<PAGE> PAGE 1
000 A000000 02/29/2000
000 C000000 0000944690
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 THE OLSTEIN FINANCIAL ALERT FUND
001 B000000 811-9038
001 C000000 4142873315
002 A000000 4 MANHATTANVILLE ROAD
002 B000000 PURCHASE
002 C000000 NY
002 D010000 10577
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 OLSTEIN FINANCIAL ALERT FUND
007 C030100 N
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 OLSTEIN & ASSOCIATES, L.P.
008 B00AA01 A
008 C00AA01 801-49252
008 D01AA01 PURCHASE
008 D02AA01 NY
008 D03AA01 10577
010 A00AA01 FIRSTAR MUTUAL FUND SERVICES, LLC
010 B00AA01 85-11357
010 C01AA01 MILWAUKEE
010 C02AA01 WI
010 C03AA01 53202
011 A00AA01 OLSTEIN & ASSOCIATES, L.P.
011 B00AA01 8-84324
011 C01AA01 PURCHASE
011 C02AA01 NY
011 C03AA01 10577
012 A00AA01 FIRSTAR MUTUAL FUND SERVICES, LLC
<PAGE> PAGE 2
012 B00AA01 85-11357
012 C01AA01 MILWAUKEE
012 C02AA01 WI
012 C03AA01 53202
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 MILWAUKEE
013 B02AA01 WI
013 B03AA01 53202
014 A00AA01 ALBERT FRIED CO.
014 B00AA01 8-03337
014 A00AA02 BEAR STEARNS SECURITIES CORP.
014 B00AA02 8-43724
014 A00AA03 OLSTEIN & ASSOCIATES, L.P.
014 B00AA03 8-84324
015 A00AA01 FIRSTAR BANK, N.A.
015 B00AA01 C
015 C01AA01 MILWAUKEE
015 C02AA01 WI 015 C03AA01 53202 015 E01AA01 X 018 00AA00 Y 019 A00AA00 N 019
B00AA00 0 020 A000001 SMITH BARNEY INC.
020 C000001 351
020 A000002 OLSTEIN & ASSOCIATES, L.P.
020 C000002 315
020 A000003 ALBERT FRIED CO.
020 C000003 94
020 A000004 MERRILL LYNCH
020 C000004 86
020 A000005 BEAR STEARNS SECURITIES CORP.
020 C000005 64
020 A000006 DONALDSON LUFKIN JEN/PERSHING
020 C000006 47
020 A000007 CANTOR FITZGERALD COMPANY
020 C000007 43
020 A000008 MORGAN STANLEY AND COMPANY
020 C000008 10
020 A000009 AXIOM
020 C000009 4
020 A000010 DEAN WITTER REYNOLDS INC.
020 C000010 3
021 000000 1027
022 A000001 FIRSTAR BANK MONEY CENTER
022 C000001 2122039
022 D000001 0
022 A000002 SMITH BARNEY INC.
022 C000002 33025
022 D000002 35050
022 A000003 MERRILL LYNCH
<PAGE> PAGE 3
022 C000003 6999
022 D000003 10506
022 A000004 BEAR STEARNS SECURITIES CORP.
022 C000004 7001
022 D000004 3855
022 A000005 CANTOR FITZGERALD COMPANY
022 C000005 2912
022 D000005 4753
022 A000006 LEHMAN BROTHERS INC.
022 C000006 0
022 D000006 2624
022 A000007 DONALDSON LUFKIN JEN/PERSHING
022 C000007 648
022 D000007 1588
022 A000008 OLSTEIN & ASSOCIATES INC.
022 C000008 0
022 D000008 214
022 A000009 MORGAN STANLEY & COMPANY
022 C000009 7
022 D000009 0
022 C000010 0
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023 D000000 58590
024 00AA00 N
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028 A01AA00 4379
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 9
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SIGNATURE MICHAEL LUPER
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000944690
<NAME> THE OLSTEIN FINANCIAL ALERT FUND
<SERIES>
<NUMBER> 1
<NAME> CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-2000
<PERIOD-START> SEP-01-1999
<PERIOD-END> FEB-29-2000
<INVESTMENTS-AT-COST> 372,348,491
<INVESTMENTS-AT-VALUE> 392,714,017
<RECEIVABLES> 14,087,180
<ASSETS-OTHER> 41,001
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 406,842,198
<PAYABLE-FOR-SECURITIES> 10,386,145
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,518,454
<TOTAL-LIABILITIES> 12,904,599
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 336,302,072
<SHARES-COMMON-STOCK> 27,055,187
<SHARES-COMMON-PRIOR> 20,027,816
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 36,721,454
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 20,914,073
<NET-ASSETS> 393,937,599
<DIVIDEND-INCOME> 1,347,670
<INTEREST-INCOME> 1,426,867
<OTHER-INCOME> 0
<EXPENSES-NET> (4,073,599)
<NET-INVESTMENT-INCOME> (1,299,062)
<REALIZED-GAINS-CURRENT> 40,437,151
<APPREC-INCREASE-CURRENT> (18,663,578)
<NET-CHANGE-FROM-OPS> 20,474,511
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (74,684,260)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,479,954
<NUMBER-OF-SHARES-REDEEMED> (1,250,063)
<SHARES-REINVESTED> 5,797,480
<NET-CHANGE-IN-ASSETS> 44,780,691
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 72,329,222
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,848,628)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (4,073,599)
<AVERAGE-NET-ASSETS> 366,421,049
<PER-SHARE-NAV-BEGIN> 17.43
<PER-SHARE-NII> (0.05)
<PER-SHARE-GAIN-APPREC> 0.60
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (3.74)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.24
<EXPENSE-RATIO> 2.21
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000944690
<NAME> THE OLSTEIN FINANCIAL ALERT FUND
<SERIES>
<NUMBER> 2
<NAME> ADVISER CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-2000
<PERIOD-START> SEP-21-1999
<PERIOD-END> FEB-29-2000
<INVESTMENTS-AT-COST> 372,348,491
<INVESTMENTS-AT-VALUE> 392,714,017
<RECEIVABLES> 14,087,180
<ASSETS-OTHER> 41,001
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 406,842,198
<PAYABLE-FOR-SECURITIES> 10,386,145
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,518,454
<TOTAL-LIABILITIES> 12,904,599
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 336,302,072
<SHARES-COMMON-STOCK> 615,123
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 36,721,454
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 20,914,073
<NET-ASSETS> 393,937,599
<DIVIDEND-INCOME> 1,347,670
<INTEREST-INCOME> 1,426,867
<OTHER-INCOME> 0
<EXPENSES-NET> (4,073,599)
<NET-INVESTMENT-INCOME> (1,299,062)
<REALIZED-GAINS-CURRENT> 40,437,151
<APPREC-INCREASE-CURRENT> (18,663,578)
<NET-CHANGE-FROM-OPS> 20,474,511
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (61,597)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 610,965
<NUMBER-OF-SHARES-REDEEMED> (708)
<SHARES-REINVESTED> 4,866
<NET-CHANGE-IN-ASSETS> 44,780,691
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 72,329,222
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,848,628)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (4,073,599)
<AVERAGE-NET-ASSETS> 4,917,467
<PER-SHARE-NAV-BEGIN> 17.48
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.54
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (3.74)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.28
<EXPENSE-RATIO> 1.46
</TABLE>
The Olsten Financial Alert Fund
Form N-SAR Report for the Period Ended 02/29/00
The Fund issued a second class of shares, Adviser Class Shares, and
renamed the initial class as Class C shares on September 1, 1999. The Adviser
Class Shares were initially sold on September 21, 1999.
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 Trust's 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 the Olstein Financial Alert Fund series of
shares, and further divided such series into Adviser Class 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 class 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. 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 Fund.
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 Trustees 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.
The Trustees have full discretion to determine which items shall be treated
as income and which items as capital in dividend or distribution payments.
