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The Olstein Funds

"Looking Behind the Numbers"

Price and Performance

The Olstein All Cap Value Fund - Class C Returns
(as of 9/30/08):

Year-to-Date	One Year (w/o redemption)	One Year (w/redemption)
-21.55%	-27.49%	-28.10%

Three Year Annualized	Five Year Annualized	Ten Year Annualized
-4.21	2.61%	9.51%

Since Inception (9/21/95) Annualized

10.89%

The three year, five year, ten year and since inception results do not include a back-end sales charge as there is no such charge if the Fund's shares are held longer than 1 year. The one-year without redemption figure shown would have been lower if a sales charge had been deducted. Performance for other share classes will vary.

Past performance is no guarantee of future results. The principal value and return may fluctuate with market conditions so that shares, when redeemed, may be worth more or less than their original purchase price. Above returns are net of expenses and include changes in share price and reinvestment of dividends. As of 10/31/07, the gross expense ratio for the Olstein All Cap Value Fund - Class C was 2.21%.

Current Fund Price:

To see the current per-share price of the Olstein All Cap Value Fund, please click on one of the links below. You should note that when you click on these links, you will be taken to an external web site, and we are not responsible for the accuracy of the data contained at that external web site.

OLSTEIN ALL CAP VALUE FUND CLASS C SHARE - CURRENT PRICE

OLSTEIN ALL CAP VALUE FUND ADVISER CLASS SHARE - CURRENT PRICE

2008 Distribution Information:

At this time, the Olstein All Cap Value Fund and the Olstein Strategic Opportunities Fund do not expect to make capital gains or dividend distributions to shareholders during 2008. This information is preliminary and subject to change. Additional information, if it becomes available, will be posted in this location.

2007 Distribution Information:

The Olstein All Cap Value Fund made a capital gains distribution for shareholders of record on December 7, 2007. The ex-dividend and pay date was December 10, 2007. The long-term (generally taxed at a 15% rate) capital gains distribution was $2.36631 per share, and the short-term capital gains distribution was $0.46609 per share...for a total distribution of $2.8324 per share. Reinvestment price for the Class C share was $14.79 per share. Reinvestment price for the Adviser Class share was $16.19 per share.

The Olstein Strategic Opportunities Fund made a capital gains distribution for shareholders of record on December 7, 2007. The ex-dividend and pay date was December 10, 2007. The approximate short-term capital gains/income distribution was $0.06 per share.

Information on income derived from U.S. Government obligations can be found here. Some shareholders may find this information useful in preparing their tax returns. For more information on mutual fund distributions, and how they may apply in your specific situation, please contact your broker or tax professional. Additional information can also be found in our 2007 Mutual Fund Tax Guide.

2006 Distribution Information:

The Olstein All Cap Value Fund made a capital gains distribution to shareholders of record on December 7, 2006. The ex-dividend and pay date was December 8, 2006. The long-term capital gains distribution was $1.27839 per share, and the short-term capital gains distribution was $0.08777 per share...for a total distribution of $1.36616 per share. The Class C reinvestment price was $17.36 per share, and the Adviser Class reinvestment price was $18.60 per share. For more information on mutual fund distributions, please contact your broker or tax professional.

2005 Distribution Information:

The Olstein All Cap Value Fund made a capital gains distribution to shareholders of record on December 9, 2005. The ex-dividend and pay date was December 12, 2005. The long-term capital gains distribution was $1.76918 per share, and the short-term capital gains distribution was $0.22554 per share...for a total per-share distribution of $1.99472. The Class C reinvestment price was $16.54 per share, and the Adviser Class reinvestment price was $17.50 per share. For more information on mutual fund distributions, please contact your tax professional.

2004 Distribution Information:

The Olstein All Cap Value Fund declared a long-term capital gains distribution of $0.27871 per share to shareholders of record on December 7, 2004. The Class C reinvestment price was $17.26 per share, and the Adviser Class reinvestment price was $18.01 per share. If you have additional questions regarding your account, please contact shareholder services, or your broker. For more information on mutual fund distributions, please contact your tax professional.

2003 Distribution Information:

The Olstein All Cap Value Fund did not make a capital gains or dividend distribution to shareholders during 2003.

2002 Distribution Information:

The Olstein All Cap Value Fund did not make a capital gains or dividend distribution to shareholders during 2002.

2001 Distribution Information:

The Olstein All Cap Value Fund declared a capital gains distribution to shareholders of record on December 7, 2001. The ex and payable date was December 10, 2001. The distribution was $1.2008 per share, where $0.5998 per share was a long-term capital gain, and $0.6010 per share was a short-term capital gain. The Class C reinvestment price was $14.52 per share, and the Adviser Class reinvestment price was $14.81 per share. For more information on mutual fund distributions, please contact your tax professional.

2000 Distribution Information:

Shareholders of record on December 8, 2000 received a short-term capital gains distribution of $0.9726 per share, and a long-term capital gains distribution of $1.8467 per share. The distribution was reinvested on December 11, 2000 at $13.99 for Class C shareholders, and $14.14 for Adviser class shareholders. Please consult your tax advisor for additional information on mutual fund distributions.

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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