13F-HR 1 ost3q2011.txt OSTERWEIS CAPITAL MANAGEMENT, INC. 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, 2011 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Osterweis Capital Management, Inc. Address: One Maritime Plaza, Suite 800 San Francisco, CA 94111 13F File Number: 028-04483 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: John Tavernetti Title: Chief Compliance Officer Phone: 415-434-4441 Signature, Place, and Date of Signing: /s/ John Tavernetti San Francisco, CA November 11, 2011 Report Type (Check only one.): [ X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 1 Form 13F Information Table Entry Total: 123 Form 13F Information Table Value Total: $2,305,784 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional managers with respect to which this report is filed, other than the manager filing this report. No. 13F File Number Name 01 028-06550 Osterweis Capital Management, LLC. FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- ABBOTT LABS COM 002824100 281 5500 SH OTHER 01 5500 0 0 ABBOTT LABS COM 002824100 61 1200 SH OTHER 1200 0 0 ACELRX PHARMACEUTICALS INC COM 00444T100 163 50709 SH SOLE 50709 0 0 AIR LEASE CORP CL A 00912X302 30817 1605051 SH OTHER 1601021 0 4030 AIR LEASE CORP CL A 00912X302 26373 1373645 SH OTHER 01 1366685 0 3810 ALERE INC NOTE 3.000% 5/1 01449JAA3 3906 4490000 PRN OTHER 01 4490000 0 0 AMERICAN EXPRESS CO COM 025816109 262 5825 SH SOLE 5825 0 0 AMERICAN WTR WKS CO INC NEW COM 030420103 49945 1654890 SH OTHER 1649905 0 4985 AMERICAN WTR WKS CO INC NEW COM 030420103 46931 1555045 SH OTHER 01 1549115 0 5930 APACHE CORP COM 037411105 25217 314275 SH OTHER 313420 0 855 APACHE CORP COM 037411105 22004 274221 SH OTHER 01 273241 0 980 APACHE CORP PFD CONV SER D 037411808 4605 90000 PRN OTHER 01 90000 0 0 APPLE INC COM 037833100 526 1379 SH OTHER 01 1379 0 0 AVNET INC COM 053807103 28400 1088975 SH OTHER 01 1088975 0 0 AVNET INC COM 053807103 31281 1199428 SH OTHER 1196113 0 3315 BERKSHIRE HATHAWAY INC DEL CL A 084670108 427 4 SH OTHER 4 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 107 1 SH OTHER 01 0 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 333 10617 SH OTHER 10617 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 249 7949 SH OTHER 01 7949 0 0 CENTRAL EUROPEAN DIST CORP NOTE 3.000% 3/1 153435AA0 12159 17750000 PRN OTHER 01 17750000 0 0 CHARMING SHOPPES INC NOTE 1.125% 5/0 161133AE3 10871 12641000 PRN OTHER 01 12641000 0 0 CHEVRON CORP NEW COM 166764100 45 490 SH OTHER 490 0 0 CHEVRON CORP NEW COM 166764100 182 1965 SH OTHER 01 1965 0 0 CINEMARK HOLDINGS INC COM 17243V102 37667 1995090 SH OTHER 1989780 0 5310 CINEMARK HOLDINGS INC COM 17243V102 33584 1778810 SH OTHER 01 1778810 0 0 CITIGROUP INC COM NEW 172967424 7375 287926 SH OTHER 284059 0 3867 CITIGROUP INC COM NEW 172967424 27394 1069468 SH OTHER 01 1068528 0 940 COCA COLA CO COM 191216100 27 405 SH OTHER 405 0 0 COCA COLA CO COM 191216100 196 2905 SH OTHER 01 2905 0 0 COMPUWARE CORP COM 205638109 39557 5164047 SH OTHER 5150332 0 13715 COMPUWARE CORP COM 205638109 36082 4710495 SH OTHER 01 4694375 0 8120 CROWN HOLDINGS INC COM 228368106 52992 1731191 SH OTHER 1725841 0 5350 CROWN HOLDINGS INC COM 228368106 47806 1561797 SH OTHER 01 1561137 0 660 DIAGEO P L C SPON ADR NEW 25243Q205 34722 457290 SH OTHER 455690 0 1600 DIAGEO P L C SPON ADR NEW 25243Q205 38432 506155 SH OTHER 01 506155 0 0 DIGITALGLOBE INC COM NEW 25389M877 29075 1496415 SH OTHER 1492295 0 4120 DIGITALGLOBE INC COM NEW 25389M877 26150 1345851 SH OTHER 01 1340911 0 4940 DURECT CORP COM 266605104 160 99256 SH OTHER 99256 0 0 DURECT CORP COM 266605104 431 268000 SH OTHER 01 0 0 268000 ENTERPRISE PRODS PARTNERS L COM 293792107 46405 1155785 SH OTHER 1153385 0 2400 ENTERPRISE PRODS PARTNERS L COM 293792107 17502 435918 SH OTHER 01 421788 0 14130 EURONET WORLDWIDE INC NOTE 3.500%10/1 298736AF6 7227 7300000 PRN OTHER 01 7300000 0 0 EXXON MOBIL CORP COM 30231G102 807 11116 SH OTHER 11116 0 0 EXXON MOBIL CORP COM 30231G102 1168 16083 SH OTHER 01 13811 0 0 FIRST REP BK SAN FRAN CALI N COM 33616C100 27785 1199705 SH OTHER 1196745 0 2960 FIRST REP BK SAN FRAN CALI N COM 33616C100 24269 1047865 SH OTHER 01 1047865 0 0 GENERAL ELECTRIC CO COM 369604103 109 7155 SH OTHER 7155 0 0 GENERAL ELECTRIC CO COM 369604103 196 12862 SH OTHER 01 6307 0 6555 GEN-PROBE INC NEW COM 36866T103 34744 606879 SH OTHER 604734 0 2145 GEN-PROBE INC NEW COM 36866T103 39954 697875 SH OTHER 01 694980 0 2895 HEALTHSOUTH CORP COM NEW 421924309 35519 2379022 SH OTHER 2373197 0 5825 HEALTHSOUTH CORP COM NEW 421924309 25346 1697634 SH OTHER 01 1697634 0 0 HEWLETT PACKARD CO COM 428236103 18144 808175 SH OTHER 806250 0 1925 HEWLETT PACKARD CO COM 428236103 14817 659994 SH OTHER 01 656114 0 1880 HOLOGIC INC FRNT 2.000%12/1 436440AA9 3586 3830000 PRN OTHER 01 3830000 0 0 HOLOGIC INC FRNT 2.000%12/1 436440AA9 66 70000 PRN OTHER 70000 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 706 4040 SH OTHER 01 4040 0 0 JOHNSON & JOHNSON COM 478160104 45831 719598 SH OTHER 717463 0 2135 JOHNSON & JOHNSON COM 478160104 47828 750952 SH OTHER 01 750952 0 0 JPMORGAN CHASE & CO COM 46625H100 311 10335 SH OTHER 01 10335 0 0 KINDER MORGAN INC DEL COM 49456B101 41521 1603734 SH OTHER 01 1591879 0 11855 KINDER MORGAN INC DEL COM 49456B101 44750 1728470 SH OTHER 1723705 0 4765 KRAFT FOODS INC CL A 50075N104 39194 1167175 SH OTHER 1163955 0 3220 KRAFT FOODS INC CL A 50075N104 35268 1050255 SH OTHER 01 1048205 0 2050 LILLY ELI & CO COM 532457108 956 25848 SH SOLE 25848 0 0 LIONS GATE ENTMNT CORP NOTE 2.938%10/1 535919AF1 5755 5755000 PRN OTHER 01 5755000 0 0 MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 37535 621440 SH OTHER 618665 0 2775 MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 26527 439191 SH OTHER 01 432896 0 6295 MEDTRONIC INC COM 585055106 32987 992382 SH OTHER 990367 0 2015 MEDTRONIC INC COM 585055106 22314 671320 SH OTHER 01 669115 0 2205 MERCK & CO INC NEW COM 58933Y105 37 1143 SH OTHER 1143 0 0 MERCK & CO INC NEW COM 58933Y105 497 15199 SH OTHER 01 15199 0 0 NII HLDGS INC NOTE 3.125% 6/1 62913FAJ1 101 100000 PRN OTHER 01 100000 0 0 NOVARTIS A G SPONSORED ADR 66987V109 25758 461865 SH OTHER 460605 0 1260 NOVARTIS A G SPONSORED ADR 66987V109 22669 406465 SH OTHER 01 406465 0 0 OCCIDENTAL PETE CORP DEL COM 674599105 26455 370002 SH OTHER 368837 0 1165 OCCIDENTAL PETE CORP DEL COM 674599105 31071 434564 SH OTHER 01 434564 0 0 PEPSICO INC COM 713448108 277 4480 SH OTHER 01 4480 0 0 PPL CORP UNIT 99/99/9999S 69351T114 4623 85000 PRN OTHER 01 85000 0 0 PROCTER & GAMBLE CO COM 742718109 1754 27755 SH OTHER 27335 0 420 PROCTER & GAMBLE CO COM 742718109 2258 35744 SH OTHER 01 35744 0 0 QUALCOMM INC COM 747525103 212 4350 SH OTHER 01 4350 0 0 QUESTAR CORP COM 748356102 39438 2226872 SH OTHER 01 2226392 0 480 QUESTAR CORP COM 748356102 44731 2525755 SH OTHER 2519580 0 6175 REGAL ENTMT GROUP CL A 758766109 7885 671665 SH OTHER 670035 0 1630 REGAL ENTMT GROUP CL A 758766109 6591 561415 SH OTHER 01 550995 0 7920 REPUBLIC SVCS INC COM 760759100 45772 1631206 SH OTHER 1626389 0 4817 REPUBLIC SVCS INC COM 760759100 42289 1507101 SH OTHER 01 1507101 0 0 SAFEWAY INC COM NEW 786514208 27496 1653370 SH OTHER 1648810 0 4560 SAFEWAY INC COM NEW 786514208 25159 1512899 SH OTHER 01 1511694 0 1205 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 33 1425 SH OTHER 01 1425 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 373 16245 SH OTHER 16245 0 0 SANDISK CORP NOTE 1.000% 5/1 80004CAC5 8224 8500000 PRN OTHER 01 8500000 0 0 SMITH & WESSON HLDG CORP NOTE 4.000%12/1 831756AB7 75 75000 PRN OTHER 75000 0 0 SMITH & WESSON HLDG CORP NOTE 4.000%12/1 831756AB7 2065 2055000 PRN OTHER 01 2055000 0 0 SPARTAN STORES INC NOTE 3.375% 5/1 846822AE4 37070 39753000 PRN OTHER 01 39753000 0 0 SPDR S&P 500 ETF TR TR UNIT 78462F103 1082 9565 PRN OTHER 9565 0 0 SPDR S&P 500 ETF TR TR UNIT 78462F103 2465 21785 PRN OTHER 01 21785 0 0 SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 34659 2172975 SH OTHER 2167140 0 5835 SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 31551 1978095 SH OTHER 01 1971575 0 6520 STEWART ENTERPRISES INC NOTE 3.125% 7/1 860370AH8 344 350000 PRN OTHER 01 350000 0 0 SUPERVALU INC NOTE 11/0 868536AP8 7180 18236000 PRN OTHER 01 18236000 0 0 SYMETRA FINL CORP COM 87151Q106 12939 1587635 SH OTHER 1582375 0 5260 SYMETRA FINL CORP COM 87151Q106 15103 1853125 SH OTHER 01 1848265 0 0 TELEFLEX INC COM 879369106 31272 581590 SH OTHER 579740 0 1850 TELEFLEX INC COM 879369106 29453 547757 SH OTHER 01 547757 0 0 TELEFLEX INC NOTE 3.875% 8/0 879369AA4 20259 18650000 PRN OTHER 01 18650000 0 0 THOMPSON CREEK METALS CO INC COM 884768102 91 15000 SH OTHER 01 0 0 15000 TRANSATLANTIC HLDGS INC COM 893521104 47020 969092 SH OTHER 966977 0 2115 TRANSATLANTIC HLDGS INC COM 893521104 34843 718132 SH OTHER 01 712965 0 4685 TRANSOCEAN INC NOTE 1.500%12/1 893830AW9 484 500000 PRN SOLE 500000 0 0 UNILEVER N V N Y SHS NEW 904784709 42656 1354575 SH OTHER 1349940 0 4635 UNILEVER N V N Y SHS NEW 904784709 45935 1458706 SH OTHER 01 1458706 0 0 UNION PAC CORP COM 907818108 245 3000 SH SOLE 3000 0 0 UNITED TECHNOLOGIES CORP COM 913017109 239 3400 SH OTHER 01 3400 0 0 VALEANT PHARMACEUTICALS INTL COM 91911K102 43250 1165151 SH OTHER 1162122 0 3029 VALEANT PHARMACEUTICALS INTL COM 91911K102 38127 1027147 SH OTHER 01 1024336 0 2811 WEBSENSE INC COM 947684106 22958 1327068 SH OTHER 1322353 0 4715 WEBSENSE INC COM 947684106 29488 1704496 SH OTHER 01 1702496 0 2000 WELLS FARGO & CO NEW COM 949746101 69 2848 SH OTHER 2848 0 0 WELLS FARGO & CO NEW COM 949746101 235 9755 SH OTHER 01 9755 0 0 WILLIAMS COS INC DEL COM 969457100 10008 411200 SH OTHER 01 406415 0 4785 WILLIAMS COS INC DEL COM 969457100 14994 616025 SH OTHER 614445 0 1580