13F-HR 1 osterweis2q2012.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: June 30, 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 August 09, 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: 127 Form 13F Information Table Value Total: $2,289,102 (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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- AAR CORP NOTE 1.625% 3/0 000361AK1 8380 9023000 PRN OTHER 01 9023000 0 0 AAR CORP NOTE 1.750% 2/0 000361AH8 23493 23790000 PRN OTHER 01 23790000 0 0 ABBOTT LABS COM 002824100 77 1200 SH OTHER 1200 0 0 ABBOTT LABS COM 002824100 236 3655 SH OTHER 01 3655 0 0 ACELRX PHARMACEUTICALS INC COM 00444T100 165 50709 SH SOLE 50709 0 0 AIR LEASE CORP CL A 00912X302 38069 1963351 SH OTHER 1956956 0 6395 AIR LEASE CORP CL A 00912X302 36154 1864570 SH OTHER 01 1861420 0 0 ALLEGHANY CORP DEL COM 017175100 46632 137254 SH OTHER 136789 0 465 ALLEGHANY CORP DEL COM 017175100 47656 140269 SH OTHER 01 139617 0 463 AMERICAN CAPITAL AGENCY CORP COM 02503X105 904 26900 SH OTHER 01 26900 0 0 AMERICAN EXPRESS CO COM 025816109 313 5375 SH SOLE 5375 0 0 AMERICAN WTR WKS CO INC NEW COM 030420103 41898 1222225 SH OTHER 1217240 0 4985 AMERICAN WTR WKS CO INC NEW COM 030420103 47636 1389625 SH OTHER 01 1384885 0 4740 ANNALY CAP MGMT INC COM 035710409 1099 65498 SH OTHER 01 65498 0 0 APACHE CORP PFD CONV SER D 037411808 2261 45000 PRN OTHER 01 45000 0 0 APPLE INC COM 037833100 805 1379 SH OTHER 01 1379 0 0 ATMEL CORP COM 049513104 19735 2941205 SH OTHER 2931520 0 9685 ATMEL CORP COM 049513104 19792 2949580 SH OTHER 01 2929380 0 11000 AVERY DENNISON CORP COM 053611109 5947 217515 SH OTHER 214235 0 3280 AVERY DENNISON CORP COM 053611109 25530 933785 SH OTHER 01 933785 0 0 AVNET INC COM 053807103 26944 873103 SH OTHER 869788 0 3315 AVNET INC COM 053807103 29307 949665 SH OTHER 01 949665 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 500 4 SH OTHER 4 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 125 1 SH OTHER 01 0 0 0 BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 213 2564 SH OTHER 01 1264 0 50 BRISTOL MYERS SQUIBB CO COM 110122108 382 10617 SH OTHER 10617 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 285 7949 SH OTHER 01 7949 0 0 CHEVRON CORP NEW COM 166764100 52 490 SH OTHER 490 0 0 CHEVRON CORP NEW COM 166764100 193 1830 SH OTHER 01 1830 0 0 CINEMARK HOLDINGS INC COM 17243V102 47283 2069255 SH OTHER 01 2064545 0 4710 CINEMARK HOLDINGS INC COM 17243V102 43764 1915255 SH OTHER 1908580 0 6675 COCA COLA CO COM 191216100 227 2905 SH OTHER 01 2905 0 0 COCA COLA CO COM 191216100 32 405 SH OTHER 405 0 0 COMPUWARE CORP COM 205638109 40153 4317557 SH OTHER 4301632 0 15925 COMPUWARE CORP COM 205638109 44673 4803515 SH OTHER 01 4790515 0 0 CROWN HOLDINGS INC COM 228368106 41586 1205749 SH OTHER 1200399 0 5350 CROWN HOLDINGS INC COM 228368106 48299 1400367 SH OTHER 01 1400367 0 0 DEVON ENERGY CORP NEW COM 25179M103 205 3534 SH OTHER 01 3534 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 30583 296720 SH OTHER 295120 0 1600 DIAGEO P L C SPON ADR NEW 25243Q205 45798 444343 SH OTHER 01 444343 0 0 DURECT CORP COM 266605104 244 268000 SH OTHER 01 0 0 268000 DURECT CORP COM 266605104 90 99256 SH OTHER 99256 0 0 ENERPLUS CORP COM 292766102 282 21900 SH OTHER 01 21900 0 0 ENTERPRISE PRODS PARTNERS L COM 293792107 45008 878379 SH OTHER 875829 0 2550 ENTERPRISE PRODS PARTNERS L COM 293792107 25087 489592 SH OTHER 01 475462 0 14130 EURONET WORLDWIDE INC NOTE 3.500%10/1 298736AF6 15075 15000000 PRN OTHER 01 15000000 0 0 EXXON MOBIL CORP COM 30231G102 1145 13388 SH OTHER 11116 0 0 EXXON MOBIL CORP COM 30231G102 1177 13751 SH OTHER 01 13751 0 0 FIRST REP BK SAN FRANCISCO C COM 33616C100 39756 1183215 SH OTHER 1180255 0 2960 FIRST REP BK SAN FRANCISCO C COM 33616C100 31936 950485 SH OTHER 01 950485 0 0 GENERAL ELECTRIC CO COM 369604103 131 6300 SH OTHER 6300 0 0 GENERAL ELECTRIC CO COM 369604103 269 12862 SH OTHER 01 6307 0 6555 GEN-PROBE INC NEW COM 36866T103 292 3555 SH OTHER 01 2055 0 1500 GOOGLE INC CL A 38259P508 31692 54635 SH OTHER 01 54635 0 0 GOOGLE INC CL A 38259P508 28534 49190 SH OTHER 49030 0 160 HANOVER COMPRESSOR CO NOTE 4.750% 1/1 410768AE5 6305 6500000 PRN OTHER 01 6500000 0 0 HEALTHSOUTH CORP COM NEW 421924309 36076 1550998 SH OTHER 01 1550998 0 0 HEALTHSOUTH CORP COM NEW 421924309 40122 1724957 SH OTHER 1719132 0 5825 HEWLETT PACKARD CO COM 428236103 179 8940 SH OTHER 01 2640 0 4300 HOLOGIC INC COM 436440101 28583 1584445 SH OTHER 1578935 0 5510 HOLOGIC INC COM 436440101 30093 1668100 SH OTHER 01 1668100 0 0 HOLOGIC INC FRNT 2.000%12/1 436440AA9 3744 3830000 PRN OTHER 01 3830000 0 0 HOLOGIC INC FRNT 2.000%12/1 436440AA9 68 70000 PRN OTHER 70000 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 790 4040 SH OTHER 01 4040 0 0 JOHNSON & JOHNSON COM 478160104 39788 588932 SH OTHER 586797 0 2135 JOHNSON & JOHNSON COM 478160104 47806 707606 SH OTHER 01 707606 0 0 JPMORGAN CHASE & CO COM 46625H100 347 9710 SH OTHER 01 9710 0 0 KINDER MORGAN ENERGY PARTNER UT LTD PARTNER 494550106 786 10000 SH OTHER 01 10000 0 0 KINDER MORGAN INC DEL *W EXP 05/25/201 49456B119 302 140000 PRN OTHER 01 100000 0 40000 KINDER MORGAN INC DEL COM 49456B101 43459 1348825 SH OTHER 1344060 0 4765 KINDER MORGAN INC DEL COM 49456B101 45750 1419939 SH OTHER 01 1416789 0 3150 KNIGHT CAP GROUP INC NOTE 3.500% 3/1 499005AE6 10285 11000000 PRN OTHER 01 11000000 0 0 KRAFT FOODS INC CL A 50075N104 37738 977175 SH OTHER 01 977175 0 0 KRAFT FOODS INC CL A 50075N104 41955 1086365 SH OTHER 1083145 0 3220 LATTICE SEMICONDUCTOR CORP COM 518415104 47 12400 SH OTHER 01 0 0 0 LILLY ELI & CO COM 532457108 893 20811 SH SOLE 20811 0 0 MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 40928 579392 SH OTHER 576617 0 2775 MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 30722 434909 SH OTHER 01 428614 0 6295 MCGRATH RENTCORP COM 580589109 159 6000 SH OTHER 01 6000 0 0 MEAD JOHNSON NUTRITION CO COM 582839106 79 986 SH OTHER 01 986 0 0 MEAD JOHNSON NUTRITION CO COM 582839106 166 2060 SH OTHER 2060 0 0 MERCK & CO INC NEW COM 58933Y105 48 1143 SH OTHER 1143 0 0 MERCK & CO INC NEW COM 58933Y105 635 15199 SH OTHER 01 15199 0 0 MGM RESORTS INTERNATIONAL NOTE 4.250% 4/1 55303QAE0 6083 6000000 PRN OTHER 01 6000000 0 0 NASH FINCH CO FRNT 1.631% 3/1 631158AD4 12038 25818000 PRN OTHER 01 25818000 0 0 NATIONSTAR MTG HLDGS INC COM 63861C109 23666 1099725 SH OTHER 01 1099725 0 0 NATIONSTAR MTG HLDGS INC COM 63861C109 22356 1038830 SH OTHER 1035360 0 3470 NOVARTIS A G SPONSORED ADR 66987V109 6272 112195 SH OTHER 112195 0 0 NOVARTIS A G SPONSORED ADR 66987V109 7915 141585 SH OTHER 01 141585 0 0 OCCIDENTAL PETE CORP DEL COM 674599105 29589 344977 SH OTHER 343812 0 1165 OCCIDENTAL PETE CORP DEL COM 674599105 34977 407804 SH OTHER 01 407804 0 0 PEPSICO INC COM 713448108 317 4480 SH OTHER 01 4480 0 0 POPE RES DEL LTD PARTNERSHIP DEPOSITRY RCPT 732857107 371 6740 SH OTHER 0 0 0 POPE RES DEL LTD PARTNERSHIP DEPOSITRY RCPT 732857107 486 8820 SH OTHER 01 0 0 0 PPL CORP UNIT 99/99/9999S 69351T114 2941 55000 PRN OTHER 01 55000 0 0 PROCTER & GAMBLE CO COM 742718109 2189 35744 SH OTHER 01 35744 0 0 PROCTER & GAMBLE CO COM 742718109 1630 26615 SH OTHER 26195 0 420 QUALCOMM INC COM 747525103 242 4350 SH OTHER 01 4350 0 0 QUESTAR CORP COM 748356102 39307 1884340 SH OTHER 1878165 0 6175 QUESTAR CORP COM 748356102 40807 1956217 SH OTHER 01 1956027 0 190 ROVI CORP COM 779376102 8376 426900 SH OTHER 426385 0 515 ROVI CORP COM 779376102 5204 265245 SH OTHER 01 265245 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 97 6445 SH OTHER 6445 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 21 1425 SH OTHER 01 1425 0 0 SPARTAN STORES INC NOTE 3.375% 5/1 846822AE4 39581 40753000 PRN OTHER 01 40753000 0 0 SPDR S&P 500 ETF TR TR UNIT 78462F103 340 2495 PRN OTHER 01 2495 0 0 SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 39417 1654105 SH OTHER 1648270 0 5835 SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 41348 1735155 SH OTHER 01 1732955 0 2200 STEWART ENTERPRISES INC NOTE 3.125% 7/1 860370AH8 347 350000 PRN OTHER 01 350000 0 0 SYMETRA FINL CORP COM 87151Q106 23215 1839555 SH OTHER 01 1818340 0 13855 SYMETRA FINL CORP COM 87151Q106 18768 1487165 SH OTHER 1479690 0 7475 TELEFLEX INC COM 879369106 38648 634517 SH OTHER 01 634517 0 0 TELEFLEX INC COM 879369106 40507 665035 SH OTHER 663045 0 1990 TELEFLEX INC NOTE 3.875% 8/0 879369AA4 21751 18650000 PRN OTHER 01 18650000 0 0 THOMPSON CREEK METALS CO INC COM 884768102 48 15000 SH OTHER 01 0 0 15000 UNILEVER N V N Y SHS NEW 904784709 41874 1255585 SH OTHER 1250950 0 4635 UNILEVER N V N Y SHS NEW 904784709 43446 1302736 SH OTHER 01 1302736 0 0 UNION PAC CORP COM 907818108 358 3000 SH SOLE 3000 0 0 UNITED TECHNOLOGIES CORP COM 913017109 257 3400 SH OTHER 01 3400 0 0 VALEANT PHARMACEUTICALS INTL COM 91911K102 40647 907492 SH OTHER 904463 0 3029 VALEANT PHARMACEUTICALS INTL COM 91911K102 40919 913568 SH OTHER 01 911568 0 2000 VIACOM INC NEW CL B 92553P201 39248 834700 SH OTHER 831655 0 3045 VIACOM INC NEW CL B 92553P201 43619 927660 SH OTHER 01 927660 0 0 WELLS FARGO & CO NEW COM 949746101 95 2848 SH OTHER 2848 0 0 WELLS FARGO & CO NEW COM 949746101 329 9842 SH OTHER 01 9842 0 0 XEROX CORP COM 984121103 24344 3093240 SH OTHER 01 3093240 0 0 XEROX CORP COM 984121103 29155 3704560 SH OTHER 3694770 0 9790