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SEC USE ONLY
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
INFORMATION REQUIRED OF INSTITUTIONAL INVESTMENT MANAGERS PURSUANT TO
SECTION 13(f) OF THE SECURITIES EXCHANGE ACT OF 1934 AND RULES THEREUNDER
Report for the Calendar Year or Quarter Ended March 31, 1999.
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(Please read instructions before preparing form.)
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If amended report check here: [ ]
Westchester Capital Management, Inc.
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Name of Institutional Investment Manager
100 Summit Lake Drive Valhalla NY 10595
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Business Address (Street) (City) (State) (Zip)
Frederick W. Green, (914) 741-5600, President
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Name, Phone No., and Title of Person Duly Authorized to Submit This Report.
ATTENTION
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INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACTS CONSTITUTE
FEDERAL CRIMINAL VIOLATIONS.
SEE 18 U.S.C. 1001 AND 15 U.S.C. 78ff(a).
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The institutional investment manager submitting this Form and its attachments
and the person by whom it is signed represent hereby that all information
contained therein is true, correct and complete. It is understood that all
required items, statements and schedules are considered integral parts of this
Form and that the submission of any amendment represents that all unamended
items, statements and schedules remain true, correct and complete as previously
submitted.
Pursuant to the requirements of Securities Exchange Act of 1934, the
undersigned institutional investment manager has caused this report to be
signed on its behalf in the Hamlet of Valhalla and State of New York on the
13th day of April, 1999.
Westchester Capital Management, Inc.
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(Name of Institutional Investment Manager)
/s/ FREDERICK W. GREEN
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(Manual Signature of Person Duly Authorized
to Submit This Report)
Name and 13F file numbers of ALL Institutional Investment Managers with respect
to which this schedule is filed (other than the one filing this report): (List
in alphabetical order).
13F File Numbers will be assigned to Institutional Investment Managers after
they file their first report.
Name 13F File No.:
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2.
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3.
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4.
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5.
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<PAGE> 2
FORM 13F
Westchester Capital Management, Inc.
March 31, 1999
<TABLE>
<CAPTION>
ITEM 1 ITEM 2 ITEM 3 ITEM 4
NAME OF ISSUER TITLE OF CLASS CUSIP FAIR MARKET VALUE
- ----------------------------------------------------------- --------- ------------------
<S> <C> <C> <C>
EQUITIES
COMMON STOCK
Astra AB COMMON STOCK 046298105 8,693,312
Astra AB COMMON STOCK 046298105 4,415,469
Advanta Corp. Class B COMMON STOCK 007942204 3,093,885
Advanta Corp. Class B COMMON STOCK 007942204 1,033,041
American International Group, Inc. COMMON STOCK 026874107 3,859,879
Alcatel Alsthom ADR COMMON STOCK 013904305 1,459,316
AMP Incorporated COMMON STOCK 031897101 16,482,062
AMP Incorporated COMMON STOCK 031897101 7,194,125
Aeroquip-Vickers, Inc. COMMON STOCK 007869100 11,794,912
Aeroquip-Vickers, Inc. COMMON STOCK 007869100 4,905,950
America Online, Inc. COMMON STOCK 02364J104 4,642,800
Atlantic Richfield Company COMMON STOCK 048825103 7,862,100
Atlantic Richfield Company COMMON STOCK 048825103 3,817,900
American Stores Company COMMON STOCK 030096101 11,880,000
American Stores Company COMMON STOCK 030096101 6,600,000
Ascend Communications, Inc. COMMON STOCK 043491109 21,800,594
Ascend Communications, Inc. COMMON STOCK 043491109 17,704,091
ALLTEL Corporation COMMON STOCK 020039103 2,095,550
AirTouch Communications, Inc. COMMON STOCK 00949T100 29,016,487
AirTouch Communications, Inc. COMMON STOCK 00949T100 12,822,137
Avondale Industries, Inc. COMMON STOCK 054350103 1,091,500
AXENT Technologies, Inc. COMMON STOCK 05459C108 519,750
ALZA Corporation COMMON STOCK 022615108 1,055,700
Bank of Commerce COMMON STOCK 061589107 2,241,925
Baker Hughes, Inc. COMMON STOCK 057224107 1,069,750
BMC Software, Inc. COMMON STOCK 055921100 6,176,725
BMC Software, Inc. COMMON STOCK 055921100 3,442,365
Ballard Medical Products COMMON STOCK 058566100 8,775,000
Ballard Medical Products COMMON STOCK 058566100 3,656,250
BP Amoco plc ADR COMMON STOCK 055622104 3,961,797
Berkshire Hathaway, Inc. Class B COMMON STOCK 084670207 2,616,663
Bankers Trust New York Corporation COMMON STOCK 066365107 20,712,275
Bankers Trust New York Corporation COMMON STOCK 066365107 7,501,250
Brylane, Inc. COMMON STOCK 117661108 9,142,250
Brylane, Inc. COMMON STOCK 117661108 3,952,750
Citigroup Inc. COMMON STOCK 172967101 3,698,362
The Coleman Company, Inc. COMMON STOCK 193559101 719,400
The Coleman Company, Inc. COMMON STOCK 193559101 467,940
The Clorox Company COMMON STOCK 189054109 2,977,266
Conseco, Inc. COMMON STOCK 208464107 1,584,628
Cintas Corporation COMMON STOCK 172908105 1,500,618
DaimlerChrysler AG ordinary COMMON STOCK D1668R123 3,956,643
Danaher Corporation COMMON STOCK 235851102 1,828,750
Eagle Hardware & Garden, Inc. COMMON STOCK 26959B101 4,315,187
Elan Corporation ADR COMMON STOCK 284131208 2,950,425
Emerald Financial Corp. COMMON STOCK 290927102 1,214,687
Executive Risk Inc. COMMON STOCK 301586103 7,611,200
<CAPTION>
ITEM 5 ITEM 6 ITEM 8
ITEM 1 SHARES OR INVESTMENT ITEM 7 VOTING
NAME OF ISSUER PRINCIPAL AMOUNT DISCRETION MANAGERS AUTHORITY
- -------------------------------------- ---------------- ------------ -------- -----------
<S> <C> <C> <C>
EQUITIES
COMMON STOCK
Astra AB 379,000 (a) Sole (a) Sole
Astra AB 192,500 (b) Shared (a) Sole
Advanta Corp. Class B 346,169 (a) Sole (a) Sole
Advanta Corp. Class B 115,585 (b) Shared (a) Sole
American International Group, Inc. 31,999 (b) Shared (a) Sole
Alcatel Alsthom ADR 63,970 (b) Shared (a) Sole
AMP Incorporated 307,000 (a) Sole (a) Sole
AMP Incorporated 134,000 (b) Shared (a) Sole
Aeroquip-Vickers, Inc. 205,800 (a) Sole (a) Sole
Aeroquip-Vickers, Inc. 85,600 (b) Shared (a) Sole
America Online, Inc. 31,800 (b) Shared (a) Sole
Atlantic Richfield Company 107,700 (a) Sole (a) Sole
Atlantic Richfield Company 52,300 (b) Shared (a) Sole
American Stores Company 360,000 (a) Sole (a) Sole
American Stores Company 200,000 (b) Shared (a) Sole
Ascend Communications, Inc. 260,500 (a) Sole (a) Sole
Ascend Communications, Inc. 211,550 (b) Shared (a) Sole
ALLTEL Corporation 33,596 (b) Shared (a) Sole
AirTouch Communications, Inc. 300,300 (a) Sole (a) Sole
AirTouch Communications, Inc. 132,700 (b) Shared (a) Sole
Avondale Industries, Inc. 37,000 (b) Shared (a) Sole
AXENT Technologies, Inc. 21,600 (b) Shared (a) Sole
ALZA Corporation 27,600 (b) Shared (a) Sole
Bank of Commerce 111,400 (b) Shared (a) Sole
Baker Hughes, Inc. 44,000 (b) Shared (a) Sole
BMC Software, Inc. 166,657 (a) Sole (a) Sole
BMC Software, Inc. 92,880 (b) Shared (a) Sole
Ballard Medical Products 360,000 (a) Sole (a) Sole
Ballard Medical Products 150,000 (b) Shared (a) Sole
BP Amoco plc ADR 39,250 (b) Shared (a) Sole
Berkshire Hathaway, Inc. Class B 1,113 (b) Shared (a) Sole
Bankers Trust New York Corporation 234,700 (a) Sole (a) Sole
Bankers Trust New York Corporation 85,000 (b) Shared (a) Sole
Brylane, Inc. 377,000 (a) Sole (a) Sole
Brylane, Inc. 163,000 (b) Shared (a) Sole
Citigroup Inc. 57,900 (b) Shared (a) Sole
The Coleman Company, Inc. 87,200 (a) Sole (a) Sole
The Coleman Company, Inc. 56,720 (b) Shared (a) Sole
The Clorox Company 25,406 (b) Shared (a) Sole
Conseco, Inc. 51,324 (b) Shared (a) Sole
Cintas Corporation 22,954 (b) Shared (a) Sole
DaimlerChrysler AG ordinary 46,108 (b) Shared (a) Sole
Danaher Corporation 35,000 (b) Shared (a) Sole
Eagle Hardware & Garden, Inc. 113,000 (b) Shared (a) Sole
Elan Corporation ADR 42,300 (b) Shared (a) Sole
Emerald Financial Corp. 65,000 (b) Shared (a) Sole
Executive Risk Inc. 107,200 (a) Sole (a) Sole
</TABLE>
1
<PAGE> 3
FORM 13F
Westchester Capital Management, Inc.
March 31, 1999
<TABLE>
<CAPTION>
ITEM 1 ITEM 2 ITEM 3 ITEM 4
NAME OF ISSUER TITLE OF CLASS CUSIP FAIR MARKET VALUE
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<S> <C> <C> <C>
Executive Risk Inc. COMMON STOCK 301586103 4,025,700
Fifth Third Bancorp COMMON STOCK 316773100 1,747,344
Frontier Corporation COMMON STOCK 35906P105 14,556,125
Frontier Corporation COMMON STOCK 35906P105 4,357,500
Firstar Corporation COMMON STOCK 33763V109 3,351,775
First Union Corp. COMMON STOCK 337358105 2,164,219
Guardian Royal Exchange plc COMMON STOCK 0259857 2,094,231
Guardian Royal Exchange plc COMMON STOCK 0259857 590,320
Global Crossing Ltd. COMMON STOCK 2285065 1,854,625
Global Crossing Ltd. COMMON STOCK 2285065 2,668,625
GeoCities COMMON STOCK 37247V106 17,144,888
GeoCities COMMON STOCK 37247V106 9,148,469
General Electric Company COMMON STOCK 369604103 2,332,196
Getchell Gold Corporation COMMON STOCK 374265106 4,524,850
Getchell Gold Corporation COMMON STOCK 374265106 2,212,787
Gucci Group COMMON STOCK 401566104 5,554,500
Gucci Group COMMON STOCK 401566104 3,703,000
Harrah's Entertainment, Inc. COMMON STOCK 413619107 1,057,969
HEALTHSOUTH Corporation COMMON STOCK 421924101 893,599
Irvine Apartment Communities, Inc. COMMON STOCK 463606103 6,187,075
Irvine Apartment Communities, Inc. COMMON STOCK 463606103 3,520,912
IXC Communications, Inc. COMMON STOCK 450713102 4,771,000
IXC Communications, Inc. COMMON STOCK 450713102 2,344,212
Interstate/Johnson Lane, Inc. COMMON STOCK 460892102 5,388,881
Interstate/Johnson Lane, Inc. COMMON STOCK 460892102 2,877,619
ING Groep N.V. ADR COMMON STOCK 456837103 227,331
J.Ray McDermott, S.A. COMMON STOCK 2472726 2,897,875
Kerr-McGee Corporation COMMON STOCK 492386107 1,038,516
Level One Communications, Incorporated COMMON STOCK 527295109 10,862,825
Level One Communications, Incorporated COMMON STOCK 527295109 4,668,000
Lifeline Systems, Inc. COMMON STOCK 532192101 714,375
McKesson HBOC, Inc. COMMON STOCK 58155Q103 1,221,000
Medtronic, Inc. COMMON STOCK 585055106 2,929,839
Morton International, Inc. COMMON STOCK 619335102 9,077,250
Morton International, Inc. COMMON STOCK 619335102 3,785,250
Mobil Corporation COMMON STOCK 607059102 7,392,000
Mobil Corporation COMMON STOCK 607059102 2,332,000
National City Corporation COMMON STOCK 635405103 1,465,560
Northern Telecom Limited COMMON STOCK 665815106 2,789,412
Newell Rubbermaid Co. COMMON STOCK 651192106 2,727,925
Banc One Corp. COMMON STOCK 059438101 1,831,984
Patriot American Hospitality, Inc. COMMON STOCK 703352203 129,089
Paymentech, Inc. COMMON STOCK 704384106 945,000
Paymentech, Inc. COMMON STOCK 704384106 2,126,250
Powerhouse Technologies, Inc. COMMON STOCK 739323103 4,037,344
Powerhouse Technologies, Inc. COMMON STOCK 739323103 3,055,937
Qwest Communications Int'l, Inc. COMMON STOCK 749121109 2,307,000
Republic Banking Corporation of Florida COMMON STOCK 760322107 1,242,719
Sterling Commerce, Inc. COMMON STOCK 859205106 239,512
<CAPTION>
ITEM 5 ITEM 6 ITEM 8
ITEM 1 SHARES OR INVESTMENT ITEM 7 VOTING
NAME OF ISSUER PRINCIPAL AMOUNT DISCRETION MANAGERS AUTHORITY
- -------------------------------------- --------------- ------------ -------- -----------
<S> <C> <C> <C>
Executive Risk Inc. 56,700 (b) Shared (a) Sole
Fifth Third Bancorp 26,500 (b) Shared (a) Sole
Frontier Corporation 280,600 (a) Sole (a) Sole
Frontier Corporation 84,000 (b) Shared (a) Sole
Firstar Corporation 37,450 (b) Shared (a) Sole
First Union Corp. 40,500 (b) Shared (a) Sole
Guardian Royal Exchange plc 354,762 (a) Sole (a) Sole
Guardian Royal Exchange plc 100,000 (b) Shared (a) Sole
Global Crossing Ltd. 40,100 (a) Sole (a) Sole
Global Crossing Ltd. 57,700 (b) Shared (a) Sole
GeoCities 156,485 (a) Sole (a) Sole
GeoCities 83,500 (b) Shared (a) Sole
General Electric Company 21,082 (b) Shared (a) Sole
Getchell Gold Corporation 173,200 (a) Sole (a) Sole
Getchell Gold Corporation 84,700 (b) Shared (a) Sole
Gucci Group 69,000 (a) Sole (a) Sole
Gucci Group 46,000 (b) Shared (a) Sole
Harrah's Entertainment, Inc. 55,500 (b) Shared (a) Sole
HEALTHSOUTH Corporation 86,130 (b) Shared (a) Sole
Irvine Apartment Communities, Inc. 188,200 (a) Sole (a) Sole
Irvine Apartment Communities, Inc. 107,100 (b) Shared (a) Sole
IXC Communications, Inc. 104,000 (a) Sole (a) Sole
IXC Communications, Inc. 51,100 (b) Shared (a) Sole
Interstate/Johnson Lane, Inc. 172,100 (a) Sole (a) Sole
Interstate/Johnson Lane, Inc. 91,900 (b) Shared (a) Sole
ING Groep N.V. ADR 4,138 (b) Shared (a) Sole
J.Ray McDermott, S.A. 97,000 (b) Shared (a) Sole
Kerr-McGee Corporation 31,650 (b) Shared (a) Sole
Level One Communications, Incorporated 223,400 (a) Sole (a) Sole
Level One Communications, Incorporated 96,000 (b) Shared (a) Sole
Lifeline Systems, Inc. 30,000 (b) Shared (a) Sole
McKesson HBOC, Inc. 18,500 (b) Shared (a) Sole
Medtronic, Inc. 40,834 (b) Shared (a) Sole
Morton International, Inc. 247,000 (a) Sole (a) Sole
Morton International, Inc. 103,000 (b) Shared (a) Sole
Mobil Corporation 84,000 (a) Sole (a) Sole
Mobil Corporation 26,500 (b) Shared (a) Sole
National City Corporation 22,080 (b) Shared (a) Sole
Northern Telecom Limited 44,900 (b) Shared (a) Sole
Newell Rubbermaid Co. 57,430 (b) Shared (a) Sole
Banc One Corp. 33,271 (b) Shared (a) Sole
Patriot American Hospitality, Inc. 25,188 (b) Shared (a) Sole
Paymentech, Inc. 40,000 (a) Sole (a) Sole
Paymentech, Inc. 90,000 (b) Shared (a) Sole
Powerhouse Technologies, Inc. 234,900 (a) Sole (a) Sole
Powerhouse Technologies, Inc. 177,800 (b) Shared (a) Sole
Qwest Communications Int'l, Inc. 32,000 (b) Shared (a) Sole
Republic Banking Corporation of Florida 66,500 (b) Shared (a) Sole
Sterling Commerce, Inc. 7,789 (b) Shared (a) Sole
</TABLE>
2
<PAGE> 4
FORM 13F
Westchester Capital Management, Inc.
March 31, 1999
<TABLE>
<CAPTION>
ITEM 1 ITEM 2 ITEM 3 ITEM 4
NAME OF ISSUER TITLE OF CLASS CUSIP FAIR MARKET VALUE
- ----------------------------------------------------------- --------- ------------------
<S> <C> <C> <C>
Sealed Air Corporation COMMON STOCK 81211K100 308,455
Schlumberger Limited COMMON STOCK 806857108 2,702,419
Synopsys, Inc. COMMON STOCK 871607107 873,975
Sundstrand Corporation COMMON STOCK 867323107 14,094,600
Sundstrand Corporation COMMON STOCK 867323107 5,073,500
Snyder Oil Corporation COMMON STOCK 833482102 222,187
SPR Inc. COMMON STOCK 784922106 154,937
Smurfit-Stone Container Corp. COMMON STOCK 832727101 1,422,366
SunTrust Banks, Inc. COMMON STOCK 867914103 2,269,635
Syratech Corporation COMMON STOCK 871824108 1,029,756
AT&T Corp. COMMON STOCK 001957109 1,360,803
Transamerica Corporation COMMON STOCK 893485102 29,181,000
Transamerica Corporation COMMON STOCK 893485102 11,289,000
TIG Holdings, Inc. COMMON STOCK 872469101 9,431,887
TIG Holdings, Inc. COMMON STOCK 872469101 4,852,969
The Learning Company, Inc. COMMON STOCK 522008101 11,397,000
The Learning Company, Inc. COMMON STOCK 522008101 4,611,000
Texas Utilities Company COMMON STOCK 882848104 113,515
Union Camp Corporation COMMON STOCK 905530101 12,807,450
Union Camp Corporation COMMON STOCK 905530101 5,665,350
U.S. Foodservice, Inc. COMMON STOCK 90331R101 1,650,517
US Filter Corporation COMMON STOCK 911843209 14,301,875
US Filter Corporation COMMON STOCK 911843209 6,002,500
Vanguard Cellular Systems, Inc. COMMON STOCK 922022108 13,940,300
Vanguard Cellular Systems, Inc. COMMON STOCK 922022108 4,533,875
VLSI Technology, Inc. COMMON STOCK 918270109 1,937,500
Washington Mutual, Inc. COMMON STOCK 939322103 2,393,149
Williams Companies, Inc. COMMON STOCK 969457100 2,868,095
Waste Management, Inc. COMMON STOCK 94106L109 710,000
Excite, Inc. COMMON STOCK 300904109 22,157,800
Excite, Inc. COMMON STOCK 300904109 12,124,000
Exxon Corporation COMMON STOCK 302290101 931,425
XTRA Corporation COMMON STOCK 984138107 3,727,806
XTRA Corporation COMMON STOCK 984138107 3,417,475
Xylan Corporation COMMON STOCK 984151100 12,332,187
Xylan Corporation COMMON STOCK 984151100 6,508,450
FIXED INCOME
CORPORATE BONDS
Republic Engineered Steels CORPORATE BONDS 760391AA0 8,240,000
9.875% Due 12-15-01
Republic Engineered Steels CORPORATE BONDS 760391AA0 2,060,000
9.875% Due 12-15-01
GRAND TOTAL 707,729,845
<CAPTION>
ITEM 5 ITEM 6 ITEM 8
ITEM 1 SHARES OR INVESTMENT ITEM 7 VOTING
NAME OF ISSUER PRINCIPAL AMOUNT DISCRETION MANAGERS AUTHORITY
- -------------------------------------- --------------- ------------ -------- -----------
<S> <C> <C> <C>
Sealed Air Corporation 6,271 (b) Shared (a) Sole
Schlumberger Limited 44,900 (b) Shared (a) Sole
Synopsys, Inc. 16,260 (b) Shared (a) Sole
Sundstrand Corporation 202,800 (a) Sole (a) Sole
Sundstrand Corporation 73,000 (b) Shared (a) Sole
Snyder Oil Corporation 15,000 (b) Shared (a) Sole
SPR Inc. 37,000 (b) Shared (a) Sole
Smurfit-Stone Container Corp. 73,650 (b) Shared (a) Sole
SunTrust Banks, Inc. 36,460 (b) Shared (a) Sole
Syratech Corporation 73,554 (a) Sole (a) Sole
AT&T Corp. 17,050 (b) Shared (a) Sole
Transamerica Corporation 411,000 (a) Sole (a) Sole
Transamerica Corporation 159,000 (b) Shared (a) Sole
TIG Holdings, Inc. 578,200 (a) Sole (a) Sole
TIG Holdings, Inc. 297,500 (b) Shared (a) Sole
The Learning Company, Inc. 393,000 (a) Sole (a) Sole
The Learning Company, Inc. 159,000 (b) Shared (a) Sole
Texas Utilities Company 2,723 (b) Shared (a) Sole
Union Camp Corporation 190,800 (a) Sole (a) Sole
Union Camp Corporation 84,400 (b) Shared (a) Sole
U.S. Foodservice, Inc. 35,495 (b) Shared (a) Sole
US Filter Corporation 467,000 (a) Sole (a) Sole
US Filter Corporation 196,000 (b) Shared (a) Sole
Vanguard Cellular Systems, Inc. 510,400 (a) Sole (a) Sole
Vanguard Cellular Systems, Inc. 166,000 (b) Shared (a) Sole
VLSI Technology, Inc. 100,000 (b) Shared (a) Sole
Washington Mutual, Inc. 58,548 (b) Shared (a) Sole
Williams Companies, Inc. 72,610 (b) Shared (a) Sole
Waste Management, Inc. 16,000 (b) Shared (a) Sole
Excite, Inc. 158,270 (a) Sole (a) Sole
Excite, Inc. 86,600 (b) Shared (a) Sole
Exxon Corporation 13,200 (a) Sole (a) Sole
XTRA Corporation 97,300 (a) Sole (a) Sole
XTRA Corporation 89,200 (b) Shared (a) Sole
Xylan Corporation 335,000 (a) Sole (a) Sole
Xylan Corporation 176,800 (b) Shared (a) Sole
FIXED INCOME
CORPORATE BONDS
Republic Engineered Steels 8,000,000 (a) Sole (a) Sole
9.875% Due 12-15-01
Republic Engineered Steels 2,000,000 (b) Shared (a) Sole
9.875% Due 12-15-01
GRAND TOTAL
</TABLE>
3
