Ultra-Small Company Fund

Before investing you should carefully consider the Fund's investment objectives, risks, charges, and expenses. This and other information is in the prospectus, a copy of which may be obtained by calling 800-661-3550 or visiting the Fund's website at bridgewayfunds.com. Please read the prospectus carefully before you invest.

Total return figures include the reinvestment of dividends and capital gains. Some of the fees were waived or expenses reimbursed; returns would have been lower had this not been the case. Returns do not reflect the taxes that a shareholder who owned this Fund in a taxable account would pay on Fund distributions or on the redemption of Fund shares.

The Fund is subject to very high, above market risk (volatility) and is not an appropriate investment for short-term investors. In addition, market turbulence and reduced liquidity in the markets may negatively affect many issuers, which could adversely affect the Funds. Investments in ultra-small companies generally carry greater risk than is customarily associated with larger companies and even "small companies" for various reasons such as narrower markets (fewer investors), limited financial resources, and greater trading difficulty.

The CRSP Cap-Based Portfolio10 Index (CRSP 10 Index) is an unmanaged index of roughly 1,000 ultra-small companies compiled by the Center for Research in Security Prices. The Russell 2000® Index is an unmanaged, market value-weighted index, which measures performance of the 2,000 companies that are between the 1,000th and 3,000th largest in the market. The Russell Microcap® Index measures the performance of microcap stocks, which make up less than 3% of the US equity market (by market cap) and consist of the smallest 1,000 securities in the Russell 2000® Index, plus the next smallest eligible securities by market cap, with dividends reinvested. It is not possible to invest directly in an index.

Effective October 31, 2021, the Fund changed its broad-based securities market benchmark from the CRSP Cap-Based Portfolio 10 Index to the Russell Microcap® Index. The Adviser believes the Russell Microcap® Index is the most appropriate publicly accessible comparison for evaluating the Fund’s performance.

Holdings and sector weightings are subject to change without notice. Percentages may not total 100 due to rounding. Price-to-earnings ratios, price-to-book ratios, price-to-cash flow ratios, and price-to-sales ratios all express the value of a stock's most recent closing price as divided by the underlying company's earnings per share, book value per share, cash flow per share, or revenues per share (respectively), all as computed over the previous 12 months. Beta is a quantitative measure of the volatility of the Fund relative to the CRSP 10 Index over the past three years. A beta above one is more volatile than the overall market, while a beta below one is less volatile.

The Fund is distributed by Foreside Fund Services, LLC, which is not affiliated with Bridgeway Capital Management, LLC or any other affiliate.