13F-HR 1 olstein13f.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, 2008 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 14, 2008 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: 1 FORM 13F INFORMATION TABLE ENTRY TOTAL: 84 FORM 13F INFORMATION TABLE VALUE TOTAL: $1,212,731 (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. FORM 13F FILE NUMBER NAME 1 28-4024 LEGG MASON PARTNERS FUND ADVISOR, LLC

FORM 13F INFORMATION TABLE AS OF 3-31-2008 NAME OF REPORTING MANAGER: OLSTEIN CAPITAL MANAGEMENT, L.P. (ITEM 1) (ITEM 2) (ITEM 3) (ITEM 4) (ITEM 5) (ITEM 6) (ITEM 7) (ITEM 8) Market Investment Investment Voting Voting Name of ISSUER TITLE OF CUSIP Value Amount and discretion Discretion Other Auth Auth CLASS (x$1000) Type of Sole Other Managers Sole Shared Security* 3M COM COMMON 88579Y101 14500 183200 168400 14800 1 168400 14800 AMERICAN EXPRESS CO COMMON 025816109 22105 505600 463600 42000 1 463600 42000 APPLE INC COMMON 037833100 16617 115800 106100 9700 1 106100 9700 ATMEL CORP COMMON 049513104 390 112000 112000 0 112000 0 AVERY DENNISON CORP COMMON 053611109 19961 405300 371500 33800 1 371500 33800 BARRETT BUSINESS SERVICES IN COMMON 068463108 377 22000 22000 0 22000 0 BERKLEY W R CORP COMMON 084423102 17531 633100 582300 50800 1 582300 50800 BLACKSTONE GROUP L P COMMON 09253U108 23112 1455425 1338626 116799 1 1338626 116799 BLOUNT INTL INC NEW COMMON 095180105 210 17000 17000 0 17000 0 BOSTON SCIENTIFIC CORP COMMON 101137107 27825 2162000 1985417 176583 1 1985417 176583 BOYD GAMING CORP COMMON 103304101 23396 1169800 1076437 93363 1 1076437 93363 BURGER KING HLDGS INC COMMON 121208201 15866 573600 528300 45300 1 528300 45300 CARTER INC COMMON 146229109 23913 1480700 1362700 118000 1 1362700 118000 CBRL GROUP INC COMMON 12489V106 286 8000 8000 0 8000 0 CENTURY ALUM CO COMMON 156431108 8618 130100 119700 10400 1 119700 10400 CHEESECAKE FACTORY INC COMMON 163072101 23280 1068400 986200 82200 1 986200 82200 CISCO SYS INC COMMON 17275R102 29168 1210800 1110400 100400 1 1110400 100400 CITIGROUP INC COMMON 172967101 40940 1911300 1759200 152100 1 1759200 152100 CKE RESTAURANTS INC COMMON 12561E105 258 23000 23000 0 23000 0 COLLECTIVE BRANDS INC COMMON 19421W100 25108 2071600 1907100 164500 1 1907100 164500 COLUMBUS MCKINNON CORP NY COMMON 199333105 279 9000 9000 0 9000 0 COMMSCOPE INC COMMON 203372107 18815 540200 497500 42700 1 497500 42700 COVIDIEN LTD COMMON G2552X108 29513 666950 614325 52625 1 614325 52625 DELL INC COMMON 24702R101 31029 1557700 1434100 123600 1 1434100 123600 DENNYS CORP COMMON 24869P104 27707 9297600 8531400 766200 1 8531400 766200 DISNEY WALT CO COMMON 254687106 17105 545100 499400 45700 1 499400 45700 DIXIE GROUP INC CLA 255519100 302 36000 36000 0 36000 0 DRESS BARN INC COMMON 261570105 388 30000 30000 0 30000 0 DSW INC CLA 23334L102 78 6000 6000 0 6000 0 ENTEGRIS INC COMMON 29362U104 324 45000 45000 0 45000 0 FLANDERS CORP COMMON 338494107 755 124000 124000 0 124000 0 FOOT LOCKER INC COMMON 344849104 19483 1655300 1522300 133000 1 1522300 133000 FROZEN FOOD EXPRESS COMMON 359360104 270 34000 34000 0 34000 0 GOLDMAN SACHS GROUP INC COMMON 38141G104 24775 149800 137800 12000 1 137800 12000 GRIFFON CORP COMMON 398433102 215 25000 25000 0 25000 0 HALLIBURTON CO COMMON 406216101 22076 561300 516300 45000 1 516300 45000 HARLEY DAVIDSON INC COMMON 412822108 23936 638300 585200 53100 1 585200 53100 HEWITT ASSOCS INC COMMON 42822Q100 159 4000 4000 0 4000 0 HOME DEPOT INC COMMON 437076102 20916 747800 685700 62100 1 685700 62100 INTEL CORP COMMON 458140100 21294 1005400 921600 83800 1 921600 83800 INTERNATIONAL BUSINESS MACHS COMMON 459200101 9131 79300 72900 6400 1 72900 6400 JANUS CAP GROUP INC COMMON 47102X105 11921 512300 472400 39900 1 472400 39900 JOHNSON & JOHNSON COMMON 478160104 19552 301400 276200 25200 1 276200 25200 KEITHLEY INSTRS INC COMMON 487584104 204 21000 21000 0 21000 0 KORN FERRY INTL COMMON 500643200 20402 1207200 1109200 98000 1 1109200 98000 LEGG MASON INC COMMON 524901105 20276 362200 362200 0 362200 0 LIVE NATION INC COMMON 538034109 16887 1392200 1280500 111700 1 1280500 111700 LOWES COS INC COMMON 548661107 19215 837600 770400 67200 1 770400 67200 LUBYS INC COMMON 549282101 361 51000 51000 0 51000 0 MACYS INC COMMON 55616P104 21160 917600 841500 76100 1 841500 76100 MCDONALDS CORP COMMON 580135101 16374 293600 271250 22350 1 271250 22350 MERRILL LYNCH & CO INC COMMON 590188108 14650 359600 330800 28800 1 330800 28800 METLIFE INC COMMON 59156R108 15571 258400 237000 21400 1 237000 21400 MICROSOFT CORP COMMON 594918104 27622 973300 892800 80500 1 892800 80500 MOODYS CORP COMMON 615369105 13110 376400 346100 30300 1 346100 30300 MORGAN STANLEY COMMON 617446448 33009 722300 663400 58900 1 663400 58900 MOTOROLA INC COMMON 620076109 14756 1586700 1460400 126300 1 1460400 126300 NASH FINCH CO COMMON 631158102 340 10000 10000 0 10000 0 NATHANS FAMOUS INC COMMON 632347100 266 19000 19000 0 19000 0 NEENAH PAPER INC COMMON 640079109 21067 817200 755559 61641 1 755559 61641 NEWPARK RES INC COMMON 651718504 255 50000 50000 0 50000 0 NIGHTHAWK RADIOLOGY HLDGS COMMON 65411N105 337 36000 36000 0 36000 0 NYSE EURONEXT COMMON 629491101 21981 356200 327600 28600 1 327600 28600 OFFICE DEPOT INC COMMON 676220106 564 51000 51000 0 51000 0 PENNEY J C INC COMMON 708160106 18832 499400 459000 40400 1 459000 40400 PITNEY BOWES INC COMMON 724479100 18445 526700 484400 42300 1 484400 42300 QUANTA SVCS INC COMMON 74762E102 30772 1328100 1219000 109100 1 1219000 109100 QUEST DIAGNOSTICS INC COMMON 74834L100 25718 568100 520300 47800 1 520300 47800 RADIOSHACK CORP COMMON 750438103 14451 889300 817900 71400 1 817900 71400 ROSS STORES INC COMMON 778296103 270 9000 9000 0 9000 0 SCHWAB CHARLES CORP COMMON 808513105 13661 725500 667100 58400 1 667100 58400 SEALY CORP COMMON 812139301 236 31000 31000 0 31000 0 SPAN AMER MED SYS INC COMMON 846396109 316 26800 26800 0 26800 0 TELEFLEX INC COMMON 879369106 28483 597000 548400 48600 1 548400 48600 TJX COS INC NEW COMMON 872540109 6574 198800 182600 16200 1 182600 16200 TYCO ELECTRONICS LTD COMMON G9144P105 22526 656350 601625 54725 1 601625 54725 TYCO INTL LTD BERMUDA COMMON G9143X208 27815 631450 570225 61225 1 570225 61225 UMPQUA HLDGS CORP COMMON 904214103 217 14000 14000 0 14000 0 VALERO ENERGY CORP NEW COMMON 91913Y100 20125 409800 377100 32700 1 377100 32700 WADDELL & REED FINL INC CLA 930059100 12074 375800 345200 30600 1 345200 30600 WATTS WATER TECHNOLOGIES INC CLA 942749102 17737 632800 581028 51772 1 581028 51772 WET SEAL INC CLA 961840105 461 136000 136000 0 136000 0 XEROX CORP COMMON 984121103 23672 1581300 1449700 131600 1 1449700 131600 ZIMMER HLDGS INC COMMON 98956P102 18453 237000 216600 20400 1 216600 20400

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