Westchester Capital Management

Westchester Capital Management as of Dec. 31, 2011

Portfolio Holdings for Westchester Capital Management

Westchester Capital Management holds 0 positions in its portfolio as reported in the December 2011 quarterly 13F filing

                TITLE                      SHRS OR     VALUE  INVESTMENT     VOTING AUTORITY
             NAME OF ISSUER                OF CLASS         CUSIP     PRN AMT   (x$1000) DISCRETION   SOLE  SHARED   NONE
{S}                                        {C}            {C}         {C}           {C}       {C}      {C}   {C}      {C}
3M Company                                 common stock   88579Y101    54485        4453      Y        X
AGL Resources, Inc.                        common stock   001204106     1147          48      Y        X
AT^T                                       common stock   00206R102     2586          78      Y        X
AVX Corporation                            common stock   002444107      750          10      Y        X
Accenture PLC Class A                      common stock   G1151C101      204          11      Y        X
Ameren Corporation                         common stock   023608102      200           7      Y        X
American Electric Power                    common stock   025537101      628          26      Y        X
American Express Company                   common stock   025816109     1320          62      Y        X
Amgen, Inc.                                common stock   031162100    77454        4973      Y        X
Anheuser-Busch Incorporated                common stock   03524A108      282          17      Y        X
Aqua America, Inc.                         common stock   03836W103     3302          73      Y        X
Avnet, Inc.                                common stock   053807103      555          17      Y        X
Avon Products                              common stock   054303102   125400        2191      Y        X
BP PLC ADR                                 common stock   055622104   115450        4934      Y        X
Bank of America Corporation                common stock   060505104      400           2      Y        X
Becton Dickinson & Company                 common stock   075887109    63140        4718      Y        X
Berkshire Hathaway Class B                 common stock   084670702    55126        4206      Y        X
Blackrock Energy and Resources Trust ETF   common stock   09250U101      100           2      Y        X
Blackrock Muni Yield Quality Fund          common stock   09254F100      260           4      Y        X
Boeing Company                             common stock   097023105    67513        4952      Y        X
Bristol-Myers Squibb Company               common stock   110122108   201321        7095      Y        X
Bruker Corporation                         common stock   116794108     1487          18      Y        X
CVS Caremark Corporation                   common stock   126650100   146999        5995      Y        X
Carmax, Inc.                               common stock   143130102      561          17      Y        X
Caterpillar, Inc.                          common stock   149123101    81490        7383      Y        X
Chevron Corporation                        common stock   166764100     1352         144      Y        X
Cisco Systems, Inc.                        common stock   17275R102   268925        4862      Y        X
Coca Cola Company                          common stock   191216100     1577         110      Y        X
Colgate Palmolive                          common stock   194162103      600          55      Y        X
ConocoPhillips                             common stock   20825C104      122           9      Y        X
Copart, Inc.                               common stock   217204106      575          28      Y        X
DWS Multi Market Income Trust              common stock   23338L108      968          10      Y        X
Devon Energy Corporation                   common stock   25179M103    62856        3897      Y        X
Diageo PLC-Sponsored ADR                   common stock   25243Q205       89           8      Y        X
Diamonds Trust Series I                    common stock   78467X109      400          49      Y        X
Direxion Daily ETF                         common stock   25459W144      350          13      Y        X
Dorel Industries Class B                   common stock   25822C205     1220          30      Y        X
DuPont de Nemours and Company              common stock   263534109    95225        4359      Y        X
Duke Energy Corporation                    common stock   26441C105     2000          44      Y        X
EMC Corporation                            common stock   268648102      900          19      Y        X
Exxon Mobil Corporation                    common stock   30231G102     1156          98      Y        X
General Electric Company                   common stock   369604103   165880        2971      Y        X
General Mills                              common stock   370334104     1200          48      Y        X
Google, Inc. Class A                       common stock   38259P508       46          30      Y        X
Groupe CGI, Inc. Class A                   common stock   39945C109      968          18      Y        X
H. J. Heinz Company                        common stock   423074103      187          10      Y        X
HCC Insurance Holdings, Inc.               common stock   404132102      530          15      Y        X
Honda Motor Company                        common stock   438128308   133293        4072      Y        X
Intel Corporation                          common stock   458140100   233375        5659      Y        X
Johnson & Johnson                          common stock   478160104    72989        4787      Y        X
Kimberly-Clark Corporation                 common stock   494368103    74108        5451      Y        X
Lamar Advertising Company Class A          common stock   512815101       58           2      Y        X
Level 3 Communications                     common stock   52729N100      260           4      Y        X
MFA Financial, Inc. REIT                   common stock   55272X102     1200           8      Y        X
McDonald's Corporation                     common stock   580135101    43751        4390      Y        X
Merck                                      common stock   58933Y105      400          15      Y        X
Microsoft Corporation                      common stock   594918104   218943        5684      Y        X
Mueller Water Products Series A            common stock   624758108     2692           7      Y        X
National Fuel Gas                          common stock   636180101      800          44      Y        X
Nuveen Insured Muni Opportunity Fund       common stock   670984103     1000          15      Y        X
Nuveen Performance Plus Muni Fund          common stock   67062P108     2970          45      Y        X
Nuveen Quality Income Muni Fund            common stock   670977107      700          10      Y        X
Nuveen Select Quality Muni Fund            common stock   670973106     1100          17      Y        X
Oracle Corporation                         common stock   68389X105      500          13      Y        X
Pepsico, Inc.                              common stock   713448108      500          33      Y        X
Pfizer, Inc.                               common stock   717081103   176681        3823      Y        X
ProShares Ultrashort 20+ Treasury ETF      common stock   74347R297      300           5      Y        X
Procter & Gamble                           common stock   742718109     1790         119      Y        X
Progressive Waste Solutions                common stock   74339G101      947          19      Y        X
Ryder Systems                              common stock   783549108      500          27      Y        X
SPDR Gold Trust                            common stock   78463V107     3325         505      Y        X
Schlumberger Limited                       common stock   806857108      450          31      Y        X
Silver Standard Resources, Inc.            common stock   82823L106      100           1      Y        X
Target Corporation                         common stock   87612E106      750          38      Y        X
Teleflex, Inc.                             common stock   879369106      326          20      Y        X
The Bank of New York Mellon Corporation    common stock   064058100   104949        2090      Y        X
Tsakos Energy Navigation Limited           common stock   G9108L108   147007         703      Y        X
U.S. Bancorp                               common stock   902973304   118729        3212      Y        X
Valero Energy Corporation                  common stock   91913Y100    95945        2020      Y        X
Vectren Corporation                        common stock   92240G101      800          24      Y        X
Verizon Communications                     common stock   92343V104   149158        5984      Y        X
Viewpoint Financial                        common stock   926727108      750          10      Y        X
Vishay Intertechnology                     common stock   928298108     1469          13      Y        X
Wal-Mart Stores, Inc.                      common stock   931142103    95998        5737      Y        X
Waters Corporation                         common stock   941848103      228          17      Y        X
Wellpoint, Inc.                            common stock   94973V107      113           7      Y        X
Zimmer Holdings, Inc.                      common stock   98956P102    64038        3421      Y        X
Red Oak Hereford Farms 4% Cum Convertible  pref stock     756990875     2000           0      Y        X