Supplement Dated October 6, 1998 to the
Prospectus dated January 1, 1998 for
THE OLSTEIN FINANCIAL ALERT FUND
The following information amends and supplements the information set forth in
the Prospectus dated January 1, 1998 for The Olstein Financial Alert Fund:
Page 10 of the Prospectus is amended to include the following additional
information concerning investments in swap agreements:
The Fund may also enter into equity swap agreements for the purpose of
attempting to obtain a desired return or exposure to certain equity
securities or equity indices in an expedited manner or at a lower cost to
the Fund than if the Fund had invested directly in such securities. Such
techniques may indirectly enable the Fund to better manage the Fund's
ability to experience taxable gains or losses in an effort to
maximize the after-tax returns for shareholders.
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