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The Olstein Funds

"Looking Behind the Numbers"

About the Olstein All Cap Value Fund

PRICE & PERFORMANCE	TOP TEN HOLDINGS	COMMON QUESTIONS
READ OUR PROSPECTUS	OUR ANNUAL REPORT	NEW (NON-IRA) ACCOUNT FORM

To have the forms mailed to you, or for IRA accounts and other forms or documents, please go to our Request Literature page.

For additional insight into our investment philosophy, please visit the Manager's Opinion page.

Value Oriented Approach:

The Olstein All Cap Value Fund's value oriented approach seeks investors who have the patience to follow a value investing discipline. Therefore, the Fund is designed for investors with a longer-term investment outlook of at least three-to-five years. We believe value investing requires a disciplined, patient approach because anticipated stock values often take time to emerge.

Looking Behind the Numbers:

The Fund seeks to invest in a diversified portfolio of under-valued equity securities as determined by the investment manager of the Fund, Olstein Capital Management, L. P. (the "manager"). The manager believes that achieving the Fund's investment objectives is correlated with minimizing investment errors as opposed to selecting companies with the highest appreciation potential without regard to downside risk. The philosophy emphasizes a detailed look behind the numbers of a company's financial statement to assess the company's financial strength and assess potential downside risk - defense first - before considering a stock's potential for capital appreciation.

Selecting Companies:

The Fund manager identifies and selects companies which, in the Fund manager's opinion:

	Generate more cash flow than necessary to sustain the business
	Avoid aggressive accounting practices
	*Demonstrate balance sheet fundamentals that are consistent with the Fund's defense first* approach**
	Selling at a discount to the private market value as estimated by the Fund Manager

Value Can Occur Anywhere:

The Fund will invest in companies without regard to whether they are conventionally categorized as small, medium, or large capitalization or whether they are characterized such as growth, cyclical, technology, or any other category. Similarly, the Fund does not focus on characteristics such as number of years in business, sensitivity economic cycles, industry categorization, or the volatility of a company's stock price.

One Fund...Two Share Classes:

The Olstein All Cap Value Fund is available in two share classes. The Class C share is the Fund's original share class, which has been available since the Fund's inception in 1995. The Class C share is available either directly or through financial professionals. The Fund's Adviser Class share is only available through financial advisors and brokerage programs that charge an annual asset-based fee for their services. The Adviser Class share is also available through some 401k plans. The Adviser Class share is not available for sale directly to the public.

About Risk:

All mutual funds have risk, and you can lose money by investing in mutual funds. A mutual fund is not intended to be a complete investment program and may not achieve its described goals. The value and/or returns of a mutual fund will fluctuate with current market conditions. When redeeming shares of a mutual fund, your account may be worth more or less than the original amount invested.

An investor should consider the Fund's investment objectives, risks, charges and expenses before investing. For this and other information you may contact your investment representative, call (800) 799-2113 or click here to download a free prospectus. Please read the prospectus carefully before investing. Past performance is no guarantee of future results.

These materials are not an offer to sell or a solicitation to buy any security, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer, solicitation, purchase, or sale may not lawfully be made. Important legal information - please read the disclaimer before proceeding.

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