
Co.,
Class A
57,400
1,040,662
Horizon
Global
Corp.*
94,200
973,086
Hovnanian
Enterprises,
Inc.,
Class A*
15,364
1,624,589
Iconix
Brand
Group,
Inc.*+
56,200
112,962
J
Alexander's
Holdings,
Inc.*
79,600
767,344
J.
Jill,
Inc.*
49,000
477,750
JAKKS
Pacific,
Inc.*+
31,870
227,233
Kirkland's,
Inc.*+
42,717
1,200,348
Kura
Sushi
USA,
Inc.,
Class A*
35,000
1,107,400
Lakeland
Industries,
Inc.*+
35,857
998,976
Leaf
Group,
Ltd.*+
175,500
1,131,975
Lifetime
Brands,
Inc.
20,000
293,800
Lincoln
Educational
Services
Corp.*+
160,505
1,028,837
Ultra-Small
Company
Market
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)
Consumer
Discretionary
(continued)
Luby's,
Inc.*+
71,600
$
236,280
Nathan's
Famous,
Inc.
4,600
290,214
New
Home
Co.,
Inc.
(The)*
113,400
594,216
Party
City
Holdco,
Inc.*+
75,500
437,900
PlayAGS,
Inc.*
164,000
1,325,120
Potbelly
Corp.*+
140,000
827,400
Red
Robin
Gourmet
Burgers,
Inc.*
15,000
598,350
Rocky
Brands,
Inc.
25,500
1,378,530
StoneMor,
Inc.*
458,759
867,055
Strattec
Security
Corp.*
24,200
1,134,980
Superior
Industries
International,
Inc.*
136,800
777,024
Sypris
Solutions,
Inc.*+
84,404
281,065
Tandy
Leather
Factory,
Inc.*
51,558
197,983
Tilly's,
Inc.,
Class A*
69,100
782,212
TravelCenters
of
America,
Inc.*
10,000
271,300
Unique
Fabricating,
Inc.*
45,000
267,750
Universal
Technical
Institute,
Inc.*
135,200
789,568
Vera
Bradley,
Inc.*
20,700
209,070
Vince
Holding
Corp.*+
71,263
799,571
VOXX
International
Corp.*
11,100
211,566
Waitr
Holdings,
Inc.*+
125,000
366,250
Weyco
Group,
Inc.
32,700
707,301
Xcel
Brands,
Inc.*
76,000
151,240
Zovio,
Inc.*
152,200
617,932
46,165,694
Consumer
Staples
-
1.78%
Alico,
Inc.
31,100
928,646
Bridgford
Foods
Corp.*+
1,300
20,150
Farmer
Bros.
Co.*
44,100
460,404
Laird
Superfood,
Inc.*+
20,000
749,400
Lifeway
Foods,
Inc.*
72,401
390,965
Mannatech,
Inc.
13,600
277,168
Natural
Alternatives
International,
Inc.*
40,310
619,162
Oil-Dri
Corp.
of
America
27,600
950,544
Planet
Green
Holdings
Corp.*
42,000
91,980
Rocky
Mountain
Chocolate
Factory,
Inc.*
21,500
113,305
United-Guardian,
Inc.
26,000
393,900
Village
Super
Market,
Inc.,
Class A
50,500
1,190,285
6,185,909
Industry
Company
Shares
Value
Energy
-
9.15%
Adams
Resources
&
Energy,
Inc.
25,500
$
714,255
Aemetis,
Inc.*+
80,000
1,961,600
Altus
Midstream
Co.,
Class A+
12,500
655,875
Amplify
Energy
Corp.*
225,000
625,500
Barnwell
Industries,
Inc.*+
60,000
154,200
Battalion
Oil
Corp.*
46,500
505,920
Bristow
Group,
Inc.*
19,333
500,338
Camber
Energy,
Inc.*+
165,000
169,950
Centrus
Energy
Corp.,
Class A*
49,000
1,162,280
CONSOL
Energy,
Inc.*
81,500
792,180
Dawson
Geophysical
Co.*
139,345
341,395
Earthstone
Energy,
Inc.,
Class A*+
133,600
955,240
Enservco
Corp.*
22,000
38,060
Evolution
Petroleum
Corp.
128,300
433,654
Exterran
Corp.*
158,200
531,552
Forum
Energy
Technologies,
Inc.*
26,900
498,726
FTS
International,
Inc.,
Class A*
46,000
1,138,040
Geospace
Technologies
Corp.*
83,563
762,095
Goodrich
Petroleum
Corp.*
59,200
560,032
Gran
Tierra
Energy,
Inc.*
1,300,000
909,740
Gulf
Island
Fabrication,
Inc.*
46,047
177,741
HighPoint
Resources
Corp.*+
8,900
48,683
Houston
American
Energy
Corp.*+
28,000
56,560
Independence
Contract
Drilling,
Inc.*+
36,500
120,450
ION
Geophysical
Corp.*+
125,000
267,500
KLX
Energy
Services
Holdings,
Inc.*+
53,516
857,861
Laredo
Petroleum,
Inc.*+
15,500
465,930
Mammoth
Energy
Services,
Inc.*
220,000
1,170,400
Mexco
Energy
Corp.*
8,000
70,720
MIND
Technology,
Inc.*
119,515
268,909
NACCO
Industries,
Inc.,
Class A
15,570
388,472
Natural
Gas
Services
Group,
Inc.*
94,076
888,077
NCS
Multistage
Holdings,
Inc.*
11,750
326,063
New
Concept
Energy,
Inc.*+
33,400
143,286
Newpark
Resources,
Inc.*
428,700
1,346,118
Ultra-Small
Company
Market
Fund
Schedule
of
Investments
(Unaudited)
(continued)
3
Showing
percentage
of
net
assets
as
of
March
31,
2021
bridgewayfunds.com
Industry
Company
Shares
Value
Common
Stocks
(continued)
Energy
(continued)
Nine
Energy
Service,
Inc.*
205,000
$
471,500
Nuverra
Environmental
Solutions,
Inc.*+
54,689
125,785
Oil
States
International,
Inc.*
210,000
1,266,300
Overseas
Shipholding
Group,
Inc.,
Class A*
224,700
462,882
PEDEVCO
Corp.*
390,946
570,781
Penn
Virginia
Corp.*+
75,000
1,005,000
PHX
Minerals,
Inc.
122,900
352,723
Ranger
Energy
Services,
Inc.*+
24,700
135,356
RigNet,
Inc.*
50,000
436,000
Riley
Exploration
Permian,
Inc.*+
2,083
54,158
Ring
Energy,
Inc.*+
429,000
990,990
SandRidge
Energy,
Inc.*
236,000
922,760
SEACOR
Marine
Holdings,
Inc.*
114,805
611,911
SilverBow
Resources,
Inc.*+
81,900
637,182
Smart
Sand,
Inc.*+
233,200
589,996
Southwestern
Energy
Co.*
124,996
581,231
Superior
Drilling
Products,
Inc.*+
216,100
191,648
TETRA
Technologies,
Inc.*
385,000
924,000
Uranium
Energy
Corp.*
235,000
672,100
VAALCO
Energy,
Inc.*
385,200
862,848
31,872,553
Financials
-
19.62%
1st
Constitution
Bancorp
40,905
720,337
A-Mark
Precious
Metals,
Inc.
22,282
802,152
American
River
Bankshares
34,000
554,540
AmeriServ
Financial,
Inc.
72,571
294,638
Arlington
Asset
Investment
Corp.,
Class A*
65,000
262,600
Ashford,
Inc.*+
7,200
63,864
Atlantic
American
Corp.*+
71,456
262,958
Atlanticus
Holdings
Corp.*
1,000
30,330
Auburn
National
BanCorp,
Inc.
7,474
286,777
Bank
of
Commerce
Holdings
94,500
1,204,875
Bank
of
Princeton
(The)
23,566
674,459
Bank7
Corp.
37,910
667,595
BankFinancial
Corp.
65,600
676,992
Bankwell
Financial
Group,
Inc.
8,000
215,600
BayCom
Corp.*
41,000
738,820
Industry
Company
Shares
Value
Financials
(continued)
BCB
Bancorp,
Inc.
78,600
$
1,084,680
Blue
Ridge
Bankshares,
Inc.+
37,500
822,750
C&F
Financial
Corp.
25,090
1,111,236
California
BanCorp*
50,200
894,062
Capital
Bancorp,
Inc.*
71,517
1,379,563
CB
Financial
Services,
Inc.
18,600
411,618
Chemung
Financial
Corp.
16,298
681,582
Citizens
Community
Bancorp,
Inc.
48,600
603,126
Citizens
Holding
Co.
20,670
411,333
Codorus
Valley
Bancorp,
Inc.
42,137
775,742
Cohen
&
Co.,
Inc.*
5,000
118,650
Colony
Bankcorp,
Inc.
43,868
684,341
Community
West
Bancshares
39,157
502,776
Conifer
Holdings,
Inc.*+
43,000
161,250
Consumer
Portfolio
Services,
Inc.*
67,900
273,637
County
Bancorp,
Inc.
36,050
864,118
Eagle
Bancorp
Montana,
Inc.
27,521
669,311
Elevate
Credit,
Inc.*+
205,700
600,644
ESSA
Bancorp,
Inc.
57,443
919,088
Evans
Bancorp,
Inc.
28,201
955,732
EZCORP,
Inc.,
Class A*
253,269
1,258,747
FedNat
Holding
Co.
91,000
421,330
FG
Financial
Group,
Inc.*
53,000
246,450
First
Bank
87,600
1,066,092
First
Business
Financial
Services,
Inc.
44,108
1,090,791
First
Financial
Northwest,
Inc.
44,770
637,972
First
Guaranty
Bancshares,
Inc.
19,266
345,054
First
Internet
Bancorp
33,516
1,180,769
First
Northwest
Bancorp
15,000
249,300
First
United
Corp.
30,592
539,031
First
Western
Financial,
Inc.*
33,651
841,612
GAMCO
Investors,
Inc.,
Class A
34,200
634,410
Greenhill
&
Co.,
Inc.
59,400
978,912
Guaranty
Federal
Bancshares,
Inc.
15,856
306,814
Hallmark
Financial
Services,
Inc.*
120,100
465,988
Hawthorn
Bancshares,
Inc.+
28,653
610,022
HMN
Financial,
Inc.*
23,000
462,530
Home
Bancorp,
Inc.
30,219
1,089,395
Ultra-Small
Company
Market
Fund
Schedule
of
Investments
(Unaudited)
(continued)
4
Showing
percentage
of
net
assets
as
of
March
31,
2021
Quarterly
Report
|
March
31,
2021
(Unaudited)
Industry
Company
Shares
Value
Common
Stocks
(continued)
Financials
(continued)
Impac
Mortgage
Holdings,
Inc.*+
156,680
$
314,927
Investar
Holding
Corp.
67,700
1,391,235
JMP
Group,
LLC*+
51,851
310,069
Kentucky
First
Federal
Bancorp+
5,000
33,750
Lake
Shore
Bancorp,
Inc.+
22,150
332,029
Landmark
Bancorp,
Inc.
21,729
574,080
Level
One
Bancorp,
Inc.
50,000
1,289,000
Magyar
Bancorp,
Inc.*
10,300
142,037
Malvern
Bancorp,
Inc.*
59,800
1,113,476
Manning
&
Napier,
Inc.
60,000
388,200
Marlin
Business
Services
Corp.
55,300
754,292
Medallion
Financial
Corp.*
86,744
611,545
Meridian
Corp.
24,000
624,000
Mid
Penn
Bancorp,
Inc.
13,000
348,530
Monroe
Capital
Corp.+
15,800
158,632
National
Security
Group,
Inc.
(The)
2,700
28,377
Northeast
Bank
38,700
1,021,293
Northrim
BanCorp,
Inc.
31,995
1,360,107
Norwood
Financial
Corp.
14,512
386,164
Ocwen
Financial
Corp.*
28,834
819,751
Ohio
Valley
Banc
Corp.
35,500
861,940
OP
Bancorp
53,851
566,513
Pacific
Mercantile
Bancorp*
164,519
1,464,219
Patriot
National
Bancorp,
Inc.*+
29,500
294,115
PCB
Bancorp
54,700
820,500
PDL
Community
Bancorp*
1,106
12,288
Penns
Woods
Bancorp,
Inc.
21,066
507,480
Peoples
Bancorp
of
North
Carolina,
Inc.
22,830
539,701
Peoples
Financial
Services
Corp.
9,500
401,280
Premier
Financial
Bancorp,
Inc.
41,138
764,755
Professional
Holding
Corp.,
Class A*
2,000
36,740
Protective
Insurance
Corp.,
Class B
46,500
1,063,455
Provident
Financial
Holdings,
Inc.
30,617
517,427
Prudential
Bancorp,
Inc.
17,500
258,300
Pzena
Investment
Management,
Inc.,
Class A
50,100
527,553
Randolph
Bancorp,
Inc.*
25,000
500,000
Industry
Company
Shares
Value
Financials
(continued)
Republic
First
Bancorp,
Inc.*
278,600
$
1,050,322
Riverview
Bancorp,
Inc.
135,406
938,364
Riverview
Financial
Corp.*
34,800
363,660
Safeguard
Scientifics,
Inc.*
70,000
477,400
Security
National
Financial
Corp.,
Class A*
132,939
1,242,980
Select
Bancorp,
Inc.*
62,000
686,340
Shore
Bancshares,
Inc.
68,200
1,160,764
Silvercrest
Asset
Management
Group,
Inc.,
Class A
61,502
884,399
Summit
State
Bank
22,200
362,304
Territorial
Bancorp,
Inc.
14,207
375,917
Timberland
Bancorp,
Inc.
31,500
876,015
Union
Bankshares,
Inc.
21,897
656,910
United
Bancshares,
Inc.
15,200
383,800
United
Security
Bancshares
64,900
531,531
Unity
Bancorp,
Inc.
54,412
1,197,064
Velocity
Financial,
Inc.*+
63,121
559,883
Western
New
England
Bancorp,
Inc.
101,044
851,801
Westwood
Holdings
Group,
Inc.
55,000
795,300
68,339,509
Health
Care
-
24.42%
AcelRx
Pharmaceuticals,
Inc.*+
628,350
1,068,195
Aclaris
Therapeutics,
Inc.*
200,000
5,040,000
Acorda
Therapeutics,
Inc.*+
63,006
306,839
Actinium
Pharmaceuticals,
Inc.*+
72,166
549,905
Adamas
Pharmaceuticals,
Inc.*+
155,000
744,000
Adicet
Bio,
Inc.*+
19,999
261,587
ADMA
Biologics,
Inc.*+
485,000
853,600
Advaxis,
Inc.*
50,000
36,810
AgeX
Therapeutics,
Inc.*+
240,000
388,800
AIM
ImmunoTech,
Inc.*+
235,000
533,450
Alimera
Sciences,
Inc.*
10,000
96,200
Allena
Pharmaceuticals,
Inc.*+
333,600
463,704
American
Shared
Hospital
Services*
33,700
93,349
Ampio
Pharmaceuticals,
Inc.*+
578,000
976,820
Annovis
Bio,
Inc.*+
22,500
627,750
Apollo
Endosurgery,
Inc.*
128,200
706,382
Ultra-Small
Company
Market
Fund
Schedule
of
Investments
(Unaudited)
(continued)
5
Showing
percentage
of
net
assets
as
of
March
31,
2021
bridgewayfunds.com
Industry
Company
Shares
Value
Common
Stocks
(continued)
Health
Care
(continued)
Applied
Genetic
Technologies
Corp.*+
91,600
$
464,412
Aptinyx,
Inc.*+
260,000
780,000
Aquestive
Therapeutics,
Inc.*+
121,500
631,800
Aravive,
Inc.*+
30,725
202,478
Armata
Pharmaceuticals,
Inc.*
48,400
231,352
Asensus
Surgical,
Inc.*
205,895
669,159
Assembly
Biosciences,
Inc.*+
135,000
621,000
Axcella
Health,
Inc.*
132,567
631,019
Ayala
Pharmaceuticals,
Inc.*+
35,000
381,850
Aytu
BioPharma,
Inc.*
16,320
124,032
BiomX,
Inc.*+
104,000
740,480
Cabaletta
Bio,
Inc.*
35,000
388,500
Calyxt,
Inc.*+
150,000
903,000
Capital
Senior
Living
Corp.*+
5,055
194,618
Castlight
Health,
Inc.,
Class B*
449,900
679,349
Catabasis
Pharmaceuticals,
Inc.*+
95,100
274,839
cbdMD,
Inc.*+
215,000
890,100
Checkmate
Pharmaceuticals,
Inc.*
71,515
868,192
Chiasma,
Inc.*
325,000
1,017,250
Chimerix,
Inc.*
38,600
372,104
China
Pharma
Holdings,
Inc.*
195,000
163,800
Cidara
Therapeutics,
Inc.*+
118,878
316,215
Clearside
Biomedical,
Inc.*+
226,600
559,702
Cogent
Biosciences,
Inc.*+
39,690
348,478
Conformis,
Inc.*
273,706
270,969
Corbus
Pharmaceuticals
Holdings,
Inc.*+
200,000
394,000
CorMedix,
Inc.*+
138,800
1,386,612
Corvus
Pharmaceuticals,
Inc.*+
180,700
556,556
Cumberland
Pharmaceuticals,
Inc.*
108,287
328,110
Curis,
Inc.*+
60,000
679,200
Cyclerion
Therapeutics,
Inc.*
91,600
255,564
CynergisTek,
Inc.*+
121,700
232,447
Daxor
Corp.*+
9,400
113,746
ElectroCore,
Inc.*+
265,000
545,900
Electromed,
Inc.*
42,900
452,166
Eloxx
Pharmaceuticals,
Inc.*+
139,000
461,480
Industry
Company
Shares
Value
Health
Care
(continued)
Entasis
Therapeutics
Holdings,
Inc.*
110,000
$
235,400
Enzo
Biochem,
Inc.*
167,700
576,888
Equillium,
Inc.*+
85,000
607,750
Eton
Pharmaceuticals,
Inc.*+
75,000
549,000
Evolus,
Inc.*+
105,000
1,363,950
Exagen,
Inc.*
49,400
864,500
EyePoint
Pharmaceuticals,
Inc.*+
103,920
1,055,827
Five
Prime
Therapeutics,
Inc.*+
42,800
1,612,276
Forte
Biosciences,
Inc.*+
5,433
186,189
Galera
Therapeutics,
Inc.*
80,000
705,600
GBS,
Inc.*+
18,000
102,420
Genesis
Healthcare,
Inc.*
335,300
94,722
GlycoMimetics,
Inc.*
135,300
407,253
Graybug
Vision,
Inc.*+
38,000
210,900
Great
Elm
Group,
Inc.*
80,998
197,635
Gritstone
Oncology,
Inc.*+
150,000
1,414,500
Harrow
Health,
Inc.*
90,500
610,875
Harvard
Bioscience,
Inc.*
107,017
584,313
iBio,
Inc.*
100,000
154,000
Infinity
Pharmaceuticals,
Inc.*+
290,000
936,700
InspireMD,
Inc.*
25,000
16,807
IntriCon
Corp.*+
41,100
1,053,804
Invacare
Corp.
125,000
1,002,500
IRIDEX
Corp.*
59,700
402,975
IsoRay,
Inc.*
474,000
516,660
Kewaunee
Scientific
Corp.*
13,200
162,888
Kezar
Life
Sciences,
Inc.*
219,700
1,309,412
Larimar
Therapeutics,
Inc.*+
20,000
292,200
Leap
Therapeutics,
Inc.*+
388,601
738,342
Lexicon
Pharmaceuticals,
Inc.*+
355,300
2,085,611
Lineage
Cell
Therapeutics,
Inc.*
303,161
712,428
LogicBio
Therapeutics,
Inc.*+
162,900
1,185,912
Lumos
Pharma,
Inc.*+
51,644
604,235
Lyra
Therapeutics,
Inc.*
40,000
463,600
Marker
Therapeutics,
Inc.*+
155,416
348,132
Matinas
BioPharma
Holdings,
Inc.*+
551,891
579,486
MediciNova,
Inc.*
47,347
239,102
Merrimack
Pharmaceuticals,
Inc.*+
57,500
361,100
Metacrine,
Inc.*
115,000
713,000
Milestone
Scientific,
Inc.*
304,500
1,087,065
Ultra-Small
Company
Market
Fund
Schedule
of
Investments
(Unaudited)
(continued)
6
Showing
percentage
of
net
assets
as
of
March
31,
2021
Quarterly
Report
|
March
31,
2021
(Unaudited)
Industry
Company
Shares
Value
Common
Stocks
(continued)
Health
Care
(continued)
Minerva
Neurosciences,
Inc.*+
213,500
$
623,420
Misonix,
Inc.*
4,637
90,839
MTBC,
Inc.*+
114,063
947,864
Mustang
Bio,
Inc.*+
275,000
913,000
Myomo,
Inc.*+
24,000
307,200
NanoViricides,
Inc.*+
95,439
450,472
Navidea
Biopharmaceuticals,
Inc.*+
202,440
408,929
Neuronetics,
Inc.*
66,200
818,894
NovaBay
Pharmaceuticals,
Inc.*+
305,000
277,550
Novan,
Inc.*+
350,000
546,000
Obalon
Therapeutics,
Inc.*
33,000
93,060
Oncocyte
Corp.*
145,000
752,550
Optinose,
Inc.*+
270,000
996,300
Oragenics,
Inc.*
448,500
406,700
Otonomy,
Inc.*
166,800
425,340
Ovid
therapeutics,
Inc.*+
200,000
804,000
Palatin
Technologies,
Inc.*
771,000
531,682
PhaseBio
Pharmaceuticals,
Inc.*+
82,000
283,720
Pluristem
Therapeutics,
Inc.*+
33,000
157,410
Protalix
BioTherapeutics,
Inc.*+
223,100
995,026
RA
Medical
Systems,
Inc.*+
31,980
149,027
Retractable
Technologies,
Inc.*+
24,000
307,680
Rockwell
Medical,
Inc.*
308,390
357,732
Satsuma
Pharmaceuticals,
Inc.*
25,000
147,750
Savara,
Inc.*
115,000
239,200
Scopus
Biopharma,
Inc.*+
47,009
397,226
scPharmaceuticals,
Inc.*
81,000
538,650
SCYNEXIS,
Inc.*+
24,500
194,530
Senseonics
Holdings,
Inc.*+
634,260
1,674,446
Sesen
Bio,
Inc.*
430,000
1,118,000
Sientra,
Inc.*
127,894
932,347
Sierra
Oncology,
Inc.*
59,440
1,024,151
Sio
Gene
Therapies,
Inc.*+
298,300
778,563
Solid
Biosciences,
Inc.*
134,376
743,099
Star
Equity
Holdings,
Inc.*+
31,890
99,497
SunLink
Health
Systems,
Inc.*+
33,000
89,760
Surgalign
Holdings,
Inc.*
468,000
1,020,240
Synlogic,
Inc.*
160,000
572,800
Synthetic
Biologics,
Inc.*
74,300
50,687
Industry
Company
Shares
Value
Health
Care
(continued)
T2
Biosystems,
Inc.*+
600,000
$
972,000
Tela
Bio,
Inc.*
35,000
521,500
Teligent,
Inc.*
50,000
31,105
Timber
Pharmaceuticals,
Inc.*+
44,100
89,523
Tonix
Pharmaceuticals
Holding
Corp.*+
200,000
256,000
Trevi
Therapeutics,
Inc.*+
85,000
232,050
Tricida,
Inc.*
22,800
120,612
UNITY
Biotechnology,
Inc.*+
30,450
182,700
Venus
Concept,
Inc.*
198,644
466,813
VolitionRX,
Ltd.*
145,000
548,100
Voyager
Therapeutics,
Inc.*
153,239
721,756
Xeris
Pharmaceuticals,
Inc.*+
228,000
1,028,280
Xtant
Medical
Holdings,
Inc.*
322,300
760,628
Yumanity
Therapeutics,
Inc.*+
6,000
108,600
Zynerba
Pharmaceuticals,
Inc.*+
113,500
527,775
85,056,610
Industrials
-
11.97%
Acacia
Research
Corp.*
243,000
1,615,950
Acme
United
Corp.
11,535
454,940
AeroCentury
Corp.*+
20,900
74,195
Air
Industries
Group*+
205,000
301,350
Air
T,
Inc.*
17,250
410,032
Alpha
Pro
Tech,
Ltd.*+
101,000
985,760
AMREP
Corp.*
53,900
598,290
ARC
Document
Solutions,
Inc.
214,000
451,540
Armstrong
Flooring,
Inc.*+
141,400
691,446
Atlas
Technical
Consultants,
Inc.*+
45,300
462,513
Ault
Global
Holdings,
Inc.*+
206,128
678,161
Avalon
Holdings
Corp.,
Class A*
3,900
14,313
Babcock
&
Wilcox
Enterprises,
Inc.*
242,100
2,292,687
BGSF,
Inc.
51,000
714,000
CECO
Environmental
Corp.*
20,000
158,600
Charah
Solutions,
Inc.*+
160,000
777,600
Chicago
Rivet
&
Machine
Co.
8,000
204,000
Commercial
Vehicle
Group,
Inc.*
110,242
1,063,835
CompX
International,
Inc.
61,200
1,102,212
Ultra-Small
Company
Market
Fund
Schedule
of
Investments
(Unaudited)
(continued)
7
Showing
percentage
of
net
assets
as
of
March
31,
2021
bridgewayfunds.com
Industry
Company
Shares
Value
Common
Stocks
(continued)
Industrials
(continued)
Covenant
Logistics
Group,
Inc.*
20,800
$
428,272
CPI
Aerostructures,
Inc.*
60,200
273,308
DIRTT
Environmental
Solutions*+
330,000
1,019,700
Document
Security
Systems,
Inc.*+
100,500
362,805
Eastern
Co.
(The)
21,200
568,160
Espey
Mfg.
&
Electronics
Corp.+
17,108
260,042
ExOne
Co.
(The)*
14,000
439,040
FreightCar
America,
Inc.*
80,000
527,600
Fuel
Tech,
Inc.*+
50,000
157,000
GEE
Group,
Inc.*
152,600
193,802
Gencor
Industries,
Inc.*
50,000
670,500
General
Finance
Corp.*
1,417
17,217
GP
Strategies
Corp.*
71,700
1,251,165
Graham
Corp.
18,900
269,136
HC2
Holdings,
Inc.*+
321,392
1,266,284
Hill
International,
Inc.*
243,458
779,066
Hudson
Global,
Inc.*
10,942
181,637
Hurco
Cos.,
Inc.
23,000
811,900
India
Globalization
Capital,
Inc.*+
209,000
374,110
Innovative
Solutions
&
Support,
Inc.
93,100
588,392
L
B
Foster
Co.,
Class A*
51,700
925,430
LS
Starrett
Co.
(The),
Class A*
36,400
234,780
LSI
Industries,
Inc.
122,907
1,048,397
Mastech
Digital,
Inc.*
57,200
1,007,292
Mayville
Engineering
Co.,
Inc.*
46,221
664,658
Mesa
Air
Group,
Inc.*
80,000
1,076,000
Mistras
Group,
Inc.*
132,300
1,509,543
NL
Industries,
Inc.
200
1,490
Orion
Group
Holdings,
Inc.*
150,000
910,500
P&F
Industries,
Inc.,
Class A*
10,500
69,090
PAM
Transportation
Services,
Inc.*
2,000
123,400
Patriot
Transportation
Holding,
Inc.
19,871
218,780
Performant
Financial
Corp.*
175,300
376,895
Perma-Pipe
International
Holdings,
Inc.*
71,600
435,328
Quad/Graphics,
Inc.
141,169
498,327
RCM
Technologies,
Inc.*
23,642
83,929
RR
Donnelley
&
Sons
Co.*
325,000
1,319,500
Servotronics,
Inc.*
15,653
134,146
SIFCO
Industries,
Inc.*
26,024
326,341
Industry
Company
Shares
Value
Industrials
(continued)
Team,
Inc.*
57,600
$
664,128
Titan
International,
Inc.
135,000
1,252,800
Twin
Disc,
Inc.*
58,100
555,436
Ultralife
Corp.*
52,400
433,872
USA
Truck,
Inc.*
40,300
770,133
Vidler
Water
Resouces,
Inc.*
85,000
756,500
Virco
Mfg.
Corp.*
25,800
79,980
Volt
Information
Sciences,
Inc.*
122,400
482,256
Willis
Lease
Finance
Corp.*
23,100
1,003,926
Yellow
Corp.*+
140,655
1,236,357
41,689,774
Information
Technology
-
8.89%
ADDvantage
Technologies
Group,
Inc.*+
75,000
195,000
ALJ
Regional
Holdings,
Inc.*+
225,000
326,250
Amtech
Systems,
Inc.*
96,500
1,140,630
Applied
Optoelectronics,
Inc.*+
100,000
836,000
AstroNova,
Inc.
30,000
402,000
Aviat
Networks,
Inc.*
18,386
1,306,141
Aware,
Inc.*
79,579
290,463
Bel
Fuse,
Inc.,
Class B
30,400
604,656
BK
Technologies
Corp.
153,744
642,650
Blonder
Tongue
Laboratories,
Inc.*+
40,000
58,800
BM
Technologies,
Inc.*+
60,000
699,000
Communications
Systems,
Inc.+
52,216
311,207
Computer
Task
Group,
Inc.*
87,100
831,805
CSP,
Inc.*
45,000
391,500
Daktronics,
Inc.*
169,655
1,063,737
Eastman
Kodak
Co.*+
25,000
196,750
eMagin
Corp.*
310,000
1,159,400
EMCORE
Corp.*
103,127
563,073
Everspin
Technologies,
Inc.*+
66,000
396,000
Frequency
Electronics,
Inc.*
60,000
677,400
GSI
Technology,
Inc.*
51,417
343,980
GTT
Communications,
Inc.*+
225,000
411,750
IEC
Electronics
Corp.*
41,650
501,466
Information
Services
Group,
Inc.*
177,700
781,880
Innodata,
Inc.*
85,955
541,517
Intellicheck,
Inc.*
130,200
1,091,076
Ultra-Small
Company
Market
Fund
Schedule
of
Investments
(Unaudited)
(continued)
8
Showing
percentage
of
net
assets
as
of
March
31,
2021
Quarterly
Report
|
March
31,
2021
(Unaudited)
Industry
Company
Shares
Value
Common
Stocks
(continued)
Information
Technology
(continued)
inTEST
Corp.*
49,401
$
583,426
Intevac,
Inc.*
97,600
697,840
Inuvo,
Inc.*
456,000
465,120
Issuer
Direct
Corp.*+
16,500
361,845
Kaleyra,
Inc.*+
55,000
775,500
Key
Tronic
Corp.*
47,100
363,141
KVH
Industries,
Inc.*
75,774
960,814
LGL
Group,
Inc.
(The)*
29,200
320,908
Marin
Software,
Inc.*
60,000
106,800
Network-1
Technologies,
Inc.+
115,000
358,800
Oblong,
Inc.*+
14,600
72,708
Optical
Cable
Corp.*+
27,600
99,636
PCTEL,
Inc.
70,200
487,890
Pixelworks,
Inc.*
104,400
345,564
Powerfleet,
Inc.*
120,400
989,688
QAD,
Inc.,
Class B
6,250
270,313
Quantum
Corp.*
120,200
1,001,266
RealNetworks,
Inc.*
200,000
850,000
RF
Industries,
Ltd.
43,230
261,974
Richardson
Electronics,
Ltd.
80,311
511,581
SeaChange
International,
Inc.*+
125,000
193,750
ServiceSource
International,
Inc.*
359,917
529,078
SMTC
Corp.*
102,434
615,628
Steel
Connect,
Inc.*
12,000
23,760
Synacor,
Inc.*
180,900
396,171
Synchronoss
Technologies,
Inc.*+
207,500
740,775
TESSCO
Technologies,
Inc.*+
45,000
325,800
TransAct
Technologies,
Inc.*
74,623
811,152
Trio-Tech
International*
26,800
120,329
Wayside
Technology
Group,
Inc.
35,298
887,392
WidePoint
Corp.*
53,918
496,046
Wireless
Telecom
Group,
Inc.*
100,366
170,622
30,959,448
Materials
-
4.51%
Advanced
Emissions
Solutions,
Inc.*
56,500
310,750
AgroFresh
Solutions,
Inc.*
356,300
712,600
Alpha
Metallurgical
Resources,
Inc.*
90,600
1,144,278
Ampco-Pittsburgh
Corp.*
72,000
486,000
Comstock
Mining,
Inc.*+
229,000
1,048,820
Industry
Company
Shares
Value
Materials
(continued)
Core
Molding
Technologies,
Inc.*
37,000
$
433,881
Flexible
Solutions
International,
Inc.*+
60,307
243,640
Flotek
Industries,
Inc.*
372,300
625,464
Friedman
Industries,
Inc.
54,000
436,860
Gold
Resource
Corp.+
238,500
629,640
Golden
Minerals
Co.*
450,000
296,685
Gulf
Resources,
Inc.*
72,360
308,977
Intrepid
Potash,
Inc.*
55,000
1,790,800
IT
Tech
Packaging,
Inc.*
147,000
97,079
LSB
Industries,
Inc.*
149,000
764,370
Northern
Technologies
International
Corp.
39,900
606,480
Olympic
Steel,
Inc.
38,200
1,124,990
Paramount
Gold
Nevada
Corp.*+
150,000
150,000
Ramaco
Resources,
Inc.*
148,200
626,886
Solitario
Zinc
Corp.*+
205,000
170,437
Synalloy
Corp.*
31,500
278,460
TimkenSteel
Corp.*+
138,387
1,626,047
Trecora
Resources*
110,641
859,681
United
States
Antimony
Corp.*
558,500
675,785
Universal
Stainless
&
Alloy
Products,
Inc.*
24,558
249,755
15,698,365
Real
Estate
-
0.95%
American
Realty
Investors,
Inc.*+
13,597
120,062
CTO
Realty
Growth,
Inc.
20,600
1,071,406
Maui
Land
&
Pineapple
Co.,
Inc.*
109,500
1,264,725
Stratus
Properties,
Inc.*+
21,150
645,075
Trinity
Place
Holdings,
Inc.*
96,100
200,849
3,302,117
Utilities
-
0.15%
Spark
Energy,
Inc.,
Class A+
48,400
516,912
TOTAL
COMMON
STOCKS
-
98.65%
343,586,664
(Cost
$242,648,592)
.
Exchange
Traded
Fund
-
0.61%
iShares
Micro-Cap
ETF+
14,436
2,121,370
TOTAL
EXCHANGE
TRADED
FUND
-
0.61%
2,121,370
(Cost
$1,307,290)
Ultra-Small
Company
Market
Fund
Schedule
of
Investments
(Unaudited)
(continued)
9
Showing
percentage
of
net
assets
as
of
March
31,
2021
bridgewayfunds.com
Industry
Company
Shares
Value
.
Rights
-
0.01%
Cogent
Biosciences,
Inc.,
CVR*
∆
160,000
$
—
Elanco
Animal
Health,
Inc.,
CVR*
∆
46,983
—
ION
Geophysical
Corp.,
CVR*
∆
125,000
—
OncoMed
Pharmaceuticals,
Inc.,
CVR*
∆
125,000
—
Proteostasis
Therapeutics,
Inc.,
CVR*
∆
159,500
—
ZAGG,
Inc.,
CVR*
∆
65,000
19,500
TOTAL
RIGHTS
-
0.01%
19,500
(Cost
$32,819)
.
Warrants
-
0.01%
LGL
Group,
Inc.
(The),
expiring
11/16/25*
29,200
15,184
TOTAL
WARRANTS
-
0.01%
15,184
(Cost
$14,873)
^
Rate^
B
Shares
B
Value
.
Money
Market
Fund
-
0.00%
Fidelity
Investments
Money
Market
Government
Portfolio
Class
I
0.01%
2,906
2,906
TOTAL
MONEY
MARKET
FUND
-
0.00%
2,906
(Cost
$2,906)
.
Investments
Purchased
With
Cash
Proceeds
From
Securities
Lending
-
10.20%
Fidelity
Investments
Money
Market
Government
Portfolio
Class
I**
0.01%
35,537,431
35,537,431
TOTAL
INVESTMENTS
PURCHASED
WITH
CASH
PROCEEDS
FROM
SECURITIES
LENDING
-
10.20%
35,537,431
(Cost
$35,537,431)
TOTAL
INVESTMENTS
-
109.48%
$
381,283,055
(Cost
$279,543,911)
Liabilities
in
Excess
of
Other
Assets
-
(9.48%)
(33,007,404)
NET
ASSETS
-
100.00%
$
348,275,651
*
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.
∆
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
March
31,
2021.
Total
loaned
securities
had
a
value
of
$54,758,232
as
of
March
31,
2021.
CVR
-
Contingent
Value
Right
LLC
-
Limited
Liability
Company
Ultra-Small
Company
Market
Fund
Schedule
of
Investments
(Unaudited)
(continued)
10
Showing
percentage
of
net
assets
as
of
March
31,
2021
Quarterly
Report
|
March
31,
2021
(Unaudited)
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
Communication
Services
$
13,184,095
$
–
$
615,678
$
13,799,773
Other
Industries
(a)
329,786,891
–
–
329,786,891
Total
Common
Stocks
342,970,986
–
615,678
343,586,664
Exchange
Traded
Fund
2,121,370
–
–
2,121,370
Rights
–
–
19,500
19,500
Warrants
15,184
–
–
15,184
Money
Market
Fund
–
2,906
–
2,906
Investments
Purchased
With
Cash
Proceeds
From
Securities
Lending
–
35,537,431
–
35,537,431
TOTAL
$345,107,540
$35,540,337
$635,178
$381,283,055
(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)
Common
Stocks
Rights
Total
Balance
as
of
06/30/2020
$
683,707
$
0
$
683,707
Purchases/Issuances
–
–
–
Sales/Expirations
(69,149)
–
(69,149)
Return
of
Capital
–
–
–
Realized
Gain/(Loss)
(520,235)
(750)
(520,985)
Change
in
unrealized
Appreciation/(Depreciation)
521,355
20,250
541,605
Transfers
in
–
–
–
Transfers
out
–
–
–
Balance
as
of
03/31/2021
$
615,678
$
19,500
$
635,178
Net
change
in
unrealized
Appreciation/(Depreciation)
from
investments
held
as
of
03/31/2021
$
10,869
$
–
$
10,869