NOTES TO FINANCIAL STATEMENTS
Bridgeway Funds, Inc. ("Bridgeway") was organized as a Maryland corporation on October 19, 1993, and is
registered under the Investment Company Act of 1940, as amended, as a no-load, diversified, open-end
investment management company. Bridgeway is authorized to issue 1,000,000,000 shares of common stock at
$0.001 par value.
On June 25, 2003 the Bridgeway Fund Board of Directors changed the name of Bridgeway Fund, Inc. to
Bridgeway Funds, Inc. to more accurately describe the group of funds in the series. The Board also approved
calling each "Portfolio" in the series a "Fund" to bring the investment companies' names in line with industry
practice. Two funds were renamed: Ultra-Large 35 Index became Blue Chip 35 Index Fund to increase
investors' understanding of the type of companies in which the fund invests and Ultra-Small Company Tax
Advantage became Ultra-Small Company Market to simplify its name and to clarify that it may be appropriate
for nontaxable accounts.
Bridgeway is organized as a series fund and, as of June 30, 2003, has seven funds: the Aggressive Investors 1
Fund, the Aggressive Investors 2 Fund, the Ultra-Small Company Fund, the Ultra-Small Company Market Fund,
the Micro-Cap Limited Fund, the Blue Chip 35 Index Fund, and the Balanced Fund.
On November 21, 2001, the Aggressive Investors 1 Fund closed to new investors. On December 10, 2001, the
Ultra-Small Company Fund closed to all investors. On January 7, 2002, the Micro-Cap Limited Fund closed to
Bridgeway Capital Management, Inc. (the "Adviser") is the adviser.
2. Significant Accounting Policies:
The following is a summary of significant accounting policies followed in the preparation of financial statements of
the Ultra-Small Company Market Fund (the "Fund").
Securities, Futures and other Investments Valuation
Securities and futures are valued at the closing price traded on a principal U.S. securities exchange and on
NASDAQ. Short-term investments (i