Strategy And Objective

The Olstein All Cap Value Funds (the Fund or All Cap Value Fund) primary investment objective is long-term capital appreciation and its secondary objective is income. The Fund seeks to achieve its objectives by investing primarily in a diversified portfolio of common stocks that the Funds investment adviser, Olstein Capital Management, L.P. (OCM), believes are significantly undervalued. OCM follows an accounting-driven, value-oriented approach that emphasizes looking behind the numbers of financial statements based on the belief that the price of a common stock may not reflect the intrinsic value of the issuing company's underlying business. The Fund uses several valuation methods to determine private market value, all of which emphasize expected future free cash flow. Future free cash flow represents the cash that a company is able to generate from operations after any required investment to maintain or expand its asset base (i.e., after required capital expenditures and working capital needs).