13F-HR 1 osterweis4q2012.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, 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 February 13, 2013 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: 122 Form 13F Information Table Value Total: $2,259,064 (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 12722 13023000 PRN OTHER 01 13023000 0 0 AAR CORP NOTE 1.750% 2/0 000361AH8 24189 24250000 PRN OTHER 01 24250000 0 0 ABBOTT LABS COM 002824100 79 1200 SH OTHER 1200 0 0 ABBOTT LABS COM 002824100 209 3195 SH OTHER 01 3195 0 0 ACELRX PHARMACEUTICALS INC COM 00444T100 216 50709 SH SOLE 50709 0 0 AIR LEASE CORP CL A 00912X302 34095 1585797 SH OTHER 1579402 0 6395 AIR LEASE CORP CL A 00912X302 36704 1707165 SH OTHER 01 1704015 0 0 ALBANY INTL CORP FRNT 2.250% 3/1 012348AC2 4555 4589000 PRN OTHER 01 4589000 0 0 ALLEGHANY CORP DEL COM 017175100 41744 124453 SH OTHER 123988 0 465 ALLEGHANY CORP DEL COM 017175100 42443 126538 SH OTHER 01 125998 0 351 AMERICAN CAPITAL AGENCY CORP COM 02503X105 607 20990 SH OTHER 01 20990 0 0 AMERICAN EXPRESS CO COM 025816109 309 5375 SH SOLE 5375 0 0 AMERICAN WTR WKS CO INC NEW COM 030420103 40456 1089572 SH OTHER 1084587 0 4985 AMERICAN WTR WKS CO INC NEW COM 030420103 46698 1257695 SH OTHER 01 1252955 0 4740 ANNALY CAP MGMT INC COM 035710409 439 31238 SH OTHER 01 31238 0 0 APPLE INC COM 037833100 734 1379 SH OTHER 01 1379 0 0 ATMEL CORP COM 049513104 21147 3228579 SH OTHER 01 3203829 0 11000 ATMEL CORP COM 049513104 18365 2803800 SH OTHER 2803800 0 0 AUTOMATIC DATA PROCESSING IN COM 053015103 19 340 SH OTHER 01 340 0 0 AVNET INC COM 053807103 3149 102873 SH OTHER 101073 0 1800 AVNET INC COM 053807103 14406 470633 SH OTHER 01 470633 0 0 BARRETT BILL CORP NOTE 5.000% 3/1 06846NAA2 6107 6103000 PRN OTHER 01 6103000 0 0 BED BATH & BEYOND INC COM 075896100 23506 420430 SH OTHER 418725 0 1705 BED BATH & BEYOND INC COM 075896100 25576 457445 SH OTHER 01 457445 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 536 4 SH OTHER 4 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 134 1 SH OTHER 01 0 0 0 BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 229 2564 SH OTHER 01 1264 0 50 BOEING CO COM 097023105 11082 147060 SH OTHER 146390 0 670 BOEING CO COM 097023105 14380 190820 SH OTHER 01 190820 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 346 10617 SH OTHER 10617 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 213 6549 SH OTHER 01 6549 0 0 CINEMARK HOLDINGS INC COM 17243V102 41542 1598982 SH OTHER 1592307 0 6675 CINEMARK HOLDINGS INC COM 17243V102 46500 1789835 SH OTHER 01 1785125 0 4710 COMPUWARE CORP COM 205638109 27844 2561565 SH OTHER 2549620 0 11945 COMPUWARE CORP COM 205638109 34973 3217455 SH OTHER 01 3204455 0 0 CROWN HOLDINGS INC COM 228368106 39408 1070588 SH OTHER 1065238 0 5350 CROWN HOLDINGS INC COM 228368106 45703 1241580 SH OTHER 01 1241580 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 32009 274571 SH OTHER 272971 0 1600 DIAGEO P L C SPON ADR NEW 25243Q205 45011 386095 SH OTHER 01 386095 0 0 DURECT CORP COM 266605104 91 99256 SH OTHER 99256 0 0 DURECT CORP COM 266605104 236 256600 SH OTHER 01 0 0 256600 ENTERPRISE PRODS PARTNERS L COM 293792107 37454 747878 SH OTHER 745328 0 2550 ENTERPRISE PRODS PARTNERS L COM 293792107 24795 495096 SH OTHER 01 480966 0 14130 EXTERRAN HLDGS INC NOTE 4.750% 1/1 30225XAD5 13975 13975000 PRN OTHER 01 13975000 0 0 EXXON MOBIL CORP COM 30231G102 1159 13388 SH OTHER 11116 0 0 EXXON MOBIL CORP COM 30231G102 1002 11586 SH OTHER 01 11586 0 0 FIRST REP BK SAN FRANCISCO C COM 33616C100 31662 965884 SH OTHER 962924 0 2960 FIRST REP BK SAN FRANCISCO C COM 33616C100 26704 814630 SH OTHER 01 814630 0 0 GENERAL ELECTRIC CO COM 369604103 132 6300 SH OTHER 6300 0 0 GENERAL ELECTRIC CO COM 369604103 86 4137 SH OTHER 01 4137 0 0 GOOGLE INC CL A 38259P508 33822 47813 SH OTHER 01 47813 0 0 GOOGLE INC CL A 38259P508 33718 47666 SH SOLE 47506 0 160 HEALTHSOUTH CORP COM NEW 421924309 32565 1542637 SH OTHER 1536812 0 5825 HEALTHSOUTH CORP COM NEW 421924309 30746 1456448 SH OTHER 01 1456448 0 0 HOLOGIC INC COM 436440101 36701 1834125 SH OTHER 01 1834125 0 0 HOLOGIC INC COM 436440101 33160 1657144 SH OTHER 1650194 0 6950 HOLOGIC INC FRNT 2.000%12/1 436440AA9 70 70000 PRN OTHER 70000 0 0 HOLOGIC INC FRNT 2.000%12/1 436440AA9 3569 3580000 PRN OTHER 01 3580000 0 0 HORSEHEAD HLDG CORP NOTE 3.800% 7/0 440694AB3 1451 1500000 PRN OTHER 01 1500000 0 0 ICAHN ENTERPRISES LP/CORP FRNT 8/1 451102AB3 35201 34939000 PRN OTHER 01 34939000 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 366 1913 SH OTHER 01 1913 0 0 JOHNSON & JOHNSON COM 478160104 43625 622326 SH OTHER 01 622326 0 0 JOHNSON & JOHNSON COM 478160104 37449 534222 SH OTHER 532087 0 2135 JPMORGAN CHASE & CO COM 46625H100 420 9550 SH OTHER 01 9550 0 0 KINDER MORGAN ENERGY PARTNER UT LTD PARTNER 494550106 602 7550 SH OTHER 01 7550 0 0 KINDER MORGAN INC DEL *W EXP 05/25/201 49456B119 529 140000 PRN OTHER 01 100000 0 40000 KINDER MORGAN INC DEL COM 49456B101 41131 1164192 SH OTHER 1159427 0 4765 KINDER MORGAN INC DEL COM 49456B101 43708 1237130 SH OTHER 01 1233980 0 3150 KRAFT FOODS GROUP INC COM 50076Q106 2760 60707 SH OTHER 59634 0 1073 KRAFT FOODS GROUP INC COM 50076Q106 12415 273043 SH OTHER 01 273043 0 0 LATTICE SEMICONDUCTOR CORP COM 518415104 49 12400 SH OTHER 01 0 0 0 LIBERTY INTERACTIVE CORP INT COM SER A 53071M104 20191 1025954 SH OTHER 1021129 0 4825 LIBERTY INTERACTIVE CORP INT COM SER A 53071M104 26859 1364775 SH OTHER 01 1364775 0 0 LILLY ELI & CO COM 532457108 820 16631 SH SOLE 16631 0 0 MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 36852 853251 SH OTHER 01 840661 0 12590 MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 44580 1032187 SH OTHER 1026637 0 5550 MEAD JOHNSON NUTRITION CO COM 582839106 136 2060 SH OTHER 2060 0 0 MEDALLION FINL CORP COM 583928106 51 4310 SH OTHER 01 4310 0 0 MEDTRONIC INC COM 585055106 72 1750 SH OTHER 01 0 0 1750 MERCK & CO INC NEW COM 58933Y105 35 848 SH OTHER 848 0 0 MERCK & CO INC NEW COM 58933Y105 486 11854 SH OTHER 01 11854 0 0 MGM RESORTS INTERNATIONAL NOTE 4.250% 4/1 55303QAE0 9034 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 23456 757140 SH OTHER 754060 0 3080 NATIONSTAR MTG HLDGS INC COM 63861C109 24220 781800 SH OTHER 01 781800 0 0 NAVISTAR INTL CORP NEW NOTE 3.000%10/1 63934EAL2 21450 23491000 PRN OTHER 01 23491000 0 0 NOVARTIS A G SPONSORED ADR 66987V109 7294 115225 SH OTHER 115225 0 0 NOVARTIS A G SPONSORED ADR 66987V109 11067 174835 SH OTHER 01 174835 0 0 OCCIDENTAL PETE CORP DEL COM 674599105 25737 335942 SH OTHER 334777 0 1165 OCCIDENTAL PETE CORP DEL COM 674599105 30369 396409 SH OTHER 01 396409 0 0 ORACLE CORP COM 68389X105 24031 721225 SH OTHER 717975 0 3250 ORACLE CORP COM 68389X105 29330 880240 SH OTHER 01 880240 0 0 PEPSICO INC COM 713448108 217 3175 SH OTHER 01 3175 0 0 POPE RES DEL LTD PARTNERSHIP DEPOSITRY RCPT 732857107 866 15560 SH OTHER 01 0 0 0 PROCTER & GAMBLE CO COM 742718109 1562 23007 SH OTHER 22587 0 420 PROCTER & GAMBLE CO COM 742718109 2206 32499 SH OTHER 01 32499 0 0 QUALCOMM INC COM 747525103 226 3650 SH OTHER 01 3650 0 0 QUESTAR CORP COM 748356102 32398 1639556 SH OTHER 1633381 0 6175 QUESTAR CORP COM 748356102 37284 1886822 SH OTHER 01 1886632 0 190 SANDISK CORP NOTE 1.000% 5/1 80004CAC5 1140 1150000 PRN OTHER 1150000 0 0 SANDISK CORP NOTE 1.000% 5/1 80004CAC5 278 280000 PRN OTHER 01 280000 0 0 SPDR S&P 500 ETF TR TR UNIT 78462F103 284 1995 PRN OTHER 01 1995 0 0 SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 19008 1120071 SH OTHER 1120071 0 0 SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 25677 1513120 SH OTHER 01 1510920 0 2200 SYMETRA FINL CORP COM 87151Q106 20799 1602365 SH OTHER 01 1595005 0 0 SYMETRA FINL CORP COM 87151Q106 17526 1350218 SH OTHER 1342743 0 7475 TELEFLEX INC COM 879369106 38832 544552 SH OTHER 01 544552 0 0 TELEFLEX INC COM 879369106 40970 574527 SH OTHER 572537 0 1990 TELEFLEX INC NOTE 3.875% 8/0 879369AA4 23255 18150000 PRN OTHER 01 18150000 0 0 THOMPSON CREEK METALS CO INC COM 884768102 62 15000 SH OTHER 01 0 0 15000 UNILEVER N V N Y SHS NEW 904784709 39289 1025811 SH OTHER 1021176 0 4635 UNILEVER N V N Y SHS NEW 904784709 44933 1173189 SH OTHER 01 1173189 0 0 UNION PAC CORP COM 907818108 377 3000 SH SOLE 3000 0 0 VALEANT PHARMACEUTICALS INTL COM 91911K102 47109 788168 SH OTHER 785139 0 3029 VALEANT PHARMACEUTICALS INTL COM 91911K102 48011 803257 SH OTHER 01 801257 0 2000 VECTOR GROUP LTD FRNT 1/1 92240MAY4 18251 16750000 PRN OTHER 01 16750000 0 0 VIACOM INC NEW CL B 92553P201 36947 700547 SH OTHER 697502 0 3045 VIACOM INC NEW CL B 92553P201 43356 822080 SH OTHER 01 822080 0 0 WELLS FARGO & CO NEW COM 949746101 333 9755 SH OTHER 01 9755 0 0 XEROX CORP COM 984121103 11740 1721398 SH OTHER 1712288 0 9110 XEROX CORP COM 984121103 15911 2332967 SH OTHER 01 2332967 0 0 XPO LOGISTICS INC NOTE 4.500%10/0 983793AA8 18435 15500000 PRN OTHER 01 15500000 0 0