13F-HR 1 form13f.txt REPORT AS OF DECEMBER 31, 2010 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 2010 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 February 14, 2011 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).) FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 FORM 13F Information Table Entry Total: 91 FORM 13F Information Table Value Total: $637,142 (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. NONE Name of Reporting Manager: Olstein Capital Management, L.P. Report as of December 31, 2010

MARKET AMOUNT INVESTMENT VOTING TITLE OF VALUE AND TYPE DESCRETION OTHER AUTHORITY NAME OF ISSUER CLASS CUSIP (x $1000) OF SECURITY* SOLE MANAGERS SOLE 3M COMPANY COM COMMON 88579Y101 6,473 75,000 75,000 75,000 99 CENTS ONLY STORES COM COMMON 65440K106 478 30,000 30,000 30,000 ABB LTD-SPON ADR SPONSORED ADR 000375204 8,509 379,000 379,000 379,000 ACCENTURE PLC CL A SHS CLASS A G1151C101 6,304 130,000 130,000 130,000 ADOBE SYSTEMS INC COM COMMON 00724F101 7,418 241,000 241,000 241,000 AGILENT TECHNOLOGIES COM COMMON 00846U101 6,194 149,500 149,500 149,500 ALLIANCEBERNSTEIN HOLDING LP UNIT LTD PARTN 01881G106 14,525 622,600 622,600 622,600 AMERICAN EXPRESS CO COM COMMON 025816109 9,657 225,000 225,000 225,000 APPLE INC COM COMMON 037833100 8,064 25,000 25,000 25,000 AVERY DENNISON CORP COM COMMON 053611109 6,605 156,000 156,000 156,000 BARRETT BUSINESS SVCS INC COMMON 068463108 342 22,000 22,000 22,000 BAXTER INTL INC COMMON 071813109 8,099 160,000 160,000 160,000 BECTON DICKINSON AND CO COM COMMON 075887109 9,297 110,000 110,000 110,000 BED BATH & BEYOND INC COM COMMON 075896100 7,717 157,000 157,000 157,000 BERKLEY W R CORP COM COMMON 084423102 7,940 290,000 290,000 290,000 BLACKROCK INC COM COMMON 09247X101 10,291 54,000 54,000 54,000 BRADY CORPORATION CL A COM CL A 104674106 440 13,500 13,500 13,500 CAREFUSION CORP COM COMMON 14170T101 9,946 387,000 387,000 387,000 CHARLES SCHWAB CORP COM COMMON 808513105 10,779 630,000 630,000 630,000 CHEESECAKE FACTORY INC COM COMMON 163072101 276 9,000 9,000 9,000 CHUBB CORP COM COMMON 171232101 7,157 120,000 120,000 120,000 CINTAS CORP COM COMMON 172908105 7,689 275,000 275,000 275,000 CISCO SYSTEMS INC COM COMMON 17275R102 11,572 572,000 572,000 572,000 COCA-COLA CO COM COMMON 191216100 7,366 112,000 112,000 112,000 COLLECTIVE BRANDS INC COM COMMON 19421W100 10,234 485,000 485,000 485,000 COLUMBUS MCKINNON CORP COMMON 199333105 427 21,000 21,000 21,000 CONMED CORP COM COMMON 207410101 423 16,000 16,000 16,000 CONSTELLATION BRANDS INC CL A COM CL A 21036P108 8,926 403,000 403,000 403,000 COVIDIEN PLC SHS G2554F105 10,310 225,800 225,800 225,800 CUMMINS INC COM COMMON 231021106 3,190 29,000 29,000 29,000 DELTA AIR LINES DEL COM COM NEW 247361702 4,851 385,000 385,000 385,000 DENTSPLY INTERNATIONAL INC COM COMMON 249030107 7,073 207,000 207,000 207,000 DR PEPPER SNAPPLE GROUP INC COM COMMON 26138E109 10,970 312,000 312,000 312,000 DSW INC CL A COM CL A 23334L102 274 7,000 7,000 7,000 DRESS BARN INC COMMON 261570105 10,383 393,000 393,000 393,000 DU PONT (E.I.) DE NEMOURS COM COMMON 263534109 10,225 205,000 205,000 205,000 ENTEGRIS INC COM COMMON 29362U104 822 110,000 110,000 110,000 EQUIFAX INC COM COMMON 294429105 10,217 287,000 287,000 287,000 EXXON MOBIL CORP COM COMMON 30231G102 8,994 123,000 123,000 123,000 FEDEX CORP COM COMMON 31428X106 4,464 48,000 48,000 48,000 FINISH LINE INC CL A COM CL A 317923100 361 21,000 21,000 21,000 HANOVER INSURANCE GROUP INC COM COMMON 410867105 6,167 132,000 132,000 132,000 HARMAN INTERNATIONAL COM COMMON 413086109 10,047 217,000 217,000 217,000 HENRY SCHEIN INC COM COMMON 806407102 6,777 110,400 110,400 110,400 HOME DEPOT INC COM COMMON 437076102 10,869 310,000 310,000 310,000 IBM CORP COM COMMON 459200101 5,724 39,000 39,000 39,000 INGERSOLL-RAND PLC SHS G47791101 9,183 195,000 195,000 195,000 INTEL CORP COM COMMON 458140100 19,348 920,000 920,000 920,000 INTL GAME TECHNOLOGY COM COMMON 459902102 9,146 517,000 517,000 517,000 JANUS CAPITAL GROUP INC COM COMMON 47102X105 519 40,000 40,000 40,000 JOHNSON & JOHNSON COM COMMON 478160104 5,628 91,000 91,000 91,000 JONES GROUP INC/THE COM COMMON 48020T101 6,527 420,000 420,000 420,000 JP MORGAN CHASE & CO COM COMMON 46625H100 5,303 125,000 125,000 125,000 KIMBERLY CLARK CORP COM COMMON 494368103 6,115 97,000 97,000 97,000 KORN/FERRY INTERNATIONAL COM COMMON NEW 500643200 5,276 228,300 228,300 228,300 LEGG MASON INC COM COMMON 524901105 11,099 306,000 306,000 306,000 LIFE TECHNOLOGIES CORP COM COMMON 53217V109 9,324 168,000 168,000 168,000 LOWES COMPANIES INC COM COMMON 548661107 9,330 372,000 372,000 372,000 MACY'S INC COM COMMON 55616P104 11,284 446,000 446,000 446,000 MASTERCARD INC CL A COM CL A 57636Q104 6,499 29,000 29,000 29,000 MCDONALDS CORP COM COMMON 580135101 6,678 87,000 87,000 87,000 MICROSEMI CORP COM COMMON 595137100 664 29,000 29,000 29,000 MICROSOFT CORP COM COMMON 594918104 13,402 480,000 480,000 480,000 MOLSON COORS BREWING CO CL B COM CL B 60871R209 4,517 90,000 90,000 90,000 MORGAN STANLEY COM COMM NEW 617446448 6,530 240,000 240,000 240,000 NCR CORP NEW COM COMMON 62886E108 615 40,000 40,000 40,000 NOVELLUS SYSTEMS INC COM COMMON 670008101 3,232 100,000 100,000 100,000 OSHKOSH TRUCK CORP COM COMMON 688239201 6,928 196,600 196,600 196,600 PETSMART INC COM COMMON 716768106 9,159 230,000 230,000 230,000 PROCTOR & GAMBLE CO COM COMMON 742718109 6,111 95,000 95,000 95,000 QUEST DIAGNOSTICS INC COM COMMON 74834L100 7,016 130,000 130,000 130,000 RADIOSHACK CORP COM COMMON 750438103 11,297 611,000 611,000 611,000 RUBY TUESDAY INC COM COMMON 781182100 9,338 715,000 715,000 715,000 SEALED AIR CORP COM COMMON 81211K100 6,821 268,000 268,000 268,000 SNAP-ON INC COM COMMON 833034101 509 9,000 9,000 9,000 SONOCO PRODUCTS CO COM COMMON 835495102 5,017 149,000 149,000 149,000 STANDEX INTERNATIONAL CORP COM COMMON 854231107 449 15,000 15,000 15,000 STEINWAY MUSICAL INSTRUMENTS INC COM COMMON 858495104 119 6,000 6,000 6,000 STRYKER CORP COM COMMON 863667101 9,935 185,000 185,000 185,000 TEAM INC COM COMMON 878155100 194 8,000 8,000 8,000 TELEFLEX INC COM COMMON 879369106 10,493 195,000 195,000 195,000 TERADATA CORP COM COMMON 88076W103 4,293 104,300 104,300 104,300 TERADYNE INC COM COMMON 880770102 10,067 717,000 717,000 717,000 THERMO FISHER SCIENTIFIC INC COM COMMON 883556102 9,134 165,000 165,000 165,000 TIMKEN CO COM COMMON 887389104 8,639 181,000 181,000 181,000 TJX COMPANIES INC NEW COM COMMON 872540109 6,437 145,000 145,000 145,000 TYCO INTERNATIONAL LTD SHS H89128104 9,904 239,000 239,000 239,000 WALT DISNEY CO COM COMMON 254687106 9,190 245,000 245,000 245,000 WHIRLPOOL CORP COM COMMON 963320106 7,817 88,000 88,000 88,000 XEROX CORP COM COMMON 984121103 12,995 1,128,000 1,128,000 1,128,000 ZIMMER HOLDINGS INC COM COMMON 98956P102 10,199 190,000 190,000 190,000

* All of the securities listed within this column are stated as "SH".