13F-HR 1 ostm1q06.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: March 31, 2006 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: 28-04483 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 12, 2006 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 Form13F Information Table Entry Total: 243 Form13F Information Table Value Total: $2,274,447 (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 1 28-06550 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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- 3M CO COM 88579Y101 780 10300 SH SOLE 10300 0 0 3M CO COM 88579Y101 939 12400 SH OTHER 1 12400 0 0 3M CO COM 88579Y101 897 11854 SH SOLE 1 11854 0 0 ABBOTT LABS COM 002824100 1240 29200 SH SOLE 29200 0 0 ABBOTT LABS COM 002824100 464 10933 SH SOLE 1 10933 0 0 ACE LTD ORD G0070K103 291 5600 SH SOLE 1 5600 0 0 ADOBE SYS INC COM 00724F101 294 8400 SH SOLE 1 8400 0 0 AFLAC INC COM 001055102 334 7400 SH SOLE 1 7400 0 0 AGERE SYS INC NOTE 6.500%12/1 00845VAA8 1084 1100000 PRN SOLE 1 1100000 0 0 AIRTRAN HLDGS INC COM 00949P108 8147 449875 SH SOLE 434550 0 15325 AIRTRAN HLDGS INC COM 00949P108 21108 1165530 SH SOLE 1 1165530 0 0 ALTRIA GROUP INC COM 02209S103 515 7261 SH SOLE 1 7261 0 0 ALTRIA GROUP INC COM 02209S103 296 4180 SH SOLE 4180 0 0 AMERICAN COMMERCIAL LINES COM NEW 025195207 283 6000 SH OTHER 1 6000 0 0 AMERICAN EXPRESS CO COM 025816109 332 6325 SH SOLE 6325 0 0 AMERICAN EXPRESS CO COM 025816109 328 6238 SH SOLE 1 6238 0 0 AMERICAN INTL GROUP INC COM 026874107 54 821 SH SOLE 1 821 0 0 AMERICAN INTL GROUP INC COM 026874107 3716 56232 SH OTHER 1 56232 0 0 ANADARKO PETE CORP COM 032511107 424 4200 SH SOLE 1 4200 0 0 APTARGROUP INC COM 038336103 759 13736 SH SOLE 1 13736 0 0 ARES CAP CORP COM 04010L103 537 31236 SH OTHER 1 31236 0 0 ARES CAP CORP COM 04010L103 32632 1899434 SH SOLE 1 1899434 0 0 ARES CAP CORP COM 04010L103 17412 1013525 SH SOLE 1007475 0 6050 AUTOMATIC DATA PROCESSING IN COM 053015103 113 2470 SH SOLE 1 2470 0 0 AUTOMATIC DATA PROCESSING IN COM 053015103 274 6000 SH SOLE 6000 0 0 AVERY DENNISON CORP COM 053611109 205 3500 SH OTHER 1 3500 0 0 AVERY DENNISON CORP COM 053611109 45411 776525 SH SOLE 1 776525 0 0 AVERY DENNISON CORP COM 053611109 20911 357575 SH SOLE 351575 0 6000 AXCELIS TECHNOLOGIES INC NOTE 4.250% 1/1 054540AB5 10 10000 PRN SOLE 10000 0 0 AXCELIS TECHNOLOGIES INC NOTE 4.250% 1/1 054540AB5 1571 1595000 PRN SOLE 1 1595000 0 0 BASIC ENERGY SVCS INC NEW COM 06985P100 247 8300 SH OTHER 1 8300 0 0 BAUSCH & LOMB INC COM 071707103 20429 320704 SH SOLE 315554 0 5150 BAUSCH & LOMB INC COM 071707103 37508 588824 SH SOLE 1 588824 0 0 BECTON DICKINSON & CO COM 075887109 293 4750 SH SOLE 1 4750 0 0 BERKLEY W R CORP COM 084423102 411 7087 SH SOLE 1 7087 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 452 5 SH SOLE 5 0 0 BP PLC SPONSORED ADR 055622104 226 3280 SH SOLE 1 3280 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 845 34328 SH SOLE 34328 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 664 26992 SH SOLE 1 26992 0 0 CALIFORNIA WTR SVC GROUP COM 130788102 206 4570 SH SOLE 4570 0 0 CALUMET SPECIALTY PRODS PTNR UT LTD PARTNER 131476103 9572 344175 SH SOLE 1 344175 0 0 CALUMET SPECIALTY PRODS PTNR UT LTD PARTNER 131476103 5324 191450 SH SOLE 186100 0 5350 CBS CORP NEW CL B 124857202 2008 83721 SH SOLE 1 83721 0 0 CBS CORP NEW CL B 124857202 2785 116155 SH SOLE 115068 0 1087 CEDAR FAIR L P DEPOSITRY UNIT 150185106 4404 150559 SH SOLE 1 150559 0 0 CEDAR FAIR L P DEPOSITRY UNIT 150185106 4974 170050 SH SOLE 170050 0 0 CEDAR SHOPPING CTRS INC COM NEW 150602209 190 12000 SH OTHER 1 12000 0 0 CHARLES RIV LABS INTL INC COM 159864107 6985 142500 SH SOLE 140125 0 2375 CHARLES RIV LABS INTL INC COM 159864107 10094 205925 SH SOLE 1 205925 0 0 CHARTERMAC SH BEN INT 160908109 203 10000 SH OTHER 1 10000 0 0 CHEVRON CORP NEW COM 166764100 449 7739 SH SOLE 5739 0 2000 CHEVRON CORP NEW COM 166764100 696 12000 SH OTHER 1 12000 0 0 CHEVRON CORP NEW COM 166764100 1755 30267 SH SOLE 1 30267 0 0 CITADEL BROADCASTING CORP COM 17285T106 215 19350 SH OTHER 1 19350 0 0 CITADEL BROADCASTING CORP COM 17285T106 28559 2575203 SH SOLE 1 2575203 0 0 CITADEL BROADCASTING CORP COM 17285T106 12059 1087395 SH SOLE 1062395 0 25000 CITIGROUP INC COM 172967101 275 5819 SH SOLE 1 5819 0 0 CLOROX CO DEL COM 189054109 419 7000 SH SOLE 1 7000 0 0 COCA COLA CO COM 191216100 359 8580 SH SOLE 5380 0 3200 COCA COLA CO COM 191216100 816 19490 SH SOLE 1 19490 0 0 CONEXANT SYSTEMS INC NOTE 4.250% 5/0 207142AB6 1850 1859000 PRN SOLE 1859000 0 0 CONEXANT SYSTEMS INC NOTE 4.250% 5/0 207142AB6 1224 1230000 PRN SOLE 1 1230000 0 0 CONEXANT SYSTEMS INC NOTE 4.000% 2/0 207142AF7 464 475000 PRN SOLE 475000 0 0 CONEXANT SYSTEMS INC NOTE 4.000% 2/0 207142AF7 2065 2115000 PRN SOLE 1 2115000 0 0 CONOCOPHILLIPS COM 20825C104 953 15086 SH SOLE 1 15086 0 0 COSTCO WHSL CORP NEW COM 22160K105 34830 643095 SH SOLE 1 643095 0 0 COSTCO WHSL CORP NEW COM 22160K105 13461 248548 SH SOLE 244298 0 4250 COURTSIDE ACQUISITION CORP UNIT 99/99/9999 22274N201 75 11000 SH SOLE 1 11000 0 0 CROWN HOLDINGS INC COM 228368106 22237 1253475 SH SOLE 1243675 0 9800 CROWN HOLDINGS INC COM 228368106 54469 3070423 SH SOLE 1 3070423 0 0 DEVON ENERGY CORP NEW COM 25179M103 397 6484 SH SOLE 1 6484 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 20162 317857 SH SOLE 312257 0 5600 DIAGEO P L C SPON ADR NEW 25243Q205 38936 613840 SH SOLE 1 613840 0 0 DISCOVERY HOLDING CO CL A COM 25468Y107 286 19093 SH SOLE 1 19093 0 0 DOR BIOPHARMA INC COM 258094101 21 62814 SH SOLE 62814 0 0 DOW CHEM CO COM 260543103 363 8941 SH OTHER 1 8941 0 0 DOW CHEM CO COM 260543103 376 9254 SH SOLE 1 9254 0 0 DURECT CORP COM 266605104 1893 297706 SH SOLE 297706 0 0 DURECT CORP COM 266605104 4523 711150 SH SOLE 1 711150 0 0 DURECT CORP COM 266605104 324 51000 SH OTHER 1 51000 0 0 DYNEX CAP INC COM NEW 26817Q506 116 17225 SH OTHER 1 17225 0 0 DYNEX CAP INC PFD D 9.50% 26817Q605 299 29327 PRN OTHER 1 29327 0 0 ECHOSTAR COMMUNICATIONS NEW NOTE 5.750% 5/1 278762AG4 1975 2000000 PRN SOLE 2000000 0 0 ECHOSTAR COMMUNICATIONS NEW NOTE 5.750% 5/1 278762AG4 6399 6480000 PRN SOLE 1 6480000 0 0 ENDO PHARMACEUTICALS HLDGS I COM 29264F205 10034 305825 SH SOLE 302600 0 3225 ENDO PHARMACEUTICALS HLDGS I COM 29264F205 10609 323350 SH SOLE 1 323350 0 0 ENTERPRISE PRODS PARTNERS L COM 293792107 538 21800 SH OTHER 1 21800 0 0 ENTERPRISE PRODS PARTNERS L COM 293792107 18928 766617 SH SOLE 1 766617 0 0 ENTERPRISE PRODS PARTNERS L COM 293792107 15684 635250 SH SOLE 619025 0 16225 EXXON MOBIL CORP COM 30231G102 3825 62851 SH SOLE 1 62851 0 0 EXXON MOBIL CORP COM 30231G102 30 500 SH OTHER 1 500 0 0 EXXON MOBIL CORP COM 30231G102 2569 42213 SH SOLE 42213 0 0 FEDERAL HOME LN MTG CORP COM 313400301 46723 765943 SH SOLE 1 765943 0 0 FEDERAL HOME LN MTG CORP COM 313400301 23551 386075 SH SOLE 380525 0 5550 GASCO ENERGY INC COM 367220100 56 10000 SH OTHER 1 10000 0 0 GASCO ENERGY INC COM 367220100 123 22000 SH SOLE 1 22000 0 0 GENERAL ELECTRIC CO COM 369604103 250 7200 SH OTHER 1 7200 0 0 GENERAL ELECTRIC CO COM 369604103 3368 96851 SH SOLE 1 96851 0 0 GENERAL ELECTRIC CO COM 369604103 1560 44843 SH SOLE 44843 0 0 GENWORTH FINL INC COM CL A 37247D106 29006 867664 SH SOLE 1 867664 0 0 GENWORTH FINL INC COM CL A 37247D106 14710 440025 SH SOLE 431950 0 8075 GLOBAL SIGNAL INC COM 37944Q103 7621 154900 SH SOLE 1 154900 0 0 GLOBAL SIGNAL INC COM 37944Q103 822 16700 SH OTHER 1 16700 0 0 GLOBAL SIGNAL INC COM 37944Q103 3970 80700 SH SOLE 80700 0 0 GLOBESPAN INC NOTE 5.250% 5/1 379571AB8 919 920000 PRN SOLE 920000 0 0 GLOBESPAN INC NOTE 5.250% 5/1 379571AB8 7849 7859000 PRN SOLE 1 7859000 0 0 GOLDEN WEST FINL CORP DEL COM 381317106 217 3200 SH SOLE 3200 0 0 HEALTHSOUTH CORP COM 421924101 17177 3442300 SH SOLE 3382900 0 59400 HEALTHSOUTH CORP COM 421924101 129 25775 SH OTHER 1 25775 0 0 HEALTHSOUTH CORP COM 421924101 39767 7969425 SH SOLE 1 7969425 0 0 HEINZ H J CO COM 423074103 10334 272525 SH SOLE 272525 0 0 HEINZ H J CO COM 423074103 19889 524500 SH SOLE 1 524500 0 0 HOME DEPOT INC COM 437076102 279 6600 SH SOLE 1 6600 0 0 INGERSOLL-RAND COMPANY LTD CL A G4776G101 313 7500 SH SOLE 1 7500 0 0 INHALE THERAPEUTIC SYS INC NOTE 5.000% 2/0 457191AF1 1837 1860000 PRN SOLE 1 1860000 0 0 INTEL CORP COM 458140100 415 21329 SH SOLE 1 21329 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 369 4470 SH SOLE 1 4470 0 0 INVITROGEN CORP COM 46185R100 33100 471984 SH SOLE 1 471984 0 0 INVITROGEN CORP COM 46185R100 105 1500 SH OTHER 1 1500 0 0 INVITROGEN CORP COM 46185R100 15256 217532 SH SOLE 213932 0 3600 ITC HLDGS CORP COM 465685105 1080 41150 SH SOLE 41150 0 0 ITC HLDGS CORP COM 465685105 4178 159150 SH SOLE 1 159150 0 0 JER INVT TR INC COM 46614H301 911 54800 SH SOLE 1 54800 0 0 JOHNSON & JOHNSON COM 478160104 3042 51365 SH SOLE 51365 0 0 JOHNSON & JOHNSON COM 478160104 5853 98843 SH SOLE 1 98843 0 0 KIMBERLY CLARK CORP COM 494368103 254 4400 SH SOLE 1 4400 0 0 KINETIC CONCEPTS INC COM NEW 49460W208 39428 957682 SH SOLE 1 957682 0 0 KINETIC CONCEPTS INC COM NEW 49460W208 288 7000 SH OTHER 1 7000 0 0 KINETIC CONCEPTS INC COM NEW 49460W208 19847 482075 SH SOLE 475150 0 6925 KING PHARMACEUTICALS INC DBCV 2.750%11/1 495582AG3 3193 3250000 PRN SOLE 1 3250000 0 0 KING PHARMACEUTICALS INC DBCV 2.750%11/1 495582AG3 4913 5000000 PRN SOLE 5000000 0 0 LABORATORY CORP AMER HLDGS COM NEW 50540R409 20576 351853 SH SOLE 344203 0 7650 LABORATORY CORP AMER HLDGS COM NEW 50540R409 38587 659828 SH SOLE 1 659828 0 0 LAIDLAW INTL INC COM 50730R102 46858 1722717 SH SOLE 1 1722717 0 0 LAIDLAW INTL INC COM 50730R102 109 4000 SH OTHER 1 4000 0 0 LAIDLAW INTL INC COM 50730R102 24761 910323 SH SOLE 895223 0 15100 LAMAR ADVERTISING CO CL A 512815101 20399 387740 SH SOLE 383740 0 4000 LAMAR ADVERTISING CO CL A 512815101 47788 908353 SH SOLE 1 908353 0 0 LIBERTY GLOBAL INC COM SER A 530555101 60 2943 SH OTHER 1 2943 0 0 LIBERTY GLOBAL INC COM SER C 530555309 25701 1301304 SH SOLE 1 1301304 0 0 LIBERTY GLOBAL INC COM SER C 530555309 58 2943 SH OTHER 1 2943 0 0 LIBERTY GLOBAL INC COM SER A 530555101 24096 1177135 SH SOLE 1 1177135 0 0 LIBERTY GLOBAL INC COM SER A 530555101 10598 517734 SH SOLE 508699 0 9035 LIBERTY GLOBAL INC COM SER C 530555309 10676 540577 SH SOLE 531542 0 9035 LIBERTY MEDIA CORP NEW COM SER A 530718105 10330 1258277 SH SOLE 1 1258277 0 0 LIBERTY MEDIA CORP NEW COM SER A 530718105 1423 173338 SH SOLE 173338 0 0 LIBERTY MEDIA CORP NEW COM SER A 530718105 32 3951 SH OTHER 1 3951 0 0 LILLY ELI & CO COM 532457108 1037 18754 SH SOLE 1 18754 0 0 LILLY ELI & CO COM 532457108 6031 109067 SH SOLE 102067 0 7000 LOEWS CORP COM 540424108 234 2315 SH SOLE 2315 0 0 LSI LOGIC CORP NOTE 4.000%11/0 502161AG7 297 300000 PRN SOLE 1 300000 0 0 LSI LOGIC CORP NOTE 4.000%11/0 502161AG7 168 170000 PRN SOLE 170000 0 0 MAGELLAN MIDSTREAM HLDGS LP COM LP INTS 55907R108 4430 192675 SH SOLE 192675 0 0 MAGELLAN MIDSTREAM HLDGS LP COM LP INTS 55907R108 8254 359025 SH SOLE 1 359025 0 0 MANOR CARE INC NEW COM 564055101 45487 1025628 SH SOLE 1 1025628 0 0 MANOR CARE INC NEW COM 564055101 27959 630417 SH SOLE 619042 0 11375 MCDONALDS CORP COM 580135101 353 10270 SH SOLE 1 10270 0 0 MEDIACOM COMMUNICATIONS CORP NOTE 5.250% 7/0 58446KAA3 1507 1515000 PRN SOLE 1515000 0 0 MEDIACOM COMMUNICATIONS CORP NOTE 5.250% 7/0 58446KAA3 3667 3685000 PRN SOLE 1 3685000 0 0 MENTOR GRAPHICS CORP FRNT 8/0 587200AD8 1362 1400000 PRN SOLE 1 1400000 0 0 MERCK & CO INC COM 589331107 984 27940 SH SOLE 1 27940 0 0 MERCK & CO INC COM 589331107 690 19590 SH SOLE 19590 0 0 MERCURY GENL CORP NEW COM 589400100 220 4000 SH OTHER 1 4000 0 0 MICROSOFT CORP COM 594918104 439 16126 SH SOLE 16126 0 0 MICROSOFT CORP COM 594918104 1402 51540 SH SOLE 1 51540 0 0 NCO GROUP INC NOTE 4.750% 4/1 628858AB8 1816 1830000 PRN SOLE 1570000 0 260000 NCO GROUP INC NOTE 4.750% 4/1 628858AB8 7761 7820000 PRN SOLE 1 7820000 0 0 NOVADEL PHARMA INC COM 66986X106 83 47618 SH SOLE 47618 0 0 OCCIDENTAL PETE CORP DEL COM 674599105 278 3000 SH SOLE 1 3000 0 0 PEGASUS SOLUTIONS INC NOTE 3.875% 7/1 705906AB1 246 250000 PRN SOLE 250000 0 0 PEGASUS SOLUTIONS INC NOTE 3.875% 7/1 705906AB1 1081 1100000 PRN SOLE 1 1100000 0 0 PEPSICO INC COM 713448108 22956 397232 SH SOLE 1 397232 0 0 PEPSICO INC COM 713448108 9 156 SH OTHER 1 156 0 0 PEPSICO INC COM 713448108 3431 59366 SH SOLE 59366 0 0 PFIZER INC COM 717081103 576 23106 SH SOLE 1 23106 0 0 PITNEY BOWES INC COM 724479100 23505 547525 SH SOLE 537725 0 9800 PITNEY BOWES INC COM 724479100 47408 1104300 SH SOLE 1 1104300 0 0 PITNEY BOWES INC COM 724479100 98 2275 SH OTHER 1 2275 0 0 PLAINS EXPL& PRODTN CO COM 726505100 30562 790943 SH SOLE 1 790943 0 0 PLAINS EXPL& PRODTN CO COM 726505100 15765 407984 SH SOLE 400909 0 7075 PLAINS EXPL& PRODTN CO COM 726505100 39 1000 SH OTHER 1 1000 0 0 POTLATCH CORP NEW COM 737630103 244 5692 SH SOLE 1 5692 0 0 PROCTER & GAMBLE CO COM 742718109 7544 130900 SH SOLE 115500 0 15400 PROCTER & GAMBLE CO COM 742718109 9941 172492 SH SOLE 1 172492 0 0 QUESTCOR PHARMACEUTICALS INC COM 74835Y101 17 10780 SH SOLE 10780 0 0 R H DONNELLEY CORP COM NEW 74955W307 22615 388371 SH SOLE 382286 0 6085 R H DONNELLEY CORP COM NEW 74955W307 49 845 SH OTHER 1 845 0 0 R H DONNELLEY CORP COM NEW 74955W307 46191 793247 SH SOLE 1 793247 0 0 REPUBLIC SVCS INC COM 760759100 49871 1173150 SH SOLE 1 1173150 0 0 REPUBLIC SVCS INC COM 760759100 17601 414035 SH SOLE 409735 0 4300 ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 189 3042 SH SOLE 1 3042 0 0 ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 1438 23101 SH SOLE 23101 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 6628 161848 SH SOLE 1 161848 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 10836 264605 SH SOLE 257055 0 7550 SCHERING PLOUGH CORP COM 806605101 427 22475 SH SOLE 1 22475 0 0 SCHLUMBERGER LTD COM 806857108 19361 152968 SH SOLE 150568 0 2400 SCHLUMBERGER LTD COM 806857108 53976 426453 SH SOLE 1 426453 0 0 SCI SYS INC NOTE 3.000% 3/1 783890AF3 6163 6370000 PRN SOLE 1 6370000 0 0 SCI SYS INC NOTE 3.000% 3/1 783890AF3 4746 4905000 PRN SOLE 4905000 0 0 SERVICE CORP INTL COM 817565104 15607 2000915 SH SOLE 1964315 0 36600 SERVICE CORP INTL COM 817565104 36074 4624921 SH SOLE 1 4624921 0 0 SERVICEMASTER CO COM 81760N109 32188 2453390 SH SOLE 1 2453390 0 0 SERVICEMASTER CO COM 81760N109 14618 1114202 SH SOLE 1106477 0 7725 SLM CORP COM 78442P106 20995 404225 SH SOLE 1 404225 0 0 SLM CORP COM 78442P106 12115 233250 SH SOLE 228350 0 4900 SOUTHERN UN CO NEW COM 844030106 50507 2034102 SH SOLE 1 2034102 0 0 SOUTHERN UN CO NEW COM 844030106 422 17000 SH OTHER 1 17000 0 0 SOUTHERN UN CO NEW COM 844030106 25655 1033238 SH SOLE 1016583 0 16655 STATION CASINOS INC COM 857689103 27713 349158 SH SOLE 1 349158 0 0 STATION CASINOS INC COM 857689103 18278 230286 SH SOLE 227661 0 2625 SUNCOR ENERGY INC COM 867229106 200 2600 SH SOLE 1 2600 0 0 TARGET CORP COM 87612E106 208 4000 SH SOLE 1 4000 0 0 TEVA PHARMACEUTICAL INDS LTD ADR 881624209 272 6600 SH SOLE 1 6600 0 0 TRIQUINT SEMICONDUCTOR INC NOTE 4.000% 3/0 89674KAB9 15 15000 PRN SOLE 15000 0 0 TRUSTREET PPTYS INC COM 898404108 19629 1292200 SH SOLE 1 1292200 0 0 TRUSTREET PPTYS INC COM 898404108 9395 618500 SH SOLE 618500 0 0 TRUSTREET PPTYS INC COM 898404108 76 5000 SH OTHER 1 5000 0 0 UNITED ONLINE INC COM 911268100 34177 2657613 SH SOLE 1 2657613 0 0 UNITED ONLINE INC COM 911268100 13253 1030554 SH SOLE 1022154 0 8400 UNITED ONLINE INC COM 911268100 45 3500 SH OTHER 1 3500 0 0 UNITED TECHNOLOGIES CORP COM 913017109 423 7300 SH SOLE 1 7300 0 0 VEECO INSTRS INC DEL NOTE 4.125%12/2 922417AB6 243 250000 PRN SOLE 1 250000 0 0 VERISIGN INC COM 92343E102 28110 1171750 SH SOLE 1 1171750 0 0 VERISIGN INC COM 92343E102 14344 597925 SH SOLE 585625 0 12300 VIACOM INC NEW CL B 92553P201 3208 82680 SH SOLE 1 82680 0 0 VIACOM INC NEW CL B 92553P201 4490 115716 SH SOLE 114629 0 1087 VISHAY INTERTECHNOLOGY INC COM 928298108 8134 571225 SH SOLE 1 571225 0 0 VISHAY INTERTECHNOLOGY INC COM 928298108 5143 361175 SH SOLE 354075 0 7100 VODAFONE GROUP PLC NEW SPONSORED ADR 92857W100 11750 562189 SH SOLE 1 562189 0 0 VODAFONE GROUP PLC NEW SPONSORED ADR 92857W100 48 2315 SH OTHER 1 2315 0 0 VODAFONE GROUP PLC NEW SPONSORED ADR 92857W100 5970 285635 SH SOLE 285635 0 0 WALGREEN CO COM 931422109 431 10000 SH SOLE 10000 0 0 WALGREEN CO COM 931422109 221 5134 SH SOLE 1 5134 0 0 WEBSENSE INC COM 947684106 45 1618 SH OTHER 1 1618 0 0 WEBSENSE INC COM 947684106 29335 1063617 SH SOLE 1 1063617 0 0 WEBSENSE INC COM 947684106 13044 472950 SH SOLE 463350 0 9600 WELLS FARGO & CO NEW COM 949746101 42752 669359 SH SOLE 1 669359 0 0 WELLS FARGO & CO NEW COM 949746101 25002 391446 SH SOLE 385396 0 6050 WESTWOOD ONE INC COM 961815107 437 39600 SH SOLE 1 39600 0 0 WESTWOOD ONE INC COM 961815107 40 3640 SH OTHER 1 3640 0 0 WESTWOOD ONE INC COM 961815107 2111 191227 SH SOLE 184093 0 7134 WILLIAMS COS INC DEL COM 969457100 86 4000 SH SOLE 1 4000 0 0 WILLIAMS COS INC DEL COM 969457100 214 10000 SH OTHER 1 10000 0 0