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008 D010001 PURCHASE
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008 D030001 10577
010 A000001 RODNEY SQUARE MANAGEMENT CORPORATION
010 B000001 801-22071
010 C010001 WILMINGTON
010 C020001 DE
010 C030001 19890
010 C040001 0001
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011 B000001 8-37006
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<PAGE> PAGE 2
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012 C010001 WILMINGTON
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013 B010001 BALTIMORE
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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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SIGNATURE MOLLY GRAHAM
TITLE ASSISTANT SECRETARY
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE OLSTEIN
FINANCIAL ALERT FUND'S SEMI-ANNUAL REPORT DATED FEBRUARY 28, 1997 AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO THE SEMI-ANNUAL REPORT DATED
FEBRUARY 28, 1997.
</LEGEND>
<CIK>
<NAME> OLSTEIN FINANCIAL ALER FUND
<SERIES>
<NUMBER>
<NAME> OLSTEIN FINANCIAL ALET FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> AUG-31-1996
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 124818
<INVESTMENTS-AT-VALUE> 138270
<RECEIVABLES> 4918
<ASSETS-OTHER> 95
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 143283
<PAYABLE-FOR-SECURITIES> 3301
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2795
<TOTAL-LIABILITIES> 6096
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 114454
<SHARES-COMMON-STOCK> 11089
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<ACCUMULATED-NII-CURRENT> (363)
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
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<NET-INVESTMENT-INCOME> (363)
<REALIZED-GAINS-CURRENT> 10838
<APPREC-INCREASE-CURRENT> 11836
<NET-CHANGE-FROM-OPS> 22311
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (10207)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9158
<NUMBER-OF-SHARES-REDEEMED> (3263)
<SHARES-REINVESTED> 10183
<NET-CHANGE-IN-ASSETS> 28182
<ACCUMULATED-NII-PRIOR> (606)
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</TABLE>
