Supplement dated May 31, 2018

to the Prospectus dated October 31, 2017 of

The Olstein Funds

Olstein All Cap Value Fund

Olstein Strategic Opportunities Fund

Joint Shareholder Meeting

The Board of Trustees of The Olstein Funds has approved an Agreement and Plan of Reorganization between The Olstein Funds and Managed Portfolio Series ("MPS") which provides for the reorganization of (i) the Olstein All Cap Value Fund into a newly created mutual fund with the same name within MPS and (ii) the Olstein Strategic Opportunities Fund into a newly created mutual fund with the same name within MPS.

Olstein Capital Management, L.P. will serve as investment manager for the newly created funds, with no change in the investment objectives, investment management philosophy or investment team.  The proposed reorganizations are expected to be tax-free and are intended to provide fund shareholders with a continuation of their investment in a lower-cost operating structure.

It is anticipated that shareholders will receive a Proxy Statement/Prospectus in July 2018 describing the proposed reorganizations in detail and requesting their vote to approve the Agreement and Plan of Reorganization at a shareholder meeting scheduled to be held in August 2018.  If approved, the reorganizations will take place following the shareholder meeting.

Morgan Stanley Wealth Management – Class A Sales Charge Waivers

Shareholders purchasing Class A shares of the Strategic Opportunities Fund through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers, which may differ from and may be more limited than those disclosed elsewhere in the Prospectus or SAI.  For those shareholders, the Fund's Class A front-end sales charge will not apply to Class A shares purchased by or through:

1. Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans).  For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans

2. Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules

3. Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

4. Shares purchased through a Morgan Stanley self-directed brokerage account

5. Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management's share class conversion program

6. Shares purchased from the proceeds of redemptions from an Olstein Fund, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.

Please keep this supplement with your prospectus for future reference.