13F-HR 1 farallon13fhr2003q4.txt -------------------------- OMB Approval -------------------------- OMB Number: 3235-0006 Expires: December 31, 2006 Estimated average burden hours per response....22.8 -------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 13F FORM 13F COVER PAGE Report for the Calendar Year of Quarter Ended: December 31, 2003 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries Institutional Investment Manager Filing this Report: Farallon Capital Management, L.L.C. One Maritime Plaza Suite 1325 San Francisco, California 94111 Form 13F File Number: 28-3896 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: Mark C. Wehrly Managing Member (415) 421-2132 /S/ Mark C. Wehrly ------------------------ San Francisco, California February 17, 2004 Report Type: 13F Holdings Report Form 13 F Summary Page Report Summary Number of Other Included Managers 1 Form 13 F Information Table Entry Total: 130 Form 13 F Information Table Value Total: $ 3,923,306 (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. 1 Form 13F File Number: 28-6372 Name: Farallon Partners, L.L.C. Farallon Capital Management FORM 13F 31-Dec-03 Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Columne 7 Column 8 Voting Authority ------------------ Title of CUSIP Value Shares/ Sh/ Put/ Invstmt Other Name of Issuer Class Number (x$1000) Prn Amt Prn Call Dscretn Mngrs Sole Shared None -------------- --------------- --------- -------- ---------- --- ---- ------- ----- ---------- ------ ---- Acxiom Corp COM 005125109 15,562 835,306 SH Other 1 835,306 AdvancePCS COM 00790K109 151,888 2,877,210 SH Other 1 2,877,210 Agere Systems CL B 00845V209 46,225 15,939,777 SH Other 1 15,939,777 Agere Systems Inc A CL A 00845V100 8,817 2,890,717 SH Other 1 2,890,717 Agilent Tech Inc DBCV 3.000%12/0 00846UAB7 550 500,000 PRN Other 1 500,000 Allied Waste Inds Inc PFD SR C CONV 019589605 68,689 897,900 SH Other 1 897,900 AMC Entertainment Inc. COM 001669100 5,672 372,900 SH Other 1 372,900 America Movil (ADR ser L) SPON ADR L SHRS 02364W105 6,425 235,000 SH Other 1 235,000 American Financial REIT COM 02607P305 10,811 634,100 SH Other 1 634,100 Ameristar Casinos COM 03070Q101 12,999 531,210 SH Other 1 531,210 Amylin Pharmaceuticals Inc COM 032346108 85,547 3,850,000 SH Other 1 3,850,000 Anchor Glass Container Corp COM NEW 03304B300 5,339 333,700 SH Other 1 333,700 Anthem Inc. COM 03674B104 115,312 1,537,500 SH Other 1 1,537,500 Arch Capital Group ORD G0450A105 31,403 787,824 SH Other 1 787,824 Argosy Gaming COM 040228108 8,444 324,900 SH Other 1 324,900 Aspen Insurance Holdings Ltd. SHS G05384105 4,962 200,000 SH Other 1 200,000 Atherogenics Inc. COM 047439104 22,373 1,505,608 SH Other 1 1,505,608 Banco Latinoamericano Exp CL E P16994132 63,382 3,296,012 SH Other 1 3,296,012 Barnes and Noble.com CL A 067846105 6,446 2,200,000 SH Other 1 2,200,000 Bay View Capital Corporation COM 07262L101 1,390 649,700 SH Other 1 649,700 Beasley Broadcast Group A COM 074014101 5,567 336,574 SH Other 1 336,574 Berkshire Hathaway CL A 084670108 22,747 270 SH Other 1 270 Big City Radio CL A 089098107 415 319,000 SH Other 1 319,000 Bisys Group Inc. COM 055472104 2,006 134,800 SH Other 1 134,800 Boardwalk Equities Inc COM 096613104 1,404 101,600 SH Other 1 101,600 Boise Cascade COM 097383103 98,052 2,983,936 SH Other 1 2,983,936 Bruker Biosciences Corp COM 116794108 13,237 2,909,266 SH Other 1 2,909,266 Buffalo Wild Wings Inc. COM 119848109 3,371 130,300 SH Other 1 130,300 CapitalSource Inc. COM 14055X102 646,373 29,814,246 SH Other 1 29,814,246 Carter's Inc. COM 146229109 3,181 125,000 SH Other 1 125,000 Catalina Marketing Corp COM 148867104 9,126 452,700 SH Other 1 452,700 Catalytica Energy Systems COM 148884109 7,979 2,280,338 SH Other 1 2,280,338 Charter Communications '05 NOTE 5.75%10/1 16117MAB3 29,791 31,525,000 PRN Other 1 31,525,000 Citigroup Inc W EXP 99/99/99 172967127 9,721 9,170,738 SH Other 1 9,170,738 Citizens Communications COM 17453B101 4,782 385,000 SH Other 1 385,000 City Investing CO Liq Trust UNIT BEN INT 177900107 23,725 12,356,596 SH Other 1 12,356,596 Columbia Laboratories Inc. COM 197779101 6,686 1,061,300 SH Other 1 1,061,300 Companhia Vale Do Rio Doce SPONS ADR 204412209 10,606 181,302 SH Other 1 181,302 Compania Anonima Nacionl Tel SPON ADR D 204421101 5,075 332,600 SH Other 1 332,600 Concord EFS COM 206197105 57,208 3,855,000 SH Other 1 3,855,000 Consol Energy Inc. COM 20854P109 20,720 800,028 SH Other 1 800,028 Copper Mountain Networks Inc. COM NEW 217510205 344 31,967 SH Other 1 31,967 Countrywide Financial Corp COM 222372104 67,759 893,330 SH Other 1 893,330 CSG Systems Intl Inc COM 126349109 60,000 4,803,796 SH Other 1 4,803,796 D&E Communications COM 232860106 3,966 273,300 SH Other 1 273,300 Darden Restaurants Inc. COM 237194105 33,601 1,597,000 SH Other 1 1,597,000 Delta & Pine Land Co. COM 247357106 10,602 417,400 SH Other 1 417,400 Dobson Communications Corp CL A 256069105 2,628 400,000 SH Other 1 400,000 Dreyer's Grand Ice Cream COM A CALL PUT 261877104 44,993 578,686 SH Other 1 578,686 DST Systems Inc. COM 233326107 54,514 1,305,400 SH Other 1 1,305,400 Elan Corp PLC W EXP 08/31/20 G29539163 275 1,374,400 SH Other 1 1,374,400 Epresence Inc COM 294348107 937 250,000 SH Other 1 250,000 Federal Home LN MTG Corp COM 313400301 20,995 360,000 SH Other 1 360,000 FleetBoston Financial COM 339030108 393,335 9,011,100 SH Other 1 9,011,100 Friedman's Inc CL A 358438109 504 75,100 SH Other 1 75,100 FTD Inc CL A 30265Q109 11,550 468,750 SH Other 1 468,750 G & K Services Inc CL A 361268105 15,706 427,382 SH Other 1 427,382 Gartner Group COM 366651107 3,557 314,500 SH Other 1 314,500 Gartner Group CL B 366651206 13,435 1,234,880 SH Other 1 1,234,880 Genetronics Biomedical Corp COM 371916107 250 200,000 SH Other 1 200,000 Globespanvirata Inc. COM 37957V106 1,340 229,000 SH Other 1 229,000 Golf Trust of America COM 38168B103 278 112,200 SH Other 1 112,200 Halliburton Co. COM 406216101 3,640 140,000 SH Other 1 140,000 Igen International Inc COM 449536101 17,661 300,000 SH Other 1 300,000 Insurance Auto Auctions COM 457875102 23,846 1,827,300 SH Other 1 1,827,300 Invitrogen Corp NOTE 2.25%12/1 46185RAD2 13,674 13,000,000 PRN Other 1 13,000,000 Invitrogen Corp COM 46185R100 8,833 126,354 SH Other 1 126,354 Jones Lang Lasalle Inc COM 48020Q107 1,713 82,616 SH Other 1 82,616 Juno Lighting COM NEW 482047206 8,400 373,349 SH Other 1 373,349 Kansas City Southern COM NEW 485170302 7,391 516,100 SH Other 1 516,100 Korn/Ferry International COM NEW 500643200 13,228 991,600 SH Other 1 991,600 La Quinta Corp PAIRED CTF 50419U202 1,949 304,000 SH Other 1 304,000 Laboratory Crp of Amer Hldgs COM NEW 50540R409 77,281 2,091,500 SH Other 1 2,091,500 LECG Corp COM 523234102 2,289 100,000 SH Other 1 100,000 Lennar Corp- B CL B 526057302 32,813 359,000 SH Other 1 359,000 Libbey Inc. COM 529898108 17,125 601,300 SH Other 1 601,300 Liberty Media (A) COM SER A 530718105 31,539 2,652,566 SH Other 1 2,652,566 Medtronic Inc. DBCV 1.25%9/1 585055AB2 47,507 46,320,000 PRN Other 1 46,320,000 Methanex Corp COM 59151K108 17,736 1,579,302 SH Other 1 1,579,302 MI Dev Inc CL A SUB VTG 55304X104 16,805 601,900 SH Other 1 601,900 Midas Inc COM 595626102 5,906 413,000 SH Other 1 413,000 Montpelier Re Holdings SHS G62185106 55,050 1,500,000 SH Other 1 1,500,000 Moore Wallace Inc. COM 615857109 2,809 150,000 SH Other 1 150,000 MTR Gaming Group Inc. COM 553769100 9,051 878,780 SH Other 1 878,780 Newcastle Investment Corp COM 65105M108 22,073 814,500 SH Other 1 814,500 Nokia Corp SPONS ADR 654902204 2,975 175,000 SH Other 1 175,000 Northrop Grumman Corp COM 666807102 2,089 21,856 SH Other 1 21,856 NPS Pharmaceuticals Inc. COM 62936P103 21,224 691,801 SH Other 1 691,801 Onesource Information COM 68272J106 2,780 295,118 SH Other 1 295,118 Penn Nat'l Gaming Inc. COM 707569109 5,012 216,790 SH Other 1 216,790 Pfizer COM 717081103 107,363 3,038,850 SH Other 1 3,038,850 PG&E Corporation COM 69331C108 99,022 3,565,800 SH Other 1 3,565,800 Plains All Amer Pipeline UNIT LTD PARTN 726503105 2,921 90,000 SH Other 1 90,000 Plains Resources COM PAR $0.10 726540503 4,995 311,200 SH Other 1 311,200 Platinum Underwriters Hldgs COM G7127P100 21,900 730,000 SH Other 1 730,000 Potash Corp of Saskatchewan COM 73755L107 36,840 426,000 SH Other 1 426,000 PRG-Schultz International COM 69357C107 10,230 2,087,666 SH Other 1 2,087,666 Prime Hospitality Corp COM 741917108 2,877 282,100 SH Other 1 282,100 Quantum Corp COM DSSG 747906204 683 218,800 SH Other 1 218,800 Regal Entertainment Group CL A 758766109 17,867 870,700 SH Other 1 870,700 Register Com Inc COM 75914G101 11,753 2,300,000 SH Other 1 2,300,000 Salix Pharmaceuticals Ltd COM 795435106 15,876 700,000 SH Other 1 700,000 Sappi Ltd. SPONS ADR NEW 803069202 23,048 1,686,000 SH Other 1 1,686,000 Scitex Ltd ORD 809090103 794 157,000 SH Other 1 157,000 SCO Group Inc. COM 78403A106 1,105 65,000 SH Other 1 65,000 Sealed Air Corp COM 81211K100 54,503 1,006,700 SH Other 1 1,006,700 Sepracor Inc NOTE 5.75%11/1 817315AQ7 22,093 22,330,000 PRN Other 1 22,330,000 Sepracor Inc SDCV 5.000%2/1 817315AL8 20,426 20,503,000 PRN Other 1 20,503,000 Sicor Inc. COM 825846108 38,330 1,409,200 SH Other 1 1,409,200 Staten Island Bancorp COM 857550107 5,175 230,000 SH Other 1 230,000 Telefonos De Mexico SPON ADR ORD L 879403780 10,573 320,100 SH Other 1 320,100 Telik Inc. COM 87959M109 11,500 500,000 SH Other 1 500,000 The Dial Corporation COM 25247D101 49,822 1,750,000 SH Other 1 1,750,000 Trimeris Inc. COM 896263100 14,746 704,189 SH Other 1 704,189 TV Azteca S.A. SPONS ADR 901145102 31,824 3,497,100 SH Other 1 3,497,100 Unisource Energy Corp Co. COM 909205106 6,781 275,000 SH Other 1 275,000 United Stationers Inc COM 913004107 64,719 1,581,602 SH Other 1 1,581,602 Univision Communications CL A 914906102 11,808 297,500 SH Other 1 297,500 US Airways Group Inc. CL A 911905503 11,639 1,871,600 SH Other 1 1,871,600 Valassis Communications Inc. COM 918866104 3,375 115,000 SH Other 1 115,000 Waste Management Inc COM 94106L109 11,261 380,434 SH Other 1 380,434 Waters Corp COM 941848103 29,207 880,800 SH Other 1 880,800 WebMD Corp COM 94769M105 27,440 3,052,300 SH Other 1 3,052,300 WebMD Corp NOTE 3.25%4/0 94769MAC9 8,155 7,000,000 PRN Other 1 7,000,000 Wellpoint Health Ntwks COM 94973H108 160,033 1,650,000 SH Other 1 1,650,000 West Pharmaceutical Svcs COM 955306105 4,458 131,500 SH Other 1 131,500 Western Digital Corp COM 958102105 20,686 1,754,500 SH Other 1 1,754,500 Williams Cos. Inc. COM 969457100 27,005 2,750,000 SH Other 1 2,750,000 Yankee Candle COM 984757104 42,629 1,559,800 SH Other 1 1,559,800 Zebra Technologies CL A 989207105 10,868 163,750 SH Other 1 163,750