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<FILER-NAME> O'SHAUGHNESSY FUNDS, INC.
[FILE-NUMBER] 811-07695
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PAGE 1
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008 A00AA01 O'SHAUGHNESSY CAPITAL MANAGEMENT, INC.
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SIGNATURE SCOTT WARNER
TITLE ASSISTANT TREASURER
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McGLADREY & PULLEN, LLP
-----------------------
Certified Public Accountants and Consultants
REPORT OF CERTIFIED PUBLIC ACCOUNTANTS
The Board of Directors and Shareholders
O'Shaughnessy Fund, Inc.
In planning and performing our audit of the financial statements of the
Cornerstone Growth Fund, the Cornerstone Value Fund, the Aggressive Growth Fund
and the Dogs of the Market Fund of O'Shaughnessy Funds, Inc. for the period from
November 1, 1996 (commencement of operations) to September 30, 1997, we
considered its internal control, including controls over 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 the internal control
structure.
The management of O'Shaughnessy Fund, Inc. 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 controls. Generally, controls 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 controls include 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 component 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 controls over safeguarding securities, that we consider to be material
weaknesses as defined above as of September 30, 1997.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ McGladrey & Pullen, LLP
McGladrey & Pullen, LLP
New York, New York
October 24, 1997
