*As stated in the current prospectus, the annual gross operating expense ratio is 0.22%, The Fund's adviser has agreed to contractually waive a portion of its fees and/or reimburse expenses such that total operating expenses do not exceed 0.15%. Any material change to this policy would require a vote by shareholders.
For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within the scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar Rating metrics. Bridgeway Blue Chip 35 Index Fund was ranked against the following number of US domiciled large-cap blend funds over the following time periods: 1,664 funds over the last three years, 1,314 funds over the last five years, and 621 funds over the last ten years. With respect to these large-cap blend funds, Bridgeway Blue Chip 35 Index Fund received a Morningstar Rating of three stars, two stars, and three stars for the three-, five-, and ten-year periods respectively. Past performance is no guarantee of future results.
©2008 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Investment style boxes are nine-box grids created by Morningstar that serve as a snapshot of the Fund’s investment style for each calendar year. The Fund’s placement in the box from left to right is based on growth and valuation analysis of the Fund’s holdings (Value, Blend, and Growth). Placement from top to bottom is based on market capitalization of the Fund’s holdings (Large-Cap, Mid-Cap, and Small-Cap).
Performance Quartile boxes rank the Fund’s investment return for each calendar year versus its peers based on Morningstar’s investment categories. Boxes are divided into four parts separated at the 25th, 50th, and 75th percentiles with the strongest performers on top and the weakest performers on bottom.
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 1-800-661-3550 or visiting the Fund’s website at www.bridgeway.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 market risk (volatility) and is not an appropriate investment for short-term investors.
The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks while the Bridgeway Ultra-Large 35 Index is an equally weighted index comprised of very large, "blue chip" U.S. stocks, excluding tobacco; it is compiled by the adviser of the Fund. It is not possible to invest directly in an index.
Holdings and sector weightings are subject to change without notice. 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 S&P 500 over the past three years. A beta above 1 is more volatile than the overall market, while a beta below 1 is less volatile.
The Fund is distributed by Foreside Fund Services, LLC, which is not affiliated with Bridgeway Capital Management, Inc.™ or any other affiliate.
