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Performance Graph
SEC standardized performance is below graph

Growth of $10,000 Investment since Inception

	March Qtr. 1/1/08 to 3/31/08**	One Year 4/1/07 to 3/31/08	Three Years 4/1/05 to 3/31/08	Life-to-Date 10/31/03 to 3/31/08**
Small-Cap Growth Fund Class N	-11.41%	-9.08%	6.42%	7.05%
Russell 2000 Growth Index*	-12.83%	-8.94%	5.74%	6.23%
Lipper Small Cap Growth Funds Index*	-14.71%	-9.53%	4.77%	5.03%

Performance data quoted represents past performance and is no guarantee of future results.Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Total return figures include the reinvestment of dividends and capital gains. Please read the prospectus carefully before investing or sending money. For additional information, call Bridgeway Funds at 1-800-661-3550. As stated in the current prospectus, the Fund's gross annual operating expense is 0.88%.

*The Lipper Small-Cap Growth Funds Index is an index of small-company, growth-oriented funds compiled by Lipper, Inc., while the Russell 2000 Growth Index is an unmanaged index which consists of stocks in the Russell 2000 Index with higher price-to-book ratios and higher forecasted growth values. It is not possible to invest directly in an Index or Average.
**Periods less than one year are not annualized. Periods longer than one year are annualized Returns listed in the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The Fund is subject to above average market risk (volatility) and is not an appropriate investment for short-term investors. Investments in smaller companies generally carry greater risk than is customarily associated with larger companies for various reasons such as narrower markets, limited financial resources and less liquid stock. In addition, the Fund may exhibit added volatility due to investment techniques such as use of futures, options and leverage.