13F-HR 1 pe123132011.txt REPORT AS OF DECEMBER 31,2011 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, 2011 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 8, 2012 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: 94 FORM 13F Information Table Value Total: $519,125 (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, 2011 Form 13F Information Table

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 5,394 66,000 66,000 66,000 ABB LTD-SPON ADR SPONSORED ADR 000375204 7,909 420,000 420,000 420,000 ACCENTURE PLC CL A SHS CLASS A G1151C101 3,726 70,000 70,000 70,000 AGILENT TECHNOLOGIES COM COMMON 00846U101 6,951 199,000 199,000 199,000 AMERICAN EXPRESS CO COM COMMON 025816109 5,094 108,000 108,000 108,000 ANALOG DEVICES INC COM COMMON 032654105 6,977 195,000 195,000 195,000 APACHE CORP COM COMMON 037411105 3,351 37,000 37,000 37,000 APPLE INC COM COMMON 037833100 8,100 20,000 20,000 20,000 ASCENA RETAIL GROUP INC COM COMMON 04351G101 5,766 194,000 194,000 194,000 ATMEL CORP COM COMMON 049513104 4,010 495,000 495,000 495,000 AVERY DENNISON CORP COM COMMON 053611109 9,780 341,000 341,000 341,000 BAXTER INTL INC COMMON 071813109 6,531 132,000 132,000 132,000 BECTON DICKINSON AND CO COM COMMON 075887109 6,874 92,000 92,000 92,000 BED BATH & BEYOND INC COM COMMON 075896100 5,380 92,800 92,800 92,800 BLACKROCK INC COM COMMON 09247X101 6,470 36,300 36,300 36,300 BRADY CORPORATION CL A COM CL A 104674106 474 15,000 15,000 15,000 CAREFUSION CORP COM COMMON 14170T101 7,267 286,000 286,000 286,000 CHARLES SCHWAB CORP COM COMMON 808513105 6,801 604,000 604,000 604,000 CHUBB CORP COM COMMON 171232101 5,468 79,000 79,000 79,000 CISCO SYSTEMS INC COM COMMON 17275R102 8,136 450,000 450,000 450,000 CLIFFS NATURAL RESOURCES INC COM COMMON 18683K101 3,118 50,000 50,000 50,000 COCA-COLA CO COM COMMON 191216100 3,848 55,000 55,000 55,000 COLUMBUS MCKINNON CORP COMMON 199333105 381 30,000 30,000 30,000 CONOCOPHILLIPS COM COMMON 20825C104 6,194 85,000 85,000 85,000 CONSTELLATION BRANDS INC CL A COM CL A 21036P108 7,669 371,000 371,000 371,000 COVIDIEN PLC SHS G2554F113 6,752 150,000 150,000 150,000 CTS CORP COM COMMON 126501105 616 67,000 67,000 67,000 CUMMINS INC COM COMMON 231021106 5,809 66,000 66,000 66,000 DELTA AIR LINES DEL COM COM NEW 247361702 6,755 835,000 835,000 835,000 DENTSPLY INTERNATIONAL INC COM COMMON 249030107 5,668 162,000 162,000 162,000 DORMAN PRODUCTS INC COM COMMON 258278100 480 13,000 13,000 13,000 DR PEPPER SNAPPLE GROUP INC COM COMMON 26138E109 8,014 203,000 203,000 203,000 DU PONT (E.I.) DE NEMOURS COM COMMON 263534109 9,202 201,000 201,000 201,000 ENTEGRIS INC COM COMMON 29362U104 5,947 682,000 682,000 682,000 EQUIFAX INC COM COMMON 294429105 7,554 195,000 195,000 195,000 EXXON MOBIL CORP COM COMMON 30231G102 8,306 98,000 98,000 98,000 FEDEX CORP COM COMMON 31428X106 6,013 72,000 72,000 72,000 FINISH LINE INC CL A COM CL A 317923100 251 13,000 13,000 13,000 FREEPORT MCMORAN COPPER & GOLD COM COMMON 35671D857 3,017 82,000 82,000 82,000 GENERAL ELECTRIC CO COM COMMON 369604103 6,340 354,000 354,000 354,000 GENUINE PARTS CO COM COMMON 372460105 3,978 65,000 65,000 65,000 HARMAN INTERNATIONAL COM COMMON 413086109 12,743 335,000 335,000 335,000 HENRY SCHEIN INC COM COMMON 806407102 4,575 71,000 71,000 71,000 HEWLETT PACKARD CO COM COMMON 428236103 6,543 254,000 254,000 254,000 HILLENBRAND INC COM COMMON 431571108 536 24,000 24,000 24,000 HOME DEPOT INC COM COMMON 437076102 7,861 187,000 187,000 187,000 IBM CORP COM COMMON 459200101 4,781 26,000 26,000 26,000 INGERSOLL-RAND PLC SHS G47791101 8,379 275,000 275,000 275,000 INTEL CORP COM COMMON 458140100 11,276 465,000 465,000 465,000 INTL GAME TECHNOLOGY COM COMMON 459902102 7,895 459,000 459,000 459,000 JANUS CAPITAL GROUP INC COM COMMON 47102X105 606 96,000 96,000 96,000 JOHNSON & JOHNSON COM COMMON 478160104 6,886 105,000 105,000 105,000 JONES LANG LASALLE INC COM COMMON 48020Q107 9,691 158,200 158,200 158,200 JP MORGAN CHASE & CO COM COMMON 46625H100 6,617 199,000 199,000 199,000 KIMBERLY CLARK CORP COM COMMON 494368103 3,678 50,000 50,000 50,000 KORN/FERRY INTERNATIONAL COM COM NEW 500643200 3,668 215,000 215,000 215,000 LEGG MASON INC COM COMMON 524901105 7,311 304,000 304,000 304,000 LIFE TECHNOLOGIES CORP COM COMMON 53217V109 7,782 200,000 200,000 200,000 LOWES COMPANIES INC COM COMMON 548661107 8,586 338,300 338,300 338,300 MACY'S INC COM COMMON 55616P104 9,332 290,000 290,000 290,000 MCDONALDS CORP COM COMMON 580135101 3,913 39,000 39,000 39,000 MEASUREMENT SPECIALTIES INC COM COMMON 583421102 699 25,000 25,000 25,000 MICROSEMI CORP COM COMMON 595137100 670 40,000 40,000 40,000 MICROSOFT CORP COM COMMON 594918104 11,526 444,000 444,000 444,000 MISTRAS GROUP INC COM COMMON 60649T107 306 12,000 12,000 12,000 MORGAN STANLEY COM COMMON 617446448 5,719 378,000 378,000 378,000 NCR CORP NEW COM COMMON 62886E108 280 17,000 17,000 17,000 NEWELL RUBBERMAID INC COM COMMON 651229106 8,560 530,000 530,000 530,000 NIKE INC CL B COM CL B 654106103 3,373 35,000 35,000 35,000 PETSMART INC COM COMMON 716768106 5,129 100,000 100,000 100,000 ROCKY BRANDS INC COM COMMON 774515100 505 56,000 56,000 56,000 RUBY TUESDAY INC COM COMMON 781182100 8,418 1,220,000 1,220,000 1,220,000 SCHLUMBERGER LTD COMMON 806857108 3,211 47,000 47,000 47,000 SCHWEITZER-MAUDUIT INTL INC COM COMMON 808541106 299 4,500 4,500 4,500 SEALED AIR CORP COM COMMON 81211K100 6,161 358,000 358,000 358,000 SNAP-ON INC COM COMMON 833034101 5,720 113,000 113,000 113,000 SONOCO PRODUCTS CO COM COMMON 835495102 6,032 183,000 183,000 183,000 STANDEX INTERNATIONAL CORP COM COMMON 854231107 513 15,000 15,000 15,000 STAPLES INC COM COMMON 855030102 6,376 459,000 459,000 459,000 STEIN MART INC COM COMMON 858375108 368 54,000 54,000 54,000 STEINWAY MUSICAL INSTRUMENTS INC COM COMMON 858495104 175 7,000 7,000 7,000 STRYKER CORP COM COMMON 863667101 8,152 164,000 164,000 164,000 TEAM INC COM COMMON 878155100 506 17,000 17,000 17,000 TELEFLEX INC COM COMMON 879369106 8,703 142,000 142,000 142,000 TERADYNE INC COM COMMON 880770102 7,238 531,000 531,000 531,000 THERMO FISHER SCIENTIFIC INC COM COMMON 883556102 7,780 173,000 173,000 173,000 THOR INDS INC COM COMMON 885160101 165 6,000 6,000 6,000 TIMKEN CO COM COMMON 887389104 7,936 205,000 205,000 205,000 TJX COMPANIES INC NEW COM COMMON 872540109 3,938 61,000 61,000 61,000 TYCO INTERNATIONAL LTD SHS H89128104 6,306 135,000 135,000 135,000 US BANCORP COM COM NEW 902973304 6,627 245,000 245,000 245,000 WALT DISNEY CO COM COMMON 254687106 9,075 242,000 242,000 242,000 XEROX CORP COM COMMON 984121103 11,725 1,473,000 1,473,000 1,473,000 ZIMMER HOLDINGS INC COM COMMON 98956P102 7,906 148,000 148,000 148,000

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