13F-HR 1 wcm_13f.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 holding entries. Institutional Investment Manager Filing this Report: Name: WESTCHESTER CAPITAL MANAGEMENT, INC. ------------------------------------ Address: 100 SUMMIT LAKE DRIVE --------------------- VALHALLA, NY 10595 ------------------ Form 13F File Number: 28-04764 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: FREDERICK W. GREEN ------------------ Title: PRESIDENT --------- Phone: 914-741-5600 ------------ Signature, Place, and Date of Signing: /S/ FREDERICK W. GREEN VALHALLA, NEW YORK 11/14/08 -------------------------------- --------------------------- ------------ [Signature] [City, State] [Date] 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: 94 Form 13F Information Table Value Total: $1,246,628,449 (actual) 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 28-11493 Green & Smith Investment Management L.L.C. FORM 13F Westchester Capital Management, Inc. September 30, 2008
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 -------- -------- -------- -------- ------------------- -------- -------- ------------------ FAIR TITLE OF CUSIP MARKET SHRS SH/ PUT/ INVESTMENT VOTING AUTHORITY NAME OF ISSUER CLASS NUMBER VALUE PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE Equities COMMON STOCK 3Com Corporation COMMON STOCK 885535104 7,627,777 3,273,724 SH (a) Sole Sole 3Com Corporation COMMON STOCK 885535104 1,013,783 435,100 SH (b) Shared 1 Sole Allied Waste Industries, Inc. COMMON STOCK 019589308 10,830,028 974,800 SH (a) Sole Sole Allied Waste Industries, Inc. COMMON STOCK 019589308 1,820,929 163,900 SH (b) Shared 1 Sole Alpharma Inc. COMMON STOCK 020813101 4,094,790 111,000 SH (a) Sole Sole Alpharma Inc. COMMON STOCK 020813101 1,966,237 53,300 SH (b) Shared 1 Sole Anheuser-Busch Companies, Inc. COMMON STOCK 035229103 102,218,440 1,575,500 SH (a) Sole Sole Anheuser-Busch Companies, Inc. COMMON STOCK 035229103 10,478,120 161,500 SH (b) Shared 1 Sole Barr Pharmaceuticals Inc. COMMON STOCK 068306109 83,074,660 1,272,200 SH (a) Sole Sole Barr Pharmaceuticals Inc. COMMON STOCK 068306109 6,079,430 93,100 SH (b) Shared 1 Sole BCE Inc. COMMON STOCK 05534B760 37,619,009 1,090,900 SH (a) Sole Sole BCE Inc. COMMON STOCK 05534B760 8,152,107 236,400 SH (b) Shared 1 Sole CC Media Holdings, Inc. COMMON STOCK 12502P102 14,960 1,100 SH (a) Sole Sole CC Media Holdings, Inc. COMMON STOCK 12502P102 346,800 25,500 SH (b) Shared 1 Sole Corn Products International, Inc. COMMON STOCK 219023108 33,740,670 1,045,250 SH (a) Sole Sole Corn Products International, Inc. COMMON STOCK 219023108 2,919,726 90,450 SH (b) Shared 1 Sole Diebold, Incorporated COMMON STOCK 253651103 22,098,938 667,440 SH (a) Sole Sole Diebold, Incorporated COMMON STOCK 253651103 2,695,154 81,400 SH (b) Shared 1 Sole DRS Technologies, Inc. COMMON STOCK 23330X100 67,973,254 885,645 SH (a) Sole Sole DRS Technologies, Inc. COMMON STOCK 23330X100 5,833,000 76,000 SH (b) Shared 1 Sole EnCana Corporation COMMON STOCK 292505104 22,262,751 338,700 SH (a) Sole Sole EnCana Corporation COMMON STOCK 292505104 2,412,291 36,700 SH (b) Shared 1 Sole Fording Canadian Coal Trust COMMON STOCK 345425102 34,104,700 410,900 SH (a) Sole Sole Fording Canadian Coal Trust COMMON STOCK 345425102 2,747,300 33,100 SH (b) Shared 1 Sole Foundry Networks, Inc. COMMON STOCK 35063R100 10,388,805 570,500 SH (a) Sole Sole Foundry Networks, Inc. COMMON STOCK 35063R100 1,993,995 109,500 SH (b) Shared 1 Sole Genentech, Inc. COMMON STOCK 368710406 59,444,864 670,330 SH (a) Sole Sole Genentech, Inc. COMMON STOCK 368710406 4,506,984 50,823 SH (b) Shared 1 Sole Grey Wolf, Inc. COMMON STOCK 397888108 28,097,081 3,611,450 SH (a) Sole Sole Grey Wolf, Inc. COMMON STOCK 397888108 2,990,632 384,400 SH (b) Shared 1 Sole Hercules Incorporated COMMON STOCK 427056106 43,569,664 2,201,600 SH (a) Sole Sole Hercules Incorporated COMMON STOCK 427056106 4,496,288 227,200 SH (b) Shared 1 Sole Hilb Rogal and Hobbs Company COMMON STOCK 431294107 32,694,630 699,500 SH (a) Sole Sole Hilb Rogal and Hobbs Company COMMON STOCK 431294107 2,318,304 49,600 SH (b) Shared 1 Sole Huntsman Corporation COMMON STOCK 447011107 24,847,628 1,972,034 SH (a) Sole Sole Huntsman Corporation COMMON STOCK 447011107 3,406,410 270,350 SH (b) Shared 1 Sole
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 -------- -------- -------- -------- ------------------- -------- -------- ------------------ FAIR TITLE OF CUSIP MARKET SHRS SH/ PUT/ INVESTMENT VOTING AUTHORITY NAME OF ISSUER CLASS NUMBER VALUE PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ImClone Systems Incoporated COMMON STOCK 45245W109 54,185,432 867,800 SH (a) Sole Sole ImClone Systems Incoporated COMMON STOCK 45245W109 4,963,980 79,500 SH (b) Shared 1 Sole International Rectifier Corporation COMMON STOCK 460254105 47,550 2,500 SH (a) Sole Sole International Rectifier Corporation COMMON STOCK 460254105 903,450 47,500 SH (b) Shared 1 Sole Longs Drug Stores Corporation COMMON STOCK 543162101 3,850,076 50,900 SH (a) Sole Sole Longs Drug Stores Corporation COMMON STOCK 543162101 1,406,904 18,600 SH (b) Shared 1 Sole Merrill Lynch & Co., Inc. COMMON STOCK 590188108 2,368,080 93,600 SH (a) Sole Sole Merrill Lynch & Co., Inc. COMMON STOCK 590188108 161,920 6,400 SH (b) Shared 1 Sole Nationwide Financial Services, Inc. COMMON STOCK 638612101 54,598,937 1,106,810 SH (a) Sole Sole Nationwide Financial Services, Inc. COMMON STOCK 638612101 6,136,652 124,400 SH (b) Shared 1 Sole Nextwave Wireless Inc. COMMON STOCK 65337Y102 806,301 1,343,835 SH (a) Sole Sole Nextwave Wireless Inc. COMMON STOCK 65337Y102 248,928 414,880 SH (b) Shared 1 Sole PBS Coals Limited COMMON STOCK 70455C106 5,809,161 772,800 SH (a) Sole Sole PBS Coals Limited COMMON STOCK 70455C106 986,234 131,200 SH (b) Shared 1 Sole Philadelphia Consolidated Holding Corp. COMMON STOCK 717528103 35,400,001 604,405 SH (a) Sole Sole Philadelphia Consolidated Holding Corp. COMMON STOCK 717528103 3,419,902 58,390 SH (b) Shared 1 Sole Puget Energy, Inc. COMMON STOCK 745310102 38,255,546 1,432,792 SH (a) Sole Sole Puget Energy, Inc. COMMON STOCK 745310102 4,757,940 178,200 SH (b) Shared 1 Sole Rohm and Haas Company COMMON STOCK 775371107 79,913,610 1,141,623 SH (a) Sole Sole Rohm and Haas Company COMMON STOCK 775371107 7,147,000 102,100 SH (b) Shared 1 Sole SanDisk Corporation COMMON STOCK 80004C101 11,696,765 598,300 SH (a) Sole Sole SanDisk Corporation COMMON STOCK 80004C101 668,610 34,200 SH (b) Shared 1 Sole Sirius Satellite Radio Inc. COMMON STOCK 82967N108 7,178 12,593 SH (b) Shared 1 Sole Take-Two Interactive Software, Inc. COMMON STOCK 874054109 19,520,477 1,190,273 SH (a) Sole Sole Take-Two Interactive Software, Inc. COMMON STOCK 874054109 2,563,320 156,300 SH (b) Shared 1 Sole UST Inc. COMMON STOCK 902911106 42,372,672 636,800 SH (a) Sole Sole UST Inc. COMMON STOCK 902911106 3,453,426 51,900 SH (b) Shared 1 Sole Wm. Wrigley Jr. Company COMMON STOCK 982526105 87,165,320 1,097,800 SH (a) Sole Sole Wm. Wrigley Jr. Company COMMON STOCK 982526105 6,598,140 83,100 SH (b) Shared 1 Sole CONVERTIBLE PREFERRED SLM Corp. Series C convertible pref'd. CONV. PREFERRED 78442P700 11,838,972 18,261 SH (a) Sole Sole SLM Corp. Series C convertible pref'd. CONV. PREFERRED 78442P700 553,017 853 SH (b) Shared 1 Sole Fixed Income CORPORATE BONDS Acuity Brands, Inc. senior note CORPORATE BONDS 00508YAA0 2,000,000 2,000,000 PRN (a) Sole Sole 6.000% Due 02-01-09 Case New Holland Inc. note CORPORATE BONDS 147446AK4 1,960,000 2,000,000 PRN (a) Sole Sole 6.000% Due 06-01-09 Roadway Corp. note CORPORATE BONDS 769742AB3 1,982,500 2,000,000 PRN (a) Sole Sole 8.250% Due 12-01-08
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 -------- -------- -------- -------- ------------------- -------- -------- ------------------ FAIR TITLE OF CUSIP MARKET SHRS SH/ PUT/ INVESTMENT VOTING AUTHORITY NAME OF ISSUER CLASS NUMBER VALUE PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE PUTS Energy Select Sector SPDR Fund PUTS 81369Y506 3,690,050 3,244 PUT (a) Sole Sole Energy Select Sector SPDR Fund PUTS 81369Y506 428,837 377 PUT (b) Shared 1 Sole Energy Select Sector SPDR Fund PUTS 81369Y506 1,259,440 1,820 PUT (a) Sole Sole Energy Select Sector SPDR Fund PUTS 81369Y506 124,560 180 PUT (b) Shared 1 Sole Foundry Networks PUTS 35063R100 286,065 4,401 PUT (a) Sole Sole Foundry Networks PUTS 35063R100 65,585 1,009 PUT (b) Shared 1 Sole Foundry Networks PUTS 35063R100 13,000 1,300 PUT (a) Sole Sole iShares Nasdaq Biotech PUTS 464287556 626,460 636 PUT (a) Sole Sole iShares Nasdaq Biotech PUTS 464287556 63,040 64 PUT (b) Shared 1 Sole KBW Insurance ETF PUTS 78464A789 1,142,100 1,215 PUT (a) Sole Sole KBW Insurance ETF PUTS 78464A789 126,900 135 PUT (b) Shared 1 Sole Materials Select Sector SPDR Trust PUTS 81369Y100 3,305,895 3,613 PUT (a) Sole Sole Materials Select Sector SPDR Trust PUTS 81369Y100 359,595 393 PUT (b) Shared 1 Sole SPDR Trust Series 1 PUTS 78462F103 4,302,480 2,183 PUT (a) Sole Sole SPDR Trust Series 1 PUTS 78462F103 394,000 200 PUT (b) Shared 1 Sole Telecom HOLDRs Trust PUTS 87927P200 2,861,200 3,110 PUT (a) Sole Sole Telecom HOLDRs Trust PUTS 87927P200 277,840 302 PUT (b) Shared 1 Sole US Natural Gas Fund PUTS 912318102 1,110,270 933 PUT (a) Sole Sole US Natural Gas Fund PUTS 912318102 124,950 105 PUT (b) Shared 1 Sole Utilities Select Sector SPDR PUTS 81369Y886 570,360 1,358 PUT (a) Sole Sole Utilities Select Sector SPDR PUTS 81369Y886 55,440 132 PUT (b) Shared 1 Sole SPDR Trust Series 1 OTHER ASSETS 78462F103 34,425,832 296,800 SH (a) Sole Sole Energy Select Sector SPDR Fund OTHER ASSETS 81369Y506 2,077,443 32,819 SH (a) Sole Sole Energy Select Sector SPDR Fund OTHER ASSETS 81369Y506 308,967 4,881 SH (b) Shared 1 Sole TOTAL 1,246,628,449