13F-HR 1 osterweis1q2012.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: March 31, 2012 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 May 10, 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: 125 Form 13F Information Table Value Total: $2,480,900 (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 224 3655 SH OTHER 01 3655 0 0 ABBOTT LABS COM 002824100 74 1200 SH OTHER 1200 0 0 ACELRX PHARMACEUTICALS INC COM 00444T100 177 50709 SH SOLE 50709 0 0 AIR LEASE CORP CL A 00912X302 40478 1681676 SH OTHER 1676996 0 4680 AIR LEASE CORP CL A 00912X302 35787 1486765 SH OTHER 01 1483615 0 0 ALLEGHANY CORP DEL COM 017175100 45357 137823 SH OTHER 137358 0 465 ALLEGHANY CORP DEL COM 017175100 46823 142277 SH OTHER 01 141625 0 463 AMERICAN CAPITAL AGENCY CORP COM 02503X105 795 26900 SH OTHER 01 26900 0 0 AMERICAN EXPRESS CO COM 025816109 337 5825 SH SOLE 5825 0 0 AMERICAN WTR WKS CO INC NEW COM 030420103 46714 1372730 SH OTHER 1367745 0 4985 AMERICAN WTR WKS CO INC NEW COM 030420103 49420 1452260 SH OTHER 01 1447520 0 4740 ANNALY CAP MGMT INC COM 035710409 1036 65498 SH OTHER 01 65498 0 0 APACHE CORP COM 037411105 25699 255860 SH OTHER 255005 0 855 APACHE CORP COM 037411105 26832 267141 SH OTHER 01 267141 0 0 APACHE CORP PFD CONV SER D 037411808 2501 45000 PRN OTHER 01 45000 0 0 APPLE INC COM 037833100 827 1379 SH OTHER 01 1379 0 0 ATMEL CORP COM 049513104 29306 2970740 SH OTHER 2961055 0 9685 ATMEL CORP COM 049513104 28781 2917465 SH OTHER 01 2911265 0 0 AVERY DENNISON CORP COM 053611109 702 23300 SH OTHER 23300 0 0 AVERY DENNISON CORP COM 053611109 8404 278940 SH OTHER 01 278940 0 0 AVNET INC COM 053807103 33798 928773 SH OTHER 925458 0 3315 AVNET INC COM 053807103 36064 991030 SH OTHER 01 991030 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 488 4 SH OTHER 4 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 122 1 SH OTHER 01 0 0 0 BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 208 2564 SH OTHER 01 1264 0 50 BRISTOL MYERS SQUIBB CO COM 110122108 358 10617 SH OTHER 10617 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 268 7949 SH OTHER 01 7949 0 0 CHARMING SHOPPES INC NOTE 1.125% 5/0 161133AE3 12874 13641000 PRN OTHER 01 13641000 0 0 CHEVRON CORP NEW COM 166764100 53 490 SH OTHER 490 0 0 CHEVRON CORP NEW COM 166764100 196 1830 SH OTHER 01 1830 0 0 CINEMARK HOLDINGS INC COM 17243V102 45209 2059630 SH OTHER 2052955 0 6675 CINEMARK HOLDINGS INC COM 17243V102 45696 2081855 SH OTHER 01 2077145 0 4710 COCA COLA CO COM 191216100 30 405 SH OTHER 405 0 0 COCA COLA CO COM 191216100 215 2905 SH OTHER 01 2905 0 0 COMPUWARE CORP COM 205638109 43904 4777417 SH OTHER 4761492 0 15925 COMPUWARE CORP COM 205638109 45933 4998285 SH OTHER 01 4979140 0 6145 CROWN HOLDINGS INC COM 228368106 48475 1316192 SH OTHER 1310842 0 5350 CROWN HOLDINGS INC COM 228368106 53032 1439917 SH OTHER 01 1439917 0 0 DEVON ENERGY CORP NEW COM 25179M103 251 3534 SH OTHER 01 3534 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 28784 298275 SH OTHER 296675 0 1600 DIAGEO P L C SPON ADR NEW 25243Q205 44602 462193 SH OTHER 01 462193 0 0 DIGITALGLOBE INC COM NEW 25389M877 18588 1393415 SH OTHER 1389255 0 4160 DIGITALGLOBE INC COM NEW 25389M877 15028 1126546 SH OTHER 01 1126546 0 0 DURECT CORP COM 266605104 79 99256 SH OTHER 99256 0 0 DURECT CORP COM 266605104 214 268000 SH OTHER 01 0 0 268000 ENERPLUS CORP COM 292766102 491 21900 SH OTHER 01 21900 0 0 ENTERPRISE PRODS PARTNERS L COM 293792107 25274 500782 SH OTHER 01 486652 0 14130 ENTERPRISE PRODS PARTNERS L COM 293792107 50062 991915 SH OTHER 989365 0 2550 EURONET WORLDWIDE INC NOTE 3.500%10/1 298736AF6 15056 15000000 PRN OTHER 01 15000000 0 0 EXXON MOBIL CORP COM 30231G102 1161 13388 SH OTHER 11116 0 0 EXXON MOBIL CORP COM 30231G102 1193 13751 SH OTHER 01 13751 0 0 FIRST REP BK SAN FRANCISCO C COM 33616C100 39101 1187050 SH OTHER 1184090 0 2960 FIRST REP BK SAN FRANCISCO C COM 33616C100 32061 973300 SH OTHER 01 973300 0 0 GENERAL ELECTRIC CO COM 369604103 126 6300 SH OTHER 6300 0 0 GENERAL ELECTRIC CO COM 369604103 258 12862 SH OTHER 01 6307 0 6555 GEN-PROBE INC NEW COM 36866T103 42855 645297 SH OTHER 01 642727 0 2570 GEN-PROBE INC NEW COM 36866T103 37304 561729 SH OTHER 559584 0 2145 GOOGLE INC CL A 38259P508 31709 49450 SH OTHER 49290 0 160 GOOGLE INC CL A 38259P508 32014 49925 SH OTHER 01 49825 0 100 HANOVER COMPRESSOR CO NOTE 4.750% 1/1 410768AE5 1955 2000000 PRN OTHER 01 2000000 0 0 HEALTHSOUTH CORP COM NEW 421924309 32912 1607039 SH OTHER 01 1607039 0 0 HEALTHSOUTH CORP COM NEW 421924309 40860 1995107 SH OTHER 1989282 0 5825 HOLOGIC INC FRNT 2.000%12/1 436440AA9 70 70000 PRN OTHER 70000 0 0 HOLOGIC INC FRNT 2.000%12/1 436440AA9 3806 3830000 PRN OTHER 01 3830000 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 843 4040 SH OTHER 01 4040 0 0 JOHNSON & JOHNSON COM 478160104 42284 641053 SH OTHER 638918 0 2135 JOHNSON & JOHNSON COM 478160104 45347 687486 SH OTHER 01 687486 0 0 JPMORGAN CHASE & CO COM 46625H100 446 9710 SH OTHER 01 9710 0 0 KINDER MORGAN ENERGY PARTNER UT LTD PARTNER 494550106 828 10000 SH OTHER 01 10000 0 0 KINDER MORGAN INC DEL COM 49456B101 52287 1352825 SH OTHER 1348060 0 4765 KINDER MORGAN INC DEL COM 49456B101 54653 1414054 SH OTHER 01 1410904 0 3150 KNIGHT CAP GROUP INC NOTE 3.500% 3/1 499005AE6 10519 11000000 PRN OTHER 01 11000000 0 0 KRAFT FOODS INC CL A 50075N104 41388 1088870 SH OTHER 1085650 0 3220 KRAFT FOODS INC CL A 50075N104 37086 975710 SH OTHER 01 974305 0 1405 LILLY ELI & CO COM 532457108 838 20811 SH SOLE 20811 0 0 MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 32211 445284 SH OTHER 01 438989 0 6295 MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 42001 580604 SH OTHER 577829 0 2775 MEAD JOHNSON NUTRITION CO COM 582839106 81 986 SH OTHER 01 986 0 0 MEAD JOHNSON NUTRITION CO COM 582839106 170 2060 SH OTHER 2060 0 0 MERCK & CO INC NEW COM 58933Y105 44 1143 SH OTHER 1143 0 0 MERCK & CO INC NEW COM 58933Y105 584 15199 SH OTHER 01 15199 0 0 NATIONSTAR MTG HLDGS INC COM 63861C109 14905 1037930 SH OTHER 1034460 0 3470 NATIONSTAR MTG HLDGS INC COM 63861C109 14977 1042995 SH OTHER 01 1042995 0 0 NII HLDGS INC NOTE 3.125% 6/1 62913FAJ1 100 100000 PRN OTHER 01 100000 0 0 NOVARTIS A G SPONSORED ADR 66987V109 29115 525440 SH OTHER 523805 0 1635 NOVARTIS A G SPONSORED ADR 66987V109 29365 529950 SH OTHER 01 529950 0 0 OCCIDENTAL PETE CORP DEL COM 674599105 38741 406814 SH OTHER 01 406814 0 0 OCCIDENTAL PETE CORP DEL COM 674599105 32786 344287 SH OTHER 343122 0 1165 PEPSICO INC COM 713448108 297 4480 SH OTHER 01 4480 0 0 POPE RES DEL LTD PARTNERSHIP DEPOSITRY RCPT 732857107 295 6740 SH OTHER 0 0 0 POPE RES DEL LTD PARTNERSHIP DEPOSITRY RCPT 732857107 385 8820 SH OTHER 01 0 0 0 PPL CORP UNIT 99/99/9999S 69351T114 2956 55000 PRN OTHER 01 55000 0 0 PROCTER & GAMBLE CO COM 742718109 1835 27305 SH OTHER 26885 0 420 PROCTER & GAMBLE CO COM 742718109 2402 35744 SH OTHER 01 35744 0 0 QUALCOMM INC COM 747525103 296 4350 SH OTHER 01 4350 0 0 QUESTAR CORP COM 748356102 36336 1886615 SH OTHER 1880440 0 6175 QUESTAR CORP COM 748356102 39809 2066922 SH OTHER 01 2066732 0 190 REPUBLIC SVCS INC COM 760759100 40466 1324133 SH OTHER 1319316 0 4817 REPUBLIC SVCS INC COM 760759100 42365 1386284 SH OTHER 01 1386284 0 0 ROVI CORP COM 779376102 4259 130840 SH OTHER 01 130840 0 0 ROVI CORP COM 779376102 1049 32220 SH OTHER 31705 0 515 SAFEWAY INC COM NEW 786514208 402 19910 SH SOLE 19910 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 28 1425 SH OTHER 01 1425 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 197 10145 SH OTHER 10145 0 0 SPARTAN STORES INC NOTE 3.375% 5/1 846822AE4 39327 40753000 PRN OTHER 01 40753000 0 0 SPDR S&P 500 ETF TR TR UNIT 78462F103 364 2585 PRN OTHER 01 2585 0 0 SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 43058 1760355 SH OTHER 1754520 0 5835 SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 43717 1787295 SH OTHER 01 1785095 0 2200 STEWART ENTERPRISES INC NOTE 3.125% 7/1 860370AH8 342 350000 PRN OTHER 01 350000 0 0 SYMETRA FINL CORP COM 87151Q106 21047 1825375 SH OTHER 01 1804160 0 13855 SYMETRA FINL CORP COM 87151Q106 17222 1493675 SH OTHER 1486200 0 7475 TELEFLEX INC COM 879369106 33955 555275 SH OTHER 553425 0 1850 TELEFLEX INC COM 879369106 33723 551482 SH OTHER 01 551482 0 0 TELEFLEX INC NOTE 3.875% 8/0 879369AA4 21890 18650000 PRN OTHER 01 18650000 0 0 THOMPSON CREEK METALS CO INC COM 884768102 101 15000 SH OTHER 01 0 0 15000 UNILEVER N V N Y SHS NEW 904784709 45729 1343786 SH OTHER 01 1343786 0 0 UNILEVER N V N Y SHS NEW 904784709 42817 1258205 SH OTHER 1253570 0 4635 UNION PAC CORP COM 907818108 322 3000 SH SOLE 3000 0 0 UNITED TECHNOLOGIES CORP COM 913017109 282 3400 SH OTHER 01 3400 0 0 VALEANT PHARMACEUTICALS INTL COM 91911K102 49021 913034 SH OTHER 910005 0 3029 VALEANT PHARMACEUTICALS INTL COM 91911K102 49867 928799 SH OTHER 01 926799 0 2000 VIACOM INC NEW CL B 92553P201 45725 963435 SH OTHER 960390 0 3045 VIACOM INC NEW CL B 92553P201 43971 926485 SH OTHER 01 924380 0 2105 WELLS FARGO & CO NEW COM 949746101 336 9842 SH OTHER 01 9842 0 0 WELLS FARGO & CO NEW COM 949746101 97 2848 SH OTHER 2848 0 0