Westchester Capital Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
American International Group, Inc.	COM NEW	026874784	98,389	1,658,051	SH		SOLE		1,658,051	0	0
American International Group, Inc.	COM NEW	026874784	1,332	22,439	SH		OTR	1	22,439	0	0
American International Group, Inc.	COM NEW	026874784	4,350	73,300	SH	Put	SOLE		73,300	0	0
American International Group, Inc.	COM NEW	026874784	332	5,600	SH	Put	OTR	1	5,600	0	0
American International Group, Inc.	COM NEW	026874784	1,638	27,600	SH	Put	SOLE		27,600	0	0
American International Group, Inc.	COM NEW	026874784	60,841	1,025,300	SH	Put	SOLE		1,025,300	0	0
Alcoa Inc.	COM	013817101	49,015	4,833,800	SH		SOLE		4,833,800	0	0
Alcoa Inc.	COM	013817101	961	94,800	SH		OTR	1	94,800	0	0
Alcoa Inc.	COM	013817101	15,428	1,521,500	SH	Put	SOLE		1,521,500	0	0
Alcoa Inc.	COM	013817101	468	46,200	SH	Put	OTR	1	46,200	0	0
Alcoa Inc.	COM	013817101	33,587	3,312,300	SH	Put	SOLE		3,312,300	0	0
Alcoa Inc.	COM	013817101	493	48,600	SH	Put	OTR	1	48,600	0	0
Allergan, Inc.	SHS	G0177J108	23,399	101,600	SH	Put	SOLE		101,600	0	0
Allergan, Inc.	SHS	G0177J108	276	1,200	SH	Put	OTR	1	1,200	0	0
Allergan, Inc.	SHS	G0177J108	22,445	97,455	SH		SOLE		97,455	0	0
Allergan, Inc.	SHS	G0177J108	276	1,200	SH		OTR	1	1,200	0	0
American Capital Ltd.	COM	02503Y103	77,073	4,557,842	SH		SOLE		4,557,842	0	0
Ashland Global Holdings Inc.	COM	044186104	8,059	69,500	SH		SOLE		69,500	0	0
Ashland Global Holdings Inc.	COM	044186104	545	4,700	SH		OTR	1	4,700	0	0
Ashland Global Holdings Inc.	COM	044186104	8,059	69,500	SH	Put	SOLE		69,500	0	0
Ashland Global Holdings Inc.	COM	044186104	545	4,700	SH	Put	OTR	1	4,700	0	0
Blackrock Fltg Rate Inc. Strategies Fund	COM	09255X100	3,847	277,586	SH		SOLE		277,586	0	0
Blackstone Group	COM UNIT LTD	09253U108	5,420	212,300	SH	Put	SOLE		212,300	0	0
Blackstone Group	COM UNIT LTD	09253U108	419	16,400	SH	Put	OTR	1	16,400	0	0
Blackstone Group	COM UNIT LTD	09253U108	1,795	70,300	SH	Put	SOLE		70,300	0	0
Blackstone Group	COM UNIT LTD	09253U108	140	5,500	SH	Put	OTR	1	5,500	0	0
Blackstone Group	COM UNIT LTD	09253U108	5,420	212,300	SH		SOLE		212,300	0	0
Blackstone Group	COM UNIT LTD	09253U108	419	16,400	SH		OTR	1	16,400	0	0
Blackstone Mortgage Trust Inc.	COM CL A	09257W100	149	5,067	SH		SOLE		5,067	0	0
CBS Corporation NEW	CL B	124857202	58,300	1,065,037	SH		SOLE		1,065,037	0	0
CBS Corporation NEW	CL B	124857202	1,418	25,900	SH		OTR	1	25,900	0	0
CBS Corporation NEW	CL B	124857202	9,257	169,100	SH	Put	SOLE		169,100	0	0
CBS Corporation NEW	CL B	124857202	170	3,100	SH	Put	OTR	1	3,100	0	0
CBS Corporation NEW	CL B	124857202	76,242	1,392,800	SH	Put	SOLE		1,392,800	0	0
CBS Corporation NEW	CL B	124857202	1,248	22,800	SH	Put	OTR	1	22,800	0	0
CIT Group Inc.	COM NEW	125581801	24,372	671,400	SH		SOLE		671,400	0	0
CIT Group Inc.	COM NEW	125581801	457	12,600	SH		OTR	1	12,600	0	0
CIT Group Inc.	COM NEW	125581801	18,480	509,100	SH	Put	SOLE		509,100	0	0
CIT Group Inc.	COM NEW	125581801	5,891	162,300	SH	Put	SOLE		162,300	0	0
CIT Group Inc.	COM NEW	125581801	457	12,600	SH	Put	OTR	1	12,600	0	0
Chemtura Corporation	COM NEW	163893209	47,977	1,462,269	SH		SOLE		1,462,269	0	0
Columbia Pipeline Group, Inc.	COM	198280109	66,765	2,591,734	SH		SOLE		2,591,734	0	0
Columbia Pipeline Group, Inc.	COM	198280109	547	21,244	SH		OTR	1	21,244	0	0
ConAgra Foods, Inc.	COM	205887102	27,051	574,200	SH	Put	SOLE		574,200	0	0
ConAgra Foods, Inc.	COM	205887102	3,590	76,200	SH	Put	SOLE		76,200	0	0
ConAgra Foods, Inc.	COM	205887102	320	6,800	SH	Put	OTR	1	6,800	0	0
ConAgra Foods, Inc.	COM	205887102	16,592	352,200	SH	Put	SOLE		352,200	0	0
ConAgra Foods, Inc.	COM	205887102	1,253	26,600	SH	Put	OTR	1	26,600	0	0
ConAgra Foods, Inc.	COM	205887102	49,079	1,041,800	SH		SOLE		1,041,800	0	0
ConAgra Foods, Inc.	COM	205887102	1,710	36,300	SH		OTR	1	36,300	0	0
Coty, Inc.	COM CL A	222070203	14,033	604,873	SH		SOLE		604,873	0	0
Coty, Inc.	COM CL A	222070203	1,094	47,167	SH		OTR	1	47,167	0	0
Dell Technologies Inc.	COM CL V	24703L103	45,583	953,612	SH		SOLE		953,612	0	0
Dell Technologies Inc.	COM CL V	24703L103	632	13,230	SH		OTR	1	13,230	0	0
Dow Chemical Company	COM	260543103	70,872	1,367,400	SH		SOLE		1,367,400	0	0
Dow Chemical Company	COM	260543103	2,446	47,200	SH		OTR	1	47,200	0	0
Dow Chemical Company	COM	260543103	72,578	1,400,300	SH	Put	SOLE		1,400,300	0	0
Dow Chemical Company	COM	260543103	2,446	47,200	SH	Put	OTR	1	47,200	0	0
Dow Chemical Company	COM	260543103	1,695	32,700	SH	Put	SOLE		32,700	0	0
Eaton Vance Floating-Rate Income Trust	COM	278279104	6,156	433,545	SH		SOLE		433,545	0	0
Envision Healthcare Holdings, Inc.	COM	29413U103	1,167	52,400	SH		SOLE		52,400	0	0
EverBank Financial Corporation	COM	29977G102	6,951	359,020	SH		SOLE		359,020	0	0
FMC Technologies, Inc.	COM	30249U101	51,921	1,727,233	SH		SOLE		1,727,233	0	0
FMC Technologies, Inc.	COM	30249U101	892	29,661	SH		OTR	1	29,661	0	0
First Trust Senior Fltg. Rate Income Fd.I	COM	33733U108	1,045	76,412	SH		SOLE		76,412	0	0
General Electric Company	COM	369604103	10,331	348,800	SH		SOLE		348,800	0	0
General Electric Company	COM	369604103	803	27,100	SH		OTR	1	27,100	0	0
General Electric Company	COM	369604103	10,331	348,800	SH	Put	SOLE		348,800	0	0
General Electric Company	COM	369604103	803	27,100	SH	Put	OTR	1	27,100	0	0
General Motors Co.	COM	37045V100	24,612	774,700	SH		SOLE		774,700	0	0
General Motors Co.	COM	37045V100	1,595	50,200	SH		OTR	1	50,200	0	0
General Motors Co.	COM	37045V100	27,729	872,800	SH	Put	SOLE		872,800	0	0
General Motors Co.	COM	37045V100	1,430	45,000	SH	Put	OTR	1	45,000	0	0
Hennessy Capital Acquisition Corp. II	UNIT 99/99/9999	42588J209	1,714	174,935	SH		SOLE		174,935	0	0
Hennessy Capital Acquisition Corp. II	UNIT 99/99/9999	42588J209	244	24,865	SH		OTR	1	24,865	0	0
Herc Holdings Inc.	COM	42704L104	423	12,551	SH		SOLE		12,551	0	0
Herc Holdings Inc.	COM	42704L104	32	948	SH		OTR	1	948	0	0
Hewlett Packard Enterprise Company	COM	42824C109	28,745	1,263,500	SH		SOLE		1,263,500	0	0
Hewlett Packard Enterprise Company	COM	42824C109	2,243	98,600	SH		OTR	1	98,600	0	0
Hewlett Packard Enterprise Company	COM	42824C109	21,378	939,700	SH	Put	SOLE		939,700	0	0
Hewlett Packard Enterprise Company	COM	42824C109	1,672	73,500	SH	Put	OTR	1	73,500	0	0
Hewlett Packard Enterprise Company	COM	42824C109	7,366	323,800	SH	Put	SOLE		323,800	0	0
Hewlett Packard Enterprise Company	COM	42824C109	571	25,100	SH	Put	OTR	1	25,100	0	0
Hilton Worldwide Holdings Inc.	COM	43300A104	70,058	3,055,300	SH		SOLE		3,055,300	0	0
Hilton Worldwide Holdings Inc.	COM	43300A104	2,128	92,800	SH		OTR	1	92,800	0	0
Hilton Worldwide Holdings Inc.	COM	43300A104	12,910	563,000	SH	Put	SOLE		563,000	0	0
Hilton Worldwide Holdings Inc.	COM	43300A104	103	4,500	SH	Put	OTR	1	4,500	0	0
Hilton Worldwide Holdings Inc.	COM	43300A104	35,122	1,531,700	SH	Put	SOLE		1,531,700	0	0
Hilton Worldwide Holdings Inc.	COM	43300A104	321	14,000	SH	Put	OTR	1	14,000	0	0
Hilton Worldwide Holdings Inc.	COM	43300A104	22,029	960,700	SH	Put	SOLE		960,700	0	0
Hilton Worldwide Holdings Inc.	COM	43300A104	1,701	74,200	SH	Put	OTR	1	74,200	0	0
Independence Realty Trust, Inc.	COM	45378A106	225	25,000	SH		SOLE		25,000	0	0
Ingram Micro Inc.	CL A	457153104	153,186	4,295,744	SH		SOLE		4,295,744	0	0
Ingram Micro Inc.	CL A	457153104	2,017	56,570	SH		OTR	1	56,570	0	0
Invesco Senior Income Trust	COM	46131H107	7,306	1,687,279	SH		SOLE		1,687,279	0	0
Invesco Senior Income Trust	COM	46131H107	567	130,917	SH		OTR	1	130,917	0	0
Isle of Capri Casinos, Inc.	COM	464592104	2,267	101,747	SH		SOLE		101,747	0	0
Isle of Capri Casinos, Inc.	COM	464592104	72	3,253	SH		OTR	1	3,253	0	0
Johnson Controls International PLC	SHS	G51502105	44,199	949,900	SH		SOLE		949,900	0	0
Johnson Controls International PLC	SHS	G51502105	833	17,900	SH		OTR	1	17,900	0	0
Johnson Controls International PLC	SHS	G51502105	14,182	304,800	SH	Put	SOLE		304,800	0	0
Johnson Controls International PLC	SHS	G51502105	428	9,200	SH	Put	OTR	1	9,200	0	0
Johnson Controls International PLC	SHS	G51502105	30,021	645,200	SH	Put	SOLE		645,200	0	0
Johnson Controls International PLC	SHS	G51502105	400	8,600	SH	Put	OTR	1	8,600	0	0
KLA-Tencor Corp.	COM	482480100	192,345	2,759,216	SH		SOLE		2,759,216	0	0
KLR Energy Acquisition Corp.	CL A	49877M108	4,038	399,000	SH		SOLE		399,000	0	0
Liberty Media Corp Delaware	COM A SIRIUSXM	531229409	40,082	1,179,582	SH		SOLE		1,179,582	0	0
Liberty Media Corp Delaware	COM A SIRIUSXM	531229409	1,577	46,405	SH		OTR	1	46,405	0	0
Linear Technology Corporation	COM	535678106	2,964	50,000	SH		SOLE		50,000	0	0
LinkedIn Corporation	COM CL A	53578A108	212,130	1,109,930	SH		SOLE		1,109,930	0	0
LinkedIn Corporation	COM CL A	53578A108	3,151	16,487	SH		OTR	1	16,487	0	0
MGM Resorts International	COM	552953101	17,901	687,700	SH	Put	SOLE		687,700	0	0
MGM Resorts International	COM	552953101	1,387	53,300	SH	Put	OTR	1	53,300	0	0
MGM Resorts International	COM	552953101	17,901	687,700	SH		SOLE		687,700	0	0
MGM Resorts International	COM	552953101	1,387	53,300	SH		OTR	1	53,300	0	0
Marriott International Inc. NEW	CL A	571903202	47,091	699,409	SH		SOLE		699,409	0	0
Media General, Inc. NEW	COM	58441K100	27,020	1,466,112	SH		SOLE		1,466,112	0	0
Media General, Inc. NEW	COM	58441K100	458	24,867	SH		OTR	1	24,867	0	0
MetLife, Inc.	COM	59156R108	15,999	360,100	SH	Put	SOLE		360,100	0	0
MetLife, Inc.	COM	59156R108	1,240	27,900	SH	Put	OTR	1	27,900	0	0
MetLife, Inc.	COM	59156R108	17,479	393,400	SH		SOLE		393,400	0	0
MetLife, Inc.	COM	59156R108	1,355	30,500	SH		OTR	1	30,500	0	0
Monsanto Company NEW	COM	61166W101	27,103	265,200	SH		SOLE		265,200	0	0
Monsanto Company NEW	COM	61166W101	1,053	10,300	SH		OTR	1	10,300	0	0
Monsanto Company NEW	COM	61166W101	2,361	23,100	SH	Put	SOLE		23,100	0	0
Monsanto Company NEW	COM	61166W101	184	1,800	SH	Put	OTR	1	1,800	0	0
Monsanto Company NEW	COM	61166W101	3,373	33,000	SH	Put	SOLE		33,000	0	0
Monsanto Company NEW	COM	61166W101	266	2,600	SH	Put	OTR	1	2,600	0	0
Monsanto Company NEW	COM	61166W101	16,342	159,900	SH	Put	SOLE		159,900	0	0
Monsanto Company NEW	COM	61166W101	215	2,100	SH	Put	OTR	1	2,100	0	0
Monsanto Company NEW	COM	61166W101	5,038	49,300	SH	Put	SOLE		49,300	0	0
Monsanto Company NEW	COM	61166W101	378	3,700	SH	Put	OTR	1	3,700	0	0
News Corporation NEW	CL A	65249B109	1,925	137,722	SH		SOLE		137,722	0	0
News Corporation NEW	CL A	65249B109	353	25,279	SH		OTR	1	25,279	0	0
NorthStar Realty Finance Corp.	COM	66704R803	8,180	621,119	SH		SOLE		621,119	0	0
Pacific Special Acquisition Corp.	SHS	G68588105	2,152	210,000	SH		SOLE		210,000	0	0
Pacific Special Acquisition Corp.	*W EXP 10/20/202	G68588121	28	210,000	SH		SOLE		210,000	0	0
PrivateBancorp, Inc.	COM	742962103	59,172	1,288,596	SH		SOLE		1,288,596	0	0
PrivateBancorp, Inc.	COM	742962103	678	14,769	SH		OTR	1	14,769	0	0
The Procter & Gamble Company	COM	742718109	87,971	977,369	SH		SOLE		977,369	0	0
The Procter & Gamble Company	COM	742718109	1,751	19,451	SH		OTR	1	19,451	0	0
The Procter & Gamble Company	COM	742718109	76,498	849,900	SH	Put	SOLE		849,900	0	0
The Procter & Gamble Company	COM	742718109	1,521	16,900	SH	Put	OTR	1	16,900	0	0
Quintiles IMS Holdings Inc.	COM	74876Y101	17,333	213,825	SH		SOLE		213,825	0	0
Quintiles IMS Holdings Inc.	COM	74876Y101	248	3,057	SH		OTR	1	3,057	0	0
Rite Aid Corp.	COM	767754104	19,221	2,499,538	SH		SOLE		2,499,538	0	0
Rite Aid Corp.	COM	767754104	265	34,457	SH		OTR	1	34,457	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	42,719	197,500	SH	Put	SOLE		197,500	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	541	2,500	SH	Put	OTR	1	2,500	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	51,285	237,100	SH	Call	SOLE		237,100	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	627	2,900	SH	Call	OTR	1	2,900	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	74,732	345,500	SH	Put	SOLE		345,500	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	973	4,500	SH	Put	OTR	1	4,500	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	70,557	326,200	SH	Put	SOLE		326,200	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	822	3,800	SH	Put	OTR	1	3,800	0	0
St. Jude Medical, Inc.	COM	790849103	143,340	1,797,143	SH		SOLE		1,797,143	0	0
St. Jude Medical, Inc.	COM	790849103	1,742	21,835	SH		OTR	1	21,835	0	0
Starwood Property Trust, Inc.	COM	85571B105	52,814	2,345,214	SH		SOLE		2,345,214	0	0
Syngenta AG	SPONSORED ADR	87160A100	85,853	980,054	SH		SOLE		980,054	0	0
Syngenta AG	SPONSORED ADR	87160A100	1,273	14,529	SH		OTR	1	14,529	0	0
The Valspar Corporation	COM	920355104	93,140	878,099	SH		SOLE		878,099	0	0
The Valspar Corporation	COM	920355104	1,597	15,052	SH		OTR	1	15,052	0	0
Valvoline Inc.	COM	92047W101	516	21,952	SH		SOLE		21,952	0	0
Voya Prime Rate Trust	SH BEN INT	92913A100	4,893	926,638	SH		SOLE		926,638	0	0
Voya Prime Rate Trust	SH BEN INT	92913A100	454	85,972	SH		OTR	1	85,972	0	0
Western Asset High Income Opportunity Fun	COM	95766K109	539	106,644	SH		SOLE		106,644	0	0
Wheeler Real Estate Inv.Trust, Inc.	COM	963025101	1,538	878,625	SH		SOLE		878,625	0	0
WhiteWave Foods Company	COM	966244105	13,043	239,633	SH		SOLE		239,633	0	0
WhiteWave Foods Company	COM	966244105	300	5,519	SH		OTR	1	5,519	0	0
Winthrop Realty Trust	SH BEN INT NEW	976391300	1,488	180,350	SH		SOLE		180,350	0	0
Yahoo! Inc.	COM	984332106	250,694	5,816,564	SH		SOLE		5,816,564	0	0
Yahoo! Inc.	COM	984332106	3,439	79,796	SH		OTR	1	79,796	0	0