Supplement Dated March 1, 1997 to the Prospectus for
THE OLSTEIN FINANCIAL ALERT FUND
The following information amends and supplements the information
set forth in the Prospectus dated November 18, 1996 for The
Olstein Financial Alert Fund:
Page 20 of the Prospectus is amended to include the following
additional information regarding waivers of the contingent
deferred sales charge ("CDSC"):
Redemptions by clients of Olstein & Associates who maintain
private brokerage accounts at the time of purchase will not
be subject to the CDSC described in this Prospectus. In
addition, purchases by participants in qualified retirement
or profit-sharing plans (including 401(k) or 403(b) plans)
for which the Fund is listed as an investment option, as
well as purchases by certain banks or financial institutions
through omnibus or collective accounts on behalf of their
customers, shall not be subject to any CDSC.
Page 22 of the Prospectus is amended to include the following
additional section:
Systematic Withdrawal Plan. Shareholders who own shares
with a value of $10,000 or more may participate in the
Systematic Withdrawal Plan. Under the Plan, shareholders
may automatically redeem a portion of their Fund shares
monthly, bimonthly, quarterly, semiannually or annually.
The minimum withdrawal available is $100. The redemption of
Fund shares will be effected at their net asset value at the
close of the NYSE on or about the 25th day of the month at
the frequency selected by the shareholder. If you expect to
purchase additional Fund shares, it may not be to your
advantage to participate in the Systematic Withdrawal Plan
because contemporary purchases and redemption may result in
adverse tax consequences. For further details about this
service, see the Application or call the transfer agent at
(800) 799-2113.
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