0000894189-13-006284.txt : 20131115 0000894189-13-006284.hdr.sgml : 20131115 20131115150309 ACCESSION NUMBER: 0000894189-13-006284 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 8 FILED AS OF DATE: 20131115 DATE AS OF CHANGE: 20131115 EFFECTIVENESS DATE: 20131115 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OLSTEIN FUNDS CENTRAL INDEX KEY: 0000944690 IRS NUMBER: 133837394 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-91770 FILM NUMBER: 131223700 BUSINESS ADDRESS: STREET 1: 4 MANHATTANVILLE RD CITY: PURCHASE STATE: NY ZIP: 10577 BUSINESS PHONE: 9142696100 MAIL ADDRESS: STREET 1: 4 MANHATTANVILLE RD CITY: PURCHASE STATE: NY ZIP: 10577 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OLSTEIN FUNDS CENTRAL INDEX KEY: 0000944690 IRS NUMBER: 133837394 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-09038 FILM NUMBER: 131223701 BUSINESS ADDRESS: STREET 1: 4 MANHATTANVILLE RD CITY: PURCHASE STATE: NY ZIP: 10577 BUSINESS PHONE: 9142696100 MAIL ADDRESS: STREET 1: 4 MANHATTANVILLE RD CITY: PURCHASE STATE: NY ZIP: 10577 0000944690 S000005136 Olstein All Cap Value Fund C000014057 Adviser Class OFAFX C000014058 Class C OFALX 0000944690 S000013158 Olstein Strategic Opportunities Fund C000035421 Class A OFSAX C000035422 Class C OFSCX 485BPOS 1 olstein_bxbrl.htm POST EFFECTIVE AMENDMENT FOR XBRL olstein_bxbrl.htm

 
As filed with the Securities and Exchange Commission on November 15, 2013

1933 Act File No. 033-91770
1940 Act File No. 811-09038

SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-1A
 
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
[
X
]
Pre-Effective Amendment No.
   
[
 
]
Post-Effective Amendment No.
33  
[
X
]
 
and/or
 
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
[
X
]
Amendment No.
34  
[
X
]

 
THE OLSTEIN FUNDS
(Exact Name of Registrant as Specified in Charter)

4 Manhattanville Road, Purchase, NY  10577
 (Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code:  (914) 269-6100

Robert A. Olstein
Olstein Capital Management, L.P.
4 Manhattanville Road
Purchase, NY  10577
(Name and Address of Agent for Service)

Please send copies of all communications to:

Michael P. O'Hare, Esq.
Stradley, Ronon, Stevens & Young, LLP
2005 Market Street, Suite 2600
Philadelphia, PA 19103

It is proposed that this filing will become effective (check appropriate box):
[
X
]
immediately upon filing pursuant to paragraph (b)
[
 
]
On (date) pursuant to paragraph (b)
[
 
]
60 days after filing pursuant to paragraph (a)(1)
[
 
]
on (date) pursuant to paragraph (a)(1)
[
 
]
75 days after filing pursuant to paragraph (a)(2)
[
 
]
on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate check the following box:

[
 
]
This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Explanatory Note:
This Post-Effective Amendment (“PEA”) No. 33 to the Registration Statement of The Olstein Funds (the “Trust”) on Form N-1A hereby incorporates Parts A, B and C from the Trust’s PEA No. 32 on Form N-1A filed October 28, 2013.  This PEA No. 33 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 32 to the Trust’s Registration Statement.
 
 
 
 

 
 
SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 (the “1933 Act”) and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the 1933 Act and has duly caused this Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized in the City of Purchase, and State of New York, on the 15th day of November, 2013.

 
THE OLSTEIN FUNDS
 
 
 
By:   /s/ Robert A. Olstein
 
Name:    Robert A. Olstein
 
Title:      Chairman and President

Pursuant to the requirements of the 1933 Act, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

SIGNATURE
 
TITLE
 
DATE
         
         
/s/ Robert A. Olstein
 
Chairman and President
 
November 15, 2013
Robert A. Olstein
       
         
         
/s/ Erik K. Olstein
 
Trustee, Secretary and Assistant Treasurer
 
November 15, 2013
Erik K. Olstein
       
         
         
/s/ Michael Luper
 
Chief Accounting Officer and Treasurer
 
November 15, 2013
Michael Luper
       
         
         
Fred W. Lange*
 
Trustee
 
November 15, 2013
Fred W. Lange
       
         
         
John R. Lohr*
 
Trustee
 
November 15, 2013
John R. Lohr
       
         
         
D. Michael Murray*
 
Trustee
 
November 15, 2013
D. Michael Murray
       
         
         
Lawrence K. Wein*
 
Trustee
 
November 15, 2013
Lawrence K. Wein
       
         
         
         
*By:    /s/ Robert A. Olstein
       
Robert A. Olstein
Attorney-in-Fact
(Pursuant to Power of Attorney)
       
 

 
 
C-1

 

INDEX TO EXHIBITS

Exhibit
Exhibit No.
Instance Document
EX-101.INS
Schema Document
EX-101.SCH
Calculation Linkbase Document
EX-101.CAL
Definition Linkbase Document
EX-101.DEF
Label Linkbase Document
EX-101.LAB
Presentation Linkbase Document
EX-101.PRE


 
 
 
 
 
C-2
 

EX-101.INS 2 ck0000944690-20131028.xml INSTANCE DOCUMENT 0000944690 2013-06-30 2013-06-30 0000944690 ck0000944690:S000005136Member 2013-06-30 2013-06-30 0000944690 ck0000944690:S000005136Member ck0000944690:C000014057Member 2013-06-30 2013-06-30 0000944690 ck0000944690:S000005136Member ck0000944690:C000014058Member 2013-06-30 2013-06-30 0000944690 ck0000944690:S000005136Member rr:AfterTaxesOnDistributionsMember ck0000944690:C000014058Member 2013-06-30 2013-06-30 0000944690 ck0000944690:S000005136Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000944690:C000014058Member 2013-06-30 2013-06-30 0000944690 ck0000944690:S000005136Member ck0000944690:index_SP_500_Index_Class_C_Comparison_wdividends_reinvested_Indices_reflect_no_deductions_for_fees_expenses_or_taxes_Member 2013-06-30 2013-06-30 0000944690 ck0000944690:S000005136Member ck0000944690:index_Russell_3000_Index_Class_C_Comparison_wdividends_reinvested_Indices_reflect_no_deductions_for_fees_expenses_or_taxes_Member 2013-06-30 2013-06-30 0000944690 ck0000944690:S000005136Member rr:AfterTaxesOnDistributionsMember ck0000944690:C000014057Member 2013-06-30 2013-06-30 0000944690 ck0000944690:S000005136Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000944690:C000014057Member 2013-06-30 2013-06-30 0000944690 ck0000944690:S000005136Member ck0000944690:index_SP_500_Index_Adviser_Class_Comparison_wdividends_reinvested_Indices_reflect_no_deductions_for_fees_expenses_or_taxes_Member 2013-06-30 2013-06-30 0000944690 ck0000944690:S000005136Member ck0000944690:index_Russell_3000_Index_Adviser_Class_Comparison_wdividends_reinvested_Indices_reflect_no_deductions_for_fees_expenses_or_taxes_Member 2013-06-30 2013-06-30 0000944690 ck0000944690:S000013158Member 2013-06-30 2013-06-30 0000944690 ck0000944690:S000013158Member ck0000944690:C000035421Member 2013-06-30 2013-06-30 0000944690 ck0000944690:S000013158Member ck0000944690:C000035422Member 2013-06-30 2013-06-30 0000944690 ck0000944690:S000013158Member rr:AfterTaxesOnDistributionsMember ck0000944690:C000035421Member 2013-06-30 2013-06-30 0000944690 ck0000944690:S000013158Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000944690:C000035421Member 2013-06-30 2013-06-30 0000944690 ck0000944690:S000013158Member ck0000944690:index_SP_500_Index_Class_A_Comparison_wdividends_reinvested_Indices_reflect_no_deductions_for_fees_expenses_or_taxes_Member 2013-06-30 2013-06-30 0000944690 ck0000944690:S000013158Member ck0000944690:index_Russell_2500TM_Index_Class_A_Comparison_wdividends_reinvested_Indices_reflect_no_deductions_for_fees_expenses_or_taxes_Member 2013-06-30 2013-06-30 0000944690 ck0000944690:S000013158Member rr:AfterTaxesOnDistributionsMember ck0000944690:C000035422Member 2013-06-30 2013-06-30 0000944690 ck0000944690:S000013158Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000944690:C000035422Member 2013-06-30 2013-06-30 0000944690 ck0000944690:S000013158Member ck0000944690:index_SP_500_Index_Class_C_Comparison_wdividends_reinvested_Indices_reflect_no_deductions_for_fees_expenses_or_taxes_Member 2013-06-30 2013-06-30 0000944690 ck0000944690:S000013158Member ck0000944690:index_Russell_2500TM_Index_Class_C_Comparison_wdividends_reinvested_Indices_reflect_no_deductions_for_fees_expenses_or_taxes_Member 2013-06-30 2013-06-30 xbrli:pure iso4217:USD The 1 Year total return figures for Class C assume that the shareholder redeemed at the end of the first year and paid the CDSC of 1.00%. The average annual total returns for Class C shown for 5 Years and 10 Years do not include the CDSC because there is no CDSC if shares are held longer than 1 year. The losses that can be utilized against other assumed gains by the investor are reflected in this return. Effective October 31, 2013, the Board of Trustees of the Trust terminated the Fund's Rule 12b-1 Shareholder Servicing and Distribution Plan. If the elimination of the Adviser Class's Rule 12b-1 Shareholder Servicing and Distribution Plan had been reflected in the performance information in the table above, assuming no other changes but the elimination of the Adviser Class's Rule 12b-1 fee, performance would have been higher for the Adviser Class shares. The Transfer Agent charges a fee (currently $15) for each wire redemption and for redemption proceeds sent by overnight courier. The Board of Trustees of the Trust approved the termination of the Fund's Distribution and Shareholder Servicing (Rule 12b-1) Plan for Adviser Class shares effective October 31, 2013. Total Annual Fund Operating Expenses for the Adviser Class shares have been restated to reflect the elimination of Distribution and Service (12b-1) Fees. Other Expenses include acquired fund fees and expenses. Total Annual Fund Operating Expenses shown in the above table differ from the ratio of expenses to average net assets shown in the Financial Highlights because the Financial Highlights exclude acquired fund fees and expenses. The total return figures for Class A include the maximum front-end sales charge of 5.50% imposed on purchases. The 1 Year total return figures for Class C assume that the shareholder redeemed at the end of the first year and paid the CDSC of 1.00%. The average annual total returns for Class C shown for 5 Years and Since Inception do not include the CDSC because there is no CDSC if shares are held longer than 1 year. Purchases of $1 million or more, or purchases into account(s) with accumulated value of $1 million or more, that were not subject to a front-end sales charge are subject to a CDSC of 1.00% if sold within one year of the purchase date. The Transfer Agent charges a fee (currently $15) for each wire redemption and for redemption proceeds sent by overnight courier. Other Expenses include acquired fund fees and expenses, which were less than 0.01% of the Fund's average net assets. OCM has contractually agreed to waive or reduce all or a portion of its management fee and, if necessary, to bear certain other expenses to limit the annualized expenses of both Class A shares and Class C shares of the Fund to 1.35%,exclusive of 12b-1 fees, shareholder servicing fees, acquired fund fees and expenses, taxes, interest and non-routine expenses or costs, including but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings and liquidations (collectively, "non-routine expenses"). OCM may seek reimbursement of its waived fees and expenses borne for a three-year period following such fee waivers and expense reimbursements, provided that the reimbursement by the Fund to OCM will not cause total operating expenses, exclusive of 12b-1 fees, shareholder servicing fees, acquired fund fees and expenses, taxes, interest, and non-routine expenses, to exceed the expense cap as then may be in effect for the Fund. This contractual fee waiver will remain in effect until at least October 28, 2014 and may not be terminated by OCM during its term. OLSTEIN FUNDS 485BPOS false 0000944690 2013-06-30 2013-10-28 2013-10-28 2013-10-31 Olstein All Cap Value Fund OFAFX OFALX Portfolio Turnover <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the expense example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate <font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline">was 44.43%</font> of the average value of its portfolio.</font> </div> 0.4443 Expense Example: <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;The examples assume that you invest $10,000 in each class of the Fund for the time periods indicated and then redeem all of your shares at the end of each period, unless otherwise indicated.&#160;&#160;The examples also assume that you earn a 5% return each year and that the Fund&#8217;s</font> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">operating expenses remain the same.</font></div> 133 415 718 1579 334 721 1235 2646 234 721 1235 2646 ~ http://usbank.com/20131028/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0000944690_S000005136Member row primary compact * ~ ~ http://usbank.com/20131028/role/ScheduleExpenseExampleNoRedemptionTransposed20004 column dei_LegalEntityAxis compact ck0000944690_S000005136Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Performance <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The bar chart and tables shown below illustrate the variability of the Fund&#8217;s returns.&#160;&#160;The bar chart indicates the risks of investing in Class C shares of the Fund by showing the changes in the performance of the Class C shares of the Fund from year to year (on a calendar year basis).&#160;&#160;The tables show how the average annual returns of the Adviser Class and Class C shares for the one-, five- and ten-year periods compare with those of the S&amp;P 500<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> Index and Russell 3000<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> Index.&#160;&#160;The S&amp;P 500<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> Index and Russell 3000<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> Index represent broad measures of market performance.&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</font><font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>Updated performance information is available at no cost by visiting&#160;&#160;http://www.olsteinfunds.com or by calling (800)&#160;799-2113.</font> </div> Total Return for Class C as of 12/31* 0.3619 0.1105 0.0279 0.1444 -0.0343 -0.4380 0.3701 0.1617 -0.0430 0.1530 ~ http://usbank.com/20131028/role/ScheduleAnnualTotalReturnsBarChart20005 column dei_LegalEntityAxis compact ck0000944690_S000005136Member column rr_ProspectusShareClassAxis compact ck0000944690_C000014058Member row primary compact * ~ Best Quarter 0.2154 2009-06-30 Worst Quarter -0.2836 2008-12-31 Total Return 0.2480 2013-09-30 <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">Total Return from January 1, 2013 to September 30, 2013<font style="display: inline;">:&#160;&#160;24.80%</font></font> </div> <br/><table cellpadding="0" cellspacing="0" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr> <td align="left" valign="top" width="56%"> <div align="left" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Best Quarter&#8212;Quarter ended June 30, 2009: 21.54%</font> </div> </td> </tr> <tr> <td align="left" valign="top" width="56%"> <div align="left" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Worst Quarter&#8212;Quarter ended December 31, 2008: -28.36%</font> </div> </td> </tr> </table> <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent-3" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="WIDTH: 0.049pt"> <div> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font> </div> </td> <td style="WIDTH: 9pt"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">*</font></font> </div> </td> <td> <div align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">The above returns do not reflect the contingent deferred sales charge (&#8220;CDSC&#8221;) of 1.00%, which is imposed if an investor redeems Class C shares within the first year of purchase.&#160;&#160;If the CDSC was reflected, returns would be less than those shown above.</font></font> </div> </td> </tr> </table> 0.1430 -0.0026 0.0542 Class C Return Before Taxes 0.1430 -0.0027 0.0479 Class C Return After Taxes on Distributions 0.0929 -0.0022 0.0470 Class C Return After Taxes on Distributions and Sale of Fund Shares 0.1600 0.0166 0.0710 S&P 500&#174; Index (w/dividends reinvested) Indices reflect no deductions for fees, expenses or taxes 0.1642 0.0204 0.0768 Russell 3000&#174; Index (w/dividends reinvested) Indices reflect no deductions for fees, expenses or taxes 0.1613 0.0049 0.0621 Adviser Class Return Before Taxes 0.1613 0.0048 0.0562 Adviser Class Return After Taxes on Distributions 0.1048 0.0041 0.0540 Adviser Class Return After Taxes on Distributions and Sale of Fund Shares 0.1600 0.0166 0.0710 S&P 500&#174; Index (w/dividends reinvested) Indices reflect no deductions for fees, expenses or taxes 0.1642 0.0204 0.0768 Russell 3000&#174; Index (w/dividends reinvested) Indices reflect no deductions for fees, expenses or taxes ~ http://usbank.com/20131028/role/ScheduleAverageAnnualReturnsTransposed20006 column dei_LegalEntityAxis compact ck0000944690_S000005136Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.&#160;&#160;Your actual after-tax returns depend on your particular tax situation and may differ from those shown.&#160;&#160;These after-tax return figures do not apply to you if you hold your Fund shares through a tax-deferred arrangement such as a 401(k) plan or individual retirement account (&#8220;IRA&#8221;).&#160;&#160;The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how it will perform in the future.</font> </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Indices reflect no deductions for fees, expenses or taxes The bar chart and tables shown below illustrate the variability of the Fund's returns. http://www.olsteinfunds.com (800) 799-2113 The above returns do not reflect the contingent deferred sales charge ("CDSC") of 1.00%, which is imposed if an investor redeems Class C shares within the first year of purchase. If the CDSC was reflected, returns would be less than those shown above. Average Annual Total Returns for the Periods Ending December 31, 2012 The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Your actual after-tax returns depend on your particular tax situation and may differ from those shown. These after-tax return figures do not apply to you if you hold your Fund shares through a tax-deferred arrangement such as a 401(k) plan or individual retirement account ("IRA"). Main Risks <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">There can be no assurance that the Fund will achieve its objectives.&#160;&#160;Each of the risks listed below has the potential (individually or in any combination) to affect adversely the net asset value of the Fund and cause you to lose money.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Stock Market Risk:&#160;&#160;</font>The Fund is subject to the risk that stock prices may decline over short or even extended periods of time.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Management Risk:&#160;&#160;</font>The investment techniques used by OCM may not produce the desired results and cause the Fund to underperform its benchmarks or mutual fund peers.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Small- and Mid-Sized Company Risk:&#160;&#160;</font>Small- and mid-sized companies may be more vulnerable to adverse business or economic events than larger, more established companies.&#160;&#160;In particular, these companies may have an unproven or narrow technological base and limited product lines, distribution channels, and market and financial resources, and small capitalization companies also may be dependent on entrepreneurial management, making the companies more susceptible to certain setbacks and reversals.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Value Investing Style Risk:&#160;&#160;</font>The Fund uses a value-oriented investment approach.&#160;&#160;However, a particular value stock may not increase in price as anticipated by OCM (and may actually decline in price) if other investors fail to recognize the stock&#8217;s value or if a catalyst that OCM believes will increase the price of the stock does not occur or does not affect the price of the stock in the manner or to the degree anticipated.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Foreign Investing Risk:&#160;&#160;</font>Investing in foreign companies typically involves more risks than investing in U.S. companies.&#160;&#160;These risks can increase the potential for losses in the Fund and may include risks related to currency exchange rate fluctuations, country or government specific issues (for example, terrorism, war, social and economic instability, currency devaluations, and restrictions on foreign investment or the movement of assets), unfavorable trading practices, less government supervision, less publicly available information, limited trading markets and greater volatility.</font> </div> Each of the risks listed below has the potential (individually or in any combination) to affect adversely the net asset value of the Fund and cause you to lose money. Investment Objectives <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund&#8217;s primary investment objective is long-term capital appreciation</font></div> <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">and its secondary objective is income.</font> </div> Fees and Expenses <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> 0.0000 0.0000 0.0000 0.0100 0.0000 0.0000 0.0000 0.0000 0.0100 0.0100 0.0000 0.0100 0.0031 0.0031 0.0131 0.0231 ~ http://usbank.com/20131028/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0000944690_S000005136Member row primary compact * ~ ~ http://usbank.com/20131028/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0000944690_S000005136Member row primary compact * ~ Other Expenses include acquired fund fees and expenses. Total Annual Fund Operating Expenses shown in the above table differ from the ratio of expenses to average net assets shown in the Financial Highlights because the Financial Highlights exclude acquired fund fees and expenses. The Transfer Agent charges a fee (currently $15) for each wire redemption and for redemption proceeds sent by overnight courier. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment) Principal Investment Strategies <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund seeks to achieve its objectives by investing primarily in a diversified portfolio of common stocks that the Fund&#8217;s investment adviser, Olstein Capital Management, L.P. (&#8220;OCM&#8221;), believes are significantly undervalued.&#160;&#160;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&#8217;s underlying business.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">When evaluating stocks for the Fund, OCM undertakes an in-depth analysis of financial statements as it seeks to identify early warning signs of potential changes in a company&#8217;s ability to generate sustainable free cash flow as well as its potential to grow.&#160;&#160;When determining sustainable free cash flow and the quality of earnings, OCM assesses the accounting practices and assumptions used to construct financial statements against the economic reality of the company&#8217;s business.&#160;&#160;OCM believes that in-depth analysis of financial statements reveals the success of a company&#8217;s strategy, sustainability of its performance and impact of management decisions on future cash flow and is more useful to an investor than management forecasts or earnings guidance.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">OCM believes stock prices often fall below a company&#8217;s private market value as a result of a short-term focus on, or an overreaction to, negative information regarding the company or its industry, or negative overall market psychology.&#160;&#160;The Fund seeks to capitalize on market volatility and the valuation extremes specific to a company by purchasing its stock at prices that OCM believes can result in above-average capital appreciation if the deviation between stock price and OCM&#8217;s estimate of the company&#8217;s private market value is corrected by market forces or other catalysts that change perceptions.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Although the Fund uses several valuation methods to determine private market value, all methods emphasize expected future free cash flow (after capital expenditures and</font> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">working capital needs). The Fund&#8217;s bottom-up analysis seeks to identify companies with unique business fundamentals and a competitive edge, which usually provide a greater predictability of future free cash flow.&#160;&#160;Companies with free cash flow have the potential to enhance shareholder value by increasing dividends, repurchasing shares, reducing debt, engaging in strategic acquisitions, withstanding an economic downturn without adopting harmful short term strategies or being an attractive acquisition target.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund will invest in companies without regard to whether they are conventionally categorized as small, medium, or large capitalization or whether they are characterized as growth (growth is a component of the Fund&#8217;s definition of value), value, cyclical, or any other category.&#160;&#160;The Fund may invest up to 20% of its net assets in foreign securities that are traded in U.S. dollars, but the Fund&#8217;s foreign investments will be limited to investments in developed countries, rather than countries with developing or emerging markets.</font> </div> Olstein Strategic Opportunities Fund OFSAX OFSCX Portfolio Turnover <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the expense example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 39.95% of the average value of its portfolio.</font> </div> 0.3995 Expense Example: <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;The examples assume that you invest $10,000 in each class of the Fund for the time periods indicated and then redeem all of your shares at the end of each period, unless otherwise indicated.&#160;&#160;The examples also assume that you earn a 5% return each year and that the Fund&#8217;s operating expenses remain the same.&#160;&#160;Please note that the one-year numbers below are based on the Fund&#8217;s net expenses resulting from the expense limitation agreement described above.</font></div> 704 1059 1438 2497 338 766 1321 2834 238 766 1321 2834 ~ http://usbank.com/20131028/role/ScheduleExpenseExampleTransposed20011 column dei_LegalEntityAxis compact ck0000944690_S000013158Member row primary compact * ~ ~ http://usbank.com/20131028/role/ScheduleExpenseExampleNoRedemptionTransposed20012 column dei_LegalEntityAxis compact ck0000944690_S000013158Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Performance <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The bar chart and tables shown below illustrate the variability of the Fund&#8217;s returns.&#160;&#160;The bar chart indicates the risks of investing in Class C shares of the Fund by showing the changes in the performance of the Class C shares of the Fund from year to year (on a calendar year basis).&#160;&#160;The tables show how the average annual returns of the Class A and Class C shares for the one-year, five-year and since-inception periods compare with those of the S&amp;P 500<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> Index and Russell 2500<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">TM</font> Index. The S&amp;P 500<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> Index represents a broad measure of market performance. The Russell 2500<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">TM</font> Index represents the market sector of small- and mid-sized companies in which the Fund invests. <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund</font></font> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">will perform in the future.</font><font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>Updated performance information is available at no cost by visiting http://<font style="DISPLAY: inline">www.olsteinfunds.com</font> or by calling (800) 799-2113.</font> </div> Total Return for Class C as of 12/31* -0.0581 -0.3858 0.4724 0.2673 -0.0826 0.2114 ~ http://usbank.com/20131028/role/ScheduleAnnualTotalReturnsBarChart20013 column dei_LegalEntityAxis compact ck0000944690_S000013158Member column rr_ProspectusShareClassAxis compact ck0000944690_C000035422Member row primary compact * ~ Best Quarter 0.3308 2009-06-30 Worst Quarter -0.2935 2008-12-31 Total Return 0.2884 2013-09-30 <div align="left" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total Return from January 1, 2013 to September 30, 2013:&#160;&#160; 28.84%</font> </div> <br/><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"> <tr> <td align="left" valign="top" width="68%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">Best Quarter&#8212;Quarter ended <font style="display: inline;">June 30, 2009:&#160;&#160;33.08</font>%</font> </div> </td> </tr> <tr> <td align="left" valign="top" width="68%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">Worst Quarter&#8212;Quarter ended <font style="display: inline;">December 31, 2008:&#160;&#160;-29.35%</font></font> </div> </td> </tr> </table> <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent-13" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="WIDTH: 7.2pt"> <div> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font> </div> </td> <td> <div align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">*The above returns do not reflect the CDSC of 1.00%, which is imposed if an investor redeems Class C shares within the first year of purchase.&#160;&#160;If the CDSC was reflected, returns would be less than those shown above.</font> </div> </td> </tr> </table> 0.1536 0.0458 0.0339 Class A Return Before Taxes 0.1536 0.0458 0.0337 Class A Return After Taxes on Distributions 0.0998 0.0394 0.0291 Class A Return After Taxes on Distributions and Sale of Fund Shares 0.1600 0.0166 0.0290 S&P 500&#174; Index (w/dividends reinvested) Indices reflect no deductions for fees, expenses or taxes 0.1788 0.0434 0.0459 Russell 2500TM Index (w/dividends reinvested) Indices reflect no deductions for fees, expenses or taxes 0.2014 0.0496 0.0361 Class C Return Before Taxes 0.2014 0.0496 0.0359 Class C Return After Taxes on Distributions 0.1309 0.0427 0.0310 Class C Return After Taxes on Distributions and Sale of Fund Shares 0.1600 0.0166 0.0290 S&P 500&#174; Index (w/dividends reinvested) Indices reflect no deductions for fees, expenses or taxes 0.1788 0.0434 0.0459 Russell 2500TM Index (w/dividends reinvested) Indices reflect no deductions for fees, expenses or taxes 2006-11-01 2006-11-01 2006-11-01 2006-11-01 2006-11-01 2006-11-01 ~ http://usbank.com/20131028/role/ScheduleAverageAnnualReturnsTransposed20014 column dei_LegalEntityAxis compact ck0000944690_S000013158Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.&#160;&#160;Your actual after-tax returns depend on your particular tax situation and may differ from those shown.&#160;&#160;These after-tax return figures do not apply to you if you hold your Fund shares through a tax-deferred arrangement such as a 401(k) plan or individual retirement account (&#8220;IRA&#8221;).&#160;&#160;The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how it will perform in the future.</font> </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. http://www.olsteinfunds.com The above returns do not reflect the CDSC of 1.00%, which is imposed if an investor redeems Class C shares within the first year of purchase. If the CDSC was reflected, returns would be less than those shown above. Average Annual Total Returns for the Periods Ending December 31, 2012 Your actual after-tax returns depend on your particular tax situation and may differ from those shown. These after-tax return figures do not apply to you if you hold your Fund shares through a tax-deferred arrangement such as a 401(k) plan or individual retirement account ("IRA"). Indices reflect no deductions for fees, expenses or taxes The bar chart and tables shown below illustrate the variability of the Fund's returns. (800) 799-2113 The total return figures for Class A include the maximum front-end sales charge of 5.50% imposed on purchases. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Main Risks <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">There can be no assurance that the Fund will achieve its objectives.&#160;&#160;Each of the risks listed below has the potential (individually or in any combination) to affect adversely the net asset value of the Fund and cause you to lose money.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Stock Market Risk:&#160;&#160;</font>The Fund is subject to the risk that stock prices may decline over short or even extended periods of time.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Management Risk:&#160;&#160;</font>The investment techniques used by OCM may not produce the desired results and cause the Fund to underperform its benchmarks or mutual fund peers.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Small- and Mid-Sized Company Risk:&#160;&#160;</font>Small- and mid-sized companies may be more vulnerable to adverse business or economic events than larger, more established companies.&#160;&#160;In particular, these companies may have an unproven or narrow technological base and limited product lines, distribution channels, and market and financial resources, and small capitalization companies also may be dependent on entrepreneurial management, making the companies more susceptible to certain setbacks and reversals.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Value Investing Style Risk:&#160;&#160;</font>The Fund uses a value-oriented investment approach.&#160;&#160;However, a particular value stock may not increase in price as anticipated by OCM (and may actually decline in price) if other investors fail to recognize the stock&#8217;s value or if a catalyst that OCM believes will increase the price of the stock does not occur or does not affect the price of the stock in the manner or to the degree anticipated.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Liquidity Risk:</font>&#160;&#160;Liquidity risk is the risk that certain securities may be difficult or impossible to sell at the time and price that the Fund would like to sell the security, which can have a negative impact on Fund performance.&#160;&#160;The Fund may invest in small- and mid-sized companies, which may have a smaller &#8220;float&#8221; (the number of shares that are available to trade) and attract less market interest, and, therefore, may be subject to liquidity risk.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Foreign Investing Risk:</font>&#160;&#160;Investing in foreign companies typically involves more risks than investing in U.S. companies.&#160;&#160;These risks can increase the potential for losses in the Fund and may include risks related to currency exchange rate fluctuations, country or government specific issues (for example, terrorism, war, social and economic instability, currency devaluations, and restrictions on foreign investment or the movement of assets), unfavorable trading practices, less government supervision, less publicly available information, limited trading markets and greater volatility.</font> </div> Each of the risks listed below has the potential (individually or in any combination) to affect adversely the net asset value of the Fund and cause you to lose money. Principal Investment Strategies <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund seeks to achieve its objectives by investing primarily in common stocks of small- and mid-sized companies (&#8220;small-cap&#8221; or &#8220;mid-cap&#8221; stocks) that the Fund&#8217;s investment adviser, Olstein Capital Management, L.P. (&#8220;OCM&#8221;), believes are selling at a significant discount to private market value. For purposes of this investment policy, the Fund considers &#8220;small- and mid-sized companies&#8221; to be those with market capitalization values (share price multiplied by the number of shares of common stock outstanding) within the range represented in the Russell 2500<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">TM</font> Index (as of August 31<font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline">,</font> 2013, the Index&#8217;s weighted average market capitalization was approximately $3.27 billion).</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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&#8217;s underlying business.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">OCM believes that the management of small- to mid-sized companies face unique strategic choices, challenges and problems, often as a result of the company&#8217;s size or expectations for growth.&#160;&#160;The Fund may employ a distinctive approach; opportunistically engaging as an activist investor in small- to mid-sized companies where OCM perceives that such an approach is likely to add value to the investment process.&#160;&#160;As a shareholder activist, OCM may invest in small- to mid-sized public companies that it believes are substantially undervalued, often seeking to influence management to undertake specific steps to increase shareholder value.&#160;&#160;In such situations, OCM will normally approach company management on a constructive basis offering strategic advice and transactional experience.&#160;&#160;The Fund may also provide additional exposure to activist situations by investing in companies that engage in the same manner as an activist investor or by investing in companies owned by other activist investors or private equity investors.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">When evaluating stocks for the Fund, OCM undertakes an in-depth analysis of financial statements as it seeks to identify early warning signs of potential changes in a company&#8217;s ability to generate sustainable free cash flow as well as its potential to grow.&#160;&#160;When determining sustainable free cash flow and the quality of earnings, OCM assesses the accounting practices and assumptions used to construct financial statements against the economic reality of the company&#8217;s business.&#160;&#160;OCM believes that in-depth analysis of financial statements reveals the success of a company&#8217;s strategy, sustainability of its performance and impact of management decisions on future cash flow and is more useful to an investor than management forecasts or earnings guidance.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">OCM believes stock prices often fall below a company&#8217;s private market value as a result of a short-term focus on, or an overreaction to, negative information regarding the company or its industry, or negative overall market psychology.&#160;&#160;The Fund seeks to capitalize on market volatility and the valuation extremes specific to a company by purchasing its stock at prices that OCM believes can result in above-average capital appreciation if the deviation between stock price and OCM&#8217;s estimate of the company&#8217;s private market value is corrected by market forces or other catalysts that change perceptions.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Although the Fund uses several valuation methods to determine private market value, all methods emphasize expected future free cash flow (after capital expenditures and working capital needs).&#160;&#160;The Fund&#8217;s bottom-up analysis seeks to identify companies with unique business fundamentals and a competitive edge, which usually provide a greater predictability of future free cash flow.&#160;&#160;Companies with free cash flow have the potential to enhance shareholder value by increasing dividends, repurchasing shares, reducing debt, engaging in strategic acquisitions, withstanding an economic downturn without adopting harmful short term strategies or being an attractive acquisition target.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund may invest up to 20% of its net assets in foreign securities that are traded in U.S. dollars, but the Fund&#8217;s foreign investments will be limited to investments in developed countries, rather than countries with developing or emerging markets.</font> </div> Fees and Expenses <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.&#160;&#160;You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in The Olstein Funds.&#160;&#160;More information about these and other discounts is available from your financial adviser and in this statutory prospectus under the section entitled &#8220;Shareholder Information&#8221; on page 29, and in the Fund&#8217;s statement of additional information (&#8220;SAI&#8221;) under the section entitled &#8220;Distributor&#8221; on page 26.</font> </div> 0.0550 0.0000 0.0000 0.0100 0.0000 0.0000 0.0000 0.0000 0.0100 0.0100 0.0025 0.0100 0.0051 0.0051 0.0176 0.0251 -0.0016 -0.0016 0.0160 0.0235 ~ http://usbank.com/20131028/role/ScheduleShareholderFees20009 column dei_LegalEntityAxis compact ck0000944690_S000013158Member row primary compact * ~ ~ http://usbank.com/20131028/role/ScheduleAnnualFundOperatingExpenses20010 column dei_LegalEntityAxis compact ck0000944690_S000013158Member row primary compact * ~ 2014-10-28 The Transfer Agent charges a fee (currently $15) for each wire redemption and for redemption proceeds sent by overnight courier. Purchases of $1 million or more, or purchases into account(s) with accumulated value of $1 million or more, that were not subject to a front-end sales charge are subject to a CDSC of 1.00% if sold within one year of the purchase date. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in The Olstein Funds. 50000 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment) Investment Objectives <div align="left" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund&#8217;s primary investment objective is long-term capital appreciation</font></div> <div align="left" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">and its secondary objective is income.</font> </div> EX-101.SCH 3 ck0000944690-20131028.xsd SCHEMA DOCUMENT 000001 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 020000 - Document - Risk/Return Summary {Unlabeled} - Olstein All Cap Value Fund link:presentationLink link:definitionLink link:calculationLink 020001 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020002 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020003 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020004 - Schedule - Expense Example No Redemption {Transposed} link:presentationLink link:definitionLink link:calculationLink 020005 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020006 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020008 - Document - Risk/Return Summary {Unlabeled} - Olstein Strategic Opportunities Fund link:presentationLink link:definitionLink link:calculationLink 020009 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020010 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020011 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020012 - Schedule - Expense Example No Redemption {Transposed} link:presentationLink link:definitionLink link:calculationLink 020013 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020014 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020007 - Disclosure - Risk/Return Detail Data {Elements} - Olstein All Cap Value Fund link:presentationLink link:definitionLink link:calculationLink 020015 - Disclosure - Risk/Return Detail Data {Elements} - Olstein Strategic Opportunities Fund link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 4 ck0000944690-20131028_cal.xml CALCULATION LINKBASE DOCUMENT EX-101.DEF 5 ck0000944690-20131028_def.xml DEFINITION LINKBASE DOCUMENT EX-101.LAB 6 ck0000944690-20131028_lab.xml LABEL LINKBASE DOCUMENT EX-101.PRE 7 ck0000944690-20131028_pre.xml PRESENTATION LINKBASE DOCUMENT GRAPHIC 9 sr_logo.jpg STRADLEY & RONON LOGO begin 644 sr_logo.jpg M_]C_X``02D9)1@`!`@$`2`!(``#_X1-%17AI9@``34T`*@````@`!P$2``,` M```!``$```$:``4````!````8@$;``4````!````:@$H``,````!``(```$Q M``(````4````<@$R``(````4````AH=I``0````!````G````,@```!(```` M`0```$@````!061O8F4@4&AO=&]S:&]P(#7U5F9VAI:FML;6YO8W1U=G=X>7 MI[?'U^?W$0`"`@$"!`0#!`4&!P<&!34!``(1`R$Q$@1!46%Q(A,%,H&1%*&Q M0B/!4M'P,R1BX7*"DD-3%6-S-/$E!A:BLH,')C7"TD235*,79$55-G1EXO*S MA,/3=>/S1I2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V)S='5V=WAY>GM\?_ MV@`,`P$``A$#$0`_`.JZ/33]9LWJN7U6E^B]#TU.SZL6=*ZUTW/Z"ZZG`;Y[W[Z#U2F!799)VUV^GMK_2N]E> MVNBVO]'ZE'Z7U6)3MCZ[=$=2_)K;EVXM>_=E5X>2^D"LN9:_UV4&K97L?O>F M'UYZ$<3[M]GV;/Y:N=7QJ,3ZLYV-C,%5%&%P';[G8^2RJ[9[ MV?I-FQ8/5K8/ M5&Y#L*SU!B7V8MVD1;48L9_TD#ZPY=]'3C1AO]//SWMQ,-P$EMMLCU]NO]$H M;=FO_P"#QUSO2,.CZJ?7/]CXS37TKK>*VS#:=0W)Q&BJ^MNOT[L;]8ON?_.V M[$E._P!:^LW2NA.J'4S;4R\AM5K:;+&.>9VT>I0RS].[;N])#L^MO2,>MMN: M,G!J>0T6Y6+?56"3M;ZM]E/HT;O^'?6L_P#QADCI_2X_\ML/_JW+J7-:]I8\ M!S7"'-.H(/8I*:.?UKI^!TX=4M>ZW!(#_7QV.O:*RWU/M'ZLVW]7V?X;^;3] M'ZS@]:Q/MN`;'8Q=M9;96^H/@`[ZO7;6ZRO7;ZG[ZY"L_LK.^M?U/5T"^W<*ZNMXCW[6N>Z&MO)VUU!]ECO MY%;=ZOM^M'1\[JF'TJJFZV_(<^T>OCVT"L4--OK#[=51ZC_5]-C/1^A]-)2? M!^M71\_J3^DX[KOVA4"Z_'LHNK=6V`[=H MT=,R3<,O+,8M;:+7BR-;/3MJK?3^A;[[]UGZ%GOL6+]<\'(Z=E8WUQZ:TG)Z M8-O4J6$@WX)/Z=A;]%S\;^?KW_\`&_X"E:'1&NZOEGZR9#0*GL-71V'<"W%< M0ZS,>U_T;^I.979]#]'A5XM?\Y]I24__T.I^K_UPP:FY'2/K!FLQ.J]-NLHL M=F%M!NJ:X_9\%P] MWL8_Z+&N1OVFZO#J=C5UU[7&M]<>T&-[?3:TM]CDE,OK3F8F)]7NH/RKJZ&O MQKJV&QP;N>ZM^RMF[Z=C_P`UC52_Q?Y^'E_5+IK<:YEK\>AE5[&N!34W)_GM[/YK_1I*9=2ZYT;'_P`8F`R_-HK=7@WT MV;G@!ECWU654VO\`H566,K=L98[_`,^U;VZNT_5'ZQ'ZQU-(Z'U4MJZTRMD^ MC=.W'ZG#?S'N=Z>3_P!N?I\BZI3^L.;];?J_A.ZDZO`ZQ@5'?G4UT/QK@SO: MPNR,VM^W_"N=7[/^HZ?IV=C]3Z?CY^/)HRZFVUAT3M>-^UX&[WZ^])3S=-_0 MOK?]8,JJVW'ZA@=*K;7CXV]EK++;0'Y.?Z0W>HRAGH8F-;_@[?MO\A4_KM]7 M.B='Z&>L])Q\;IO4.EW5Y6-:T-JWN8X;L9QT]7U:]VRC_"6+M+'8N.T6V&NE MH]H>Z&@3^;N*D#3?K)T++Z'T;,HS:G4V]1Q;V MPX%P96?4O<^IFZQOV=KOT_M_1/\`T?\`.+IG?6[ZKBLO;U7$L@2&57,LL=_) MKHI=9=;9_P`%77ZBTQCT!YL%;`\B"_:)CF-R=M537%[6-#CRX``_>DIX_*J% M/3_K%]9^J`8/[2Q#1B47G;970RI[*&W!WT,K.OL]3['].O\`04_TCU6*?U3^ MM7U9P_JGTRO)ZKB564XU;;*G6L]1K@-KF.IGU=S?ZBZYS6N@.`=!D2)U47,I M:"]S6@`2YQ`&GF4E/!?6KZS].SJOJ[DN)Q*'=:Q\C'=D$5NLQ*M['=2]-T64 M8EC[/T7K[/T/Z9;W4OK=]5&&FVK)HZGGUN/V'&Q'MON=:]KJ/3J]$O\`3]5M MGI[WK=JMQ,F7TOKNCVES"UVG[I+91&UUMU:T#X`!)3B_7/*HH^J75'95C*#; MAW5L#W`38^IX92PGZ=CW>UC4_P!2\O&ROJITIV-:RX58E%-NPAVVRNJMMM3X M^C8QWYBV7,8^-S0[:9$B8/BDUC&SM:&[C)@1)\4E/__1[EUG3LMQ??NQ;S]) MXU8XCOW5?*Q'8Q:[ZBQU=C2#)AP!@C]YKE<>^ROI3' M.IK8YUO!K$1[OTGI'VM>Y)34Q/Z71_QC?RK%_P`9=]>-UWZI9%N[TZLXO?M: M7N@/Q2=M=8=99_4K;O72]/%.7:`ZMM5]);8VRL;0X`ZM>SZ*Y[_&&8^LGU.U MC_*'_HS$24W.O?6C!ZK3=]5^E-LLZQU2FRAE.35;BMK98QS;DV?:NGO')]3&;^AKOH9^E9DU-]7T_6_G?T:V_JMUJGKG0L7/K(%A8&9- M8T-=S!LR*7-^DS:_Z&[_``7IO0OKIE4X_P!6>H5/,VYU+\+%J;J^V_(:['QZ M*6?2LL>]_P"9_@]]B2G(^N.)5U'IO3?K#T5[:.K.NQ!T[/U:2S*>RIE626AS MWXKVY.ZRI[+/ZGZ2U;'U7^L;.N8EC;F?9NIX3O1ZEA'FJT2W3G=3;L=Z+_\` MR"S^J8=W3N@_5WIA(M=CYG3,>US1H?0=67/9/\NC>F^M7U=SFYC/K1]7(JZW MB-B^K79F4"-V+D-;].S:S]"__B_]%C68Z4KZM=)Z9A?6_P"L3L/%KQRT8C6^ MFT-#6V5FVUM;6_S;;;&M?8UGTT3IM6-];;+NJ9[6Y72:KK*>EX;O=2]M1=1= MU#)J)]/*MNN]7[,R^O9BTUL]/]/;98J_U(ZO1UOJO6^JX[75LO\`LC7U/!#J M[*ZG5WT/D-_FW_G)O\7-C\+$SOJSEPW,Z/DV-#8VE]%KC?1E-!_,M<^S^QZ2 M2G0ZI]3^G6T.NZ-57TCJU0W8F;BL;20\06LR?1;MR,6S;LNINKM9Z:S*LS'^ MM_U%R;^JXXJS<-MS;VMD.IR\9KB+\=WM?79]"WZ7^$^SO]2M=A==514^^Y[: MJ:FE]ECR&M:UHW/>][O:UC6KC.CX]^-]2NO]3? MM./L])^YWZ1_M]]OZ7^<6QB.ZB_+SZKG%M53FLQ'FL`$.KKM=9N_POIW/LK_ M`+"BR_J->!;<\&VX7.8UNP@BIMQH]85L]]OZL/M.UO\`/?X+Z:2G)R>F=*LS MG=0POVETK+N,Y-F%58QMQ]T.RL>VB_&M>W>_]-Z/K?\`"(N'B=-Q\QG4,@=1 MZAFTMJNFK&H=8UNVRVJCU7L_1^IL6D;.IC$RVB7756[, M:P,`=8R*S)8[]'NWOMI]7^9_1^O_`#:'E9?5J\'$R:*O7M`W9N.UCF.6-#=[\>TN=`C<^*F^YR>Z_/;?A- M8":;&..2\,((<#1Z?YEFW=ON_1?^"_H5.M_4/VI=4_;]B#&65/#2#N=NKLQW M.^C^C=7Z_J?\/Z7I_H_4L2FCA#I6#F9F9BXF57;U%[;,D#'NVE[!L]1M?I[6 M/L_PO^E^F@=7Q.D]6>S(?5GXN=2-M.?BU759#&SN=6+166V5._T-S+:O>M?I M]N79Z_VEI;ML(J,0'5_F.:'-KL;_`"Z[&_3_`,+=5Z=BAEY.=5F8S::M^*7! MN4[:2X"SU MUN/BXV-7D;7-^AD^M6KW57X/5L)^#E5YS<>W2YM55]9>SA]-CZV;_1L_PK6N M]ZO,.;^TGL<\G%%;7M]@`W.<]IK]7^0UC'?VT7)LLK])S9V!Y]7:TO.T,>[Z M+)=]/8DISNG9.-T_%;BL&?>RLG8Z^FZQX:3[:_4-6Y[:_H,]3](H7-Z3?U7& MZL_$R1G8K'U5W#'M!-=GTJK?T?Z2MOTZ]_\`-*[FY&?7E8HQJA9C%X&82TEP M8\&NDTZM;[+]MF1_H\=`R,GJ[.K,QJJ]V):"?7%9(9+?T8=9N:WVV57;_9_A M<=)3_]G_[1@`4&AO=&]S:&]P(#,N,``X0DE-!"4``````!`````````````` M````````.$))30/M```````0`$@````!``$`2`````$``3A"24T$)@`````` M#@`````````````_@```.$))300-```````$````>#A"24T$&0``````!``` M`!XX0DE-`_,```````D```````````$`.$))300*```````!```X0DE-)Q`` M``````H``0`````````!.$))30/U``````!(`"]F9@`!`&QF9@`&```````! M`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4````!`"T` M```&```````!.$))30/X``````!P``#_____________________________ M`^@`````_____________________________P/H`````/______________ M______________\#Z`````#_____________________________`^@``#A" M24T$`````````@`!.$))300"```````$`````#A"24T$"```````$`````$` M``)````"0``````X0DE-!!X```````0`````.$))300:``````-)````!@`` M````````````6````+0````*`%4`;@!T`&D`=`!L`&4`9``M`#$````!```` M``````````````````````$``````````````+0```!8```````````````` M``````$`````````````````````````$`````$```````!N=6QL`````@`` M``9B;W5N9'-/8FIC`````0```````%)C=#$````$`````%1O<"!L;VYG```` M``````!,969T;&]N9P``````````0G1O;6QO;F<```!8`````%)G:'1L;VYG M````M`````9S;&EC97-6;$QS`````4]B:F,````!```````%7!E96YU;0````I%4VQI8V54>7!E`````$EM9R`````&8F]U;F1S3V)J8P`` M``$```````!28W0Q````!`````!4;W`@;&]N9P``````````3&5F=&QO;F<` M`````````$)T;VUL;VYG````6`````!29VAT;&]N9P```+0````#=7)L5$58 M5`````$```````!N=6QL5$585`````$```````!-'1415A4`````0``````"6AOD%L:6=N````!V1E9F%U;'0````)=F5R=$%L:6=N96YU;0````]%4VQI M8V5697)T06QI9VX````'9&5F875L=`````MB9T-O;&]R5'EP965N=6T````1 M15-L:6-E0D=#;VQO@``` M$A<`&``!_]C_X``02D9)1@`!`@$`2`!(``#_[0`,061O8F5?0TT``O_N``Y! M9&]B90!D@`````'_VP"$``P("`@)"`P)"0P1"PH+$14/#`P/%1@3$Q43$Q@1 M#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P!#0L+#0X-$`X. M$!0.#@X4%`X.#@X4$0P,#`P,$1$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,#`P, M#`P,#`P,#`P,#/_``!$(`#\`@`,!(@`"$0$#$0'_W0`$``C_Q`$_```!!0$! M`0$!`0`````````#``$"!`4&!P@)"@L!``$%`0$!`0$!``````````$``@,$ M!08'"`D*"Q```00!`P($`@4'!@@%`PPS`0`"$0,$(1(Q!4%181,B<8$R!A21 MH;%"(R054L%B,S1R@M%#!R624_#A\6-S-1:BLH,F1)-49$7"HW0V%])5XF7R MLX3#TW7C\T8GE*2%M)7$U.3TI;7%U>7U5F9VAI:FML;6YO8W1U=G=X>7I[?' MU^?W$0`"`@$"!`0#!`4&!P<&!34!``(1`R$Q$@1!46%Q(A,%,H&1%*&Q0B/! M4M'P,R1BX7*"DD-3%6-S-/$E!A:BLH,')C7"TD235*,79$55-G1EXO*SA,/3 M=>/S1I2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V)S='5V=WAY>GM\?_V@`, M`P$``A$#$0`_`.JZ/33]9LWJN7U6E^B]#TU.SZL6=*ZUTW/Z"ZZG`;Y[ MW[Z#U2F!799)VUV^GMK_2N]E>VNBV MO]'ZE'Z7U6)3MCZ[=$=2_)K;EVXM>_=E5X>2^D"LN9:_UV4&K97L?O>F'UYZ M$<3[M]GV;/Y:N=7QJ,3ZLYV-C,%5%&%P';[G8^2RJ[9[V?I- MFQ8/5K8/5&Y# ML*SU!B7V8MVD1;48L9_TD#ZPY=]'3C1AO]//SWMQ,-P$EMMLCU]NO]$H;=FO M_P"#QUSO2,.CZJ?7/]CXS37TKK>*VS#:=0W)Q&BJ^MNOT[L;]8ON?_.V[$E. M_P!:^LW2NA.J'4S;4R\AM5K:;+&.>9VT>I0RS].[;N])#L^MO2,>MMN:,G!J M>0T6Y6+?56"3M;ZM]E/HT;O^'?6L_P#QADCI_2X_\ML/_JW+J7-:]I8\!S7" M'-.H(/8I*:.?UKI^!TX=4M>ZW!(#_7QV.O:*RWU/M'ZLVW]7V?X;^;3]'ZS@ M]:Q/MN`;'8Q=M9;96^H/@`[ZO7;6ZRO7;ZG[ZY"L_LK.^M?U/5T"^W<*ZNMXCW[6N>Z&MO)VUU!]ECOY%;= MZOM^M'1\[JF'TJJFZV_(<^T>OCVT"L4--OK#[=51ZC_5]-C/1^A]-)2?!^M7 M1\_J3^DX[KOVA4"Z_'LHNK=6V`[=HT=,R M3<,O+,8M;:+7BR-;/3MJK?3^A;[[]UGZ%GOL6+]<\'(Z=E8WUQZ:TG)Z8-O4 MJ6$@WX)/Z=A;]%S\;^?KW_\`&_X"E:'1&NZOEGZR9#0*GL-71V'<"W%<0ZS, M>U_T;^I.979]#]'A5XM?\Y]I24__T.I^K_UPP:FY'2/K!FLQ.J]-NLHL=F%M M!NJ:X_9\%P]WL8_ MZ+&N1OVFZO#J=C5UU[7&M]<>T&-[?3:TM]CDE,OK3F8F)]7NH/RKJZ&OQKJV M&QP;N>ZM^RMF[Z=C_P`UC52_Q?Y^'E_5+IK<:YEK\>AE5[&N!34W)_GM[/YK_1I*9=2ZYT;'_P`8F`R_-HK=7@WTV;G@ M!ECWU654VO\`H566,K=L98[_`,^U;VZNT_5'ZQ'ZQU-(Z'U4MJZTRMD^C=.W M'ZG#?S'N=Z>3_P!N?I\BZI3^L.;];?J_A.ZDZO`ZQ@5'?G4UT/QK@SO:PNR, MVM^W_"N=7[/^HZ?IV=C]3Z?CY^/)HRZFVUAT3M>-^UX&[WZ^])3S=-_0OK?] M8,JJVW'ZA@=*K;7CXV]EK++;0'Y.?Z0W>HRAGH8F-;_@[?MO\A4_KM]7.B=' MZ&>L])Q\;IO4.EW5Y6-:T-JWN8X;L9QT]7U:]VRC_"6+M+'8N.T6V&NEH]H> MZ&@3^;N*D#3?K)T++Z'T;,HS:G4V]1Q;VPX%P M96?4O<^IFZQOV=KOT_M_1/\`T?\`.+IG?6[ZKBLO;U7$L@2&57,LL=_)KHI= M9=;9_P`%77ZBTQCT!YL%;`\B"_:)CF-R=M537%[6-#CRX``_>DIX_*J%/3_K M%]9^J`8/[2Q#1B47G;970RI[*&W!WT,K.OL]3['].O\`04_TCU6*?U3^M7U9 MP_JGTRO)ZKB564XU;;*G6L]1K@-KF.IGU=S?ZBZYS6N@.`=!D2)U47,I:"]S M6@`2YQ`&GF4E/!?6KZS].SJOJ[DN)Q*'=:Q\C'=D$5NLQ*M['=2]-T648EC[ M/T7K[/T/Z9;W4OK=]5&&FVK)HZGGUN/V'&Q'MON=:]KJ/3J]$O\`3]5MGI[W MK=JMQ,F7TOKNCVES"UVG[I+91&UUMU:T#X`!)3B_7/*HH^J75'95C*#;AW5L M#W`38^IX92PGZ=CW>UC4_P!2\O&ROJITIV-:RX58E%-NPAVVRNJMMM3X^C8Q MWYBV7,8^-S0[:9$B8/BDUC&SM:&[C)@1)\4E/__1[EUG3LMQ??NQ;S])XU8X MCOW5?*Q'8Q:[ZBQU=C2#)AP!@C]YKE<>^ROI3'.IK8 MYUO!K$1[OTGI'VM>Y)34Q/Z71_QC?RK%_P`9=]>-UWZI9%N[TZLXO?M:7N@/ MQ2=M=8=99_4K;O72]/%.7:`ZMM5]);8VRL;0X`ZM>SZ*Y[_&&8^LGU.UC_*' M_HS$24W.O?6C!ZK3=]5^E-LLZQU2FRAE.35;BMK98QS;DV?:NGO')]3&;^AKOH9^E9DU-]7T_6_G?T:V_JMUJGKG0L7/K(%A8&9-8T-= MS!LR*7-^DS:_Z&[_``7IO0OKIE4X_P!6>H5/,VYU+\+%J;J^V_(:['QZ*6?2 MLL>]_P"9_@]]B2G(^N.)5U'IO3?K#T5[:.K.NQ!T[/U:2S*>RIE626ASWXKV MY.ZRI[+/ZGZ2U;'U7^L;.N8EC;F?9NIX3O1ZEA'FJT2W3G=3;L=Z+_\`R"S^ MJ8=W3N@_5WIA(M=CYG3,>US1H?0=67/9/\NC>F^M7U=SFYC/K1]7(JZWB-B^ MK79F4"-V+D-;].S:S]"__B_]%C68Z4KZM=)Z9A?6_P"L3L/%KQRT8C6^FT-# M6V5FVUM;6_S;;;&M?8UGTT3IM6-];;+NJ9[6Y72:KK*>EX;O=2]M1=1=U#)J M)]/*MNN]7[,R^O9BTUL]/]/;98J_U(ZO1UOJO6^JX[75LO\`LC7U/!#J[*ZG M5WT/D-_FW_G)O\7-C\+$SOJSEPW,Z/DV-#8VE]%KC?1E-!_,M<^S^QZ22G0Z MI]3^G6T.NZ-57TCJU0W8F;BL;20\06LR?1;MR,6S;LNINKM9Z:S*LS'^M_U% MR;^JXXJS<-MS;VMD.IR\9KB+\=WM?79]"WZ7^$^SO]2M=A==514^^Y[:J:FE M]ECR&M:UHW/>][O:UC6KC.CX]^-]2NO]3?M./L M])^YWZ1_M]]OZ7^<6QB.ZB_+SZKG%M53FLQ'FL`$.KKM=9N_POIW/LK_`+"B MR_J->!;<\&VX7.8UNP@BIMQH]85L]]OZL/M.UO\`/?X+Z:2G)R>F=*LSG=0P MOVETK+N,Y-F%58QMQ]T.RL>VB_&M>W>_]-Z/K?\`"(N'B=-Q\QG4,@=1ZAFT MMJNFK&H=8UNVRVJCU7L_1^IL6D;.IC$RVB7756[,:P,` M=8R*S)8[]'NWOMI]7^9_1^O_`#:'E9?5J\'$R:*O7M`W9N.UCF.6-#=[\>TN=`C<^*F^YR>Z_/;?A-8":; M&..2\,((<#1Z?YEFW=ON_1?^"_H5.M_4/VI=4_;]B#&65/#2#N=NKLQW.^C^ MC=7Z_J?\/Z7I_H_4L2FCA#I6#F9F9BXF57;U%[;,D#'NVE[!L]1M?I[6/L_P MO^E^F@=7Q.D]6>S(?5GXN=2-M.?BU759#&SN=6+166V5._T-S+:O>M?I]N79 MZ_VEI;ML(J,0'5_F.:'-KL;_`"Z[&_3_`,+=5Z=BAEY.=5F8S::M^*7!N4[: M2X"SUUN/B MXV-7D;7-^AD^M6KW57X/5L)^#E5YS<>W2YM55]9>SA]-CZV;_1L_PK6N]ZO, M.;^TGL<\G%%;7M]@`W.<]IK]7^0UC'?VT7)LLK])S9V!Y]7:TO.T,>[Z+)=] M/8DISNG9.-T_%;BL&?>RLG8Z^FZQX:3[:_4-6Y[:_H,]3](H7-Z3?U7&ZL_$ MR1G8K'U5W#'M!-=GTJK?T?Z2MOTZ]_\`-*[FY&?7E8HQJA9C%X&82TEP8\&N MDTZM;[+]MF1_H\=`R,GJ[.K,QJJ]V):"?7%9(9+?T8=9N:WVV57;_9_A<=)3 M_]D`.$))300A``````!5`````0$````/`$$`9`!O`&(`90`@`%``:`!O`'0` M;P!S`&@`;P!P````$P!!`&0`;P!B`&4`(`!0`&@`;P!T`&\`&%P+69I;'1E M#IX87!M971A('AM;&YS.G@])V%D;V)E.FYS.FUE M=&$O)R!X.GAA<'1K/2=835`@=&]O;&MI="`R+C@N,BTS,RP@9G)A;65W;W)K M(#$N-2<^"CQR9&8Z4D1&('AM;&YS.G)D9CTG:'1T<#HO+W=W=RYW,RYO&UL;G,Z:5@])VAT='`Z+R]N M&UL;G,Z>&%P34T])VAT='`Z+R]N&%P+S$N,"]M M;2\G/@H@(#QX87!-33I$;V-U;65N=$E$/F%D;V)E.F1O8VED.G!H;W1OH6&AXB)BI25EI>8 MF9JDI::GJ*FJM+6VM[BYNL3%QL?(R'EZ>W MQ]?G]TA8:'B(F*BXR-CH^#E)66EYB9FIN?:^%CW+0=94?8]/2U.Z^M.K=E;?H*N'*2X!J#+9"KUQ?>I'(H M@]U[H<.R_P"0K_+WWCMO'T_7NVNY?CWV9MJAR4.Q^^.F?D;WOA>W]JY+(06; M)ON?-=A9U]SZZZ.*IJ(Z*)_(YRW\P7IWY9?S'/@Y_,4[ M_P!Z_(7>W2M-\?M_]#]@[SSU5F(MX]%[PD[7P6.WOMR)Q)#CX M_=>ZY+54S7TU,#:5+-IFC.E00"QLW"@D<_X^_=>ZS^_=>ZXJRN+HRL`2I*D, M-2DJPN+\JPL?Z'W[KW7+W[KW7O?NO=0L?DL=EJ=JO%Y"BR5*E36T35./JH*R MG6LQM9/C\C2--3R21BIH*^FD@FC)UQ31LC`,I`]U[J5)+'"C2S2)%&@N\DCJ MB*+@79V(51<_GW[KW6`UM$`2:NE`'))J(@!_KG7[]U[J0CI(BR1LKQNH='1@ MR.K"ZLK*2&5@;@C@^_=>Z[)`!)(``)))L`!R22>``/?NO=1OOJ*VK[REM:]_ MN(K6^M[Z[6M[]U[J4""`0;@\@CD$'Z$'W[KW6&2IIXFT2SPQO8-HDE1&TDD! MM+,#8D'GW[KW6/[VB^GW=+?_`*B(O^C_`'[KW7EK:)RZI5TK-&8ED5:B)C&9 M[B$.`Y*&;2=-_P!5N/?NO=2"ZAE4LH9[Z%)`9M(NVD$W;2/K;Z>_=>Z]J4,$ M+*'8%@MQJ*K8,0OU(!87_P!?W[KW7'RQ:_'Y(]>K3HUKKU:=>G3>^K1S;^G/ MOW7NO__05WR0^6?RB_X3D_S;_F-WUV#T3N#OSX#?S(M_T';IW7@*B3$UF!WA M#_':^7"8'Z]U>[\0O\`A2K_ M`"E_F!N#$;(PW?E3T?V!FX\.`SF,P7WN\\3#_`!T[>P55N>IR5+%%,T4=0[21J'ZKBZ0_P"$ MX'\J/JOJG8VPMX?'ANY]W;^X8Z2%,OGZ^#$;ZQ6% MQ<-?6H[P4-%2T])21%8XTX+-[KW5!'\A'^5A\&?E#WC_`#9\1\A>G:WMO"?' M+YB9CIGI?";K[+[2_A>Q]@4FX>PUAQM'38?>6).1KO!@Z2(UE:U34^*`*KKK ME,GNO=7S[;_D%?%'HOYA]2?([XK;:CZTZ[JMK]U]6?*?HG]K]4] MI]9UNV:'&[9V_NC.9]-OYG%[KBI*F95JH*&2F:5O$9TA8>Z]U4Y\#O@#\=\M M_/P_FG?&G?-#V!V/T+T%UAU!O/I?JC>W;G:N:V9L&O[?PFR=S9V&BQ=5O.5L MK'AI,O/2XMJZ2H:CIG.G]P*Z^Z]T\_SCOAYN;^2CL'!?S0?Y5W:/9?0F%V!V M?L7#?(_XMUW8>[]\_'OM':6^-R46'BRXV+O;,YQ:++5NZ:N"FR*1SC7'D6JJ M-J*IA:2;W7NMQ'9.XO[X;,VCNTT^8VUTE\9]A%3+-O_`.1G M;^5BV;U1MQ*<13>:@I<[7_Q3)W&F+$8ZKD)`3W[KW5"7_";GO#NSI#MCYZ?R M@?F'NA=R?([XO]O[F[OVSNB2KJ9X.Q-C]MYFFS6_,_@9LI%0Y.NQ,^]-Q4FX M(96IT9XMU^I4,9'OW7NMI?L?K?87;^Q]R]:=H;1P._>O]XXU\1NG9^Z,=!EL M!GL9))',U%D\=4J\%53F:%'LPX901R![]U[K1D_E-_RPOA?O_P#G3_S@.A>T M.J?]*?3?Q4W)MB'HGK;?^Y]UY[:>R(-[;DRM?4Q+C)LVL><7"T=&E!0#(?=" M*DOJ#2VD'NO=;,G;O\FGXM;HQV1RGQVW3WU\&>V/MC_=OM+XF]X=F]=1X6N@ M24XYZVH,D^'\BT7G9X`GV9^W'NO=;ZF M/H*+%4%%B\;2PT..QM)34%!14T:Q4]'14<*4]+2T\2@+'#3P1JB*.`H`]^Z] MUJO?\*U/BUT]N[^6OOWY=3;<_A'R(Z$SO4N&V1VA@J[*8C<9V;O#M+#;5S^Q MLM-CJ^DI\MMNI7=\U;'%4QS&FK(E>(IJDU>Z]T;;X:_R3/Y6^Z_A5\8J[>'Q M"V!O#<.]/CQT]NK=N]-QY3>5=OK<.Y-U["V[N3/YJOWA%N2FST=;7Y>NED_R M>:".)&\42I$`@]U[H6/C/_)-^)7QYQOS?Z9CV#C]S_$KY8[HZAW)ANDMR;OW M_NUMF2]?;+CQN6:'<^YLS5;NQM=4;W:7*XZIIZO@_GN;-Z[[?^,NUOCIB]M2[ MH^:7R2W8W3WP?CV[N#-[6WQL[L7-G'U^]NVSN/;&0H,Y@.K.H=EXV7/;MJW\ MU`:.DAI9HI):JGC?W7NG#_AB[XJ?\-Y_[)!]_OG^^7VW]_?]FA_OQO/_`$V? M[-!_??NO=?_]'?$["ZXZ^[ M:V?G.O>TMD;3[&V)N:CDQ^X=F[XV]BMT[8S5%*"'ILG@\U2UN.K8N;@21MI/ M(L0#[]U[K6<^:'_"27^61\A]O9NM^/6&W5\.NT9XI9\-FNO\UF-X]:R9$+.\ M46X>L-Z9?(4YQ\?C-NH9*NW)@:?KNGRV*QN6I=F[@R4:Y7_1SNJBW/0U^,H*K MQMA:ZDKJ/QQN7C7W7NMR;W[KW6II_P`)F/\`F?\`_/4_\:+[B_\`>A[8]^Z] MUME^_=>ZTV^J.W/DIU;_`,*8/YN/VQ0=N8*/'["P_ M3F#P^2CS%5!@Z?+9'<%&3+3UU(M'.8?=>ZW`*6FIJ*FIZ.CIX:2DI((J:EI: M:)(*>FIH(UB@IX(8E6.&&&)`J*H"JH``M[]U[K74^6G\R[X.;:_FO[,ZD^4G MR&ZSZPZ[^`_6,7:]/C=UKFAY\E5.9/' M+%7[VIV`UTUT]U[JC?\`F5?S,O@MU)_.9_EZ?S2_AW\EMB=HX[(QS?';YH[: MV7#N""N?JRHFCPL&\Z]UOX45;29 M*CI,C05,-905]+!6T5932++3U5)51)/35,$J$I+#/#(K*P)#*01[]U[K4W_D MZ?\`<0'_`,*"/_#HZC_]V&?]^Z]UMI>_=>ZU'?\`A0-A\_MK^:G_`,)\NVMA MUD4>^I/E;F>NH*"C0SYJLP>3WSTNV65J4,!/B)\3F:VGEO\`03N/H3[]U[IW M[,_[B_\`XZ_^,Z-T_P#NO[:]^Z]UME^_=>ZUW?\`A5-_VY%^57_AR?'_`/\` M?^]<^_=>Z9_B7W1_/2QWPY^,U3LGX.?`WQI M>NMO0[>?)8[_`$+9#:N%W#EDIYI"GW+!;^_=>Z/+_`":>W_D% MWK\)Z;LGY45%7'\@E0>_=>Z M`7^0@G;OSIZ\VY_.#^86=PF[N].T.M3\=N@]O8*FF@VITQTEUAFSM;L3-8BA MJJNL,/97R$[9VG6YS_Y)O\R/;N MWNY?EW_*7^479D&WOD%\5OE+W5MGX\)V;G7H]P]M]"97?F?SNS\)ALKGVB?< M>Y-D45:H@I_-+55.`JJ*2F66&"5X_=>ZV7]S[JVQLG`93=>\]QX':.U\'22Y M#-;DW/F,?@,!AZ"!=.J3!_)#=N*W@FZNRNQ-@U$M,*7,=?; M6RL-1C8*^GE:"L>2!XR7\Z0^Z]ULY>_=>ZU$?^$QF[=NY#Y._P`];;5#E:6K MRX^>V3W4D---%415&`R6[^YL;2Y&FGADDCG@>LQ\B%E.G]-B;\>Z]UMW>_=> MZU7_`(#;UV=/_P`*=_YS>!I]U[=J,SEN@_C9#B\53YF@GKZ]TO_\`A0S_`"Z>V^UMJ=5_S*_@O2U6 MW_GY\$KH:"4.*_'U>3QX6 M0UB1GW7NC2]9?SROB]V;_*5WI_-!Q>9PE'3]:=;9-NP>I\CF:2DSNVOD-C\5 M%2T/2E6CU'W/W6Z]XU=)%AYP"]=BZV&K5.71/=>Z-I_+K^+&,Z,^+6R3V#'M M_?\`WKW1/7?(?Y)=F5&+HJRI[#[W[D9-X[YS"U-0M2[8+!RY"+"X2(-HIL'C M*2)0-))]U[I/_P`T[X$;!^>'P)^1_P`;3L_:J[MW7U_F,QU3EWP-!]SMSM[: MU)-G.N\U0ST\=/54DAW!21TD[12(TE#53Q&Z2,I]U[HG?_";7YAM\M?Y5W2& M/W1N89SN'XU_Q3XW=M4-=DJ2LW'C*WKFKDHMB5&9@BJ)JV-,EUP^+$51.%^Y MEIY[%RCGW[KW5=G\GK?^Q:?_`(4(_P`^[&U&\]K4^1W)N_K^FV]05&>QD%7G MJG;&Y-S[:V;@\IN;=^X M<'M7;>#H*O*9K<.Y,M08/!XC&4$#U-=DS-CX/\`FP?S,>B/G;@,)7GX4_RZ\!V'@_CCV3F,9DL=1_+#Y%=F M1T&.W1V-UO29.BH)J_HWIK&X=*;'9X!Z;/[B+2T!EI:7SM[KW1'^Q-Y;3JO^ M%AW1F,AW'AFR&!^`F>VQEZ5LA31RT.Y*[:O9FY*/`S+)(O\`N7J,!DZ>L6G% MY33S*^G2;^_=>ZVE>T^_>C^C]LY/>?<7;W6W6.UL/C:[+Y#-[YWIM_;5##CL M92SUE;4(^5KZ9JGPTU-(VB(/(VDA5)X]^Z]UJL_SU/GAU;\X?^$\_P`G>^>M ML#O#;G5&]OD)UWUAT=N?>F+DP\G=^$V-WILESV?M/#5"19C$[/W%4;%J,)4_$_X_P!=!E4R5**& M2C3J;:@>J%1)*B+`AC;4S6TE2#8@^_=>Z#7"_P`Q;XOYSYF;)^"_1.0QGHE2&&)1U/NN[22R,L M:*/ZD@>_=>ZJZ_X2T[AP6<_DE_$ZDPV7Q^4JML97O#;VXZ:BJ8ZB;!YT=W[_ M`,W_``C*1H2U'D/X-FZ.J\3V8T]5$_Z74GW7NMA/W[KW7__3V8_FK\!OY37S M>R&W>YOEM\>-M[@[`>.F3`[_`*2+=O7/;FY,1BHFH<::_,]>Y?;N[=P[>QJ+ M:A?)O)!3Z`:8J/K[KW0+=!_R>?Y/66W#3T47778?>%=AJRCSV'V9\FN[^^.V M]FQR8EHFHFI>N^Q=\9+8&?AQ9CNL-9CZS0A-UT?3W7NK7HN]N@NHE/6.&QJ; M+Q>QW;;]%M7:VROX-MW!PT9]%#AL9B*2EQE'CT#WC6"-([-<#GW[KW0)_(/> MOQ-^3O7K]7]K9/L^7:$^;Q>T.KZK?[C^(G\F/^3_4;-^6^/\`@QV]L2DVC]UOFN[I M^.&W_D;OS`]:4NUY\5/#DNWFVIV%44./V]5SY=#%'F:2JQM1XYO*NE&]^Z]T MI]A?\*`_Y=WS)V7V!M_IG8/SF[XVBF/?:O8%5TG\4?D!EI,%3[GH*R*.@J]U M=>4M-E]KY3(T$ZK:Z:W5_PE=K?DCB-D3=/;G^)W MR7W!E3683+_(3'?,KXQ[URF:W'+4F2OG[)W;O'`G&5.X:B24/59+)TJ5LKE3 M(\CA6]U[K<Z]U8+\?OCQU#\6^LL/T MYT9MBMV9UKMZ:IEP.UZK=N]-Y085*OQZZ'%5^^MQ;FR^/P\(B404,50M'3"X MAB0$@^Z]TJ.V>JMC=X=<[MZF[+Q5=G-A[YQ9PNZ,/CMQ[FVE5Y+%O/!42T:; MAV=F-O[EQT<[TZK(:6L@:2,M&Q,;NK>Z]U79U5_)+_EE]#9'/YSH;XX3]'[B MW-MW*[5S.X^I.Y>^]A9RMPN9Q]9C:NGGKMO]H4;5$D5/7RM3R2AWIIF\L120 M!A[KW08Q_P#"=_\`DSI4QY"3X-;%JJ]^=RU&?JL@&$LF5K,W)V0< ME59:HJ+RRU3R&:29B[,6)/OW7NAZV?\`R??Y;>RLQ29RC^+.U-SUF/F@J:"G M[3W5V5W3AJ&IIS>&IHMN=O[UWQM^DJ%(7]R.E5SH6Y.E;>Z]U9%34E+14L%# M14\-'14E/%24E+21)34]+2P1K#!3TT,*I'3PP1*%14`5%````]^Z]U43NC^0 MC_*0WMO+.=B[P^'&V=S=@;ER]9G\_OC-]D]WY'=N7S60D>2LR5=N*I[-DRTU M7,7*ZC+Q'9!9`%'NO=,55_PGJ_DUY"JIZS*?!CK_`#-32F(P2YO>_<6;*)#- MYT@(RO8]8KTIEN6A8&)]1#*0Q!]U[HT_R,_EA?`WY9[5ZRV'\@/CGM7?G7_3 M6(3!=7=>19O>VT.O=DXR&FBHJ:#";$V+N?;.TH9:*@A6GIYFHWFIJ>\43I&S M*?=>Z+`/^$^W\GD47\-7X4[37&>`TO\`#$[)[Q7&?:L"&I1CE[/%$*5@2#'H MT$&UO?NO='1^(_\`+_\`AG\#\-NG!?$7X];`Z/H][5]-D=W5.UJ7(5>K-)3/+(T4:-+(6]U[I5_*#X??'?YG;)H^M M_DKL*I[*V%25=16-M%][]A;2P.4EJ84@FAW%C]B;KVQ!NFA*1@K39(5=,CC6 MJ!N??NO=!1\2_P"6;\'_`(*YS<&X?B5T71=)5NZL><;N.BVQOGLZLVYF83+2 M3+4U^T=P[US.U)LM$:*)8Z\T7WL<2F-91&S*?=>Z/=[]U[K_U-I3Y6;=SV)[ M7RV8R-%41X'+4F(3;V0\;?PP4=%C:>F?&03!1!32T=5'(3!P0'#`$-?W[KW1 M>L5E,AA,GC\UB:J6BR>*K(*Z@K(',<530U"T5+3U3>=50.LT\+..!8,![]U[I%?D? M\&7_`*&'OW7NK?\`OO#XK[&04&,W)@4V32-N M#=^U)Z]U._X3)]^[X^0?\`)P^, M6;["R.5S6XNNJGL'IF/.YFJGKJW+;.HRNXMRYNL=:>@QF/@JX][=75V,&4VSN'OKOOJ'XL[[W=221&6EJL9T]NV#=V]MNTV0128(]R)@J[0 M\;24T6LZ?=>Z#_J3^=?U"W=6T?C%\X>B^Y?Y;OR'["^[_P!'.W/DS_=1NJ.T M&HI:6BF@ZU[^VIF:_KG:6BGFF,2(K//"C^Z]U:GW7V%N;JKK+ M=&_MG]0[^[WS^W*6GJZ3JOJ^IV72[\W3&]93T]5#MQNP=U[)VI-6T5+,]08J MC)TS2I$R1:Y2B-[KW1+_`.7=_-(^.G\R/$=JTW5F*[&ZO[:Z'WE5[%[M^/?> M.W:+9OG\OWYL8_O+O7)5R=0U--0]!Y/KO?&UL35U:Y[ M?M!OK'=WU.+H]L[6Q%$^0RZU0AK\93:1/3+))$C^Z]U=E[]U[JJ_-_S-I.RM MW[ZZ^^`_QF[+^=6;ZSW)-M'?O9&TMT[*ZD^,.WMT4)6/,[7I?D1V%6_P#?>Y M]OU3&#(T6U,?N!L=.CQ530R#0?=>Z`WLW^;?WW\3C5;P^>O\L;O_`*!^/>,@ MI9]S?)'IWLSKCY9]>]?T]3*E/_%>R,)US#@-_P"UMO4M7/%%-7)BJM$:0>DC MGW[KW5N?37=74WR'ZUVKW%T=V'M3M/K#>V.CRNUM[;,RU-F<%EZ1R5<15-,Q M,%72RJT5133+'44TRM%*B2*RCW7NJ^)/YM'3FS_GK@_Y?'?O47=WQK[/[)CS M4OQ\[&[9QNQ%Z5^1QQ&06CCH^K-[[/WUNB0YC*1.'@H7W]VKT32=5;CQ M?7GWN4GQBKNO;&Y>S=J;X@QM)HBEJZ__5VQ=D?+#(XVC&V>S-NTV]L%`%I8:Z M.*E.52G@`@1:^CK@]!EV2)?UDPRL2=18GW[KW2Y38/QF[P:MI>N\F=F[RE@: MHI:&**JQBO*B&1V.WJ^U%6TX+6E%&RNH&H$`7/NO=$=W+MS+[1S^5VSGJ8TF M6PU6])5Q?6-BMFBJ*=_I+2U4++)$XX9&!]^Z]TQ_D?\`!E_Z&'OW7NKD>XO^ MR>.T_P#Q#&^/_>'RGOW7NOGZ?\)/OGEF/BUT=\O>OL/\)_FO\II,SVALO?M3 MN+XK=5[?[$P6V(/[HU>$_@.ZZG<&]=E)CMP51QAJ*.EIWK)ZR$N1&GCN_NO= M6M]H?S5?^'V^WMV_R:_CUMG>GPBQ/8&UZVG/B]\:.HOAWT#U?\` M&GHC;S[8ZJZCVS3;8VIC*BJ:OR,L*2S5F0R^;R3I')E<_GLK53UM=5,JF>JG MD>R@A1[KW5(/3.:Q_P#,J_G<_)O.]@E<[T)_)W38W6O0/7\M9%4[9R/RR[1Q M>8KNR>\MP84^6+(;IZ\QV$FP&#>8%,=S7??Q"[2WE\6^T M,SN.\N8RTFQA0Y+:%1DJ\B^1R>,VCFZ3%54[EIYZC&O+*SR2,[>Z]U17\Y?C M)\M^HOYKG\T[^:9_+GSM1#W%\%]Y?%O=/:G1`I6GV_W?TIVC\8,/O3NHY2GI MJVCJ,\:63;HJJK%!#--3ZZNCD3(4M,']U[K;:_EG_P`R+X__`,T/XQ[9^171 M66$-3:FP':O6V2FB_O;U)V1#CZ:JS.SMQ4R->:F!G\V,R$8^VR=`Z31E6\L4 M7NO=%D^4('_#WW\J>X!(^,W\Q(@D`D?[C.A!P2+C@^_=>Z#;^?/\KM[];=6_ M&CX.]*;JR6QN]OYF_P`@]H_%C!;]PU6,?F>MNJ]P9O`8ON+>^$R/E3[#N?CMU#UOT7U%MNBVCUGU/L[!;%V7MZ M@AAAAQ^"V_0Q4-+YC!%"M5D*OQ&>KJ&7RU55+)-(3([$^Z]TO\SAL1N/$97; M^X,5CL[@<[C:[#YO"9BBILGB,QB,G32T62Q>4QU;%-1Y#'9"CG>*>"5'CEC= ME8%21[]U[K3`^#.W=Z_R9?\`A0;NS^6ML[*Y"/X%_P`P'9^Y^].@]A5E1#/A M^O-[P[?SF>CBPM1D*D3T,^%KNOLSMMX869Z_'RXIYDDEA1E]U[JP_P#X4,?! MG;7S\K/Y:'1%5O/*=4;TWI\N]^;7V;W#MV@CK]Q;%J8/BYW9VC3-1PFJQ\[4 M.0WAU/A&J3#40SQI3^2%A*J'W[KW0>_R=#W9N?^4-_->CI^O\`Y^=( MQT^&ZR[(SU=%#B_EALJEI&FPV4QV7D6+'9_?E1M^*.NIJRG2Q>1JZ& MNI91:2"I@F9'1A^0?U*1PRD$<$>_=>Z%;HK.8"@W_M7%9_:>*SD66W/BX:+, MR2Y&CS^W\C.ZTU#58RLH:R!&@2K*-)%(C!@6((^A]U[H=?DIO["[>[4J\;)U M=U_N.ICP^%J*[,[DH:ZKR5>9X9/%`)*2MI$@AI:>-44E7;\_0`>_=>Z;-I[& MZ?\`D#A\M3;0PDG5_8^&IOOVQ5-72U^"RB,-"2P05+D''?O_"(P MG_92OFP+FP^1^S2!^`3UI2W-OZFP_P!M[]U[H3_^%/\`\'.WMA;AZ(_G6?#& MFGQ/R#^&N6V_)W%)M[',U?D^MMO9&;)[;[&S4.,BAK<[B]D33SXC<$=128*"H8P91:7:?:])5` MPEGT4%6W*POH]U[K;W]^Z]UPDDCACDEED2**)&DEED94CCC12SR2.Q"HB*"2 M2;`>_=>ZUJ?^$S^S,RG3O\Q'O>.#7UE\F_YG?RD[/Z6SPBEA@WEU[29^EVQ% MNO&K+'&),16YO$U=/#(MU9Z607NI`]U[HXO\O:KI=S?S#OYW6YIJ".FR,?R6 M^,'7-2JSR3T]7AMA?#SK,XJ=X)1ICJ*B;NW9\0^PJYD^=/Q/P$N0@VSM['9;(25>9W7C-NX6E%+A] M@RSS25M!DA'.NS\Y(VJ/^$U3P1^Z]U9=M3YD=!?/7^9S_)P^2_QNWK1;TZYW MI\7/YB"2A&2'.[/W/3X3X^29W8N]<.6-5M[=^W)YQ'54LP&I2D\+2T\L,TGN MO=%-_P"%1FX=R?'SNG^39\YJC;C9GJ;XP?,D5W8V1M5M38>?)9CK?=V)AR!I M8R\$.5PG7V8,+ZN9J8):[J#[KW6W-A,UB=R8;$;BP.0I>P<_WK_PIA_E. M8?K>!,]6?&3X]=K=X]X-"KM3[`Z]S-=O';>V,GG*A$,=/-N; MGCC&BHIIX-ZU!D5C;5&GUY]^Z]T7W^=O_*6H_P"8OT[M_M'I.NCZW^?/QAG' M87Q4[>Q=328')S[EV_7TNY*/KC8;>S.5QRR8V>5PF&S!2J!$+U<<_N MO=57]5?SEY_G;_*?_F:_$OY/A'\L,%W3T]N/"3;-K^PJ+:O3 MV[*2O[(V?M^M$?AKH49&S^)A%Z"=ONJ=/X?/"8_=>ZOW_P"Z0W_F-_\`^=C] M^Z]U_]?:FW7W1UAV6\,_975^1AW!1Q"GDW+LG-4U#65S1,4*5$-;#&&IM`!1 M9GJ6C/"D#W[KW4;K?=W5^'[%V='L3K_,-D\CN?#XR+-[[ST.7_A-)7UD%-4U M6*Q&,IZ:D3*&*1UCFFDD\)]2\\>_=>ZB_+AT7NO*AF52=O;<(U$+TL_G.U<]#+C]E;;VOEJ6;,5"-%!D,G6R47VF(Q#2:?XA7 MS^$V6/4`;`D$CW[KW2I_F=]^?)'K#XQYS;'Q*^)/:WRF[V[WV?O;8>PZ#9M/ MM6+K[K/*Y;:_VT6[^YMQ;EW9ME,/MRE7+EJ2&F6HDR-33M`6@4F4>Z]UJQ?\ M)]^N?YJ'\FNB[YV%\E/Y8/R8[$Z3[OW!LG=%!E^B\ATSOK?6Q]\X*DKL#7U5 M;LY^T,54YG;&>P=7$T\L,_DH9<>@6-Q.Q7W7NMZS,X3![YVIE=N;HP<&5VUO M#;U=A-Q;:SU)'-39+![@QLM#E\'F:!S)%+!64%7)3U$)+*RLRFX]^Z]UH\]< M_P`M?^:!_()_F$[N[F_EV=,[D^;'\N[O7)T\?9'1VV=Q8!>Q]N[/;-UE1B]N MSXC/9;&9"?L+K&&OE.`W'1Q55'D*"1Z;(B$RR%?=>ZN`_F$?RVNSOY@$OQ._ MF<_#B'-_"W^91\?*#&[EV'A/D%A*+$U&ZMJP5&1K6Z,^0..V7F-W46-;R5]; M`E135&1B^PRM51U`,4ZO2>Z]T8+JC^:[W)C*&NV9\P?Y9'SQZ7[KV?'04&[! MTWTMD?DST?NS)F)A5YKJOM3JZNRT.6VY4O&)HXJZ"GJ:9)EA=I9(W;W[KW2? M^0&_/G%_,CVY/\:/CATEW=\&?CQV-1S8/Y#_`#!^1>'P'7W<:=891:FBW)L' MXP=(PYW<.\XNP-[X:3[<;GW-!AZ'`TE1))%!45HB1/=>ZLDZYZPZP^!GQ-VO MU7TCUEO?-]8_'+K*GP6R>L^O,;%N[LCZI[_EA=E?+G:'R]^=5?\`)O\`EY_(WHO`_-CY0T?; M?3W8$6-ZQWQM;;FS=M=6;8ZTH,3WAG]B[_S%=LO,C#[%HZN%Y*>JHVGKYJ>. M4-$/)[KW6PEF\)AMRX;+[.6)V5@5)'OW7NM3+XD?R-MS?RX_P">]M'OSXZX3-Y+ MX'=G=2_(?-8W#TTU1/A_C;V+N3%[:I*GK^N^^R=1--A=S&&,X&M5&G:DIS15 M!/V<Y?YC?\IW`;/\` MAE\Q?C%WC\Z_CQLIX-F?''YJ?$#:S]K;QQO56'C>BVMLWY%].M4X_>6%S>S\ M+304\64H37QSTH2!?NY(6G?W7NCX[E_F7=G;QP5?A?BS_+L^<'9W;MY/C7ENX/DO\DM^8[NSYZ?*ZLPF:^1O;&%@KZ#8N!Q>W()*;8_1_26 M!R)%5MSIWK#&2BDH3.HR&6EC-96G6T<,'NO=$E^?O<'S%A_F+_"/??3_`/+R M^2'=?QO^&NZNZ,UW=V9M1>M:/,;LJNV^H4V#CY.B]I9_L/$;@W]1;*H=P3U% M:9*>C_B-6C4M*2T)D?W7NK[-G;D&\=I[;W6N"W)MA=R83&9L;ZO*_T>[T_P"&T_\`13_=?*?Z1/\`9&?]'O\`NV__=I3>_=>Z-/\DNX-\[2[6FPN!J<-!C:#"X2H M$%;MW#95JR6J%143?>5&0HYZHQ&^@)')&`O(LQO[]U[J7O?'0?(OI;$=@;>I MZ>CWKU_'609K:^,:3[-H8F2:OI*2@+6B=Z1%K*-@FIU9HKL?I[KW1H=^0]Y5 M&"VC_H2RG5&,J137W$W:>`WAG()J5J&D_ARX5-I[CV[)2U"3>0SFJ^(__H`=R?\`VR_?NO=>^P^>'_/5?$?_`-`#N3_[9?OW M7NO?8?/#_GJOB/\`^@!W)_\`;+]^Z]U[[#YX?\]5\1__`$`.Y/\`[9?OW7NO M?8?/#_GJOB/_`.@!W)_]LOW[KW7OL/GA_P`]5\1__0`[D_\`ME^_=>Z]]A\\ M/^>J^(__`*`'^P^>'_/5?$?\`]`#N3_[9?OW7NO?8?/#_`)ZK MXC_^@!W)_P#;+]^Z]U[[#YX?\]5\1_\`T`.Y/_ME^_=>Z]]A\\/^>J^(_P#Z M`'Z]]A\\/^>J^(_\`Z`'< MG_VR_?NO=>^P^>'_`#U7Q'_]`#N3_P"V7[]U[KWV'SP_YZKXC_\`H`=R?_;+ M]^Z]U[[#YX?\]5\1_P#T`.Y/_ME^_=>Z]]A\\/\`GJOB/_Z`'/_`$C^?[S[KG5KT>/C3?GW[KW7 M_]'89J,'G#/.1A,R09I>1B<@1^MO^F;W[KW0E=+[-W/ENU-BI38/+)'0;CQF M7KZF?&UL--18_%U*5E345$TL,<<:E8M"W/JD=0+W]^Z]T*WRZVCN-.TES\6) MKJO$YO`XR*BK*&CJ:N,5.,6:"LI:AH(I!#.FM7"FVI&!%[&WNO=(3HC?>XNI M]ZQ9"JPFX)=L9I8L9N:CCQ.1:U,9!]ME8HOMB'JL7(Y:P]3PLZ7N1[]U[JP+ MY`[RWEM_K>MQO4JBI[?WS3UFWNIZ<082ICCW/+B:S)0YK(4>X\ABL9+@MOT5 M&]76B24?LIH56D=$;W7NFCI7L=_D[\>-A[^BJMP]:9[=6*QXWIB\'54,>XMA M[^VKF!BNR=@2U>1Q^1I/+@-X8/(8:IF$)\T,;20LNN.0>Z]T"?\`+[W)VCW% M\->O>R^S>R]WYOL7M/:F;?*YJOHMLT4FV5P$U%_>5=P]J=>Y. M',TF=AJHH<=]]%5`''T\\#H,JF[MU[7W-2/E=X;/V+X'JLIB<-4TN4KL?+.E,QJ?MRONO=*[ MY6;D[IJ^GNMMS_%K>>S(^Q,IVAU)D]LU.?F$O6G9&V,E7K59_:&;JJ5,A6P[ M>W[M66>"CK:*3[BAJY:6K1I%A:*7W7NGOXK=P9OO7K7>N]\_A][[%RI[#W;M MNOV'OG'X_'[NZLS&W<=AL5N38M1)CH6Q>8CVQNN&N6DR=/+64F3IS'5032P2 MQ^_=>Z#GX!]G[[[/ZAVMG.U-S29KL+)=7]3;@R\#[YVGNEZRGSNVYJI]X56W M]K[1VM_<+(;BS@KJ>;'S>=2V.O$0%>_NO=./Q2S'?>3WYWQM#N;?4.ZJ;H?L M'-]7[;RU!!@*?_27@=VTNV^X=E[[W508[`XR7`[PVAL3>U!M6I@I'&/K*O'U M=8(U:9$A]U[J9UKV1OO+_*OLC9^:KY\IL:&AW0=FY;;6\MO9C:IJ]L5.R<=G M=F[TZ_J\%CM\==;^V?49034]7%59#$9^BR+SM+%(M/3K[KW1U6945G=E5%4L MS,0JJJB[,S&P"@#D^_=>Z(9T9WQV;N#Y&[TVIV3!48SKGN/9$/:7Q>I*VCVY M334NWNO\HNR^QL++7X?*5U=E*C.4F5V[NNF6M2.I@BS55``8Z0:?=>Z4V1I> MP*7Y;[2V2G$6S1BHLGMKL_J7#[?VW"K;4>N3;L>V]T9 M&DD0SFIJ-7G\PFC5E]U[HYWOW7N@#ZZ[!Q_][]_;0W+ONCK=Q9'M?=M!L?;6 M3KL/%F$P6#VGM3+5^+PF/I(:6NK,9AC5S5$DLJS21?<6>328U'NO=`'WGW;W M%LWY%=/5VS?LJSXU;1W-C^N/DI)1P[=R=>F[>Z#2X+KBKFJ)Risk/Return: rr_RiskReturnAbstract   Risk/Return [Heading] rr_RiskReturnHeading Olstein Strategic Opportunities Fund Objective [Heading] rr_ObjectiveHeading Investment Objectives Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
The Fund’s primary investment objective is long-term capital appreciation
Objective, Secondary [Text Block] rr_ObjectiveSecondaryTextBlock
and its secondary objective is income.
Expense [Heading] rr_ExpenseHeading Fees and Expenses Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock
The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in The Olstein Funds.  More information about these and other discounts is available from your financial adviser and in this statutory prospectus under the section entitled “Shareholder Information” on page 29, and in the Fund’s statement of additional information (“SAI”) under the section entitled “Distributor” on page 26.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment) Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2014-10-28 Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the expense example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 39.95% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 39.95% Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Purchases of $1 million or more, or purchases into account(s) with accumulated value of $1 million or more, that were not subject to a front-end sales charge are subject to a CDSC of 1.00% if sold within one year of the purchase date. Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in The Olstein Funds. Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 50,000 Expenses Explanation of Nonrecurring Account Fee [Text] rr_ExpensesExplanationOfNonrecurringAccountFee The Transfer Agent charges a fee (currently $15) for each wire redemption and for redemption proceeds sent by overnight courier. Expense Example [Heading] rr_ExpenseExampleHeading Expense Example: Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock
The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The examples assume that you invest $10,000 in each class of the Fund for the time periods indicated and then redeem all of your shares at the end of each period, unless otherwise indicated.  The examples also assume that you earn a 5% return each year and that the Fund’s operating expenses remain the same.  Please note that the one-year numbers below are based on the Fund’s net expenses resulting from the expense limitation agreement described above.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Although your actual costs may be higher or lower, based on these assumptions your costs would be: Strategy [Heading] rr_StrategyHeading Principal Investment Strategies Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock
The Fund seeks to achieve its objectives by investing primarily in common stocks of small- and mid-sized companies (“small-cap” or “mid-cap” stocks) that the Fund’s investment adviser, Olstein Capital Management, L.P. (“OCM”), believes are selling at a significant discount to private market value. For purposes of this investment policy, the Fund considers “small- and mid-sized companies” to be those with market capitalization values (share price multiplied by the number of shares of common stock outstanding) within the range represented in the Russell 2500TM Index (as of August 31, 2013, the Index’s weighted average market capitalization was approximately $3.27 billion).

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.

OCM believes that the management of small- to mid-sized companies face unique strategic choices, challenges and problems, often as a result of the company’s size or expectations for growth.  The Fund may employ a distinctive approach; opportunistically engaging as an activist investor in small- to mid-sized companies where OCM perceives that such an approach is likely to add value to the investment process.  As a shareholder activist, OCM may invest in small- to mid-sized public companies that it believes are substantially undervalued, often seeking to influence management to undertake specific steps to increase shareholder value.  In such situations, OCM will normally approach company management on a constructive basis offering strategic advice and transactional experience.  The Fund may also provide additional exposure to activist situations by investing in companies that engage in the same manner as an activist investor or by investing in companies owned by other activist investors or private equity investors.

When evaluating stocks for the Fund, OCM undertakes an in-depth analysis of financial statements as it seeks to identify early warning signs of potential changes in a company’s ability to generate sustainable free cash flow as well as its potential to grow.  When determining sustainable free cash flow and the quality of earnings, OCM assesses the accounting practices and assumptions used to construct financial statements against the economic reality of the company’s business.  OCM believes that in-depth analysis of financial statements reveals the success of a company’s strategy, sustainability of its performance and impact of management decisions on future cash flow and is more useful to an investor than management forecasts or earnings guidance.

OCM believes stock prices often fall below a company’s private market value as a result of a short-term focus on, or an overreaction to, negative information regarding the company or its industry, or negative overall market psychology.  The Fund seeks to capitalize on market volatility and the valuation extremes specific to a company by purchasing its stock at prices that OCM believes can result in above-average capital appreciation if the deviation between stock price and OCM’s estimate of the company’s private market value is corrected by market forces or other catalysts that change perceptions.

Although the Fund uses several valuation methods to determine private market value, all methods emphasize expected future free cash flow (after capital expenditures and working capital needs).  The Fund’s bottom-up analysis seeks to identify companies with unique business fundamentals and a competitive edge, which usually provide a greater predictability of future free cash flow.  Companies with free cash flow have the potential to enhance shareholder value by increasing dividends, repurchasing shares, reducing debt, engaging in strategic acquisitions, withstanding an economic downturn without adopting harmful short term strategies or being an attractive acquisition target.

The Fund may invest up to 20% of its net assets in foreign securities that are traded in U.S. dollars, but the Fund’s foreign investments will be limited to investments in developed countries, rather than countries with developing or emerging markets.
Risk [Heading] rr_RiskHeading Main Risks Risk Narrative [Text Block] rr_RiskNarrativeTextBlock
There can be no assurance that the Fund will achieve its objectives.  Each of the risks listed below has the potential (individually or in any combination) to affect adversely the net asset value of the Fund and cause you to lose money.

Stock Market Risk:  The Fund is subject to the risk that stock prices may decline over short or even extended periods of time.

Management Risk:  The investment techniques used by OCM may not produce the desired results and cause the Fund to underperform its benchmarks or mutual fund peers.

Small- and Mid-Sized Company Risk:  Small- and mid-sized companies may be more vulnerable to adverse business or economic events than larger, more established companies.  In particular, these companies may have an unproven or narrow technological base and limited product lines, distribution channels, and market and financial resources, and small capitalization companies also may be dependent on entrepreneurial management, making the companies more susceptible to certain setbacks and reversals.

Value Investing Style Risk:  The Fund uses a value-oriented investment approach.  However, a particular value stock may not increase in price as anticipated by OCM (and may actually decline in price) if other investors fail to recognize the stock’s value or if a catalyst that OCM believes will increase the price of the stock does not occur or does not affect the price of the stock in the manner or to the degree anticipated.

Liquidity Risk:  Liquidity risk is the risk that certain securities may be difficult or impossible to sell at the time and price that the Fund would like to sell the security, which can have a negative impact on Fund performance.  The Fund may invest in small- and mid-sized companies, which may have a smaller “float” (the number of shares that are available to trade) and attract less market interest, and, therefore, may be subject to liquidity risk.

Foreign Investing Risk:  Investing in foreign companies typically involves more risks than investing in U.S. companies.  These risks can increase the potential for losses in the Fund and may include risks related to currency exchange rate fluctuations, country or government specific issues (for example, terrorism, war, social and economic instability, currency devaluations, and restrictions on foreign investment or the movement of assets), unfavorable trading practices, less government supervision, less publicly available information, limited trading markets and greater volatility.
Risk Lose Money [Text] rr_RiskLoseMoney Each of the risks listed below has the potential (individually or in any combination) to affect adversely the net asset value of the Fund and cause you to lose money. Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock
The bar chart and tables shown below illustrate the variability of the Fund’s returns.  The bar chart indicates the risks of investing in Class C shares of the Fund by showing the changes in the performance of the Class C shares of the Fund from year to year (on a calendar year basis).  The tables show how the average annual returns of the Class A and Class C shares for the one-year, five-year and since-inception periods compare with those of the S&P 500® Index and Russell 2500TM Index. The S&P 500® Index represents a broad measure of market performance. The Russell 2500TM Index represents the market sector of small- and mid-sized companies in which the Fund invests. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting http://www.olsteinfunds.com or by calling (800) 799-2113.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and tables shown below illustrate the variability of the Fund's returns. Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 799-2113 Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress http://www.olsteinfunds.com Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Bar Chart [Heading] rr_BarChartHeading Total Return for Class C as of 12/31* Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads The above returns do not reflect the CDSC of 1.00%, which is imposed if an investor redeems Class C shares within the first year of purchase. If the CDSC was reflected, returns would be less than those shown above. Bar Chart Footnotes [Text Block] rr_BarChartFootnotesTextBlock
 
*The above returns do not reflect the CDSC of 1.00%, which is imposed if an investor redeems Class C shares within the first year of purchase.  If the CDSC was reflected, returns would be less than those shown above.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Total Return from January 1, 2013 to September 30, 2013:   28.84%

Best Quarter—Quarter ended June 30, 2009:  33.08%
Worst Quarter—Quarter ended December 31, 2008:  -29.35%
Year to Date Return, Label rr_YearToDateReturnLabel Total Return Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2013 Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 28.84% Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009 Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 33.08% Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter