Small-Cap
Value
Fund
Schedule
of
Investments
(Unaudited)
1
Showing
percentage
of
net
assets
as
of
September
30,
2023
bridgewayfunds.com
Industry
Company
Shares
Value
.
Common
Stocks
-
99.12%
Communication
Services
-
4.29%
Clear
Channel
Outdoor
Holdings,
Inc.*
2,595,000
$
4,100,100
iHeartMedia,
Inc.,
Class A*
1,493,055
4,718,054
Sinclair,
Inc.+
477,442
5,356,899
Telephone
and
Data
Systems,
Inc.
331,200
6,064,272
Vivid
Seats,
Inc.,
Class A*
372,154
2,389,229
22,628,554
Consumer
Discretionary
-
13.10%
Abercrombie
&
Fitch
Co.,
Class A*
91,000
5,129,670
Beazer
Homes
USA,
Inc.*
193,600
4,822,576
Chico's
FAS,
Inc.*
1,029,000
7,696,920
Dine
Brands
Global,
Inc.
60,000
2,967,000
Ethan
Allen
Interiors,
Inc.
131,100
3,919,890
Green
Brick
Partners,
Inc.*
120,000
4,981,200
Group
1
Automotive,
Inc.
26,500
7,120,815
MarineMax,
Inc.*+
146,921
4,821,947
MDC
Holdings,
Inc.
140,325
5,785,600
Red
Rock
Resorts,
Inc.,
Class A
111,500
4,571,500
SeaWorld
Entertainment,
Inc.*
94,500
4,370,625
Signet
Jewelers,
Ltd.+
55,000
3,949,550
Sleep
Number
Corp.*
129,754
3,190,651
Smith
&
Wesson
Brands,
Inc.
318,703
4,114,456
Stitch
Fix,
Inc.,
Class A*+
469,608
1,620,147
69,062,547
Consumer
Staples
-
5.23%
Cal-Maine
Foods,
Inc.
114,000
5,519,880
Herbalife,
Ltd.*
312,600
4,373,274
Hostess
Brands,
Inc.*
223,300
7,438,123
Ingles
Markets,
Inc.,
Class A
61,400
4,625,262
SpartanNash
Co.
189,500
4,169,000
United
Natural
Foods,
Inc.*
102,300
1,446,522
27,572,061
Energy
-
8.82%
Amplify
Energy
Corp.*
626,000
4,601,100
Berry
Corp.
627,800
5,147,960
Callon
Petroleum
Co.*
100,600
3,935,472
Chord
Energy
Corp.
16,400
2,657,948
Civitas
Resources,
Inc.
26,430
2,137,394
Delek
US
Holdings,
Inc.
170,900
4,855,269
FLEX
LNG,
Ltd.+
109,700
3,308,552
Liberty
Energy,
Inc.
360,800
6,682,016
Industry
Company
Shares
Value
Energy
(continued)
Par
Pacific
Holdings,
Inc.*
165,100
$
5,933,694
PBF
Energy,
Inc.,
Class A
45,000
2,408,850
Teekay
Corp.*
787,270
4,857,456
46,525,711
Financials
-
25.57%
A-Mark
Precious
Metals,
Inc.
140,136
4,110,189
Ameris
Bancorp
93,800
3,600,982
Banco
Latinoamericano
de
Comercio
Exterior
SA,
Class E
82,600
1,751,120
Banner
Corp.
51,000
2,161,380
BCB
Bancorp,
Inc.
104,300
1,161,902
Bread
Financial
Holdings,
Inc.+
167,500
5,728,500
Byline
Bancorp,
Inc.
191,200
3,768,552
City
Holding
Co.+
66,400
5,999,240
Eagle
Bancorp,
Inc.
74,400
1,595,880
Eastern
Bankshares,
Inc.
349,464
4,382,279
Encore
Capital
Group,
Inc.*+
98,900
4,723,464
Enstar
Group,
Ltd.*
22,300
5,396,600
EZCORP,
Inc.,
Class A*+
429,300
3,541,725
Farmers
&
Merchants
Bancorp,
Inc./Archbold
61,400
1,076,342
FB
Financial
Corp.
72,100
2,044,756
First
BanCorp
404,000
5,437,840
First
Bancshares,
Inc.
(The)
67,200
1,812,384
Genworth
Financial,
Inc.,
Class A*
1,114,200
6,529,212
Green
Dot
Corp.,
Class A*
316,628
4,410,628
Hanmi
Financial
Corp.
263,200
4,271,736
HarborOne
Bancorp,
Inc.
212,000
2,018,240
Jackson
Financial,
Inc.,
Class A
167,692
6,409,188
James
River
Group
Holdings,
Ltd.
106,800
1,639,380
LendingClub
Corp.*
568,800
3,469,680
MVB
Financial
Corp.
118,500
2,675,730
Pagseguro
Digital,
Ltd.,
Class A*
655,000
5,639,550
Pathward
Financial,
Inc.
55,800
2,571,822
PennyMac
Financial
Services,
Inc.
63,500
4,229,100
Piper
Sandler
Cos.
20,300
2,949,793
PROG
Holdings,
Inc.*
175,769
5,837,288
SmartFinancial,
Inc.
58,500
1,250,145
Stewart
Information
Services
Corp.
136,300
5,969,940
Small-Cap
Value
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)
UMB
Financial
Corp.
21,500
$
1,334,075
Valley
National
Bancorp
547,600
4,687,456
Victory
Capital
Holdings,
Inc.,
Class A
71,998
2,400,413
Waterstone
Financial,
Inc.
250,400
2,741,880
WSFS
Financial
Corp.
151,059
5,513,654
134,842,045
Health
Care
-
8.74%
Addus
HomeCare
Corp.*
50,000
4,259,500
Atea
Pharmaceuticals,
Inc.*
347,612
1,042,836
Brookdale
Senior
Living,
Inc.*
1,327,216
5,494,675
Cross
Country
Healthcare,
Inc.*
201,400
4,992,706
Emergent
BioSolutions,
Inc.*
593,733
2,018,692
Inogen,
Inc.*
481,200
2,511,864
Neogen
Corp.*+
320,400
5,940,216
OraSure
Technologies,
Inc.*
390,000
2,312,700
PetIQ,
Inc.*
260,116
5,124,285
Prestige
Consumer
Healthcare,
Inc.*
106,100
6,067,859
Vanda
Pharmaceuticals,
Inc.*
219,700
949,104
Vir
Biotechnology,
Inc.*
575,900
5,396,183
46,110,620
Industrials
-
11.51%
Alight,
Inc.,
Class A*
759,200
5,382,728
ArcBest
Corp.
57,520
5,846,908
Barnes
Group,
Inc.
75,000
2,547,750
BlueLinx
Holdings,
Inc.*
55,857
4,585,301
Boise
Cascade
Co.
67,400
6,944,896
Costamare,
Inc.
273,027
2,626,520
Enviri
Corp.*
541,378
3,908,749
Kelly
Services,
Inc.,
Class A
128,000
2,328,320
Manitowoc
Co.,
Inc.
(The)*
181,541
2,732,192
Sterling
Infrastructure,
Inc.*
68,300
5,018,684
Textainer
Group
Holdings,
Ltd.
140,100
5,218,725
Titan
Machinery,
Inc.*
160,000
4,252,800
TrueBlue,
Inc.*
280,508
4,115,052
Werner
Enterprises,
Inc.
133,500
5,199,825
60,708,450
Information
Technology
-
5.40%
Amkor
Technology,
Inc.
220,700
4,987,820
Industry
Company
Shares
Value
Information
Technology
(continued)
Kulicke
&
Soffa
Industries,
Inc.
111,300
$
5,412,519
LiveRamp
Holdings,
Inc.*
193,300
5,574,772
NetScout
Systems,
Inc.*
127,800
3,580,956
ScanSource,
Inc.*
114,600
3,473,526
Squarespace,
Inc.,
Class A*
188,500
5,460,845
28,490,438
Materials
-
9.11%
AdvanSix,
Inc.
119,400
3,710,952
Alpha
Metallurgical
Resources,
Inc.
26,908
6,988,815
Clearwater
Paper
Corp.*
126,675
4,591,969
O-I
Glass,
Inc.*
212,400
3,553,452
Olympic
Steel,
Inc.
107,716
6,054,716
Rayonier
Advanced
Materials,
Inc.*
655,000
2,318,700
Ryerson
Holding
Corp.
150,600
4,380,954
Schnitzer
Steel
Industries,
Inc.,
Class A
87,668
2,441,554
SunCoke
Energy,
Inc.
561,325
5,697,449
TimkenSteel
Corp.*
262,900
5,710,188
Trinseo
PLC
316,400
2,584,988
48,033,737
Real
Estate
-
6.79%
Anywhere
Real
Estate,
Inc.*
731,895
4,706,085
Community
Healthcare
Trust,
Inc.
129,200
3,837,240
Equity
Commonwealth
149,000
2,737,130
Essential
Properties
Realty
Trust,
Inc.
203,900
4,410,357
Four
Corners
Property
Trust,
Inc.
253,000
5,614,070
Getty
Realty
Corp.
97,400
2,700,902
Opendoor
Technologies,
Inc.*+
1,253,300
3,308,712
Physicians
Realty
Trust
244,300
2,978,017
Plymouth
Industrial
REIT,
Inc.
119,069
2,494,495
Terreno
Realty
Corp.
53,100
3,016,080
35,803,088
Utilities
-
0.56%
MGE
Energy,
Inc.
42,800
2,932,228
TOTAL
COMMON
STOCKS
-
99.12%
522,709,479
(Cost
$545,154,530)
Small-Cap
Value
Fund
Schedule
of
Investments
(Unaudited)
(continued)
3
Showing
percentage
of
net
assets
as
of
September
30,
2023
bridgewayfunds.com
Industry
Company
Shares
Value
.
Exchange
Traded
Fund
-
0.49%
iShares
Russell
2000
Value
ETF+
19,000
$
2,575,450
TOTAL
EXCHANGE
TRADED
FUND
-
0.49%
2,575,450
(Cost
$2,833,083)
^
Rate^
B
Shares
B
Value
.
Money
Market
Fund
-
1.08%
Fidelity
Investments
Money
Market
Government
Portfolio
Class
I
5.23%
5,711,848
5,711,848
TOTAL
MONEY
MARKET
FUND
-
1.08%
5,711,848
(Cost
$5,711,848)
.
Investments
Purchased
With
Cash
Proceeds
From
Securities
Lending
-
1.46%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund**
5.30%
7,706,004
7,706,004
TOTAL
INVESTMENTS
PURCHASED
WITH
CASH
PROCEEDS
FROM
SECURITIES
LENDING
-
1.46%
7,706,004
(Cost
$7,706,004)
TOTAL
INVESTMENTS
-
102.15%
$
538,702,781
(Cost
$561,405,465)
Liabilities
in
Excess
of
Other
Assets
-
(2.15%)
(11,325,319)
NET
ASSETS
-
100.00%
$
527,377,462
*
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,
2023.
^
Rate
disclosed
as
of
September
30,
2023.
+
This
security
or
a
portion
of
the
security
is
out
on
loan
at
September
30,
2023.
Total
loaned
securities
had
a
value
of
$14,772,167,
which
included
loaned
securities
with
a
value
of
$694,937
that
have
been
sold
and
are
pending
settlement
as
of
September
30,
2023.
The
total
market
value
of
loaned
securities
excluding
these
pending
sales
is
$14,077,230.
PLC
-
Public
Limited
Company
Summary
of
inputs
used
to
value
the
Fund’s
investments
as
of
9/30/2023
:
Valuation
Inputs
Investment
in
Securities
(Value)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Common
Stocks
(a)
$
522,709,479
$
–
$
–
$
522,709,479
Exchange
Traded
Fund
2,575,450
–
–
2,575,450
Money
Market
Fund
5,711,848
–
–
5,711,848
Investments
Purchased
With
Cash
Proceeds
From
Securities
Lending
7,706,004
–
–
7,706,004
TOTAL
$538,702,781
$–
$–
$538,702,781
(a)
-
Please
refer
to
the
Schedule
of
Investments
for
the
industry
classifications
of
these
portfolio
holdings.