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SIGNATURE MICHAEL LUPER
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<CIK> 0000944690
<NAME> THE OLSTEIN FINANCIAL ALERT FUND
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<INVESTMENTS-AT-VALUE> 347,365,435
<RECEIVABLES> 16,881,445
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REPORT OF INDEPENDENT AUDITORS
To the Board of Trustees of
The Olstein Financial Alert Fund
In planning and performing our audit of the financial statements of The Olstein
Financial Alert Fund (the Fund) for the year ended August 31, 1999, we
considered its internal control, including controls over safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and may not be detected. Also, projection of any evaluation of internal control
to future periods is subject to the risk that it may become inadequate because
of changes in condition or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of any
specific internal control component does not reduce to a relatively low level
the risk that errors or fraud in amounts that would be material in relation to
the financial statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their assigned
functions. However, we noted no matters involving the internal control and its
operation, including controls for safeguarding securities, that we consider to
be material weaknesses as defined above at August 31, 1999.
This report is intended solely for the information and use of the Board of
Trustees and management of The Olstein Financial Alert Fund and the Securities
and Exchange Commission and is not intended to be and should not be used by
anyone other than these specified parties.
October 1, 1999
Milwaukee, Wisconsin
