Osterweis Capital Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
AAR CORP	NOTE 1.625% 3/0	000361AK1	30,955	31,091,000	PRN		SOLE	1	31,091,000	0	0
ABBOTT LABS	COM	002824100	42	1,200	SH		SOLE		1,200	0	0
ABBOTT LABS	COM	002824100	104	2,970	SH		SOLE	1	2,970	0	0
ABBVIE INC	COM	00287Y109	50	1,200	SH		SOLE		1,200	0	0
ABBVIE INC	COM	00287Y109	129	3,130	SH		SOLE	1	3,130	0	0
ACELRX PHARMACEUTICALS INC	COM	00444T100	470	50,709	SH		SOLE		50,709	0	0
ADVENT SOFTWARE INC	COM	007974108	114	3,250	SH		SOLE	1	3,250	0	0
AFLAC INC	COM	001055102	9	160	SH		SOLE	1	160	0	0
AGILENT TECHNOLOGIES INC	COM	00846U101	60	1,400	SH		OTR	1	0	0	1,400
AIR LEASE CORP	CL A	00912X302	87	3,150	SH		OTR	1	0	0	0
AIR LEASE CORP	CL A	00912X302	42,600	1,544,022	SH		SOLE		1,537,627	0	6,395
AIR LEASE CORP	CL A	00912X302	46,357	1,680,225	SH		SOLE	1	1,680,225	0	0
ALASKA COMMUNICATIONS SYS GR	COM	01167P101	2	1,250	SH		OTR	1	0	0	1,250
ALLEGHANY CORP DEL	COM	017175100	207	540	SH		OTR	1	0	0	351
ALLEGHANY CORP DEL	COM	017175100	42,142	109,943	SH		SOLE		109,478	0	465
ALLEGHANY CORP DEL	COM	017175100	46,868	122,273	SH		SOLE	1	122,273	0	0
ALLEGHENY TECHNOLOGIES INC	COM	01741R102	26	1,000	SH		OTR	1	0	0	1,000
ALLIANCE ONE INTL INC	NOTE 5.500% 7/1	018772AQ6	13,114	12,928,000	PRN		SOLE	1	12,928,000	0	0
AMERICAN EXPRESS CO	COM	025816109	402	5,375	SH		SOLE		5,375	0	0
AMERICAN EXPRESS CO	COM	025816109	74	995	SH		SOLE	1	995	0	0
AMERICAN WTR WKS CO INC NEW	COM	030420103	195	4,740	SH		OTR	1	0	0	4,740
AMERICAN WTR WKS CO INC NEW	COM	030420103	39,960	969,187	SH		SOLE		964,202	0	4,985
AMERICAN WTR WKS CO INC NEW	COM	030420103	52,523	1,273,910	SH		SOLE	1	1,273,910	0	0
ANADARKO PETE CORP	COM	032511107	101	1,180	SH		SOLE	1	1,180	0	0
ANNALY CAP MGMT INC	COM	035710409	95	7,593	SH		SOLE	1	7,593	0	0
APPLE INC	COM	037833100	600	1,512	SH		SOLE	1	1,512	0	0
AT&T INC	COM	00206R102	42	1,200	SH		OTR	1	0	0	1,200
ATLAS PIPELINE PARTNERS LP	UNIT L P INT	049392103	28,442	744,750	SH		SOLE	1	744,750	0	0
ATLAS PIPELINE PARTNERS LP	UNIT L P INT	049392103	37,066	970,565	SH		SOLE		966,540	0	4,025
ATLAS PIPELINE PARTNERS LP	UNIT L P INT	049392103	115	3,000	SH		OTR	1	0	0	3,000
ATMEL CORP	COM	049513104	182	24,750	SH		OTR	1	0	0	11,000
ATMEL CORP	COM	049513104	20,605	2,807,165	SH		SOLE		2,807,165	0	0
ATMEL CORP	COM	049513104	23,291	3,173,154	SH		SOLE	1	3,173,154	0	0
AUTOMATIC DATA PROCESSING IN	COM	053015103	23	340	SH		SOLE	1	340	0	0
BARRETT BILL CORP	NOTE 5.000% 3/1	06846NAA2	6,103	6,103,000	PRN		SOLE	1	6,103,000	0	0
BED BATH & BEYOND INC	COM	075896100	29,948	422,095	SH		SOLE		420,390	0	1,705
BED BATH & BEYOND INC	COM	075896100	32,264	454,740	SH		SOLE	1	454,740	0	0
BERKLEY W R CORP	COM	084423102	102	2,497	SH		SOLE	1	2,497	0	0
BERKSHIRE HATHAWAY INC DEL	CL A	084670108	169	1	SH		OTR	1	0	0	0
BERKSHIRE HATHAWAY INC DEL	CL A	084670108	674	4	SH		SOLE		4	0	0
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	146	1,300	SH		OTR	1	0	0	50
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	141	1,264	SH		SOLE	1	1,264	0	0
BOEING CO	COM	097023105	32,744	319,640	SH		SOLE	1	319,640	0	0
BOEING CO	COM	097023105	29,207	285,110	SH		SOLE		284,000	0	1,110
BOYD GAMING CORP	COM	103304101	23	2,000	SH		SOLE	1	2,000	0	0
BRISTOL MYERS SQUIBB CO	COM	110122108	127	2,837	SH		OTR	1	2,837	0	0
BRISTOL MYERS SQUIBB CO	COM	110122108	474	10,617	SH		SOLE		10,617	0	0
BRISTOL MYERS SQUIBB CO	COM	110122108	166	3,712	SH		SOLE	1	3,712	0	0
BROCADE COMMUNICATIONS SYS I	COM NEW	111621306	12	2,000	SH		OTR	1	0	0	2,000
BUCKEYE PARTNERS L P	UNIT LTD PARTN	118230101	20	292	SH		SOLE	1	292	0	0
CALIFORNIA WTR SVC GROUP	COM	130788102	76	3,880	SH		SOLE		3,880	0	0
CANADIAN NAT RES LTD	COM	136385101	18	650	SH		SOLE	1	650	0	0
CHEVRON CORP NEW	COM	166764100	58	490	SH		SOLE		490	0	0
CHEVRON CORP NEW	COM	166764100	72	610	SH		SOLE	1	610	0	0
CINEMARK HOLDINGS INC	COM	17243V102	132	4,710	SH		OTR	1	0	0	4,710
CINEMARK HOLDINGS INC	COM	17243V102	42,183	1,510,847	SH		SOLE		1,504,172	0	6,675
CINEMARK HOLDINGS INC	COM	17243V102	49,829	1,784,715	SH		SOLE	1	1,784,715	0	0
CLIFFS NAT RES INC	COM	18683K101	81	5,000	SH		OTR	1	0	0	5,000
COCA COLA CO	COM	191216100	32	810	SH		SOLE		810	0	0
COCA COLA CO	COM	191216100	134	3,347	SH		SOLE	1	3,347	0	0
COEUR MNG INC	COM NEW	192108504	27	2,000	SH		SOLE	1	2,000	0	0
COMCAST CORP NEW	CL A SPL	20030N200	80	2,027	SH		SOLE	1	2,027	0	0
COMPANHIA ENERGETICA DE MINA	SP ADR N-V PFD	204409601	80	9,028	SH		OTR	1	0	0	4,514
COMPANHIA ENERGETICA DE MINA	SP ADR N-V PFD	204409601	49	5,417	SH		SOLE	1	5,417	0	0
COMPUTER SCIENCES CORP	COM	205363104	44	1,000	SH		OTR	1	0	0	0
COMPUWARE CORP	COM	205638109	136	13,148	SH		OTR	1	0	0	0
COMPUWARE CORP	COM	205638109	188	18,160	SH		SOLE	1	18,160	0	0
CONOCOPHILLIPS	COM	20825C104	64	1,066	SH		SOLE	1	1,066	0	0
CROWN HOLDINGS INC	COM	228368106	49,057	1,192,740	SH		SOLE	1	1,192,740	0	0
CROWN HOLDINGS INC	COM	228368106	41,612	1,011,723	SH		SOLE		1,006,373	0	5,350
DIAGEO P L C	SPON ADR NEW	25243Q205	32,225	280,341	SH		SOLE		278,741	0	1,600
DIAGEO P L C	SPON ADR NEW	25243Q205	43,450	377,990	SH		SOLE	1	377,990	0	0
DIRECTV	COM	25490A309	28,821	467,575	SH		SOLE		465,565	0	2,010
DIRECTV	COM	25490A309	32,523	527,630	SH		SOLE	1	527,630	0	0
DOW CHEM CO	COM	260543103	69	2,150	SH		OTR	1	2,150	0	0
DU PONT E I DE NEMOURS & CO	COM	263534109	39	738	SH		OTR	1	738	0	0
DURECT CORP	COM	266605104	269	256,600	SH		OTR	1	0	0	256,600
DURECT CORP	COM	266605104	104	99,256	SH		SOLE		99,256	0	0
ENERGEN CORP	COM	29265N108	18	350	SH		OTR	1	0	0	350
ENTERPRISE PRODS PARTNERS L	COM	293792107	358	5,765	SH		OTR	1	0	0	5,765
ENTERPRISE PRODS PARTNERS L	COM	293792107	40,875	657,688	SH		SOLE		655,138	0	2,550
ENTERPRISE PRODS PARTNERS L	COM	293792107	28,850	464,206	SH		SOLE	1	464,206	0	0
EOG RES INC	COM	26875P101	132	1,000	SH		SOLE	1	1,000	0	0
EXXON MOBIL CORP	COM	30231G102	844	9,337	SH		SOLE	1	9,337	0	0
EXXON MOBIL CORP	COM	30231G102	998	11,046	SH		SOLE		11,046	0	0
EXXON MOBIL CORP	COM	30231G102	258	2,859	SH		OTR	1	2,859	0	0
EXXON MOBIL CORP	COM	30231G102	205	2,272	SH		OTR		0	0	0
FIRST REP BK SAN FRANCISCO C	COM	33616C100	10,293	267,493	SH		SOLE		267,493	0	0
FIRST REP BK SAN FRANCISCO C	COM	33616C100	1,466	38,110	SH		SOLE	1	38,110	0	0
FRONTIER COMMUNICATIONS CORP	COM	35906A108	1	306	SH		SOLE	1	306	0	0
GENERAL CABLE CORP DEL NEW	NOTE 0.875%11/1	369300AD0	18,119	18,164,000	PRN		SOLE	1	18,164,000	0	0
GENERAL ELECTRIC CO	COM	369604103	77	3,307	SH		OTR	1	3,307	0	0
GENERAL ELECTRIC CO	COM	369604103	146	6,300	SH		SOLE		6,300	0	0
GENERAL ELECTRIC CO	COM	369604103	19	830	SH		SOLE	1	830	0	0
GOOGLE INC	CL A	38259P508	39,402	44,756	SH		SOLE		44,596	0	160
GOOGLE INC	CL A	38259P508	43,966	49,940	SH		SOLE	1	49,940	0	0
HALCON RES CORP	COM NEW	40537Q209	57	10,000	SH		OTR	1	0	0	10,000
HEALTHSOUTH CORP	COM NEW	421924309	43,170	1,498,967	SH		SOLE		1,492,207	0	6,760
HEALTHSOUTH CORP	COM NEW	421924309	45,097	1,565,868	SH		SOLE	1	1,565,868	0	0
HEWLETT PACKARD CO	COM	428236103	65	2,640	SH		SOLE	1	2,640	0	0
HEWLETT PACKARD CO	COM	428236103	174	7,000	SH		OTR	1	0	0	5,000
HOLOGIC INC	COM	436440101	29,927	1,550,644	SH		SOLE		1,543,694	0	6,950
HOLOGIC INC	COM	436440101	35,194	1,823,510	SH		SOLE	1	1,823,510	0	0
HOLOGIC INC	FRNT 2.000%12/1	436440AA9	70	70,000	PRN		SOLE		70,000	0	0
HOLOGIC INC	FRNT 2.000%12/1	436440AA9	130	130,000	PRN		SOLE	1	130,000	0	0
HORSEHEAD HLDG CORP	NOTE 3.800% 7/0	440694AB3	1,814	1,700,000	PRN		SOLE	1	1,700,000	0	0
ICAHN ENTERPRISES LP/CORP	FRNT 8/1	451102AB3	33,990	33,939,000	PRN		SOLE	1	33,939,000	0	0
INTEGRATED DEVICE TECHNOLOGY	COM	458118106	71	9,000	SH		OTR	1	0	0	0
INTEL CORP	COM	458140100	76	3,147	SH		OTR	1	3,147	0	0
INTERNATIONAL BUSINESS MACHS	COM	459200101	195	1,020	SH		OTR	1	1,020	0	0
INTERNATIONAL BUSINESS MACHS	COM	459200101	226	1,183	SH		SOLE	1	1,183	0	0
JOHNSON & JOHNSON	COM	478160104	42,853	499,102	SH		SOLE		496,967	0	2,135
JOHNSON & JOHNSON	COM	478160104	53,501	623,117	SH		SOLE	1	623,117	0	0
JOHNSON & JOHNSON	COM	478160104	397	4,625	SH		OTR	1	4,625	0	0
JPMORGAN CHASE & CO	COM	46625H100	476	9,025	SH		SOLE	1	9,025	0	0
KINDER MORGAN ENERGY PARTNER	UT LTD PARTNER	494550106	645	7,550	SH		SOLE	1	7,550	0	0
KINDER MORGAN INC DEL	*W EXP 05/25/201	49456B119	102	20,000	PRN		OTR	1	0	0	20,000
KINDER MORGAN INC DEL	*W EXP 05/25/201	49456B119	481	94,000	PRN		SOLE	1	94,000	0	0
KINDER MORGAN INC DEL	COM	49456B101	120	3,150	SH		OTR	1	0	0	3,150
KINDER MORGAN INC DEL	COM	49456B101	1,513	39,655	SH		SOLE		39,655	0	0
KINDER MORGAN INC DEL	COM	49456B101	16,889	442,690	SH		SOLE	1	442,690	0	0
KKR FINL HLDGS LLC	COM	48248A306	35	3,300	SH		SOLE	1	3,300	0	0
KNIGHT CAP GROUP INC	NOTE 3.500% 3/1	499005AE6	5,996	6,000,000	PRN		SOLE	1	6,000,000	0	0
KRAFT FOODS GROUP INC	COM	50076Q106	74	1,332	SH		SOLE		1,332	0	0
LATTICE SEMICONDUCTOR CORP	COM	518415104	78	15,400	SH		OTR	1	0	0	0
LIBERTY INTERACTIVE CORP	INT COM SER A	53071M104	27,975	1,215,784	SH		SOLE		1,210,959	0	4,825
LIBERTY INTERACTIVE CORP	INT COM SER A	53071M104	32,773	1,424,300	SH		SOLE	1	1,424,300	0	0
LILLY ELI & CO	COM	532457108	817	16,631	SH		SOLE		16,631	0	0
LINKEDIN CORP	COM CL A	53578A108	245	1,374	SH		OTR	1	0	0	0
MAGELLAN MIDSTREAM PRTNRS LP	COM UNIT RP LP	559080106	559	10,252	SH		OTR	1	0	0	10,252
MAGELLAN MIDSTREAM PRTNRS LP	COM UNIT RP LP	559080106	46,212	847,932	SH		SOLE		842,907	0	5,025
MAGELLAN MIDSTREAM PRTNRS LP	COM UNIT RP LP	559080106	42,195	774,221	SH		SOLE	1	774,221	0	0
MARKET VECTORS ETF TR	JR GOLD MINERS E	57060U589	7	725	PRN		SOLE	1	725	0	0
MASTERCARD INC	CL A	57636Q104	52	90	SH		SOLE	1	90	0	0
MCGRATH RENTCORP	COM	580589109	140	4,100	SH		OTR	1	4,100	0	0
MEAD JOHNSON NUTRITION CO	COM	582839106	163	2,060	SH		SOLE		2,060	0	0
MEDALLION FINL CORP	COM	583928106	60	4,310	SH		SOLE	1	4,310	0	0
MEDTRONIC INC	COM	585055106	90	1,750	SH		OTR	1	0	0	1,750
MERCK & CO INC NEW	COM	58933Y105	335	7,218	SH		OTR	1	7,218	0	0
MERCK & CO INC NEW	COM	58933Y105	215	4,636	SH		SOLE	1	4,636	0	0
MERCK & CO INC NEW	COM	58933Y105	36	783	SH		SOLE		783	0	0
MGM RESORTS INTERNATIONAL	COM	552953101	30	2,000	SH		SOLE	1	2,000	0	0
MICRON TECHNOLOGY INC	COM	595112103	29	2,000	SH		OTR	1	0	0	0
MICROSOFT CORP	COM	594918104	88	2,561	SH		SOLE	1	2,561	0	0
MONSANTO CO NEW	COM	61166W101	82	835	SH		SOLE	1	835	0	0
NATIONSTAR MTG HLDGS INC	COM	63861C109	28,798	769,170	SH		SOLE		766,090	0	3,080
NATIONSTAR MTG HLDGS INC	COM	63861C109	29,534	788,845	SH		SOLE	1	788,845	0	0
NAVISTAR INTL CORP NEW	NOTE 3.000%10/1	63934EAL2	6,596	6,791,000	PRN		SOLE	1	6,791,000	0	0
NEW RESIDENTIAL INVT CORP	COM	64828T102	101	15,055	SH		OTR	1	0	0	15,055
NEW RESIDENTIAL INVT CORP	COM	64828T102	29,542	4,383,015	SH		SOLE		4,364,335	0	18,680
NEW RESIDENTIAL INVT CORP	COM	64828T102	32,688	4,849,815	SH		SOLE	1	4,849,815	0	0
NEWCASTLE INVT CORP	COM	65105M108	31,287	5,982,180	SH		SOLE		5,957,245	0	24,935
NEWCASTLE INVT CORP	COM	65105M108	34,032	6,507,005	SH		SOLE	1	6,507,005	0	0
NEWCASTLE INVT CORP	COM	65105M108	121	23,220	SH		OTR	1	0	0	23,220
NII HLDGS INC	CL B NEW	62913F201	7	1,000	SH		OTR	1	0	0	1,000
NOVARTIS A G	SPONSORED ADR	66987V109	19,152	270,855	SH		SOLE		269,690	0	1,165
NOVARTIS A G	SPONSORED ADR	66987V109	27,886	394,375	SH		SOLE	1	394,375	0	0
NVIDIA CORP	COM	67066G104	140	10,000	SH		SOLE	1	10,000	0	0
OCCIDENTAL PETE CORP DEL	COM	674599105	107	1,195	SH		OTR	1	0	0	1,195
OCCIDENTAL PETE CORP DEL	COM	674599105	35,130	393,697	SH		SOLE		391,982	0	1,715
OCCIDENTAL PETE CORP DEL	COM	674599105	43,902	492,013	SH		SOLE	1	492,013	0	0
OCWEN FINL CORP	COM NEW	675746309	136	3,290	SH		OTR	1	0	0	3,290
OCWEN FINL CORP	COM NEW	675746309	251	6,085	SH		SOLE	1	6,085	0	0
ORACLE CORP	COM	68389X105	30,632	997,453	SH		SOLE	1	997,453	0	0
ORACLE CORP	COM	68389X105	51	1,650	SH		OTR	1	0	0	0
ORACLE CORP	COM	68389X105	25,853	841,835	SH		SOLE		838,150	0	3,685
OWENS ILL INC	COM NEW	690768403	40,139	1,444,375	SH		SOLE	1	1,444,375	0	0
OWENS ILL INC	COM NEW	690768403	36,950	1,329,610	SH		SOLE		1,324,470	0	5,140
OWENS ILL INC	COM NEW	690768403	74	2,680	SH		OTR	1	0	0	2,680
PEPSICO INC	COM	713448108	82	1,000	SH		OTR	1	1,000	0	0
PEPSICO INC	COM	713448108	178	2,175	SH		SOLE	1	2,175	0	0
PFIZER INC	COM	717081103	97	3,450	SH		SOLE	1	3,450	0	0
PHILIP MORRIS INTL INC	COM	718172109	130	1,499	SH		SOLE	1	1,499	0	0
PHILLIPS 66	COM	718546104	18	313	SH		SOLE	1	313	0	0
POPE RES DEL LTD PARTNERSHIP	DEPOSITRY RCPT	732857107	1,089	15,560	SH		OTR	1	0	0	0
PROCTER & GAMBLE CO	COM	742718109	1,736	22,552	SH		SOLE		22,132	0	420
PROCTER & GAMBLE CO	COM	742718109	1,567	20,359	SH		SOLE	1	20,359	0	0
PROSHARES TR	PSHS SHRT S&P500	74347R503	30	1,000	SH		OTR	1	0	0	0
PROSHARES TR	PSHS ULTSH 20YRS	74347B201	18	250	SH		SOLE	1	250	0	0
QUALCOMM INC	COM	747525103	160	2,620	SH		SOLE	1	2,620	0	0
QUESTAR CORP	COM	748356102	43,931	1,841,987	SH		SOLE	1	1,841,987	0	0
QUESTAR CORP	COM	748356102	5	190	SH		OTR	1	0	0	190
QUESTAR CORP	COM	748356102	33,913	1,421,916	SH		SOLE		1,415,741	0	6,175
SAN JUAN BASIN RTY TR	UNIT BEN INT	798241105	9	550	SH		SOLE		550	0	0
SANOFI	RIGHT 12/31/2020	80105N113	84	44,150	SH		SOLE	1	44,150	0	0
SPDR GOLD TRUST	GOLD SHS	78463V107	115	966	PRN		OTR	1	0	0	0
SPDR GOLD TRUST	GOLD SHS	78463V107	31	260	PRN		SOLE	1	260	0	0
SPDR SERIES TRUST	BRC HGH YLD BD	78464A417	63	1,600	PRN		SOLE	1	1,600	0	0
SPECTRA ENERGY PARTNERS LP	COM	84756N109	138	3,000	SH		SOLE	1	3,000	0	0
SPIRIT AEROSYSTEMS HLDGS INC	COM CL A	848574109	47	2,200	SH		OTR	1	0	0	2,200
SPIRIT AEROSYSTEMS HLDGS INC	COM CL A	848574109	15,804	735,746	SH		SOLE		735,746	0	0
SPIRIT AEROSYSTEMS HLDGS INC	COM CL A	848574109	21,079	981,345	SH		SOLE	1	981,345	0	0
STONE ENERGY CORP	NOTE 1.750% 3/0	861642AN6	9,198	9,944,000	PRN		SOLE	1	9,944,000	0	0
SUNCOR ENERGY INC NEW	COM	867224107	46	1,555	SH		SOLE	1	1,555	0	0
SUPERVALU INC	COM	868536103	0	3	SH		SOLE	1	3	0	0
SYMETRA FINL CORP	COM	87151Q106	118	7,404	SH		OTR	1	0	0	0
SYMETRA FINL CORP	COM	87151Q106	21,268	1,330,058	SH		SOLE		1,322,583	0	7,475
SYMETRA FINL CORP	COM	87151Q106	26,785	1,675,125	SH		SOLE	1	1,675,125	0	0
TELEFLEX INC	COM	879369106	36,526	471,362	SH		SOLE		469,372	0	1,990
TELEFLEX INC	COM	879369106	42,544	549,032	SH		SOLE	1	549,032	0	0
TELEFLEX INC	NOTE 3.875% 8/0	879369AA4	24,514	18,150,000	PRN		SOLE	1	18,150,000	0	0
THOMPSON CREEK METALS CO INC	COM	884768102	45	15,000	SH		OTR	1	0	0	15,000
TOTAL S A	SPONSORED ADR	89151E109	9	189	SH		SOLE	1	189	0	0
UNILEVER N V	N Y SHS NEW	904784709	38,649	983,181	SH		SOLE		978,546	0	4,635
UNILEVER N V	N Y SHS NEW	904784709	45,254	1,151,209	SH		SOLE	1	1,151,209	0	0
UNION PAC CORP	COM	907818108	463	3,000	SH		SOLE		3,000	0	0
UNION PAC CORP	COM	907818108	46	300	SH		SOLE	1	300	0	0
VALEANT PHARMACEUTICALS INTL	COM	91911K102	172	2,000	SH		OTR	1	0	0	2,000
VALEANT PHARMACEUTICALS INTL	COM	91911K102	58,076	674,673	SH		SOLE		671,644	0	3,029
VALEANT PHARMACEUTICALS INTL	COM	91911K102	67,752	787,076	SH		SOLE	1	787,076	0	0
VECTOR GROUP LTD	FRNT 1/1	92240MAY4	35,735	30,587,000	PRN		SOLE	1	30,587,000	0	0
VERISIGN INC	COM	92343E102	107	2,400	SH		OTR	1	0	0	2,400
VERIZON COMMUNICATIONS INC	COM	92343V104	30	600	SH		SOLE	1	600	0	0
VIACOM INC NEW	CL B	92553P201	44,796	658,472	SH		SOLE		655,427	0	3,045
VIACOM INC NEW	CL B	92553P201	54,746	804,733	SH		SOLE	1	804,733	0	0
VIAD CORP	COM NEW	92552R406	18	730	SH		SOLE	1	730	0	0
WALGREEN CO	COM	931422109	94	2,134	SH		SOLE	1	2,134	0	0
WELLS FARGO & CO NEW	COM	949746101	403	9,755	SH		OTR	1	9,755	0	0
WELLS FARGO & CO NEW	COM	949746101	59	1,423	SH		SOLE		1,423	0	0
XEROX CORP	COM	984121103	22,073	2,433,628	SH		SOLE		2,424,518	0	9,110
XEROX CORP	COM	984121103	22,772	2,510,642	SH		SOLE	1	2,510,642	0	0
XPO LOGISTICS INC	NOTE 4.500%10/0	983793AA8	19,210	15,500,000	PRN		SOLE	1	15,500,000	0	0