13F-HR 1 osterweis3q2012.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, 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 November 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: 120 Form 13F Information Table Value Total: $2,430,497 (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 8662 9023000 PRN OTHER 01 9023000 0 0 AAR CORP NOTE 1.750% 2/0 000361AH8 23731 23790000 PRN OTHER 01 23790000 0 0 ABBOTT LABS COM 002824100 82 1200 SH OTHER 1200 0 0 ABBOTT LABS COM 002824100 251 3655 SH OTHER 01 3655 0 0 ACELRX PHARMACEUTICALS INC COM 00444T100 162 50709 SH SOLE 50709 0 0 AIR LEASE CORP CL A 00912X302 37819 1853896 SH OTHER 1847501 0 6395 AIR LEASE CORP CL A 00912X302 39004 1911980 SH OTHER 01 1908830 0 0 ALLEGHANY CORP DEL COM 017175100 43461 125996 SH OTHER 125531 0 465 ALLEGHANY CORP DEL COM 017175100 47188 136802 SH OTHER 01 136262 0 351 ALLEGHENY TECHNOLOGIES INC COM 01741R102 32 1000 SH OTHER 01 0 0 1000 AMERICAN CAPITAL AGENCY CORP COM 02503X105 726 20990 SH OTHER 01 20990 0 0 AMERICAN EXPRESS CO COM 025816109 306 5375 SH SOLE 5375 0 0 AMERICAN WTR WKS CO INC NEW COM 030420103 43189 1165385 SH OTHER 1160400 0 4985 AMERICAN WTR WKS CO INC NEW COM 030420103 50320 1357785 SH OTHER 01 1353045 0 4740 ANNALY CAP MGMT INC COM 035710409 526 31238 SH OTHER 01 31238 0 0 APACHE CORP PFD CONV SER D 037411808 2196 45000 PRN OTHER 01 45000 0 0 APPLE INC COM 037833100 920 1379 SH OTHER 01 1379 0 0 ATMEL CORP COM 049513104 12219 2323040 SH OTHER 2313355 0 9685 ATMEL CORP COM 049513104 15907 3024085 SH OTHER 01 2999335 0 11000 AVNET INC COM 053807103 23556 809778 SH OTHER 806463 0 3315 AVNET INC COM 053807103 27034 929330 SH OTHER 01 929330 0 0 BARRETT BILL CORP NOTE 5.000% 3/1 06846NAA2 4003 4000000 PRN OTHER 01 4000000 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 531 4 SH OTHER 4 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 133 1 SH OTHER 01 0 0 0 BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 225 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 221 6549 SH OTHER 01 6549 0 0 CINEMARK HOLDINGS INC COM 17243V102 44914 2002410 SH OTHER 01 1997700 0 4710 CINEMARK HOLDINGS INC COM 17243V102 40204 1792415 SH SOLE 1785740 0 6675 COCA COLA CO COM 191216100 31 810 SH OTHER 810 0 0 COCA COLA CO COM 191216100 170 4482 SH OTHER 01 4482 0 0 COMPUWARE CORP COM 205638109 37067 3747922 SH OTHER 3731997 0 15925 COMPUWARE CORP COM 205638109 46650 4716865 SH OTHER 01 4703865 0 0 CROWN HOLDINGS INC COM 228368106 50284 1368273 SH OTHER 01 1368273 0 0 CROWN HOLDINGS INC COM 228368106 42223 1148923 SH SOLE 1143573 0 5350 DEVON ENERGY CORP NEW COM 25179M103 214 3534 SH OTHER 01 3534 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 32242 286010 SH OTHER 284410 0 1600 DIAGEO P L C SPON ADR NEW 25243Q205 48740 432358 SH OTHER 01 432358 0 0 DURECT CORP COM 266605104 143 99256 SH OTHER 99256 0 0 DURECT CORP COM 266605104 386 268000 SH OTHER 01 0 0 268000 ENTERPRISE PRODS PARTNERS L COM 293792107 40569 756885 SH OTHER 754335 0 2550 ENTERPRISE PRODS PARTNERS L COM 293792107 25947 484091 SH OTHER 01 469961 0 14130 EURONET WORLDWIDE INC NOTE 3.500%10/1 298736AF6 14794 14850000 PRN OTHER 01 14850000 0 0 EXXON MOBIL CORP COM 30231G102 1096 11986 SH OTHER 01 11986 0 0 EXXON MOBIL CORP COM 30231G102 1225 13388 SH OTHER 11116 0 0 FIRST REP BK SAN FRANCISCO C COM 33616C100 40268 1168530 SH OTHER 1165570 0 2960 FIRST REP BK SAN FRANCISCO C COM 33616C100 32747 950295 SH OTHER 01 950295 0 0 GENERAL ELECTRIC CO COM 369604103 143 6300 SH OTHER 6300 0 0 GENERAL ELECTRIC CO COM 369604103 114 5007 SH OTHER 01 5007 0 0 GOOGLE INC CL A 38259P508 41028 54378 SH OTHER 01 54378 0 0 GOOGLE INC CL A 38259P508 36340 48165 SH SOLE 48005 0 160 HANOVER COMPRESSOR CO NOTE 4.750% 1/1 410768AE5 6512 6500000 PRN OTHER 01 6500000 0 0 HEALTHSOUTH CORP COM NEW 421924309 36605 1521398 SH OTHER 01 1521398 0 0 HEALTHSOUTH CORP COM NEW 421924309 37665 1565477 SH SOLE 1559652 0 5825 HOLOGIC INC COM 436440101 31305 1548225 SH OTHER 1542715 0 5510 HOLOGIC INC COM 436440101 32654 1614950 SH OTHER 01 1614950 0 0 HOLOGIC INC FRNT 2.000%12/1 436440AA9 69 70000 PRN OTHER 70000 0 0 HOLOGIC INC FRNT 2.000%12/1 436440AA9 3799 3830000 PRN OTHER 01 3830000 0 0 ICAHN ENTERPRISES LP/CORP FRNT 8/1 451102AB3 34991 34939000 PRN OTHER 01 34939000 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 772 3723 SH OTHER 01 3723 0 0 JOHNSON & JOHNSON COM 478160104 47781 693386 SH OTHER 01 693386 0 0 JOHNSON & JOHNSON COM 478160104 39652 575422 SH OTHER 573287 0 2135 JPMORGAN CHASE & CO COM 46625H100 393 9710 SH OTHER 01 9710 0 0 KINDER MORGAN ENERGY PARTNER UT LTD PARTNER 494550106 623 7550 SH OTHER 01 7550 0 0 KINDER MORGAN INC DEL *W EXP 05/25/201 49456B119 489 140000 PRN OTHER 01 100000 0 40000 KINDER MORGAN INC DEL COM 49456B101 42090 1184965 SH OTHER 1180200 0 4765 KINDER MORGAN INC DEL COM 49456B101 48887 1376314 SH OTHER 01 1373164 0 3150 KRAFT FOODS INC CL A 50075N104 40215 972545 SH OTHER 969325 0 3220 KRAFT FOODS INC CL A 50075N104 39554 956560 SH OTHER 01 956560 0 0 LATTICE SEMICONDUCTOR CORP COM 518415104 48 12400 SH OTHER 01 0 0 0 LIBERTY INTERACTIVE CORP INT COM SER A 53071M104 17323 936390 SH OTHER 932610 0 3780 LIBERTY INTERACTIVE CORP INT COM SER A 53071M104 19838 1072320 SH OTHER 01 1072320 0 0 LILLY ELI & CO COM 532457108 978 20631 SH SOLE 20631 0 0 LINKEDIN CORP COM CL A 53578A108 217 1802 SH OTHER 01 0 0 0 MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 46113 527250 SH OTHER 524475 0 2775 MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 37557 429415 SH OTHER 01 423120 0 6295 MERCK & CO INC NEW COM 58933Y105 595 13199 SH OTHER 01 13199 0 0 MERCK & CO INC NEW COM 58933Y105 52 1143 SH OTHER 1143 0 0 MGM RESORTS INTERNATIONAL NOTE 4.250% 4/1 55303QAE0 8874 8538000 PRN OTHER 01 8538000 0 0 NASH FINCH CO FRNT 1.631% 3/1 631158AD4 35975 77574000 PRN OTHER 01 77574000 0 0 NATIONSTAR MTG HLDGS INC COM 63861C109 28727 865795 SH OTHER 862370 0 3425 NATIONSTAR MTG HLDGS INC COM 63861C109 31604 952505 SH OTHER 01 952505 0 0 NAVISTAR INTL CORP NEW NOTE 3.000%10/1 63934EAL2 21277 23991000 PRN OTHER 01 23991000 0 0 NOVARTIS A G SPONSORED ADR 66987V109 7059 115225 SH OTHER 115225 0 0 NOVARTIS A G SPONSORED ADR 66987V109 14591 238185 SH OTHER 01 238185 0 0 OCCIDENTAL PETE CORP DEL COM 674599105 29030 337322 SH OTHER 336157 0 1165 OCCIDENTAL PETE CORP DEL COM 674599105 35689 414699 SH OTHER 01 414699 0 0 PEPSICO INC COM 713448108 268 3780 SH OTHER 01 3780 0 0 POPE RES DEL LTD PARTNERSHIP DEPOSITRY RCPT 732857107 811 15560 SH OTHER 01 0 0 0 PROCTER & GAMBLE CO COM 742718109 1625 23432 SH OTHER 23012 0 420 PROCTER & GAMBLE CO COM 742718109 2314 33369 SH OTHER 01 33369 0 0 QUALCOMM INC COM 747525103 272 4350 SH OTHER 01 4350 0 0 QUESTAR CORP COM 748356102 35471 1744740 SH OTHER 1738565 0 6175 QUESTAR CORP COM 748356102 40170 1975872 SH OTHER 01 1975682 0 190 SANDISK CORP NOTE 1.000% 5/1 80004CAC5 1897 1920000 PRN OTHER 1920000 0 0 SANDISK CORP NOTE 1.000% 5/1 80004CAC5 277 280000 PRN OTHER 01 280000 0 0 SPARTAN STORES INC NOTE 3.375% 5/1 846822AE4 39276 40753000 PRN OTHER 01 40753000 0 0 SPDR S&P 500 ETF TR TR UNIT 78462F103 359 2495 PRN OTHER 01 2495 0 0 SPECTRA ENERGY PARTNERS LP COM 84756N109 95 3000 SH OTHER 01 3000 0 0 SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 35021 1576795 SH OTHER 1570960 0 5835 SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 37772 1700650 SH OTHER 01 1698450 0 2200 STEWART ENTERPRISES INC NOTE 3.125% 7/1 860370AH8 362 350000 PRN OTHER 01 350000 0 0 SYMETRA FINL CORP COM 87151Q106 16913 1375020 SH OTHER 1367545 0 7475 SYMETRA FINL CORP COM 87151Q106 22386 1819995 SH OTHER 01 1812635 0 0 TELEFLEX INC COM 879369106 41964 609585 SH OTHER 607595 0 1990 TELEFLEX INC COM 879369106 42774 621352 SH OTHER 01 621352 0 0 TELEFLEX INC NOTE 3.875% 8/0 879369AA4 23476 18650000 PRN OTHER 01 18650000 0 0 THOMPSON CREEK METALS CO INC COM 884768102 43 15000 SH OTHER 01 0 0 15000 UNILEVER N V N Y SHS NEW 904784709 40506 1141660 SH OTHER 1137025 0 4635 UNILEVER N V N Y SHS NEW 904784709 45731 1288936 SH OTHER 01 1288936 0 0 UNION PAC CORP COM 907818108 356 3000 SH SOLE 3000 0 0 UNITED TECHNOLOGIES CORP COM 913017109 211 2700 SH OTHER 01 2700 0 0 VALEANT PHARMACEUTICALS INTL COM 91911K102 48983 886241 SH OTHER 883212 0 3029 VALEANT PHARMACEUTICALS INTL COM 91911K102 49660 898481 SH OTHER 01 896481 0 2000 VIACOM INC NEW CL B 92553P201 38112 711170 SH OTHER 708125 0 3045 VIACOM INC NEW CL B 92553P201 48528 905535 SH OTHER 01 905535 0 0 WELLS FARGO & CO NEW COM 949746101 98 2848 SH OTHER 2848 0 0 WELLS FARGO & CO NEW COM 949746101 340 9842 SH OTHER 01 9842 0 0 XEROX CORP COM 984121103 39548 5387965 SH OTHER 01 5387965 0 0 XEROX CORP COM 984121103 34974 4764785 SH OTHER 4746565 0 18220