13F-HR 1 farallon-13fhr.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, 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 February 14, 2005 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: 129 Form 13 F Information Table Value Total: $ 4,514,306 (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-04 Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column7 Column 8 Voting Authority --------------------- Value Shares/ Sh/ Put/ Invstmt Other Name of Issuer Title of class CUSIP (x$1000) Prn Amt Prn Call Dscretn Managers Sole Shared None ------------------------------ ---------------- --------- -------- --------- --- ---- ------- -------- --------- ------ ----- Affordable Residential Communi COM 008273104 1,346 93,800 SH Other 1 93,800 Agere Systems CL B 00845V209 11,017 8,161,100 SH Other 1 8,161,100 Agere Systems Inc CL A 00845V100 161 117,600 SH Other 1 117,600 Alaska Comm Systems Group COM 01167P101 1,176 136,323 SH Other 1 136,323 Amdocs Ltd COM G02602103 4,764 181,500 SH Other 1 181,500 Amylin Pharmaceuticals Inc COM 032346108 116,473 4,986,000 SH Other 1 4,986,000 Anchor Glass Container Corp COM 03304B300 2,164 322,060 SH Other 1 322,060 ARAMark Corp CL B 038521100 10,471 395,000 SH Other 1 395,000 Arbor Realty Trust Inc COM 038923108 29,271 1,192,800 SH Other 1 1,192,800 Arch Capital Group COM G0450A105 43,177 1,115,688 SH Other 1 1,115,688 Arch Coal Inc. COM 039380100 6,795 191,200 SH Other 1 191,200 Aspen Technology Inc. COM 045327103 2,080 335,000 SH Other 1 335,000 Atherogenics Inc. COM 047439104 69,502 2,950,000 SH Other 1 2,950,000 Autonation In COM 05329W102 14,732 766,900 SH Other 1 766,900 Autozone Inc. COM 053332102 17,641 193,200 SH Other 1 193,200 B&G Foods Holdings Corp. UNIT 99/99/9999 05508R205 12,883 860,000 SH Other 1 860,000 Banco Latinoamericano Exp CL E P16994132 23,264 1,166,700 SH Other 1 1,166,700 Bank of America COM 060505104 376,513 8,012,613 SH Other 1 8,012,613 Banknorth Group, Inc. COM 06646R107 10,431 285,000 SH Other 1 285,000 Barnes & Noble Inc. COM 067774109 32,793 1,016,200 SH Other 1 1,016,200 Bay View Capital Corporation COM 07262L309 1,649 107,690 SH Other 1 107,690 Beasley Broadcast Group CL A 074014101 3,766 214,830 SH Other 1 214,830 Bruker Biosciences Corp COM 116794108 14,369 3,565,437 SH Other 1 3,565,437 Burlington Northern COM 12189T104 15,376 325,000 SH Other 1 325,000 Caesars Entertainment Inc. COM 127687101 234,607 11,648,800 SH Other 1 11,648,800 Capital Lease Funding Inc. COM 140288101 2,078 166,200 SH Other 1 166,200 CapitalSource Inc COM 14055X102 590,324 22,996,646 SH Other 1 22,996,646 Cascade Microtech Inc. COM 147322101 2,686 200,000 SH Other 1 200,000 Catalytica Energy Systems COM 148884109 5,141 2,274,960 SH Other 1 2,274,960 Cemex SA SPON ADR 5 ORD 151290889 33,306 914,500 SH Other 1 914,500 Centurytel Inc. COM 156700106 901 25,400 SH Other 1 25,400 Charter Communications CL A 16117M107 7,840 3,500,000 SH Other 1 3,500,000 Chiron Corp DBCV 1.625% 8/0 170040AG4 9,763 10,400,000 PRN Other 1 10,400,000 Circuit City Stores Inc. COM 172737108 19,606 1,253,600 SH Other 1 1,253,600 Citadel Broadcasting NOTE 1.875% 2/1 17285TAB2 11,352 12,500,000 PRN Other 1 12,500,000 Citigroup Inc *W EXP 99/99/999 172967127 11,267 7,934,796 SH Other 1 7,934,796 Citizens Communications COM 17453B101 12,261 889,100 SH Other 1 889,100 City Investing Co Liq. Tr COM 177900107 23,901 12,383,951 SH Other 1 12,383,951 Clear Channel Comunications COM 184502102 37,425 1,117,500 SH Other 1 1,117,500 Columbia Laboratories Inc. COM 197779101 5,802 2,192,000 SH Other 1 2,192,000 Compania Anonima Nat. Tele. de COM 204421101 8,725 389,700 SH Other 1 389,700 Corinthian Colleges, Inc. COM 218868107 32,896 1,745,632 SH Other 1 1,745,632 Corrections Corp of America COM 22025Y407 52,585 1,300,000 SH Other 1 1,300,000 Countrywide Financial Corp COM 222372104 44,408 1,199,900 SH Other 1 1,199,900 Coventry Health Care COM 222862104 10,786 203,200 SH Other 1 203,200 CPFL Energia SA SPONS ADR 126153105 2,483 125,000 SH Other 1 125,000 CSG Systems Intl Inc COM 126349109 10,735 574,075 SH Other 1 574,075 Cubist Pharmaceuticals Inc. COM 229678107 4,183 353,600 SH Other 1 353,600 Cypress Semiconductor NOTE 1.25% 6/1 232806AH2 14,656 13,900,000 PRN Other 1 13,900,000 D&E Communications COM 232860106 3,296 273,567 SH Other 1 273,567 Davita Inc COM 23918K108 25,497 645,000 SH Other 1 645,000 DoubleClick COM 258609304 17,532 2,253,417 SH Other 1 2,253,417 DPL Inc. COM 233293109 97,610 3,887,300 SH Other 1 3,887,300 DST Systems Inc. COM 233326107 35,332 677,900 SH Other 1 677,900 Eagle Materials Inc. CL B 26969P207 2,198 26,075 SH Other 1 26,075 Emmis Communications CL A 291525103 6,621 345,000 SH Other 1 345,000 Entravision Comm. CL A 29382R107 381 45,683 SH Other 1 45,683 Exelixis Inc. COM 30161Q104 6,851 721,192 SH Other 1 721,192 Federal Home Loan MTG Corp COM 313400301 55,975 759,500 SH Other 1 759,500 Freeport-McMoran Copper CL B 35671D857 38,861 1,016,500 SH Other 1 1,016,500 Gartner Group CL B 366651206 2,602 211,712 SH Other 1 211,712 GMH Communities Trust COM 36188G102 26,571 1,884,500 SH Other 1 1,884,500 Golf Trust of America COM 38168B103 241 112,200 SH Other 1 112,200 Gramercy Capital Corp REIT COM 384871109 8,384 407,000 SH Other 1 407,000 Grupo Televisa SP ADR REP ORD 40049J206 28,907 477,800 SH Other 1 477,800 Guidant Corp COM 401698105 254,232 3,526,100 SH Other 1 3,526,100 Hayes Lemmerz International COM 420781304 6,989 791,500 SH Other 1 791,500 HCA Inc. COM 404119109 1,388 34,900 SH Other 1 34,900 ITT Educational Services, Inc. COM 45068B109 15,449 324,900 SH Other 1 324,900 Juniper Networks Inc COM 48203R104 13,557 498,593 SH Other 1 498,593 Knology Inc. COM 499183804 319 81,680 SH Other 1 81,680 Korea Electric Power Corp SPONS ADR 500631106 18,510 1,398,000 SH Other 1 1,398,000 LECG Corp COM 523234102 2,167 116,203 SH Other 1 116,203 Libbey Inc. COM 529898108 17,701 797,000 SH Other 1 797,000 Liberty Media COM SER A 530718105 42,698 3,888,700 SH Other 1 3,888,700 Liberty Media Intl COM SER A 530719103 7,050 152,500 SH Other 1 152,500 Ligand Pharmaceuticals NOTE 6% 11/1 53220KAB4 37,377 18,800,000 PRN Other 1 18,800,000 LSI Logic Corp NOTE 4% 11/0 502161AG7 8,468 8,500,000 PRN Other 1 8,500,000 Magna Entertainment A CL A 559211107 11,276 1,873,049 SH Other 1 1,873,049 Mandalay Resort Group COM 562567107 230,517 3,273,000 SH Other 1 3,273,000 MarketWatch, Inc. COM 570619106 17,144 952,464 SH Other 1 952,464 Massey Energy Co. COM 576206106 6,455 184,700 SH Other 1 184,700 MCG Capital Corp COM 58047P107 2,141 125,000 SH Other 1 125,000 Methanex Corp COM 59151K108 25,245 1,382,530 SH Other 1 1,382,530 MI Developments Inc CL A SUB VTG 55304X104 41,556 1,377,400 SH Other 1 1,377,400 Microsoft COM 594918104 19,604 733,700 SH Other 1 733,700 Midas Inc COM 595626102 14,072 703,600 SH Other 1 703,600 MTR Gaming Group Inc. COM 553769100 14,560 1,378,780 SH Other 1 1,378,780 Nextel Communications Inc CL A 65332V103 48,016 1,600,000 SH Other 1 1,600,000 Nextel Partners Inc CL A 65333F107 3,099 158,600 SH Other 1 158,600 NGP Capital Resources Company COM 62912R107 1,537 100,000 SH Other 1 100,000 Ninetowns Digital World SPONS ADR 654407105 4,300 400,000 SH Other 1 400,000 NPS Pharmaceuticals NOTE 3% 06/01 62936PAB9 23,218 25,100,000 PRN Other 1 25,100,000 Officemax Inc. COM 67622P101 122,544 3,905,164 SH Other 1 3,905,164 Old Republic Intl Corp COM 680223104 3,092 122,200 SH Other 1 122,200 OSI Pharmaceuticals Inc. COM 671040103 48,129 643,000 SH Other 1 643,000 Peabody Energy Corp COM 704549104 32,364 400,000 SH Other 1 400,000 PG&E Corporation COM 69331C108 128,551 3,862,697 SH Other 1 3,862,697 Pharmacyclics Inc. COM 716933106 16,653 1,590,500 SH Other 1 1,590,500 Phelps Dodge Corp COM 717265102 56,998 576,200 SH Other 1 576,200 Platinum Underwriters Holdings COM G7127P100 49,552 1,593,300 SH Other 1 1,593,300 Potash Corp of Saskatchewan COM 73755L107 54,321 654,000 SH Other 1 654,000 Province Healthcare Co. COM 743977100 42,867 1,918,000 SH Other 1 1,918,000 Quantum Corp COM 747906204 8,391 3,202,700 SH Other 1 3,202,700 Quantum Corp NOTE 4.375% 8/0 747906AE5 5,477 5,650,000 PRN Other 1 5,650,000 Sappi Ltd. SPON ADR NEW 803069202 22,294 1,537,500 SH Other 1 1,537,500 Sealed Air Corp COM 81211K100 63,924 1,200,000 SH Other 1 1,200,000 Select Medical Corp COM 816196109 20,229 1,149,400 SH Other 1 1,149,400 Sina Corp NOTE 7/1 82922RAB9 86,322 57,500,000 PRN Other 1 57,500,000 State Street Corp COM 857477103 33,981 691,800 SH Other 1 691,800 Symantec Corp COM 871503108 12,880 500,000 SH Other 1 500,000 Synopsys Inc. COM 871607107 18,305 936,307 SH Other 1 936,307 Telik Inc. COM 87959M109 25,556 1,335,200 SH Other 1 1,335,200 Theravance Inc. COM 88338T104 9,893 552,700 SH Other 1 552,700 TV Azteca S.A. SPON ADR 901145102 20,658 2,009,500 SH Other 1 2,009,500 United Stationers Inc COM 913004107 50,179 1,086,118 SH Other 1 1,086,118 UnitedGlobalcom Inc CL A 913247508 2,222 230,000 SH Other 1 230,000 U-Store-It Trust COM 91274F104 1,386 79,900 SH Other 1 79,900 Valassis Communications Inc. COM 918866104 4,026 115,000 SH Other 1 115,000 Veritas Software Corp COM 923436109 14,275 500,000 SH Other 1 500,000 Virologic Inc. COM 92823R201 3,201 1,147,465 SH Other 1 1,147,465 Visx Inc. COM 92844S105 32,146 1,242,600 SH Other 1 1,242,600 Wachovia Corp. COM 929903102 6,215 118,150 SH Other 1 118,150 Waste Management Inc COM 94106L109 6,955 232,300 SH Other 1 232,300 WebMD Corp NOTE 3.25% 4/0 94769MAC9 7,228 7,000,000 PRN Other 1 7,000,000 Wellpoint Inc. COM 94973V107 177,100 1,540,000 SH Other 1 1,540,000 West Pharmaceutical Svcs COM 955306105 21,791 870,600 SH Other 1 870,600 Western Digital Corp COM 958102105 9,214 850,000 SH Other 1 850,000 Williams Cos. Inc. COM 969457100 38,352 2,354,300 SH Other 1 2,354,300