OLSTEIN FUNDS
NSAR-B, 1997-10-30
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<PAGE>      PAGE  1
000 B000000 08/31/97
000 C000000 944690
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000 J000000 A
001 A000000 THE OLSTEIN FUNDS
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010 C010001 WILMINGTON
010 C020001 DE
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011 A000001 RODNEY SQUARE DISTRIBUTORS, INC.
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<PAGE>      PAGE  2
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020 A000004 CANTOR FITZGERALD & CO., INC.
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022 A000007 DONALDSON, LUFKIN & JENRETTE SEC CORP
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<PAGE>      PAGE  6
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SIGNATURE   MOLLY GRAHAM                                 
TITLE       ASSISTANT SECRETARY 
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK>  0000944690
<NAME> OLSTEIN FINANCIAL ALERT FUND
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          AUG-31-1997
<PERIOD-START>                             SEP-01-1996
<PERIOD-END>                               AUG-31-1997
<INVESTMENTS-AT-COST>                           153034
<INVESTMENTS-AT-VALUE>                          181468
<RECEIVABLES>                                     6372
<ASSETS-OTHER>                                      44
<OTHER-ITEMS-ASSETS>                                69
<TOTAL-ASSETS>                                  187953
<PAYABLE-FOR-SECURITIES>                          5390
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                         6961
<TOTAL-LIABILITIES>                              12351
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        124721
<SHARES-COMMON-STOCK>                            11875
<SHARES-COMMON-PRIOR>                             9726
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          23498    
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         27383
<NET-ASSETS>                                    175602
<DIVIDEND-INCOME>                                 1016
<INTEREST-INCOME>                                 1650
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                    3279
<NET-INVESTMENT-INCOME>                          (613)
<REALIZED-GAINS-CURRENT>                         25597
<APPREC-INCREASE-CURRENT>                        25475
<NET-CHANGE-FROM-OPS>                            50459
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                         10207
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           1708
<NUMBER-OF-SHARES-REDEEMED>                        432
<SHARES-REINVESTED>                                873
<NET-CHANGE-IN-ASSETS>                           66597
<ACCUMULATED-NII-PRIOR>                          (606)
<ACCUMULATED-GAINS-PRIOR>                         9327
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                             1375
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                   3279
<AVERAGE-NET-ASSETS>                            137515
<PER-SHARE-NAV-BEGIN>                            11.21
<PER-SHARE-NII>                                  (.05)
<PER-SHARE-GAIN-APPREC>                           4.66
<PER-SHARE-DIVIDEND>                            (1.03)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              14.79
<EXPENSE-RATIO>                                   2.38
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>


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