13F-HR 1 ostm4q05.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: December 31, 2005 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 February 10, 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: 245 Form13F Information Table Value Total: $2,102,856 (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 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 1298 16754 SH SOLE 01 16754 0 0 3M CO COM 88579Y101 845 10900 SH SOLE 10900 0 0 3M CO COM 88579Y101 961 12400 SH OTHER 01 12400 0 0 ABBOTT LABS COM 002824100 1151 29200 SH SOLE 29200 0 0 ABBOTT LABS COM 002824100 431 10933 SH SOLE 01 10933 0 0 ACE LTD ORD G0070K103 299 5600 SH SOLE 01 5600 0 0 ADOBE SYS INC COM 00724F101 310 8400 SH SOLE 01 8400 0 0 ADVENT SOFTWARE INC COM 007974108 204 7050 SH SOLE 01 7050 0 0 AFLAC INC COM 001055102 357 7700 SH SOLE 01 7700 0 0 AGERE SYS INC NOTE 6.500%12/1 00845VAA8 1082 1100000 PRN SOLE 01 1100000 0 0 AIRTRAN HLDGS INC COM 00949P108 22392 1396905 SH SOLE 01 1396905 0 0 AIRTRAN HLDGS INC COM 00949P108 8395 523700 SH SOLE 427500 0 96200 ALTRIA GROUP INC COM 02209S103 312 4180 SH SOLE 4180 0 0 ALTRIA GROUP INC COM 02209S103 543 7261 SH SOLE 01 7261 0 0 AMERICAN EXPRESS CO COM 025816109 443 8600 SH SOLE 8600 0 0 AMERICAN EXPRESS CO COM 025816109 218 4238 SH SOLE 01 4238 0 0 AMERICAN INTL GROUP INC COM 026874107 56 821 SH SOLE 01 821 0 0 AMERICAN INTL GROUP INC COM 026874107 3837 56232 SH OTHER 01 56232 0 0 ANADARKO PETE CORP COM 032511107 398 4200 SH SOLE 01 4200 0 0 ANTIGENICS INC DEL COM 037032109 105 22062 SH SOLE 22062 0 0 ANTIGENICS INC DEL COM 037032109 12 2550 SH SOLE 01 2550 0 0 APTARGROUP INC COM 038336103 769 14736 SH SOLE 01 14736 0 0 ARES CAP CORP COM 04010L103 502 31236 SH OTHER 01 31236 0 0 ARES CAP CORP COM 04010L103 16757 1042775 SH SOLE 916900 0 125875 ARES CAP CORP COM 04010L103 28784 1791159 SH SOLE 01 1791159 0 0 AUTOMATIC DATA PROCESSING IN COM 053015103 275 6000 SH SOLE 6000 0 0 AUTOMATIC DATA PROCESSING IN COM 053015103 150 3270 SH SOLE 01 3270 0 0 AVERY DENNISON CORP COM 053611109 16334 295525 SH SOLE 233775 0 61750 AVERY DENNISON CORP COM 053611109 193 3500 SH OTHER 01 3500 0 0 AVERY DENNISON CORP COM 053611109 31920 577525 SH SOLE 01 577525 0 0 AXCAN PHARMA INC COM 054923107 7265 479875 SH SOLE 01 479875 0 0 AXCAN PHARMA INC COM 054923107 1520 100375 SH SOLE 92750 0 7625 AXCAN PHARMA INC COM 054923107 53 3500 SH OTHER 01 3500 0 0 AXCELIS TECHNOLOGIES INC NOTE 4.250% 1/1 054540AB5 1563 1595000 PRN SOLE 01 1595000 0 0 AXCELIS TECHNOLOGIES INC NOTE 4.250% 1/1 054540AB5 10 10000 PRN SOLE 10000 0 0 BANK OF AMERICA CORPORATION COM 060505104 1566 33943 SH SOLE 01 33943 0 0 BAUSCH & LOMB INC COM 071707103 20000 294554 SH SOLE 229904 0 64650 BAUSCH & LOMB INC COM 071707103 37172 547449 SH SOLE 01 547449 0 0 BECTON DICKINSON & CO COM 075887109 285 4750 SH SOLE 01 4750 0 0 BERKLEY W R CORP COM 084423102 337 7087 SH SOLE 01 7087 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 443 5 SH SOLE 5 0 0 BISYS GROUP INC NOTE 4.000% 3/1 055472AB0 1990 2010000 PRN SOLE 1335000 0 675000 BISYS GROUP INC NOTE 4.000% 3/1 055472AB0 6470 6535000 PRN SOLE 01 6535000 0 0 BP PLC SPONSORED ADR 055622104 211 3280 SH SOLE 01 3280 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 789 34328 SH SOLE 34328 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 620 26992 SH SOLE 01 26992 0 0 CEDAR FAIR L P DEPOSITRY UNIT 150185106 4599 161159 SH SOLE 01 161159 0 0 CEDAR FAIR L P DEPOSITRY UNIT 150185106 5006 175400 SH SOLE 95650 0 79750 CEDAR SHOPPING CTRS INC COM NEW 150602209 197 14000 SH OTHER 01 14000 0 0 CHARLES RIV LABS INTL INC COM 159864107 6460 152475 SH SOLE 146375 0 6100 CHARLES RIV LABS INTL INC COM 159864107 8962 211525 SH SOLE 01 211525 0 0 CHARTERMAC SH BEN INT 160908109 212 10000 SH OTHER 01 10000 0 0 CHEVRON CORP NEW COM 166764100 439 7739 SH SOLE 5739 0 2000 CHEVRON CORP NEW COM 166764100 681 12000 SH OTHER 01 12000 0 0 CHEVRON CORP NEW COM 166764100 1718 30267 SH SOLE 01 30267 0 0 CITADEL BROADCASTING CORP COM 17285T106 16061 1195020 SH SOLE 1013445 0 181575 CITADEL BROADCASTING CORP COM 17285T106 81 6000 SH OTHER 01 6000 0 0 CITADEL BROADCASTING CORP COM 17285T106 35802 2663828 SH SOLE 01 2663828 0 0 CITIGROUP INC COM 172967101 263 5419 SH SOLE 01 5419 0 0 CLOROX CO DEL COM 189054109 398 7000 SH SOLE 01 7000 0 0 COCA COLA CO COM 191216100 346 8580 SH SOLE 5380 0 3200 COCA COLA CO COM 191216100 786 19490 SH SOLE 01 19490 0 0 CONOCOPHILLIPS COM 20825C104 841 14458 SH SOLE 01 14458 0 0 COSTCO WHSL CORP NEW COM 22160K105 12677 256248 SH SOLE 223198 0 33050 COSTCO WHSL CORP NEW COM 22160K105 32297 652870 SH SOLE 01 652870 0 0 COURTSIDE ACQUISITION CORP UNIT 99/99/9999 22274N201 67 11000 SH SOLE 01 11000 0 0 CROWN HOLDINGS INC COM 228368106 25369 1298965 SH SOLE 1029465 0 269500 CROWN HOLDINGS INC COM 228368106 61392 3143473 SH SOLE 01 3143473 0 0 DEERFIELD TRIARC CAP CORP COM 244572301 137 10000 SH OTHER 01 10000 0 0 DEERFIELD TRIARC CAP CORP COM 244572301 27 2000 SH SOLE 01 2000 0 0 DEVON ENERGY CORP NEW COM 25179M103 406 6484 SH SOLE 01 6484 0 0 DEX MEDIA INC COM 25212E100 24656 910143 SH SOLE 724643 0 185500 DEX MEDIA INC COM 25212E100 95 3500 SH OTHER 01 3500 0 0 DEX MEDIA INC COM 25212E100 51143 1887881 SH SOLE 01 1887881 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 18464 316707 SH SOLE 257507 0 59200 DIAGEO P L C SPON ADR NEW 25243Q205 31919 547490 SH SOLE 01 547490 0 0 DOR BIOPHARMA INC COM 258094101 17 62814 SH SOLE 62814 0 0 DOW CHEM CO COM 260543103 392 8941 SH OTHER 01 8941 0 0 DOW CHEM CO COM 260543103 410 9354 SH SOLE 01 9354 0 0 DURECT CORP COM 266605104 1469 289806 SH SOLE 276006 0 13800 DURECT CORP COM 266605104 177 35000 SH OTHER 01 35000 0 0 DURECT CORP COM 266605104 3527 695650 SH SOLE 01 695650 0 0 DYNEX CAP INC COM NEW 26817Q506 119 17225 SH OTHER 01 17225 0 0 DYNEX CAP INC PFD D 9.50% 26817Q605 395 39103 PRN OTHER 01 39103 0 0 EDISON INTL COM 281020107 206 4722 SH SOLE 01 4722 0 0 ENTERPRISE PRODS PARTNERS L COM 293792107 13546 564200 SH SOLE 428300 0 135900 ENTERPRISE PRODS PARTNERS L COM 293792107 523 21800 SH OTHER 01 21800 0 0 ENTERPRISE PRODS PARTNERS L COM 293792107 16529 688417 SH SOLE 01 688417 0 0 EXXON MOBIL CORP COM 30231G102 3692 65726 SH SOLE 01 65726 0 0 EXXON MOBIL CORP COM 30231G102 2397 42673 SH SOLE 42673 0 0 EXXON MOBIL CORP COM 30231G102 28 500 SH OTHER 01 500 0 0 FEDERAL HOME LN MTG CORP COM 313400301 11307 173025 SH SOLE 137175 0 35850 FEDERAL HOME LN MTG CORP COM 313400301 26040 398465 SH SOLE 01 398465 0 0 GASCO ENERGY INC COM 367220100 65 10000 SH OTHER 01 10000 0 0 GASCO ENERGY INC COM 367220100 144 22000 SH SOLE 01 22000 0 0 GENERAL ELECTRIC CO COM 369604103 1592 45416 SH SOLE 45416 0 0 GENERAL ELECTRIC CO COM 369604103 252 7200 SH OTHER 01 7200 0 0 GENERAL ELECTRIC CO COM 369604103 3478 99226 SH SOLE 01 99226 0 0 GENWORTH FINL INC COM CL A 37247D106 310 8964 SH SOLE 01 8964 0 0 GLOBAL SIGNAL INC COM 37944Q103 3535 81900 SH SOLE 80600 0 1300 GLOBAL SIGNAL INC COM 37944Q103 721 16700 SH OTHER 01 16700 0 0 GLOBAL SIGNAL INC COM 37944Q103 6944 160900 SH SOLE 01 160900 0 0 GLOBESPAN INC NOTE 5.250% 5/1 379571AB8 5269 5404000 PRN SOLE 01 5404000 0 0 GOLDEN WEST FINL CORP DEL COM 381317106 211 3200 SH SOLE 3200 0 0 HEALTHSOUTH CORP COM 421924101 7660 1563350 SH SOLE 1484900 0 78450 HEALTHSOUTH CORP COM 421924101 126 25775 SH OTHER 01 25775 0 0 HEALTHSOUTH CORP COM 421924101 21756 4440075 SH SOLE 01 4440075 0 0 HOME DEPOT INC COM 437076102 267 6600 SH SOLE 01 6600 0 0 INGERSOLL-RAND COMPANY LTD CL A G4776G101 315 7800 SH SOLE 01 7800 0 0 INHALE THERAPEUTIC SYS INC NOTE 5.000% 2/0 457191AF1 1841 1860000 PRN SOLE 01 1860000 0 0 INTEL CORP COM 458140100 573 22959 SH SOLE 01 22959 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 367 4470 SH SOLE 01 4470 0 0 INVITROGEN CORP COM 46185R100 14083 211332 SH SOLE 176107 0 35225 INVITROGEN CORP COM 46185R100 100 1500 SH OTHER 01 1500 0 0 INVITROGEN CORP COM 46185R100 29970 449734 SH SOLE 01 449734 0 0 ITC HLDGS CORP COM 465685105 1156 41150 SH SOLE 41150 0 0 ITC HLDGS CORP COM 465685105 4471 159150 SH SOLE 01 159150 0 0 JER INVT TR INC COM 46614H301 5865 346000 SH SOLE 01 346000 0 0 JOHNSON & JOHNSON COM 478160104 3147 52365 SH SOLE 52365 0 0 JOHNSON & JOHNSON COM 478160104 6295 104743 SH SOLE 01 104743 0 0 KIMBERLY CLARK CORP COM 494368103 262 4400 SH SOLE 01 4400 0 0 KINETIC CONCEPTS INC COM NEW 49460W208 16152 406225 SH SOLE 334125 0 72100 KINETIC CONCEPTS INC COM NEW 49460W208 278 7000 SH OTHER 01 7000 0 0 KINETIC CONCEPTS INC COM NEW 49460W208 26285 661100 SH SOLE 01 661100 0 0 LABORATORY CORP AMER HLDGS COM NEW 50540R409 36022 668928 SH SOLE 01 668928 0 0 LABORATORY CORP AMER HLDGS COM NEW 50540R409 19362 359553 SH SOLE 283303 0 76250 LAIDLAW INTL INC COM 50730R102 116 5000 SH OTHER 01 5000 0 0 LAIDLAW INTL INC COM 50730R102 29857 1285273 SH SOLE 1054223 0 231050 LAIDLAW INTL INC COM 50730R102 54664 2353167 SH SOLE 01 2353167 0 0 LAMAR ADVERTISING CO CL A 512815101 18212 394790 SH SOLE 331140 0 63650 LAMAR ADVERTISING CO CL A 512815101 42394 919003 SH SOLE 01 919003 0 0 LIBERTY GLOBAL INC COM SER A 530555101 12236 543842 SH SOLE 440486 0 103356 LIBERTY GLOBAL INC COM SER A 530555101 66 2943 SH OTHER 01 2943 0 0 LIBERTY GLOBAL INC COM SER A 530555101 24111 1071601 SH SOLE 01 1071601 0 0 LIBERTY GLOBAL INC COM SER C 530555309 11747 554117 SH SOLE 450761 0 103356 LIBERTY GLOBAL INC COM SER C 530555309 62 2943 SH OTHER 01 2943 0 0 LIBERTY GLOBAL INC COM SER C 530555309 24993 1178901 SH SOLE 01 1178901 0 0 LIBERTY MEDIA CORP NEW COM SER A 530718105 31 3951 SH OTHER 01 3951 0 0 LIBERTY MEDIA CORP NEW COM SER A 530718105 5876 746665 SH SOLE 01 746665 0 0 LIBERTY MEDIA CORP NEW COM SER A 530718105 1444 183426 SH SOLE 42926 0 140500 LILLY ELI & CO COM 532457108 6172 109067 SH SOLE 95267 0 13800 LILLY ELI & CO COM 532457108 1061 18754 SH SOLE 01 18754 0 0 LOEWS CORP COM 540424108 239 2515 SH SOLE 2515 0 0 LSI LOGIC CORP NOTE 4.000%11/0 502161AG7 168 170000 PRN SOLE 170000 0 0 LSI LOGIC CORP NOTE 4.000%11/0 502161AG7 296 300000 PRN SOLE 01 300000 0 0 LUCENT TECHNOLOGIES INC SDCV 8.000% 8/0 549463AK3 508 500000 PRN SOLE 01 500000 0 0 MANOR CARE INC NEW COM 564055101 41313 1038803 SH SOLE 01 1038803 0 0 MANOR CARE INC NEW COM 564055101 25669 645432 SH SOLE 525082 0 120350 MCDONALDS CORP COM 580135101 346 10270 SH SOLE 01 10270 0 0 MEDIACOM COMMUNICATIONS CORP NOTE 5.250% 7/0 58446KAA3 3522 3535000 PRN SOLE 01 3535000 0 0 MEDIACOM COMMUNICATIONS CORP NOTE 5.250% 7/0 58446KAA3 1659 1665000 PRN SOLE 1665000 0 0 MENTOR GRAPHICS CORP NOTE 6.875% 6/1 587200AB2 20 20000 PRN SOLE 20000 0 0 MENTOR GRAPHICS CORP NOTE 6.875% 6/1 587200AB2 4666 4695000 PRN SOLE 01 4695000 0 0 MENTOR GRAPHICS CORP FRNT 8/0 587200AD8 1272 1400000 PRN SOLE 01 1400000 0 0 MERCK & CO INC COM 589331107 623 19590 SH SOLE 19590 0 0 MERCK & CO INC COM 589331107 889 27940 SH SOLE 01 27940 0 0 MERCURY GENL CORP NEW COM 589400100 233 4000 SH OTHER 01 4000 0 0 MERCURY INTERACTIVE CORP NOTE 5/0 589405AD1 3246 3250000 PRN SOLE 01 3250000 0 0 MICROSOFT CORP COM 594918104 1607 61440 SH SOLE 01 61440 0 0 MICROSOFT CORP COM 594918104 422 16126 SH SOLE 16126 0 0 NCO GROUP INC NOTE 4.750% 4/1 628858AB8 208 210000 PRN SOLE 210000 0 0 NCO GROUP INC NOTE 4.750% 4/1 628858AB8 5341 5395000 PRN SOLE 01 5395000 0 0 NEW SKIES SATELLITES HLDGS SHS G64865101 1854 85175 SH SOLE 74450 0 10725 NEW SKIES SATELLITES HLDGS SHS G64865101 4581 210450 SH SOLE 01 210450 0 0 NEW SKIES SATELLITES HLDGS SHS G64865101 220 10100 SH OTHER 01 10100 0 0 NOVADEL PHARMA INC COM 66986X106 56 47618 SH SOLE 47618 0 0 OCCIDENTAL PETE CORP DEL COM 674599105 240 3000 SH SOLE 01 3000 0 0 OMNICARE INC COM 681904108 21045 367785 SH SOLE 01 367785 0 0 OMNICARE INC COM 681904108 16172 282620 SH SOLE 216120 0 66500 PEGASUS SOLUTIONS INC NOTE 3.875% 7/1 705906AB1 243 250000 PRN SOLE 250000 0 0 PEGASUS SOLUTIONS INC NOTE 3.875% 7/1 705906AB1 1070 1100000 PRN SOLE 01 1100000 0 0 PEPSICO INC COM 713448108 9 156 SH OTHER 01 156 0 0 PEPSICO INC COM 713448108 23798 402807 SH SOLE 01 402807 0 0 PEPSICO INC COM 713448108 3578 60566 SH SOLE 55016 0 5550 PFIZER INC COM 717081103 539 23106 SH SOLE 01 23106 0 0 PITNEY BOWES INC COM 724479100 43525 1030175 SH SOLE 01 1030175 0 0 PITNEY BOWES INC COM 724479100 20623 488125 SH SOLE 396775 0 91350 PITNEY BOWES INC COM 724479100 96 2275 SH OTHER 01 2275 0 0 PLAINS EXPL& PRODTN CO COM 726505100 18482 465182 SH SOLE 378574 0 86608 PLAINS EXPL& PRODTN CO COM 726505100 40 1000 SH OTHER 01 1000 0 0 PLAINS EXPL& PRODTN CO COM 726505100 35629 896776 SH SOLE 01 896776 0 0 POTLATCH CORP COM 737628107 209 4100 SH SOLE 01 4100 0 0 PROCTER & GAMBLE CO COM 742718109 8352 144300 SH SOLE 96300 0 48000 PROCTER & GAMBLE CO COM 742718109 10429 180175 SH SOLE 01 180175 0 0 QUESTCOR PHARMACEUTICALS INC COM 74835Y101 11 10780 SH SOLE 10780 0 0 R H DONNELLEY CORP COM NEW 74955W307 1081 17550 SH SOLE 17550 0 0 R H DONNELLEY CORP COM NEW 74955W307 2710 43975 SH SOLE 01 43975 0 0 REGAL ENTMT GROUP CL A 758766109 13646 717447 SH SOLE 566497 0 150950 REGAL ENTMT GROUP CL A 758766109 24101 1267132 SH SOLE 01 1267132 0 0 REPUBLIC SVCS INC COM 760759100 44692 1190200 SH SOLE 01 1190200 0 0 REPUBLIC SVCS INC COM 760759100 15889 423135 SH SOLE 383735 0 39400 ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 187 3042 SH SOLE 01 3042 0 0 ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 1420 23101 SH SOLE 23101 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 12072 277005 SH SOLE 184655 0 92350 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 7053 161848 SH SOLE 01 161848 0 0 SCHERING PLOUGH CORP COM 806605101 469 22475 SH SOLE 01 22475 0 0 SCHLUMBERGER LTD COM 806857108 17387 178968 SH SOLE 147368 0 31600 SCHLUMBERGER LTD COM 806857108 45972 473203 SH SOLE 01 473203 0 0 SCI SYS INC NOTE 3.000% 3/1 783890AF3 3878 4050000 PRN SOLE 01 4050000 0 0 SCI SYS INC NOTE 3.000% 3/1 783890AF3 215 225000 PRN SOLE 225000 0 0 SERVICE CORP INTL COM 817565104 15125 1848990 SH SOLE 1495865 0 353125 SERVICE CORP INTL COM 817565104 35176 4300271 SH SOLE 01 4300271 0 0 SERVICEMASTER CO COM 81760N109 21015 1758552 SH SOLE 01 1758552 0 0 SERVICEMASTER CO COM 81760N109 10073 842927 SH SOLE 662853 0 180074 SLM CORP COM 78442P106 9065 164550 SH SOLE 01 164550 0 0 SLM CORP COM 78442P106 1103 20025 SH SOLE 20025 0 0 SOUTHERN UN CO NEW COM 844030106 46030 1947929 SH SOLE 01 1947929 0 0 SOUTHERN UN CO NEW COM 844030106 22754 962925 SH SOLE 787331 0 175594 SOUTHERN UN CO NEW COM 844030106 402 17000 SH OTHER 01 17000 0 0 STATION CASINOS INC COM 857689103 22775 335912 SH SOLE 272737 0 63175 STATION CASINOS INC COM 857689103 34950 515483 SH SOLE 01 515483 0 0 SUBURBAN PROPANE PARTNERS L UNIT LTD PARTN 864482104 708 27000 SH SOLE 27000 0 0 SUBURBAN PROPANE PARTNERS L UNIT LTD PARTN 864482104 295 11250 SH OTHER 01 11250 0 0 SUBURBAN PROPANE PARTNERS L UNIT LTD PARTN 864482104 79 3000 SH SOLE 01 3000 0 0 TARGET CORP COM 87612E106 220 4000 SH SOLE 01 4000 0 0 TEVA PHARMACEUTICAL INDS LTD ADR 881624209 284 6600 SH SOLE 01 6600 0 0 TRIQUINT SEMICONDUCTOR INC NOTE 4.000% 3/0 89674KAB9 15 15000 PRN SOLE 15000 0 0 TRUSTREET PPTYS INC COM 898404108 7415 507175 SH SOLE 496400 0 10775 TRUSTREET PPTYS INC COM 898404108 9352 639675 SH SOLE 01 639675 0 0 UNITED ONLINE INC COM 911268100 50 3500 SH OTHER 01 3500 0 0 UNITED ONLINE INC COM 911268100 14648 1030079 SH SOLE 950879 0 79200 UNITED ONLINE INC COM 911268100 37187 2615138 SH SOLE 01 2615138 0 0 UNITED TECHNOLOGIES CORP COM 913017109 464 8300 SH SOLE 01 8300 0 0 VEECO INSTRS INC DEL NOTE 4.125%12/2 922417AB6 235 250000 PRN SOLE 01 250000 0 0 VERISIGN INC COM 92343E102 12064 550875 SH SOLE 474200 0 76675 VERISIGN INC COM 92343E102 17884 816625 SH SOLE 01 816625 0 0 VIACOM INC CL B 925524308 7699 236171 SH SOLE 196598 0 39573 VIACOM INC CL B 925524308 5459 167459 SH SOLE 01 167459 0 0 VISHAY INTERTECHNOLOGY INC COM 928298108 12874 935625 SH SOLE 01 935625 0 0 VISHAY INTERTECHNOLOGY INC COM 928298108 6259 454850 SH SOLE 408750 0 46100 VODAFONE GROUP PLC NEW SPONSORED ADR 92857W100 33599 1564936 SH SOLE 01 1564936 0 0 VODAFONE GROUP PLC NEW SPONSORED ADR 92857W100 17511 815613 SH SOLE 660913 0 154700 VODAFONE GROUP PLC NEW SPONSORED ADR 92857W100 50 2315 SH OTHER 01 2315 0 0 WALGREEN CO COM 931422109 443 10000 SH SOLE 10000 0 0 WALGREEN CO COM 931422109 227 5134 SH SOLE 01 5134 0 0 WEBSENSE INC COM 947684106 33538 510946 SH SOLE 01 510946 0 0 WEBSENSE INC COM 947684106 14580 222125 SH SOLE 193425 0 28700 WEBSENSE INC COM 947684106 53 809 SH OTHER 01 809 0 0 WELLS FARGO & CO NEW COM 949746101 21252 338246 SH SOLE 273896 0 64350 WELLS FARGO & CO NEW COM 949746101 37488 596659 SH SOLE 01 596659 0 0 WESTWOOD ONE INC COM 961815107 3653 224106 SH SOLE 187172 0 36934 WESTWOOD ONE INC COM 961815107 59 3640 SH OTHER 01 3640 0 0 WESTWOOD ONE INC COM 961815107 781 47915 SH SOLE 01 47915 0 0 WILLIAMS COS INC DEL COM 969457100 232 10000 SH OTHER 01 10000 0 0 WILLIAMS COS INC DEL COM 969457100 93 4000 SH SOLE 01 4000 0 0