13F-HR 1 farallon13fhr2004q1.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: March 31, 2004 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 May 14, 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: 121 Form 13 F Information Table Value Total: $ 4,068,143 (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-Mar-04 Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8 Voting Authority ---------------------- Value Shares/ Sh/ Put/ Invstmt Other Name of Issuer Title of class CUSIP (x$1000) Prn Amt Prn Call Dscretn Mngrs Sole Shared None ------------------------------ ---------------- --------- -------- ---------- --- ---- ------- ----- ---------- ------ ---- Abercrombie & Fitch CL A 002896207 6,768 200,000 SH Other 1 200,000 Acxiom Corp COM 005125109 6,862 312,487 SH Other 1 312,487 Agere Systems CL B 00845V209 55,213 17,696,677 SH Other 1 17,696,677 Agere Systems Inc CL A 00845V100 385 120,000 SH Other 1 120,000 Agilent Tech Inc DBCV 3% 12/01 00846UAB7 567 500,000 PRN Other 1 500,000 Allied Waste Pfd PFD SR C CONV 019589605 65,592 897,900 SH Other 1 897,900 AMC Entertainment Inc. COM 001669100 5,366 349,600 SH Other 1 349,600 America Movil SPON ADR L SHR 02364W105 2,512 65,000 SH Other 1 65,000 American Home Mortgage Inv. COM 02660R107 4,320 150,000 SH Other 1 150,000 Ameristar Casinos COM 03070Q101 2,457 73,312 SH Other 1 73,312 Amylin Pharmaceuticals Inc COM 032346108 91,206 3,850,000 SH Other 1 3,850,000 Anchor Glass Container Corp COM NEW 03304B300 4,927 314,200 SH Other 1 314,200 Anthem Inc. COM 03674B104 110,807 1,222,500 SH Other 1 1,222,500 Arch Capital Group ORD G0450A105 33,167 787,824 SH Other 1 787,824 Ariad Pharmaceuticals Inc COM 04033A100 7,162 750,000 SH Other 1 750,000 AT&T Wireless SVCS Inc COM 00209A106 341,128 25,064,500 SH Other 1 25,064,500 Atherogenics Inc. COM 047439104 31,231 1,365,608 SH Other 1 1,365,608 Banco Latinoamericano Exp CL E P16994132 55,188 3,032,312 SH Other 1 3,032,312 Barnes and Noble COM INC CL A 067846105 6,666 2,200,000 SH Other 1 2,200,000 Bay View Capital Corporation COM 07262L101 4,333 1,942,900 SH Other 1 1,942,900 Beasley Broadcast Group A CL A 074014101 5,465 309,651 SH Other 1 309,651 Bisys Group Inc. COM 055472104 2,259 134,800 SH Other 1 134,800 Boise Cascade COM 097383103 65,589 1,892,900 SH Other 1 1,892,900 Bruker Biosciences Corp COM 116794108 7,733 1,543,500 SH Other 1 1,543,500 CapitalSource Inc. COM 14055X102 516,275 22,996,646 SH Other 1 22,996,646 Caremark Rx Inc. COM 141705103 2,680 80,597 SH Other 1 80,597 Carter's Inc. COM 146229109 946 33,100 SH Other 1 33,100 Catalytica Energy Systems COM 148884109 8,141 2,280,338 SH Other 1 2,280,338 Charter Communications Inc. D NOTE 5.75% 10/01 16117MAB3 30,776 31,525,000 PRN Other 1 31,525,000 Citigroup Inc W EXP 99/99/999 172967127 8,811 8,990,720 SH Other 1 8,990,720 Citizens Communications COM 17453B101 26,183 2,023,400 SH Other 1 2,023,400 City Investing Co Liq. Tr UNIT BEN INT 177900107 24,098 12,357,796 SH Other 1 12,357,796 Columbia Laboratories Inc. COM 197779101 10,890 2,200,000 SH Other 1 2,200,000 Comcast Corp New CL A SPL 20030N200 9,190 330,000 SH Other 1 330,000 Companhia Vale Do Rio Doce SPONS ADR 204412209 10,695 194,802 SH Other 1 194,802 Compania Anonima Nat. Tele. de SPON ADR D 204421101 6,516 332,600 SH Other 1 332,600 Corgentech Inc. COM 21872P105 7,909 422,500 SH Other 1 422,500 Corrections Corp of America COM NEW 22025Y407 1,890 53,100 SH Other 1 53,100 Countrywide Financial Corp COM 222372104 88,960 927,630 SH Other 1 927,630 CSG Systems Intl Inc COM 126349109 52,196 3,038,196 SH Other 1 3,038,196 D&E Communications COM 232860106 3,848 273,300 SH Other 1 273,300 Darden Restaurants Inc. COM 237194105 10,164 410,000 SH Other 1 410,000 Delta & Pine Land Co. COM 247357106 4,990 200,000 SH Other 1 200,000 Disney Co. COM DISNEY 254687106 73,471 2,940,000 SH Other 1 2,940,000 Dobson Communications Corp CL A 256069105 2,587 894,996 SH Other 1 894,996 DPL Inc. COM 233293109 2,531 135,000 SH Other 1 135,000 DST Systems Inc. COM 233326107 42,865 945,200 SH Other 1 945,200 Eagle Materials Inc. CL B 26969P207 1,523 26,075 SH Other 1 26,075 Entravision Comm. CL A 29382R107 410 45,683 SH Other 1 45,683 Epresence Inc COM 294348107 5,727 1,380,000 SH Other 1 1,380,000 Express Scripts Inc. COM 302182100 1,677 22,500 SH Other 1 22,500 FleetBoston Financial COM 339030108 752,451 16,758,380 SH Other 1 16,758,380 Freeport-McMoran Copper CL B 35671D857 19,740 505,000 SH Other 1 505,000 G & K Services Inc. CL A 361268105 5,667 152,263 SH Other 1 152,263 Gartner Group COM 366651107 3,664 314,500 SH Other 1 314,500 Gartner Group CL B 366651206 14,139 1,234,880 SH Other 1 1,234,880 Golf Trust of America COM 38168B103 247 112,200 SH Other 1 112,200 Hayes Lemmerz International COM NEW 420781304 10,311 670,000 SH Other 1 670,000 Imclone Systems COM 45245W109 15,732 310,000 SH Other 1 310,000 Insurance Auto Auctions COM 457875102 26,551 1,827,300 SH Other 1 1,827,300 Intertan Inc. COM 461120107 6,436 460,700 SH Other 1 460,700 Invitrogen NOTE 2.25% 12/1 46185RAD2 14,064 13,000,000 PRN Other 1 13,000,000 Juno Lighting COM NEW 482047206 1,580 55,685 SH Other 1 55,685 Korn/Ferry International COM NEW 500643200 4,848 303,000 SH Other 1 303,000 KT Corp SPONS ADR 48268K101 32,448 1,704,200 SH Other 1 1,704,200 Laboratory Crp of Amer Hldgs COM 50540R409 81,699 2,081,500 SH Other 1 2,081,500 LECG Corp COM 523234102 1,927 99,400 SH Other 1 99,400 Lennar Corp CL B 526057302 17,467 343,100 SH Other 1 343,100 Libbey Inc. COM 529898108 20,744 800,000 SH Other 1 800,000 Liberty Media COM SER A 530718105 35,817 3,271,000 SH Other 1 3,271,000 Maxwell Shoe Co CL A 577766108 5,709 253,745 SH Other 1 253,745 Medtronic Inc. DBCV 1.25% 9/1 585055AB2 51,046 49,320,000 PRN Other 1 49,320,000 Methanex Corp COM 59151K108 21,911 1,956,301 SH Other 1 1,956,301 MI Developments Inc CL A SUB VTG 55304X104 26,093 931,900 SH Other 1 931,900 Midas Inc COM 595626102 13,117 674,400 SH Other 1 674,400 Montpelier Re Holdings SHS G62185106 34,183 917,900 SH Other 1 917,900 M-Systems Flash Disk Pioneers ORD M7061C100 2,044 100,000 SH Other 1 100,000 MTR Gaming Group Inc. COM 553769100 8,893 878,780 SH Other 1 878,780 Netscreen Technologies COM 64117V107 97,436 2,676,792 SH Other 1 2,676,792 Newcastle Investment Corp COM 65105M108 14,986 444,700 SH Other 1 444,700 NPS Pharmaceuticals Inc. COM 62936P103 17,526 614,527 SH Other 1 614,527 NTT Docomo Inc. SPONS ADR 62942M201 1,529 69,000 SH Other 1 69,000 Onesource Information COM 68272J106 3,000 365,000 SH Other 1 365,000 PG&E Corporation COM 69331C108 87,220 3,010,700 SH Other 1 3,010,700 Phelps Dodge Corp COM 717265102 38,788 475,000 SH Other 1 475,000 Plains All Amer Pipeline LP UNIT LTD PARTN 726503105 4,371 125,200 SH Other 1 125,200 Plains Resources COM PAR $.10 726540503 4,272 235,000 SH Other 1 235,000 Platinum Underwriters Holdings COM G7127P100 28,524 890,000 SH Other 1 890,000 Potash Corp of Saskatchewan COM 73755L107 35,430 426,000 SH Other 1 426,000 PRG-Schultz International COM 69357C107 4,544 1,039,913 SH Other 1 1,039,913 Prime Hospitality Corp COM 741917108 3,210 282,100 SH Other 1 282,100 Providian Corp COM 74406A102 2,620 200,000 SH Other 1 200,000 Quantum Corp COM DSSG 747906204 810 218,800 SH Other 1 218,800 RAE Systems Inc. COM 75061P102 2,030 500,000 SH Other 1 500,000 Regal Entertainment Group CL A 758766109 7,693 350,000 SH Other 1 350,000 Register Com INC COM 75914G101 13,616 2,300,000 SH Other 1 2,300,000 Sappi Ltd. SPON ADR NEW 803069202 21,990 1,611,000 SH Other 1 1,611,000 Scitex Corp Ltd ORD 809090103 2,813 505,000 SH Other 1 505,000 Seagate Technology Holdings SHS G7945J104 1,855 115,000 SH Other 1 115,000 Sealed Air Corp COM 81211K100 59,676 1,200,000 SH Other 1 1,200,000 Staten Island Bancorp COM 857550107 5,722 230,000 SH Other 1 230,000 Telefonos De Mexico SPONS ADR ORD L 879403780 12,355 353,900 SH Other 1 353,900 Telik Inc. COM 87959M109 29,578 1,102,000 SH Other 1 1,102,000 Todco (A) CL A 88889T107 2,876 197,000 SH Other 1 197,000 Trimeris Inc. COM 896263100 12,095 820,000 SH Other 1 820,000 TV Azteca S.A. Spons ADR SPONS ADR 901145102 45,358 4,815,100 SH Other 1 4,815,100 United Stationers Inc COM 913004107 66,585 1,581,602 SH Other 1 1,581,602 Univision Communications CL A 914906102 2,708 82,025 SH Other 1 82,025 US Oncology Inc. COM 90338W103 1,479 100,000 SH Other 1 100,000 US Airways Group Inc CL A 911905503 8,385 1,871,600 SH Other 1 1,871,600 Valassis Communications Inc. COM 918866104 3,496 115,000 SH Other 1 115,000 Waste Management Inc COM 94106L109 10,331 342,300 SH Other 1 342,300 Waters Corp COM 941848103 6,126 150,000 SH Other 1 150,000 WebMD Corp COM 94769M105 27,135 3,052,300 SH Other 1 3,052,300 WebMD Corp NOTE 3.25% 4/0 94769MAC9 8,137 7,000,000 PRN Other 1 7,000,000 Wellpoint Health Network New COM 94973H108 191,618 1,685,000 SH Other 1 1,685,000 West Pharmaceutical Svcs COM 955306105 9,922 265,300 SH Other 1 265,300 Western Digital Corp COM 958102105 16,025 1,427,000 SH Other 1 1,427,000 Williams Cos. Inc. COM 969457100 26,317 2,750,000 SH Other 1 2,750,000 Yankee Candle COM 984757104 25,374 920,000 SH Other 1 920,000 Zebra Technologies CL A 989207105 1,202 17,322 SH Other 1 17,322