13F-HR 1 ostm4q2011.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: December 31, 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 February 13, 2012 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: 121 Form 13F Information Table Value Total: $2,353,727 (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 206 3655 SH SOLE 01 3655 0 0 ABBOTT LABS COM 002824100 67 1200 SH OTHER 1200 0 0 ACELRX PHARMACEUTICALS INC COM 00444T100 97 50709 SH SOLE 50709 0 0 AIR LEASE CORP CL A 00912X302 40546 1710086 SH OTHER 1705406 0 4680 AIR LEASE CORP CL A 00912X302 35636 1503000 SH OTHER 01 1499085 0 765 ALERE INC NOTE 3.000% 5/1 01449JAA3 4254 4490000 PRN OTHER 01 4490000 0 0 AMERICAN EXPRESS CO COM 025816109 275 5825 SH SOLE 5825 0 0 AMERICAN WTR WKS CO INC NEW COM 030420103 49666 1558870 SH OTHER 1553885 0 4985 AMERICAN WTR WKS CO INC NEW COM 030420103 47373 1486915 SH OTHER 01 1480985 0 5930 APACHE CORP COM 037411105 24700 272690 SH OTHER 271835 0 855 APACHE CORP COM 037411105 24214 267331 SH OTHER 01 267161 0 170 APACHE CORP PFD CONV SER D 037411808 4885 90000 PRN OTHER 01 90000 0 0 APPLE INC COM 037833100 558 1379 SH OTHER 01 1379 0 0 ATMEL CORP COM 049513104 14185 1751220 SH OTHER 01 1745020 0 0 ATMEL CORP COM 049513104 15081 1861850 SH OTHER 1856270 0 5580 AVNET INC COM 053807103 31013 997508 SH OTHER 994193 0 3315 AVNET INC COM 053807103 32024 1030050 SH OTHER 01 1030050 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 459 4 SH OTHER 4 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 115 1 SH OTHER 01 0 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 374 10617 SH OTHER 10617 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 280 7949 SH OTHER 01 7949 0 0 CHARMING SHOPPES INC NOTE 1.125% 5/0 161133AE3 12345 13641000 PRN OTHER 01 13641000 0 0 CHEVRON CORP NEW COM 166764100 209 1965 SH OTHER 01 1965 0 0 CINEMARK HOLDINGS INC COM 17243V102 41763 2258700 SH OTHER 2252025 0 6675 CINEMARK HOLDINGS INC COM 17243V102 38579 2086480 SH OTHER 01 2086480 0 0 COCA COLA CO COM 191216100 28 405 SH OTHER 405 0 0 COCA COLA CO COM 191216100 203 2905 SH OTHER 01 2905 0 0 COMPUWARE CORP COM 205638109 45052 5414912 SH OTHER 5398987 0 15925 COMPUWARE CORP COM 205638109 42034 5052145 SH OTHER 01 5031025 0 8120 CROWN HOLDINGS INC COM 228368106 50500 1503862 SH OTHER 1498512 0 5350 CROWN HOLDINGS INC COM 228368106 50479 1503242 SH OTHER 01 1502582 0 660 DEVON ENERGY CORP NEW COM 25179M103 219 3534 SH OTHER 01 3534 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 28045 320803 SH OTHER 319203 0 1600 DIAGEO P L C SPON ADR NEW 25243Q205 42330 484215 SH OTHER 01 484215 0 0 DIGITALGLOBE INC COM NEW 25389M877 25501 1490390 SH OTHER 1490390 0 0 DIGITALGLOBE INC COM NEW 25389M877 21467 1254616 SH OTHER 01 1253746 0 870 DURECT CORP COM 266605104 117 99256 SH OTHER 99256 0 0 DURECT CORP COM 266605104 316 268000 SH OTHER 01 0 0 268000 ENTERPRISE PRODS PARTNERS L COM 293792107 22329 481443 SH OTHER 01 467313 0 14130 ENTERPRISE PRODS PARTNERS L COM 293792107 48902 1054385 SH SOLE 1051835 0 2550 EURONET WORLDWIDE INC NOTE 3.500%10/1 298736AF6 7227 7300000 PRN OTHER 01 7300000 0 0 EXXON MOBIL CORP COM 30231G102 1135 13388 SH OTHER 11116 0 0 EXXON MOBIL CORP COM 30231G102 1165 13751 SH OTHER 01 13751 0 0 FIRST REP BK SAN FRAN CALI N COM 33616C100 31010 1013055 SH OTHER 01 1013055 0 0 FIRST REP BK SAN FRAN CALI N COM 33616C100 36840 1203525 SH OTHER 1200565 0 2960 GENERAL ELECTRIC CO COM 369604103 128 7155 SH OTHER 7155 0 0 GENERAL ELECTRIC CO COM 369604103 231 12862 SH OTHER 01 6307 0 6555 GEN-PROBE INC NEW COM 36866T103 35702 603894 SH OTHER 601749 0 2145 GEN-PROBE INC NEW COM 36866T103 39298 664720 SH OTHER 01 661825 0 2895 HEALTHSOUTH CORP COM NEW 421924309 41730 2361617 SH OTHER 2355792 0 5825 HEALTHSOUTH CORP COM NEW 421924309 27845 1575814 SH OTHER 01 1575814 0 0 HEWLETT PACKARD CO COM 428236103 19443 754760 SH OTHER 754760 0 0 HEWLETT PACKARD CO COM 428236103 15521 602524 SH OTHER 01 600524 0 0 HOLOGIC INC FRNT 2.000%12/1 436440AA9 67 70000 PRN OTHER 70000 0 0 HOLOGIC INC FRNT 2.000%12/1 436440AA9 3653 3830000 PRN OTHER 01 3830000 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 743 4040 SH OTHER 01 4040 0 0 JOHNSON & JOHNSON COM 478160104 45122 688038 SH OTHER 685903 0 2135 JOHNSON & JOHNSON COM 478160104 45850 699141 SH OTHER 01 699141 0 0 JPMORGAN CHASE & CO COM 46625H100 323 9710 SH OTHER 01 9710 0 0 KINDER MORGAN INC DEL COM 49456B101 47469 1475584 SH OTHER 01 1471779 0 3805 KINDER MORGAN INC DEL COM 49456B101 52625 1635835 SH OTHER 1631070 0 4765 KNIGHT CAP GROUP INC NOTE 3.500% 3/1 499005AE6 9818 11000000 PRN OTHER 01 11000000 0 0 KRAFT FOODS INC CL A 50075N104 43544 1165535 SH OTHER 1162315 0 3220 KRAFT FOODS INC CL A 50075N104 37834 1012670 SH OTHER 01 1010620 0 2050 LILLY ELI & CO COM 532457108 906 21811 SH SOLE 21811 0 0 MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 42687 619730 SH OTHER 616955 0 2775 MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 30027 435929 SH OTHER 01 429634 0 6295 MEAD JOHNSON NUTRITION CO COM 582839106 142 2060 SH OTHER 2060 0 0 MEAD JOHNSON NUTRITION CO COM 582839106 68 986 SH OTHER 01 986 0 0 MEDTRONIC INC COM 585055106 12 312 SH OTHER 312 0 0 MEDTRONIC INC COM 585055106 181 4750 SH OTHER 01 2545 0 2205 MERCK & CO INC NEW COM 58933Y105 43 1143 SH OTHER 1143 0 0 MERCK & CO INC NEW COM 58933Y105 573 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 36987 646970 SH OTHER 646970 0 0 NOVARTIS A G SPONSORED ADR 66987V109 31242 546480 SH OTHER 01 546480 0 0 OCCIDENTAL PETE CORP DEL COM 674599105 38761 413669 SH OTHER 01 413669 0 0 OCCIDENTAL PETE CORP DEL COM 674599105 34607 369342 SH OTHER 368177 0 1165 PEPSICO INC COM 713448108 297 4480 SH OTHER 01 4480 0 0 POPE RES DEL LTD PARTNERSHIP DEPOSITRY RCPT 732857107 290 6740 SH OTHER 0 0 0 POPE RES DEL LTD PARTNERSHIP DEPOSITRY RCPT 732857107 379 8820 SH OTHER 01 0 0 0 PPL CORP UNIT 99/99/9999S 69351T114 3041 55000 PRN OTHER 01 55000 0 0 PROCTER & GAMBLE CO COM 742718109 1827 27380 SH OTHER 26960 0 420 PROCTER & GAMBLE CO COM 742718109 2384 35744 SH OTHER 01 35744 0 0 QUALCOMM INC COM 747525103 238 4350 SH OTHER 01 4350 0 0 QUESTAR CORP COM 748356102 40232 2025790 SH OTHER 2019615 0 6175 QUESTAR CORP COM 748356102 42087 2119182 SH OTHER 01 2118702 0 480 REGAL ENTMT GROUP CL A 758766109 757 63400 SH OTHER 63400 0 0 REGAL ENTMT GROUP CL A 758766109 208 17415 SH OTHER 01 13350 0 1565 REPUBLIC SVCS INC COM 760759100 39063 1417906 SH OTHER 1413089 0 4817 REPUBLIC SVCS INC COM 760759100 39561 1435976 SH OTHER 01 1435976 0 0 SAFEWAY INC COM NEW 786514208 33706 1601995 SH OTHER 1597435 0 4560 SAFEWAY INC COM NEW 786514208 29261 1390729 SH OTHER 01 1389524 0 1205 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 370 16245 SH OTHER 16245 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 32 1425 SH OTHER 01 1425 0 0 SANDISK CORP NOTE 1.000% 5/1 80004CAC5 8277 8500000 PRN OTHER 01 8500000 0 0 SPARTAN STORES INC NOTE 3.375% 5/1 846822AE4 37595 40753000 PRN OTHER 01 40753000 0 0 SPDR S&P 500 ETF TR TR UNIT 78462F103 585 4665 PRN OTHER 4665 0 0 SPDR S&P 500 ETF TR TR UNIT 78462F103 627 4995 PRN OTHER 01 4995 0 0 SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 38963 1875005 SH OTHER 1869170 0 5835 SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 39584 1904945 SH OTHER 01 1901850 0 3095 STEWART ENTERPRISES INC NOTE 3.125% 7/1 860370AH8 333 350000 PRN OTHER 01 350000 0 0 SYMETRA FINL CORP COM 87151Q106 14181 1563520 SH OTHER 1563520 0 0 SYMETRA FINL CORP COM 87151Q106 16811 1853390 SH OTHER 01 1832175 0 13855 TELEFLEX INC COM 879369106 33178 541330 SH OTHER 539480 0 1850 TELEFLEX INC COM 879369106 32044 522832 SH OTHER 01 522832 0 0 TELEFLEX INC NOTE 3.875% 8/0 879369AA4 22427 18650000 PRN OTHER 01 18650000 0 0 THOMPSON CREEK METALS CO INC COM 884768102 104 15000 SH OTHER 01 0 0 15000 TRANSATLANTIC HLDGS INC COM 893521104 41215 753057 SH OTHER 750547 0 2510 TRANSATLANTIC HLDGS INC COM 893521104 43395 792892 SH OTHER 01 789545 0 2865 TRANSOCEAN INC NOTE 1.500%12/1 893830AW9 491 500000 PRN SOLE 500000 0 0 UNILEVER N V N Y SHS NEW 904784709 47748 1389241 SH OTHER 01 1389241 0 0 UNILEVER N V N Y SHS NEW 904784709 46210 1344480 SH OTHER 1339845 0 4635 UNION PAC CORP COM 907818108 318 3000 SH SOLE 3000 0 0 UNITED TECHNOLOGIES CORP COM 913017109 249 3400 SH OTHER 01 3400 0 0 VALEANT PHARMACEUTICALS INTL COM 91911K102 49783 1066242 SH OTHER 1063213 0 3029 VALEANT PHARMACEUTICALS INTL COM 91911K102 45330 970878 SH OTHER 01 968067 0 2811 WEBSENSE INC COM 947684106 13643 728408 SH OTHER 728408 0 0 WEBSENSE INC COM 947684106 29468 1573311 SH OTHER 01 1571311 0 2000 WELLS FARGO & CO NEW COM 949746101 271 9842 SH OTHER 01 9842 0 0 WELLS FARGO & CO NEW COM 949746101 78 2848 SH OTHER 2848 0 0