13F-HR 1 olstein13f2007.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2007 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one.): /__/ is a restatement. /__/ adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Olstein Capital Management, L.P. (formerly known as Olstein & Associates, L.P.) Address: 4 Manhattanville Road Purchase, NY 10577 Form 13F File Number: 028-05485 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Michael Luper Title: Executive Vice President Phone: (914) 269-6100 Signature, Place, and Date of Signing: /s/Michael Luper MICHAEL LUPER Purchase, NY May 15, 2007 Report Type (Check only one.): /X/ 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) /_/ 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) /_/ 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: 1 Smith Barney Fund Management, LLC Form 13F Summary Page Report Summary: Number of Other Included Managers: 1 Form 13F Information Table Entry Total: 88 Form 13F Information Table Value Total: $ 570,740,101 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. No. Name 28-4024 Smith Barney Fund Management LLC

FORM 13F As of 03-31-2007 Name of Reporting Manager: Olstein Capital Management (ITEM 1) (ITEM 2) (ITEM 3) (ITEM 4) (ITEM 5) (ITEM 6) (ITEM 7) (ITEM 8) Inv. Discretion Voting Authority NAME TITLE MARKET AMOUNT AND OF CUSIP VALUE TYPE OF OTHER CLASS NUMBER (X1000) SECURITY SOLE SHARED MANAGERS SOLE SHARED NONE ----------------------------------------------------------------------------------------------------------------------------------- 3M CO Common 88579Y101 25,734 336,700 303,500.000 33,200.000 1 303,500.000 33,200.000 AMERICAN EXPRESS CO Common 025816109 35,340 626,600 568,100.000 58,500.000 1 568,100.000 58,500.000 AMERICAN INTL GROUP Common 026874107 45,387 675,200 608,300.000 66,900.000 1 608,300.000 66,900.000 INC APPLE INC Common 037833100 47,505 511,300 463,200.000 48,100.000 1 463,200.000 48,100.000 ATMEL CORP Common 049513104 24,022 4,775,600 4,318,800.000 456,800.000 1 4,318,800.000 456,800.000 AVERY DENNISON CORP Common 053611109 13,482 209,800 192,400.000 17,400.000 1 192,400.000 17,400.000 BANK OF AMERICA Common 060505104 18,403 360,700 326,700.000 34,000.000 1 326,700.000 34,000.000 CORPORATION BARRET BUSINESS Common 068463108 194 8,400 8,400.000 0.000 8,400.000 0.000 SERVICE BAXTER INTL INC Common 071813109 15,406 292,500 264,800.000 27,700.000 1 264,800.000 27,700.000 BLOUNT INTL INC NEW Common 095180105 20,283 1,629,200 1,478,100.000 151,100.000 1 1,478,100.000 151,100.000 BOYD GAMING CORP Common 103304101 36,831 773,100 698,400.000 74,700.000 1 698,400.000 74,700.000 BURGER KING HLDGS Common 121208201 28,185 1,304,900 1,179,600.000 125,300.000 1 1,179,600.000 125,300.000 INC CAPITAL ONE FINL Common 14040H105 24,162 320,200 289,100.000 31,100.000 1 289,100.000 31,100.000 CORP CARTER INC Common 146229109 36,413 1,437,000 1,303,200.000 133,800.000 1 1,303,200.000 133,800.000 CHEESECAKE FACTORY Common 163072101 28,209 1,058,500 958,400.000 100,100.000 1 958,400.000 100,100.000 INC CISCO SYS INC Common 17275R102 31,407 1,230,200 1,111,300.000 118,900.000 1 1,111,300.000 118,900.000 CITIGROUP INC Common 172967101 24,864 484,300 484,300.000 0.000 1 484,300.000 0.000 CKE RESTAURANTS INC Common 12561E105 5,922 314,000 285,300.000 28,700.000 1 285,300.000 28,700.000 CLAIRES STORES INC Common 179584107 10 300 300.000 0.000 300.000 0.000 COMMSCOPE INC Common 203372107 167 3,900 3,900.000 0.000 3,900.000 0.000 COUNTRYSIDE FINANCIAL Common 222372104 24,466 727,300 659,400.000 67,900.000 1 659,400.000 67,900.000 CORP COWEN GROUP INC Common 223621103 9,380 563,700 512,000.000 51,700.000 1 512,000.000 51,700.000 DAVITA INC Common 23918K108 18,710 350,900 318,100.000 32,800.000 1 318,100.000 32,800.000 DEL MONTE FOODS CO Common 24522P103 161 14,000 14,000.000 0.000 14,000.000 0.000 DELL INC Common 24702R101 16,619 716,000 639,100.000 76,900.000 1 639,100.000 76,900.000 DENNYS CORP Common 24869P104 25,095 5,121,400 4,653,500.000 467,900.000 1 4,653,500.000 467,900.000 DIGITAL RIV INC Common 25388B104 12,481 225,900 204,600.000 21,300.000 1 204,600.000 21,300.000 DISNEY WALT CO Common 254687106 18,998 551,800 499,400.000 52,400.000 1 499,400.000 52,400.000 DIXIE GROUP INC Common 255519100 180 15,000 15,000.000 0.000 15,000.000 0.000 ENERGY CONVERSION Common 292659109 16,936 484,700 439,000.000 45,700.000 1 439,000.000 45,700.000 DEVICES INC ENTEGRIS INC Common 29362U104 26,415 2,468,700 2,230,900.000 237,800.000 1 2,230,900.000 237,800.000 FEDERATED DEPT STORES Common 31410H101 22,570 501,000 456,300.000 44,700.000 1 456,300.000 44,700.000 INC DEL FINISH LINE INC Common 317923100 20,164 1,600,300 1,458,000.000 142,300.000 1 1,458,000.000 142,300.000 FLANDERS CORP Common 338494107 196 27,100 27,100.000 0.000 27,100.000 0.000 FOOT LOCKER INC Common 344849104 19,730 837,800 760,200.000 77,600.000 1 760,200.000 77,600.000 FROZEN FOOD EXPRESS Common 359360104 269 32,300 32,300.000 0.000 32,300.000 0.000 INDS INC GAP INC DEL Common 364760108 28,090 1,632,200 1,480,700.000 151,500.000 1 1,480,700.000 151,500.000 GENWORTH FINL INC Common 37247D106 18,801 538,100 487,800.000 50,300.000 1 487,800.000 50,300.000 HALLIBURTON CO Common 406216101 25,798 812,800 736,100.000 76,700.000 1 736,100.000 76,700.000 HASBRO INC Common 418056107 26,110 912,300 826,600.000 85,700.000 1 826,600.000 85,700.000 HELIX ENERGY SOLUTIONS Common 42330P107 40,404 1,083,500 988,600.000 94,900.000 1 988,600.000 94,900.000 GRP INC HEWITT ASSOCS INC Common 42822Q100 4,642 158,800 144,800.000 14,000.000 1 144,800.000 14,000.000 HEWLETT PACKARD CO Common 428236103 24,538 611,300 553,700.000 57,600.000 1 553,700.000 57,600.000 HOME DEPOT INC Common 437076102 16,856 458,800 415,600.000 43,200.000 1 415,600.000 43,200.000 INTERMEC INC Common 458786100 24,380 1,091,300 986,600.000 104,700.000 1 986,600.000 104,700.000 INTERNATIONAL BUSINESS Common 459200101 23,998 230,800 230,800.000 0.000 230,800.000 0.000 MACHS INVITROGEN CORP Common 46185R100 15,626 245,500 222,700.000 22,800.000 1 222,700.000 22,800.000 JANUS CAP GROUP INC Common 47102X105 18,386 879,300 807,900.000 71,400.000 1 807,900.000 71,400.000 JO-ANN STORES INC Common 47758P307 19,274 707,300 640,700.000 66,600.000 1 640,700.000 66,600.000 JOHNSON & JOHNSON Common 478160104 24,086 399,700 362,600.000 37,100.000 1 362,600.000 37,100.000 JONES APPAREL Common 480074103 16,680 542,800 491,500.000 51,300.000 1 491,500.000 51,300.000 GROUP INC KEITHLEY INSTRS INC Common 487584104 95 6,200 6,200.000 0.000 6,200.000 0.000 LANDRYS RESTAURANTS Common 51508L103 59 2,000 2,000.000 0.000 2,000.000 0.000 INC LIVE NATION INC Common 538034109 21,162 959,300 876,100.000 83,200.000 1 876,100.000 83,200.000 LOWES COS INC Common 548661107 12,876 408,900 370,500.000 38,400.000 1 370,500.000 38,400.000 LUBYS INC Common 549282101 274 28,000 28,000.000 0.000 28,000.000 0.000 MARSH & MCLENNAN Common 571748102 37,761 1,289,200 1,167,800.000 121,400.000 1 1,167,800.000 121,400.000 COS INC MCDONALDS CORP Common 580135101 38,667 858,300 781,350.000 76,950.000 1 781,350.000 76,950.000 MERRILL LYNCH & CO Common 590188108 9,752 119,400 108,300.000 11,100.000 1 108,300.000 11,100.000 INC MOLSON COORS BREWING Common 60871R209 22,151 234,100 212,300.000 21,800.000 1 212,300.000 21,800.000 CO MORGAN STANLEY Common 617446448 25,337 321,700 291,700.000 30,000.000 1 291,700.000 30,000.000 NASH FINCH CO Common 631158102 32,919 955,280 863,300.000 91,980.000 1 863,300.000 91,980.000 NATHANS FAMOUS INC Common 632347100 180 12,000 12,000.000 0.000 1 12,000.000 0.000 NEW NEENAH PAPER INC Common 640079109 24,241 610,000 553,700.000 56,300.000 1 553,700.000 56,300.000 NEWPARK RES INC Common 651718504 31,802 4,511,000 4,073,400.000 437,600.000 1 4,073,400.000 437,600.000 NYSE GROUP INC Common 62949W103 19,172 204,500 204,500.000 0.000 204,500.000 0.000 PENNEY J C INC Common 708160106 5,315 64,700 58,500.000 6,200.000 1 58,500.000 6,200.000 PENTAIR INC Common 709631105 14,303 459,000 416,200.000 42,800.000 1 416,200.000 42,800.000 PITNEY BOWES INC Common 724479100 21,097 464,800 423,800.000 41,000.000 1 423,800.000 41,000.000 PLAYTEX PRODS INC Common 72813P100 15,308 1,128,100 1,021,000.000 107,100.000 1 1,021,000.000 107,100.000 QUANTA SVCS INC Common 74762E102 42,161 1,671,700 1,516,200.000 155,500.000 1 1,516,200.000 155,500.000 QUIKSILVER INC Common 74838C106 29,294 2,525,300 2,289,800.000 235,500.000 1 2,289,800.000 235,500.000 RADIOSHACK CORP Common 750438103 39,518 1,462,000 1,327,400.000 134,600.000 1 1,327,400.000 134,600.000 ROSS STORES INC Common 778296103 127 3,700 3,700.000 0.000 3,700.000 0.000 SCHWAB CHARLES Common 808513105 23,464 1,282,900 1,163,300.000 119,600.000 1 1,163,300.000 119,600.000 CORP NEW SCIENTIFIC GAMES Common 80874P109 23,580 718,249 651,520.000 66,729.000 1 651,520.000 66,729.000 CORP SEARS HLDGS CORP Common 812350106 11,602 64,400 58,400.000 6,000.000 1 58,400.000 6,000.000 SIGMA DESIGNS INC Common 826565103 23,741 904,100 820,200.000 83,900.000 1 820,200.000 83,900.000 TJX COS INC NEW Common 872540109 14,437 535,500 485,800.000 49,700.000 1 485,800.000 49,700.000 TYCO INTL LTD NEW Common 902124106 79,689 2,525,800 2,280,900.000 244,900.000 1 2,280,900.000 244,900.000 WADDELL & REED FINL Common 930059100 23,103 990,700 894,600.000 96,100.000 1 894,600.000 96,100.000 INC WATTS WATER TECHNOLOGIES Common 942749102 23,214 610,400 553,300.000 57,100.000 1 553,300.000 57,100.000 INC WHIRLPOOL CORP Common 963320106 18,595 219,000 198,600.000 20,400.000 1 198,600.000 20,400.000 WILLIAMS COS INC DEL Common 969457100 45,007 1,581,400 1,432,500.000 148,900.000 1 1,432,500.000 148,900.000 WMS INDS INC Common 929297109 16,783 427,700 387,400.000 40,300.000 1 387,400.000 40,300.000 XEROX CORP Common 984121103 23,741 1,405,600 1,274,000.000 131,600.000 1 1,274,000.000 131,600.000 XL CAP LTD Common G98255105 28,921 413,400 374,400.000 39,000.000 1 374,400.000 39,000.000 XTO ENERGY INC Common 98385X106 5,656 103,200 93,600.000 9,600.000 1 93,600.000 9,600.000 Market Value (x1000): $570,740,101