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 401(k) or 403(b)plans for which the Fund is listed as an
investment option, and Olstein & Associates is listed as
broker of record, 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.
This supplement supersedes and replaces the supplement
dated March 1, 1997.
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