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<PAGE> PAGE 2
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<PAGE> PAGE 3
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SIGNATURE SAM WEGBREIT
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000914037
<NAME> O.R.I. FUNDS, INC. - O.R.I. GROWTH FUND CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-END> NOV-30-1997
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<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 592594
<SHARES-COMMON-PRIOR> 466202
<ACCUMULATED-NII-CURRENT> 0
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<OTHER-INCOME> 0
<EXPENSES-NET> 191755
<NET-INVESTMENT-INCOME> (128696)
<REALIZED-GAINS-CURRENT> 895701
<APPREC-INCREASE-CURRENT> 1610223
<NET-CHANGE-FROM-OPS> 2374950
<EQUALIZATION> 953
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 508673
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 144595
<NUMBER-OF-SHARES-REDEEMED> 48465
<SHARES-REINVESTED> 30262
<NET-CHANGE-IN-ASSETS> 4368497
<ACCUMULATED-NII-PRIOR> 0
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<PER-SHARE-DISTRIBUTIONS> (1.09)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.84
<EXPENSE-RATIO> 2.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000914037
<NAME> O.R.I. FUNDS, INC. - O.R.I. GROWTH FUND CLASS C
<S> <C>
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</TABLE>
To the Shareholders and Board of Directors
of O.R.I. Growth Fund
In planning and performing our audit of the financial statements of
O.R.I. Growth Fund (the Fund) for the year ended November
30, 1997, we considered its internal control, including control
activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of control activities. Generally,
control activities that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted
accounting principles. Those control activities include the
safeguarding of assets against unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal control, errors or
irregularities may occur and not be detected. Also, projection of
any evaluation of internal control to future periods is subject to the
risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a
condition in which the design or operation of any specific internal
control components does not reduce to a relatively low level the
risk that errors or irregularities in amounts that would be material
in relation to the financial statements being audited may occur and
not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted
no matters involving internal control, including control activities
for safeguarding securities, that we consider to be material
weaknesses as defined above as of November 30, 1997.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
Milwaukee, Wisconsin
December 18, 1997
