Bridgeway Managed Volatility Fund

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Up to 75% of its total assets may be invested in common stocks and options on any size companies on which options are traded on a national securities exchange. At all times, at least 25% of its total assets will be invested in equities. The fund may invest up to 15% of its total assets in foreign securities. The Adviser normally invests at least 25% of its total assets in money market funds or fixed-income securities.