O SHAUGHNESSY FUNDS INC
NSAR-A, 1997-05-16
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PAGE 1
000 A000000 03/31/97
000 C000000 0001017953
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 O'SHAUGHNESSY FUNDS, INC.
001 B000000 811-07695
001 C000000 6029521100
002 A000000 479 W. 22ND STREET
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10011
003  000000 Y
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  4
007 C010100  1
007 C020100 O'SHAUGHNESSY AGGRESSIVE GROWTH FUND
007 C030100 N
007 C010200  2
007 C020200 O'SHAUGHNESSY DOGS OF THE MARKET FUND
007 C030200 N
007 C010300  3
007 C020300 O'SHAUGHNESSY CORNERSTONE GROWTH FUND
007 C030300 N
007 C010400  4
007 C020400 O'SHAUGHNESSY CORNERSTONE VALUE FUND
007 C030400 N
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
007 C011100 11
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007 C012000 20
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<PAGE>      
PAGE  2
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007 C012600 26
007 C012700 27
007 C012800 28
007 C012900 29
007 C013000 30
008 A00AA01 O'SHAUGHNESSY CAPITAL MANAGEMENT, INC.
008 B00AA01 A
008 C00AA01 801-33868
008 D01AA01 GREENWICH
008 D02AA01 CT
008 D03AA01 06830
010 A00AA01 INVESTMENT COMPANY ADMINISTRATION CORPORATION
010 C01AA01 PHOENIX
010 C02AA01 AZ
010 C03AA01 85018
011 A00AA01 FIRST FUND DISTRIBUTORS, INC.
011 B00AA01 8-42809
011 C01AA01 PHOENIX
011 C02AA01 AZ
011 C03AA01 85018
012 A00AA01 FIRSTAR TRUST COMPANY
012 B00AA01 85-0041000
012 C01AA01 MILWAUKEE
012 C02AA01 WI
012 C03AA01 53202
013 A00AA01 MCGLADREY & PULLEN, LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10017
013 B04AA01 2416
015 A00AA01 FIRSTAR TRUST COMPANY
015 B00AA01 C
015 C01AA01 MILWAUKEE
015 C02AA01 WI
015 C03AA01 53202
015 E01AA01 X
018  00AA00 Y
019 A00AA00 N
019 B00AA00    0
020 A000001 LEHMAN BROTHERS, INC.
020 B000001 13-2518466
020 C000001     31
020 A000002 INSTINET
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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>      
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<PAGE>      
PAGE  16
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PAGE  17
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<PAGE>      
PAGE  18
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SIGNATURE   THOMAS MARSCHEL                              
TITLE       ASSISTANT TREASURER 

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001017953
<NAME> O'SHAUGHNESSY FUNDS, INC.
<SERIES>
   <NUMBER> 1
   <NAME> O'SHAUGHNESSY AGGRESSIVE GROWTH FUND
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   5-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                              NOV-1-1996
<PERIOD-END>                               MAR-31-1997
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                        1,528,974
<INVESTMENTS-AT-VALUE>                       1,498,634
<RECEIVABLES>                                   17,315
<ASSETS-OTHER>                                  36,317
<OTHER-ITEMS-ASSETS>                             2,127
<TOTAL-ASSETS>                               1,554,393
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<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      119,157
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<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     1,508,507
<SHARES-COMMON-STOCK>                          145,577
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<ACCUMULATED-NII-CURRENT>                      (3,365)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (39,566)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                      (30,340)
<NET-ASSETS>                                 1,435,236
<DIVIDEND-INCOME>                                1,591
<INTEREST-INCOME>                                1,233
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   6,188
<NET-INVESTMENT-INCOME>                        (3,364)
<REALIZED-GAINS-CURRENT>                      (39,566)
<APPREC-INCREASE-CURRENT>                     (30,341)
<NET-CHANGE-FROM-OPS>                         (73,271)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
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<NUMBER-OF-SHARES-SOLD>                        192,247
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<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 54,999
<AVERAGE-NET-ASSETS>                         1,388,765
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                  (.02)
<PER-SHARE-GAIN-APPREC>                          (.12)
<PER-SHARE-DIVIDEND>                                 0
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<EXPENSE-RATIO>                                    .02
<AVG-DEBT-OUTSTANDING>                               0
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001017953
<NAME> O'SHAUGHNESSY FUNDS, INC.
<SERIES>
   <NUMBER> 2
   <NAME> O'SHAUGHNESSY DOGS OF THE MARKET FUND
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   5-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                              NOV-1-1996
<PERIOD-END>                               MAR-31-1997
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                        2,937,803
<INVESTMENTS-AT-VALUE>                       2,871,092
<RECEIVABLES>                                   19,905
<ASSETS-OTHER>                                  39,084
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               2,930,081
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       23,801
<TOTAL-LIABILITIES>                             23,801
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     2,965,704
<SHARES-COMMON-STOCK>                          288,953
<SHARES-COMMON-PRIOR>                            2,500
<ACCUMULATED-NII-CURRENT>                        6,675
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                            612
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                      (66,711)
<NET-ASSETS>                                 2,906,280
<DIVIDEND-INCOME>                               14,528
<INTEREST-INCOME>                                2,753
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   9,815
<NET-INVESTMENT-INCOME>                          7,466
<REALIZED-GAINS-CURRENT>                           612
<APPREC-INCREASE-CURRENT>                     (66,711)
<NET-CHANGE-FROM-OPS>                         (58,633)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                          791
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        292,356
<NUMBER-OF-SHARES-REDEEMED>                      5,969
<SHARES-REINVESTED>                                 66
<NET-CHANGE-IN-ASSETS>                       2,881,280
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            4,417
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 56,400
<AVERAGE-NET-ASSETS>                         1,185,545
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                    .04
<PER-SHARE-GAIN-APPREC>                            .03  
<PER-SHARE-DIVIDEND>                               .01
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.06
<EXPENSE-RATIO>                                    .02
<AVG-DEBT-OUTSTANDING>                               0
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001017953
<NAME> O'SHAUGHNESSY FUNDS, INC.
<SERIES>
   <NUMBER> 3
   <NAME> O'SHAUGHNESSY CORNERSTONE GROWTH FUND
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   5-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                              NOV-1-1996
<PERIOD-END>                               MAR-31-1997
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                        7,464,120
<INVESTMENTS-AT-VALUE>                       7,268,198
<RECEIVABLES>                                  160,589
<ASSETS-OTHER>                                  43,929
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               7,472,716
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       22,262
<TOTAL-LIABILITIES>                             22,262
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     7,686,499
<SHARES-COMMON-STOCK>                          764,482
<SHARES-COMMON-PRIOR>                            2,500
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<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (26,587)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     (195,922)
<NET-ASSETS>                                 7,450,454
<DIVIDEND-INCOME>                                3,132
<INTEREST-INCOME>                                7,096
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  23,418
<NET-INVESTMENT-INCOME>                       (13,190)
<REALIZED-GAINS-CURRENT>                      (26,587)
<APPREC-INCREASE-CURRENT>                    (195,923)
<NET-CHANGE-FROM-OPS>                        (235,700)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                          345
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        772,011
<NUMBER-OF-SHARES-REDEEMED>                   (10,059)
<SHARES-REINVESTED>                                 30
<NET-CHANGE-IN-ASSETS>                       7,425,454
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            8,665
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 60,892
<AVERAGE-NET-ASSETS>                         2,832,510
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                  (.02)
<PER-SHARE-GAIN-APPREC>                          (.23)
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.75
<EXPENSE-RATIO>                                    .02
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001017953
<NAME> O'SHAUGHNESSY FUNDS, INC.
<SERIES>
   <NUMBER> 4
   <NAME> O'SHAUGHNESSY CORNERSTONE VALUE FUND
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   5-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                              NOV-1-1996
<PERIOD-END>                               MAR-31-1997
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                        6,530,562
<INVESTMENTS-AT-VALUE>                       6,295,844
<RECEIVABLES>                                   28,882
<ASSETS-OTHER>                                  43,175
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               6,367,901
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       23,035
<TOTAL-LIABILITIES>                             23,035
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     6,560,587
<SHARES-COMMON-STOCK>                          647,517
<SHARES-COMMON-PRIOR>                            2,500
<ACCUMULATED-NII-CURRENT>                       17,444
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          1,553
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     (234,718)
<NET-ASSETS>                                 6,344,866
<DIVIDEND-INCOME>                               30,529
<INTEREST-INCOME>                                5,238
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  16,651
<NET-INVESTMENT-INCOME>                         19,116
<REALIZED-GAINS-CURRENT>                         1,553
<APPREC-INCREASE-CURRENT>                    (234,718)
<NET-CHANGE-FROM-OPS>                        (214,049)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        1,672
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        650,042
<NUMBER-OF-SHARES-REDEEMED>                      5,157
<SHARES-REINVESTED>                                132
<NET-CHANGE-IN-ASSETS>                       6,319,866
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            6,161
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 58,209
<AVERAGE-NET-ASSETS>                         2,013,107
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                    .04
<PER-SHARE-GAIN-APPREC>                          (.22)
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<RETURNS-OF-CAPITAL>                                 0
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<EXPENSE-RATIO>                                    .02
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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