https://www.sec.gov/Archives/edgar/data/944690/000168028918000108/20180531olstein497.htm497 1 20180531olstein497.htm
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...
