<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
SIGNATURE GLEN W. FEAGINS
TITLE TREASURER
[DESCRIPTION] ACCOUNTANT'S REPORT ON INTERNAL CONTROL
To the Board of Directors of Bridgeway Fund, Inc.
and Shareholders of the Ultra-Small Company,
Aggressive Growth and Social Responsibility Portfolios:
In planning and performing our audit of the financial
statements and financial highlights of Bridgeway Fund, Inc.
(comprising, respectively, the Ultra-Small Company,
Aggressive Growth, and Social Responsibility Portfolios) for
the year ended June 30, 1997, we considered its internal
control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial
statements and financial highlights and to comply with the
requirements of Form N-SAR, not to provide assurance on the
internal control structure.
The management of Bridgeway Fund, Inc. is responsible for
establishing and maintaining an internal control structure.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of internal control structure policies and
procedures. Two of the objectives of an internal control
structure are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition and that transactions
are executed in accordance with management's authorization
and recorded properly to permit preparation of financial
statements in conformity with generally accepted accounting
principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the
structure 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 the internal control structure would not
necessarily disclose all matters in the internal control
structure 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 the specific internal control
structure elements 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 and
financial highlights 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 the internal control structure,
including procedures for safeguarding securities, that we
consider to be material weaknesses, as defined above, as of
August 29, 1997.
This report is intended solely for the information and use of
management of Bridgeway Fund, Inc. and the Securities and
Exchange Commission
Houston, Texas
August 29, 1997
[ARTICLE] 6
[SERIES]
[NUMBER] 01
[NAME] BRIDGEWAY ULTRA-SMALL COMPANY PORTFOLIO
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] JUN-30-1997
[PERIOD-END] JUN-30-1997
[INVESTMENTS-AT-COST] 23761474
[INVESTMENTS-AT-VALUE] 29405249
[RECEIVABLES] 35894
[ASSETS-OTHER] 1395535
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 30836678
[PAYABLE-FOR-SECURITIES] 738317
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 28159
[TOTAL-LIABILITIES] 766476
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 24321986
[SHARES-COMMON-STOCK] 1458054
[SHARES-COMMON-PRIOR] 273245
[ACCUMULATED-NII-CURRENT] (203962)
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 104441
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 5643775
[NET-ASSETS] 30070202
[DIVIDEND-INCOME] 21508
[INTEREST-INCOME] 22905
[OTHER-INCOME] 0
[EXPENSES-NET] 248375
[NET-INVESTMENT-INCOME] (203962)
[REALIZED-GAINS-CURRENT] 238109
[APPREC-INCREASE-CURRENT] 5324346
[NET-CHANGE-FROM-OPS] 5358493
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 228177
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1341007
[NUMBER-OF-SHARES-REDEEMED] 168592
[SHARES-REINVESTED] 12394
[NET-CHANGE-IN-ASSETS] 20512611
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 297216
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 143395
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 278102
[AVERAGE-NET-ASSETS] 14926505
[PER-SHARE-NAV-BEGIN] 16.68
[PER-SHARE-NII] (.24)
[PER-SHARE-GAIN-APPREC] 4.5
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] .32
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 20.62
[EXPENSE-RATIO] 1.67
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[SERIES]
[NUMBER] 02
[NAME] BRIDGEWAY FUND AGGRESSIVE GROWTH PORTFOLIO
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] JUN-30-1997
[PERIOD-END] JUN-30-1997
[INVESTMENTS-AT-COST] 2975477
[INVESTMENTS-AT-VALUE] 3475733
[RECEIVABLES] 90680
[ASSETS-OTHER] 44635
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 3611048
[PAYABLE-FOR-SECURITIES] 171843
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 18715
[TOTAL-LIABILITIES] 190558
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 2744714
[SHARES-COMMON-STOCK] 182035
[SHARES-COMMON-PRIOR] 90177
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 175520
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 500256
[NET-ASSETS] 3420490
[DIVIDEND-INCOME] 7009
[INTEREST-INCOME] 7137
[OTHER-INCOME] 0
[EXPENSES-NET] 47284
[NET-INVESTMENT-INCOME] (33138)
[REALIZED-GAINS-CURRENT] 187476
[APPREC-INCREASE-CURRENT] 372114
[NET-CHANGE-FROM-OPS] 526452
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 128863
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 129254
[NUMBER-OF-SHARES-REDEEMED] 44758
[SHARES-REINVESTED] 7362
[NET-CHANGE-IN-ASSETS] 1918005
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 151751
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 28802
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 65410
[AVERAGE-NET-ASSETS] 2371620
[PER-SHARE-NAV-BEGIN] 16.66
[PER-SHARE-NII] (.24)
[PER-SHARE-GAIN-APPREC] 3.43
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 1.06
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 18.79
[EXPENSE-RATIO] 2.00
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[SERIES]
[NUMBER] 03
[NAME] BRIDGEWAY FUND SOCIAL RESPONSIBILITY PORTFOLIO
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] JUN-30-1997
[PERIOD-END] JUN-30-1997
[INVESTMENTS-AT-COST] 512500
[INVESTMENTS-AT-VALUE] 629556
[RECEIVABLES] 951
[ASSETS-OTHER] 30013
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 660520
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 22591
[TOTAL-LIABILITIES] 22591
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 523669
[SHARES-COMMON-STOCK] 39363
[SHARES-COMMON-PRIOR] 24591
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (2769)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 117056
[NET-ASSETS] 637929
[DIVIDEND-INCOME] 2972
[INTEREST-INCOME] 4883
[OTHER-INCOME] 0
[EXPENSES-NET] 6791
[NET-INVESTMENT-INCOME] 1064
[REALIZED-GAINS-CURRENT] 8591
[APPREC-INCREASE-CURRENT] 71190
[NET-CHANGE-FROM-OPS] 80545
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 21520
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 17127
[NUMBER-OF-SHARES-REDEEMED] 3911
[SHARES-REINVESTED] 1556
[NET-CHANGE-IN-ASSETS] 276969
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 8142
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1596
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 26290
[AVERAGE-NET-ASSETS] 453770
[PER-SHARE-NAV-BEGIN] 14.68
[PER-SHARE-NII] .03
[PER-SHARE-GAIN-APPREC] 2.31
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] .81
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 16.21
[EXPENSE-RATIO] 1.5
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
