The Olstein Strategic Opportunities Fund

"Looking Behind the Numbers"

About the
Olstein Strategic Opportunities Fund

We are excited to announce the launch of the Olstein Strategic Opportunities Fund.  We have set up this area of the web site to give you some basic information on the new fund, and will be adding more material in the near future.

To have forms mailed to you, or for other forms or documents, please visit our Request Literature page.

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

Price and Performance:

Click here for the most recent quote for the Olstein Strategic Opportunities Fund - Class A

Click here for the most recent quote for the Olstein Strategic Opportunities Fund - Class C

The Olstein Strategic Opportunities Fund - Class A Returns
(as of 9/30/08):

For a recent listing of the Fund's top holdings, click here.

The Fund commenced operations on November 1, 2006. Since inception results are annualized. The performance data quoted represents past performance and does not guarantee future results. The "Since Inception w/max load" results reflect the deduction of the Fund’s maximum front-end sales charge for Class A shares of 5.50%. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than performance quoted. Performance for other share classes will vary. As of 10/31/07, the gross and net (after expense waiver and/or reimbursement) expense ratios for the Olstein Strategic Opportunities Fund - Class A share were 3.24% and 1.63%, respectively.

Investment Approach:

The Olstein Strategic Opportunities Fund aims to provide long-term capital appreciation by investing in the undervalued stocks of small- to mid-sized companies that face unique strategic choices and challenges.  Our brand of value investing, which usually focuses on companies suffering the effects of temporary problems, lends itself to becoming more involved in helping managements of such companies address those problems in a manner that may increase shareholder value.

The Olstein Strategic Opportunities Fund will focus on companies where Olstein has identified strategic alternatives that are being implemented, or could be implemented by management and that have the potential to effectively address a company’s problems, and therefore close the valuation gap between the price of the company’s common stock and Olstein’s calculation of the company’s intrinsic value.

Olstein’s analysis will seek to determine whether management has the capabilities, skills and willingness to address problems that arise from the company’s growth and whether management’s actions are motivated by shareholder’s best interests. In certain situations Olstein may engage in shareholder activism as a form of value investing. As an activist, Olstein may seek to influence management to adopt certain strategies that it believes will increase shareholder value.

The 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.

Important Operational Information:

The Olstein Strategic Opportunities Fund is available in a two share classes...Class A and Class C.  The Class C share is exchangeable with the Olstein All Cap Value's Class C share.   The Class C share is available either directly or through financial professionals.  The Fund's Class A share is also available either directly or through financial professionals, however the Class A share carries a front-end load of up to 5.5%.  Please note that you may qualify for a reduction or waiver of the front-end load on Class A shares under certain circumstances.  Please read the Fund's prospectus for complete information.  Class A shares cannot be exchanged at this time.

Class A Symbol: OFSAX     Class A CUSIP: 681383303
Class C Symbol: OFSCX     Class C CUSIP: 681383402

Plesae note that the Olstein Strategic Opportunities Fund is not yet available through all brokerage firms where you can find the Olstein All Cap Value Fund.  If you find that to be the case, please contact your financial professional, or you can open your account directly with the Fund.

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 investment in a portfolio containing small- and mid-cap companies is subject to additional risks, as the share prices of small- and mid-cap companies are often more volatile than those of larger companies due to several factors, including limited trading volumes, products, financial resources, management inexperience, and less publicly available information.  Investing in a non-diversified, narrowly focused fund may entail greater risk than is normally associated with more widely diversified funds.

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. The Olstein Funds has adopted a privacy polcy...please read it carefully.

Send mail to webmaster@olsteinfunds.com with questions or comments about this web site.

Copyright © 2008 Olstein Capital Management, L. P., Broker-Dealer - Member FINRA and SIPC - Distributor of the Olstein Funds

Last Updated October 1, 2008