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, 2013
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, 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: 119
Form 13F Information Table Value Total: $2,621,998 (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 20113 20316000 PRN OTHER 1 20316000 0 0
ACELRX PHARMACEUTICALS INC COM 00444T100 262 50709 SH SOLE 50709 0 0
AIR LEASE CORP CL A 00912X302 45628 1556222 SH OTHER 1549827 0 6395
AIR LEASE CORP CL A 00912X302 49569 1690625 SH OTHER 1 1687475 0 0
ALLEGHANY CORP DEL COM 017175100 44602 112653 SH OTHER 112188 0 465
ALLEGHANY CORP DEL COM 017175100 49199 124265 SH OTHER 1 123725 0 351
ALLIANCE ONE INTL INC NOTE 5.500% 7/1 018772AQ6 6807 6665000 PRN OTHER 1 6665000 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 688 20990 SH OTHER 1 20990 0 0
AMERICAN EXPRESS CO COM 025816109 363 5375 SH SOLE 5375 0 0
AMERICAN WTR WKS CO INC NEW COM 030420103 42324 1021342 SH OTHER 1016357 0 4985
AMERICAN WTR WKS CO INC NEW COM 030420103 51104 1233220 SH OTHER 1 1228480 0 4740
ANNALY CAP MGMT INC COM 035710409 496 31238 SH OTHER 1 31238 0 0
APPLE INC COM 037833100 602 1359 SH OTHER 1 1359 0 0
ATMEL CORP COM 049513104 19570 2812150 SH OTHER 2812150 0 0
ATMEL CORP COM 049513104 22565 3242389 SH OTHER 1 3217639 0 11000
BARRETT BILL CORP NOTE 5.000% 3/1 06846NAA2 6107 6103000 PRN OTHER 1 6103000 0 0
BED BATH & BEYOND INC COM 075896100 27189 422060 SH OTHER 420355 0 1705
BED BATH & BEYOND INC COM 075896100 29611 459660 SH OTHER 1 459660 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 625 4 SH OTHER 4 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 156 1 SH OTHER 1 0 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 267 2564 SH OTHER 1 1264 0 50
BLOCK H & R INC COM 093671105 25904 880475 SH OTHER 876780 0 3695
BLOCK H & R INC COM 093671105 27838 946215 SH OTHER 1 946215 0 0
BOEING CO COM 097023105 20508 238880 SH OTHER 237770 0 1110
BOEING CO COM 097023105 26950 313920 SH OTHER 1 313920 0 0
BRISTOL MYERS SQUIBB CO COM 110122108 437 10617 SH OTHER 10617 0 0
BRISTOL MYERS SQUIBB CO COM 110122108 270 6549 SH OTHER 1 6549 0 0
CINEMARK HOLDINGS INC COM 17243V102 51540 1750660 SH OTHER 1 1745950 0 4710
CINEMARK HOLDINGS INC COM 17243V102 41179 1398727 SH OTHER 1392052 0 6675
COMPUWARE CORP COM 205638109 39829 3188930 SH OTHER 1 3175930 0 0
COMPUWARE CORP COM 205638109 32363 2591125 SH OTHER 2579180 0 11945
CROWN HOLDINGS INC COM 228368106 42125 1012388 SH OTHER 1007038 0 5350
CROWN HOLDINGS INC COM 228368106 49526 1190235 SH OTHER 1 1190235 0 0
DIAGEO P L C SPON ADR NEW 25243Q205 35259 280191 SH OTHER 278591 0 1600
DIAGEO P L C SPON ADR NEW 25243Q205 47206 375130 SH OTHER 1 375130 0 0
DURECT CORP COM 266605104 132 99256 SH OTHER 99256 0 0
DURECT CORP COM 266605104 341 256600 SH OTHER 1 0 0 256600
ENTERPRISE PRODS PARTNERS L COM 293792107 42678 707873 SH OTHER 705323 0 2550
ENTERPRISE PRODS PARTNERS L COM 293792107 29178 483961 SH OTHER 1 470831 0 13130
EXXON MOBIL CORP COM 30231G102 1200 13318 SH OTHER 11046 0 0
EXXON MOBIL CORP COM 30231G102 1041 11546 SH OTHER 1 11546 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 22402 580060 SH OTHER 578515 0 1545
FIRST REP BK SAN FRANCISCO C COM 33616C100 15829 409875 SH OTHER 1 409875 0 0
GENERAL ELECTRIC CO COM 369604103 146 6300 SH OTHER 6300 0 0
GENERAL ELECTRIC CO COM 369604103 95 4137 SH OTHER 1 4137 0 0
GOOGLE INC CL A 38259P508 38139 48023 SH OTHER 1 48023 0 0
GOOGLE INC CL A 38259P508 36208 45591 SH OTHER 45431 0 160
HEALTHSOUTH CORP COM NEW 421924309 42253 1602327 SH OTHER 1595567 0 6760
HEALTHSOUTH CORP COM NEW 421924309 41506 1573978 SH OTHER 1 1573978 0 0
HEWLETT PACKARD CO COM 428236103 230 9640 SH OTHER 1 2640 0 5000
HOLOGIC INC COM 436440101 37548 1661404 SH OTHER 1654454 0 6950
HOLOGIC INC COM 436440101 41110 1819040 SH OTHER 1 1819040 0 0
HOLOGIC INC FRNT 2.000%12/1 436440AA9 70 70000 PRN OTHER 70000 0 0
HOLOGIC INC FRNT 2.000%12/1 436440AA9 130 130000 PRN OTHER 1 130000 0 0
HORSEHEAD HLDG CORP NOTE 3.800% 7/0 440694AB3 1506 1500000 PRN OTHER 1 1500000 0 0
ICAHN ENTERPRISES LP/CORP FRNT 8/1 451102AB3 35026 34939000 PRN OTHER 1 34939000 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 408 1913 SH OTHER 1 1913 0 0
JOHNSON & JOHNSON COM 478160104 50309 617067 SH OTHER 1 617067 0 0
JOHNSON & JOHNSON COM 478160104 41293 506482 SH OTHER 504347 0 2135
JPMORGAN CHASE & CO COM 46625H100 428 9025 SH OTHER 1 9025 0 0
KB HOME NOTE 1.375% 2/0 48666KAS8 8795 8000000 PRN OTHER 1 8000000 0 0
KINDER MORGAN ENERGY PARTNER UT LTD PARTNER 494550106 678 7550 SH OTHER 1 7550 0 0
KINDER MORGAN INC DEL *W EXP 05/25/201 49456B119 586 114000 PRN OTHER 1 94000 0 20000
KINDER MORGAN INC DEL COM 49456B101 37650 973362 SH OTHER 968597 0 4765
KINDER MORGAN INC DEL COM 49456B101 47556 1229465 SH OTHER 1 1226315 0 3150
LATTICE SEMICONDUCTOR CORP COM 518415104 84 15400 SH OTHER 1 0 0 0
LIBERTY INTERACTIVE CORP INT COM SER A 53071M104 23663 1107319 SH OTHER 1102494 0 4825
LIBERTY INTERACTIVE CORP INT COM SER A 53071M104 30102 1408625 SH OTHER 1 1408625 0 0
LILLY ELI & CO COM 532457108 944 16631 SH SOLE 16631 0 0
MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 49323 923127 SH OTHER 918102 0 5025
MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 42689 798977 SH OTHER 1 787387 0 11590
MERCK & CO INC NEW COM 58933Y105 35 783 SH OTHER 783 0 0
MERCK & CO INC NEW COM 58933Y105 524 11854 SH OTHER 1 11854 0 0
MGM RESORTS INTERNATIONAL NOTE 4.250% 4/1 55303QAE0 7098 6538000 PRN OTHER 1 6538000 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 28445 770875 SH OTHER 767795 0 3080
NATIONSTAR MTG HLDGS INC COM 63861C109 28170 763420 SH OTHER 1 763420 0 0
NAVISTAR INTL CORP NEW NOTE 3.000%10/1 63934EAL2 21220 20791000 PRN OTHER 1 20791000 0 0
NEWCASTLE INVT CORP COM 65105M108 29770 2665130 SH OTHER 2654455 0 10675
NEWCASTLE INVT CORP COM 65105M108 32415 2901980 SH OTHER 1 2886925 0 15055
NOVARTIS A G SPONSORED ADR 66987V109 19287 270735 SH OTHER 269570 0 1165
NOVARTIS A G SPONSORED ADR 66987V109 28076 394105 SH OTHER 1 394105 0 0
NVIDIA CORP COM 67066G104 128 10000 SH OTHER 1 10000 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 28713 366377 SH OTHER 364662 0 1715
OCCIDENTAL PETE CORP DEL COM 674599105 37550 479129 SH OTHER 1 477934 0 1195
ORACLE CORP COM 68389X105 23413 724185 SH OTHER 720935 0 3250
ORACLE CORP COM 68389X105 28832 891800 SH OTHER 1 891800 0 0
OWENS ILL INC COM NEW 690768403 32552 1221445 SH OTHER 1216305 0 5140
OWENS ILL INC COM NEW 690768403 36528 1370685 SH OTHER 1 1368005 0 2680
PEPSICO INC COM 713448108 251 3175 SH OTHER 1 3175 0 0
POPE RES DEL LTD PARTNERSHIP DEPOSITRY RCPT 732857107 957 15560 SH OTHER 1 0 0 0
PROCTER & GAMBLE CO COM 742718109 1649 21404 SH OTHER 1 21404 0 0
PROCTER & GAMBLE CO COM 742718109 1742 22602 SH SOLE 22182 0 420
QUALCOMM INC COM 747525103 236 3530 SH OTHER 1 3530 0 0
QUESTAR CORP COM 748356102 37655 1547681 SH OTHER 1541506 0 6175
QUESTAR CORP COM 748356102 45312 1862387 SH OTHER 1 1862197 0 190
SANDISK CORP NOTE 1.000% 5/1 80004CAC5 1149 1150000 PRN OTHER 1150000 0 0
SANDISK CORP NOTE 1.000% 5/1 80004CAC5 280 280000 PRN OTHER 1 280000 0 0
SANOFI RIGHT 12/31/2020 80105N113 79 44150 SH OTHER 1 44150 0 0
SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 14012 737841 SH OTHER 737841 0 0
SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 18955 998140 SH OTHER 1 995940 0 2200
SYMETRA FINL CORP COM 87151Q106 18167 1354758 SH OTHER 1347283 0 7475
SYMETRA FINL CORP COM 87151Q106 21008 1566585 SH OTHER 1 1559225 0 0
TELEFLEX INC COM 879369106 45388 537067 SH OTHER 1 537067 0 0
TELEFLEX INC COM 879369106 41578 491987 SH OTHER 489997 0 1990
TELEFLEX INC NOTE 3.875% 8/0 879369AA4 26261 18150000 PRN OTHER 1 18150000 0 0
THOMPSON CREEK METALS CO INC COM 884768102 45 15000 SH OTHER 1 0 0 15000
UNILEVER N V N Y SHS NEW 904784709 40290 982671 SH OTHER 978036 0 4635
UNILEVER N V N Y SHS NEW 904784709 46674 1138384 SH OTHER 1 1138384 0 0
UNION PAC CORP COM 907818108 427 3000 SH SOLE 3000 0 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 52079 694203 SH OTHER 691174 0 3029
VALEANT PHARMACEUTICALS INTL COM 91911K102 59265 789987 SH OTHER 1 787987 0 2000
VECTOR GROUP LTD FRNT 1/1 92240MAY4 35776 30750000 PRN OTHER 1 30750000 0 0
VIACOM INC NEW CL B 92553P201 40630 660867 SH OTHER 657822 0 3045
VIACOM INC NEW CL B 92553P201 49616 807020 SH OTHER 1 807020 0 0
WELLS FARGO & CO NEW COM 949746101 53 1423 SH OTHER 1423 0 0
WELLS FARGO & CO NEW COM 949746101 361 9755 SH OTHER 1 9755 0 0
XEROX CORP COM 984121103 19855 2308758 SH OTHER 2299648 0 9110
XEROX CORP COM 984121103 21116 2455392 SH OTHER 1 2455392 0 0
XPO LOGISTICS INC NOTE 4.500%10/0 983793AA8 18319 15500000 PRN OTHER 1 15500000 0 0