<PAGE> PAGE 1
000 A000000 03/31/98
000 C000000 0001017953
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 O'SHAUGHNESSY FUNDS, INC.
001 B000000 811-07695
001 C000000 6029521100
002 A000000 4455 E. CAMELBACK RD., SUITE 261-E
002 B000000 PHOENIX
002 C000000 AZ
002 D010000 85018
003 000000 N
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
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.
<PAGE> PAGE 2
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 177
020 A000002 INSTINET
020 B000002 13-3443395
020 C000002 108
020 A000003 BEAR STEARNS
020 C000003 25
020 A000004 LEHMAN BROTHERS
020 C000004 3
020 A000005 BURNS FRY LIMITED
020 C000005 4
020 A000006 SCHWAB CHARLES AND CO., INC
020 C000006 2
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 319
022 A000001 LEHMAN BROTHERS, INC.
022 B000001 13-2518466
022 C000001 3532
022 D000001 12949
022 A000002 INSTINET CORPORATION
022 B000002 13-3443395
022 C000002 4
022 D000002 89
022 A000003 FIRSTAR BANK MONEY CENTER
<PAGE> PAGE 3
022 B000003 39-0281225
022 C000003 0
022 D000003 1331
022 A000004 BEAR STEARNS
022 C000004 3122
022 D000004 65
022 A000005 HERZOG HEINE GOULD, INC
022 C000005 275
022 D000005 144
022 A000006 LEHMAN BROTHERS
022 C000006 1168
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 8101
023 D000000 14578
024 00AA00 N
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 Y
038 00AA00 0
039 00AA00 Y
040 00AA00 N
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
<PAGE> PAGE 4
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 Y
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 250
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
<PAGE> PAGE 5
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
077 A000000 N
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00 525
081 A00AA00 N
081 B00AA00 0
082 A00AA00 Y
082 B00AA00 10
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 N
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A010100 1602
028 A020100 0
028 A030100 0
028 A040100 164
028 B010100 905
028 B020100 0
028 B030100 0
028 B040100 273
028 C010100 502
028 C020100 103
028 C030100 0
028 C040100 667
028 D010100 1513
028 D020100 0
028 D030100 0
028 D040100 360
028 E010100 1632
<PAGE> PAGE 6
028 E020100 0
028 E030100 0
028 E040100 207
028 F010100 1307
028 F020100 0
028 F030100 0
028 F040100 328
028 G010100 7461
028 G020100 103
028 G030100 0
028 G040100 1999
028 H000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 1.000
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
066 A000100 Y
066 B000100 Y
066 C000100 N
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
<PAGE> PAGE 7
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100 12085
071 B000100 6578
071 C000100 7865
071 D000100 84
072 A000100 6
072 B000100 3
072 C000100 14
072 D000100 0
072 E000100 0
072 F000100 38
072 G000100 5
072 H000100 0
072 I000100 7
072 J000100 7
072 K000100 0
072 L000100 6
072 M000100 5
<PAGE> PAGE 8
072 N000100 8
072 O000100 0
072 P000100 0
072 Q000100 8
072 R000100 5
072 S000100 1
072 T000100 0
072 U000100 3
072 V000100 0
072 W000100 3
072 X000100 96
072 Y000100 19
072 Z000100 -60
072AA000100 674
072BB000100 753
072CC010100 1486
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 104
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.2000
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 11413
074 G000100 0
074 H000100 0
074 I000100 13
074 J000100 0
074 K000100 0
074 L000100 9
074 M000100 38
074 N000100 11473
074 O000100 0
074 P000100 9
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 17
074 S000100 0
074 T000100 11447
074 U010100 807
074 U020100 0
074 V010100 14.18
074 V020100 0.00
<PAGE> PAGE 9
074 W000100 0.0000
074 X000100 1202
074 Y000100 0
075 A000100 0
075 B000100 7717
076 000100 0.00
028 A010200 1001
028 A020200 0
028 A030200 0
028 A040200 184
028 B010200 469
028 B020200 0
028 B030200 0
028 B040200 203
028 C010200 1123
028 C020200 504
028 C030200 0
028 C040200 222
028 D010200 3718
028 D020200 0
028 D030200 0
028 D040200 444
028 E010200 3303
028 E020200 0
028 E030200 0
028 E040200 489
028 F010200 5171
028 F020200 0
028 F030200 0
028 F040200 483
028 G010200 14785
028 G020200 504
028 G030200 0
028 G040200 2025
028 H000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.740
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
<PAGE> PAGE 10
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 Y
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
<PAGE> PAGE 11
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 Y
070 R020200 N
071 A000200 17651
071 B000200 5198
071 C000200 11942
071 D000200 44
072 A000200 6
072 B000200 7
072 C000200 148
072 D000200 0
072 E000200 0
072 F000200 43
072 G000200 6
072 H000200 0
072 I000200 7
072 J000200 7
072 K000200 0
072 L000200 6
072 M000200 5
072 N000200 8
072 O000200 0
072 P000200 0
072 Q000200 8
072 R000200 5
072 S000200 1
072 T000200 0
072 U000200 3
072 V000200 0
072 W000200 3
072 X000200 102
072 Y000200 3
072 Z000200 56
072AA000200 317
072BB000200 102
072CC010200 1619
072CC020200 0
072DD010200 70
072DD020200 0
072EE000200 444
073 A010200 0.0900
073 A020200 0.0000
073 B000200 0.5900
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 0
074 D000200 0
<PAGE> PAGE 12
074 E000200 0
074 F000200 21221
074 G000200 0
074 H000200 0
074 I000200 1971
074 J000200 0
074 K000200 0
074 L000200 160
074 M000200 47
074 N000200 23399
074 O000200 1740
074 P000200 13
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 19
074 S000200 0
074 T000200 21627
074 U010200 1680
074 U020200 0
074 V010200 12.88
074 V020200 0.00
074 W000200 0.0000
074 X000200 2621
074 Y000200 0
075 A000200 0
075 B000200 13644
076 000200 0.00
028 A010300 14661
028 A020300 0
028 A030300 0
028 A040300 38906
028 B010300 8947
028 B020300 0
028 B030300 0
028 B040300 9523
028 C010300 4436
028 C020300 7165
028 C030300 0
028 C040300 6083
028 D010300 9081
028 D020300 0
028 D030300 0
028 D040300 6170
028 E010300 11290
028 E020300 0
028 E030300 0
028 E040300 2878
028 F010300 9091
028 F020300 0
<PAGE> PAGE 13
028 F030300 0
028 F040300 4361
028 G010300 57506
028 G020300 7165
028 G030300 0
028 G040300 67921
028 H000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.740
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
066 A000300 Y
066 B000300 N
066 C000300 N
066 D000300 Y
066 E000300 N
066 F000300 N
066 G000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
<PAGE> PAGE 14
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 Y
070 R020300 N
071 A000300 75778
071 B000300 86802
071 C000300 66531
071 D000300 114
072 A000300 6
072 B000300 9
072 C000300 69
072 D000300 0
072 E000300 0
072 F000300 237
072 G000300 32
072 H000300 0
072 I000300 17
072 J000300 14
072 K000300 0
072 L000300 7
072 M000300 5
072 N000300 18
072 O000300 0
072 P000300 0
072 Q000300 8
072 R000300 5
<PAGE> PAGE 15
072 S000300 3
072 T000300 0
072 U000300 3
072 V000300 0
072 W000300 6
072 X000300 355
072 Y000300 0
072 Z000300 -277
072AA000300 8940
072BB000300 10636
072CC010300 10408
072CC020300 0
072DD010300 0
072DD020300 0
072EE000300 7364
073 A010300 0.0000
073 A020300 0.0000
073 B000300 1.7800
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 78436
074 G000300 0
074 H000300 490
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 79
074 M000300 92
074 N000300 79097
074 O000300 0
074 P000300 53
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 99
074 S000300 0
074 T000300 78945
074 U010300 6089
074 U020300 0
074 V010300 12.96
074 V020300 0.00
074 W000300 0.0000
074 X000300 6409
074 Y000300 0
075 A000300 0
075 B000300 64200
<PAGE> PAGE 16
076 000300 0.00
028 A010400 1915
028 A020400 0
028 A030400 0
028 A040400 1355
028 B010400 1301
028 B020400 0
028 B030400 0
028 B040400 172
028 C010400 1132
028 C020400 227
028 C030400 0
028 C040400 454
028 D010400 2591
028 D020400 0
028 D030400 0
028 D040400 369
028 E010400 1881
028 E020400 0
028 E030400 0
028 E040400 767
028 F010400 1882
028 F020400 0
028 F030400 0
028 F040400 525
028 G010400 10702
028 G020400 227
028 G030400 0
028 G040400 3642
028 H000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.740
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
<PAGE> PAGE 17
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
066 A000400 Y
066 B000400 N
066 C000400 N
066 D000400 N
066 E000400 N
066 F000400 N
066 G000400 Y
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 Y
<PAGE> PAGE 18
070 R020400 N
071 A000400 15251
071 B000400 7517
071 C000400 16799
071 D000400 45
072 A000400 6
072 B000400 5
072 C000400 298
072 D000400 0
072 E000400 0
072 F000400 62
072 G000400 8
072 H000400 0
072 I000400 7
072 J000400 9
072 K000400 0
072 L000400 5
072 M000400 5
072 N000400 12
072 O000400 0
072 P000400 0
072 Q000400 8
072 R000400 5
072 S000400 3
072 T000400 0
072 U000400 3
072 V000400 0
072 W000400 5
072 X000400 132
072 Y000400 0
072 Z000400 171
072AA000400 960
072BB000400 485
072CC010400 2897
072CC020400 0
072DD010400 232
072DD020400 0
072EE000400 2
073 A010400 0.1700
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 22714
074 G000400 0
074 H000400 0
074 I000400 72
<PAGE> PAGE 19
074 J000400 0
074 K000400 0
074 L000400 100
074 M000400 45
074 N000400 22931
074 O000400 0
074 P000400 16
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 21
074 S000400 0
074 T000400 22894
074 U010400 1800
074 U020400 0
074 V010400 12.72
074 V020400 0.00
074 W000400 0.0000
074 X000400 2035
074 Y000400 0
075 A000400 0
075 B000400 16955
076 000400 0.00
SIGNATURE SCOTT WARNER
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> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-1-1997
<PERIOD-END> MAR-31-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 9,940,401
<INVESTMENTS-AT-VALUE> 11,426,046
<RECEIVABLES> 8,556
<ASSETS-OTHER> 38,432
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,473,034
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 25,570
<TOTAL-LIABILITIES> 25,570
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,112,751
<SHARES-COMMON-STOCK> 807,289
<SHARES-COMMON-PRIOR> 388,365
<ACCUMULATED-NII-CURRENT> (83,894)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (67,038)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,485,645
<NET-ASSETS> 11,447,464
<DIVIDEND-INCOME> 13,969
<INTEREST-INCOME> 2,961
<OTHER-INCOME> 0
<EXPENSES-NET> 76,718
<NET-INVESTMENT-INCOME> (59,788)
<REALIZED-GAINS-CURRENT> (78,855)
<APPREC-INCREASE-CURRENT> 540,899
<NET-CHANGE-FROM-OPS> 402,256
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 104,043
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 561,989
<NUMBER-OF-SHARES-REDEEMED> 153,872
<SHARES-REINVESTED> 8,307
<NET-CHANGE-IN-ASSETS> 5,863,216
<ACCUMULATED-NII-PRIOR> (24,106)
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 38,291
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 96,078
<AVERAGE-NET-ASSETS> 7,717,209
<PER-SHARE-NAV-BEGIN> 14.29
<PER-SHARE-NII> (.04)
<PER-SHARE-GAIN-APPREC> 0.13
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.20)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.18
<EXPENSE-RATIO> .20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-1-1997
<PERIOD-END> MAR-31-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 21,572,885
<INVESTMENTS-AT-VALUE> 23,192,260
<RECEIVABLES> 160,115
<ASSETS-OTHER> 46,902
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23,399,277
<PAYABLE-FOR-SECURITIES> 1,740,241
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31,992
<TOTAL-LIABILITIES> 1,772,233
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19,751,022
<SHARES-COMMON-STOCK> 1,679,533
<SHARES-COMMON-PRIOR> 603,696
<ACCUMULATED-NII-CURRENT> 40,737
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 215,910
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,619,375
<NET-ASSETS> 21,627,044
<DIVIDEND-INCOME> 148,346
<INTEREST-INCOME> 6,518
<OTHER-INCOME> 0
<EXPENSES-NET> 98,747
<NET-INVESTMENT-INCOME> 56,117
<REALIZED-GAINS-CURRENT> 215,598
<APPREC-INCREASE-CURRENT> 1,356,921
<NET-CHANGE-FROM-OPS> 1,628,636
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 69,959
<DISTRIBUTIONS-OF-GAINS> 443,982
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,195,496
<NUMBER-OF-SHARES-REDEEMED> 164,406
<SHARES-REINVESTED> 42,247
<NET-CHANGE-IN-ASSETS> 14,378,981
<ACCUMULATED-NII-PRIOR> 54,579
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 42,646
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 102,161
<AVERAGE-NET-ASSETS> 11,643,859
<PER-SHARE-NAV-BEGIN> 11.96
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 1.58
<PER-SHARE-DIVIDEND> (0.09)
<PER-SHARE-DISTRIBUTIONS> (.59)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.88
<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> 3
<NAME> O'SHAUGHNESSY CORNERSTONE GROWTH FUND
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-1-1997
<PERIOD-END> MAR-31-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 68,517,608
<INVESTMENTS-AT-VALUE> 78,926,095
<RECEIVABLES> 79,130
<ASSETS-OTHER> 91,416
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 79,096,641
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 152,058
<TOTAL-LIABILITIES> 152,058
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 77,677,857
<SHARES-COMMON-STOCK> 6,089,170
<SHARES-COMMON-PRIOR> 5,964,061
<ACCUMULATED-NII-CURRENT> (420,924)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (8,720,837)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,408,487
<NET-ASSETS> 78,944,583
<DIVIDEND-INCOME> 68,566
<INTEREST-INCOME> 9,464
<OTHER-INCOME> 0
<EXPENSES-NET> 355,363
<NET-INVESTMENT-INCOME> (277,333)
<REALIZED-GAINS-CURRENT> (1,695,262)
<APPREC-INCREASE-CURRENT> 272,956
<NET-CHANGE-FROM-OPS> (1,699,639)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 346
<DISTRIBUTIONS-OF-GAINS> 7,364,392
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,446,038
<NUMBER-OF-SHARES-REDEEMED> (4,955,262)
<SHARES-REINVESTED> 631,833
<NET-CHANGE-IN-ASSETS> (12,313,967)
<ACCUMULATED-NII-PRIOR> (143,591)
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 236,968
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 355,363
<AVERAGE-NET-ASSETS> 64,199,970
<PER-SHARE-NAV-BEGIN> 15.30
<PER-SHARE-NII> (.05)
<PER-SHARE-GAIN-APPREC> (.51)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.78)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.96
<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> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-1-1997
<PERIOD-END> MAR-31-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 19,889,310
<INVESTMENTS-AT-VALUE> 22,786,376
<RECEIVABLES> 99,859
<ASSETS-OTHER> 44,525
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 22,930,760
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 36,928
<TOTAL-LIABILITIES> 36,928
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19,427,759
<SHARES-COMMON-STOCK> 1,799,897
<SHARES-COMMON-PRIOR> 1,168,485
<ACCUMULATED-NII-CURRENT> 94,816
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 474,191
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,897,066
<NET-ASSETS> 22,893,832
<DIVIDEND-INCOME> 298,029
<INTEREST-INCOME> 5,304
<OTHER-INCOME> 0
<EXPENSES-NET> 131,885
<NET-INVESTMENT-INCOME> 171,448
<REALIZED-GAINS-CURRENT> 475,105
<APPREC-INCREASE-CURRENT> 1,725,427
<NET-CHANGE-FROM-OPS> 2,371,980
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 231,740
<DISTRIBUTIONS-OF-GAINS> 2,470
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,334,346
<NUMBER-OF-SHARES-REDEEMED> (370,315)
<SHARES-REINVESTED> 30
<NET-CHANGE-IN-ASSETS> 9,424,456
<ACCUMULATED-NII-PRIOR> 155,108
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 62,323
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 131,885
<AVERAGE-NET-ASSETS> 16,955,298
<PER-SHARE-NAV-BEGIN> 11.50
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> 1.30
<PER-SHARE-DIVIDEND> (.17)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.72
<EXPENSE-RATIO> .02
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
