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Olstein Strategic Opportunities A (OFSAX)

21.01 +0.20 (+0.96%)
At close: 8:00 PM EDT

Fund Summary

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 believes are selling at a significant discount to private market value. It may invest up to 20% of its net assets in foreign securities that are traded in U.S. dollars, and will limit the fund's foreign investments to investments in developed countries, rather than countries with developing or emerging markets.

Olstein Strategic Opportunities A

Milwaukee, WI 53202
615 East Michigan Street
(414) 287-3700

Fund Overview

Category Small Value
Fund Family Olstein
Net Assets 90.18M
YTD Return 4.44%
Yield 0.09%
Morningstar Rating
Inception Date Nov 01, 2006

Fund Operations

Last Dividend 0.02
Last Cap Gain 6.00
Holdings Turnover 26.00%
Average for Category --

Fees & Expenses

Expense OFSAX Category Average
Annual Report Expense Ratio (net) 1.60% 1.16%
Prospectus Net Expense Ratio 1.60% --
Prospectus Gross Expense Ratio 1.73% --
Max 12b1 Fee -- --
Max Front End Sales Load -- 5.35%
Max Deferred Sales Load -- 1.15%
3 Yr Expense Projection 0 --
5 Yr Expense Projection 0 --
10 Yr Expense Projection 0 --

Management Information

Robert Alan Olstein, Lead Manager since November 01, 2006
Robert A. Olstein Chairman, Chief Executive Officer, Chief Investment Officer and founder of Olstein Capital Management, L.P. has long been recognized as one of the financial community’s most astute and original research analysts and money managers and is a leading expert on looking behind the numbers of financial statements to assess the quality of earnings that a company reports. In 1971, Olstein and partner Thornton O’glove, founded one of Wall Street’s most influential and important research services, The Quality of Earnings Report, a bi-weekly newsletter for institutional and professional investors that promulgated the belief that “it is essential in stock selection to spend time with financial statements looking behind the numbers, rather than relying upon management contact.” The Quality of Earnings service issued no buy or sell recommendations and utilized an inferential analysis of financial statements of footnotes to alert institutional investors to deviations between reported earnings and economic reality. In the early 1980’s, Olstein sold his interest in the service to pursue a career as an investment advisor, applying the Quality of Earnings philosophy of utilizing financial statement alerts and error avoidance as keys to increasing one’s chance of achieving long-term capital appreciation. Since 1981, Olstein has meticulously continued to follow the quality of earnings philosophy through an accounting driven, value-oriented investment strategy. Between 1981 and 1995, Olstein served as Senior Portfolio Manager/Senior Vice President at Smith Barney where he managed discretionary accounts for individual and institutional investors, including employee benefit plans. Olstein founded Olstein Capital Management, L.P. and launched The Olstein All Cap Value Fund. Prior to founding The Quality of Earnings Report, Olstein was a Securities Analyst with Scheinman Hochstin & Trotta and before that he was employed at Arthur Andersen & Co. He also served as an Instructor of Business Statistics at Hofstra University. Olstein is a past recipient of the Financial Analysts Federation (now CFA Institute) Graham & Dodd Scroll Award, which he received in 1973, “in recognition of an outstanding feature article published in the Financial Analyst Journal.” Olstein is a member of the CFA Institute and the New York Society of Security Analysts and has contributed to or been the author of numerous articles on corporate reporting and disclosure practices in The Wall Street Journal, Business Week, The New York Times, and Barron’s. Olstein authored “Reality Check: Accounting Alerts for Investment Advisors,” which appeared in the January 2006 issue of The CPA Journal. Olstein was also featured as a leading value investor in the 2002 book, Value Investing With the Masters, published by the New York Institute of Finance and was recognized by Kiplinger’s as one of the 16 best mutual fund managers (Kiplinger’s Mutual Funds, Spring 2005, p. 21).

Morningstar Style Box

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Morningstar Category

While the investment objective stated in a fund's prospectus may or may not reflect how the fund actually invests, the Morningstar category is assigned based on the underlying securities in each portfolio. Morningstar categories help investors and investment professionals make meaningful comparisons between funds. The categories make it easier to build well-diversified portfolios, assess potential risk, and identify top-performing funds. We place funds in a given category based on their portfolio statistics and compositions over the past three years. If the fund is new and has no portfolio history, we estimate where it will fall before giving it a more permanent category assignment. When necessary, we may change a category assignment based on recent changes to the portfolio.

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