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Below is a cache of http://www.olsteinfunds.com/ClassDisclosure.pdf. It's a snapshot of the page taken as our search engine crawled the Web.
The web site itself may have changed. You can check the current page or check for previous versions at the Internet Archive. Yahoo! is not affiliated with the authors of this page or responsible for its content. Microsoft Word - ClassDisclosure --- --- For complete information, please refer to our prospectus. Telephone: (800) 799-2113 Website: www.olsteinfunds.com Olstein Capital Management, L.P. Distributor Page 1 of 7 S HARE C LASSES O F T HE F UNDS Each Fund offers two classes of shares. The All Cap Value Fund offers Adviser Class
Shares and Class C Shares, and the Strategic Opportunities Fund offers Class A shares
and Class C shares.
The services or share classes available to you may vary based on where you choose to
purchase shares of the Funds. Each share class of a Fund represents an investment in that
Funds portfolio of securities, but each share class has its own sales charge and expense
structure, allowing you to choose the class that best suits your situation. When you
purchase shares of the Funds, you must choose a share class. If none is chosen, an
investment in the All Cap Value Fund will be made in Class C shares, and an investment
in the Strategic Opportunities Fund will be made in Class A shares.
Please note, foreign investors generally are not permitted to invest in the Funds. You should consider several factors when choosing a share class, including:
How long you expect to own the shares; How much you plan to invest; Total expenses associated with owning each share class; Whether you qualify for any reduction or waiver of sales charges; and Whether you plan on redeeming shares in the near future. Each investors financial considerations will differ. You should consult with your
financial advisor who can assist you in deciding on the best share class for your situation.
ADVISER CLASS SHARES (All Cap Value Fund Only)
Adviser Class shares are generally only offered for sale through a financial advisor,
such as a broker, dealer, bank (including a bank trust department), investment advisor,
financial planner, retirement plan administrator or other financial intermediary and other
financial professionals that charge a separate fee for advisory services. The Adviser
Class is also available to the Trustees and officers of the Funds and the employees of the
investment manager, as well as their spouses and children. There are no sales charges
imposed by the Fund on Adviser Class Shares.
--- --- For complete information, please refer to our prospectus. Telephone: (800) 799-2113 Website: www.olsteinfunds.com Olstein Capital Management, L.P. Distributor Page 2 of 7 The Rule 12b-1 distribution and shareholder servicing fees are lower for this class of
shares than the All Cap Value Funds Class C shares because the financial advisors
selling this class charge investors an additional fee for advisory services (usually asset-
based) and perform distribution, administration and/or shareholder services that benefit
the All Cap Value Fund.
You should contact your financial advisor to purchase Adviser Class shares of the All
Cap Value Fund.
CLASS A SHARES (Strategic Opportunities Fund only)
Class A shares of the Strategic Opportunities Fund are generally offered for sale through
financial advisors and directly from the Fund.
Class A shares have a maximum front-end sales charge of 5.50% that is included in the
offering price of the Class A shares. The offering price of the shares includes the front-
end sales charge, which is deducted from the shareholders initial purchase of shares, as
described in more detail below. This sales charge is paid at the time of purchase and is
not invested in the Fund. Class A shares also are subject to an ongoing Rule 12b-1
distribution and shareholder servicing fee of 0.25% of the average daily net assets of
Class A shares of a Fund. For more information regarding the Class A shares Rule 12b-1
fee, see the section entitled Rule 12b-1 Distribution and Shareholder Servicing Fees
under the heading Fund Distribution above. Class A shares are generally not subject to
a contingent deferred sales charge (a CDSC), except as discussed below.
The front-end sales charges for Class A shares are assessed as follows:
Sales Charge as a Percentage of: Amount of Investment Offering Price Net Amount Invested Less than $50,000 5.50% 5.82% $50,000 to $99,999 4.50% 4.71% $100,000 to $249,999 3.50% 3.63% $250,000 to $499,999 2.50% 2.56% $500,000 to $999,999 2.00% 2.04% $1,000,000 and over 1 0.00% 0.00% ____________________ 1 A CDSC of 1.00%, based on the lesser of the original purchase price or the value of such shares at
the time of redemption, is charged on sales of shares made within one year of the purchase date.
Class A shares representing reinvestment of dividends are not subject to this 1.00% charge. --- --- For complete information, please refer to our prospectus. Telephone: (800) 799-2113 Website: www.olsteinfunds.com Olstein Capital Management, L.P. Distributor Page 3 of 7 Sales Charge Waivers for Class A Shares The Funds Class A front-end sales charge will not apply to Class A shares purchased by
or through:
1. An Officer, Trustee, Director or employee of Olstein (or any investment company
managed by Olstein), any affiliate of Olstein, the Funds custodian bank or
Transfer Agent and members of their families, including trusts established for the
benefit of the foregoing. 2. Employees of brokerage firms that are in good standing with the NASD,
employees of financial planning firms who place orders for the Funds through a
member in good standing with the NASD, and the families (limited to spouses,
domestic partners, and dependent children under age 21) of both types of
employees, provided that the orders are placed through an NASD member firm
that has signed an agreement with Olstein to sell Fund shares. 3. Customers of bank trust departments, companies with trust powers, brokers,
dealers and investment advisors who charge fees for services, including brokers
and dealers who utilize wrap fee or similar arrangements, subject to the
conditions, fees and restrictions imposed by these persons. 4. Clients of administrators or other service providers of tax-qualified employee-
sponsored retirement plans which have entered into agreements with Olstein. 5. Retirement plans and deferred compensation plans and trusts used to fund those
plans (including, for example, plans qualified or created under sections 401(a),
401(k), 403(b) or 457 of the Internal Revenue Code), in each case if those
purchases are made through a broker, agent or other financial advisor that has
made special arrangements with Olstein for those purchases. 6. Charities, charitable organizations or foundations, including trusts established for
the benefit of charitable organizations or foundations. 7. Shareholders who originally paid a front-end sales charge on Class A shares of a
Fund and reinvest the money in the same Fund or of a different Fund of the Trust
up to the amount previously redeemed within 180 days of the redemption date. 8. Shareholders exercising the exchange privilege, as described in this Prospectus. --- --- For complete information, please refer to our prospectus. Telephone: (800) 799-2113 Website: www.olsteinfunds.com Olstein Capital Management, L.P. Distributor Page 4 of 7 Sales Charge Reductions for Class A Shares As shown in the table above, larger purchases of Class A shares can reduce the
percentage sales charge you pay. In determining whether you are entitled to pay a
reduced sales charge, you may aggregate certain other purchases with your current
purchases as described below.
Rights of Accumulation. A purchaser of Class A shares may qualify for a reduction of the
front-end sales charge on purchases of Class A shares by combining a current purchase
with certain other Class A or Class C shares of either of the Funds already owned. To
determine if you qualify for a reduction of the front-end sales charge, the amount of your
current purchase is added to the current net asset value of your other Class A or Class C
shares, as well as those Class A or Class C shares of your spouse or domestic partner, and
dependent children under the age of 21 residing in the same household. If you are the
sole owner of a company, you may also add any company accounts, including retirement
plan accounts invested in Class A or Class C shares of the Funds. Companies with one or
more retirement plans may add together the total plan assets invested in Class A or Class
C shares of the Funds to determine the front-end sales charge that applies. To qualify for
the discount, when each purchase is made the financial advisor or shareholder must
provide Olstein with sufficient information to verify that the purchase qualifies for the
privilege or discount. The right of accumulation may be amended or terminated by
Olstein at any time as to purchases occurring thereafter.
Shares purchased through a financial advisor may be subject to different procedures
concerning Rights of Accumulation. Please contact your financial advisor for more
information. Letter of Intent. By signing a Letter of Intent (LOI) you can reduce your Class A sales
charge. Your individual purchases will be made at the applicable sales charge based on
the amount you intend to invest over a 13-month period. The LOI will apply to all
purchases of Class A and/or Class C shares of the Funds. Any shares purchased within
90 days of the date you sign the LOI may be used as credit toward completion, but the
reduced sales charge will only apply to new purchases made on or after that date.
Purchases resulting from the reinvestment of dividends and capital gains do not apply
toward fulfillment of the LOI. The minimum initial investment under an LOI is 5.50% of
the intended amount, and must be invested immediately. Shares equal to 5.50% of the
amount of the LOI will be held in escrow during the 13-month period. If, at the end of
that time the total amount of purchases made is less than the amount originally intended,
you will be required to pay the difference between the reduced sales charge and the sales
charge applicable to the individual purchases had the LOI not been in effect. This
amount will be obtained from redemption of the escrow shares. Any remaining escrow
shares will be released to you. --- --- For complete information, please refer to our prospectus. Telephone: (800) 799-2113 Website: www.olsteinfunds.com Olstein Capital Management, L.P. Distributor Page 5 of 7
If you establish an LOI, you can aggregate your accounts as well as the accounts of your
spouse or domestic partner, and dependent children under the age of 21 residing in the
same household. You will need to provide written instruction with respect to the other
accounts whose purchases should be considered in fulfillment of the LOI.
Note on Sales Charge Reductions and Waivers for Class A Shares Additional information concerning sales charge reductions and waivers is available in the
SAI. If you think you qualify for any of the sales charge waivers or reductions described
above, you may need to notify and/or provide documentation to your financial advisor or
the Funds. You will also need to notify your financial advisor or the Funds of the
existence of other accounts in which there are holdings eligible to be aggregated to meet
certain sales load breakpoints. Information you may need to provide to your financial
advisor or the Funds includes:
Information or records regarding shares of the Funds held in all accounts at any
financial advisor; Information or records regarding shares of the Funds held in any account at any
financial advisor by related parties of the shareholder, such as members of the same
family; and/or Any other information that may be necessary for Olstein to determine your eligibility
for a reduction or waiver of a sales charge. For more information, you should contact your financial advisor or the Funds. CLASS C SHARES Class C shares of each Fund are offered to the public through financial advisors, such as
brokers, dealers, investment advisors and financial planners, and directly by the Funds.
You may purchase Class C shares of a Fund by following the instructions for purchasing
shares as described under the section in this Prospectus entitled, How to Purchase
Shares.
Class C Sales Charges Class C shares of a Fund that are redeemed within the first year of purchase may be
subject to a CDSC of 1.00% based on the lesser of the original purchase price or the
value of such shares at the time of redemption. There is no CDSC if Class C shares are
redeemed more than one year after purchase. Class C shares also are subject to an --- --- For complete information, please refer to our prospectus. Telephone: (800) 799-2113 Website: www.olsteinfunds.com Olstein Capital Management, L.P. Distributor Page 6 of 7 ongoing Rule 12b-1 distribution and shareholder servicing fee of 1.00% of the average
daily net assets of Class C shares of a Fund. For more information regarding the Class C
shares Rule 12b-1 fee, see the section entitled, Rule 12b-1 Distribution and Shareholder
Servicing Fees under the heading Fund Distribution above. Class C shares are not
subject to a front-end sales charge.
The CDSC charges for Class C shares are assessed as follows:
CDSC
Year After Purchase Made (as a % of dollar amount subject to charge) Up to 1 year: 1.00% After 1 full year: None CDSC Waivers To obtain a waiver of the current CDSC, you must notify the Fund, which may require
evidence of your qualification. The Funds CDSC will not apply to the following
redemptions:
1. A client of Olstein who maintains a private brokerage account with Olstein at
the time of purchase and redemption. 2. Participants in 401(k) or 403(b) plans for which a Fund is listed as an
investment option and Olstein is listed as broker of record. 3. Certain shareholders exercising the exchange privilege, as described in the
section entitled How to Exchange Shares below. 4. Eligible Mandatory Distributions under 403(b) Plans and individual retirement
accounts to shareholders who have attained the age of 70 1/2 (waiver applies
only to amounts necessary to meet the required minimum amount). 5. The death of the shareholder. In addition, Fund shareholders who reinvest the entire amount of their redemption
proceeds in Class C shares of a Fund within forty-five (45) days of redeeming Class C
shares of the same Fund or a different Fund of the Trust, will receive the number of
shares equal in value to their reinvested redemption proceeds plus the number of shares
necessary to reimburse the amount of the CDSC they paid at redemption. You should be
sure to notify the Funds Transfer Agent upon such a repurchase when you wish to
exercise this reimbursement privilege.
--- --- For complete information, please refer to our prospectus. Telephone: (800) 799-2113 Website: www.olsteinfunds.com Olstein Capital Management, L.P. Distributor Page 7 of 7 SHARES OF THE TRUST The beneficial interest in the Trust is divided into an unlimited number of shares, with a
par value of $0.001 per share. The Board of Trustees is empowered under the Trusts
Agreement and Declaration of Trust to authorize the division of shares into separate
series and the division of series into separate classes of shares without shareholder
approval. Pursuant to this authority, the Board established and designated two series of
shares, The All Cap Value Fund (formerly, The Olstein Financial Alert Fund) and The
Strategic Opportunities Fund series of shares, and further divided each such series into
two classes of shares. The All Cap Value Fund offers Adviser Class and Class C shares
and the Strategic Opportunities Fund offers Class A and Class C shares. When issued, all shares will be fully paid and nonassessable and will be redeemable and
freely transferable. All shares have equal voting rights, except that shares of each Fund
shall have sole voting rights with respect to matters that only affect holders of that series,
and that shares of each Class of a Fund shall have sole voting rights with respect to
matters that only affect the holders of that Class, such as the right to vote on issues
associated with the Rule 12b-1 Plan for the Class. On matters relating to the Trust but
affecting the Funds differently, separate votes by the Funds or Classes are required.
Shares can be issued as full or fractional shares. A fractional share has proportionally the
same rights and privileges as a full share. The shares possess no preemptive or
conversion rights. Each share may be freely retained or disposed of according to the
purchase and redemption requirements of the Funds. The assets of the Trust held with respect to each series shall be charged with the liabilities
of the Trust with respect to that series. All expenses, costs, charges and reserves
attributable to the series, and any general liabilities of the Trust which are not readily
identifiable as being held in respect of a series, shall be allocated and charged by the
officers of the Trust to any one or more series as the Trustees deem fair and equitable.
Each allocation of liabilities shall be binding on the shareholders of the series in absence
of manifest error. Notwithstanding the foregoing, shares of separate classes of a
particular series may be subject to differing allocations of income to reflect different
expense levels that affect the individual class. Such varying expenses can include
distribution or transfer agent expenses, but not investment management fees. The Trustees have full discretion to determine which items shall be treated as income and
which items as capital in dividend or distribution payments.
The web site itself may have changed. You can check the current page or check for previous versions at the Internet Archive. Yahoo! is not affiliated with the authors of this page or responsible for its content. Microsoft Word - ClassDisclosure --- --- For complete information, please refer to our prospectus. Telephone: (800) 799-2113 Website: www.olsteinfunds.com Olstein Capital Management, L.P. Distributor Page 1 of 7 S HARE C LASSES O F T HE F UNDS Each Fund offers two classes of shares. The All Cap Value Fund offers Adviser Class
Shares and Class C Shares, and the Strategic Opportunities Fund offers Class A shares
and Class C shares.
The services or share classes available to you may vary based on where you choose to
purchase shares of the Funds. Each share class of a Fund represents an investment in that
Funds portfolio of securities, but each share class has its own sales charge and expense
structure, allowing you to choose the class that best suits your situation. When you
purchase shares of the Funds, you must choose a share class. If none is chosen, an
investment in the All Cap Value Fund will be made in Class C shares, and an investment
in the Strategic Opportunities Fund will be made in Class A shares.
Please note, foreign investors generally are not permitted to invest in the Funds. You should consider several factors when choosing a share class, including:
How long you expect to own the shares; How much you plan to invest; Total expenses associated with owning each share class; Whether you qualify for any reduction or waiver of sales charges; and Whether you plan on redeeming shares in the near future. Each investors financial considerations will differ. You should consult with your
financial advisor who can assist you in deciding on the best share class for your situation.
ADVISER CLASS SHARES (All Cap Value Fund Only)
Adviser Class shares are generally only offered for sale through a financial advisor,
such as a broker, dealer, bank (including a bank trust department), investment advisor,
financial planner, retirement plan administrator or other financial intermediary and other
financial professionals that charge a separate fee for advisory services. The Adviser
Class is also available to the Trustees and officers of the Funds and the employees of the
investment manager, as well as their spouses and children. There are no sales charges
imposed by the Fund on Adviser Class Shares.
--- --- For complete information, please refer to our prospectus. Telephone: (800) 799-2113 Website: www.olsteinfunds.com Olstein Capital Management, L.P. Distributor Page 2 of 7 The Rule 12b-1 distribution and shareholder servicing fees are lower for this class of
shares than the All Cap Value Funds Class C shares because the financial advisors
selling this class charge investors an additional fee for advisory services (usually asset-
based) and perform distribution, administration and/or shareholder services that benefit
the All Cap Value Fund.
You should contact your financial advisor to purchase Adviser Class shares of the All
Cap Value Fund.
CLASS A SHARES (Strategic Opportunities Fund only)
Class A shares of the Strategic Opportunities Fund are generally offered for sale through
financial advisors and directly from the Fund.
Class A shares have a maximum front-end sales charge of 5.50% that is included in the
offering price of the Class A shares. The offering price of the shares includes the front-
end sales charge, which is deducted from the shareholders initial purchase of shares, as
described in more detail below. This sales charge is paid at the time of purchase and is
not invested in the Fund. Class A shares also are subject to an ongoing Rule 12b-1
distribution and shareholder servicing fee of 0.25% of the average daily net assets of
Class A shares of a Fund. For more information regarding the Class A shares Rule 12b-1
fee, see the section entitled Rule 12b-1 Distribution and Shareholder Servicing Fees
under the heading Fund Distribution above. Class A shares are generally not subject to
a contingent deferred sales charge (a CDSC), except as discussed below.
The front-end sales charges for Class A shares are assessed as follows:
Sales Charge as a Percentage of: Amount of Investment Offering Price Net Amount Invested Less than $50,000 5.50% 5.82% $50,000 to $99,999 4.50% 4.71% $100,000 to $249,999 3.50% 3.63% $250,000 to $499,999 2.50% 2.56% $500,000 to $999,999 2.00% 2.04% $1,000,000 and over 1 0.00% 0.00% ____________________ 1 A CDSC of 1.00%, based on the lesser of the original purchase price or the value of such shares at
the time of redemption, is charged on sales of shares made within one year of the purchase date.
Class A shares representing reinvestment of dividends are not subject to this 1.00% charge. --- --- For complete information, please refer to our prospectus. Telephone: (800) 799-2113 Website: www.olsteinfunds.com Olstein Capital Management, L.P. Distributor Page 3 of 7 Sales Charge Waivers for Class A Shares The Funds Class A front-end sales charge will not apply to Class A shares purchased by
or through:
1. An Officer, Trustee, Director or employee of Olstein (or any investment company
managed by Olstein), any affiliate of Olstein, the Funds custodian bank or
Transfer Agent and members of their families, including trusts established for the
benefit of the foregoing. 2. Employees of brokerage firms that are in good standing with the NASD,
employees of financial planning firms who place orders for the Funds through a
member in good standing with the NASD, and the families (limited to spouses,
domestic partners, and dependent children under age 21) of both types of
employees, provided that the orders are placed through an NASD member firm
that has signed an agreement with Olstein to sell Fund shares. 3. Customers of bank trust departments, companies with trust powers, brokers,
dealers and investment advisors who charge fees for services, including brokers
and dealers who utilize wrap fee or similar arrangements, subject to the
conditions, fees and restrictions imposed by these persons. 4. Clients of administrators or other service providers of tax-qualified employee-
sponsored retirement plans which have entered into agreements with Olstein. 5. Retirement plans and deferred compensation plans and trusts used to fund those
plans (including, for example, plans qualified or created under sections 401(a),
401(k), 403(b) or 457 of the Internal Revenue Code), in each case if those
purchases are made through a broker, agent or other financial advisor that has
made special arrangements with Olstein for those purchases. 6. Charities, charitable organizations or foundations, including trusts established for
the benefit of charitable organizations or foundations. 7. Shareholders who originally paid a front-end sales charge on Class A shares of a
Fund and reinvest the money in the same Fund or of a different Fund of the Trust
up to the amount previously redeemed within 180 days of the redemption date. 8. Shareholders exercising the exchange privilege, as described in this Prospectus. --- --- For complete information, please refer to our prospectus. Telephone: (800) 799-2113 Website: www.olsteinfunds.com Olstein Capital Management, L.P. Distributor Page 4 of 7 Sales Charge Reductions for Class A Shares As shown in the table above, larger purchases of Class A shares can reduce the
percentage sales charge you pay. In determining whether you are entitled to pay a
reduced sales charge, you may aggregate certain other purchases with your current
purchases as described below.
Rights of Accumulation. A purchaser of Class A shares may qualify for a reduction of the
front-end sales charge on purchases of Class A shares by combining a current purchase
with certain other Class A or Class C shares of either of the Funds already owned. To
determine if you qualify for a reduction of the front-end sales charge, the amount of your
current purchase is added to the current net asset value of your other Class A or Class C
shares, as well as those Class A or Class C shares of your spouse or domestic partner, and
dependent children under the age of 21 residing in the same household. If you are the
sole owner of a company, you may also add any company accounts, including retirement
plan accounts invested in Class A or Class C shares of the Funds. Companies with one or
more retirement plans may add together the total plan assets invested in Class A or Class
C shares of the Funds to determine the front-end sales charge that applies. To qualify for
the discount, when each purchase is made the financial advisor or shareholder must
provide Olstein with sufficient information to verify that the purchase qualifies for the
privilege or discount. The right of accumulation may be amended or terminated by
Olstein at any time as to purchases occurring thereafter.
Shares purchased through a financial advisor may be subject to different procedures
concerning Rights of Accumulation. Please contact your financial advisor for more
information. Letter of Intent. By signing a Letter of Intent (LOI) you can reduce your Class A sales
charge. Your individual purchases will be made at the applicable sales charge based on
the amount you intend to invest over a 13-month period. The LOI will apply to all
purchases of Class A and/or Class C shares of the Funds. Any shares purchased within
90 days of the date you sign the LOI may be used as credit toward completion, but the
reduced sales charge will only apply to new purchases made on or after that date.
Purchases resulting from the reinvestment of dividends and capital gains do not apply
toward fulfillment of the LOI. The minimum initial investment under an LOI is 5.50% of
the intended amount, and must be invested immediately. Shares equal to 5.50% of the
amount of the LOI will be held in escrow during the 13-month period. If, at the end of
that time the total amount of purchases made is less than the amount originally intended,
you will be required to pay the difference between the reduced sales charge and the sales
charge applicable to the individual purchases had the LOI not been in effect. This
amount will be obtained from redemption of the escrow shares. Any remaining escrow
shares will be released to you. --- --- For complete information, please refer to our prospectus. Telephone: (800) 799-2113 Website: www.olsteinfunds.com Olstein Capital Management, L.P. Distributor Page 5 of 7
If you establish an LOI, you can aggregate your accounts as well as the accounts of your
spouse or domestic partner, and dependent children under the age of 21 residing in the
same household. You will need to provide written instruction with respect to the other
accounts whose purchases should be considered in fulfillment of the LOI.
Note on Sales Charge Reductions and Waivers for Class A Shares Additional information concerning sales charge reductions and waivers is available in the
SAI. If you think you qualify for any of the sales charge waivers or reductions described
above, you may need to notify and/or provide documentation to your financial advisor or
the Funds. You will also need to notify your financial advisor or the Funds of the
existence of other accounts in which there are holdings eligible to be aggregated to meet
certain sales load breakpoints. Information you may need to provide to your financial
advisor or the Funds includes:
Information or records regarding shares of the Funds held in all accounts at any
financial advisor; Information or records regarding shares of the Funds held in any account at any
financial advisor by related parties of the shareholder, such as members of the same
family; and/or Any other information that may be necessary for Olstein to determine your eligibility
for a reduction or waiver of a sales charge. For more information, you should contact your financial advisor or the Funds. CLASS C SHARES Class C shares of each Fund are offered to the public through financial advisors, such as
brokers, dealers, investment advisors and financial planners, and directly by the Funds.
You may purchase Class C shares of a Fund by following the instructions for purchasing
shares as described under the section in this Prospectus entitled, How to Purchase
Shares.
Class C Sales Charges Class C shares of a Fund that are redeemed within the first year of purchase may be
subject to a CDSC of 1.00% based on the lesser of the original purchase price or the
value of such shares at the time of redemption. There is no CDSC if Class C shares are
redeemed more than one year after purchase. Class C shares also are subject to an --- --- For complete information, please refer to our prospectus. Telephone: (800) 799-2113 Website: www.olsteinfunds.com Olstein Capital Management, L.P. Distributor Page 6 of 7 ongoing Rule 12b-1 distribution and shareholder servicing fee of 1.00% of the average
daily net assets of Class C shares of a Fund. For more information regarding the Class C
shares Rule 12b-1 fee, see the section entitled, Rule 12b-1 Distribution and Shareholder
Servicing Fees under the heading Fund Distribution above. Class C shares are not
subject to a front-end sales charge.
The CDSC charges for Class C shares are assessed as follows:
CDSC
Year After Purchase Made (as a % of dollar amount subject to charge) Up to 1 year: 1.00% After 1 full year: None CDSC Waivers To obtain a waiver of the current CDSC, you must notify the Fund, which may require
evidence of your qualification. The Funds CDSC will not apply to the following
redemptions:
1. A client of Olstein who maintains a private brokerage account with Olstein at
the time of purchase and redemption. 2. Participants in 401(k) or 403(b) plans for which a Fund is listed as an
investment option and Olstein is listed as broker of record. 3. Certain shareholders exercising the exchange privilege, as described in the
section entitled How to Exchange Shares below. 4. Eligible Mandatory Distributions under 403(b) Plans and individual retirement
accounts to shareholders who have attained the age of 70 1/2 (waiver applies
only to amounts necessary to meet the required minimum amount). 5. The death of the shareholder. In addition, Fund shareholders who reinvest the entire amount of their redemption
proceeds in Class C shares of a Fund within forty-five (45) days of redeeming Class C
shares of the same Fund or a different Fund of the Trust, will receive the number of
shares equal in value to their reinvested redemption proceeds plus the number of shares
necessary to reimburse the amount of the CDSC they paid at redemption. You should be
sure to notify the Funds Transfer Agent upon such a repurchase when you wish to
exercise this reimbursement privilege.
--- --- For complete information, please refer to our prospectus. Telephone: (800) 799-2113 Website: www.olsteinfunds.com Olstein Capital Management, L.P. Distributor Page 7 of 7 SHARES OF THE TRUST The beneficial interest in the Trust is divided into an unlimited number of shares, with a
par value of $0.001 per share. The Board of Trustees is empowered under the Trusts
Agreement and Declaration of Trust to authorize the division of shares into separate
series and the division of series into separate classes of shares without shareholder
approval. Pursuant to this authority, the Board established and designated two series of
shares, The All Cap Value Fund (formerly, The Olstein Financial Alert Fund) and The
Strategic Opportunities Fund series of shares, and further divided each such series into
two classes of shares. The All Cap Value Fund offers Adviser Class and Class C shares
and the Strategic Opportunities Fund offers Class A and Class C shares. When issued, all shares will be fully paid and nonassessable and will be redeemable and
freely transferable. All shares have equal voting rights, except that shares of each Fund
shall have sole voting rights with respect to matters that only affect holders of that series,
and that shares of each Class of a Fund shall have sole voting rights with respect to
matters that only affect the holders of that Class, such as the right to vote on issues
associated with the Rule 12b-1 Plan for the Class. On matters relating to the Trust but
affecting the Funds differently, separate votes by the Funds or Classes are required.
Shares can be issued as full or fractional shares. A fractional share has proportionally the
same rights and privileges as a full share. The shares possess no preemptive or
conversion rights. Each share may be freely retained or disposed of according to the
purchase and redemption requirements of the Funds. The assets of the Trust held with respect to each series shall be charged with the liabilities
of the Trust with respect to that series. All expenses, costs, charges and reserves
attributable to the series, and any general liabilities of the Trust which are not readily
identifiable as being held in respect of a series, shall be allocated and charged by the
officers of the Trust to any one or more series as the Trustees deem fair and equitable.
Each allocation of liabilities shall be binding on the shareholders of the series in absence
of manifest error. Notwithstanding the foregoing, shares of separate classes of a
particular series may be subject to differing allocations of income to reflect different
expense levels that affect the individual class. Such varying expenses can include
distribution or transfer agent expenses, but not investment management fees. The Trustees have full discretion to determine which items shall be treated as income and
which items as capital in dividend or distribution payments.
