<PAGE> 1
INFORMATION REQUIRED OF INSTITUTIONAL INVESTMENT MANAGERS
PURSUANT TO SECTION 13(f) OF THE SECURITIES EXCHANGE ACT
OF 1934 AND RULES THEREUNDER
Securities and Exchange Commission
Washington, D.C. 20549
Report for the Period Ended June 30, 1999
____
If amended report check here: /____/
Name of Institutional Investment Manager:
Westchester Capital Management, Inc. 13F File No.:
- --------------------------------------------------------------------------------
Business Address:
100 Summit Lake Drive Valhalla New York 10595
- --------------------------------------------------------------------------------
Street City State Zip
Name, Phone No. and Title of Person Duly Authorized to Submit This Report:
Frederick W. Green, (914) 741-5600, President
ATTENTION--Intentional misstatements or omissions of facts constitute Federal
Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff (a).
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 the Securities Exchange Act of 1934, the
undersigned institutional investment manager has caused this report to be signed
on its behalf in the Town of Valhalla and State of New York as of the 10th day
of August, 1999.
Westchester Capital Management, Inc.
----------------------------------------
(Name of Institutional Investment Manager)
/s/Frederick W. Green
----------------------------------------
(Manual Signature of Person Duly
Authorized to Submit This Report)
<PAGE> 2
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.
1.______________________________________________________________________________
2.______________________________________________________________________________
3.______________________________________________________________________________
4.______________________________________________________________________________
<PAGE> 3
FORM 13F
Westchester Capital Management, Inc.
June 30, 1999
<TABLE>
<CAPTION>
Item 5
Item 1 Item 2 Item 3 Item 4 Shares or
Name of Issuer Title of Class CUSIP Fair Market Value Principal Amount
Equities
COMMON STOCK
<S> <C> <C> <C> <C>
Abacus Direct Corporation COMMON STOCK 002553105 2,177,700 23,800
Abacus Direct Corporation COMMON STOCK 002553105 3,824,700 41,800
Albertson's, Inc. COMMON STOCK 013104104 1,949,062 37,800
American International Group, Inc. COMMON STOCK 026874107 3,745,883 31,999
Alcatel SA ADR COMMON STOCK 013904305 185,005 6,520
America Online, Inc. COMMON STOCK 02364J104 3,513,900 31,800
At Home Corporation COMMON STOCK 045919107 3,144,233 58,294
Avondale Industries, Inc. COMMON STOCK 054350103 13,837,200 354,800
Avondale Industries, Inc. COMMON STOCK 054350103 4,017,000 103,000
ALZA Corporation COMMON STOCK 022615108 13,949,925 274,200
ALZA Corporation COMMON STOCK 022615108 5,677,650 111,600
Bank of Commerce COMMON STOCK 061589107 1,501,637 73,700
Bank of Commerce COMMON STOCK 061589107 2,752,662 135,100
Broadcast.com Inc. COMMON STOCK 111310108 26,432,019 197,900
Broadcast.com Inc. COMMON STOCK 111310108 10,404,519 77,900
Baker Hughes, Inc. COMMON STOCK 057224107 1,474,000 44,000
BMC Software, Inc. COMMON STOCK 055921100 1,260,900 23,350
Ballard Medical Products COMMON STOCK 058566100 14,803,437 635,000
Ballard Medical Products COMMON STOCK 058566100 5,420,156 232,500
BP Amoco plc ADR COMMON STOCK 055622104 3,368,925 31,050
Berkshire Hathaway, Inc. Class B COMMON STOCK 084670207 2,503,137 1,113
Citigroup Inc. COMMON STOCK 172967101 4,125,375 86,850
Cadence Design Systems, Inc. COMMON STOCK 127387108 900,150 70,600
Celanese Canada, Inc. COMMON STOCK 150839108 7,291,305 395,000
Celanese Canada, Inc. COMMON STOCK 150839108 4,193,885 227,200
The Coleman Company, Inc. COMMON STOCK 193559101 817,500 87,200
The Coleman Company, Inc. COMMON STOCK 193559101 531,750 56,720
The Clorox Company COMMON STOCK 189054109 2,713,678 25,406
Coltec Industries, Inc. COMMON STOCK 196879100 5,356,812 247,000
Coltec Industries, Inc. COMMON STOCK 196879100 1,596,200 73,600
Cisco Systems, Inc. COMMON STOCK 17275R102 2,425,845 37,610
Case Corporation COMMON STOCK 14743R103 15,164,187 315,100
Case Corporation COMMON STOCK 14743R103 4,379,375 91,000
Cintas Corporation COMMON STOCK 172908105 1,542,222 22,954
Century Communications Corp. COMMON STOCK 156503104 8,155,800 177,300
Century Communications Corp. COMMON STOCK 156503104 3,183,200 69,200
Danaher Corporation COMMON STOCK 235851102 2,034,375 35,000
Emerald Financial Corp. COMMON STOCK 290927102 1,279,687 65,000
Executive Risk Inc. COMMON STOCK 301586103 18,586,156 218,500
Executive Risk Inc. COMMON STOCK 301586103 6,643,381 78,100
EVEREN Capital Corporation COMMON STOCK 299761106 10,550,644 353,900
EVEREN Capital Corporation COMMON STOCK 299761106 3,923,325 131,600
First Liberty Financial Corp. COMMON STOCK 320691108 3,488,900 111,200
First Liberty Financial Corp. COMMON STOCK 320691108 3,742,253 119,275
Frontier Corporation COMMON STOCK 35906P105 22,523,250 381,750
Frontier Corporation COMMON STOCK 35906P105 7,569,700 128,300
Firstar Corporation COMMON STOCK 33763V109 3,145,800 112,350
Gulfstream Aerospace Corporation COMMON STOCK 402734107 25,869,681 382,900
Gulfstream Aerospace Corporation COMMON STOCK 402734107 9,600,631 142,100
Global Crossing Ltd. COMMON STOCK 2285065 6,024,977 141,556
Global Crossing Ltd. COMMON STOCK 2285065 3,728,475 87,600
General Electric Company COMMON STOCK 369604103 2,382,266 21,082
Harrah's Entertainment, Inc. COMMON STOCK 413619107 1,221,000 55,500
Holophane Corporation COMMON STOCK 43645B106 9,024,187 236,700
Holophane Corporation COMMON STOCK 43645B106 3,507,500 92,000
Honeywell, Inc. COMMON STOCK 438506107 16,604,887 143,300
Honeywell, Inc. COMMON STOCK 438506107 7,010,437 60,500
International Comfort Products Corp. COMMON STOCK 458978103 7,672,437 674,500
International Comfort Products Corp. COMMON STOCK 458978103 3,362,450 295,600
International Paper Company COMMON STOCK 460146103 611,050 12,100
Kerr-McGee Corporation COMMON STOCK 492386107 1,588,434 31,650
Knoll, Inc. COMMON STOCK 498904101 8,490,712 318,900
Knoll, Inc. COMMON STOCK 498904101 2,830,237 106,300
King World Productions, Inc. COMMON STOCK 495667107 5,350,681 153,700
King World Productions, Inc. COMMON STOCK 495667107 3,025,206 86,900
Level One Communications, Incorporated COMMON STOCK 527295109 11,519,887 235,400
Level One Communications, Incorporated COMMON STOCK 527295109 3,841,594 78,500
Lifeline Systems, Inc. COMMON STOCK 532192101 577,500 30,000
Lowe's Companies, Inc. COMMON STOCK 548661107 725,600 12,800
Lucent Technologies, Inc. COMMON STOCK 549463107 11,520,854 170,837
Life USA Holding, Inc. COMMON STOCK 531918209 1,520,775 75,100
Mattel, Inc. COMMON STOCK 577081102 1,840,050 69,600
McKesson HBOC, Inc. COMMON STOCK 58155Q103 594,312 18,500
Medtronic, Inc. COMMON STOCK 585055106 3,179,948 40,834
MacMillan Bloedel Limited COMMON STOCK 554783209 16,839,000 935,500
MacMillan Bloedel Limited COMMON STOCK 554783209 5,148,000 286,000
Mercantile Bancorporation COMMON STOCK 587342106 2,764,850 48,400
Nalco Chemical Company COMMON STOCK 629853102 12,465,562 240,300
Nalco Chemical Company COMMON STOCK 629853102 4,461,250 86,000
Nortel Networks Corporation COMMON STOCK 665815106 3,897,881 44,900
Newell Rubbermaid Co. COMMON STOCK 651192106 2,670,495 57,430
Omnipoint Corporation COMMON STOCK 68212D102 3,165,762 109,400
Omnipoint Corporation COMMON STOCK 68212D102 3,463,819 119,700
Banc One Corp. COMMON STOCK 059438101 1,562,384 26,231
Outdoor Systems, Inc. COMMON STOCK 690057104 5,391,050 147,700
Outdoor Systems, Inc. COMMON STOCK 690057104 2,354,250 64,500
Placer Dome Inc. COMMON STOCK 725906101 969,511 82,075
Paymentech, Inc. COMMON STOCK 704384106 1,015,000 40,000
Paymentech, Inc. COMMON STOCK 704384106 2,283,750 90,000
Qwest Communications Int'l, Inc. COMMON STOCK 749121109 2,116,000 64,000
Republic Banking Corporation of Florida COMMON STOCK 760322107 1,280,125 66,500
Richfood Holdings, Inc. COMMON STOCK 763408101 13,507,800 766,400
Richfood Holdings, Inc. COMMON STOCK 763408101 4,799,287 272,300
Republic New York Corporation COMMON STOCK 760719104 34,059,656 499,500
Republic New York Corporation COMMON STOCK 760719104 11,223,662 164,600
Raychem Corporation COMMON STOCK 754603108 13,619,700 368,100
Raychem Corporation COMMON STOCK 754603108 4,898,800 132,400
Sterling Commerce, Inc. COMMON STOCK 859205106 284,298 7,789
SkyTel Communications, Inc. COMMON STOCK 83087Q104 8,117,469 387,700
SkyTel Communications, Inc. COMMON STOCK 83087Q104 4,719,312 225,400
Schlumberger Limited COMMON STOCK 806857108 2,859,569 44,900
Synopsys, Inc. COMMON STOCK 871607107 897,349 16,260
Smurfit-Stone Container Corp. COMMON STOCK 832727101 1,514,428 73,650
SunTrust Banks, Inc. COMMON STOCK 867914103 2,531,691 36,460
Syratech Corporation COMMON STOCK 871824108 588,432 73,554
AT&T Corp. COMMON STOCK 001957109 646,030 11,575
Transamerica Corporation COMMON STOCK 893485102 38,925,000 519,000
Transamerica Corporation COMMON STOCK 893485102 13,200,000 176,000
TCA Cable TV, Inc. COMMON STOCK 872241104 12,515,250 225,500
TCA Cable TV, Inc. COMMON STOCK 872241104 5,661,000 102,000
TXU Company COMMON STOCK 882848104 112,324 2,723
Tyco International Ltd. COMMON STOCK 902124106 2,536,931 26,775
U.S. Foodservice, Inc. COMMON STOCK 90331R101 1,512,974 35,495
MediaOne Group, Inc. COMMON STOCK 58440J104 16,927,750 227,600
MediaOne Group, Inc. COMMON STOCK 58440J104 6,693,750 90,000
UST Corp. COMMON STOCK 902900109 13,703,250 453,000
UST Corp. COMMON STOCK 902900109 5,036,625 166,500
US WEST, Inc. COMMON STOCK 91273H101 10,105,000 172,000
US WEST, Inc. COMMON STOCK 91273H101 1,762,500 30,000
United Technologies Corporation COMMON STOCK 913017109 800,032 11,160
Vodafone AirTouch plc ADR COMMON STOCK 92857T107 37,912,650 192,450
Vodafone AirTouch plc ADR COMMON STOCK 92857T107 17,838,350 90,550
Wachovia Corportion COMMON STOCK 929771103 262,249 3,065
Whittaker Corporation COMMON STOCK 966680407 12,880,000 460,000
Whittaker Corporation COMMON STOCK 966680407 4,788,000 171,000
Washington Mutual, Inc. COMMON STOCK 939322103 594,300 16,800
Williams Companies, Inc. COMMON STOCK 969457100 850,441 19,981
Waste Management, Inc. COMMON STOCK 94106L109 860,000 16,000
Yahoo! Inc. COMMON STOCK 984332106 2,697,090 15,658
Fixed Income
CORPORATE BONDS
Republic Engineered Steels 9.875% CORPORATE BONDS 760391AA0 8,338,400 8,000,000
due 12-15-01
Republic Engineered Steels 9.875% CORPORATE BONDS 760391AA0 2,084,600 2,000,000
due 12-05-01
Total 819,748,823
</TABLE>
<TABLE>
<CAPTION>
Item 6 Item 8
Item 1 Investment Item 7 Voting
Name of Issuer Discretion Managers Authority
<S> <C> <C> <C>
Equities
COMMON STOCK
Abacus Direct Corporation (a) Sole (a) Sole
Abacus Direct Corporation (b) Shared (a) Sole
Albertson's, Inc. (b) Shared (a) Sole
American International Group, Inc. (b) Shared (a) Sole
Alcatel SA ADR (b) Shared (a) Sole
America Online, Inc. (b) Shared (a) Sole
At Home Corporation (b) Shared (a) Sole
Avondale Industries, Inc. (a) Sole (a) Sole
Avondale Industries, Inc. (b) Shared (a) Sole
ALZA Corporation (a) Sole (a) Sole
ALZA Corporation (b) Shared (a) Sole
Bank of Commerce (a) Sole (a) Sole
Bank of Commerce (b) Shared (a) Sole
Broadcast.com Inc. (a) Sole (a) Sole
Broadcast.com Inc. (b) Shared (a) Sole
Baker Hughes, Inc. (b) Shared (a) Sole
BMC Software, Inc. (b) Shared (a) Sole
Ballard Medical Products (a) Sole (a) Sole
Ballard Medical Products (b) Shared (a) Sole
BP Amoco plc ADR (b) Shared (a) Sole
Berkshire Hathaway, Inc. Class B (b) Shared (a) Sole
Citigroup Inc. (b) Shared (a) Sole
Cadence Design Systems, Inc. (b) Shared (a) Sole
Celanese Canada, Inc. (a) Sole (a) Sole
Celanese Canada, Inc. (b) Shared (a) Sole
The Coleman Company, Inc. (a) Sole (a) Sole
The Coleman Company, Inc. (b) Shared (a) Sole
The Clorox Company (b) Shared (a) Sole
Coltec Industries, Inc. (a) Sole (a) Sole
Coltec Industries, Inc. (b) Shared (a) Sole
Cisco Systems, Inc. (b) Shared (a) Sole
Case Corporation (a) Sole (a) Sole
Case Corporation (b) Shared (a) Sole
Cintas Corporation (b) Shared (a) Sole
Century Communications Corp. (a) Sole (a) Sole
Century Communications Corp. (b) Shared (a) Sole
Danaher Corporation (b) Shared (a) Sole
Emerald Financial Corp. (b) Shared (a) Sole
Executive Risk Inc. (a) Sole (a) Sole
Executive Risk Inc. (b) Shared (a) Sole
EVEREN Capital Corporation (a) Sole (a) Sole
EVEREN Capital Corporation (b) Shared (a) Sole
First Liberty Financial Corp. (a) Sole (a) Sole
First Liberty Financial Corp. (b) Shared (a) Sole
Frontier Corporation (a) Sole (a) Sole
Frontier Corporation (b) Shared (a) Sole
Firstar Corporation (b) Shared (a) Sole
Gulfstream Aerospace Corporation (a) Sole (a) Sole
Gulfstream Aerospace Corporation (b) Shared (a) Sole
Global Crossing Ltd. (a) Sole (a) Sole
Global Crossing Ltd. (b) Shared (a) Sole
General Electric Company (b) Shared (a) Sole
Harrah's Entertainment, Inc. (b) Shared (a) Sole
Holophane Corporation (a) Sole (a) Sole
Holophane Corporation (b) Shared (a) Sole
Honeywell, Inc. (a) Sole (a) Sole
Honeywell, Inc. (b) Shared (a) Sole
International Comfort Products Corp. (a) Sole (a) Sole
International Comfort Products Corp. (b) Shared (a) Sole
International Paper Company (b) Shared (a) Sole
Kerr-McGee Corporation (b) Shared (a) Sole
Knoll, Inc. (a) Sole (a) Sole
Knoll, Inc. (b) Shared (a) Sole
King World Productions, Inc. (a) Sole (a) Sole
King World Productions, Inc. (b) Shared (a) Sole
Level One Communications, Incorporated (a) Sole (a) Sole
Level One Communications, Incorporated (b) Shared (a) Sole
Lifeline Systems, Inc. (b) Shared (a) Sole
Lowe's Companies, Inc. (b) Shared (a) Sole
Lucent Technologies, Inc. (b) Shared (a) Sole
Life USA Holding, Inc. (b) Shared (a) Sole
Mattel, Inc. (b) Shared (a) Sole
McKesson HBOC, Inc. (b) Shared (a) Sole
Medtronic, Inc. (b) Shared (a) Sole
MacMillan Bloedel Limited (a) Sole (a) Sole
MacMillan Bloedel Limited (b) Shared (a) Sole
Mercantile Bancorporation (b) Shared (a) Sole
Nalco Chemical Company (a) Sole (a) Sole
Nalco Chemical Company (b) Shared (a) Sole
Nortel Networks Corporation (b) Shared (a) Sole
Newell Rubbermaid Co. (b) Shared (a) Sole
Omnipoint Corporation (a) Sole (a) Sole
Omnipoint Corporation (b) Shared (a) Sole
Banc One Corp. (b) Shared (a) Sole
Outdoor Systems, Inc. (a) Sole (a) Sole
Outdoor Systems, Inc. (b) Shared (a) Sole
Placer Dome Inc. (b) Shared (a) Sole
Paymentech, Inc. (a) Sole (a) Sole
Paymentech, Inc. (b) Shared (a) Sole
Qwest Communications Int'l, Inc. (b) Shared (a) Sole
Republic Banking Corporation of Florida (b) Shared (a) Sole
Richfood Holdings, Inc. (a) Sole (a) Sole
Richfood Holdings, Inc. (b) Shared (a) Sole
Republic New York Corporation (a) Sole (a) Sole
Republic New York Corporation (b) Shared (a) Sole
Raychem Corporation (a) Sole (a) Sole
Raychem Corporation (b) Shared (a) Sole
Sterling Commerce, Inc. (b) Shared (a) Sole
SkyTel Communications, Inc. (a) Sole (a) Sole
SkyTel Communications, Inc. (b) Shared (a) Sole
Schlumberger Limited (b) Shared (a) Sole
Synopsys, Inc. (b) Shared (a) Sole
Smurfit-Stone Container Corp. (b) Shared (a) Sole
SunTrust Banks, Inc. (b) Shared (a) Sole
Syratech Corporation (a) Sole (a) Sole
AT&T Corp. (b) Shared (a) Sole
Transamerica Corporation (a) Sole (a) Sole
Transamerica Corporation (b) Shared (a) Sole
TCA Cable TV, Inc. (a) Sole (a) Sole
TCA Cable TV, Inc. (b) Shared (a) Sole
TXU Company (b) Shared (a) Sole
Tyco International Ltd. (b) Shared (a) Sole
U.S. Foodservice, Inc. (b) Shared (a) Sole
MediaOne Group, Inc. (a) Sole (a) Sole
MediaOne Group, Inc. (b) Shared (a) Sole
UST Corp. (a) Sole (a) Sole
UST Corp. (b) Shared (a) Sole
US WEST, Inc. (a) Sole (a) Sole
US WEST, Inc. (b) Shared (a) Sole
United Technologies Corporation (b) Shared (a) Sole
Vodafone AirTouch plc ADR (a) Sole (a) Sole
Vodafone AirTouch plc ADR (b) Shared (a) Sole
Wachovia Corportion (b) Shared (a) Sole
Whittaker Corporation (a) Sole (a) Sole
Whittaker Corporation (b) Shared (a) Sole
Washington Mutual, Inc. (b) Shared (a) Sole
Williams Companies, Inc. (b) Shared (a) Sole
Waste Management, Inc. (b) Shared (a) Sole
Yahoo! Inc. (b) Shared (a) Sole
Fixed Income
CORPORATE BONDS
Republic Engineered Steels 9.875% (a) Sole (a) Sole
due 12-15-01
Republic Engineered Steels 9.875% (b) Shared (a) Sole
due 12-05-01
Total
</TABLE>
