13F-HR 1 gwc3q08.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: September 30, 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: GW Capital, Inc. Address: 10900 N.E. Eighth Street, Suite 1010 Bellevue, WA 98004 13F File Number: 801-35777 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: Guy Watanabe Title: President Phone: 425-455-4551 Signature, Place, and Date of Signing: /s/ Guy Watanabe Bellevue, WA October 15, 2008 Report Type (Check only one.): [ X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form13F Information Table Entry Total: 57 Form13F Information Table Value Total: $930,231 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional managers with respect to which this report is filed, other than the manager filing this report. NONE FORM 13F INFORMATION TABLE TITLE VALUE SHARES/ SH/ PUT/INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER OF CLASS CUSIP (x$1000)PRN AMT PRN CALLDSCRETN MGRS SOLE SHARED NONE ALBANY INTL CORP CL A 012348108 19541 715003 SH SOLE 525660 0 189343 AMERICAN STS WTR CO COM 029899101 22146 575227 SH SOLE 423602 0 151625 ANIXTER INTL INC COM 035290105 7973 133979 SH SOLE 112569 0 21410 BARNES GROUP INC COM 067806109 20410 1009419 SH SOLE 745770 0 263649 BOEING COMPANY COM 097023105 487 8500 SH SOLE 8500 0 0 BRIGGS & STRATTON CORP COM 109043109 18578 1148185 SH SOLE 848185 0 300000 BROOKDALE SENIOR LIVING COM 112463104 33833 1538548 SH SOLE 1189823 0 348725 CELGENE CORPORATION COM 151020104 506 8000 SH SOLE 8000 0 0 CIT GROUP, INC. COM 125581108 6242 896822 SH SOLE 767767 0 129055 CONSECO INC DBCV 208464BH9 4225 5930000 PRN SOLE 5180000 0 750000 CROWN HOLDINGS INC COM 228368106 33304 1499512 SH SOLE 1162975 0 336537 DEAN FOODS COM 242370104 9188 393342 SH SOLE 330487 0 62855 ESTERLINE COM 297425100 21315 538404 SH SOLE 400742 0 137662 FLUOR CORPORATION COM 343412102 7241 130005 SH SOLE 111125 0 18880 HEALTHCARE RLTY TR INC COM 421946104 40106 1375856 SH SOLE 1040954 0 334902 HEARST-ARGYLE TV INC COM 422317107 23361 1046168 SH SOLE 775102 0 271066 HERSHEY COMPANY COM 427866108 9634 243660 SH SOLE 205080 0 38580 HORMEL FOODS CORP. COM 440452100 7954 219238 SH SOLE 184248 0 34990 HUNTINGTON BANCSHARES COM 446150104 7466 934405 SH SOLE 787985 0 146420 ITT CORPORATION COM 450911102 664 11940 SH SOLE 11940 0 0 INTERNATIONAL PAPER CORP. COM 460146103 682 26040 SH SOLE 26040 0 0 ION GEOPHYSICAL CORP COM NEW 462044108 40009 2819538 SH SOLE 2189373 0 630165 KINDRED HEALTHCARE INC COM 494580103 29781 1080195 SH SOLE 800672 0 279523 LTC PPTYS INC COM 502175102 27872 950605 SH SOLE 710500 0 240105 MCDERMOTT INTL, INC. COM 580037109 6398 250403 SH SOLE 214033 0 36370 MEADWESTVACO CORP. COM 583334107 4782 205165 SH SOLE 175155 0 30010 NORTHROP GRUMMAN CORPORATION COM 666807102 434 7165 SH SOLE 7165 0 0 NORTHWESTERN CORP COM NEW 668074305 22964 913808 SH SOLE 680928 0 232880 OMEGA HEALTHCARE INVS INC COM 681936100 42453 2159370 SH SOLE 1653200 0 506170 ONEOK INC NEW COM 682680103 29547 858936 SH SOLE 665261 0 193675 OWENS ILLINOIS INC NEW COM NEW 690768403 33337 1133913 SH SOLE 876327 0 257586 PUGET ENERGY, INC. COM 745310102 9114 341359 SH SOLE 278204 0 63155 SCHERING-PLOUGH CORP COM 806605101 710 38430 SH SOLE 38430 0 0 SIERRA PAC RES NEW COM 826428104 6634 692433 SH SOLE 582263 0 110170 SINCLAIR BROADCAST GROUP INC CL A 829226109 12212 2423052 SH SOLE 1799047 0 624005 A.O. SMITH CORPORATION COM 831865209 26705 681433 SH SOLE 505134 0 176299 SMURFIT STONE CONTAINER CORP COM 832727101 19136 4071527 SH SOLE 3164897 0 906630 SOUTHWEST GAS CORP COM 844895102 35493 1172923 SH SOLE 888118 0 284805 STEWART ENTERPRISES INC CL A CLA 860370105 18118 2305066 SH SOLE 1703395 0 601671 TEMPLE-INLAND, INC. COM 879868107 24668 1616537 SH SOLE 1231340 0 385197 THOMAS & BETTS CORP. COM 884315102 4782 122385 SH SOLE 101740 0 20645 TIDEWATER INC COM 886423102 39237 708766 SH SOLE 548661 0 160105 WEYERHAEUSER COMPANY COM 962166104 829 13680 SH SOLE 13680 0 0 EXTERRAN HOLDINGS COM NEW 30225X103 21360 668336 SH SOLE 518823 0 149513 GENWORTH FINANCIAL INC. COM CL A 37247D106 491 57000 SH SOLE 57000 0 0 HEALTH CARE REIT INC COM 42217K106 43196 811502 SH SOLE 620322 0 191180 QUIKSILVER INC COM 74838C106 21811 3799905 SH SOLE 2920440 0 879465 SUNRISE SENIOR LIVING, INC. COM 86768K106 22495 1631273 SH SOLE 1258524 0 372749 TETRA TECH, INC. COM 88162G103 21877 909273 SH SOLE 652334 0 256939 VECTREN CORP COM 92240G101 31822 1142632 SH SOLE 880407 0 262225 WESTAR ENERGY INC COM 95709T100 32095 1392998 SH SOLE 1063918 0 329080 FOSTER WHEELER LTD. SHS NEW G36535139 578 16000 SH SOLE 16000 0 0 GILEAD SCIENCES, INC. COM 375558103 456 10000 SH SOLE 10000 0 0 GREENBRIER COS INC NOTE 393657AD3 644 1000000 PRN SOLE 750000 0 250000 INTL GAME TECHNOLOGY DBCV 459902AP7 421 450000 PRN SOLE 0 0 450000 SINCLAIR BROADCAST GROUP NOTE 829226AU3 2278 2510000 PRN SOLE 2510000 0 0 SINCLAIR BROADCAST GROUP NOTE 829226AW9 634 750000 PRN SOLE 0 0 750000