<PAGE> PAGE 1
000 A000000 05/31/97
000 C000000 0000825067
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001 A000000 COWEN FUNDS, INC.
001 B000000 811-5388
001 C000000 2124955618
002 A000000 FINANCIAL SQUARE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10005
002 D020000 3597
003 000000 N
004 000000 N
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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SIGNATURE CREIGHTON H. PEET
TITLE TREASURER
COWEN OPPORTUNITY FUND
TRANSACTIONS EFFECTED PURSUANT TO RULE 10f-3
QUARTER ENDED: December 31, 1996
Name of Security: TITAN EXPLORATION, INC.
Registration under Securities
Act of 1933? 10f-3(a)(1)(i): Yes
Time of Acquisition 10f-3(a)(2)
-Date Acquired: Trade Date: 12/16/96
-Date First Offered: Dec. 16, 1996
Reasonableness of Spread [10f-3(b)]
-Offering Price Per Share: $11
-Amount of Spread: Gross Spread: $.69
Selling Concession: $.42
-Spread(%): 6.3%
Evidence of Reasonableness of Spread
(contemporaneous similar offering)
-Name of Issue: Cymer Inc.
-Date of Offering: Dec. 12, 1996
-Spread: $2.41 (on $42 stock)
Issuer in Continuous Operation at
Least Three Years? [10f-3(c)]: Yes
Amount Purchased by Fund [10f-3(d)]:
-Total Shares Offered: 12.61 million shares
-Purchase Price per Share: $11
-Total Shares Purchased: 20,200
-Total Purchase Price: $222,200
-Percentage of Offering Purchased: less than .1 of 1%
-Any Shares Purchased by Other Funds
in Family? No
Percentage of Fund Assets Invested
[10f-3(e)]: less than 1%
From Whom Purchased [10f-3(f)]
-Selling Dealers(s): CS First Boston
-Syndicate Manager(s): CS First Boston
COWEN OPPORTUNITY FUND
TRANSACTIONS EFFECTED PURSUANT TO RULE 10f-3
QUARTER ENDED: March 31, 1997
Name of Security: TRIGON HEALTHCARE
Registration under Securities
Act of 1933? 10f-3(a)(1)(i): Yes
Time of Acquisition 10f-3(a)(2)
-Date Acquired: Trade Date: 1/30/97
-Date First Offered: Jan. 30, 1997
Reasonableness of Spread [10f-3(b)]
-Offering Price Per Share: $13
-Amount of Spread: Gross Spread: $.84
Selling Concession: $.52
-Spread(%): 6.5%
Evidence of Reasonableness of Spread
(contemporaneous similar offering)
-Name of Issue: Coldwater Creek Inc.
-Date of Offering: Jan. 28, 1997
-Spread: $1.05 (on $15 stock)
Issuer in Continuous Operation at
Least Three Years? [10f-3(c)]: Yes
Amount Purchased by Fund [10f-3(d)]:
-Total Shares Offered: 15.5 million shares
-Purchase Price per Share: $13
-Total Shares Purchased: 5,000
-Total Purchase Price: $650,000
-Percentage of Offering Purchased: less than .1 of 1%
-Any Shares Purchased by Other Funds
in Family? No
Percentage of Fund Assets Invested
[10f-3(e)]: less than 1%
From Whom Purchased [10f-3(f)]
-Selling Dealers(s): Merrill Lynch
-Syndicate Manager(s): Merrill Lynch
