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

                                    Form 13F
                               Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: 9/30/2012
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:      Point Lobos Capital, LLC

Address:   456 Montgomery Street, 22nd Floor
           San Francisco, CA 94104


Form 13F File Number: 028-14148


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 submission.

Persons Signing this Report on Behalf of Reporting Manager:

Name:   William E. Todebush
Title:  Chief Operating Officer
Phone:  415-962-1802

Signature,  Place,  and  Date  of  Signing:

/s/ William E. Todebush            San Francisco, CA                  11/12/2012
---------------------------------  ---------------------------------  ----------
[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:




                              Form 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers:                    0

Form 13F Information Table Entry Total:              15

Form 13F Information Table Value Total:  $      141,094
                                         --------------
                                         (In Thousands)


List of Other Included Managers:

Provide a numbered list of the name(s) and 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.
NONE







                                                  FORM 13F INFORMATION TABLE

             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 MANAGERS   SOLE    SHARED NONE
---------------------------------- -------------- --------- -------- ------------ --- ---- ---------- -------- --------- ------ ----
                                                                                               
AMARIN CORPORATION PLC -ADR        SPON ADR       023111206   22,821 1,814,793.00 SH       SOLE                1,814,793      0    0
EQUITY ADR 0.0
AMERICAN REALTY CAPITAL TRUS REIT  COM            02917L101    3,919   333,790.00 SH       SOLE                  333,790      0    0
0.0
BROOKFIELD ASSET MANAGE-CL A       CL A LTD VT    112585104    7,865   227,900.00 SH       SOLE                  227,900      0    0
                                   SHS
HEALTH NET INC                     COM            42222G108   18,975   842,974.00 SH       SOLE                  842,974      0    0
IMATION CORP                       COM            45245A107    7,263 1,299,311.00 SH       SOLE                1,299,311      0    0
INVACARE CORP                      COM            461203101   12,937   914,911.00 SH       SOLE                  914,911      0    0
LONE PINE RESOURCES INC            COM            54222A106    1,794 1,150,072.00 SH       SOLE                1,150,072      0    0
MEDCATH CORPORATION                COM            58404W109    2,016 1,409,881.00 SH       SOLE                1,409,881      0    0
MEMC ELECTRONIC MATERIALS          COM            552715104    7,618 2,770,243.00 SH       SOLE                2,770,243      0    0
NORDION INC                        COM            65563C105   15,523 2,299,689.00 SH       SOLE                2,299,689      0    0
ORASURE TECHNOLOGIES INC           COM            68554V108   11,179 1,006,212.00 SH       SOLE                1,006,212      0    0
RESOLUTE ENERGY CORP               COM            76116A108    1,881   212,030.00 SH       SOLE                  212,030      0    0
SEMGROUP CORP-CLASS A              CL A SHS       81663A105   25,971   704,765.00 SH       SOLE                  704,765      0    0
SIGMA DESIGNS INC                  COM            826565103      250    37,850.00 SH       SOLE                   37,850      0    0
VERINT SYSTEMS INC                 COM            92343X100    1,082    39,419.00 SH       SOLE                   39,419      0    0