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 Ultra-Small Company Market Fund was rated against the following number of US domiciled small-cap blend funds over the following time periods: 529 funds over the last three years, 415 funds over the last five years, and 175 funds over the last ten years. With respect to these small caps blend funds, Bridgeway Ultra-Small Company Market Fund received a Morningstar Rating of two stars, three stars, and five 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 very high, above market risk (volatility) and is not an appropriate investment for short-term investors. 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 1,800 ultra-small companies compiled by the Center for Research in Security Prices, with dividends reinvested. 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 with dividends reinvested. 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 CRSP 10 Index 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.
