13F-HR 1 d250023d13fhr.txt FORM 13F-HR 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, 2011 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: Tamalpais Asset Management LP Address: 3 Harbor Dr Ste. 204 Sausalito, CA 94965 Form 13F File Number: 28-12446 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: Darren Huber Title: Chief Compliance Officer Phone: 415-289-3606 Signature, Place, and Date of Signing: /s/ Darren Huber Sausalito, CA November 2, 2011 ------------------------ ------------------------- ------------------------- [Signature] [City, State] [Date] Report Type (Check only one.): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: NONE FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 43 Form 13F Information Table Value Total: $134,297 (thousands) List of Other Included Managers: NONE Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. FORM 13F INFORMATION TABLE

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 -------- --------------- ---~~-----------~~ ------------ -------- -------------------- ---------- -------- ---------------- VOTING ~~AUTHORITY~~ VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER ~~----------------~~AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION ~~MANAGERS~~MANAGER SOLE ~~SHARED~~SHARE NONE -------------- --------- ---------~~-----~~ ------------ -------- ---------- ---- ---- ---------- -------- ----- ------ ---- ~~ALCOA~~AK STL HLDG CORP COM 001547 10 8 $ 353 53,983 SH SOLE SOLE AT&T INC COM ~~013817~~00206R 10 2 $ 2,720 95,360 SH SOLE SOLE ALLSTATE CORP COM 020002 10 1 $ 5,~~926~~511 ~~373~~231,~~650~~541 SH SOLE SOLE APACHE CORP COM 037411 10 5 $ 2,212 27,567 SH SOLE SOLE BANK OF AMERICA CORPORATION COM 060505 10 4 3$ 4,~~336~~215 ~~304~~688,~~360~~806 SH SOLE SOLE BANK OF AMERICA CORPORATION * W EXP 01/16/201 060505 14 6 $ 230 85,000 SH SOLE SOLE BEAZER HOMES USA INC) COM 07556Q 10 5 $ 64 42,638 SH SOLE SOLE BOEING CO COM 097023 10 5 $ 1,890 31,232 SH SOLE SOLE CISCO SYS INC COM 17275R 10 2 7$ 4,~~127~~651 ~~456~~300,~~554~~253 SH SOLE SOLE ~~CHINA~~CITIGROUP ~~MED~~INC ~~TECHNOLOGIES~~COM ~~NOTE~~NEW 172967 42 4~~.000%~~ $ 2,445 95,446 SH SOLE SOLE CUMMINS INC ~~8/1~~COM ~~169483~~231021 AC10 86 1$ 980 12,~~461~~000 SH SOLE SOLE DISNEY WALT CO COM DISNEY 254687 10 6 $ 4,060 134,623 SH SOLE SOLE DU PONT E I DE NEMOURS & CO COM 263534 10 9 $ 2,~~000~~155 53,~~000~~914 ~~PRN~~SH SOLE SOLE ~~CITIGROUP~~E ~~INC~~M C CORP MASS COM ~~172967~~268648 10 2 $ 1,209 ~~853~~57,620 20SH SOLE SOLE ETFS PLATINUM TR SH BEN INT 26922V 10 1 $ 3,~~494~~758 25,000 SH SOLE SOLE ENERGY CONVERSION DEVICES IN NOTE 3.000% ~~DEVICES IN~~ 6/1 292659 AA 7 $ 1,~~644~~880 34,000,000 PRN SOLE SOLE ~~GENERAL~~EXELON ~~MTRS~~CORP COCOM *W30161N ~~EXP 07/~~10~~/201~~ ~~37045V~~1 11$ 8370 28,~~368~~694 ~~110,671~~ SH SOLE SOLE ~~GENERAL~~FREEPORT-MCMORAN ~~MTRS~~COPPER CO& *WGO ~~EXP~~COM ~~07/10/201~~35671D ~~37045V~~85 127 6$ 12,~~126~~295 7075,~~671~~367 SH SOLE SOLE ~~GOLDMAN~~GENERAL ~~SACHS~~ELECTRIC ~~GROUP~~CO ~~INC~~ COM ~~38141G~~369604 10 4 3 $ 6,~~014~~910 22451,~~649~~627 SH SOLE SOLE GOOGLE INC CL A 38259P 50 8 ~~834~~$ 958 1,~~646~~862 SH SOLE SOLE HECKMANN CORP * W EXP 11/09/201 422680 11 6 ~~146~~$ 33 325,000 SH SOLE SOLE ~~INTEL~~HUMAN ~~CORP~~GENOME ~~COM~~SCIENCES ~~458140~~INC NOTE 2.250%10/1 0444903 ~~329~~AK 144 $ 2,~~859~~539 SH2,500,000 PRN SOLE SOLE ~~LOWES~~JPMORGAN ~~COS~~CHASE ~~INC~~& CO COM ~~548661~~46625H 10 70 ~~973~~$ 415,~~748~~877 195,105 SH SOLE SOLE ~~MERCK~~MGIC &INVT COCORP ~~INC~~WIS ~~NEW~~ COM ~~58933Y~~552848 10 53 ~~2,174~~$ 61234 125,~~190~~000 SH SOLE SOLE ~~MICROSOFT~~MEDTRONIC ~~CORP~~INC COM ~~594918~~585055 10 46 $ 1,~~643~~009 6330,~~194~~362 SH SOLE SOLE ~~MONSANTO~~MERCK & CO INC NEW COM ~~61166W~~58933Y 10 15 ~~956~~$ 135,~~175~~568 169,093 SH SOLE SOLE ~~MORGAN~~MICROSOFT ~~STANLEY~~CORP COM ~~NEW~~594918 ~~617446~~10 444 8$ 12,~~924~~324 8393,~~634~~368 SH SOLE SOLE ~~NEWMONT~~MICRON ~~MINING~~TECHNOLOGY ~~CORP~~INC COM ~~651639~~595112 10 63 ~~796~~$ 14778 154,~~750~~400 SH SOLE SOLE NOVAGOLD RES INC NOTE 5.500% 5/0 66987E AA 5 16$14,~~621~~966 13,500,000 PRN SOLE SOLE ~~PMI~~OCCIDENTAL ~~GROUP~~PETE CORP DEL COM 674599 10 5 $ 3,084 43,105 SH SOLE SOLE PEPSICO INC COM ~~69344M~~713448 10 18 ~~109~~$ ~~101~~5,~~425~~265 85,058 SH SOLE SOLE ~~PROCTER~~PFIZER &INC ~~GAMBLE~~COM CO717081 10 3 $ 2,443 138,197 SH SOLE SOLE POWERWAVE TECHNOLOGIES INC COM ~~742718~~739363 10 9 ~~6,273~~$ 98146 85,~~685~~000 SH SOLE SOLE ~~SPDR~~RAMBUS ~~S&P~~INC ~~500~~DEL ~~ETF~~NOTE TR5.000% TR6/1 ~~UNIT~~750917 ~~78462F~~AC 100 3$ ~~160~~4,~~479~~485 14,~~219~~000,~~862~~000 PRN SOLE SOLE SCHLUMBERGER LTD COM 806857 10 8 $ 3,836 64,317 SH SOLE SOLE STILLWATER MNG CO NOTE 1.875% 3/1 86074Q AF 9 22$18,~~072~~176 1819,221,000 PRN SOLE SOLE STILLWATER MINING CO COM 86074Q 10 2 $ 36 4,200 SH SOLE SOLE TARGET CORP COM 87612E 10 6 2$ 1,~~999~~047 6321,~~937~~342 SH SOLE SOLE ~~TRINITY~~3M ~~INDS~~CO COM 88579Y 10 1 $ 4,205 58,570 SH SOLE SOLE UNITED PARCEL SERVICE INC ~~COM~~CL ~~896522~~B 911312 10 96 ~~693~~$ 192,~~880~~420 38,319 SH SOLE SOLE VIRGIN MEDIA INC NOTE 6.500%11/1 92769L AB 7 $ 3,834 2,500,000 PRN SOLE SOLE WAL MART STORES INC COM 931142 10 3 $ 1,~~409~~589 2630,~~507~~611 SH SOLE SOLE WELLS FARGO & CO NEW COM 949746 10 1 3$ 1,~~321~~537 ~~118~~63,~~359~~720 SH SOLE SOLE

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